Exhibit 1: Hertz Historical Operating and Financial Performance

Historical Financial Summary ($ millions)

2000 2001 2002 2003 2004 2005CCa 2005E
Revenue
RAC $ 4,691.4 $ 4,468.2 $ 4,619.7 $ 4,895.9 $ 5,635.2 $ 6,118.3 $ 6,000.9
HERC 1,180.0 1,218.4 1,095.7 1,081.5 1,185.9 1,388.4 1,374.4
Corporate/Consolidating (73.7) (89.6) (77.0) (43.7) (145.1) (60.5) 70.9
Total Revenue 5,797.7 5,597.0 5,638.4 5,933.7 6,676.0 7,446.2 7,446.2

Gross EBITDA
RAC 2,029.9 1,651.9 1,874.7 1,920.4 2,142.5 2,234.3 2,201.1
HERC 450.7 425.9 373.5 363.5 436.3 562.9 557.7
Corporate/Consolidating (23.4) (44.9) (8.3) (12.0) (46.2) (45.2) (6.8)
Total Gross EBITDA 2,457.2 2,032.9 2,239.9 2,271.9 2,532.6 2,752.0 2,752.0

Adjusted EBITDA
RAC 656.0 172.0 380.1 390.1 576.4 464.7 452.4
HERC 88.6 31.2 (4.7) 17.6 130.6 252.4 251.6
Corporate/Consolidating (25.8) (34.0) (1.4) (14.3) (22.3) (15.1) (2.0)
Total Adjusted EBITDA 718.8 169.2 374.0 393.4 684.7 702.0 702.0

Corporate EBITDAb 1,083.3 553.0 745.3 741.6 966.5 982.4 1,003.3

EoY Fleet Value

RAC 5,186.2 5,220.4 5,998.3 6,462.0 7,597.2 NA 8,176.0
HERC 1,734.9 1,620.1 1,427.5 1,331.3 1,525.7 NA 1,856.5
Corporate/Consolidating 0.0 0.0 0.0 0.0 0.0 NA 0.0
Total EoY Fleet Value $ 6,921.1 $ 6,840.5 $ 7,425.8 $ 7,793.3 $ 9,122.9 NA $ 10,032.5

Source: CD&R.

a
CC: Constant currency for RAC and HERC segments. In 2000–2004, RAC and HERC data are shown in constant currencies;
currency adjustments for those years appear in the Corporate/Consolidating entry. Figures for 2005CC present 2005 on the
same basis. In contrast, figures for 2005E include currency adjustments in the segment data.

b
Corporate EBITDA equals HERC Gross EBITDA plus RAC Adjusted EBITDA less corporate-level expenses
and consolidating entries.
Exhibit 2a: U.S. RAC On-Airport Operating Expense Opportunity ($ millions except %)

Total U.S. RAC U.S. RAC On-Airport

2000 2001 2002 2003 2004 2005E 2002 2003 2004 2005E
Revenue $3,521 $3,330 $3,399 $3,455 $3,768 $4,125 $2,846 $2,877 $3,069 $3,266

Fleet Costs 1173 1279 1275 1277 1205 1383 1047 1023 938 1043

OpEx 1684 1845 1759 1806 2064 2345 1426 1459 1618 1793
% of Revenue 47.8% 55.4% 51.7% 52.3% 54.8% 56.9% 50.1% 50.7% 52.7% 54.9%

SG&A 204 204 193 195 227 225 174 181 208 205

Adjusted EBITA $460 $1 $173 $178 $273 $171 $199 $214 $305 $225
% margin 13.1% 0.0% 5.1% 5.2% 7.2% 4.1% 7.0% 7.4% 9.9% 6.9%
Adjusted
EBITDA $536 $96 $262 $251 $368 $278 $286 $286 $394 $327
% Margin
% Margin 15.2% 2.9% 7.7% 7.3% 9.8% 6.7% 10.0% 9.9% 12.8% 10.0%

Source: CD&R.
Exhibit 2b: Quantification of the U.S. RAC On-Airport Operating Expense Opportunity

OpEx Resulting EBITDA

Margin OpEx Improvement
Reduction Margin ($ millions)
1.0% 53.9% $32.7

2.0% 52.9% $65.3

3.0% 51.9% $98.0

4.0% 50.9% $130.6

Based on 2002 U.S. On-

Airport RAC level 5.0% 49.9% $163.3

6.0% 48.9% $196.0

Based on 2000 Total U.S.

RAC level 7.0% 47.9% $228.6

8.0% 46.9% $261.3

Source: CD .
Exhibit 3a: U.S. vs. Europe RAC Financial Comparison ($ millions)

2005 PF
U.S. Europe
RAC RAC
Revenue $4,125 $1,464

Fleet Costs $1,325 $301

Contribution after Fleet Costs $2,800 $1,163

Total OpEx $2,345 $860

Total SG&A $225 $219

Adjusted EBITA $230 $84

Adjusted EBITDA $337 $111

Source: CD&R.
Exhibit 3b: Implied U.S. vs. Europe RAC SG&A Opportunity

Current Europe At U.S. RAC At U.S. Airport

RAC Level Level Level
OpEx % of Revenue 58.7% 56.8% 54.9%
OpEx Savings $0 $28 $56
SG&A % of Revenue 15.0% 5.5% 6.3%
SG&A Savings $0 $139 $127
Combined OpEx & SG&A % of Revenue 73.7% 62.3% 61.2%
Total Savings $0 $167 $183
Implied % of Adjusted EBITDA 0.0% 150.3% 164.9%

Source: CD&R.
#DIV/0!
Exhibit 4: Proposed Transaction Structure

• $1.85 billion Term Loan

• $250 million Synthetic LC
• $3.05 billion Unsecured Loan The Hertz Corporation • $2.4 billion international ABS/ABL
structure ($1.97 billion funded)
• Borrowers are local entities

Other Domestic Hertz Vehicle

HERC North America Hertz International
Subsidiaries Financing

• $1.4 billion ABL • $5.26 billion funded domestic ABS

• $396 million funded at close • $1.25 billion unfunded domestic ABS

: Bankruptcy-remote special-purpose entities for ABS financing of RAC fleet: "FleetCo."

: Financial guarantee.

: Elements of the operating company: "OpCo."

Source: CD&R.
Exhibit 5a: Pro Forma Capitalization
Pro Forma Capitalization ($ millions except as noted)
% of x 2005 PF % of Indicative
x 2005 PF Total Financeable Total Interest
$ millions EBITDA w/ Fleet EBITDA ex. Fleet Rate
Cash $526.4 0.19 x -- 0.52 x -- --

U.S. Fleet ABS 5,256.7 1.91 x 31.9% L + 60

International Fleet ABS 1,972.4 0.72 x 12.0% L + 100
Total Fleet Debt $7,229.1 2.63 x 43.9% L + 70

Fleet Enhancement—Cars 1,346.9 0.49 x 8.2%

Ford Enhancement—LC 200.0 0.07 x 1.2%
Fleet Enhancement—Cash 115.1 0.04 x 0.7%
Total Fleet Equity $1,662.0 0.60 x 10.1%

Total FleetCo Capitalization $8,891.1 3.23 x 53.9%

ABL Facility 396.0 0.14 x 2.4% 0.39 x 5.2% L + 250

Term Loan B 1,850.0 0.67 x 11.2% 1.81 x 24.4% L + 300
Senior Unsecured Notes 2,250.0 0.82 x 13.7% 2.21 x 29.7% 9.50%
Senior Sub Notes 800.0 0.29 x 4.9% 0.78 x 10.5% 10.75%
Existing Debt 0.0 0.00 x 0.0% 0.00 x 0.0% 0.00%
Total OpCo Debt $5,296.0 1.92 x 32.2% 5.19 x 69.8% 8.64%

Sponsor Equity $2,295.0 0.83 x 13.9% 2.25 x 30.2%

Management Equity 0.0 0.00 x 0.0% 0.00 x 0.0%
Total OpCo Equity $2,295.0 0.83 x 13.9% 2.25 x 30.2%

Total OpCo Capitalization $7,591.0 2.76 x 46.1% 7.45 x 100.0%

Total Capitalization $16,482.1 5.99 x 100.0%

Source: CD&R.
Exhibit 5b: Projected Sources and Uses of Funds ($ millions)

Sources Uses
Existing Cash $975.5 Cash to Ford $5,600.0
U.S. Fleet ABS 4,656.7 Refinance Existing Debt 8,454.1
International Fleet ABS 1,972.4 Roll-Over 2004 ABS Debt 600.0
Roll-Over 2004 ABS Debt 600.0 Transaction Expenses 500.0
Ford Enhancement LC 200.0 Operating Cash 526.4
ABL Facility 396.0 Fleet Cash Enhancement 315.1
Term Loan B 1,850.0
Senior Unsecured Notes 2,250.0
Senior Sub Notes 800.0
Sponsor Equity 2,295.0
Total Sources $15,995.6 Total Uses $15,995.6

Source: CD&R.
Exhibit 6 Summary of Pro Forma Liquidity at Closing ($millions)

Unfunded
Funded Liquidity Total
Fleet
U.S. Fleet Debta 5,256.7 1,250.0 6,506.7
International Fleet Debt 1,972.4 427.6 2,400.0
Total Fleet Debt 7,229.1 1,677.6 8,906.7

Corporate
Cash 0.0 526.4 526.4
ABL Facility b
396.0 1,004.0 1,400.0
Term Loan 1,850.0 0.0 1,850.0
Notes 3,050.0 0.0 3,050.0
Total Corporate 5,296.0 1,530.4 6,826.4

Source: CD&R

a
Includes $600 million roll-over of existing (2004) ABS debt.
b
Based on year-end projections, borrowing base is estimated at $1.4 billion with
commitments up to $1.5 billion.
Exhibit 7 Projections for 2005—Consolidating Summary ($ millions)

RAC HERC
On- Off- Total Other Total Total Total
Airport Airport U.S. Europe Int'l RAC NA Europe HERC Corp. Hertz
Revenue $3,266 $859 $4,125 $1,464 $412 $6,001 $1,222 $152 $1,374 $71 $7,446
OpEx / SG&A 1,896 567 2,463 1,051 285 3,799 719 97 816 78 4,693
Gross EBITDA $1,370 $292 $1,662 $413 $127 $2,202 $503 $55 $558 ($7) $2,753
Fleet Depreciation 797 267 1,064 224 86 1,374 171 43 214 0 1,588
Fleet Interest 192 69 261 78 21 360 0 0 0 0 360
Adjusted EBITDA $381 ($44) $337 $111 $20 $468 $331 $12 $343 ($7) $804

Corporate EBITDA $381 ($44) $337 $111 $20 $468 $503 $55 $558 ($7) $1,019

Nonfleet CapEx $142 $10 $152 $61 $10 $223 $81 $5 $86 $4 $313
Year-End Fleet Value $4,335 $1,720 $6,055 $1,656 $465 $8,176 $1,694 $162 $1,856 $0 $10,032

Source: CD&R.

36.7% 40.6%

7.8% 40.6%
Exhibit 8 Contemporaneous Financial Market Data

Selected Data on RAC and Equipment Rental Companies

Hertz Historical Stock Price
$65 DOLLAR THRIFTY AUTOMOTIVE ($ millions except share data)
$60
2001 2002 2003
Revenue $1,041.1 $1,122.4 $1,193.2
$55
Net Income 13.8 46.8 19.8
EBIT 118.6 170.9 126.5
Price Per Share

$50

$45 EBITDA 469.7 543.6 514.2

Debt 1,516.7 2,224.3 2,442.2
$40
Equity 463.3 499.5 533.5
$35 Shares Out (millions) 24.3 24.6 25.0
$30 Avg. PPS $18.28 $19.94 $21.03
$25
βequity 1.56 1.39 1.49

$20
Aug-98

Dec-98

Aug-00

Dec-00
Apr-97

Aug-97

Dec-97

Apr-98

Apr-99

Aug-99

Dec-99

Apr-00
UNITED RENTALS, INC ($ millions except share data)
2001 2002 2003
Revenue $2,886.6 $2,821.0 $2,882.0
Net Income 111.3 -397.8 -258.6
U.S. Treasury Bond Yields EBIT 491.0 388.1 339.0
August 30, 2005 EBITDA 918.7 772.9 740.9
10-year: 4.34% Debt 2,759.5 2,739.3 3,038.6
20-year: 4.62% Equity 1,625.5 1,331.5 1,140.9
30-year: 5.42% Shares Out (millions) 73.4 76.7 77.2
Avg. PPS $20.33 $17.67 $13.90
βequity 1.56 1.69 1.47

Source: Standard & Poor's CompuStat. $mln

EV/EBITDA av 6.16
HERTZ Gross EBITDA f 2,753
HERTZ EV forcast 16,954
HERTZ Eq forcast tota 8,034
Sponsor Equity 2,295
HERTZ Eq forcast for 5,739
Cash to Ford 5,600
Transaction costs 500
-361
2001
Companies

ns except share data)

2004 2001 2002 2003 2004
$1,390.5 1.90 2.43 2.49 2.23 EV/Rev
50.8 33.48 10.67 26.89 11.88 P/E
171.7 16.70 15.94 23.52 18.07 EV/EBIT
448.5 4.22 5.01 5.79 6.92 EV/EBITDA
2,500.4
603.5
25.0
$25.82
1.54

2004 2001 2002 2003 2004

$2,835.0 1.52 1.44 1.45 1.48 EV/Rev
-84.0 14.61 -3.35 -4.41 -12.21 P/E
395.0 8.93 10.49 12.33 10.62 EV/EBIT
777.0 4.77 5.27 5.64 5.40 EV/EBITDA
3,167.0
1,026.0
77.9
$17.92
1.70
 $mln
Operating improvements
U.S. RAC on-airport operating expenses reduc 75 per year
U.S. RAC off-airport strategy 58 per year
European SG&A reduction 33 per year
Nonfleet CapEx reduction 57 per year
Changing managing incentives to focus on RO 159 over 5 years

Capital structure improvements

WACC reduction
 2004 2005E 2006F 2007F 2008F 2009F
Projected revenue revenue growth
RAC 4.0% 4.0% 4.0% 4.0%
HERC 4.0% 4.0% 4.0% 4.0%
Revenue
RAC 6,000.9 6,240.9 6,490.6 6,750.2 7,020.2
HERC 1,374.4 1,429.4 1,486.6 1,546.0 1,607.9
Total Revenue 7,375.3 7,670.3 7,977.1 8,296.2 8,628.1

Corporate EBITDA - HERC 558.0 580.3 603.5 627.7 652.8

-Corp. EBITDA margin 40.6% 40.6% 40.6% 40.6% 40.6%

Corporate RAC EBITDA 468.0 486.7 506.2 526.4 547.5

- Corp. EBITDA margin 7.8% 7.8% 7.8% 7.8% 7.8%

EBITDA Improvement potential - conservative

US RAC on-airport OPEX
US RAC off-airport strategy
European OPEX = SG=A
Total EBITDA improvement

EBITDA Improvement potential - optimistic

US RAC on-airport OPEX
US RAC off-airport strategy
European OPEX = SG=A
Total EBITDA improvement

Corp. RAC EBITDA - conservative

Corp. RAC EBITDA -optimistic

Corporate EBITDA - basic scenario 1,003.3 1,067.0 1,109.7 1,154.1 1,200.3

Corporate EBITDA - conservative assumptions in final year

Corporate EBITDA - optimistic assumptions in final year

Valuation (FCF) - conservative Projected

Corporate EBITDA 1,137 1,209 1,257 1,308 1,360
Depreciation 1,588 1,652 1,718 1,786 1,858
Depreciation % of Revenue 21.5% 21.5% 21.5% 21.5% 21.5%
Nonfleet Capex 313 326 339 352 366
Capex Growth 4.0% 4.0% 4.0% 4.0%
Capex reduction -57 -57 -57 -57
Tax rate 40% 40% 40% 40% 40%
Working capital 738 811 892 982 1,080
% from Revenue 10% 10% 10% 10% 10%
Change in NWC 74 74 81 89 98

New Gross EBITDA 2,725 2,860 2,975 3,094 3,218

FCF unlevered 295 269 278 286 295
Exit Multiplier 6.0
Debt 12,229.8 11,960.7 11,683.0 11,396.8 11,102.2
Enterprise value 16,348 17,163 17,849 18,563 19,306
Fleet Equity 1,662 1,662 1,662 1,662 1,662
Sponsor Equity - 2,456.5
IRR(1 year) 44% - 2,456.5 3,540.0
IRR(2 year) 35% - 2,456.5 0 4,504.2
IRR(3 year) 31% - 2,456.5 0 0 5,504.4
IRR(4 year) 28% - 2,456.5 0 0 0 6,541.6
IRR(5 year) 25% - 2,456.5 0 0 0 0

Valuation (FCF) - optimistic Projected

Corporate EBITDA 1,295 1,378 1,433 1,490 1,550
Depreciation 1,588 1,652 1,718 1,786 1,858
Depreciation % of Revenue 21.5% 21.5% 21.5% 21.5% 21.5%
Nonfleet Capex 313 326 339 352 366
Capex Growth 4.0% 4.0% 4.0% 4.0%
Capex reduction -57 -57 -57 -57
Tax rate 40% 40% 40% 40% 40%
Working capital 738 811 892 982 1,080
% from Revenue 10% 10% 10% 10% 10%
Change in NWC 74 74 81 89 98

New Gross EBITDA 2,883 3,029 3,150 3,276 3,407

FCF unlevered 390 370 383 396 408
Exit Multiplier 6.0
Debt 12,229.8 11,859.5 11,476.6 11,080.9 10,672.5
Enterprise value 17,300 18,175 18,902 19,658 20,444
Fleet Equity 1,662 1,662 1,662 1,662 1,662
Sponsor Equity - 3,408.0
IRR(1 year) 37% - 3,408.0 4,653.1
IRR(2 year) 30% - 3,408.0 0 5,763.1
IRR(3 year) 27% - 3,408.0 0 0 6,914.8
IRR(4 year) 24% - 3,408.0 0 0 0 8,109.5
IRR(5 year) 22% - 3,408.0 0 0 0 0

Basic Scenario
Debt 12,525
EV 16518
Fleet Equity 1,662
Sponsor Equity 2,331
% -28.7%
2010F

4.0% It was stated in CD=R projections, p,9, 5,2% but we decide to use more conservative approach 3%
4.0% As it was sais same growth as RAC

7,301.0
1,672.2
8,973.2

678.9
40.6% same as retrospective

569.4
7.8% same as retrospective

75.0
58.0
33.0
166.0

163.3
100.0
100.0
363.3

735.4
932.7

1,248.3

1,414.3
1,611.6

1,414
1,932
21.5%
381
4.0%
-57
40%
1,188
10%
108

3,346
303

10,799.4
20,078
1,662
7,616.6

1,612
1,932
21.5%
381
4.0%
-57
40%
1,188
10%
108

3,544
421

10,251.3
21,262
1,662

9,348.5
approach 3%