Hertz Global Holdings, Inc.

Morgan Stanley Laguna Conference

NYSE: HTZ
September 14, 2016
 Forward-Looking Statements

Certain statements contained in this presentation are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements give our current expectations or forecasts of future events
and our future performance and do not relate directly to historical or current events or our historical or current
performance. Most of these statements contain words that identify them as forward looking, such as “anticipate”,
“estimate”, “expect”, “project”, “intend”, “plan”, “believe”, “seek”, “will”, “may”, “opportunity”, “target” or other words that
relate to future events, as opposed to past or current events.
Forward-looking statements are based on the expectations, forecasts and assumptions of our management as of the
date of the Public Disclosure and involve risks and uncertainties, some of which are outside of our control, that could
cause actual outcomes and results to differ materially from current expectations. For some of the factors that could
cause such differences, please see the sections of our quarterly report on Form 10-Q for the quarter ended June 30,
2016 entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” Copies of this report are
available from the Securities and Exchange Commission (“SEC”), on our website or through our Investor Relations
department.
The financial information contained in this presentation is a compilation of information that has previously been
disclosed by us in various SEC filings and press releases (a “Public Disclosure”). The financial information in this
presentation speaks only as of the date it was previously disclosed in a Public Disclosure, and we are not updating it
in this presentation.
We cannot assure you that the assumptions under any of the forward-looking statements will prove accurate or that
any projections will be realized. We expect that there will be differences between projected and actual results. These
forward-looking statements speak only as of the date of the Public Disclosure, and we do not undertake any obligation
to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise. We caution prospective investors not to place undue reliance on forward-looking statements. All forward-
looking statements attributable to us are expressly qualified in their entirety by the cautionary statements contained
herein and in our quarterly report described above.

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 Disclosure on Financials in Presentation

Hertz Global Holdings, Inc. (“HGH”) is the ultimate parent company of The Hertz Corporation (“THC”, “Company,”
“we,” “us” and “our”). GAAP and non-GAAP profitability metrics for THC, the wholly owned operating subsidiary, are
materially the same as those for HGH.
The Company has three reportable segments as follows:
• U.S. Rental Car (“U.S. RAC”) - rental of vehicles (cars, crossovers and light trucks), as well as ancillary products
and services, in the United States and consists of the Company’s United States operating segment;
• International Rental Car (“International RAC”) - rental and leasing of vehicles (cars, vans, crossovers and light
trucks), as well as ancillary products and services, internationally and consists of the Company’s Europe and
Other International operating segments, which are aggregated into a reportable segment based primarily upon
similar economic characteristics, products and services, customers, delivery methods and general regulatory
environments;
• All Other Operations - includes the Company’s Donlen operating segment which provides vehicle leasing and
fleet management services and is not considered a separate reportable segment in accordance with applicable
accounting standards, together with other business activities.
In addition to the above reportable segments, the Company has corporate operations (“Corporate”) which includes
general corporate assets and expenses and certain interest expense (including net interest on non-vehicle debt).
Hertz Global RAC is defined as the combination of the U.S. and International segments.
Hertz Global is defined as Hertz Global RAC, Donlen and Corporate.
Amounts shown in this presentation, unless otherwise indicated, are for Hertz Global.

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 Hertz Global RAC Investment Highlights

Market Leader within Consolidated Industry

Geographically Diversified Global Network

World Class Brands Targeting Distinct Segments of Market

Full Potential Plan1 – Adjusted Corporate EBITDA Margin Target 16%-18%

Industry Savvy and Experienced Leadership Team

Potential for Driving Industry Improvement

Emerging Mobility Trends Create Opportunity

1Full potential Adjusted Corporate EBITDA margin target 2018-2020

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Attractive Financial Attributes

Strong Free Cash Flow Generation

Liquid Fleet Assets with Embedded Equity

Largely Discretionary Non-fleet Capex

Highly Variable Cost Structure

Significant Tax Assets (NOLs) Resulting in Low Cash Taxes

Strong Balance Sheet and Liquidity Position with No Significant Near-Term

Corporate Maturities and Access to ABS Market

Full Potential Plan of $810 million of EBITDA Improvement (Midpoint)

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 Key Accomplishments

Integration Headquarters Fleet refresh HERC Improving IT systems

relocation separation customer upgrade
satisfaction

Completed HQ relocation Successfully Reverse spin-off 2Q16: Net Started upgrade

Dollar-Thrifty completed Nov. executed largest completed Promoter Score of the entire IT
systems 2015 fleet refresh in June 2016 (“NPS”) increased infrastructure,
integration company history across all brands; systems and
applications
Hertz brand rose
to record high

    On track On track

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 Full Potential Plan Targets 16%-18% Margin1

1 Winning with 2
Leading on Cost
Technology and Quality
Deliver on technology and Drive cost position and service
systems that enhance quality to industry leadership
customer experience and through operational excellence
reduce cost

3 Delivering Revenue Excellence

Win customer preference and
loyalty through clearly defined
and positioned brands supported
by consistent, well-tailored and
differentiated service model
Drive excellence in core revenue
performance by reinvigorating go to
market execution and targeting
growth opportunities in enhanced
products and services

1Full potential Adjusted Corporate EBITDA margin target 2018-2020

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 Perspectives on Risk Considerations

• Industry has historically offset with pricing increases

Residual Value • Future purchases will be lower cost (average in / out)
• Benefit of alternate disposition channels

Pricing • Industry over-fleeting dynamics showing signs of improvement

• Management experience
Economic Cycle • Ability to de-fleet, releasing equity and de-levering in down cycle
• Business model flexibility

• Targeting leverage range of 2.5x – 3.5x year end

Capital Structure /
• No material non-vehicle debt maturities until 20201
Leverage
• Ongoing access to ABS market to fund fleet

• Ride-sharing use case – little impact from ride-sharing to date

Mobility
• Rental car core competence creates opportunities

1. Pro forma for (i) the issuance by THC of $800 million aggregate principal amount of 5.50% Senior Notes due 2024 on September 22, 2016
and (ii) the redemption by THC of $800 million aggregate principal amount of 6.75% Senior Notes due 2019 on October 8, 2016. 8
Full Potential is Achievable

It’s within
our control We have a
proven potential

We have the Focused on initiatives we

Right team can execute vs. aspirations
around industry conduct
Low end of the range
achievable with reasonable
Team with proven realization of initiatives
expertise implementing within our control
these types of changes
Improved industry
Combination of dynamics would provide
fresh talent and upside opportunity
deeply experienced
industry leaders
We are proving our
capability for execution
and realizing potential
No company specific
constraints to
improved margins
2015 and YTD 2016 is
an early demonstration
of execution capabilities

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Q&A
 Key Definitions
Adjusted Corporate EBITDA
Adjusted Corporate EBITDA Margin
Net income before net interest expense, income taxes,
depreciation (which includes revenue earning equipment
lease charges) and amortization as adjusted for car rental
fleet interest, car rental fleet depreciation, car rental debt-
related charges, and for certain other charges such as non-
cash stock-based employee compensation restructuring and
restructuring related costs; equipment rental spin-off costs;
impairments and asset write-downs; acquisition costs,
integration costs, relocation costs and other extraordinary,
unusual or non-recurring items.
The ratio of Adjusted Corporate EBITDA to
total revenues.
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 Key Definitions

A reconciliation of the non-GAAP measures discussed in this presentation to the most directly comparable
financial measures calculated and presented in accordance with generally accepted accounting principles in
the United States appears within the supplemental schedules that have been filed with the Securities and
Exchange Commission and are available on the Company’s website at http://ir.hertz.com/events-
presentations.

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