1Q 2011 Earnings Call April 27, 2011 10:00 am ET Dial in: (800) 288-8967 (US) (612) 332-0342 (International) Passcode: 199009

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 April 27, 2011, 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 2011 results issued on April 26, 2011, and the Risk Factors and Forward-Looking Statements sections of the Company’s 2010 Form 10-K. Copies of these filings are available from the SEC, the Hertz web site or the Company’s Investor Relations Department.

Definitions and reconciliations of these non-GAAP measures are provided at the end of the presentation. The following non-GAAP measures will be used in the presentation: Non-GAAP Measures EBITDA Corporate EBITDA Adjusted Pre-Tax Income Adjusted Net Income Adjusted Diluted Earnings Per Share (Adjusted EPS) Net Corporate Debt Net Fleet Debt Total Net Debt Adjusted Interest Expense Adjusted Direct Operating Expense Adjusted Selling, General and Administrative Adjusted Depreciation of Revenue Earning Equipment Levered After-Tax Cash-Flow Before Fleet Growth Corporate Cash Flow

First Quarter 2011 Results Mark Frissora, Chairman and CEO Financial & Operating Results Overview Elyse Douglas, Executive VP and CFO Outlook & Guidance Mark Frissora, Chairman and CEO Questions & Answers Session Today’s Agenda

Opening Comments

Despite $15 mil revenue impact from winter storms in Jan/Feb: U.S. RAC revenue up 3.6%; fleet up <1%, volume up 4.4% Improved pricing in Europe rental car despite economic volatility France, U.K., Spain Double-digit volume increase in equipment rental Refinanced $3.4B ABL & term loan, and $1B senior note First Quarter 2011 Review GAAP Q1:11 Results Q1:10 Results YoY Change Revenue $1,780.0 $1,660.9 7.2% Loss before income taxes ($158.9) ($157.8) (0.7)% Loss per share ($0.32) ($0.37) 13.5% Non-GAAP* Corporate EBITDA $166.4 $121.4 37.1% Adjusted Pre-Tax ($16.0) (69.2) 76.9% Adjusted EPS ($0.03) ($0.12) 75.0% ($ in millions, except per share amounts) * Definitions and reconciliations of these non-GAAP measures are provided at the end of the presentation.

Q1:11 U.S. RAC Total Revenue +3.6% YoY Rev. +$35.8 million Total Revenue ($ in millions) 35.0% 84.9% (19.9%) % of total increase Airport Advantage Off-Airport % Change in Total Revenue On-Airport 74.3% of U.S. RAC Revenue Off-Airport 25.7% of U.S. RAC Revenue RPD * YoY Δ% $57.57 +0.8% $37.76 -3.6% $36.07 +1.5% Trans Days -1.8% +47.7% +11.5% % of Total U.S. RAC Revenue 70.2% 4.1% 25.7% U.S. RAC Growth Drivers Q1:11 vs. Q1:10 Note: Advantage RAC acquired April 2009 Advantage $12.5 Off Airport $30.4 Airport ($7.1) * RPD calculated using Total Revenue

 U.S. Off Airport (OAP) – leisure, local business, monthly, insurance replacement Opened 35 net new locations, +9%; Total locations = 1,963 Total OAP revenue +13.1%; same-store-revenue up 12.4% Low-cost infrastructure, minimum overhead, more economical vehicles, and longer-length rentals Worldwide Advantage brand revenue +$14.1 mil YoY to $43.7 mil 7 locations added in Q1:11; Total: 53 locations and 14 affiliates worldwide U.S. airport revenue from Inbound foreign travelers +5.5% YoY RAC GROWTH INITIATIVES

2011 COST SAVINGS Efficiency & cost management programs continue Cost savings of $83 million achieved Q1:11 through efficiency programs FY2011 revised goal = $325 million Lean/Six Sigma “Lighthouse” programs at major airport locations and equipment rental branches: Completed in Q1:11 = NA RAC: 2, International: 8, HERC: 10 Completed since inception = NA RAC: 15, International RAC: 10, HERC: 13 Q1:11 YoY Δ U.S RAC +6.0% EU RAC + 8.2% WW HERC +2.5% Revenue Per Employee* (at constant currency) +29.8% since 2006 Cost Savings

U.S. RAC Residual Values U.S. residual values hit Q1 record levels Tight supply of previously leased vehicles in used car market Lower OEM production levels Higher mix of risk vehicles More profitable remarketing channels Monthly Depreciation per Vehicle Age-Adjusted Residual Values* *Using 2007 avg. age as base year

 Increasing use of non-auction sales channels U.S. wholesale auction sales 32% of total Q1:11 down from 85% in FY07 Dealer-direct now 45% of all U.S. risk car sales vs. 2% in FY07 +90% from Q1:10 Retail / online auction/ Rent2buy - cars on rent up until the day purchased Expect licensing in 37 states (optimal) by Sept. 2011 for hertzrent2buy.com Licensed in 30 states today Q1:11 Remarketing Strategy Q1:11 US Risk Car Sales Channels Wholesale Auction 32% Alternative Channels 68% Retail 7% HertzRent2Buy.com 5% Dealer Direct 45% Online Auction 11% Total 100% Auction 32% Alternative 68%

RAC Fleet Efficiency Fleet efficiency: % of days car is rented compared with avg. number vehicles available to rent. Formula: ((Annualized Transaction Days / 365) / Average Fleet)) Highest Q1 in U.S. post IPO Leisure rentals avg 5-6 days Insur. replacement rentals avg 10 days Expansion of off-airport and Advantage network nationally, where rental length is extended Use of direct-to-dealer/direct-to-consumer sales channels keep cars on rent until point of sale Reduction in non-rentable cars due to efficiencies in maintenance and repair Rent-A-Car Fleet Efficiency

Q1 2011 Performance

Elyse Douglas CFO Financial Results Balance Sheet Review Cash Flow Review

* Definitions and reconciliations of these non-GAAP measures are provided at the end of the presentation. Q1:11 Consolidated Financial Results GAAP Q1:11 Q1:10 $ Change Revenue $1,780 .0 $1,660.9 + $119.1 Loss before income taxes ($158.9) ($157.8) - $1.1 Net loss attributable to HGH ($132.6) ($150.4) + $17.8 Diluted loss per share ($0.32) ($0.37) + $0.05 Non-GAAP* Q1:11 Q1:10 $ Change Margin Expansion Adjusted Pre-Tax Loss ($16.0) ($69.2) + $53.2 330 bps Adjusted Net Loss ($14.2) ($49.3) + $35.1 220 bps Corporate EBITDA $166.4 $121.4 + $45.0 200 bps Adjusted EPS ($0.03) ($0.12) + $0.09 $ in millions, except per share calculation

Rent-A-Car Metrics: Q1:11 vs. Q1:10 % of WW RAC total revenue Q1:11 vs. Q1:10 Total Revenue Rental Rate Revenue* Revenue Per Day (RPD) Trans. Days Revenue Per Transaction Transactions Trans Length (days) 68% U.S. (Hertz + Advantage) 3.6% 2.9% (1.5%) 4.4% 1.0% 1.8% 2.5% U.S. (Hertz Classic) 2.4% 1.8% (0.9%) 2.7% 1.7% 0.1% 2.6% 22% Europe 8.0% 6.7% 0.8% 5.8% 1.6% 5.0% 0.8% Worldwide 6.2% 4.4% (1.0%) 5.4% 1.4% 2.9% 2.5% *Rental rate revenue exclude the effects of foreign currency . Rental revenue consists of all revenue, net of discounts, associated with the rental of cars including charges for optional insurance products, but excludes revenue derived from fueling and concession and other expense pass-throughs, NeverLost units in the U.S. and certain ancillary revenue. Adjusted pre-tax income: +126.2%; 2011 margin 4.1%, +220 bps yoy Corporate EBITDA: +70.2%; 2011 margin 6.1%, +230 bps yoy

 U.S. Rent-A-Car RPD Incl. Ancillary Sales Note: includes Advantage Revenue Per Day (RPD) Reported RPD — time, mileage, insurance products Ancillary product/services - roadside svc, Neverlost, parking, tolls, etc. Fuel Services Fully Loaded RPD Q1:11 Q1:10 %Δ $41.34 $41.96 -1.5% $5.22 $5.17 $2.45 $2.25 $49.01 $49.38 -0.7%

Worldwide Rent A Car Q1 WW RAC = 85% of total company revenue Worldwide RAC total revenue: $1.5 bil Fleet Mix 2011 2010 U.S. Risk % 77% 66% Europe Risk % 56% 58% Worldwide Risk % 73% 66%

YoY Change in U.S. RAC Fleet Mix Strategically increasing mix of risk vehicles as we shift into more profitable resale channels

Q1:11 U.S. RAC Performance Q1 2011 Q1 2010 Var to Q1:11 Peak Q1 2007 Var to Q1:11 Revenue $1,020.4 984.6 3.6% $1,081.2 (5.6%) $ in millions Revenue +3.6% vs. Q1:10, but still down from Q1:07 peak Total expenses down 490 bps YoY as % of revenues Q1:11 adj. pre-tax 40.8% better than Q1:10 with margin improvement of 220 bps Q1:11 vs. Q1:07, adj. pre-tax income +52.7%; margin +320 bps Monthly depreciation per vehicle down 16.5% vs. Q1:07 Corporate EBITDA +30.0% vs. Q1:10; margin +220 bps Net Promoter Score 290bps higher to 54.3 vs. Q1:10 Cost Savings Driving Profit Growth Over 2010 and Peak Year 2007

Q1:11 Europe RAC Performance Total revenue increased by 8.0% driven by: 5.8% higher volume 2.1% improvement in total revenue per day YoY 11.1% improvement in monthly fleet depreciation per unit Gained 29 new corporate accounts and re-signed 37 accounts with RPD gains of 1% to 5.5% NPS Score improved by 910bps YoY to 48.3 Achieved scores above 50 for first time in March

Q1:11 HERC Operating Performance Revenue increased 13.2% in Q1:11 vs prior year Rental and rental related revenue +12.8% YoY 14.3% increase in volume Q1:11 YoY Industrial spending forecasted +20% by Industrial information Resources HERC industrial revenue +23% Time utilization* +830 bps to 58.3% vs. Q1:10 Adjusted pre-tax income of $10.2 mil vs. prior year loss of ($5.0 mil) Corporate EBITDA improved 14.4% YoY; margin improvement of +30bps *Time utilization: Calculated on unit average vs. weighted fleet cost basis 2009 2010 2011

Equipment Rental Pricing Calculations HERTZ Equipment Rental Competitor A Base fleet identified using current calendar year and prior calendar year Normalizes fleet mix & impact Average realized rates for 3 rate segments calculated separately (Month, Week, Day) Weighted average rate index created using base transactions (prior year) Rate segment (day,week,month) weighting applied to the average rate creating a weighted index Price performance based on variance between rate indexes Base Fleet Base fleet identified using current period and prior period Normalizes fleet mix & impact Average rates for 3 rate segments calculated (Month, Week, Day) Current vs. prior variance weighted on current year revenue(Qtr 1 2011) Calculations totaled for each rate segment Rate segment variances blended based on current period revenue against current vs. prior rate variance 3-Yr Pricing Performance 2008-2011 Using Competitor A price method: HERC +2.0% Q1:11 Source: company reports

Q1:11 HERC Fleet Statistics WW HERC Fleet Size ($ in millions) WW HERC Fleet ($ in millions) Excludes FX Q1:11 Q1:10 Fleet Expenditures $171.6 $32.7 Disposal Proceeds $52.3 $31.3 Net Capital Expenditures $119.3 $1.4 (cash basis) Disposals $127.2 $67.5 (original equipment cost) Note: Above amounts are on a cash flow basis, consistent with our GAAP statement of cash flows. In past slide presentations we had provided this information including non-cash purchases and sales.

HERC Growth Initiatives Equipment rental recovery being lead by industrial projects Executing roll-up acquisition strategy to build position in industrial market, expand geographic coverage and develop new revenue streams Expanded Entertainment Services with 2 new locations 1st international location: Paris Non-residential construction starting to show signs of activity Q1 11 FY 10 FY 09 FY 08 FY 07 Construction 35.1% 37.7% 43.5% 47.8% 50.2% Industrial 29.8% 27.7% 22.9% 21.6% 19.7% Fragmented 35.1% 34.6% 33.6% 30.6% 30.1% North America Revenue Diversification

Interest Expense, net of interest income Q1:11 of $195.0mm was $16.2mm over Q1:10 Net cash interest up 3.9% – lower rates offset by expired benefit from ABS buydown Non-cash interest up 22.7% YoY due to write-off unamortized debt from refinancings Restructuring & restructuring-related charges Q1:11 was $5.4mm vs. Q1:10 of $16.0mm Closure of underperforming locations Reduced workforce by approximately 100 employees Related cash payments in Q1:11 were $4.6mm vs. $14.6mm in the prior year FY:11 charges expected to be $65-$70mm, bulk coming in Q2:11 Taxes Q1:11 GAAP tax effective income tax rate was 18.8% vs. 7% in Q1:10 Annual adjusted tax rate normalized = 34% Q1:11 cash taxes paid: $11.6 mm vs. $24.6mm in Q1:10 FY:11 cash taxes estimated to be ~ $48 to $53mm Interest | Restructuring | Taxes

Decrease reflects corporate debt related activity: $116 million related to call premiums and fees $60 million to pay down Brazilian fleet debt maturity $11 million timing of interest payments Cash Flow First Quarter Cash Flow ($ in millions) Q1:11 Q1:10 $Δ Levered After Tax Cash Flow Before Fleet Growth ($46.4) $230.6 ($277.0) Corporate Cash Flow ($353.6) ($161.8) ($191.8) Corporate Cash Flow: Update to the presentation of Table 6 Conceptually same as Levered After Tax Cash Flow After Fleet Growth Corporate Cash Flow now incorporates changes in FX rates HERC maintenance & growth capex were consolidated

Working Capital Days Note: Net working capital days includes non-fleet receivables, HERC fleet receivables, fleet/other payables, inventories, prepaid and accrued liabilities. Receivables include customer receivables, subro receivables, warranty, and other misc. Better Needs update Working Capital Q1:11 receivables DSO improved 7.3% since 2007 Q1:11 Working Capital Days improved 18% since 2007 Q1:07 Q1:08 Q1:09 Q1:10 Q1:11 (20) (25) (30) (35) (40) (45) (50) (55) (40.4) (45.9) Better (40.3) (49.5) (47.8) 35.0 30.0 25.0 20.0 24.25 27.81 27.58 23.49 22.49 Q1:07 Q1:08 Q1:09 Q1:10 Q1:11 Better

Fleet Financing Status Comment €400M Securitization €220M Revolving Credit Facility €400M Secured Note Refinanced European facilities $184M Series 2009-2 Subordinated ABS Incremental liquidity from existing collateral Hertz’s first ever subordinated rental car ABS $750M Series 2010-1 Senior & Subordinated ABS Incremental Fleet Financing for Fleet Growth Blended advance rate of 7.5% and weighted average interest rate below 4% First ever stand-alone 7-year rental car ABS $250M Australian Securitization AAA rated, refinanced remainder of Int’l ABS Facility $2.1B Variable Funding Note (Conduit) Facilities Significantly reduced credit spread saving estimated $20M in 2011 interest expense Corporate Financing $700M of 7.5% Notes due 2018 Extend maturity profile and lower interest cost by calling 10.5% subordinated notes and a portion of the 8.875% senior notes $500M of 7.375% Notes due 2021 Extend maturity profile and lower interest cost by calling additional 8.875% senior notes $1B of 6.750% Notes due 2019 ($500M in Feb and $500M add-on in Mar) Redeem additional outstanding 8.875% Senior Dollar Notes due 2014 $3.4B of ABL and Term Loan Refinancing Increased operating flexibility and extended maturities Closed Closed Closed Closed Closed Closed Closed Closed Refinanced $10B in Debt Significantly Improving Capital Structure Extended avg. maturity profile by 3 yrs; lowered interest cost by $70 mil. over 3 years; improved operational flexibility Closed

CAPITAL STRUCTURE Successfully refinanced $3.4 billion ABL & term loan Extended maturity of $1.8 B senior ABL facility to 2016 Extended maturity of $1.6 B senior term loan and letter of credit facility to 2018 Continued to capitalize opportunistically on strength of high-yield market Feb / Mar replaced $1 billion of higher coupon notes with new bonds, lowering interest rate by 2.125%

Pro Forma Debt Maturity Profile Corporate Debt Debt Maturity Schedule - 3/31/11 Fleet Debt Debt Maturity Schedule - 3/31/11 * Reflects April redemption of 8.875% notes * Extended average maturity profile by 3 years ($ in millions)

Refinancing Benefit Weighted Average Interest Rate Average Outstanding Refinanced Debt 2011 2010 1st year Annual Run -rate 3 year Forecast Savings US Fleet Debt $ 2.5B 2.7% 4.2% $39 M $87 M International Fleet Debt $1.1B 7.3% 3.8% ($38) M ($88) M High Yield Debt $2.2B 7.3% 9.1% $38 M $115 M Corp Debt $1.5B 3.2% 2.2% ($15) M ($44) M Total Savings $24 M $ 70 M Footnotes: Forecasted cash interest savings are over three years or the term of the refinanced debt, if shorter 1% Libor floor on Term Loan is excluded from forecasted interest savings Actual future interest expense will be impacted by fleet growth and other factors 2011 Cash Interest Expense: now only $15 to $25 million over 2010 Offsetting 2011 YoY cash interest savings is the expiration of a $54M benefit in 2010 from an interest rate buydown executed in 2009 1) 2) 3)

 Liquidity would be $1,771mm when adjusted for the $491mm of high yield notes called in April plus the call premium Liquidity Corporate Liquidity @ 3/31/11 ($ in millions) Actual Pro Forma ABL Availability: $ 896 $896 Unrestricted Cash: 1,366 875 Corporate Liquidity: $ 2,262 $1,771 Total net corporate debt $3.8 billion Total net fleet debt $5.4 billion Unrestricted cash of $1.4 billion

2011 Updated Guidance

Equipment Rental Outlook McGraw Hill’s Dodge Report – Non-residential Construction Spending Q2 down 1.2% Q3 up 1.0% Q4 up 11.5% HERC positive YoY pricing expected in Q2:11 1st time in four years

FY 2011 Financial Guidance Updated due to lower depreciation & other cost savings Revised Guidance Prior Guidance* Revenue $8.1 to $8.2 bil $7.95 to $8.1 bil Corporate EBITDA $1.32 to $1.36 bil $1.265 to $1.305 bil Adjusted Pre-Tax Income $595 to $625 mil $525 to $565 mil Adjusted Net Income $375 to $395 mil $330 to $355 mil Adjusted Diluted Earnings Per Share** $0.85 to $0.90 (based on 440mm shares) $0.75 to $0.81 (based on 440mm shares) *Provided February 22, 2011 ** Q1:11 shares outstanding = 413mm Expect shares outstanding Q2:11 to be 450mm

2011 Sensitivity to Adjusted Pre-tax Income 1 Percent change over FY:10 2 1% change = $25 million in revenue 3 Assumes all foreign currency forecasts move in the same proportion as the Euro estimate 4 1.0% of total cost base excluding net depreciation Updated Guidance Assumptions Previous Guidance Assumptions Annual Pre-Tax Opportunity with 1% Improvement1 WWRAC Pricing -1% to 0% -1% to 0% $50 Volume (Days) 6% to 7% 6% to 7% $18 Net Depr per Unit -6% to -7% -3% to -4% $15 WWHERC Pricing 0% to 1% 0% to 1% $9 Volume 10% to 12% 10% to 12% $3 FX rates2 Euro rate3 1.35 1.30 $1 Cost Efficiencies $325 mil $300 mil $564 ($ in millions)