Hertz Announces Earnings Guidance for Second Quarter and Full Year 2009

--  Company forecasts positive Q2/FY 2009 Corporate EBITDA, adjusted pre-
    tax income and adjusted diluted earnings per share

--  Demand stabilizes in U.S. and Europe car rental with improving advance
    summer reservation outlook

--  Equipment rental business expected to exceed $100 million Corporate
    EBITDA and 40% margin in Q2; 40%+ margin expected to be maintained
    throughout 2009

--  Incremental, annualized 2009 cost savings estimate increased $70
    million, to $570 million
    

Hertz Global Holdings, Inc. (NYSE: HTZ) (with its subsidiaries, the "Company" or "we") today announced guidance for second quarter and full-year 2009 revenues, Corporate EBITDA(1), adjusted pre-tax income(2) and adjusted diluted earnings per share(3)(4).

For the second quarter 2009, the Company forecasts worldwide revenues in the range of $1.70 to $1.75 billion, Corporate EBITDA in the range of $260 million to $270 million, adjusted pre-tax income in the range of $65 to $70 million and adjusted diluted earnings per share in the range of $0.09 to $0.10. For the full-year 2009, the Company forecasts worldwide revenues in the range of $6.7 to $7.0 billion, Corporate EBITDA in the range of $900 million to $935 million, adjusted pre-tax income in the range of $100 to $120 million and adjusted diluted earnings per share in the range of $0.12 to $0.15.

Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, "We are able to resume earnings guidance for the current quarter and full year for several reasons. Our car rental demand in the U.S. and Europe has stabilized and we are experiencing better-than-anticipated summer peak reservation build in both markets. We are adding fleet as a result. Additionally, we anticipate no significant long-term financial impact from the GM and Chrysler bankruptcies, and we are increasing our estimate of incremental, annualized cost savings in 2009 by $70 million, to $570 million. These positive developments are offset partially by further, modest weakening in equipment rental demand and pricing, although we believe HERC will continue to generate strong Corporate EBITDA throughout the year."

The Company cited the following data as leading indicators of improving performance, compared with the fourth quarter of 2008 and the first quarter of 2009:

--  We forecast U.S. car rental transaction days will improve year-over-
    year to (11.4%) in the second quarter, compared with (13.4%) in the first
    quarter.   The Company forecasts a single-digit transaction day decrease in
    Q3.  Similar trends are expected in Europe.

--  Our car rental reservation build in the U.S. has improved for 9
    consecutive weeks and for 7 consecutive weeks in our European car rental
    market.   At this time, our reservation build in Europe is positive, year-
    over-year, for July and August.

--  Our average car rental fleets for Q2 are forecasted to be 14.6% lower
    year-over-year in the U.S. and 17.3% lower in Europe.   We believe that our
    car rental fleet levels are aligned with demand due to fleet efficiency
    improvements.

--  Our U.S. fleet utilization is forecasted to improve, year-over-year,
    320 bps to 73% in Q2 and European fleet utilization is forecasted to
    improve 330 bps to 72%.   The Company forecasts additional, significant
    utilization improvements in Q3 and for full year 2009, compared with the
    same periods last year.

--  Our worldwide equipment rental business is expected to generate Q2
    Corporate EBITDA exceeding $100 million.   The Company continues to expect
    the Corporate EBITDA margin of the equipment rental business will exceed
    40% for Q2 and full year 2009.
    

The Company will update annual guidance on a quarterly basis consistent with past practice. Additional details regarding Hertz's revenue, Corporate EBITDA, adjusted pre-tax income and adjusted diluted earnings per share guidance will be provided during the Company's investor presentation webcast scheduled for 1:30 PM (EDT) this afternoon, June 25, 2009, which can be accessed from the Investor Relations section of our website, www.hertz.com/investorrelations, and on the Company's second quarter 2009 earnings conference call currently scheduled for July 29, 2009.

ABOUT HERTZ

The Hertz Corporation ("Hertz"), a subsidiary of the Company, operates the world's largest general use car rental brand, from approximately 8,000 locations in 145 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 42 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Australia and New Zealand. In addition, Hertz has licensee locations in cities and airports in Africa, Asia, and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS Satellite Radio®, and unique cars and SUVs offered through Hertz's Prestige, Fun and Green Collections, set Hertz apart from the competition. In 2008, Hertz launched Connect by Hertz, entering the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 330 branches in the United States, Canada, China, France and Spain.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. Forward-looking statements include information concerning the Company's forecasts, outlook, anticipated revenues, results of operations and implementation of productivity and efficiency initiatives, including targeted job reductions, and the anticipated savings and restructuring charges expected to be realized or incurred in connection therewith. These statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "should," "forecast" 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 that the Company believes are appropriate in these circumstances. As you read this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions. Many factors could affect the Company's actual results and its ability to implement its cost savings and efficiency initiatives successfully, and could cause the Company's actual results to differ materially from those expressed in the forward-looking statements. Some important factors include: the Company's operations; economic performance; financial condition; management forecasts; efficiencies, cost savings and opportunities to increase productivity and profitability; income and margins; liquidity and availability of additional or continued fleet financing including as a result of the financial instability of the entities providing credit support; the financial instability of the manufacturers of our vehicles: anticipated growth; economies of scale; the economy; future economic performance; the Company's ability to maintain profitability during adverse economic cycles, potential tangible and intangible asset impairment charges and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); future acquisitions and dispositions; litigation; potential and contingent liabilities; management's plans; taxes; and refinancing of existing debt. In light of these risks, uncertainties and assumptions, the forward-looking statements contained in this press release might not prove to be accurate and you should not place undue reliance upon them. All forward-looking statements attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and 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.

The Company cautions you therefore that you should not rely unduly on these forward-looking statements. You should understand the risks and uncertainties discussed in "Risk Factors" and elsewhere in the Company's 2008 Annual Report on Form 10-K for the fiscal year ended December 31, 2008, as filed with the United States Securities and Exchange Commission, or the "SEC," on March 3, 2009, could affect the Company's future results and the outcome of its implementation of its cost savings and efficiency initiatives, and could cause those results or other outcomes to differ materially from those expressed or implied in the Company's forward-looking statements.

(1) Corporate EBITDA is calculated as consolidated net income before net interest expense (other than interest expense relating to certain car rental fleet financing), consolidated income taxes, consolidated depreciation (other than depreciation related to the car rental fleet) and amortization and before certain non-cash expenses and charges and extraordinary, unusual or non-recurring gains or losses.

(2) Adjusted pre-tax income is calculated as income before income taxes and noncontrolling interest plus non-cash purchase accounting charges, non-cash debt charges relating to the amortization of debt financing costs and debt discounts and certain one-time charges and non-operational items.

(3) Adjusted diluted earnings per share is calculated as adjusted net income (which is equal to adjusted pre-tax income less a provision for income taxes derived utilizing a normalized income tax rate of 34% in 2009) divided by the number of diluted shares expected to be outstanding for the year ended December 31, 2009 (407.7 million in 2009).

(4) Management believes that Corporate EBITDA, adjusted pre-tax income and adjusted diluted earnings per share are useful in measuring the comparable results of the Company period-over-period. The GAAP measures most directly comparable to Corporate EBITDA, adjusted pre-tax income and adjusted diluted earnings per share are cash flows from operating activities, pre-tax income and diluted earnings per share. Because of the forward-looking nature of the Company's forecasted Corporate EBITDA, adjusted pre-tax income and adjusted diluted earnings per share, specific quantifications of the amounts that would be required to reconcile forecasted cash flows from operating activities, pre-tax income and diluted earnings per share to forecasted Corporate EBITDA, adjusted pre-tax income and adjusted diluted earnings per share are not available. The Company believes that there is a degree of volatility with respect to certain of the Company's GAAP measures, primarily related to fair value accounting for its financial assets (which includes the Company's derivative financial instruments), its income tax reporting and certain adjustments made in order to arrive at the relevant non-GAAP measures, which preclude the Company from providing accurate forecasted GAAP to non-GAAP reconciliations. Based on the above, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP Corporate EBITDA, adjusted pre-tax income and adjusted diluted earnings per share to forecasted pre-tax income and earnings per share would imply a degree of precision that could be confusing or misleading to investors for the reasons identified above.