--  Adjusted pre-tax income(1) for the quarter increased 15.5% over the
    prior year, to $195.3 million, on 15.7% lower revenues; GAAP pre-tax income
    increased 189% to $75.8 million.
--  Adjusted pre-tax margin of 9.6%, 260 bps better than last year, GAAP
    pre-tax income margin of 3.7% for the quarter, also a 260 bps improvement.
--  Worldwide car rental adjusted pre-tax income of $258.3 million for the
    quarter, a 54.6% increase year-over-year on 11.5% lower revenues, and a
    margin of 14.7%, 630 bps better than last year.
--  Corporate EBITDA(1) of $388.1 million for the quarter, or a margin of
    19.0%, 300 bps better than last year.
--  Worldwide equipment rental Corporate EBITDA margin of 41.9%.
    

Hertz Global Holdings, Inc. (NYSE: HTZ) (with its subsidiaries, the "Company" or "we") reported third quarter 2009 worldwide revenues of $2.0 billion, a decrease of 15.7% year-over-year (a 13.4% decrease in constant currency). Worldwide car rental revenues for the quarter decreased 11.5% (an 8.9% decrease in constant currency) to $1.8 billion. Revenues from worldwide equipment rental for the third quarter were $280.5 million, down 35.2% (a 33.9% decrease in constant currency) over the prior year period.

Third quarter 2009 adjusted pre-tax income was $195.3 million, an improvement of 15.5%, versus $169.1 million in the same period in 2008, and income before income taxes ("pre-tax income"), on a GAAP basis, was $75.8 million, an increase of 189%, versus $26.2 million in the third quarter of 2008. Corporate EBITDA for the third quarter of 2009 was $388.1 million, an increase of 0.4% from the same period in 2008.

Third quarter 2009 adjusted net income(1) was $124.5 million, an increase of 17.5%, versus $106.0 million in the same period of 2008, resulting in adjusted diluted earnings per share for the quarter of $0.31, compared with $0.33 for the third quarter of 2008. Third quarter 2009 net income, on a GAAP basis, was $64.5 million or $0.15 per share on a diluted basis, compared with $17.7 million, or $0.05 per share on a diluted basis, for the third quarter of 2008.

Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, "Our strong earnings performance in the third quarter reflects sustained progress on expense management and incremental revenue-generating initiatives which are offsetting soft, but improving, business travel demand and stabilizing equipment rental volume. As the global economy recovers, we expect our balanced approach to revenue growth, costs and cash management will result in continued improvement in key financial metrics. Additionally, with the recent completion of two Capital Market transactions totaling $3.3 billion, Hertz has achieved its U.S. fleet refinancing targets on favorable terms a year ahead of schedule."

The Company took $47.1 million in restructuring and related charges in the third quarter of 2009, primarily attributable to costs associated with job reductions, the closure of rental locations and process reengineering. The Company said it expects restructuring and related charges to diminish significantly starting in the fourth quarter of 2009 and throughout 2010.

INCOME MEASUREMENTS, THIRD QUARTER 2009 & 2008

                               Q3 2009                    Q3 2008
                      -------------------------- -------------------------
                                        Diluted                    Diluted
                                        Earnings                   Earnings
(in millions, except  Pre-tax   Net       Per    Pre-tax   Net        Per
 per share amounts)    Income  Income    Share   Income   Income     Share
                      -------- -------  -------- -------  -------  --------
Earnings Measures, as
 reported  (EPS
 based on 425.2M and
 322.9M diluted
 shares)              $   75.8 $  64.5  $   0.15 $  26.2  $  17.7  $   0.05
                               =======  ========          =======  ========
Adjustments:
  Purchase accounting     21.7                      25.2
  Non-cash debt
   charges                48.5                      20.2
  Restructuring and
   related charges        47.1                      85.0
  Derivative losses        1.9                      15.0
  Vacation accrual
   adjustment                -                      (2.5)
  Other                    0.3                         -
                      --------                   -------
Adjusted pre-tax
 income                  195.3   195.3             169.1    169.1
Assumed  provision
 for income taxes at
 34%                             (66.4)                     (57.5)
Noncontrolling
 interest                         (4.4)                      (5.6)
                      -------- -------           -------  -------
Earnings Measures, as
 adjusted (EPS based
 on 407.7M and 325.5M
 diluted shares)      $  195.3 $ 124.5  $   0.31 $ 169.1  $ 106.0  $   0.33
                      ======== =======  ======== =======  =======  ========

The Company ended the third quarter of 2009 with total debt of $10.3 billion and net corporate debt(1) of $3.6 billion, compared with total debt of $9.8 billion and net corporate debt of $4.0 billion as of June 30, 2009, a decrease in net corporate debt of $369.1 million. The decrease in net corporate debt is primarily attributable to an increase in cash. Total net cash flow(1) for the quarter was $70.8 million compared with a use of $157.7 million in the third quarter of 2008. The improvement of $228.5 million is primarily attributable to proceeds from a private sale of our common stock to certain of our controlling stockholders in July 2009. Total liquidity(2) was approximately $5.1 billion as of September 30, 2009. On a GAAP basis, net cash provided by operating activities was $608.8 million in the third quarter of 2009, compared to $921.2 million last year.

WORLDWIDE CAR RENTAL

Worldwide car rental revenues were $1.8 billion for the third quarter of 2009, a decrease of 11.5% (an 8.9% decrease in constant currency) from the prior year period. Transaction days for the quarter decreased 5.8% [(4.0)% U.S.; (9.0)% International]. U.S. off-airport revenues for the third quarter decreased 1.0% year-over-year, and transaction days increased 5.2%. Rental rate revenue per transaction day(1) ("RPD") for the quarter was 1.9% below the prior year period [(3.4)% U.S.; 0.8% International]. Additionally, pure pricing increased 0.4% overall, and 2.7% for the U.S. leisure airport market, year-over-year.

Worldwide car rental adjusted pre-tax income for the third quarter of 2009 was $258.3 million, an improvement of 54.6% over the prior year period. The result was driven by strong cost management performance, including higher revenues per vehicle, lower overall fleet costs and staffing/wage levels commensurate with rental volumes. As a result, worldwide car rental achieved an adjusted pre-tax margin, based on revenues, of 14.7% for the quarter, 630bps better than the prior year period.

The worldwide average number of Company-operated cars for the third quarter of 2009 was 445,200, a decrease of 9.3% over the prior year period.

Additionally, the U.S. car rental business made year-over-year progress in the third quarter, due to further productivity and revenue generation improvements, year-over-year. A few key metrics include:

--  Transaction length increased 4.8% over last year, driven primarily by
    leisure and off-airport transactions, including the new multi-month
    rental product.
--  Revenue per transaction, a good measure of pricing and transaction
    length mix, increased 1.2% year-over-year.
--  8.6% lower average U.S. car-rental fleet compared with the third
    quarter of 2008, taking advantage of an improving used car market.
--  Fleet efficiency of 83.3%, a 398 bps improvement year-over-year, and
    monthly depreciation per vehicle of $319.11, an 11.9% decrease.
--  Revenue per vehicle, a good measure of fleet productivity, increased
    1.4% year-over-year.

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $280.5 million for the third quarter of 2009, a 35.2% decrease (a 33.9% decrease in constant currency) from the prior year period.

Adjusted pre-tax income for the third quarter of 2009 was $25.2 million, a 68.9% decrease from the prior year period, primarily attributable to the effects of reduced volume and pricing, partially offset by cost management initiatives. HERC achieved an adjusted pre-tax margin, based on revenues, of 9.0%, and a Corporate EBITDA margin, based on revenues, of 41.9% for the quarter.

The average acquisition cost of rental equipment operated during the third quarter of 2009 decreased by 16.9% year-over-year -- compared with a 0.4% increase in the third quarter of 2008 over the third quarter of 2007 -- to $2.8 billion, and net revenue earning equipment as of September 30, 2009 was $1.9 billion, a 13.6% decrease from the amount as of December 31, 2008.

OUTLOOK

On October 27, 2009, the Company announced it had increased full year 2009 earnings guidance for annualized cost savings, revenues, Corporate EBITDA, adjusted pre-tax income and adjusted diluted earnings per share as follows:

                                                Revised
                                               Guidance     Prior Guidance
                                            --------------- ---------------
Annualized Cost Savings                     $        620.0M $        570.0M
Revenue                                     $  7.0 - $ 7.1B $  6.7 - $ 7.0B
Corporate EBITDA(3)                         $  950 - $ 960M $  900 - $ 935M
Adjusted Pre-Tax Income(3)                  $  155 - $ 165M $  100 - $ 120M
Adjusted Diluted Earnings per Share(3)(4)   $ 0.21 - $ 0.23 $ 0.12 - $ 0.15

RESULTS OF THE HERTZ CORPORATION

The Company's operating subsidiary, The Hertz Corporation ("Hertz"), posted the same revenues for the third quarter of 2009 as the Company. Hertz's third quarter of 2009 pre-tax income was, however, $11.3 million higher than that of the Company primarily because of additional interest expense recognized by the Company on its 5.25% Convertible Senior Notes issued in May and June 2009.

(1) Adjusted net income, adjusted diluted earnings per share, adjusted pre-tax income, Corporate EBITDA, net corporate debt, total net cash flow and rental rate revenue per transaction day are non-GAAP measures. See the accompanying Attachments for the reconciliations and definitions for each of these non-GAAP measures and the reason the Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations.

(2) Total liquidity of $5.1 billion is comprised of $0.9 billion of cash, $1.0 billion of undrawn corporate liquidity and $3.2 billion of fleet financing availability. Total liquidity is subject to borrowing base limitations and other factors--we had $1.7 billion of the borrowing base available at September 30, 2009 and $0.9 billion of cash.

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

(4) Based on 407.7 million shares which represents the number of diluted shares outstanding for the year ended December 31, 2008 plus 85 million shares offered in the common stock offerings.

CONFERENCE CALL INFORMATION

The Company's third quarter 2009 earnings conference call will be held on Friday, October 30, 2009, at 10:00 a.m. (EDT). To access the conference call live, dial 888-428-4479 in the U.S. and 612-332-0107 for international callers using the passcode: 118502 or listen via webcast at www.hertz.com/investorrelations. The conference call will be available for replay for two weeks starting at 12:30 p.m. on October 30, 2009 by calling 800-475-6701 in the U.S. or 320-365-3844 for international callers with the passcode: 118502. The press release and related tables containing the reconciliations of non-GAAP measures will be available on our website, www.hertz.com/investorrelations.

ABOUT THE COMPANY

Hertz is the world's largest general use car rental brand, operating from approximately 8,100 locations in approximately 145 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 42 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa, Asia, and the Middle East. Product and service initiatives such as Hertz #1 Club Gold(R), NeverLost(R) customized, onboard navigation systems, SIRIUS Satellite Radio, and unique cars and SUVs offered through the company's Prestige, Fun and Green Collections, set Hertz apart from the competition. In 2008, the Company launched Connect by Hertz, entering the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 330 branches in the United States, Canada, China, France and Spain.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. Forward-looking statements include information concerning the Company's outlook, anticipated revenues, results of operations and implementation of productivity and efficiency initiatives, including targeted job reductions, and the anticipated savings and restructuring charges expected to be realized or incurred in connection therewith. These statements often include words such as "believe," "expect," "project," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "should," "forecast" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. As you read this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties and assumptions. Many factors could affect the Company's actual results and its ability to implement its cost savings and efficiency initiatives successfully, and could cause the Company's actual results to differ materially from those expressed in the forward-looking statements. Some important factors include: the Company's operations; economic performance; financial condition; management forecasts; efficiencies, cost savings and opportunities to increase productivity and profitability; income and margins; liquidity and availability of additional or continued fleet financing including as a result of the financial instability of the entities providing credit support for certain of our notes; the financial instability of the manufacturers of our vehicles; anticipated growth; economies of scale; the economy; future economic performance; the Company's ability to maintain profitability during adverse economic cycles, potential tangible and intangible asset impairment charges and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); future acquisitions and dispositions; litigation; potential and contingent liabilities; management's plans; taxes; and refinancing of existing debt. In light of these risks, uncertainties and assumptions, the forward-looking statements contained in this press release might not prove to be accurate and you should not place undue reliance upon them. All forward-looking statements attributable to the Company or persons acting on the Company's behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

The Company cautions you therefore that you should not rely unduly on these forward-looking statements.