Hertz Investor Presentation Deck

DIP 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

View entire presentation