The Light At The End Of The Tunnel Is Not An Illusion . . .

2014 – A Wild Ride That Got Wilder TIME LINE: August 2014 – Met with CBTG, shared challenges (fleet, recalls, etc.) & asked for your feedback . . . and boy did you give it September 2014 – Hertz CEO Mark Frisora resigns & Interim CEO, Brian McDonald named November 2014 – Hertz Announces New Fleet Strategy: Hertz purchasing roughly 350,000 model year 2015 vehicles in the U.S., approximately 60% more than the model year 2014 vehicles. Approximately 25% of the model year 2015 fleet buy came on-line in the fourth quarter of 2014. Approximately 70% of the U.S. operating fleet is expected to be risk vehicles in calendar year 2015 versus approximately 85% in 2014. November 2014 - John Tague appointed President and CEO of Hertz

Meet The New Faces of Hertz John Tague – President & CEO Mr. Tague is a travel and transportation industry veteran and former President and COO of United Airlines. “I want to emphasize that we must “earn” our leadership position.” “You and I won’t be the judge – our customers will.” Jeff Foland Senior EVP & Chief Revenue Officer Jeff will oversee car rental marketing, sales and revenue functions. Jeff came from United Airlines where he led marketing, sales, technology, ecommerce, distribution, corporate strategy, business development, contact centers, customer relations and loyalty programs Tyler Best EVP & CIO A corporate technology leader, with significant car rental experience, specializing in IT integration following acquisitions & mergers, as well as turn-around scenarios. SVP & CIO at Vanguard Car Rental (Alamo and National Brands). During his four years (2003-2007) at Vanguard, Tyler led IT initiatives to integrate Alamo’s and National’s systems, including combining their counter systems. Prior to that, Tyler led the IT integration of Avis and Budget, which merged in 2001. Tom Sabatino Senior EVP, Chief Administrative Officer & General Counsel Tom will oversee various corporate functions - Legal and Compliance, HR, Labor Relations, Communications, Community & Government Affairs, Real Estate and Concessions, Facilities and Construction, and Corporate Operations.

What Do You Think? Who knows any of our new leadership team? Are we making the right changes? Beyond fleet & leadership, what else should be working on? What are you hearing from the RAC market? National Avis

New Sales Structure & Contacts Jeff Foland Senior EVP & Chief Revenue Officer Bob Stuart, EVP Sales & Marketing Tim Ergas, VP Sales RAC Americas Hertz now has 5 Regions led by VPs (map on next slide) Our very largest strategic accounts are led by Michael Weinstein, VP Global & Strategic Sales, and a team of Global Account Managers In most regions, Hertz also has National Account Managers (like me) who manage large, strategic accounts. Inside each Region, Hertz has Regional Sales Managers who manage teams of Account Representatives who manage everything else Locally, your offices should be connected to and communicating with their Account Reps and RSMs. Western Region: John Quijano, VP (949) 224-6757 jquijano@hertz.com Southeast Region: Steve Chase, VP (407) 688-5288 schase@hertz.com Central Region: Jim Tam, VP (972) 453-4667 jtam1@hertz.com Canada Region: Tom Froggatt, VP (416) 213-4444 tfroggatt@hertz.com Northeast Region: Anthony Ciminera, VP (212) 373-6401 aciminera@hertz.com

Canada AK WA MT ME ND OR MN ID SD WI NY* WY MI IA PA NE NV OH RI UT IL VT MN NH ID SD WI NY* MA WY MI CT IA PA NE NV OH RI UT IL IN CA CO NJ KS WV VA MO KY DE NC TN AZ OK NM MD AR SC DC GA MS AL TX LA FL HI Western Region: John Quijano, VP (949) 224-6757 jquijano@hertz.com Southeast Region: Steve Chase, VP (407) 688-5288 schase@hertz.com Central Region: Jim Tam, VP (972) 453-4667 jtam1@hertz.com Canada Region: Tom Froggatt, VP (416) 213-4444 tfroggatt@hertz.com Northeast Region: Anthony Ciminera, VP (212) 373-6401 aciminera@hertz.com

Committed Annual Financial Support for the Group A Good Program – Committed Annual Financial Support for the Group Retail & HBR Overrides Quarterly, Hertz tracks the Retail & HBR revenues for CBTG as a group. When the group has positive year over year results in either Retail and/or HBR for the quarter, each agency with positive Retail and/or HBR results earns additional Override Commissions between .5%-4%. CBTG Member Discount Program Leisure Customers and/or Customers without a Hertz CDP Book using CDP# 317491 10% commission on Weekly & Weekend Rentals in the U.S.; 5% on Daily Discounts up to 20% on Hertz retail rates in the U.S. & Canada Hertz Business Rewards (HBR) Program Small Business Customers (annual RAC spend less than $100K) - use Program 12% Commission (5% standard commission, plus 5% Agency Referral Bonus for first 12 months, plus 2% thru CBTG) Free Rental Days for Company and Agency Clients receive low rates and discounts worldwide Fee-waived Hertz Gold Plus Rewards membership Hertz Affordable Europe (AFE) Program Customers Traveling Internationally 18% commission on Hertz Affordable Europe Rentals Guaranteed, low competitive rates with free, unlimited mileage Hertz Meeting and Convention Services Group and/or Incentive Travel – 5% commission & Referring agency earns $250 in Hertz certificates for every 20 rentals Clients receive competitive rates; Reduced rates for site visits; Site-to-site link capabilities; Dedicated meeting coordinator

What’s New . . . Market share threshold lowered from 31% to 27% - $.50 Paid quarterly on ALL rentals to each agency @ or above share threshold. Results so far: 2011 - $24,067; 2012 – $23,019; 2013 - $24,105 Agencies earn this bonus even if CBTG as a group does not achieve 27% Hertz share. How Can You Increase Your Hertz Share? Use the CBTG CDP # 317491 - 10% commissions on Weekly & Weekend Rentals; 5% on daily Hertz Business Rewards Program Promote New Hertz Improvements Tools You Can Use Account Conversions Account Conversion Bonus – plus helps drive share bonus Account Conversion flyer and redemption form distributed today

Virtual Coupons on CBTG Site

Tools You Can Use 1. Hertz News Online Quarterly Online Newsletter. #1 resource for the latest information. Visit www.agentnewsonline.com to sign up today!   2. Travel Agent Discount CDP # 69212 offers: Up to 20% off on Retail Rates 3. Agent Gold Rewards Hertz's Travel Agent Loyalty Program. Sign up at www.hertzagentgold.com