Exhibit

EX-99.2 3 q32015exhibit992.htm EXHIBIT 99.2 Exhibit

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.

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.

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.

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

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

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

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

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

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.

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.

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.

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

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

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

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.

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	)

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	)

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.

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.

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.

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.

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.

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.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

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	)

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

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.

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

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

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

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.

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	)

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.

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.

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.

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

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.

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.

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.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

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	)

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

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.

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.

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).

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.

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

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.


(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.

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.

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	)

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.

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.

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.

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.

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.

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.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

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	)

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

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

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.

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	)

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.

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.

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.

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.

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.

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.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

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

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.

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

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.

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	)

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.

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.

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.

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.

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.

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.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

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

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)


(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.

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

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.

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	)

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.

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.

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.