#1Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA DIP Overview Materials September 2020#2DISCLAIMERS Strictly Confidential Subject to CA/NDA THIS DOCUMENT HAS BEEN PREPARED BY HERTZ AND IS FOR INFORMATION PURPOSES ONLY. BY ACCEPTING THIS DOCUMENT, YOU HEREBY ACKNOWLEDGE THAT (A) THE INFORMATION CONTAINED HEREIN (THE "CONFIDENTIAL INFORMATION") MAY CONTAIN NON-PUBLIC INFORMATION RELATING TO THE HERTZ CORPORATION ("HERTZ"), HERTZ GLOBAL HOLDINGS, INC. ("HGH" OR "HERTZ GLOBAL"), THE ULTIMATE PARENT COMPANY OF HERTZ, AND THEIR AFFILIATES (COLLECTIVELY, THE "COMPANIES"); AND (B) THE CONFIDENTIAL INFORMATION IS PROVIDED AS OF THE DATE OF THIS PRESENTATION, AND NONE OF THE PARTIES DISCLOSING SUCH INFORMATION HAS ANY DUTY TO UPDATE SUCH CONFIDENTIAL INFORMATION AT ANY TIME. YOU ALSO AGREE THAT (A) THE CONFIDENTIAL INFORMATION IS SUBJECT TO CA/NDA; (B) YOU WILL NOT DISCLOSE, FORWARD, RELEASE OR DISTRIBUTE THE CONFIDENTIAL INFORMATION TO ANY THIRD PARTY OTHER THAN YOUR REPRESENTATIVES WHO HAVE A NEED TO KNOW SUCH CONFIDENTIAL INFORMATION, WHO HAVE BEEN INFORMED OF THE CONFIDENTIAL NATURE OF SUCH CONFIDENTIAL INFORMATION AND WHO ARE LEGALLY BOUND TO OBSERVE THE CONFIDENTIALITY PROVISIONS DESCRIBED HEREIN; (C) YOU WILL NOT RELY ON THE CONFIDENTIAL INFORMATION; (D) UNDER NO CIRCUMSTANCES WILL THIS CONFIDENTIAL INFORMATION CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO INVEST IN ANY TRANSACTION, PURCHASE ANY SECURITIES OR FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER AND (E) YOU WILL NOT ENGAGE IN ANY TRANSACTION INVOLVING ANY SECURITIES OF THE COMPANIES WHILE IN POSSESSION OF ANY NON-PUBLIC INFORMATION AS A RESULT OF YOUR RECEIPT OF THE CONFIDENTIAL INFORMATION UNLESS AND UNTIL SUCH NON-PUBLIC INFORMATION IS MADE PUBLIC. FURTHER, YOU WILL BE RESPONSIBLE AND HELD LIABLE FOR ANY BREACH OF THESE PROVISIONS, INCLUDING, WITHOUT LIMITATION, ANY BREACH BY ANY OF YOUR REPRESENTATIVES. THE INFORMATION CONTAINED HEREIN MAY BE SUPERSEDED IN ITS ENTIRETY BY FURTHER UPDATED MATERIALS AND/OR ONE OR MORE OFFERING CIRCULARS (THE "OFFERING CIRCULARS"), WHICH WILL BE PREPARED BY HERTZ. THE FUTURE PERFORMANCE OF HERTZ MAY DIFFER SIGNIFICANTLY FROM THE PAST PERFORMANCE OF HERTZ. THE COMPANIES MAKE NO REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN. THE INFORMATION PROVIDED MAY NOT REFLECT ALL INFORMATION KNOWN TO PROFESSIONALS IN EVERY BUSINESS AREA OF THE COMPANIES. CERTAIN DATA SET FORTH HEREIN HAS BEEN PROVIDED BY HERTZ BASED ON DATA OBTAINED FROM THIRD PARTIES. NEITHER HERTZ NOR ANY OF ITS AFFILIATES HAVE INDEPENDENTLY VERIFIED THE ACCURACY OF SUCH DATA. THIS INFORMATION IS NOT INTENDED TO PROVIDE AND SHOULD NOT BE RELIED UPON FOR ACCOUNTING, LEGAL OR TAX ADVICE OR INVESTMENT RECOMMENDATIONS. YOU SHOULD CONSULT YOUR OWN COUNSEL, TAX, ACCOUNTANT, REGULATORY AND OTHER ADVISORS AS TO THE LEGAL, TAX, ACCOUNTING, REGULATORY, BUSINESS, FINANCIAL AND RELATED ASPECTS OF A PURCHASE OF ANY NOTES THAT MAY BE OFFERED. INFORMATION REGARDING THE COMPANIES HAS BEEN PROVIDED BY THE COMPANIES, AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY ANY OTHER PERSON OR ITS AFFILIATES. THIS INFORMATION WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS. Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 1#3DISCLAIMERS (CONT'D) Hertz Global Overview Hertz Global Holdings, Inc. is the top-level holding company of The Hertz Corporation. The Companies operate their vehicle rental business globally, primarily through the Hertz, Dollar and Thrifty brands, and operates its fleet leasing and management business through its Donlen subsidiary. Hertz Global has three reportable segments as follows: U.S. RAC Rental of vehicles, as well as sales of value-added services, in the United States; International RAC - Rental and leasing of vehicles, as well as sales of value-added services, interationally; and All Other Operations - Primarily comprised of our Donlen business, which provides vehicle leasing and fleet management solutions in the United States and Canada. In addition to the above reportable segments, Hertz Global has corporate operations. Amounts shown in this presentation, unless otherwise indicated, are for The Hertz Corporation. Strictly Confidential Subject to CA/NDA Non-GAAP Measures Adjusted Corporate EBITDA, Net Non-vehicle Debt, and Net First Lien Non-vehicle Debt are not a recognized measurement under generally accepted accounting principles in the United States ("GAAP"). When evaluating the Company's operating performance, investors should not consider Adjusted Corporate EBITDA in isolation of, or as a substitute for, measures of the Company's financial performance as determined in accordance with GAAP, such as net income (loss) or income (loss) before income taxes. Management uses Adjusted Corporate EBITDA as an operating performance metric for internal monitoring and planning purposes, including the preparation of the Company's annual operating budget and monthly operating reviews, as well as to facilitate analysis of investment decisions, profitability and performance trends. Further, Adjusted Corporate EBITDA enables management and investors to isolate the effects on profitability of operating metrics most meaningful to the business of renting and leasing vehicles. It also allows management to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. Adjusted Corporate EBITDA is calculated as net income or loss attributable to Hertz as adjusted to eliminate the impact of GAAP income tax, non-vehicle depreciation and amortization, net non-vehicle debt interest, vehicle debt-related charges and losses, restructuring and restructuring related charges, goodwill, intangible and tangible asset impairments and write-downs, information technology and finance transformation costs and certain other miscellaneous items. Adjusted Corporate EBITDA is a non-GAAP measure. Net Non-vehicle Debt is calculated as non-vehicle debt as reported on our balance sheet, excluding the impact of unamortized debt issue costs, discounts and premiums associated with non-vehicle debt, less cash and cash equivalents. Non-vehicle debt consists of our Senior Term Loan, Senior RCF, Letter of Credit Facility, Existing Senior Notes, Senior Secured Second Priority Notes, Promissory Notes and certain other non-vehicle indebtedness of our domestic and foreign subsidiaries. Net First Lien Non-vehicle Debt consists of debt secured by a first priority lien in the collateral. Net Non-vehicle Debt and Net First Lien Non-Vehicle Debt is important to management and investors as it helps measure our net corporate leverage. Net Non-vehicle Debt and Net First Lien Non-vehicle Debt also assists in the evaluation of our ability to service our non-vehicle debt without reference to the expense associated with the vehicle debt, which is collateralized by assets not available to lenders under the non-vehicle debt facilities. The following information constitutes forward-looking statements. Actual results of operations may differ materially from the information contained in these forward-looking statements based on a number of factors, including, without limitation, those set forth under "Forward-Looking Statements." Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 2#4DISCLAIMERS (CONT'D) Strictly Confidential Subject to CA/NDA Forward-Looking Statements Certain statements contained in this presentation, and in related comments by the Company's management, include "forward-looking statements." Forward-looking statements include information conceming 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. Important factors that could affect the Company's actual results and cause them to differ materially from those expressed in forward-looking statements include, among others, those that may be disclosed, revised or supplemented from time to time in subsequent reports on Forms 10-K, 10-Q and 8-K filed with or fumished to the Securities and Exchange Commission ("SEC"). Among other items, such factors could include: our ability to navigate the Chapter 11 process, including obtaining Bankruptcy Court approval for certain requirements, complying with and operating under the requirements and constraints of the Bankruptcy Code, gotiating and consun ting a Chapter 11 plan, developing, funding and exe our business plan and cont ing as a going concem; our ability to maintain listing of our common stock on the New York Stock Exchange; the value of our common stock due to the Chapter 11 process; levels of travel demand, particularly with respect to business and leisure travel in the United States and in global markets; the length and severity of the COVID-19 pandemic and the impact on our vehicle rental business as a result of travel restrictions and business closures or disruptions; the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies and economic factors; general economic uncertainty and the pace of economic recovery, including in key global markets, when the COVID-19 pandemic subsides; our ability to successfully restructure our substantial indebtedness or raise additional capital; our post- bankruptcy capital structure; our ability to maintain an effective employee retention and talent management strategy and resulting changes in personnel and employee relations; the recoverability of our goodwill and indefinite-lived intangible assets when performing impairment analysis; our ability to dispose of vehicles in the used-vehicle market, use the proceeds of such sales to acquire new vehicles and to reduce exposure to residual risk; actions creditors may take with respect to the vehicles used in the rental car operations; significant changes in the competitive environment 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 accurately estimate future levels of rental activity and adjust the number and mix of vehicles used in our rental operations accordingly; increased vehicle costs due to declining value of our non-program vehicles; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue eaming vehicles and to refinance our existing indebtedness; risks related to our indebtedness, including our substantial amount of debt, our ability to incur substantially more debt, the fact that substantially all of our consolidated assets secure certain of our outstanding indebtedness and increases in interest rates or in our bonowing margins; our ability to meet the financial and other covenants contained in our senior credit facilities and letter of credit facilities, our outstanding unsecured senior notes, our outstanding senior second priority secured notes and certain asset-backed and asset-based arrangements; our ability to access financial markets, including the financing of our vehicle fleet through the issuance of asset-backed securities; fluctuations in interest rates, foreign currency exchange rates and commodity prices; our ability to sustain operations during adverse economic cycles and unfavorable extemal events (including war, terrorist acts, natural disasters and epidemic disease); our ability to prevent the misuse or theft of information we possess, including as a result of cyber security breaches and other security threats; our ability to adequately respond to changes in technology, customer demands and market competition; our ability to purchase adequate supplies of competitively priced vehicles and risks relating to increases in the cost of the vehicles we purchase; our recognition of previously defened tax gains on the disposition of revenue eaming vehicles; financial instability of the manufacturers of our vehicles, which could impact their ability to fulfill obligations under repurchase or guaranteed depreciation programs; an increase in our vehicle costs or disruption to our rental activity, particularly during our peak periods, due to safety recalls by the manufacturers of our vehicles; our ability to execute a business continuity plan; our access to third-party distribution channels and related prices, commission structures and transaction volumes; our ability to retain customer loyalty and market share; risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anticomuption or antibribery laws, our ability to repatriate cash from non-U.S. affiliates without adverse tax consequences, our exposure to fluctuations in foreign currency exchange rates and our ability to effectively manage our interational operations after the United Kingdom's withdrawal from the European Union; a major disruption in our communication or centralized information networks; a failure to maintain, upgrade and consolidate our information technology systems; costs and risks associated with litigation and investigations or any failure or inability to comply with laws and regulations or any changes in the legal and regulatory environment, including laws and regulations relating to environmental matters and consumer privacy and data security; our ability to maintain our network of leases and vehicle rental concessions at airports in the U.S. and intemationally; our ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy; changes in the existing, or the adoption of new laws, regulations, policies or other activities of govemments, agencies and similar organizations, where such actions may affect our operations, the cost thereof or applicable tax rates; risks relating to our deferred tax assets, including the risk of an "ownership change" under the Internal Revenue Code of 1986, as amended; our exposure to uninsured claims in excess of historical levels; risks relating to our participation in multiemployer pension plans; shortages of fuel and increases or volatility in fuel costs; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, and which could have an effect on operating results. Additional information conceming these and other factors can be found in the Company's filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Cument 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 hereof, and except as required by law, 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. Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company 3#5TABLE OF CONTENTS Executive Summary Recent Performance Business Highlights Scenario Overview Appendix Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 5 17 23 33 43 Strictly Confidential Subject to CA/ NDA 4#6Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Executive Summary#7INTRODUCTION Summary ▪ As a result of COVID-19, The Hertz Corporation ("THC" and together with its direct and indirect subsidiaries, the "Company" or "Hertz") filed Chapter 11 cases on May 22, 2020 (the "Petition Date"), and is utilizing the "breathing room" Chapter 11 provides to keep its business intact, continue to assess the likely state of the market upon emergence, and develop a business plan and capital structure that is sustainable in the new reality ▪ Hertz has implemented significant cost-cutting measures in response to COVID-19 that are expected to generate approximately $1.5bn in year-over-year annualized savings in the U.S. ($2.0bn globally) ■ Strictly Confidential Subject to CA / NDA I - The Company cut operational costs by shrinking its fleet, implementing a global hiring freeze and reducing headcount, defeming non-critical investments, and renegotiating key contracts and commitments with select suppliers - The Company held back MAG/rent payments, sought financial relief from airports and Hertz Local Edition ("HLE") locations, and negotiated abatements and deferrals with landlords Following an extended negotiation with the ABS lender group regarding the Company's vehicle lease payments and proposed defleeting strategy, the Company reached an interim settlement agreement on July 21, 2020 that will last through the end of 2020 - key terms include: - $650mm in base lease payments through the end of the year in six equal monthly installments - Accrual of superpriority administrative claims, rather than cash payment, on casualty vehicle claims Reduction of fleet size to 310,000 vehicles (or less) by end of year • The Company has the flexibility to reduce fleet below 310,000 vehicles or lease/purchase up to 40K vehicles if needed Although Hertz entered Chapter 11 with substantial unencumbered cash, the Company must now raise debtor-in- possession ("DIP") financing to fund general corporate operations as well as provide incremental equity to purchase new vehicles through the end of 2021 - all with the goal of emerging from Chapter 11 with a right-sized fleet and a leaner/ more efficient balance sheet Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 6#8GLOBAL CAR RENTAL COMPANY WITH 100 YEARS OF QUALITY SERVICE . ■ Overview Hertz operates a vehicle rental business globally, primarily through the Hertz, Dollar, and Thrifty brands Hertz is one of the largest worldwide vehicle rental companies with a globally recognized 'Hertz' brand As of the Petition Date, the Company had approximately 12,400 corporate and franchisee locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand ▪ Hertz has an extensive network of airport and off airport rental locations in the U.S. and all major European markets ▪ The Company also provides integrated vehicle leasing and fleet management solutions through its Donlen subsidiary U.S. RAC International RAC Donlen / Other Operations ■ · ■ ■ ■ I ($ in Billions) $8.80 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Summary Historical Performance Revenue $9.50 $9.78 FY17 FY18 FY19 $8.81 LTM Q2'20 Adj. Corporate EBITDA ($ in Millions) $267 Strictly Confidential Subject to CA/NDA Margin % 3.0% Key Business Segments Vehicle rentals and sales of value-added services in the U.S. Maintains a network of company-operated rental locations in the U.S. Franchisees and partners operate rental locations under Hertz's brands throughout the U.S. $433 ($263) FY17 FY18 FY19 LTM Q2'20 NM Vehicle rentals and sales of value-added services internationally Maintains a network of company-operated locations internationally, a majority of which are in Europe Franchisees and partners operate rental locations in approximately 160 countries 4.6% $649 6.6% Donlen business provides integrated vehicle leasing and fleet management solutions in the U.S. and Canada Programs offered include administration of preventive vehicle maintenance, advisory services and fuel and accident management along with other complementary services 7#9100 YEARS OF INDUSTRY FIRSTS... 1918 Walter Jacobs gives shape to car rental business with 12 Model Ts 1947 Hertz introduces uniforms as "the Hertz look" 1926 General Motors Co. buys the company First Hertz credit card rail-drive begins 1923 John D. Hertz enters and forms the Hertz Drive UrSelf System 1955 Hertz reaches 1,000 locations worldwide 1950 Legacy of bold advertising begins 1959 Hertz introduces charge cards 1932 First airport location opens Fly/Drive begins Rent-It-Here, Leave-It- There one-way rentals 1965 Hertz launches Hertz Equipment RentalⓇ 1968 Doris & James Cassan open the first Dollar Rent A Car franchise Dollar founded as Dollar A Day Rent A Car in Los Angeles, CA 1962 Thrifty Rent A Car System, Inc. is officially formed 1958 LG. Crow opens first Thrifty Rent A Car location. in Tulsa, OK 1970 Worldwide reservation center opens in Oklahoma City 1969 Thrifty establishes hotline to answer calls from licensees, travel agents and corporate card holders 1967 RCA buys Hertz 1985 UAL, Inc., parent company of United Airlines, later named Allegis Corp., acquires Hertz, Westin & Hilton Hotels 1977 Thrifty expands locations to Australia 1980 Thrifty reaches 500 locations worldwide (including franchise and corporate locations) 1972 Hertz introduces #1 Club Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Thrifty expands locations to Europe 1996 Hertz launches Hertz Local Edition® 1989 Hertz introduces #1 Club Gold Chrysler Corporation acquires Dollar & Thrifty 1988 Hertz opens worldwide headquarters in Park Ridge, NJ 1995 Hertz introduces NeverLost, the first onboard navigational system 1987 Ford & Hertz Senior Management acquire Hertz from Allegis for $1.3 billion Thrifty issues initial public offering of common stock 2011 Hertz Global Holdings, Inc. acquires Donlen Corporation 2012 Hertz Global Holdings, Inc. acquires Dollar Thrifty Automotive Group, Inc. 2001 Hertz launches Prestige Collection 1997 Dollar Thrifty Automotive Group Inc. (DTG) is formed. Strictly Confidential Subject to CA/ NDA 2014 Dollar begins operating in Asian markets 2019 Hertz launches refreshed mobile app offering customers a faster and more personalized experience Dollar launches industry- leading debit card policy 2016 Hertz introduces Hertz Ultimate Choice 2015 Hertz opens new worldwide headquarters in Estero, FL 2013 Dollar expands corporate-owned locations into Europe 2018 Hertz introduces Fast Lane powered by CLEAR 8#10RECOGNIZED BROADLY ACROSS THE TRAVEL INDUSTRY Hertz received more than 150 awards and accolades from industry leaders Business Traveler Award Best Car Rental Company in the World TRAVEL TRAVEL WEEKLY READERS CHOICE AWARDS Travel Weekly Readers' Choice Awards Best Domestic Car Rental Company, Best Interational Car Rental Company WORLD BAVEL INNE 2019 World Travel Awards World's Leading Car Rental Rewards Program FREQUENT BUSINESS 2018 WINNER TRAVELER AWARD Frequent Business Traveler Globerunner Award Best Car Rental Chain in the World POWER 2019 JD Power Award No. 1 Overall Ranking for Customer Satisfaction Global Traveler Global Traveler Award Named Hertz' Best Car Rental Company' in the 15th GT Tested Reader Survey Awards for 6 consecutive years Council for Corporate Responsibility Corporate Responsibility Champion Award Recognized as an organization that demonstrates outstanding achievements & sustained commitment in the workplace and community Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/ NDA 2019 flyertalk AWARDS FLY FlyerTalk Awards Hertz Gold Plus Rewards® named Best Rewards Program in the Drive Category for 8 consecutive years LOYALTY 360 Loyalty 360 Best in Class Best in Class for Customer Focus and Customer Loyalty WINNER AMERICAS MOST RECOMMENDED WOMEN'S CHOICE AWARD 2020 Women's Choice Award Best overall customer service, best business travel, best loyalty programs, best value for 8 consecutive years BUSINESS ETHICS LEADERSHIP ALLIANCE™ An Ethisphere Community Ethis phere Ethics Leadership Alliance Hertz joins the Business Ethics Leadership Alliance (BELA) Community#11KEY BUSINESS STRENGTHS Brand Service Excellence Distribution Fleet Management. Data & Analytics Retail Sales Channel DOO Strictly Confidential Subject to CA/ NDA Hertz brand is globally recognized and respected - it brings instant credibility to growth areas and new businesses Award-winning experience drives repeat business - customers want to rent and partner with Hertz. People make the difference Over 10,000+ locations (in the U.S., Hertz's footprint is within 10 miles of 90% of the population), with capacity to support existing and new business growth Leading end-to-end capabilities in fleet that can flex to capture demand opportunities (from in-fleeting, to logistics/management, to disposition). Proven value generator in growth areas like Transportation Network Companies ("TNC") model and delivery Built sophisticated analytical capabilities that enhance revenue management, fleet modeling, and digital marketing. These capabilities are also helping drive additional growth areas Boasts a strong global sales channel with a top 10 position in the domestic used car market by volume, which translates to better economics on car sales compared to auction channels Key strengths are difficult for competitors to replicate and create substantial barriers to entry Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 10#12DIP FINANCING SIZING OVERVIEW Summary ▪ In light of the difficulty in forecasting long-term operating cash flows given the current market environment, the Company has prepared various operating scenarios to account for uncertainty regarding the projected recovery ■ Strictly Confidential Subject to CA / NDA ■ The following scenarios contemplate U.S. RAC and Corporate cash flow through December 2021 and exclude any cash inflow/(outflow) from Rest of World and Donlen in 2021 1) Lower-for-Longer Scenario: Assumes fleet is lowered to ~250K vehicles by the end of 2020 and demand remains at current observed levels through the end of 2021 2) 310K Fleet Scenario: Assumes fleet is lowered to -310K vehicles by the end of 2020 and demand gradually recovers to down -40% vs. 2019 (compared to down -48% at the end of 2020) ▪ Based on the two scenarios, and assuming an advance rate of 80% for a new vehicle financing structure ("HVF III"), the Company will require a DIP of approximately $1.1 billion for the Lower-for-Longer and $1.5 billion for the 310K scenario - Includes both corporate operating cash need and equity required to fund new vehicle purchases (excludes fleet debt) through the end of 2021 Further details backing up scenario analysis can be found on pg. 34 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 11#13DIP FINANCING SIZING OVERVIEW (CONT'D) Key Assumptions ▪ U.S. free cash flow represents the August 2020 to December 2021 period and includes negotiated HVF II lease payments for August - December 2020 (and an assumed rate for 2021¹) and HVF III lease payments at assumed rate² beginning in January 2021 when the Company is assumed to begin purchasing vehicles again - ■ Strictly Confidential Subject to CA/ NDA Assumes the Company has access to a new "HVF III" financing facility beginning in January 2021 to purchase new vehicles - Approximately $200mm of restructuring related costs during the August 2020 to December 2021 period ▪ Assumes Rest of World reflects cash flow need through end of 2020; excludes potential Europe cash need in 2021 assumed to be funded through a 3rd party capital solution ▪ Assumes Donlen has new financing facility in place and does not need to finance additional cars with THC equity No distribution of cash flow to THC through December 2021 Illustrative analysis assumes Company is unable to access HVF II fleet equity as an amortization event is continuing with respect to the HVF II ABS Facility Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 1. 2.0% of ABS collateral 2. 1.67% for risk vehicles and 1.10% for program vehicles 12#14DIP FINANCING SIZING OVERVIEW (CONT'D) The below table contemplates the cash flows of the business through the end of 2021 Global Liquidity as of July 2020 (-) U.S. Minimum Cash & Unavailable Cash¹ Available U.S. Liquidity U.S. Operating Cash Flow Before ABS Lease Payments (-) HVF II & HVF III Lease Payments ex. Vehicle Interest (+) Change in Cash - Other Operations² Illustrative Operational DIP Need Cumulative Required Fleet Equity Illustrative Operational DIP + Fleet Need Hertz dollar. Thrifty CAR RENTAL CAR RENTAL DONLEN A Hertz Company Lower-for-Longer Scenario $1,609 (786) $823 $717 (1,500) (674) ($634) (515) ($1,149) Strictly Confidential Subject to CA/ NDA 310K Fleet Scenario $1,609 (786) $823 $1,402 (1,947) (709) ($431) (1,004) ($1,435) Note: Assumes new HVF III structure in place by January 2021 with 80% advance rate 1. Includes Bermuda Captive cash balance, Probus/Other Insurance cash balance and other international cash; Unavailable cash includes proceeds received on account of pre--petition contracts, subrogation cash, 5/22 Balance for JPM/Lockbox/Field & Utilities, and 767 leasing. Unavailable cash excludes proceeds from sales of Sidecar vehicles; cash used to pay 1L/2L interest through January 2021; and cash used to pay professional fees for 11/2L advisors through January 2021 2. Other operations include Donlen, Rest of World and Corporate 13#15OVERVIEW OF KEY DIP FINANCING TERMS Size Use of proceeds Draw structure Maturity Structure Task Prepare/Provide Key Diligence Items Launch Process/Begin Outreach Negotiate NDA Provide Parties with Diligence Materials Request and Evaluate Indicative Proposals ■ 14-21 Day Notice Period Prior to Hearing Court Hearing Interim Approval and Initial Draw ■ 12 18 months Summary of Key Terms $1.1bn- $1.5bn $400mm- $600mm for general corporate purposes (e.g., working capital, lease payments, etc.) $500mm - $1.0bn for funding equity portion of new vehicle purchases Delayed draw or revolver structure Negotiate Proposals Negotiate and Finalize Key Documents (Credit Agreement, Pleadings, etc.) File Motion with the Court First priority liens on unencumbered assets and junior liens on encumbered assets However, all offers will be considered (e.g., priming, junior, unsecured) Preliminary Timeline 24th Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company August 31st 7th Week Of September 14th 21st Strictly Confidential Subject to CA/ NDA 28th 5th October 12th+ 14#16ILLUSTRATIVE OVERVIEW OF POTENTIAL UNENCUMBERED ASSET CATEGORIES ▪ The 1L/2L creditors have reserved rights with respect to the scope of their collateral and may contend (or have contended) that the below categories are their collateral Unencumbered Cash Sidecar Facility Collateral Foreign Equity Interests Domestic Equity Interests Domestic Real Property Commercial Tort Claims Miscellaneous ■ ■ ■ ■ ■ ■ I · Cash in deposit accounts and money market funds Cash proceeds from postpetition rentals Both amounts of cash proceeds and accounts receivable are subject to legal dispute with 11/2L lenders. With respect to the amounts held in money market funds, the Company contends that to the extent such cash is subject to the 11/2L lenders' lien, such lien is avoidable Repayment of Sidecar Facility resulted in approximately $50 million of unencumbered residual value (cash in previously segregated Sidecar account and now-unencumbered Sidecar vehicles) Sidecar Facility repaid in full on August 12 In light of recent changes to U.S. tax laws, the unpledged 35% of foreign equity that is encumbered and 100% of foreign equity that is unencumbered could be pledged (subject to ongoing tax diligence) Examples of unencumbered foreign subsidiaries, the equity of which may be pledged subject to local law analysis and other considerations, are: - - Hertz Holdings Netherlands B.V. Hertz Canadian entities (i.e. HC Vehicles Partnership and DTGC Car Rental, LP) HIRE Bermuda Strictly Confidential Subject to CA/NDA A portion of equity in HVF Vehicle Financing II and Hertz Fleet Lease Funding, respectively, could potentially be pledged Properties with fair market value of less than $6 million individually are unencumbered (estimated $80 million of value in the aggregate) ▪ Various litigation claims asserted or assertable by the Company ▪ Inventory · Leasehold improvements Leased property could be cumbersome to pledge (subject to required lessor consents) Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Note: 11/2L lenders have reserved rights with respect to the extent of their liens on prepetition collateral, and have silent, junior adequate protection liens on all assets to the extent of any diminution in value of their collateral, if any 15#17ILLUSTRATIVE OVERVIEW OF POTENTIAL ENCUMBERED ASSET CATEGORIES ▪ The Debtors, the Official Committee of Unsecured Creditors, and the Ad Hoc Noteholder Group have reserved rights with respect to collateral and may contend (or have contended) that the following categories of collateral are unencumbered Encumbered Cash Intellectual Property Vehicle Rental Concession Rights Investment Property Equity Pledges Real Property Miscellaneous ▪ Cash proceeds from prepetition rentals and Donlen fleet management fees Cash proceeds are subject to legal dispute with by Company, Unsecured Creditors Committee and Unsecured Notes ■ ■ ■ ■ ■ ■ - · Certain trademarks, copyrights, and patents owned by the obligors Airport leases and other concession rights Includes certain securities owned by the Debtors Amounts held in money market account are subject to legal dispute Strictly Confidential Subject to CA/NDA Equity in subsidiaries that are pledged under the various collateral agreements may be further encumbered by a junior lien Domestic real property Foreign real property ■ Fixtures All contracts general intangibles related to the forgoing pre-petition vehicle rentals, and fleet management services Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 16#18Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Recent Performance#19CURRENT SITUATION SUMMARY Commentary ▪ The Company entered 2020 riding tailwinds from a strong FY2019 performance FY2019 revenue and EBITDA grew at 3% and 50% respectively year-over-year, and were projected to continue this positive momentum into 2020 with initial full year 2020 of revenue and EBITDA projected growth of 5% and 16%, respectively In July 2019, the Company closed an over-subscribed $750mm rights offering Prior to the COVID-19 crisis in the U.S., U.S. RAC revenue was up by -7% and -9% YoY in January and February, respectively In March 2020, the Company experienced a sudden and dramatic drop in revenue due to the restriction in movement that resulted from the COVID-19 crisis, resulting in a decline in March U.S. RAC revenue of -37% YoY ▪ Revenue, and most industry metrics, bottomed in April, with a demonstrated gradual recovery the proceeding months At the same time, used car sales have almost fully recovered from unprecedented declines in April as shown by wholesale auction sales that are now in line with pre-COVID-19 forecasts, and wholesale auction prices now above pre-COVID forecasts, according to JD Power - In conjunction with this recovery, the sudden increase in the cost of financing the Company's vehicle fleet is narrowing Despite promising data throughout May and June, the reopening of the U.S. economy has seen an accompanying spike in COVID-19 cases throughout a number of key markets (Califomia, Texas, Florida, etc.) raising additional questions around the shape of the recovery curve ■ ■ ■ U.S. RAC Airport Transaction Days (YoY Change) 5% 4% (43%) (78%) (74%) (86%) (83%) Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company U.S. RAC Off Airport Transaction Days (YoY Change) 0% (2%) (20%) Strictly Confidential Subject to CA/ NDA (51%) (46%) (35%) (31%) Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 18#20TRAVEL INDUSTRY SHOWING SIGNS OF RECOVERY . Commentary The hospitality industry was showing increasing momentum going into July, with occupancy rates nearly double the lows seen in early April - - ▪ After seeing improving metrics going into July, the recent resurgence in COVID-19 cases as states have resumed quarantine measures has hit leisure-oriented markets (e.g., Florida) hard and is reflected in a pause in occupancy growth and softening air travel demand - Occupancy levels were improving domestically by 1-1.5% per week (China is currently seeing monthly gains of 10%) ▪ A retum to state quarantine measures resulted in a decline in July airline demand, with initial 3Q20 traffic estimates pegged at 30-45% of 2019 levels, recovering slightly to 50-60% by the end of 2020 - The U.S. recovery was tracking 6-8 weeks behind China as of June - For 2020, research analysts expect that travel will be mostly U.S. domestic, with close-in leisure bookings outpacing business Pent-up demand ("quarantine exhaustion") and lower fares (non- premium domestic fares -33% below 2019 levels) should support a gradual pickup in domestic travel (enplanements) during the fall IATA forecasts assumes that 2021 volumes will lag 2019 by 25%- 30%, driven by the continued coronavirus presence and macroeconomic effects of depressed GDP and higher unemployment levels Longer-term Moody's, IATA, and equity research are all projecting airline passenger volumes to fully recover to 2019 levels by 2023 In comparison, it took 3 years to recover from 9/11 and more than 7 years to recover from the global financial crisis of 2008 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL 64% 64% Feb-20 20% 0% (20%) (40%) (60%) (80%) (100%) (120%) Jan-20 120% 90% U.S. Hotel Industry Occupancy Rates Since 2/9/20 60% 30% 53% 0% 23% 21% Mar-20 Apr-20 Jun-20 Jul-20 Year-Over-Year Change (%) in 7-Day Rolling Net Bookings 26% Feb-20 30% Mar-20 35% Strictly Confidential Subject to CA/ NDA May-20 Passengers 39% 42% Net booking defined as sales minus refunds, for all travel up to 330 days out 46% 46% 48% Apr-20 May-20 Jun-20 Moody's and IATA Forward Passenger Volumes (% of 2019) ——- Revenue (80.2%) (90.6%) Jul-20 2016A 2017A 2018A 2019A 2020E 2021E 2022E 2023E IATA Forecast Global RPKs Moody's Faster Recovery Scenario 2019 Level Moody's Slower Recovery Scenario A Hertz Company Source: Moody's, IATA, Equity Research (BAML, Evercore ISI, J.P. Morgan, Susquehanna) 19#21U.S RAC BUSINESS GAINING MOMENTUM ■ ■ I Commentary Every month since the trough in April, revenue has steadily increased with the mix of rentals shifting significantly to off airport locations Revenue was up -$50mm from April to May and -$80mm from May to June Airport locations have seen slower recovery as passenger travel remains soft as demonstrated by TSA screenings data - Airport Rate Per Day ("RPD") has been consistently increasing month over month since bottom of demand in April and has largely fully recovered to 2019 levels TSA screenings remained down -80% in July but have recovered from low of down 96% in April Off airport business is seeing a faster recovery due to consumer desire to have access to vehicles for leisure travel and an uptick in insurance replacement business Off airport RPD has also largely fully recovered to 2019 levels Airport On-Rents 250,000 200,000 150,000 100,000 50,000 0 Mar-20 Apr-20 May-20 Jun-20 Jul-20 10.0% (10.0%) (30.0%) (50.0%) 76,948 (70.0%) (71.9%) (90.0%) Aug-20 % YoY Change vs. 2019 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Strictly Confidential Subject to CA/ NDA 0 Mar-20 Actuals Apr-20 Off Airport On-Rents mur May-20 Jun-20 Jul-20 0.0% (10.0%) 99,583 (20.0%) (30.1%) (30.0%) (40.0%) (50.0%) (60.0%) Aug-20 20#22STRONG RECOVERY IN USED CAR MARKET 160 150 140 130 99 98 120 Jan-19 Apr-19 Jun-19 Aug-19 Oct-19 Jan-20 Mar-20 May-20 Jul-20 99 99 Manheim Used Vehicle Value Index 100 102 NADA Auction vs Retail (000s) 100 100 Auction Prices Used Retail Prices 100 Pre-COVID-19 90 99 99 98 86 87 91 96 97 101 98 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 158 106 108 101 102 1/31 2/9 2/18 2/27 3/7 3/16 3/25 4/3 4/12 4/22 5/1 5/10 5/195/28 6/6 6/15 6/24 7/4 ■ ■ ■ Strictly Confidential Subject to CA/ NDA Commentary Used vehicle prices have risen to their highest level since January 2019 per the Manheim Used Vehicle Value Index As a result of the recovery in used car prices, the Company is now operating in a favorable market environment to continue its defleeting strategy While recovery momentum has picked up, the Company still expects longer-term demand (over the next 12-18 months) to be remain below pre- COVID-19 levels, resulting in a smaller target fleet size Actual weekly wholesale auction volume began to approach pre-COVID-19 forecast levels at the end of May, ending the month -6% lower than initial forecasts Source: Bloomberg, JD Power Demonstration of strong improvement and recovery in used vehicle market ▪ Wholesale auction sales volume expected to exceed pre-virus expectations as increased supply enters the market due to used car pricing recovery 21#23STRATEGIC DEFLEETING IN PROCESS I ■ Management is aggressively executing its defleeting strategy in an effort to optimize vehicle utilization based on customer demand Hertz expects to sell approximately ~134K risk vehicles through the end of the year and tum back approximately ~12K program vehicles, resulting in a target fleet size of -310K vehicles by year end 2020 As a result of the ABS settlement, the Company has the flexibility to hold additional vehicles depending on customer demand through the end of 2020 and sell additional vehicles if customer demand is lower than projected ▪ 310K Fleet Scenario December 2020 fleet size is sized based on interim ABS settlement ▪ The Company agreed to sell -$750mm worth of used vehicles to a third party purchaser in July 2020 U.S. RAC Average Vehicles (310K Fleet Scenario) 503 Jan-20 520 Feb-20 532 526 508 474 Mar-20 Apr-20 May-20 Jun-20 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 75K 413 Jul-20 17K 367 18K 350 13K Strictly Confidential Subject to CA/NDA 335 Aug-20 Sep-20 Oct-20 (Units in thousands) 12K 322 Nov-20 12K Vehicles sales Actuals Projections 310 Dec-20 22#24Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Business Highlights#25A GLOBAL LEADER WITH ICONIC BRANDS Brand Overview Hertz ace> 800K+ Vehicles 22% RENTAL CARS 78% Flexicar 10K+ Locations Financial Overview for FY2019 Revenue by Geography dollar. -35M Rentals / year Revenue by Segment 22% $9.8B FY2019 Global Revenue 7% 71% Hertz CAR SALES - United States International Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company U.S. RAC▪ Intl RAC All Other Ops 150+ Countries 35% Revenue by Location Type DONLEN A Hertz Company 65%+ Of Fortune 500 companies work with Hertz 65% On Airport ▪ Off Airport Firefly CAR RENTAL 250+ Partnerships with Commercial Leaders 5% Global RAC Fleet Mix 18% Strictly Confidential Subject to CA/ NDA 12% 9% GM Nissan Toyota Hyundai 10% 21% 7% 18% Fiat Chrysler Kia Ford Other 24#26HERTZ GLOBAL FOOTPRINT Unparalleled brand awareness Allows for easy and reliable experience anywhere North America Corporate 90% vs. Franchise 10% Hertz North America 4,521 Total Locations 1,642 On Airport 2,879 Off Airport Hertz Caribbean 201 Total Locations 94 On Airport 107 Off Airport Hertz Latin America 1,070 Total Locations 343 On Airport 727 Off Airport Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Hertz Global airport and off-airport network Trusted brand in multiple languages Rest of World Corporate 30% vs. Franchise 70% EU 3,297 Total Locations 576 On Airport 2,721 Off Airport Hertz Africa Hertz Middle East 273 Total Locations 92 On Airport 181 Off Airport Strictly Confidential Subject to CA/ NDA 190 Total Locations 36 On Airport 154 Off Airport Hertz Asia-Pacific 1,230 Total Locations 356 On Airport 874 Off Airport 25#27MAJOR PLAYER IN THE CONSOLIDATED ■ · - U.S. rental car market: highly consolidated with three largest players making up -95% of the total market $32 billion in revenue (-2% YOY CAGR 2018 - 2023) -2.4 million fleet size (-5% YoY CAGR 2018-2023) Select macro trends: Increasing demand for altemative transportation options - Partnerships with ridesharing companies Personalized service, convenience, and mobile accessibility Experiential and personalized travel services - - Business Leisure RENTAL CAR INDUSTRY Overview Insurance Replacement $24 $8 $9 U.S. Car Rental Sales by Segment ($ in Billions) $7 2013 $26 $8 $10 $8 2014 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company $27 $8 $10 $8 2015 avis budget group Budget Payless Hertz dollar. Firefly Thrifty $28 U.S. Car Rental Market $11 $8 2016 16% 22% Source: EuroMonitor, Auto Rental News, Forbes Other $29 $9 7% $11 $9 2017 57% $31 $10 $12 2018 Strictly Confidential Subject to CA/ NDA enterprise National. Alamo $32 $10 $13 $9 2019 26#28DIVERSIFIED BUSINESS MIX BY GEOGRAPHY, CUSTOMER & LOCATION TYPE Overview ▪ Diversified global sales mix with over 4,200 locations in the U.S. and over 8,200 locations interationally across 160 countries ▪ Extensive U.S. and interational network of company-operated locations provides consistency of service, cost control, vehicle utilization, competitive pricing, and ability to offer one-way rentals ▪ The Company primarily operates through three brands (Hertz, Dollar, and Thrifty), which provide tailored services to a diverse mix of business and leisure clientele Internationally, the Company also operates the Firefly brand for price-conscious leisure travelers Airport Off Airport 1,600 Locations by Type 2,600 U.S. RAC 2,000 6,200 International Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 62% 34% FY2019 Rental Revenue by Customer Type U.S. RAC 38% Business 66% Airport Strictly Confidential Subject to CA/NDA International 58% FY2019 Rental Revenue by Location U.S. RAC Leisure 44% International 42% Off Airport 56% 27#29TRACK RECORD OF CONSISTENT REVENUE & EBITDA GROWTH AND PROFITABILITY 1% 4% 70% Revenue (Year over Year % Change) Pre-COVID-19| 6% 8% 7% 7% Pre-COVID-19 3Q17 4017 1Q18 2018 3018 4Q18 1Q19 2019 3019 4019 1020 2020 (9%) 46% 6% 163% 10% 9% (34%) (73%) (68%) (61%) Jan '20 Feb 20 Mar '20 April '20 May 20 June 20 Adjusted Corporate EBITDA¹ (Year over Year % Change) 2% 132% 5% 3% 4% 94% Pre-COVID-19 124% (67%) 12% 11% NM NM 4017 1Q18 2018 3Q18 4Q18 1019 2019 3019 4019 1020 2020 Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company ■ ▪ Before the onset of the COVID-19 crisis in March 2020, the Company was on track to deliver another consecutive quarter of revenue growth 1 The Company ended FY2019 strong by extending its YoY quarterly revenue growth to 10 consecutive quarters U.S. RAC delivered strong volume & pricing Accelerated growth in TNC U.S. retail car sales channel unit growth Investments paying dividends JD Power #1 ranked customer service Revenue management capabilities Brand-building marketing Preferred fleet - - - . - . Overview . Strictly Confidential Subject to CA/ NDA ● ▪ Prior to COVID-19, the Company had also produced Adjusted Corporate EBITDA growth for 9 consecutive quarters Through February YTD 2020, Adjusted Corporate EBITDA was up 2% YoY Ended FY2019 with YoY improvement in DOE and SG&A as a percentage of revenue 1. Definitions and reconciliations of non-GAAP measures are provided in the Appendix to this presentation 28#30LEADING LARGE COMPANY LEASING BUSINESS THROUGH DONLEN ■ ■ I ■ Donlen Overview One of the leading fleet lease and fleet management companies; founded in 1965 Corporate culture built around employee and customer satisfaction More than 600 corporate customers spanning a wide variety of industries In FY2019, Donlen generated normalized revenue¹ of $753M with 14% EBITDA margins Diverse portfolio of approximately 240K units under lease or management as of the end of May 2020 - Cars, light-duty trucks and vans, medium- and heavy-duty trucks, and equipment Core Solutions Fleet Funding Vehicle Maintenance Fuel Management DriverPoint® Telematics DONLEN A Hertz Company wheels 2018 Market Share² Other 7% 11% Solutions Offerings 13% 9% 13% Accident Management Vehicle Acquisition, Licensing, and Titling Fleet Administrative Services Fleet Management Market 25% Hertz dollar. Thrifty DONLEN 1. Excludes 2019 TRAC adjustments 2. Based on total funded units CAR RENTAL CAR RENTAL A Hertz Company 22% Additional Solutions element enterprise ****** Strictly Confidential Subject to CA/NDA KOD Key Growth Drivers ✓ Increasing govemment safety mandates ✓ Expanding green fleet initiatives and environmental regulations ✓ Increasing pressure on fleet owners to optimize costs Decreasing hardware and software costs Strategic Consulting Global Fleet Solutions Remarketing Integrated fleet management offerings from Donlen provide fleet owners with lower cost of ownership, reduced accidents, lower maintenance costs, and improved revenue productivity Total Management Solutions Truck / Equipment Services 29#31TOP 10 USED VEHICLE RETAILER IN THE UNITED STATES ■ ▪ ▪ ■ Overview Top 10 used car company in the United States by volume FY2019 vehicles sold: 104K vehicles Dynamic hold periods for optimal deletion timing Hertz is continuing to increase its Retail and Dealer Direct channels and reduce Auction as a percentage of total sales - Retail sales: $1,000 net benefit per unit vs. auction sale Dealer direct sales: >$400 net benefit per unit vs. auction sale Net Benefit per Unit vs. Auction Sale +$400 +$1,000 Auction Dealer Direct Retail and Rent2Buy 37% Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Non-Program Vehicle Disposition Channel Mix FY2019 FY2014 26% Auction In-Lane and Digital I I 1 I 37% Auction Retail B2B Dealer Direct ■ Online B2B Platform Hertz 38% ■ Strictly Confidential Subject to CA/ NDA Dealer Direct Retail and Rent2Buy ■ 87 locations in the U.S. and 2 in Canada Full scope car sales services: Financing, trade-ins, after-market products ▪ Online R2B platform 26% 36% Key Focus Area ▪ Currently piloting vehicle delivery, similar to Carvana & Vroom 30#32INVESTMENTS IN FLEET, SERVICE, BRANDS, & TECHNOLOGY DRIVE SUSTAINABLE GROWTH ■ ■ Sustaining Top Line Momentum; Executing Growth Initiatives Investing in Brand, Product, Service Value-Added Services ■ TNC Growth ▪ Delivery ■ Driving Productivity and Operating Efficiency Leveraging Scale Streamlining Processes Centralizing Maintenance Optimizing Procurement ■ Strictly Confidential Subject to CA/ NDA ■ Execution Excellence ▪ Customer Experience #1 Disciplined Fleet Management Technology and Innovation ▪ AI-Enabled Revenue Management Hertz 981-NNX Cur Sevdocton neat Cors 31#33KEY INVESTMENT HIGHLIGHTS A Global Leader with Iconic Brands Major Player in the Consolidated Rental Car Industry Diversified Business Mix by Geography, Customer & Location Type Leading Large Company Leasing Business Through Donlen Track Record of Consistent Revenue and EBITDA Growth Top 10 Used Vehicle Retailer in the United States Investments in Fleet, Service, Brands, & Technology Drive Sustainable Growth Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/ NDA 32#34Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Scenario Overview#35KEY FORECAST ASSUMPTIONS Lower-for- Longer Scenario 310K Fleet Scenario Financials KPIs Average fleet of -257K and -212K vehicles in December 2020 and December 2021, respectively ▪ RPD of $41.79 in FY 2020, down 4% relative to 2019; RPD increases to $43.22 in 2021 ▪ Total transaction days of -77mm in 2020 and -66mm in 2021; 2020 down -50% relative to 2019 ▪ Average fleet of -310K and -320K vehicles in December 2020 and December 2021, respectively RPD of $41.94 in FY 2020, down -4% relative to 2019; RPD increases to $43.75 in 2021 ■ Total transaction days of -81mm in 2020 and -93mm in 2021; 2020 down -48% relative to 2019 ■ Revenue ($mm) EBITDA ($mm) Average Vehicles Ending Vehicles Utilization Lower-for-Longer Scenario 2021 2020 $3,343 ($1,131) 417K 250K 51% Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company $2,923 $21 237K 211K 77% 310K Fleet Scenario 2020 $3,559 ($1,008) 430K 304K Strictly Confidential Subject to CA/NDA 52% 2021 $4,177 $263 327K 317K 79% 34#36Strictly Confidential Subject to CA/NDA Lower-for-Longer Scenario Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company#37DIP SIZING ANALYSIS MONTHLY DETAIL: LOWER-FOR-LONGER SCENARIO FYE 12/31 Total Revenue Adj. EBITDA (+) Other Non-cash / Cash Expenses (+) GAAP Vehicle Depreciation (-) HVF II ABS Lease Payments ex. Vehicle Interest (-) HVF III ABS Lease Payments ex. Vehicle Interest U.S. Free Cash Flow (+) HVF III Fleet Equity Inflows / (Outflows) Required Fleet Equity Advance Rate Illustrative Required Fleet Debt Beginning Global Liquidity (+) Change in U.S. Free Cash Flow (+) Change in Cash - Other Operations¹ (+) HVF III Fleet Equity Inflows / (Outflows) Ending Global Liquidity (-) U.S. Minimum Cash & Unavailable Cash Avaialble Liquidity Memo - Cumulative Metrics: Global Corporate Free Cash Flow Required Fleet Equity Required Fleet Debt 1 ■ $8 ($361) ($21) (2) ($1) 15 (12) (10) 97 62 57 1,167 61 (38) (108) (96) (53) 58 (32) (36) (26) (1,230) (31) (34) (34) (37) (270) ($3) ($6) ($8) ($783) Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Total $259 $208 $239 $218 $230 $199 $201 $241 $239 $243 $263 $302 $285 $239 $249 $227 $235 $4,077 ($81) ($105) ($70) ($73) ($53) ($28) $0 ($1) ($4) $7 $34 $22 $7 ($3) 0 (32) (9) (30) 21 (11) (1) 4 (11) (22) 9 (3) 5 88 80 74 69 64 62 63 64 67 68 67 64 (108) (108) (108) (108) (87) (78) (69) (63) (58) (48) (42) (2) (7) (13) (18) (25) (34) ($50) ($33) ($20) ($17) ($20) $17 $2 ($7) (79) (95) (61) (89) (109) (58) 16 (8) (3) ($79) ($95) ($61) ($89) ($109) ($58) $16 ($8) ($3) 80% 80% 80% 80% 80% 80% 80% 80% 80% ($314) ($379) ($246) ($355) ($435) ($231) $63 ($32) ($12) $574 $422 $270 $164 $34 ($121) ($210) ($204) ($235) (50) (33) (20) (17) (20) (3) 17 2 (7) (23) (24) (24) (25) (26) (28) (27) (25) (25) (79) (95) (61) (89) (109) (58) 16 (8) (3) (27) $1,526 $1,343 $1,082 $906 $636 $574 $422 $270 $164 $34 ($121) ($210) ($204) ($235) ($270) ($328) ($363) (1,078) (1,051) (952) (905) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) $448 $292 $130 $1 ($150) ($212) ($364) ($516) ($622) ($752) ($907) ($995) ($990) ($1,021) ($1,056) ($1,114) ($1,149) 80% (27) ($27) 80% ($110) ($11) ($2,062) ($270) ($328) (6) (8) (783) (24) (25) (674) (3) (515) ($105) $- $- ($125) ($129) $- $- $- ($116) $- ($123) $- $- $1,609 $1,526 $1,343 $1,082 (105) 22 $- $- $906 (125) (129) (116) (123) (58) (132) (60) (147) ($40) Strictly Confidential Subject to CA / NDA $- 80% $- $636 (40) (23) Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Scenario reflects operating assumptions sized for a 249K fleet by year end 2020 ▪ Assumes the Company pays $650mm in lease payments through December 2020 for HVF II (including July payment); assumed rent of 2.0% of ABS NBV and casualties beginning January 2021 HVF II Casualty payments from July 2020 - December 2020 accrued as administrative priority claim to be paid in full prior to emergence HVF II in amortization with new "HVF III" facility available to purchase new cars beginning in 2021 (3) ($3) ($515) ($83) ($266) ($527) ($703) ($973) ($1,035) ($1,108) ($1,166) ($1,210) ($1,252) ($1,297) ($1,329) ($1,339) ($1,362) ($1,393) ($1,424) ($1,457) $- $- $- $- $79 $173 $235 $323 $432 $490 $474 $482 $485 $513 $515 $314 $693 $939 $1,294 $1,729 $1,960 $1,898 $1,930 $1,941 $2,051 $2,062 $- $- Note: Assumes cash interest payments are paid by drawing on LC until exhausted. Assumes HVF III facility camies a 80% advance rate and 4.0% interest rate 1. Donlen, Rest of World and Corporate 36#38MONTHLY P&L 2020 & 2021 - U.S. RAC Key Performance Indicators Average Vehicles Utilization Total Transaction Days Total RPD (Excl. Retail Car Sales) Income Statement Total Revenue Vehicle Depreciation Vehicle Interest Vehicle Carrying Costs Total DOE DOE as % of Revenue Total SG&A SG&A as % of Revenue Total Expenses Total Operating Income (+) Other Adjustments Adj. EBITDA Key Performance Indicators Average Vehicles Utilization Total Transaction Days Total RPD (Excl. Retail Car Sales) Income Statement Total Revenue Vehicle Depreciation Vehicle Interest Vehicle Carrying Costs Total DOE DOE as % of Revenue Total SG&A SG&A as % of Revenue Total Expenses Total Operating Income (+) Other Adjustments Adj. EBITDA FY'19 534,879 80% $6,938 (1,656) (323) ($1,979) 503,379 520,496 531,866 73% 76% 53% 155,858,766 11,342,880 11,470,626 8,750,677 $43.73 $42.76 $44.12 $40.93 ($4,146) 59.8% ($491) 7.1% ($6,616) $322 156 $478 FY'20 416,877 51% 77,154,327 $41.79 $3,343 (1,391) (270) ($1,662) ($2,903) 86.8% ($259) 7.7% ($4,824) ($1,481) 350 ($1,131) Jan-20 Hertz dollar. $497 (140) (26) ($166) ($340) 68.5% ($38) 7.6% ($544) ($47) 13 ($34) $199 (64) (10) ($75) ($152) Feb-20 76.6% Jan-21 Feb-21 ($12) $519 (145) (26) ($170) 6.2% ($239) ($41) 12 ($28) ($336) 64.8% ($42) 8.1% ($548) ($29) 16 ($13) $201 (62) (10) ($72) ($150) 74.7% ($12) Mar-20 Apr-20 6.2% ($234) ($33) 12 ($21) $366 (178) (28) ($206) 240,981 232,173 232,923 236,101 65% 74% 78% 78% 4,849,377 4,824,488 5,606,343 5,505,842 $40.27 $40.89 $42.19 $42.70 ($293) 80.1% ($36) 9.9% ($536) ($170) 19 ($151) $241 (62) (10) ($72) ($167) 69.3% ($15) Mar-21 Apr-21 6.1% ($254) ($13) 13 $0 525,847 508,218 474,160 23% 27% 36% 3,585,530 4,287,002 5,091,786 $32.35 $35.89 $44.31 $121 (173) (28) ($201) ($215) 178.2% ($29) 24.1% dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company ($446) ($325) 62 ($263) $239 (63) (10) ($73) ($165) 68.7% ($15) 6.1% May-20 ($252) ($13) 12 ($1) $167 (194) (32) ($226) ($160) 95.8% ($19) 11.2% ($405) ($238) 32 ($206) May-21 $243 (64) (10) ($75) ($171) 70.1% ($15) Month Ended, Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 6.2% ($260) ($17) 13 ($4) $246 (41) (29) ($70) ($185) 75.5% ($15) 6.2% ($270) ($25) 25 $0 $263 (67) (11) ($78) ($176) 66.9% ($16) $274 (111) (24) ($135) 6.1% ($270) ($7) 14 $7 ($223) 413,429 361,060 328,831 300,168 277,519 257,554 45% 52% 53% 58% 63% 66% 5,726,039 5,790,968 5,180,591 5,420,915 5,219,395 5,287,918 $45.77 $43.16 $38.74 $42.80 $40.42 $42.28 81.6% ($15) Month Ended, Jun-21 Jul-21 Aug-21 5.6% ($373) ($99) 19 ($81) $302 (68) (11) ($80) ($183) 60.6% ($19) $259 (97) (20) ($117) ($238) 6.1% 91.8% ($281) $21 13 $34 ($12) 4.8% ($368) ($108) 27 ($81) $285 (67) (11) ($78) ($181) 63.4% ($18) 6.2% ($277) $208 (88) (18) ($106) 241,271 250,049 256,140 251,481 241,155 229,719 218,522 212,284 236,900 77% 80% 78% 78% 75% 79% 81% 80% 77% 5,763,327 6,008,209 6,154,999 6,107,255 5,414,020 5,619,266 5,290,152 5,287,918 66,431,195 $41.47 $42.92 $48.22 $45.87 $43.29 $43.55 $42.13 $43.72 $43.22 $9 13 $22 ($225) 108.1% Sep-21 ($11) 5.5% ($13) 5.5% ($342) ($346) ($134) ($106) 29 37 ($70) ($105) $239 (64) (10) ($75) ($163) 68.2% ($15) $239 (80) (15) ($96) ($237) 6.2% 99.0% ($252) ($14) 13 ($1) Oct-21 $249 (61) (10) ($71) ($170) 68.1% Strictly Confidential Subject to CA/ NDA ($17) Nov-20 6.8% ($257) ($8) 16 $7 $218 (74) (13) ($88) ($228) 104.7% ($13) 5.9% ($328) ($111) 38 ($73) Nov-21 $227 (58) (9) ($67) ($162) 71.2% ($12) Dec-20 5.5% ($241) ($14) 12 ($3) $230 (69) (12) ($81) ($223) 96.8% ($14) 6.3% ($318) ($88) 34 ($53) Dec-21 $235 (57) (9) ($65) ($160) 68.0% ($15) 6.2% ($240) ($4) 13 $8 FY'20 416,877 51% 77,154,327 $41.79 Note: Assumes cash interest payments are paid by drawing on LC until exhausted. Assumes HVF III facility cames a 80% advance rate and 4.0% interest rate $3,343 (1,391) (270) ($1,662) ($2,903) 86.8% ($259) 7.7% ($4,824) ($1,481) 350 ($1,131) FY 21 $2,923 (758) (121) ($880) ($1,998) 68.3% ($180) 6.2% ($3,057) ($135) 156 $21 37#39VEHICLE SUMMARY - U.S. RAC FYE 12/31 Vehicle Utilization HVF II Facility Summary Risk Vehicles Beginning Risk Vehicles (+) Prepaid Deliveries (-) Risk Deletions Ending Risk Vehicles Program Vehicles Beginning Program Vehicles (+) Prepaid Deliveries (-) Program Deletions Ending Program Vehicles HVF II Beginning Vehicles HVF II Ending Vehicles HVF II Average Vehicles HVF III Facility Summary Risk Vehicles Beginning Risk Vehicles (+)Risk Additions (-) Risk Deletions Ending Risk Vehicles Program Vehicles Beginning Program Vehicles (+) Program Additions (-) Program Deletions Ending Program Vehicles HVF III Beginning Vehicles HVF III Ending Vehicles HVF III Average Vehicles Total Average Vehicles I Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 52% 45% 53% 58% 63% 66% 65% Feb-21 74% (2,293) (1,545) (6,913) (412) (887) (42) (6,053) 26,402 24,857 17,944 17,532 16,645 16,603 10,550 28,695 26,402 24,857 17,944 17,532 16,645 16,603 10,550 5,275 Month Ended, Mar-21 Apr-21 78% 78% Risk vehicle net cap cost of $23K Program vehicle gross cap cost of -$35K 422,331 349,430 321,430 293,430 271,430 249,430 232,430 222,378 214,144 205,909 196,661 187,412 178,163 167,224 156,285 145,346 130,707 116,068 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company (72,901) (28,000) (28,000) (22,000) (22,000) (17,000) (10,052) (8,234) (8,234) (9,249) (9,249) (9,249) (10,939) (10,939) (10,939) (14,639) (14,639) (5,000) 349,430 321,430 293,430 271,430 249,430 232,430 222,378 214,144 205,909 196,661 187,412 178,163 167,224 156,285 145,346 130,707 116,068 111,068 (5,275) (5,275) 5,275 7,500 May-21 Jun-21 77% 80% 451,026 375,832 346,287 311,374 288,962 266,075 249,033 232,928 219,419 205,909 196,661 187,412 178,163 167,224 156,285 145,346 130,707 116,068 375,832 346,287 311,374 288,962 266,075 249,033 232,928 219,419 205,909 196,661 187,412 178,163 167,224 156,285 145,346 130,707 116,068 111,068 413,429 361,060 328,831 300,168 277,519 257,554 240,981 226,173 212,664 201,285 192,036 182,787 172,694 161,755 150,816 138,027 123,387 113,568 4,500 Jul-21 Aug-21 78% 78% 19,500 29,500 7,500 19,500 29,500 41,500 55,800 65,600 65,600 69,325 74,325 79,325 7,500 12,000 10,000 12,000 14,300 9,800 3,725 5,000 5,000 5,000 4,500 4,519 41,500 55,800 Sep-21 75% 65,600 Strictly Confidential Subject to CA/ NDA - Oct-21 Nov-21 Dec-21 80% 79% 81% 65,600 69,325 9,019 11,614 15,856 21,367 24,127 2,596 4,242 5,511 2,760 21,627 18,108 18,512 24,127 2,000 1,000 3,000 (4,500) (4,519) (2,596) 1,000 (4,242) 4,500 9,019 11,614 15,856 21,367 24,127 24,127 21,627 18,108 18,512 15,271 12,000 28,519 41,114 57,356 77,166 89,726 89,726 90,951 92,433 97,837 12,000 28,519 41,114 57,356 77,166 89,726 89,726 90,951 92,433 97,837 99,595 6,000 20,259 34,817 49,235 67,261 83,446 89,726 90,339 91,692 95,135 98,716 413,429 361,060 328,831 300,168 277,519 257,554 240,981 232,173 232,923 236,101 241,271 250,049 256,140 251,481 241,155 229,719 218,522 212,284 74,325 79,325 84,325 38#40Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA 310K Fleet Scenario#41DIP SIZING ANALYSIS MONTHLY DETAIL: 310K FLEET SCENARIO FYE 12/31 Total Revenue Adj. EBITDA (+) Other Non-cash / Cash Expenses (+) GAAP Vehicle Depreciation (-) HVF II ABS Lease Payments ex. Vehicle Interest (-) HVF III ABS Lease Payments ex. Vehicle Interest U.S. Free Cash Flow (+) HVF III Fleet Equity Inflows / (Outflows) Required Fleet Equity Advance Rate Illustrative Required Fleet Debt Beginning Global Liquidity (+) Change in U.S. Free Cash Flow (+) Change in Cash - Other Operations¹ (+) HVF III Fleet Equity Inflows / (Outflows) Ending Global Liquidity (-) U.S. Minimum Cash & Unavailable Cash Avaialble Liquidity Memo - Cumulative Metrics: Global Corporate Free Cash Flow Required Fleet Equity Required Fleet Debt 1 - $3 $19 22 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Total $280 $247 $279 $267 $297 $258 $276 $336 $338 $346 $376 $437 $413 $348 $366 $334 $349 $5,547 ($65) ($80) ($50) ($48) ($17) $20 $14 (26) (8) (29) (19) (43) (1) 7 94 90 86 83 84 88 (108) (108) (108) (108) (83) (32) ($12) $30 (3) 88 $50 15 95 (56) ($20) 53 80 (121) (2) ($10) 99 ($8) $21 (8) (14) 80 82 (109) (96) (9) (21) ($54) ($28) $13 $28 10 (13) 86 (39) 91 (108) (49) (43) (67) (69) (69) (70) $37 $14 $28 $69 (16) (31) 93 96 (75) (68) (62) (42) (54) (63) ($9) ($17) $9 (83) (164) (217) (77) (242) (114) (92) 11 ($83) ($164) ($217) ($77) ($242) ($114) ($92) $11 80% 80% 80% 80% 80% 80% 80% ($333) ($654) ($868) ($310) ($967) ($456) ($367) $44 ($70) $121 ($115) $753 $636 $393 $123 $6 ($272) ($431) ($545) ($527) ($558) ($552) (10) (54) (28) (12) (9) (17) 9 37 14 (24) (25) (26) (27) (27) (29) (31) (30) (28) (83) (164) (217) (77) (242) (114) (92) 11 (18) (29) $1,530 $1,368 $1,137 $987 $753 $636 $393 $123 $6 ($272) ($431) ($545) ($527) ($558) ($552) ($607) (1,078) (1,051) (952) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) (786) $452 $317 $185 ($33) ($150) ($392) ($663) ($780) ($1,057) ($1,217) ($1,331) ($1,313) ($1,344) ($1,338) ($1,393) ($1,435) (18) ($18) 80% $4 30 $30 80% $1 (29) ($29) 80% 80% 1 4 (28) 30 (27) ($649) (905) $82 ($101) $- $- ($103) $- $- ($97) ($89) $- $- $- $1,609 $1,530 $1,368 $1,137 $987 (101) (103) (97) (89) (85) 21 (59) (133) (61) (149) $- ($79) ($241) ($472) $- $- $- $- ($85) $- ($622) ($856) $- $- Strictly Confidential Subject to CA / NDA Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 86 1,502 (35) (1,377) (71) (570) ($5) ($545) Scenario reflects operating assumptions sized for a 304K fleet by year end 2020 ▪ Assumes the Company pays $650mm in lease payments through December 2020 for HVF II (including July payment); assumed rent of 2.0% of ABS NBV and casualties beginning January 2021 HVF II Casualty payments from July 2020 - December 2020 accrued as administrative priority claim to be paid in full prior to emergence HVF II in amortization with new "HVF III" facility available to purchase new cars beginning in 2021 (10) ($10) ($1,004) 80% ($39) ($4,014) ($607) (5) (545) (27) (709) (10) (1,004) ($890) ($969) ($1,023) ($1,062) ($1,098) ($1,143) ($1,165) ($1,158) ($1,172) ($1,196) ($1,222) ($1,254) $83 $247 $464 $541 $783 $897 $989 $978 $995 $965 $994 $1,004 $333 $987 $1,855 $2,165 $3,132 $3,588 $3,955 $3,911 $3,981 $3,861 $3,976 $4,014 Note: Assumes cash interest payments are paid by drawing on LC until exhausted. Assumes HVF III facility camies a 80% advance rate and 4.0% interest rate 1. Donlen, Rest of World and Corporate 40#42MONTHLY P&L 2020 & 2021 - U.S. RAC Key Performance Indicators Average Vehicles Utilization Total Transaction Days Total RPD (Excl. Retail Car Sales) Income Statement Total Revenue Vehicle Depreciation Vehicle Interest Vehicle Carrying Costs Total DOE DOE as % of Revenue Total SG&A SG&A as % of Revenue Total Expenses Total Operating Income (+) Other Adjustments Adj. EBITDA Key Performance Indicators Average Vehicles Utilization Total Transaction Days Total RPD (Excl. Retail Car Sales) Income Statement Total Revenue Vehicle Depreciation Vehicle Interest Vehicle Carrying Costs Total DOE DOE as % of Revenue Total SG&A SG&A as % of Revenue Total Expenses Total Operating Income (+) Other Adjustments Adj. EBITDA FY'19 534,879 80% $6,938 (1,656) (323) ($1,979) 503,379 520,496 531,866 73% 76% 53% 155,858,766 11,342,880 11,470,626 8,750,677 $43.73 $42.76 $44.12 $40.93 ($4,146) 59.8% ($491) 7.1% ($6,616) $322 156 $478 FY'20 81,841,260 $41.94 $3,559 (1,434) (279) ($1,714) ($2,933) 82.4% Jan-20 ($271) 7.6% ($4,917) ($1,358) 350 ($1,008) Hertz dollar. $497 (140) (26) ($166) ($340) 68.5% ($38) 7.6% ($544) ($47) 13 ($34) Jan-21 430,164 300,283 298,355 52% 67% 78% 6,250,832 6,552,100 $40.56 $41.35 $258 (80) (14) ($94) ($180) 69.9% ($16) Feb-20 6.2% ($291) ($33) 12 ($20) $519 (145) (26) ($170) ($336) 64.8% ($42) 8.1% ($548) ($29) 16 ($13) Feb-21 $276 (80) (14) ($94) ($185) 67.0% ($17) Mar-20 Apr-20 6.2% ($296) ($20) 12 ($8) $366 (178) (28) ($206) ($293) 80.1% ($36) 9.9% ($536) ($170) 19 ($151) $336 (82) (15) ($97) ($210) 62.5% ($21) Mar-21 Apr-21 6.2% ($328) $8 13 $21 525,847 508,218 474,160 23% 27% 36% 3,585,530 4,287,002 5,091,786 $32.35 $35.89 $44.31 $121 (173) (28) ($201) 307,936 315,369 81% 81% 7,729,502 7,701,316 $42.67 $43.07 ($215) 178.2% ($29) 24.1% dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company ($446) ($325) 62 ($263) $338 (84) (16) ($100) ($209) 62.0% ($21) May-20 6.2% ($330) $7 12 $20 $167 (194) (32) ($226) ($160) 95.8% ($19) 11.2% ($405) ($238) 32 ($206) $346 (88) (17) ($105) ($219) Month Ended, Jun-20 Jul-20 Aug-20 Sep-20 63.3% ($21) $246 (41) (29) ($70) May-21 Jun-21 6.2% ($345) $1 13 $14 ($185) 328,789 348,312 80% 82% 8,134,092 8,535,456 $41.76 $43.28 75.5% ($15) 6.2% ($270) ($25) 25 $0 $376 (93) (18) ($112) ($227) Month Ended, 60.5% ($23) 413,429 367,420 349,930 45% 55% 58% 6.1% ($362) $14 14 $28 $274 (111) (24) ($135) ($223) 334,600 322,333 310,292 60% 65% 69% 5,726,039 6,238,282 6,080,555 6,266,759 6,320,714 6,680,410 $45.77 $43.34 $39.17 $43.10 $40.93 $43.20 81.6% ($15) 5.6% ($373) ($99) 19 ($81) Jul-21 $437 (96) (19) ($114) ($240) 54.9% ($27) 6.1% $280 (99) (20) ($119) ($381) $56 13 $69 ($240) 85.7% ($13) 4.8% ($373) ($93) 27 ($65) 357,336 353,567 340,825 79% 80% 76% 8,765,379 8,737,747 7,797,505 $48.91 $46.43 $43.89 $413 (95) (18) ($113) ($237) 57.4% $247 (94) (19) ($113) Aug-21 Sep-21 ($26) ($229) 6.2% ($376) $37 13 $50 93.0% ($14) 5.5% ($356) ($109) 29 ($80) $348 (91) (17) ($109) ($212) 60.9% ($22) Oct-20 6.2% ($342) $6 13 $19 $279 (90) (17) ($107) ($243) 87,1% ($15) 5.5% ($365) ($86) 37 ($50) Oct-21 $366 (88) (16) ($104) ($223) 60.8% Strictly Confidential Subject to CA/ NDA ($24) Nov-20 6.6% ($351) $15 16 $30 $267 (86) (16) ($102) ($235) 88.0% ($16) 5.9% ($353) ($86) 38 ($48) Nov-21 $334 (86) (16) ($102) ($212) 63.4% 329,486 323,238 319,836 326,944 80% 79% 78% 79% 8,136,940 7,697,136 7,721,131 93,759,136 $44.17 $42.62 $44.40 $43.75 ($19) Dec-20 5.7% ($333) $1 12 $13 $297 (83) (15) ($98) ($232) 78.0% ($19) 6.3% ($348) ($51) 34 ($17) Dec-21 $349 (86) (15) ($101) ($211) 60.4% ($22) 6.2% ($333) $16 13. $28 FY'20 430,164 52% 81,841,260 $41.94 Note: Assumes cash interest payments are paid by drawing on LC until exhausted. Assumes HVF III facility cames a 80% advance rate and 4.0% interest rate $3,559 (1,434) (279) ($1,714) ($2,933) 82.4% ($271) 7.6% ($4,917) ($1,358) 350 ($1,008) FY'21 $4,177 (1,050) (195) ($1,245) ($2,565) 61.4% ($258) 6.2% ($4,069) $108. 156 $263 41#43VEHICLE SUMMARY - U.S. RAC FYE 12/31 Vehicle Utilization HVF II Facility Summary Risk Vehicles Beginning Risk Vehicles (+) Prepaid Deliveries (-) Risk Deletions Ending Risk Vehicles Program Vehicles Beginning Program Vehicles (+) Prepaid Deliveries (-) Program Deletions Ending Program Vehicles HVF II Beginning Vehicles HVF II Ending Vehicles HVF II Average Vehicles HVF III Facility Summary Risk Vehicles Beginning Risk Vehicles (+)Risk Additions (-) Risk Deletions Ending Risk Vehicles Program Vehicles Beginning Program Vehicles (+) Program Additions (-) Program Deletions Ending Program Vehicles HVF III Beginning Vehicles HVF III Ending Vehicles HVF III Average Vehicles Total Average Vehicles ■ Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 45% 55% 58% 60% 65% 69% 67% 28,695 26,402 24,857 17,944 17,532 16,645 Feb-21 78% (2,293) (1,545) (6,913) (412) (887) (42) (6,053) 26,402 24,857 17,944 17,532 16,645 16,603 10,550 5,275 16,603 10,550 Risk vehicle net cap cost of $23K Program vehicle gross cap cost of -$35K Month Ended, 422,331 349,430 334,151 322,908 310,816 299,672 287,663 273,027 255,325 238,460 221,594 208,617 195,641 182,664 166,327 149,989 141,428 132,866 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Mar-21 81% (72,901) (15,279) (11,243) (12,092) (11,144) (12,009) (14,636) (17,702) (16,866) (16,866) (12,977) (12,977) (12,977) (16,338) (16,338) (8,561) (8,561) (8,561) 349,430 334,151 322,908 310,816 299,672 287,663 273,027 255,325 238,460 221,594 208,617 195,641 182,664 166,327 149,989 141,428 132,866 124,305 Apr-21 May-21 Jun-21 81% 80% 82% 5,275 4,722 (5,275) (5,275) 451,026 375,832 359,008 340,852 328,348 316,317 304,266 283,577 260,600 238,460 221,594 208,617 195,641 182,664 166,327 149,989 141,428 132,866 375,832 359,008 340,852 328,348 316,317 304,266 283,577 260,600 238,460 221,594 208,617 195,641 182,664 166,327 149,989 141,428 132,866 124,305 413,429 367,420 349,930 334,600 322,333 310,292 293,922 272,089 249,530 230,027 215,106 202,129 189,152 174,495 158,158 145,708 137,147 128,586 8,000 26,000 46,000 56,000 8,000 18,000 20,000 10,000 30,000 8,000 26,000 46,000 56,000 Jul-21 Aug-21 Sep-21 80% 76% 79% Strictly Confidential Subject to CA/ NDA 4,722 13,810 31,002 9,088 17,192 6,682 Oct-21 Nov-21 Dec-21 79% 78% 80% 37,683 10,000 86,000 103,500 121,000 127,500 137,500 147,500 156,000 17,500 17,500 6,500 10,000 10,000 8,500 8,500 86,000 103,500 121,000 127,500 137,500 147,500 156,000 164,500 47,683 55,183 56,683 52,961 47,373 35,182 33,500 7,500 1,500 1,000 3,500 5,000 5,000 5,000 (4,722) (9,088) (17,192) (6,682) (10,000) 4,722 13,810 31,002 37,683 47,683 55,183 56,683 52,961 47,373 35,182 33,500 28,500 12,722 39,810 77,002 93,683 133,683 158,683 177,683 180,461 184,873 182,682 189,500 39,810 77,002 93,683 133,683 158,683 177,683 180,461 184,873 182,682 189,500 193,000 26,266 58,406 85,342 113,683 146,183 168,183 179,072 182,667 183,777 186,091 191,250 413,429 367,420 349,930 334,600 322,333 310,292 300,283 298,355 307,936 315,369 328,789 348,312 357,336 353,567 340,825 329,486 323,238 319,836 12,722 6,361 42#44Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Appendix#45Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Management Team#46HERTZ LEADERSHIP Strictly Confidential Subject to CA/ NDA Paul E. Stone, President and Chief Executive Officer Mr. Stone has served as President and Chief Executive Officer and as a director of Hertz since May 2020. Mr. Stone previously served as Executive Vice President and Chief Retail Operations Officer North America of Hertz from March 2018 to May 2020. From November 2015 to December 2017, Mr. Stone served as the Chief Retail Officer at Cabela's Inc., an outdoor outfitter retail company. Prior to joining Cabela's Inc., Mr. Stone spent 28 years growing his career with Sam's Club, a retail warehouse subsidiary of Walmart Inc., a multinational retail corporation. His most-recent position with Sam's Club was as Senior Vice President - West Division from 2007 to 2015, where he led operations upwards of 200 locations with more than 30,000 employees. Richard E. Esper, Executive Vice President and Chief Financial Officer Mr. Esper has served as Chief Financial Officer since August 2020. Prior to this role, he served as Senior Vice President and Chief Accounting Officer of Hertz from November 2018 to August 2020. He previously served as Vice President and Controller of the Company beginning March 2018. From July 2010 to March 2018, Mr. Esper held a variety of financial leadership roles with Norwegian Cruise Line Holdings Ltd., a worldwide cruise line company, most recently as Vice President, Brand Finance & Strategy, and Vice President and Controller. Mr. Esper is also a Certified Public Accountant. Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 45#47HERTZ LEADERSHIP (CONT'D) [ Kenny Cheung Executive Vice President of Finance, Chief Operational Finance & Restructuring Officer Angela Brav President of International Scott Massengill Senior Vice President & Treasurer Joe McPherson Executive Vice President North America Operations Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Darren Arrington Executive Vice President, Revenue Management and Fleet Acquisition Opal G. Perry Executive Vice President Chief Information Officer Strictly Confidential Subject to CA/NDA M. David Galainena Executive Vice President General Counsel & Secretary Laura Smith Executive Vice President Global Marketing And Customer Experience Office 46#48Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Cost Cutting Actions#49STRATEGIC INITIATIVES - BIG 4 INITIATIVES DOE COST OUT ACTIONS Driving Cost Out... Total DOE ~$1.2B Annual Savings Labor Costs ¹ $1.2 ($0.4B) (36%) $0.21 $1.2 Net Collisions ($0.05B) (22%) $0.8 $0.25 $0.19 Q2 Actual (60%) YOY Q2 Actual (56%) YOY ex RSW fire 13 Maintenance² 2018 Actuals 2019 Actuals $0.2 $0.04 ($0.06B) (33%) $0.2 Theft and Recovery ($0.02B) (21%) $0.08 $0.1 2020 Outlook Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company $0.06 Q2 Actual (70%) YOY Q2 Actual (29%) YOY I ■ Strictly Confidential Subject to CA/ NDA Dynamics ROY spend in line with transactions Big 4 Initiatives...-($0.58B) Drive accountability, drive cost out... setup for 2021 Labor Costs ($0.4B) YOY Right-sized staff in response to current demand Reorganization Maintenance ($0.06B) YOY ✓ Stopped non-critical work ✓ Fleet deletion plan to capture profitable revenue Net Collisions ($0.05B) YoY Process implemented to further drive savings from damage liquidation sales ▪ Theft and Recovery ($0.02B) YoY Chip and Pin rollout Review of debit card policy in high risk areas 1. Labor Costs includes Field Personnel, Intemal & Outsourced Transporters, and Agency Commissions Concessions 2. Maintenance includes Car Washing Equipment 48#50Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Capital Structure#51CURRENT CAPITAL STRUCTURE As of 5/22/2020, All non-U.S. facilities estimated in USD. Does not include interest accrued following the petition date ($ in millions) Non-Vehicle Debt Senior RCF Senior Term Loan Total First Lien Debt 7.625% Senior Second Priority Secured Notes Total Secured Debt 6.250% Senior Notes due 2022 5.500% Senior Notes due 2024 7.125% Senior Notes due 2026 6.000% Senior Notes due 2028 Promissory Notes Total Corporate Debt Vehicle Debt HVF II U.S. ABS Program Donlen U.S. ABS Program U.S. Vehicle RCF European Vehicle Notes European ABS Program Hertz Canadian Securitization Donlen Canada Securitization Australian Securitization New Zealand RCF U.K. Financing Facility Total Vehicle Debt Total Debt Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Amount Outstanding $615 656 $1,271 $350 $1,621 500 800 500 900 27 $4,348 $10,893 1,592 93 794 650 251 27 149 46 229 $14,724 $19,072 Strictly Confidential Subject to CA/ NDA Note: Assumes Company is able to renew outstanding, but undrawn letters of credit 50#52Strictly Confidential Subject to CA/NDA Used Car Market Overview Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company#53U.S. RAC - USED CAR VALUES AND YTD MMR FLEET VALUATION 150 145 140 135 130 125 Used car values have re-bounded and are well above pre-COVID levels Manheim Used Vehicle Index Jan Feb | Mar Apr May Jun $184 2018 ($74) ($94) (+6%) 2019 ($333) 2020 O 16,800 16,400 16,000 15,600 15,200 14,800 14,400 14,000 Manheim Rental Index ($387) CAR RENTAL 2018 (15%) ($205) - Hertz dollar. ThiDONLEN CAR RENTAL A Hertz Company +3% $74 2019 - $269 S 2020 ($630) ($587) 3/16 3/23 3/30 4/6 4/13 4/20 4/27 5/4 5/11 5/18 5/2 $490 110 105 100 WOW MMR Change for 2020 (Week of Sale Week, mix adjusted*) 95 90 85 80 $327 $326 NADA Auction vs Retail - $454 1/24 2/7 2/21 3/6 3/20 - 4/3- 4/17- 5/1- 5/15- 5/29 6/12- 6/26 7/10 Auction Prices 2018 MMR Strictly Confidential Subject to CA/ NDA $346 $328 2019 MMR +6% +1% X Pre-Covid - Used Retail Prices +4% $16,298 $15,686 $15,620 $167 $163 6/8 6/15 6/22 5/29 7/6 *Mix represents cars currently in Car Sales inventory. Only MY 2018, 2019 and 2020. Excludes Dream, Prestige and other specially car classes. Prior year values are for same trim one model year prior. 52 2020 MMR 7/13#54Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Organizational Chart#55ORGANIZATION CHART Hertz Global Holdings, Inc. and its Debtor and Non-Debtor Affiliates Imational Fleet Financing No. 2 BV (Netherlands) PCT Yellow Car (France) Hertz HVFEGP Corp Transporting (DE) (DF) Hertz Vehicle Francing LP (DE) Hertz Interational Tmasury Lal (beland) Hertz Monaco SAM Donlan FSHOO Company (DE) Donken Fleet Leasing Lad (Canada) Dorin Canada Fleet Funding Corporation Hertz France SAS (France) Hertz Claa Minagement GmbH (Germany) Herte Arenift LLC (DE) Hartz Float Lease Funding LP IDE) Donken Canada Fleet Funding LP Hortz International RF Limited (Island) Probus sunce Company Europe DAC (k Hertz Autovermietung GmbH (Germany) Findy Rent A Car LIC (DE) Hutz Plost Lease Funding Corp (DE) Apex Processing Limited (heland) K: f/k/a CCL Vehicle Rentals, Ltd. L: f/k/a 3198872 Nova Scotia Company RAC Finance, SAS (France) Hertz Vehicle Sales Corporation (DE) Donken Trust (DE) Hotz Cla Management S.L. (Spain) Het Asia Pacific Koena Lad ACE Rentals Cars Pty Lad (Nastola) Bleo SAS (France) Navigation Solutions UC (DE) Dan Ryan Car Rentals Limited (relancho Tourism Enterprises Limited (New Zealand Hertz Car Rental Consulting Shweghe Co La Chal HA Lease Pty. Lad (Austria) Hertz Claim Management SAS (Francel Donden Corporation (inces) F: 99.999% TCL Funding LP (LP); 0.001% 2232560 Ontario Inc. (GP) G: 99.99% DTAG Canada Inc. (GP); 0.01% 2240919 Ontario Inc. (LP) Donien Mobility Solutions, Inc. (Inds) Hartz New Zealand Holdings Limited Hertz New Zealand Limitod (New Zealand) Hertz Investment (Hostings) Pty Linked (Austral Hertz Australs Pty Limited (Australia) Hetz Note Issuer Pty Li (Austral) Hertz Techeologes, Inc (DF) DNRS TUC (DE) Asia Pacific Pto. Lad (Singapore) Hertz Fleet Limited (beland) Hertz Superannuation Pty Ltd (Austria) Executive Ventures Lad (DE) DNRS LLC (DE) Hertz Asia Pacio {Japant), Lad M: 99.9% Hertz International Ltd. (LP); 0.1% Hertz NL Holdings, Inc. (GP) N: Nonprofit entity under FL law serving as association govering plots of land owned in Estero O: 50% HIL; 50% THC P: THC owns 2 shares of Hertz do Brazil Hertz Finance Centre Limited Creland Hertz Asa Parthic Py Lid (Austria) Heute Car Sales LIC (DE) Hartz NL Hollings Inc (DE) Het Luxembourg Sarl (Limbourg) A: 51% Hertz Italiana S.r.L.; 49% HHNBV B: 50% HC Limited Partnership (LP); 49.95% Hertz Canada Limited (LP); 0.05% Hertz Canada (N.S.) Company (GP) C: 98% Hertz Canada Limited (LP); 1% Hertz Canada (N.S.) Company (GP); 1% 3216173 Nova Scotia Company (GP) HA Fleet Pty Ltd. (Australia) Herte Corp. Ctr. Prop Owners' Ass'n, Inc. (Florida) Q: FCT is a French SA licensed as a portfo management company and is not owned by Hertz (part of French ABS) R: f/k/a Hertz Rental Car Holding Company, Inc. S: 99% Donlen Fleet Leasing Ltd. (LP); 1% Donlen Canada Fleet Funding Corporation Hertz Holdings Netherlands BV (Netherlands) H: 1 share held by The Hertz Funding France Trust (Hertz France SAS: 99.972973%; Hertz Funding France Trust: 0.027027%) J: 99.5% Donlen Corporation (LP); 0.5% Hertz Fleet Lease Funding Corp. (GP) Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Hertz Belgtum BV. (Belgium) Hertz Cla Minagement Srl (by) Heete System, he IDE) D: 99.999990% % HC Vehicle Partnership (LP); 0.0000048% each - Hertz Canada Limited (LP) and Hertz Canada (N.S.) Company (GP) E: 99.9% THC; 0.1% HVF GP II Herz Do Real (Brazil) || Hertz Balan S.r.l. Hertz Fleet (ITALIANA S.r.l Italy A Hertz Global Holdings, he (DE) Rental Car Intermediate Holdings, LLC (DE) The Hertz Corpombon (DE) HIRE (Bermuda) Limited Hertz Pue Rico Holdings, hc. (Puerto Rico) Puerto Ricancars, ho (Puerto Ricol Stuatanep Holland BV (Netherlands) Van Wik Beheer BV (Netherlands) Van Wik European Car Rental Serv. Hv (Netherlands) Hertz Istemational 14 (DE) mestments Ind. (DEI Het Clim Management BVBA (Belgium) Hertz Automotselen Nederland B.V. Key Smart Vehicle Rental Corporation (DF) Hertz Claim Management B.V. (Netherlands) Stuurgroep Fleet (Netherlands) BV HC Limited Partnership (Canada) HC Vehicles Partnership (DE) HCE Led Partnership (Can) Hertz Dealership One LIC (DE) CMGC Canads Acqusition ULC (Canada) Debtor Entity Hertz Canada Limited Hertz Canada Flance Co. Ltd. (Canada) Non-Debtor Affiliate Heete Funding Corp (DE) Hertz Autopacoma sro (C. Republic) Hertz Autopovacova 5.00 (Slovalda) 3216173 Nova Scota Compauty (Canada) DTG Opentions, h (Oldahoma) DTG Supply LLC (Old home) Hertz Vehicle Financing LLC (DE Hertz Velocles LLC (DE) Horte Managemsend Services Sad (Swan) HC (NS) Company (Canada) Dollar Rent A Car Inc (Oldahoma) Hertz General Interest LLC (DE) Hertz Euge Service Centre Limited (heland) Hertz Accident Support Lad (UKI) Thnly Car Sales, hc. (Oldahomal 2240919 Onton, Inc. (Canada) Strictly Confidential Subject to CA/ NDA Herte Globe Services Corporation (DE) Hertz Holdings UK Laited (UK) Hertz (U.K.) Limited Daimler He Limited (UK) Thrity, LLC (Olabama) Thrity Insurance Agency, be Tmc Asia Pacific. Inc. (UAE) (Oldahomal 2232560 Ontario, Inc (Canada) Local Eition. Corp IDE) Hetz Local Edition Transporting bc. (DE) Hertz de Espana S.L (Spa) Hertz Europe Limited (UK) Hertz Chum Hertz UK Management Receivables Ltd Limited (UK) (UK) Tenfy Rere A Car System. LLC Oklahoma) CHO TCL Funding LP (Canach) DTGC Car Rental Rental Car Group Company, LLC (DF) (Canada) Dolar Thrity Automotive Group, Inc. (DE) Hertz Vehicle Francing UK Lamned (UK) Rental Car Finance LLC (Oldahomal Dollar Therty Automotive Group Canada Inc (Canada) DTG Canads Comp (Canada) 54#56Strictly Confidential Subject to CA/NDA Unencumbered Asset Overview September 2020 Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company#57DISCLAIMERS Strictly Confidential Subject to CA/NDA THIS DOCUMENT HAS BEEN PREPARED BY HERTZ AND IS FOR INFORMATION PURPOSES ONLY. BY ACCEPTING THIS DOCUMENT, YOU HEREBY ACKNOWLEDGE THAT (A) THE INFORMATION CONTAINED HEREIN (THE "CONFIDENTIAL INFORMATION") MAY CONTAIN NON-PUBLIC INFORMATION RELATING TO THE HERTZ CORPORATION ("HERTZ"), HERTZ GLOBAL HOLDINGS, INC. ("HGH" OR "HERTZ GLOBAL"), THE ULTIMATE PARENT COMPANY OF HERTZ, AND THEIR AFFILIATES (COLLECTIVELY, THE "COMPANIES"); AND (B) THE CONFIDENTIAL INFORMATION IS PROVIDED AS OF THE DATE OF THIS PRESENTATION, AND NONE OF THE PARTIES DISCLOSING SUCH INFORMATION HAS ANY DUTY TO UPDATE SUCH CONFIDENTIAL INFORMATION AT ANY TIME. YOU ALSO AGREE THAT (A) THE CONFIDENTIAL INFORMATION IS SUBJECT TO CA/NDA; (B) YOU WILL NOT DISCLOSE, FORWARD, RELEASE OR DISTRIBUTE THE CONFIDENTIAL INFORMATION TO ANY THIRD PARTY OTHER THAN YOUR REPRESENTATIVES WHO HAVE A NEED TO KNOW SUCH CONFIDENTIAL INFORMATION, WHO HAVE BEEN INFORMED OF THE CONFIDENTIAL NATURE OF SUCH CONFIDENTIAL INFORMATION AND WHO ARE LEGALLY BOUND TO OBSERVE THE CONFIDENTIALITY PROVISIONS DESCRIBED HEREIN; (C) YOU WILL NOT RELY ON THE CONFIDENTIAL INFORMATION; (D) UNDER NO CIRCUMSTANCES WILL THIS CONFIDENTIAL INFORMATION CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO INVEST IN ANY TRANSACTION, PURCHASE ANY SECURITIES OR FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER AND (E) YOU WILL NOT ENGAGE IN ANY TRANSACTION INVOLVING ANY SECURITIES OF THE COMPANIES WHILE IN POSSESSION OF ANY NON-PUBLIC INFORMATION AS A RESULT OF YOUR RECEIPT OF THE CONFIDENTIAL INFORMATION UNLESS AND UNTIL SUCH NON-PUBLIC INFORMATION IS MADE PUBLIC. FURTHER, YOU WILL BE RESPONSIBLE AND HELD LIABLE FOR ANY BREACH OF THESE PROVISIONS, INCLUDING, WITHOUT LIMITATION, ANY BREACH BY ANY OF YOUR REPRESENTATIVES. THE INFORMATION CONTAINED HEREIN MAY BE SUPERSEDED IN ITS ENTIRETY BY FURTHER UPDATED MATERIALS AND/OR ONE OR MORE OFFERING CIRCULARS (THE "OFFERING CIRCULARS"), WHICH WILL BE PREPARED BY HERTZ. THE FUTURE PERFORMANCE OF HERTZ MAY DIFFER SIGNIFICANTLY FROM THE PAST PERFORMANCE OF HERTZ. THE COMPANIES MAKE NO REPRESENTATION AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN. THE INFORMATION PROVIDED MAY NOT REFLECT ALL INFORMATION KNOWN TO PROFESSIONALS IN EVERY BUSINESS AREA OF THE COMPANIES. CERTAIN DATA SET FORTH HEREIN HAS BEEN PROVIDED BY HERTZ BASED ON DATA OBTAINED FROM THIRD PARTIES. NEITHER HERTZ NOR ANY OF ITS AFFILIATES HAVE INDEPENDENTLY VERIFIED THE ACCURACY OF SUCH DATA. THIS INFORMATION IS NOT INTENDED TO PROVIDE AND SHOULD NOT BE RELIED UPON FOR ACCOUNTING, LEGAL OR TAX ADVICE OR INVESTMENT RECOMMENDATIONS. YOU SHOULD CONSULT YOUR OWN COUNSEL, TAX, ACCOUNTANT, REGULATORY AND OTHER ADVISORS AS TO THE LEGAL, TAX, ACCOUNTING, REGULATORY, BUSINESS, FINANCIAL AND RELATED ASPECTS OF A PURCHASE OF ANY NOTES THAT MAY BE OFFERED. INFORMATION REGARDING THE COMPANIES HAS BEEN PROVIDED BY THE COMPANIES, AND HAS NOT BEEN INDEPENDENTLY VERIFIED BY ANY OTHER PERSON OR ITS AFFILIATES. THIS INFORMATION WILL BE DEEMED TO BE SUPERSEDED BY ANY SUBSEQUENT VERSIONS. Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 1#58DISCLAIMERS (CONT'D) Hertz Global Overview Hertz Global Holdings, Inc. is the top-level holding company of The Hertz Corporation. The Companies operate their vehicle rental business globally, primarily through the Hertz, Dollar and Thrifty brands, and operates its fleet leasing and management business through its Donlen subsidiary. Hertz Global has three reportable segments as follows: U.S. RAC Rental of vehicles, as well as sales of value-added services, in the United States; International RAC - Rental and leasing of vehicles, as well as sales of value-added services, interationally; and All Other Operations - Primarily comprised of our Donlen business, which provides vehicle leasing and fleet management solutions in the United States and Canada. In addition to the above reportable segments, Hertz Global has corporate operations. Amounts shown in this presentation, unless otherwise indicated, are for The Hertz Corporation. Strictly Confidential Subject to CA/NDA Non-GAAP Measures Adjusted Corporate EBITDA, Net Non-vehicle Debt, and Net First Lien Non-vehicle Debt are not a recognized measurement under generally accepted accounting principles in the United States ("GAAP"). When evaluating the Company's operating performance, investors should not consider Adjusted Corporate EBITDA in isolation of, or as a substitute for, measures of the Company's financial performance as determined in accordance with GAAP, such as net income (loss) or income (loss) before income taxes. Management uses Adjusted Corporate EBITDA as an operating performance metric for internal monitoring and planning purposes, including the preparation of the Company's annual operating budget and monthly operating reviews, as well as to facilitate analysis of investment decisions, profitability and performance trends. Further, Adjusted Corporate EBITDA enables management and investors to isolate the effects on profitability of operating metrics most meaningful to the business of renting and leasing vehicles. It also allows management to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. Adjusted Corporate EBITDA is calculated as net income or loss attributable to Hertz as adjusted to eliminate the impact of GAAP income tax, non-vehicle depreciation and amortization, net non-vehicle debt interest, vehicle debt-related charges and losses, restructuring and restructuring related charges, goodwill, intangible and tangible asset impairments and write-downs, information technology and finance transformation costs and certain other miscellaneous items. Adjusted Corporate EBITDA is a non-GAAP measure. Net Non-vehicle Debt is calculated as non-vehicle debt as reported on our balance sheet, excluding the impact of unamortized debt issue costs, discounts and premiums associated with non-vehicle debt, less cash and cash equivalents. Non-vehicle debt consists of our Senior Term Loan, Senior RCF, Letter of Credit Facility, Existing Senior Notes, Senior Secured Second Priority Notes, Promissory Notes and certain other non-vehicle indebtedness of our domestic and foreign subsidiaries. Net First Lien Non-vehicle Debt consists of debt secured by a first priority lien in the collateral. Net Non-vehicle Debt and Net First Lien Non-Vehicle Debt is important to management and investors as it helps measure our net corporate leverage. Net Non-vehicle Debt and Net First Lien Non-vehicle Debt also assists in the evaluation of our ability to service our non-vehicle debt without reference to the expense associated with the vehicle debt, which is collateralized by assets not available to lenders under the non-vehicle debt facilities. The following information constitutes forward-looking statements. Actual results of operations may differ materially from the information contained in these forward-looking statements based on a number of factors, including, without limitation, those set forth under "Forward-Looking Statements." Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company 2#59DISCLAIMERS (CONT'D) Strictly Confidential Subject to CA/NDA Forward-Looking Statements Certain statements contained in this presentation, and in related comments by the Company's management, include "forward-looking statements." Forward-looking statements include information conceming 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. Important factors that could affect the Company's actual results and cause them to differ materially from those expressed in forward-looking statements include, among others, those that may be disclosed, revised or supplemented from time to time in subsequent reports on Forms 10-K, 10-Q and 8-K filed with or fumished to the Securities and Exchange Commission ("SEC"). Among other items, such factors could include: our ability to navigate the Chapter 11 process, including obtaining Bankruptcy Court approval for certain requirements, complying with and operating under the requirements and constraints of the Bankruptcy Code, gotiating and consun ting a Chapter 11 plan, developing, funding and exe our business plan and cont ing as a going concem; our ability to maintain listing of our common stock on the New York Stock Exchange; the value of our common stock due to the Chapter 11 process; levels of travel demand, particularly with respect to business and leisure travel in the United States and in global markets; the length and severity of the COVID-19 pandemic and the impact on our vehicle rental business as a result of travel restrictions and business closures or disruptions; the impact of the COVID-19 pandemic and actions taken in response to the pandemic on global and regional economies and economic factors; general economic uncertainty and the pace of economic recovery, including in key global markets, when the COVID-19 pandemic subsides; our ability to successfully restructure our substantial indebtedness or raise additional capital; our post- bankruptcy capital structure; our ability to maintain an effective employee retention and talent management strategy and resulting changes in personnel and employee relations; the recoverability of our goodwill and indefinite-lived intangible assets when performing impairment analysis; our ability to dispose of vehicles in the used-vehicle market, use the proceeds of such sales to acquire new vehicles and to reduce exposure to residual risk; actions creditors may take with respect to the vehicles used in the rental car operations; significant changes in the competitive environment 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 accurately estimate future levels of rental activity and adjust the number and mix of vehicles used in our rental operations accordingly; increased vehicle costs due to declining value of our non-program vehicles; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue eaming vehicles and to refinance our existing indebtedness; risks related to our indebtedness, including our substantial amount of debt, our ability to incur substantially more debt, the fact that substantially all of our consolidated assets secure certain of our outstanding indebtedness and increases in interest rates or in our bonowing margins; our ability to meet the financial and other covenants contained in our senior credit facilities and letter of credit facilities, our outstanding unsecured senior notes, our outstanding senior second priority secured notes and certain asset-backed and asset-based arrangements; our ability to access financial markets, including the financing of our vehicle fleet through the issuance of asset-backed securities; fluctuations in interest rates, foreign currency exchange rates and commodity prices; our ability to sustain operations during adverse economic cycles and unfavorable extemal events (including war, terrorist acts, natural disasters and epidemic disease); our ability to prevent the misuse or theft of information we possess, including as a result of cyber security breaches and other security threats; our ability to adequately respond to changes in technology, customer demands and market competition; our ability to purchase adequate supplies of competitively priced vehicles and risks relating to increases in the cost of the vehicles we purchase; our recognition of previously defened tax gains on the disposition of revenue eaming vehicles; financial instability of the manufacturers of our vehicles, which could impact their ability to fulfill obligations under repurchase or guaranteed depreciation programs; an increase in our vehicle costs or disruption to our rental activity, particularly during our peak periods, due to safety recalls by the manufacturers of our vehicles; our ability to execute a business continuity plan; our access to third-party distribution channels and related prices, commission structures and transaction volumes; our ability to retain customer loyalty and market share; risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anticomuption or antibribery laws, our ability to repatriate cash from non-U.S. affiliates without adverse tax consequences, our exposure to fluctuations in foreign currency exchange rates and our ability to effectively manage our interational operations after the United Kingdom's withdrawal from the European Union; a major disruption in our communication or centralized information networks; a failure to maintain, upgrade and consolidate our information technology systems; costs and risks associated with litigation and investigations or any failure or inability to comply with laws and regulations or any changes in the legal and regulatory environment, including laws and regulations relating to environmental matters and consumer privacy and data security; our ability to maintain our network of leases and vehicle rental concessions at airports in the U.S. and intemationally; our ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy; changes in the existing, or the adoption of new laws, regulations, policies or other activities of govemments, agencies and similar organizations, where such actions may affect our operations, the cost thereof or applicable tax rates; risks relating to our deferred tax assets, including the risk of an "ownership change" under the Internal Revenue Code of 1986, as amended; our exposure to uninsured claims in excess of historical levels; risks relating to our participation in multiemployer pension plans; shortages of fuel and increases or volatility in fuel costs; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, and which could have an effect on operating results. Additional information conceming these and other factors can be found in the Company's filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Cument 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 hereof, and except as required by law, 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. Hertz dollar. T DONLEN CAR RENTAL CAR RENTAL A Hertz Company 3#60ILLUSTRATIVE OVERVIEW OF POTENTIAL UNENCUMBERED ASSET CATEGORIES ▪ The 1L/2L creditors have reserved rights with respect to the scope of their collateral and may contend (or have contended) that the below categories are their collateral Unencumbered Cash Sidecar Facility Collateral Foreign Equity Interests Domestic Equity Interests Domestic Real Property Commercial Tort Claims Miscellaneous ■ ■ ■ ■ ■ ■ ■ · Cash in deposit accounts and money market funds Cash proceeds from postpetition rentals Both amounts of cash proceeds and accounts receivable are subject to legal dispute with 11/2L lenders. With respect to the amounts held in money market funds, the Company contends that, to the extent such cash is subject to the 1L/2L lenders' lien, such lien is avoidable Repayment of Sidecar Facility resulted in approximately $22 million of unencumbered residual value (cash in previously segregated Sidecar account and now-unencumbered Sidecar vehicles) Sidecar Facility repaid in full on August 12 In light of recent changes to U.S. tax laws, the unpledged 35% of foreign equity that is encumbered and 100% of foreign equity that is unencumbered could be pledged (subject to ongoing tax diligence) Examples of unencumbered foreign subsidiaries, the equity of which may be pledged subject to local law analysis and other considerations, are: - - Hertz Holdings Netherlands B.V. Hertz Canadian entities (i.e. HC Vehicles Partnership and DTGC Car Rental, LP) HIRE Bermuda Strictly Confidential Subject to CA/NDA Equity in HVF Vehicle Financing II and Hertz Fleet Lease Funding, respectively, could potentially be pledged Equity in new fleet financing facility Properties with fair market value of less than $6 million individually are unencumbered (estimated $80 million of value in the aggregate) ▪ Various litigation claims asserted or assertable by the Company ▪ Inventory · Leasehold improvements Leased property which could be cumbersome to pledge (subject to required lessor consents) Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Note: 11/2L lenders have reserved rights with respect to the extent of their liens on prepetition collateral, and have silent, junior adequate protection liens on all assets to the extent of any diminution in value of their collateral, if any 4#61ILLUSTRATIVE OVERVIEW OF POTENTIAL ENCUMBERED ASSET CATEGORIES ▪ The Debtors, the Official Committee of Unsecured Creditors, and the Ad Hoc Noteholder Group have reserved rights with respect to collateral and may contend (or have contended) that the following categories of collateral are unencumbered Encumbered Cash Intellectual Property Vehicle Rental Concession Rights Investment Property Equity Pledges Real Property Miscellaneous ▪ Cash proceeds from prepetition rentals and Donlen fleet management fees Cash proceeds are subject to legal dispute with by Company, Unsecured Creditors Committee and Unsecured Notes ■ ■ ■ ■ ■ ■ - · Certain trademarks, copyrights, and patents owned by the obligors Airport leases and other concession rights Includes certain securities owned by the Debtors Amounts held in money market account are subject to legal dispute Strictly Confidential Subject to CA/NDA Equity in subsidiaries that are pledged under the various collateral agreements may be further encumbered by a junior lien Domestic real property Foreign real property ■ Fixtures All contracts general intangibles related to the forgoing pre-petition vehicle rentals, and fleet management services Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company LO 5#62UNENCUMBERED ASSET OVERVIEW Risk FMV Marks Program Contract Value Program A/R Cash in HVF II Total Asset Value ▪ As of September 2020 the fair market value based on NADA and Black Book of the risk fleet represented -115% of ABS NBV Fair Market Value Basis ($M) Outstanding Debt ABS Note Principal Balance (Excl. Class RR) (+) Class Risk Retention Notes Total ABS Debt Outstanding Implied Equity Value (Over Collateralization) ■ Equity Interest in HVF II 9/8/2020 $6,929 784 40 401 $8,154 Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company $6,771 547 $7,318 $835 Strictly Confidential Subject to CA/NDA Implied Equity - HVF/HVF II Structure Implied Equity Value - HVF Fleet Asset Value (-) Series 2013-G1 Loan Balance Implied HVF Fleet Equity Implied Equity Value - HVF II Series 2013-G1 Loan Balance (-) HVF II ABS Debt, Net Implied HVF II Fleet Equity Implied Equity Value (Over Collateralization) 9/8/2020 $7,753 (7,226) $527 ($ in mm) $7,226 (6,918) $308 Equity Interest in New ABS Financing Facility [$500] million [$1.0] billion based on value, financing structure and number of vehicles purchased in the new ABS structure $835 Note: 11/2L lenders have reserved rights with respect to the extent of their liens on prepetition collateral, and have silent, junior adequate protection liens on all assets to the extent of any diminution in value of their collateral, if any 6#63UNENCUMBERED ASSET OVERVIEW (CONT'D) Post-Petition Receivables ▪ Total estimated post-petition debtor receivables at July 31, 2020 of -$366 million ▪ Includes post-petition receivables aged less than 60 days Expectation for post-petition receivables to continue to increase as the Chapter 11 case progresses - Historical A/R balances of -$410 million ■ Estimate for post-petition receivables ($ in mm) Total THC Debtor Entities AR Total Other Debtor Entities AR Donlen US Donlen CA Total Est. Post-Petition Debtor AR 0-60 days $216 65 85 1 $366 ■ Domestic Real Property (FMV <$6mm) ▪ There are 40+properties with a FMV below $6mm Properties represent various locations across the United States ▪ Total NBV of properties as of July 31, 2020 of $90 million Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/NDA Note: 11/2L lenders have reserved rights with respect to the extent of their liens on prepetition collateral, and have silent, junior adequate protection liens on all assets to the extent of any diminution in value of their collateral, if any 7#64UNENCUMBERED ASSET OVERVIEW (CONT'D) Debtor Name Dollar Thrifty Automotive Group Canada Inc. DTG Operations, Inc. DTG Operations, Inc. DTG Operations, Inc. Hertz Canada Limited Hertz Canada Limited The Hertz Corporation The Hertz Corporation The Hertz Corporation The Hertz Corporation Total Summary of Inventory Assets General Description of Property (Raw Materials, Work in Progress, Finished Goods, Other Inventory or Supplies) Fuel Inventory Parts and Supplies Inventory Tire Inventory Fuel Inventory Parts and Supplies Inventory Fuel Inventory Parts and Supplies Inventory Tire Inventory Other Inventory Fuel Inventory Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/ NDA Net Book Value of Debtor's Interest (July 31, 2020) $0.2 0.0 0.0 2.4 0.0 0.4 1.6 0.3 0.1 11.0 $16.1 Note: 11/2L lenders have reserved rights with respect to the extent of their liens on prepetition collateral, and have silent, junior adequate protection liens on all assets to the extent of any diminution in value of their collateral, if any ($ in millions) 8#65UNENCUMBERED ASSET OVERVIEW (CONT'D) Entity DTG Operations, Inc. DTG Purchase Accounting Dollar Thrifty Automotive Group Canada Inc. Firefly Rent A Car LLC Hertz Canada Limited The Hertz Corporation Total Summary of Leasehold Improvements General Description Leasehold Improvement Leasehold Improvement Leasehold Improvement Leasehold Improvement Leasehold Improvement Leasehold Improvement Hertz dollar. Thrifty DONLEN CAR RENTAL CAR RENTAL A Hertz Company Strictly Confidential Subject to CA/ NDA Net Book Value Jul-20 $25.9 0.1 0.2 0.1 2.9 148.5 $177.7 Note: 11/2L lenders have reserved rights with respect to the extent of their liens on prepetition collateral, and have silent, junior adequate protection liens on all assets to the extent of any diminution in value of their collateral, if any ($ in millions)