Hertz Global Holdings, Inc. announced yesterday that it has commenced the previously announced exchange offer for all outstanding shares of Dollar Thrifty Automotive Group, Inc. Hertz is offering to exchange each share of Dollar Thrifty for $57.60 in cash and 0.8546 shares of Hertz.

Hertz and Dollar Thrifty are continuing to cooperate to obtain antitrust regulatory clearance for the exchange offer.

Stockholder questions regarding the exchange offer or requests for exchange offer documents may be directed to Hertz's information agent for the exchange offer, Innisfree M&A Incorporated, toll-free at (877) 456-3507. Stockholder questions regarding the exchange offer may also be directed to Hertz's dealer manager for the exchange offer, Barclays Capital, toll-free at (888) 610-5877.

Barclays Capital, Lazard, Bank of America Merrill Lynch and Deutsche Bank Securities are acting as financial advisors to Hertz. Barclays Capital will serve as the dealer manager for the exchange offer. Cravath, Swaine & Moore LLP, Debevoise & Plimpton LLP and Jones Day are acting as legal advisors to Hertz. William Blair & Company is acting as a financial advisor to Hertz in connection with the sale of its Advantage brand.

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