Hertz Investor Presentation Deck

INTRODUCTION 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

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