Obligation Herts 4.375% ( XS0995045951 ) en EUR

Société émettrice Herts
Prix sur le marché 100 %  ▼ 
Pays  Etas-Unis
Code ISIN  XS0995045951 ( en EUR )
Coupon 4.375% par an ( paiement annuel )
Echéance 15/01/2019 - Obligation échue



Prospectus brochure de l'obligation Hertz XS0995045951 en EUR 4.375%, échue


Montant Minimal 100 000 EUR
Montant de l'émission 425 000 000 EUR
Description détaillée Hertz est une entreprise mondiale de location de voitures offrant une large gamme de véhicules et de services dans de nombreux pays.

L'Obligation émise par Herts ( Etas-Unis ) , en EUR, avec le code ISIN XS0995045951, paye un coupon de 4.375% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 15/01/2019







OFFERING MEMORANDUM
NOT FOR GENERAL
CIRCULATION IN THE UNITED STATES
425,000,000
4.375% Senior Notes due 2019
The 4.375% Senior Notes due 2019 will be issued in the aggregate principal amount of 425,000,000 (the "Notes")
by Hertz Holdings Netherlands B.V., a private company with limited liability incorporated under the laws of The Netherlands
(the "Issuer"). The Notes will be guaranteed (each a "Guarantee" and together the "Guarantees") by The Hertz Corporation
(the "Parent Guarantor"), certain U.S. subsidiaries of the Parent Guarantor (collectively, the "U.S. Subsidiary Guarantors")
and certain non-U.S. subsidiaries of the Parent Guarantor (collectively, the "Non-U.S. Subsidiary Guarantors" and, together
with the U.S. Subsidiary Guarantors, the "Subsidiary Guarantors," and the Subsidiary Guarantors together with the Parent
Guarantor, the "Guarantors").
The Notes will mature on January 15, 2019. The Issuer will pay interest on the Notes semi-annually in arrears on
January 15 and July 15 of each year, commencing on July 15, 2014. Prior to maturity, the Issuer may redeem the Notes in
whole or in part at a redemption price equal to 100% of their principal amount plus the applicable "make-whole" premium set
forth in this offering memorandum, plus accrued and unpaid interest and Additional Amounts (as defined herein), if any, to
the date of redemption. In addition, on or before January 15, 2017 the Issuer may, on one or more occasions, apply funds
equal to the proceeds from one or more equity offerings to redeem up to 35% of the aggregate principal amount of the Notes
at a redemption price equal to 104.375%, plus accrued and unpaid interest and Additional Amounts, if any, to the date of
redemption, so long as at least 50% of the original aggregate principal amount of the Notes issued under the indenture
governing the Notes (as amended, supplemented, waived or otherwise modified, the "Indenture") remains outstanding
immediately after such redemption. Additionally, the Issuer may redeem in whole, but not in part, the Notes upon the
occurrence of certain changes in applicable tax law. Upon the occurrence of certain specified change of control events, the
Issuer will be required to offer to repurchase the Notes at 101% of the principal amount thereof, plus accrued and unpaid
interest and Additional Amounts, if any.
The Notes will be the Issuer's senior unsecured obligations and will rank equally in right of payment with all of the
Issuer's existing and future indebtedness that is not subordinated in right of payment to the Notes and will be senior in right
of payment to all existing and future indebtedness of the Issuer that is subordinated in right of payment to the Notes. The
Guarantees will be each Guarantor's senior unsecured obligations and will rank equally in right of payment with all of such
Guarantor's existing and future indebtedness that is not subordinated in right of payment to such Guarantee and will be senior
in right of payment to any and all of the existing and future indebtedness of such Guarantor that is subordinated in right of
payment to such Guarantee. The Notes and the Guarantees will be effectively subordinated to all of the Issuer's and each
Guarantor's existing and future secured debt, including under our Senior Credit Facilities and our European Revolving Credit
Facility, as applicable, to the extent of the value of the assets securing such indebtedness, and to all existing and future debt
of the Parent Guarantor's subsidiaries (other than the Issuer) that do not guarantee the Notes. A Guarantee of a Subsidiary
Guarantor may be automatically released in certain circumstances as described under "Description of Notes--Guarantees and
Release of Guarantors."
Currently, there is no public market for the Notes. The Issuer has applied to list the Notes on the Official List of the
Luxembourg Stock Exchange for trading on the Luxembourg Stock Exchange's Euro MTF Market. The Euro MTF Market is
not a regulated market pursuant to the provisions of Directive 2004/39/EC on markets in financial instruments.
Investing in the Notes involves a high degree of risk. See "Risk Factors" beginning on page 28.
The Notes will be issued in the form of one or more global notes in registered form. On or about November 20, 2013
(the "Issue Date"), the global notes will be delivered, deposited and registered in the name of a nominee of a common
depositary for Euroclear SA/NV ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream").


Price: 100%
The Notes will be issued in registered form in minimum denominations of 100,000 and integral multiples of 1,000
in excess thereof.
This offering memorandum constitutes a prospectus for purposes of Luxembourg Law on prospectus securities dated
July 10, 2005 as amended.
The Notes and Guarantees have not been registered under the federal securities laws of the United States or the
securities laws of any other jurisdiction. Accordingly, the initial purchasers named below (the "Initial Purchasers") are
offering and selling the Notes only to qualified institutional buyers ("QIBs") in reliance on Rule 144A ("Rule 144A") under
the U.S. Securities Act of 1933, as amended (the "Securities Act") and to non-U.S. persons (as defined in Regulation S under
the Securities Act ("Regulation S")) outside the United States in offshore transactions in compliance with Regulation S.
Prospective purchasers that are QIBs are hereby notified that the sellers of the Notes and Guarantees may be relying on the
exemption from the registration requirements under the Securities Act provided by Rule 144A. See "Plan of Distribution"
and "Transfer Restrictions" for additional information about eligible offerees and transfer restrictions with respect to the
Notes.
We expect that delivery of the Notes will be made against payment therefor on or about the 5th business day
following the date of confirmation of orders with respect to the Notes (this settlement cycle being referred to as "T+5").
Under Rule 15c6-1 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended,
trades in the secondary market generally are required to settle in three business days, unless the parties to any such trade
expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes before the Notes are delivered will be
required, by virtue of the fact that the Notes initially will settle in T+5, to specify an alternative settlement cycle at the time of
any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes before their delivery should
consult their own advisor.
Joint Book-Running Managers
Barclays
Crédit Agricole CIB
Deutsche Bank
J.P. Morgan
Natixis
Wells Fargo Securities
Co-Lead Managers
BNP PARIBAS
Lloyds Bank
RBS
UniCredit Bank
Offering Memorandum dated January 28, 2014


TABLE OF CONTENTS
Important Information .........................................................................................................................................................
ii
Stabilization .........................................................................................................................................................................
iv
Notice to Prospective Investors ...........................................................................................................................................
iv
Summary..............................................................................................................................................................................
1
Unaudited Pro Forma Condensed Combined Financial Information...................................................................................
20
Risk Factors .........................................................................................................................................................................
25
Results of Operations, Liquidity and Capital Expenditures for the Issuer...........................................................................
41
Use of Proceeds ...................................................................................................................................................................
43
Capitalization.......................................................................................................................................................................
44
Description of Certain Indebtedness....................................................................................................................................
46
Description of Notes ............................................................................................................................................................
59
Book-Entry; Delivery and Form .......................................................................................................................................... 120
Tax Considerations .............................................................................................................................................................. 123
Plan of Distribution.............................................................................................................................................................. 129
Transfer Restrictions............................................................................................................................................................ 134
Legal Matters....................................................................................................................................................................... 137
Independent Registered Public Accounting Firms............................................................................................................... 137
Limitations on Validity and Enforceability of the Guarantees and Certain Insolvency Law Considerations...................... 138
Listing and General Information.......................................................................................................................................... 172


IMPORTANT INFORMATION
This offering memorandum has been prepared by the Hertz Corporation based on information we possess or have
obtained from sources we believe to be reliable. Hertz Corporation and Hertz Holdings Netherlands B.V. are responsible for
this offering memorandum, and to the best of their knowledge except as otherwise noted, the information contained in this
offering memorandum is in accordance with the facts and does not omit anything likely to affect the import of this offering
memorandum. Summaries of documents contained in this offering memorandum may not be complete. Copies of documents
referred to herein will be made available to prospective investors upon request to us or the Initial Purchasers or at the
specified offices of the listing agent in Luxembourg. Neither we nor the initial purchasers named on the cover of this offering
memorandum (the "Initial Purchasers") represent that the information in this offering memorandum is complete. The
information set forth in this offering memorandum is current only as of the date hereof, and the information contained in the
documents incorporated by reference in this offering memorandum is accurate only as of the respective dates of those
documents. Our business, financial condition and results of operations may have changed after such dates or may change
(together with any other information included in this offering memorandum) after the date of this offering memorandum. You
should consult your own legal, tax and business advisors regarding an investment in the Notes. Information in this offering
memorandum is not legal, tax or business advice.
You should base your decision to invest in the Notes solely on information contained or incorporated by reference in
this offering memorandum. Neither we nor the Initial Purchasers have authorized anyone to provide you with any different
information.
We are offering the Notes in reliance on an exemption from registration under the Securities Act for an offer and
sale of securities that does not involve a public offering. If you purchase the Notes, you will be deemed to have made certain
acknowledgments, representations and warranties as detailed under "Transfer Restrictions." You may be required to bear the
financial risk of an investment in the Notes for an indefinite period. Neither we nor the Initial Purchasers are making an offer
to sell the Notes in any jurisdiction where the offer and sale of the Notes is prohibited. We do not make any representation to
you that the Notes are a legal investment for you.
The Issuer has applied to list the Notes on the Official List of the Luxembourg Stock Exchange for trading on the
Euro MTF Market, and has submitted this offering memorandum in connection with the listing application. In the course of
any review by the Luxembourg Stock Exchange, the Issuer may be requested to make changes to the financial and other
information included in this offering memorandum.
By receiving this offering memorandum, you acknowledge that you have had an opportunity to request from the
Issuer for review, and that you have received, all additional information you deem necessary to verify the accuracy and
completeness of the information contained in this offering memorandum. You also acknowledge that you have not relied on
the Initial Purchasers in connection with your investigation of the accuracy of this information or your decision whether to
invest in the Notes.
No person is authorized in connection with any offering made by this offering memorandum to give any information
or to make any representation not contained in this offering memorandum and, if given or made, any other information or
representation must not be relied upon as having been authorized by the Issuer, the Guarantors or the Initial Purchasers. The
information contained in this offering memorandum is accurate as of the date hereof. Neither the delivery of this offering
memorandum at any time nor any subsequent commitment to purchase the Notes shall, under any circumstances, create any
implication that there has been no change in the information set forth in this offering memorandum or in the business of the
Issuer or the Guarantors since the date of this offering memorandum.
The information set out in those sections of this offering memorandum describing clearing and settlement is subject
to any change or reinterpretation of the rules, regulations and procedures of Euroclear and Clearstream currently in effect.
Investors wishing to use these clearing systems are advised to confirm the continued applicability of their rules, regulations
and procedures. None of the Issuer or the Guarantors will have any responsibility or liability for any aspect of the records
relating to, or payments made on account of, book-entry interests held through the facilities of any clearing system or for
maintaining, supervising or reviewing any records relating to such book- entry interests.
NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION (THE "SEC") NOR ANY STATE
SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE NOTES OR DETERMINED IF THIS
OFFERING MEMORANDUM IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY
COULD BE A CRIMINAL OFFENSE IN CERTAIN COUNTRIES.
ii


We have prepared this offering memorandum solely for use in connection with the offer of the Notes to QIBs under
Rule 144A and to non-U.S. persons outside the United States under Regulation S. You agree that you will hold the
information contained in this offering memorandum and the transactions contemplated hereby in confidence. You may not
distribute this offering memorandum to any person, other than a person retained to advise you in connection with the
purchase of the Notes. The Issuer reserves the right to withdraw this offering at any time. The Issuer is making this offering
subject to the terms described in this offering memorandum and the purchase agreement relating to the Notes among the
Issuer, the Parent Guarantor and Barclays Bank PLC, as the representative of the Initial Purchasers. We and the Initial
Purchasers may reject any offer to purchase the Notes in whole or in part, sell less than the entire principal amount of the
Notes offered hereby or allocate to any purchaser less than all of the Notes for which it has subscribed.
The distribution of this offering memorandum and the offer and sale of the Notes are restricted by law in some
jurisdictions. This offering memorandum does not constitute an offer to sell or an invitation to subscribe for or purchase any
of the Notes in any jurisdiction in which such offer or invitation is not authorized or to any person to whom it is unlawful to
make such an offer or invitation. Each prospective offeree or purchaser of the Notes must comply with all applicable laws
and regulations in force in any jurisdiction in which it purchases, offers or sells the Notes or possesses or distributes this
offering memorandum, and must obtain any consent, approval or permission required under any regulations in force in any
jurisdiction to which it is subject or in which it makes such purchases, offers or sales, and neither the Issuer nor the Initial
Purchasers shall have any responsibility therefor.
THE NOTES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT
BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE
SECURITIES LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. PROSPECTIVE
PURCHASERS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF
THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
iii


STABILIZATION
In connection with the offering of the Notes, the Initial Purchasers (or persons acting on behalf of the Initial
Purchasers) may over allot Notes or effect transactions with a view to supporting the market price of the Notes at a level
higher than that which might otherwise prevail. However, there is no assurance that the Initial Purchasers (or persons acting
on behalf of the Initial Purchasers) will undertake stabilization action. Any stabilization action may begin on or after the date
on which adequate public disclosure of the terms of the offering of the Notes is made and, if begun, may be ended at any
time, but it must end no later than 30 days after the date on which the Issuer received the proceeds of the issue, or no later
than 60 days after the date of the allotment of the Notes, whichever is the earlier.
NOTICE TO PROSPECTIVE INVESTORS
This offering is being made in the United States in reliance upon an exemption from registration under the Securities
Act for an offer and sale of the Notes which does not involve a public offering. In making your purchase, you will be deemed
to have made certain acknowledgments, representations and agreements.
This offering memorandum is being provided (i) to United States investors that we reasonably believe to be QIBs
under Rule 144A for informational use solely in connection with their consideration of the purchase of the Notes and (ii) to
investors outside the United States who are not U.S. persons in connection with offshore transactions complying with
Rule 903 or Rule 904 of Regulation S. The Notes described in this offering memorandum have not been registered with,
recommended by or approved by the SEC, any state securities commission in the United States or any other securities
commission or regulatory authority in any jurisdiction, nor has the SEC, any state securities commission in the United States
or any other securities commission or authority in any jurisdiction passed upon the accuracy or adequacy of this offering
memorandum. Any representation to the contrary could be a criminal offense in certain countries.
See also "Plan of Distribution" for additional notices and selling restrictions for investors in the European Economic
Area, Switzerland, The Netherlands, Ireland, Hong Kong, Singapore, Japan and New Zealand.
NOTICE TO NEW HAMPSHIRE RESIDENTS
NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A
LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES
ANNOTATED, 1955, AS AMENDED ("RSA 421-B"), WITH THE STATE OF NEW HAMPSHIRE NOR THE
FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF
NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE THAT ANY DOCUMENT
FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR
THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A
TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE
MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON,
SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY
PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT WITH
THE PROVISIONS OF THIS PARAGRAPH.
iv


ENFORCEABILITY OF CIVIL LIABILITIES
The Issuer is a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)
incorporated under the laws of The Netherlands. Certain persons named or referred to in this offering memorandum reside
outside the United States and all or a significant portion of the assets of the directors and officers and certain other persons
named or referred to in this offering memorandum are located outside the United States. As a result, it may not be possible
for you to effect service of process within the United States upon such persons or to enforce against them judgments obtained
in U.S. courts, including judgments predicated upon civil liability under U.S. securities laws or any such persons in the courts
of a foreign jurisdiction.
The agreements entered into with respect to the issuance of the Notes are governed by the laws of the State of New
York. The United States and The Netherlands currently do not have a treaty providing for the reciprocal recognition and
enforcement of judgments (other than arbitration awards) in civil and commercial matters. Consequently, a final and
conclusive judgment for the payment of money rendered by any federal or state court in the United States which is
enforceable in the United States, whether or not predicated solely upon U.S. federal securities laws, would not automatically
be recognized or enforceable in The Netherlands. In order to obtain a judgment which is enforceable in The Netherlands, the
party in whose favor a final and conclusive judgment of the U.S. court has been rendered will be required to file its claim
with a court of competent jurisdiction in The Netherlands. Such party may submit to the Dutch court the final judgment
rendered by the U.S. court. The Dutch court will have discretion to attach such weight to this final judgment as it deems
appropriate. The Dutch court can be expected to give conclusive effect to such judgment, in respect of its contractual
obligations thereunder, to the extent (i) proper service of process has been given, (ii) the proceedings before such court have
complied with the principles of proper procedure (behoorlijke rechtspleging) and (iii) such judgment is not contrary to the
public policy of The Netherlands. The enforcement in a Dutch court of judgments rendered by a court in the United States is
subject to Dutch rules of civil procedure.
Subject to the foregoing and service of process in accordance with applicable treaties, investors may be able to
enforce in The Netherlands judgments in civil and commercial matters obtained from U.S. federal or state courts. However,
no assurance can be given that those judgments will be enforceable. In addition, it is doubtful whether a Dutch court would
accept jurisdiction and impose civil liability in an original action commenced in The Netherlands and predicated solely upon
U.S. federal securities laws.
GENERAL INFORMATION
Our corporate headquarters are located at 225 Brae Boulevard, Park Ridge, New Jersey 07656. Our telephone
number is +1-201-307-2000. We maintain an Internet website at http://www.hertz.com. Please note that the information
included in, or linked to on, our website is not a part of this offering memorandum and this website address is not an active
hyperlink.
Unless otherwise indicated or the context otherwise requires, in this offering memorandum, references to (i) the
"Issuer" mean Hertz Holdings Netherlands B.V., a private company with limited liability incorporated under the laws of The
Netherlands, and an indirect wholly-owned subsidiary of Hertz Holdings and Hertz, (ii) "Hertz Holdings" mean Hertz Global
Holdings, Inc., our top-level holding company, (iii) the "Company," "Hertz" and "Parent Guarantor" mean The Hertz
Corporation, Hertz Holdings' primary operating company and a direct wholly-owned subsidiary of Hertz Investors, Inc.,
which is wholly-owned by Hertz Holdings, (iv) "we," "us" and "our" mean Hertz and its consolidated subsidiaries,
(v) "HERC" mean Hertz Equipment Rental Corporation, our wholly-owned equipment rental subsidiary, together with our
various other wholly-owned international subsidiaries that conduct our industrial, construction and material handling
equipment rental business, (vi) "cars" mean cars, crossovers and light trucks (including sport utility vehicles and, outside
North America, light commercial vehicles), (vii) "program cars" mean cars purchased by car rental companies under
repurchase or guaranteed depreciation programs with car manufacturers, (viii) "non-program cars" mean cars not purchased
under repurchase or guaranteed depreciation programs for which the car rental company is exposed to residual risk and
(ix) "equipment" mean industrial, construction and material handling equipment.
While Hertz Holdings is the ultimate parent of the Issuer, the Notes are the obligations of the Issuer, and not of
Hertz Holdings. In addition, Hertz Holdings is not a guarantor of the Notes.
Hertz Holdings was incorporated in Delaware in 2005 to serve as the top-level holding company for the consolidated
Hertz business. Hertz was incorporated in Delaware in 1967. Hertz is a successor to corporations that have been engaged in
the car and truck rental and leasing business since 1918 and the equipment rental business since 1965.
v


On November 19, 2012, Hertz Holdings completed the acquisition (the "Dollar Thrifty Acquisition") of Dollar
Thrifty Automotive Group, Inc. ("Dollar Thrifty"), a car and truck rental and leasing business, pursuant to which Dollar
Thrifty became a wholly-owned subsidiary of Hertz.
PRESENTATION OF FINANCIAL AND OTHER INFORMATION
Use of Non-GAAP Financial Information
This offering memorandum includes certain non-GAAP financial measures, including EBITDA, Corporate
EBITDA, net corporate debt, net fleet debt and total net debt. When evaluating our operating performance or liquidity,
investors should not consider EBITDA or Corporate EBITDA in isolation of, or as a substitute for, measures of our financial
performance and liquidity as determined in accordance with GAAP, such as net income, operating income or net cash
provided by operating activities. When evaluating our liabilities and debt, investors should not consider net corporate debt,
net fleet debt or total net debt in isolation of, or as a substitute for, measures of liabilities and debt as determined in
accordance with GAAP.
Currency Presentation
Unless otherwise indicated, all references in this offering memorandum to "Euro," "euro" or "" are to the currency
introduced at the start of the third stage of the European Economic and Monetary Union pursuant to the Treaty establishing
the European Community, as amended. All references to "dollars," "$," "U.S.$" or "U.S. dollars" are to the lawful currency
of the United States. We prepare our financial statements in dollars. We present certain exchange rates between euros and
dollars below under "Exchange Rates." These rates may differ from the actual rates used in the preparation of our
consolidated financial statements and other financial information appearing in, or incorporated by reference into, this offering
memorandum.
Rounding
Certain financial data in, or incorporated by reference into, this offering memorandum, including financial,
statistical and operating information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum of
the numbers in a column or a row in tables contained in this document may not conform exactly to the total figure given for
that column or row. Percentages in tables have been rounded and accordingly may not add up to 100%.
MARKET AND INDUSTRY DATA
Information in this offering memorandum and the documents incorporated by reference herein about the car and
equipment rental industries, including our general expectations concerning the industries and our market position and market
share, are based on estimates prepared using data from various sources and on assumptions made by us. Our estimates,
particularly those relating to our general expectations concerning the car and equipment rental industries, involve risks and
uncertainties and are subject to change based on various factors beyond our control, including those discussed under "Risk
Factors" and "Cautionary Note Regarding Forward-Looking Statements."
TRADEMARKS
We have proprietary rights to a number of trademarks used in this offering memorandum that are important to our
business, including, by way of example and without limitation, Hertz, Dollar, Thrifty and Donlen. Solely for convenience,
trademarks and trade names referred to in this offering memorandum may appear without the "®" or "TM" symbols, but such
references are not intended to indicate, in any way, that we will not assert, to the fullest extent possible under applicable law,
our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of
other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us
by, any other companies. Each trademark, trade name or service mark of any other company appearing in this offering
memorandum is the property of its respective holder.
EXCHANGE RATES
The following tables set forth, for the periods and dates indicated, the ending, average, high and low exchange rates
for the three years ended December 31, 2012 and the ending, average, high and low exchange rates for the last ten months as
published by the Federal Reserve Bank of New York for euro expressed in U.S. dollars per euro. As of November 1, 2013,
vi


the daily exchange rate for euro expressed in U.S. dollars as published by the Federal Reserve Bank of New York was
$1.3488 per 1.00. This exchange rate information is provided only for your information and does not represent the exchange
rates used in the preparation of the financial and other information included in, or incorporated by reference into, this offering
memorandum. We make no representation that U.S. dollar amounts or euro amounts referred to in this offering memorandum
have been, could have been or could, in the future, be converted at any particular rate.
Average
Annual Exchange Rate Data
Period End
rate1
High
Low
2010...................................................................................
1.3269
1.3216
1.4536
1.1959
2011...................................................................................
1.2973
1.4002
1.4875
1.2926
2012...................................................................................
1.3186
1.2909
1.3463
1.2062
Average
2013 Monthly Exchange Rate Data
Period End
rate1
High
Low
January ..............................................................................
1.3584
1.3304
1.3584
1.3047
February ............................................................................
1.3079
1.3347
1.3692
1.3054
March ................................................................................
1.2816
1.2953
1.3098
1.2782
April ..................................................................................
1.3168
1.3025
1.3168
1.2836
May ...................................................................................
1.2988
1.2983
1.3192
1.2818
June ...................................................................................
1.3010
1.3197
1.3407
1.3006
July ....................................................................................
1.3282
1.3088
1.3282
1.2774
August ...............................................................................
1.3196
1.3314
1.3426
1.3196
September..........................................................................
1.3535
1.3364
1.3537
1.3120
October..............................................................................
1.3594
1.3646
1.3810
1.3490
1
The average rate is calculated as the average of the month end figures for the relevant year long period or the
average of the daily exchange rates on each business day for the relevant month long period.
vii


INCORPORATION BY REFERENCE
Hertz is incorporating by reference into this offering memorandum the documents or portions thereof listed below
that Hertz has previously filed with the SEC (other than the portions of those documents furnished or otherwise not deemed
to be filed). They contain important information about Hertz and its financial condition.
Hertz Filings
Period or Date Filed
Annual Report on Form 10-K..................................................
Year ended December 31, 2012
Statutory Annual Report of the Issuer .....................................
Year ended December 31, 2012, December 31, 2011 and
December 31, 2010
Quarterly Reports on Form 10-Q.............................................
Quarters ended March 31, 2013, June 30, 2013 and
September 30, 2013
Current Reports on Form 8-K..................................................
Filed January 17, 2013, March 14, 2013, April 9, 2013,
May 17, 2013, August 16, 2013, September 27, 2013 and
November 4, 2013
We further incorporate by reference any additional documents that Hertz may file with the SEC pursuant to
Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), between the
date of this offering memorandum and the date of completion of this offering (other than the portions of those documents
furnished or otherwise not deemed to be filed). These documents include periodic reports, such as Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and certain Current Reports on Form 8-K that are "filed" with the SEC.
In addition to the information that Hertz has previously filed with the SEC referenced above, the audited
consolidated balance sheets of Dollar Thrifty and its subsidiaries as of December 31, 2011 and 2010 and audited consolidated
statements of income, stockholders' equity and comprehensive income and cash flows of Dollar Thrifty and its subsidiaries
for the years ended December 31, 2011, 2010 and 2009, and the notes related thereto and the related independent auditors'
reports of Ernst & Young LLP and Deloitte & Touche LLP, are incorporated herein by reference to pages F-173 to F-215 of
Hertz's Registration Statement on Form S-4 (Registration Number 333-189620), as filed on June 26, 2013. The unaudited
condensed consolidated balance sheets of Dollar Thrifty and its subsidiaries as of September 30, 2012 and unaudited
condensed consolidated statements of comprehensive income and cash flows of Dollar Thrifty and its subsidiaries for the
three- and nine-month periods ended September 30, 2012 and 2011, and the notes related thereto and the related independent
auditors' report of Ernst & Young LLP are incorporated herein by reference to pages F- 142 to F-172 of Hertz's Registration
Statement on Form S-4 (Registration Number 333-189620), as filed on June 26, 2013.
You should read the information relating to us in this offering memorandum together with the information in the
documents incorporated by reference. For clarification, the phrase "guarantor subsidiaries," as used in the Hertz Corporation
SEC filings incorporated by reference above, includes only the U.S. Subsidiary Guarantors under the Notes. see also
"Description of Notes--Certain Definitions--Subsidiary Guarantor".
You can obtain any of the filings incorporated by reference in this offering memorandum from the SEC through the
SEC's Internet site or at the SEC's address listed below under the heading "Where You Can Find Additional Information."
We will provide without charge to each person to whom a copy of this offering memorandum is delivered, upon written or
oral request of such person, a copy of any or all of the documents or portions thereof filed by Hertz referred to above which
have been or may be incorporated by reference in this offering memorandum. You should direct requests for those documents
to The Hertz Corporation, 225 Brae Boulevard, Park Ridge, New Jersey 07656, Attention: Investor Relations (telephone
+1-201-307-2100).
WHERE YOU CAN FIND ADDITIONAL INFORMATION
The public may read and copy any reports or other information that we file with the SEC. Such filings are available
to the public over the Internet at the SEC's website at http://www.sec.gov. The SEC's website address included in this
offering memorandum is not an active hyperlink. You may also read and copy any document that we file with the SEC at its
public reference room at 100 F Street, N.E., Washington D.C. 20549. You may obtain information on the operation of the
public reference room by calling the SEC at +1-800-SEC-0330.
Hertz is subject to the informational requirements of the Exchange Act and is required to file reports and other
information with the SEC. You can inspect and copy these reports and other information at the public reference facilities
maintained by the SEC at the address noted above, or inspect them without charge at the SEC's website. You can also access,
free of charge, this offering memorandum, the statutory annual reports of the Issuer, reports filed by Hertz with the SEC (for
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