8-K

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

FORM 8-K

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

Date of Report (Date of earliest event reported) May 10, 2016 (May 10, 2016)

HERTZ GLOBAL HOLDINGS, INC.

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

DELAWARE	001-33139	20-3530539
DELAWARE	001-07541	13-1938568
(State of incorporation)	(Commission File Number)	(I.R.S Employer Identification No.)
	8501 Williams Road
	Estero, Florida 33928
	8501 Williams Road
	Estero, Florida 33928
	(Address of principal executive offices, including zip code)
	(239) 301-7000
	(239) 301-7000
	(Registrant’s telephone number, including area code)

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

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

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

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

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

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

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

ITEM 7.01 REGULATION FD DISCLOSURE

On May 9, 2016, Hertz Global Holdings, Inc. and The Hertz Corporation (collectively, “Hertz” or the “Company”) issued a press release with respect to the Company’s first quarter 2016 financial results. A copy of the press release is attached as Exhibit 99.1 to this current report. The Company utilized certain non-GAAP financial measures in the press release that are detailed in the document attached as Exhibit 99.1 to this current report.

On May 10, 2016, the Company will conduct an earnings webcast relating to the Company's financial results for the first quarter 2016. The earnings webcast will be made available to the public via a link on the Investor Relations section of the Hertz website, IR.Hertz.com and the slides that will accompany the presentation will be available to the public at the time of the earnings webcast through the Company's website. Certain financial information relating to completed fiscal periods that will be part of the earnings webcast is included in the set of slides that will accompany the earnings webcast, a copy of which is attached hereto as Exhibit 99.2. The earnings webcast will include certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the comparable measures calculated and presented in accordance with GAAP are included in the Company's press release issued May 9, 2016 and attached hereto as part of Exhibit 99.1.

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

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this report, and in related comments by the Company’s management, include “forward-looking statements.” Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as “believe,” “expect,” “project,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts” or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Among other items, such factors could include: any claims, investigations or proceedings arising as a result of the restatement of our previously issued financial results; our ability to remediate the material weaknesses in our internal controls over financial reporting; the effect of our proposed separation of our equipment rental business and ability to obtain the expected benefits of any related transaction; levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets on rental volume and pricing, including on our pricing policies or use of incentives; an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs; occurrences that disrupt rental activity during our peak periods; our ability to achieve and maintain cost savings and efficiencies and realize opportunities to increase productivity and profitability; our ability to accurately estimate future levels of rental activity and adjust the size and mix of our fleet accordingly; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing indebtedness; our ability to realize the operational efficiencies of the acquisition of Dollar Thrifty; our ability to maintain access to third-party distribution channels, including current or favorable prices, commission structures and transaction volumes; an increase in our fleet costs or disruption to our rental activity, particularly during our peak periods, due to safety recalls by the manufacturers of our vehicles and equipment; changes to our senior management team; a major disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles and equipment, which could impact their ability to perform under agreements with us and/or their willingness or ability to make cars available to us or the car rental industry on commercially reasonable terms; any impact on us from the actions of our franchisees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and unfavorable external

events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; our ability to successfully integrate acquisitions and complete dispositions; our ability to maintain favorable brand recognition; costs and risks associated with litigation and investigations; risks related to our indebtedness, including our substantial amount of debt, our ability to incur substantially more debt and increases in interest rates or in our borrowing margins; our ability to meet the financial and other covenants contained in our Senior Credit Facilities, our outstanding unsecured Senior Notes and certain asset-backed and asset-based arrangements; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on earnings; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost thereof or applicable tax rates; the effect of tangible and intangible asset impairment charges; our exposure to uninsured claims in excess of historical levels; fluctuations in interest rates and commodity prices; and our exposure to fluctuations in foreign exchange rates.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit 99.1 Press Release of Hertz Global Holdings, Inc. and The Hertz Corporation dated May 9, 2016.

Exhibit 99.2 Set of slides that will accompany the May 10, 2016 earnings webcast.

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

SIGNATURE

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

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

Date:  May 10, 2016

EX-99.1

Exhibit 99.1

HERTZ GLOBAL HOLDINGS REPORTS

FIRST QUARTER 2016 FINANCIAL RESULTS

First-quarter net loss was $51 million, or $0.12 loss per share,

compared with a net loss of $70 million, or $0.15 loss per share, in prior-year period

Adjusted net loss for the first quarter was $52 million, or $0.12 loss per share,

versus adjusted net income of $2 million, or $0.00 per share, in prior-year period

Worldwide car rental fleet efficiency rose 4 points to 77% due to disciplined capacity and fleet management;

Worldwide car rental average fleet declined 4% in the first quarter versus prior year

First-quarter adjusted corporate EBITDA was $155 million, a decrease of $71 million from the prior year

Hertz Global Holdings affirms full-year 2016 adjusted corporate EBITDA guidance

between $1.6 billion to $1.7 billion

ESTERO, Fla, May 9, 2016 - Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz Global" or the "Company") today reported a first quarter 2016 net loss of $51 million, or $0.12 loss per share, compared to a net loss of $70 million, or $0.15 loss per share, during the same period last year. On an adjusted basis, the Company reported a net loss for the first quarter of 2016 of $52 million, or $0.12 loss per share, compared with net income of $2 million, or $0.00 per share, in the first quarter of 2015. Total revenues for the first quarter of 2016 were $2.3 billion, a 6% decline versus the first quarter of 2015. Adjusted corporate EBITDA for the first quarter was $155 million versus $226 million in the same period last year, a decline of $71 million. Excluding the impact of favorable non-recurring items recorded in the first quarter of 2015, adjusted corporate EBITDA for the first quarter of 2016 declined $55 million year-over-year.

Worldwide car rental revenues of $1.8 billion declined approximately 6% versus first quarter 2015. Excluding the impact of foreign currency, revenues declined 5% resulting from a 7% decrease in total revenue per day (RPD) partially offset by a 2% increase in transaction days. Unit revenues, as defined by revenue per available car day (RACD), declined 2% versus first quarter 2015 primarily as a result of a 3.3% decline in the U.S. Car Rental segment due to weak industry pricing. The 3.3% decline in U.S. Car Rental RACD was in line with the range the Company provided in its April 11, 2016, business update.

Worldwide car rental average fleet declined 4% versus the first quarter of 2015 while fleet efficiency rose to 77%, a 400 basis point increase versus the first quarter of 2015. The improvement in fleet efficiency was the result of actions the Company took to reduce capacity and improve efficiency in the U.S. market.

Continuing the improvement trend from 2015, worldwide customer satisfaction, as measured by Net Promoter Score®, rose for the Hertz, Dollar and Thrifty brands in the first quarter of 2016, up more than 5 points year-over-year. The Hertz brand reached a record-level customer satisfaction score on a worldwide basis in the first quarter.

Worldwide cost savings of approximately $70 million were achieved in the first quarter, reflecting continued progress as part of the Company's three-to-five year margin improvement plan. Unit costs for the Company's worldwide rental car business, defined as direct operating and selling, general and administrative expenses per transaction day, declined 5% versus the first quarter of 2015. The Company expects cost savings to accelerate in the second half of 2016 due to the timing of cost-reduction initiatives and is on pace to achieve its previously announced target of $350 million of full-year 2016 cost savings.

"During the first quarter, we followed through on our plans to bring fleet levels in line with expected demand in the U.S. market and saw a significant improvement in our fleet efficiency as a result. Though industry pricing decreased more than we anticipated, we mitigated the impact on our performance by continuing to lower our costs, which

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resulted in a 5% reduction in unit cost in our worldwide rental car business in the quarter," said John Tague, president and chief executive officer. "We are encouraged by recent pricing trends as we move into the peak season, as well as by rising customer satisfaction across the Hertz, Dollar and Thrifty brands year-over-year. The improvement was led by the Hertz brand, which reached a record for customer satisfaction on a worldwide basis.

"By continuing to lower our costs and improve overall quality in our business as part of our three-to-five year margin improvement plan, we remain on track to deliver on our adjusted corporate EBITDA target for 2016 despite the first-quarter pricing decline."

U.S. CAR RENTAL

U.S. Car Rental(1)	Three Months Ended March 31,						Percent Inc/(Dec)
($ in millions, except where noted)	2016			2015
Total Revenues	$	1,406		$	1,520		(8	)%
Adjusted pre-tax income (loss)	$	(4	)	$	71		NM
Adjusted pre-tax income margin	—		%	5		%	(495	)	bps
Adjusted Corporate EBITDA	$	26		$	100		(74	)%
Adjusted Corporate EBITDA margin	2		%	7		%	(473	)	bps
Average fleet	460,200			489,300			(6	)%
Transaction days (in thousands)	32,742			32,036			2	%
Total Revenue Per Day (in whole dollars)	$	42.36		$	47.07		(10	)%
Revenue per available car day (in whole dollars)	$	33.12		$	34.24		(3	)%
Net depreciation per unit per month (in whole dollars)	$	303		$	287		6	%

NM - Not Meaningful

Total U.S. Car Rental segment revenues were $1.4 billion in the first quarter of 2016, a decrease of 8%, versus the same period last year. The decline in total revenue was driven primarily by a 10% decline in pricing, which the company defines as Total Revenue Per Day (Total RPD), partially offset by a 2% increase in transaction days. Total RPD declined by 7% year-over-year excluding the impact of the transaction days-counting methodology related to the integration of Dollar and Thrifty to the Hertz counter system, fuel-related ancillary revenue, and fleet mix. First-quarter adjusted corporate EBITDA for the U.S. Car Rental segment was $26 million, or a margin of 2%, which reflects a $74 million decline versus the same period last year.

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INTERNATIONAL CAR RENTAL

International Car Rental(1)	Three Months Ended March 31,						Percent Inc/(Dec)
($ in millions, except where noted)	2016			2015
Total Revenues	$	433		$	436		(1	)%
Adjusted pre-tax income (loss)	$	3		$	8		(63	)%
Adjusted pre-tax income margin	1		%	2		%	(114	)	bps
Adjusted Corporate EBITDA	$	11		$	16		(31	)%
Adjusted Corporate EBITDA margin	3		%	4		%	(113	)	bps
Average fleet	148,100			144,000			3	%
Transaction days (in thousands)	10,104			9,775			3	%
Total RPD (in whole dollars)	$	42.95		$	42.25		2	%
Revenue per available car day (in whole dollars)	$	32.20		$	31.87		1	%
Net depreciation per unit per month (in whole dollars)	$	194		$	208		(7	)%

Total International Car Rental segment revenues were $433 million in the first quarter of 2016, a decrease of 1% from the first quarter of 2015. Excluding a $26 million unfavorable foreign currency impact, revenues increased 6% driven by a 2% increase in Total RPD, on a constant currency basis, and a 3% increase in transaction days. First-quarter adjusted corporate EBITDA of $11 million was a $5 million decrease versus the same period last year. Excluding the impact of favorable non-recurring items recorded in the first quarter of 2015, adjusted corporate EBITDA for the first quarter of 2016 improved $11 million year-over-year.

WORLDWIDE EQUIPMENT RENTAL

Worldwide Equipment Rental(1)	Three Months Ended March 31,						Percent Inc/(Dec)
($ in millions)	2016			2015
Total Revenues	$	328		$	355		(8	)%
Adjusted pre-tax income (loss)	$	12		$	33		(64	)%
Adjusted pre-tax income margin	4		%	9		%	(564	)	bps
Adjusted Corporate EBITDA	$	122		$	132		(8	)%
Adjusted Corporate EBITDA margin	37		%	37		%	2		bps
Dollar utilization	33		%	34		%	N/A
Time utilization	60		%	61		%	N/A
Same store revenue growth	(1		)%	1		%	N/A

N/A Not applicable

First-quarter 2016 Worldwide Equipment Rental segment revenues totaled $328 million, a decrease of 8% from the first quarter of 2015. Revenues were negatively affected by continuing weakness in upstream oil and gas markets and the sale of equipment rental operations in France and Spain in October 2015. Excluding those factors, on a constant currency basis, revenues increased 12% primarily due to new account growth while pricing increased 1%, in non-oil and gas markets. Revenue in upstream oil and gas markets represented approximately 18% of total revenues for the Worldwide Equipment Rental segment, on a constant currency basis, in the first quarter of 2016. Adjusted corporate EBITDA for the Worldwide Equipment Rental segment for the first quarter of 2016 was $122 million, a $10 million decrease versus the first quarter of 2015. Half of the adjusted corporate EBITDA decline is attributable to foreign exchange and the impact of the sale of operations in France and Spain. The remainder reflects declines in major upstream oil and gas markets.

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The separation of HERC from Hertz Global remains on track for mid-2016, and the Company affirmed its Worldwide Equipment Rental segment full-year 2016 Adjusted Corporate EBITDA guidance between $600 million and $650 million.

ALL OTHER OPERATIONS

All Other Operations(1)	Three Months Ended March 31,						Percent Inc/(Dec)
($ in millions)	2016			2015
Total Revenues	$	144		$	143		1	%
Adjusted pre-tax income (loss)	$	18		$	16		13	%
Adjusted pre-tax income margin	13		%	11		%	131		bps
Adjusted Corporate EBITDA	$	17		$	14		21	%
Adjusted Corporate EBITDA margin	12		%	10		%	202		bps
Average Fleet - Donlen	162,300			168,600			(4	)%

All Other Operations, which is primarily comprised of the Company's Donlen leasing operations, reported a 1%increase in revenues for the first quarter of 2016. Adjusted corporate EBITDA for the All Other Operations segment was $17 million in the first quarter of 2016, a 21%increase over the prior-year period.

OTHER ACTIONS

In March 2016, Hertz Global Holdings reached an agreement to sell a portion of its shares of CAR Inc. stock to UCAR Technology and extend an existing commercial agreement between CAR Inc. and Hertz Global to 2023 in exchange for cash proceeds of $240 million. The sale substantially reduced the Company's equity position in CAR Inc., China's largest rental car company, to 1.7% of CAR Inc.'s total shares. The agreement extension between Hertz and CAR Inc. will enable Hertz Global to continue to participate in the anticipated growth in the China car rental market as well as provide Hertz customers with access to car rental and chauffeur services through CAR Inc.'s more than 700 locations across China.

HERTZ GLOBAL GUIDANCE

For the full year 2016, the Company affirms the following guidance:

	Full Year 2016 Forecast
Adjusted Corporate EBITDA - Consolidated HGH(2)	$1,600M		to	$1,700M
Adjusted Corporate EBITDA - Worldwide Equipment Rental segment(2)	$600M		to	$650M
Consolidated non-fleet capital expenditures	$200M		to	$225M
Consolidated corporate interest expense	$330M		to	$345M
Consolidated free cash flow	$400M		to	$500M
U.S. RAC net depreciation per unit per month	$290		to	$300
U.S. RAC fleet capacity growth	(2.0	)%	to	(3.0)%
U.S. RAC revenue growth	—	%	to	(1.5)%
Adjusted earnings per share*	$0.95		to	$1.10

*Based on an average of 424 million shares outstanding and a 37% effective tax rate

RESULTS OF THE HERTZ CORPORATION

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The GAAP and Non-GAAP profitability metrics for Hertz Global Holdings' operating subsidiary, The Hertz Corporation, are materially the same as those for Hertz Global Holdings.

(1) Adjusted pre-tax income, Adjusted pre-tax margin, Adjusted Corporate EBITDA, Adjusted Corporate EBITDA margin, adjusted net income, adjusted net income margin, adjusted diluted earnings per share, total revenue per transaction day, revenue per available car day and net depreciation per unit per month are non-GAAP measures. See the accompanying Supplemental Schedules and Definitions for the reconciliations and definitions for each of these non-GAAP measures and the reason the Company's management believes that these measures provide useful information to investors.

(2) Because of the forward-looking nature of the Company's Adjusted Corporate EBITDA forecast, specific quantifications of the amounts that would be required to reconcile a pre-tax income forecast are not available. The Company believes that there is a degree of volatility with respect to certain of the Company's GAAP measures, primarily related to fair value accounting for its financial assets (which includes the Company's derivative financial instruments), its income tax reporting and certain adjustments made to arrive at the relevant non-GAAP measures, which preclude the Company from providing accurate forecast of GAAP to non-GAAP reconciliations. Based on the above, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP Adjusted Corporate EBITDA would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above.

EARNINGS WEBCAST INFORMATION

Hertz Global’s first quarter 2016 earnings webcast will be held on May 10, 2016, at 8:00 a.m. U.S. Eastern. The press release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on our website, IR.Hertz.com.

SELECTED FINANCIAL AND OPERATING DATA, SUPPLEMENTAL SCHEDULES AND DEFINITIONS

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

ABOUT HERTZ GLOBAL HOLDINGS

Hertz Global operates the Hertz, Dollar, Thrifty and Firefly car rental brands in approximately 10,000 corporate and franchisee locations throughout North America, Europe, Latin America, Africa, the Middle East, Asia, Australia,and New Zealand. Hertz Global is one of the largest worldwide airport general use car rental companies, and the Hertz brand is one of the most recognized in the world. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Green and Prestige Collections set Hertz Global apart from the competition. Additionally, Hertz Global owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business in international markets and sells vehicles through its Rent2Buy program. The Company also owns Hertz Equipment Rental Corporation (“HERC”), one of the largest equipment rental businesses with approximately 280 corporate locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz Global, visit: www.hertz.com.

CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS

Certain statements contained in this release, and in related comments by the Company’s management, include “forward-looking statements.” Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as “believe,” “expect,” “project,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts” or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Among other items, such factors could include: any claims, investigations or proceedings arising as a result of the restatement of our previously issued financial results; our ability to remediate the material weaknesses in our internal controls over financial reporting; levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; the effect of our proposed separation of our equipment rental business and ability to obtain the expected benefits of any related transaction; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets on rental volume and pricing, including on our pricing policies or use of incentives; occurrences that disrupt rental activity during our peak periods; our ability to achieve and maintain cost savings and efficiencies and realize opportunities to increase productivity and profitability; an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed

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depreciation programs; our ability to accurately estimate future levels of rental activity and adjust the size and mix of our fleet accordingly; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing indebtedness; our ability to integrate the car rental operations of Dollar Thrifty and realize operational efficiencies from the acquisition; our ability to maintain access to third-party distribution channels, including current or favorable prices, commission structures and transaction volumes; the operational and profitability impact of the divestitures that we agreed to undertake in order to secure regulatory approval for the acquisition of Dollar Thrifty; an increase in our fleet costs or disruption to our rental activity, particularly during our peak periods, due to safety recalls by the manufacturers of our vehicles and equipment; a major disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles and equipment, which could impact their ability to perform under agreements with us and/or their willingness or ability to make cars available to us or the car rental industry on commercially reasonable terms; any impact on us from the actions of our franchisees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; our ability to successfully integrate acquisitions and complete dispositions; our ability to maintain favorable brand recognition; costs and risks associated with litigation and investigations; risks related to our indebtedness, including our substantial amount of debt, our ability to incur substantially more debt and increases in interest rates or in our borrowing margins; our ability to meet the financial and other covenants contained in our Senior Credit Facilities, our outstanding unsecured Senior Notes and certain asset-backed and asset-based arrangements; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on earnings; the Company's ability to successfully outsource a significant portion of its information technology services or other activities; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost thereof or applicable tax rates; changes to our senior management team; the effect of tangible and intangible asset impairment charges; our exposure to uninsured claims in excess of historical levels; fluctuations in interest rates and commodity prices; and our exposure to fluctuations in foreign exchange rates.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACTS:
Investor Relations:	Media:
Leslie Hunziker	Hertz Media Relations
(239) 301-6800	(844) 845-2180 (toll free)
investorrelations@hertz.com	mediarelations@hertz.com

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FINANCIAL INFORMATION AND OPERATING DATA    

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended March 31,						As a Percentage of Total Revenues
(In millions, except per share data)	2016			2015			2016		2015
Total revenues	$	2,311		$	2,454		100	%	100	%
Expenses:
Direct operating	1,341			1,408			58	%	57	%
Depreciation of revenue earning equipment and lease charges, net	706			707			31	%	29	%
Selling, general and administrative	267			266			12	%	11	%
Interest expense, net	157			154			7	%	6	%
Other (income) expense, net	(91		)	5			(4	)%	—	%
Total expenses	2,380			2,540			103	%	104	%
Income (loss) before income taxes	(69		)	(86		)	(3	)%	(4	)%
(Provision) benefit for taxes on income (loss)	18			16			1	%	1	%
Net income (loss)	$	(51	)	$	(70	)	(2	)%	(3	)%
Weighted average number of shares outstanding:
Basic	424			459
Diluted	424			459
Earnings (loss) per share:
Basic	$	(0.12	)	$	(0.15	)
Diluted	$	(0.12	)	$	(0.15	)
Adjusted Corporate EBITDA (a)	$	155		$	226		7	%	9	%
Adjusted pre-tax income (loss) (a)	(83		)	3			(4	)%	—	%

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

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SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	March 31, 2016		December 31, 2015
Cash and cash equivalents	$	857	$	486
Restricted cash	353		349
Revenue earning equipment:
U.S. Car Rental	8,394		7,600
International Car Rental	2,169		1,858
Worldwide Equipment Rental	2,361		2,382
All Other Operations	1,301		1,288
Total revenue earning equipment, net	14,225		13,128
Total assets	24,028		23,285
Total debt	16,072		15,834
Net Fleet debt (a)	9,801		9,561
Net Corporate debt (a) (b)	5,137		5,511
Total equity	2,038		2,019

(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

	Three Months Ended March 31,
(In millions)	2016			2015
Cash provided by (used in):
Operating activities	$	577		$	782
Investing activities	(417		)	(1,166		)
Financing activities	199			499
Effect of exchange rate changes	12			(20		)
Net change in cash and cash equivalents	$	371		$	95
Fleet growth (a)	$	275		$	171
Free cash flow (a)	130			189

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

8

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended March 31,						Percent Inc/(Dec)
	2016			2015
U.S. Car Rental
Transaction days (in thousands)	32,742			32,036			2	%
Total RPD(a)	$	42.36		$	47.07		(10	)%
Revenue per available car day(a)	$	33.12		$	34.24		(3	)%
Average fleet	460,200			489,300			(6	)%
Fleet efficiency	78		%	73		%	500		bps
Net depreciation per unit per month(a)	$	303		$	287		6	%
Program cars as a percentage of total average fleet at period end	15		%	24		%	(900	)	bps
Adjusted pre-tax income (loss)(in millions)(a)	$	(4	)	$	71		N/A
International Car Rental
Transaction days (in thousands)	10,104			9,775			3	%
Total RPD(a)(b)	$	42.95		$	42.25		2	%
Revenue per available car day(a)(b)	$	32.20		$	31.87		1	%
Average Fleet	148,100			144,000			3	%
Fleet efficiency	75		%	75		%	—
Net depreciation per unit per month(a)(b)	$	194		$	208		(7	)%
Program cars as a percentage of total average fleet at period end	37		%	38		%	(100	)	bps
Adjusted pre-tax income (loss)(in millions)(a)	$	3		$	8		(63	)%
Worldwide Equipment Rental
Dollar utilization	33		%	34		%	N/A
Time utilization	60		%	61		%	N/A
Rental and rental related revenue (in millions)(a)(b)	$	308		$	325		(5	)%
Same store revenue growth, including growth initiatives(b)	(1		)%	1		%	N/A
Adjusted pre-tax income (loss) (in millions)(a)	$	12		$	33		(64	)%
All Other Operations
Average fleet — Donlen	162,300			168,600			(4	)%
Adjusted pre-tax income (loss) (in millions)(a)	$	18		$	16		13	%

N/A Not applicable

NM - Not meaningful

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

(b) Based on December 31, 2015 foreign exchange rates.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended March 31, 2016																	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			U.S. Car Rental		Int'l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	1,406		$	433		$	328		$	144	$	—		$	2,311		$	1,520	$	436	$	355		$	143	$	—		$	2,454
Expenses:
Direct operating	870			279			184			5		3			1,341			926		267		208			6		1			1,408
Depreciation of revenue earning equipment and lease charges, net	419			86			90			111		—			706			421		95		76			115		—			707
Selling, general and administrative	104			54			43			10		56			267			98		57		46			8		57			266
Interest expense, net	44			15			12			3		83			157			40		15		15			2		82			154
Other (income) expense, net	(9		)	—			(1		)	—		(81		)	(91		)	—		—		(1		)	—		6			5
Total expenses	1,428			434			328			129		61			2,380			1,485		434		344			131		146			2,540
Income (loss) before income taxes	$	(22	)	$	(1	)	$	—		$	15	$	(61	)	(69		)	$	35	$	2	$	11		$	12	$	(146	)	(86		)
(Provision) benefit for taxes on income (loss)															18															16
Net income (loss)															$	(51	)													$	(70	)

9

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, 2016											Three Months Ended March 31, 2015
(In millions, except per share data)	GAAP			Adjustments				Adjusted (Non-GAAP)				GAAP			Adjustments				Adjusted (Non-GAAP)
Total revenues	$	2,311		$	—			$	2,311			$	2,454		$	—			$	2,454
Expenses:
Direct operating	1,341			(15		)	(a)	1,326				1,408			(33		)	(a)	1,375
Depreciation of revenue earning equipment and lease charges, net	706			—				706				707			—				707
Selling, general and administrative	267			(40		)	(b)	227				266			(37		)	(b)	229
Interest expense, net	157			(15		)	(c)	142				154			(16		)	(c)	138
Other (income) expense, net	(91		)	84			(d)	(7		)		5			(3		)	(d)	2
Total expenses	2,380			14				2,394				2,540			(89		)		2,451
Income (loss) before income taxes	(69		)	(14		)		(83		)		(86		)	89				3
(Provision) benefit for taxes on income (loss)	18			13			(e)	31			(e)	16			(17		)	(e)	(1		)	(e)
Net income (loss)	$	(51	)	$	(1	)		$	(52	)		$	(70	)	$	72			$	2
Weighted average number of diluted shares outstanding	424			424				424				459			459				459
Diluted earnings (loss) per share	$	(0.12	)	$	—			$	(0.12	)		$	(0.15	)	$	0.16			$	—

a. Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of certain revalued liabilities relating to purchase accounting. Also includes restructuring and restructuring related charges, impairments and asset write-downs, when applicable.

b. Primarily comprised of restructuring and restructuring related charges, impairments and asset write-downs, expenses associated with the anticipated HERC spin-off transaction, consulting costs and legal fees related to the accounting review and investigation, expenses associated with acquisitions, integration charges, external costs associated with the Company’s finance and information technology transformation programs and relocation expenses associated with the Company's relocation of its headquarters to Estero, Florida, when applicable.

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

d. Includes miscellaneous non-recurring or non-cash items. For the three months ended March 31, 2016, also includes the gain on the sale of common stock of CAR Inc. and a $9 million settlement gain related to one of our airport locations.

e. 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.

10

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, 2016																		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			U.S. Car Rental			Int'l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	(22	)	$	(1	)	$	—		$	15		$	(61	)	$	(69	)	$	35		$	2		$	11		$	12		$	(146	)	$	(86	)
Depreciation and amortization	469			95			101			113			5			783			472			105			95			117			4			793
Interest, net of interest income	44			15			12			3			83			157			40			15			15			2			82			154
Gross EBITDA	$	491		$	109		$	113		$	131		$	27		$	871		$	547		$	122		$	121		$	131		$	(60	)	$	861
Car rental fleet depreciation and lease charges, net	(419		)	(86		)	—			(111		)	—			(616		)	(421		)	(95		)	—			(115		)	—			(631		)
Car rental fleet interest	(51		)	(14		)	—			(4		)	—			(69		)	(43		)	(15		)	—			(3		)	—			(61		)
Car rental fleet debt related charges (a)	8			1			—			1			—			10			8			2			—			1			—			11
Corporate EBITDA	$	29		$	10		$	113		$	17		$	27		$	196		$	91		$	14		$	121		$	14		$	(60	)	$	180
Non-cash stock-based employee compensation charges	—			—			—			—			6			6			—			—			—			—			4			4
Restructuring and restructuring related charges (b)	1			1			—			—			10			12			2			2			2			—			14			20
Equipment rental spin-off costs (c)	—			—			9			—			4			13			—			—			9			—			—			9
Sale of CAR Inc. common stock(d)	—			—			—			—			(75		)	(75		)	—			—			—			—			—			—
Impairment charges and write-downs (e)	—			—			—			—			—			—			9			—			—			—			—			9
Finance and information technology transformation costs(f)	5			—			—			—			3			8			—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items(g)	(9		)	—			—			—			4			(5		)	(2		)	—			—			—			6			4
Adjusted Corporate EBITDA	$	26		$	11		$	122		$	17		$	(21	)	$	155		$	100		$	16		$	132		$	14		$	(36	)	$	226
Non-fleet depreciation and amortization(h)	(50		)	(9		)	(101		)	(2		)	(5		)	(167		)	(51		)	(10		)	(95		)	(2		)	(4		)	(162		)
Non-fleet interest, net of interest income	7			(1		)	(12		)	1			(83		)	(88		)	3			—			(15		)	1			(82		)	(93		)
Non-fleet debt related charges (a)	—			1			1			—			3			5			—			—			1			—			4			5
Non-cash stock-based employee compensation charges	—			—			—			—			(6		)	(6		)	—			—			—			—			(4		)	(4		)
Acquisition accounting (i)	13			1			2			2			—			18			19			2			10			3			(3		)	31
Adjusted pre-tax income (loss)	$	(4	)	$	3		$	12		$	18		$	(112	)	$	(83	)	$	71		$	8		$	33		$	16		$	(125	)	$	3

(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 costs include transition costs incurred in connection with business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. Also includes consulting costs and legal fees related to the accounting review and investigation.

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

(d) In 2016, represents the pre-tax gain on the sale of shares of CAR Inc. common stock.

(e) In 2015, primarily represents a $6 million impairment on the former Dollar Thrifty headquarters in Tulsa, Oklahoma.

(f) Represents external costs associated with the Company’s finance and information technology transformations programs, both of which are multi-year initiatives to upgrade and modernize the Company’s systems and processes.

(g) Includes miscellaneous and non-recurring items including but not limited to acquisition charges, integration charges, and other non-cash items. In 2016, also includes a settlement gain related to one of our U.S. airport locations and, in 2015, also includes charges incurred in connection with relocating the Company's corporate headquarters to Estero, Florida.

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

(i) Represents incremental expense associated with amortization of other intangible assets, depreciation of property and other equipment and accretion of revalued liabilities relating to acquisition accounting.

11

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - FLEET GROWTH

Unaudited

	Three Months Ended March 31, 2016															Three Months Ended March 31, 2015
(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	$	(2,667	)	$	(534	)	$	(37	)	$	(389	)	$	(3,627	)	$	(2,444	)	$	(515	)	$	(121	)	$	(358	)	$	(3,438	)
Proceeds from disposal of revenue earning equipment	2,084			609			43			274			3,010			1,368			658			62			201			2,289
Net revenue earning equipment capital expenditures	(583		)	75			6			(115		)	(617		)	(1,076		)	143			(59		)	(157		)	(1,149		)
Depreciation of revenue earning equipment, net	419			71			90			111			691			421			77			77			113			688
Financing activity related to car rental fleet:
Borrowings	1,945			424			—			80			2,449			2,516			245			—			83			2,844
Payments	(1,732		)	(412		)	—			(96		)	(2,240		)	(2,007		)	(278		)	—			(67		)	(2,352		)
Restricted cash changes	(7		)	(4		)	—			3			(8		)	134			16			—			(10		)	140
Net financing activity related to car rental fleet	206			8			—			(13		)	201			643			(17		)	—			6			632
Fleet growth	$	42		$	154		$	96		$	(17	)	$	275		$	(12	)	$	203		$	18		$	(38	)	$	171

12

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

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

Unaudited

	Three Months Ended March 31,
(In millions)	2016			2015
Income (loss) before income taxes	$	(69	)	$	(86	)
Depreciation and amortization, non-fleet, net	77			86
Amortization of debt discount and related charges	15			16
Cash paid for income taxes, net of refunds	(16		)	(4		)
Changes in assets and liabilities, net of effects of acquisitions, and other	(121		)	81
Net cash provided by operating activities excluding depreciation of revenue earning equipment, net	(114		)	93
U.S. car rental fleet growth	42			(12		)
International car rental fleet growth	154			203
Equipment rental fleet growth	96			18
All other operations rental fleet growth	(17		)	(38		)
Property and equipment expenditures, net of disposals	(31		)	(75		)
Net investment activity	244			96
Free cash flow	$	130		$	189

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 March 31, 2016						As of December 31, 2015
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total
Debt as reported in the balance sheet	$	10,066	$	6,006	$	16,072	$	9,823	$	6,011	$	15,834
Add:
Debt issue costs deducted from debt obligations(a)	33		43		76		27		46		73
Less:
Cash and cash equivalents	—		857		857		—		486		486
Restricted cash	298		55		353		289		60		349
Net debt	$	9,801	$	5,137	$	14,938	$	9,561	$	5,511	$	15,072

(a) Under recent accounting guidance issued by the Financial Accounting Standards Board, effective January 1, 2016 and applied retrospectively, certain debt issue costs are required to be reported as a deduction from the carrying amount of the related debt obligation. Previously these costs were reported as an asset. Management believes that eliminating the effects that these costs have on debt will more accurately reflect our net debt position.

13

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

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

DEPRECIATION AND KEY METRICS

Unaudited

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

U.S. Car Rental Segment

	Three Months Ended March 31,						Percent Inc/(Dec)
($In millions, except as noted)	2016			2015
Total RPD
Revenues	$	1,406		$	1,520
Ancillary retail car sales revenue	(19		)	(12		)
Total rental revenue	$	1,387		$	1,508
Transaction days (in thousands)	32,742			32,036
Total RPD (in whole dollars)	$	42.36		$	47.07		(10	)%
Fleet Efficiency
Transaction days (in thousands)	32,742			32,036
Average Fleet	460,200			489,300
Number of days in period	91			90
Available car days (in thousands)	41,878			44,037
Fleet efficiency(a)	78		%	73		%	500		bps
Revenue Per Available Car Day
Total rental revenue	$	1,387		$	1,508
Available car days (in thousands)	41,878			44,037
Revenue per available car day (in whole dollars)	$	33.12		$	34.24		(3	)%
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	419		$	421
Average fleet	460,200			489,300
Depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	910		$	860
Number of months in period	3			3
Net depreciation per unit per month (in whole dollars)	$	303		$	287		6	%

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

14

Supplemental Schedule VI (continued)

HERTZ GLOBAL HOLDINGS, INC.

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

DEPRECIATION AND KEY METRICS

Unaudited

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

International Car Rental

	Three Months Ended March 31,						Percent Inc/(Dec)
(in millions, except as noted)	2016			2015
Total RPD
Revenues	$	433		$	436
Foreign currency adjustment(a)	1			(23		)
Total rental revenue	$	434		$	413
Transaction days (in thousands)	10,104			9,775
Total RPD (in whole dollars)	$	42.95		$	42.25		2	%
Fleet Efficiency
Transaction days (in thousands)	10,104			9,775
Average Fleet	148,100			144,000
Number of days in period	91			90
Available car days (in thousands)	13,477			12,960
Fleet efficiency(b)	75		%	75		%	—		bps
Revenue Per Available Car Day
Total rental revenue	$	434		$	413
Available car days (in thousands)	13,477			12,960
Revenue per available car day (in whole dollars)	$	32.20		$	31.87		1	%
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	86		$	95
Foreign currency adjustment (a)	—			(5		)
Adjusted depreciation of revenue earning equipment and lease charges, net	$	86		$	90
Average fleet	148,100			144,000
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	581		$	625
Number of months in period	3			3
Net depreciation per unit per month (in whole dollars)	$	194		$	208		(7	)%

(a)Based on December 31, 2015 foreign exchange rates.

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

15

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

Worldwide Car Rental

	Three Months Ended March 31,						Percent Inc/(Dec)
(in millions, except as noted)	2016			2015
Total RPD
Revenues	$	1,839		$	1,956
Ancillary retail car sales revenue	(19		)	(12		)
Foreign currency adjustment(a)	1			(23		)
Total rental revenue	$	1,821		$	1,921
Transaction days (in thousands)	42,846			41,811
Total RPD (in whole dollars)	$	42.50		$	45.94		(7	)%
Fleet Efficiency
Transaction days (in thousands)	42,846			41,811
Average Fleet	608,300			633,300
Number of days in period	91			90
Available car days (in thousands)	55,355			56,997
Fleet efficiency(b)	77		%	73		%	400		bps
Revenue Per Available Car Day
Total rental revenue	$	1,821		$	1,921
Available car days (in thousands)	55,355			56,997
Revenue per available car day (in whole dollars)	$	32.90		$	33.70		(2	)%
Net Depreciation Per Unit Per Month
Depreciation of revenue earning equipment and lease charges, net	$	505		$	516
Foreign currency adjustment (a)	—			(5		)
Adjusted depreciation of revenue earning equipment and lease charges, net	$	505		$	511
Average fleet	608,300			633,300
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet (in whole dollars)	$	830		$	807
Number of months in period	3			3
Net depreciation per unit per month (in whole dollars)	$	277		$	269		3	%

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

(a)Based on December 31, 2015 foreign exchange rates.

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

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended March 31,
(in millions)	2016			2015
Worldwide equipment rental segment revenues	$	328		$	355
Worldwide equipment sales and other revenue	(20		)	(23		)
Rental and rental related revenue at actual rates	308			332
Foreign currency adjustment (a)	—			(7		)
Rental and rental related revenue	$	308		$	325

(a)Based on December 31, 2015 foreign exchange rates.

16

NON-GAAP MEASURES AND KEY METRICS - DEFINITIONS AND USE

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

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

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

Adjusted pre-tax income (loss) is calculated as income before income taxes plus certain non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income (loss) is important to management because it allows management to assess operational performance of our business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes it is important to investors for the same reasons it is important to management and because it allows them to assess the operational performance of the Company on the same basis that management uses internally. When evaluating the Company's operating performance, investors should not consider adjusted pre-tax income (loss) in isolation of, or as a substitute for, measures of the Company's financial performance, such as net income (loss) or income (loss) before income taxes. Adjusted pre-tax margin is adjusted pre-tax income (loss) divided by total revenues.

Adjusted Net Income and Adjusted Net Income Margin

Adjusted net income is calculated as adjusted pre-tax income less a provision for income taxes derived utilizing a combined statutory rate of 37%. The combined statutory rate is management's estimate of our long-term tax rate. Adjusted net income is important to management and investors because it represents our operational performance exclusive of the effects of purchase accounting, debt-related charges, one-time charges and items that are not operational in nature or comparable to those of our competitors. Adjusted net income margin is adjusted net income divided by total revenues.

Adjusted Net Income Per Diluted Share

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

Available Car Days

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

Average Fleet

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

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

Total restricted cash includes cash and cash equivalents that are not readily available for our normal disbursements. Total restricted cash and equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under our Fleet Debt facilities, our like-kind exchange programs and to satisfy certain of our self-insurance

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regulatory reserve requirements. Corporate restricted cash is calculated as total restricted cash less restricted cash associated with fleet debt.

Dollar Utilization

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

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

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

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

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

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

Equipment Rental and Rental Related Revenue

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

Fleet Efficiency

Fleet efficiency is calculated by dividing total transaction days by the available car days.

Fleet Growth

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

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Free Cash Flow

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

Net Corporate Debt

Net corporate debt is calculated as total debt excluding fleet debt less cash and equivalents and corporate restricted cash. Corporate debt consists of our Senior Term Facility; Senior ABL Facility; Senior Notes; Promissory Notes; Convertible Senior Notes; and certain other indebtedness of our domestic and foreign subsidiaries.

Net Corporate Debt is important to management and investors as it helps measure our leverage. Net Corporate Debt also assists in the evaluation of our ability to service our non-fleet-related debt without reference to the expense associated with the fleet debt, which is collateralized by assets not available to lenders under the non-fleet debt facilities.

Net Depreciation Per Unit Per Month

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

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

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

Revenue Per Available Car Day ("RACD")

Revenue per available car day is calculated as total revenues less ancillary revenue associated with retail car sales,divided by available car days, with all periods adjusted to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends. This metric is important to our management and investors as it represents a measurement of the changes in underlying pricing in the car rental business and provides a measure of revenue production relative to overall capacity.

Same Store Revenue Growth/Decline

Same store revenue growth is calculated as the year-over-year change in revenue for locations that are open at the end of the period reported and have been operating under our direction for more than twelve months. The same-store revenue amounts are adjusted in all periods to eliminate the effect of fluctuations in foreign currency.

Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends.

Time Utilization

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

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Total Net Debt

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

Total RPD

Total RPD is calculated as total revenue less ancillary revenue associated with retail car sales, divided by the total number of transaction days, with all periods adjusted to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends. This metric is important to our management and investors as it represents a measurement of the changes in underlying pricing in the car rental business and encompasses the elements in car rental pricing that management has the ability to control.

Transaction Days

Transaction days represent the total number of 24-hour periods, with any partial period counted as one transaction day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one transaction day in a 24-hour period. Late in the third quarter of 2015 the Company fully integrated the Dollar Thrifty and Hertz counter systems and as a result aligned the transaction day calculation in the Hertz system.  As a result of this alignment, Hertz determined that there was an impact to the calculation.  Hertz expects that transaction days for the U.S. Car Rental segment will increase by approximately 1% prospectively relative to the historic calculations through the third quarter of 2016. 

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EX-99.2

1 1Q 2016 Earnings Call May 10, 2016 8:00am ET

2 Safe Harbor Statement Certain statements made within this presentation contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance and by their nature are subject to inherent uncertainties. Actual results may differ materially. Any forward-looking information relayed in this presentation speaks only as of May 9, 2016, and the Company undertakes no obligation to update that information to reflect changed circumstances. Additional information concerning these statements is contained in the Company’s press release regarding its First Quarter 2016 results issued on May 9, 2016, and the Risk Factors and Forward- Looking Statements sections of the Company’s 2015 Annual Report on Form 10-K filed on February 29, 2016, and its First Quarter 2016 Quarterly Report on Form 10-Q filed on May 9, 2016. Copies of these filings are available from the SEC, the Hertz website or the Company’s Investor Relations Department. 1Q

3 Non-GAAP Measures THE FOLLOWING NON-GAAP* MEASURES WILL BE USED IN THE PRESENTATION: Adjusted corporate EBITDA Adjusted corporate EBITDA margin Adjusted pre-tax income Adjusted net income Adjusted earnings per share (Adjusted EPS) Revenue per available car day (RACD) Total RPD Net depreciation per unit per month Net corporate debt Net fleet debt Free cash flow *Definitions and reconciliations of these non-GAAP measures are provided in the Company’s first quarter 2016 press release. 1Q

4 Agenda BUSINESS OVERVIEW John Tague President & Chief Executive Officer Hertz Global Holdings, Inc. FINANCIAL RESULTS OVERVIEW Tom Kennedy Chief Financial Officer Hertz Global Holdings, Inc. HERC OVERVIEW Larry Silber President & Chief Executive Officer Hertz Equipment Rental Corporation 1Q

5 Capacity is Key Focus 1Q • Reduced U.S. fleet by 2% in 2015; guided to another step down of 2-3% for 2016 • Capacity plan based on conservative GDP projections and softening commercial business demand across all travel sectors • 1Q:16 average U.S. RAC fleet reduced by 6% YoY • Maintained tight fleet through 1Q:16, driving U.S. RAC fleet efficiency 500 bps higher to 78% • Room for further utilization improvement • RPD remained under pressure primarily due to excess industry capacity • Signs of recently improving U.S. pricing trends moving into summer peak

6 Progress Toward Full Potential 1Q Winning with technology Leading cost and quality Earnings customer preference and delivering revenue growth • Outsourced legacy IT systems • Selected CRM system – Installation expected to be complete by year end, well ahead of schedule • Expect implementation of new Fleet system 1H:17 • On track with total system transformation timing • 1Q:16 global NPS increased across all brands; Hertz brand rose to record high • Worldwide RAC unit costs* improved 5% • Approximately $70 million of incremental net cost savings in the first quarter – On track to deliver net $350M realized cost savings FY:16 • Finalized brand architecture; facility improvement plan • Continued development of new ancillary products • Stabilized and improved e-commerce performance – On target with functionality and customer interface improvement by YE:2016 • Moving to next-generation revenue management platform, on track for 3Q:16 launch … Creates Leverage as Pricing Recovers * Unit costs are defined as direct operating (DOE) and selling, general & administrative (SG&A) costs divided by transaction days

7 TOM KENNEDY CHIEF FINANCIAL OFFICER Hertz Global Holdings, Inc. Quarterly Overview

8 1Q:16 Progress Toward RAC Full Potential 1Q Global fleet capacity reduced by 4% Worldwide RAC fleet efficiency increased 400 bps YoY Global direct operating/SG&A expense per transaction day reduced by 5% Outsourced legacy IT systems; New CRM system installation ahead of schedule $2.3B of liquidity; net leverage ratio reduced to 3.6x Cost savings of ~$70M toward $350M annual goal; incremental to $230M realized in 2015 HERC separation on track for mid-year completion

9 1Q:16 Consolidated Results *Definitions and reconciliations of these non-GAAP measures are provided in the Company’s first quarter 2016 press release. NM – Not Meaningful 1Q GAAP 1Q:16 Results 1Q:15 Results YoY Change Revenue $2,311 $2,454 (6)% Income (loss) before income taxes $(69) $(86) (20) Net Income (loss) $(51) $(70) (27) Earnings (loss) per share $(0.12) $(0.15) (20) Shares outstanding 424 459 NM Non-GAAP* Adjusted corporate EBITDA $155 $226 (31)% Adjusted corporate EBITDA margin 7% 9% (200 bps) Adjusted pre-tax income (loss) $(83) $3 NM Adjusted net income (loss) $(52) $2 NM Adjusted EPS (loss per share) $(0.12) $-- NM

10 US RAC 1Q:16 Revenue by Location Type Excludes Donlen 1Q:16 Revenue By Geography Excludes Donlen 76%24% 74% 26% Worldwide RAC Revenue Overview Int’l RAC 1Q:16 Revenue by Location Type Excludes Donlen 56% 44% US RAC1 1Q:16 Revenue by Customer Type Excludes Donlen 64% 36% Leisure Commercial Int’l RAC 1Q:16 Revenue by Customer Type Excludes Donlen 48%52% LeisureCommercial 1Q 1 Excludes ancillary retail car-sales revenue

11 Worldwide RAC Cost Initiatives Ramp up Through Year Consolidated Global RAC Cost Savings • FY:16 Target $350M realized savings – 1Q:16 realized savings of ~$70M • FY:15 realized $230M of savings Corporate/ Operations Overhead Fleet Management Sales and Marketing Global RAC Cost Savings • 2016 savings more heavily weighted to 2H:16 • 2015 savings cadence 1H = 35%; 2H = 65% 1Q Unit Cost Metrics Reflect Cost Management Progress • Excludes affects of revenue change • DOE & SG&A per transaction day declined 5% YoY • DOE & SG&A per transaction declined 3% YoY

12 1Q:16 U.S. Rental Car Total Revenue Note: Total RPD calculated using Total Revenue less ancillary retail car sales revenue divided by transaction days 1 The alignment of methodologies beginning in 3Q:15 recognizes a greater volume of transaction days on Dollar Thrifty as compar ed to its previous practices; estimated impact of approximately 1% to transaction days prospectively, relative to the historic calculat ion through 3Q:16 (8.0)% Total Revenue 1Q 10.0% 2.2% • Total Revenue Per Day: - RPD decrease primarily due to decline in industry published pricing and transaction days methodology adjustment for Dollar and Thrifty brands • Also, increase in proportion of small cars rented, lower fuel- related ancillary revenue, unfavorable customer segment mix • Total Transaction Days: - Off Airport volume flat YoY on 2Q:15 store closures and tightened debit card acceptance policies; same store volume increased YoY - Airport leisure volume growth partially offset by lower business demand, primarily driven by weakness in overall business travel and due to focus on margin discipline • Conversion from Dollar Thrifty transaction day calculation to Hertz methodology1 - No impact to total revenue - ~120 bps positive impact to transaction days; ~120 bps negative impact to Total RPD Volume Total RPD

13 Note: Total RPD calculated using Total Revenue less ancillary retail car sales revenue 1 RACD calculated as Total Revenue / number of days in period X average total fleet size; captures the combined result of both revenue management and fleet management in one measurement Higher Fleet Efficiency Offset by Lower RPD U.S. RAC Revenue per Available Car Day (RACD1) 1Q -4.7% -6.0% 1.0% 0.3% -3.3% 1Q 2Q 3Q 4Q U.S. RAC RACD 2015 YoY 73% 78% 1Q:15 1Q:16 U.S. RAC Fleet Efficiency • Better alignment of rental volume with available fleet supply • Optimized fleet rotation, time, sales distribution • Improved out-of-service levels 1Q:16 Fleet Efficiency +500 bps 2% 3% -3% -5% -6% 1Q:15 2Q:15 3Q:15 4Q:15 1Q:16 U.S. RAC Avg. Fleet Capacity YoY2 • Average fleet units 6% lower YoY on 2% volume growth 2 U.S. RAC average fleet used to calculate fleet efficiency

14 U.S. RAC Fleet Management 1Q • 1Q:16 monthly depreciation per unit $303, a 6% increase primarily due to lower residual values, higher program car costs and shorter hold period for certain vehicles • Improved processes increased cars available-for-rent as a % of total fleet by 34% YoY • Successful use of higher return remarketing channels • FY:16E monthly depreciation per unit unchanged at $290-$300 - FY:16E (2.5)% in residual values 1Q:16 Unit Sales Mix Wholesale Auction 34% Alternative Channels 66% Wholesale Auction 38% Alternative Channels 62% 1Q:15 Unit Sales Mix U.S. RAC Used Car Sales Channels

15 1Q:16 International Rental Car 1Q • 1Q:16 Revenue increased 6% YoY, excluding FX - Volume 3% higher primarily due to strength in APAC countries as well as Southern Europe - Total RPD 2% higher, in constant currency, benefitting from higher yielding inbound business • Revenue per available car day increased 1% YoY in constant currency • Fleet efficiency stable YoY at 75% • Customer service scores continue to improve • Net monthly depreciation per unit decreased 7% in constant currency due to improvements in fleet procurement, fleet mix and increased use of alternative disposition channels • Excluding impact of favorable non-recurring item in Q1:15, adjusted Corporate EBITDA improved $11M YoY

16 HERC OVERVIEW LARRY SILBER PRESIDENT & CHIEF EXECUTIVE OFFICER Hertz Equipment Rental Corporation

17 1Q:16: Focused on Expanding Revenue and Operational Efficiencies Revenue Growth and Expansion1 – Q1:16 versus Q1:15 • Total revenues excluding upstream oil & gas branch markets increased 12% • Worldwide pricing was flat, but pricing excluding oil & gas branch markets was up 1% • New account revenue increased approximately 20% • New customer accounts increased 41% • Worldwide volume increased 1% Operational Improvements • Improved vendor management and fleet available for rent • In-house equipment maintenance improved efficiency and reduced costs in the branches • Continued to reduce costs and expenditures in upstream oil & gas markets • Realigned fleet mix with equipment to support Specialty Solutions and ProContractor business Upstream Oil & Gas 18% Non-Upstream Oil & Gas 82% % Contribution to Total Revenue1 1 On a constant currency basis as of December 31, 2015 excluding the results of operations in France and Spain sold in October 2015.

18 Market Leader with Significant Scale and Broad Footprint in North America 1 IHS Global Insight (April 2016) 2 International operations are located in the United Kingdom, China, Saudi Arabia and Qatar. 18 >9% 6-9% 3-6% 0-3% <0% Industry Rental Growth 1 4-Year CAGR Herc Rentals Location

19 $3.5 Billion in Fleet at an Average Age of 47 Months Aerial 27% Earth Moving 19% Material Handling 17% Truck 11% Electrical 9% Other 17% Average fleet original equipment cost (OEC). 1Q Capital Expenditures • Reported a positive $6 million net fleet capex Fleet Mix by OEC

20 Q2 2015 Current Improve N.A. Vendor Management and Fleet Availability Driving operational gains through buying efficiency and increased availability Consolidate Brands and OEMs Substantially Increased Fleet Available to Rent 19% 18% 15% 13% 10% 2013 2014 2015 1Q2016 Target ~ 40% # of Suppliers Fleet Unavailable for Rent (FUR) Improving Vendor Management and Fleet Availability *Data is based on North America

21 Adjusted Corporate EBITDA YOY Growth, Excl. Upstream Oil & Gas, Improved Each Quarter New initiatives began to take hold in second half of 2015 Adj. Corp. EBITDA (YOY % Δ)* 1Q-15 2Q-15 3Q-15 4Q-15 Q1-16 Excl. upstream oil & gas 7% 7% 11% 21% 14% Total (7)% (8)% (3)% (0.2)% (4)% *Data is based on constant FX rates as of December 31, 2015 and excludes France and Spain operations sold in October 2015

22 2016 WW HERC Guidance WW HERC 2016 Guidance Segment Adjusted Corporate EBITDA*: $600 to $650M Estimated Annual Stand-Alone Public Company Costs: $35 to $40M Net Fleet CapEx: Approximately $375 to $425M *Adjusted Corporate EBITDA Guidance excludes the standalone costs of being a public company

23 • Form 10 Update - Initial Form 10 filed 12/21/15 - Amendment #1 filed 2/4/16 - Amendment #2 filed 4/18/2016: included FY:15 results • Operational Readiness Update - Senior leadership team in place - Prospective Board of Directors recruiting on track - Rating agency meetings completed - Capital market discussion underway • Timing Update • Targeting mid-year 2016 completion RAC and HERC Remain On Track for mid-2016 Separation

24 Unique Opportunity to Build Value Strong brand recognition and reputation – 50 + years Strategically positioned to generate above market growth Strong asset base including $3.5 billion of OEC Industry savvy and experienced leadership team Commitment to disciplined capital management Significant opportunity for operational and financial improvement Attractive long term industry fundamentals

25 Our New Look and Brand

26 CASH FLOW / BALANCE SHEET OVERVIEW TOM KENNEDY CHIEF FINANCIAL OFFICER Hertz Global Holdings, Inc.

27 Free Cash Flow ($ in millions) 1Q16 1Q15 GAAP Pretax Income (loss) $(69) $(86) PP&E (non fleet) depr. exp. + amortization exp. 77 86 Amortization of debt items 15 16 Cash Taxes, net of refunds (16) (4) Net Working Capital/Other (121) 81 Operating Cash Flow excl. fleet depr. add-back $(114) $93 RAC Fleet Growth (net capex + depr. exp. & net fleet financing) 196 191 HERC Fleet Growth (net capex + depr. exp.) 96 18 All Other Operations, Rental Fleet Growth (17) (38) PP&E Net Capital Expenditures (31) (75) Net Investment $244 $96 FREE CASH FLOW $130 $189

28 • No meaningful Corporate debt maturities until 2018 (excluding ABL, which is primarily secured by HERC assets) • Targeting RAC net leverage ratio of 3.5x at YE:16; Herc net leverage ratio of 3.25x-3.75x upon separation Liquidity and Debt Overview Corporate Liquidity at March 31, 2016 ABL Availability $1,481 Unrestricted Cash 857 Corporate Liquidity $2,338 4.5x 4.8x 4.4x 3.7x 3.6x 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 Net Corporate Debt/LTM Adj. Corporate EBITDA • 1Q:16 Completed Refinancings: – February 2016 - Issued ~$1B term ABS notes at blended 3.02% rate to replace floating rate bank funded ABS debt • 2Q:16 Completed Refinancings: – April 2016 - Successfully priced $385M of Donlen term notes; transaction oversubscribed • 2016 Planned Refinancings – Execute HERC spin – Normal-course fleet debt extensions – Continue to prudently access the ABS term market to re-balance mix of U.S. RAC fixed/floating rate fleet ABS debt

29 OUTLOOK

30 FY:2016 Financial Guidance FY:2016 assumptions include: • U.S. RAC residual decline of ~2.5% • $350M incremental RAC cost savings • HERC net non-fleet capex of ~$50M – Included in Consolidated guidance • HERC net fleet capex of $375M-$425M • Consolidated 37% effective tax rate • 424M shares outstanding FY:2016 Guidance Adj. Corporate EBITDA Consolidated HGH $1,600M - $1,700M Adj. Corporate EBITDA W.W. HERC $600M - $650M Consolidated net non-fleet capex $200M – $225M Consolidated corporate interest expense $330M – $345M Consolidated cash taxes $125M – $150M Consolidated Free Cash Flow $400M – $500M U.S. RAC net monthly depreciation per unit $290 - $300 U.S. RAC fleet capacity growth (2.0)% to (3.0)% U.S. RAC revenue growth --% to (1.5)% Adj. EPS $0.95-$1.10

31 Q&A