Hertz Releases Analysis of Anti-Trust Risk in Dollar Thrifty Acquisition

The presentation illustrated key pricing data and the results of a pricing test (Gross Upper Pricing Pressure Index -- GUPPI) which the U.S. government uses to evaluate the anti-trust risk posed by merger transactions. Both the pricing data and the GUPPI results support Hertz's view that a merger of Avis Budget and Dollar Thrifty poses a far higher anti-trust risk than a merger of Hertz and Dollar Thrifty. The Hertz presentation also illustrates the significant valuation and financial impact on Avis of a divestiture by it of several hundred million dollars of revenues or of a large value brand; either of which may be required for Avis Budget to obtain anti-trust approval of a transaction with Dollar Thrifty. A copy of the presentation is available on the SEC's website, www.sec.gov, and on www.hertz.com.

Commenting on the presentation, Hertz Chairman and Chief Executive Officer, Mark P. Frissora said, "The anti-trust considerations in a merger with Dollar Thrifty will be pivotal in this transaction. The major value brands in the car rental market at U.S. airports today -- Budget, Dollar, Thrifty, Alamo and Enterprise -- effectively control this key leisure rental segment. If Avis Budget merges with Dollar Thrifty, all of these brands and, thus, the value leisure segment, will be controlled by either Avis or Enterprise, and that's a bad deal for car rental customers. The data support the same conclusion, which is why a Hertz merger with Dollar Thrifty is better for consumers as well as our respective shareholders," he added.

Frissora went on to note that, "These facts will be apparent to those involved in the anti-trust analysis, and that's why it's important that investors understand the financial and valuation implications of revenue or a brand divestiture, which our merger agreement with Dollar Thrifty addresses in full. Given their current penetration of the value leisure segment and consequent anti-trust risk, Avis Budget offered a relatively small protection to Dollar Thrifty in the event significant divestitures are required by government regulators and, perhaps even more noteworthy, no reverse break-up fee. One can only conclude that Avis Budget knows it will have a difficult, if not impossible, task to finalize a merger with Dollar Thrifty without divesting a large brand or without a revenue carve-out perhaps exceeding well over $500 million. That's why Avis Budget wanted a free exit pass and Dollar Thrifty refused to accept their offer," Frissora concluded.

Hertz is the largest worldwide airport general use car rental brand operating from more than 8,300 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 81 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company's Prestige, Fun and Green Collections, set Hertz apart from the competition. The Company also operates the Advantage car rental brand at 26 airports in the U.S., global car sharing club, Connect by Hertz, in New York City, Berlin, London, Madrid 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, and new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 325 branches in the United States, Canada, China, France, Spain and Italy.