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News Releases

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News Releases

The Hertz Corporation Receives Acquisition Proposal From Ford Motor Company

Sep 21, 2000

The Hertz Corporation announced today that it has received a preliminary, non-binding proposal from Ford Motor Company to acquire, through a merger, all of the outstanding shares of Hertz Class A common stock that are not currently owned by Ford at a cash price of $30 per share. Ford currently owns approximately 81.5% of Hertz' Class A common stock. The proposal is subject to approval of the Hertz Board of Directors, the Board's favorable recommendation to Hertz shareholders and the negotiation, execution and performance of a definitive merger agreement. Hertz' Board of Directors will meet soon to begin evaluating Ford's proposal.

Hertz is the world's largest car rental company and a leading industrial and construction equipment rental business. Headquartered in Park Ridge, NJ, Hertz operates from approximately 6,500 locations in the U.S. and in over 140 foreign countries.

SOURCE: Hertz Corporation

Contact: Richard Broome, Media Relations, 201-307-2486, or Lauren
S. Babus, Investor Relations, 201-307-2337, both of Hertz Corporation

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