Hertz Issues Correction to Q2:2013 Press Release

               Hertz Issues Correction to Q2:2013 Press Release

PR Newswire

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

PARK RIDGE, N.J., July 29, 2013 /PRNewswire/ --Hertz Global Holdings, Inc.
(NYSE: HTZ) (with its subsidiaries, the "Company" or "we") today issued a
correction to its previously released second quarter earnings announcement.

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

Worldwide revenue per day (RPD) for the six months ended June 30, 2013, was
incorrectly reported as $48.55 in Table 4 accompanying the press release. The
calculated RPD, using the correct number of transactions days of 84,510 for
the first half of the year, was $49.30 up 1.9% compared with the first six
months of 2012.

U.S. revenue per day (RPD) for the six months ended June 30, 2013, was
incorrectly reported as $47.03. The calculated RPD, using the correct number
of transactions days of 64,242 for the first half of the year, was $47.99 up
3.9% compared with the first six months of 2012.

We have included all tables, including a revised table 4 reflecting these
corrections, with this press release.

Using the corrected RPD does not change the previously reported GAAP EPS of
$0.31 and Adjusted EPS of $0.65 for the six months ended June 30, 2013 both on
a fully diluted basis.

ABOUT THE COMPANY
Hertz is the largest worldwide airport general use car rental brand, operating
from approximately 10,900 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 9,300 corporate and
licensee locations in approximately 150 countries. Our Dollar and Thrifty
brands have approximately 1,600 corporate and franchise locations in
approximately 90 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.



                                                                   Table 1
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Unaudited
                             Three Months Ended            As a Percentage
                             June 30,                      of Total Revenues
                             2013           2012           2013       2012
Total revenues               $  2,714.6    $  2,225.1    100.0   %  100.0 %
Expenses:
Direct operating             1,405.9        1,188.9        51.8    %  53.4  %
Depreciation of revenue
earning
equipment and lease charges  641.1          519.8          23.6    %  23.4  %
Selling, general and         275.0          206.6          10.1    %  9.3   %
administrative
Interest expense             183.8          152.2          6.8     %  6.8   %
Interest income              (2.0)          (0.5)          (0.1)   %  0.0   %
Other income, net            (1.1)          (0.6)          -       %  0.0   %
Total expenses               2,502.7        2,066.4        92.2    %  92.9  %
Income before income taxes   211.9          158.7          7.8     %  7.1   %
Provision for taxes on       (90.5)         (65.8)         (3.3)   %  (2.9) %
income
Net income attributable to
Hertz Global Holdings,
Inc. and Subsidiaries'       $   121.4   $           4.5     %  4.2   %
common stockholders                         92.9
Weighted average number of
shares outstanding:
 Basic                400.8          420.0
 Diluted              465.1          447.4
Earnings per share
attributable to Hertz Global
Holdings, Inc. and
Subsidiaries' common
stockholders:
 Basic                $           $   
                             0.30          0.22
 Diluted (a)          $           $   
                             0.27          0.21
                             Six Months Ended              As a Percentage
                             June 30,                      of Total Revenues
                             2013           2012           2013       2012
Total revenues               $  5,151.2    $  4,186.1    100.0   %  100.0 %
Expenses:
Direct operating             2,757.1        2,303.1        53.5    %  55.0  %
Depreciation of revenue
earning
equipment and lease charges  1,228.1        1,034.9        23.9    %  24.7  %
Selling, general and         526.7          414.3          10.2    %  9.9   %
administrative
Interest expense             360.6          314.5          7.0     %  7.5   %
Interest income              (3.8)          (1.6)          (0.1)   %  0.0   %
Other income, net            (1.7)          (1.0)          0.0     %  0.0   %
Total expenses               4,867.0        4,064.2        94.5    %  97.1  %
Income before income taxes   284.2          121.9          5.5     %  2.9   %
Provision for taxes on       (144.8)        (85.3)         (2.8)   %  (2.0) %
income
Net income attributable to
Hertz Global Holdings,
Inc. and Subsidiaries'       $   139.4   $    36.6   2.7     %  0.9   %
common stockholders
Weighted average number of
shares outstanding:
 Basic                408.3          419.1
 Diluted              463.0          447.9
Earnings per share
attributable to Hertz Global
Holdings, Inc. and
Subsidiaries' common
stockholders:
 Basic                $    0.34   $    0.09
 Diluted (a)          $    0.31   $    0.08
(a) We had a change in policy in Q1 2013 with respect to settling the
conversion of our 5.25% Convertible Senior Notes
due June 2014. For 2013, this policy change results in an adjustment to the
numerator (net income) of our earnings
per share computation. The numerator is adjusted to add back the after-tax
amount of interest recognized in the period
associated with the Convertible Senior Notes on the same pro rata basis.



                                                              Table 2
HERTZ GLOBAL HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions)
Unaudited
                Three Months Ended June 30, 2013    Three Months Ended June 30, 2012
                As                        As        As                        As
                Reported  Adjustments     Adjusted  Reported  Adjustments     Adjusted
Total revenues  $        $          $        $        $ -             $
                2,714.6       -       2,714.6   2,225.1                   2,225.1
Expenses:
Direct          1,405.9   (45.4)      (a) 1,360.5   1,188.9   (34.6)      (a) 1,154.3
operating
Depreciation
of revenue
earning
equipment and   641.1     (1.8)       (b) 639.3     519.8     (2.7)       (b) 517.1
lease charges
Selling,
general and     275.0     (35.4)      (c) 239.6     206.6     (17.3)      (c) 189.3
administrative
Interest        183.8     (18.5)      (d) 165.3     152.2     (20.6)      (d) 131.6
expense
Interest        (2.0)     -               (2.0)     (0.5)     -               (0.5)
income
Other income,   (1.1)     (1.5)           (2.6)     (0.6)     -               (0.6)
net
Total expenses  2,502.7   (102.6)         2,400.1   2,066.4   (75.2)          1,991.2
Income before   211.9     102.6           314.5     158.7     75.2            233.9
income taxes
Provision for
taxes on        (90.5)    (19.6)      (e) (110.1)   (65.8)    (13.7)      (e) (79.5)
income
Net income
attributable
to Hertz
Global
Holdings,
Inc. and
Subsidiaries'   $       $          $       $      $ 61.5          $ 154.4
common          121.4     83.0          204.4    92.9
stockholders
                Six Months Ended June 30, 2013      Six Months Ended June 30, 2012
                As                        As        As                        As
                Reported  Adjustments     Adjusted  Reported  Adjustments     Adjusted
Total revenues  $        $          $        $        $ -             $
                5,151.2      -        5,151.2   4,186.1                   4,186.1
Expenses:
Direct          2,757.1   (86.9)      (a) 2,670.2   2,303.1   (63.4)      (a) 2,239.7
operating
Depreciation
of revenue
earning
equipment and   1,228.1   (2.5)       (b) 1,225.6   1,034.9   (5.5)       (b) 1,029.4
lease charges
Selling,
general and     526.7     (48.1)      (c) 478.6     414.3     (26.7)      (c) 387.6
administrative
Interest        360.6     (35.9)      (d) 324.7     314.5     (45.7)      (d) 268.8
expense
Interest        (3.8)     -               (3.8)     (1.6)     -               (1.6)
income
Other income,   (1.7)     (1.4)           (3.1)     (1.0)     -               (1.0)
net
Total expenses  4,867.0   (174.8)         4,692.2   4,064.2   (141.3)         3,922.9
Income before   284.2     174.8           459.0     121.9     141.3           263.2
income taxes
Provision for
taxes on        (144.8)   (15.9)      (e) (160.7)   (85.3)    (4.2)       (e) (89.5)
income
Net income
attributable
to Hertz
Global
Holdings,
Inc. and
Subsidiaries'   $       $           $       $      $ 137.1         $ 173.7
common          139.4    158.9          298.3    36.6
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 June 30, 2013 and 2012, also includes
restructuring and restructuring related charges of $8.5 million and $9.0 million,
respectively. For the six months ended June 30, 2013 and 2012, also includes
restructuring and restructuring related charges of $11.0 million and $17.0 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 June 30, 2013 and 2012, also includes
restructuring and restructuring related charges of $10.8 million and $12.2 million,
respectively. For the six months ended June 30, 2013 and 2012, also includes
restructuring and restructuring related charges of $14.7 million and $14.1 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             Six Months Ended
                        June 30,                       June 30,
                        2013             2012          2013       2012
Revenues:
Car Rental              $  2,329.5     $  1,889.6   $         $ 
                                                       4,414.3    3,547.9
Equipment Rental        384.3            335.0         735.4      637.1
Other reconciling items 0.8              0.5           1.5        1.1
                        $  2,714.6     $  2,225.1   $         $ 
                                                       5,151.2    4,186.1
Depreciation of
property and equipment:
Car Rental              $     39.5   $          $       $   
                                         29.9          79.8       60.8
Equipment Rental        8.5              8.3           17.0       16.6
Other reconciling items 2.5              3.3           5.0        6.4
                        $     50.5   $          $        $  
                                         41.5          101.8     83.8
Amortization of other
intangible assets:
Car Rental              $     19.3   $         $       $   
                                         9.2           38.9      18.4
Equipment Rental        10.3             10.3          20.8       19.8
Other reconciling items 0.5              0.4           1.0        0.8
                        $    30.1    $          $       $   
                                         19.9          60.7      39.0
Income (loss) before
income taxes:
Car Rental              $   307.0     $   234.8   $       $   
                                                       476.6      296.4
Equipment Rental        62.8             28.1          95.0       38.2
Other reconciling items (157.9)          (104.2)       (287.4)    (212.7)
                        $   211.9     $   158.7   $        $  
                                                       284.2     121.9
Corporate EBITDA (a):
Car Rental              $   394.3      $   302.7   $       $   
                                                       641.9      425.1
Equipment Rental        165.7            126.4         304.7      233.7
Other reconciling items (19.6)           (21.4)        (41.8)     (43.1)
                        $  540.4       $   407.7   $        $   
                                                       904.8     615.7
Adjusted pre-tax income (loss) (a):
Car Rental              $  363.0       $  277.4    $       $   
                                                       571.4      369.0
Equipment Rental        74.1             42.5          119.9      68.4
Other reconciling items (122.6)          (86.0)        (232.3)    (174.2)
                        $  314.5       $  233.9    $        $  
                                                       459.0     263.2
Adjusted net income (loss) (a):
Car Rental              $  235.9       $  183.1    $       $   
                                                       371.4      243.6
Equipment Rental        48.2             28.1          77.9       45.1
Other reconciling items (79.7)           (56.8)        (151.0)    (115.0)
                        $  204.4       $  154.4    $        $   
                                                       298.3     173.7
Adjusted diluted number
of shares outstanding   465.1            447.4         463.0      447.9
(a)
Adjusted diluted                                       $       $    
earnings per share      $  0.45        $   0.35    0.65       0.39
(a)(b)
(a) Represents a non-GAAP measure, see the accompanying reconciliations and
definitions.
(b) See footnote explanation in Table 1.
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      Six           Percent
                           Months         change       Months        change
                           Ended, or as   from         Ended, or     from
                                                       as
                           of Jun. 30,    prior year   of Jun. 30,   prior
                                                                     year
                           2013           period       2013          period
Selected Car Rental Operating Data
Worldwide number of
transactions (in           9,208          22.5       % 16,902        21.6    %
thousands)
Domestic (Hertz, Dollar    7,208          28.3       % 13,308        27.3    %
and Thrifty)
International (Hertz,      2,000          5.4        % 3,594         4.2     %
Dollar and Thrifty)
Worldwide transaction days 45,439         22.0       % 84,510        22.6    %
(in thousands)
Domestic (Hertz, Dollar    34,178         29.9       % 64,242        30.7    %
and Thrifty)
International (Hertz,      11,261         2.9        % 20,268        2.4     %
Dollar and Thrifty)
Worldwide Total RPD (a)    $          1.2        % $        1.9     %
                           48.58                       49.30
Domestic (Hertz, Dollar    $          3.1        % $        3.9     %
and Thrifty)               46.78                       47.99
International (Hertz,      $          (0.5)      % $        (0.8)   %
Dollar and Thrifty) (b)    54.05                       53.48
Worldwide average number   830,300        26.5       % 816,100       30.5    %
of cars during period
Domestic (Hertz            470,400        33.2       % 472,200       40.2    %
company-operated)
Domestic (Leased)          28,400         N/A          26,600        N/A
International (Hertz       163,500        4.1        % 150,500       3.9     %
company-operated)
Donlen (under lease and    168,000        15.0       % 166,800       16.0    %
maintenance)
Worldwide revenue earning  $                          $  
equipment, net (in         13,320.7      28.0       % 13,320.7     28.0    %
millions)
Selected Worldwide Equipment Rental Operating Data
Rental and rental related  $                       $     
revenue (in millions) (a)  351.0          15.8       % 673.1         16.6    %
(b)
Same store revenue growth
, including initiatives    11.4         % 56.2       % 12.4        % 53.1    %
(a) (b)
Average acquisition cost
of revenue earning
equipment operated
during period (in          $            12.3       % $          12.6    %
millions)                  3,373.1                    3,324.7
Worldwide revenue earning  $                         $   
equipment, net (in         2,385.3       17.5       % 2,385.3      17.5    %
millions)
Other Financial Data (in millions)
Cash flows provided by     $           5.4        % $          24.6    %
operating activities       715.1                      1,458.6
Free cash flow (a)         (327.0)        144.8      % (404.8)       (2.2)   %
EBITDA (a)                 1,115.8        25.1       % 2,032.2       27.7    %
Corporate EBITDA (a)       540.4          32.5       % 904.8         47.0    %
Selected Balance Sheet Data (in millions)
                           June 30,                    December
                                                       31,
                           2013                        2012
Cash and cash equivalents  $                       $    
                           483.1                       533.3
Total revenue earning      15,706.0                    12,908.3
equipment, net
Total assets               25,932.3                    23,286.0
Total debt                 17,842.0                    15,448.6
Net corporate debt (a)     7,054.1                     5,934.4
Net fleet debt (a)         9,911.6                     8,409.3
Total net debt (a)         16,965.7                    14,343.7
Total equity               2,164.2                     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 June 30, 2013           Three Months Ended June 30, 2012
                                          Other                                      Other
                      Car      Equipment  Reconciling            Car      Equipment  Reconciling
                      Rental   Rental     Items        Total     Rental   Rental     Items        Total
Total revenues:       $       $       $       $        $       $       $       $ 
                      2,329.5  384.3      0.8         2,714.6   1,889.6  335.0      0.5         2,225.1
Expenses:
 Direct operating
and selling, general  1,380.3  239.1      61.5         1,680.9   1,123.8  230.4      41.3         1,395.5
and administrative
 Depreciation of
revenue earning       568.4    72.7       0.0          641.1     454.1    65.7       0.0          519.8
equipment and lease
charges
 Interest expense   76.7     11.7       95.4         183.8     77.2     11.5       63.5         152.2
 Interest income    (1.9)    (0.1)      0.0          (2.0)     (0.3)    (0.1)      (0.1)        (0.5)
 Other income, net  (1.0)    (1.9)      1.8          (1.1)     0.0      (0.6)      0.0          (0.6)
Total expenses        2,022.5  321.5      158.7        2,502.7   1,654.8  306.9      104.7        2,066.4
Income (loss) before  307.0    62.8       (157.9)      211.9     234.8    28.1       (104.2)      158.7
income taxes
Adjustments:
 Purchase
accounting (a):
 Direct operating
and selling, general  20.4     10.3       0.5          31.2      14.5     10.8       1.0          26.3
and administrative
 Depreciation of
revenue earning       1.9      -          -            1.9       2.7      -          -            2.7
equipment
 Non-cash debt      5.4      1.1        13.0         19.5      10.6     1.1        8.9          20.6
charges (b)
 Restructuring      15.7     0.9        1.0          17.6      11.8     2.5        1.8          16.1
charges (c)
 Restructuring      6.7      -          1.9          8.6       3.1      -          1.9          5.0
related charges (c)
 Derivative (gains) 0.1      -          -            0.1       (0.1)    -          0.1          -
losses (c)
 Acquisition        -        -          9.1          9.1       -        -          -            -
related costs (d)
 Integration        (0.6)    -          9.8          9.2       -        -          4.5          4.5
expenses (d)
 Management         -        -          -            -         -        -          -            -
transition costs (d)
 Other
unusual/non-recurring 6.4      (1.0)      -            5.4       -        -          -            -
(c)
Adjusted pre-tax      363.0    74.1       (122.6)      314.5     277.4    42.5       (86.0)       233.9
income (loss)
Assumed (provision)
benefit for income    (127.1)  (25.9)     42.9         (110.1)   (94.3)   (14.4)     29.2         (79.5)
taxes (e)
Adjusted net income   $      $       $        $      $      $      $        $  
(loss)                235.9   48.2      (79.7)       204.4     183.1   28.1       (56.8)       154.4
Adjusted diluted
number of shares                                       465.1                                      447.4
outstanding
Adjusted diluted                                       $                                       $   
earnings per share                                     0.45                                      0.35
(f)
                      Six Months Ended June 30, 2013             Six Months Ended June 30, 2012
                                          Other                                      Other
                      Car      Equipment  Reconciling            Car      Equipment  Reconciling
                      Rental   Rental     Items        Total     Rental   Rental     Items        Total
Total revenues:       $       $       $       $        $       $       $       $
                      4,414.3  735.4      1.5         5,151.2  3,547.9  637.1      1.1         4,186.1
Expenses:
 Direct operating
and selling, general  2,708.5  471.1      104.2        3,283.8   2,189.2  446.7      81.5         2,717.4
and administrative
 Depreciation of
revenue earning       1,081.4  146.7      0.0          1,228.1   905.8    129.1      0.0          1,034.9
equipment and lease
charges
 Interest expense   152.5    25.1       183.0        360.6     157.8    24.3       132.4        314.5
 Interest income    (3.6)    (0.1)      (0.1)        (3.8)     (1.3)    (0.2)      (0.1)        (1.6)
 Other income, net  (1.1)    (2.4)      1.8          (1.7)     0.0      (1.0)      0.0          (1.0)
Total expenses        3,937.7  640.4      288.9        4,867.0   3,251.5  598.9      213.8        4,064.2
Income (loss) before  476.6    95.0       (287.4)      284.2     296.4    38.2       (212.7)      121.9
income taxes
Adjustments:
 Purchase
accounting (a):
 Direct operating
and selling, general  40.9     20.8       1.1          62.8      24.7     20.8       2.0          47.5
and administrative
 Depreciation of
revenue earning       4.0      -          -            4.0       5.5      -          -            5.5
equipment
 Non-cash debt      11.1     2.3        23.4         36.8      21.7     2.7        21.4         45.8
charges (b)
 Restructuring      18.9     1.3        1.1          21.3      17.0     6.7        1.8          25.5
charges (c)
Restructuring      9.3      1.5        2.0          12.8      3.7      -          1.9          5.6
related charges (c)
 Derivative (gains) 0.1      -          (0.1)        -         -        -          -            -
losses (c)
 Acquisition        -        -          11.7         11.7      -        -          11.4         11.4
related costs (d)
 Integration        4.1      -          15.9         20.0      -        -          -            -
expenses (d)
 Management         -        -          -            -         -        -          -            -
transition costs (d)
 Other
unusual/non-recurring 6.4      (1.0)      -            5.4       -        -          -            -
(c)
Adjusted pre-tax      571.4    119.9      (232.3)      459.0     369.0    68.4       (174.2)      263.2
income (loss)
Assumed (provision)
benefit for income    (200.0)  (42.0)     81.3         (160.7)   (125.4)  (23.3)     59.2         (89.5)
taxes (e)
Adjusted net income   $      $      $         $      $      $      $         $ 173.7
(loss)                371.4   77.9       (151.0)      298.3     243.6   45.1       (115.0)
Adjusted diluted
number of shares                                       463.0                                      447.9
outstanding
Adjusted diluted                                       $   
earnings per share                                     0.65                                      $ 0.39
(f)
(a) Represents the purchase accounting effects of the acquisition of all of Hertz's common stock on
December 21, 2005 on our results of operations relating to increased depreciation
and amortization of tangible and intangible assets and accretion of workers' compensation and public
liability and property damage liabilities. Also represents the purchase accounting
effects of certain 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.
(e) Represents a provision for income taxes derived utilizing a
normalized income tax rate (35% for 2013 and 34% for 2012).
(f) See footnote explanation in Table 1.

                                                                        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      Six Months Ended
                                     June 30,                June 30,
                                     2013         2012       2013       2012
Income before                        $  211.9   $         $         $ 
income taxes                                      158.7     284.2     121.9

Depreciation                         50.5         41.5       101.8      85.5
of property
and equipment

Amortization                         49.7         40.5       97.5       84.5
of intangibles
and debt costs
 Cash paid
for income                           (37.3)       (15.3)     (43.0)     (37.7)
taxes
 Changes in assets and
liabilities, net of                  (182.9)      (45.2)     (176.7)    (74.1)
effects of acquisitions,
and other
 Net cash provided by
operating activities
excluding depreciation
of revenue

earning                              91.9         180.2      263.8      180.1
equipment
 Car rental
fleet growth                         (255.0)      (136.9)    (407.1)    (191.2)
(a)

Equipment                            (94.9)       (90.5)     (135.9)    (93.8)
rental fleet
growth (a)
Property
and equipment
expenditures,                        (69.0)       (54.1)     (125.6)    (80.7)
net of
disposals
 Net
investment                           (418.9)      (281.5)    (668.6)    (365.7)
activity
Free cash flow                       $           $         $         $ 
                                     (327.0)     (101.3)   (404.8)   (185.6)
(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 June 30, 2013   Three Months Ended June 30,
                                                  2012
               Car        Equipment               Car        Equipment
               Rental     Rental     Total        Rental     Rental     Total
Revenue
earning        $         $         $           $         $         $ 
equipment      (3,361.5)  (211.2)   (3,572.7)    (2,806.3)  (206.9)   (3,013.2)
expenditures
Proceeds from
disposal of
revenue        1,461.4    43.5       1,504.9      1,126.4    49.7       1,176.1
earning
equipment
 Net revenue
earning
equipment      (1,900.1)  (167.7)    (2,067.8)    (1,679.9)  (157.2)    (1,837.1)
capital
expenditures
Depreciation
of revenue     550.2      72.8       623.0        431.5      66.7       498.2
earning
equipment
Net financing
activity       1,094.9    -          1,094.9      1,111.5    -          1,111.5
related to car
rental fleet
Fleet growth   $        $         $           $         $        $  
               (255.0)    (94.9)    (349.9)     (136.9)   (90.5)     (227.4)
               Six Months Ended June 30, 2013     Six Months Ended June 30, 2012
               Car        Equipment               Car        Equipment
               Rental     Rental     Total        Rental     Rental     Total
Revenue
earning        $         $         $           $         $         $ 
equipment      (6,460.3)  (365.2)   (6,825.5)   (5,331.3)  (330.9)   (5,662.2)
expenditures
Proceeds from
disposal of
revenue        3,660.3    82.5       3,742.8      3,077.4    108.0      3,185.4
earning
equipment
 Net revenue
earning
equipment      (2,800.0)  (282.7)    (3,082.7)    (2,253.9)  (222.9)    (2,476.8)
capital
expenditures
Depreciation
of revenue     1,048.0    146.8      1,194.8      861.2      129.1      990.3
earning
equipment
Net financing
activity       1,344.9    -          1,344.9      1,201.5    -          1,201.5
related to car
rental fleet
Fleet growth   $        $         $          $        $        $  
               (407.1)    (135.9)   (543.0)     (191.2)    (93.8)     (285.0)
EBITDA AND
CORPORATE      Three Months Ended June 30, 2013              Three Months Ended June 30, 2012
EBITDA
                                     Other                                         Other
               Car        Equipment  Reconciling             Car        Equipment  Reconciling
               Rental     Rental     Items        Total      Rental     Rental     Items        Total
Income (loss)  $       $      $          $        $       $       $         $ 
before income  307.0      62.8       (157.9)     211.9     234.8      28.1      (104.2)      158.7
taxes

Depreciation   627.5      91.6       3.0          722.1      493.3      84.4       3.7          581.4
and
amortization
 Interest,
net of         74.8       11.6       95.4         181.8      76.9       11.4       63.4         151.7
interest
income
EBITDA         1,009.3    166.0      (59.5)       1,115.8    805.0      123.9      (37.1)       891.8
Adjustments:
 Car rental  (72.5)     -          -            (72.5)     (73.5)     -          -            (73.5)
fleet interest
 Car rental
fleet          (568.4)    -          -            (568.4)    (454.1)    -          -            (454.1)
depreciation
 Non-cash
expenses and   5.3        0.0        11.7         17.0       10.4       0.0        7.5          17.9
charges (b)

Extraordinary,
unusual or     20.6       (0.3)      28.2         48.5       14.9       2.5        8.2          25.6
non-recurring
gains and
losses (c)
Corporate      $        $       $          $        $        $        $         $ 
EBITDA         394.3      165.7      (19.6)       540.4      302.7     126.4      (21.4)       407.7
               Six Months Ended June 30, 2013                Six Months Ended June 30, 2012
                                     Other                                         Other
               Car        Equipment  Reconciling             Car        Equipment  Reconciling
               Rental     Rental     Items        Total      Rental     Rental     Items        Total
Income (loss)
before income  $ 476.6    $ 95.0     $ (287.4)    $ 284.2    $ 296.4    $ 38.2     $ (212.7)    $ 121.9
taxes
Depreciation
and            1,200.6    184.6      6.0          1,391.2    985.3      164.7      7.2          1,157.2
amortization
Interest, net
of interest    148.9      25.0       182.9        356.8      156.5      24.1       132.3        312.9
income
EBITDA         1,826.1    304.6      (98.5)       2,032.2    1,438.2    227.0      (73.2)       1,592.0
Adjustments:
Car rental     (143.2)    -          -            (143.2)    (149.4)    -          -            (149.4)
fleet interest
Car rental
fleet          (1,081.4)  -          -            (1,081.4)  (905.8)    -          -            (905.8)
depreciation
Non-cash
expenses and   10.6       0.0        19.7         30.3       21.4       0.0        15.0         36.4
charges (b)
Extraordinary,
unusual or
non-recurring  29.8       0.1        37.0         66.9       20.7       6.7        15.1         42.5
gains and
losses (c)
Corporate      $ 641.9    $ 304.7    $ (41.8)     $ 904.8    $ 425.1    $ 233.7    $ (43.1)     $ 615.7
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 June 30, 2013              Three Months Ended June 30, 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 fleet   $ 5.3      $ -        $ -          $ 5.3      $ 10.4     $ -        $ -          $ 10.4
interest
Non-cash
stock-based
employee

compensation   -          -          11.7         11.7       -          -          7.5          7.5
charges
Total non-cash
expenses and   $ 5.3      $ -        $ 11.7       $ 17.0     $ 10.4     $ -        $ 7.5        $ 17.9
charges
               Six Months Ended June 30, 2013                Six Months Ended June 30, 2012
                                     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 fleet   $ 10.6     $ -        $ -          $ 10.6     $ 21.4     $ -        $ -          $ 21.4
interest
Non-cash
stock-based
employee

compensation   -          -          19.7         19.7       -          -          15.0         15.0
charges
Total non-cash
expenses and   $ 10.6     $ -        $ 19.7       $ 30.3     $ 21.4     $ -        $ 15.0       $ 36.4
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 June 30, 2013              Three Months Ended June 30, 2012
ITEMS
                                     Other                                         Other
               Car        Equipment  Reconciling             Car        Equipment  Reconciling
               Rental     Rental     Items        Total      Rental     Rental     Items        Total
Restructuring  $ 13.9     $ (0.3)    $ 1.0        $ 14.6     $ 11.8     $ 2.5      $ 1.8        $ 16.1
charges
Restructuring
related        6.7        -          1.9          8.6        3.1        -          1.9          5.0
charges
Acquisition    -          -          17.6         17.6       -          -          4.5          4.5
related costs
Integration    -          -          7.7          7.7        -          -          -            -
expenses
Total
extraordinary,
unusual or     $ 20.6     $ (0.3)    $ 28.2       $ 48.5     $ 14.9     $ 2.5      $ 8.2        $ 25.6
non-recurring
items
               Six Months Ended June 30, 2013                Six Months Ended June 30, 2012
                                     Other                                         Other
               Car        Equipment  Reconciling             Car        Equipment  Reconciling
               Rental     Rental     Items        Total      Rental     Rental     Items        Total
Restructuring  $ 18.9     $ 0.1      $ 1.1        $ 20.1     $ 17.0     $ 6.7      $ 1.8        $ 25.5
charges
Restructuring
related        9.3        -          1.9          11.2       3.7        -          1.9          5.6
charges
Acquisition    -          -          26.3         26.3       -          -          11.4         11.4
related costs
Integration    1.6        -          7.7          9.3        -          -          -            -
expenses
Total
extraordinary,
unusual or     $ 29.8     $ 0.1      $ 37.0       $ 66.9     $ 20.7     $ 6.7      $ 15.1       $ 42.5
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  Six Months Ended
RECONCILIATION  June 30,            June 30,
FROM OPERATING
CASH FLOWS TO   2013      2012      2013      2012
EBITDA:
Net cash
provided by     $ 715.1   $ 678.5   $         $
operating                           1,458.6   1,170.5
activities

Amortization    (19.4)    (20.6)    (36.8)    (45.4)
of debt costs
 Provision
for losses on   (8.8)     (6.7)     (21.4)    (13.6)
doubtful
accounts
 Derivative   2.1       (2.1)     3.6       0.9
gains (losses)
 Gain on
sale of         0.5       0.5       1.5       0.7
property and
equipment
 Loss on
revaluation of
foreign         (1.5)     0.0       (1.5)     (2.5)
denominated
debt
 Stock-based
compensation    (11.7)    (7.5)     (19.7)    (15.0)
charges
 Lease        18.0      21.5      33.3      44.6
charges
 Deferred     (57.5)    (28.9)    (93.5)    (31.3)
income taxes
 Provision
for taxes on    90.5      65.8      144.8     85.3
income
 Interest
expense, net    181.8     151.7     356.8     312.9
of interest
income
 Changes in
assets and      206.8     39.6      206.5     84.9
liabilities
EBITDA          $         $ 891.8   $         $
                1,115.9             2,032.2   1,592.0
NET CORPORATE             March     December            March     December
DEBT, NET       June 30,  31,       31,       June 30,  31,       31,       June 30,
FLEET DEBT
AND TOTAL NET   2013      2013      2012      2012      2012      2011      2011
DEBT
Total           $         $         $         $         $         $         $
Corporate Debt  7,578.8   7,237.0   6,545.3   4,767.9   4,645.2   4,704.8   4,846.8
Total Fleet     10,263.2  9,080.0   8,903.3   7,700.0   6,780.5   6,612.3   6,846.8
Debt
Total Debt      $         $         $         $         $         $         $
                17,842.0  16,317.0  15,448.6  12,467.9  11,425.7  11,317.1  11,693.6
Corporate
Restricted
Cash
Restricted      $ 393.2   $ 425.2   $ 571.6   $ 175.4   $ 211.9   $ 308.0   $ 274.3
Cash, less:
 Restricted
Cash
Associated      (351.6)   (370.5)   (494.0)   (104.0)   (126.5)   (213.6)   (183.2)
with Fleet
Debt
 Corporate
Restricted      $ 41.6    $ 54.7    $ 77.6    $ 71.4    $ 85.4    $ 94.4    $ 91.1
Cash
Net Corporate
Debt
Corporate       $         $         $         $         $         $         $
Debt, less:     7,578.8   7,237.0   6,545.3   4,767.9   4,645.2   4,704.8   4,846.8
 Cash and
Cash            (483.1)   (653.8)   (533.3)   (586.2)   (594.7)   (931.8)   (747.6)
Equivalents
 Corporate
Restricted      (41.6)    (54.7)    (77.6)    (71.4)    (85.4)    (94.4)    (91.1)
Cash
 Net          $         $         $         $         $         $         $
Corporate Debt  7,054.1   6,528.5   5,934.4   4,110.3   3,965.1   3,678.6   4,008.1
Net Fleet Debt
Fleet Debt,     $         $         $         $         $         $         $
less:           10,263.2  9,080.0   8,903.3   7,700.0   6,780.5   6,612.3   6,846.8
Restricted
Cash
Associated      (351.6)   (370.5)   (494.0)   (104.0)   (126.5)   (213.6)   (183.2)
with Fleet
Debt
 Net Fleet    $         $         $         $         $         $         $
Debt            9,911.6   8,709.5   8,409.3   7,596.0   6,654.0   6,398.7   6,663.6
Total Net Debt  $         $         $         $         $         $         $
                16,965.7  15,238.0  14,343.7  11,706.3  10,619.1  10,077.3  10,671.7
                Three Months Ended  Six Months Ended
                June 30,            June 30,
CAR RENTAL RPD  2013      2012      2013      2012
(a)
Car rental      $         $         $         $
segment         2,329.5   1,889.6   4,414.3   3,547.9
revenues (b)
Non-rental      (134.3)   (115.5)   (262.1)   (225.9)
revenue
Foreign
currency        12.4      14.2      14.3      13.4
adjustment
Total rental    $         $         $         $
revenue         2,207.6   1,788.3   4,166.5   3,335.4
Transactions
days (in        45,439    37,256    85,817    68,925
thousands)
Worldwide
Total RPD (in   $ 48.58   $ 48.00   $ 48.55   $ 48.39
whole dollars)
                Three Months Ended  Six Months Ended
EQUIPMENT
RENTAL AND      June 30,            June 30,
RENTAL
 RELATED      2013      2012      2013      2012
REVENUE(a)
Equipment
rental segment  $ 384.3   $ 335.0   $ 735.4   $ 637.1
revenues
Equipment
sales and       (35.5)    (31.3)    (65.4)    (57.6)
other revenue
Foreign
currency        2.2       (0.7)     3.1       (2.2)
adjustment
Rental and
rental related  $ 351.0   $ 303.0   $ 673.1   $ 577.3
revenue
(a) Based on 12/31/12 foreign exchange rates.
(b) Includes U.S. off-airport revenues of $362.9 million and $325.3 million for the
three months ended June 30, 2013 and 2012, respectively, and $683.8 and $608.0
million for the
six months ended June 30, 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' July 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 June 30, 2013, 465.1 million which
represents the weighted average diluted shares outstanding for the period, for
the six months ended June 30, 2013, 463.0 million which represents the
weighted average diluted shares outstanding for the period and for the three
months ended June 30, 2012, 447.4 million which represents the approximate
number of shares outstanding at June 30, 2012, for the six months ended June
30, 2012, 447.9 million which represents the average 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 RPD 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, "Total RPD," 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

Same store revenue growth 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 June 30, 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; Media: Richard Broome, (201) 307-2486,
rbroome@hertz.com