Hertz 2010 Annual Report Download - page 7
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ȲȒªƔDŽŔŁȭƔDŽȭǒɆȒȭXªDŽªſƔDŽſȭŔªƻȭqŔȒŰǒȒƻªDŽĬŔȭǭȒǒſȒªƻĻȭ
ªƔƻŔŁȭªȲȭſƔɚƔDŽſȭªƫƫȭƻªDŽªſŔȒȚȭªȭĬǒƻƻǒDŽȭƫªDŽſɆªſŔĻȭȲǒǒƫƧƔȲȭ
ªDŽŁȭȚȲªDŽŁªȒŁȭǭȒǒĬŔȚȚŔȚȭȲǒȭǒǭȲƔƻƔɪŔȭȲƏŔƔȒȭȲŔªƻȚȎȭǭȒǒŁɆĬȲƔɚƓ
ƔȲɢǷȭǒȭŁªȲŔĻȭƻǒȒŔȭȲƏªDŽȭȤĻȺɮɮȭ;ŔȒȲɪȭŔƻǭƫǒɢŔŔȚȭǭªȒȲƔĬƔǭªȲŔȭ
ƔDŽȭǒɆȒȭqŔȒŰǒȒƻªDŽĬŔȭXªDŽªſŔƻŔDŽȲȭȚɢȚȲŔƻĻȭɛƏƔĬƏȭǭȒǒɚƔŁŔȚȭªȭ
ȚɢȚȲŔƻªȲƔĬȭ ǭȒǒĬŔȚȚȭ Ȳǒȭ ȚŔȲȭ ĬƫŔªȒȭ ǒġƥŔĬȲƔɚŔȚĻȭ ƻŔªȚɆȒŔȭ ǒɆȲƓ
ĬǒƻŔȚȭªDŽŁȭŁȒƔɚŔȭƏƔſƏŔȒȭƫŔɚŔƫȚȭǒŰȭǭȒǒŁɆĬȲƔɚƔȲɢǷȭŁŁƔȲƔǒDŽªƫƫɢĻȭ
ƔDŽŁƔɚƔŁɆªƫȭǒġƥŔĬȲƔɚŔȚȭŰƫǒɛȭŰȒǒƻȭǒɚŔȒªƫƫȭĬǒȒǭǒȒªȲŔȭǒġƥŔĬƓ
ȲƔɚŔȚĻȭĬȒŔªȲƔDŽſȭȚȲȒªȲŔſƔĬȭªƫƔſDŽƻŔDŽȲȭȲƏȒǒɆſƏǒɆȲȭȲƏŔȭĬǒƻƓ
ǭªDŽɢĻȭªDŽŁȭŔDŽȚɆȒƔDŽſȭŔƻǭƫǒɢŔŔȚȭɆDŽŁŔȒȚȲªDŽŁȭƏǒɛȭȲƏŔƔȒȭɛǒȒƧȭ
ĬǒDŽȲȒƔġɆȲŔȚȭȲǒȭǒɆȒȭĬǒƻǭªDŽɢȎȚȭȚɆĬĬŔȚȚǷ
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>DŽȭ ɂɮǠɮĻȭ ɛŔȭ ĬǒDŽȲƔDŽɆŔŁȭ Ȳǒȭ ƔƻǭȒǒɚŔȭ ĬɆȚȲǒƻŔȒȭ ȚªȲƔȚŰªĬȲƔǒDŽĻȭ
ŁɆŔȭƔDŽȭǭªȒȲȭȲǒȭȚǭŔĬƔŰƔĬȭǭȒǒſȒªƻȚȭȲǒȭŔDŽƏªDŽĬŔȭǒɆȒȭĬɆȚȲǒƻƓ
ŔȒȚȎȭ ȒŔDŽȲªƫȭ ŔɠǭŔȒƔŔDŽĬŔȚǷȭ ŁŁƔȲƔǒDŽªƫƫɢĻȭ ɛŔȭ ĬǒDŽȲƔDŽɆŔŁȭ Ȳǒȭ
ŁƔɚŔȒȚƔŰɢȭ ǒɆȒȭ ǭȒǒŁɆĬȲȭ ªDŽŁȭ ȚŔȒɚƔĬŔȭ ǭǒȒȲŰǒƫƔǒȭ Ȳǒȭ ƻŔŔȲȭ ªȚȭ
ƻªDŽɢȭɚŔƏƔĬƫŔȭªDŽŁȭŔȅɆƔǭƻŔDŽȲȭȒŔDŽȲªƫȭDŽŔŔŁȚȭªȚȭǭǒȚȚƔġƫŔǷ
īȭȭŔȭĬǒDŽȲƔDŽɆŔŁȭȲƏŔȭȒǒƫƫǒɆȲȭǒŰȭȲƏŔȭQƔſƏȲƏǒɆȚŔȭȲǒȭɂȩȭƫǒĬªƓ
ȲƔǒDŽȚȭƫªȚȲȭɢŔªȒĻȭªDŽŁȭɛŔȭɛƔƫƫȭªŁŁȭªDŽǒȲƏŔȒȭŲɮȭƔDŽȭɂɮǠǠĻȭĬǒɚƓ
ŔȒƔDŽſȭǒɚŔȒȭŲɮǴȭǒŰȭǒɆȒȭȲȒªDŽȚªĬȲƔǒDŽȚǷȭQƔſƏȲƏǒɆȚŔȭƫǒĬªȲƔǒDŽȚȭ
DŽǒȲȭǒDŽƫɢȭƏªɚŔȭƏƔſƏŔȒȭƫŔɚŔƫȚȭǒŰȭĬɆȚȲǒƻŔȒȭªDŽŁȭŔƻǭƫǒɢŔŔȭ
ȚªȲƔȚŰªĬȲƔǒDŽĻȭġɆȲȭǭȒǒŁɆĬŔȭġŔȲȲŔȒȭŰƔDŽªDŽĬƔªƫȭȒŔȚɆƫȲȚȭªȚȭɛŔƫƫǷȭ
īȭȭŔȭƔDŽȲȒǒŁɆĬŔŁȭȲƏŔȭȋ{X>Q!{ȌȭqȒǒſȒªƻȭȲǒȭŔDŽȚɆȒŔȭªƫƫȭ
ŔƻǭƫǒɢŔŔȚȭɛƏǒȭŔDŽſªſŔȭǒɆȒȭĬɆȚȲǒƻŔȒȚȭƻªƧŔȭȲƏŔȭŔɠǭŔȒƔƓ
ŔDŽĬŔȭǭǒȚƔȲƔɚŔȭªDŽŁȭƻŔƻǒȒªġƫŔǷ
īȭȭŔȭſŔȲȭŰŔŔŁġªĬƧȭǒDŽȭǒɚŔȒȭȺɮĻɮɮɮȭȒŔDŽȲªƫȚȭǒŰȭƔDŽŁƔɚƔŁɆªƫȭ
ȒŔDŽȲªƫȭŔɠǭŔȒƔŔDŽĬŔȚȭŔɚŔȒɢȭƻǒDŽȲƏȭªȚȭǭªȒȲȭǒŰȭǒɆȒȭZŔȲȭ
qȒǒƻǒȲŔȒȭ{ĬǒȒŔȭǯZq{DZȭǭȒǒſȒªƻĻȭªDŽŁȭɛŔȭªĬƏƔŔɚŔŁȭªȭȭ
Ųɮɮȭ ġǭȚȭ ƔƻǭȒǒɚŔƻŔDŽȲȭ ƔDŽȭ Ƿ{Ƿȭ ĬªȒȭ ȒŔDŽȲªƫȭ ªDŽŁȭ ǒɚŔȒȭ Ȥɮɮȭ
ġǭȚȭǒŰȭƔƻǭȒǒɚŔƻŔDŽȲȭƔDŽȭ!ɆȒǒǭŔȭɢŔªȒƓǒɚŔȒƓɢŔªȒǷ
īȭȭŔȭĬȒŔªȲŔŁȭDŽŔɛȭȚǒĬƔªƫȭƻŔŁƔªȭǭƫªȲŰǒȒƻȚȭŰǒȒȭĬɆȚȲǒƻŔȒȚȭȲǒȭ
ǭȒǒɚƔŁŔȭɆȚȭŰŔŔŁġªĬƧȭǒDŽȭȲƏŔƔȒȭȒŔDŽȲªƫȭŔɠǭŔȒƔŔDŽĬŔȚȭªDŽŁȭƏǒɛȭ
ɛŔȭĬªDŽȭƔƻǭȒǒɚŔȭǒɆȒȭȚŔȒɚƔĬŔȚȭªDŽŁȭǭȒǒŁɆĬȲȚǷ
īȭȭŔȭƔDŽȲȒǒŁɆĬŔŁȭǭȒǒſȒªƻȚȭȲǒȭȚŔȒɚŔȭɢǒɆDŽſŔȒȭŁȒƔɚŔȒȚȭªſŔȭ
ɂǠŢɂŲȭɛƏǒȭƏªɚŔȭȲɢǭƔĬªƫƫɢȭŰǒɆDŽŁȭƔȲȭƏªȒŁȭȲǒȭȒŔDŽȲȭĬªȒȚǷ
īȭȭŔȭ ŔɠǭªDŽŁŔŁȭ ǒɆȒȭ ĬªȒƓȚƏªȒƔDŽſȭ ġɆȚƔDŽŔȚȚĻȭ ǒDŽDŽŔĬȲȭ ġɢȭ
;ŔȒȲɪĻȭ ƔDŽȲȒǒŁɆĬƔDŽſȭ ªDŽȭ ƔDŽŁɆȚȲȒɢƓŰƔȒȚȲȭ ǭȒǒſȒªƻȭ ªƫƫǒɛƔDŽſȭȭ
ǒDŽŔƓɛªɢȭȒŔDŽȲªƫȚȭȲǒȭZŔɛȭǒȒƧȭªȒŔªȭªƔȒǭǒȒȲȭƫǒĬªȲƔǒDŽȚǷ
īȭȭŔȭªƫȚǒȭȒŔDŽȲŔŁȭȲƏŔȭŰƔȒȚȲȭŔƫŔĬȲȒƔĬȭɚŔƏƔĬƫŔȚȭƔDŽȭȲƏŔȭDŽƔȲŔŁȭ
{ȲªȲŔȚǷ
īȭȭƔªȭªĬȅɆƔȚƔȲƔǒDŽĻȭ;!vȭŔɠǭªDŽŁŔŁȭƔȲȚȭǭɆƻǭȭªDŽŁȭǭǒɛŔȒȭǭƫªȲƓ
ŰǒȒƻȭȲǒȭŹȺȭƫǒĬªȲƔǒDŽȚĻȭƔDŽĬȒŔªȚŔŁȭǒɆȒȭǭȒŔȚŔDŽĬŔȭƔDŽȭȲƏŔȭ
ŔDŽȲŔȒȲªƔDŽƻŔDŽȲȭ ȚŔȒɚƔĬŔȚȭ ġɆȚƔDŽŔȚȚȭ ªDŽŁȭ ŔȚȲªġƫƔȚƏŔŁȭ ªDŽȭ
ŔȅɆƔǭƻŔDŽȲȭȒŔDŽȲªƫȭǭȒŔȚŔDŽĬŔȭƔDŽȭ;ªɛªƔƔǷ
īȭȭŔȭĬǒDŽȲƔDŽɆŔŁȭȲǒȭªŁŁȭĬªȒȭªDŽŁȭŔȅɆƔǭƻŔDŽȲȭȒŔDŽȲªƫȭƫǒĬªȲƔǒDŽȚȭƔDŽȭ
ƏƔDŽªĻȭŔȚȲªġƫƔȚƏƔDŽſȭªȭŰƔȒƻȭǭȒŔȚŔDŽĬŔȭƔDŽȭȲƏŔȭɛǒȒƫŁȎȚȭŰªȚȲŔȚȲȭ
ſȒǒɛƔDŽſȭŔĬǒDŽǒƻɢǷ
īȭȭ;ŔȒȲɪȭƔȚȭȲƏŔȭǒDŽƫɢȭȲȒɆƫɢȭſƫǒġªƫȭĬªȒȭªDŽŁȭŔȅɆƔǭƻŔDŽȲȭȒŔDŽȲªƫȭ
ĬǒƻǭªDŽɢĻȭǭȒǒɚƔŁƔDŽſȭĬǒDŽȚƔȚȲŔDŽȲƫɢȭƏƔſƏȭȅɆªƫƔȲɢĻȭŔɠĬŔǭȲƔǒDŽªƫȭ
ȚŔȒɚƔĬŔȭªȲȭǒɚŔȒȭŜĻŜɮɮȭƫǒĬªȲƔǒDŽȚȭƔDŽȭǠŹȩȭĬǒɆDŽȲȒƔŔȚǷ
ŔȭƏªɚŔȭȒǒġɆȚȲȭſȒǒɛȲƏȭªDŽŁȭŔŰŰƔĬƔŔDŽĬɢȭǭȒǒſȒªƻȚȭƔDŽȭ
ǭƫªĬŔȭɛƏƔĬƏȭŔDŽªġƫŔŁȭɆȚȭȲǒȭġŔªȲȭȲƏŔȭĬǒƻǭŔȲƔȲƔǒDŽȭƔDŽȭɂɮǠɮǷȭ>DŽȭ
ɂɮǠǠĻȭɛŔȭɛƔƫƫȭĬǒDŽȲƔDŽɆŔȭȲǒȭǒɆȲǭªĬŔȭĬǒƻǭŔȲƔȲǒȒȚȭġɢȭŰɆȒȲƏŔȒȭ
ƔƻǭȒǒɚƔDŽſȭȚƏªȒŔƏǒƫŁŔȒȭɚªƫɆŔĻȭɛƔȲƏȭŔDŽſªſŔŁȭŔƻǭƫǒɢŔŔȚȭĬǒƻƓ
ƻƔȲȲŔŁȭȲǒȭŔɠǭªDŽŁƔDŽſȭǒɆȒȭġªȚŔȭǒŰȭƫǒɢªƫĻȭȚªȲƔȚŰƔŔŁȭĬɆȚȲǒƻŔȒȚǷ
ƏŔȭġɆȚƔDŽŔȚȚȭɛǒȒƫŁȭȲȒªDŽȚŰǒȒƻȚȭȒªǭƔŁƫɢȭŁɆŔȭȲǒȭ
ªŁɚªDŽĬŔȚȭƔDŽȭȲŔĬƏDŽǒƫǒſɢȭªDŽŁȭŔɚǒƫɚƔDŽſȭĬɆȚȲǒƻŔȒȭDŽŔŔŁȚǷȭȭ
;ǒɛŔɚŔȒĻȭ;ŔȒȲɪȭƏªȚȭªDŽȭɆDŽɛªɚŔȒƔDŽſȭĬǒƻƻƔȲƻŔDŽȲȭȲǒȭƔDŽDŽǒƓ
ɚªȲŔȭªDŽŁȭƏªȒDŽŔȚȚȭȲŔĬƏDŽǒƫǒſɢȭȲǒȭƻªƧŔȭŔɚŔȒɢȭĬªȒȭȒŔDŽȲªƫȭ
ƥǒɆȒDŽŔɢȭƻŔƻǒȒªġƫŔȭªDŽŁȭŔɚŔȒɢȭŔȅɆƔǭƻŔDŽȲȭȒŔDŽȲªƫȭȲƏŔȭȒƔſƏȲȭ
ŰƔȲȭŰǒȒȭȲƏŔȭƥǒġȭªȲȭƏªDŽŁǷȭȲȭ;ŔȒȲɪĻȭƔDŽDŽǒɚªȲƔǒDŽȭƔȚDŽȎȲȭƥɆȚȲȭªȭȲǒǒƫȭ
ȲǒȭŔDŽƏªDŽĬŔȭǒɆȒȭŔŰŰƔĬƔŔDŽĬɢĻȭƔȲȎȚȭǭȒƔƻªȒƔƫɢȭªDŽǒȲƏŔȒȭɛªɢȭȲǒȭ
ĬȒŔªȲŔȭƏƔſƏƓȲǒɆĬƏȭĬɆȚȲǒƻŔȒȭƔDŽȲŔȒªĬȲƔǒDŽȚȭȲǒȭƔƻǭȒǒɚŔȭȚŔȒɚƔĬŔǷȭ
ƔȲƏȭȲƏƔȚȭĬɆȚȲǒƻŔȒƓĬŔDŽȲȒƔĬȭªǭǭȒǒªĬƏȭȲǒȭȲƏŔȭġɆȚƔDŽŔȚȚĻȭ
ɂȺĻɮɮɮȭ;ŔȒȲɪȭŔƻǭƫǒɢŔŔȚȭªDŽŁȭſƫǒġªƫȭŰȒªDŽĬƏƔȚŔȭǭªȒȲDŽŔȒȚȭ
ǭªɚŔȭȲƏŔȭɛªɢȭŰǒȒȭȚɆȚȲªƔDŽŔŁȭȚɆĬĬŔȚȚȭƔDŽȭǒɆȒȭȚŔĬǒDŽŁȭĬŔDŽȲɆȒɢǷ
XªȒƧȭqǷȭ4ȒƔȚȚǒȒª
ƏªƔȒƻªDŽȭǒŰȭȲƏŔȭǒªȒŁȭªDŽŁȭƏƔŔŰȭ!ɠŔĬɆȲƔɚŔȭaŰŰƔĬŔȒȭ
;ŔȒȲɪȭ5ƫǒġªƫȭ;ǒƫŁƔDŽſȚĻȭ>DŽĬǷ
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Ğȭ>DŽŁƔĬªȲŔȚȭªȭZǒDŽƓ5qȭƻŔªȚɆȒŔȭǭȒŔȚŔDŽȲŔŁȭªDŽŁȭȒŔĬǒDŽĬƔƫŔŁȭɛƔȲƏƔDŽȭȲƏŔȭȚŔĬȲƔǒDŽȭǒŰȭȲƏŔȭDŽDŽɆªƫȭvŔǭǒȒȲȭȲǒȭ{ȲǒĬƧƏǒƫŁŔȒȚȭŔDŽȲƔȲƫŔŁȭȋŔŰƔDŽƔȲƔǒDŽȚȭ
ªDŽŁȭZǒDŽƓ5qȭvŔĬǒDŽĬƔƫƔªȲƔǒDŽȚĻȌȭɛƏƔĬƏȭŰǒƫƫǒɛȚȭǒɆȒȭDŽDŽɆªƫȭvŔǭǒȒȲȭǒDŽȭ4ǒȒƻȭǠɮƓNǷ