Hertz 8K Completes Financial Restatement; Provides 2015 Business Outlook | HRZ 17 Jul 15

Exhibit 99.2

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended March 31,									Three Months Ended March 31,
(In millions, except per share data)	2015			2014			2013 As Restated			2013 As Revised			2013 As Reported

Total revenues	$	2,454		$	2,536		$	2,437		$	2,437		$	2,436
Expenses:
Direct operating	1,408			1,443			1,364			1,358			1,351
Depreciation of revenue earning equipment and lease charges	707			726			589			580			587
Selling, general and administrative	266			276			250			248			252
Interest expense, net	154			156			175			175			175
Other income, net	5			(3		)	—			2			(1		)
Total expenses	2,540			2,598			2,378			2,363			2,364
Income (loss) before income taxes	(86		)	(62		)	59			74			72
(Provision) benefit for taxes on income (loss)	16			(7		)	(53		)	(58		)	(54		)
Net income (loss)	$	(70	)	$	(69	)	$	6		$	16		$	18
Weighted average number of shares outstanding:
Basic	459			447			416			416			416
Diluted	459			447			461			461			461
Earnings per share:
Basic	$	(0.15	)	$	(0.15	)	$	0.01		$	0.04		$	0.04
Diluted	$	(0.15	)	$	(0.15	)	$	0.02		$	0.04		$	0.04

Interest expense — Fleet	$	57		$	62		$	74		NR			$	74
Interest expense, net — Corporate	97			94			101			NR			101
Corporate EBITDA (a)	226			255			359			NR			367
Adjusted pre-tax Income (loss) (a)	3			24			136			NR			145

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule II.

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

	As of March 31,				As of December 31, 2013
(In millions)	2015		2014		As Revised
Cash and cash equivalents	$	585	$	498	$	411
Restricted cash	411		453		861
Revenue earning equipment:
U.S. Car Rental	8,814		8,662		8,629
International Car Rental	2,021		2,245		2,047
Worldwide Equipment Rental	2,473		2,440		2,416
All Other Operations	1,285		1,157		1,099
Total revenue earning equipment, net	14,593		14,504		14,191
Total assets	24,602		24,470		24,423
Total debt	16,351		16,125		16,309
Net Fleet debt (a)	9,548		9,148		9,034
Net Corporate debt (a) (b)	5,807		6,026		6,003
Total equity	2,349		2,491		2,567

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule V.

(b) Fleet related to Hertz Equipment Rental Corporation is funded via Net Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Three Months Ended March 31,									Three Months Ended March 31,			Three Months Ended March 31,
(In millions)	2015			2014			2013 As Restated			2013 As Revised			2013 As Reported

Cash provided by (used in):
Operating activities	$	782		$	760		$	746		$	747		$	743
Investing activities	(1,166		)	(372		)	(946		)	(950		)	(932		)
Financing activities	499			(301		)	317			318			318
Effect of exchange rate changes	(20		)	—			(8		)	(8		)	(8		)
Net change in cash and cash equivalents	$	95		$	87		$	109		$	107		$	121

Fleet growth (a)	$	171		$	—		$	(196	)	NR			$	(194	)
Free cash flow (a)	$	189		$	3		$	(76	)	$	(73	)	$	(79	)

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules III and IV.

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended March 31,									Three Months Ended March 31,
	2015			2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	32,036			32,360			30,064			30,064
Total RPD (a)	$	47.07		$	47.90		$	48.63		$	49.35
Average fleet	489,300			491,500			454,000			457,700
Fleet efficiency(a)	73		%	75		%	77		%	NR
Net depreciation per unit per month(a)	$	287		$	288		$	209		NR
Program cars as a percentage of total average fleet at period end	24		%	15		%	4		%	NR
Adjusted pre-tax income (loss) (in millions) (a)	$	71		$	119		$	232		NR
International Car Rental
Transaction days (in thousands)	9,775			9,395			9,006			9,006
Total RPD (a)(b)	$	46.96		$	51.41		$	51.63		$	52.76
Average Fleet	144,000			141,400			137,500			137,500
Fleet efficiency(a)	75		%	74		%	73		%	NR
Net depreciation per unit per month(a)	$	231		$	266		$	301		NR
Program cars as a percentage of total average fleet at period end	38		%	34		%	28		%	NR
Adjusted pre-tax income (loss) (in millions) (a)	$	8		$	(39	)	$	(47	)	NR
Worldwide Equipment Rental
Dollar utilization(a)	34		%	34		%	35		%	NR
Time utilization(a)	61		%	61		%	61		%	NR
Rental and rental related revenue (in millions) (a)(b)	$	336		$	334		$	320		$	322
Same store revenue growth, including growth initiatives (b)	1		%	5		%	13		%	13		%
Adjusted pre-tax income (loss) (in millions) (a)	$	33		$	51		$	45		$	46
All Other Operations
Average fleet — Donlen	168,600			176,800			165,600			165,600
Adjusted pre-tax income (loss) (in millions) (a)	$	16		$	16		$	13		NR

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedules II and V.

(b) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

The following Supplemental Schedules and definitions are provided to present segment results and reconciliations of non-GAAP measures to their most comparable GAAP measure. Following the Supplemental Schedules we provide definitions for terminology used throughout this press release.

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended March 31, 2015															Three Months Ended March 31, 2014
(In millions)	U.S. Car Rental		Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH
Total revenues:	$	1,520	$	436	$	355		$	143	$	—		$	2,454		$	1,557		$	482		$	358		$	139	$	—		$	2,536
Expenses:
Direct operating	926		267		208			6		1			1,408			907			329			200			7		—			1,443
Depreciation of revenue earning equipment and lease charges	421		95		76			115		—			707			424			113			78			111		—			726
Selling, general and administrative	98		57		46			8		57			266			101			65			32			6		72			276
Interest expense, net	40		15		15			2		82			154			38			20			13			4		81			156
Other (income) expense, net	—		—		(1		)	—		6			5			(7		)	—			(1		)	—		5			(3		)
Total expenses	1,485		434		344			131		146			2,540			1,463			527			322			128		158			2,598
Income (loss) before income taxes	$	35	$	2	$	11		$	12	$	(146	)	$	(86	)	$	94		$	(45	)	$	36		$	11	$	(158	)	$	(62	)
Provision for taxes on income													16																	(7		)
Net income (loss)													$	(70	)															$	(69	)

	Three Months Ended March 31, 2013 As Restated																Three Months Ended March 31, 2013 As Revised			Three Months Ended March 31, 2013 As Reported
(In millions)	U.S. Car Rental		Int’l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			Consolidated HGH			Consolidated HGH
Total revenues:	$	1,484	$	471		$	353		$	129	$	—		$	2,437		$	2,437		$	2,436
Expenses:
Direct operating	847		313			203			6		(5		)	1,364			1,358			1,351
Depreciation of revenue earning equipment and lease charges	285		125			74			105		—			589			580			587
Selling, general and administrative	101		65			33			7		44			250			248			252
Interest expense, net	46		26			13			2		88			175			175			175
Other (income) expense, net	1		—			(1		)	—		—			—			2			(1		)
Total expenses	1,280		529			322			120		127			2,378			2,363			2,364
Income (loss) before income taxes	$	204	$	(58	)	$	31		$	9	$	(127	)	$	59		$	74		$	72
Provision for taxes on income														(53		)	(58		)	(54		)
Net income (loss)														$	6		$	16		$	18

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO EBITDA, CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME BY SEGMENT

Unaudited

	Three Months Ended March 31, 2015																		Three Months Ended March 31, 2014
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH
Income (loss) before income taxes	$	35		$	2		$	11		$	12		$	(146	)	$	(86	)	$	94		$	(45	)	$	36		$	11		$	(158	)	$	(62	)
Depreciation and amortization	472			105			95			117			4			793			479			123			96			113			5			816
Interest, net of interest income	40			15			15			2			82			154			38			20			13			4			81			156
EBITDA	$	547		$	122		$	121		$	131		$	(60	)	$	861		$	611		$	98		$	145		$	128		$	(72	)	$	910
Car rental fleet depreciation	(421		)	(95		)	—			(115		)	—			(631		)	(424		)	(113		)	—			(111		)	1			(647		)
Car rental fleet interest	(43		)	(15		)	—			(3		)	—			(61		)	(39		)	(20		)	—			(4		)	—			(63		)
Car rental fleet debt - related charges	8			2			—			1			—			11			1			3			—			2			—			6
Non-cash stock-based employee compensation charges	—			—			—			—			4			4			—			—			—			—			8			8
Restructuring and restructuring related charges	2			2			2			—			14			20			11			5			3			—			20			39
Acquisition related costs and charges	—			—			—			—			—			—			—			—			—			—			7			7
Integration expenses	(1		)	—			—			—			1			—			(2		)	—			—			—			2			—
Equipment Rental spin-off costs	—			—			9			—			—			9			—			—			—			—			—			—
Relocation costs	(2		)	—			—			—			2			—			(2		)	—			—			—			2			—
Premiums paid on debt	—			—			—			—			—			—			—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			—			—			—			—			—			—			—			—
Impairment charges and asset write-downs	9			—			—			—			—			9			—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items	1			—			—			—			3			4			(1		)	(5		)	1			—			—			(5		)
Corporate EBITDA	$	100		$	16		$	132		$	14		$	(36	)	$	226		$	155		$	(32	)	$	149		$	15		$	(32	)	$	255
Non-fleet depreciation and amortization	(51		)	(10		)	(95		)	(2		)	(4		)	(162		)	(55		)	(10		)	(96		)	(2		)	(6		)	(169		)
Non-fleet interest, net of interest income	3			—			(15		)	1			(82		)	(93		)	1			—			(13		)	—			(81		)	(93		)
Non-fleet debt - related charges	—			—			1			—			4			5			—			—			2			—			4			6
Non-cash stock-based employee compensation charges	—			—			—			—			(4		)	(4		)	—			—			—			—			(8		)	(8		)
Acquisition accounting	19			2			10			3			(3		)	31			18			3			10			3			(1		)	33
Adjusted Pre-Tax Income (Loss)	$	71		$	8		$	33		$	16		$	(125	)	$	3		$	119		$	(39	)	$	52		$	16		$	(124	)	$	24

	Three Months Ended March 31, 2013 As Restated																		Three Months Ended March 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	204		$	(58	)	$	31		$	9		$	(127	)	$	59		$	72
Depreciation and amortization	338			133			93			107			2			673			669
Interest, net of interest income	46			26			13			2			88			175			175
EBITDA	$	588		$	101		$	137		$	118		$	(37	)	$	907		$	916
Car rental fleet depreciation	(285		)	(125		)	—			(105		)	—			(515		)	(513		)
Car rental fleet interest	(44		)	(24		)	—			(2		)	(1		)	(71		)	(71		)
Car rental fleet debt - related charges	2			3			—			—			—			5			5
Non-cash stock-based employee compensation charges	—			—			—			—			8			8			8
Restructuring and restructuring related charges	1			5			—			—			1			7			8
Acquisition related costs and charges	—			—			—			—			3			3			3
Integration expenses	5			—			—			—			6			11			11
Equipment Rental spin-off costs	—			—			—			—			—			—			—
Relocation costs	—			—			—			—			—			—			—
Premiums paid on debt	—			—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			—			—			—
Impairment charges and asset write-downs	—			—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items	2			1			3			—			(2		)	4			—
Corporate EBITDA	$	269		$	(39	)	$	140		$	11		$	(22	)	$	359		$	367
Non-fleet depreciation and amortization	(53		)	(8		)	(93		)	(2		)	(2		)	(158		)	(156		)
Non-fleet interest, net of interest income	(2		)	(2		)	(13		)	—			(87		)	(104		)	(104		)
Non-fleet debt - related charges	—			—			1			—			11			12			12
Non-cash stock-based employee compensation charges	—			—			—			—			(8		)	(8		)	(8		)
Acquisition accounting	18			2			10			4			1			35			34
Adjusted Pre-Tax Income (Loss)	$	232		$	(47	)	$	45		$	13		$	(107	)	$	136		$	145

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

FREE CASH FLOW

Unaudited

	Three Months Ended									Three Months Ended
	March 31,									March 31,
(In millions)	2015			2014			2013 As Restated			2013 As Revised			2013 As Reported
Income before income taxes	$	(86	)	$	(62	)	$	59		$	74		$	72
Depreciation and amortization, non-fleet assets	86			90			84			81			51
Amortization of debt discount and related charges	16			11			17			17			48
Cash paid for income taxes	(4		)	(14		)	(6		)	(6		)	(6		)
Changes in assets and liabilities, net of effects of acquisitions, and other	81			28			20			16			6
Net cash provided by operating activities excluding depreciation of revenue earning equipment	93			53			174			182			172
U.S. car rental fleet growth (a)	(12		)	(71		)	(318		)	NR			NR
International car rental fleet growth (a)	203			88			168			NR			NR
Equipment rental fleet growth (a)	18			(10		)	(41		)	NR			NR
All other operations rental fleet growth (a)	(38		)	(7		)	(5		)	NR			NR
Property and equipment expenditures, net of disposals	(75		)	(50		)	(54		)	(57		)	(57		)
Net investment activity	96			(50		)	(250		)	(255		)	(251		)
Free cash flow	$	189		$	3		$	(76	)	$	(73	)	$	(79	)

(a) Historically, fleet growth has not been reported on a segment basis.

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

FLEET GROWTH

Unaudited

	Three Months Ended March 31, 2015															Three Months Ended March 31, 2014															Three Months Ended March 31, 2013 As Restated															Three Months Ended March 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH

Revenue earning equipment expenditures	$	(2,444	)	$	(515	)	$	(121	)	$	(358	)	$	(3,438	)	$	(1,589	)	$	(509	)	$	(109	)	$	(375	)	$	(2,582	)	$	(2,385	)	$	(485	)	$	(154	)	$	(230	)	$	(3,254	)	$	(3,253	)
Proceeds from disposal of revenue earning equipment	1,368			658			62			201			2,289			1,018			610			21			211			1,860			1,447			625			39			125			2,236			2,238
Net revenue earning equipment capital expenditures	(1,076		)	143			(59		)	(157		)	(1,149		)	(571		)	101			(88		)	(164		)	(722		)	(938		)	140			(115		)	(105		)	(1,018		)	(1,015		)
Depreciation of revenue earning equipment	421			77			77			113			688			422			95			78			111			706			285			109			74			104			572			572
Financing activity related to car rental fleet:
Borrowings	2,516			245			—			83			2,844			310			270			—			400			980			1,543			245			—			—			1,788			NR
Payments	(2,007		)	(278		)	—			(67		)	(2,352		)	(631		)	(354		)	—			(350		)	(1,335		)	(1,366		)	(292		)	—			(1		)	(1,659		)	NR
Restricted cash changes	134			16			—			(10		)	140			399			(24		)	—			(4		)	371			158			(34		)	—			(3		)	121			NR
Net financing activity related to car rental fleet	643			(17		)	—			6			632			78			(108		)	—			46			16			335			(81		)	—			(4		)	250			250
Fleet growth	$	(12	)	$	203		$	18		$	(38	)	$	171		$	(71	)	$	88		$	(10	)	$	(7	)	$	—		$	(318	)	$	168		$	(41	)	$	(5	)	$	(196	)	$	(194	)

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

													As of December 31, 2013						As of December 31, 2013
	As of March 31, 2015						As of March 31, 2014						As Restated						As Reported
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total

Debt	$	9,917	$	6,434	$	16,351	$	9,548	$	6,577	$	16,125	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		585		585		—		498		498		—		411		411		—		423		423
Restricted cash	369		42		411		400		53		453		772		89		861		772		88		860
Net debt	$	9,548	$	5,807	$	15,355	$	9,148	$	6,026	$	15,174	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended March 31,
(In millions)	2015			2014			2013 As Restated			2013 As Reported
Equipment rental segment revenues	$	355		$	358		$	353		$	351
Equipment sales and other revenue	(23		)	(26		)	(30		)	(30		)
Rental and rental related revenue at actual rates	332			332			323			321
Foreign currency adjustment (a)	4			2			(3		)	1
Rental and rental related revenue	$	336		$	334		$	320		$	322

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Three Months Ended March 31,
(In millions, except as noted)	2015			2014			2013 As Restated

Revenues	$	1,520		$	1,557		$	1,484
Advantage sublease revenue	—			—			(20		)
Ancillary retail car sales revenue	(12		)	(7		)	(2		)
Total rental revenue	$	1,508		$	1,550		$	1,462
Transaction days (in thousands)	32,036			32,360			30,064
Total RPD (in whole dollars)	$	47.07		$	47.90		$	48.63

Transaction days (in thousands)	32,036			32,360			30,064
Average Fleet	489,300			491,500			454,000
Advantage sublease vehicles	—			(11,000		)	(21,100		)
Hertz 24/7 vehicles	—			(1,000		)	(1,000		)
Average Fleet used to calculate fleet efficiency	489,300			479,500			431,900
Number of days in period	90			90			90
Average fleet multiplied by number of dates in period (in thousands)		44,037			43,155			38,871
Fleet efficiency	73		%	75		%	77		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	421		$	424		$	285
Average fleet	489,300			491,500			454,000
Depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	860		$	863		$	628
Number of months in period	3			3			3
Net depreciation per unit per month	$	287		$	288		$	209

International Car Rental

	Three Months Ended March 31,
(in millions, except as noted)	2015			2014			2013 As Restated
Revenues	$	436		$	482		$	471
Foreign currency adjustment (a)	23			(45		)	(6		)
Total rental revenue	$	459		$	437		$	465
Transaction days (in thousands)	9,775			9,395			9,006
Total RPD (in whole dollars)	$	46.96		$	46.51		$	51.63

Transaction days (in thousands)	9,775			9,395			9,006
Average Fleet	144,000			141,400			137,500
Number of days in period	90			90			90
Average fleet multiplied by number of days in period	12,960			12,726			12,375
Fleet efficiency	75		%	74		%	73		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	95		$	113		$	125
Foreign currency adjustment (in millions) (a)	5			—			(1		)
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	100		$	113		$	124
Average fleet	144,000			141,400			137,500
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	694		$	721		$	902
Number of months in period	3			3			3
Net depreciation per unit per month	$	231		$	240		$	301

All Car Rental

	Three Months Ended March 31,
(In millions, except as noted)	2013 As Reported

Revenues	$	2,085
Non-rental revenue	(128		)
Foreign currency adjustment	2
Total rental revenue	$	1,959
Transaction days (in thousands)	39,070
Total RPD (in whole dollars)	$	50.14

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended June 30,						Three Months Ended June 30,
(In millions, except per share data)	2014			2013 As Restated			2013 As Revised			2013 As Reported

Total revenues	$	2,830		$	2,708		$	2,709		$	2,715
Expenses:
Direct operating	1,594			1,417			1,414			1,406
Depreciation of revenue earning equipment and lease charges	708			632			628			641
Selling, general and administrative	264			287			280			275
Interest expense, net	164			182			182			182
Other income, net	(21		)	(2		)	(1		)	(1		)
Total expenses	2,709			2,516			2,503			2,503
Income (loss) before income taxes	121			192			206			212
(Provision) benefit for taxes on income (loss)	(49		)	(81		)	(85		)	(91		)
Net income (loss)	$	72		$	111		$	121		$	121
Weighted average number of shares outstanding:
Basic	452			401			401			401
Diluted	465			465			465			465
Earnings per share:
Basic	$	0.16		$	0.28		$	0.30		$	0.30
Diluted	$	0.15		$	0.25		$	0.27		$	0.27

Interest expense — Fleet	$	72		$	75			NR		$	75
Interest expense, net — Corporate	92			107			NR			107
Corporate EBITDA (a)	446			524			NR			541
Adjusted pre-tax Income (loss) (a)	216			296			NR			314

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule II.

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	As of June 30, 2014		As of December 31, 2013 As Restated		As of December 31, 2013 As Revised
Cash and cash equivalents	$	540	$	411	$	423
Restricted cash	717		861		860
Revenue earning equipment:
U.S. Car Rental	8,980		8,629		8,629
International Car Rental	3,135		2,047		2,047
Worldwide Equipment Rental	2,520		2,416		2,416
All Other Operations	1,195		1,099		1,101
Total revenue earning equipment, net	15,829		14,191		14,193
Total assets	26,169		24,423		24,588
Total debt	17,310		16,309		16,309
Net Fleet debt (a)	9,429		9,034		9,034
Net Corporate debt (a) (b)	6,624		6,003		5,992
Total equity	2,666		2,567		2,771

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule V.

(b) Fleet related to Hertz Equipment Rental Corporation is funded via Net Corporate Debt

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Six Months Ended June 30,						Six Months Ended June 30,
(In millions)	2014			2013 As Restated			2013 As Revised			2013 As Reported

Cash provided by (used in):
Operating activities	$	1,402		$	1,444		$	1,448		$	1,459
Investing activities	(2,248		)	(3,273		)	(3,267		)	(3,264		)
Financing activities	977			1,764			1,763			1,763
Effect of exchange rate changes	(2		)	(9		)	(8		)	(8		)
Net change in cash and cash equivalents	$	129		$	(74	)	$	(64	)	$	(50	)

Fleet growth (a)	$	(592	)	$	(545	)	NR			$	(543	)
Free cash flow (a)	$	(689	)	$	(408	)	$	(397	)	$	(404	)

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules III and IV.

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended June 30,						Three Months Ended June 30,
	2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	35,850			34,178			34,178
Total RPD (a)	$	46.19		$	46.11		$	46.78
Average fleet	502,500			499,000			498,800
Fleet efficiency(a)	79		%	79		%	NR
Net depreciation per unit per month(a)	$	259		$	216		NR
Program cars as a percentage of total average fleet	16		%	3		%	NR
Adjusted pre-tax income (in millions) (a)	$	184		$	289		NR
International Car Rental
Transaction days (in thousands)	12,096			11,261			11,261
Total RPD (a)(b)	$	52.58		$	53.73		$	54.05
Average Fleet	172,300			163,500			163,500
Fleet efficiency(a)	77		%	76		%	NR
Net depreciation per unit per month(a)	$	240		$	273		NR
Program cars as a percentage of total average fleet	42		%	38		%	NR
Adjusted pre-tax income (loss) (in millions) (a)	$	57		$	35		NR
Worldwide Equipment Rental
Dollar utilization	35		%	37		%	NR
Time utilization	63		%	64		%	NR
Rental and rental related revenue (in millions) (a)(b)	$	356		$	343		$	351
Same store revenue growth, including growth initiatives (a)(b)	4		%	11		%	11		%
Adjusted pre-tax income (in millions) (a)	$	67		$	73		NR
All Other Operations
Average fleet — Donlen	177,800			168,000			168,000
Adjusted pre-tax income (in millions) (a)	$	15		$	14		NR

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules II and V.

(b) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

HERTZ GLOBAL HOLDINGS, INC.

Supplemental Schedule I

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended June 30, 2014																Three Months Ended June 30, 2013 As Restated																	Three Months Ended June 30,
(In millions)	U.S. Car Rental			Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental		Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			2013 As Revised			2013 As Reported
Total revenues:	$	1,663		$	641	$	384		$	142	$	—		$	2,830		$	1,602		$	595	$	381		$	130		$	—		$	2,708		$	2,709		$	2,715
Expenses:
Direct operating	990			394		210			6		(6		)	1,594			865			347		204			6			(5		)	1,417			1,414			1,406
Depreciation of revenue earning equipment and lease charges	391			125		79			113		—			708			323			132		73			104			—			632			628			641
Selling, general and administrative	93			63		35			8		65			264			113			69		32			8			65			287			280			275
Interest expense, net	44			25		12			3		80			164			45			28		12			2			95			182			182			182
Other (income) expense, net	(22		)	3		(1		)	—		(1		)	(21		)	(1		)	—		(2		)	(1		)	2			(2		)	(1		)	(1		)
Total expenses	1,496			610		335			130		138			2,709			1,345			576		319			119			157			2,516			2,503			2,503
Income (loss) before income taxes	$	167		$	31	$	49		$	11	$	(138	)	121			$	257		$	19	$	62		$	11		$	(157	)	$	192		$	206		$	212
(Provision) benefit for taxes on income														(49		)															(81		)	(85		)	(91		)
Net income (loss)														$	72																$	111		$	121		$	121

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO EBITDA, CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME BY SEGMENT

Unaudited

	Three Months Ended June 30, 2014																		Three Months Ended June 30, 2013 As Restated																		Three Months Ended June 30, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	167		$	32		$	49		$	11		$	(138	)	$	121		$	257		$	19		$	62		$	11		$	(157	)	$	192		$	212
Depreciation and amortization	447			135			97			116			4			799			374			140			91			107			3			715			722
Interest, net of interest income	44			25			12			3			80			164			45			28			12			2			95			182			182
EBITDA	$	658		$	192		$	158		$	130		$	(54	)	$	1,084		$	676		$	187		$	165		$	120		$	(59	)	$	1,089		$	1,116
Car rental fleet depreciation	(391		)	(124		)	—			(114		)	(1		)	(630		)	(323		)	(132		)	—			(104		)	—			(559		)	(568		)
Car rental fleet interest	(45		)	(22		)	—			(3		)	—			(70		)	(45		)	(26		)	—			(2		)	1			(72		)	(73		)
Car rental fleet debt - related charges	1			5			—			1			1			8			1			4			—			—			—			5			5
Non-cash stock-based employee compensation charges	—			—			—			—			5			5			—			—			—			—			11			11			12
Restructuring and restructuring related charges	4			14			2			—			11			31			12			10			1			—			3			26			26
Acquisition related costs and charges	—			—			—			—			2			2			—			—			—			—			8			8			9
Integration expenses	—			—			—			—			3			3			(1		)	—			—			—			10			9			9
Equipment Rental spin-off costs	—			—			6			—			6			12			—			—			—			—			—			—			—
Relocation costs	—			—			—			—			3			3			—			—			—			—			1			1			—
Premiums paid on debt	—			—			—			—			—			—			—			—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			1			1			—			—			—			—			—			—			—
Impairment charges and asset write-downs	10			—			—			—			—			10			—			—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items	(16		)	3			—			—			—			(13		)	1			—			(1		)	(1		)	7			6			5
Corporate EBITDA	$	221		$	68		$	166		$	14		$	(23	)	$	446		$	321		$	43		$	165		$	13		$	(18	)	$	524		$	541
Non-fleet depreciation and amortization	(56		)	(11		)	(97		)	(2		)	(3		)	(169		)	(51		)	(8		)	(91		)	(3		)	(3		)	(156		)	(154		)
Non-fleet interest, net of interest income	1			(3		)	(12		)	—			(80		)	(94		)	—			(2		)	(12		)	—			(96		)	(110		)	(109		)
Non-fleet debt - related charges	1			—			1			—			3			5			1			—			1			—			12			14			15
Non-cash stock-based employee compensation charges	—			—			—			—			(5		)	(5		)	—			—			—			—			(11		)	(11		)	(12		)
Acquisition accounting	17			3			9			3			1			33			18			2			10			4			1			35			33
Adjusted Pre-Tax Income (Loss)	$	184		$	57		$	67		$	15		$	(107	)	$	216		$	289		$	35		$	73		$	14		$	(115	)	$	296		$	314

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

FREE CASH FLOW

Unaudited

	Six Months Ended June 30,						Six Months Ended June 30,
(In millions)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Income before income taxes	$	58		$	252		$	280		$	284
Depreciation and amortization, non-fleet	180			167			163			163
Amortization of debt discount and related charges	25			37			37			37
Cash paid for income taxes	(33		)	(43		)	(43		)	(43		)
Changes in assets and liabilities, net of effects of acquisitions, and other	(221		)	(155		)	(163		)	(177		)
Net cash provided by operating activities excluding depreciation of revenue earning equipment	9			258			274			264
U.S. car rental fleet growth (a)	(321		)	(561		)	NR			NR
International car rental fleet growth (a)	(209		)	150			NR			NR
Equipment rental fleet growth (a)	(50		)	(136		)	NR			NR
All other operations rental fleet growth (a)	(12		)	2			NR			NR
Property and equipment expenditures, net of disposals	(106		)	(121		)	(125		)	(125		)
Net investment activity	(698		)	(666		)	(671		)	(668		)
Free cash flow	$	(689	)	$	(408	)	$	(397	)	$	(404	)

(a) Historically, fleet growth has not been reported on a segment basis.

HERTZ GLOBAL HOLDINGS, INC.

Supplemental Schedule IV

FLEET GROWTH

Unaudited

	Six Months Ended June 30, 2014															Six Months Ended June 30, 2013 As Restated															Six Months Ended June 30, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH

Revenue earning equipment expenditures	$	(3,260	)	$	(1,673	)	$	(296	)	$	(767	)	$	(5,996	)	$	(4,463	)	$	(1,472	)	$	(365	)	$	(513	)	$	(6,813	)	$	(6,826	)
Proceeds from disposal of revenue earning equipment	2,114			1,059			89			455			3,717			2,396			993			82			266			3,737			3,743
Net revenue earning equipment capital expenditures	(1,146		)	(614		)	(207		)	(312		)	(2,279		)	(2,067		)	(479		)	(283		)	(247		)	(3,076		)	(3,083		)
Depreciation of revenue earning equipment	813			199			157			224			1,393			607			223			147			209			1,186			1,195
Financing activity related to car rental fleet:
Borrowings	619			720			—			420			1,759			2,470			918			—			47			3,435			NR
Payments	(731		)	(491		)	—			(350		)	(1,572		)	(1,741		)	(487		)	—			(2		)	(2,230		)	NR
Restricted cash changes	124			(23		)	—			6			107			170			(25		)	—			(5		)	140			NR
Net financing activity related to car rental fleet	12			206			—			76			294			899			406			—			40			1,345			1,345
Fleet growth	$	(321	)	$	(209	)	$	(50	)	$	(12	)	$	(592	)	$	(561	)	$	150		$	(136	)	$	2		$	(545	)	$	(543	)

HERTZ GLOBAL HOLDINGS, INC.

Supplemental Schedule V

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

							As of December 31, 2013						As of December 31, 2013
	As of June 30, 2014						As Restated						As Revised
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total
Debt	$	10,100	$	7,210	$	17,310	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		540		540		—		411		411		—		423		423
Restricted cash	671		46		717		772		89		861		772		88		860
Net debt	$	9,429	$	6,624	$	16,053	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended June 30,
(In millions)	2014			2013 As Restated			2013 As Reported

Equipment rental segment revenues	$	384		$	381		$	384
Equipment sales and other revenue	(29		)	(36		)	(35		)
Rental and rental related revenue at actual rates	355			345			349
Foreign currency adjustment (a)	1			(2		)	2
Rental and rental related revenue	$	356		$	343		$	351

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY AND NET DEPRECIATION PER UNIT PER MONTH

	U.S. Car Rental
	Three Months Ended June 30,
(In millions, except as noted)	2014			2013 As Restated
Revenues	$	1,663		$	1,602
Advantage sublease revenue	—			(22		)
Ancillary retail car sales revenue	(7		)	(4		)
Total rental revenue	$	1,656		$	1,576
Transaction days (in thousands)	35,850			34,178
Total RPD (in whole dollars)	$	46.19		$	46.11


Transaction days (in thousands)	35,850			34,178
Average Fleet	502,500			499,000
Advantage sublease vehicles	(4,400		)	(24,000		)
Hertz 24/7 vehicles	(1,000		)	(1,000		)

Average Fleet used to calculate fleet efficiency	497,100			474,000
Number of days in period	91			91

Average fleet multiplied by number of dates in period (in thousands)	45,236			43,134
Fleet efficiency	79		%	79		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	391		$	323
Average fleet	502,500			499,000
Depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	778		$	647
Number of months in period	3			3
Net depreciation per unit per month	$	259		$	216

	International Car Rental
	Three Months Ended June 30,
(in millions, except as noted)	2014			2013 As Restated

Revenues	$	641		$	595
Foreign currency adjustment (a)	(5		)	10
Total rental revenue	$	636		$	605
Transaction days (in thousands)	12,096			11,261
Total RPD (in whole dollars)	$	52.58		$	53.73

Transaction days (in thousands)	12,096			11,261
Average Fleet	172,300			163,500
Number of days in period	91			91
Average fleet multiplied by number of days in period	15,679			14,879
Fleet efficiency	77		%	76		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	125		$	132
Foreign currency adjustment (in millions)(a)	(1		)	2
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	124		$	134
Average fleet	172,300			163,500
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	720		$	820
Number of months in period	3			3
Net depreciation per unit per month	$	240		$	273

	All Car Rental
	Three Months Ended June 30,
(In millions, except as noted)	2013 As Reported
Revenues	$	2,330
Non-rental revenue	(134		)
Foreign currency adjustment	12
Total rental revenue	$	2,208
Transaction days (in thousands)	45,439
Total RPD (in whole dollars)	$	48.58

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended September 30,						Three Months Ended September 30,
(In millions, except per share data)	2014			2013 As Restated			2013 As Revised			2013 As Reported

Total revenues	$	3,121		$	3,075		$	3,070		$	3,070
Expenses:
Direct operating	1,702			1,547			1,540			1,525
Depreciation of revenue earning equipment and lease charges	746			672			675			677
Selling, general and administrative	303			282			272			278
Interest expense, net	164			179			179			179
Other income, net	3			83			83			83
Total expenses	2,918			2,763			2,749			2,742
Income (loss) before income taxes	203			312			321			328
(Provision) benefit for taxes on income (loss)	(54		)	(110		)	(111		)	(113		)
Net income (loss)	$	149		$	202		$	210		$	215
Weighted average number of shares outstanding:
Basic	459			425			425			425
Diluted	464			465			465			465
Earnings per share:
Basic	$	0.32		$	0.48		$	0.49		$	0.51
Diluted	$	0.32		$	0.44		$	0.46		$	0.47

Interest expense — Fleet	74			84			NR			84
Interest expense, net — Corporate	90			95			NR			95
Corporate EBITDA (a)	553			731			NR			741
Adjusted pre-tax Income (loss) (a)	322			507			NR			520

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule II.

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	As of September 30, 2014		As of December 31, 2013 As Restated		As of December 31, 2013 As Revised
Cash and cash equivalents	$	629	$	411	$	423
Restricted cash	748		861		860
Revenue earning equipment:
U.S. Car Rental	8,312		8,629		8,629
International Car Rental	2,806		2,047		2,047
Worldwide Equipment Rental	2,534		2,416		2,416
All Other Operations	1,200		1,099		1,101
Total revenue earning equipment, net	14,852		14,191		14,193
Total assets	25,474		24,423		24,588
Total debt	16,986		16,309		16,309
Net Fleet debt (a)	9,529		9,034		9,034
Net Corporate debt (a) (b)	6,080		6,003		5,992
Total equity	2,779		2,567		2,771

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule V.

(b) Fleet related to Hertz Equipment Rental Corporation is funded via Net Corporate Debt

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Nine Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2014			2013 As Restated			2013 As Revised			2013 As Reported

Cash provided by (used in):
Operating activities	$	2,729		$	2,812		$	2,837		$	2,852
Investing activities	(3,283		)	(4,046		)	(4,034		)	(4,035		)
Financing activities	790			1,201			1,201			1,201
Effect of exchange rate changes	(18		)	(2		)	(2		)	(2		)
Net change in cash and cash equivalents	$	218		$	(35	)	$	2		$	16

Fleet growth (a)	$	(381	)	$	(798	)	NR			$	(806	)
Free cash flow (a)	$	64		$	(3	)	$	21		$	15

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules III and IV.

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended September 30,						Three Months Ended September 30,
	2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	37,901			36,064			36,064
Total RPD (a)	$	46.41		$	48.36		$	48.33
Average Fleet(a)	515,300			516,800			516,800
Fleet efficiency(a)	80		%	80		%	NR
Net depreciation per unit per month(a)	$	265		$	217		NR
Program cars as a percentage of total average fleet	15		%	7		%	NR
Adjusted pre-tax income (in millions) (a)	$	209		$	379		$	392
International Car Rental
Transaction days (in thousands)	14,695			14,278			14,278
Total RPD (a)(b)	$	54.85		$	55.12		$	55.27
Average Fleet(a)	196,900			188,700			188,700
Fleet efficiency(a)	81		%	82		%	NR
Net depreciation per unit per month(a)	$	245		$	274		NR
Program cars as a percentage of total average fleet	40		%	36		%	NR
Adjusted pre-tax income (loss) (in millions) (a)	$	136		$	126		$	129
Worldwide Equipment Rental
Dollar utilization(a)	37		%	38		%	NR
Time utilization(a)	66		%	67		%	NR
Rental and rental related revenue (in millions) (a)(b)	$	382		$	369		$	372
Same store revenue growth, including growth initiatives (a)(b)	6		%	7		%	7		%
Adjusted pre-tax income (in millions) (a)	$	78		$	89		$	88
All Other Operations
Average fleet — Donlen	169,700			170,800			170,800
Adjusted pre-tax income (in millions) (a)	$	17		$	14		$	14

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules II and V.

(b) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

HERTZ GLOBAL HOLDINGS, INC.

Supplemental Schedule I

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Three Months Ended September 30, 2014																Three Months Ended September 30, 2013 As Restated															Three Months Ended September 30,			Three Months Ended September 30,
(In millions)	U.S. Car Rental			Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental		Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			2013 As Revised			2013 As Reported

Total revenues:	$	1,768		$	795	$	413		$	145	$	—		$	3,121		$	1,770	$	768	$	403		$	134	$	—		$	3,075		$	3,070		$	3,070
Expenses:
Direct operating	1,041			427		221			6		7			1,702			933		411		206			6		(9		)	1,547			1,540			1,525
Depreciation of revenue earning equipment and lease charges	409			143		78			116		—			746			337		151		76			108		—			672			675			677
Selling, general and administrative	116			68		47			7		65			303			113		74		33			7		55			282			272			278
Interest expense, net	44			27		12			3		78			164			47		31		13			6		82			179			179			179
Other (income) expense, net	(2		)	—		(1		)	—		6			3			43		—		(1		)	—		41			83			83			83
Total expenses	1,608			665		357			132		156			2,918			1,473		667		327			127		169			2,763			2,749			2,742
Income (loss) before income taxes	$	160		$	130	$	56		$	13	$	(156	)	$	203		$	297	$	101	$	76		$	7	$	(169	)	$	312		$	321		$	328
Provision for taxes on income														(54		)													(110		)	(111		)	(113		)
Net income (loss)														$	149														$	202		$	210		$	215

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO EBITDA, CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME BY SEGMENT

Unaudited

	Three Months Ended September 30, 2014																		Three Months Ended September 30, 2013 As Restated																		Three Months Ended September 30, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	160		$	130		$	56		$	13		$	(156	)	$	203		$	297		$	101		$	76		$	7		$	(169	)	$	312		$	328
Depreciation and amortization	465			152			97			118			5			837			387			159			94			110			4			754			755
Interest, net of interest income	44			27			12			3			78			164			47			31			13			6			82			179			179
EBITDA	$	669		$	309		$	165		$	134		$	(73	)	$	1,204		$	731		$	291		$	183		$	123		$	(83	)	$	1,245		$	1,262
Car rental fleet depreciation	(409		)	(143		)	—			(116		)	—			(668		)	(337		)	(151		)	—			(108		)	—			(596		)	(600		)
Car rental fleet interest	(45		)	(23		)	1			(4		)	(1		)	(72		)	(46		)	(27		)	—			(7		)	—			(80		)	(80		)
Car rental fleet debt - related charges	3			4			—			2			(1		)	8			2			3			—			4			—			9			9
Non-cash stock-based employee compensation charges	—			—			—			—			7			7			—			—			—			—			11			11			11
Restructuring and restructuring related charges	29			1			1			—			24			55			8			12			1			—			18			39			39
Acquisition related costs and charges	—			—			—			—			1			1			—			—			—			—			3			3			3
Integration expenses	—			—			—			—			1			1			6			—			—			—			2			8			9
Equipment Rental spin-off costs	—			—			12			—			2			14			—			—			—			—			—			—			—
Relocation costs	—			—			—			—			3			3			4			—			—			—			—			4			4
Premiums paid on debt	—			—			—			—			—			—			—			—			—			—			—			—			—
Loss on extinguishment of debt	—			—			—			—			—			—			—			—			—			—			28			28			—
Impairment charges and asset write-downs	—			—			—			—			—			—			40			—			—			—			—			40			44
Other extraordinary, unusual or non-recurring items	—			(1		)	(1		)	—			2			—			4			7			(1		)	—			10			20			40
Corporate EBITDA	$	247		$	147		$	178		$	16		$	(35	)	$	553		$	412		$	135		$	183		$	12		$	(11	)	$	731		$	741
Non-fleet depreciation and amortization	(56		)	(9		)	(97		)	(2		)	(5		)	(169		)	(50		)	(8		)	(94		)	(2		)	(4		)	(158		)	(155		)
Non-fleet interest, net of interest income	1			(4		)	(13		)	1			(77		)	(92		)	(1		)	(4		)	(13		)	1			(82		)	(99		)	(99		)
Non-fleet debt - related charges	—			—			1			—			4			5			—			—			1			(1		)	8			8			9
Non-cash stock-based employee compensation charges	—			—			—			—			(7		)	(7		)	—			—			—			—			(11		)	(11		)	(11		)
Acquisition accounting	17			2			9			2			2			32			18			3			10			4			—			35			35
Other accounting	—			—			—			—			—			—			—			—			1			—			—			1			—
Adjusted Pre-Tax Income (Loss)	$	209		$	136		$	78		$	17		$	(118	)	$	322		$	379		$	126		$	88		$	14		$	(100	)	$	507		$	520

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

FREE CASH FLOW

Unaudited

	Nine Months Ended September 30,						Nine Months Ended September 30,
(In millions)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Income before income taxes	$	261		$	563		$	601		$	612
Depreciation and amortization, non-fleet	272			249			241			241
Amortization of debt discount and related charges	35			54			54			54
Cash paid for income taxes	(47		)	(56		)	(56		)	(56		)
Changes in assets and liabilities, net of effects of acquisitions, and other	89			169			172			154
Net cash provided by operating activities excluding depreciation of revenue earning equipment	610			979			1,012			1,005
U.S. car rental fleet growth (a)	134			(489		)	NR			NR
International car rental fleet growth (a)	(401		)	(49		)	NR			NR
Equipment rental fleet growth (a)	(105		)	(258		)	NR			NR
All other operations rental fleet growth (a)	(9		)	(2		)	NR			NR
Property and equipment expenditures, net of disposals	(165		)	(184		)	(184		)	(184		)
Net investment activity	(546		)	(982		)	(991		)	(990		)
Free cash flow	$	64		$	(3	)	$	21		$	15

(a) Historically, fleet growth has not been reported on a segment basis.

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

FLEET GROWTH

Unaudited

	Nine Months Ended September 30, 2014															Nine Months Ended September 30, 2013 As Restated															Nine Months Ended September 30, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH

Revenue earning equipment expenditures	$	(4,128	)	$	(2,694	)	$	(470	)	$	(1,150	)	$	(8,442	)	$	(5,412	)	$	(2,574	)	$	(582	)	$	(750	)	$	(9,318	)	$	(9,677	)
Proceeds from disposal of revenue earning equipment	3,019			1,456			130			711			5,316			3,506			1,654			101			401			5,662			5,669
Net revenue earning equipment capital expenditures	(1,109		)	(1,238		)	(340		)	(439		)	(3,126		)	(1,906		)	(920		)	(481		)	(349		)	(3,656		)	(4,008		)
Depreciation of revenue earning equipment	1,222			321			235			340			2,118			943			350			223			316			1,832			1,847
Financing activity related to car rental fleet:
Borrowings	1,021			1,287			—			438			2,746			2,694			1,234			—			993			4,921			NR
Payments	(1,085		)	(745		)	—			(350		)	(2,180		)	(2,303		)	(682		)	—			(947		)	(3,932		)	NR
Restricted cash changes	85			(26		)	—			2			61			83			(31		)	—			(15		)	37			NR
Net financing activity related to car rental fleet	21			516			—			90			627			474			521			—			31			1,026			1,354
Fleet growth	$	134		$	(401	)	$	(105	)	$	(9	)	$	(381	)	$	(489	)	$	(49	)	$	(258	)	$	(2	)	$	(798	)	$	(806	)

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

							As of December 31, 2013						As of December 31, 2013
	As of September 30, 2014						As Restated						As Revised
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total

Debt	$	10,237	$	6,749	$	16,986	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		629		629		—		411		411		—		423		423
Restricted cash	708		40		748		772		89		861		772		88		860
Net debt	$	9,529	$	6,080	$	15,609	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended September 30,						Three Months Ended September 30,
(In millions)	2014			2013 As Restated			2013 As Reported

Equipment rental segment revenues	$	413		$	403		$	402
Equipment sales and other revenue	(33		)	(33		)	(33		)
Rental and rental related revenue at actual rates	380			370			369
Foreign currency adjustment (a)	2			(1		)	3
Rental and rental related revenue	$	382		$	369		$	372

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental

	Three Months Ended September 30,						Three Months Ended September 30,
(In millions, except as noted)	2014			2013 As Restated			2013 As Reported

Car rental segment revenues	$	1,768		$	1,770		$	1,766
Advantage sublease revenue	—			(22		)	(23		)
Ancillary retail car sales revenue	(9		)	(4		)	—
Total rental revenue	$	1,759		$	1,744		$	1,743
Transaction days (in thousands)	37,901			36,064			36,064
Total RPD (in whole dollars)	$	46.41		$	48.36		$	48.33

Transaction days (in thousands)	37,901			36,064
Average Fleet	515,300			516,800
Advantage sublease vehicles	(1,000		)	(23,000		)
Hertz 24/7 vehicles	(1,000		)	(2,000		)
Average Fleet used to calculate fleet efficiency	513,300			491,800
Number of days in period	92			92
Average fleet multiplied by number of dates in period (in thousands)	$	47,224		$	45,246
Fleet efficiency	80		%	80		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	409		$	337
Average fleet	515,300			516,800
Depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	794		$	652
Number of months in period	3			3
Net depreciation per unit per month	$	265		$	217

International Car Rental

	Three Months Ended September 30,						Three Months Ended September 30,
(in millions, except as noted)	2014			2013 As Restated			2013 As Reported

Car rental segment revenues	$	795		$	768		$	768
Foreign currency adjustment (a)	11			19			21
Total rental revenue	$	806		$	787		$	789
Transaction days (in thousands)	14,695			14,278			14,278
Total RPD (in whole dollars)	$	54.85		$	55.12		$	55.27

Transaction days (in thousands)	14,695			14,278
Average Fleet	196,900			188,700
Number of days in period	92			92
Average fleet multiplied by number of days in period	18,115			17,360
Fleet efficiency	81		%	82		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	143		$	151
Foreign currency adjustment (in millions) (a)	2			4
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	145		$	155
Average fleet	196,900			188,700
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	736		$	821
Number of months in period	3			3
Net depreciation per unit per month	$	245		$	274

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Three Months Ended December 31,						Three Months Ended December 31,
(In millions, except per share data)	2014			2013 As Restated			2013 As Revised			2013 As Reported
Total revenues	$	2,559		$	2,555		$	2,556		$	2,556
Expenses:
Direct operating	1,575			1,449			1,439			1,439
Depreciation of revenue earning equipment and lease charges	853			641			643			643
Selling, general and administrative	245			234			222			222
Interest expense, net	164			171			169			169
Other income, net	6			21			21			21
Total expenses	2,843			2,516			2,494			2,494
Income (loss) before income taxes	(284		)	39			62			62
(Provision) benefit for taxes on income (loss)	50			(57		)	(63		)	(63		)
Net income (loss)	$	(234	)	$	(18	)	$	(1	)	$	(1	)
Weighted average number of shares outstanding:
Basic	459			447			447			447
Diluted	459			447			464			464
Earnings per share:
Basic	$	(0.51	)	$	(0.04	)	$	—		$	—
Diluted	$	(0.51	)	$	(0.04	)	$	—		$	—
						��
Interest expense — Fleet	72			80			NR			80
Interest expense, net — Corporate	92			91			NR			89
Corporate EBITDA (a)	76			388			NR			406
Adjusted pre-tax Income (loss) (a)	(161		)	157			NR			186

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule II.

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	As of December 31, 2014		As of December 31, 2013 As Restated		As of December 31, 2013 As Revised
Cash and cash equivalents	$	490	$	411	$	423
Restricted cash	571		861		860
Revenue earning equipment:
U.S. Car Rental	8,070		8,629		8,629
International Car Rental	1,904		2,047		2,047
Worldwide Equipment Rental	2,442		2,416		2,416
All Other Operations	1,237		1,099		1,101
Total revenue earning equipment, net	13,653		14,191		14,193
Total assets	23,985		24,423		24,588
Total debt	15,993		16,309		16,309
Net Fleet debt (a)	9,047		9,034		9,034
Net Corporate debt (a) (b)	5,885		6,003		5,992
Total equity	2,464		2,567		2,771

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule V.

(b) Fleet related to Hertz Equipment Rental Corporation is funded via Net Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions)	2014			2013 As Restated			2013 As Revised

Cash provided by (used in):
Operating activities	$	3,452		$	3,593		$	3,590
Investing activities	(3,183		)	(3,850		)	(3,839		)
Financing activities	(159		)	127			127
Effect of exchange rate changes	(31		)	—			—
Net change in cash and cash equivalents	$	79		$	(130	)	$	(122	)

Fleet growth (a)	$	104		$	(449	)	$	(455	)
Free cash flow (a)	$	321		$	446		$	449

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules III and IV.

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Three Months Ended December 31,						Three Months Ended December 31,
	2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	33,595			32,875			32,875
Total RPD (a)	$	43.85		$	44.75		$	44.91
Average fleet	486,900			490,200			490,200
Fleet efficiency(a)	75		%	76		%	NR
Net depreciation per unit per month(a)	$	365		$	229		NR
Program cars as a percentage of total average fleet at period end	21		%	9		%	NR
Adjusted pre-tax income (loss) (in millions) (a)	$	(126	)	$	132		$	170
International Car Rental
Transaction days (in thousands)	10,734			10,473			10,473
Total RPD (a)(b)	$	51.70		$	51.85		$	52.49
Average Fleet	156,700			155,700			155,700
Fleet efficiency(a)	74		%	73		%	NR
Net depreciation per unit per month(a)	$	225		$	225		NR
Program cars as a percentage of total average fleet at period end	30		%	24		%	NR
Adjusted pre-tax income (loss) (in millions) (a)	$	(12	)	$	21		$	15
Worldwide Equipment Rental
Dollar utilization(a)	38		%	38		%	NR
Time utilization(a)	67		%	66		%	NR
Rental and rental related revenue (in millions) (a)(b)	$	394		$	366		$	371
Same store revenue growth, including growth initiatives (a)(b)	5		%	5		%	5		%
Adjusted pre-tax income (loss) (in millions) (a)	$	60		$	93		$	85
All Other Operations
Average fleet — Donlen	166,800			173,800			173,800
Adjusted pre-tax income (loss) (in millions) (a)	$	15		$	16		$	15

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules II and V.

(b) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

	HERTZ GLOBAL HOLDINGS, INC.	Supplemental Schedule I
	CONDENSED STATEMENT OF OPERATIONS BY SEGMENT
	Unaudited

	Three Months Ended December 31, 2014																	Three Months Ended December 31, 2013 As Restated																	Three Months Ended December 31, 2013
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			As Revised Consolidated HGH			As Reported Consolidated HGH
Total revenues:	$	1,482		$	518		$	416		$	143	$	—		$	2,559		$	1,475		$	544		$	401		$	135	$	—		$	2,555		$	2,556		$	2,556
Expenses:
Direct operating	982			342			232			6		13			1,575			888			337			214			6		4			1,449			1,439			1,439
Depreciation of revenue earning equipment and lease charges	533			112			94			114		—			853			337			119			76			109		—			641			643			643
Selling, general and administrative	71			62			47			7		58			245			101			60			33			6		34			234			222			222
Interest expense, net	47			22			15			3		77			164			49			28			9			3		82			171			169			169
Other (income) expense, net	13			2			(2		)	1		(8		)	6			(12		)	29			(1		)	2		3			21			21			21
Total expenses	1,646			540			386			131		140			2,843			1,363			573			331			126		123			2,516			2,494			2,494
Income (loss)before income taxes	$	(164	)	$	(22	)	$	30		$	12	$	(140	)	$	(284	)	$	112		$	(29	)	$	70		$	9	$	(123	)	$	39		$	62		$	62
Provision for taxes on income															50																	(57		)	(63		)	(63		)
Net income (loss)															$	(234	)															$	(18	)	$	(1	)	$	(1	)

		Supplemental Schedule II
	HERTZ GLOBAL HOLDINGS, INC.
	RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES
	TO EBITDA, CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME BY SEGMENT
	Unaudited

	Three Months Ended December 31, 2014																		Three Months Ended December 31, 2013 As Restated																		Three Months Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	(164	)	$	(22	)	$	30		$	12		$	(140	)	$	(284	)	$	112		$	(29	)	$	70		$	9		$	(123	)	$	39		$	62
Depreciation and amortization	588			122			113			117			7			947			392			131			94			111			3			731			729
Interest, net of interest income	47			22			15			3			77			164			49			28			9			3			82			171			169
EBITDA	$	471		$	122		$	158		$	132		$	(56	)	$	827		$	553		$	130		$	173		$	123		$	(38	)	$	941		$	960
Car rental fleet depreciation	(533		)	(111		)	—			(115		)	—			(759		)	(337		)	(119		)	—			(109		)	—			(565		)	(567		)
Car rental fleet interest	(49		)	(20		)	—			(3		)	—			(72		)	(51		)	(25		)	—			(3		)	—			(79		)	(79		)
Car rental fleet debt - related charges (a)	5			3			—			1			—			9			8			4			—			1			—			13			13
Non-cash stock-based employee compensation charges (b)	—			4			—			—			(14		)	(10		)	—			4			—			—			2			6			4
Restructuring and restructuring related charges (c)	12			3			—			—			24			39			5			9			8			—			4			26			27
Acquisition related costs and charges (d)	—			—			—			—			—			—			—			—			—			—			5			5			5
Integration expenses (d)	—			—			—			—			1			1			9			—			—			—			5			14			11
Equipment Rental spin-off costs (e)	—			—			11			—			1			12			—			—			—			—			—			—			—
Relocation costs (f)	—			—			—			—			2			2			(1		)	—			—			—			3			2			3
Premiums paid on debt (g)	—			—			—			—			—			—			—			29			—			—			—			29			29
Loss on extinguishment of debt (h)	—			—			—			—			—			—			—			—			—			—			7			7			—
Impairment charges and asset write-downs (i)	—			—			10			—			14			24			—			—			—			—			—			—			—
Other extraordinary, unusual or non-recurring items	—			1			(1		)	—			3			3			(13		)	5			—			2			(5		)	(11		)	—
Corporate EBITDA	$	(94	)	$	2		$	178		$	15		$	(25	)	$	76		$	173		$	37		$	181		$	14		$	(17	)	$	388		$	406
Non-fleet depreciation and amortization	(55		)	(11		)	(113		)	(2		)	(7		)	(188		)	(55		)	(12		)	(94		)	(2		)	(3		)	(166		)	(162		)
Non-fleet interest, net of interest income	2			(2		)	(15		)	—			(77		)	(92		)	2			(3		)	(9		)	—			(82		)	(92		)	(90		)
Non-fleet debt - related charges (a)	1			—			1			—			3			5			—			—			2			1			(1		)	2			1
Non-cash stock-based employee compensation charges	—			(4		)	—			—			14			10			—			(4		)	—			—			(2		)	(6		)	(4		)
Acquisition accounting (j)	20			3			9			2			—			34			12			3			10			3			—			28			33
Other	—			—			—			—			(6		)	(6		)	—			—			3			—			—			3			2
Adjusted Pre-Tax Income (Loss)	$	(126	)	$	(12	)	$	60		$	15		$	(98	)	$	(161	)	$	132		$	21		$	93		$	16		$	(105	)	$	157		$	186

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

FREE CASH FLOW

Unaudited

	Twelve Months Ended						Twelve Months Ended
	December 31,						December 31,
(In millions)	2014			2013 As Restated			2013 As Revised
Income before income taxes	$	(23	)	$	603		$	663
Depreciation and amortization, non-fleet assets	366			339			206
Amortization of debt discount and related charges	46			68			190
Cash paid for income taxes	(64		)	(71		)	(71		)
Changes in assets and liabilities, net of effects of acquisitions, and other	173			202			157
Net cash provided by operating activities excluding depreciation of revenue earning equipment	498			1,141			1,145
U.S. car rental fleet growth (a)	260			(500		)	(511		)
International car rental fleet growth (a)	(61		)	243			247
Equipment rental fleet growth (a)	(103		)	(235		)	(234		)
All other operations rental fleet growth (a)	8			43			43
Property and equipment expenditures, net of disposals	(281		)	(246		)	(241		)
Net investment activity	(177		)	(695		)	(696		)
Free cash flow	$	321		$	446		$	449

(a) Historically, fleet growth has not been reported on a segment basis.

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

FLEET GROWTH

Unaudited

	Twelve Months Ended December 31, 2014															Twelve Months Ended December 31, 2013 As Restated															Twelve Months Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH

Revenue earning equipment expenditures	$	(5,965	)	$	(3,103	)	$	(615	)	$	(1,606	)	$	(11,289	)	$	(6,015	)	$	(2,593	)	$	(672	)	$	(1,009	)	$	(10,289	)	$	(10,298	)
Proceeds from disposal of revenue earning equipment	4,507			2,510			182			1,010			8,209			4,320			2,242			138			556			7,256			7,264
Net revenue earning equipment capital expenditures	(1,458		)	(593		)	(433		)	(596		)	(3,080		)	(1,695		)	(351		)	(534		)	(453		)	(3,033		)	(3,034		)
Depreciation of revenue earning equipment	1,758			412			330			455			2,955			1,279			447			299			425			2,450			2,445
Financing activity related to car rental fleet:
Borrowings	2,702			1,181			—			511			4,394			5,600			2,019			—			1,531			9,150			NR
Payments	(3,012		)	(1,051		)	—			(350		)	(4,413		)	(5,432		)	(1,884		)	—			(1,444		)	(8,760		)	NR
Restricted cash changes	270			(10		)	—			(12		)	248			(252		)	12			—			(16		)	(256		)	NR
Net financing activity related to car rental fleet	(40		)	120			—			149			229			(84		)	147			—			71			134			134
Fleet growth	$	260		$	(61	)	$	(103	)	$	8		$	104		$	(500	)	$	243		$	(235	)	$	43		$	(449	)	$	(455	)

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

							As of December 31, 2013						As of December 31, 2013
	As of December 31, 2014						As Restated						As Revised
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total

Debt	$	9,562	$	6,431	$	15,993	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		490		490		—		411		411		—		423		423
Restricted cash	515		56		571		772		89		861		772		88		860
Net debt	$	9,047	$	5,885	$	14,932	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Three Months Ended December 31,						Three Months Ended December 31,
(In millions)	2014			2013 As Restated			2013 As Revised

Equipment rental segment revenues	$	416		$	401		$	401
Equipment sales and other revenue	(28		)	(34		)	(34		)
Rental and rental related revenue at actual rates	388			367			367
Foreign currency adjustment (a)	6			(1		)	3
Rental and rental related revenue	$	394		$	366		$	370

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Three Months Ended December 31,						Three Months Ended December 31,
(In millions, except as noted)	2014			2013 As Restated			2013 As Reported
Revenues	$	1,482		$	1,475		$	1,476
Advantage sublease revenue	—			—			—
Ancillary retail car sales revenue	(9		)	(4		)	—
Total rental revenue	$	1,473		$	1,471		$	1,476
Transaction days (in thousands)	33,595			32,875			32,875
Total RPD (in whole dollars)	$	43.85		$	44.75		$	44.91

Transaction days (in thousands)	33,595			32,875
Average Fleet	486,900			490,200
Advantage sublease vehicles	—			(18,000		)
Hertz 24/7 vehicles	—			(2,000		)
Average Fleet used to calculate fleet efficiency	486,900			470,200
Number of days in period	92			92
Average fleet multiplied by number of days in period (in thousands)	$	44,795		$	43,258
Fleet efficiency	75		%	76		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	533		$	337
Average fleet	486,900			490,200
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	1,095		$	687
Number of months in period	3			3
Net depreciation per unit per month	$	365		$	229

International Car Rental

	Three Months Ended December 31,						Three Months Ended December 31,
(in millions, except as noted)	2014			2013 As Restated			2013 As Reported
Revenues	$	518		$	544		$	544
Foreign currency adjustment (a)	37			(1		)	6
Total rental revenue	$	555		$	543		$	550
Transaction days (in thousands)	10,734			10,473			10,473
Total RPD (in whole dollars)	$	51.70		$	51.85		$	52.49

Transaction days (in thousands)	10,734			10,473
Average Fleet	156,700			155,700
Number of days in period	92			92
Average fleet multiplied by number of days in period	14,416			14,324
Fleet efficiency	74		%	73		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	112		$	119
Foreign currency adjustment (in millions) (a)	8			—
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	120		$	119
Average fleet	156,700			155,700
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	766		$	764
Number of months in period	3			3
Net depreciation per unit per month	$	255		$	255

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

FINANCIAL INFORMATION AND OPERATING DATA

SELECTED UNAUDITED CONSOLIDATED INCOME STATEMENT DATA

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions, except per share data)	2014			2013 As Restated			2013 As Revised
Total revenues	$	11,046		$	10,775		$	10,772
Expenses:
Direct operating	6,314			5,777			5,752
Depreciation of revenue earning equipment and lease charges	3,034			2,533			2,526
Selling, general and administrative	1,088			1,053			1,022
Interest expense, net	648			707			704
Other income, net	(15		)	102			105
Total expenses	11,069			10,172			10,109
Income (loss) before income taxes	(23		)	603			663
(Provision) benefit for taxes on income (loss)	(59		)	(301		)	(317		)
Net income (loss)	$	(82	)	$	302		$	346
Weighted average number of shares outstanding:
Basic	454			422			422
Diluted	454			464			464
Earnings per share:
Basic	$	(0.18	)	$	0.72		$	0.82
Diluted	$	(0.18	)	$	0.67		$	0.76

Interest expense — Fleet	$	279		$	314		$	312
Interest expense, net — Corporate	369			393			392
Corporate EBITDA (a)	1,331			2,001			2,044
Adjusted pre-tax Income (loss) (a)	403			1,096			1,154

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule II.

SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET DATA

(In millions)	As of December 31, 2014		As of December 31, 2013 As Restated		As of December 31, 2013 As Revised
Cash and cash equivalents	$	490	$	411	$	423
Restricted cash	571		861		860
Revenue earning equipment:
U.S. Car Rental	8,070		8,629		8,629
International Car Rental	1,904		2,047		2,047
Worldwide Equipment Rental	2,442		2,416		2,416
All Other Operations	1,237		1,099		1,101
Total revenue earning equipment, net	13,653		14,191		14,193
Total assets	23,985		24,423		24,588
Total debt	15,993		16,309		16,309
Net Fleet debt (a)	9,047		9,034		9,034
Net Corporate debt (a) (b)	5,885		6,003		5,992
Total equity	2,464		2,567		2,771

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in Supplemental Schedule V.

(b) Fleet related to Hertz Equipment Rental Corporation is funded via Net Corporate Debt.

SELECTED UNAUDITED CONSOLIDATED CASH FLOW DATA

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions)	2014			2013 As Restated			2013 As Reported

Cash provided by (used in):
Operating activities	$	3,452		$	3,593		$	3,590
Investing activities	(3,183		)	(3,850		)	(3,839		)
Financing activities	(159		)	127			127
Effect of exchange rate changes	(31		)	—			—
Net change in cash and cash equivalents	$	79		$	(130	)	$	(122	)

Fleet growth (a)	$	104		$	(449	)	$	(455	)
Free cash flow (a)	$	321		$	446		$	449

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules III and IV.

SELECTED UNAUDITED OPERATING DATA BY SEGMENT

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
	2014			2013 As Restated			2013 As Reported
U.S. Car Rental
Transaction days (in thousands)	139,752			133,181			133,181
Total RPD (a)	$	46.07		$	46.94		$	47.00
Average fleet	499,100			490,000			490,000
Fleet efficiency(a)	77		%	78		%	NR
Net depreciation per unit per month(a)	$	294		$	218		NR
Program cars as a percentage of total average fleet at period end	21		%	9		%	NR
Adjusted pre-tax income (loss) (in millions) (a)	$	387		$	1,033		$	1,091
International Car Rental
Transaction days (in thousands)	46,917			45,019			45,019
Total RPD (a)(b)	$	52.86		$	53.31		$	53.81
Average Fleet	166,900			161,300			161,300
Fleet efficiency(a)	77		%	76		%	NR
Net depreciation per unit per month(a)	$	250		$	275		NR
Program cars as a percentage of total average fleet at period end	30		%	24		%	NR
Adjusted pre-tax income (loss) (in millions) (a)	$	144		$	134		$	141
Worldwide Equipment Rental
Dollar utilization(a)	36		%	37		%	NR
Time utilization(a)	64		%	65		%	NR
Rental and rental related revenue (in millions) (a)(b)	$	1,468		$	1,400		$	1,415
Same store revenue growth, including growth initiatives (b)	5		%	10		%	10		%
Adjusted pre-tax income (loss) (in millions) (a)	$	258		$	301		$	292
All Other Operations
Average fleet — Donlen	172,800			169,600			169,600
Adjusted pre-tax income (loss) (in millions) (a)	$	62		$	58		$	57

(a) Represents a non-GAAP measure, see the accompanying reconciliations included in the Supplemental Schedules II and V.

(b) Based on December 31, 2013 foreign exchange rates for the periods shown.

SUPPLEMENTAL SCHEDULES AND DEFINITIONS

HERTZ GLOBAL HOLDINGS, INC.

Supplemental Schedule I

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

	Twelve Months Ended December 31, 2014																Twelve Months Ended December 31, 2013 As Restated															Twelve Months Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			U.S. Car Rental		Int’l Car Rental		Worldwide Equipment Rental			All Other Operations		Corporate			Consolidated HGH			Consolidated HGH
Total revenues:	$	6,471		$	2,436	$	1,571		$	568	$	—		$	11,046		$	6,331	$	2,378	$	1,539		$	527	$	—		$	10,775		$	10,772
Expenses:
Direct operating	3,921			1,491		863			24		15			6,314			3,531		1,407		826			24		(11		)	5,777			5,752
Depreciation of revenue earning equipment and lease charges	1,758			492		329			455		—			3,034			1,281		528		299			425		—			2,533			2,526
Selling, general and administrative	380			259		161			30		258			1,088			429		267		131			27		199			1,053			1,022
Interest expense, net	172			95		53			12		316			648			187		113		46			14		347			707			704
Other (income) expense, net	(18		)	4		(5		)	1		3			(15		)	31		29		(4		)	1		45			102			105
Total expenses	6,213			2,341		1,401			522		592			11,069			5,459		2,344		1,298			491		580			10,172			10,109
Income (loss)before income taxes	$	258		$	95	$	170		$	46	$	(592	)	$	(23	)	$	872	$	34	$	241		$	36	$	(580	)	$	603		$	663
Provision for taxes on income														(59		)													(301		)	(317		)
Net income (loss)														$	(82	)													$	302		$	346

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF INCOME (LOSS) BEFORE INCOME TAXES

TO EBITDA, CORPORATE EBITDA AND ADJUSTED PRE-TAX INCOME BY SEGMENT

Unaudited

	Twelve Months Ended December 31, 2014																		Twelve Months Ended December 31, 2013 As Restated																		Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Corporate			Consolidated HGH			Consolidated HGH
Income (loss) before income taxes	$	258		$	95		$	170		$	46		$	(592	)	$	(23	)	$	872		$	34		$	241		$	36		$	(580	)	$	603		$	663
Depreciation and amortization	1,976			533			404			465			22			3,400			1,489			564			373			436			10			2,872			2,853
Interest, net of interest income	172			95			53			12			316			648			187			113			46			14			347			707			704
EBITDA	$	2,406		$	723		$	627		$	523		$	(254	)	$	4,025		$	2,548		$	711		$	660		$	486		$	(223	)	$	4,182		$	4,220
Car rental fleet depreciation	(1,758		)	(492		)	—			(455		)	—			(2,705		)	(1,281		)	(528		)	—			(425		)	—			(2,234		)	(2,227		)
Car rental fleet interest	(178		)	(85		)	—			(14		)	—			(277		)	(186		)	(102		)	—			(14		)	—			(302		)	(302		)
Car rental fleet debt - related charges (a)	10			15			—			6			—			31			13			14			—			6			(1		)	32			32
Non-cash stock-based employee compensation charges (b)	—			4			—			—			6			10			—			4			—			—			31			35			35
Restructuring and restructuring related charges (c)	55			25			7			—			78			165			26			35			10			—			28			99			99
Acquisition related costs and charges (d)	—			—			—			—			10			10			—			—			—			—			19			19			19
Integration expenses (d)	1			—			—			—			8			9			21			—			—			—			22			43			40
Equipment Rental spin-off costs (e)	—			—			28			—			11			39			—			—			—			—			—			—			—
Relocation costs (f)	—			—			—			—			9			9			—			—			—			—			7			7			8
Premiums paid on debt (g)	—			—			—			—			—			—			—			29			—			—			—			29			29
Loss on extinguishment of debt (h)	—			—			—			—			1			1			—			—			—			—			35			35			—
Impairment charges and asset write-downs (i)	10			—			10			—			14			34			40			—			—			—			—			40			44
Other extraordinary, unusual or non-recurring items (j)	(21		)	(2		)	—			—			3			(20		)	(5		)	12			—			1			8			16			47
Corporate EBITDA	$	525		$	188		$	672		$	60		$	(114	)	$	1,331		$	1,176		$	175		$	670		$	54		$	(74	)	$	2,001		$	2,044
Non-fleet depreciation and amortization	(218		)	(41		)	(404		)	(10		)	(22		)	(695		)	(208		)	(36		)	(373		)	(11		)	(10		)	(638		)	(626		)
Non-fleet interest, net of interest income	6			(10		)	(53		)	2			(316		)	(371		)	(1		)	(11		)	(46		)	—			(347		)	(405		)	(402		)
Non-fleet debt - related charges (a)	2			—			5			—			15			22			1			—			5			—			30			36			36
Non-cash stock-based employee compensation charges	—			(4		)	—			—			(6		)	(10		)	—			(4		)	—			—			(31		)	(35		)	(35		)
Acquisition accounting (k)	72			11			38			10			1			132			65			10			40			15			2			132			132
Other (l)	—			—			—			—			(6		)	(6		)	—			—			5			—			—			5			5
Adjusted Pre-Tax Income (Loss)	$	387		$	144		$	258		$	62		$	(448	)	$	403		$	1,033		$	134		$	301		$	58		$	(430	)	$	1,096		$	1,154

(a) Represents non-cash charges relating to the amortization of deferred debt financing costs and debt discounts.

(b) For twelve months ended December 31, 2014, excludes $6 million of stock-based compensation forfeitures included in restructuring and restructuring related charges.

(c) Represents expenses incurred under restructuring actions as defined by U.S. GAAP as well as transition costs incurred in connection with our business process outsourcing arrangements and incremental costs incurred to facilitate business process re-engineering initiatives that involve significant organization redesign and extensive operational process changes. Amount in 2014 also includes consulting costs and legal fees related to the accounting review and investigation, one-time costs to terminate certain marketing and co-branding arrangements, and costs associated with the separation of certain executives during the year.

(d) Primarily represents Dollar Thrifty integration related expenses.

(e) Represents expense associated with the anticipated HERC spin-off transaction of which $28 million were incurred by HERC and $11 million were incurred by Corporate in 2014.

(f) Represents non-recurring costs incurred in connection with the relocation of our corporate headquarters to Estero, Florida that were not included in restructuring expenses. Such expenses primarily include duplicate facility rent, certain moving expenses, and other costs that are direct and incremental due to the relocation.

(g) In 2013, represents premiums paid to redeem our 8.50% Former European Fleet Notes.

(h) In 2013, represents extinguishment of debt for Senior Convertible Notes.

(i) For 2014, primarily comprised of impairments related to our former corporate headquarters building in New Jersey and HERC revenue earning equipment held for sale. Additionally, 2014 includes write-downs of assets associated with a terminated business relationship. In 2013, primarily related to a change in the carrying value of the vehicles subleased to FSNA and its former subsidiary, Simply Wheelz.

(j) In 2014, primarily comprised of a $19 million litigation settlement received in relation to a class action lawsuit filed against an original equipment manufacturer. In 2013, primarily represents cash premiums of $12 million associated with the conversion of the Senior Convertible Notes.

(k) Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of revalued liabilities relating to acquisition accounting.

(l) In 2014, represents $6 million of stock-based compensation foreitures included in restructuring and restructuring related charges. In 2013, represents $5 million of depreciation expense related to HERC.

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

FREE CASH FLOW

Unaudited

	Twelve Months Ended						Twelve Months Ended
	December 31,						December 31,
(In millions)	2014			2013 As Restated			2013 As Revised
Income before income taxes	$	(23	)	$	603		$	663
Depreciation and amortization, non-fleet assets	366			339			205
Amortization of debt discount and related charges	46			68			190
Cash paid for income taxes	(64		)	(71		)	(71		)
Changes in assets and liabilities, net of effects of acquisitions, and other	173			202			157
Net cash provided by operating activities excluding depreciation of revenue earning equipment	498			1,141			1,144
U.S. car rental fleet growth (a)	260			(500		)	(511		)
International car rental fleet growth (a)	(61		)	243			247
Equipment rental fleet growth (a)	(103		)	(235		)	(234		)
All other operations rental fleet growth (a)	8			43			43
Property and equipment expenditures, net of disposals	(281		)	(246		)	(241		)
Net investment activity	(177		)	(695		)	(696		)
Free cash flow	$	321		$	446		$	449

(a) Historically, fleet growth has not been reported on a segment basis.

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

FLEET GROWTH

Unaudited

	Twelve Months Ended December 31, 2014															Twelve Months Ended December 31, 2013 As Restated															Twelve Months Ended December 31, 2013 As Reported
(In millions)	U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			U.S. Car Rental			Int’l Car Rental			Worldwide Equipment Rental			All Other Operations			Consolidated HGH			Consolidated HGH

Revenue earning equipment expenditures	$	(5,965	)	$	(3,103	)	$	(615	)	$	(1,606	)	$	(11,289	)	$	(6,015	)	$	(2,593	)	$	(672	)	$	(1,009	)	$	(10,289	)	$	(10,298	)
Proceeds from disposal of revenue earning equipment	4,507			2,510			182			1,010			8,209			4,320			2,242			138			556			7,256			7,264
Net revenue earning equipment capital expenditures	(1,458		)	(593		)	(433		)	(596		)	(3,080		)	(1,695		)	(351		)	(534		)	(453		)	(3,033		)	(3,034		)
Depreciation of revenue earning equipment	1,758			412			330			455			2,955			1,279			447			299			425			2,450			2,445
Financing activity related to car rental fleet:
Borrowings	2,702			1,181			—			511			4,394			5,600			2,019			—			1,531			9,150			NR
Payments	(3,012		)	(1,051		)	—			(350		)	(4,413		)	(5,432		)	(1,884		)	—			(1,444		)	(8,760		)	NR
Restricted cash changes	270			(10		)	—			(12		)	248			(252		)	12			—			(16		)	(256		)	NR
Net financing activity related to car rental fleet	(40		)	120			—			149			229			(84		)	147			—			71			134			134
Fleet growth	$	260		$	(61	)	$	(103	)	$	8		$	104		$	(500	)	$	243		$	(235	)	$	43		$	(449	)	$	(455	)

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS

Unaudited

NET CORPORATE DEBT, NET FLEET DEBT AND TOTAL NET DEBT

							As of December 31, 2013						As of December 31, 2013
	As of December 31, 2014						As Restated						As Reported
(In millions)	Fleet		Corporate		Total		Fleet		Corporate		Total		Fleet		Corporate		Total

Debt	$	9,562	$	6,431	$	15,993	$	9,806	$	6,503	$	16,309	$	9,806	$	6,503	$	16,309
Less:
Cash and cash equivalents	—		490		490		—		411		411		—		423		423
Restricted cash	515		56		571		772		89		861		772		88		860
Net debt	$	9,047	$	5,885	$	14,932	$	9,034	$	6,003	$	15,037	$	9,034	$	5,992	$	15,026

WORLDWIDE EQUIPMENT RENTAL AND RENTAL RELATED REVENUE

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions)	2014			2013 As Restated			2013 As Reported

Equipment rental segment revenues	$	1,571		$	1,539		$	1,538
Equipment sales and other revenue	(115		)	(132		)	(132		)
Rental and rental related revenue at actual rates	1,456			1,407			1,406
Foreign currency adjustment (a)	12			(7		)	9
Rental and rental related revenue	$	1,468		$	1,400		$	1,415

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES - DEBT, REVENUE, DEPRECIATION AND KEY METRICS (CONTINUED)

Unaudited

TOTAL RPD, FLEET EFFICIENCY AND NET DEPRECIATION PER UNIT PER MONTH

U.S. Car Rental Segment

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(In millions, except as noted)	2014			2013 As Restated			2013 As Reported
Revenues	$	6,471		$	6,331		$	6,324
Advantage sublease revenue	—			(65		)	(65		)
Ancillary retail car sales revenue	(32		)	(14		)	—
Total rental revenue	$	6,439		$	6,252		$	6,259
Transaction days (in thousands)	139,752			133,181			133,181
Total RPD (in whole dollars)	$	46.07		$	46.94		$	47.00

Transaction days (in thousands)	139,752			133,181
Average Fleet	499,100			490,000
Advantage sublease vehicles	(4,000		)	(21,000		)
Hertz 24/7 vehicles	(1,000		)	(2,000		)
Average Fleet used to calculate fleet efficiency	494,100			467,000
Number of days in period	365			365
Average fleet multiplied by number of days in period (in thousands)		180,347			170,455
Fleet efficiency	77		%	78		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	1,758		$	1,281
Average fleet	499,100			490,000
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	3,522		$	2,614
Number of months in period	12			12
Net depreciation per unit per month	$	294		$	218

International Car Rental

	Twelve Months Ended December 31,						Twelve Months Ended December 31,
(in millions, except as noted)	2014			2013 As Restated			2013 As Reported
Revenues	$	2,436		$	2,378		$	2,383
Foreign currency adjustment (a)	44			22			40
Total rental revenue	$	2,480		$	2,400		$	2,423
Transaction days (in thousands)	46,917			45,019			45,019
Total RPD (in whole dollars)	$	52.86		$	53.31		$	53.81

Transaction days (in thousands)	46,917			45,019
Average Fleet	166,900			161,300
Number of days in period	365			365
Average fleet multiplied by number of days in period	60,919			58,875
Fleet efficiency	77		%	76		%

Depreciation of revenue earning equipment and lease charges, net (in millions)	$	492		$	528
Foreign currency adjustment (in millions) (a)	9			4
Adjusted depreciation of revenue earning equipment and lease charges, net (in millions)	$	501		$	532
Average fleet	166,900			161,300
Adjusted depreciation of revenue earning equipment and lease charges, net divided by average fleet	$	3,002		$	3,298
Number of months in period	12			12
Net depreciation per unit per month	$	250		$	275

(a) Amounts shown for 2014 and 2013 As Restated are based on December 31, 2013 foreign exchange rates. Amounts shown for 2013 As Reported are based on December 31, 2012 foreign exchange rates.

NON-GAAP MEASURES - DEFINITIONS AND USE

Hertz Holdings is our top-level holding company. The Hertz Corporation (“Hertz”) is our primary operating company. The term “GAAP” refers to accounting principles generally accepted in the United States of America.

Definitions of non-GAAP measures are set forth below. Also set forth below is a summary of the reasons why management of Hertz Holdings and Hertz believes that the presentation of the non-GAAP financial measures included in the Press Release provide useful information regarding Hertz Holdings’ and Hertz’s financial condition and results of operations and additional purposes, if any, for which management of Hertz Holdings and Hertz utilize the non-GAAP measures.

Adjusted Pre-Tax Income

Adjusted pre-tax income is calculated as income before income taxes plus certain non-cash acquisition accounting charges, debt-related charges relating to the amortization and write-off of debt financing costs and debt discounts and certain one-time charges and non-operational items. Adjusted pre-tax income is important to management because it allows management to assess operational performance of our business, exclusive of the items mentioned above. It also allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows them to assess the operational performance of the Company on the same basis that management uses internally.

Average Fleet

Average Fleet is determined using a simple average of the number of vehicles at the beginning and end of a given period.

Corporate Restricted Cash (used in the calculation of Net Corporate Debt)

Total restricted cash includes cash and cash equivalents that are not readily available for our normal disbursements. Total restricted cash and equivalents are restricted for the purchase of revenue earning vehicles and other specified uses under our Fleet Debt facilities, our like-kind exchange programs and to satisfy certain of our self-insurance regulatory reserve requirements. Corporate restricted cash is calculated as total restricted cash less restricted cash associated with fleet debt.

Dollar Utilization

Dollar utilization means revenue derived from the rental of equipment divided by the original cost of the equipment including additional capitalized refurbishment costs (with the basis of refurbished assets at the refurbishment date).

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Corporate EBITDA

EBITDA is defined as net income before net interest expense, income taxes and depreciation (which includes revenue earning equipment lease charges) and amortization. Corporate EBITDA, as presented herein, represents EBITDA as adjusted for car rental fleet interest, car rental fleet depreciation and certain other items, as described in more detail in the accompanying tables. Each of the measured presented herein reflects the financial results of Hertz Holdings.

Management uses EBITDA and Corporate EBITDA as operating performance and liquidity metrics for internal monitoring and planning purposes, including the preparation of our annual operating budget and monthly operating reviews, as well as to facilitate analysis of investment decisions, profitability and performance trends. Further, EBITDA enables management and investors to isolate the effects on profitability of operating metrics such as revenue, operating expenses and selling, general and administrative expenses, which enables management and investors to evaluate our business segments that are financed differently and have different depreciation characteristics and compare our performance against companies with different capital structures and depreciation policies. We also present Corporate EBITDA as a supplemental measure because such information is utilized in the calculation of financial covenants under Hertz’s senior credit facilities and in the determination of certain executive compensation.

EBITDA and Corporate EBITDA are not recognized measurements under GAAP. When evaluating our operating performance or liquidity, investors should not consider EBITDA and Corporate EBITDA in isolation of, or as a substitute for, measures of our financial performance and liquidity as determined in accordance with GAAP, such as net income, operating income or net cash provided by operating activities.

Equipment Rental and Rental Related Revenue

Equipment rental and rental related revenue consists of all revenue, net of discounts, associated with the rental of equipment including charges for delivery, loss damage waivers and fueling, but excluding revenue arising from the sale of equipment, parts and supplies and certain other ancillary revenue. Rental and rental related revenue is adjusted in all periods to eliminate the effect of fluctuations in foreign currency. Our management believes

eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends. This statistic is important to our management and to investors as it reflects time and mileage and ancillary charges for equipment on rent and is comparable with the reporting of other industry participants.

Fleet Efficiency

Fleet efficiency is calculated by dividing total transaction days by the average fleet multiplied by the number of days in a period. Average fleet used to calculate fleet efficiency in our U.S. Car Rental segment excludes Advantage sublease and Hertz 24/7 vehicles as these vehicles do not have associated transaction days.

Free Cash Flow

Free cash flow is calculated as net cash provided by operating activities, excluding depreciation of revenue earning equipment, net of car rental and equipment rental fleet growth and property and equipment net expenditures. Free cash flow is important to management and investors as it represents the cash available for acquisitions and the reduction of corporate debt.

Net Corporate Debt

Net corporate debt is calculated as total debt excluding fleet debt less cash and equivalents and corporate restricted cash. Corporate debt consists of our Senior Term Facility; Senior ABL Facility; Senior Notes; Promissory Notes; Convertible Senior Notes; and certain other indebtedness of our domestic and foreign subsidiaries.

Net Corporate Debt is important to management and investors as it helps measure our leverage. Net Corporate Debt also assists in the evaluation of our ability to service our non-fleet-related debt without reference to the expense associated with the fleet debt, which is collateralized by assets not available to lenders under the non-fleet debt facilities.

Net Depreciation Per Unit Per Month

Net depreciation per unit per month is calculated by dividing depreciation of revenue earning equipment and lease charges, net by the average fleet in each period and then dividing by the number of months in the period reported with all periods adjusted to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is useful in analyzing underlying trends. Average fleet used to calculate net depreciation per unit per month in our U.S. Car Rental segment includes Advantage sublease and Hertz 24/7 vehicles as these vehicles have associated lease charges.

Restricted Cash Associated with Fleet Debt (used in the calculation of Net Fleet Debt and Corporate Restricted Cash)

Restricted cash associated with fleet debt is restricted for the purchase of revenue earning, vehicles and other specified uses under our Fleet Debt facilities and our car rental like-kind exchange program.

Same Store Revenue Growth/Decline

Same store revenue growth is calculated as the year over year change in revenue for locations that are open at the end of the period reported and have been operating under our direction for more than twelve months. The same-store revenue amounts are adjusted in all periods to eliminate the effect of fluctuations in foreign currency.

Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends.

Time Utilization

Time utilization means the percentage of time an equipment unit is on-rent during a given period.

Total Net Debt

Total net debt is calculated as total debt less total cash and cash equivalents and total restricted cash. This measure is important to management, investors and ratings agencies as it helps measure our gross leverage.

Total RPD

Total RPD is calculated as total revenue less revenue from fleet subleases and ancillary revenue associated with retail car sales, divided by the total number of transaction days, with all periods adjusted to eliminate the effect of fluctuations in foreign currency. Our management believes eliminating the effect of fluctuations in foreign currency is appropriate so as not to affect the comparability of underlying trends. This statistic is important to our management and investors as it represents the best measurement of the changes in underlying pricing in the car rental business and encompasses the elements in car rental pricing that management has the ability to control.

Transaction Days

Transaction days represent the total number of 24-hour periods, with any partial period counted as one transaction day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one transaction day in a 24-hour period.

Hertz (HRZ) 8-KHertz Completes Financial Restatement; Provides 2015 Business Outlook