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FOR IMMEDIATE RELEASE                     CONTACT:   FINANCIAL: LAUREN S. BABUS
                                                      (201) 307-2100
                                                      PRESS: JOE RUSSO
                                                      (201) 307-2486



                         THE HERTZ CORPORATION DECLARES
                               QUARTERLY DIVIDEND

PARK RIDGE, NJ, OCTOBER 27, 1998 - The Board of Directors of The Hertz
Corporation (NYSE:HRZ), the world's largest car rental company and a leading
construction and industrial equipment rental business in the U.S., has declared
a quarterly dividend of $0.05 per share on its Class A and Class B Common Stock
payable on December 10, 1998 to shareholders of record as of November 16, 1998.

      The Hertz Corporation, headquartered in Park Ridge, N.J., operates from
over 5,500 locations throughout the U.S. and in approximately 140 foreign
countries.


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