8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 9, 2015 (November 9, 2015)

HERTZ GLOBAL HOLDINGS, INC.

THE HERTZ CORPORATION (Exact name of registrant as specified in its charter)

DELAWARE	001-33139	20-3530539
DELAWARE	001-07541	13-1938568
(State of incorporation)	(Commission File Number)	(I.R.S Employer Identification No.)
	999 Vanderbilt Beach Road, 3rd Floor
	Naples, Florida 34108
	999 Vanderbilt Beach Road, 3rd Floor
	Naples, Florida 34108
	(Address of principal executive offices, including zip code)
	(239) 552-5800
	(239) 552-5800
	(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The information set forth in Item 7.01 is incorporated by reference into this Item 2.02.

ITEM 4.02 NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS OR A RELATED AUDIT REPORT OR COMPLETED INTERIM REVIEW

(a)

On November 4, 2015, the audit committee of the board of directors of each of Hertz Global Holdings, Inc. (“Hertz Global”) and The Hertz Corporation (together with Hertz Global, “Hertz” or the “Company”), in consultation with management and after discussion with PricewaterhouseCoopers LLP, the Company's independent registered accounting firm, determined that the Company's previously issued condensed consolidated financial statements for the three months ended June 30, 2015 should no longer be relied upon because of errors related to the depreciation of vehicles sold through our retail locations and other immaterial adjustments. As a result of these errors, the Company’s income (loss) before income taxes and net income (loss) were understated by $21 million and $13 million, respectively, for the three and six months ended June 30, 2015. The Company has determined it must restate the condensed financial statements for the three and six months ended June 30, 2015 and has filed an amendment to the Company’s Form 10-Q for the three months ended June 30, 2015 filed on August 10, 2015.

ITEM 7.01 REGULATION FD DISCLOSURE

On November 9, 2015, the Company issued a press release with respect to the Company’s third quarter 2015 financial results. A copy of the press release is attached as Exhibit 99.1 to this current report and incorporated by reference herein.  The Company utilized certain non-GAAP financial measures in the press release that are detailed in the document attached as Exhibit 99.1 to this current report and incorporated by reference herein.

Hertz Global is providing additional financial information with respect to the fiscal years ending December 31, 2014 and 2013 and the periods ending June 30, 2015 (Restated) and March 31, 2015 in the document attached as Exhibit 99.2 to this current report. This financial information includes certain non-GAAP financial measures that are detailed in Exhibit 99.2.

On November 9, 2015, the Company will conduct an earnings webcast relating to the Company's financial results for the three months ended September 30, 2015.  The earnings webcast will be made available to the public via a link on the Investor Relations section of the Hertz website, IR.Hertz.com and the slides that accompanied the presentation will be available to the public at the time of the earnings webcast through the Company's website.  Certain financial information relating to completed fiscal periods that will be part of the earnings webcast is included in the set of slides that will accompany the earnings webcast, a copy of which is attached hereto as Exhibit 99.3. The earnings webcast will include certain non-GAAP financial measures.  Reconciliations of these non-GAAP financial measures to the comparable measures calculated and presented in accordance with GAAP are attached hereto as part of Exhibit 99.3. 

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such a filing.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this report, and in related comments by the Company’s management, include “forward-looking statements.” Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as “believe,” “expect,” “project,” “potential,” “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 it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Among other items, such factors could include: any claims, investigations or proceedings arising as a result of the restatement of our previously issued financial results; our ability to remediate the material weaknesses in our internal controls over financial reporting; levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; the effect of our proposed separation of our equipment rental business and ability to obtain the expected benefits of any related transaction; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets on rental volume and pricing, including on our pricing policies or use of incentives; occurrences that disrupt rental activity during our peak periods; our ability to achieve and maintain 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; our ability to integrate the car rental operations of Dollar Thrifty and realize operational efficiencies from the acquisition; our ability to maintain access to third-party distribution channels, including current or favorable prices, commission structures and transaction volumes; the operational and profitability impact of the divestitures that we agreed to undertake in order to secure regulatory approval for the acquisition of Dollar Thrifty; an increase in our fleet costs or disruption to our rental activity, particularly during our peak periods, due to 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, which could impact their ability to perform under agreements with us and/or their willingness or ability to make cars available to us or the car rental industry on commercially reasonable terms; any impact on us from the actions of our 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 and investigations; 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; our exposure to uninsured claims in excess of historical levels; 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.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its 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.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit 99.1 Press Release of Hertz Global and The Hertz Corporation dated November 9, 2015.

Exhibit 99.2 Financial Information and Operating Data of Hertz Holdings with respect to the fiscal years ending December 31, 2014 and 2013 and the periods ending June 30, 2015 (Restated) and March 31, 2015.

Exhibit 99.3 Set of slides that will accompany the earnings webcast and related non-GAAP reconciliations.

Exhibit 99.1, 99.2 and 99.3 shall not be deemed filed for purposes of Section 18 of the Exchange Act, nor shall they be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in a filing.

 SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HERTZ GLOBAL HOLDINGS, INC. THE HERTZ CORPORATION
(Registrant)
By:	/s/ Thomas C. Kennedy
Name:	Thomas C. Kennedy
Title:	Senior Executive Vice President and Chief Financial Officer

Date:  November 9, 2015

EX-99.1

Exhibit 99.1

HERTZ GLOBAL HOLDINGS REPORTS

THIRD QUARTER 2015 FINANCIAL RESULTS

Third-quarter net income was $237 million, or $0.52 diluted EPS,

an increase of 59% and 63%, respectively, from $149 million, or $0.32 diluted EPS, year-over-year

Adjusted net income was $226 million and adjusted diluted EPS was $0.49 for the third quarter;

both rose 11% year-over-year. Excluding an unfavorable foreign exchange impact of approximately $0.03 per share, adjusted diluted EPS would have increased by approximately $0.08 year-over-year

Third-quarter consolidated total revenue was$3.0 billion, a decrease of5% year-over-year,

but flat excluding foreign exchange impact

Cost savings of approximately $75 million were achieved during the third quarter and more than $150 million over the first nine months of 2015. Company remains on track to complete its previously stated targets of $200 million in cost savings in 2015 and $300 million annually for 2016

Hertz Global repurchased 14.8 million shares during the quarter for $262 million

Hertz Global affirms full-year 2015 Adjusted Corporate EBITDA guidance between $1.45 billion to $1.55 billion.

Hertz Global also affirms Worldwide Hertz Equipment Rental segment full-year 2015 Adjusted Corporate EBITDA guidance between $575 and $625 million

Hertz Global will issue preliminary 2016 guidance at the company's Investor Day on Nov. 17, 2015

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Consolidated(1)	Three Months Ended September 30,						Percent Inc/(Dec)
($ in millions, except per share data and where noted)	2015			2014
Total Revenues	$	2,976		$	3,121		(5	)%
Net income (loss)	$	237		$	149		59	%
Earnings (loss) per diluted share	$	0.52		$	0.32		63	%
Net income margin	8		%	5		%	319		bps
Adjusted net income (loss)	$	226		$	203		11	%
Adjusted net income (loss) per diluted share	$	0.49		$	0.44		11	%
Adjusted net income margin	8		%	7		%	109		bps
Adjusted Corporate EBITDA	$	601		$	553		9	%
Adjusted Corporate EBITDA margin	20		%	18		%	247		bps
Worldwide Car Rental average fleet	695,900			712,200			(2	)%
Worldwide Car Rental transaction days (in thousands)	52,760			52,596			—	%
Worldwide Car Rental Total RPD (in whole dollars)	$	46.82		$	47.27		(1	)%
Worldwide Car Rental Fleet Efficiency	82		%	80		%	191		bps
Worldwide Car Rental revenue per available car day (in whole dollars)	$	38.58		$	38.05		1	%
Worldwide Car Rental net depreciation per unit per month (in whole dollars)	$	250		$	252		(1	)%
Worldwide Equipment Rental dollar utilization	36		%	37		%	N/A
Worldwide Equipment Rental time utilization	66		%	66		%	N/A
Worldwide Equipment Rental same store revenue growth	—		%	6		%	N/A
Average Fleet - Donlen	160,500			169,700			(5	)%

Note: Worldwide Car Rental represents U.S. Car Rental and International Car Rental segment information on a combined basis and excludes our Donlen leasing operations.

ESTERO, Fla, November 9, 2015 - Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz Global" or the "Company") today reported net income of $237 million, or $0.52 per diluted share, for the third quarter 2015, compared with net income of $149 million, or $0.32 per diluted share, for the same period last year. The Company also reported that adjusted net income for the third quarter 2015 was $226 million, or $0.49 per diluted share, compared with $203 million, or $0.44 per diluted share, for the same period last year. Total revenues for the third quarter 2015 were $3.0 billion versus $3.1 billion for the same period last year. Adjusted Corporate EBITDA for the third quarter of 2015 was $601 million versus $553 million in the third quarter of 2014.

Foreign currency exchange rates had an unfavorable impact on Hertz Global's third quarter 2015 results versus the prior year period. The company estimates that the unfavorable year-over-year impact to total revenue was approximately $144 million and that the unfavorable year-over-year impact to adjusted diluted EPS was approximately $24 million, or $0.03 per share.

"Our profit improvement in the third quarter is early evidence of the potential we see in our performance improvement plan," said John Tague, chief executive officer. "Our fleet efficiency, which measures our ability to match capacity with demand, rose to record levels. In addition, we successfully completed the integration of the Dollar Thrifty operations during a quarter in which we increased customer satisfaction across all of our rental car brands around the world. I want to thank our employees for helping to make this a successful quarter.

"Meanwhile, we remained on track to achieve our cost reduction goals and made progress on strategic initiatives, including preparations to separate HERC as a stand-alone company and returning value to shareholders through the initial steps of our share repurchase program."

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Unrelated to its third quarter 2015 operating results, Hertz Global today filed a restated Form 10-Q for its second quarter 2015 indicating an increase of $21 million to pre-tax income and $13 million to net income (loss) for the three and six months ended June 30, 2015. The restatement results from a prior period error related to the depreciation of vehicles sold through the company's retail car sales locations that impacted the financial statements filed in its Form 10-Q for the second quarter 2015. As a result of this error, depreciation expense during the three and six months ended June 30, 2015 was overstated by $21 million and $18 million, respectively. In addition to the depreciation expense error, the company corrected an error in direct operating expenses that resulted in a $3 million overstatement of direct operating expenses for the three and six months ended June 30, 2015. The correctionof the errors described above increased diluted earnings per share for the three months ended June 30, 2015, and decreased diluted loss per share for the six months ended June 30, 2015, by $0.03.

KEY HIGHLIGHTS FOR THE THIRD QUARTER 2015

• U.S. Car Rental fleet efficiency rose to 83%, an increase of three percentage points from third quarter 2014 due to improvements in out-of-service levels and higher rentable utilization.

• Hertz Global has successfully renewed its U.S. Car Rental fleet, while maintaining fleet cost slightly below 2014 levels through the first nine months of 2015. Through Sept. 30, 2015, the company added approximately 335,000 2015 model-year vehicles to its fleet, approximately 50% more than the comparable number of 2014 model-year vehicles through the same period in 2014. More new vehicles contributed to lower out-of-service levels and fleet maintenance costs for the third quarter.

• U.S. Car Rental operations sold approximately 228,000 non-program cars in the first nine months of 2015, compared to 123,000 in the first nine months of 2014. Vehicles sold through alternative channels increased 68% in the third quarter versus prior year with approximately 60% of all non-program vehicles sold through these higher yielding channels.

• Customer satisfaction across all rental car brands worldwide reached its highest third quarter level in five years, driven by a more than 5 point improvement versus the prior year period.

• During the quarter, Hertz Global successfully migrated Dollar Thrifty operations to the company's common counter and financial systems, completing integration of the Nov. 2012 acquisition of Dollar Thrifty Automotive Group, Inc.

• As a result of a 2% improvement in fleet efficiency, worldwide Revenue per Available Car Day (RACD) increased 1% despite a 1% decrease in Total Revenue per Transaction Day (RPD).

• International Car Rental Total RPD increased 2%, excluding foreign currency.

• U.S. Car Rental net depreciation per unit per month increased 1% year-over-year.

• International Car Rental net depreciation per unit per month decreased 6%.

• Excluding effects of foreign currency, International Car Rental revenues increased $22 million, or 3%, during the third quarter.

• Excluding foreign currency impact and the effect of lower sales from stores in upstream oil and gas markets, HERC revenues increased 14% in the third quarter.

• Sale of Hertz Equipment Rental operations in France and Spain closed Oct. 30.

• Hertz Global received approximately $100 million in proceeds from the sale of a portion of its holdings in CAR Inc. (China Auto Rental) during the third quarter.

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U.S. CAR RENTAL TOTAL REVENUE PER AVAILABLE CAR DAY (RACD) INCREASED 1% YEAR-OVER-YEAR

U.S. Car Rental(1)	Three Months Ended September 30,						Percent Inc/(Dec)
($ in millions, except where noted)	2015			2014
Total Revenues	$	1,739		$	1,768		(2	)%
Adjusted pre-tax income (loss)	$	246		$	209		18	%
Adjusted pre-tax income margin	14		%	12		%	233		bps
Adjusted Corporate EBITDA	$	284		$	247		15	%
Adjusted Corporate EBITDA margin	16		%	14		%	236		bps
Average fleet	497,700			515,300			(3	)%
Transaction days (in thousands)	37,946			37,901			—	%
Total RPD (in whole dollars)	$	45.41		$	46.41		(2	)%
Revenue per available car day (in whole dollars)	$	37.63		$	37.25		1	%
Net depreciation per unit per month (in whole dollars)	$	267		$	265		1	%

Total U.S. Car Rental revenues were $1,739 million in the third quarter of 2015, a decrease of 2% from the third quarter of 2014 due to flat transaction days and a 2% decline in Total Revenue per Transaction Day (RPD). As a result of a 3% improvement in fleet efficiency, Revenue per Available Car Day (RACD) increased 1% despite a 2% decline in Total RPD. Total RPD declined year-over-year primarily due to a higher on-airport competitive published-pricing environment and weaker commercial demand year-over-year. Ancillary revenue per transaction day, excluding fuel-related products, increased by 4% relative to the third quarter of 2014.

U.S. Car Rental adjusted pre-tax income for the third quarter of 2015 was $246 million, an increase of $37 million versus the prior year period. U.S. Car Rental achieved an adjusted pre-tax marginof 14% for the quarter, which was 233 basis points higher than the prior-year period. Adjusted Corporate EBITDA for the U.S. Car Rental segment for the third quarter of 2015 was $284 million versus $247 million in the third quarter of 2014.

INTERNATIONAL CAR RENTAL TOTAL RPD UP 2%, EXCLUDING FOREIGN CURRENCY; INCOME HIGHER ON PROFITABLE REVENUE MIX

International Car Rental(1)	Three Months Ended September 30,						Percent Inc/(Dec)
($ in millions, except where noted)	2015			2014
Total Revenues	$	687		$	795		(14	)%
Adjusted pre-tax income (loss)	$	151		$	136		11	%
Adjusted pre-tax income margin	22		%	17		%	487		bps
Adjusted Corporate EBITDA	$	162		$	147		10	%
Adjusted Corporate EBITDA margin	24		%	18		%	509		bps
Average fleet	198,200			196,900			1	%
Transaction days (in thousands)	14,814			14,695			1	%
Total RPD (in whole dollars)	$	50.43		$	49.47		2	%
Revenue per available car day (in whole dollars)	$	40.97		$	40.13		2	%
Net depreciation per unit per month (in whole dollars)	$	207		$	220		(6	)%

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Total International Car Rental revenues were $687 million in the third quarter of 2015, a decrease of 14% from the third quarter of 2014. Excluding foreign currency impact of $130 million, revenues increased $22 million, or 3%. Revenue growth was driven by a 1%increase in transaction days resulting from improved business mix from U.S.-inbound rentals, primarily in our European market. Total RPD for the segment increased 2%, excluding currency effects.

International Car Rental adjusted pre-tax income for the third quarter of 2015 was $151 million, an increase of $15 million versus the prior year period. Adjusted Corporate EBITDA for the International Car Rental segment for the third quarter of 2015 was $162 million, an increase of 10% versus $147 million in the third quarter of 2014.

WORLDWIDE EQUIPMENT RENTAL IMPACTED BY FOREIGN CURRENCY RATES AND

WEAKNESS IN STORES SERVING UPSTREAM OIL AND GAS MARKETS

Worldwide Equipment Rental(1)	Three Months Ended September 30,						Percent Inc/(Dec)
($ in millions)	2015			2014
Total Revenues	$	401		$	413		(3	)%
Adjusted pre-tax income (loss)	$	54		$	79		(32	)%
Adjusted pre-tax income margin	13		%	19		%	(566	)	bps
Adjusted Corporate EBITDA	$	164		$	178		(8	)%
Adjusted Corporate EBITDA margin	41		%	43		%	(220	)	bps
Dollar utilization	36		%	37		%	N/A
Time utilization	66		%	66		%	N/A
Same store revenue growth	—		%	6		%	N/A

N/A Not applicable

Total Worldwide Equipment Rental revenues were $401 million for the third quarter of 2015, a decrease of 3% compared with the prior-year period. Excluding the impact of foreign currency, revenue increased $2 million, or 1%.

Worldwide revenues for the third quarter were favorably impacted by a 3% increase in worldwide equipment rental volumes. The increase in volume was driven by new account growth, which is predominantly derived from small local contractors and specialty segments as HERC diversifies its business. Pricing for the third quarter was flat year-over-year.

Worldwide revenues were negatively affected by continuing weak performance in stores serving upstream oil and gas markets during the quarter. In North America, for example, revenue in these upstream oil and gas markets year-over-year on a constant currency basis decreased 26%, while non-oil and gas markets revenue increased 14%. In response to the continued weakness in oil and gas markets, HERC reduced its equipment fleet in this segment by 16% in the third quarter year-over-year.

Worldwide Equipment Rental adjusted pre-tax income for the third quarter of 2015 was $54 million, a decrease from $79 million in the prior year period. Adjusted Corporate EBITDA for the Worldwide Equipment Rental segment for the third quarter of 2015 was $164 million versus $178 million in the third quarter of 2014.

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TOTAL REVENUES AND PRE-TAX NET INCOME HIGHER FOR ALL OTHER OPERATIONS

All Other Operations(1)	Three Months Ended September 30,						Percent Inc/(Dec)
($ in millions)	2015			2014
Total Revenues	$	149		$	145		3	%
Adjusted pre-tax income (loss)	$	18		$	17		6	%
Adjusted pre-tax income margin	12		%	12		%	36		bps
Adjusted Corporate EBITDA	$	18		$	15		20	%
Adjusted Corporate EBITDA margin	12		%	10		%	174		bps
Average Fleet - Donlen	160,500			169,700			(5	)%

All Other Operations segment revenues were $149 million for the third quarter of 2015. All Other Operations adjusted pre-tax income for the third quarter of 2015 was $18 million, an increase of $1 million versus the prior year period. Adjusted Corporate EBITDA for the All Other Operations segment for the third quarter of 2015 was $18 million versus $15 million in the prior-year period.

HERTZ GLOBAL REPURCHASES $262 MILLION OF ITS AUTHORIZED $1 BILLION SHARE REPURCHASE PROGRAM IN THE QUARTER

Hertz Global began buying back HTZ shares in the third quarter as part of its previously announced $1 billion share repurchase program.  During the quarter, the company repurchased 14.8 million shares at an average price of $17.69 per share for a total of $262 million. The company funded the share repurchase through cash flow from operations and the sale of a portion of its ownership position in CAR Inc. (China Auto Rental) resulting in proceeds of approximately $100 million.  The company will continue to opportunistically buy back shares consistent with its previously announced year-end 2016 leverage targets and will fund the share repurchase through cash from operations and other actions, including its recently completed sale of HERC’s operations in France and Spain to LOXAM Group.

HERTZ GLOBAL GUIDANCE

For the full year 2015, the Company forecasts the following:

	Full Year 2015 Forecast
Adjusted Corporate EBITDA - Consolidated HGH(2)	$1,450M		to	$1,550M
Adjusted Corporate EBITDA - Worldwide Equipment Rental segment(2)	$575M		to	$625M
U.S. RAC net depreciation per unit per month	$270		to	$280
U.S. RAC fleet capacity growth*	(1.0	)%	to	0%
Net non-fleet capex	$220M		to	$240M
* Excludes Advantage sublease and Hertz 24/7 vehicles

For the full year 2015, the company has maintained its expected adjusted corporate EBITDA guidance for Consolidated Hertz Global Holdings and the Worldwide Equipment Rental segment. The company has lowered U.S. RAC net depreciation per unit per month, U.S. RAC fleet capacity growth and Net non-fleet capex guidance for the full year.

RESULTS OF THE HERTZ CORPORATION

Hertz Global's operating subsidiary, The Hertz Corporation, posted the same revenues and GAAP pre-tax income for the third quarter of 2015 as the Company. 

(1) Adjusted pre-tax income, adjusted pre-tax margin, Adjusted Corporate EBITDA, Adjusted Corporate EBITDA margin, adjusted net income, adjusted net income margin, adjusted diluted earnings per share, total revenue per transaction day, revenue per available car day and net depreciation per unit per month are non-GAAP

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measures. See the accompanying Supplemental Schedules and Definitions 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.

(2) Because of the forward-looking nature of the Company's Adjusted Corporate EBITDA forecast, specific quantifications of the amounts that would be required to reconcile a pre-tax income forecast 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 forecast of 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 Adjusted Corporate EBITDA would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

EARNINGS WEBCAST INFORMATION

Hertz Global’s third quarter 2015 earnings webcast will be held on November 9, 2015, at 8:00 a.m. U.S. Eastern. The press release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on our website, IR.Hertz.com.

SELECTED FINANCIAL AND OPERATING DATA, SUPPLEMENTAL SCHEDULES AND DEFINITIONS

Following are tables that present selected financial and operating data of Hertz Global. Also included are Supplemental Schedules which are provided to present segment results and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules the Company provides definitions for terminology used throughout this press release.

ABOUT HERTZ GLOBAL

Hertz Global operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 10,000 corporate and licensee locations throughout approximately 150 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz Global is the largest worldwide airport general use car rental company with more than 1,600 airport locations in the U.S. and more than 1,400 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Green and Prestige Collections set Hertz Global apart from the competition. Additionally, Hertz Global owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business in international markets and sells vehicles through its Rent2Buy program. The Company also owns Hertz Equipment Rental Corporation (“HERC”), one of the largest equipment rental businesses with more than 350 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz Global, visit: www.hertz.com.

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CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS

Certain statements contained in this release, and in related comments by the Company’s management, include “forward-looking statements.” Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as “believe,” “expect,” “project,” “potential,” “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 it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Among other items, such factors could include: any claims, investigations or proceedings arising as a result of the restatement of our previously issued financial results; our ability to remediate the material weaknesses in our internal controls over financial reporting; levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; the effect of our proposed separation of our equipment rental business and ability to obtain the expected benefits of any related transaction; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets on rental volume and pricing, including on our pricing policies or use of incentives; occurrences that disrupt rental activity during our peak periods; our ability to achieve and maintain 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; our ability to integrate the car rental operations of Dollar Thrifty and realize operational efficiencies from the acquisition; our ability to maintain access to third-party distribution channels, including current or favorable prices, commission structures and transaction volumes; the operational and profitability impact of the divestitures that we agreed to undertake in order to secure regulatory approval for the acquisition of Dollar Thrifty; an increase in our fleet costs or disruption to our rental activity, particularly during our peak periods, due to 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, which could impact their ability to perform under agreements with us and/or their willingness or ability to make cars available to us or the car rental industry on commercially reasonable terms; any impact on us from the actions of our 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 and investigations; 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; our exposure to uninsured claims in excess of historical levels; 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.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its 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.

CONTACTS:
Investor Relations:	Media:
Leslie Hunziker	Hertz Media Relations
(239) 552-5700	(844) 845-2180 (toll free)
investorrelations@hertz.com	mediarelations@hertz.com

8

FINANCIAL INFORMATION AND OPERATING DATA    

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share data)	2015			2014			2015			2014
Total revenues	$	2,976		$	3,121		$	8,122		$	8,487
Expenses:
Direct operating	1,564			1,702			4,475			4,738
Depreciation of revenue earning equipment and lease charges, net	717			746			2,102			2,180
Selling, general and administrative	259			303			821			845
Interest expense, net	158			164			467			484
Other (income) expense, net	(29		)	3			(34		)	(21		)
Total expenses	2,669			2,918			7,831			8,226
Income (loss) before income taxes	307			203			291			261
(Provision) benefit for taxes on income (loss)	(70		)	(54		)	(88		)	(109		)
Net income (loss)	$	237		$	149		$	203		$	152
Weighted average number of shares outstanding:
Basic	454			459			457			453
Diluted	457			464			460			465
Earnings (loss) per share:
Basic	$	0.52		$	0.32		$	0.44		$	0.34
Diluted	$	0.52		$	0.32		$	0.44		$	0.33
Adjusted Corporate EBITDA (a)	$	601		$	553		$	1,228		$	1,254
Adjusted pre-tax Income (loss) (a)	359			322			537			562

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule III.

9

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	September 30, 2015		December 31, 2014
Cash and cash equivalents	$	509	$	490
Restricted cash	280		571
Revenue earning equipment:
U.S. Car Rental	8,324		8,070
International Car Rental	2,542		1,904
Worldwide Equipment Rental	2,476		2,442
All Other Operations	1,284		1,237
Total revenue earning equipment, net	14,626		13,653
Total assets	24,569		23,985
Total debt	16,609		15,993
Net Fleet debt (a)	10,068		9,047
Net Corporate debt (a) (b)	5,752		5,885
Total equity	2,338		2,464

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule VI.

(b) Fleet related to Hertz Equipment Rental Corporation is funded via Net Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Nine Months Ended September 30,
(In millions)	2015			2014
Cash provided by (used in):
Operating activities	$	2,683		$	2,729
Investing activities	(3,114		)	(3,283		)
Financing activities	471			790
Effect of exchange rate changes	(21		)	(18		)
Net change in cash and cash equivalents	$	19		$	218
Fleet growth (a)	$	(41	)	$	(381	)
Free cash flow (a)	414			78

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules IV and V.

10

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
U.S. Car Rental
Transaction days (in thousands)	37,946			37,901			104,960			106,111
Total RPD (a)	$	45.41		$	46.41		$	46.04		$	46.80
Revenue per available car day (in whole dollars)	$	37.63		$	37.25		$	35.43		$	36.62
Average fleet	497,700			515,300			499,600			503,300
Fleet efficiency(a)	83		%	80		%	77		%	78		%
Net depreciation per unit per month(a)	$	267		$	265		$	267		$	270
Program cars as a percentage of total average fleet at period end	28		%	15		%	28		%	15		%
Adjusted pre-tax income (loss)(in millions) (a)	$	246		$	209		$	509		$	515
International Car Rental
Transaction days (in thousands)	14,814			14,695			37,112			36,186
Total RPD (a)(b)	$	50.43		$	49.47		$	48.53		$	48.03
Revenue per available car day (in whole dollars)(b)	$	40.97		$	40.13		$	38.38		$	37.38
Average Fleet	198,200			196,900			171,900			170,300
Fleet efficiency(a)	81		%	81		%	79		%	78		%
Net depreciation per unit per month(a)(b)	$	207		$	220		$	214		$	224
Program cars as a percentage of total average fleet at period end	44		%	40		%	44		%	40		%
Adjusted pre-tax income (loss)(in millions) (a)	$	151		$	136		$	203		$	154
Worldwide Equipment Rental
Dollar utilization	36		%	37		%	35		%	36		%
Time utilization	66		%	66		%	63		%	64		%
Rental and rental related revenue (in millions) (a)(b)	$	380		$	374		$	1,069		$	1,049
Same store revenue growth, including growth initiatives (b)	—		%	6		%	—		%	6		%
Adjusted pre-tax income (loss) (in millions) (a)	$	54		$	79		$	130		$	197
All Other Operations
Average fleet — Donlen	160,500			169,700			164,900			174,800
Adjusted pre-tax income (loss) (in millions) (a)	$	18		$	17		$	52		$	47

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules III and VI.

(b) Based on December 31, 2014 foreign exchange rates.

11

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended September 30, 2015															Three Months Ended September 30, 2014
(In millions)	U.S. Car Rental		Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	1,739	$	687	$	401		$	149	$	—		$	2,976		$	1,768		$	795	$	413		$	145	$	—		$	3,121
Expenses:
Direct operating	988		351		221			6		(2		)	1,564			1,041			427		221			6		7			1,702
Depreciation of revenue earning equipment and lease charges, net	399		114		86			118		—			717			409			143		78			116		—			746
Selling, general and administrative	92		57		44			8		58			259			116			68		47			7		65			303
Interest expense, net	43		20		14			3		78			158			44			27		12			3		78			164
Other (income) expense, net	5		24		(1		)	—		(57		)	(29		)	(2		)	—		(1		)	—		6			3
Total expenses	1,527		566		364			135		77			2,669			1,608			665		357			132		156			2,918
Income (loss)before income taxes	$	212	$	121	$	37		$	14	$	(77	)	307			$	160		$	130	$	56		$	13	$	(156	)	203
(Provision) benefit for taxes on income (loss)													(70		)														(54		)
Net income (loss)													$	237															$	149

12

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Nine Months Ended September 30, 2015															Nine Months Ended September 30, 2014
(In millions)	U.S. Car Rental		Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	4,873	$	1,679	$	1,131		$	439	$	—		$	8,122		$	4,989		$	1,918	$	1,155		$	425	$	—		$	8,487
Expenses:
Direct operating	2,856		950		643			17		9			4,475			2,939			1,150		631			18		—			4,738
Depreciation of revenue earning equipment and lease charges, net	1,200		310		243			349		—			2,102			1,224			381		235			340		—			2,180
Selling, general and administrative	289		182		136			23		191			821			310			195		114			23		203			845
Interest expense, net	124		54		44			8		237			467			125			73		38			10		238			484
Other (income) expense, net	5		24		(4		)	—		(59		)	(34		)	(31		)	2		(3		)	—		11			(21		)
Total expenses	4,474		1,520		1,062			397		378			7,831			4,567			1,801		1,015			391		452			8,226
Income (loss) before income taxes	$	399	$	159	$	69		$	42	$	(378	)	291			$	422		$	117	$	140		$	34	$	(452	)	261
(Provision) benefit for taxes on income (loss)													(88		)														(109		)
Net income (loss)													$	203															$	152

	Three Months Ended September 30, 2015											Three Months Ended September 30, 2014
(In millions, except per share data)	GAAP			Adjustments				Adjusted (Non-GAAP)				GAAP			Adjustments				Adjusted (Non-GAAP)
Total revenues	$	2,976		$	—			$	2,976			$	3,121		$	—			$	3,121
Expenses:
Direct operating	1,564			(34		)	(a)	1,530				1,702			(61		)	(a)	1,641
Depreciation of revenue earning equipment and lease charges, net	717			—				717				746			—				746
Selling, general and administrative	259			(24		)	(c)	235				303			(43		)	(c)	260
Interest expense, net	158			(15		)	(d)	143				164			(13		)	(d)	151
Other (income) expense, net	(29		)	21			(e)	(8		)		3			(2		)	(e)	1
Total expenses	2,669			(52		)		2,617				2,918			(119		)		2,799
Income (loss) before income taxes	307			52				359				203			119				322
(Provision) benefit for taxes on income (loss)	(70		)	(63		)	(f)	(133		)	(f)	(54		)	(65		)	(f)	(119		)	(f)
Net income (loss)	$	237		$	(11	)		$	226			$	149		$	54			$	203
Weighted average number of diluted shares outstanding	457			457				457				464			464				464
Diluted earnings (loss) per share	$	0.52		$	(0.02	)		$	0.49			$	0.32		$	0.12			$	0.44

	Nine Months Ended September 30, 2015											Nine Months Ended September 30, 2014
(In millions, except per share data)	GAAP			Adjustments				Adjusted (Non-GAAP)				GAAP				Adjustments				Adjusted (Non-GAAP)
Total revenues	$	8,122		$	—			$	8,122			$	8,487			$	—			$	8,487
Expenses:
Direct operating	4,475			(117		)	(a)	4,358				4,738				(165		)	(a)	4,573
Depreciation of revenue earning equipment and lease charges, net	2,102			—				2,102				2,180				(2		)	(b)	2,178
Selling, general and administrative	821			(106		)	(c)	715				845				(116		)	(c)	729
Interest expense, net	467			(47		)	(d)	420				484				(39		)	(d)	445
Other (income) expense, net	(34		)	24			(e)	(10		)		(21		)		21			(e)	—
Total expenses	7,831			(246		)		7,585				8,226				(301		)		7,925
Income (loss) before income taxes	291			246				537				261				301				562
(Provision) benefit for taxes on income (loss)	(88		)	(111		)	(f)	(199		)	(f)	(109		)		(99		)	(f)	(208		)	(f)
Net income (loss)	$	203		$	135			$	338			$	152			$	202			$	354
Weighted average number of diluted shares outstanding	460			460				460				465				465				465
Diluted earnings (loss) per share	$	0.44		$	0.29			$	0.73			$	0.33		(g)	$	0.43			$	0.76		(g)

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. Also includes restructuring and restructuring related charges, impairments and asset write-downs.

b. In 2014, represents the increase in depreciation of equipment rental revenue earning equipment based upon its revaluation relating to purchase accounting.

c. In 2014 and 2015, primarily comprised of restructuring and restructuring related charges and impairment charges, expenses associated with the anticipated HERC spin-off transaction announced in March 2014, consulting costs and legal fees related to the accounting review and investigation, expenses associated with acquisitions, integration charges and relocation expenses associated with the Company's relocation of its headquarters to Estero, Florida. In 2015, also includes costs associated with the separation of certain executives.

d. Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts.

13

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

e. Includes miscellaneous non-recurring or non-cash items. For 2015, primarily represents the gain on the sale of common stock of CAR Inc, offset by a legal reserve in the International Rental Car segment. For 2014, primarily represents a litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years.

f. Represents a (provision) benefit for income taxes derived utilizing a combined statutory rate of 37% for all periods shown. The combined statutory rate is applied to the adjusted income (loss) before income taxes to arrive at the adjusted (provision) benefit for taxes. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, we applied the combined statutory rate to our adjustments. Management believes the current approach results in a better indicator of our core earnings.

g. GAAP net income (loss) and adjusted net income (loss) used in GAAP diluted earnings per share and adjusted diluted earnings per share calculations, respectively, includes interest income on convertible senior notes, net of tax of $1 million for the nine months ended September 30, 2014.

14

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended September 30, 2015																		Three Months Ended September 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	212		$	121		$	37		$	14		$	(77	)	$	307		$	160		$	130		$	56		$	13		$	(156	)	$	203
Depreciation and amortization	458			123			106			121			4			812			465			152			97			118			5			837
Interest, net of interest income	43			20			14			3			78			158			44			27			12			3			78			164
Gross EBITDA	$	713		$	264		$	157		$	138		$	5		$	1,277		$	669		$	309		$	165		$	134		$	(73	)	$	1,204
Car rental fleet depreciation and lease charges, net	(399		)	(114		)	—			(118		)	—			(631		)	(409		)	(143		)	—			(116		)	—			(668		)
Car rental fleet interest	(46		)	(16		)	—			(3		)	—			(65		)	(45		)	(23		)	—			(4		)	—			(72		)
Car rental fleet debt related charges (a)	8			1			—			1			—			10			3			4			—			1			—			8
Corporate EBITDA	$	276		$	135		$	157		$	18		$	5		$	591		$	218		$	147		$	165		$	15		$	(73	)	$	472
Non-cash stock-based employee compensation charges	—			—			—			—			5			5			—			—			—			—			7			7
Restructuring and restructuring related charges (b)	1			3			3			—			11			18			29			1			1			—			24			55
Acquisition related costs and charges	—			—			—			—			—			—			—			—			—			—			1			1
Equipment rental spin-off costs (c)	—			—			4			—			2			6			—			—			12			—			2			14
Impairment charges and write-downs (d)	6			—			—			—			—			6			—			—			—			—			—			—
Integration expenses (e)	—			—			—			—			1			1			—			—			—			—			1			1
Relocation costs (f)	—			—			—			—			—			—			—			—			—			—			3			3
Other extraordinary, unusual or non-recurring items(g)	1			24			—			—			(51		)	(26		)	—			(1		)	—			—			1			—
Adjusted Corporate EBITDA	$	284		$	162		$	164		$	18		$	(27	)	$	601		$	247		$	147		$	178		$	15		$	(34	)	$	553
Non-fleet depreciation and amortization(h)	(59		)	(9		)	(106		)	(3		)	(4		)	(181		)	(56		)	(9		)	(97		)	(2		)	(5		)	(169		)
Non-fleet interest, net of interest income	3			(4		)	(14		)	—			(78		)	(93		)	1			(4		)	(12		)	1			(78		)	(92		)
Non-fleet debt related charges (a)	(1		)	—			1			1			4			5			—			—			1			1			3			5
Non-cash stock-based employee compensation charges	—			—			—			—			(5		)	(5		)	—			—			—			—			(7		)	(7		)
Acquisition accounting (i)	19			2			9			2			—			32			17			2			9			2			2			32
Adjusted pre-tax income (loss)	$	246		$	151		$	54		$	18		$	(110	)	$	359		$	209		$	136		$	79		$	17		$	(119	)	$	322

15

Supplemental Schedule III (continued)

HERTZ GLOBAL HOLDINGS, INCRECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Nine Months Ended September 30, 2015																		Nine Months Ended September 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	399		$	159		$	69		$	42		$	(378	)	$	291		$	422		$	117		$	140		$	34		$	(452	)	$	261
Depreciation and amortization	1,356			338			301			356			15			2,366			1,391			411			291			348			11			2,452
Interest, net of interest income	124			54			44			8			237			467			125			73			38			10			238			484
Gross EBITDA	$	1,879		$	551		$	414		$	406		$	(126	)	$	3,124		$	1,938		$	601		$	469		$	392		$	(203	)	$	3,197
Car rental fleet depreciation and lease charges, net	(1,200		)	(310		)	—			(349		)	—			(1,859		)	(1,224		)	(381		)	—			(340		)	—			(1,945		)
Car rental fleet interest	(131		)	(48		)	—			(10		)	—			(189		)	(129		)	(65		)	—			(11		)	—			(205		)
Car rental fleet debt-related charges (a)	23			6			—			4			—			33			5			12			—			5			—			22
Corporate EBITDA	$	571		$	199		$	414		$	51		$	(126	)	$	1,109		$	590		$	167		$	469		$	46		$	(203	)	$	1,069
Non-cash stock-based employee compensation charges	—			—			—			—			14			14			—			—			—			—			20			20
Restructuring and restructuring related charges (b)	19			10			10			—			48			87			44			21			7			—			54			126
Acquisition related costs and charges	—			—			—			—			—			—			—			—			—			—			10			10
Equipment rental spin-off costs (c)	—			—			20			—			3			23			—			—			18			—			9			27
Impairment charges and write-downs (d)	15			—			—			—			—			15			10			—			—			—			—			10
Integration expenses (e)	—			—			—			—			5			5			1			—			—			—			6			7
Relocation costs (f)	—			—			—			—			4			4			—			—			—			—			7			7
Other extraordinary, unusual or non-recurring items (g)	(2		)	24			(1		)	—			(50		)	(29		)	(21		)	(4		)	—			—			3			(22		)
Adjusted Corporate EBITDA	$	603		$	233		$	443		$	51		$	(102	)	$	1,228		$	624		$	184		$	494		$	46		$	(94	)	$	1,254
Non-fleet depreciation and amortization(h)	(156		)	(28		)	(301		)	(7		)	(15		)	(507		)	(167		)	(30		)	(291		)	(8		)	(11		)	(507		)
Non-fleet interest, net of interest income	7			(6		)	(44		)	2			(237		)	(278		)	4			(8		)	(38		)	1			(238		)	(279		)
Non-fleet debt-related charges (a)	—			(1		)	4			—			11			14			1			—			4			—			11			16
Non-cash stock-based employee compensation charges	—			—			—			—			(14		)	(14		)	—			—			—			—			(20		)	(20		)
Acquisition accounting (i)	55			5			28			6			—			94			53			8			28			8			1			98
Adjusted pre-tax income (loss)	$	509		$	203		$	130		$	52		$	(357	)	$	537		$	515		$	154		$	197		$	47		$	(351	)	$	562

(a) Represents non-cash charges relating to the amortization of deferred debt financing costs and debt discounts and premiums.

(b) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 8, "Restructuring." Also represents incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes, consulting costs and legal fees related to the accounting review and investigation and costs associated with the separation of certain executives.

(c) Represents expense associated with the anticipated HERC spin-off transaction announced in March 2014.

(d) In 2015, primarily represents first quarter impairments of the former Dollar Thrifty headquarters and a corporate asset and a third quarter impairment of a building in the U.S. Car Rental segment. In 2014, primarily represents a second quarter write-down of assets associated with a terminated business relationship.

(e) Primarily represents Dollar Thrifty integration related expenses.

(f) Represents non-recurring costs incurred in connection with the relocation of the Company's corporate headquarters to Estero, Florida that were not included in restructuring expenses. Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation.

(g) Includes miscellaneous non-recurring or non-cash items. For 2015, primarily represents the gain on the sale of common stock of CAR Inc, offset by a legal reserve in the International Rental Car segment. For 2014, primarily represents a litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years.

16

(h) Amounts related to the Worldwide Equipment Rental segment include depreciation of revenue earning equipment.

(i) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to purchase accounting.

17

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FLEET GROWTH

Unaudited

	Nine Months Ended September 30, 2015															Nine Months Ended September 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH
Revenue earning equipment expenditures	$	(5,966	)	$	(2,499	)	$	(532	)	$	(1,013	)	$	(10,010	)	$	(4,128	)	$	(2,694	)	$	(470	)	$	(1,150	)	$	(8,442	)
Proceeds from disposal of revenue earning equipment	4,576			1,504			122			586			6,788			3,019			1,456			130			711			5,316
Net revenue earning equipment capital expenditures	(1,390		)	(995		)	(410		)	(427		)	(3,222		)	(1,109		)	(1,238		)	(340		)	(439		)	(3,126		)
Depreciation of revenue earning equipment, net	1,200			255			244			348			2,047			1,222			321			235			340			2,118
Financing activity related to car rental fleet:
Borrowings	4,186			1,291			—			592			6,069			1,021			1,287			—			438			2,746
Payments	(3,824		)	(850		)	—			(549		)	(5,223		)	(1,085		)	(745		)	—			(350		)	(2,180		)
Restricted cash changes	262			24			—			2			288			85			(26		)	—			2			61
Net financing activity related to car rental fleet	624			465			—			45			1,134			21			516			—			90			627
Fleet growth	$	434		$	(275	)	$	(166	)	$	(34	)	$	(41	)	$	134		$	(401	)	$	(105	)	$	(9	)	$	(381	)

18

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FREE CASH FLOW

Unaudited

	Nine Months Ended September 30,
(In millions)	2015			2014
Income (loss) before income taxes	$	291		$	261
Depreciation and amortization, non-fleet, net	265			272
Amortization of debt discount and related charges	43			35
Cash paid for income taxes	(31		)	(47		)
Changes in assets and liabilities, net of effects of acquisitions, and other	68			89
Net cash provided by operating activities excluding depreciation of revenue earning equipment	636			610
U.S. car rental fleet growth	434			134
International car rental fleet growth	(275		)	(401		)
Equipment rental fleet growth	(166		)	(105		)
All other operations rental fleet growth	(34		)	(9		)
Property and equipment expenditures, net of disposals	(181		)	(151		)
Net investment activity	(222		)	(532		)
Free cash flow	$	414		$	78

Supplemental Schedule VI

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

	As of September 30, 2015						As of December 31, 2014
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	10,291	$	6,318	$	16,609	$	9,562	$	6,431	$	15,993
Less:
Cash and cash equivalents	—		509		509		—		490		490
Restricted cash	223		57		280		515		56		571
Net debt	$	10,068	$	5,752	$	15,820	$	9,047	$	5,885	$	14,932

19

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Three Months Ended September 30,						Nine Months Ended September 30,
($In millions, except as noted)	2015			2014			2015			2014
Total RPD
Revenues	$	1,739		$	1,768		$	4,873		$	4,989
Ancillary retail car sales revenue	$	(16	)	$	(9	)	$	(41	)	$	(23	)
Total rental revenue	$	1,723		$	1,759		$	4,832		$	4,966
Transaction days (in thousands)	37,946			37,901			104,960			106,111
Total RPD (in whole dollars)	$	45.41		$	46.41		$	46.04		$	46.80
Fleet Efficiency
Transaction days (in thousands)	37,946			37,901			104,960			106,111
Average Fleet	497,700			515,300			499,600			503,300
Advantage sublease vehicles	—			(1,000		)	—			(5,500		)
Hertz 24/7 vehicles	—			(1,000		)	—			(1,000		)
Average Fleet used to calculate fleet efficiency	497,700			513,300			499,600			496,800
Number of days in period	92			92			273			273
Available car days (in thousands)	45,788			47,224			136,391			135,626
Fleet efficiency (a)	83		%	80		%	77		%	78		%
Revenue Per Available Car Day
Total rental revenue	$	1,723		$	1,759		$	4,832		$	4,966
Available car days (in thousands)	45,788			47,224			136,391			135,626
Revenue per available car day (in whole dollars)	$	37.63		$	37.25		$	35.43		$	36.62
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	399		$	409		$	1,200		$	1,224
Average fleet	497,700			515,300			499,600			503,300
Depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	802		$	794		$	2,402		$	2,432
Number of months in period	3			3			9			9
Net depreciation per unit per month (in whole dollars)	$	267		$	265		$	267		$	270

(a)Calculated as transaction days divided by available car days.

20

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (continued)

International Car Rental

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except as noted)	2015			2014			2015			2014
Total RPD
Revenues	$	687		$	795		$	1,679		$	1,918
Foreign currency adjustment (a)	60			(68		)	122			(180		)
Total rental revenue	$	747		$	727		$	1,801		$	1,738
Transaction days (in thousands)	14,814			14,695			37,112			36,186
Total RPD (in whole dollars)	$	50.43		$	49.47		$	48.53		$	48.03
Fleet Efficiency
Transaction days (in thousands)	14,814			14,695			37,112			36,186
Average Fleet	198,200			196,900			171,900			170,300
Number of days in period	92			92			273			273
Available car days (in thousands)	18,234			18,115			46,929			46,492
Fleet efficiency (b)	81		%	81		%	79		%	78		%
Revenue Per Available Car Day
Total rental revenue	$	747		$	727		$	1,801		$	1,738
Available car days (in thousands)	18,234			18,115			46,929			46,492
Revenue per available car day (in whole dollars)	$	40.97		$	40.13		$	38.38		$	37.38
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	114		$	143		$	310		$	381
Foreign currency adjustment (a)	9			(13		)	21			(37		)
Adjusted depreciation of revenue earning equipment and lease charges, net	$	123		$	130		$	331		$	344
Average fleet	198,200			196,900			171,900			170,300
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	621		$	660		$	1,926		$	2,020
Number of months in period	3			3			9			$	9
Net depreciation per unit per month (in whole dollars)	$	207		$	220		$	214		$	224

(a)Based on December 31, 2014 foreign exchange rates.

(b)Calculated as transaction days divided by available car days.

21

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (continued)

Worldwide Car Rental

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except as noted)	2015			2014			2015			2014
Total RPD
Revenues	$	2,426		$	2,563		$	6,552		$	6,907
Ancillary retail car sales revenue	(16		)	(9		)	(41		)	(23		)
Foreign currency adjustment (a)	60			(68		)	122			(180		)
Total rental revenue	$	2,470		$	2,486		$	6,633		$	6,704
Transaction days (in thousands)	52,760			52,596			142,072			142,297
Total RPD (in whole dollars)	$	46.82		$	47.27		$	46.69		$	47.11
Fleet Efficiency
Transaction days (in thousands)	52,760			52,596			142,072			142,297
Average Fleet	695,900			712,200			671,500			673,600
Advantage sublease vehicles	—			(1,000		)	—			(5,500		)
Hertz 24/7 vehicles	—			(1,000		)	—			(1,000		)
Average Fleet used to calculate fleet efficiency	695,900			710,200			671,500			667,100
Number of days in period	92			92			273			273
Available car days (in thousands)	64,023			65,338			183,320			182,118
Fleet efficiency (b)	82		%	80		%	77		%	78		%
Revenue Per Available Car Day
Total rental revenue	$	2,470		$	2,486		$	6,633		$	6,704
Available car days (in thousands)	64,023			65,338			183,320			182,118
Revenue per available car day (in whole dollars)	$	38.58		$	38.05		$	36.18		$	36.81
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	513		$	552		$	1,510		$	1,605
Foreign currency adjustment (a)	9			(13		)	21			(37		)
Adjusted depreciation of revenue earning equipment and lease charges, net	$	522		$	539		$	1,531		$	1,568
Average fleet	695,900			712,200			671,500			673,600
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	750		$	757		$	2,280		$	2,328
Number of months in period	3			3			9			$	9
Net depreciation per unit per month (in whole dollars)	$	250		$	252		$	253		$	259

Note: Worldwide Car Rental represents U.S. Car Rental and International Car Rental segment information on a combined basis and excludes our Donlen leasing operations.

(a)Based on December 31, 2014 foreign exchange rates.

(b)Calculated as transaction days divided by available car days.

22

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Worldwide equipment rental segment revenues	$	401		$	413		$	1,131		$	1,155
Worldwide equipment sales and other revenue	(28		)	(33		)	(79		)	(87		)
Rental and rental related revenue at actual rates	373			380			1,052			1,068
Foreign currency adjustment (a)	7			(6		)	17			(19		)
Rental and rental related revenue	$	380		$	374		$	1,069		$	1,049

(a)Based on December 31, 2014 foreign exchange rates.

23

NON-GAAP MEASURES AND KEY METRICS - DEFINITIONS AND USE

Hertz Global is the top-level holding company and The Hertz Corporation is Hertz Global's primary operating company (together, the Company). The term “GAAP” refers to accounting principles generally accepted in the United States of America.

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

Adjusted Pre-Tax Income (Loss) and Adjusted Pre-tax Margin

Adjusted pre-tax income is calculated as income before income taxes plus certain non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off 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. Adjusted pre-tax margin is adjusted pre-tax income divided by total revenues.

Adjusted Net Income and Adjusted Net Income Margin

Adjusted net income is calculated as adjusted pre-tax income less a provision for income taxes derived utilizing a combined statutory rate of 37%. The combined statutory 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, debt-related charges, one-time charges and items that are not operational in nature or comparable to those of our competitors. Adjusted net income margin is adjusted net income divided by total revenues.

Adjusted Net Income Per Diluted Share

Adjusted net income per diluted share is calculated as adjusted net income divided by the weighted average number of diluted shares outstanding for the period. Adjusted net income per diluted share is important to management and investors because it represents a measure of our operational performance exclusive of the effects of purchase accounting adjustments, debt-related charges, one-time charges and items that are not operational in nature or comparable to those of our competitors.

Available Car Days

Available Car Days is calculated as average fleet multiplied by the number of days in a period. Average fleet used to calculate available car days in our U.S. Car Rental segment excludes Advantage sublease and Hertz 24/7 vehicles as these vehicles do not have associated transaction days.

Average Fleet

Average Fleet is determined using a simple average of the number of vehicles owned by the company at the beginning and end of a given period. Among other things, average fleet is used to calculate our fleet efficiency which represents the portion of the Company's fleet that is being utilized to generate revenue.

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.

24

Dollar Utilization

Dollar utilization means revenue derived from the rental of equipment divided by the original cost of the equipment including additional capitalized refurbishment costs (with the basis of refurbished assets at the refurbishment date).

Earnings Before Interest, Taxes, Depreciation and Amortization (“Gross EBITDA”), Corporate EBITDA, Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin

Gross 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 Gross EBITDA as adjusted for car rental fleet interest, car rental fleet depreciation and car rental debt-related charges. Adjusted Corporate EBITDA, as presented herein, represents Corporate EBITDA as adjusted for certain other items, as described in more detail in the accompanying schedules.

Management uses Gross EBITDA, Corporate EBITDA and Adjusted 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, Gross 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 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 Adjusted Corporate EBITDA as a supplemental measure because such information is utilized in the calculation of financial covenants under the Company's senior credit facilities and in the determination of certain executive compensation.

Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to total revenues and is used by the Compensation Committee to determine certain executive compensation, primarily in the form of PSUs.

Gross EBITDA, Corporate EBITDA, Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin are not recognized measurements under U.S. GAAP. When evaluating our operating performance or liquidity, investors should not consider Gross EBITDA, Corporate EBITDA and Adjusted 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.

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 reflects time and mileage and ancillary charges for equipment on rent and is comparable with the reporting of other industry participants.

Fleet Efficiency

Fleet efficiency is calculated by dividing total transaction days by the available car days. Average fleet used to calculate fleet efficiency in our U.S. Car Rental segment excludes Advantage sublease and Hertz 24/7 vehicles as these vehicles do not have associated transaction days.

Fleet Growth

U.S. and International 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 which includes borrowings, repayments and the change in fleet restricted cash. Worldwide equipment rental fleet growth is defined as worldwide equipment rental fleet expenditures, net of proceeds from disposals, plus depreciation.

25

Free Cash Flow

Free cash flow is calculated as net cash provided by operating activities, excluding depreciation of revenue earning equipment, net of car rental and equipment rental fleet growth and property and equipment net expenditures.  Free cash flow is important to management and investors as it represents the cash available for acquisitions and the reduction of corporate debt.

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; Promissory Notes; Convertible Senior Notes; and certain other indebtedness of our domestic and foreign subsidiaries.

Net Corporate Debt is important to management and investors 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 collateralized by assets not available to lenders under the non-fleet debt facilities.

Net Depreciation Per Unit Per Month

Net depreciation per unit per month is calculated by dividing depreciation of revenue earning equipment and lease charges, net by the average fleet in each period and then dividing by the number of months in the period reported 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 useful in analyzing underlying trends. Average fleet used to calculate net depreciation per unit per month in our U.S. Car Rental segment includes Advantage sublease and Hertz 24/7 vehicles as these vehicles have associated lease charges. Net depreciation per unit per month represents the amount of average depreciation expense and lease charges, net per vehicle per month.

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.

Revenue Per Available Car Day ("RACD")

Revenue per available car day is calculated as total revenues less revenue from fleet subleases and ancillary revenue associated with retail car sales divided by available car 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 metric is important to our management and investors as it represents a 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 and provides a measure of revenue production relative to overall capacity.

Same Store Revenue Growth/Decline

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.

Time Utilization

Time utilization means the percentage of time an equipment unit is on-rent during a given period.

26

Total Net Debt

Total net debt is calculated as total debt less total cash and cash equivalents and total restricted cash. This measure is important to management, investors and ratings agencies as it helps measure our gross leverage.

Total RPD

Total RPD is calculated as total revenue less ancillary revenue associated with retail car sales, 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 metric is important to our management and investors as it represents a 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.

Transaction Days

Transaction days represent the total number of 24-hour periods, with any partial period counted as one transaction day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one transaction day in a 24-hour period. Late in the third quarter of 2015 the Company fully integrated the Dollar Thrifty and Hertz counter systems and as a result aligned the transaction day calculation in the Hertz system.  As a result of this alignment, Hertz determined that there was an impact to the calculation.  The impact to the third quarter of 2015 is negligible, however Hertz expects that transaction days for the US RAC segment will increase by approximately 1% prospectively relative to the historic calculation. 

27

EX-99.2

Exhibit 99.2

The following financial information has been updated to reflect the restatement of certain balance sheet and statement of operations data as of and for the three and six months ended June 30, 2015 as disclosed in the Company's Quarterly Report on Form 10-Q/A for the quarterly period ended June 30, 2015 as filed with the Securities and Exchange Commission ("SEC") on November 9, 2015. Additionally, it reflects the change in the Company's methodology for applying a tax rate to adjusted pre-tax amounts. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, the Company applied the combined statutory rate to its Non-GAAP adjustments. Management believes the current approach results in a better indicator of the Company's earnings. Lastly, it conforms the presentation of certain information to the presentation included in the Company's Press Release filed with the SEC as exhibit 99.1 to the Report on Form 8-K dated and filed on November 9, 2015.

FINANCIAL INFORMATION AND OPERATING DATA                        

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended June 30,									Six Months Ended June 30,
(In millions, except per share data)	2015 As Restated			2015 As Previously Reported			2014			2015 As Restated			2015 As Previously Reported			2014
Total revenues	$	2,692		$	2,692		$	2,830		$	5,145		$	5,145		$	5,366
Expenses:
Direct operating	1,502			1,505			1,594			2,910			2,913			3,037
Depreciation of revenue earning equipment and lease charges, net	678			696			708			1,385			1,403			1,434
Selling, general and administrative	295			295			264			560			560			541
Interest expense, net	156			156			164			310			310			320
Other (income) expense, net	(10		)	(10		)	(21		)	(4		)	(4		)	(24		)
Total expenses	2,621			2,642			2,709			5,161			5,182			5,308
Income (loss) before income taxes	71			50			121			(16		)	(37		)	58
(Provision) benefit for taxes on income (loss)	(35		)	(27		)	(49		)	(18		)	(10		)	(56		)
Net income (loss)	$	36		$	23		$	72		$	(34	)	$	(47	)	$	2
Weighted average number of shares outstanding:
Basic	459			459			452			459			459			450
Diluted	461			461			465			459			459			457
Earnings (loss) per share:
Basic	$	0.08		$	0.05		$	0.16		$	(0.07	)	$	(0.10	)	$	—
Diluted	$	0.08		$	0.05		$	0.15		$	(0.07	)	$	(0.10	)	$	—
Adjusted Corporate EBITDA(a)	$	400		$	379		$	446		$	626		$	605		$	699
Adjusted pre-tax Income (loss)(a)	174			153			216			177			156			239

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule III.

1

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	June 30, 2015(As Restated		June 30, 2015As Previously Reported		December 31, 2014
Cash and cash equivalents	$	537	$	537	$	490
Restricted cash	421		421		571
Revenue earning equipment:
U.S. Car Rental	9,340		9,322		8,070
International Car Rental	2,779		2,779		1,904
Worldwide Equipment Rental	2,607		2,607		2,442
All Other Operations	1,288		1,288		1,237
Total revenue earning equipment, net	16,014		15,996		13,653
Total assets	26,016		25,969		23,985
Total debt	17,682		17,682		15,993
Net Fleet debt(a)	10,686		10,686		9,047
Net Corporate debt(a) (b)	6,038		6,038		5,885
Total equity	2,400		2,387		2,464

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule VI.

(b) Fleet related to Hertz Equipment Rental Corporation is funded via Net Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Six Months Ended June 30,
(In millions)	2015 As Restated			2015 As Previously Reported			2014
Cash provided by (used in):
Operating activities	$	1,451		$	1,451		$	1,402
Investing activities	(3,156		)	(3,156		)	(2,248		)
Financing activities	1,769			1,769			977
Effect of exchange rate changes	(17		)	(17		)	(2		)
Net change in cash and cash equivalents	$	47		$	47		$	129
Fleet growth(a)	$	(9	)	$	9		$	(592	)
Free cash flow(a)	(30		)	(30		)	(689		)

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules IV and V.

2

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
U.S. Car Rental
Transaction days (in thousands)	34,977			35,850			67,014			68,210
Total RPD(a)	$	45.80		$	46.19		$	46.41		$	47.00
Revenue per available car day (in whole dollars)(a)	$34.40			$	36.61		$34.33			$	36.26
Average fleet	511,700			502,500			500,500			497,000
Fleet efficiency	75		%	79		%	74		%	77		%
Net depreciation per unit per month 2015 As Restated(a)	$	248					$	267
Net depreciation per unit per month (As Previously Reported)(a)	$	259		$	259		$	273		$	273
Program cars as a percentage of total average fleet at period end	29		%	16		%	29		%	16		%
Adjusted pre-tax income 2015 (loss)(in millions) (As Restated)(a)	$	195					$	265
Adjusted pre-tax income (loss)(in millions) (As Previously Reported)(a)	$	174		$	184		$	244		$	306
International Car Rental
Transaction days (in thousands)	12,523			12,096			22,298			21,491
Total RPD(a) (b)	$	47.59		$	47.45		$	47.31		$	47.04
Revenue per available car day (in whole dollars)(a) (b)	$37.70			$	36.61		$36.70			$	35.58
Average Fleet	173,700			172,300			158,800			157,000
Fleet efficiency	79		%	77		%	78		%	76		%
Net depreciation per unit per month(a) (b)	$	207		$	215		$	218		$	227
Program cars as a percentage of total average fleet at period end	46		%	42		%	46		%	42		%
Adjusted pre-tax income (loss)(in millions)(a) (b)	$	45		$	57		$	52		$	16
Worldwide Equipment Rental
Dollar utilization	34		%	35		%	34		%	35		%
Time utilization	63		%	63		%	62		%	62		%
Rental and rental related revenue (in millions)(a) (b)	$	352		$	348		$	689		$	675
Same store revenue growth, including growth initiatives(b)	(1		)%	4		%	—		%	5		%
Adjusted pre-tax income (loss) (in millions)(a)	$	42		$	67		$	76		$	121
All Other Operations
Average fleet — Donlen	165,600			177,800			167,100			177,300
Adjusted pre-tax income (loss) (in millions)(a)	$	17		$	15		$	31		$	29

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules III and VI.

(b) Based on December 31, 2014 foreign exchange rates.

3

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

The following Supplemental Schedules and definitions are provided to present segment results and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules we provide definitions for terminology used throughout these schedules.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended June 30, 2015
(In millions)	U.S. Car Rental As Restated			U.S. Car Rental As Previously Reported			Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH (As Restated)			Consolidated HGH As Previously Reported
Total revenues:	$	1,615		$	1,615		$	556	$	375		$	146	$	—		$	2,692		$	2,692
Expenses:
Direct operating	942			945			332		214			6		8			1,502			1,505
Depreciation of revenue earning equipment and lease charges, net	380			398			101		81			116		—			678			696
Selling, general and administrative	100			100			69		47			8		71			295			295
Interest expense, net	41			41			18		15			2		80			156			156
Other (income) expense, net	(1		)	(1		)	—		(2		)	—		(7		)	(10		)	(10		)
Total expenses	1,462			1,483			520		355			132		152			2,621			2,642
Income (loss)before income taxes	$	153		$	132		$	36	$	20		$	14	$	(152	)	71			50
(Provision) benefit for taxes on income (loss)																	(35		)	(27		)
Net income (loss)																	$	36		$	23

4

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended June 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	1,663		$	641	$	384		$	142	$	—		$	2,830
Expenses:
Direct operating	990			394		210			6		(6		)	1,594
Depreciation of revenue earning equipment and lease charges, net	391			124		79			114		—			708
Selling, general and administrative	93			63		35			8		65			264
Interest expense, net	44			25		12			3		80			164
Other (income) expense, net	(22		)	3		(1		)	—		(1		)	(21		)
Total expenses	1,496			609		335			131		138			2,709
Income (loss)before income taxes	$	167		$	32	$	49		$	11	$	(138	)	121
(Provision) benefit for taxes on income (loss)														(49		)
Net income (loss)														$	72

5

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Six Months Ended June 30, 2015
(In millions)	U.S. Car Rental As Restated			U.S. Car Rental As Previously Reported			Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH (As Restated)			Consolidated HGH As Previously Reported
Total revenues:	$	3,135		$	3,135		$	992	$	730		$	288	$	—		$	5,145		$	5,145
Expenses:
Direct operating	1,868			1,871			599		422			11		10			2,910			2,913
Depreciation of revenue earning equipment and lease charges, net	801			819			196		157			231		—			1,385			1,403
Selling, general and administrative	197			197			125		93			16		129			560			560
Interest expense, net	82			82			34		29			5		160			310			310
Other (income) expense, net	(1		)	(1		)	—		(3		)	—		—			(4		)	(4		)
Total expenses	2,947			2,968			954		698			263		299			5,161			5,182
Income (loss) before income taxes	$	188		$	167		$	38	$	32		$	25	$	(299	)	(16		)	$	(37	)
(Provision) benefit for taxes on income (loss)																	(18		)	(10		)
Net income (loss)																	$	(34	)	$	(47	)

	Six Months Ended June 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	3,220		$	1,123		$	743		$	280	$	—		$	5,366
Expenses:
Direct operating	1,898			723			410			12		(6		)	3,037
Depreciation of revenue earning equipment and lease charges, net	815			238			157			224		—			1,434
Selling, general and administrative	193			126			67			16		139			541
Interest expense, net	81			46			25			7		161			320
Other (income) expense, net	(29		)	3			(2		)	—		4			(24		)
Total expenses	2,958			1,136			657			259		298			5,308
Income (loss) before income taxes	$	262		$	(13	)	$	86		$	21	$	(298	)	58
(Provision) benefit for taxes on income (loss)															(56		)
Net income (loss)															$	2

6

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Three Months Ended June 30, 2015 As Restated											Three Months Ended June 30, 2015 As Previously Reported											Three Months Ended June 30, 2014
(In millions, except per share data)	GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)
Total revenues	$	2,692		$	—			$	2,692			$	2,692		$	—			$	2,692			$	2,830		$	—			$	2,830
Expenses:
Direct operating	1,502			(48		)	(a)	1,454				1,505			(48		)	(a)	1,457				1,594			(59		)	(a)	1,535
Depreciation of revenue earning equipment and lease charges, net	678			—			(b)	678				696			—			(b)	696				708			(6		)	(b)	702
Selling, general and administrative	295			(43		)	(c)	252				295			(43		)	(c)	252				264			(34		)	(c)	230
Interest expense, net	156			(16		)	(d)	140				156			(16		)	(d)	140				164			(13		)	(d)	151
Other (income) expense, net	(10		)	4			(e)	(6		)		(10		)	4			(e)	(6		)		(21		)	17			(e)	(4		)
Total expenses	2,621			(103		)		2,518				2,642			(103		)		2,539				2,709			(95		)		2,614
Income (loss) before income taxes	71			103				174				50			103				153				121			95				216
(Provision) benefit for taxes on income (loss)	(35		)	(29		)	(f)	(64		)	(f)	(27		)	(30		)	(f)	(57		)	(f)	(49		)	(31		)	(f)	(80		)	(f)
Net income (loss)	$	36		$	74			$	110			$	23		$	73			$	96			$	72		$	64			$	136
Weighted average number of diluted shares outstanding	461			461				461				461			461				461				465			465				465
Diluted earnings (loss) per share	$	0.08		$	0.16			$	0.24			$	0.05		$	0.16			$	0.21			$	0.15		$	0.14			$	0.29

7

Supplemental Schedule II (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Six Months Ended June 30, 2015 As Restated											Six Months Ended June 30, 2015 As Previously Reported											Six Months Ended June 30, 2014
(In millions, except per share data)	GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)
Total revenues	$	5,145		$	—			$	5,145			$	5,145		$	—			$	5,145			$	5,366		$	—			$	5,366
Expenses:
Direct operating	2,910			(81		)	(a)	2,829				2,913			(81		)	(a)	2,832				3,037			(104		)	(a)	2,933
Depreciation of revenue earning equipment and lease charges, net	1,385			—			(b)	1,385				1,403			—			(b)	1,403				1,434			(8		)	(b)	1,426
Selling, general and administrative	560			(81		)	(c)	479				560			(81		)	(c)	479				541			(72		)	(c)	469
Interest expense, net	310			(32		)	(d)	278				310			(32		)	(d)	278				320			(25		)	(d)	295
Other (income) expense, net	(4		)	1			(e)	(3		)		(4		)	1			(e)	(3		)		(24		)	28			(e)	4
Total expenses	5,161			(193		)		4,968				5,182			(193		)		4,989				5,308			(181		)		5,127
Income (loss) before income taxes	(16		)	193				177				(37		)	193				156				58			181				239
(Provision) benefit for taxes on income (loss)	(18		)	(47		)	(f)	(65		)	(f)	(10		)	(48		)	(f)	(58		)	(f)	(56		)	(32		)	(f)	(88		)	(f)
Net income (loss)	$	(34	)	$	146			$	112			$	(47	)	$	145			$	98			$	2		$	149			$	151
Weighted average number of diluted shares outstanding	459			459				459				459			459				459				457			457				457
Diluted earnings (loss) per share	$	(0.07	)	$	0.32			$	0.24			$	(0.10	)	$	0.32			$	0.21			$	—		$	0.33			$	0.33

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, 2015 and 2014, also includes restructuring and restructuring related charges of $16 million and $27 million, respectively. For the six months ended June 30, 2015 and 2014, also includes restructuring and restructuring related charges of $18 million and $40 million, respectively.

b. In 2014, represents the increase in depreciation of equipment rental revenue earning equipment based upon its revaluation relating to purchase accounting. There were no adjustments for depreciation of equipment rental revenue earning equipment in 2015.

c. For the three months ended June 30, 2015 and 2014, primarily comprised of restructuring and restructuring related charges of $30 million and $15 million, respectively, expenses associated with the anticipated HERC spin-off transaction announced in March 2014 of $8 million and $12 million, respectively, consulting costs and legal fees related to the accounting review and investigation, expenses associated with acquisitions, integration charges and relocation expenses associated with the Company's relocation of its headquarters to Estero, Florida. For the six months ended June 30, 2015 and 2014, primarily comprised of restructuring and restructuring related charges of $53 million and $41 million, respectively, expenses associated with the anticipated HERC spin-off transaction announced in March 2014 of $17 million and $12 million, respectively, consulting costs and legal fees related to the accounting review and investigation, expenses associated with acquisitions, integration charges and relocation expenses associated with the Company's relocation of its headquarters to Estero, Florida. The three and six months ended June 30, 2015 also include costs associated with the separation of certain executives.

d. Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts.

e. In 2014, primarily represents a $19 million litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years.

f. Represents a (provision) benefit for income taxes derived utilizing a combined statutory rate of 37% for all periods shown. The combined statutory rate is applied to the adjusted income (loss) before income taxes to arrive at the adjusted (provision) benefit for taxes. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, we applied the combined statutory rate to our adjustments. Management believes the current approach results in a better indicator of our core earnings.

8

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended June 30, 2015
(In millions)	U.S. Car Rental As Restated			U.S. Car Rental As Previously Reported			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH As Restated			Consolidated HGH As Previously Reported
Income (loss) before income taxes	$	153		$	132		$	36		$	20		$	14		$	(152	)	$	71		$	50
Depreciation and amortization	429			447			110			100			117			5			761			779
Interest, net of interest income	41			41			18			15			2			80			156			156
Gross EBITDA	$	623		$	620		$	164		$	135		$	133		$	(67	)	$	988		$	985
Car rental fleet depreciation and lease charges, net	(380		)	(398		)	(101		)	—			(116		)	—			(597		)	(615		)
Car rental fleet interest	(43		)	(43		)	(16		)	—			(3		)	—			(62		)	(62		)
Car rental fleet debt related charges (a)	8			8			2			—			1			—			11			11
Corporate EBITDA	$	208		$	187		$	49		$	135		$	15		$	(67	)	$	340		$	319
Non-cash stock-based employee compensation charges	—			—			—			—			—			5			5			5
Restructuring and restructuring related charges(b)	16			16			5			6			—			20			47			47
Acquisition related costs and charges	—			—			—			—			—			1			1			1
Equipment rental spin-off costs (c)	—			—			—			7			—			1			8			8
Impairment charges and write-downs (d)	—			—			—			—			—			—			—			—
Integration expenses (e)	—			—			—			—			—			3			3			3
Relocation costs (f)	—			—			—			—			—			1			1			1
Other extraordinary, unusual or non-recurring items(g)	—			—			—			(1		)	—			(4		)	(5		)	(5		)
Adjusted Corporate EBITDA	$	224		$	203		$	54		$	147		$	15		$	(40	)	$	400		$	379
Non-fleet depreciation and amortization(h)	(49		)	(49		)	(9		)	(100		)	(1		)	(5		)	(164		)	(164		)
Non-fleet interest, net of interest income	2			2			(2		)	(15		)	1			(80		)	(94		)	(94		)
Non-fleet debt related charges (a)	—			—			—			1			—			4			5			5
Non-cash stock-based employee compensation charges	—			—			—			—			—			(5		)	(5		)	(5		)
Acquisition accounting (i)	18			18			2			9			2			1			32			32
Adjusted pre-tax income (loss)	$	195		$	174		$	45		$	42		$	17		$	(125	)	$	174		$	153

9

Supplemental Schedule III (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended June 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	167		$	32		$	49		$	11		$	(138	)	$	121
Depreciation and amortization	447			135			97			116			4			799
Interest, net of interest income	44			25			12			3			80			164
Gross EBITDA	$	658		$	192		$	158		$	130		$	(54	)	$	1,084
Car rental fleet depreciation and lease charges, net	(391		)	(124		)	—			(114		)	—			(629		)
Car rental fleet interest	(45		)	(22		)	—			(3		)	—			(70		)
Car rental fleet debt related charges (a)	1			5			—			1			—			7
Corporate EBITDA	$	223		$	51		$	158		$	14		$	(54	)	$	392
Non-cash stock-based employee compensation charges	—			—			—			—			5			5
Restructuring and restructuring related charges (b)	4			14			2			—			11			31
Acquisition related costs and charges	—			—			—			—			2			2
Equipment rental spin-off costs (c)	—			—			6			—			6			12
Impairment charges and write-downs (d)	10			—			—			—			—			10
Integration expenses (e)	—			—			—			—			3			3
Relocation costs (f)	—			—			—			—			3			3
Other extraordinary, unusual or non-recurring items(g)	(16		)	3			—			—			1			(12		)
Adjusted Corporate EBITDA	$	221		$	68		$	166		$	14		$	(23	)	$	446
Non-fleet depreciation and amortization(h)	(56		)	(11		)	(97		)	(2		)	(4		)	(170		)
Non-fleet interest, net of interest income	1			(3		)	(12		)	—			(80		)	(94		)
Non-fleet debt related charges (a)	1			—			1			—			4			6
Non-cash stock-based employee compensation charges	—			—			—			—			(5		)	(5		)
Acquisition accounting (i)	17			3			9			3			1			33
Adjusted pre-tax income (loss)	$	184		$	57		$	67		$	15		$	(107	)	$	216

10

Supplemental Schedule III (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Six Months Ended June 30, 2015
(In millions)	U.S. Car Rental As Restated			U.S. Car Rental As Previously Reported			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH As Restated			Consolidated HGH As Previously Reported
Income (loss) before income taxes	$	188		$	167		$	38		$	32		$	25		$	(299	)	$	(16	)	$	(37	)
Depreciation and amortization	901			919			214			195			235			9			1,554			1,572
Interest, net of interest income	82			82			34			29			5			160			310			310
Gross EBITDA	$	1,171		$	1,168		$	286		$	256		$	265		$	(130	)	$	1,848		$	1,845
Car rental fleet depreciation and lease charges, net	(801		)	(819		)	(196		)	—			(231		)	—			(1,228		)	(1,246		)
Car rental fleet interest	(86		)	(86		)	(31		)	—			(6		)	—			(123		)	(123		)
Car rental fleet debt-related charges (a)	15			15			4			—			2			—			21			21
Corporate EBITDA	$	299		$	278		$	63		$	256		$	30		$	(130	)	$	518		$	497
Non-cash stock-based employee compensation charges	—			—			—			—			—			10			10			10
Restructuring and restructuring related charges (b)	18			18			6			8			—			35			67			67
Acquisition related costs and charges	—			—			—			—			—			—			—			—
Equipment rental spin-off costs (c)	—			—			—			16			—			1			17			17
Impairment charges and write-downs (d)	9			9			—			—			—			—			9			9
Integration expenses (e)	—			—			—			—			—			3			3			3
Relocation costs (f)	—			—			—			—			—			4			4			4
Other extraordinary, unusual or non-recurring items (g)	(2		)	(2		)	—			(1		)	—			1			(2		)	(2		)
Adjusted Corporate EBITDA	$	324		$	303		$	69		$	279		$	30		$	(76	)	$	626		$	605
Non-fleet depreciation and amortization(h)	(100		)	(100		)	(18		)	(195		)	(4		)	(9		)	(326		)	(326		)
Non-fleet interest, net of interest income	4			4			(3		)	(29		)	1			(160		)	(187		)	(187		)
Non-fleet debt-related charges (a)	1			1			—			3			—			7			11			11
Non-cash stock-based employee compensation charges	—			—			—			—			—			(10		)	(10		)	(10		)
Acquisition accounting (i)	36			36			4			18			4			1			63			63
Adjusted pre-tax income (loss)	$	265		$	244		$	52		$	76		$	31		$	(247	)	$	177		$	156

11

Supplemental Schedule III (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Six Months Ended June 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	262		$	(13	)	$	86		$	21		$	(298	)	$	58
Depreciation and amortization	926			259			193			230			6			1,614
Interest, net of interest income	81			46			25			7			161			320
Gross EBITDA	$	1,269		$	292		$	304		$	258		$	(131	)	$	1,992
Car rental fleet depreciation and lease charges, net	(815		)	(238		)	—			(224		)	—			(1,277		)
Car rental fleet interest	(84		)	(42		)	—			(7		)	—			(133		)
Car rental fleet debt-related charges (a)	2			8			—			3			—			13
Corporate EBITDA	$	372		$	20		$	304		$	30		$	(131	)	$	595
Non-cash stock-based employee compensation charges	—			—			—			—			13			13
Restructuring and restructuring related charges (b)	16			19			6			—			31			72
Acquisition related costs and charges	—			—			—			—			8			8
Equipment rental spin-off costs (c)	—			—			6			—			6			12
Impairment charges and write-downs (d)	10			—			—			—			—			10
Integration expenses (e)	1			—			—			—			5			6
Relocation costs (f)	—			—			—			—			5			5
Other extraordinary, unusual or non-recurring items (g)	(21		)	(3		)	1			—			1			(22		)
Adjusted Corporate EBITDA	$	378		$	36		$	317		$	30		$	(62	)	$	699
Non-fleet depreciation and amortization(h)	(111		)	(21		)	(193		)	(6		)	(6		)	(337		)
Non-fleet interest, net of interest income	3			(4		)	(25		)	—			(161		)	(187		)
Non-fleet debt-related charges (a)	1			—			3			—			8			12
Non-cash stock-based employee compensation charges	—			—			—			—			(13		)	(13		)
Acquisition accounting (i)	35			5			19			5			1			65
Adjusted pre-tax income (loss)	$	306		$	16		$	121		$	29		$	(233	)	$	239

(a) Represents non-cash charges relating to the amortization of deferred debt financing costs and debt discounts and premiums.

(b) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. Also represents incremental costs incurred directly supporting business transformation initiatives, such as transition costs in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes and consulting costs and legal fees related to the accounting review and investigation. The three and six months ended June 30, 2015 also include costs associated with the separation of certain executives.

(c) Represents expense associated with the HERC spin-off.

(d) For six months ended June 30, 2015, represents impairment of the former Dollar Thrifty headquarters and the impairment of a corporate asset recognized in the first quarter 2015. For the three and six months ended June 30, 2014, represents the write-off of assets associated with a terminated business relationship.

(e) Primarily represents Dollar Thrifty integration related expenses.

(f) Represents non-recurring costs incurred in connection with the relocation of the Company's corporate headquarters to Estero, Florida that were not included in restructuring expenses. Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation.

(g) Includes miscellaneous non-recurring or non-cash items. In the three and six months ended June 30, 2014, primarily represents a $19 million litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years.

(h) Amounts related to the Worldwide Equipment Rental segment include depreciation of revenue earning equipment.

(i) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to purchase accounting.

12

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FLEET GROWTH

Unaudited

	Six Months Ended June 30, 2015
(In millions)	U.S. Car Rental As Restated			U.S. Car Rental As Previously Reported			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH As Restated			Consolidated HGH As Previously Reported
Revenue earning equipment expenditures	$	(5,190	)	$	(5,190	)	$	(1,732	)	$	(352	)	$	(717	)	$	(7,991	)	$	(7,991	)
Proceeds from disposal of revenue earning equipment	3,279			3,279			1,111			93			426			4,909			4,909
Net revenue earning equipment capital expenditures	(1,911		)	(1,911		)	(621		)	(259		)	(291		)	(3,082		)	(3,082		)
Depreciation of revenue earning equipment, net	801			819			159			158			231			1,349			1,367
Financing activity related to car rental fleet:																—
Borrowings	4,146			4,146			831			—			602			5,579			5,579
Payments	(2,986		)	(2,986		)	(444		)	—			(562		)	(3,992		)	(3,992		)
Restricted cash changes	150			150			12			—			(25		)	137			137
Net financing activity related to car rental fleet	1,310			1,310			399			—			15			1,724			1,724
Fleet growth	$	200		$	218		$	(63	)	$	(101	)	$	(45	)	$	(9	)	$	9

	Six Months Ended June 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH
Revenue earning equipment expenditures	$	(3,260	)	$	(1,673	)	$	(296	)	$	(767	)	$	(5,996	)
Proceeds from disposal of revenue earning equipment	2,114			1,059			89			455			3,717
Net revenue earning equipment capital expenditures	(1,146		)	(614		)	(207		)	(312		)	(2,279		)
Depreciation of revenue earning equipment, net	813			199			157			224			1,393
Financing activity related to car rental fleet:													—
Borrowings	619			720			—			420			1,759
Payments	(731		)	(491		)	—			(350		)	(1,572		)
Restricted cash changes	124			(23		)	—			6			107
Net financing activity related to car rental fleet	12			206			—			76			294
Fleet growth	$	(321	)	$	(209	)	$	(50	)	$	(12	)	$	(592	)

13

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FREE CASH FLOW

Unaudited

	Six Months Ended June 30,
(In millions)	2015 As Restated			2015 As Previously Reported			2014
Income (loss) before income taxes	$	(16	)	$	(37	)	$	58
Depreciation and amortization, non-fleet, net	169			169			180
Amortization of debt discount and related charges	29			29			25
Cash paid for income taxes	(19		)	(19		)	(33		)
Changes in assets and liabilities, net of effects of acquisitions, and other	(61		)	(58		)	(221		)
Net cash provided by operating activities excluding depreciation of revenue earning equipment	102			84			9
U.S. car rental fleet growth	200			218			(321		)
International car rental fleet growth	(63		)	(63		)	(209		)
Equipment rental fleet growth	(101		)	(101		)	(50		)
All other operations rental fleet growth	(45		)	(45		)	(12		)
Property and equipment expenditures, net of disposals	(123		)	(123		)	(106		)
Net investment activity	(132		)	(114		)	(698		)
Free cash flow	$	(30	)	$	(30	)	$	(689	)

14

Supplemental Schedule VI

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

	As of June 30, 2015						As of December 31, 2014
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	11,064	$	6,618	$	17,682	$	9,562	$	6,431	$	15,993
Less:
Cash and cash equivalents	—		537		537		—		490		490
Restricted cash	378		43		421		515		56		571
Net debt	$	10,686	$	6,038	$	16,724	$	9,047	$	5,885	$	14,932

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions)	2015			2014			2015			2014
Worldwide equipment rental segment revenues	$	375		$	384		$	730		$	743
Worldwide equipment sales and other revenue	(28		)	(29		)	(51		)	(55		)
Rental and rental related revenue at actual rates	347			355			679			688
Foreign currency adjustment(a)	5			(7		)	10			(13		)
Rental and rental related revenue	$	352		$	348		$	689		$	675

(a)Based on December 31, 2014 foreign exchange rates.

15

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Three Months Ended June 30,						Six Months Ended June 30,
($In millions, except as noted)	2015			2014			2015				2014
Total RPD
Revenues	$	1,615		$	1,663		$	3,135			$	3,220
Ancillary retail car sales revenue	$	(13	)	$	(7	)	$	(25	)		$	(14	)
Total rental revenue	$	1,602		$	1,656		$	3,110			$	3,206
Transaction days (in thousands)	34,977			35,850			67,014				68,210
Total RPD (in whole dollars)	$	45.80		$	46.19		$	46.41			$	47.00
Fleet Efficiency
Transaction days (in thousands)	34,977			35,850			67,014				68,210
Average Fleet	511,700			502,500			500,500				497,000
Advantage sublease vehicles	—			(4,400		)	—				(7,500		)
Hertz 24/7 vehicles	—			(1,000		)	—				(1,000		)
Average Fleet used to calculate fleet efficiency	511,700			497,100			500,500				488,500
Number of days in period	91			91			181				181
Available car days (in thousands)	46,565			45,236			90,591			—	88,419
Fleet efficiency (a)	75		%	79		%	74		%		77		%
Revenue Per Available Car Day
Total rental revenue	$	1,602		$	1,656		$	3,110			$	3,206
Available car days (in thousands)	46,565			45,236			90,591			—	88,419
Revenue per available car day (in whole dollars)	$	34.40		$	36.61		$	34.33			$	36.26
Net Depreciation Per Unit Per Month (As Restated)
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	380		$	391		$	801			$	815
Average fleet	511,700			502,500			500,500				497,000
Depreciation of revenue earning equipment and lease charges, net divided by average fleet (whole dollars)	$	743		$	778		$	1,600			$	1,640
Number of months in period	3			3			6				6
Net depreciation per unit per month (whole dollars)	$	248		$	259		$	267			$	273
Net Depreciation Per Unit Per Month (As Previously Reported)
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	398		$	391		$	819			$	815
Average fleet	511,700			502,500			500,500				497,000
Depreciation of revenue earning equipment and lease charges, net divided by average fleet (whole dollars)	$	778		$	778		$	1,636			$	1,640
Number of months in period	3			3			6				6
Net depreciation per unit per month (whole dollars)	$	259		$	259		$	273			$	273

(a)Calculated as transaction days divided by available car days.

16

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (CONTINUED)

International Car Rental

	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except as noted)	2015			2014			2015			2014
Total RPD
Revenues	$	556		$	641		$	992		$	1,123
Foreign currency adjustment (a)	40			(67		)	63			(112		)
Total rental revenue	$	596		$	574		$	1,055		$	1,011
Transaction days (in thousands)	12,523			12,096			22,298			21,491
Total RPD (in whole dollars)	$	47.59		$	47.45		$	47.31		$	47.04
Fleet Efficiency
Transaction days (in thousands)	12,523			12,096			22,298			21,491
Average Fleet	173,700			172,300			158,800			157,000
Number of days in period	91			91			181			181
Available car days (in thousands)	15,807			15,679			28,743			28,417
Fleet efficiency (b)	79		%	77		%	78		%	76		%
Revenue Per Available Car Day
Total rental revenue	$	596		$	574		$	1,055		$	1,011
Available car days (in thousands)	15,807			15,679			28,743			28,417
Revenue per available car day (in whole dollars)	$	37.70		$	36.61		$	36.70		$	35.58
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	101		$	124		$	196		$	238
Foreign currency adjustment (in millions) (a)	7			(13		)	12			(24		)
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	108		$	111		$	208		$	214
Average fleet	173,700			172,300			158,800			157,000
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (whole dollars)	$	622		$	644		$	1,310		$	1,363
Number of months in period	$	3		$	3		$	6		$	6
Net depreciation per unit per month (whole dollars)	$	207		$	215		$	218		$	227

(a)Based on December 31, 2014 foreign exchange rates.

(b)Calculated as transaction days divided by available car days.

17

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended March 31,									Three Months Ended March 31,
(In millions, except per share data)	2015			2014			2013 As Restated			2013 As Revised			2013 As Reported
Total revenues	$	2,454		$	2,536		$	2,437		$	2,437		$	2,436
Expenses:
Direct operating	1,408			1,443			1,364			1,358			1,351
Depreciation of revenue earning equipment and lease charges, net	707			726			589			580			587
Selling, general and administrative	266			276			250			248			252
Interest expense, net	154			156			175			175			175
Other (income) expense, net	5			(3		)	—			2			(1		)
Total expenses	2,540			2,598			2,378			2,363			2,364
Income (loss) before income taxes	(86		)	(62		)	59			74			72
(Provision) benefit for taxes on income (loss)	16			(7		)	(53		)	(58		)	(54		)
Net income (loss)	$	(70	)	$	(69	)	$	6		$	16		$	18
Weighted average number of shares outstanding:
Basic	459			447			416			416			416
Diluted	459			447			461			461			461
Earnings per share:
Basic	$	(0.15	)	$	(0.15	)	$	0.01		$	0.04		$	0.04
Diluted	$	(0.15	)	$	(0.15	)	$	0.02		$	0.04		$	0.04
Adjusted Corporate EBITDA(a)	$	226		$	254		$	359		NR			$	367
Adjusted pre-tax Income (loss)(a)	3			24			136			NR			145

(a)        Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule III.

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

	As of March 31,				As of December 31, 2013
(In millions)	2015		2014		As Revised
Cash and cash equivalents	$	585	$	498	$	411
Restricted cash	411		453		861
Revenue earning equipment:
U.S. Car Rental	8,814		8,662		8,629
International Car Rental	2,021		2,245		2,047
Worldwide Equipment Rental	2,473		2,440		2,416
All Other Operations	1,285		1,157		1,099
Total revenue earning equipment, net	14,593		14,504		14,191
Total assets	24,602		24,470		24,423
Total debt	16,351		16,125		16,309
Net Fleet debt(a)	9,548		9,148		9,034
Net Corporate debt(a) (b)	5,807		6,026		6,003
Total equity	2,349		2,491		2,567

(a)        Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule VI.

(b)        Fleet related to Hertz Equipment Rental Corporation is funded via Corporate Debt.

18

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Three Months Ended March 31,									Three Months Ended March 31,
(In millions)	2015			2014			2013 As Restated			2013 As Revised			2013 As Reported
Cash provided by (used in):
Operating activities	$	782		$	760		$	746		$	747		$	743
Investing activities	(1,166		)	(372		)	(946		)	(950		)	(932		)
Financing activities	499			(301		)	317			318			318
Effect of exchange rate changes	(20		)	—			(8		)	(8		)	(8		)
Net change in cash and cash equivalents	$	95		$	87		$	109		$	107		$	121
Fleet growth(a)	$	171		$	—		$	(196	)	NR			$	(194	)
Free cash flow(a)	189			3			(76		)	(73		)	(79		)

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules IV and V.

19

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended March 31,									Three Months Ended March 31,
	2015			2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	32,036			32,360			30,064			30,064
Total RPD(a)	$	47.07		$	47.90		$	48.63		$	49.35
Revenue per available car day (in whole dollars)(a)	$	34.24		$	35.92		$	37.61		NR
Average fleet	489,300			491,500			454,000			457,700
Fleet efficiency(a)	73		%	75		%	77		%	NR
Net depreciation per unit per month(a)	$	287		$	288		$	209		NR
Program cars as a percentage of total average fleet at period end	24		%	15		%	4		%	NR
Adjusted pre-tax income (loss) (in millions)(a)	$	71		$	119		$	232		NR
International Car Rental
Transaction days (in thousands)	9,775			9,395			9,006			9,006
Total RPD(a)(b)	$	46.96		$	51.41		$	51.63		$	52.76
Revenue per available car day (in whole dollars)(a)(b)	$	35.42		$	37.95		$	37.58		NR
Average fleet	144,000			141,400			137,500			137,500
Fleet efficiency(a)	75		%	74		%	73		%	NR
Net depreciation per unit per month(a)	$	231		$	266		$	301		NR
Program cars as a percentage of total average fleet at period end	38		%	34		%	28		%	NR
Adjusted pre-tax income (loss) (in millions)(a)	$	8		$	(39	)	$	(47	)	NR
Worldwide Equipment Rental
Dollar utilization	34		%	34		%	35		%	NR
Time utilization	61		%	61		%	61		%	NR
Rental and rental related revenue (in millions)(a)(b)	$	336		$	334		$	320		$	322
Same store revenue growth, including growth initiatives(b)	1		%	5		%	13		%	13		%
Adjusted pre-tax income (loss) (in millions)(a)	$	33		$	52		$	45		$	46
All Other Operations
Average fleet — Donlen	168,600			176,800			165,600			165,600
Adjusted pre-tax income (loss) (in millions)(a)	$	16		$	16		$	13		NR

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules III and VI.

(b) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

20

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

The following Supplemental Schedules and definitions are provided to present segment results and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules we provide definitions for terminology used throughout these schedules.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended March 31, 2015															Three Months Ended March 31, 2014
(in millions)	U.S. Car Rental		Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	1,520	$	436	$	355		$	143	$	—		$	2,454		$	1,557		$	482		$	358		$	139	$	—		$	2,536
Expenses:
Direct operating	926		267		208			6		1			1,408			907			329			200			7		—			1,443
Depreciation of revenue earning equipment and lease charges, net	421		95		76			115		—			707			424			113			78			111		—			726
Selling, general and administrative	98		57		46			8		57			266			101			65			32			6		72			276
Interest expense, net	40		15		15			2		82			154			38			20			13			4		81			156
Other (income) expense, net	—		—		(1		)	—		6			5			(7		)	—			(1		)	—		5			(3		)
Total expenses	1,485		434		344			131		146			2,540			1,463			527			322			128		158			2,598
Income (loss) before income taxes	$	35	$	2	$	11		$	12	$	(146	)	$	(86	)	$	94		$	(45	)	$	36		$	11	$	(158	)	$	(62	)
(Provision) benefit for taxes on income (loss)													16																	(7		)
Net income (loss)													$	(70	)															$	(69	)

21

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.    

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended March 31, 2013 As Restated																Three Months Ended March 31, 2013 As Revised			Three Months Ended March 31, 2013 As Reported
(In millions)	U.S. Car Rental		Int'l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			Consolidated HGH			Consolidated HGH
Total revenues:	$	1,484	$	471		$	353		$	129	$	—		$	2,437		$	2,437		$	2,436
Expenses:
Direct operating	847		313			203			6		(5		)	1,364			1,358			1,351
Depreciation of revenue earning equipment and lease charges, net	285		125			74			105		—			589			580			587
Selling, general and administrative	101		65			33			7		44			250			248			252
Interest expense, net	46		26			13			2		88			175			175			175
Other (income) expense, net	1		—			(1		)	—		—			—			2			(1		)
Total expenses	1,280		529			322			120		127			2,378			2,363			2,364
Income (loss) before income taxes	$	204	$	(58	)	$	31		$	9	$	(127	)	$	59		$	74		$	72
(Provision) benefit for taxes on income (loss)														(53		)	(58		)	(54		)
Net income (loss)														$	6		$	16		$	18

22

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Three Months Ended March 31, 2015											Three Months Ended March 31, 2014											Three Months Ended March 31, 2013 as Restated											Three Months Ended March 31, 2013 as Reported
(In millions, except per share data)	GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)
Total revenues	$	2,454		$	—			$	2,454			$	2,536		$	—			$	2,536			$	2,437		$	—			$	2,437			$	2,436		$	—			$	2,436
Expenses:
Direct operating	1,408			(33		)		1,375				1,443			(46		)		1,397				1,364			(36		)		1,328				1,351			(36		)		1,315
Depreciation of revenue earning equipment and lease charges, net	707			—				707				726			(2		)		724				589			(4		)		585				587			(4		)		583
Selling, general and administrative	266			(37		)		229				276			(38		)		238				250			(18		)		232				252			(16		)		236
Interest expense, net	154			(16		)		138				156			(12		)		144				175			(17		)		158				175			(17		)		158
Other (income) expense, net	5			(3		)		2				(3		)	12				9				—			(2		)		(2		)		(1		)	—				(1		)
Total expenses	2,540			(89		)		2,451				2,598			(86		)		2,512				2,378			(77		)		2,301				2,364			(73		)		2,291
Income (loss) before income taxes	(86		)	89				3				(62		)	86				24				59			77				136				72			73				145
(Provision) benefit for taxes on income (loss)	16			(17		)	(a)	(1		)	(a)	(7		)	(2		)	(a)	(9		)	(a)	(53		)	5			(a)	(48		)	(a)	(54		)	3			(a)	(51		)	(a)
Net income (loss)	$	(70	)	$	72			$	2			$	(69	)	$	84			$	15			$	6		$	82			$	88			$	18		$	76			$	94
Weighted average number of diluted shares outstanding	459			459				459				447			447				447				461			461				461				461			461				461
Diluted earnings (loss) per share(b)	$	(0.15	)	$	0.16			$	—			$	(0.15	)	$	0.19			$	0.03			$	0.02		$	0.18			$	0.19			$	0.04		NR				$	0.21

(a) Represents a (provision) benefit for income taxes derived utilizing a combined statutory rate of 37% for 2015 and 2014 and 35% for 2013. The combined statutory rate is applied to the adjusted income (loss) before income taxes to arrive at the adjusted (provision) benefit for taxes. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, we applied the combined statutory rate to our adjustments. Management believes the current approach results in a better indicator of our core earnings.

(b) Net income (loss) used in diluted earnings per share calculation includes an adjustment to add back to net income the amount of interest expense on convertible senior notes, net of tax of $1 million, for the quarter ended March 31, 2013.

23

Supplemental Schedule III 

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended March 31, 2015
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	35		$	2		$	11		$	12		$	(146	)	$	(86	)
Depreciation and amortization	472			105			95			117			4			793
Interest, net of interest income	40			15			15			2			82			154
Gross EBITDA	$	547		$	122		$	121		$	131		$	(60	)	$	861
Car rental fleet depreciation	(421		)	(95		)	—			(115		)	—			(631		)
Car rental fleet interest	(43		)	(15		)	—			(3		)	—			(61		)
Car rental fleet debt - related charges	8			2			—			1			—			11
Corporate EBITDA	$	91		$	14		$	121		$	14		$	(60	)	$	180
Non-cash stock-based employee compensation charges	—			—			—			—			4			4
Restructuring and restructuring related charges	2			2			2			—			14			20
Acquisition related costs and charges	—			—			—			—			—			—
Integration expenses	(1		)	—			—			—			1			—
Equipment Rental spin-off costs	—			—			9			—			—			9
Relocation costs	(2		)	—			—			—			2			—
Premiums paid on debt	—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			—			—
Impairment charges and asset write-downs	9			—			—			—			—			9
Other extraordinary, unusual or non-recurring items	1			—			—			—			3			4
Adjusted Corporate EBITDA	$	100		$	16		$	132		$	14		$	(36	)	$	226
Non-fleet depreciation and amortization	(51		)	(10		)	(95		)	(2		)	(4		)	(162		)
Non-fleet interest, net of interest income	3			—			(15		)	1			(82		)	(93		)
Non-fleet debt - related charges	—			—			1			—			4			5
Non-cash stock-based employee compensation charges	—			—			—			—			(4		)	(4		)
Acquisition accounting	19			2			10			3			(3		)	31
Adjusted pre-tax income (loss)	$	71		$	8		$	33		$	16		$	(125	)	$	3

24

Supplemental Schedule III (continued) 

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended March 31, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	94		$	(45	)	$	36		$	11		$	(158	)	$	(62	)
Depreciation and amortization	479			123			96			113			5			816
Interest, net of interest income	38			20			13			4			81			156
Gross EBITDA	$	611		$	98		$	145		$	128		$	(72	)	$	910
Car rental fleet depreciation	(424		)	(113		)	—			(111		)	—			(648		)
Car rental fleet interest	(39		)	(20		)	—			(4		)	—			(63		)
Car rental fleet debt - related charges	1			3			—			2			—			6
Corporate EBITDA	$	149		$	(32	)	$	145		$	15		$	(72	)	$	205
Non-cash stock-based employee compensation charges	—			—			—			—			8			8
Restructuring and restructuring related charges	11			5			3			—			20			39
Acquisition related costs and charges	—			—			—			—			7			7
Integration expenses	(2		)	—			—			—			2			—
Equipment Rental spin-off costs	—			—			—			—			—			—
Relocation costs	(2		)	—			—			—			2			—
Premiums paid on debt	—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			—			—
Impairment charges and asset write-downs	—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items	(1		)	(5		)	1			—			—			(5		)
Adjusted Corporate EBITDA	$	155		$	(32	)	$	149		$	15		$	(33	)	$	254
Non-fleet depreciation and amortization	(55		)	(10		)	(96		)	(2		)	(5		)	(168		)
Non-fleet interest, net of interest income	1			—			(13		)	—			(81		)	(93		)
Non-fleet debt - related charges	—			—			2			—			4			6
Non-cash stock-based employee compensation charges	—			—			—			—			(8		)	(8		)
Acquisition accounting	18			3			10			3			(1		)	33
Adjusted pre-tax income (loss)	$	119		$	(39	)	$	52		$	16		$	(124	)	$	24

25

Supplemental Schedule III (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended March 31, 2013 As Restated																		Three Months Ended March 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	204		$	(58	)	$	31		$	9		$	(127	)	$	59		$	72
Depreciation and amortization	338			133			93			107			2			673			669
Interest, net of interest income	46			26			13			2			88			175			175
Gross EBITDA	$	588		$	101		$	137		$	118		$	(37	)	$	907		$	916
Car rental fleet depreciation	(285		)	(125		)	—			(105		)	—			(515		)	(513		)
Car rental fleet interest	(45		)	(24		)	—			(2		)	—			(71		)	(71		)
Car rental fleet debt - related charges	2			3			—			—			—			5			5
Corporate EBITDA	$	260		$	(45	)	$	137		$	11		$	(37	)	$	326		$	337
Non-cash stock-based employee compensation charges	—			—			—			—			8			8			8
Restructuring and restructuring related charges	1			5			—			—			1			7			8
Acquisition related costs and charges	—			—			—			—			3			3			3
Integration expenses	5			—			—			—			6			11			11
Equipment Rental spin-off costs	—			—			—			—			—			—			—
Relocation costs	—			—			—			—			—			—			—
Premiums paid on debt	—			—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			—			—			—
Impairment charges and asset write-downs	—			—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items	2			1			3			—			(2		)	4			—
Adjusted Corporate EBITDA	$	268		$	(39	)	$	140		$	11		$	(21	)	$	359		$	367
Non-fleet depreciation and amortization	(53		)	(8		)	(93		)	(2		)	(2		)	(158		)	(156		)
Non-fleet interest, net of interest income	(1		)	(2		)	(13		)	—			(88		)	(104		)	(104		)
Non-fleet debt - related charges	—			—			1			—			11			12			12
Non-cash stock-based employee compensation charges	—			—			—			—			(8		)	(8		)	(8		)
Acquisition accounting	18			2			10			4			1			35			34
Adjusted pre-tax income (loss)	$	232		$	(47	)	$	45		$	13		$	(107	)	$	136		$	145

26

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FREE CASH FLOW

Unaudited

	Three Months Ended March 31,									Three Months Ended March 31,
(In millions)	2015			2014			2013 As Restated			2013 As Revised			2013 As Reported
Income before income taxes	$	(86	)	$	(62	)	$	59		$	74		$	72
Depreciation and amortization, non-fleet assets	86			90			84			81			51
Amortization of debt discount and related charges	16			11			17			17			48
Cash paid for income taxes	(4		)	(14		)	(6		)	(6		)	(6		)
Changes in assets and liabilities, net of effects of acquisitions, and other	81			28			20			16			6
Net cash provided by operating activities excluding depreciation of revenue earning equipment	93			53			174			182			172
U.S. car rental fleet growth (a)	(12		)	(71		)	(318		)	NR			NR
International car rental fleet growth (a)	203			88			168			NR			NR
Equipment rental fleet growth (a)	18			(10		)	(41		)	NR			NR
All other operations rental fleet growth (a)	(38		)	(7		)	(5		)	NR			NR
Property and equipment expenditures, net of disposals	(75		)	(50		)	(54		)	(57		)	(57		)
Net investment activity	96			(50		)	(250		)	(255		)	(251		)
Free cash flow	$	189		$	3		$	(76	)	$	(73	)	$	(79	)

(a) Historically, fleet growth has not been reported on a segment basis.

27

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FLEET GROWTH

Unaudited

	Three Months Ended March 31, 2015															Three Months Ended March 31, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH
Revenue earning equipment expenditures	$	(2,444	)	$	(515	)	$	(121	)	$	(358	)	$	(3,438	)	$	(1,589	)	$	(509	)	$	(109	)	$	(375	)	$	(2,582	)
Proceeds from disposal of revenue earning equipment	1,368			658			62			201			2,289			1,018			610			21			211			1,860
Net revenue earning equipment capital expenditures	(1,076		)	143			(59		)	(157		)	(1,149		)	(571		)	101			(88		)	(164		)	(722		)
Depreciation of revenue earning equipment	421			77			77			113			688			422			95			78			111			706
Financing activity related to car rental fleet:
Borrowings	2,516			245			—			83			2,844			310			270			—			400			980
Payments	(2,007		)	(278		)	—			(67		)	(2,352		)	(631		)	(354		)	—			(350		)	(1,335		)
Restricted cash changes	134			16			—			(10		)	140			399			(24		)	—			(4		)	371
Net financing activity related to car rental fleet	643			(17		)	—			6			632			78			(108		)	—			46			16
Fleet growth	$	(12	)	$	203		$	18		$	(38	)	$	171		$	(71	)	$	88		$	(10	)	$	(7	)	$	—

	Three Months Ended March 31, 2013 As Restated															Three Months Ended March 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH
Revenue earning equipment expenditures	$	(2,385	)	$	(485	)	$	(154	)	$	(230	)	$	(3,254	)	$	(3,253	)
Proceeds from disposal of revenue earning equipment	1,447			625			39			125			2,236			2,238
Net revenue earning equipment capital expenditures	(938		)	140			(115		)	(105		)	(1,018		)	(1,015		)
Depreciation of revenue earning equipment	285			109			74			104			572			572
Financing activity related to car rental fleet:
Borrowings	1,543			245			—			—			1,788			NR
Payments	(1,366		)	(292		)	—			(1		)	(1,659		)	NR
Restricted cash changes	158			(34		)	—			(3		)	121			NR
Net financing activity related to car rental fleet	335			(81		)	—			(4		)	250			250
Fleet growth	$	(318	)	$	168		$	(41	)	$	(5	)	$	(196	)	$	(193	)

28

Supplemental Schedule VI

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

													As of December 31, 2013						As of December 31, 2013
	As of March 31, 2015						As of March 31, 2014						As Restated						As Reported
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	9,917	$	6,434	$	16,351	$	9,548	$	6,577	$	16,125	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		585		585		—		498		498		—		411		411		—		423		423
Restricted cash	369		42		411		400		53		453		772		89		861		772		88		860
Net debt	$	9,548	$	5,807	$	15,355	$	9,148	$	6,026	$	15,174	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended March 31,
(In millions)	2015			2014			2013 As Restated			2013 As Reported
Equipment rental segment revenues	$	355		$	358		$	353		$	351
Equipment sales and other revenue	(23		)	(26		)	(30		)	(30		)
Rental and rental related revenue at actual rates	332			332			323			321
Foreign currency adjustment (a)	4			2			(3		)	1
Rental and rental related revenue	$	336		$	334		$	320		$	322

(a) Amounts shown for 2015 are based on December 31, 2014 foreign exchange rates. Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

29

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY, AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Three Months Ended March 31,
(In millions, except as noted)	2015			2014			2013 As Restated
Total RPD
Revenues	$	1,520		$	1,557		$	1,484
Advantage sublease revenue	—			—			(20		)
Ancillary retail car sales revenue	(12		)	(7		)	(2		)
Total rental revenue	$	1,508		$	1,550		$	1,462
Transaction days (in thousands)	32,036			32,360			30,064
Total RPD (in whole dollars)	$	47.07		$	47.90		$	48.63
Fleet Efficiency
Transaction days (in thousands)	32,036			32,360			30,064
Average Fleet	489,300			491,500			454,000
Advantage sublease vehicles	—			(11,000		)	(21,100		)
Hertz 24/7 vehicles	—			(1,000		)	(1,000		)
Average Fleet used to calculate fleet efficiency	489,300			479,500			431,900
Number of days in period	90			90			90
Available car days (in thousands)	44,037			43,155			38,871
Fleet efficiency(a)	73		%	75		%	77		%
Revenue Per Available Car Day
Total rental revenue	$	1,508		$	1,550		$	1,462
Available car days (in thousands)	44,037			43,155			38,871
Revenue per available car day (in whole dollars)	$	34.24		$	35.92		$	37.61
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	421		$	424		$	285
Average fleet	489,300			491,500			454,000
Depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	860		$	863		$	628
Number of months in period	3			3			3
Net depreciation per unit per month (in whole dollars)	$	287		$	288		$	209

(a) Calculated as transaction days divided by available car days.

30

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (CONTINUED)

International Car Rental

	Three Months Ended March 31,
(in millions, except as noted)	2015			2014			2013 As Restated
Total RPD
Revenues	$	436		$	482		$	471
Foreign currency adjustment(a)	23			1			(6		)
Total rental revenue	$	459		$	483		$	465
Transaction days (in thousands)	9,775			9,395			9,006
Total RPD (in whole dollars)	$	46.96		$	51.41		$	51.63
Fleet Efficiency
Transaction days (in thousands)	9,775			9,395			9,006
Average Fleet	144,000			141,400			137,500
Number of days in period	90			90			90
Available car days (in thousands)	12,960			12,726			12,375
Fleet efficiency(b)	75		%	74		%	73		%
Revenue Per Available Car Day
Total rental revenue	$	459		$	483		$	465
Available car days (in thousands)	12,960			12,726			12,375
Revenue per available car day (in whole dollars)	$	35.42		$	37.95		$	37.58
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	95		$	113		$	125
Foreign currency adjustment (in millions)(a)	5			—			(1		)
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	100		$	113		$	124
Average fleet	144,000			141,400			137,500
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	694		$	799		$	902
Number of months in period	3			3			3
Net depreciation per unit per month (in whole dollars)	$	231		$	266		$	301

(a) Amounts shown for 2015 are based on December 31, 2014 foreign exchange rates. Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

(b) Calculated as transaction days divided by available car days.

31

All Car Rental

	Three Months Ended March 31,
(In millions, except as noted)	2013 As Reported
Revenues	$	2,085
Non-rental revenue	(128		)
Foreign currency adjustment	2
Total rental revenue	$	1,959
Transaction days (in thousands)	39,070
Total RPD (in whole dollars)	$	50.14

32

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions, except per share data)	2014			2013 As Restated			2013 As Revised
Total revenues	$	11,046		$	10,775		$	10,772
Expenses:
Direct operating	6,314			5,777			5,752
Depreciation of revenue earning equipment and lease charges, net	3,034			2,533			2,526
Selling, general and administrative	1,088			1,053			1,022
Interest expense, net	648			707			704
Other (income) expense, net	(15		)	102			105
Total expenses	11,069			10,172			10,109
Income (loss) before income taxes	(23		)	603			663
(Provision) benefit for taxes on income (loss)	(59		)	(301		)	(317		)
Net income (loss)	$	(82	)	$	302		$	346
Weighted average number of shares outstanding:
Basic	454			422			422
Diluted	454			464			464
Earnings per share:
Basic	$	(0.18	)	$	0.72		$	0.82
Diluted	$	(0.18	)	$	0.65		$	0.76
Adjusted Corporate EBITDA(a)	$	1,331		$	2,001		$	2,044
Adjusted pre-tax Income (loss)(a)	403			1,096			1,154

(a)        Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule III.

33

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	As of December 31, 2014		As of December 31, 2013 As Restated		As of December 31, 2013 As Revised
Cash and cash equivalents	$	490	$	411	$	423
Restricted cash	571		861		860
Revenue earning equipment:
U.S. Car Rental	8,070		8,629		8,629
International Car Rental	1,904		2,047		2,047
Worldwide Equipment Rental	2,442		2,416		2,416
All Other Operations	1,237		1,099		1,101
Total revenue earning equipment, net	13,653		14,191		14,193
Total assets	23,985		24,423		24,588
Total debt	15,993		16,309		16,309
Net Fleet debt(a)	9,047		9,034		9,034
Net Corporate debt(a) (b)	5,885		6,003		5,992
Total equity	2,464		2,567		2,771

(a)    Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule VI.

(b)    Fleet related to Hertz Equipment Rental Corporation is funded via Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions)	2014			2013 As Restated			2013 As Reported
Cash provided by (used in):
Operating activities	$	3,452		$	3,593		$	3,590
Investing activities	(3,183		)	(3,850		)	(3,839		)
Financing activities	(159		)	127			127
Effect of exchange rate changes	(31		)	—			—
Net change in cash and cash equivalents	$	79		$	(130	)	$	(122	)
Fleet growth(a)	$	104		$	(449	)	$	(455	)
Free cash flow(a)	321			$	446		449

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules IV and V.

34

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
	2014			2013 As Restated			2013 As Revised
U.S. Car Rental
Transaction days (in thousands)	139,752			133,181			133,181
Total RPD(a)	$	46.07		$	46.94		$	47.00
Revenue per available car day (in whole dollars)(a)	$	35.70		$	36.68		NR
Average fleet	499,100			490,000			490,000
Fleet efficiency(a)	77		%	78		%	NR
Net depreciation per unit per month(a)	$	294		$	218		NR
Program cars as a percentage of total average fleet at period end	21		%	9		%	NR
Adjusted pre-tax income (loss) (in millions)(a)	$	387		$	1,033		$	1,091
International Car Rental
Transaction days (in thousands)	46,917			45,019			45,019
Total RPD(a) (b)	$	52.86		$	53.31		$	53.81
Revenue per available car day (in whole dollars)(a)(b)	$	40.71		$	40.76		NR
Average Fleet	166,900			161,300			161,300
Fleet efficiency(a)	77		%	76		%	NR
Net depreciation per unit per month(a)	$	250		$	275		NR
Program cars as a percentage of total average fleet at period end	30		%	24		%	NR
Adjusted pre-tax income (loss) (in millions)(a)	$	144		$	134		$	141
Worldwide Equipment Rental
Dollar utilization	36		%	37		%	NR
Time utilization	64		%	65		%	NR
Rental and rental related revenue (in millions)(a) (b)	$	1,468		$	1,400		$	1,415
Same store revenue growth, including growth initiatives(b)	5		%	10		%	10		%
Adjusted pre-tax income (loss) (in millions)(a)	$	258		$	301		$	292
All Other Operations
Average fleet — Donlen	172,800			169,600			169,600
Adjusted pre-tax income (loss) (in millions)(a)	$	62		$	58		$	57

(a)     Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules III

and VI.

(b)     Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for

2013 As Reported are based on December 31, 2012 foreign exchange rates.

35

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

The following Supplemental Schedules and definitions are provided to present segment results and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules we provide definitions for terminology used throughout these schedules.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.    

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Twelve Months Ended December 31, 2014
(In millions)	U.S. Car Rental			Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	6,471		$	2,436	$	1,571		$	568	$	—		$	11,046
Expenses:
Direct operating	3,921			1,491		863			24		15			6,314
Depreciation of revenue earning equipment and lease charges, net	1,758			492		329			455		—			3,034
Selling, general and administrative	380			259		161			30		258			1,088
Interest expense, net	172			95		53			12		316			648
Other (income) expense, net	(18		)	4		(5		)	1		3			(15		)
Total expenses	6,213			2,341		1,401			522		592			11,069
Income (loss)before income taxes	$	258		$	95	$	170		$	46	$	(592	)	$	(23	)
(Provision) benefit for taxes on income (loss)														(59		)
Net income (loss)														$	(82	)

36

Supplemental Schedule I (Continued)

HERTZ GLOBAL HOLDINGS, INC.    

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT (Continued)

Unaudited

	Twelve Months Ended December 31, 2013 As Restated															Twelve Months Ended  December 31, 2013 As Reported
(In millions)	U.S. Car Rental		Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			Consolidated HGH
Total revenues:	$	6,331	$	2,378	$	1,539		$	527	$	—		$	10,775		$	10,772
Expenses:
Direct operating	3,531		1,407		826			24		(11		)	5,777			5,752
Depreciation of revenue earning equipment and lease charges, net	1,281		528		299			425		—			2,533			2,526
Selling, general and administrative	429		267		131			27		199			1,053			1,022
Interest expense, net	187		113		46			14		347			707			704
Other (income) expense, net	31		29		(4		)	1		45			102			105
Total expenses	5,459		2,344		1,298			491		580			10,172			10,109
Income (loss)before income taxes	$	872	$	34	$	241		$	36	$	(580	)	$	603		$	663
(Provision) benefit for taxes on income (loss)													(301		)	(317		)
Net income (loss)													$	302		$	346

37

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Twelve Months Ended December 31, 2014											Twelve Months Ended December 31, 2013 As Restated											Twelve Months Ended December 31, 2013 As Reported
(In millions, except per share data)	GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)
Total revenues	$	11,046		$	—			$	11,046			$	10,775		$	—			$	10,775			$	10,772		$	—			$	10,772
Expenses:
Direct operating	6,314			(222		)	(a)	6,092				5,777			(198		)	(a)	5,579				5,752			(199		)	(a)	5,553
Depreciation of revenue earning equipment and lease charges, net	3,034			(8		)	(b)	3,026				2,533			(13		)	(b)	2,520				2,526			(12		)	(b)	2,514
Selling, general and administrative	1,088			(167		)	(c)	921				1,053			(109		)	(c)	944				1,022			(106		)	(c)	916
Interest expense, net	648			(53		)	(d)	595				707			(68		)	(d)	639				704			(68		)	(d)	636
Other (income) expense, net	(15		)	24			(e)	9				102			(105		)	(e)	(3		)		105			(105		)	(e)	—
Total expenses	11,069			(426		)		10,643				10,172			(493		)		9,679				10,109			(490		)		9,619
Income (loss) before income taxes	(23		)	426				403				603			493				1,096				663			490				1,153
(Provision) benefit for taxes on income (loss)	(59		)	(90		)	(f)	(149		)	(f)	(301		)	(83		)	(f)	(384		)	(f)	(317		)	(87		)	(f)	(404		)	(f)
Net income (loss)	$	(82	)	$	336			$	254			$	302		$	410			$	712			$	346		$	403			$	749
Weighted average number of diluted shares outstanding	454			454				454				464			464				464				464			464				464
Diluted earnings (loss) per share (g)	$	(0.18	)	$	0.74			$	0.56			$	0.67		$	0.90			$	1.55			$	0.76		$	0.87			$	1.63

a. Primarily 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 twelve months ended December 31, 2014 and 2013, also includes restructuring and restructuring related charges of $92 million and $46 million, respectively.

b. For the twelve months ended December 31, 2014 and 2013, represents the increase in depreciation of equipment rental revenue earning equipment based upon its revaluation relating to purchase accounting.

c. For the twelve months ended December 31, 2014 and 2013, primarily comprised of restructuring and restructuring related charges of $100 million and $53 million, respectively, expenses associated with the anticipated HERC spin-off transaction announced in March 2014 of $39 million and zero, respectively, consulting costs and legal fees related to the accounting review and investigation, expenses associated with acquisitions, integration charges and relocation expenses associated with the Company's relocation of its headquarters to Estero, Florida.

d. Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts.

e. Primarily represents amounts related to a $19 million litigation settlement in 2014. For 2013, primarily represents $40 of impairment charges and asset write-downs, $35 million of debt extinguishment loss and inducement costs, and $29 million of premiums paid and write-offs relating to European debt.Represents a provision for income taxes derived utilizing a normalized income tax rate (37% for 2014 and 35% for 2013).

f. Represents a (provision) benefit for income taxes derived utilizing a combined statutory rate (37% for 2014 and 35% for 2013). The combined statutory rate is applied to the adjusted income (loss) before income taxes to arrive at the adjusted (provision) benefit for taxes. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, we applied the combined statutory rate to our adjustments. Management believes the current approach results in a better indicator of our core earnings.

g. Net income (loss) used in diluted earnings per share calculation includes an adjustment to add back to net income the amount of interest expense on convertible senior notes, net of tax of $8 million, for the year ended December 31, 2013.

38

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited 

	Twelve Months Ended December 31, 2014
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	258		$	95		$	170		$	46		$	(592	)	$	(23	)
Depreciation and amortization	1,976			533			404			465			22			3,400
Interest, net of interest income	172			95			53			12			316			648
Gross EBITDA	$	2,406		$	723		$	627		$	523		$	(254	)	$	4,025
Car rental fleet depreciation	(1,758		)	(492		)	—			(455		)	—			(2,705		)
Car rental fleet interest	(178		)	(85		)	—			(14		)	—			(277		)
Car rental fleet debt - related charges (a)	10			15			—			6			—			31
Corporate EBITDA	$	480		$	161		$	627		$	60		$	(254	)	$	1,074
Non-cash stock-based employee compensation charges (b)	—			4			—			—			6			10
Restructuring and restructuring related charges (c)	55			25			7			—			78			165
Acquisition related costs and charges (d)	—			—			—			—			10			10
Integration expenses (d)	1			—			—			—			8			9
Equipment rental spin-off costs (e)	—			—			28			—			11			39
Relocation costs (f)	—			—			—			—			9			9
Premiums paid on debt (g)	—			—			—			—			—			—
Loss on extinguishment of debt (h)	—			—			—			—			1			1
Impairment charges and asset write-downs (i)	10			—			10			—			14			34
Other extraordinary, unusual or non-recurring items (j)	(21		)	(2		)	—			—			3			(20		)
Adjusted Corporate EBITDA	$	525		$	188		$	672		$	60		$	(114	)	$	1,331
Non-fleet depreciation and amortization	(218		)	(41		)	(404		)	(10		)	(22		)	(695		)
Non-fleet interest, net of interest income	6			(10		)	(53		)	2			(316		)	(371		)
Non-fleet debt - related charges (a)	2			—			5			—			15			22
Non-cash stock-based employee compensation charges	—			(4		)	—			—			(6		)	(10		)
Acquisition accounting (k)	72			11			38			10			1			132
Other (l)	—			—			—			—			(6		)	(6		)
Adjusted pre-tax income (loss)	$	387		$	144		$	258		$	62		$	(448	)	$	403

39

Supplemental Schedule III (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited 

	Twelve Months Ended December 31, 2013 As Restated																		Twelve Months Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	872		$	34		$	241		$	36		$	(580	)	$	603		$	663
Depreciation and amortization	1,489			564			373			436			10			2,872			2,853
Interest, net of interest income	187			113			46			14			347			707			704
Gross EBITDA	$	2,548		$	711		$	660		$	486		$	(223	)	$	4,182		$	4,220
Car rental fleet depreciation	(1,281		)	(528		)	—			(425		)	—			(2,234		)	(2,227		)
Car rental fleet interest	(186		)	(102		)	—			(14		)	—			(302		)	(302		)
Car rental fleet debt - related charges (a)	13			14			—			5			—			32			32
Corporate EBITDA	$	1,094		$	95		$	660		$	52		$	(223	)	$	1,678		$	1,723
Non-cash stock-based employee compensation charges (b)	—			4			—			—			31			35			35
Restructuring and restructuring related charges (c)	26			35			10			—			28			99			99
Acquisition related costs and charges (d)	—			—			—			—			19			19			19
Integration expenses (d)	21			—			—			—			22			43			40
Equipment rental spin-off costs (e)	—			—			—			—			—			—			—
Relocation costs (f)	—			—			—			—			7			7			8
Premiums paid on debt (g)	—			29			—			—			—			29			29
Loss on extinguishment of debt (h)	—			—			—			—			35			35			—
Impairment charges and asset write-downs (i)	40			—			—			—			—			40			44
Other extraordinary, unusual or non-recurring items (j)	(5		)	12			—			1			8			16			47
Adjusted Corporate EBITDA	$	1,176		$	175		$	670		$	53		$	(73	)	$	2,001		$	2,044
Non-fleet depreciation and amortization	(208		)	(36		)	(373		)	(11		)	(10		)	(638		)	(626		)
Non-fleet interest, net of interest income	(1		)	(11		)	(46		)	—			(347		)	(405		)	(402		)
Non-fleet debt - related charges (a)	1			—			5			1			29			36			36
Non-cash stock-based employee compensation charges	—			(4		)	—			—			(31		)	(35		)	(35		)
Acquisition accounting (k)	65			10			40			15			2			132			132
Other (l)	—			—			5			—			—			5			5
Adjusted pre-tax income (loss)	$	1,033		$	134		$	301		$	58		$	(430	)	$	1,096		$	1,154

(a) Represents non-cash charges relating to the amortization of deferred debt financing costs and debt discounts.

(b) For twelve months ended December 31, 2014, excludes $6 million of stock-based compensation forfeitures included in restructuring and restructuring related charges.

(c) Represents expenses incurred under restructuring actions as defined by U.S. GAAP as well as transition costs incurred in connection with our business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes.  Amount in 2014 also includes consulting costs and legal fees related to the accounting review and investigation, one-time costs to terminate certain marketing and co-branding arrangements, and costs associated with the separation of certain executives during the year.

40

(d) Primarily represents Dollar Thrifty integration related expenses.

(e) Represents expense associated with the anticipated HERC spin-off transaction of which $28 million were incurred by HERC and $11 million were incurred by Corporate in 2014.

(f) Represents non-recurring costs incurred in connection with the relocation of our corporate headquarters to Estero, Florida that were not included in restructuring expenses.  Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation.

(g) In 2013, represents premiums paid to redeem our 8.50% Former European Fleet Notes.

(h) In 2013, represents extinguishment of debt for Senior Convertible Notes.

(i) For 2014, primarily comprised of impairments related to our former corporate headquarters building in New Jersey and HERC revenue earning equipment held for sale. Additionally, 2014 includes write-downs of assets associated with a terminated business relationship. In 2013, primarily related to a change in the carrying value of the vehicles subleased to FSNA and its former subsidiary, Simply Wheelz.

(j) In 2014, primarily comprised of a $19 million litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer.  In 2013, primarily represents cash premiums of $12 million associated with the conversion of the Senior Convertible Notes.

(k) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to acquisition accounting.

(l) In 2014, represents $6 million of stock-based compensation forfeitures included in restructuring and restructuring related charges.  In 2013, represents $5 million of depreciation expense related to HERC.

41

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FREE CASH FLOW

Unaudited

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions)	2014			2013 As Restated			2013 As Revised
Income before income taxes	$	(23	)	$	603		$	663
Depreciation and amortization, non-fleet, net	366			339			205
Amortization of debt discount and related charges	46			68			190
Cash paid for income taxes	(64		)	(71		)	(71		)
Changes in assets and liabilities, net of effects of acquisitions, and other	173			202			157
Net cash provided by operating activities excluding depreciation of revenue earning equipment	498			1,141			1,144
U.S. car rental fleet growth (a)	260			(500		)	(511		)
International car rental fleet growth (a)	(61		)	243			247
Equipment rental fleet growth (a)	(103		)	(235		)	(234		)
All other operations rental fleet growth (a)	8			43			43
Property and equipment expenditures, net of disposals	(281		)	(246		)	(241		)
Net investment activity	(177		)	(695		)	(696		)
Free cash flow	$	321		$	446		$	449

(a) Historically, fleet growth has not been reported on a segment basis.

42

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FLEET GROWTH

Unaudited

	Twelve Months Ended December 31, 2014															Twelve Months Ended December 31, 2013 As Restated															Twelve Months Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH
Revenue earning equipment expenditures	$	(5,965	)	$	(3,103	)	$	(615	)	$	(1,606	)	$	(11,289	)	$	(6,015	)	$	(2,593	)	$	(672	)	$	(1,009	)	$	(10,289	)	$	(10,298	)
Proceeds from disposal of revenue earning equipment	4,507			2,510			182			1,010			8,209			4,320			2,242			138			556			7,256			7,264
Net revenue earning equipment capital expenditures	(1,458		)	(593		)	(433		)	(596		)	(3,080		)	(1,695		)	(351		)	(534		)	(453		)	(3,033		)	(3,034		)
Depreciation of revenue earning equipment, net	1,758			412			330			455			2,955			1,279			447			299			425			2,450			2,445
Financing activity related to car rental fleet:
Borrowings	2,702			1,181			—			511			4,394			5,600			2,019			—			1,531			9,150			NR
Payments	(3,012		)	(1,051		)	—			(350		)	(4,413		)	(5,432		)	(1,884		)	—			(1,444		)	(8,760		)	NR
Restricted cash changes	270			(10		)	—			(12		)	248			(252		)	12			—			(16		)	(256		)	NR
Net financing activity related to car rental fleet	(40		)	120			—			149			229			(84		)	147			—			71			134			134
Fleet growth	$	260		$	(61	)	$	(103	)	$	8		$	104		$	(500	)	$	243		$	(235	)	$	43		$	(449	)	$	(455	)

43

Supplemental Schedule VI

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

							As of December 31, 2013						As of December 31, 2013
	As of December 31, 2014						As Restated						As Revised
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	9,562	$	6,431	$	15,993	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		490		490		—		411		411		—		423		423
Restricted cash	515		56		571		772		89		861		772		88		860
Net debt	$	9,047	$	5,885	$	14,932	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions)	2014			2013 As Restated			2013 As Reported
Equipment rental segment revenues	$	1,571		$	1,539		$	1,538
Equipment sales and other revenue	(115		)	(132		)	(132		)
Rental and rental related revenue at actual rates	1,456			1,407			1,406
Foreign currency adjustment(a)	12			(7		)	9
Rental and rental related revenue	$	1,468		$	1,400		$	1,415

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

44

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions, except as noted)	2014			2013 As Restated			2013 As Reported
Total RPD
Revenues	$	6,471		$	6,331		$	6,324
Advantage sublease revenue	—			(65		)	(65		)
Ancillary retail car sales revenue	(32		)	(14		)	—
Total rental revenue	$	6,439		$	6,252		$	6,259
Transaction days (in thousands)	139,752			133,181			133,181
Total RPD (in whole dollars)	$	46.07		$	46.94		$	47.00
Fleet Efficiency
Transaction days (in thousands)	139,752			133,181
Average Fleet	499,100			490,000
Advantage sublease vehicles	(4,000		)	(21,000		)
Hertz 24/7 vehicles	(1,000		)	(2,000		)
Average Fleet used to calculate fleet efficiency	494,100			467,000
Number of days in period	365			365
Available car days (in thousands)	180,347			170,455
Fleet efficiency(a)	77		%	78		%
Revenue Per Available Car Day
Total rental revenue	$	6,439		$	6,252
Available car days (in thousands)	180,347			170,455
Revenue per available car day (in whole dollars)	$	35.70		$	36.68
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	1,758		$	1,281
Average fleet	499,100			490,000
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	3,522		$	2,614
Number of months in period	12			12
Net depreciation per unit per month (in whole dollars)	$	294		$	218

(a) Calculated as transaction days divided by available car days.

45

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (CONTINUED)

International Car Rental

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(in millions, except as noted)	2014			2013 As Restated			2013 As Reported
Total RPD
Revenues	$	2,436		$	2,378		$	2,383
Foreign currency adjustment (a)	44			22			40
Total rental revenue	$	2,480		$	2,400		$	2,423
Transaction days (in thousands)	46,917			45,019			45,019
Total RPD (in whole dollars)	$	52.86		$	53.31		$	53.81
Fleet Efficiency
Transaction days (in thousands)	46,917			45,019
Average Fleet	166,900			161,300
Number of days in period	365			365
Available car days (in thousands)	60,919			58,875
Fleet efficiency(b)	77		%	76		%
Revenue Per Available Car Day
Total rental revenue	$	2,480		$	2,400
Available car days (in thousands)	60,919			58,875
Revenue per available car day (in whole dollars)	$	40.71		$	40.76
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	492		$	528
Foreign currency adjustment (in millions) (a)	9			4
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	501		$	532
Average fleet	166,900			161,300
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	3,002		$	3,298
Number of months in period	12			12
Net depreciation per unit per month (in whole dollars)	$	250		$	275

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

(b) Calculated as transaction days divided by available car days.

46

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended December 31, 2014						Three Months Ended December 31, 2014
(In millions, except per share data)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Total revenues	$	2,559		$	2,555		$	2,556		$	2,556
Expenses:
Direct operating	1,575			1,449			1,439			1,439
Depreciation of revenue earning equipment and lease charges, net	853			641			643			643
Selling, general and administrative	245			234			222			222
Interest expense, net	164			171			169			169
Other (income) expense, net	6			21			21			21
Total expenses	2,843			2,516			2,494			2,494
Income (loss) before income taxes	(284		)	39			62			62
(Provision) benefit for taxes on income (loss)	50			(57		)	(63		)	(63		)
Net income (loss)	$	(234	)	$	(18	)	$	(1	)	$	(1	)
Weighted average number of shares outstanding:
Basic	459			447			447			447
Diluted	459			447			464			464
Earnings per share:
Basic	$	(0.51	)	$	(0.04	)	$	—		$	—
Diluted	$	(0.51	)	$	(0.04	)	$	—		$	—
Adjusted Corporate EBITDA(a)	$	76		$	388		NR			$	406
Adjusted pre-tax Income (loss)(a)	(161		)	157			NR			186

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule III.

47

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	As of December 31, 2014		As of December 31, 2013 As Restated		As of December 31, 2013 As Revised
Cash and cash equivalents	$	490	$	411	$	423
Restricted cash	571		861		860
Revenue earning equipment:
U.S. Car Rental	8,070		8,629		8,629
International Car Rental	1,904		2,047		2,047
Worldwide Equipment Rental	2,442		2,416		2,416
All Other Operations	1,237		1,099		1,101
Total revenue earning equipment, net	13,653		14,191		14,193
Total assets	23,985		24,423		24,588
Total debt	15,993		16,309		16,309
Net Fleet debt(a)	9,047		9,034		9,034
Net Corporate debt(a) (b)	5,885		6,003		5,992
Total equity	2,464		2,567		2,771

(a)         Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule VI.

(b)         Fleet related to Hertz Equipment Rental Corporation is funded via Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Twelve Months Ended December 31, 2014						Twelve Months Ended December 31, 2014
(In millions)	2014			2013 As Restated			2013 As Revised
Cash provided by (used in):
Operating activities	$	3,452		$	3,593		$	3,590
Investing activities	(3,183		)	(3,850		)	(3,839		)
Financing activities	(159		)	127			127
Effect of exchange rate changes	(31		)	—			—
Net change in cash and cash equivalents	$	79		$	(130	)	$	(122	)
Fleet growth(a)	$	104		$	(449	)	$	(455	)
Free cash flow(a)	321			446			449

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules IV and V.

48

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended December 31, 2014						Three Months Ended December 31, 2014
	2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	33,595			32,875			32,875
Total RPD(a)	$	43.85		$	44.75		$	44.91
Revenue per available car day (in whole dollars)(a)	$	32.88		$	34.01		NR
Average fleet	486,900			490,200			490,200
Fleet efficiency(a)	75		%	76		%	NR
Net depreciation per unit per month(a)	$	365		$	229		NR
Program cars as a percentage of total average fleet at period end	21		%	9		%	NR
Adjusted pre-tax income (loss) (in millions)(a)	$	(126	)	$	132		$	170
International Car Rental
Transaction days (in thousands)	10,734			10,473			10,473
Total RPD(a) (b)	$	51.70		$	51.85		$	52.49
Revenue per available car day (in whole dollars)(a) (b)	$	38.50		$	37.91		NR
Average Fleet	156,700			155,700			155,700
Fleet efficiency(a)	74		%	73		%	NR
Net depreciation per unit per month(a)	$	225		$	225		NR
Program cars as a percentage of total average fleet at period end	30		%	24		%	NR
Adjusted pre-tax income (loss) (in millions)(a) (b)	$	(12	)	$	21		$	15
Worldwide Equipment Rental
Dollar utilization	38		%	38		%	NR
Time utilization	67		%	66		%	NR
Rental and rental related revenue (in millions)(a) (b)	$	394		$	366		$	370
Same store revenue growth, including growth initiatives(a) (b)	5		%	5		%	5		%
Adjusted pre-tax income (loss) (in millions)(a)	$	60		$	93		$	85
All Other Operations
Average fleet — Donlen	166,800			173,800			173,800
Adjusted pre-tax income (loss) (in millions)(a)	$	15		$	16		$	15

(a)         Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules III and VI.

(b)       Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

49

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

The following Supplemental Schedules and definitions are provided to present segment results and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules we provide definitions for terminology used throughout these schedules.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended December 31, 2014																	Three Months Ended December 31, 2013 As Restated																	Three Months Ended December 31, 2013
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			As Revised Consolidated HGH			As Reported Consolidated HGH
Total revenues:	$	1,482		$	518		$	416		$	143	$	—		$	2,559		$	1,475		$	544		$	401		$	135	$	—		$	2,555		$	2,556		$	2,556
Expenses:
Direct operating	982			342			232			6		13			1,575			888			337			214			6		4			1,449			1,439			1,439
Depreciation of revenue earning equipment and lease charges,net	533			112			94			114		—			853			337			119			76			109		—			641			643			643
Selling, general and administrative	71			62			47			7		58			245			101			60			33			6		34			234			222			222
Interest expense, net	47			22			15			3		77			164			49			28			9			3		82			171			169			169
Other (income) expense, net	13			2			(2		)	1		(8		)	6			(12		)	29			(1		)	2		3			21			21			21
Total expenses	1,646			540			386			131		140			2,843			1,363			573			331			126		123			2,516			2,494			2,494
Income (loss)before income taxes	$	(164	)	$	(22	)	$	30		$	12	$	(140	)	$	(284	)	$	112		$	(29	)	$	70		$	9	$	(123	)	$	39		$	62		$	62
(Provision) benefit for taxes on income (loss)															50																	(57		)	(63		)	(63		)
Net income (loss)															$	(234	)															$	(18	)	$	(1	)	$	(1	)

50

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Three Months Ended December 31, 2014											Three Months Ended December 31, 2013 As Restated											Three Months Ended December 31, 2013 As Reported
(In millions, except per share data)	GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)				GAAP			Adjust-ments				Adjusted (Non-GAAP)
Total revenues	$	2,559		$	—			$	2,559			$	2,555		$	—			$	2,555			$	2,556		$	—			$	2,556
Expenses:
Direct operating	1,575			(56		)		1,519				1,449			(60		)		1,389				1,439			(62		)		1,377
Depreciation of revenue earning equipment and lease charges, net	853			—				853				641			(4		)		637				643			(4		)		639
Selling, general and administrative	245			(52		)		193				234			(20		)		214				222			(21		)		201
Interest expense, net	164			(14		)		150				171			(15		)		156				169			(14		)		155
Other (income) expense, net	6			(1		)		5				21			(19		)		2				21			(23		)		(2		)
Total expenses	2,843			(123		)		2,720				2,516			(118		)		2,398				2,494			(124		)		2,370
Income (loss) before income taxes	(284		)	123				(161		)		39			118				157				62			124				186
(Provision) benefit for taxes on income (loss)	50			10			(a)	60			(a)	(57		)	2			(a)	(55		)	(a)	(63		)	(2		)	(a)	(65		)	(a)
Net income (loss)	$	(234	)	$	133			$	(101	)		$	(18	)	$	120			$	102			$	(1	)	$	122			$	121
Weighted average number of diluted shares outstanding	459			459				459				447			447				447				464			464				464
Diluted earnings (loss) per share	$	(0.51	)	$	0.29			$	(0.22	)		$	(0.04	)	$	0.27			$	0.23			$	—		$	0.26			$	0.26

a. Represents a (provision) benefit for income taxes derived utilizing a combined statutory rate (37% for 2014 and 35% for 2013). The combined statutory rate is applied to the adjusted income (loss) before income taxes to arrive at the adjusted (provision) benefit for taxes. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, we applied the combined statutory rate to our adjustments. Management believes the current approach results in a better indicator of our core earnings.

51

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended December 31, 2014																		Three Months Ended December 31, 2013 As Restated																		Three Months Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	(164	)	$	(22	)	$	30		$	12		$	(140	)	$	(284	)	$	112		$	(29	)	$	70		$	9		$	(123	)	$	39		$	62
Depreciation and amortization	588			122			113			117			7			947			392			131			94			111			3			731			729
Interest, net of interest income	47			22			15			3			77			164			49			28			9			3			82			171			169
Gross EBITDA	$	471		$	122		$	158		$	132		$	(56	)	$	827		$	553		$	130		$	173		$	123		$	(38	)	$	941		$	960
Car rental fleet depreciation	(533		)	(112		)	—			(114		)	—			(759		)	(337		)	(119		)	—			(109		)	—			(565		)	(567		)
Car rental fleet interest	(49		)	(20		)	—			(3		)	—			(72		)	(51		)	(25		)	—			(3		)	—			(79		)	(79		)
Car rental fleet debt - related charges (a)	5			3			—			1			—			9			8			4			—			1			—			13			13
Corporate EBITDA	$	(106	)	$	(7	)	$	158		$	16		$	(56	)	$	5		$	173		$	(10	)	$	173		$	12		$	(38	)	$	310		$	327
Non-cash stock-based employee compensation charges (b)	—			4			—			—			(14		)	(10		)	—			4			—			—			2			6			4
Restructuring and restructuring related charges (c)	12			3			—			—			24			39			5			9			8			—			4			26			27
Acquisition related costs and charges (d)	—			—			—			—			—			—			—			—			—			—			5			5			5
Integration expenses (d)	—			—			—			—			1			1			9			—			—			—			5			14			11
Equipment rental spin-off costs (e)	—			—			11			—			1			12			—			—			—			—			—			—			—
Relocation costs (f)	—			—			—			—			2			2			(1		)	—			—			—			3			2			3
Premiums paid on debt (g)	—			—			—			—			—			—			—			29			—			—			—			29			29
Loss on extinguishment of debt (h)	—			—			—			—			—			—			—			—			—			—			7			7			—
Impairment charges and asset write-downs (i)	—			—			10			—			14			24			—			—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items	—			1			(1		)	—			3			3			(13		)	5			—			2			(5		)	(11		)	—
Adjusted Corporate EBITDA	$	(94	)	$	1		$	178		$	16		$	(25	)	$	76		$	173		$	37		$	181		$	14		$	(17	)	$	388		$	406
Non-fleet depreciation and amortization	(55		)	(10		)	(113		)	(3		)	(7		)	(188		)	(55		)	(12		)	(94		)	(2		)	(3		)	(166		)	(162		)
Non-fleet interest, net of interest income	2			(2		)	(15		)	—			(77		)	(92		)	2			(3		)	(9		)	—			(82		)	(92		)	(90		)
Non-fleet debt - related charges (a)	1			—			1			—			3			5			—			—			2			1			(1		)	2			1
Non-cash stock-based employee compensation charges	—			(4		)	—			—			14			10			—			(4		)	—			—			(2		)	(6		)	(4		)
Acquisition accounting (j)	20			3			9			2			—			34			12			3			10			3			—			28			33
Other	—			—			—			—			(6		)	(6		)	—			—			3			—			—			3			2
Adjusted pre-tax income (loss)	$	(126	)	$	(12	)	$	60		$	15		$	(98	)	$	(161	)	$	132		$	21		$	93		$	16		$	(105	)	$	157		$	186

52

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FREE CASH FLOW

Unaudited

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions)	2,014			2013 As Restated			2013 As Revised
Income (loss) before income taxes	$	(23	)	$	603		$	663
Depreciation and amortization, non-fleet, net	366			339			206
Amortization of debt discount and related charges	46			68			190
Cash paid for income taxes	(64		)	(71		)	(71		)
Changes in assets and liabilities, net of effects of acquisitions, and other	173			202			157
Net cash provided by operating activities excluding depreciation of revenue earning equipment	498			1,141			1,145
U.S. car rental fleet growth(a)	260			(500		)	(511		)
International car rental fleet growth(a)	(61		)	243			247
Equipment rental fleet growth(a)	(103		)	(235		)	(234		)
All other operations rental fleet growth(a)	8			43			43
Property and equipment expenditures, net of disposals	(281		)	(246		)	(241		)
Net investment activity	(177		)	(695		)	(696		)
Free cash flow	$	321		$	446		$	449

(a)  Historically, fleet growth has not been reported on a segment basis.

53

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FLEET GROWTH

Unaudited

	Twelve Months Ended December 31, 2014															Twelve Months Ended December 31, 2013 As Restated															Twelve Months Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH
Revenue earning equipment expenditures	$	(5,965	)	$	(3,103	)	$	(615	)	$	(1,606	)	$	(11,289	)	$	(6,015	)	$	(2,593	)	$	(672	)	$	(1,009	)	$	(10,289	)	$	(10,298	)
Proceeds from disposal of revenue earning equipment	4,507			2,510			182			1,010			8,209			4,320			2,242			138			556			7,256			7,264
Net revenue earning equipment capital expenditures	(1,458		)	(593		)	(433		)	(596		)	(3,080		)	(1,695		)	(351		)	(534		)	(453		)	(3,033		)	(3,034		)
Depreciation of revenue earning equipment, net	1,758			412			330			455			2,955			1,279			447			299			425			2,450			2,445
Financing activity related to car rental fleet:
Borrowings	2,702			1,181			—			511			4,394			5,600			2,019			—			1,531			9,150			NR
Payments	(3,012		)	(1,051		)	—			(350		)	(4,413		)	(5,432		)	(1,884		)	—			(1,444		)	(8,760		)	NR
Restricted cash changes	270			(10		)	—			(12		)	248			(252		)	12			—			(16		)	(256		)	NR
Net financing activity related to car rental fleet	(40		)	120			—			149			229			(84		)	147			—			71			134			134
Fleet growth	$	260		$	(61	)	$	(103	)	$	8		$	104		$	(500	)	$	243		$	(235	)	$	43		$	(449	)	$	(455	)

54

Supplemental Schedule VI

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

							As of December 31, 2013						As of December 31, 2013
	As of December 31, 2014						As Restated						As Revised
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	9,562	$	6,431	$	15,993	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		490		490		—		411		411		—		423		423
Restricted cash	515		56		571		772		89		861		772		88		860
Net debt	$	9,047	$	5,885	$	14,932	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended December 31,						Three Months Ended December 31,
(In millions)	2014			2013 As Restated			2013 As Revised
Equipment rental segment revenues	$	416		$	401		$	401
Equipment sales and other revenue	(28		)	(34		)	(34		)
Rental and rental related revenue at actual rates	388			367			367
Foreign currency adjustment (a)	6			(1		)	3
Rental and rental related revenue	$	394		$	366		$	370

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

55

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Three Months Ended December 31,						Three Months Ended December 31,
(In millions, except as noted)	2014			2013 As Restated			2013 As Reported
Total RPD
Revenues	$	1,482		$	1,475		$	1,476
Advantage sublease revenue	—			—			—
Ancillary retail car sales revenue	(9		)	(4		)	—
Total rental revenue	$	1,473		$	1,471		$	1,476
Transaction days (in thousands)	33,595			32,875			32,875
Total RPD (in whole dollars)	$	43.85		$	44.75		$	44.91
Fleet Efficiency
Transaction days (in thousands)	33,595			32,875
Average Fleet	486,900			490,200
Advantage sublease vehicles	—			(18,000		)
Hertz 24/7 vehicles	—			(2,000		)
Average Fleet used to calculate fleet efficiency	486,900			470,200
Number of days in period	92			92
Available car days (in thousands)	$	44,795		$	43,258
Fleet efficiency(a)	75		%	76		%
Revenue Per Available Car Day
Total rental revenue	$	1,473		$	1,471
Available car days (in thousands)	44,795			43,258
Revenue per available car day (in whole dollars)	$	32.88		$	34.01
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	533		$	337
Average fleet	486,900			490,200
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (whole dollars)	$	1,095		$	687
Number of months in period	3			3
Net depreciation per unit per month (whole dollars)	$	365		$	229

 (a) Calculated as transaction days divided by available car days.

56

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (CONTINUED)

International Car Rental

	Three Months Ended December 31,						Three Months Ended December 31,
(in millions, except as noted)	2014			2013 As Restated			2013 As Reported
Total RPD
Revenues	$	518		$	544		$	544
Foreign currency adjustment (a)	37			(1		)	6
Total rental revenue	$	555		$	543		$	550
Transaction days (in thousands)	10,734			10,473			10,473
Total RPD (in whole dollars)	$	51.70		$	51.85		$	52.49
Fleet Efficiency
Transaction days (in thousands)	10,734			10,473
Average Fleet	156,700			155,700
Number of days in period	92			92
Available car days (in thousands)	14,416			14,324
Fleet efficiency(b)	74		%	73		%
Revenue Per Available Car Day
Total rental revenue	$	555		$	543
Available car days (in thousands)	14,416			14,324
Revenue per available car day (in whole dollars)	$	38.50		$	37.91
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	112		$	119
Foreign currency adjustment (in millions) (a)	8			—
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	120		$	119
Average fleet	156,700			155,700
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (whole dollars)	$	766		$	764
Number of months in period	3			3
Net depreciation per unit per month (whole dollars)	$	255		$	255

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

(b) Calculated as transaction days divided by available car days.

57

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended  September 30,						Three Months Ended  September 30,
(In millions, except per share data)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Total revenues	$	3,121		$	3,075		$	3,070		$	3,070
Expenses:
Direct operating	1,702			1,547			1,540			1,525
Depreciation of revenue earning equipment and lease charges, net	746			672			675			677
Selling, general and administrative	303			282			272			278
Interest expense, net	164			179			179			179
Other (income) expense, net	3			83			83			83
Total expenses	2,918			2,763			2,749			2,742
Income (loss) before income taxes	203			312			321			328
(Provision) benefit for taxes on income (loss)	(54		)	(110		)	(111		)	(113		)
Net income (loss)	$	149		$	202		$	210		$	215
Weighted average number of shares outstanding:
Basic	459			425			425			425
Diluted	464			465			465			465
Earnings per share:
Basic	$	0.32		$	0.48		$	0.49		$	0.51
Diluted	$	0.32		$	0.44		$	0.46		$	0.47
Adjusted Corporate EBITDA(a)	$	553		$	731		NR			$	741
Adjusted pre-tax Income (loss)(a)	322			507			NR			520

(a)      Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule III.

58

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	As of September 30, 2014		As of December 31, 2013 As Restated		As of December 31, 2013 As Revised
Cash and cash equivalents	$	629	$	411	$	423
Restricted cash	748		861		860
Revenue earning equipment:
U.S. Car Rental	8,312		8,629		8,629
International Car Rental	2,806		2,047		2,047
Worldwide Equipment Rental	2,534		2,416		2,416
All Other Operations	1,200		1,099		1,101
Total revenue earning equipment, net	14,852		14,191		14,193
Total assets	25,474		24,423		24,588
Total debt	16,986		16,309		16,309
Net Fleet debt(a)	9,529		9,034		9,034
Net Corporate debt(a) (b)	6,080		6,003		5,992
Total equity	2,779		2,567		2,771

(a)         Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule VI.

(b)         Fleet related to Hertz Equipment Rental Corporation is funded via Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Nine Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Cash provided by (used in):
Operating activities	$	2,729		$	2,812		$	2,837		$	2,852
Investing activities	(3,283		)	(4,046		)	(4,034		)	(4,035		)
Financing activities	790			1,201			1,201			1,201
Effect of exchange rate changes	(18		)	(2		)	(2		)	(2		)
Net change in cash and cash equivalents	$	218		$	(35	)	$	2		$	16
Fleet growth(a)	$	(381	)	$	(798	)	NR			$	(806	)
Free cash flow(a)	64			(3		)	21			15

(a)       Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules IV and V.

59

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended September 30,						Three Months  Ended  September 30,
	2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	37,901			36,064			36,064
Total RPD(a)	$	46.41		$	48.36		$	48.33
Revenue per available car day (in whole dollars)(a)	$	37.25		$	38.54		NR
Average Fleet	515,300			516,800			516,800
Fleet efficiency(a)	80		%	80		%	NR
Net depreciation per unit per month(a)	$	265		$	217		NR
Program cars as a percentage of total average fleet at period end	15		%	7		%	NR
Adjusted pre-tax income (in millions)(a)	$	209		$	379		$	392
International Car Rental
Transaction days (in thousands)	14,695			14,278			14,278
Total RPD(a) (b)	$	54.85		$	55.12		$	55.27
Revenue per available car day (in whole dollars)(a)(b)	$	44.49		$	45.33		NR
Average Fleet	196,900			188,700			188,700
Fleet efficiency(a)	81		%	82		%	NR
Net depreciation per unit per month(a) (b)	$	245		$	274		NR
Program cars as a percentage of total average fleet at period end	40		%	36		%	NR
Adjusted pre-tax income (loss) (in millions)(a) (b)	$	136		$	126		$	129
Worldwide Equipment Rental
Dollar utilization	37		%	38		%	NR
Time utilization	66		%	67		%	NR
Rental and rental related revenue (in millions)(a) (b)	$	382		$	369		$	372
Same store revenue growth, including growth initiatives(b)	6		%	7		%	7		%
Adjusted pre-tax income (loss) (in millions)(a)	$	79		$	89		$	88
All Other Operations
Average fleet — Donlen	169,700			170,800			170,800
Adjusted pre-tax income (in millions)(a)	$	17		$	14		$	14

(a)     Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules III and VI.

(b)     Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for

2013 As Reported are based on December 31, 2012 foreign exchange rates.

60

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

The following Supplemental Schedules and definitions are provided to present segment results and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules we provide definitions for terminology used throughout these schedules.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended September 30, 2014																Three Months Ended September 30, 2013 As Restated															Three Months  Ended September 30,			Three Months  Ended September 30,
(In millions)	U.S. Car Rental			Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental		Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			As Revised Consolidated HGH			As Reported Consolidated HGH
Total revenues:	$	1,768		$	795	$	413		$	145	$	—		$	3,121		$	1,770	$	768	$	403		$	134	$	—		$	3,075		$	3,070		$	3,070
Expenses:
Direct operating	1,041			427		221			6		7			1,702			933		411		206			6		(9		)	1,547			1,540			1,525
Depreciation of revenue earning equipment and lease charges, net	409			143		78			116		—			746			337		151		76			108		—			672			675			677
Selling, general and administrative	116			68		47			7		65			303			113		74		33			7		55			282			272			278
Interest expense, net	44			27		12			3		78			164			47		31		13			6		82			179			179			179
Other (income) expense, net	(2		)	—		(1		)	—		6			3			43		—		(1		)	—		41			83			83			83
Total expenses	1,608			665		357			132		156			2,918			1,473		667		327			127		169			2,763			2,749			2,742
Income (loss) before income taxes	$	160		$	130	$	56		$	13	$	(156	)	$	203		$	297	$	101	$	76		$	7	$	(169	)	$	312		$	321		$	328
(Provision) benefit for taxes on income (loss)														(54		)													(110		)	(111		)	(113		)
Net income (loss)														$	149														$	202		$	210		$	215

61

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Three Months Ended September 30, 2014										Three Months Ended September 30, 2013 As Restated										Three Months Ended September 30, 2013 As Reported
(In millions, except per share data)	GAAP			Adjustments				Adjusted (Non-GAAP)			GAAP			Adjustments				Adjusted (Non-GAAP)			GAAP			Adjustments			Adjusted (Non-GAAP)
Total revenues	$	3,121		$	—			$	3,121		$	3,075		$	—			$	3,075		$	3,070		$	—		$	3,070
Expenses:
Direct operating	1,702			(61		)		1,641			1,547			(56		)		1,491			1,525			(52		)	1,473
Depreciation of revenue earning equipment and lease charges, net	746			—				746			672			(3		)		669			677			(3		)	674
Selling, general and administrative	303			(43		)		260			282			(35		)		247			278			(36		)	242
Interest expense, net	164			(13		)		151			179			(18		)		161			179			(18		)	161
Other (income) expense, net	3			(2		)		1			83			(83		)		—			83			(83		)	—
Total expenses	2,918			(119		)		2,799			2,763			(195		)		2,568			2,742			(192		)	2,550
Income (loss) before income taxes	203			119				322			312			195				507			328			192			520
(Provision) benefit for taxes on income (loss)	(54		)	(65		)	(a)	(119		)	(110		)	(67		)	(a)	(177		)	(113		)	(69		)	(182		)	(a)
Net income (loss)	$	149		$	54			$	203		$	202		$	128			$	330		$	215		$	123		$	338
Weighted average number of diluted shares outstanding	464			464				464			465			465				465			465			465			465
Diluted earnings (loss) per share(b)	$	0.32		$	0.12			$	0.44		$	0.44		$	0.28			$	0.71		$	0.47		$	0.27		$	0.73

(a) Represents a (provision) benefit for income taxes derived utilizing a combined statutory rate (37% for 2014 and 35% for 2013). The combined statutory rate is applied to the adjusted income (loss) before income taxes to arrive at the adjusted (provision) benefit for taxes. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, we applied the combined statutory rate to our adjustments. Management believes the current approach results in a better indicator of our core earnings.

(b) Net income (loss) used in diluted earnings per share calculation includes an adjustment to add back to net income the amount of interest expense on convertible senior notes, net of tax of $2 million,for the quarter ended September 30, 2013.

62

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited 

	Three Months Ended September 30, 2014																		Three Months Ended September 30, 2013 As Restated																		Three Months Ended September 30,  2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated  HGH
Income (loss) before income taxes	$	160		$	130		$	56		$	13		$	(156	)	$	203		$	297		$	101		$	76		$	7		$	(169	)	$	312		$	328
Depreciation and amortization	465			152			97			118			5			837			387			159			94			110			4			754			755
Interest, net of interest income	44			27			12			3			78			164			47			31			13			6			82			179			179
Gross EBITDA	$	669		$	309		$	165		$	134		$	(73	)	$	1,204		$	731		$	291		$	183		$	123		$	(83	)	$	1,245		$	1,262
Car rental fleet depreciation	(409		)	(143		)	—			(116		)	—			(668		)	(337		)	(151		)	—			(108		)	—			(596		)	(600		)
Car rental fleet interest	(45		)	(23		)	—			(4		)	—			(72		)	(46		)	(27		)	—			(7		)	—			(80		)	(80		)
Car rental fleet debt - related charges	3			4			—			1			—			8			2			3			—			4			—			9			9
Corporate EBITDA	$	218		$	147		$	165		$	15		$	(73	)	$	472		$	350		$	116		$	183		$	12		$	(83	)	$	578		$	591
Non-cash stock-based employee compensation charges	—			—			—			—			7			7			—			—			—			—			11			11			11
Restructuring and restructuring related charges	29			1			1			—			24			55			8			12			1			—			18			39			39
Acquisition related costs and charges	—			—			—			—			1			1			—			—			—			—			3			3			3
Integration expenses	—			—			—			—			1			1			6			—			—			—			2			8			9
Equipment Rental spin-off costs	—			—			12			—			2			14			—			—			—			—			—			—			—
Relocation costs	—			—			—			—			3			3			4			—			—			—			—			4			4
Premiums paid on debt	—			—			—			—			—			—			—			—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			—			—			—			—			—			—			28			28			—
Impairment charges and asset write-downs	—			—			—			—			—			—			40			—			—			—			—			40			44
Other extraordinary, unusual or non-recurring items	—			(1		)	—			—			1			—			4			7			—			—			9			20			40
Adjusted Corporate EBITDA	$	247		$	147		$	178		$	15		$	(34	)	$	553		$	412		$	135		$	184		$	12		$	(12	)	$	731		$	741
Non-fleet depreciation and amortization	(56		)	(9		)	(97		)	(2		)	(5		)	(169		)	(50		)	(8		)	(94		)	(2		)	(4		)	(158		)	(155		)
Non-fleet interest, net of interest income	1			(4		)	(12		)	1			(78		)	(92		)	(1		)	(4		)	(13		)	1			(82		)	(99		)	(99		)
Non-fleet debt - related charges	—			—			1			1			3			5			—			—			1			(1		)	8			8			9
Non-cash stock-based employee compensation charges	—			—			—			—			(7		)	(7		)	—			—			—			—			(11		)	(11		)	(11		)
Acquisition accounting	17			2			9			2			2			32			18			3			10			4			—			35			35
Other accounting	—			—			—			—			—			—			—			—			1			—			—			1			—
Adjusted pre-tax income (loss)	$	209		$	136		$	79		$	17		$	(119	)	$	322		$	379		$	126		$	89		$	14		$	(101	)	$	507		$	520

63

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FREE CASH FLOW

Unaudited

	Nine Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Income (loss) before income taxes	$	261		$	563		$	601		$	612
Depreciation and amortization, non-fleet, net	272			249			241			241
Amortization of debt discount and related charges	35			54			54			54
Cash paid for income taxes	(47		)	(56		)	(56		)	(56		)
Changes in assets and liabilities, net of effects of acquisitions, and other	89			169			172			154
Net cash provided by operating activities excluding depreciation of revenue earning equipment	610			979			1,012			1,005
U.S. car rental fleet growth (a)	134			(489		)	NR			NR
International car rental fleet growth (a)	(401		)	(49		)	NR			NR
Equipment rental fleet growth (a)	(105		)	(258		)	NR			NR
All other operations rental fleet growth (a)	(9		)	(2		)	NR			NR
Property and equipment expenditures, net of disposals	(165		)	(184		)	(184		)	(184		)
Net investment activity	(546		)	(982		)	(991		)	(990		)
Free cash flow	$	64		$	(3	)	$	21		$	15

(a) Historically, fleet growth has not been reported on a segment basis.

64

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FLEET GROWTH

Unaudited

	Nine Months Ended September 30, 2014															Nine Months Ended September 30, 2013 As Restated															Nine Months Ended September 30, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH
Revenue earning equipment expenditures	$	(4,128	)	$	(2,694	)	$	(470	)	$	(1,150	)	$	(8,442	)	$	(5,412	)	$	(2,574	)	$	(582	)	$	(750	)	$	(9,318	)	$	(9,677	)
Proceeds from disposal of revenue earning equipment	3,019			1,456			130			711			5,316			3,506			1,654			101			401			5,662			5,669
Net revenue earning equipment capital expenditures	(1,109		)	(1,238		)	(340		)	(439		)	(3,126		)	(1,906		)	(920		)	(481		)	(349		)	(3,656		)	(4,008		)
Depreciation of revenue earning equipment, net	1,222			321			235			340			2,118			943			350			223			316			1,832			1,847
Financing activity related to car rental fleet:
Borrowings	1,021			1,287			—			438			2,746			2,694			1,234			—			993			4,921			NR
Payments	(1,085		)	(745		)	—			(350		)	(2,180		)	(2,303		)	(682		)	—			(947		)	(3,932		)	NR
Restricted cash changes	85			(26		)	—			2			61			83			(31		)	—			(15		)	37			NR
Net financing activity related to car rental fleet	21			516			—			90			627			474			521			—			31			1,026			1,354
Fleet growth	$	134		$	(401	)	$	(105	)	$	(9	)	$	(381	)	$	(489	)	$	(49	)	$	(258	)	$	(2	)	$	(798	)	$	(806	)

65

Supplemental Schedule VI

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

							As of December 31, 2013						As of December 31, 2013
	As of September 30, 2014						As Restated						As Revised
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	10,237	$	6,749	$	16,986	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		629		629		—		411		411		—		423		423
Restricted cash	708		40		748		772		89		861		772		88		860
Net debt	$	9,529	$	6,080	$	15,609	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended September 30,						Three Months Ended September 30,
(In millions)	2014			2013 As Restated			2013 As Reported
Equipment rental segment revenues	$	413		$	403		$	402
Equipment sales and other revenue	(33		)	(33		)	(33		)
Rental and rental related revenue at actual rates	380			370			369
Foreign currency adjustment(a)	2			(1		)	3
Rental and rental related revenue	$	382		$	369		$	372

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

66

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES -DEBT, REVENUE, DEPRECIATION AND KEY METRICS(CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental

	Three Months Ended September 30,						Three Months Ended September 30,
(In millions, except as noted)	2014			2013 As Restated			2013 As Reported
Total RPD
Revenues	$	1,768		$	1,770		$	1,766
Advantage sublease revenue	—			(22		)	(23		)
Ancillary retail car sales revenue	(9		)	(4		)	—
Total rental revenue	$	1,759		$	1,744		$	1,743
Transaction days (in thousands)	37,901			36,064			36,064
Total RPD (in whole dollars)	$	46.41		$	48.36		$	48.33
Fleet Efficiency
Transaction days (in thousands)	37,901			36,064
Average Fleet	515,300			516,800
Advantage sublease vehicles	(1,000		)	(23,000		)
Hertz 24/7 vehicles	(1,000		)	(2,000		)
Average Fleet used to calculate fleet efficiency	513,300			491,800
Number of days in period	92			92
Available car days (in thousands)	$	47,224		$	45,246
Fleet efficiency(a)	80		%	80		%
Revenue Per Available Car Day
Total rental revenue	$	1,759		$	1,744
Available car days (in thousands)	47,224			45,246
Revenue per available car day (in whole dollars)	$	37.25		$	38.54
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	409		$	337
Average fleet	515,300			516,800
Depreciation of revenue earning equipment and lease charges, net divided by average fleet (whole dollars)	$	794		$	652
Number of months in period	3			3
Net depreciation per unit per month (whole dollars)	$	265		$	217

 (a) Calculated as transaction days divided by available car days.

67

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES -DEBT, REVENUE, DEPRECIATION AND KEY METRICS(CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (CONTINUED)

International Car Rental

	Three Months Ended September 30,						Three Months Ended September 30,
(in millions, except as noted)	2014			2013 As Restated			2013 As Reported
Total RPD
Revenues	$	795		$	768		$	768
Foreign currency adjustment (a)	11			19			21
Total rental revenue	$	806		$	787		$	789
Transaction days (in thousands)	14,695			14,278			14,278
Total RPD (in whole dollars)	$	54.85		$	55.12		$	55.27
Fleet Efficiency
Transaction days (in thousands)	14,695			14,278
Average Fleet	196,900			188,700
Number of days in period	92			92
Available car days (in thousands)	18,115			17,360
Fleet efficiency(b)	81		%	82		%
Revenue Per Available Car Day
Total rental revenue	$	806		$	787
Available car days (in thousands)	18,115			17,360
Revenue per available car day (in whole dollars)	$	44.49		$	45.33
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	143		$	151
Foreign currency adjustment (a)	2			4
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	145		$	155
Average fleet	196,900			188,700
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (whole dollars)	$	736		$	821
Number of months in period	3			3
Net depreciation per unit per month (whole dollars)	$	245		$	274

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

(b) Calculated as transaction days divided by available car days.

68

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended June 30,						Three Months Ended June 30,
(In millions, except per share data)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Total revenues	$	2,830		$	2,708		$	2,709		$	2,715
Expenses:
Direct operating	1,594			1,417			1,414			1,406
Depreciation of revenue earning equipment and lease charges, net	708			632			628			641
Selling, general and administrative	264			287			280			275
Interest expense, net	164			182			182			182
Other (income) expense, net	(21		)	(2		)	(1		)	(1		)
Total expenses	2,709			2,516			2,503			2,503
Income (loss) before income taxes	121			192			206			212
(Provision) benefit for taxes on income (loss)	(49		)	(81		)	(85		)	(91		)
Net income (loss)	$	72		$	111		$	121		$	121
Weighted average number of shares outstanding:
Basic	452			401			401			401
Diluted	465			465			465			465
Earnings per share:
Basic	$	0.16		$	0.28		$	0.30		$	0.30
Diluted	$	0.15		$	0.25		$	0.27		$	0.27
Adjusted Corporate EBITDA(a)	$	446		$	522		NR			$	541
Adjusted pre-tax Income (loss)(a)	216			296			NR			314

(a)  Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule III.

69

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	As of June 30, 2014		As of December 31, 2013 As Restated		As of December 31, 2013 As Revised
Cash and cash equivalents	$	540	$	411	$	423
Restricted cash	717		861		860
Revenue earning equipment:
U.S. Car Rental	8,980		8,629		8,629
International Car Rental	3,135		2,047		2,047
Worldwide Equipment Rental	2,520		2,416		2,416
All Other Operations	1,194		1,099		1,101
Total revenue earning equipment, net	15,829		14,191		14,193
Total assets	26,169		24,423		24,588
Total debt	17,310		16,309		16,309
Net Fleet debt(a)	9,429		9,034		9,034
Net Corporate debt(a) (b)	6,624		6,003		5,992
Total equity	2,666		2,567		2,771

(a)  Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule VI.

(b)  Fleet related to Hertz Equipment Rental Corporation is funded via Corporate Debt

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Six Months Ended June 30,						Six Months Ended June 30,
(In millions)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Cash provided by (used in):
Operating activities	$	1,402		$	1,444		$	1,448		$	1,459
Investing activities	(2,248		)	(3,273		)	(3,267		)	(3,264		)
Financing activities	977			1,764			1,763			1,763
Effect of exchange rate changes	(2		)	(9		)	(8		)	(8		)
Net change in cash and cash equivalents	$	129		$	(74	)	$	(64	)	$	(50	)
Fleet growth(a)	$	(592	)	$	(545	)	NR			$	(543	)
Free cash flow(a)	(689		)	(408		)	(397		)	(404		)

(a)         Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules IV and V.

70

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended June 30,						Three Months Ended June 30,
	2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	35,850			34,178			34,178
Total RPD(a)	$	46.19		$	46.11		$	46.78
Revenue per available car day (in whole dollars)(a)	36.61			36.54			NR
Average fleet	502,500			499,000			498,800
Fleet efficiency(a)	79		%	79		%	NR
Net depreciation per unit per month(a)	$	259		$	216		NR
Program cars as a percentage of total average fleet at period end	16		%	3		%	NR
Adjusted pre-tax income (in millions) (a)	$	184		$	289		NR
International Car Rental
Transaction days (in thousands)	12,096			11,261			11,261
Total RPD(a) (b)	$	52.58		$	53.73		$	54.05
Revenue per available car day (in whole dollars)(a) (b)	40.56			40.66			NR
Average Fleet	172,300			163,500			163,500
Fleet efficiency(a)	77		%	76		%	NR
Net depreciation per unit per month(a) (b)	$	238		$	273		NR
Program cars as a percentage of total average fleet at period end	42		%	38		%	NR
Adjusted pre-tax income (loss) (in millions)(a) (b)	$	57		$	35		NR
Worldwide Equipment Rental
Dollar utilization	35		%	37		%	NR
Time utilization	63		%	64		%	NR
Rental and rental related revenue (in millions)(a) (b)	$	356		$	343		$	351
Same store revenue growth, including growth initiatives(b)	4		%	11		%	11		%
Adjusted pre-tax income (loss) (in millions)(a)	$	67		$	73		NR
All Other Operations
Average fleet — Donlen	177,800			168,000			168,000
Adjusted pre-tax income (in millions)(a)	$	15		$	14		NR

(a)  Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules III and VI.

(b) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

71

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

The following Supplemental Schedules and definitions are provided to present segment results and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules we provide definitions for terminology used throughout these schedules.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended June 30, 2014																Three Months Ended June 30, 2013 As Restated																	Three Months Ended  June 30, 2013
(In millions)	U.S. Car Rental			Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental		Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			As Revised Consolidated HGH			As Reported Consolidated HGH
Total revenues:	$	1,663		$	641	$	384		$	142	$	—		$	2,830		$	1,602		$	595	$	381		$	130		$	—		$	2,708		$	2,709		$	2,715
Expenses:
Direct operating	990			394		210			6		(6		)	1,594			865			347		204			6			(5		)	1,417			1,414			1,406
Depreciation of revenue earning equipment and lease charges, net	391			124		79			114		—			708			323			132		73			104			—			632			628			641
Selling, general and administrative	93			63		35			8		65			264			113			69		32			8			65			287			280			275
Interest expense, net	44			25		12			3		80			164			45			28		12			2			95			182			182			182
Other (income) expense, net	(22		)	3		(1		)	—		(1		)	(21		)	(1		)	—		(2		)	(1		)	2			(2		)	(1		)	(1		)
Total expenses	1,496			609		335			131		138			2,709			1,345			576		319			119			157			2,516			2,503			2,503
Income (loss) before income taxes	$	167		$	32	$	49		$	11	$	(138	)	121			$	257		$	19	$	62		$	11		$	(157	)	$	192		$	206		$	212
(Provision) benefit for taxes on income (loss)														(49		)															(81		)	(85		)	(91		)
Net income (loss)														$	72																$	111		$	121		$	121

72

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Three Months Ended June 30, 2014											Three Months Ended June 30, 2013 As Restated											Three Months Ended June 30, 2013 As Reported
(In millions, except per share data)	GAAP			Adjustments				Adjusted (Non-GAAP)				GAAP			Adjustments				Adjusted (Non-GAAP)				GAAP			Adjustments				Adjusted (Non-GAAP)
Total revenues	$	2,830		$	—			$	2,830			$	2,708		$	—			$	2,708			$	2,715		$	—			$	2,715
Expenses:
Direct operating	1,594			(59		)		1,535				1,417			(47		)		1,370				1,406			(45		)		1,361
Depreciation of revenue earning equipment and lease charges, net	708			(6		)		702				632			(2		)		630				641			(2		)		639
Selling, general and administrative	264			(34		)		230				287			(36		)		251				275			(35		)		240
Interest expense, net	164			(13		)		151				182			(18		)		164				182			(19		)		163
Other (income) expense, net	(21		)	17				(4		)		(2		)	(1		)		(3		)		(1		)	(2		)		(3		)
Total expenses	2,709			(95		)		2,614				2,516			(104		)		2,412				2,503			(103		)		2,400
Income (loss) before income taxes	121			95				216				192			104				296				212			103				315
(Provision) benefit for taxes on income (loss)	(49		)	(31		)	(a)	(80		)	(a)	(81		)	(23		)	(a)	(104		)	(a)	(91		)	(19		)	(a)	(110		)	(a)
Net income (loss)	$	72		$	64			$	136			$	111		$	81			$	192			$	121		$	84			$	205
Weighted average number of diluted shares outstanding	465			465				465				465			465				465				465			465				465
Diluted earnings (loss) per share (b)	$	0.15		$	0.14			$	0.29			$	0.25		$	0.18			$	0.42			$	0.27		NR				NR

(a) Represents a (provision) benefit for income taxes derived utilizing a combined statutory rate (37% for 2014 and 35% for 2013). The combined statutory rate is applied to the adjusted income (loss) before income taxes to arrive at the adjusted (provision) benefit for taxes. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, we applied the combined statutory rate to our adjustments. Management believes the current approach results in a better indicator of our core earnings.

(b) Net income (loss) used in diluted earnings per share calculation includes an adjustment to add back to net income the amount of interest expense on convertible senior notes, net of tax of $4 million, for the quarter ended June 30, 2013.

73

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended June 30, 2014																		Three Months Ended June 30, 2013 As Restated																		Three Months Ended June 30, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	167		$	32		$	49		$	11		$	(138	)	$	121		$	257		$	19		$	62		$	11		$	(157	)	$	192		$	212
Depreciation and amortization	447			135			97			116			4			799			374			140			91			107			3			715			722
Interest, net of interest income	44			25			12			3			80			164			45			28			12			2			95			182			182
Gross EBITDA	$	658		$	192		$	158		$	130		$	(54	)	$	1,084		$	676		$	187		$	165		$	120		$	(59	)	$	1,089		$	1,116
Car rental fleet depreciation	(391		)	(124		)	—			(114		)	—			(629		)	(323		)	(132		)	—			(104		)	—			(559		)	(568		)
Car rental fleet interest	(45		)	(22		)	—			(3		)	—			(70		)	(45		)	(26		)	—			(3		)	—			(74		)	(73		)
Car rental fleet debt - related charges	1			5			—			1			—			7			1			4			—			—			—			5			5
Corporate EBITDA	$	223		$	51		$	158		$	14		$	(54	)	$	392		$	309		$	33		$	165		$	13		$	(59	)	$	461		$	480
Non-cash stock-based employee compensation charges	—			—			—			—			5			5			—			—			—			—			11			11			12
Restructuring and restructuring related charges	4			14			2			—			11			31			12			10			1			—			3			26			26
Acquisition related costs and charges	—			—			—			—			2			2			—			—			—			—			8			8			9
Integration expenses	—			—			—			—			3			3			(1		)	—			—			—			10			9			9
Equipment Rental spin-off costs	—			—			6			—			6			12			—			—			—			—			—			—			—
Relocation costs	—			—			—			—			3			3			—			—			—			—			1			1			—
Impairment charges and asset write-downs	10			—			—			—			—			10			—			—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items	(16		)	3			—			—			1			(12		)	1			—			(1		)	(1		)	7			6			5
Adjusted Corporate EBITDA	$	221		$	68		$	166		$	14		$	(23	)	$	446		$	321		$	43		$	165		$	12		$	(19	)	$	522		$	541
Non-fleet depreciation and amortization	(56		)	(11		)	(97		)	(2		)	(4		)	(170		)	(51		)	(8		)	(91		)	(3		)	(3		)	(156		)	(154		)
Non-fleet interest, net of interest income	1			(3		)	(12		)	—			(80		)	(94		)	—			(2		)	(12		)	1			(95		)	(108		)	(109		)
Non-fleet debt - related charges	1			—			1			—			4			6			1			—			1			—			12			14			15
Non-cash stock-based employee compensation charges	—			—			—			—			(5		)	(5		)	—			—			—			—			(11		)	(11		)	(12		)
Acquisition accounting	17			3			9			3			1			33			18			2			10			4			1			35			33
Adjusted pre-tax income (loss)	$	184		$	57		$	67		$	15		$	(107	)	$	216		$	289		$	35		$	73		$	14		$	(115	)	$	296		$	314

74

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEAURE - FREE CASH FLOW

Unaudited

	Six Months Ended June 30,						Six Months Ended June 30,
(In millions)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Income before income taxes	$	58		$	252		$	280		$	284
Depreciation and amortization, non-fleet, net	180			167			163			163
Amortization of debt discount and related charges	25			37			37			37
Cash paid for income taxes	(33		)	(43		)	(43		)	(43		)
Changes in assets and liabilities, net of effects of acquisitions, and other	(221		)	(155		)	(163		)	(177		)
Net cash provided by operating activities excluding depreciation of revenue earning equipment	9			258			274			264
U.S. car rental fleet growth (a)	(321		)	(561		)	NR			NR
International car rental fleet growth (a)	(209		)	150			NR			NR
Equipment rental fleet growth (a)	(50		)	(136		)	NR			NR
All other operations rental fleet growth (a)	(12		)	2			NR			NR
Property and equipment expenditures, net of disposals	(106		)	(121		)	(125		)	(125		)
Net investment activity	(698		)	(666		)	(671		)	(668		)
Free cash flow	$	(689	)	$	(408	)	$	(397	)	$	(404	)

(a) Historically, fleet growth has not been reported on a segment basis.

75

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEAURE - FLEET GROWTH

Unaudited

	Six Months Ended June 30, 2014															Six Months Ended June 30, 2013 As Restated															Six Months Ended June 30, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH
Revenue earning equipment expenditures	$	(3,260	)	$	(1,673	)	$	(296	)	$	(767	)	$	(5,996	)	$	(4,463	)	$	(1,472	)	$	(365	)	$	(513	)	$	(6,813	)	$	(6,826	)
Proceeds from disposal of revenue earning equipment	2,114			1,059			89			455			3,717			2,396			993			82			266			3,737			3,743
Net revenue earning equipment capital expenditures	(1,146		)	(614		)	(207		)	(312		)	(2,279		)	(2,067		)	(479		)	(283		)	(247		)	(3,076		)	(3,083		)
Depreciation of revenue earning equipment, net	813			199			157			224			1,393			607			223			147			209			1,186			1,195
Financing activity related to car rental fleet:
Borrowings	619			720			—			420			1,759			2,470			918			—			47			3,435			NR
Payments	(731		)	(491		)	—			(350		)	(1,572		)	(1,741		)	(487		)	—			(2		)	(2,230		)	NR
Restricted cash changes	124			(23		)	—			6			107			170			(25		)	—			(5		)	140			NR
Net financing activity related to car rental fleet	12			206			—			76			294			899			406			—			40			1,345			1,345
Fleet growth	$	(321	)	$	(209	)	$	(50	)	$	(12	)	$	(592	)	$	(561	)	$	150		$	(136	)	$	2		$	(545	)	$	(543	)

76

Supplemental Schedule VI

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

							As of December 31, 2013						As of December 31, 2013
	As of June 30, 2014						As Restated						As Revised
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	10,100	$	7,210	$	17,310	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		540		540		—		411		411		—		423		423
Restricted cash	671		46		717		772		89		861		772		88		860
Net debt	$	9,429	$	6,624	$	16,053	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended June 30,
(In millions)	2014			2013 As Restated			2013 As Reported
Equipment rental segment revenues	$	384		$	381		$	384
Equipment sales and other revenue	(29		)	(36		)	(35		)
Rental and rental related revenue at actual rates	355			345			349
Foreign currency adjustment (a)	1			(2		)	2
Rental and rental related revenue	$	356		$	343		$	351

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

77

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Three Months Ended June 30,
(In millions, except as noted)	2014			2013 As Restated
Total RPD
Revenues	$	1,663		$	1,602
Advantage sublease revenue	—			(22		)
Ancillary retail car sales revenue	(7		)	(4		)
Total rental revenue	$	1,656		$	1,576
Transaction days (in thousands)	35,850			34,178
Total RPD (in whole dollars)	$	46.19		$	46.11
Fleet Efficiency
Transaction days (in thousands)	35,850			34,178
Average Fleet	502,500			499,000
Advantage sublease vehicles	(4,400		)	(24,000		)
Hertz 24/7 vehicles	(1,000		)	(1,000		)
Average Fleet used to calculate fleet efficiency	497,100			474,000
Number of days in period	91			91
Available car days (in thousands)	45,236			43,134
Fleet efficiency(a)	79		%	79		%
Revenue Per Available Car Day
Total rental revenue	$	1,656		$	1,576
Available car days (in thousands)	45,236			43,134
Revenue per available car day (in whole dollars)	$	36.61		$	36.54
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	391		$	323
Average fleet	502,500			499,000
Depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	778		$	647
Number of months in period	3			3
Net depreciation per unit per month (in whole dollars)	$	259		$	216

 (a) Calculated as transaction days divided by available car days.

78

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (CONTINUED)

International Car Rental

	Three Months Ended June 30,
(in millions, except as noted)	2014			2013 As Restated
Total RPD
Revenues	$	641		$	595
Foreign currency adjustment (a)	(5		)	10
Total rental revenue	$	636		$	605
Transaction days (in thousands)	12,096			11,261
Total RPD (in whole dollars)	$	52.58		$	53.73
Fleet Efficiency
Transaction days (in thousands)	12,096			11,261
Average Fleet	172,300			163,500
Number of days in period	91			91
Available car days (in thousands)	15,679			14,879
Fleet efficiency(b)	77		%	76		%
Revenue Per Available Car Day
Total rental revenue	$	636		$	605
Available car days (in thousands)	15,679			14,879
Revenue per available car day (in whole dollars)	$	40.56		$	40.66
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net (in millions)	$	124		$	132
Foreign currency adjustment (a)	(1		)	2
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	123		$	134
Average fleet	172,300			163,500
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	714		$	820
Number of months in period	3			3
Net depreciation per unit per month (in whole dollars)	$	238		$	273

(a)         Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates.  Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

(b) Calculated as transaction days divided by available car days.

79

EX-99.3

3Q 2015 Earnings Call November 9, 2015 8:00am ET

2 Safe Harbor Statement Certain statements made within this presentation contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward- looking statements are not guarantees of performance and by their nature are subject to inherent uncertainties. Actual results may differ materially. Any forward-looking information relayed in this presentation speaks only as of November 9, 2015, and the Company undertakes no obligation to update that information to reflect changed circumstances. Additional information concerning these statements is contained in the Company’s press release regarding its Third Quarter results issued on November 9, 2015, and the Risk Factors and Forward-Looking Statements sections of the Company’s 2014 Annual Report on Form 10-K and 2015 Quarterly Reports on Form 10-Q. Copies of these filings are available from the SEC, the Hertz website or the Company’s Investor Relations Department.

3*Definitions and reconciliations of these non-GAAP measures are provided in the Company’s third quarter 2015 press release. The following non-GAAP* measures will be used in the presentation: Adjusted Corporate EBITDA Adjusted Corporate EBITDA Margin Adjusted Pre-Tax Income Adjusted Net Income Adjusted Diluted Earnings Per Share (Adjusted EPS) Revenue per Available Car Day Non-GAAP Measures Total RPD Net Depreciation Per Unit Per Month Net Corporate Debt Net Fleet Debt Adjusted Interest Expense Free Cash Flow

4 Today’s Agenda John Tague President & Chief Executive Officer Hertz Global Holdings Tom Kennedy Sr. EVP & Chief Financial Officer Hertz Global Holdings Business Overview John Tague Financial Results Overview Tom Kennedy HERC Overview Larry SilberLarry Silber President & Chief Executive Officer Hertz Equipment Rental

5 3Q:15 Overview C Accomplishments: Realized global cost savings Increased W.W. RAC fleet efficiency Improved W.W. RAC revenue efficiency Increased customer satisfaction scores Integrated Hertz, Dollar and Thrifty systems W.W. RAC adjusted Corporate EBITDA margin +300 bps to 17% Calculated as HGH adjusted Corporate EBITDA minus HERC segment EBITDA Transactions: Reduced investment in CAR Inc., ~$100 million in proceeds Repurchased $262 million of common stock, 14.8 million shares Reduced net leverage ratio from 2Q:15 Reaffirm FY 2015 consolidated adjusted Corporate EBITDA guidance of $1.45 to $1.55 billion

6 3Q:15 RAC Revenue Efficiency Revenue per Available Car Day (RACD = RPU/Day) Measures the capacity of the fleet to generate revenue Formula: Total revenue / number of days in period x average total owned fleet size U.S. RAC Int’l RAC W.W. RAC +1% +2% +1% 83% 81% 82% Note: Total RPD calculated using Total Revenue less ancillary retail car sales revenue

7 Tom Kennedy CFO • COST INITIATIVES AND FLEET MANAGEMENT • 3Q:15 RAC FINANCIAL PERFORMANCE

8 Cost Initiatives; Fleet Management FLEET MANAGEMENT U.S. RAC fleet efficiency +300bps YoY to 83%; U.S. RAC net monthly depreciation per unit +1%, better than expected - Increased use of higher return alternative sales channels - Strong industry residuals Capitalized on strong residuals heading into shoulder period, resulting in 3% decline in average U.S. fleet COST SAVINGS YTD 2015 realized ~$150M of $200M full-year target and annualized goal of $300M Consolidated DOE and SG&A expense as % of revenue down 290 bps Corporate/ Operations Overhead Fleet Management Sales and Marketing Consolidated adjusted Corporate EBITDA margin +247 bps to 20%

9 3Q:15 Consolidated Results C GAAP 3Q:15 Results 3Q:14 Results YoY Change Revenue $2,976 $3,121 (5)% Income before income taxes $307 $203 51% Net income $237 $149 59% Diluted earnings per share $0.52 $0.32 63% Diluted shares outstanding 457 464 (2)% Non-GAAP* Adjusted Corporate EBITDA $601 $553 9% Adjusted Corporate EBITDA margin 20% 18% 247 bps Adjusted Pre-tax income $359 $322 11% Adjusted Net income $226 $203 11% Adjusted EPS $0.49 $0.44 11% ($ in millions, except per share amounts) 3Q:15 adjusted EPS includes unfavorable FX impact of ~$(0.03) *Definitions and reconciliations of these non-GAAP measures are provided in the Company’s third quarter 2015 press release.

10 3Q:15 U.S. RAC Total Revenue Note: Total RPD calculated using Total Revenue less ancillary retail car sales revenue Revenue per Available Car Day (RACD) up 1% on 300 bps improvement in efficiency Airport total RPD down - Industry published rates declined in shoulder period at the end of August - Weakness in corporate portfolio, a phenomenon observed throughout travel sector Off airport volume down due to store closures and lower fleet capacity Ancillary revenue per transaction day, ex-fuel, increased 4% Airport Off Airport On Airport 76% of U.S. RAC Revenue Off Airport 24% of U.S. RAC Revenue Total (2.2%) (3.4%) (1.3%) 0.1% 3.3% (6.2%) Total RPD Total RPD Total RPD Volume VolumeVolume

11 U.S. RAC Net Monthly Depreciation/Unit 3Q:15 net monthly depreciation per unit +1% to $267 3Q:15 unit sales through alternative channels increased 68% YoY YTD 2015 net monthly depreciation per unit (1)% to $267 Revised FY 2015 estimate to $270-280 net monthly depreciation per unit 60% 40% 3Q 2015 % of Total Hertz Non-Program Sales Alternative Channels Wholesale Auction Alternative Resale Channels

12 U.S. RAC DOE + SG&A 3Q:15 DOE and SG&A as a % of sales down 330 bps YoY Cost savings drivers include labor productivity, distribution efficiency, lower fleet maintenance and improved damage collections U.S. RAC adjusted corporate EBITDA margin 16%, +236 bps YoY 65% 62% 3Q DOE + SG&A as % of Sales 2014 2015

13 3Q:15 International Car Rental Revenue +3% YoY, excluding FX Volume +1% Total RPD +2%, excl. FX Fleet efficiency 81% Revenue per available car day +2% YoY DOE + SG&A down 290 bps as a % of revenue at 59% Net monthly depreciation per unit down 6% excluding FX Adjusted Corporate EBITDA margin 24%, up 509 bps YoY

1414 Larry Silber CEO, HERC • HERC OVERVIEW 14

15 HERC – Transforming the Business Revenue Expanding and diversifying customer base with focus on local accounts Decentralizing reporting structure, optimizing sales force • Better field accountability, more focused asset management, improved customer service Investing in branch management Utilization Investing in maintenance personnel to reduce out of service equipment Improving location footprint to enhance fleet sharing Increasing mix of specialty equipment to shift to higher margin business

16 3Q:15 HERC N.A. Oil & Gas Impact North America Rental & Related Revenue* YoY % change Customer Account Regional Branches Upstream oil & gas (39)% (26)% Non-oil & gas 9% 14% * Excludes FX impact Due to the secondary effect in oil markets, we will now report oil and gas results by regional branch data N.A. branch revenue in major upstream oil and gas markets represent 21% of total rental and rental-related revenue, excl. FX High-rate upstream oil and gas business declines

17 3Q:15 HERC Revenue Note: Pricing and volume data exclude Cinelease due to the nature of that business Pricing N.A. national accounts 49% of revenue vs. 51% 3Q:14 due to expansion of local customer base Upstream oil and gas pricing pressure Volume New accounts up 67% YoY from construction sectors and specialty and niche markets, offsetting weakness from upstream oil and gas branches YoY % change Revenue* Rental & Related Revenue* Volume Pricing W.W. HERC 1% 2% 3% Flat N.A. 1% 2% 3% Flat * Excludes FX impact

18 HERC Key Metrics 36% 37% 39% 38% 35% 36% 38% 39% 35% 35% 37% 1Q 2Q 3Q 4Q NA Dollar Utilization 2013 2014 2015 62% 65% 68% 66% 62% 64% 67% 68% 63% 63% 66% 1Q 2Q 3Q 4Q NA Time Utilization 2013 2014 2015 672 615 532 2013 2014 2015 3Q YTD WW FY Gross Purchases 534 433 410 2013 2014 2015 3Q YTD WW FY Net Fleet Purchases 3Q:15 YoY avg fleet in O&G regions down 16% Excluding upstream O&G markets, 3Q:15 dollar utilization up 60 bps W.W. HERC adjusted corporate EBITDA down $14M driven by decline in O&G branch profit

1919 Tom Kennedy CFO • BALANCE SHEET REVIEW • CASH FLOW REVIEW • TRANSACTION DAY BRAND ALIGNMENT • SECOND QUARTER 2015 10Q/A 19

20 Liquidity and Debt ($ in millions) ABL Availability: $1,334 Unrestricted Cash: 509 Corporate Liquidity: $1,843 Net corporate debt / LTM adjusted corporate EBITDA ratio 4.4x from 4.8x at June 30th FY 2016 leverage ratio target 3.5x Corporate Liquidity at September 30, 2015

21 Free Cash Flow 3Q:15 YTD 3Q:14 YTD Chg GAAP Pretax Income $291 $261 $30 PP&E (non fleet) depr. exp. + amortization exp. 308 307 1 Cash Taxes (31) (47) 16 Net Working Capital/Other 68 89 (21) Operating Cash Flow excl. fleet depr. add-back $636 $610 $26 RAC Fleet Growth (net capex + depr. exp. & net fleet financing) 125 (276) 401 HERC Fleet Growth (net capex + depr. exp.) (166) (105) (61) PP&E Net Capital Expenditures (181) (151) (30) Net Investment $(222) $(532) $310 FREE CASH FLOW $414 $78 $336 ($ in millions)

22 Refinancings Replaced existing Hertz and Dollar Thrifty Canadian securitizations facilities with single new C$350 million facility - Matures January 2018 Extended Donlen variable funding notes - Matures September 2017 - Upsized facility by $100 million Closed $600 million U.S. RAC term ABS note offering in October - Represents first 144a issuance for new HVF II funding platform Closed an extension and re-pricing of €400 million securitization - Drawn spread down ~30 bps 4Q:15 anticipate extending maturities for two primary U.S. RAC securitization revolvers

23 Transaction Day Methodology Aligned Operating systems integration complete Transaction days for Dollar/Thrifty now recorded under Hertz methodology Dollar/Thrifty transaction days will now be relatively higher compared to historically recorded Immaterial to 3Q:15; impact beginning in 4Q:15 - Higher transaction days - Lower total RPD - Higher utilization

24 2Q:15 10-Q/A 2Q:15 U.S. RAC fleet depreciation expense error resulted from a process change implemented at the beginning of the year - Cause of error identified; additional control procedures implemented - Error is unique to the way vehicles are transferred between legal entities when sold through retail sales channels, and is not related to our standard depreciation process - As a result of this error, depreciation expense during the three and six months ended June 30, 2015, overstated by $21M and $18M, respectively Also corrected an error that resulted in $3M overstatement of U.S. RAC direct operating expenses for the three months ended June 30, 2015 There was no change to cash flow as a result of these corrections While each of these corrections were immaterial to the individual line items in which they are recorded, the net effect was material to reported earnings and thus we needed to correct and reissue the statements We are committed to streamlining processes and improving controls to further mitigate the risk of these types of errors occurring in the future

25 OUTLOOK

26 FY:15 Financial Guidance Full Year 2015 Forecast Adj. Corporate EBITDA – Consolidated HGH $1,450M - $1,550M No Change Adj. Corporate EBITDA – W.W. HERC $575M - $625M No Change U.S. RAC Net Monthly Depreciation per Unit $270 - $280 U.S. RAC fleet capacity growth1 (1.0)% to Flat Net non-fleet capex $220M - $240M 1Excludes Advantage sublease and Hertz 24/7 vehicles Guidance Revision

27 2015 Investor Day Agenda C Panel Presentation Moderator Full potential opportunity John Tague Chief Executive Officer Customer preference & revenue mgmt. Jeff Foland Chief Revenue Officer Leading cost and quality Tom Kennedy Chief Financial Officer Winning with technology Tyler Best Chief Information Officer Path to full potential and 2016 guidance Tom Kennedy Chief Financial Officer

Q&A

FINANCIAL INFORMATION AND OPERATING DATA    

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended September 30,						Nine Months Ended September 30,
(In millions, except per share data)	2015			2014			2015			2014
Total revenues	$	2,976		$	3,121		$	8,122		$	8,487
Expenses:
Direct operating	1,564			1,702			4,475			4,738
Depreciation of revenue earning equipment and lease charges, net	717			746			2,102			2,180
Selling, general and administrative	259			303			821			845
Interest expense, net	158			164			467			484
Other (income) expense, net	(29		)	3			(34		)	(21		)
Total expenses	2,669			2,918			7,831			8,226
Income (loss) before income taxes	307			203			291			261
(Provision) benefit for taxes on income (loss)	(70		)	(54		)	(88		)	(109		)
Net income (loss)	$	237		$	149		$	203		$	152
Weighted average number of shares outstanding:
Basic	454			459			457			453
Diluted	457			464			460			465
Earnings (loss) per share:
Basic	$	0.52		$	0.32		$	0.44		$	0.34
Diluted	$	0.52		$	0.32		$	0.44		$	0.33
Adjusted Corporate EBITDA (a)	$	601		$	553		$	1,228		$	1,254
Adjusted pre-tax Income (loss) (a)	359			322			537			562

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule III.

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	September 30, 2015		December 31, 2014
Cash and cash equivalents	$	509	$	490
Restricted cash	280		571
Revenue earning equipment:
U.S. Car Rental	8,324		8,070
International Car Rental	2,542		1,904
Worldwide Equipment Rental	2,476		2,442
All Other Operations	1,284		1,237
Total revenue earning equipment, net	14,626		13,653
Total assets	24,569		23,985
Total debt	16,609		15,993
Net Fleet debt (a)	10,068		9,047
Net Corporate debt (a) (b)	5,752		5,885
Total equity	2,338		2,464

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule VI.

(b) Fleet related to Hertz Equipment Rental Corporation is funded via Net Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Nine Months Ended September 30,
(In millions)	2015			2014
Cash provided by (used in):
Operating activities	$	2,683		$	2,729
Investing activities	(3,114		)	(3,283		)
Financing activities	471			790
Effect of exchange rate changes	(21		)	(18		)
Net change in cash and cash equivalents	$	19		$	218
Fleet growth (a)	$	(41	)	$	(381	)
Free cash flow (a)	414			78

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules IV and V.

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
U.S. Car Rental
Transaction days (in thousands)	37,946			37,901			104,960			106,111
Total RPD (a)	$	45.41		$	46.41		$	46.04		$	46.80
Revenue per available car day (in whole dollars)	$	37.63		$	37.25		$	35.43		$	36.62
Average fleet	497,700			515,300			499,600			503,300
Fleet efficiency(a)	83		%	80		%	77		%	78		%
Net depreciation per unit per month(a)	$	267		$	265		$	267		$	270
Program cars as a percentage of total average fleet at period end	28		%	15		%	28		%	15		%
Adjusted pre-tax income (loss)(in millions) (a)	$	246		$	209		$	509		$	515
International Car Rental
Transaction days (in thousands)	14,814			14,695			37,112			36,186
Total RPD (a)(b)	$	50.43		$	49.47		$	48.53		$	48.03
Revenue per available car day (in whole dollars)(b)	$	40.97		$	40.13		$	38.38		$	37.38
Average Fleet	198,200			196,900			171,900			170,300
Fleet efficiency(a)	81		%	81		%	79		%	78		%
Net depreciation per unit per month(a)(b)	$	207		$	220		$	214		$	224
Program cars as a percentage of total average fleet at period end	44		%	40		%	44		%	40		%
Adjusted pre-tax income (loss)(in millions) (a)	$	151		$	136		$	203		$	154
Worldwide Equipment Rental
Dollar utilization	36		%	37		%	35		%	36		%
Time utilization	66		%	66		%	63		%	64		%
Rental and rental related revenue (in millions) (a)(b)	$	380		$	374		$	1,069		$	1,049
Same store revenue growth, including growth initiatives (b)	—		%	6		%	—		%	6		%
Adjusted pre-tax income (loss) (in millions) (a)	$	54		$	79		$	130		$	197
All Other Operations
Average fleet — Donlen	160,500			169,700			164,900			174,800
Adjusted pre-tax income (loss) (in millions) (a)	$	18		$	17		$	52		$	47

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules III and VI.

(b) Based on December 31, 2014 foreign exchange rates.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended September 30, 2015															Three Months Ended September 30, 2014
(In millions)	U.S. Car Rental		Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	1,739	$	687	$	401		$	149	$	—		$	2,976		$	1,768		$	795	$	413		$	145	$	—		$	3,121
Expenses:
Direct operating	988		351		221			6		(2		)	1,564			1,041			427		221			6		7			1,702
Depreciation of revenue earning equipment and lease charges, net	399		114		86			118		—			717			409			143		78			116		—			746
Selling, general and administrative	92		57		44			8		58			259			116			68		47			7		65			303
Interest expense, net	43		20		14			3		78			158			44			27		12			3		78			164
Other (income) expense, net	5		24		(1		)	—		(57		)	(29		)	(2		)	—		(1		)	—		6			3
Total expenses	1,527		566		364			135		77			2,669			1,608			665		357			132		156			2,918
Income (loss)before income taxes	$	212	$	121	$	37		$	14	$	(77	)	307			$	160		$	130	$	56		$	13	$	(156	)	203
(Provision) benefit for taxes on income (loss)													(70		)														(54		)
Net income (loss)													$	237															$	149

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Nine Months Ended September 30, 2015															Nine Months Ended September 30, 2014
(In millions)	U.S. Car Rental		Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	4,873	$	1,679	$	1,131		$	439	$	—		$	8,122		$	4,989		$	1,918	$	1,155		$	425	$	—		$	8,487
Expenses:
Direct operating	2,856		950		643			17		9			4,475			2,939			1,150		631			18		—			4,738
Depreciation of revenue earning equipment and lease charges, net	1,200		310		243			349		—			2,102			1,224			381		235			340		—			2,180
Selling, general and administrative	289		182		136			23		191			821			310			195		114			23		203			845
Interest expense, net	124		54		44			8		237			467			125			73		38			10		238			484
Other (income) expense, net	5		24		(4		)	—		(59		)	(34		)	(31		)	2		(3		)	—		11			(21		)
Total expenses	4,474		1,520		1,062			397		378			7,831			4,567			1,801		1,015			391		452			8,226
Income (loss) before income taxes	$	399	$	159	$	69		$	42	$	(378	)	291			$	422		$	117	$	140		$	34	$	(452	)	261
(Provision) benefit for taxes on income (loss)													(88		)														(109		)
Net income (loss)													$	203															$	152

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

TO ADJUSTED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited

	Three Months Ended September 30, 2015											Three Months Ended September 30, 2014
(In millions, except per share data)	GAAP			Adjustments				Adjusted (Non-GAAP)				GAAP			Adjustments				Adjusted (Non-GAAP)
Total revenues	$	2,976		$	—			$	2,976			$	3,121		$	—			$	3,121
Expenses:
Direct operating	1,564			(34		)	(a)	1,530				1,702			(61		)	(a)	1,641
Depreciation of revenue earning equipment and lease charges, net	717			—				717				746			—				746
Selling, general and administrative	259			(24		)	(c)	235				303			(43		)	(c)	260
Interest expense, net	158			(15		)	(d)	143				164			(13		)	(d)	151
Other (income) expense, net	(29		)	21			(e)	(8		)		3			(2		)	(e)	1
Total expenses	2,669			(52		)		2,617				2,918			(119		)		2,799
Income (loss) before income taxes	307			52				359				203			119				322
(Provision) benefit for taxes on income (loss)	(70		)	(63		)	(f)	(133		)	(f)	(54		)	(65		)	(f)	(119		)	(f)
Net income (loss)	$	237		$	(11	)		$	226			$	149		$	54			$	203
Weighted average number of diluted shares outstanding	457			457				457				464			464				464
Diluted earnings (loss) per share	$	0.52		$	(0.02	)		$	0.49			$	0.32		$	0.12			$	0.44

	Nine Months Ended September 30, 2015											Nine Months Ended September 30, 2014
(In millions, except per share data)	GAAP			Adjustments				Adjusted (Non-GAAP)				GAAP				Adjustments				Adjusted (Non-GAAP)
Total revenues	$	8,122		$	—			$	8,122			$	8,487			$	—			$	8,487
Expenses:
Direct operating	4,475			(117		)	(a)	4,358				4,738				(165		)	(a)	4,573
Depreciation of revenue earning equipment and lease charges, net	2,102			—				2,102				2,180				(2		)	(b)	2,178
Selling, general and administrative	821			(106		)	(c)	715				845				(116		)	(c)	729
Interest expense, net	467			(47		)	(d)	420				484				(39		)	(d)	445
Other (income) expense, net	(34		)	24			(e)	(10		)		(21		)		21			(e)	—
Total expenses	7,831			(246		)		7,585				8,226				(301		)		7,925
Income (loss) before income taxes	291			246				537				261				301				562
(Provision) benefit for taxes on income (loss)	(88		)	(111		)	(f)	(199		)	(f)	(109		)		(99		)	(f)	(208		)	(f)
Net income (loss)	$	203		$	135			$	338			$	152			$	202			$	354
Weighted average number of diluted shares outstanding	460			460				460				465				465				465
Diluted earnings (loss) per share	$	0.44		$	0.29			$	0.73			$	0.33		(g)	$	0.43			$	0.76		(g)

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. Also includes restructuring and restructuring related charges, impairments and asset write-downs.

b. In 2014, represents the increase in depreciation of equipment rental revenue earning equipment based upon its revaluation relating to purchase accounting.

c. In 2014 and 2015, primarily comprised of restructuring and restructuring related charges and impairment charges, expenses associated with the anticipated HERC spin-off transaction announced in March 2014, consulting costs and legal fees related to the accounting review and investigation, expenses associated with acquisitions, integration charges and relocation expenses associated with the Company's relocation of its headquarters to Estero, Florida. In 2015, also includes costs associated with the separation of certain executives.

d. Represents debt-related charges relating to the amortization of deferred debt financing costs and debt discounts.

e. Includes miscellaneous non-recurring or non-cash items. For 2015, primarily represents the gain on the sale of common stock of CAR Inc, offset by a legal reserve in the International Rental Car segment. For 2014, primarily represents a litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years.

f. Represents a (provision) benefit for income taxes derived utilizing a combined statutory rate of 37% for all periods shown. The combined statutory rate is applied to the adjusted income (loss) before income taxes to arrive at the adjusted (provision) benefit for taxes. The (provision) benefit for taxes related to the adjustments is calculated as the difference between the adjusted (provision) benefit for taxes and the GAAP (provision) benefit for taxes. Previously, we applied the combined statutory rate to our adjustments. Management believes the current approach results in a better indicator of our core earnings.

g. GAAP net income (loss) and adjusted net income (loss) used in GAAP diluted earnings per share and adjusted diluted earnings per share calculations, respectively, includes interest income on convertible senior notes, net of tax of $1 million for the nine months ended September 30, 2014.

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Three Months Ended September 30, 2015																		Three Months Ended September 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	212		$	121		$	37		$	14		$	(77	)	$	307		$	160		$	130		$	56		$	13		$	(156	)	$	203
Depreciation and amortization	458			123			106			121			4			812			465			152			97			118			5			837
Interest, net of interest income	43			20			14			3			78			158			44			27			12			3			78			164
Gross EBITDA	$	713		$	264		$	157		$	138		$	5		$	1,277		$	669		$	309		$	165		$	134		$	(73	)	$	1,204
Car rental fleet depreciation and lease charges, net	(399		)	(114		)	—			(118		)	—			(631		)	(409		)	(143		)	—			(116		)	—			(668		)
Car rental fleet interest	(46		)	(16		)	—			(3		)	—			(65		)	(45		)	(23		)	—			(4		)	—			(72		)
Car rental fleet debt related charges (a)	8			1			—			1			—			10			3			4			—			1			—			8
Corporate EBITDA	$	276		$	135		$	157		$	18		$	5		$	591		$	218		$	147		$	165		$	15		$	(73	)	$	472
Non-cash stock-based employee compensation charges	—			—			—			—			5			5			—			—			—			—			7			7
Restructuring and restructuring related charges (b)	1			3			3			—			11			18			29			1			1			—			24			55
Acquisition related costs and charges	—			—			—			—			—			—			—			—			—			—			1			1
Equipment rental spin-off costs (c)	—			—			4			—			2			6			—			—			12			—			2			14
Impairment charges and write-downs (d)	6			—			—			—			—			6			—			—			—			—			—			—
Integration expenses (e)	—			—			—			—			1			1			—			—			—			—			1			1
Relocation costs (f)	—			—			—			—			—			—			—			—			—			—			3			3
Other extraordinary, unusual or non-recurring items(g)	1			24			—			—			(51		)	(26		)	—			(1		)	—			—			1			—
Adjusted Corporate EBITDA	$	284		$	162		$	164		$	18		$	(27	)	$	601		$	247		$	147		$	178		$	15		$	(34	)	$	553
Non-fleet depreciation and amortization(h)	(59		)	(9		)	(106		)	(3		)	(4		)	(181		)	(56		)	(9		)	(97		)	(2		)	(5		)	(169		)
Non-fleet interest, net of interest income	3			(4		)	(14		)	—			(78		)	(93		)	1			(4		)	(12		)	1			(78		)	(92		)
Non-fleet debt related charges (a)	(1		)	—			1			1			4			5			—			—			1			1			3			5
Non-cash stock-based employee compensation charges	—			—			—			—			(5		)	(5		)	—			—			—			—			(7		)	(7		)
Acquisition accounting (i)	19			2			9			2			—			32			17			2			9			2			2			32
Adjusted pre-tax income (loss)	$	246		$	151		$	54		$	18		$	(110	)	$	359		$	209		$	136		$	79		$	17		$	(119	)	$	322

Supplemental Schedule III (continued)

HERTZ GLOBAL HOLDINGS, INCRECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO GROSS EBITDA, CORPORATE EBITDA, ADJUSTED CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME (LOSS) BY SEGMENT

Unaudited

	Nine Months Ended September 30, 2015																		Nine Months Ended September 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	399		$	159		$	69		$	42		$	(378	)	$	291		$	422		$	117		$	140		$	34		$	(452	)	$	261
Depreciation and amortization	1,356			338			301			356			15			2,366			1,391			411			291			348			11			2,452
Interest, net of interest income	124			54			44			8			237			467			125			73			38			10			238			484
Gross EBITDA	$	1,879		$	551		$	414		$	406		$	(126	)	$	3,124		$	1,938		$	601		$	469		$	392		$	(203	)	$	3,197
Car rental fleet depreciation and lease charges, net	(1,200		)	(310		)	—			(349		)	—			(1,859		)	(1,224		)	(381		)	—			(340		)	—			(1,945		)
Car rental fleet interest	(131		)	(48		)	—			(10		)	—			(189		)	(129		)	(65		)	—			(11		)	—			(205		)
Car rental fleet debt-related charges (a)	23			6			—			4			—			33			5			12			—			5			—			22
Corporate EBITDA	$	571		$	199		$	414		$	51		$	(126	)	$	1,109		$	590		$	167		$	469		$	46		$	(203	)	$	1,069
Non-cash stock-based employee compensation charges	—			—			—			—			14			14			—			—			—			—			20			20
Restructuring and restructuring related charges (b)	19			10			10			—			48			87			44			21			7			—			54			126
Acquisition related costs and charges	—			—			—			—			—			—			—			—			—			—			10			10
Equipment rental spin-off costs (c)	—			—			20			—			3			23			—			—			18			—			9			27
Impairment charges and write-downs (d)	15			—			—			—			—			15			10			—			—			—			—			10
Integration expenses (e)	—			—			—			—			5			5			1			—			—			—			6			7
Relocation costs (f)	—			—			—			—			4			4			—			—			—			—			7			7
Other extraordinary, unusual or non-recurring items (g)	(2		)	24			(1		)	—			(50		)	(29		)	(21		)	(4		)	—			—			3			(22		)
Adjusted Corporate EBITDA	$	603		$	233		$	443		$	51		$	(102	)	$	1,228		$	624		$	184		$	494		$	46		$	(94	)	$	1,254
Non-fleet depreciation and amortization(h)	(156		)	(28		)	(301		)	(7		)	(15		)	(507		)	(167		)	(30		)	(291		)	(8		)	(11		)	(507		)
Non-fleet interest, net of interest income	7			(6		)	(44		)	2			(237		)	(278		)	4			(8		)	(38		)	1			(238		)	(279		)
Non-fleet debt-related charges (a)	—			(1		)	4			—			11			14			1			—			4			—			11			16
Non-cash stock-based employee compensation charges	—			—			—			—			(14		)	(14		)	—			—			—			—			(20		)	(20		)
Acquisition accounting (i)	55			5			28			6			—			94			53			8			28			8			1			98
Adjusted pre-tax income (loss)	$	509		$	203		$	130		$	52		$	(357	)	$	537		$	515		$	154		$	197		$	47		$	(351	)	$	562

(a) Represents non-cash charges relating to the amortization of deferred debt financing costs and debt discounts and premiums.

(b) Represents expenses incurred under restructuring actions as defined in U.S. GAAP. For further information on restructuring costs, see Note 8, "Restructuring." Also represents incremental costs incurred directly supporting business transformation initiatives. Such costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes, consulting costs and legal fees related to the accounting review and investigation and costs associated with the separation of certain executives.

(c) Represents expense associated with the anticipated HERC spin-off transaction announced in March 2014.

(d) In 2015, primarily represents first quarter impairments of the former Dollar Thrifty headquarters and a corporate asset and a third quarter impairment of a building in the U.S. Car Rental segment. In 2014, primarily represents a second quarter write-down of assets associated with a terminated business relationship.

(e) Primarily represents Dollar Thrifty integration related expenses.

(f) Represents non-recurring costs incurred in connection with the relocation of the Company's corporate headquarters to Estero, Florida that were not included in restructuring expenses. Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation.

(g) Includes miscellaneous non-recurring or non-cash items. For 2015, primarily represents the gain on the sale of common stock of CAR Inc, offset by a legal reserve in the International Rental Car segment. For 2014, primarily represents a litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer stemming from recalls of their vehicles in previous years.

(h) Amounts related to the Worldwide Equipment Rental segment include depreciation of revenue earning equipment.

(i) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to purchase accounting.

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FLEET GROWTH

Unaudited

	Nine Months Ended September 30, 2015															Nine Months Ended September 30, 2014
(In millions)	U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH
Revenue earning equipment expenditures	$	(5,966	)	$	(2,499	)	$	(532	)	$	(1,013	)	$	(10,010	)	$	(4,128	)	$	(2,694	)	$	(470	)	$	(1,150	)	$	(8,442	)
Proceeds from disposal of revenue earning equipment	4,576			1,504			122			586			6,788			3,019			1,456			130			711			5,316
Net revenue earning equipment capital expenditures	(1,390		)	(995		)	(410		)	(427		)	(3,222		)	(1,109		)	(1,238		)	(340		)	(439		)	(3,126		)
Depreciation of revenue earning equipment, net	1,200			255			244			348			2,047			1,222			321			235			340			2,118
Financing activity related to car rental fleet:
Borrowings	4,186			1,291			—			592			6,069			1,021			1,287			—			438			2,746
Payments	(3,824		)	(850		)	—			(549		)	(5,223		)	(1,085		)	(745		)	—			(350		)	(2,180		)
Restricted cash changes	262			24			—			2			288			85			(26		)	—			2			61
Net financing activity related to car rental fleet	624			465			—			45			1,134			21			516			—			90			627
Fleet growth	$	434		$	(275	)	$	(166	)	$	(34	)	$	(41	)	$	134		$	(401	)	$	(105	)	$	(9	)	$	(381	)

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FREE CASH FLOW

Unaudited

	Nine Months Ended September 30,
(In millions)	2015			2014
Income (loss) before income taxes	$	291		$	261
Depreciation and amortization, non-fleet, net	265			272
Amortization of debt discount and related charges	43			35
Cash paid for income taxes	(31		)	(47		)
Changes in assets and liabilities, net of effects of acquisitions, and other	68			89
Net cash provided by operating activities excluding depreciation of revenue earning equipment	636			610
U.S. car rental fleet growth	434			134
International car rental fleet growth	(275		)	(401		)
Equipment rental fleet growth	(166		)	(105		)
All other operations rental fleet growth	(34		)	(9		)
Property and equipment expenditures, net of disposals	(181		)	(151		)
Net investment activity	(222		)	(532		)
Free cash flow	$	414		$	78

Supplemental Schedule VI

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

	As of September 30, 2015						As of December 31, 2014
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	10,291	$	6,318	$	16,609	$	9,562	$	6,431	$	15,993
Less:
Cash and cash equivalents	—		509		509		—		490		490
Restricted cash	223		57		280		515		56		571
Net debt	$	10,068	$	5,752	$	15,820	$	9,047	$	5,885	$	14,932

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Three Months Ended September 30,						Nine Months Ended September 30,
($In millions, except as noted)	2015			2014			2015			2014
Total RPD
Revenues	$	1,739		$	1,768		$	4,873		$	4,989
Ancillary retail car sales revenue	$	(16	)	$	(9	)	$	(41	)	$	(23	)
Total rental revenue	$	1,723		$	1,759		$	4,832		$	4,966
Transaction days (in thousands)	37,946			37,901			104,960			106,111
Total RPD (in whole dollars)	$	45.41		$	46.41		$	46.04		$	46.80
Fleet Efficiency
Transaction days (in thousands)	37,946			37,901			104,960			106,111
Average Fleet	497,700			515,300			499,600			503,300
Advantage sublease vehicles	—			(1,000		)	—			(5,500		)
Hertz 24/7 vehicles	—			(1,000		)	—			(1,000		)
Average Fleet used to calculate fleet efficiency	497,700			513,300			499,600			496,800
Number of days in period	92			92			273			273
Available car days (in thousands)	45,788			47,224			136,391			135,626
Fleet efficiency (a)	83		%	80		%	77		%	78		%
Revenue Per Available Car Day
Total rental revenue	$	1,723		$	1,759		$	4,832		$	4,966
Available car days (in thousands)	45,788			47,224			136,391			135,626
Revenue per available car day (in whole dollars)	$	37.63		$	37.25		$	35.43		$	36.62
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	399		$	409		$	1,200		$	1,224
Average fleet	497,700			515,300			499,600			503,300
Depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	802		$	794		$	2,402		$	2,432
Number of months in period	3			3			9			9
Net depreciation per unit per month (in whole dollars)	$	267		$	265		$	267		$	270

(a)Calculated as transaction days divided by available car days.

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE,

DEPRECIATION AND KEY METRICS

Unaudited

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (continued)

International Car Rental

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except as noted)	2015			2014			2015			2014
Total RPD
Revenues	$	687		$	795		$	1,679		$	1,918
Foreign currency adjustment (a)	60			(68		)	122			(180		)
Total rental revenue	$	747		$	727		$	1,801		$	1,738
Transaction days (in thousands)	14,814			14,695			37,112			36,186
Total RPD (in whole dollars)	$	50.43		$	49.47		$	48.53		$	48.03
Fleet Efficiency
Transaction days (in thousands)	14,814			14,695			37,112			36,186
Average Fleet	198,200			196,900			171,900			170,300
Number of days in period	92			92			273			273
Available car days (in thousands)	18,234			18,115			46,929			46,492
Fleet efficiency (b)	81		%	81		%	79		%	78		%
Revenue Per Available Car Day
Total rental revenue	$	747		$	727		$	1,801		$	1,738
Available car days (in thousands)	18,234			18,115			46,929			46,492
Revenue per available car day (in whole dollars)	$	40.97		$	40.13		$	38.38		$	37.38
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	114		$	143		$	310		$	381
Foreign currency adjustment (a)	9			(13		)	21			(37		)
Adjusted depreciation of revenue earning equipment and lease charges, net	$	123		$	130		$	331		$	344
Average fleet	198,200			196,900			171,900			170,300
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	621		$	660		$	1,926		$	2,020
Number of months in period	3			3			9			$	9
Net depreciation per unit per month (in whole dollars)	$	207		$	220		$	214		$	224

(a)Based on December 31, 2014 foreign exchange rates.

(b)Calculated as transaction days divided by available car days.

TOTAL RPD, FLEET EFFICIENCY, REVENUE PER AVAILABLE CAR DAY AND NET DEPRECIATION PER UNIT PER MONTH (continued)

Worldwide Car Rental

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions, except as noted)	2015			2014			2015			2014
Total RPD
Revenues	$	2,426		$	2,563		$	6,552		$	6,907
Ancillary retail car sales revenue	(16		)	(9		)	(41		)	(23		)
Foreign currency adjustment (a)	60			(68		)	122			(180		)
Total rental revenue	$	2,470		$	2,486		$	6,633		$	6,704
Transaction days (in thousands)	52,760			52,596			142,072			142,297
Total RPD (in whole dollars)	$	46.82		$	47.27		$	46.69		$	47.11
Fleet Efficiency
Transaction days (in thousands)	52,760			52,596			142,072			142,297
Average Fleet	695,900			712,200			671,500			673,600
Advantage sublease vehicles	—			(1,000		)	—			(5,500		)
Hertz 24/7 vehicles	—			(1,000		)	—			(1,000		)
Average Fleet used to calculate fleet efficiency	695,900			710,200			671,500			667,100
Number of days in period	92			92			273			273
Available car days (in thousands)	64,023			65,338			183,320			182,118
Fleet efficiency (b)	82		%	80		%	77		%	78		%
Revenue Per Available Car Day
Total rental revenue	$	2,470		$	2,486		$	6,633		$	6,704
Available car days (in thousands)	64,023			65,338			183,320			182,118
Revenue per available car day (in whole dollars)	$	38.58		$	38.05		$	36.18		$	36.81
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	513		$	552		$	1,510		$	1,605
Foreign currency adjustment (a)	9			(13		)	21			(37		)
Adjusted depreciation of revenue earning equipment and lease charges, net	$	522		$	539		$	1,531		$	1,568
Average fleet	695,900			712,200			671,500			673,600
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	750		$	757		$	2,280		$	2,328
Number of months in period	3			3			9			$	9
Net depreciation per unit per month (in whole dollars)	$	250		$	252		$	253		$	259

Note: Worldwide Car Rental represents U.S. Car Rental and International Car Rental segment information on a combined basis and excludes our Donlen leasing operations.

(a)Based on December 31, 2014 foreign exchange rates.

(b)Calculated as transaction days divided by available car days.

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2015			2014			2015			2014
Worldwide equipment rental segment revenues	$	401		$	413		$	1,131		$	1,155
Worldwide equipment sales and other revenue	(28		)	(33		)	(79		)	(87		)
Rental and rental related revenue at actual rates	373			380			1,052			1,068
Foreign currency adjustment (a)	7			(6		)	17			(19		)
Rental and rental related revenue	$	380		$	374		$	1,069		$	1,049

(a)Based on December 31, 2014 foreign exchange rates.

NON-GAAP MEASURES AND KEY METRICS - DEFINITIONS AND USE

Hertz Global is the top-level holding company and The Hertz Corporation is Hertz Global's primary operating company (together, the Company). The term “GAAP” refers to accounting principles generally accepted in the United States of America.

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

Adjusted Pre-Tax Income (Loss) and Adjusted Pre-tax Margin

Adjusted pre-tax income is calculated as income before income taxes plus certain non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off 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. Adjusted pre-tax margin is adjusted pre-tax income divided by total revenues.

Adjusted Net Income and Adjusted Net Income Margin

Adjusted net income is calculated as adjusted pre-tax income less a provision for income taxes derived utilizing a normalized income tax rate of 37%. 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, debt-related charges, one-time charges and items that are not operational in nature or comparable to those of our competitors. Adjusted net income margin is adjusted net income divided by total revenues.

Adjusted Net Income Per Diluted Share

Adjusted net income per diluted share is calculated as adjusted net income divided by the weighted average number of diluted shares outstanding for the period. Adjusted net income per diluted share is important to management and investors because it represents a measure of our operational performance exclusive of the effects of purchase accounting adjustments, debt-related charges, one-time charges and items that are not operational in nature or comparable to those of our competitors.

Available Car Days

Available Car Days is calculated as average fleet multiplied by the number of days in a period. Average fleet used to calculate available car days in our U.S. Car Rental segment excludes Advantage sublease and Hertz 24/7 vehicles as these vehicles do not have associated transaction days.

Average Fleet

Average Fleet is determined using a simple average of the number of vehicles owned by the company at the beginning and end of a given period. Among other things, average fleet is used to calculate our fleet efficiency which represents the portion of the Company's fleet that is being utilized to generate revenue.

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.

Dollar Utilization

Dollar utilization means revenue derived from the rental of equipment divided by the original cost of the equipment including additional capitalized refurbishment costs (with the basis of refurbished assets at the refurbishment date).

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Corporate EBITDA, Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin

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 car rental debt-related charges. Adjusted Corporate EBITDA, as presented herein, represents Corporate EBITDA as adjusted for certain other items, as described in more detail in the accompanying schedules.

Management uses EBITDA, Corporate EBITDA and Adjusted 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 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 Adjusted Corporate EBITDA as a supplemental measure because such information is utilized in the calculation of financial covenants under the Company's senior credit facilities and in the determination of certain executive compensation.

Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to total revenues and is used by the Compensation Committee to determine certain executive compensation, primarily in the form of PSUs.

EBITDA, Corporate EBITDA, Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin are not recognized measurements under U.S. GAAP. When evaluating our operating performance or liquidity, investors should not consider EBITDA, Corporate EBITDA and Adjusted 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.

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 reflects time and mileage and ancillary charges for equipment on rent and is comparable with the reporting of other industry participants.

Fleet Efficiency

Fleet efficiency is calculated by dividing total transaction days by the available car days. Average fleet used to calculate fleet efficiency in our U.S. Car Rental segment excludes Advantage sublease and Hertz 24/7 vehicles as these vehicles do not have associated transaction days.

Fleet Growth

U.S. and International 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 which includes borrowings, repayments and the change in fleet restricted cash. Worldwide equipment rental fleet growth is defined as worldwide equipment rental fleet expenditures, net of proceeds from disposals, plus depreciation.

Free Cash Flow

Free cash flow is calculated as net cash provided by operating activities, excluding depreciation of revenue earning equipment, net of car rental and equipment rental fleet growth and property and equipment net expenditures.  Free cash flow is important to management and investors as it represents the cash available for acquisitions and the reduction of corporate debt.

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; Promissory Notes; Convertible Senior Notes; and certain other indebtedness of our domestic and foreign subsidiaries.

Net Corporate Debt is important to management and investors 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 collateralized by assets not available to lenders under the non-fleet debt facilities.

Net Depreciation Per Unit Per Month

Net depreciation per unit per month is calculated by dividing depreciation of revenue earning equipment and lease charges, net by the average fleet in each period and then dividing by the number of months in the period reported 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 useful in analyzing underlying trends. Average fleet used to calculate net depreciation per unit per month in our U.S. Car Rental segment includes Advantage sublease and Hertz 24/7 vehicles as these vehicles have associated lease charges. Net depreciation per unit per month represents the amount of average depreciation expense and lease charges, net per vehicle per month.

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.

Revenue Per Available Car Day ("RACD")

Revenue per available car day is calculated as total revenues less revenue from fleet subleases and ancillary revenue associated with retail car sales divided by available car 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 metric is important to our management and investors as it represents a 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 and provides a measure of revenue production relative to overall capacity.

Same Store Revenue Growth/Decline

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.

Time Utilization

Time utilization means the percentage of time an equipment unit is on-rent during a given period.

Total Net Debt

Total net debt is calculated as total debt less total cash and cash equivalents and total restricted cash. This measure is important to management, investors and ratings agencies as it helps measure our gross leverage.

Total RPD

Total RPD is calculated as total revenue less ancillary revenue associated with retail car sales, 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 metric is important to our management and investors as it represents a 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.

Transaction Days

Transaction days represent the total number of 24-hour periods, with any partial period counted as one transaction day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one transaction day in a 24-hour period. Late in the third quarter of 2015 the Company fully integrated the Dollar Thrifty and Hertz counter systems and as a result aligned the transaction day calculation in the Hertz system.  As a result of this alignment, Hertz determined that there was an impact to the calculation.  The impact to the third quarter of 2015 is negligible, however Hertz expects that transaction days for the US RAC segment will increase by approximately 1% prospectively relative to the historic calculation.