Hertz Sets Financial Records For First Quarter 2013

             Hertz Sets Financial Records For First Quarter 2013

-- Record first quarter worldwide revenues of $2,436.5 million, up 24.3%
year-over-year ("YOY").

-- Record first quarter worldwide car rental revenues of $2,084.8 million, on
record transaction days; worldwide equipment rental revenues increased 16.2%
YOY, with an 18.6% rental revenue increase in North America.

-- U.S. car rental first quarter total RPD increased 4.8% YOY.

-- Record first quarter adjusted pre-tax income(1) of $144.5 million, compared
with a $29.4 million adjusted pre-tax income in the prior year period. GAAP
pre-tax income for the first quarter of $72.2 million, versus a loss of $36.8
million in the first quarter of 2012.

-- U.S. car rental adjusted pre-tax income for the first quarter up 19.7% YOY,
on adjusted pre-tax margin(1) improvement of 160 bps. U.S. car rental GAAP
pre-tax income for the first quarter up 23.4% on pre-tax margin improvement of
180 bps.

-- Worldwide equipment rental adjusted pre-tax income up 76.8% for the
quarter, on an adjusted pre-tax margin improvement of 440 bps. Worldwide
equipment rental GAAP pre-tax income for the first quarter up 215.7% on
pre-tax margin improvement of 580 bps.

-- Record first quarter adjusted diluted earnings per share(1) of $0.21 versus
adjusted diluted earnings per share of $0.05 in the first quarter of 2012.
Record first quarter GAAP diluted earnings per share of $0.04 versus a diluted
earnings per share loss of $0.13 in the first quarter of 2012.

-- Record first quarter Corporate EBITDA(1) of $367.1 million, up $156.4
million, or 74.2% YOY.

PR Newswire

PARK RIDGE, N.J., April 29, 2013

PARK RIDGE, N.J., April 29, 2013 /PRNewswire/ --Hertz Global Holdings, Inc.
(NYSE: HTZ) (with its subsidiaries, the "Company" or "we") reported first
quarter 2013 worldwide revenues of $2.4 billion, an increase of 24.3%
year-over-year. Worldwide car rental revenues for the quarter increased 25.7%
year-over-year to $2,084.8 million. Revenues from worldwide equipment rental
for the first quarter were $351.0 million, up 16.2% year-over-year.

(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )

First quarter 2013 adjusted pre-tax income was $144.5 million, versus adjusted
pre-tax income of $29.4 million in the same period in 2012, and pre-tax
income, on a GAAP basis, was $72.2 million versus a loss before income taxes,
on a GAAP basis of $36.8 million in the first quarter of 2012. Corporate
EBITDA  for the first quarter of 2013 was $367.1 million, an increase of 74.2%
from the same period in 2012.

First quarter 2013 adjusted net income^(1) was $93.9 million, versus $19.4
million in the same period of 2012, resulting in adjusted diluted earnings per
share for the quarter of $0.21, compared to $0.05 for the first quarter of
2012. First quarter 2013 net income attributable to Hertz Global Holdings,
Inc. and Subsidiaries' common stockholders, on a GAAP basis, was $18.0 million
or $0.04 per share on a diluted basis, compared to a net loss attributable to
Hertz Global Holdings, Inc. and Subsidiaries' common stockholders, on a GAAP
basis, of $56.3 million or $0.13 per share on a diluted basis for the first
quarter of 2012.

Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said,
"We've now achieved record year-over-year adjusted pre-tax income seven
consecutive quarters and increased employee productivity twenty six
consecutive quarters. Our record first quarter 2013 results were driven by
year-over-year, double-digit revenue and pre-tax margin growth in the car and
equipment rental and leasing businesses, especially in North America. Dollar
Thrifty is performing better than anticipated, with integration and synergy
progress exceeding our targets," he added.



INCOME MEASUREMENTS, FIRST QUARTER 2013 & 2012
                                              Q1 2013                      Q1 2012
                                                                 Diluted
                                                                                               Diluted
                                              Pre-tax  Net       Earnings  Pre-tax     Net    Earnings
(in millions, except per share amounts)                                                        (Loss)
                                              Income   Income   (Loss)    Income      Income
                                                       (Loss)              (Loss)      (Loss)  Per
                                                                 Per                           Share
                                                                 Share
Earnings Measures, as reported (EPS

 based on 460.9M and 418.1M                  $ 72.2   $ 18.0    $  0.04   $ (36.8)  $ (56.3)  $ (0.13)

 diluted shares, respectively)
Adjustments:
 Purchase                                       33.7                         24.1
 accounting
 Non-cash debt charges                          17.3                         25.2
 Integration expenses                           10.8                         -
 Restructuring and related charges              7.9                          10.0
 Acquisition related costs                      2.6                          6.9
Adjusted pre-tax income                         144.5    144.5               29.4      29.4
Assumed provision for income taxes at
                                                         (50.6)                        (10.0)
35% in 2013 and 34% in 2012
Earnings Measures, as adjusted (EPS

 based on 460.9M and 418.1M                  $ 144.5  $ 93.9    $  0.21   $ 29.4    $ 19.4    $ 0.05

 diluted shares, respectively)

Net cash provided by operating activities was $743.6 million in the first
quarter of 2013, compared to $492.0 million in the same period last year, an
increase of $251.6 million. The increase was primarily due to an increase in
net income before depreciation and amortization, as well as the timing of
interest and other corporate payments. Free cash flow^(1) increased by $5.7
million due to increases in net cash provided by operating activities noted
above, partially offset by increased capital expenditures on revenue earning
equipment, and property and equipment. The Company ended the first quarter of
2013 with total debt of $16.3 billion and net corporate debt^(1) of $6.5
billion, compared with total debt of $15.4 billion and net corporate debt of
$5.9 billion as of December 31, 2012. In March 2013, the Company purchased
23.2 million shares of company stock for $467.2 million, in connection with
the sale of 60,050,777 shares by Clayton, Dubilier & Rice, LLC, The Carlyle
Group and BofA Merrill Lynch. The shares will be held as treasury stock. In
addition, the Company stated its intent to settle the conversion of the 5.25%
Senior Convertible Notes in 100% stock.

WORLDWIDE CAR RENTAL

Worldwide car rental revenues were $2,084.8 million for the first quarter of
2013, an increase of 25.7% from the prior year period. The Company achieved
record transaction days for the quarter which increased 23.4% over the first
quarter of 2012 [31.7% U.S.; 1.8% International] largely due to the
acquisition of Dollar Thrifty, partially offset by the Advantage divestiture.
U.S. off-airport total revenues for the first quarter increased 13.5%
year-over-year, and transaction days increased 13.0% from the prior year
period. Worldwide rental rate total revenue per transaction day^(1) ("total
RPD") for the quarter increased 2.6% [4.8% U.S.; (1.2)% International] from
the prior year period.

Worldwide car rental adjusted pre-tax income for the first quarter of 2013 was
$208.4 million, an increase of $116.8 million from $91.6 million in the prior
year period. The result was driven by stronger volumes and pricing including
the impact of the Dollar Thrifty acquisition, lower net depreciation per
vehicle, lower interest expense as a % of revenues, an increase in total RPD,
and disciplined cost management. As a result, worldwide car rental achieved
an adjusted pre-tax margin^(1) of 10.0% for the quarter, versus 5.5% in the
prior year period.

The worldwide average number of Company-operated cars for the first quarter of
2013 was 757,100, an increase of 27.2% over the prior year period, largely as
a result of the Dollar Thrifty acquisition.

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $351.0 million for the first quarter
of 2013, a 16.2% increase from the prior year period. The primary drivers of
the increase were stronger equipment rental volumes, up 15.7%, and a 3.6%
increase in pricing. Volume increased on strong industrial and improving
construction performance.

Adjusted pre-tax income for worldwide equipment rental for the first quarter
of 2013 was $45.8 million, an improvement of $19.9 million from $25.9 million
in the prior year period, primarily attributable to the effects of increased
volume, improved pricing and cost management initiatives. Worldwide equipment
rental achieved an adjusted pre-tax margin of 13.0% and a Corporate EBITDA
margin^(1) of 39.6% for the quarter.

The average acquisition cost of rental equipment operated during the first
quarter of 2013 increased by 12.8% year-over-year and net revenue earning
equipment as of March 31, 2013 was $2,269.5 million, compared to $1,911.1
million as of March 31, 2012.

OUTLOOK

The Company reaffirms its full year 2013 guidance, provided on February 25,
2013, for revenues, Corporate EBITDA, adjusted pre-tax income, adjusted net
income and adjusted diluted earnings per share. In 2013, the Company expects
to generate worldwide revenues in the range of $10,850 million - $10,950
million, Corporate EBITDA in the range of $2,210 million - $2,270 million,
adjusted pre-tax income in the range of $1,270 million- $1,340 million,
adjusted net income in the range of $830 million - $875 million and adjusted
diluted earnings per share in the range of $1.82 - $1.92.

RESULTS OF THE HERTZ CORPORATION

The Company's operating subsidiary, The Hertz Corporation ("Hertz"), posted
the same revenues for the first quarter of 2013 as the Company. Hertz's first
quarter 2013 pre-tax income was $86.0 million versus the Company's pre-tax
income of $72.2 million. The difference between Hertz's and the Company's
results is primarily due to additional interest expense recognized by the
Company on its 5.25% Convertible Senior Notes issued in May and September
2009.

(1) Adjusted pre-tax income, adjusted pre-tax margin, Corporate EBITDA,
Corporate EBITDA margin, adjusted net income, adjusted diluted earnings per
share, free cash flow, net corporate debt and rental rate revenue per
transaction day are non-GAAP measures. See the accompanying Tables and
Exhibit for the reconciliations and definitions for each of these non-GAAP
measures and the reason the Company's management believes that these measures
provide useful information to investors regarding the Company's financial
condition and results of operations.

(2) Management believes that Corporate EBITDA, adjusted pre-tax income,
adjusted net income and adjusted diluted earnings per share are useful in
measuring the comparable results of the Company period-over-period. The GAAP
measures most directly comparable to Corporate EBITDA, adjusted pre-tax
income, adjusted net income and adjusted diluted earnings per share are (i)
pre-tax income and cash flows from operating activities, (ii) pre-tax income,
(iii) net income, and (iv) diluted earnings per share, respectively. Because
of the forward-looking nature of the Company's forecasted Corporate EBITDA,
adjusted pre-tax income, adjusted net income and adjusted diluted earnings per
share, specific quantifications of the amounts that would be required to
reconcile forecasted cash flows from operating activities, pre-tax income and
net income are not available. The Company believes that there is a degree of
volatility with respect to certain of the Company's GAAP measures, primarily
related to fair value accounting for its financial assets (which includes the
Company's derivative financial instruments), its income tax reporting and
certain adjustments made to arrive at the relevant non-GAAP measures, which
preclude the Company from providing accurate forecasted GAAP to non-GAAP
reconciliations. Based on the above, the Company believes that providing
estimates of the amounts that would be required to reconcile the range of the
non-GAAP Corporate EBITDA, adjusted pre-tax income, adjusted net income and
adjusted diluted earnings per share to forecasted cash flows from operating
activities, pre-tax income, net income and diluted earnings per share would
imply a degree of precision that would be confusing or misleading to investors
for the reasons identified above.

CONFERENCE CALL INFORMATION

The Company's first quarter 2013 earnings conference call will be held on
Tuesday, April 30, 2013, at 10:00 a.m. (EDT). To access the conference call
live, dial 800-288-8975 in the U.S. and 612-332-0530 for international callers
using the passcode: 291985 or listen via webcast at
www.hertz.com/investorrelations. The conference call will be available for
replay one hour following the conclusion of the call until May 14, 2013 by
calling 800-475-6701 in the U.S. or 320-365-3844 for international callers
with the passcode: 291985. The press release and related tables containing
the reconciliations of non-GAAP measures will be available on our website,
www.hertz.com/investorrelations.

2013 ANNUAL MEETING OF STOCKHOLDERS DATE

The Company's Board of Directors has set the date and time of the annual
meeting of stockholders for May 15, 2013 at 10:30 a.m. (Park Ridge time) at
Hertz's Corporate Offices located at 225 Brae Boulevard, Park Ridge, New
Jersey. Registration and seating will begin at 10:00 a.m.

ABOUT THE COMPANY

Hertz is the largest worldwide airport general use car rental brand, operating
from approximately 10,460 corporate and licensee locations in approximately
150 countries in North America, Europe, Latin America, Asia, Australia,
Africa, the Middle East and New Zealand. Hertz is the largest airport general
use car rental brand, operating from approximately 8,960 corporate and
licensee locations in approximately 150 countries. Our Dollar and Thrifty
brands have approximately 1,500 corporate and franchise locations in 85
countries. Hertz is the number one airport car rental brand in the U.S. and at
120 major airports in Europe. Hertz is an inaugural member of Travel +
Leisure's World's Best Awards Hall of Fame and was recently named, for the
thirteenth time, by the magazine's readers as the Best Car Rental Agency.
Hertz was also voted the Best Overall Car Rental Company in Zagat's 2012/13
U.S. Car Rental Survey, earning top honors in 14 additional categories, and
the Company swept the global awards for Best Rewards Program and Best Overall
Benefits from FlyerTalk.com. Product and service initiatives such as Hertz
Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the
Company's Adrenaline, Prestige and Green Traveler Collections, also set Hertz
apart from the competition. Additionally, Hertz owns the vehicle leasing and
fleet management leader Donlen Corporation and operates the Hertz On Demand
car sharing business. The Company also owns a leading North American equipment
rental business, Hertz Equipment Rental Corporation, which includes Hertz
Entertainment Services.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release and in related comments by
our management include "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995.  Examples of forward-looking
statements include information concerning the Company's outlook, anticipated
revenues and results of operations, as well as any other statement that does
not directly relate to any historical or current fact. These forward-looking 
statements often include words such as "believe," "expect," "project,"
"anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would,"
"should," "could," "forecasts" or similar expressions. These statements are
based on certain assumptions that the Company has made in light of its
experience in the industry as well as its perceptions of historical trends,
current conditions, expected future developments and other factors that the
Company believes are appropriate in these circumstances. We believe these
judgments are reasonable, but you should understand that these statements are
not guarantees of performance or results, and our actual results could differ
materially from those expressed in the forward-looking statements due to a
variety of important factors, both positive and negative.

Among other items, such factors could include: our ability to integrate the
car rental operations of Dollar Thrifty and realize operational efficiencies
from the acquisition; the risk that expected synergies, cost savings from the
Dollar Thrifty acquisition may not be fully realized or realized within the
expected time frame; the operational and profitability impact of the Advantage
divestiture and the divestiture of the airport locations that we agreed to
undertake in order to secure regulatory approval for the Dollar Thrifty
acquisition; levels of travel demand, particularly with respect to airline
passenger traffic in the United States and in global markets; the impact of
pending and future U.S. governmental action to address budget deficits through
reductions in spending and similar austerity measures, which could materially
adversely affect unemployment rates and consumer spending levels; significant
changes in the competitive environment, including as a result of industry
consolidation, and the effect of competition in our markets, including on our
pricing policies or use of incentives; occurrences that disrupt rental
activity during our peak periods; our ability to achieve cost savings and
efficiencies and realize opportunities to increase productivity and
profitability; an increase in our fleet costs as a result of an increase in
the cost of new vehicles and/or a decrease in the price at which we dispose of
used vehicles either in the used vehicle market or under repurchase or
guaranteed depreciation programs our ability to accurately estimate future
levels of rental activity and adjust the size and mix of our fleet
accordingly; our ability to maintain sufficient liquidity and the availability
to us of additional or continued sources of financing for our revenue earning
equipment and to refinance our existing indebtedness; safety recalls by the
manufacturers of our vehicles and equipment; a major disruption in our
communication or centralized information networks; financial instability of
the manufacturers of our vehicles and equipment; any impact on us from the
actions of our licensees, franchisees, dealers and independent contractors;
our ability to maintain profitability during adverse economic cycles and
unfavorable external events (including war, terrorist acts, natural disasters
and epidemic disease); shortages of fuel and increases or volatility in fuel
costs; our ability to successfully integrate acquisitions and complete
dispositions; our ability to maintain favorable brand recognition; costs and
risks associated with litigation; risks related to our indebtedness, including
our substantial amount of debt, our ability to incur substantially more debt
and increases in interest rates or in our borrowing margins; our ability to
meet the financial and other covenants contained in our Senior Credit
Facilities, our outstanding unsecured Senior Notes and certain asset-backed
and asset-based arrangements; changes in accounting principles, or their
application or interpretation, and our ability to make accurate estimates and
the assumptions underlying the estimates, which could have an effect on
earnings; changes in the existing, or the adoption of new laws, regulations,
policies or other activities of governments, agencies and similar
organizations where such actions may affect our operations, the cost thereof
or applicable tax rates; changes to our senior management team; the effect of
tangible and intangible asset impairment charges; the impact of our derivative
instruments, which can be affected by fluctuations in interest rates and
commodity prices; and our exposure to fluctuations in foreign exchange rates.
Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K.

The Company therefore cautions you against relying on these forward-looking
statements. All forward-looking statements attributable to the Company or
persons acting on the Company's behalf are expressly qualified in their
entirety by the foregoing cautionary statements. All such statements speak
only as of the date made, and the Company undertakes no obligation to update
or revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.

Tables and Exhibit:



Table 1:  Condensed Consolidated Statements of Operations for the Three
           Months Ended March 31, 2013 and 2012
           Condensed Consolidated Statements of Operations As Reported and As
Table 2:  Adjusted for the Three Months Ended March 31,

           2013 and 2012
Table 3:  Segment and Other Information for the Three Months Ended March 31,
           2013 and 2012
           Selected Operating and Financial Data as of or for the Three Months
Table 4:  Ended March 31, 2013 compared to March 31, 2012

           and Selected Balance Sheet Data as of March 31, 2013 and March 31,
           2012
           Non-GAAP Reconciliations of Adjusted Pre-Tax Income (Loss),
Table 5:  Adjusted Net Income (Loss) and Adjusted Diluted

           Earnings (Loss) per Share for the Three Months Ended March 31, 2013
           and 2012
           Non-GAAP Reconciliations of Free Cash Flow, EBITDA, and Corporate
Table 6:  EBITDA for the Three Months Ended March

           31, 2013 and 2012
           Non-GAAP Reconciliations of Operating Cash Flows to EBITDA for
Table 7:  Three Months Ended March 31, 2013 and 2012,

           Net Corporate Debt, Net Fleet Debt and Total Net Debt as of March
           31, 2013, 2012 and 2011 and December 31, 2012 and

           2011, Car Rental Rate Revenue per Transaction Day and Equipment
           Rental and Rental Related Revenue for the Three

           Months Ended March 31, 2013 and 2012
Exhibit 1: Non-GAAP Measures: Definitions and Use/Importance



                                                                      Table 1
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Unaudited
                                Three Months Ended        As a Percentage
                                March 31,                  of Total Revenues
                                2013          2012          2013      2012
Total revenues                  $  2,436.5  $  1,960.9  100.0  %  100.0 %
Expenses:
Direct operating                1,351.2       1,114.1       55.4   %  56.8  %
Depreciation of revenue earning
equipment and lease charges     587.0         515.1         24.1   %  26.3  %
Selling, general and            251.7         207.8         10.3   %  10.6  %
administrative
Interest expense                176.8         162.3         7.3    %  8.3   %
Interest income                 (1.8)         (1.1)         (0.1)  %  (0.1) %
Other income,net               (0.6)         (0.5)         -      %  -     %
Total expenses                  2,364.3       1,997.7       97.0   %  101.9 %
Income (loss) before income     72.2          (36.8)        3.0    %  (1.9) %
taxes
Provision for taxes on income   (54.2)        (19.5)        (2.2)  %  (1.0) %
Net income (loss) attributable
to Hertz Global Holdings,
Inc. and Subsidiaries' common   $         $          0.8    %  (2.9) %
stockholders                    18.0          (56.3)
Weighted average number of
shares outstanding:
 Basic                      415.8         418.1
 Diluted                    460.9         418.1
Earnings (loss) per share
attributable to Hertz Global
Holdings, Inc. and
Subsidiaries' common
stockholders:
 Basic                      $         $   
                                0.04          (0.13)
 Diluted                    $         $   
                                0.04          (0.13)



                                                                              Table 2
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
Unaudited
                    Three Months Ended March 31, 2013   Three Months Ended March 31, 2012
                    As                        As        As                        As
                    Reported  Adjustments     Adjusted  Reported  Adjustments     Adjusted
Total revenues      $        $          $       $        $          $   
                    2,436.5   -             2,436.5  1,960.9     -         1,960.9
Expenses:
Direct operating    1,351.2   (35.4)      (a) 1,315.8   1,114.1   (28.7)      (a) 1,085.4
Depreciation of
revenue earning
equipment and       587.0     (3.6)       (b) 583.4     515.1     (2.9)       (b) 512.2
lease charges
Selling, general    251.7     (16.0)      (c) 235.7     207.8     (9.4)       (c) 198.4
and administrative
Interest expense   176.8     (17.3)      (d) 159.5     162.3     (25.2)      (d) 137.1
Interest income     (1.8)     -               (1.8)     (1.1)     -               (1.1)
Other income, net   (0.6)     -               (0.6)     (0.5)     -               (0.5)
Total expenses      2,364.3   (72.3)          2,292.0   1,997.7   (66.2)          1,931.5
Income (loss)
before income       72.2      72.3            144.5     (36.8)    66.2            29.4
taxes
Benefit
(provision) for     (54.2)    3.6         (e) (50.6)    (19.5)    9.5         (e) (10.0)
taxes on income
Net income (loss)
attributable to
Hertz Global
Holdings,
Inc. and                                                                          $   
Subsidiaries'       $      $            $      $      $           
common               18.0    75.9              93.9  (56.3)    75.7            19.4
stockholders
(a) Represents the increase in amortization of other intangible assets, depreciation of
property and equipment and accretion of certain revalued liabilities relating to purchase
accounting. For the three months ended March 31, 2013 and 2012, also includes
restructuring and restructuring related charges of $2.5 million and $8.1 million,
respectively.
(b) Represents the increase in depreciation of equipment rental revenue earning equipment
based upon its revaluation relating to purchase accounting.
(c) Represents an increase in depreciation of property and equipment relating to purchase
accounting. For the three months ended March 31, 2013 and 2012, also includes
restructuring and restructuring related charges of $3.9 million and $1.9 million,
respectively.For all periods presented, also includes other adjustments which are
detailed in Table 5.
(d) Represents non-cash debt charges relating to the amortization of deferred debt
financing costs and debt discounts.
(e) Represents a provision for income taxes derived utilizing a normalized income tax
rate (35% for 2013 and 34% for 2012).



                                                           Table 3
HERTZ GLOBAL HOLDINGS, INC.
SEGMENT AND OTHER INFORMATION
(In millions, except per share amounts)
Unaudited
                                       Three Months Ended
                                       March 31,
                                       2013                2012
Revenues:
Car Rental                             $   2,084.8      $    1,658.2
Equipment Rental                       351.0               302.1
Other reconciling items                0.7                 0.6
                                       $   2,436.5      $    1,960.9
Depreciation of property and
equipment:
Car Rental                             $      40.3    $      30.8
Equipment Rental                       8.5                 8.4
Other reconciling items                2.5                 3.1
                                       $      51.3    $      42.3
Amortization of other intangible
assets:
Car Rental                             $      19.5    $       9.3
Equipment Rental                       10.5                9.5
Other reconciling items                0.5                 0.4
                                       $      30.5    $      19.2
Income (loss) before income taxes:
Car Rental                             $     169.6     $      61.5
Equipment Rental                       32.1                10.2
Other reconciling items                (129.5)             (108.5)
                                       $      72.2    $     (36.8)
Corporate EBITDA (a):
Car Rental                             $     250.2     $     124.2
Equipment Rental                       139.0               108.3
Other reconciling items                (22.1)              (21.8)
                                       $     367.1     $     210.7
Adjusted pre-tax income (loss) (a):
Car Rental                             $     208.4     $      91.6
Equipment Rental                       45.8                25.9
Other reconciling items                (109.7)             (88.1)
                                       $     144.5     $      29.4
Adjusted net income (loss) (a):
Car Rental                             $     135.4     $      60.4
Equipment Rental                       28.9                17.1
Other reconciling items                (70.3)              (58.1)
                                       $      93.9    $      19.4
Adjusted diluted number of shares      460.9               418.1
outstanding (a)
Adjusted diluted earnings per share    $      0.21    $      0.05
(a)
(a) Represents a non-GAAP measure, see the accompanying reconciliations
and definitions.
Note: "Other Reconciling Items" includes general corporate expenses, certain
interest expense
(including net interest on corporate debt), as well as other business
activities such as our
third-party claim management services. See Tables 5 and 6.



                                                              Table 4
HERTZ GLOBAL HOLDINGS, INC.
SELECTED OPERATING AND FINANCIAL DATA
Unaudited
                                        Three                 Percent
                                        Months                change
                                        Ended, or as          from
                                        of Mar. 31,           prior year
                                        2013                  period
Selected Car Rental Operating Data
Worldwide number of transactions (in    7,694                 20.4           %
thousands)
Domestic (Hertz, Dollar and Thrifty)    6,100                 26.1           %
International (Hertz, Dollar and        1,594                 2.8            %
Thrifty)
Worldwide transaction days (in          39,070                23.4           %
thousands)
Domestic (Hertz, Dollar and Thrifty)    30,064                31.7           %
International (Hertz, Dollar and        9,006                 1.8            %
Thrifty)
Worldwide total rental revenue per      $      50.14     2.6            %
transaction day (a)
Domestic (Hertz, Dollar and Thrifty)    $      49.35     4.8            %
International (Hertz, Dollar and        $      52.76     (1.2)          %
Thrifty) (b)
Worldwide average number of cars during 757,100               27.2           %
period
Domestic (Hertz company-operated)       432,900               33.9           %
Domestic (Leased)                       24,800                N/A
International (Hertz company-operated)  137,500               3.2            %
Donlen (under lease and maintenance)    165,600               N/A
Worldwide revenue earning equipment,    $   11,699.7       25.1           %
net (in millions)
Selected Worldwide Equipment Rental Operating Data
Rental and rental related revenue (in   $      322.1     17.4           %
millions) (a) (b)
Same store revenue growth , including   12.9               %  N/M
initiatives (a) (b)
Average acquisition cost of revenue
earning equipment operated
during period (in millions)         $    3,273.5      12.8           %
Worldwide revenue earning equipment,    $    2,269.5      18.8           %
net (in millions)
Other Financial Data (in millions)
Cash flows provided by operating        $      743.6     51.1           %
activities
Free cash flow (a)                   (78.7)                6.8            %
EBITDA (a)                           916.3                 30.4           %
Corporate EBITDA (a)                 367.1                 74.2           %
Selected Balance Sheet Data(in millions)
                                        March 31,             December 31,
                                        2013                  2012
Cash and cash equivalents            $      653.8     $      
                                                              533.3
Total revenue earning equipment,        13,969.2              12,908.3
net
Total assets                         24,076.2              23,286.0
Total debt                          16,317.0              15,448.6
Net corporate debt (a)              6,528.5               5,934.4
Net fleet debt (a)                  8,709.5               8,409.3
Total net debt (a)                  15,238.0              14,343.7
Total equity                        2,037.2               2,507.3
(a) Represents a non-GAAP measure, see the accompanying reconciliations and
definitions.
(b) Based on 12/31/12 foreign exchange rates.
N/M Percentage change not meaningful.



                                                                 

                                                                 Table 5
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions, except per share amounts)
Unaudited
ADJUSTED PRE-TAX INCOME (LOSS), ADJUSTED NET INCOME (LOSS) AND
ADJUSTED DILUTED
EARNINGS PER SHARE
                   Three Months Ended March 31, 2013
                                                Other
                   Car           Equipment      Reconciling
                   Rental        Rental         Items            Total
Total revenues:    $ 2,084.8    $   351.0    $     0.7    $ 2,436.5
Expenses:
Direct operating
and selling,       1,328.2       232.0          42.7             1,602.9
general and
administrative
Depreciation of
revenue earning    513.0         74.0           -                587.0
equipment and
lease charges
Interest expense   75.8          13.4           87.6             176.8
Interest income    (1.7)         (0.1)          -                (1.8)
Other income,net  (0.1)         (0.5)          -                (0.6)
Total expenses     1,915.2       318.8          130.3            2,364.3
Income (loss)
before income      169.6         32.2           (129.6)          72.2
taxes
Adjustments:
Purchase
accounting (a):
Direct operating
and selling,       20.5          10.5           0.6              31.6
general and
administrative
Depreciation of
revenue earning    2.1           -              -                2.1
equipment
Non-cash debt      5.7           1.2            10.4             17.3
charges (b)
Restructuring      3.2           0.4            0.1              3.7
charges (c)
Restructuring
related charges    2.6           1.5            0.1              4.2
(c)
Integration        4.7           -              6.1              10.8
expenses
Acquisition        -             -              2.6              2.6
related costs (d)
Adjusted pre-tax   208.4         45.8           (109.7)          144.5
income (loss)
Assumed
(provision)        (72.9)        (16.0)         38.4             (50.6)
benefit for income
taxes of 35%
Adjusted net       $   135.5   $    29.8   $   (71.3)    $   
income (loss)                                                    93.9
Adjusted diluted
number of shares                                                 460.9
outstanding
Adjusted diluted                                                 $   
earnings per share                                               0.21
                   Three Months Ended March 31, 2012
                                                Other
                   Car           Equipment      Reconciling
                   Rental        Rental         Items            Total
Total revenues:    $ 1,658.2    $   302.1    $     0.6    $ 1,960.9
Expenses:
Direct operating
and selling,       1,064.4       217.3          40.2             1,321.9
general and
administrative
Depreciation of
revenue earning    452.7         62.4           -                515.1
equipment and
lease charges
Interest expense   80.5          12.8           69.0             162.3
Interest income    (0.9)         (0.1)          (0.1)            (1.1)
Other income, net -             (0.5)          -                (0.5)
Total expenses     1,596.7       291.9          109.1            1,997.7
Income (loss)
before income      61.5          10.2           (108.5)          (36.8)
taxes
Adjustments:
Purchase
accounting (a):
Direct operating
and selling,       10.2          10.0           1.0              21.2
general and
administrative
Depreciation of
revenue earning    2.9           -              -                2.9
equipment
Non-cash debt      11.2          1.5            12.5             25.2
charges (b)
Restructuring      3.5           3.2            -                6.7
charges (c)
Restructuring
related charges    2.3           1.0            -                3.3
(c)
Acquisition        -             -              6.9              6.9
related costs (d)
Adjusted pre-tax   91.6          25.9           (88.1)           29.4
income (loss)
Assumed
(provision)        (31.2)        (8.8)          30.0             (10.0)
benefit for income
taxes of 34%
Adjusted net       $          $    17.1   $   (58.1)    $   
income (loss)      60.4                                          19.4
Adjusted diluted
number of shares                                                 418.1
outstanding
Adjusted diluted                                                 $   
earnings per share                                               0.05
(a) Represents the purchase accounting effects of the acquisition of all of
Hertz's common stock on December 21, 2005 on ourresults of operations
relating to increased depreciation and amortization of tangible and intangible
assets and accretion ofworkers' compensation and public liability and
property damage liabilities. Also represents the purchase accounting effects
ofcertain subsequent acquisitions on our results of operations relating to
increased depreciation and amortization of intangible assets.
(b) Represents non-cash debt charges relating to the amortization of
deferred debt financing costs and debt discounts.
(c) Amounts are included within direct operating and selling, general and
administrative expense in our statement of operations.
(d) Amounts are included within selling, general and administrative expense
in our statement of operations.



                                                                       Table 6
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions)
Unaudited
FREE CASH FLOW, EBITDA, AND CORPORATE EBITDA
FREE CASH FLOW                               Three Months Ended
                                             March 31,
                                             2013          2012
Income (loss) before income taxes            $   72.2   $  
                                                           (36.8)
Depreciation of property and equipment       51.3          44.0
Amortization of intangibles and debt         47.8          44.0
costs
Cash paid for income taxes                   (5.7)         (22.4)
Changes in assets and liabilities, net of
effects of acquisitions,                     6.2           (28.9)

and other
 Net cash provided by (used in) operating
activities excluding
depreciation of revenue earning      171.8         (0.1)
equipment
 Car rental fleet growth (a)              (152.6)       (54.4)
 Equipment rental fleet growth       (41.3)        (3.3)
(a)
 Property and equipment expenditures,     (56.6)        (26.6)
net of disposals
 Net investment activity                   (250.5)       (84.3)
Free cash flow                               $   (78.7)  $  
                                                           (84.4)



(a) Car rental fleet growth is defined as car rental fleet capital expenditures, net of
proceeds from disposals, plus car rental fleet depreciation and net car rental fleet
financing. Equipment rental fleet growth is defined as equipment rental fleet expenditures,
net of proceeds from disposals, plus depreciation. The calculation reflects the following:
FLEET GROWTH   Three Months Ended March 31, 2013             Three Months Ended March 31, 2012
                        Car         Equipment                         Car         Equipment
                        Rental      Rental       Total                Rental      Rental       Total
Revenue
earning                 $(3,098.8)  $ (154.2)    $(3,253.0)           $(2,524.7)  $ (124.0)    $(2,648.7)
equipment
expenditures
Proceeds from
disposal of
revenue                 2,198.9     38.9         $ 2,237.9            1,951.0     58.3         $ 2,009.3
earning
equipment
Net revenue
earning
equipment               (899.9)     (115.3)      (1,015.1)            (573.7)     (65.7)       (639.4)
capital
expenditures
Depreciation
of revenue              497.8       74.0         571.8                429.7       62.4         492.1
earning
equipment
Net financing
activity                249.5       -            249.5                89.6        -            89.6
related to car
rental fleet
Fleet growth            $ (152.6)   $ (41.3)     $ (193.9)            $ (54.4)    $ (3.3)      $ (57.7)
EBITDA AND
CORPORATE      Three Months Ended March 31, 2013             Three Months Ended March 31, 2012
EBITDA
                                    Other                                         Other
               Car      Equipment   Reconciling              Car      Equipment   Reconciling
               Rental   Rental      Items        Total       Rental   Rental      Items        Total
Income (loss)
before income  $ 169.6  $ 32.1      $ (129.5)    $ 72.2      $ 61.5   $ 10.2      $ (108.5)    $ (36.8)
taxes
Depreciation
and            573.1    93.0        3.0          669.1       493.8    81.2        3.5          578.5
amortization
Interest, net
of interest    74.0     13.4        87.6         175.0       79.6     12.7        68.9         161.2
income
EBITDA         816.7    138.5       (38.9)       916.3       634.9    104.1       (36.1)       702.9
Adjustments:
Car rental     (70.7)   -           -            (70.7)      (75.8)   -           -            (75.8)
fleet interest
Car rental
fleet          (513.1)  -           -            (513.1)     (451.7)  -           -            (451.7)
depreciation
Non-cash
expenses and   5.4      -           7.9          13.3        11.0     -           7.4          18.4
charges (b)
Extraordinary,
unusual or
non-recurring  11.9     0.5         8.9          21.3        5.8      4.2         6.9          16.9
gains and
losses (c)
Corporate      $ 250.2  $ 139.0     $ (22.1)     $ 367.1     $ 124.2  $ 108.3     $ (21.8)     $ 210.7
EBITDA
(b) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the
impact of certain non-cash expenses and charges. The adjustments reflect the following:
NON-CASH
EXPENSES AND   Three Months Ended March 31, 2013             Three Months Ended March 31, 2012
CHARGES
                                    Other                                         Other
               Car      Equipment   Reconciling              Car      Equipment   Reconciling
               Rental   Rental      Items        Total       Rental   Rental      Items        Total
Non-cash
amortization
of debt costs
included
in car rental  $ 5.4    $ -         $ -          $ 5.4       $ 11.0   $ -         $ -          $ 11.0
fleet interest
Non-cash
stock-based
employee
compensation   -        -           7.9          7.9         -        -           7.4          7.4
charges
Total non-cash
expenses and   $ 5.4    $ -         $ 7.9        $ 13.3      $ 11.0   $ -         $ 7.4        $ 18.4
charges
(c) As defined in the credit agreements for the senior credit facilities, Corporate EBITDA excludes the
impact of extraordinary, unusual or non-recurring gains or losses or charges or credits.
The
adjustments
reflect the
following:
EXTRAORDINARY,
UNUSUAL OR
NON-RECURRING  Three Months Ended March 31, 2013             Three Months Ended March 31, 2012
ITEMS
                                    Other                                         Other
               Car      Equipment   Reconciling              Car      Equipment   Reconciling
               Rental   Rental      Items        Total       Rental   Rental      Items        Total
Restructuring  $ 3.1    $ 0.5       $ 0.1        $ 3.7       $ 3.5    $ 3.2       $ -          $ 6.7
charges
Restructuring
related        4.1      -           0.1          4.2         2.3      1.0         -            3.3
charges
Acquisition    -        -           2.6          2.6         -        -           6.9          6.9
related costs
Integration    4.7      -           6.1          10.8        -        -           -            -
Expenses
Total
extraordinary,
unusual or     $ 11.9   $ 0.5       $ 8.9        $ 21.3      $ 5.8    $ 4.2       $ 6.9        $ 16.9
non-recurring
items



                                                                     Table 7
HERTZ GLOBAL HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES
(In millions, except as noted)
Unaudited
                     Three Months Ended
RECONCILIATION FROM  March 31,
OPERATING
CASH FLOWS TO        2013         2012
EBITDA:
Net cash provided    $       $     
by operating         743.6           492.0
activities
Amortization of      (17.3)       (24.9)
debt costs
Provision for
losses on doubtful   (12.7)       (6.9)
accounts
Derivative gains     1.5          3.0
(losses)
Gain (loss) on sale
of property and      1.0          0.2
equipment
Loss on revaluation
of foreign           -            (2.5)
denominated debt
Stock-based
compensation         (8.0)        (7.5)
charges
Asset                -            (2.7)
writedowns
Lease charges        15.3         23.1
Deferred income      (35.9)       (2.4)
taxes
Provision (benefit)
for taxes on         54.2         19.5
income
Interest expense,
net of interest      175.0        161.2
income
Changes in assets    (0.4)        48.1
and liabilities
EBITDA               $       $     
                     916.3           700.2
NET CORPORATE DEBT,  March 31,    December     March 31,  December   March 31,
NET FLEET DEBT                    31,                     31,
AND TOTAL NET DEBT   2013         2012         2012       2011       2011
Total Corporate      $         $       $       $      $   
Debt                 7,237.0      6,545.3   4,645.2   4,704.8    5,202.2
Total Fleet Debt     9,080.0      8,903.3      6,780.5    6,612.3    5,547.8
Total Debt           $          $       $        $       $  
                     16,317.0    15,448.6    11,425.7  11,317.1   10,750.0
Corporate
Restricted Cash
Restricted Cash,     $       $       $      $      $    
less:                425.2           571.6   211.9     308.0    190.9
Restricted Cash
Associated with      (370.5)      (494.0)      (126.5)    (213.6)    (110.2)
Fleet Debt
Corporate            $       $       $      $      $    
Restricted Cash       54.7                  85.4     94.4    80.7
                                  77.6
Net Corporate Debt
Corporate Debt,      $         $       $       $      $   
less:                7,237.0      6,545.3   4,645.2   4,704.8    5,202.2
Cash and Cash        (653.8)      (533.3)      (594.7)    (931.8)    (1,365.8)
Equivalents
Corporate            (54.7)       (77.6)       (85.4)     (94.4)     (80.7)
Restricted Cash
Net Corporate Debt   $         $       $       $      $   
                     6,528.5      5,934.4   3,965.1   3,678.6    3,755.7
Net Fleet Debt
Fleet Debt, less:    $         $       $       $      $   
                     9,080.0      8,903.3   6,780.5   6,612.3    5,547.8
Restricted Cash
Associated with      (370.5)      (494.0)      (126.5)    (213.6)    (110.2)
Fleet Debt
Net Fleet Debt       $         $       $       $      $   
                     8,709.5      8,409.3   6,654.0   6,398.7    5,437.6
Total Net Debt       $          $       $        $       $   
                     15,238.0    14,343.7    10,619.1  10,077.3   9,193.3
                     Three Months Ended
CAR RENTAL REVENUE   March 31,
PER
TRANSACTION DAY(a)   2013         2012
Car rental segment   $         $     
revenues (b)         2,084.8      1,658.2
Non-rental revenue   (127.8)      (110.4)
Foreign currency     1.9          (0.8)
adjustment
Total rental         $         $     
revenue            1,958.9      1,547.0
Transactions days    39,070       31,669
(in thousands)
Total rental
revenue per
transaction
day (in whole        $       $     
dollars)             50.14           48.85
                     Three Months Ended
EQUIPMENT RENTAL     March 31,
AND RENTAL
RELATED REVENUE(a)   2013         2012
Equipment rental     $       $     
segment revenues     351.0           302.1
Equipment sales and  (29.8)       (26.3)
other revenue
Foreign currency     0.9          (1.5)
adjustment
Rental and rental    $       $     
related revenue      322.1           274.3
(a) Based on 12/31/12 foreign exchange rates.
(b) Includes U.S. off-airport revenues of $320.4 million and $283.9 million
for the three months ended March 31, 2013 and 2012, respectively.



Exhibit 1

Non-GAAP Measures: Definitions and Use/Importance

Hertz Global Holdings, Inc. ("Hertz Holdings") is our top-level holding
company. The Hertz Corporation ("Hertz") is our primary operating company.
The term "GAAP" refers to accounting principles generally accepted in the
United States of America.

Definitions of non-GAAP measures utilized in Hertz Holdings' April 29, 2013
Press Release are set forth below. Also set forth below is a summary of the
reasons why management of Hertz Holdings and Hertz believes that the
presentation of the non-GAAP financial measures included in the Press Release
provide useful information regarding Hertz Holdings' and Hertz's financial
condition and results of operations and additional purposes, if any, for which
management of Hertz Holdings and Hertz utilize the non-GAAP measures.

1. Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")
and Corporate EBITDA

EBITDA is defined as net income before net interest expense, income taxes and
depreciation (which includes revenue earning equipment lease charges) and
amortization. Corporate EBITDA, as presented herein, represents EBITDA as
adjusted for car rental fleet interest, car rental fleet depreciation and
certain other items, as described in more detail in the accompanying tables.

Management uses EBITDA and Corporate EBITDA as operating performance and
liquidity metrics for internal monitoring and planning purposes, including the
preparation of our annual operating budget and monthly operating reviews, as
well as to facilitate analysis of investment decisions, profitability and
performance trends. Further, EBITDA enables management and investors to
isolate the effects on profitability of operating metrics such as revenue,
operating expenses and selling, general and administrative expenses, which
enables management and investors to evaluate our two business segments that
are financed differently and have different depreciation characteristics and
compare our performance against companies with different capital structures
and depreciation policies. We also present Corporate EBITDA as a supplemental
measure because such information is utilized in the calculation of financial
covenants under Hertz's senior credit facilities.

EBITDA and Corporate EBITDA are not recognized measurements under GAAP. When
evaluating our operating performance or liquidity, investors should not
consider EBITDA and Corporate EBITDA in isolation of, or as a substitute for,
measures of our financial performance and liquidity as determined in
accordance with GAAP, such as net income, operating income or net cash
provided by operating activities.

2. Adjusted Pre-Tax Income

Adjusted pre-tax income is calculated as income before income taxes plus
non-cash purchase accounting charges, non-cash debt charges relating to the
amortization of debt financing costs and debt discounts and certain one-time
charges and non-operational items. Adjusted pre-tax income is important to
management because it allows management to assess operational performance of
our business, exclusive of the items mentioned above. It also allows
management to assess the performance of the entire business on the same basis
as the segment measure of profitability. Management believes that it is
important to investors for the same reasons it is important to management and
because it allows them to assess the operational performance of the Company on
the same basis that management uses internally.

3. Adjusted Net Income

Adjusted net income is calculated as adjusted pre-tax income less a provision
for income taxes derived utilizing a normalized income tax rate (35% in 2013
and 34% in 2012) and noncontrolling interest. The normalized income tax rate
is management's estimate of our long-term tax rate. Adjusted net income is
important to management and investors because it represents our operational
performance exclusive of the effects of purchase accounting, non-cash debt
charges, one-time charges and items that are not operational in nature or
comparable to those of our competitors.

4. Adjusted Diluted Earnings Per Share

Adjusted diluted earnings per share is calculated as adjusted net income
divided by, for the three months ended March31, 2013, 460.9 million which
represents the weighted average diluted shares outstanding for the period; for
the three months ended March 31, 2012, 418.1 million which represents the
weighted average diluted shares outstanding for the period; which represents
the weighted average diluted shares outstanding for the period. Adjusted
diluted earnings per share is important to management and investors because it
represents a measure of our operational performance exclusive of the effects
of purchase accounting adjustments, non-cash debt charges, one-time charges
and items that are not operational in nature or comparable to those of our
competitors.

5. Transaction Days

Transaction days represent the total number of days that vehicles were on rent
in a given period.

6. Car Rental Revenue, Total Rental Revenue Per Transaction Day and Total
Rental Revenue Per Transaction

Car rental revenue consists of all revenue, net of discounts, associated with
the rental of cars including charges for optional insurance products, but
excluding non-rental revenues derived from Donlen. Total revenue per
transaction day is calculated as total rental revenue, divided by the total
number of transaction days, with all periods adjusted to eliminate the effect
of fluctuations in foreign currency. Our management believes eliminating the
effect of fluctuations in foreign currency is appropriate so as not to affect
the comparability of underlying trends. This statistic is important to our
management and investors as it represents the best measurement of the changes
in underlying pricing in the car rental business and encompasses the elements
in car rental pricing that management has the ability to control.

7. Equipment Rental and Rental Related Revenue

Equipment rental and rental related revenue consists of all revenue, net of
discounts, associated with the rental of equipment including charges for
delivery, loss damage waivers and fueling, but excluding revenue arising from
the sale of equipment, parts and supplies and certain other ancillary revenue.
Rental and rental related revenue is adjusted in all periods to eliminate the
effect of fluctuations in foreign currency. Our management believes
eliminating the effect of fluctuations in foreign currency is appropriate so
as not to affect the comparability of underlying trends. This statistic is
important to our management and to investors as it is utilized in the
measurement of rental revenue generated per dollar invested in fleet on an
annualized basis and is comparable with the reporting of other industry
participants.

8. Same Store Revenue Growth/Decline

Same store revenue growth or decline is calculated as the year over year
change in revenue for locations that are open at the end of the period
reported and have been operating under our direction for more than twelve
months. The same store revenue amounts are adjusted in all periods to
eliminate the effect of fluctuations in foreign currency. Our management
believes eliminating the effect of fluctuations in foreign currency is
appropriate so as not to affect the comparability of underlying trends.

9. Free Cash Flow

Free cash flow is calculated as Net cash provided by operating activities less
revenue earning equipment expenditures, net of disposal proceeds and car
rental fleet financing, less non-fleet capital expenditures, net of non-fleet
disposals. Free cash flow is important to management and investors as it
represents the cash available for acquisitions and the reduction of corporate
debt.

10. Net Corporate Debt

Net corporate debt is calculated as total debt excluding fleet debt less cash
and equivalents and corporate restricted cash. Corporate debt consists of our
Senior Term Facility; Senior ABL Facility; Senior Notes; Senior Subordinated
Notes, Convertible Senior Notes; and certain other indebtedness of our
domestic and foreign subsidiaries. Net Corporate Debt is important to
management, investors and ratings agencies as it helps measure our leverage.
Net Corporate Debt also assists in the evaluation of our ability to service
our non-fleet-related debt without reference to the expense associated with
the fleet debt, which is fully collateralized by assets not available to
lenders under the non-fleet debt facilities.

11. Corporate Restricted Cash (used in the calculation of Net Corporate Debt)

Total restricted cash includes cash and cash equivalents that are not readily
available for our normal disbursements. Total restricted cash and equivalents
are restricted for the purchase of revenue earning vehicles and other
specified uses under our Fleet Debt facilities, our like-kind exchange
programs and to satisfy certain of our self insurance regulatory reserve
requirements. Corporate restricted cash is calculated as total restricted cash
less restricted cash associated with fleet debt.

12. Net Fleet Debt

Net fleet debt is calculated as total fleet debt less restricted cash
associated with fleet debt. As of March 31, 2013, fleet debt consists of HVF
U.S. Fleet Variable Funding Notes, HVF U.S. Fleet Medium Term Notes, RCFC U.S.
Fleet Variable Funding Notes, RCFC U.S. Fleet Medium Term Notes, Donlen GN II
Variable Funding Notes, U.S. Fleet Financing Facility, European Revolving
Credit Facility, European Fleet Notes, European Securitization,
Hertz-Sponsored Canadian Securitization, Dollar Thrifty-Sponsored Canadian
Securitization, Australian Securitization, Brazilian Fleet Financing and
Capitalized Leases relating to revenue earning equipment. This measure is
important to management, investors and ratings agencies as it helps measure
our leverage.



13. Restricted Cash Associated with Fleet Debt (used in the calculation of Net
Fleet Debt and Corporate Restricted Cash)

Restricted cash associated with fleet debt is restricted for the purchase of
revenue earning vehicles and other specified uses under our Fleet Debt
facilities and our car rental like-kind exchange program.

14. Total Net Debt

Total net debt is calculated as net corporate debt plus net fleet debt. This
measure is important to management, investors and ratings agencies as it helps
measure our leverage.

SOURCE Hertz Global Holdings, Inc.

Contact: Investor Relations: Leslie Hunziker, (201) 307-2100,
investorrelations@hertz.com, or Media: Richard Broome, (201) 307-2486,
rbroome@hertz.com
 
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