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News Releases

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Hertz Reports 4th Quarter Results & 7th Consecutive Year of Record Earnings

PRNewswire
PARK RIDGE, N.J.
Jan 16, 2001

The Hertz Corporation reported record Fourth Quarter 2000 revenue of $1.2 billion, up 3.5%, or about $41 million over the same period in 1999, and a 6.8% increase before the effects of foreign exchange translation. The Company also reported net income for the quarter of $55.6 million or $0.52 per share, diluted, compared with $60.3 million or $0.56 per share for the same period in 1999.

For the full year 2000, the Company reported its seventh consecutive year of record net income, $358 million, a 6.7% increase over 1999, or $3.33 per share, diluted, up from $3.10 in 1999. Revenue for 2000 of $5.1 billion, a 7.6% increase over 1999, was a record for the ninth consecutive year.

Craig R. Koch, President and Chief Executive Officer, said, "we are pleased to have achieved another year of record revenues and earnings. However, a weakening economy, continued price competition and inflation in certain key cost areas will adversely impact first half and, consequently, full year 2001 results."

Hertz also announced today, in a separate, joint press release with Ford Motor Company, that a formal agreement had been reached on Ford's proposal to acquire all the shares of Hertz stock it doesn't currently own.

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, forecasts and assumptions and involve risks and uncertainties, some of which are outside of the Company's control, that could cause actual outcomes and results to differ materially from current expectations. These risks and uncertainties include, among other things, price and product competition, changes in general economic conditions in markets and countries where the Company's customers reside and where the Company and its licensees operate, changes in capital availability or cost, costs and other terms related to the acquisition and disposition of automobiles and equipment, and certain regulatory and environmental matters. These forward-looking statements represent the Company's judgments as of the date of this release. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Headquartered in Park Ridge, NJ, Hertz operates from approximately 6,500 locations in the US and over 140 other countries.

Investors and security holders are strongly advised to read the tender offer statement and recommendation/solicitation statement regarding the tender offer referred to in this press release when they become available because they will contain important information. These statements will be filed by Ford and Hertz with the Securities and Exchange Commission (SEC). Investors and security holders may obtain a free copy of the statements (when available) at http://www.sec.gov/. The statements and related materials may be obtained for free by directing such requests to Ford's Shareholder Relations Department at 1-800-279-1237 or Hertz' Investor Relations Department at 201-307-2337.

                          THE HERTZ CORPORATION
                     CONSOLIDATED STATEMENT OF INCOME
                        (In Thousands of Dollars)
                                Unaudited

                                     Three Months              As % of
                                  Ended December 31,        Total Revenue
                                  2000         1999        2000       1999

  Revenue                     $1,211,230   $1,170,514     100.0%    100.0%
  Expenses:
    Direct operating             582,098      549,178      48.1%     46.9%
    Depreciation of revenue
     earning equipment           328,732      319,184      27.1%     27.3%
    Selling, general and
     administrative              109,902      112,274       9.1%      9.6%
    Interest - net               107,532       91,148       8.9%      7.8%
        Total expenses         1,128,264    1,071,784      93.2%     91.6%
  Income before income taxes      82,966       98,730       6.8%      8.4%
  Income taxes                    27,352       38,429       2.2%      3.2%
  Net income                     $55,614      $60,301       4.6%      5.2%
  Earnings per share:
    Basic                          $0.52        $0.56
    Diluted                        $0.52        $0.56
  Weighted average number
   of shares outstanding:
    Basic                    107,441,421  107,860,277
    Diluted                  107,600,423  108,225,547

                                     Year Ended                As % of
                                    December 31,            Total Revenue
                                  2000         1999         2000      1999

  Revenue                     $5,073,518   $4,715,666     100.0%    100.0%
  Expenses:
    Direct operating           2,290,594    2,120,688      45.2%     45.0%
    Depreciation of revenue
     earning equipment         1,336,223    1,240,818      26.3%     26.3%
    Selling, general and
     administrative              450,970      452,408       8.9%      9.6%
    Interest - net               414,867      341,359       8.2%      7.2%
       Total expenses          4,492,654    4,155,273      88.6%     88.1%
  Income before income taxes     580,864      560,393      11.4%     11.9%
  Income taxes                   222,456      224,392       4.3%      4.8%
  Net income                    $358,408     $336,001       7.1%      7.1%
  Earnings per share
    Basic                          $3.33        $3.11
    Diluted                        $3.33        $3.10
  Weighted average number of
   shares outstanding:
    Basic                    107,573,184  107,968,511
    Diluted                  107,743,281  108,558,038

                            BALANCE SHEET DATA
                        (In Thousands of Dollars)
                                Unaudited

                                                      December 31,
                                                   2000           1999

  Revenue earning equipment:
    Cars                                        $5,186,235     $4,762,344
    Other equipment                              1,736,281      1,501,434
  Total assets                                  10,619,981     10,136,707
  Total debt                                     6,675,988      6,602,220
  Stockholders' equity                           1,984,069      1,673,991

SOURCE: The Hertz Corporation

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

Company News On-Call: http://www.prnewswire.com/comp/406850.html or fax,
800-758-5804, ext. 406850