Www.hertz.com Let Hertz Put You in the Driver’s Seat.

Hertz Global Holdings, Inc.

225 Brae Boulevard

Park Ridge, NJ 07656

(201) 307-2000



Let Hertz Put You in the Driver¡¯s Seat.

Let Hertz Put You in the Driver¡¯s Seat.

n

Hertz 2007 Annual Report

2007 Annual Report

Let Hertz Put You in the Driver¡¯s Seat.

A Rich Legacy¡­ In 2008, Hertz celebrates its 90th Anniversary. Hertz was

among the first car rental companies in the world, and remains the global leader in

customer-focused car and equipment rental innovations. We provide our customers

rental experiences based on speed, service and selection, and deliver shareholders

consistent, strong financial results.

A Balanced Approach to the Future... During Hertz¡¯s first full

year as a publicly traded company on the New York Stock Exchange, the company

Shareholder Information

delivered superior financial performance, and established the framework for longterm, increased shareholder value. We will continue to improve shareholder value

by emphasizing, in equal measure:

Customer Satisfaction

n Employee Satisfaction

n Cash Management

n

Stock Listing

Media Inquiries

Transfer Agent

Annual Meeting

Hertz Global Holdings, Inc.

Common Stock is listed on the

New York Stock Exchange (NYSE)

under the Ticker Symbol: HTZ

Requests for general information or questions from the news

media should be directed to:

Computershare is the company¡¯s

transfer agent and registrar

and also manages stockholder

services for Hertz.

For stockholder services such

as exchange of certificates, issuance of certificates, change

of address, change in registered

ownership or share balance,

write or call:

The Annual Meeting of

stockholders will be held on

Thursday, May 15th, 2008

at 10:30 a.m. ET at:

The Park Ridge Marriott

300 Brae Boulevard

Park Ridge, NJ 07656

Investor Relations

Hertz Firsts Hertz has scored many ¡°firsts¡± in the car rental industry. Here are some of the most notable Hertz Firsts:

1918 Hertz begins renting cars.

1979 HERC enters the industrial equip-

2001 Hertz launches the Prestige

n

1925 Hertz establishes first

ment rental and leasing markets.

Collection.

environmental initiatives: Adds Toyota

coast-to-coast car rental network

1980 n First Express Service,

2002 Hertz first introduces SIRIUS

Prius Hybrid to fleet; donates to the

through national franchise system.

#1 Club members bypass the

Satellite Radio.

National Park Foundation and Mayor¡¯s

1932 Nation¡¯s first airport Rent-a-Car

airport counter.

2006 n Hertz rolls out the Fun

Fund to Advance New York City.

Collection?.

n Hertz

location at Chicago Midway.

n

1933 Revolutionary Rent-It-Here/

directions in over 100 cities.

Leave-It-There option increases use

n

of rent-a-cars.

1950 First European location in France.

First Computerized driving

Hertz expands company-wide

launches Simply Wheelz by

Debut of the Shelby GT-H, a special

Hertz, offering competitive rates, an

run of 500 performance-modified Ford

easy-to-use reservation website and

1989 Hertz launches #1Club Gold?,

Mustang GTs.

advanced kiosk machines to rent and

allowing members to go directly

n

1955 First car rental company with

from the airplane to their car.

Collection of fuel-efficient,

n Hertz

1,000 locations.

1995 First On-Board Navigation

environmentally-friendly cars.

duce Nick-On-the-Go, a fully portable,

1965 Hertz Equipment Rental

System, NeverLost?.

2007 n Hertz launches Hourly Rental

pre-loaded touch-screen media player.

Corporation [HERC] is formed.

1998 HERC expands into Canada.

Program in New York City and Boston.

n

1978 First Nationwide Emergency

2000 Hertz introduces #1 Club Gold

n Debut

in Spain.

Road Service.

Five Star and President¡¯s Circle.

convertible.

HERC enters European market.

n

Hertz introduces the Green

of the Shelby GT-H

return vehicles.

Securities analysts, portfolio

managers, representatives of

financial institutions and

individuals interested in receiving

information about the company

should contact:

Lauren S. Babus

Vice President, Investor Relations

Hertz Global Holdings, Inc.

225 Brae Boulevard

Park Ridge, NJ 07656

(201) 307-2100

InvestorRelations@

Richard Broome

Vice President, Corporate Affairs

Hertz Global Holdings, Inc.

225 Brae Boulevard

Park Ridge, NJ 07656

(201) 307-2486

rbroome@

Corporate Headquarters

Hertz Global Holdings, Inc.

225 Brae Boulevard

Park Ridge, NJ 07656

(201) 307-2000



Dividend Policy

joins with Nickelodeon to intro-

Hertz introduces motorbike rentals

Contents: 1. Financial Highlights 2. Letter to Shareholders 4. Customer Satisfaction (Rent-A-Car and Hertz Equipment Rental)

12. Employee Satisfaction 14. Cash Management 16. Board of Directors and Officers IBC. Shareholder Information

The company does not expect

to pay dividends on its common

stock for the foreseeable future.

Design: Robert Webster Inc (RWI)

Computershare Trust

Company, N.A.

P.O. Box 43078

Providence, RI 02940-3078

(781) 575-4238

Hearing Impaired Telephone TDD:

(800) 952-9245



Certifications

Hertz Global Holdings has

included as exhibits to its Annual

Report on Form 10-K for fiscal

year 2007 filed with the SEC

certifications of its Chief Executive Officer and Chief Financial

Officer required by Section 302 of

the Sarbanes-Oxley Act of 2002.

Hertz Global Holdings¡¯ Chief

Executive Officer has also submitted a certification to the NYSE

stating that he is not aware of any

violations by the company of the

NYSE corporate governance

listing standards.

n Hertz Fun Collection

Featured on our front cover and

page 1 are the Corvette convertible

and the Jeep Wrangler from our

Hertz Fun Collection.

Financial Highlights

Worldwide Revenue

Adjusted Pre-Tax Income*

(in millions)

(in millions)

$10,000

$800

$8,686

$7,469

Levered After-Tax Cash Flow

After Fleet Growth* (in millions)

$1.50

$600

$640

$1.20

$380

$6,000

$480

$4,000

$320

$0.60

$(60)

$2,000

$160

$0.30

$(280)

$0.90

2006

2007

$0

2005

Pro Forma

$160

$0.62

$330.9

2005

$284.2

$0.92

$486.7

$0

$552.6

$1.26

$660.7

$8,058

$8,000

Adjusted EPS*

2006

2007

$0.00

2005

Pro Forma

2006

2007

$(500)

$(449.7)

2005

Pro Forma

2006

2007

*Indicates a Non-GAAP measurement presented and reconciled within the section of the Annual Report to Stockholders entitled

¡°Definitions and Non-GAAP Reconciliations,¡± which follows our Annual Report on Form 10-K included in this Annual Report.

Hertz Global Holdings, Inc. 1

Letter to Shareholders

Dear Hertz Shareholders,

Hertz over-delivered on its financial targets for 2007, executing on our promise to further

de-lever the company while increasing revenues and earnings, and improving customer

service. We laid the groundwork for a fundamental transformation of the company that will

make us even more competitive in our global rental markets while delivering higher shareholder value. We are building on a legacy of industry leadership worthy of a legendary brand

celebrating its 90th Anniversary in 2008.

We continue to build on our legacy of innovation in today¡¯s rapidly evolving, globalized economy. In fact, we are accelerating the pace of change to stay ahead of current macro-economic

conditions.

Our vision is to be the lowest-cost, highest quality and most customer-focused company in

the global rental markets we serve. Achieving this vision is predicated on a balanced approach

to the business in three areas:

n Customer Satisfaction

n Employee Satisfaction

n Cash Management

An analysis of the most successful companies demonstrates a balanced approach is the best

way to achieve sustainable, long term success.

There are several elements of our Customer Satisfaction strategy, none more important

than worldwide implementation of a Net Promoter Score (NPS) system in 2007. NPS is an

online tool to measure customer satisfaction, rental-by-rental, in real time. We receive over

30,000 customer responses every month, and we use NPS feedback to drive service improvements across the rental network, and NPS scores improved significantly as a result. An intensive focus on customer service explains why Hertz received, unsolicited, 18 ¡°Best of¡± Awards

worldwide last year.

We continued innovating in 2007 to enhance the customer¡¯s rental experience. We expanded

our Green Collection of environmentally friendly cars, adding over 1,000 Toyota Prius hybrid

2 Hertz Global Holdings, Inc.

vehicles, with another 2,500 on the way in 2008. We launched Simply Wheelz in Orlando and

Spain ¨C our low cost, high-tech rental brand to serve value-oriented, leisure customers. We are

now the market leader in Germany in van and truck rentals, a rapidly growing business across

our European network.

Equally important is Employee Satisfaction. We spent an additional $7 million on training and improved the U.S. tuition reimbursement program. Additionally, we are introducing

new performance management and talent development systems to fully align our strategies,

employees and compensation programs.

We made significant progress in 2007 on our Cash Management strategies. Working capital

improved by over $280 million in 2007, as we pushed focus on and responsibility for working

capital to lower levels in the company. We also generated levered cash flows* of over $550

Mark P. Frissora

Chairman of the Board

and Chief Executive Officer

million, and increased Corporate EBITDA* by $162.8 million, or 11.8%, in 2007.

Our 2007 results can also be measured by analyzing key financial indicators, driven by

revenue growth and efficiency initiatives in equal measure. Hertz generated over $660 million

of adjusted pre-tax income* in 2007, up 35.8%, on record worldwide revenues of $8.7 billion,

including over $620 million in new revenues, 7.1% of 2007 worldwide revenues. We opened 360

rental locations worldwide in 2007, introduced new product lines and entered new market sectors in both car and equipment rental. We are poised to establish a long-term presence in the

most exciting, emerging rental markets in the world: China and India.

Our efficiency strategy is equally diversified. We reduced staffing levels in 2007 to eliminate

unnecessary layers of management and bureaucracy, and we will continue to improve productivity in 2008. We are implementing new outsourcing programs to improve efficiency in several

areas including properties, facilities, procurement and IT.

In 2007, we fully launched the Hertz Improvement Process (HIP), our version of Lean/Six

Sigma, focused on employee-generated work process improvements. We implemented HIP

at 248 locations and trained almost 9,000 employees in 2007. By streamlining their work, our

employees are more efficient and provide better customer service. HIP is a key element of our

goal to create a culture of continuous improvement at Hertz.

Additionally, we are reengineering major business processes, and implementing a global

supply chain strategy. For example, fleet-related costs comprise over 30% of our total expenses, and we are thoroughly reengineering fleet management programs from the purchase and

delivery of vehicles, through their rental life and final disposition.

Efficiency savings helped us achieve financial success last year and enabled us to fund $65

million in incremental spending on our brand, operations and people, a vital reinvestment in

Hertz Management Team

Top row, left to right:

Richard Broome

Lauren S. Babus

Don Serup

LeighAnne Baker

Charles Shafer

Elyse Douglas

Gerald A. Plescia

Lois Boyd

Jeffrey Zimmerman

Bottom row, left to right:

John A. Thomas

Joseph F. Eckroth

Joseph R. Nothwang

Mark P. Frissora

Michel Taride

Frank Camacho

Robert J. Stuart

our future.

Our equal focus on Customer Satisfaction, Employee Satisfaction and Cash Management is

the platform for the company¡¯s long term success. Macro-economic conditions will affect the

businesses, but will not deter us from achieving sustained excellence, and delivering increased

shareholder value, during our 10th decade of brand and industry leadership.

Mark P. Frissora

Chairman of the Board and Chief Executive Officer

Hertz Global Holdings, Inc. and The Hertz Corporation

* Indicates a Non-GAAP measurement presented and reconciled within the section of the Annual Report to Stockholders entitled

¡°Definitions and Non-GAAP Reconciliations,¡± which follows our Annual Report on Form 10-K included in this Annual Report.

Hertz Global Holdings, Inc. 3

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