Hertz Investor Presentation Deck

DIP 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

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