Hertz Investor Presentation Deck

TRAVEL 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

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