Exhibit Hertz Historical Operating and Final Performance Hutorial mandal Summary 2002 2 Summary of Idenafied Operating improvement Opportunities Are fine tinted BITDA De 2004 MC MERC LAB 1920 UM UN HERCFest Capital 3271 HERC been without loud 46 UR 119 7 DO 1374 71 7446 (40 TT 5610 60 OnAirport TDA 875150 Depois de Grow BITDA RAC MERC 210 1. 14 X 044 Of TDA 2010 450 1231 2,417 140 145 2,000 Amber of roto made oude dood Erwione w duplica offers and the resin cho Total TDA 2240 156100 27 Adjusted EBITDA PAC 30 1903 Format US Naft be 04 14 Corporate Total Adjusted DA 71 114 792 Carpe EBITDA 100 550 745 Te 67 100 E Hertz Balance Sheet Reet Vaher NE MERC 75 mo 10 M un 7,7 UN 1997 10033 491 7A 130 Cash dhe inget Nowycluding comme 18 Holding 400 co As backed we Forpatatata Tutalt dating US Total capital Q1: what is IRR for investment of 5-7 years bid price 15 billion? Q2: what will be the incremental in exit valuation ? . Note expected forecast cashflow to double in the upcoming 5-7 years, yearly save CAPEX between (700-800Mio) current IPO price 12-15% 2005 earnings corporate EBIDA equals HERC gross EIBIDA plus RAC adjusted EBITDA less corporate expense consolidating entries. Missing info can be assumed with justification 03:- How to mitigate risk of core business (.e. Margins, cost)? Q4: what could be under performance operational improvements? 2005E Exhibit 1 Hertz Historical Operating and Financial Performance Historical Financial Summary ($ millions) 2000 2001 2002 2003 2004 Revenue RAC 4691 4.468 4,620 4896 5,635 HERC 1,180 1,218 1,096 1,082 1,186 Corporate (90) (145) Total Revenue 5,798 5,597 5,638 5,934 6,676 6001 1374 71 7446 Gross EBITDA RAC HERC Corporate Total Gross EBITDA 2030 451 2201 558 (23) 1,652 426 (45) 2,033 1,875 374 (8) 2,240 1,920 364 (12) 2,272 2143 436 (46) 2,533 2,457 2,752 Adjusted EBITDA RAC HERC Corporate Total Adjusted EBITDA 656 89 (26) 719 172 31 (34) 169 380 (5) 0 374 390 18 (14) 393 576 131 (22) 685 452 252 (2) 702 Corporate EBITDA 1,083 553 745 742 967 1,003 Fleet Value (year-end) RAC HERC Total Fleet Value 5,186 1,735 6,921 5.220 1,620 6,841 5,998 1.428 7426 6462 1,331 7,793 7,597 1,526 9,123 8,176 1857 10,033 Corporate EBITDA equals HERC Gross EBITDA plus RAC Adjusted EBITDA less corporate expenses and consolidatin entries Source: CDR Exhibit 2 Summary of Identified Operating Improvement Opportunities Area for improvement Estimated EBITDA Description impact (SMM) HERC Fleet Capital $275 to $350 On Airport EBITDA $75-150 HERC has been run without focus on capital efficiency, existing as sets could be better utilized On airport margins have been declining due to rising unit costs and Opex increases A significant number of off airport locations made a loss and should be closed European operations have duplicated the head offices and shared services in each country Off Airport EBITDA $58-100 European SGBA $50-100 US Non-Fleet | Capex $57.90 For many years Hertz has spent significantly more than competitors on non fleet Capex Refers to one-off Capex savings not EBITDA savings Exhibit 3 Hertz Balance Sheet (s in milions), unaudited Cash, equivalents and short-term investments $1.045.7 Existing Debt Notes payable, including commercial paper $1294.3 Interim credit facility (1) 1,619.8 Holdings note (2) 1,185.0 Senior notes 4,8247 Asset backed securities 600.0 Foreign subsidiaries debt 1.0747 Total debt, including current portion $10,598.5 Total stockholder's equity 1.0720 Total capitalization $11.670.5 Notes On 23 November 2005 Hertz entered into an interim credit facility that will mature on February 28, 2006. Amounts include borrowings by a subsidiary of Hertz, which has been fully and unconditionally guaranteed by Hetz On June 10, 2005. Hertz declared and paid a dividend of $1,185.0 million on Herte's common stock to Ford Holdings LLC in the form of the Holdings