<SUBMISSION>
<ACCESSION-NUMBER>0000950124-01-000461
<TYPE>SC TO-T
<PUBLIC-DOCUMENT-COUNT>44
<FILING-DATE>20010202
<GROUP-MEMBERS>FORD FSG II, INC.
<GROUP-MEMBERS>FORD FSG, INC.
<GROUP-MEMBERS>FORD MOTOR CO
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>HERTZ CORP
<CIK>0000047129
<ASSIGNED-SIC>7510
<IRS-NUMBER>131938568
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-T
<ACT>34
<FILE-NUMBER>005-52747
<FILM-NUMBER>1524206
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>225 BRAE BLVD
<CITY>PARK RIDGE
<STATE>NJ
<ZIP>07656
<PHONE>2013072000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>225 BRAE BLVD
<CITY>PARK RIDGE
<STATE>NJ
<ZIP>07656
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>FORD MOTOR CO
<CIK>0000037996
<ASSIGNED-SIC>3711
<IRS-NUMBER>380549190
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC TO-T
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>ONE AMERICAN ROAD
<CITY>DEARBORN
<STATE>MI
<ZIP>48126
<PHONE>3133223000
</BUSINESS-ADDRESS>
</FILED-BY>
<DOCUMENT>
<TYPE>SC TO-T
<SEQUENCE>1
<FILENAME>k59594ascto-t.htm
<DESCRIPTION>SCHEDULE OF TENDER OFFER
<TEXT>

<HTML>
<HEAD>
<TITLE>scto-t</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV align="center">
________________________________________________________________________________
 <HR size="1" width="100%" align="center">
</DIV>

<P align="center">
<B><FONT size="4">SECURITIES AND EXCHANGE COMMISSION</FONT></B>

<DIV align="center">
<B>Washington, D.C. 20549</B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center">

<P align="center">
<B><FONT size="4">SCHEDULE TO</FONT></B>

<DIV align="center">
<B>(RULE 14D-100)</B>
</DIV>

<DIV align="center">
<B> TENDER OFFER STATEMENT PURSUANT TO SECTION&nbsp;14(d)(1) OR
13(e)(1) OF</B>
</DIV>

<DIV align="center">
<B>THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<P align="center">
<B><FONT size="5">The Hertz Corporation</FONT></B>

<DIV align="center">
<B><FONT size="2">(Name of Subject Company)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">Ford FSG, Inc.</FONT></B>

<DIV align="center">
<B><FONT size="4">Ford Motor Company</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Name of Filing Persons&nbsp;&#151;
Offerors)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">CLASS A COMMON STOCK, PAR VALUE $0.01 PER
SHARE</FONT></B>

<DIV align="center">
<B><FONT size="2">(Title of Class of Securities)</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center">

<P align="center">
<B>428040109</B>

<DIV align="center">
<B><FONT size="2">(CUSIP Number of Class of
Securities)</FONT></B>
</DIV>

<P align="center">
<B>Peter Sherry, Jr., Esq.</B>

<DIV align="center">
<B>Ford Motor Company</B>
</DIV>

<DIV align="center">
<B>One American Rd., Rm. 1038</B>
</DIV>

<DIV align="center">
<B>Dearborn, MI 48126</B>
</DIV>

<DIV align="center">
<B>(313)&nbsp;323-2130</B>
</DIV>

<DIV align="center">
<B><FONT size="2">(Name, Address and Telephone Number of Person
Authorized to Receive Notices</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">and Communication on Behalf of Filing
Persons)</FONT></B>
</DIV>

<P align="center">
<B><I><FONT size="2">Copies to:</FONT></I></B>

<DIV align="center">
<B>George R. Bason, Jr., Esq.</B>
</DIV>

<DIV align="center">
<B>Davis Polk &#38; Wardwell</B>
</DIV>

<DIV align="center">
<B>450 Lexington Avenue</B>
</DIV>

<DIV align="center">
<B>New York, New York 10017</B>
</DIV>

<DIV align="center">
<B>(212)&nbsp;450-4000</B>
</DIV>

<P align="center">
<B>CALCULATION OF FILING FEE</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Transaction Valuation*</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Amount of Filing Fee**</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	$707,567,930.50</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	$141,513.59</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">*</FONT></TD>
	<TD align="left">
	<FONT size="2">Estimated for the purposes of calculating the
	amount of the filing fee only. This calculation assumes the
	purchase of 19,931,491 shares of Class A Common Stock, par value
	$0.01 per share (the &#147;Shares&#148; or the
	&#147;Class&nbsp;A Common Stock&#148;), of The Hertz
	Corporation, at a purchase price of $35.50 per Share net in
	cash. Such number of Shares represents the 40,177,324 Shares
	outstanding as of December&nbsp;31, 2000, less the 20,245,833
	Shares already beneficially owned by Ford FSG, Inc.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">**</FONT></TD>
	<TD align="left">
	<FONT size="2">The amount of the filing fee, calculated in
	accordance with Rule&nbsp;0-11 of the Securities Exchange Act of
	1934, as amended, equals 1/50th of one percent of the value of
	the transaction.</FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><IMG src="k59594api5-110.gif"></TD>
	<TD align="left">
	<FONT size="2">Check box if any part of the fee is offset as
	provided by Rule&nbsp;0-11(a)(2) and identify the filing with
	which the offsetting fee was previously paid. Identify the
	previous filing by registration statement number, or the Form or
	Schedule and the date of its filing.</FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Amount Previously Paid: Not applicable</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Filing Party: Not applicable.</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Form or Registration No: Not applicable</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Date Filed: Not applicable.</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><IMG src="k59594api5-110.gif"></TD>
	<TD align="left">
	Check the box if the filing relates solely to preliminary
	communications made before the commencement of a tender offer.</TD>
</TR>

</TABLE>

<P align="left">
Check the appropriate boxes below to designate any transactions
to which the statement relates:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="k59594api5-178.gif">&nbsp;</TD>
	<TD align="left">
	third-party tender offer subject to Rule&nbsp;14d-1.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="k59594api5-110.gif">&nbsp;</TD>
	<TD align="left">
	issuer tender offer subject to Rule&nbsp;13e-4.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="k59594api5-178.gif">&nbsp;</TD>
	<TD align="left">
	going-private transaction subject to Rule&nbsp;13e-3.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="k59594api5-110.gif">&nbsp;</TD>
	<TD align="left">
	amendment to Schedule&nbsp;13D under Rule&nbsp;13d-2.</TD>
</TR>

</TABLE>

<P align="left">
Check the following box if the filing is a final amendment
reporting the results of the tender offer.&nbsp;
<IMG src="k59594api5-110.gif">

<P align="center">
<HR size="1" width="100%" align="center">

<DIV align="center">
<HR size="1" width="100%" align="center">
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Tender Offer Statement and Schedule&nbsp;13E-3 Transaction
Statement on Schedule TO (the &#147;Schedule TO&#148;) is filed
by Ford Motor Company, a Delaware corporation
(&#147;Ford&#148;), and Ford FSG, Inc. (&#147;Purchaser&#148;),
a Delaware corporation and an indirect wholly owned subsidiary
of Ford. This Schedule TO relates to the offer by Purchaser to
purchase any and all outstanding shares of Class&nbsp;A Common
Stock, par value $0.01&nbsp;per share (the &#147;Shares&#148; or
the &#147;Class&nbsp;A Common Stock&#148;), of The Hertz
Corporation, a Delaware corporation (&#147;Hertz&#148;), at
$35.50&nbsp;per Share net to the seller in cash, upon the terms
and subject to the conditions set forth in the Offer to Purchase
dated February&nbsp;2, 2001 (the &#147;Offer to Purchase&#148;),
and in the related Letter of Transmittal, copies of which are
attached hereto as Exhibits&nbsp;(a)(1) and (a)(2), respectively
(which, together with any amendments or supplements thereto,
collectively constitute the &#147;Offer&#148;). The information
set forth in the Offer to Purchase, including all schedules and
annexes thereto, is hereby expressly incorporated herein by
reference in response to all items of this Schedule TO
including, without limitation all of the information required by
Schedule&nbsp;13E-3 that is not included in or covered by the
items in Schedule&nbsp;TO, except as otherwise set forth below.

<P align="left"><B><I>&nbsp; Item&nbsp;10.&nbsp; Financial Statements.</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Not applicable.

<P align="left"><B><I>&nbsp; Item&nbsp;12.&nbsp; Exhibits.</I></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Exhibit No.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Description</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Offer to Purchase dated February&nbsp;2, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Letter of Transmittal</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Notice of Guaranteed Delivery</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(4)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Letter to Brokers, Dealers, Commercial Banks, Trust Companies
	and Other Nominees</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Letter to Clients for use by Brokers, Dealers, Commercial Banks,
	Trust Companies and Other Nominees</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(6)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Letter to Participants in The Hertz Corporation&#146;s Employee
	Stock Purchase Plan</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(7)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Guidelines for Certification of Taxpayer Identification Number
	on Substitute Form&nbsp;W-9</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(8)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Summary advertisement dated February&nbsp;2, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(9)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Text of press release issued jointly by Ford Motor Company and
	The Hertz Corporation and dated January&nbsp;16, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(10)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Text of press release issued by Ford Motor Company and dated
	February&nbsp;2, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(11)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Schlomo Birnbaum against Frank&nbsp;A. Olson,
	Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C. Burnett,
	Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo, John&nbsp;M.
	Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A. Walker, The
	Hertz Corporation and Ford Motor Company, filed in the Court of
	Chancery in the State of Delaware</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(12)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of John Korff against Hertz Corporation, Frank&nbsp;A.
	Olson, Craig&nbsp;R. Koch, W. Wayne Booker, Louis&nbsp;C.
	Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo,
	John&nbsp;M. Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A.
	Walker and Ford Motor Company, filed in the Court of Chancery in
	the State of Delaware on October&nbsp;3, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(13)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of James Curren against Hertz Corporation, Frank&nbsp;
	A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company, filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">2

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<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Exhibit No.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Description</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(14)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Great Neck Capital Appreciation Investment
	Partnership, L.P. against Hertz Corporation, Frank&nbsp;A.
	Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C.
	Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo,
	John&nbsp;M. Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A.
	Walker and Ford Motor Company, filed in the Court of Chancery in
	the State of Delaware and dated September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(15)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Leonard Shapiro against Frank&nbsp;A. Olson,
	Craig&nbsp; R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C.
	Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo,
	John&nbsp;M. Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A.
	Walker, Ford Motor Company and Hertz Corporation filed in the
	Court of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(16)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Alan Friedman against Hertz Corporation,
	Frank&nbsp; A. Olson, Craig&nbsp;R. Koch, W. Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(17)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Peter Bragdon against The Hertz Corporation,
	Frank&nbsp;A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(18)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of William Steiner against Hertz Corporation,
	Frank&nbsp;A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(19)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Kathleen Gerra against Hertz Corporation,
	Frank&nbsp;A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(20)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Selma Kaiser against Hertz Corporation, Frank&nbsp;
	A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(21)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Kevin Lewis against Frank&nbsp;A. Olson,
	Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C. Burnett,
	Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo, John&nbsp;M.
	Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A. Walker, Ford
	Motor Company and Hertz Corporation filed in the Court of
	Chancery in the State of Delaware and dated September&nbsp;21,
	2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(22)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Furtherfield Partners, L.P., against Hertz
	Corporation, Ford Motor Company, Frank&nbsp;A. Olson,
	Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C. Burnett,
	Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo, John&nbsp;M.
	Rintamaki, John&nbsp;M. Thompson and Joseph&nbsp;A. Walker filed
	in the Court of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(b)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	None</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">3

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<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Exhibit No.</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Description</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(c)(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Opinion of Lazard Fr&#232;res&nbsp;&#38; Co. LLC
	(&#147;Lazard&#148;) to the Special Committee of Independent
	Directors of the Board of Directors of Hertz (&#147;Special
	Committee&#148;) dated January&nbsp; 16, 2001 (included as
	Annex&nbsp;B of the Offer to Purchase filed herewith as
	Exhibit&nbsp;(a)(1))</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(c)(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Materials presented by Lazard to the Special Committee on
	January&nbsp;16, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Agreement and Plan of Merger dated January&nbsp;16, 2001 by and
	among Ford, the Purchaser, Ford FSG&nbsp;II, Inc. and Hertz
	(included as Annex A of the Offer to Purchase filed herewith as
	Exhibit&nbsp;(a)(1))</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Car Supply Agreement between Ford and Hertz (incorporated herein
	by reference to Exhibit&nbsp;10(b) of Hertz&#146;s Registration
	Statement No.&nbsp;333-22517 on Form&nbsp;S-1)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Joint Advertising Agreement between Ford and Hertz (incorporated
	herein by reference to Exhibit&nbsp;10(c) of Hertz&#146;s
	Registration Statement No.&nbsp;333-22517 on Form&nbsp;S-1)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(4)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Corporate Agreement between Ford and Hertz (incorporated herein
	by reference to Exhibit&nbsp;10(a) of Hertz&#146;s Current
	Report on Form&nbsp;8-K and filed on May&nbsp;1, 1997)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Tax Sharing Agreement between Ford and Hertz (incorporated
	herein by reference to Exhibit&nbsp;10(d) of Hertz&#146;s
	Registration Statement No.&nbsp;333-22517 on Form&nbsp;S-1)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(f)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Section&nbsp;262 of the Delaware General Corporation Law
	(included as Annex&nbsp;C of the Offer to Purchase filed
	herewith as Exhibit&nbsp;(a)(1))</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(g)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	None</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(h)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	None</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><B><I>&nbsp; Item&nbsp;13.&nbsp; Information Required by
Schedule&nbsp;13E-3.</I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The audited financial statements of Hertz as of and for the two
fiscal years ended December&nbsp;31, 1998 and December&nbsp;31,
1999 are hereby expressly incorporated herein by reference to
Item&nbsp;8 of Hertz&#146;s Annual Report on Form&nbsp;10-K for
the year ended December&nbsp;31, 1999 filed with the Securities
and Exchange Commission (the &#147;Commission&#148;) on
March&nbsp;17, 2000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The unaudited financial statements of Hertz as of and for the
quarter and nine months ended September&nbsp;30, 2000 are hereby
expressly incorporated herein by reference to Part I,
Item&nbsp;1 of Hertz&#146;s Quarterly Report on Form&nbsp;10-Q
for the quarter ended September&nbsp;30, 2000 filed with the
Commission on November&nbsp;14, 2000.

<P align="center">4

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<P align="left">

<!-- link1 "SIGNATURES" -->

<DIV align="center">
<B>SIGNATURES</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After due inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is
true, complete and correct.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<B>FORD MOTOR COMPANY</B></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	/s/ HENRY D.G. WALLACE</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="3%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	Henry D.G. Wallace <BR>
	 Group Vice President&nbsp;&#38; Chief Financial Officer</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Date:&nbsp; February 2, 2001</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<B>FORD FSG, INC.</B></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	/s/ PETER SHERRY, JR.</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="3%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	Peter Sherry, Jr. <BR>
	 Assistant Secretary</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Date:&nbsp; February 2, 2001</TD>
</TR>

</TABLE>

<P align="center">5
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<P align="left">

<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center">
<B>EXHIBIT INDEX</B>
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="13%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="84%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Offer to Purchase dated February&nbsp;2, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Letter of Transmittal</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Notice of Guaranteed Delivery</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(4)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Letter to Brokers, Dealers, Commercial Banks, Trust Companies
	and Other Nominees</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Letter to Clients for use by Brokers, Dealers, Commercial Banks,
	Trust Companies and Other Nominees</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(6)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Letter to Participants in The Hertz Corporation&#146;s Employee
	Stock Purchase Plan</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(7)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Guidelines for Certification of Taxpayer Identification Number
	on Substitute Form&nbsp;W-9</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(8)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Summary advertisement dated February&nbsp;2, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(9)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Text of press release issued jointly by Ford Motor Company and
	The Hertz Corporation and dated January&nbsp;16, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(10)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Text of press release issued by Ford Motor Company and dated
	February&nbsp;2, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(11)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Schlomo Birnbaum against Frank&nbsp;A. Olson,
	Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C. Burnett,
	Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo, John&nbsp;M.
	Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A. Walker, The
	Hertz Corporation and Ford Motor Company, filed in the Court of
	Chancery in the State of Delaware</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(12)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of John Korff against Hertz Corporation, Frank&nbsp;A.
	Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C.
	Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo,
	John&nbsp;M. Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A.
	Walker and Ford Motor Company, filed in the Court of Chancery in
	the State of Delaware on October&nbsp;3, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(13)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of James Curren against Hertz Corporation, Frank&nbsp;
	A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company, filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(14)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Great Neck Capital Appreciation Investment
	Partnership, L.P. against Hertz Corporation, Frank&nbsp;A.
	Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C.
	Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo,
	John&nbsp;M. Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A.
	Walker and Ford Motor Company, filed in the Court of Chancery in
	the State of Delaware and dated September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(15)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Leonard Shapiro against Frank&nbsp;A. Olson,
	Craig&nbsp; R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C.
	Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo,
	John&nbsp;M. Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A.
	Walker, Ford Motor Company and Hertz Corporation filed in the
	Court of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(16)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Alan Friedman against Hertz Corporation,
	Frank&nbsp; A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(17)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Peter Bragdon against The Hertz Corporation,
	Frank&nbsp;A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(18)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of William Steiner against Hertz Corporation,
	Frank&nbsp;A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp;A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">6
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<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="89%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(19)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Kathleen Gerra against Hertz Corporation,
	Frank&nbsp;A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp; A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(20)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Selma Kaiser against Hertz Corporation,
	Frank&nbsp;A. Olson, Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker,
	Louis&nbsp;C. Burnett, Michael&nbsp;T. Monahan, Peter&nbsp;J.
	Pestillo, John&nbsp;M. Rintamaki, John&nbsp;M. Thompson,
	Joseph&nbsp; A. Walker and Ford Motor Company filed in the Court
	of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(21)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Kevin Lewis against Frank&nbsp;A. Olson,
	Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C. Burnett,
	Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo, John&nbsp;M.
	Rintamaki, John&nbsp;M. Thompson, Joseph&nbsp;A. Walker, Ford
	Motor Company and Hertz Corporation filed in the Court of
	Chancery in the State of Delaware and dated September&nbsp;21,
	2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(a)(22)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Complaint of Furtherfield Partners,&nbsp;L.P., against Hertz
	Corporation, Ford Motor Company, Frank&nbsp;A. Olson,
	Craig&nbsp;R. Koch, W.&nbsp;Wayne Booker, Louis&nbsp;C. Burnett,
	Michael&nbsp;T. Monahan, Peter&nbsp;J. Pestillo, John&nbsp;M.
	Rintamaki, John&nbsp;M. Thompson and Joseph&nbsp;A. Walker filed
	in the Court of Chancery in the State of Delaware and dated
	September&nbsp;21, 2000</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(b)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	None</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(c)(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Opinion of Lazard Fr&#232;res &#38; Co. LLC (&#147;Lazard&#148;)
	to the Special Committee of Independent Directors of the Board
	of Directors of Hertz (&#147;Special Committee&#148;) dated
	January&nbsp;16, 2001 (included as Annex&nbsp;B of the Offer to
	Purchase filed herewith as Exhibit&nbsp;(a)(1))</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(c)(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Materials presented by Lazard to the Special Committee on
	January&nbsp;16, 2001</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(1)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Agreement and Plan of Merger dated January&nbsp;16, 2001 by and
	among Ford, the Purchaser, Ford FSG&nbsp;II, Inc. and Hertz
	(included as Annex&nbsp;A of the Offer to Purchase filed
	herewith as Exhibit&nbsp;(a)(1))</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Car Supply Agreement between Ford and Hertz (incorporated herein
	by reference to Exhibit&nbsp;10(b) of Hertz&#146;s Registration
	Statement No.&nbsp;333-22517 on Form&nbsp;S-1)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Joint Advertising Agreement between Ford and Hertz (incorporated
	herein by reference to Exhibit&nbsp;10(c) of Hertz&#146;s
	Registration Statement No.&nbsp;333-22517 on Form&nbsp;S-1)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(4)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Corporate Agreement between Ford and Hertz (incorporated herein
	by reference to Exhibit&nbsp;10(a) of Hertz&#146;s Current
	Report on Form&nbsp;8-K and filed on May&nbsp;1, 1997)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(d)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Tax Sharing Agreement between Ford and Hertz (incorporated
	herein by reference to Exhibit&nbsp;10(d) of Hertz&#146;s
	Registration Statement No.&nbsp;333-22517 on Form&nbsp;S-1)</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(f)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Section&nbsp;262 of the Delaware General Corporation Law
	(included as Annex&nbsp;C of the Offer to Purchase filed
	herewith as Exhibit&nbsp;(a)(1))</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(g)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	None</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	(h)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	None</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">7

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(1)
<SEQUENCE>2
<FILENAME>k59594aex99-a1.htm
<DESCRIPTION>OFFER TO PURCHASE
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV align="center">
 <B><FONT size="4">Offer to Purchase for Cash</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Any and All Outstanding Shares of Class&nbsp;A
Common Stock</FONT></B>
</DIV>

<P align="center">
<B><FONT size="4">of</FONT></B>

<P align="center">
<B><FONT size="6">The Hertz Corporation</FONT></B>

<P align="center">
<B><FONT size="4">at</FONT></B>

<P align="center">
<B><FONT size="4">$35.50 Net Per Share</FONT></B>

<P align="center">
<B><FONT size="4">by</FONT></B>

<P align="center">
<B><FONT size="5">Ford FSG,&nbsp;Inc.</FONT></B>

<DIV align="center">
<B><FONT size="4">an indirect wholly owned subsidiary
of</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Ford Motor Company</FONT></B>
</DIV>

<P align="left">
 <B><FONT size="2">THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE
AT 12:00 MIDNIGHT, NEW YORK CITY TIME, ON FRIDAY, MARCH 2, 2001,
UNLESS THE OFFER IS EXTENDED.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS OFFER IS BEING MADE PURSUANT TO AN AGREEMENT AND PLAN OF
MERGER (THE &#147;MERGER AGREEMENT&#148;) DATED AS OF
JANUARY&nbsp;16, 2001, BY AND AMONG FORD MOTOR COMPANY
(&#147;FORD&#148;), FORD FSG,&nbsp;INC. (THE
&#147;PURCHASER&#148;), FORD FSG&nbsp;II,&nbsp;INC. AND THE
HERTZ CORPORATION (&#147;HERTZ&#148;).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THE BOARD OF DIRECTORS OF HERTZ, BY UNANIMOUS DECISION OF THOSE
DIRECTORS PARTICIPATING AND BASED ON THE RECOMMENDATION OF A
SPECIAL COMMITTEE OF INDEPENDENT DIRECTORS OF THE BOARD OF
DIRECTORS OF HERTZ: (1)&nbsp;HAS DETERMINED THAT IT IS FAIR TO
AND IN THE BEST INTERESTS OF HERTZ AND ITS STOCKHOLDERS (OTHER
THAN THE PURCHASER AND ITS AFFILIATES) TO CONSUMMATE THE OFFER
AND THE MERGER (AS DEFINED HEREIN) UPON THE TERMS AND SUBJECT TO
THE CONDITIONS OF THE MERGER AGREEMENT AND IN ACCORDANCE WITH
DELAWARE LAW; (2)&nbsp;HAS APPROVED AND DECLARED ADVISABLE THE
OFFER, THE MERGER AND THE MERGER AGREEMENT; AND (3)&nbsp;HAS
RESOLVED TO RECOMMEND THAT HERTZ&#146;S STOCKHOLDERS ACCEPT THE
OFFER, TENDER THEIR SHARES PURSUANT THERETO AND APPROVE AND
ADOPT THE MERGER AGREEMENT AND THE MERGER IF SUBMITTED FOR THEIR
APPROVAL.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
LAZARD FR&#200;RES&nbsp;&#38; CO. LLC, THE FINANCIAL ADVISOR TO
THE SPECIAL COMMITTEE, HAS DELIVERED TO THE SPECIAL COMMITTEE
ITS WRITTEN OPINION THAT THE CONSIDERATION TO BE RECEIVED BY THE
STOCKHOLDERS OF HERTZ (OTHER THAN THE PURCHASER AND ITS
AFFILIATES) IN THE OFFER AND THE MERGER PURSUANT TO THE MERGER
AGREEMENT IS FAIR TO SUCH STOCKHOLDERS FROM A FINANCIAL POINT OF
VIEW. SEE &#147;SPECIAL FACTORS&nbsp;&#151; OPINION OF FINANCIAL
ADVISOR.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS OFFER IS NOT CONDITIONED UPON ANY MINIMUM NUMBER OF SHARES
BEING TENDERED. HOWEVER, THE OFFER IS SUBJECT TO CERTAIN
CONDITIONS. SEE &#147;THE OFFER&nbsp;&#151; CONDITIONS OF THE
OFFER.&#148;

<P align="center">
<HR size="1" width="30%" align="center">

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A summary of the principal terms of the Offer appears on
pages&nbsp;1-4 hereof.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you have questions about the Offer, you can call Georgeson
Shareholder Communications&nbsp;Inc., the Information Agent for
the Offer, or J.P.&nbsp;Morgan Securities&nbsp;Inc., the Dealer
Manager for the Offer, at their respective addresses and
telephone numbers set forth on the back cover of this Offer to
Purchase. You can also obtain additional copies of this Offer to
Purchase, the related Letter of Transmittal and the Notice of
Guaranteed Delivery from the Information Agent or your broker,
dealer, commercial bank, trust company or other nominee.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THIS TRANSACTION HAS NOT BEEN APPROVED OR DISAPPROVED BY THE
SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED
UPON THE FAIRNESS OR MERITS OF SUCH TRANSACTION OR UPON THE
ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED IN THIS
DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

<P align="center">
<HR size="1" width="30%" align="center">

<P align="center">
<I>The Dealer Manager for the Offer is:</I>

<P align="center">
<B><FONT size="4">JP Morgan</FONT></B>

<P align="left">
February 2, 2001

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- link1 "TABLE OF CONTENTS" -->

<P align="center"><B>TABLE OF CONTENTS</B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="87%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Page</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        SUMMARY TERM SHEET</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        INTRODUCTION</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        SPECIAL FACTORS</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Background of the Offer</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Recommendation of the Special Committee and the Hertz Board;
        Fairness of the Offer and the Merger</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Fairness of the Offer and the Merger</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Opinion of Financial Advisor</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">18</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Position of Ford and the Purchaser Regarding Fairness of the
        Offer and the Merger</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Purpose and Structure of the Offer and the Merger; Reasons of
        Ford for the Offer and the Merger</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">23</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Plans for Hertz after the Offer and the Merger; Certain Effects
        of the Offer</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">25</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The Merger Agreement</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Dissenters&#146; Rights</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Beneficial Ownership of Common Stock</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Transactions and Arrangements Concerning the Shares</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Related Party Transactions</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">36</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Interests of Certain Persons in the Offer and the Merger</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">40</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        THE OFFER</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">42</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;1. Terms of the Offer; Expiration Date</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">42</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;2. Extension of Tender Period; Termination; Amendment;
        Subsequent Offering Period</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">42</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;3. Acceptance for Payment and Payment</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">44</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;4. Procedure for Tendering Shares</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">45</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;5. Withdrawal Rights</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">47</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;6. Certain United States Federal Income Tax Consequences</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">48</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;7. Price Range of Shares; Dividends</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">49</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;8. Certain Information Concerning Hertz; Certain
        Projections</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        &nbsp;9. Certain Information Concerning the Purchaser and Ford</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">55</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        10. Source and Amount of Funds</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">56</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        11. Effect of the Offer on the Market for the Shares; Stock
        Exchange Listing(s); Registration under the Exchange Act</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">56</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        12. Dividends and Distributions</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        13. Conditions of the Offer</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        14. Certain Legal Matters; Regulatory Approvals</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">58</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        15. Fees and Expenses</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">60</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        16. Miscellaneous</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">62</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="74%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <FONT size="2">
        Schedule&nbsp;I</FONT>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Directors and Executive Officers of Ford, the Purchaser and
        FSG&nbsp;II</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <FONT size="2">
        Schedule&nbsp;II</FONT>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Directors and Executive Officers of Hertz</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Schedule&nbsp;III</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Purchases of Class A Common Stock</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        ANNEX A</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Agreement and Plan of Merger</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        ANNEX B</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Opinion of Lazard Fr&#232;res&nbsp;&#38;&nbsp;Co.&nbsp;LLC</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        ANNEX C</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        General Corporation Law of Delaware Section&nbsp;262 Appraisal
        Rights</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">ii

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<P><HR noshade><P>

<!-- link1 "SUMMARY TERM SHEET" -->

<P align="center"><B>SUMMARY TERM SHEET</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford FSG,&nbsp;Inc. (the &#147;Purchaser&#148; or
&#147;we&#148;), an indirect wholly owned subsidiary of Ford
Motor Company (&#147;Ford&#148;), is offering to purchase any
and all of the outstanding shares of Class&nbsp;A Common Stock,
par value $0.01&nbsp;per share (the &#147;Shares&#148; or the
&#147;Class&nbsp;A Common Stock&#148;) of The Hertz Corporation
(&#147;Hertz&#148;) for $35.50&nbsp;per Share net to the seller
in cash (the &#147;Offer Price&#148;), upon the terms and
subject to the conditions set forth in the Offer to Purchase and
the related Letter of Transmittal (which together constitute the
&#147;Offer&#148;), pursuant to an Agreement and Plan of Merger
dated January&nbsp;16, 2001 (the &#147;Merger Agreement&#148;).
The following are some of the questions you, as a stockholder of
Hertz, may have and answers to those questions. You should
carefully read this Offer to Purchase and the accompanying
Letter of Transmittal in their entirety because the information
in this summary term sheet is not complete and additional
important information is contained in the remainder of this
Offer to Purchase and the Letter of Transmittal.

<P align="left"><B>Who is offering to buy my securities?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our name is Ford FSG,&nbsp;Inc. We are a Delaware corporation
and an indirect wholly owned subsidiary of Ford. We were
organized as a holding company that continues to hold certain of
Ford&#146;s financial services assets. As of December&nbsp;31,
2000, we owned approximately 50.4% of the Class&nbsp;A Common
Stock and 100% of the Class&nbsp;B Common Stock, par value
$0.01&nbsp;per share, of Hertz (the &#147;Class&nbsp;B Common
Stock&#148; and, together with the Class&nbsp;A Common Stock,
the &#147;Common Stock&#148;), representing in the aggregate
approximately 94.7% of the combined voting power of all classes
of capital stock of Hertz and approximately 81.5% of the
economic interest in Hertz.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford was incorporated in Delaware in 1919. Ford is the
world&#146;s largest producer of trucks and the second-largest
producer of cars and trucks combined. Ford and its subsidiaries
also engage in other businesses, including financing and renting
vehicles and equipment.

<P align="left"><B>What are the classes and amounts of securities sought in the
Offer?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are seeking to purchase any and all of the outstanding
Class&nbsp;A Common Stock that we do not already own. The Offer
is not conditioned upon any minimum number of Shares being
tendered.

<P align="left"><B>How much are you offering to pay for my securities and what
is the form of payment? Will I have to pay any fees or
commissions?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are offering to pay $35.50&nbsp;per Share, net to you, in
cash. If you tender your Shares to us in the Offer, you will not
have to pay brokerage fees, commissions or similar expenses. If
you own your Shares through a broker or other nominee, and your
broker tenders your Shares on your behalf, your broker or
nominee may charge you a fee for doing so. You should consult
your broker or nominee to determine whether any charges will
apply.

<P align="left"><B>Do you have the financial resources to make payment?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will need approximately $715&nbsp;million to purchase all
Shares that we do not already own pursuant to the Offer and to
pay related fees and expenses. We intend to pay for all Shares
validly tendered and not withdrawn in the Offer and to provide
funding for the Merger (as defined below) from cash on hand.
Ford has committed to ensuring that we have sufficient cash to
pay the purchase price for all Shares tendered and to pay the
Merger Consideration (as defined below). As of December&nbsp;31,
2000, Ford had cash and marketable securities in the amount of
$16.5&nbsp;billion and expects to have sufficient cash on hand
at the expiration of the Offer to pay the Offer Price for all
Shares in the Offer. The Offer is not conditioned upon any
financing arrangements.

<P align="center">1

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<P><HR noshade><P>

<P align="left"><B>What does Hertz&#146;s Board of Directors think of the
Offer?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of Hertz (the &#147;Hertz Board&#148;),
by unanimous decision of those directors participating and based
upon the recommendation of a Special Committee of Independent
Directors of the Hertz Board (the &#147;Special Committee&#148;):
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="4%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	has determined that it is fair to and in the best interests of
	Hertz and its stockholders (other than the Purchaser and its
	affiliates) to consummate the Offer and the Merger upon the
	terms and subject to the conditions of the Merger Agreement and
	in accordance with Delaware law;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	has approved and declared advisable the Offer, the Merger and
	the Merger Agreement;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	has resolved to recommend that Hertz&#146;s stockholders accept
	the Offer, tender their Shares pursuant thereto and approve and
	adopt the Merger Agreement and the Merger if submitted for their
	approval.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
See &#147;Special Factors&nbsp;&#151; Recommendation of the
Special Committee and the Hertz Board; Fairness of the Offer and
the Merger.&#148;

<P align="left"><B>Is your financial condition relevant to my decision to tender
in the Offer?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Because the form of payment in the Offer consists solely of
cash, we do not think our financial condition beyond our ability
to pay the purchase price out of cash on hand is material to
your decision whether to tender in the Offer. Additionally, the
Offer is not subject to any financing contingency. See &#147;The
Offer&nbsp;&#151; Source and Amount of Funds.&#148;

<P align="left"><B>How long do&nbsp;I have to decide whether to tender in the
Offer?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You have until 12:00&nbsp;Midnight, New&nbsp;York City time, on
Friday, March&nbsp;2, 2001, to tender your Shares in the Offer.
Further, if you cannot deliver everything required to make a
valid tender to EquiServe Trust Company, N.A.
(&#147;EquiServe&#148; or the &#147;Depositary&#148;), the
depositary for the Offer, prior to such time, you may be able to
use a guaranteed delivery procedure, which is described in
&#147;The Offer&nbsp;&#151; Procedure for Tendering
Shares.&#148; In addition, if we decide to include a subsequent
offering period in the Offer, as described under &#147;The
Offer&nbsp;&#151; Extension of Tender Period; Termination;
Amendment; Subsequent Offering Period,&#148; you will have an
additional opportunity to tender your Shares. We have not at
this time made a final decision to include or not to include a
subsequent offering period.

<P align="left"><B>Can the Offer be extended and under what circumstances?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the terms of the Merger Agreement, we can extend the
Offer. We may extend, for instance, if any conditions to the
Offer have not been satisfied prior to the Expiration Date or,
for a period of up to 10&nbsp;business days, if all of the
conditions to the Offer are satisfied or waived, but the number
of Shares validly tendered and not withdrawn is insufficient to
result in the Purchaser owning at least 90% of the then
outstanding number of Shares. We may establish a subsequent
offering period of up to 20&nbsp;business days under certain
circumstances. See &#147;The Offer&nbsp;&#151; Extension of
Tender Period; Termination; Amendment; Subsequent Offering
Period.&#148; If you do not tender your Shares during the
initial offering period or the subsequent offering period (if
any), you will have to wait until after the Merger is completed
to receive cash consideration for your Shares.

<P align="left"><B>How will&nbsp;I be notified if the Offer is extended?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we decide to extend the Offer, we will inform EquiServe, the
Depositary for the Offer, of that fact and will make a public
announcement of the extension, not later than 9:00&nbsp;a.m.,
New&nbsp;York City time, on the business day after the day on
which the Offer was scheduled to expire.

<P align="center">2

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<P><HR noshade><P>

<P align="left"><B>How do I tender my Shares?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To tender Shares, you must deliver the certificates representing
your Shares, together with a completed Letter of Transmittal, to
EquiServe, the Depositary for the Offer, not later than the time
the Offer expires. If your Shares are held in street name by
your broker, dealer, bank, trust company or other nominee, such
nominee can tender your shares through The Depository Trust
Company. If you cannot deliver everything required to make a
valid tender to the depositary prior to the expiration of the
Offer, you may have a limited amount of additional time by
having a broker, a bank or other fiduciary which is a member of
the Securities Transfer Agents Medallion Program or other
eligible institution guarantee that the missing items will be
received by the depositary within three New&nbsp;York Stock
Exchange trading days. However, the depositary must receive the
missing items within that three trading day period. See
&#147;The Offer&nbsp;&#151; Procedure for Tendering Shares.&#148;

<P align="left"><B>Until what time can&nbsp;I withdraw tendered Shares?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You can withdraw tendered Shares at any time until the Offer has
expired and, if we have not by April&nbsp;2, 2001, agreed to
accept your Shares for payment, you can withdraw them at any
time after such time until we accept Shares for payment. You may
not, however, withdraw Shares tendered during a subsequent
offering period, if one is included. See &#147;The
Offer&nbsp;&#151; Withdrawal Rights.&#148;

<P align="left"><B>How do&nbsp;I withdraw tendered Shares?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To withdraw Shares, you must deliver a written notice of
withdrawal, or a facsimile of one, with the required information
to EquiServe while you have the right to withdraw the Shares.
See &#147;The Offer&nbsp;&#151; Withdrawal Rights.&#148;

<P align="left"><B>When and how will&nbsp;I be paid for my tendered Shares?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subject to the terms and conditions of the Offer, we will pay
for all Shares validly tendered and not withdrawn as soon as
practicable after the later of the Expiration Date and
satisfaction of all conditions to the Offer set forth in
&#147;The Offer&nbsp;&#151; Conditions of the Offer&#148;
relating to governmental or regulatory approval. We do, however,
reserve the right, in our sole discretion and subject to
applicable law, to delay payment for Shares in order to comply
with law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will pay for your Shares that are validly tendered and not
withdrawn by depositing the purchase price with EquiServe, which
will act as your agent for the purpose of receiving payments
from us and transmitting such payments to you. In all cases,
payment for tendered Shares will be made only after timely
receipt by EquiServe of certificates for such Shares (or of a
confirmation of a book-entry transfer of such shares as
described in &#147;The Offer&nbsp;&#151; Procedure for Tendering
Shares&#148;), a properly completed and duly executed Letter of
Transmittal and any other required documents for such Shares.

<P align="left"><B>Will the Offer be followed by a merger?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we purchase Shares in the Offer and the other conditions to
the Merger are satisfied or waived (where permissible), the
Purchaser&#146;s wholly owned subsidiary, Ford
FSG&nbsp;II,&nbsp;Inc. (&#147;FSG&nbsp;II&#148;), is expected to
be merged with and into Hertz. If the Merger takes place, Hertz
will become an indirect wholly owned subsidiary of Ford, and all
remaining stockholders (other than the Purchaser and its
affiliates) will receive $35.50&nbsp;net per Share in cash (or
any higher price per Share that is paid in the Offer). See
&#147;Special Factors&nbsp;&#151; The Merger Agreement&#148; for
a description of the Merger and the Merger Agreement.

<P align="left"><B>Following the Offer, will Hertz continue as a public
company?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No.&nbsp;If and when the Merger takes place, Hertz will no
longer be publicly owned. Even if the Merger does not take
place, there may be so few remaining stockholders and publicly
held Shares

<P align="center">3

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<P><HR noshade><P>

<DIV align="left">
that the Shares will no longer be eligible to be traded on the
New&nbsp;York Stock Exchange (the &#147;NYSE&#148;) or any other
securities exchange and there may not be an active public
trading market (or, possibly, any public trading market) for the
Shares. As a result of the Merger, the registration of the
Shares under the Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;), will be terminated.
Consequently, following the Merger, Hertz will be relieved of
the duty to file proxy and information statements, and its
officers, directors and more than 10% stockholders will be
relieved of the reporting requirements under, and the
&#147;short swing&#148; profit liability provisions of,
Section&nbsp;16 of the Exchange Act. Hertz will no longer be a
public company and its common stock will no longer be traded on
the NYSE. However, because its debt securities will continue to
be publicly-traded, Hertz will continue to file periodic reports
under the Exchange Act following the Merger.
</DIV>

<P align="left"><B>If&nbsp;I decide not to tender, how will the Offer affect my
Shares?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Merger takes place, stockholders not tendering in the
Offer (other than the Purchaser and its affiliates) will receive
the same amount of cash per Share which they would have received
had they tendered their Shares in the Offer. Therefore, if the
Merger takes place, the difference to you between tendering your
Shares pursuant to the Offer and not tendering your Shares is
that you will be paid earlier if you tender your Shares in the
Offer. Stockholders who hold Shares at the time of the Merger
will also be entitled to appraisal rights under Delaware law.
See &#147;Special Factors&nbsp;&#151; Dissenters&#146;
Rights.&#148; If for some reason the Merger does not take place
and the Offer is consummated, the number of stockholders and
Shares that are still in the hands of the public may be so small
that there will no longer be an active public trading market
(or, possibly, any public trading market) for the Shares, which
may affect prices at which Shares trade. Also, as described
above, Hertz may cease making certain filings with the SEC or
otherwise cease to be required to comply with the SEC rules
relating to publicly held companies.

<P align="left"><B>What is the market value of my Shares as of a recent date?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September&nbsp;20, 2000, the last full trading day before
Hertz announced that it had received a preliminary, non-binding
proposal from Ford to acquire all of the outstanding Shares, the
closing price of Class&nbsp;A Common Stock of Hertz reported on
the NYSE was $24.25&nbsp;per Share. On January&nbsp;12, 2001,
the last full trading day before we announced the
companies&#146; agreement on the Offer and the Merger, the
closing price of Class&nbsp;A Common Stock was $34.88&nbsp;per
Share. Between January&nbsp;1, 2001 and January&nbsp;12, 2001,
the price per Share of Class&nbsp;A Common Stock ranged between
$33.88 and $34.88. On February&nbsp;1, 2001, the last full
trading day before the date of this Offer to Purchase, the
closing price of Class&nbsp;A Common Stock was $35.29&nbsp;per
Share. We advise you to obtain a recent quotation for Shares
before deciding whether to tender your Shares.

<P align="left"><B>Who can&nbsp;I talk to if&nbsp;I have questions about the
Offer?</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You can call Georgeson Shareholder Communications&nbsp;Inc., the
Information Agent for the Offer, at (800)&nbsp;223-2064 (toll
free) or (212)&nbsp;440-9800 (call collect) or J.P.&nbsp;Morgan
Securities&nbsp;Inc., the Dealer Manager for the Offer, at
(866)&nbsp;851-4265 (toll free) or (212)&nbsp;648-6771 (call
collect).

<P align="center">4

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<P align="left"><B>To the Holders of Class&nbsp;A Common Stock of The Hertz
Corporation:</B>

<!-- link1 "INTRODUCTION" -->

<P align="center"><B>INTRODUCTION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford FSG,&nbsp;Inc. (the &#147;Purchaser&#148; or
&#147;we&#148;), a Delaware corporation and an indirect wholly
owned subsidiary of Ford Motor Company, a Delaware corporation
(&#147;Ford&#148;), hereby offers to purchase any and all of the
outstanding shares of Class&nbsp;A Common Stock, par value
$0.01&nbsp;per share (the &#147;Shares&#148; or the
&#147;Class&nbsp;A Common Stock&#148;) of The Hertz Corporation,
a Delaware corporation (&#147;Hertz&#148;), for $35.50&nbsp;per
Share, net to the seller in cash (the &#147;Offer Price&#148;),
upon the terms and subject to the conditions set forth in this
Offer to Purchase and in the related Letter of Transmittal
(which together constitute the &#147;Offer&#148;). You will not
be obligated to pay brokerage fees, commissions or, except as
set forth in Instruction 6 of the Letter of Transmittal,
transfer taxes on the sale of Shares pursuant to the Offer. We
will pay all charges and expenses of J.P.&nbsp;Morgan
Securities&nbsp;Inc. (the &#147;Dealer Manager&#148; or
&#147;J.P.&nbsp;Morgan&#148;), EquiServe Trust Company, N.A.
(the &#147;Depositary&#148; or &#147;EquiServe&#148;) and
Georgeson Shareholder Communications&nbsp;Inc. (the
&#147;Information Agent&#148;) incurred in connection with the
Offer. See &#147;The Offer&nbsp;&#151; Fees and Expenses.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Offer is being made pursuant to an Agreement and Plan of
Merger dated as of January&nbsp;16, 2001 (the &#147;Merger
Agreement&#148;) by and among Ford, the Purchaser, Ford
FSG&nbsp;II, Inc., a Delaware corporation
(&#147;FSG&nbsp;II&#148;), and Hertz. The Merger Agreement
provides that following completion of the Offer and the
satisfaction or waiver of certain conditions in the Merger
Agreement, FSG&nbsp;II will be merged into Hertz (the
&#147;Merger&#148;), with Hertz continuing as the surviving
corporation (the &#147;Surviving Corporation&#148;), which will
be wholly owned by the Purchaser. At the effective time of the
Merger (the &#147;Effective Time&#148;), (i)&nbsp;each share of
Class&nbsp;A Common Stock and each share of the Class&nbsp;B
Common Stock, par value $0.01 per share, of Hertz (the
&#147;Class&nbsp;B Common Stock&#148; and, together with the
Class&nbsp;A Common Stock, the &#147;Common Stock&#148;) issued
and outstanding immediately prior to the Effective Time (other
than Shares of holders exercising dissenters&#146; rights, as
described below in &#147;Special Factors&nbsp;&#151;
Dissenters&#146; Rights,&#148; and Shares to be cancelled as
provided in (ii)&nbsp;below) will be converted into the right to
receive the Offer Price in cash, or any higher price per Share
which is paid in the Offer (the &#147;Merger
Consideration&#148;); (ii)&nbsp;each share of Common Stock held
in the treasury of Hertz or owned by the Purchaser or any direct
or indirect wholly owned subsidiary of the Purchaser or Hertz
immediately prior to the Effective Time will be cancelled, and
no payment or distribution will be made with respect to such
Common Stock; and (iii)&nbsp;each share of common stock of
FSG&nbsp;II issued and outstanding immediately prior to the
Effective Time will be converted into one share of Class&nbsp;A
Common Stock of the Surviving Corporation. See &#147;Special
Factors&nbsp;&#151; The Merger Agreement&#148; for a description
of the Merger and the Merger Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of Hertz (the &#147;Hertz Board&#148;),
by unanimous decision of those directors participating and based
upon the recommendation of a Special Committee of Independent
Directors of the Hertz Board (the &#147;Special Committee&#148;):
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	has determined that it is fair to and in the best interests of
	Hertz and its stockholders (other than the Purchaser and its
	affiliates) to consummate the Offer and the Merger upon the
	terms and subject to the conditions of the Merger Agreement and
	in accordance with Delaware law;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	has approved and declared advisable the Offer, the Merger and
	the Merger Agreement; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	has resolved to recommend that Hertz&#146;s stockholders accept
	the Offer, tender their Shares pursuant thereto and approve and
	adopt the Merger Agreement and the Merger if submitted for their
	approval.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Messrs. W. Wayne Booker, John M. Rintamaki and Joseph A. Walker,
each directors on the Hertz Board, recused themselves from the
meeting in light of their positions, in the case of Messrs.

<P align="center">5

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<DIV align="left">
Booker and Rintamaki, as officers of Ford and, in the case of
Mr. Walker, as managing director of J.P. Morgan, Ford&#146;s
financial advisor in connection with the Offer and the Merger.
See &#147;Special Factors&nbsp;&#151; Recommendation of the
Special Committee and the Hertz Board; Fairness of the Offer and
the Merger.&#148;
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Lazard Fr&#232;res&nbsp;&#38;&nbsp;Co. LLC
(&#147;Lazard&#148;), the financial advisor to the Special
Committee, has delivered to the Special Committee its written
opinion that the consideration to be received by the
stockholders of Hertz (other than the Purchaser and its
affiliates) pursuant to each of the Offer and the Merger is fair
to such stockholders from a financial point of view. See
&#147;Special Factors&nbsp;&#151; Opinion of Financial
Advisor.&#148;</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>This Offer is not conditioned upon any minimum number of
Shares being tendered. However, the Offer is subject to certain
conditions. See &#147;The Offer&nbsp;&#151; Conditions of the
Offer.&#148; The transaction is not subject to approval of a
majority of the unaffiliated security holders of Hertz.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz has advised us that to the best of its knowledge each of
its executive officers and directors, other than those
individuals, if any, for whom the tender of Shares could cause
them liability under the provisions of Section&nbsp;16(b) of the
Exchange Act or to the extent their Shares are restricted
shares, intends to tender all of his or her Shares pursuant to
the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If, as a result of the purchase of Shares pursuant to the Offer,
the Purchaser owns in the aggregate at least 90% of the
outstanding Shares and continues to hold at least 90% of the
outstanding Class&nbsp;B Common Stock, then the Purchaser
intends to effect the Merger as a &#147;short-form&#148; merger
under the Delaware General Corporation Law (the
&#147;DGCL&#148;), without a vote of the stockholders of Hertz
(a &#147;Short-Form&nbsp;Merger&#148;). If, following the
purchase of Shares pursuant to the Offer, the Purchaser owns in
the aggregate less than 90% of the outstanding Shares, the
Purchaser has agreed to convert such number of shares of
Class&nbsp;B Common Stock into Class&nbsp;A Common Stock to the
extent that, after giving effect to such conversion, the
Purchaser would own in the aggregate the number of Shares
necessary to effect a Short-Form&nbsp;Merger. If, after the
conversion of all shares of Class&nbsp;B Common Stock, the
Purchaser continues to own less than the percentage of
outstanding Shares required to effect a Short-Form&nbsp;Merger,
Hertz, Ford, the Purchaser and FSG&nbsp;II have agreed to take
certain actions necessary to seek stockholder approval and
effect a long-form merger pursuant to the DGCL. If a vote of the
stockholders of Hertz is necessary to effect the Merger, the
Purchaser has agreed in the Merger Agreement to vote or cause to
be voted all shares of Common Stock owned by it in favor of the
approval and adoption of the Merger Agreement and the Merger.
See &#147;Special Factors&nbsp;&#151; The Merger Agreement.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>THIS OFFER TO PURCHASE AND THE RELATED LETTER OF TRANSMITTAL
CONTAIN IMPORTANT INFORMATION, AND YOU SHOULD CAREFULLY READ
BOTH IN THEIR ENTIRETY BEFORE YOU MAKE A DECISION WITH RESPECT
TO THE OFFER.</B>

<P align="center">6

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<!-- link1 "SPECIAL FACTORS" -->

<P align="center"><B>SPECIAL FACTORS</B>

<P align="left"><B>BACKGROUND OF THE OFFER</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until 1987, when Ford first acquired an ownership interest in
Hertz, Hertz had been a subsidiary of UAL Corporation (formerly
Allegis Corporation), which had acquired Hertz&#146;s
outstanding capital stock from RCA Corporation in 1985. Hertz
became a wholly owned subsidiary of Ford as a result of a series
of transactions in 1993 and 1994. Hertz continued as a wholly
owned subsidiary of Ford until April&nbsp;30, 1997, when Hertz
completed a public offering of approximately 51.6% of the
Class&nbsp;A Common Stock (which then represented approximately
19.1% of the economic interest in Hertz).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since the public offering of Class&nbsp;A Common Stock of Hertz
in 1997, a number of circumstances, discussed further under
&#147;Special Factors&nbsp;&#151; Purpose and Structure of the
Offer and the Merger; Reasons of Ford for the Offer and the
Merger,&#148; have occurred that have prompted Ford to embark on
this transaction.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In January 2000, there were preliminary conversations among
Mr.&nbsp;Olson, Chairman of the Hertz Board, and executives of
Ford, including W. Wayne Booker, Ford&#146;s Vice Chairman, and
John&nbsp;M. Rintamaki, a Ford Group Vice President and Chief of
Staff, who are directors of Hertz, concerning the possible
acquisition by Ford of all of the Shares not already owned by
Ford or its affiliates. In March, 2000, Mr.&nbsp;Rintamaki
informed Mr.&nbsp;Olson that Ford was not interested in pursuing
a transaction at that time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In September 2000, Ford retained J.P.&nbsp;Morgan as its
financial advisor to assist Ford in its analysis of the fair
value of Hertz, to advise Ford in making the initial offer to
the Hertz Board and to assist in any negotiations with respect
to a transaction to acquire the publicly held Shares.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September&nbsp;20, 2000, Malcolm&nbsp;S. Macdonald, a Ford
Vice President, and Peter Sherry, Jr., a Ford Assistant
Secretary, met with Craig&nbsp;R. Koch, Hertz&#146;s President
and Chief Executive Officer. At this meeting, Mr.&nbsp;Macdonald
presented a written proposal by Ford to acquire all of the
Shares not already owned by Ford or its affiliates, at a price
of $30&nbsp;per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September&nbsp;21, 2000, Ford issued a press release
announcing that it had offered to acquire through a merger
transaction the 18.5% of Hertz&#146;s Common Stock that it did
not own. On the same day, Hertz issued a press release
confirming receipt of Ford&#146;s offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September 22, 2000, the Hertz Board held a special meeting at
which time the Ford offer was formally disclosed to members of
the Hertz Board and the Hertz Board formed the Special
Committee. The Special Committee consists of Louis&nbsp;C.
Burnett, Managing Partner, Secura Burnett Company&nbsp;LLC;
Michael&nbsp;T. Monahan, then-Chairman of Munder Capital
Management; and John&nbsp;M. Thompson, Vice Chairman of the
Board, IBM Corporation. Mr.&nbsp;Monahan is the Chairman of the
Special Committee. None of the members of the Special Committee
is an officer or employee of Hertz, Ford or any of their
affiliates.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September&nbsp;25, 2000, Hertz announced that its Board of
Directors had appointed a Special Committee to consider the
proposed acquisition by Ford.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Committee was authorized by the Hertz Board to
retain legal and financial advisors to assist it in its
examination and to receive, study, negotiate and make
recommendations to the Hertz Board in connection with the Ford
offer. On September&nbsp;29, 2000, the Special Committee
retained Wachtell, Lipton, Rosen&nbsp;&#38; Katz
(&#147;Wachtell&#148;) as its legal advisor.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;11, 2000, the Special Committee met at the
offices of Wachtell where representatives from Wachtell made a
presentation to the Special Committee regarding the Special
Committee&#146;s fiduciary duties in connection with evaluating
the Ford offer. Following the Wachtell presentation, the Special
Committee and Wachtell received presentations from four
internationally recognized investment banks, including Lazard,
seeking engagement as the Special Committee&#146;s

<P align="center">7

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<DIV align="left">
financial advisor. On October&nbsp;16, 2000, the Special
Committee resolved to retain Lazard as its financial advisor,
and entered into an engagement letter to that effect.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October&nbsp;17, 2000, the Special Committee announced that
it had retained Wachtell as its special counsel and Lazard as
its financial advisor, each to assist it in evaluating the Ford
offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Beginning in mid-October, the Special Committee, Wachtell and
Lazard conducted a due diligence investigation of Hertz,
including:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Reviewing public and private documents relating to Hertz,
	including historical and projected financial information,
	research reports, industry information and certain agreements to
	which Hertz is a party;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Meeting with Hertz&#146;s senior management to discuss
	Hertz&#146;s business, its prospects and its strategic
	objectives;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Meeting with the senior management of Hertz to review its 5-year
	strategic plan for 2001-2005 (the &#147;Strategic Plan&#148;),
	dated and prepared as of November&nbsp;3, 2000, and the
	underlying assumptions driving its projections;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Reviewing and discussing with Hertz&#146;s management its
	several revisions to its fourth quarter and full-year 2000
	earnings estimates and ultimately to its Strategic Plan for
	2001-2005.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Committee asked Lazard to prepare an analysis as to
the range of values of the Shares to assist the Special
Committee in evaluating the Ford offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On November&nbsp;3, 2000, Hertz&#146;s management gave the
Special Committee and Lazard its Strategic Plan, updated and
revised to reflect its August&nbsp;31, 2000 announcement of
lowered earnings estimates for the third and fourth quarters of
2000 and lower net income growth outlook for the full-year 2001.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On November&nbsp;16, 2000, representatives of J.P.&nbsp;Morgan
met with representatives of Lazard to discuss Ford&#146;s offer.
During the meeting J.P.&nbsp;Morgan presented financial
information and Ford&#146;s rationale behind its $30&nbsp;per
Share offer and indicated that representatives of Ford would
like to meet with the Special Committee to discuss the offer.
Representatives of Lazard indicated that they would meet with
the Special Committee to relay Ford&#146;s rationale.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the J.P.&nbsp;Morgan presentation on November&nbsp;16,
2000, Lazard agreed to provide J.P.&nbsp;Morgan with financial
projections discussed under &#147;The Offer&nbsp;&#151; Certain
Information Concerning Hertz; Certain Projections.&#148; Lazard
provided those projections to J.P.&nbsp;Morgan on
November&nbsp;22, 2000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Later on November&nbsp;16, 2000, Morris, Nichols,
Arsht&nbsp;&#38; Tunnel (&#147;Morris, Nichols&#148;), special
counsel to Ford, delivered a draft merger agreement to the
Special Committee and Wachtell.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On November&nbsp;20, 2000, the Special Committee met with Lazard
and Wachtell to discuss the indicative valuation of Hertz.
Following a presentation by Lazard of its preliminary valuation
analysis, Wachtell reviewed with the Special Committee and
Lazard the key elements of the draft merger agreement presented
by Ford.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Next, the meeting participants discussed Hertz&#146;s strategic
alternatives and negotiation tactics in light of Ford&#146;s
offer. Given the fact that Ford&#146;s written proposal, dated
September&nbsp;20, 2000, made clear that Ford would not
&#147;sell any shares of Hertz stock that [it] own[s] directly
or indirectly&#148; and that Ford did not &#147;wish to consider
or participate in any possible alternative sale of Hertz common
stock,&#148; the Special Committee and its advisors concluded
that an acquisition of Hertz by a third party was not a feasible
alternative. Accordingly, the Special Committee resolved to
attempt to negotiate with Ford to determine the best price Ford
would be willing to offer and to make a decision whether a
transaction at such price level would be fair. The Special
Committee instructed Lazard to inform Ford and its advisors that
its $30&nbsp;per Share bid was not compelling and to urge Ford
to increase its bid by arguing that a price in the range of
$40-$42&nbsp;per Share could be justified. In

<P align="center">8

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<DIV align="left">
addition, the Special Committee directed Lazard to articulate to
Ford and its advisors certain key comments on the draft merger
agreement.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On November&nbsp;30, 2000, representatives of J.P.&nbsp;Morgan
again met with representatives of Lazard to discuss the outcome
of Lazard&#146;s meeting with the Special Committee concerning
Ford&#146;s stated rationale for its $30&nbsp;per Share offer.
Lazard indicated to J.P.&nbsp;Morgan that the Special Committee
had determined that the price of $30&nbsp;per Share was not
compelling and that it had rejected the offer. Lazard further
indicated that the Special Committee was prepared at that time
to accept an offer in the range of $40-$42&nbsp;per Share.
Lazard then summarized for J.P.&nbsp;Morgan the rationale for
the Special Committee&#146;s valuation range, based on financial
projections for Hertz discussed under &#147;The
Offer&nbsp;&#151; Certain Information Concerning Hertz; Certain
Projections.&#148; J.P.&nbsp;Morgan agreed to relay such
rationale to Ford and indicated that representatives of Ford
would like to meet with the Special Committee to discuss the
offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;5, 2000, Mr.&nbsp;Macdonald called
Mr.&nbsp;Monahan to suggest a meeting between representatives of
Ford and the Special Committee. Mr.&nbsp;Monahan indicated that
such a meeting among the principals would be premature unless
Ford was prepared to increase its offer, but that discussion
between advisors could continue. Mr.&nbsp;Macdonald reiterated
that Ford believed its offer was fair to Hertz and its
stockholders and that Ford was not prepared to increase its
offer at that time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;6, 2000, a representative of J.P.&nbsp;Morgan
called Lazard. Lazard indicated that the Special Committee
believed that the parties were too far apart on the issue of
price to warrant discussions between the principals if
Ford&#146;s offer remained unchanged. Lazard further stated that
the Special Committee would be prepared to negotiate directly
with Ford if Ford increased its offer substantially.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;8, 2000, Mr.&nbsp;Macdonald called
Mr.&nbsp;Monahan to discuss the parties&#146; relative positions
with respect to the price offered by Ford, during which
conversation Mr.&nbsp;Macdonald indicated that Ford might, if
such price were acceptable to the Special Committee, be
prepared, as an inducement to reach an agreement quickly, to
increase its offer to $34&nbsp;per Share. Mr.&nbsp;Monahan
agreed to relay this information to the Special Committee.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;9, 2000, the Special Committee met via
teleconference to discuss the latest developments in the
negotiations with Ford and its advisors, including
Mr.&nbsp;Monahan&#146;s phone call with Mr.&nbsp;Macdonald.
Representatives of Wachtell and Lazard participated in the call.
Following the update, the Special Committee determined that
Ford&#146;s latest offer of $34&nbsp;per Share should not be
accepted.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;10, 2000, representatives of Lazard called
Mr.&nbsp;Macdonald and indicated that the Special Committee
thought that $34&nbsp;per Share was below the price the Special
Committee considered acceptable and that Ford would need to
increase its offer if further negotiations were to occur at the
principal level.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;14, 2000, Hertz&#146;s management informed the
Special Committee and Lazard that given continuing weakness in
the car rental industry, primarily related to pricing, as well
as difficult sector fundamentals in equipment rental, it was
materially revising downward its internal earnings estimates for
2000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;15, 2000, Henry D.G. Wallace, Ford&#146;s Chief
Financial Officer, spoke with Mr.&nbsp;Monahan and indicated
that a price of $40-$42&nbsp;per Share would be unacceptable to
Ford. Mr.&nbsp;Monahan indicated that, based on discussions with
the Special Committee, he believed a price of $34&nbsp;per Share
was also unacceptable but that he would relay Ford&#146;s view
to the members of the Special Committee.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Later in the day on December&nbsp;15, 2000, the Special
Committee met via teleconference to discuss the revised earnings
estimates disclosed to the Special Committee on the previous day
and

<P align="center">9

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<DIV align="left">
the discussion between Messrs.&nbsp;Wallace and Monahan.
Representatives of Wachtell and Lazard participated in the call.
Following extensive discussion among the meeting participants,
the Special Committee instructed Lazard to reevaluate its
analysis in light of the revised earnings estimates and agreed
to reconvene on December&nbsp;19, 2000.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;18, 2000, Mr.&nbsp;Monahan called
Mr.&nbsp;Wallace to indicate that the Special Committee had
concluded that a price of $34&nbsp;per Share was still too low
to be acceptable and suggested that Ford propose a higher offer
that captured what the Special Committee viewed as
&#147;Hertz&#146;s premium value over other car rental
companies&#148; before a meeting between the principals could
take place. Mr.&nbsp;Wallace indicated that Ford was not
prepared to increase its offer at that time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;19, 2000, the Special Committee, along with
representatives from Wachtell and Lazard, convened via
teleconference. The meeting participants discussed appropriate
negotiation tactics in light of the downward adjusted earnings
estimates and their impact on valuation, and the latest
discussion between Messrs.&nbsp;Wallace and Monahan. The Special
Committee instructed Lazard to contact J.P.&nbsp;Morgan.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;20, 2000, Lazard and J.P.&nbsp;Morgan discussed
the possibility of narrowing the gap between the parties&#146;
positions so that direct contact between the principals would be
productive.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;21, 2000, Mr.&nbsp;Monahan spoke with
Mr.&nbsp;Wallace and indicated that the Special Committee
believed a fair price was closer to $40&nbsp;per Share than
$34&nbsp;per Share. Mr.&nbsp;Wallace reaffirmed Ford&#146;s
belief that $34&nbsp;per Share represented a fair price.
Mr.&nbsp;Monahan referred to the December&nbsp;20, 2000
conversation between the financial advisors, and
Messrs.&nbsp;Monahan and Wallace agreed that the financial
advisors for the parties should have further discussions
regarding valuations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Later on December&nbsp;21, 2000, representatives of
J.P.&nbsp;Morgan and Lazard spoke. During this conversation,
J.P.&nbsp;Morgan inquired as to whether there was any
flexibility with respect to the Special Committee&#146;s request
for a price of $40&nbsp;per Share. Lazard suggested there might
be some flexibility to move to $38&nbsp;per Share if there were
flexibility on the part of Ford to narrow the gap between the
parties.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;22, 2000, J. P. Morgan discussed with Ford the
content of their conversation with Lazard. Ford indicated to
J.P.&nbsp;Morgan that Ford continued to believe that
$34&nbsp;per Share was a fair offer but that there was limited
flexibility to increase its price. J. P. Morgan relayed this
information to Lazard, which in turn relayed the information to
the Special Committee.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Later on December&nbsp;22, 2000, Lazard spoke with
Mr.&nbsp;Monahan who suggested that Lazard have further
discussions with J.P.&nbsp;Morgan. Mr.&nbsp;Monahan further
suggested that the Special Committee convene later that
afternoon. Thereafter, per Mr.&nbsp;Monahan&#146;s suggestion,
Lazard spoke with J.P.&nbsp;Morgan. J.P.&nbsp;Morgan indicated
that, in their opinion, while Ford continued to believe that
$34&nbsp;per Share was a fair price, Ford might be willing to
increase its offer to $35&nbsp;per Share if the Special
Committee would agree to a transaction at that price.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the afternoon of December&nbsp;22, 2000, following the phone
call between Lazard and J.P.&nbsp;Morgan, the Special Committee
convened via teleconference, along with representatives from
Lazard, to consider Ford&#146;s $35&nbsp;per Share proposal.
Following a discussion among the meeting participants, the
Special Committee decided to adjourn until December&nbsp;26,
2000 and instructed Lazard to indicate to J.P.&nbsp;Morgan its
disappointment with the $35&nbsp;per Share price and to advise
J.P.&nbsp;Morgan that the Special Committee would consider the
matter further the next week. Lazard subsequently contacted
J.P.&nbsp;Morgan, conveyed the Special Committee&#146;s
disappointment and indicated that the parties should talk the
following week.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Committee, along with representatives of Wachtell
and Lazard, met via teleconference on December&nbsp;26, 2000.
The meeting participants reviewed the latest developments in the
negotiations with Ford and its advisors. The participants
discussed how the Special Committee should advance the
negotiations and persuade Ford to increase its offer. Following
the discussion,

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<DIV align="left">
the Special Committee resolved to urge Ford to increase its
offer and directed Mr.&nbsp;Monahan to contact Mr.&nbsp;Wallace
and seek to negotiate a transaction at approximately
$38&nbsp;per Share.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On December&nbsp;28, 2000 and January&nbsp;2, 2001,
Messrs.&nbsp;Wallace and Monahan spoke in a further attempt to
reach an agreement on a price per Share. During these
conversations, Mr.&nbsp;Wallace maintained that Ford continued
to believe that $34&nbsp;per Share was a fair price and
Mr.&nbsp;Monahan indicated that a price closer to $38&nbsp;per
Share would be required to reach an agreement on a transaction.
Mr.&nbsp;Wallace indicated that such a price would be
unacceptable to Ford. Both parties agreed that a prompt
conclusion to the negotiation was important.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;3, 2001, Hertz&#146;s management informed the
Special Committee and Lazard that the latest advance
reservations data and other indicative information Hertz was
receiving showed significant potential weakness in its
businesses in 2001, notwithstanding the fact that Hertz had
exceeded the First Call consensus estimate of $0.51&nbsp;per
Share by $0.01 per Share for the fourth quarter of 2000 (and its
own internal December&nbsp;14, 2000, downwardly revised fourth
quarter earnings estimate of $0.37&nbsp;per Share) due to
extraordinary weather-related circumstances during the last ten
days of December.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Later on January&nbsp;3, 2001, the Special Committee, along with
Wachtell and Lazard, convened via teleconference to review the
latest developments, including the negatively revised financial
outlook from Hertz&#146;s management and the conversations
between Messrs.&nbsp;Monahan and Wallace. Following extensive
discussion, the Special Committee resolved to ask Ford to make
its best and final offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;8, 2001, Messrs.&nbsp;Wallace and Monahan spoke
further. Mr.&nbsp;Monahan indicated that he believed it was in
the best interests of all parties to reach an acceptable
agreement and asked Mr.&nbsp;Wallace for Ford&#146;s best and
final offer. Mr.&nbsp;Wallace indicated that Ford would be
willing to make a best and final offer of $35.50&nbsp;per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;10, 2001, as a result of the eroding overall
economic outlook for 2001 and its own internal data,
Hertz&#146;s management informed the Special Committee and
Lazard that it would be materially revising downward the
Strategic Plan&#146;s forecast for 2001 as well as for
2002-2005. Later that day, the Special Committee, along with
Wachtell and Lazard, convened via teleconference to assess the
latest events, including the anticipated new negative financial
outlook from Hertz&#146;s management. In light of the foregoing,
the Special Committee discussed Ford&#146;s &#147;best and final
offer&#148; of $35.50&nbsp;per Share. Following further
discussion, the Special Committee asked Lazard to discuss
further with management the revised outlook, resolved to seek a
further price increase from Ford and authorized Mr.&nbsp;Monahan
to agree to a deal at $36.50&nbsp;per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Later in the day on January&nbsp;10, 2001, Mr.&nbsp;Monahan
called Mr.&nbsp;Wallace and indicated that the Special Committee
was not prepared to accept $35.50&nbsp;per Share, but would be
prepared to negotiate further. Mr.&nbsp;Wallace informed
Mr.&nbsp;Monahan that he had already made Ford&#146;s best and
final offer with respect to price and, therefore, there would be
no further negotiations. Mr.&nbsp;Wallace indicated that he
would undertake to draft a press release announcing the
parties&#146; failure to agree, and send it to the Special
Committee before release. As a result, later on January&nbsp;10,
2001, J.P.&nbsp;Morgan contacted Lazard to inform them that they
would be sending to Lazard a draft press release that indicated
that Ford was withdrawing its offer given that it appeared that
no agreement with respect to price could be reached.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the evening of January&nbsp;10, 2001, Mr.&nbsp;Monahan had a
telephonic discussion with Mr.&nbsp;Koch, during which
discussion Mr.&nbsp;Koch advised Mr.&nbsp;Monahan that
management expected Hertz to experience a pre-tax loss during
the first quarter of 2001 and reduced earnings for the year. The
discussion suggested a significant downward revision of
management&#146;s previous estimates for 2001-2005 as a result
of worsening car and equipment rental industry sector
fundamentals, most notably pricing, and the slowing economy.

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the morning of January&nbsp;11, 2001, Mr.&nbsp;Monahan spoke
telephonically with Hertz&#146;s chairman, Frank Olson and
Mr.&nbsp;Koch. Messrs.&nbsp;Olson and Koch reiterated their
concerns about Hertz&#146;s financial outlook.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the afternoon on January&nbsp;11, 2001, the Special
Committee, along with representatives from Wachtell and Lazard,
met via teleconference to discuss management&#146;s downward
revised financial outlook for the first quarter of 2001 and
thereafter that Messrs.&nbsp;Olson and Koch had articulated to
Mr.&nbsp;Monahan, the implications of this revised financial
outlook for Hertz and the status of the negotiations with Ford.
Following extensive discussion, the Special Committee determined
to instruct Lazard to make one final effort to obtain a higher
price, but that if it could not do so it would be willing to
advise Ford that, subject to reaching agreement on the terms of
a definitive merger agreement, it would recommend that
Hertz&#146;s stockholders accept Ford&#146;s offer. In addition,
the Special Committee authorized Wachtell to negotiate the terms
of a definitive merger agreement and asked Lazard to consult
with management about management&#146;s revised estimates for
2001-2005 resulting from management&#146;s recent guidance.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the Special Committee meeting on January&nbsp;11,
2001, Lazard contacted J.P.&nbsp;Morgan to indicate that on
January&nbsp;10, 2001, Mr. Monahan had been authorized by the
Special Committee to accept a proposal of $36.50&nbsp;per Share.
Lazard further indicated their belief that if Ford were prepared
to increase its offer to $36&nbsp;per Share the Special
Committee might be willing to reach an agreement at that price.
J.P.&nbsp;Morgan agreed to relay this latest offer of the
Special Committee to Ford.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Still later on January&nbsp;11, 2001, after speaking with Ford,
J.P.&nbsp;Morgan contacted Lazard to indicate that Ford was
unwilling to increase its offer from $35.50, that $35.50
remained its best and final offer, and that Ford believed that
such price was fair to Hertz.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the phone call between J.P.&nbsp;Morgan and Lazard on
January&nbsp;11, 2001, Mr.&nbsp;Monahan contacted
Mr.&nbsp;Wallace and informed him that the Special Committee was
willing to accept Ford&#146;s final offer of $35.50&nbsp;per
Share, assuming the parties could agree on the terms of a
definitive merger agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;12, 2001, representatives from Hertz and
Wachtell met via teleconference with representatives from Ford
and Morris, Nichols to discuss the draft merger agreement.
During the course of the negotiation, Ford agreed to structure
the transaction as a tender offer, to eliminate certain
representations and warranties of Hertz contained in the draft
merger agreement, and to add certain exceptions to the Hertz
covenants contained in the draft merger agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;15, 2001, Hertz&#146;s management finalized its
downward revised financial projections for 2001-2005.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Also on January&nbsp;15, 2001, representatives from Hertz;
Wachtell; Ford; Morris, Nichols and Davis Polk&nbsp;&#38;
Wardwell, special counsel to Ford, met via teleconference to
finalize the terms of the Merger Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;16, 2001, the Special Committee, along with
representatives from Wachtell and Lazard met via teleconference
to review the final Ford offer. Also present for a portion of
the meeting were Mr.&nbsp;Koch; Hertz&#146;s, Executive Vice
President and Chief Financial Officer, Paul Siracusa;
Hertz&#146;s, Senior Vice President, General Counsel and
Secretary, Harold Rolfe; and Hertz&#146;s, Staff Vice President,
Business and Strategic Planning, Lowell Babus. Mr.&nbsp;Koch
presented the current outlook for Hertz, including
management&#146;s view of Hertz&#146;s weakening prospects, and
management&#146;s view of the proposed transaction with Ford.
Mr.&nbsp;Koch summarized the current outlook for the corporation
by business sector and by region, noting that the external
environment, specifically the general downturn in the
U.S.&nbsp;economy and overseas economies, had been the driving
force behind the most recent outlook. Mr.&nbsp;Koch further
indicated that management currently projected a pre-tax loss for
the first quarter in 2001 and reduced earnings for the year. In
addition, Mr.&nbsp;Koch stated that, considering the current
outlook for the future and other industry-related factors,
management

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<DIV align="left">
viewed the proposed transaction as beneficial to Hertz and its
shareholders, including the minority shareholders. Finally, in
response to questions from the Special Committee,
Messrs.&nbsp;Koch and Rolfe stated that there was currently no
agreement or plan to change Hertz management compensation as a
result of the proposed transactions or with respect to the
treatment of Hertz management stock options as a result of the
proposed transactions, although management expected to discuss
with Ford the treatment of Hertz stock incentive plans in light
of the fact that Hertz would no longer be a public company.
Following their presentation, representatives from Hertz
management disconnected from the conference call.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Next, Lazard presented to the Special Committee its analysis of
the final proposal. Lazard noted that management&#146;s revised
outlook for the first quarter of 2001 and thereafter, which had
been finalized on January&nbsp;15, 2001, had a significant
downward impact on the valuation of Hertz. These financial
projections were provided to Ford, as discussed under &#147;The
Offer&nbsp;&#151; Certain Information Concerning Hertz; Certain
Projections.&#148; Lazard delivered its opinion to the effect
that the $35.50&nbsp;per Share in cash to be received by the
holders of Class&nbsp;A Common Stock (other than the Purchaser
and its affiliates) in the Offer and subsequent Merger
contemplated by the proposed Merger Agreement is fair from a
financial point of view to such holders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the Lazard presentation, Wachtell reviewed the
material terms of the Merger Agreement and discussed the
directors&#146; fiduciary duties.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the presentations from Mr.&nbsp;Koch, Lazard and
Wachtell, the Special Committee (i)&nbsp;determined that it is
fair to and in the best interests of Hertz and its stockholders
(other than the Purchaser and its affiliates) to consummate the
Offer and the Merger, upon the terms and subject to the
conditions of the Merger Agreement and in accordance with
Delaware law, (ii)&nbsp;determined that the Offer, the Merger
and the Merger Agreement should be approved and declared
advisable by the Hertz Board and (iii)&nbsp;resolved to
recommend that the Hertz stockholders accept the Offer, tender
their Shares pursuant thereto and approve and adopt the Merger
Agreement and the Merger if submitted for their approval.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
After the meeting of the Special Committee, a meeting of the
full Board of Directors of Hertz was convened. Messrs.&nbsp;W.
Wayne Booker, John&nbsp;M. Rintamaki and Joseph&nbsp;A. Walker
recused themselves from the meeting in light of their positions,
in the case of Messrs.&nbsp;Booker and Rintamaki, as officers of
Ford and, in the case of Mr.&nbsp;Walker, as a managing director
of J.P.&nbsp;Morgan. At the meeting, the Special Committee
advised the Hertz Board of its findings. Management presented
its outlook for Hertz&#146;s business that had been provided to
the Special Committee and Lazard reviewed the fairness opinion
that it delivered to the Special Committee. The Hertz Board, by
unanimous decision of those directors participating,
(i)&nbsp;determined that it is fair to and in the best interests
of Hertz and its stockholders (other than the Purchaser and its
affiliates) to consummate the Offer and the Merger upon the
terms and subject to the conditions of the Merger Agreement and
in accordance with Delaware law, (ii)&nbsp;approved and declared
advisable the Offer, the Merger and the Merger Agreement and
(iii)&nbsp;resolved to recommend that the Hertz stockholders
accept the Offer, tender their Shares pursuant thereto and
approve and adopt the Merger Agreement and the Merger if
submitted for their approval.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Following the Hertz Board meeting, Ford and Hertz announced in a
joint press release that the parties had executed the Merger
Agreement providing for the Offer and the acquisition of all
Shares of Class&nbsp;A Common Stock at a price of
$35.50&nbsp;per Share.

<P align="left"><B>RECOMMENDATION OF THE SPECIAL COMMITTEE AND THE HERTZ BOARD;
FAIRNESS OF THE OFFER AND THE MERGER</B>

<P align="left"><B>Recommendation of the Special Committee and the Hertz
Board</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;16, 2001, the Special Committee:
<P>

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	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; determined that it is fair to and in the best
	interests of Hertz and its stockholders (other than the
	Purchaser and its affiliates) to consummate the Offer and the
	Merger, upon the</TD>
</TR>

</TABLE>

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	<TD width="97%"></TD>
</TR>

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	<TD>&nbsp;</TD>
	<TD align="left">
	terms and subject to the conditions of the Merger Agreement and
	in accordance with Delaware law;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; determined that the Offer, the Merger and the Merger
	Agreement should be approved and declared advisable by the Hertz
	Board;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(3)&nbsp; resolved to recommend that Hertz&#146;s stockholders
	accept the Offer, tender their Shares pursuant thereto and
	approve and adopt the Merger Agreement and the Merger if
	submitted for their approval.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On January&nbsp;16, 2001, the Hertz Board, by unanimous decision
of those directors participating and based upon the
recommendation of the Special Committee:
<P>

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	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; determined that it is fair to and in the best
	interests of Hertz and its stockholders (other than the
	Purchaser and its affiliates) to consummate the Offer and the
	Merger upon the terms and subject to the conditions of the
	Merger Agreement and in accordance with Delaware law;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; approved and declared advisable the Offer, the Merger
	and the Merger Agreement;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(3)&nbsp; resolved to recommend that Hertz&#146;s stockholders
	accept the Offer, tender their Shares pursuant thereto and
	approve and adopt the Merger Agreement and the Merger if
	submitted for their approval.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Messrs. W. Wayne Booker, John M. Rintamaki and Joseph A. Walker,
each directors on the Hertz Board, recused themselves from the
meeting in light of their positions, in the case of Messrs.
Booker and Rintamaki, as officers of Ford and, in the case of
Mr. Walker, as a managing director of J.P. Morgan, Ford&#146;s
financial advisor in connection with the Offer and the Merger.

<P align="left"><B>Fairness of the Offer and the Merger</B>

<DIV>&nbsp;</DIV>

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	<TD>
	<I>The Special Committee</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In reaching the recommendations described above, the Special
Committee considered a number of factors, including the
following:
<P>

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	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	1.&nbsp; <I>Company Operating and Financial Condition.</I> The
	Special Committee took into account the current and historical
	financial condition and results of operations of Hertz, as well
	as the prospects and strategic objectives of Hertz, including
	the risks involved in achieving those prospects and objectives,
	and the current and expected conditions in the general economy
	and in the industries in which Hertz&#146;s businesses operate.
	The Special Committee recognized Hertz&#146;s position as the
	market leader with a solid management team and the strongest
	brand in the business. However, the Special Committee also took
	into account Hertz&#146;s weakening prospects resulting from
	factors outside the control of Hertz management, in particular,
	downward pressure on pricing and deteriorating fundamentals in
	the auto and equipment rental sectors and a general economic
	slowdown. The Special Committee (together with Lazard)
	considered certain downward earnings estimates for Hertz
	prepared by management, including the following:</TD>
</TR>

</TABLE>
<P>

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	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	On November&nbsp;3, 2000, Hertz&#146;s management gave the
	Special Committee and Lazard its 5-year strategic plan (the
	&#147;Strategic Plan&#148;), updated and revised to reflect its
	August&nbsp;31, 2000 announcement of lowered earnings estimates
	for the third and fourth quarters of 2000 and lower net income
	growth outlook for the full-year 2001.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	On December&nbsp;14, 2000, Hertz&#146;s management informed the
	Special Committee and Lazard that given continuing weakness in
	the car rental industry, primarily related to pricing, as well
	as difficult sector fundamentals in equipment rental, it was
	again materially revising down-</TD>
</TR>

</TABLE>

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</TR>

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        <TD>&nbsp;</TD>
        <TD></TD>
        <TD align="left">
        ward its internal earnings estimates for the fourth quarter and
        full-year 2000 from $0.47 and $3.24&nbsp;per Share,
        respectively, to $0.37 and $3.13&nbsp;per Share, respectively,
        excluding the second quarter $5.4&nbsp;million gain (or
        approximately $0.05&nbsp;per Share) from the condemnation of
        real estate in California. Only due to unexpected extensions of
        holiday car rentals (due in part to the severe snowstorm during
        New Year&#146;s Day weekend) did Hertz&#146;s earnings exceed
        the December&nbsp;14, 2000 estimates and exceed the First Call
        consensus estimate by $0.01&nbsp;per Share for the fourth
        quarter of 2000.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&#149;&nbsp;</TD>
        <TD align="left">
        On January&nbsp;3, 2001, Hertz&#146;s management informed the
        Special Committee and Lazard that the latest advance
        reservations data and other indicative information Hertz was
        receiving showed significant potential weakness in its
        businesses in 2001.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&#149;&nbsp;</TD>
        <TD align="left">
        On January&nbsp;10, 2001, as a result of the eroding overall
        economic outlook for 2001 and its own internal data,
        Hertz&#146;s management informed the Special Committee and
        Lazard that it would be materially revising downward the
        Strategic Plan&#146;s forecast for 2001 as well as for 2002-2005.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&#149;&nbsp;</TD>
        <TD align="left">
        On January&nbsp;11, 2001, Hertz&#146;s management provided the
        Special Committee and Lazard with new financial guidance,
        significantly revising downward their previous estimates for
        2001-2005, including a projected pre-tax loss for the first
        quarter of 2001, to reflect worsening car and equipment rental
        industry sector fundamentals, and the slowing economy.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&#149;&nbsp;</TD>
        <TD align="left">
        On January 15, 2001, Hertz&#146;s management finalized its
        downward revised financial projections for 2001-2005.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
2.&nbsp; <I>Transaction Financial Terms/Premium to Market
Price.</I> The Special Committee considered the relationship of
the Offer Price and the Merger Consideration to the historical
and projected market prices of the Shares. The Offer Price of
$35.50&nbsp;per Share represents a premium of 46.4% over the
closing price per Share on September&nbsp;20, 2000, the day
before the public announcement of Ford&#146;s preliminary
non-binding proposal to acquire all of the outstanding Shares, a
premium of 13.8% over the closing price per Share on
August&nbsp;25, 2000, approximately one month prior to
Ford&#146;s announcement and a premium of 18.3% over Ford&#146;s
initial offer price of $30&nbsp;per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although the Offer Price is below certain historical trading
prices of the Shares, the Special Committee considered that the
limited float in the Shares, in addition to limited trading
volume and analyst coverage in the auto rental sector, were
impediments to the Shares trading at levels in excess of the
Offer Price.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Committee also considered the possible trading
prices of the Shares in the short term and the long term in the
event that the Offer were to be withdrawn or rejected. The
Special Committee concluded that the trading value of the Shares
would likely decline substantially in the short term as a result
of the withdrawal or rejection of the Ford offer in combination
with Hertz&#146;s weakening financial outlook. In addition, as
discussed above, the Special Committee considered there to be
significant risks and impediments to the Shares trading above
the Offer Price in the long term.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Committee believes that, after extensive
negotiations by and on behalf of the Special Committee with Ford
and its representatives, Hertz has obtained the highest price
per Share that Ford is willing to pay. The Special Committee
took into account the fact that the terms of the Offer were
determined through arm&#146;s-length negotiations between Ford
and the Special Committee and its financial and legal advisors,
all of whom are unaffiliated with Ford, and the judgment of the
Special Committee that, based upon the negotiations that had
transpired and the downward adjusted earnings projections, a
price higher than $35.50&nbsp;per Share could not likely be
obtained and that further negotiations with Ford could cause
Ford to abandon the transaction.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Committee also considered the form of consideration
to be paid to holders of Shares in the Offer and the Merger, and
the certainty of value of such cash consideration compared

<P align="center">15

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<DIV align="left">
to stock. The Special Committee was aware that the consideration
received by holders of Shares in the Offer and Merger would be
taxable to such holders for federal income tax purposes.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp; <I>Strategic Alternatives.</I> The Special Committee
considered the fact that Ford currently owns approximately 81.5%
of the equity of Hertz and controls approximately 94.7% of the
combined voting power of all classes of capital stock of Hertz.
The Special Committee also considered the fact that in its
written proposal, dated September&nbsp;20, 2000, Ford made clear
that it would not &#147;sell any shares of Hertz stock that [it]
own[s] directly or indirectly&#148; and that it did not
&#147;wish to consider or participate in any possible
alternative sale of Hertz common stock.&#148; Ford confirmed
this position in subsequent discussions with representatives of
Lazard. Accordingly, the Special Committee concluded that an
acquisition of Hertz by a third party was not a feasible
alternative. In connection with its consideration of Ford&#146;s
controlling ownership interest in Hertz, the Special Committee
also took into account the fact that Ford, through its legal
counsel, advised the Special Committee that it would be
unwilling to agree to make the proposed transaction subject to
the approval of a majority of the unaffiliated public
shareholders of Hertz.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp; <I>Lazard Fr&#232;res&nbsp;&#38;&nbsp;Co.&nbsp;LLC
Fairness Opinion.</I> The Special Committee took into account
presentations from Lazard and the opinion of Lazard, dated
January&nbsp;16, 2001, that, based upon and subject to certain
considerations and assumptions, the consideration to be received
by holders of Shares (other than the Purchaser and its
affiliates) in the Offer and the Merger pursuant to the Merger
Agreement is fair from a financial point of view to such
holders. A copy of the opinion rendered by Lazard and the
assumptions made by Lazard in arriving at its opinion, is
attached to this Offer to Purchase as Annex&nbsp;B and
incorporated herein by reference. Stockholders are urged to read
this opinion in its entirety. The Special Committee was aware
that Lazard becomes entitled to certain fees described under
&#147;The Offer&nbsp;&#151; Fees and Expenses&#148; upon the
consummation of the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp; <I>Timing of Completion.</I> The Special Committee
considered the anticipated timing of consummation of the
transactions contemplated by the Merger Agreement, including the
structure of the transactions as a tender offer for all of the
Shares, which should allow stockholders to receive the
transaction consideration earlier than in an alternative form of
transaction, followed by the Merger in which remaining
stockholders will receive the same consideration as received by
stockholders who tender their Shares in the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp; <I>Limited Conditions to Consummation.</I> The Special
Committee considered the fact that the obligation of Ford and
the Purchaser to consummate the Offer and the Merger is subject
to a limited number of conditions, with no financing condition.
Moreover, Ford and the Purchaser have the financial resources to
consummate the Offer and the Merger expeditiously. Ford and the
Purchaser are still obligated to consummate the Merger even if
no Shares are tendered in the Offer, if all other conditions to
the Merger and the Offer are satisfied.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp; <I>Appraisal Rights.</I> The Special Committee
considered the fact that stockholders who do not tender their
Shares pursuant to the Offer will have the right to dissent from
the Merger and to demand appraisal of the fair value of their
Shares under the DGCL, whether or not a stockholder vote is
required, as described under &#147;Special Factors&nbsp;&#151;
Dissenters&#146; Rights.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp; <I>Possible Conflicts of Interest.</I> The Special
Committee also took into account the possible conflicts of
interest of certain directors and members of management of both
Hertz and Ford discussed below under &#147;Special
Factors&nbsp;&#151; Interests of Certain Persons in the Offer
and the Merger.&#148;

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<I>The Hertz Board</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In reaching its determinations referred to above, the Hertz
Board considered the following factors, each of which, in the
view of the Hertz Board, supported such determinations:
(i)&nbsp;the conclusions and recommendations of the Special
Committee; (ii)&nbsp;the factors referred to above as having
been taken into account by the Special Committee, including the
receipt by the Special

<P align="center">16

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<P><HR noshade><P>

<DIV align="left">
Committee of the opinion of Lazard that, based upon and subject
to the assumptions stated therein, the $35.50&nbsp;per Share to
be received by the stockholders of Hertz (other than the
Purchaser and its affiliates) in the Offer and the Merger
pursuant to the Merger Agreement is fair from a financial point
of view to such holders, and the analysis presented by Lazard to
the Hertz Board; and (iii)&nbsp;the fact that the Offer Price
and the terms and conditions of the Merger Agreement were the
result of arm&#146;s-length negotiations between the Special
Committee and Ford.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The members of the Hertz Board, including the members of the
Special Committee but excluding members who are officers and
employees of Ford or J.P.&nbsp;Morgan or their affiliates,
evaluated the Offer and the Merger in light of their knowledge
of the business, financial condition and prospects of Hertz, and
based upon the advice of financial and legal advisors.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Hertz Board, including the members of the Special Committee,
believes that the Offer and Merger are procedurally fair
because, among other things: (i)&nbsp;the Special Committee
consisted of independent directors appointed to represent the
interests of Hertz&#146;s stockholders (other than the Purchaser
and its affiliates); (ii)&nbsp;the Special Committee retained
and was advised by its own independent legal counsel;
(iii)&nbsp;the Special Committee retained and was advised by
Lazard, as its independent financial advisor, to assist it in
evaluating a potential transaction with Ford and the Purchaser;
(iv)&nbsp;the nature of the deliberations pursuant to which the
Special Committee evaluated the Offer and the Merger and
alternatives thereto; and (v)&nbsp;the fact that the
$35.50&nbsp;per Share Offer Price resulted from
arm&#146;s-length bargaining between representatives of the
Special Committee, on the one hand, and representatives of Ford,
on the other.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Hertz Board and the Special Committee recognized that the
Merger is not structured to require the approval of a majority
of the stockholders of Hertz other than the Purchaser, and that
the Purchaser currently has sufficient voting power to approve
the Merger without the affirmative vote of any other stockholder
of Hertz.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Committee and the Hertz Board also recognized that,
while consummation of the Offer and the Merger will result in
all stockholders (other than the Purchaser and its affiliates)
being entitled to receive $35.50 in cash for each of their
Shares, it will eliminate the opportunity for current
stockholders (other than the Purchaser and its affiliates) to
participate in the benefit of increases, if any, in the value of
Hertz&#146;s business following the Merger. Nevertheless, the
Special Committee and the Hertz Board concluded that this fact
did not justify foregoing the receipt of the immediate cash
premium represented by the $35.50&nbsp;per Share Offer Price.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither the Special Committee nor the Hertz Board considered the
liquidation of Hertz&#146;s assets and neither considered
liquidation to be a viable course of action based on Ford&#146;s
desire for Hertz to continue to conduct its business as a
subsidiary of Ford. Therefore, no appraisal of liquidation
values was sought for purposes of evaluating the Offer and the
Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In view of the wide variety of factors considered in connection
with their evaluation of the Offer and the Merger, neither the
Special Committee nor the Hertz Board found it practicable to,
and did not, quantify or otherwise attempt to assign relative
weights to the specific factors they considered in reaching
their determinations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The foregoing discussion of the information and factors
considered by the Special Committee and the Hertz Board is not
intended to be exhaustive but is believed to include all
material factors considered by the Special Committee and the
Hertz Board. Hertz&#146;s executive officers have not been asked
to make a recommendation as to the Offer or the Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Hertz Board, by unanimous decision of those directors
participating and based upon the recommendation of the Special
Committee:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	has determined that it is fair to and in the best interests of
	Hertz and its stockholders (other than the Purchaser and its
	affiliates) to consummate the Offer and the Merger</TD>
</TR>

</TABLE>

<P align="center">17

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<P><HR noshade><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	upon the terms and subject to the conditions of the Merger
	Agreement and in accordance with Delaware law;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	has approved and declared advisable the Offer, the Merger and
	the Merger Agreement; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	has resolved to recommend that Hertz&#146;s stockholders accept
	the Offer, tender their Shares pursuant thereto and approve and
	adopt the Merger Agreement and the Merger if submitted for their
	approval.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Messrs. W. Wayne Booker, John M. Rintamaki and Joseph A. Walker,
each directors on the Hertz Board, recused themselves from the
meeting in light of their positions, in the case of Messrs.
Booker and Rintamaki, as officers of Ford and, in the case of
Mr. Walker, as a managing director of J.P. Morgan, Ford&#146;s
financial advisor in connection with the Offer and the Merger.

<P align="left"><B>OPINION OF FINANCIAL ADVISOR</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under a letter agreement, dated October&nbsp;16, 2000 (the
&#147;Engagement Letter&#148;), the Special Committee of the
Hertz Board retained Lazard
Fr&#232;res&nbsp;&#38;&nbsp;Co.&nbsp;LLC to act as its financial
advisor in connection with the possible purchase by Ford of the
Shares. As part of this engagement, the Special Committee
requested that Lazard evaluate the fairness, from a financial
point of view, to the holders of Class&nbsp;A Common Stock
(other than the Purchaser and its affiliates) of the
consideration to be received by such holders pursuant to the
Merger Agreement. On January&nbsp;16, 2001, Lazard delivered to
the Special Committee its oral opinion that, as of that date,
the consideration to be received by the holders of Class&nbsp;A
Common Stock (other than the Purchaser and its affiliates)
pursuant to the Merger Agreement was fair to such holders from a
financial point of view. Lazard later confirmed its oral opinion
by delivering to the Special Committee a written opinion dated
January&nbsp;16, 2001, which stated the considerations and
assumptions upon which its opinion was based.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
THE FULL TEXT OF THE OPINION DATED JANUARY&nbsp;16, 2001, WHICH
EXPLAINS THE ASSUMPTIONS MADE, PROCEDURES FOLLOWED, MATTERS
CONSIDERED AND LIMITATIONS ON THE SCOPE OF THE REVIEW UNDERTAKEN
BY LAZARD IN RENDERING ITS OPINION, IS ATTACHED TO THIS OFFER TO
PURCHASE AS ANNEX&nbsp;B. LAZARD&#146;S WRITTEN OPINION IS
DIRECTED TO THE SPECIAL COMMITTEE AND ONLY ADDRESSES THE
FAIRNESS OF THE CONSIDERATION TO BE RECEIVED BY THE HOLDERS OF
CLASS&nbsp;A COMMON STOCK (OTHER THAN THE PURCHASER AND ITS
AFFILIATES) IN THE OFFER AND THE MERGER PURSUANT TO THE MERGER
AGREEMENT FROM A FINANCIAL POINT OF VIEW AS OF THE DATE OF THE
OPINION. LAZARD&#146;S WRITTEN OPINION DOES NOT ADDRESS ANY
OTHER ASPECT OF THE OFFER OR THE MERGER AND DOES NOT CONSTITUTE
A RECOMMENDATION TO ANY HERTZ STOCKHOLDER AS TO WHETHER
STOCKHOLDERS SHOULD TENDER THEIR SHARES OR HOW STOCKHOLDERS
SHOULD VOTE WITH RESPECT TO THE MERGER, IF SUBMITTED FOR THEIR
APPROVAL. THE FOLLOWING IS ONLY A SUMMARY OF THE LAZARD OPINION.
YOU ARE URGED TO READ THE ENTIRE OPINION.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In arriving at its opinion, Lazard, among others things:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	reviewed the financial terms and conditions of the draft Merger
	Agreement dated January&nbsp;16, 2001;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	analyzed certain historical business and financial information
	relating to Hertz;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	reviewed various financial forecasts and other data provided to
	Lazard by Hertz relating to its business;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	held discussions with members of the senior management of Hertz
	with respect to the business and prospects of Hertz, and its
	strategic objectives;</TD>
</TR>

</TABLE>

<P align="center">18

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<P><HR noshade><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	reviewed public information with respect to certain other
	companies in lines of business Lazard believed to be generally
	comparable to the business of Hertz;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	reviewed the financial terms of certain business combinations
	involving companies in lines of business Lazard believed to be
	generally comparable to those of Hertz, and in other industries
	generally;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	reviewed the historical stock prices and trading volumes of
	Hertz Common Stock;&nbsp; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	reviewed such other information and conducted such other
	financial studies, analyses and investigations as Lazard deemed
	appropriate.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In conducting its analysis and in arriving at its opinion,
Lazard relied upon the accuracy and completeness of the
foregoing information, and did not assume any responsibility for
any independent verification of such information or any
independent valuation or appraisal of any of the assets or
liabilities of Hertz, or concerning the solvency or fair value
of Hertz. With respect to financial forecasts, Lazard assumed
that they had been reasonably prepared on bases reflecting the
best currently available estimates and judgments of management
of Hertz as to the future financial performance of Hertz. Lazard
assumed no responsibility for and expressed no view as to such
forecasts or the assumptions on which they were based.
Lazard&#146;s opinion was necessarily based on economic,
monetary, market and other conditions as in effect on, and the
information made available to Lazard as of, the date of its
opinion.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In rendering its opinion, Lazard assumed, with the consent of
the Special Committee, that the Purchaser&#146;s acquisition of
Hertz would be consummated on the terms described in the draft
of the Merger Agreement it reviewed, without any waiver of any
material terms or conditions by Hertz, and that obtaining the
necessary regulatory approvals for the Purchaser&#146;s
acquisition of Hertz will not have an adverse effect on Hertz or
the transaction. Lazard noted in its opinion that, in arriving
at its opinion, with the consent of the Special Committee, it
did not solicit interest from any party with respect to the
acquisition of Hertz or any of its assets.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a brief summary of the material financial
analyses performed by Lazard in preparing its opinion:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Historical Stock Trading Analysis. </B>Lazard reviewed the
historical trading prices and volumes for the Shares for the
period from April&nbsp;25, 1997, through January&nbsp;12, 2001.
Lazard also compared the trading performance of the Shares for
the period from April&nbsp;25, 1997, to January&nbsp;12, 2001,
to an index of selected companies, the S&#38;P 400 and Ford for
the comparable period. Lazard compared the trading performance
of the Shares on a one-year forward P/ E basis for the period
from April&nbsp;25, 1997, to January&nbsp;12, 2001, to an index
of selected companies, the S&#38;P 400 and Ford. The index of
selected comparable companies was comprised of ANC Rental, Avis,
Budget and Dollar Thrifty. Lazard also reviewed the volume
traded at various stock prices of the Shares for the periods
from April&nbsp;25, 1997, through September&nbsp;20, 2000, and
from September&nbsp;21, 2000, through January&nbsp;12, 2001.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Public Market Valuation Analysis. </B>Lazard reviewed and
compared certain financial information for Hertz to the
corresponding financial information, ratios and public market
multiples for the following four publicly traded corporations:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	ANC Rental</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Avis</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Budget</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	Dollar Thrifty</TD>
</TR>

</TABLE>

<P align="center">19

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The selected companies were chosen because they are publicly
traded companies with operations or businesses that for purposes
of analysis may be considered similar to Hertz&#146;s operations
or businesses.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lazard calculated and compared various financial multiples and
ratios based on information it obtained from SEC filings,
publicly available research reports and the Institutional
Brokers Estimate System (&#147;IBES&#148;). The multiples for
each of the selected companies were based on the most recent SEC
filings, publicly available research reports, IBES and closing
prices on January&nbsp;12, 2001 (except for Avis, which is based
on the August&nbsp;14, 2000, closing price, which was one day
before Cendant Corp.&#146;s bid for Avis, which is discussed
below, was announced). Lazard analyzed the following information
for the selected companies:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	adjusted enterprise value (i.e., the market value of common
	equity plus debt not associated with revenue earning equipment
	less cash) as a multiple of estimated 2000 and estimated 2001
	revenues;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	adjusted enterprise value as a multiple of estimated 2000 and
	estimated 2001 earnings before interest, taxes, depreciation and
	amortization adjusted to include depreciation and interest
	expense related to revenue earning equipment (&#147;Adjusted
	EBITDA&#148;);</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	adjusted enterprise value as a multiple of estimated 2000 and
	estimated 2001 earnings before interest and taxes adjusted to
	include interest expense related to revenue earning equipment
	(&#147;Adjusted EBIT&#148;); and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	share price as a multiple of IBES estimated 2000 and 2001
	earnings per share (&#147;EPS&#148;).</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The results of the analyses are summarized below:

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="70%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Selected Companies</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Median</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Range</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Adjusted Enterprise Value as a Multiple of:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Revenues</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FY 2001E</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.39</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.16x-0.41x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FY 2000E</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.36</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.16x-0.42x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Adjusted EBITDA</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FY 2001E</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.5x-4.4x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FY 2000E</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.7x-4.7x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Adjusted EBIT</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FY 2001E</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.0</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.0x-5.5x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FY 2000E</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.4x-8.8x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Price per Share as a Multiple of EPS:</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FY 2001E IBES</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.4x-6.8x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	FY 2000E IBES</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.2x-8.5x</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on these analyses, Lazard determined that the implied
equity value per Share ranged from approximately $20.50 to
$27.50&nbsp;per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Select Precedent Transactions Analysis. </B>Lazard reviewed
selected publicly available and stock market information of the
following four transactions:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	the acquisition of Avis Group Holdings,&nbsp;Inc. by Cendant
	Corp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	the acquisition of EuroDollar Rent-a-Car by Republic
	Industries&nbsp;Inc.;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	the acquisition of Budget Rent-A-Car by Team Rental
	Corporation;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	the acquisition of National Car Rental System,&nbsp;Inc. by
	Republic Industries&nbsp; Inc.</TD>
</TR>

</TABLE>

<P align="center">20

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Specifically, Lazard analyzed the respective multiples of the
price per share for these transactions to the last twelve month
earnings per share (&#147;LTM EPS&#148;), and the total
transaction values for these transactions to the last twelve
months&#146; Adjusted EBIT, Adjusted EBITDA and revenues. The
Lazard analysis indicated the following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Mean</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Median</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>Range</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Price Per Share as a multiple of LTM EPS</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15.1</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">15.0</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.7x-21.6x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Adjusted Transaction Value as Multiple of:</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        LTM Revenues</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.61</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.60</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.38x-0.86x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        LTM Adjusted EBITDA</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">6.8</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">6.3</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5.8x-08.9x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        LTM Adjusted EBIT</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.9</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.5</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7.5x-11.2x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on these analyses, Lazard determined that the implied
equity value per Share ranged from approximately $35.00 to
$42.50&nbsp;per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Cendant/Avis Transaction Analysis. </B>Lazard also
separately analyzed the acquisition of Avis Group
Holdings,&nbsp;Inc. by Cendant Corp. because of its belief that
this transaction was the most relevant and recent transaction.
Specifically, Lazard analyzed the multiples of the price per
share in the transaction to the estimated 2000 and 2001 IBES
earnings per share estimates, and the total transaction value to
the estimates from publicly available research for 2000 and 2001
revenues, Adjusted EBITDA and Adjusted EBIT. The Lazard analysis
indicated the following:

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="76%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD colspan="7"></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><FONT size="2"><B>Avis Multiples</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>2000E</B></FONT></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><FONT size="2"><B>2001P</B></FONT></TD>
</TR>

<TR>
        <TD colspan="2"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Adjusted Enterprise Value as a Multiple of:</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Revenues</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.50</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">0.48</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Adjusted EBITDA</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5.8</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">5.3</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        Adjusted EBIT</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">7.5</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">6.5</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="2" align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>Offer Price Per Share as a Multiple of:</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        IBES Earnings per share</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.7</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom" nowrap><FONT size="2">8.3</FONT></TD>
        <TD align="left" valign="bottom" nowrap><FONT size="2">x</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lazard then derived a range of implied per share equity values
for Hertz by applying the results for the Avis transaction
listed in the charts above to corresponding data for Hertz
prepared by management of Hertz. The resulting implied equity
value of Hertz ranged from approximately $25.50 to
$37.50&nbsp;per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Discounted Equity Cash Flow Analysis. </B>Lazard performed a
discounted equity cash flow analysis to determine the indicative
range of present values per Share based on projections provided
by Hertz for the years 2001 through 2005. This range was
determined by adding (1)&nbsp;the present values of the
estimated future levered free cash flows that Hertz could
generate over the five-year period 2001 to 2005, and
(2)&nbsp;the present value of Hertz&#146;s &#147;terminal
value&#148; at the end of year 2005. The Hertz terminal value at
the end of the period was determined by applying a range of
one-year forward P/ E exit multiples to estimated 2006 Levered
Net Income. Year 2006 Levered Net Income was determined by
extrapolating 2005 Levered Net Income at its forecast growth
rate for 2005. Lazard used a forward P/ E multiple to Levered
Net Income range of 8.0x to 10.0x and an equity discount rate to
discount levered free cash flows and the terminal value back to
present value of 12.0% to 14.0%.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In conducting the discounted equity cash flow analysis, Lazard
made several adjustments to Hertz&#146;s financial forecasts
which assumed no acquisitions and applied all excess cash to the
paydown of debt. Lazard adjusted Hertz&#146;s capital structure
going forward to hold it constant at Hertz&#146;s traditional
operating debt-to-equity ratio of approximately 3.9:1, with all
excess cash paid out as dividends and included in Levered Free
Cash Flow. Levered Net Income is calculated to reflect
additional interest expense generated by the additional debt
required to maintain a constant debt-to-equity ratio of 3.9:1.
In addition, to reflect the constant capital structure, the
average interest

<P align="center">21

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<P><HR noshade><P>

<DIV align="left">
rate is held constant at management&#146;s projected 2001
interest rate of 6.7%. Based on the above analysis, the
indicative per share value reference range for the Shares was
approximately $32.00 to $39.50&nbsp;per Share.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Comparable Minority Buyout Transaction Analysis. </B>Lazard
analyzed certain information relating to selected minority
buyout transactions since 1998 that met the following criteria:
(i)&nbsp;in cash; (ii)&nbsp;transaction value was greater than
$50&nbsp;million; (iii)&nbsp;acquirer controlled greater than
50% of the outstanding shares before the transaction; and
(iv)&nbsp;100% of the total outstanding shares were acquired.
Lazard compared the final premiums/discounts paid in these
selected transactions to: (i)&nbsp;the initial offer made in the
transaction; (ii)&nbsp;the share price of the target company one
month prior to the initial offer; (iii)&nbsp;the 52-week high of
the target company&#146;s share price before the initial offer;
and (iv)&nbsp;the 52-week low of the target company&#146;s share
price before the initial offer. Lazard&#146;s analysis indicated
the following:

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="68%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="11"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Range of Acquisition</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><FONT size="2"><B>Premiums/Discounts</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="11"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Median</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>High</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<B>Acquisition Price as</B></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	% Premium/(Discount) to Initial Offer</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(9.6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">9.0</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">&nbsp;%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45.0</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	% Premium/(Discount) to One Month Prior</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(26.5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29.6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">&nbsp;%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">101.7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	% Premium/(Discount) to 52-Week High</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(55.3</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8.9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50.2</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	% Premium/(Discount) to 52-Week Low</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(7.1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70.9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">&nbsp;%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">288.9</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on the median, low and high premiums/discounts derived
from such data and applying them to the applicable price of the
Shares, Lazard determined that the implied equity value per
Share ranged from approximately $23.00&nbsp;per Share to
$69.50&nbsp;per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lazard performed a variety of financial and comparative analyses
solely for the purpose of providing its opinion to the Special
Committee that the consideration to be received by the holders
of Shares (other than the Purchaser and its affiliates) pursuant
to the Merger Agreement was fair from a financial point of view.
The summary of these analyses is not a complete description of
the analyses performed by Lazard. Preparing a fairness opinion
is a complex analytic process and is not readily susceptible to
partial analysis or summary description. Lazard believes that
its analyses must be considered as a whole. Selecting portions
of its analyses and factors, without considering all analyses
and factors, could create a misleading or incomplete view of the
processes underlying the analyses and its opinion.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In its analyses, Lazard made numerous assumptions with respect
to industry performance, general business, economic, market and
financial conditions and other matters, many of which are beyond
the control of Hertz. The estimates contained in these analyses
and the valuation ranges resulting from any particular analysis
do not necessarily indicate actual values or predict future
results or values, which may be significantly more or less
favorable than those suggested by these analyses. In addition,
analyses and estimates relating to the value of the businesses
or securities are not appraisals and do not reflect the prices
at which the businesses or securities may actually be sold or
the prices at which their securities may trade. As a result,
these analyses and estimates are inherently subject to
substantial uncertainty. No company or transaction used in the
analysis as a comparison is identical to Hertz or the
contemplated transaction.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lazard&#146;s opinion and financial analyses were not the only
factors considered by the Special Committee and the Hertz Board
in making their evaluation of the Merger and should not be
viewed as determinative of the views of the Special Committee,
the Hertz Board or Hertz&#146;s management.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The opinion of Lazard was not intended to and does not
constitute a recommendation to any holder of the Shares as to
whether such holder should tender such holder&#146;s Shares in
the tender offer or vote in favor of the Merger.

<P align="center">22

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the terms of Lazard&#146;s engagement, Hertz has agreed to
pay Lazard certain fees and to reimburse Lazard for certain
expenses. See &#147;The Offer&nbsp;&#151; Fees and
Expenses.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lazard is an internationally recognized investment banking firm
and is continually engaged in the valuation of businesses and
their securities in connection with mergers and acquisitions,
negotiated underwritings, secondary distributions of listed and
unlisted securities, private placements, leveraged buyouts, and
valuations for real estate, corporate and other purposes. Lazard
was selected to act as investment banker to the Special
Committee because of its expertise and its reputation in
investment banking and mergers and acquisitions.

<P align="left"><B>POSITION OF FORD AND THE PURCHASER REGARDING FAIRNESS OF THE
OFFER AND THE MERGER</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford and the Purchaser believe that the consideration to be
received by Hertz&#146;s stockholders (other than the Purchaser
and its affiliates) pursuant to the Offer and the Merger is fair
to Hertz&#146;s stockholders (other than the Purchaser and its
affiliates). Ford and the Purchaser base their belief on the
following factors: (i)&nbsp;the historical and deteriorating
projected financial performance of Hertz and its financial
results (as discussed under &#147;The Offer&nbsp;&#151; Certain
Information Concerning Hertz; Certain Projections&#148;);
(ii)&nbsp;the fact that the consideration to be paid in the
Offer represents a premium of 46.4% over the reported closing
sale price per Share on the NYSE Composite Tape on
September&nbsp;20, 2000, the last full trading day prior to the
announcement by Hertz that it had received a preliminary,
non-binding proposal from Ford to acquire all of the outstanding
Shares and a premium of 18.3% over Ford&#146;s initial offer
price of $30&nbsp;per share; (iii)&nbsp;the fact that the Offer
and the Merger will each provide consideration to the
stockholders entirely in cash; (iv)&nbsp;the fact that the Offer
and the Merger and the other terms and conditions of the Merger
Agreement were the result of arm&#146;s-length, good faith
negotiations between the Special Committee and Ford and their
respective advisors; (v)&nbsp;the fact that the Special
Committee received an opinion from Lazard that the
$35.50&nbsp;per Share in cash to be received by the holders of
Shares (other than the Purchaser and its affiliates) in the
Offer and the Merger is fair from a financial point of view to
such stockholders; and (vi)&nbsp;the conclusions and
recommendations of the Special Committee and the Hertz Board
that each of the Offer and the Merger is fair to and in the best
interests of Hertz&#146;s stockholders (other than the Purchaser
and its affiliates).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford and the Purchaser did not find it practicable to assign,
nor did they assign, relative weights to the individual factors
considered in reaching their conclusions as to fairness. As
further discussed below in &#147;Special Factors&nbsp;&#151;
Purpose and Structure of the Offer and the Merger; Reasons of
Ford for the Offer and Merger,&#148; Ford believes that the
acquisition of 100% of Hertz&#146;s equity interests would give
Ford greater operational flexibility and synergistic opportunity
to make Hertz a key component of Ford&#146;s business strategy.
Since Ford intends for Hertz to be an ongoing part of
Ford&#146;s business, no appraisal of liquidation value was
sought for purposes of valuing the Shares. Although
J.P.&nbsp;Morgan generally assisted Ford in this transaction
and, in particular, advised Ford on negotiating strategies,
participated in negotiations with Lazard and analyzed
Hertz&#146;s projections and assumptions thereto,
J.P.&nbsp;Morgan was not asked to and did not deliver a fairness
opinion as to the $35.50&nbsp;per Share to be received by the
stockholders of Hertz (other than the Purchaser and its
affiliates).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The foregoing discussion of the information and factors
considered by Ford and the Purchaser is not intended to be
exhaustive but is believed to include all material factors
considered by Ford and the Purchaser.

<P align="left"><B>PURPOSE AND STRUCTURE OF THE OFFER AND THE MERGER; REASONS OF
FORD FOR THE OFFER AND THE MERGER</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Until 1987, when Ford first acquired an ownership interest in
Hertz, Hertz had been a subsidiary of UAL Corporation (formerly
Allegis Corporation), which had acquired Hertz&#146;s
outstanding capital

<P align="center">23

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<P><HR noshade><P>

<DIV align="left">
stock from RCA Corporation in 1985. Hertz became a wholly owned
subsidiary of Ford as a result of a series of transactions in
1993 and 1994. Hertz continued as a wholly owned subsidiary of
Ford until April&nbsp;30, 1997, when Hertz completed a public
offering of approximately 51.6% of the Class&nbsp;A Common Stock
(which then represented approximately 19.1% of the economic
interest in Hertz).
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford approved the sale of a portion of Hertz to the public as a
means of unlocking the value of Ford&#146;s interest in Hertz as
reflected in the price of Ford stock. At the time of the public
offering, equity in car rental companies was valued at a much
higher multiple of earnings than was the equity of automotive
companies. It was believed, however, that the value of the stock
in Hertz owned by Ford was not fully reflected in the price of
Ford stock.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
By virtue of a sale of a portion of Hertz&#146;s equity to the
public, Ford reasoned that a market value for Hertz would be
established at a multiple of earnings similar to those of other
car rental companies, and this value would be ascribed to
Ford&#146;s ownership interest in Hertz, which thus would be
reflected in the price of Ford stock. Further, Ford believed
that the higher level of transparency with respect to
Hertz&#146;s results and earnings potential as a result of the
public float would result in a more reliable valuation of Hertz.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since the time of the sale to the public, a number of
circumstances both within Ford and external to Ford have
occurred that have prompted Ford to embark on this Offer and the
Merger at this time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
First, Ford&#146;s business strategy has evolved to focus much
more on the revenue stream of automotive related products and
services down the value chain beyond the sale of vehicles. These
include, for example, automotive repair and recycling, insurance
products, telematics and rental services. This strategy is
embodied in Ford&#146;s vision to become the world&#146;s
leading consumer company for automotive products and services.
By owning 100% of Hertz&#146;s equity interests, Ford believes
it will have greater operational flexibility and synergistic
opportunities to make Hertz a key component of this strategy.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Second, the primary reason for selling a portion of Hertz to the
public no longer appears to be valid. Following its initial
public offering, Hertz&#146;s stock initially reflected the
higher earnings multiples for car rental companies discussed
above; however, more recently the stock prices of car rental
companies no longer trade at significantly different multiples
of earnings than that of the automotive companies. Ford believes
this decline reflects Hertz&#146;s prospects for future earnings
growth due to the present economic and industry outlook
affecting car rental companies generally and Hertz in particular.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Third, Ford believes that the present capital structure of Hertz
is no longer viable for the long term. This is due, in part, to
the relatively small number of shares of Hertz owned by the
public (the public float). Ford believes that the public float
is too small to attract large institutional investors, which can
have a negative effect on Hertz&#146;s stock price despite good
financial performance. Currently, Hertz&#146;s management
compensation scheme is significantly tied to the performance of
the Hertz Common Stock. Ford believes that if actions are not
taken to deal with this compensation issue it may be difficult
to retain and/or attract quality management in the future.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Fourth, by Ford owning 100% of Hertz&#146;s equity interests,
operational efficiencies may be achieved and significant costs
associated with Hertz being public can be eliminated.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford is pursuing the transaction at this time because it has
concluded in recent months that the market valuations for car
rental companies are not likely to improve in the near future.
In addition, until recently, Ford&#146;s management&#146;s time
and efforts were focused primarily on other transactions such as
the acquisition of the Land Rover business from the BMW Group,
the spin-off of Visteon Corporation (Ford&#146;s former
automotive components and systems subsidiary) and a
recapitalization of Ford, known as Ford&#146;s Value Enhancement
Plan.

<P align="center">24

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford believes that this transaction will result in a number of
benefits to Hertz including providing increased operating
flexibility with respect to its relationship with Ford, the
elimination of certain expenses relating to its being a public
company, and alignment of Hertz&#146;s management goals and
compensation programs with those of Ford, eliminating or
reducing the management retention problems that might otherwise
result. The acquisition of the Shares not owned by the Purchaser
or its affiliates has been structured as a cash tender offer
followed by a cash merger in order to effect a prompt and
orderly transfer of ownership of Hertz from the public
stockholders to Ford and provide stockholders with cash for all
of their Shares.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford has concluded that the Offer and the Merger, including the
$35.50&nbsp;per Share in cash to be received by stockholders of
Hertz (other than the Purchaser and its affiliates), are fair to
the holders of the Shares (other than the Purchaser and its
affiliates) based upon the factors described above under
&#147;Special Factors&nbsp;&#151; Position of Ford and the
Purchaser Regarding Fairness of the Offer and the Merger.&#148;

<P align="left"><B>PLANS FOR HERTZ AFTER THE OFFER AND THE MERGER; CERTAIN
EFFECTS OF THE OFFER</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the Merger Agreement, upon completion of the Offer,
Ford and the Purchaser intend to effect the Merger in accordance
with the Merger Agreement. See &#147;Special Factors&nbsp;&#151;
The Merger Agreement.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as otherwise described in this Offer to Purchase, Ford
has no current plans or proposals or negotiations which relate
to or would result in: (i)&nbsp;other than the Merger, an
extraordinary corporate transaction, such as a merger,
reorganization or liquidation involving Hertz or any of its
subsidiaries; (ii)&nbsp;any purchase, sale or transfer of a
material amount of assets of Hertz or any of its subsidiaries;
(iii)&nbsp;any change in the management of Hertz or any change
in any material term of the employment contract of any executive
officer; or (iv)&nbsp;any other material change in Hertz&#146;s
corporate structure or business.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Nevertheless, Ford may initiate a review of Hertz and its
assets, corporate structure, capitalization, operations,
properties, policies, management and personnel to determine what
changes, if any, would be desirable, following the Merger in
order best to organize and integrate the activities of Hertz and
Ford. In particular, Ford plans to change the Hertz Board by
electing persons as directors of Hertz who likely will be
employees of Ford or Hertz or their affiliates, and may also
consider material changes in the present dividend rate and
policy, indebtedness and capitalization of Hertz and may
consider pursuing acquisition opportunities through Hertz. In
addition, Ford may take actions to achieve cost savings through
potential scale efficiencies. Ford may also take steps to align
goals and rewards in the merged Hertz organization such as
adopting a Ford incentive plan for Hertz management. Ford may
also seek to improve operating flexibility by transferring
ownership and management responsibility of a fleet leasing
business to Hertz. Ford expressly reserves the right to make any
changes that it deems necessary or appropriate in light of its
review or in light of future developments.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of the Offer, the direct and indirect interest of
Ford in Hertz&#146;s net book value and net earnings will
increase to the extent of the number of Shares acquired under
the Offer. Following consummation of the Merger, Ford&#146;s
indirect interest in such items will increase to 100% and Ford
and its subsidiaries will be entitled to all benefits resulting
from that interest, including all income generated by
Hertz&#146;s operations and any future increase in Hertz&#146;s
value and the right to elect all members of the Hertz Board.
Similarly, Ford will also bear the risk of losses generated by
Hertz&#146;s operations and any decrease in the value of Hertz
after the Merger. Upon consummation of the Merger, Hertz will
become a privately held corporation. Accordingly, stockholders
other than the Purchaser will not have the opportunity to
participate directly in the earnings and growth of Hertz after
the Merger and will not have any right to vote on corporate
matters. Similarly, stockholders will not face the risk of
losses generated by Hertz&#146;s operations or decline in the
value of Hertz after the Merger. If the Merger had been
consummated at January&nbsp;1, 2000, Purchaser&#146;s beneficial
interest in

<P align="center">25

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<DIV align="left">
the net book value (stockholders&#146; equity) at
December&nbsp;31, 2000, and net income of Hertz for the year
ended December&nbsp;31, 2000, would have increased to 100% or
$1,984.1&nbsp;million and $358.4&nbsp;million, respectively. See
&#147;The Offer&nbsp;&#151; Certain Information Concerning
Hertz; Certain Projections.&#148;
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of the Merger, public trading of Hertz&#146;s
Class&nbsp;A Common Stock will cease and the registration of
such shares under the Exchange Act will be terminated.
Consequently, following the Merger, Hertz will be relieved of
the duty to file proxy and information statements, and its
officers, directors and more than 10% stockholders will be
relieved of the reporting requirements under, and the
&#147;short swing&#148; profit liability provisions of,
Section&nbsp;16 of the Exchange Act. Hertz will no longer be a
public company and its stock will no longer be traded on the
NYSE. However, because its debt securities will continue to be
publicly-traded, Hertz will continue to file periodic reports
under the Exchange Act following the Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz currently has an Employee Stock Purchase Plan (the
&#147;ESPP&#148;) permitting eligible employees of Hertz and
certain of its subsidiaries to purchase Shares of Class&nbsp;A
Common Stock through accumulated after-tax payroll deductions at
a discount to fair market value. Hertz has informed the
Purchaser that the ESPP will be terminated not later than the
earlier of the Effective Time (as defined below) of the Merger
or such time as the Shares are de-listed from the NYSE. Upon
termination of the ESPP, all accumulated after-tax payroll
deductions that have not been used to purchase Class&nbsp;A
Common Stock will be returned to the participants, without
interest, in accordance with the terms of the ESPP.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz currently has a Long-Term Equity Compensation Plan under
which options to purchase Shares of Class&nbsp;A Common Stock
and awards of restricted Shares of Class&nbsp;A Common Stock
have been granted to officers and certain employees of Hertz and
its subsidiaries. Hertz also currently has a Nonemployee
Director Stock Option Plan under which options to acquire Shares
of Class&nbsp;A Common Stock have been granted to nonemployee
Directors of Hertz.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Participants who own Shares through the ESPP may tender such
Shares pursuant to the Offer and receive the Offer Price for
such Shares or, if such Shares are not tendered, will be
entitled to receive the Merger Consideration for such Shares as
soon as practicable following the Effective Time in accordance
with the terms of such plan and the Merger Agreement.
Participants who own restricted Shares granted under the
Long-Term Equity Compensation Plan may not tender such Shares in
the Offer, but will receive the Merger Consideration for each
Share as soon as practicable following the Effective Time in
accordance with the terms of the Merger Agreement. Subject to
approval of, and any applicable conditions imposed by, the
Compensation Committee of Ford&#146;s Board of Directors and the
Hertz Board, in general, Ford plans (i)&nbsp;to convert to Ford
stock options outstanding Hertz stock options granted under the
Long-Term Equity Compensation Plan, and (ii)&nbsp;to cash out
outstanding Hertz stock options granted under the Nonemployee
Director Stock Option Plan based on a Black-Scholes valuation.

<P align="left"><B>THE MERGER AGREEMENT</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a summary of the Merger Agreement, which is
attached as Annex&nbsp;A to this Offer to Purchase. The summary
is qualified in its entirety by reference to the Merger
Agreement. The following summary may not contain all of the
information important to you. Capitalized terms not otherwise
defined in the following summary or elsewhere in this Offer to
Purchase shall have the meanings set forth in the Merger
Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Offer.</I> The Merger Agreement provides for the making
of the Offer. The Merger Agreement provides that Ford will cause
the Purchaser to commence the Offer as promptly as practicable,
but in no event later than 15 business days from the public
announcement by Ford and Hertz of the Merger Agreement. Subject
to applicable SEC regulations, the Purchaser (i)&nbsp;shall not
be required to purchase, (ii)&nbsp;may delay the payment for,
and (iii)&nbsp;may terminate the Offer as to any Shares not

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<DIV align="left">
already paid for if any of the events described in &#147;The
Offer&nbsp;&#151; Conditions of the Offer&#148; occur at any
time on or after January&nbsp;16, 2001.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Although the Purchaser has expressly reserved the right to amend
or make changes in the terms and conditions of the Offer, the
Purchaser agreed in the Merger Agreement that it will not,
without prior written consent of Hertz: (i)&nbsp;decrease the
Offer Price or change the form of the consideration payable in
the Offer; (ii)&nbsp;impose any additional conditions to the
Offer from those described below in &#147;The Offer&nbsp;&#151;
Conditions of the Offer,&#148; or (iii)&nbsp;otherwise amend the
Offer in a manner that would adversely affect holders of Shares.
Hertz has agreed that no Shares held by Hertz or any subsidiary
of Hertz will be tendered pursuant to the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The &#147;Initial Expiration Date&#148; of the Offer will be
Midnight on Friday, March&nbsp;2, 2001. The Purchaser has the
right to extend the Offer beyond the Initial Expiration Date in
the following events: (i)&nbsp;from time to time if, at the
Initial Expiration Date (or an extended expiration date, if
applicable), any of the conditions to the Offer have not been
satisfied or waived; (ii)&nbsp;for any period required by the
SEC or applicable law; (iii)&nbsp;for an aggregate of ten
business days (for all such extensions) if all of the conditions
to the Offer have been satisfied or waived but the number of
Shares validly tendered and not withdrawn is insufficient to
result in the Purchaser owning at least 90% of the Shares then
outstanding; or (iv)&nbsp;pursuant to an amendment to the Offer
providing for a &#147;subsequent offering period&#148; not
exceeding 20 business days, to the extent permitted under, and
in compliance with, Rule&nbsp;14d-11 of the Exchange Act.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Recommendation.</I> Each of the Special Committee and the
Hertz Board has (i)&nbsp;determined that each of the Offer and
the Merger is fair to and in the best interests of Hertz&#146;s
stockholders (other than the Purchaser and its affiliates);
(ii)&nbsp;approved the Merger Agreement and the transactions
contemplated thereby, including, without limitation, the Offer
and the Merger; and (iii)&nbsp;resolved to recommend that
Hertz&#146;s stockholders accept the Offer, tender their Shares
pursuant thereto and approve and adopt the Merger Agreement and
the Merger if submitted for their approval. However, this
recommendation may be withdrawn or modified to the extent that
the Hertz Board, based on the recommendation of the Special
Committee, determines in good faith, based on the advice of
outside counsel, that such recommendation would be inconsistent
with its fiduciary duties to Hertz&#146;s stockholders under
applicable law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>The Merger.</I> The Merger Agreement provides that, upon the
terms and subject to the conditions thereof, FSG&nbsp;II shall
be merged with and into Hertz. As soon as practicable, and in no
event later than three business days, after the satisfaction or
waiver of the conditions set forth in Article&nbsp;VIII of the
Merger Agreement, as described below in
&#147;&#151;&nbsp;Conditions to the Merger,&#148; (or on such
other date as the parties to the Merger Agreement agree to in
writing) Ford, the Purchaser, FSG&nbsp;II and Hertz shall cause
the Merger to be consummated by filing a certificate of merger
or a certificate of ownership and merger (the &#147;Merger
Certificate&#148;) with the Secretary of State of the State of
Delaware in accordance with the DGCL. The filing of the Merger
Certificate or such later time as may be agreed to by the
parties to the Merger Agreement and set forth in the Merger
Certificate shall be the &#147;Effective Time&#148; of the
Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a result of the Merger, the separate corporate existence of
FSG&nbsp;II will cease and Hertz will be the Surviving
Corporation, with all of its rights, privileges, immunities,
powers and franchises continuing unaffected by the Merger. The
certificate of incorporation and bylaws of Hertz as in effect
immediately prior to the Effective Time will be the certificate
of incorporation and bylaws of the Surviving Corporation, until
thereafter amended as provided by law and such certificate of
incorporation and bylaws. The individuals serving as directors
and officers of Hertz at the Effective Time will be the
directors and officers of the Surviving Corporation from and
after the Effective Time, until successors are duly elected or
appointed and qualified in accordance with applicable law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At the Effective Time, (i)&nbsp;each share of Common Stock
issued and outstanding immediately prior to the Effective Time
(other than Shares of holders exercising dissenters&#146;
rights, as described below in &#147;Special Factors&nbsp;&#151;
Dissenters&#146; Rights,&#148; and Shares to be cancelled as
provided in

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<DIV align="left">
(ii)&nbsp;below) will be converted into the right to receive the
Merger Consideration; (ii)&nbsp;each share of Common Stock held
in the treasury of Hertz or owned by the Purchaser or any direct
or indirect wholly owned subsidiary of the Purchaser or Hertz
immediately prior to the Effective Time will be cancelled, and
no payment or distribution will be made with respect to such
Common Stock; and (iii)&nbsp;each share of common stock of
FSG&nbsp;II issued and outstanding immediately prior to the
Effective Time will be converted into one share of Class&nbsp;A
Common Stock of the Surviving Corporation.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Agreements of the Purchaser and Hertz.</I> The Merger
Agreement provides that if, as a result of the purchase of
Shares pursuant to the Offer, the Purchaser owns in the
aggregate at least 90% of the Shares outstanding upon completion
of the Offer and continues to hold at least 90% of the
outstanding Class&nbsp;B Common Stock, the parties will take all
necessary and appropriate action to cause the Merger to become
effective as soon as practicable after satisfaction or waiver of
the conditions to the Merger set forth in Article&nbsp;VIII of
the Merger Agreement, as described below in
&#147;&#151;&nbsp;Conditions to the Merger,&#148; without a
meeting of stockholders in accordance with Section&nbsp;253 of
the DGCL. Such method is referred to herein as a
&#147;Short-Form&nbsp;Merger.&#148; Following the purchase of
Shares pursuant to the Offer, if the Purchaser owns in the
aggregate less than 90% of the Shares outstanding, the Purchaser
has agreed to convert such number of shares of Class&nbsp;B
Common Stock into Class&nbsp;A Common Stock to the extent that,
after giving effect to such conversion, Ford and the Purchaser
would own in the aggregate the number of Shares necessary to
effect a Short-Form&nbsp;Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Stockholders&#146; Meeting and Information Statement.</I>
Pursuant to the Merger Agreement, if required by law in order to
consummate the Merger, (a)&nbsp;Hertz will take all action
necessary to seek approval of the Merger and adoption of the
Merger Agreement, either at a meeting or by written consent of
the stockholders of Hertz, as promptly as practicable, and
(b)&nbsp;as promptly as practicable after the acceptance for
payment and purchase of Shares by the Purchaser pursuant to the
Offer, Ford, the Purchaser, FSG&nbsp;II and Hertz will prepare,
and Hertz will file with the SEC, a proxy statement, consent
solicitation statement or information statement (referred to
herein as an &#147;Information Statement&#148;) relating to the
Merger to seek approval and adoption of the Merger Agreement. If
a vote of the stockholders of Hertz is necessary to effect the
Merger, the Purchaser has agreed in the Merger Agreement to vote
or cause to be voted all shares of Common Stock owned by it in
favor of the approval and adoption of the Merger Agreement and
the Merger. If an Information Statement is required, Hertz has
agreed that, subject to the fiduciary duties of the Hertz Board
and the Special Committee, such Information Statement will
include the recommendation of the Hertz Board and the Special
Committee that the stockholders of Hertz approve and adopt the
Merger Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Certain Covenants.</I> Hertz has agreed that, prior to the
Effective Time, Hertz will, and will cause its subsidiaries to:
(i)&nbsp;operate its business in the usual and ordinary course
consistent with past practices, (ii)&nbsp;use its reasonable
best efforts to preserve substantially intact its business
organization, maintain its rights and franchises, retain the
services of its respective principal officers and key employees
and maintain its relationships with its respective principal
customers, suppliers and other persons with which it or any of
its subsidiaries has significant business relations,
(iii)&nbsp;use its reasonable best efforts to maintain and keep
its properties and assets in as good repair and condition as at
present, ordinary wear and tear excepted, and (iv)&nbsp;take no
action with respect to options to purchase stock of Hertz that
would result in an acceleration of vesting of such stock options
in connection with the execution and delivery of the Merger
Agreement or the consummation of any transactions contemplated
thereby or otherwise.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the Merger Agreement, Hertz has agreed to impose
certain specific restrictions, subject to exceptions described
in the Merger Agreement, on itself and its subsidiaries
effective from the date of the Merger Agreement until the
Effective Time. These include restrictions on: (i)&nbsp;changes
to employment, compensation or employee benefit arrangements
with directors and executive officers; (ii)&nbsp;the payment of
dividends or other distributions other than regular quarterly
dividends; (iii)&nbsp;redemptions, purchases or exchanges of
capital stock, reorganizations or recapitalization of

<P align="center">28

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<DIV align="left">
Hertz, or any split or combination of Hertz&#146;s capital
stock; (iv)&nbsp;the issuance of capital stock of Hertz,
securities convertible into capital stock or rights, warrants or
options to purchase capital stock, or the amendment of existing
rights, warrants or options; (v)&nbsp;making significant
acquisitions, disposals or investments; (vi)&nbsp;amendments to
Hertz&#146;s certificate of incorporation or bylaws;
(vi)&nbsp;changes to accounting methods, writing down of
intangible assets, changes to federal income tax elections or
settling any material federal income tax liability; or
(vii)&nbsp;incurring indebtedness other than in the ordinary
course of business or prepaying long-term debt.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz has agreed to give prompt notice to the Purchaser and
FSG&nbsp;II of the occurrence or nonoccurrence of: (i)&nbsp;any
event causing a representation or warranty contained in the
Merger Agreement to be untrue or inaccurate or any event causing
a covenant or condition not to be complied with; and
(ii)&nbsp;any failure of Hertz to comply with or satisfy any
covenant, condition or agreement under the Merger Agreement.
Hertz has also agreed to give the Purchaser and FSG&nbsp;II
prompt written notice of any proposal, offer or other
communication from any person: (x)&nbsp;relating to the
acquisition of substantially all of the capital stock or assets
of Hertz; (y)&nbsp;to enter into any business combination with
Hertz or any of its subsidiaries; or (z)&nbsp;to enter into any
other extraordinary business transaction involving Hertz or any
of its subsidiaries.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The parties to the Merger Agreement have agreed that the
certificate of incorporation of the Surviving Corporation will
contain the provisions relating to the indemnification of
officers and directors currently contained in the certificate of
incorporation of Hertz and that, for a period of six years after
the Effective Time, such provisions will not be modified in any
way that adversely affects the rights of individuals who were,
at or prior to the Effective Time, officers or directors of
Hertz in respect of actions or omissions occurring at or prior
to the Effective Time. From and after the Effective Time, the
Surviving Corporation will indemnify and hold harmless each
present and former director and officer of Hertz and of each
subsidiary of Hertz, and each individual who served as a
director, officer, trustee, partner, fiduciary, employee or
agent of another entity at the request of Hertz against all
liabilities in respect of acts or omissions occurring at or
before the Effective Time (including the transactions
contemplated by the Merger Agreement). For six years from the
Effective Time, Ford has agreed to provide directors&#146; and
officers&#146; liability insurance covering those persons who
are currently covered by the directors&#146; and officers&#146;
liability insurance policy currently provided for directors and
officers of Hertz on terms comparable to such existing coverage,
provided that Ford has no obligation to provide or maintain
levels of coverage in excess of those to which directors and
officers of Ford are at the time entitled. If the Surviving
Corporation or any of its successors or assigns
(i)&nbsp;consolidates with or merges into any other person and
shall not be the continuing or surviving corporation or entity
of such consolidation or merger, or (ii)&nbsp;transfers or
conveys all or substantially all of its properties and assets to
any person, then, and in each such case, to the extent
necessary, proper provision shall be made so that the successors
and assigns of the Surviving Corporation, as the case may be,
shall assume the indemnification and insurance obligations of
the Surviving Corporation discussed in this paragraph.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Representations and Warranties.</I> The Merger Agreement
contains customary representations and warranties of the parties
thereto including representations by Hertz with respect to,
among other things: its organization and qualification and that
of its subsidiaries; its certificate of incorporation and
bylaws; capitalization; authority relative to the Merger
Agreement; no conflicts; required filings and consents; SEC
filings; financial statements; absence of certain changes or
events; options and employment contracts; brokers; opinion of
financial adviser and state takeover statutes. Certain
representations and warranties in the Merger Agreement are
qualified as to &#147;materiality&#148; or &#147;Material
Adverse Effect&#148; on Hertz. For purposes of the Merger
Agreement the term &#147;Material Adverse Effect&#148; means any
change or effect that, individually or when taken together with
all other such changes or effects, is or is reasonably likely to
be materially adverse to the financial condition, assets,
liabilities, business, operations or earnings of Hertz and its
subsidiaries, taken as a whole, other than any such effect
arising out of or resulting from general economic conditions or
from changes in or generally affecting the industry in which
Hertz operates or any effect arising out of the

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<DIV align="left">
Merger Agreement or, with certain exceptions, the transactions
contemplated by the Merger Agreement or the public announcement
thereof.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Merger Agreement also contains representations by Ford, the
Purchaser and FSG&nbsp;II with respect to, among other things,
their organization and qualification; their authority relative
to the Merger Agreement; no conflicts; required filings and
consents; financing; and the operations of FSG&nbsp;II.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Conditions to the Merger.</I> Article&nbsp;VIII of the Merger
Agreement provides that the obligations of Ford, the Purchaser,
FSG&nbsp;II and Hertz to consummate the Merger are subject to
the satisfaction of the following conditions: (i)&nbsp;if
required by Delaware law, the Merger Agreement shall have been
approved and adopted by the requisite affirmative vote of the
stockholders of Hertz in accordance with Delaware law and
Hertz&#146;s certificate of incorporation; (ii)&nbsp;no
governmental entity shall have enacted, issued, promulgated,
enforced or entered any law, executive order or award (whether
temporary, preliminary or permanent) that is then in effect and
has the effect of making the Merger illegal or otherwise
prohibiting consummation of the Merger; and (iii)&nbsp;the
Purchaser shall have purchased Shares pursuant to the Offer,
except where the reason for failure to purchase Shares pursuant
to the Offer is the absence of tenders of Shares.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Termination.</I> The Merger Agreement may be terminated and
the Offer and the Merger may be abandoned at any time prior to
the Effective Time, notwithstanding any requisite approval and
adoption of the Merger Agreement by the stockholders of Hertz,
(i)&nbsp;by mutual written consent duly authorized by the board
of directors of each of Hertz, the Purchaser and FSG&nbsp;II;
(ii)&nbsp;by Hertz, the Purchaser or FSG&nbsp;II in the event of
a final and nonappealable order or action by a government entity
restraining, enjoining or otherwise prohibiting consummation of
the Offer or the Merger; (iii)&nbsp;by the Purchaser or
FSG&nbsp;II if the Special Committee withdraws, modifies or
changes its recommendation of the Merger Agreement, the Offer or
the Merger in a manner adverse to the Purchaser or FSG&nbsp;II
or shall have resolved to do any of the foregoing;
(iv)&nbsp;prior to the purchase of Shares pursuant to the Offer,
by the Purchaser or FSG&nbsp;II upon a breach of any
representation, warranty, covenant or agreement on the part of
Hertz set forth in the Merger Agreement, or if any
representation or warranty of Hertz shall have become untrue,
provided that, if such breach is curable by Hertz through the
exercise of its reasonable efforts and for as long as Hertz
continues to exercise such reasonable efforts, the Purchaser and
FSG&nbsp;II may not terminate the Merger Agreement under this
provision; (v)&nbsp;prior to the purchase of Shares pursuant to
the Offer, by Hertz upon a breach of any representation,
warranty, covenant or agreement on the part of the Purchaser or
FSG&nbsp;II set forth in the Merger Agreement, or if any
representation or warranty of the Purchaser or FSG&nbsp;II shall
have become untrue, provided that, if such breach is curable by
the Purchaser or FSG&nbsp;II as the case may be, through the
exercise of its reasonable efforts and for as long as the
Purchaser or FSG&nbsp;II, as the case may be, continues to
exercise such reasonable efforts, Hertz may not terminate the
Merger Agreement under this provision; (vi)&nbsp;by Hertz (as
agreed to by the Special Committee) if due to an occurrence or
circumstance, not involving a breach by Hertz of its obligations
under the Merger Agreement, which would result in a failure to
satisfy any of the conditions described in &#147;The
Offer&nbsp;&#151; Conditions of the Offer&#148; or otherwise,
the Purchaser shall have failed to commence the Offer within 15
business days following the date of the Merger Agreement,
terminated the Offer or permitted the Offer to expire without
the purchase of Shares thereunder; or (vii)&nbsp;by the
Purchaser or FSG&nbsp;II after June&nbsp;30, 2001, if the
Purchaser shall not have theretofore purchased Shares pursuant
to the Offer solely as a result of a failure to satisfy any of
the conditions described in &#147;The Offer&nbsp;&#151;
Conditions of the Offer.&#148; If the Merger Agreement is
terminated, the Merger Agreement will become void and there will
be no liability under the Merger Agreement on the part of Ford,
the Purchaser, FSG&nbsp;II or Hertz or any of their respective
officers or directors, and all rights and obligations of the
parties will cease, provided that termination will not relieve
any party from liability for a willful breach of any of its
representations, warranties, covenants or agreements set forth
in the Merger Agreement.

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Fees and Expenses.</I> All expenses incurred in connection
with the Merger Agreement and the transactions contemplated
thereby will be paid by the party incurring such expenses,
whether or not the Offer, the Merger or any other transaction is
consummated.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Amendment and Waivers.</I> To the fullest extent permitted by
the DGCL, the Merger Agreement may be amended by the parties by
action taken by or on behalf of their respective boards of
directors at any time prior to the Effective Time, provided that
any such amendment that changes the Offer Price or the Merger
Consideration must also be approved by the Special Committee.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At any time prior to the Effective Time, any party to the Merger
Agreement may (i)&nbsp;extend the time for the performance of
any obligation or other act of another party to the Merger
Agreement, (ii)&nbsp;waive any inaccuracy in the representations
and warranties of another party contained in the Merger
Agreement or in any document delivered pursuant to the Merger
Agreement and (iii)&nbsp;waive compliance with any agreement of
another party or condition to its own obligations contained in
the Merger Agreement, provided that, if Hertz seeks to make such
extension or waiver as provided in clause&nbsp;(i), (ii)&nbsp;or
(iii)&nbsp;above, it must first obtain the approval of the
Special Committee. Any such extension or waiver shall be valid
if set forth in an instrument in writing signed by the party or
parties to be bound.

<P align="left"><B>DISSENTERS&#146; RIGHTS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under Section&nbsp;262 of the DGCL, any holder of Shares at the
Effective Time (a &#147;Remaining Stockholder&#148;) who does
not wish to accept the Merger Consideration pursuant to the
Merger has the right to seek an appraisal and be paid the
&#147;fair value&#148; of its Shares at the Effective Time
(exclusive of any element of value arising from the
accomplishment or expectation of the Merger) judicially
determined and paid to it in cash provided that such holder
complies with the provisions of such Section&nbsp;262 of the
DGCL.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a brief summary of the statutory procedures to
be followed by a Remaining Stockholder in order to dissent from
the Merger and perfect appraisal rights under Delaware law. This
summary is not intended to be complete and is qualified in its
entirety by reference to Section&nbsp;262 of the DGCL, the text
of which is set forth in Annex&nbsp;C hereto. Any Remaining
Stockholder considering demanding appraisal is advised to
consult legal counsel. Dissenters&#146; rights will not be
available unless and until the Merger is consummated.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Remaining Stockholders of record who desire to exercise their
appraisal rights must fully satisfy all of the following
conditions. A written demand for appraisal of Shares must be
delivered to the Secretary of Hertz (x)&nbsp;before the taking
of the vote on the approval and adoption of the Merger Agreement
if the Merger is being consummated following approval thereof at
a meeting of Hertz&#146;s stockholders (a &#147;long-form
merger&#148;) or (y)&nbsp;within 20&nbsp;days after the date
that the Surviving Corporation mails to the Remaining
Stockholders a notice (the &#147;Notice of Merger&#148;) to the
effect that the Merger has been approved and/or is effective and
that appraisal rights are available (and includes in such notice
a copy of Section&nbsp;262 of the DGCL and any other information
required thereby) if the Merger is being effected without a vote
or meeting of Hertz&#146;s stockholders either in a
Short-Form&nbsp;Merger pursuant to Section&nbsp;253 of the DGCL
or otherwise by stockholder written consent without a meeting of
stockholders (both of which are referred to in this discussion
as a &#147;Short-Form&nbsp;Merger&#148;). If the Merger is
effected as a long-form merger, this written demand for
appraisal of Shares must be in addition to and separate from any
proxy or vote abstaining from or against the approval and
adoption of the Merger Agreement, and neither voting against,
abstaining from voting, nor failing to vote on the Merger
Agreement will constitute a demand for appraisal within the
meaning of Section&nbsp;262 of the DGCL. In the case of a
long-form merger, any stockholder seeking appraisal rights must
hold the Shares for which appraisal is sought on the date of the
making of the demand, continuously hold such Shares through the
Effective Time, and otherwise comply with the provisions of
Section&nbsp;262 of the DGCL. Any holder of Shares who votes or
delivers

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<DIV align="left">
a written consent in favor of the Merger Agreement, as the case
may be, will lose appraisal rights under Section&nbsp;262.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of both a Short-Form&nbsp;Merger and a long-form
merger, a demand for appraisal must be executed by or for the
stockholder of record, fully and correctly, as such
stockholder&#146;s name appears on the stock certificates. If
Shares are owned of record in a fiduciary capacity, such as by a
trustee, guardian or custodian, such demand must be executed by
the fiduciary. If Shares are owned of record by more than one
person, as in a joint tenancy or tenancy in common, such demand
must be executed by all joint owners. An authorized agent,
including an agent for two or more joint owners, may execute the
demand for appraisal for a stockholder of record; however, the
agent must identify the record owner and expressly disclose the
fact that, in exercising the demand, he is acting as agent for
the record owner.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A record owner, such as a broker, who holds Shares as a nominee
for others, may exercise appraisal rights with respect to the
Shares held for all or less than all beneficial owners of Shares
as to which the holder is the record owner. In such case the
written demand must set forth the number of Shares covered by
such demand. Where the number of Shares is not expressly stated,
the demand will be presumed to cover all Shares outstanding in
the name of such record owner. Beneficial owners who are not
record owners and who intend to exercise appraisal rights should
instruct the record owner to comply strictly with the statutory
requirements with respect to the exercise of appraisal rights
before the date of any meeting of stockholders of Hertz called
to approve the Merger in the case of a long-form merger and
within 20&nbsp;days following the mailing of the Notice of
Merger in the case of a Short-Form Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Remaining Stockholders who elect to exercise appraisal rights
must mail or deliver their written demands to: Secretary, The
Hertz Corporation, 225 Brae Boulevard, Park Ridge, NJ 07656. The
written demand for appraisal should specify the
stockholder&#146;s name and mailing address, the number of
Shares covered by the demand and that the stockholder is thereby
demanding appraisal of such Shares. In the case of a long-form
merger, Hertz must, within ten days after the Effective Time,
provide notice of the Effective Time to all stockholders who
have complied with Section&nbsp;262 of the DGCL and have not
voted for approval and adoption of the Merger Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Remaining Stockholders electing to exercise their appraisal
rights under Section&nbsp;262 must not vote for the approval and
adoption of the Merger Agreement or consent thereto in writing.
Voting or consenting in favor of the approval and adoption of
the Merger Agreement, or delivering a proxy in connection with
the stockholders meeting called to approve the Merger Agreement
(unless the proxy votes against, or expressly abstains from the
vote on, the approval and adoption of the Merger Agreement),
will constitute a waiver of the stockholder&#146;s right of
appraisal and will nullify any written demand for appraisal
submitted by the stockholder.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Regardless of whether the Merger is effected as a long-form
merger or a Short-Form&nbsp;Merger, within 120&nbsp;days after
the Effective Time, either Hertz or any stockholder who has
complied with the required conditions of Section&nbsp;262 and
who is otherwise entitled to appraisal rights may file a
petition in the Delaware Court of Chancery demanding a
determination of the fair value of the Shares of the dissenting
stockholders. This petition must also be served on the Surviving
Corporation. If a petition for an appraisal is timely filed,
after a hearing on such petition, the Delaware Court of Chancery
will determine which stockholders are entitled to appraisal
rights and thereafter will appraise the Shares owned by such
stockholders, determining the fair value of such Shares,
exclusive of any element of value arising from the
accomplishment or expectation of the Merger, together with a
fair rate of interest to be paid, if any, upon the amount
determined to be the fair value. In determining fair value, the
Delaware Court of Chancery is to take into account all relevant
factors. In <I>Weinberger&nbsp;v. UOP,&nbsp;Inc.,
et&nbsp;al.</I>, the Delaware Supreme Court discussed the
factors that could be considered in determining fair value in an
appraisal proceeding, stating that &#147;proof of value by any
techniques or methods which are generally considered acceptable
in the financial community and otherwise admissible in
court&#148; should be considered and that &#147;[f]air price
obviously requires

<P align="center">32

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
consideration of all relevant factors involving the value of a
company.&#148; The Delaware Supreme Court stated that in making
this determination of fair value the court must consider
&#147;market value, asset value, dividends, earnings prospects,
the nature of the enterprise and any other facts which were
known or which could be ascertained as of the date of merger
which throw any light on future prospects of the merged
corporation ...&#148; The Delaware Supreme Court has construed
Section&nbsp;262 of the DGCL to mean that &#147;elements of
future value, including the nature of the enterprise, which are
known or susceptible of proof as of the date of the merger and
not the product of speculation, may be considered.&#148;
However, the court noted that Section&nbsp;262 provides that
fair value is to be determined &#147;exclusive of any element of
value arising from the accomplishment or expectation of the
merger.&#148;
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Remaining Stockholders who in the future consider seeking
appraisal should have in mind that the fair value of their
Shares determined under Section&nbsp;262 could be more than, the
same as, or less than the Merger Consideration if they do seek
appraisal of their Shares, and that opinions of investment
banking firms as to fairness from a financial point of view are
not necessarily opinions as to fair value under Section&nbsp;262
of the DGCL. The cost of the appraisal proceeding may be
determined by the Delaware Court of Chancery and taxed upon the
parties as the Delaware Court of Chancery deems equitable in the
circumstances. Upon application of a dissenting stockholder, the
Delaware Court of Chancery may order that all or a portion of
the expenses incurred by any dissenting stockholder in
connection with the appraisal proceeding, including, without
limitation, reasonable attorneys&#146; fees and the fees and
expenses of experts, be charged pro rata against the value of
all Shares entitled to appraisal. In the absence of such a
determination or assessment, each party bears its own expenses.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any Remaining Stockholder who has duly demanded appraisal in
compliance with Section&nbsp;262 of the DGCL will not, after the
Effective Time, be entitled to vote for any purpose the Shares
subject to such demand or to receive payment of dividends or
other distributions on such Shares, except for dividends or
other distributions payable to stockholders of record at a date
prior to the Effective Time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At any time within 60&nbsp;days after the Effective Time, any
former holder of Shares shall have the right to withdraw his or
her demand for appraisal and to accept the Merger Consideration.
After this period, such holder may withdraw his or her demand
for appraisal only with the consent of Hertz as the Surviving
Corporation. If no petition for appraisal is filed with the
Delaware Court of Chancery within 120&nbsp;days after the
Effective Time, stockholders&#146; rights to appraisal shall
cease and all stockholders shall be entitled to receive the
Merger Consideration. Inasmuch as Hertz has no obligation to
file such a petition, and Ford has no present intention to cause
or permit the Surviving Corporation to do so, any stockholder
who desires such a petition to be filed is advised to file it on
a timely basis. No petition timely filed in the Delaware Court
of Chancery demanding appraisal shall be dismissed as to any
stockholder without the approval of the Delaware Court of
Chancery, and such approval may be conditioned upon such terms
as the Delaware Court of Chancery deems just.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Failure to take any required step in connection with the
exercise of appraisal rights may result in the termination or
waiver of such rights.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
APPRAISAL RIGHTS CANNOT BE EXERCISED AT THIS TIME. THE
INFORMATION SET FORTH ABOVE IS FOR INFORMATIONAL PURPOSES ONLY
WITH RESPECT TO ALTERNATIVES AVAILABLE TO STOCKHOLDERS IF THE
MERGER IS CONSUMMATED. STOCKHOLDERS WHO WILL BE ENTITLED TO
APPRAISAL RIGHTS IN CONNECTION WITH THE MERGER WILL RECEIVE
ADDITIONAL INFORMATION CONCERNING APPRAISAL RIGHTS AND THE
PROCEDURES TO BE FOLLOWED IN CONNECTION THEREWITH BEFORE SUCH
STOCKHOLDERS HAVE TO TAKE ANY ACTION RELATING THERETO.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
STOCKHOLDERS WHO SELL SHARES IN THE OFFER WILL NOT BE ENTITLED
TO EXERCISE APPRAISAL RIGHTS WITH RESPECT THERETO BUT, RATHER,
WILL RECEIVE THE PRICE PAID IN THE OFFER THEREFOR.

<P align="center">33

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left"><B>BENEFICIAL OWNERSHIP OF COMMON STOCK</B>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<I>Hertz</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth certain information regarding
beneficial ownership of Hertz Common Stock as of
December&nbsp;31, 2000 for (i)&nbsp;each person who is known by
Hertz to be the beneficial owner of more than five percent of
any class of Hertz&#146;s voting securities, (ii)&nbsp;each
director and each named executive officer of Hertz and
(iii)&nbsp;all directors and officers of Hertz as a group.
Unless otherwise indicated, Ford and the Purchaser believe,
based on reports filed with the SEC and on information supplied
by Hertz, that the individuals listed each have sole voting and
investment power with respect to such shares.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Number of Shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Percentage of</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Percent of</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Beneficially Owned</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Class(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Percentage of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Voting Power</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>Name and address of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Outstanding</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>of Outstanding</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><FONT size="2"><B>Beneficial Owner</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Class A</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Class B</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Class A</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Class B</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common Stock</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common Stock</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap colspan="2"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top"><FONT size="2">
	Ford FSG,&nbsp;Inc.</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	The American Road</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Dearborn, Michigan</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	48126-1899</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,245,833</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67,310,167</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50.4</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">81.5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">94.7</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Goldman Sachs Asset Management(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1 New&nbsp;York Plaza</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	New&nbsp;York, New&nbsp;York 10004</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,226,301</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.5</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.1</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Frank&nbsp;A. Olson(3)(4)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">162,060</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Craig&nbsp;R. Koch(3)(4)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">243,001</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Joseph&nbsp;R. Nothwang(3)(4)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">67,274</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Paul&nbsp;J. Siracusa(3)(4)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31,280</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Brian&nbsp;J. Kennedy(3)(4)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29,286</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Charles&nbsp;L. Shafer(3)(4)(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">14,674</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	W. Wayne Booker</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Louis&nbsp;C. Burnett(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Michael&nbsp;T. Monahan(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Peter&nbsp;J. Pestillo</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	John&nbsp;M. Rintamaki</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	John&nbsp;M. Thompson(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,200</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Joseph&nbsp;A. Walker(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	All Directors and Executive Officers as a Group (20&nbsp;persons)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">652,536</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.6</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="30%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="2%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>*</TD>
	<TD align="left">
	Less than 1%</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	Calculated on the basis of 40,177,324 shares of Class&nbsp;A
	Common Stock and 67,310,167 shares of Class&nbsp;B Common Stock
	outstanding as of December&nbsp;31, 2000.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	Based on Schedule&nbsp;13G, dated February&nbsp;14, 2000, filed
	with the SEC, which indicates that (a)&nbsp;Goldman Sachs Asset
	Management is a separate operating division of Goldman,
	Sachs&nbsp;&#38;&nbsp;Co., and (b)&nbsp;Goldman Sachs Asset
	Management is a registered investment advisor under
	Section&nbsp;203 of the Investment Advisors Act of 1940 and, as
	a result, is the beneficial owner of 2,226,301&nbsp;shares of
	Class&nbsp;A Common Stock, of which Goldman Sachs Asset
	Management has sole voting power over 1,877,242&nbsp; shares and
	sole dispositive power over 2,226,301&nbsp; shares.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	On December&nbsp;31, 2000, or within 60&nbsp;days after that
	date, the following individuals have exercisable options to
	acquire shares of Hertz Class&nbsp;A Common Stock awarded under
	the Hertz Long-Term Equity Compensation Plan as follows:
	Mr.&nbsp;Kennedy&nbsp;&#151; 59,837; Mr.&nbsp;
	Koch&nbsp;&#151;&nbsp;162,822; Mr.&nbsp;Nothwang&nbsp;&#151;
	223,910; Mr.&nbsp;Olson&nbsp;&#151; 355,138; Mr.&nbsp;
	Shafer&nbsp;&#151; 49,700;</TD>
</TR>

</TABLE>

<P align="center">34

<!-- PAGEBREAK -->
<P><HR noshade><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD align="left">
	Mr.&nbsp;Siracusa&nbsp;&#151; 81,444; and All Directors and
	Executive Officers as a Group (20&nbsp; persons)&nbsp;&#151;
	1,163,545&nbsp;options. Such options are not reflected in the
	table above.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	On December&nbsp;31, 2000 or within 60&nbsp;days after that
	date, each of the following individuals has
	1,485&nbsp;exercisable options to acquire shares of Hertz
	Class&nbsp;A Common Stock awarded under the Hertz Nonemployee
	Director Stock Option Plan: Mr.&nbsp;Burnett, Mr.&nbsp;Monahan,
	Mr.&nbsp;Thompson and Mr.&nbsp;Walker. Such options are not
	reflected in the table above.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>(4)&nbsp;</TD>
	<TD align="left">
	Includes shares acquired under Hertz&#146;s Employee Stock
	Purchase Plan, as follows: Mr.&nbsp;Kennedy&nbsp;&#151;
	800&nbsp;shares, Mr.&nbsp;Koch&nbsp;&#151; 1,349&nbsp;shares;
	Mr.&nbsp;Nothwang&nbsp;&#151; 1,259&nbsp; shares;
	Mr.&nbsp;Olson&nbsp;&#151; 572 shares; Mr.&nbsp;
	Shafer&nbsp;&#151; 1,174 shares; Mr.&nbsp;Siracusa&nbsp;&#151;
	1,227&nbsp;shares; and All Directors and Executive Officers as a
	Group (20&nbsp;persons)&nbsp;&#151; 10,761 shares.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(5)&nbsp;</TD>
	<TD align="left">
	Includes restricted shares of Class&nbsp;A Common Stock, as
	follows: Mr.&nbsp; Koch&nbsp;&#151;&nbsp;205,200 shares;
	Mr.&nbsp; Nothwang&nbsp;&#151; 40,110 shares; Mr.&nbsp;
	Siracusa&nbsp;&#151; 20,053 shares; Mr.&nbsp;Kennedy&nbsp;&#151;
	20,053 shares; Mr.&nbsp;Shafer&nbsp;&#151; 10,000 shares; and
	All Directors and Executive Officers as a Group
	(20&nbsp;persons)&nbsp;&#151; 355,522 shares. The restrictions
	lapse over time between April, 2001 and January, 2007.</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<I>Ford, the Purchaser and FSG&nbsp;II</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following table sets forth certain information regarding
beneficial ownership of Hertz Common Stock as of
December&nbsp;31, 2000 for (i)&nbsp;each director and each
executive officer of Ford, the Purchaser and FSG&nbsp;II,
(ii)&nbsp;all directors and executive officers of Ford as a
group, (iii)&nbsp;all directors and executive officers of the
Purchaser as a group and (iv)&nbsp;all directors and executive
officers of FSG&nbsp;II as a group. Unless otherwise indicated,
Ford and the Purchaser believe that the individuals listed each
have sole voting and investment power with respect to such
shares.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Number of Shares</B></FONT></TD>
	<TD></TD>
	<TD colspan="7"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Beneficially</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Percentage of</B></FONT></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Percent of Voting</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Owned</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Class(1)</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Percent of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Power of</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and address of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Outstanding</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Outstanding</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Beneficial Owner</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Class A</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Class B</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Class A</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Class B</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common Stock</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Common Stock</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	W. Wayne Booker(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	William&nbsp;J. Cosgrove(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Lloyd&nbsp;E. Hansen(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">530</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Malcolm&nbsp;S. Macdonald(4)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Jacques&nbsp;A. Nasser(2)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	John&nbsp;M. Rintamaki(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Dennis Ross(3)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,690</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Neil M. Schloss(5)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	All Directors and Executive Officers of Ford as a Group
	(7&nbsp;persons)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,720</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	All Directors and Executive Officers of the Purchaser as a Group
	(4&nbsp; persons)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,440</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	All Directors and Executive Officers of FSG&nbsp;II as a Group
	(1&nbsp;person)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="30%" align="left">
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;*&nbsp;&nbsp;</TD>
	<TD align="left">
	Less than 1%</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	Calculated on the basis of the number of shares of each class of
	Common Stock outstanding as of December&nbsp;31, 2000.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	Director and/or Executive Officer of Ford only.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	Director and/or Executive Officer of Ford and the Purchaser.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(4)&nbsp;</TD>
	<TD align="left">
	Director and/or Executive Officer of Ford, the Purchaser and
	FSG&nbsp;II.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>(5)&nbsp;</TD>
	<TD align="left">
	Executive Officer of Purchaser only.</TD>
</TR>

</TABLE>

<P align="center">35

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<P align="left"><B>TRANSACTIONS AND ARRANGEMENTS CONCERNING THE SHARES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Other than ordinary course purchases or sales under the ESPP or
the Equity Compensation Incentive Plans, to the knowledge of
Hertz, Ford and the Purchaser, no transactions in the Shares
have been effected during the past 60&nbsp;days by
(i)&nbsp;Hertz or its executive officers, directors, affiliates
or associates or majority owned subsidiaries or any executive
officer or director of any subsidiary, (ii)&nbsp;Ford or its
executive officers, directors, affiliates or any associates or
majority owned subsidiaries or any executive officer or director
of any subsidiary, or (iii)&nbsp;the Purchaser or its executive
officers, directors, affiliates or associates or majority owned
subsidiaries or any executive officer or director of any
subsidiary.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Since the commencement of Hertz&#146;s second full fiscal year
preceding the date of this Offer to Purchase, no purchases of
Shares were made by Ford, the Purchaser or Hertz, except as
described on Schedule&nbsp;III.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as set forth in this Offer to Purchase, neither Hertz
nor, to Hertz&#146;s knowledge, any of its affiliates, directors
or executive officers or any person controlling Hertz is a party
to any contract, arrangement, understanding or relationship with
any other person relating, directly or indirectly, to, or in
connection with, the Offer with respect to any securities of
Hertz (including, without limitation, any contract, arrangement,
understanding or relationship concerning the transfer or the
voting of any such securities, joint ventures, loan or option
arrangements, puts or calls, guarantees of loans, guarantees
against loss or the giving or withholding of proxies, consents
or authorizations). Except as described in this Offer to
Purchase, since the second full fiscal year preceding the date
of this Offer to Purchase, no contracts or negotiations
concerning a merger, consolidation, or acquisition, a tender
offer for or other acquisition of any securities of Hertz, an
election of directors of Hertz, or a sale or other transfer of a
material amount of assets of Hertz, has been entered into or has
occurred between any affiliates of Hertz, Ford or the Purchaser
or between Hertz or any of its affiliates and any unaffiliated
person. Except as described in this Offer to Purchase, since the
third full fiscal year preceding the date of this Offer to
Purchase, Hertz has not made any underwritten public offering of
the Shares that was (i)&nbsp;registered under the Securities Act
of 1933, as amended (the &#147;Securities Act&#148;) or
(ii)&nbsp;exempt from registration under the Securities Act
pursuant to Regulation&nbsp;A thereunder. On April&nbsp;30,
1997, Hertz sold 20,010,000&nbsp;shares of Class&nbsp;A Common
Stock in an underwritten public offering for $24.00&nbsp;per
share. The offering was registered under the Securities Act of
1933, as amended, and resulted in aggregate net proceeds to
Hertz of $455,027,400.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To the best of Hertz&#146;s knowledge, after reasonable inquiry,
all of the directors or executive officers of Hertz, other than
those individuals, if any, for whom the tender of Shares could
cause them liability under the provisions of Section&nbsp;16(b)
of the Exchange Act or to the extent their Shares are restricted
Shares, intend to tender Shares held by them pursuant to the
Offer.

<P align="left"><B>RELATED PARTY TRANSACTIONS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Purchaser is an indirect wholly owned subsidiary of Ford. As
of December&nbsp;31, 2000, the Purchaser owned approximately
50.4% of the Class&nbsp;A Common Stock and 100% of the
Class&nbsp;B Common Stock of Hertz, representing in the
aggregate approximately 94.7% of the combined voting power of
all classes of capital stock of Hertz and approximately 81.5% of
the economic interest in Hertz. As majority stockholder, the
Purchaser is in a position to cause the election of a majority
of the Hertz Board and to control Hertz&#146;s affairs.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz, Ford and Ford Motor Credit Company also maintain a number
of financial and administrative arrangements and regularly
engage in transactions with each other in the ordinary course of
business. These arrangements include car supply agreements,
joint advertising agreements, a corporate agreement, a
tax-sharing agreement, a commercial paper dealer agreement,
credit facilities and integrating intercompany loans between
Hertz and Ford and Hertz and affiliates of Ford.

<P align="center">36

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<P align="left"><B>Car Supply Agreement</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz and Ford have entered into a car supply agreement (the
&#147;Car Supply Agreement&#148;) having a term of ten years,
commencing September&nbsp;1, 1997 and ending August&nbsp;31,
2007. Under the Car Supply Agreement, Ford and Hertz have agreed
to negotiate in good faith on an annual basis with respect to
the supply of cars. Ford has agreed to supply to Hertz and Hertz
has agreed to purchase from Ford, for each car model year during
the term of the agreement (i.e., the 1998 model year through the
2007 model year), (a)&nbsp;the lesser of 150,000 cars or 55% of
Hertz&#146;s fleet requirements for its car rental business
conducted in the United States; (b)&nbsp;35% of Hertz&#146;s
fleet requirements for its car rental business conducted in
Europe; and (c)&nbsp;55% of Hertz&#146;s fleet requirements for
its car rental business conducted other than in the United
States and Europe. For each model year, at least 50% of the cars
supplied by Ford are required to be cars covered by repurchase
programs that limit the risk to Hertz that the market value of a
car at the time of its disposition will be less than its
estimated residual value at such time (i.e., non-risk cars). The
Car Supply Agreement also provides that, for each model year,
Ford must strive to offer car fleet programs to Hertz on terms
and conditions that are competitive with terms and conditions
for the supply of cars then being offered by other automobile
manufacturers to Hertz and other daily car rental companies. In
addition, for each model year, Ford must supply cars to Hertz on
terms and conditions that are no less favorable than those
offered by Ford to other daily car rental companies, excluding
franchised Ford vehicle dealers who rent cars. During the years
ended December&nbsp;31, 2000 and 1999, Hertz purchased cars and
trucks from Ford at a cost of approximately $4.6&nbsp;billion
and $4.3&nbsp;billion, respectively, and sold cars to Ford or
its affiliates under various repurchase programs for
approximately $3.2&nbsp;billion each year.

<P align="left"><B>Joint Advertising Agreement</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz and Ford have entered into a joint advertising agreement
(the &#147;Joint Advertising Agreement&#148;) having a term of
ten years, commencing September&nbsp;1, 1997 and ending
August&nbsp;31, 2007. Under the Joint Advertising Agreement,
Ford has agreed to pay to Hertz one-half of Hertz&#146;s
advertising costs, up to a limit of $39&nbsp;million for the
first year and, for each year thereafter, a limit equal to the
prior year&#146;s limit adjusted for inflation, subject to a
ceiling. In addition, if for any year, one-half of Hertz&#146;s
advertising costs exceed such limit and Hertz has purchased from
Ford a percentage of its car fleet requirements for its car
rental business conducted in the United States for the
corresponding model year (the &#147;Ford Vehicle Share&#148;)
equal to 58% or more, then Ford will pay to Hertz additional
amounts for such excess advertising costs. To be eligible for
cost reimbursement under the Joint Advertising Agreement, the
advertising must meet certain conditions, including the
condition that it indicates that Hertz features Ford vehicles in
a manner and with a prominence that is reasonably satisfactory
to Ford.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Joint Advertising Agreement further provides that if the
Ford Vehicle Share for any model year is less than 55%, Ford
will not be obligated to pay Hertz any amount for its
advertising costs for that year, except to the extent that
Hertz&#146;s failure to achieve a 55% Ford Vehicle Share is
attributable to (a)&nbsp;Ford&#146;s failure to supply a
sufficient quantity of cars for Hertz to achieve a 55% Ford
Vehicle Share or (b)&nbsp;the fact that the terms and conditions
of Ford&#146;s car fleet programs offered to Hertz were not
competitive with the terms and conditions for the supply of cars
offered by other automobile manufacturers to Hertz and other
daily car rental companies. In no event, however, will Ford be
required to pay any amount for Hertz&#146;s advertising costs
for any year if the Ford Vehicle Share for the corresponding
model year is less than 40%. During the years ended
December&nbsp;31, 2000 and 1999, pursuant to the Joint
Advertising Agreement, Ford paid Hertz advertising costs of
approximately $43.2&nbsp;million and $47.5&nbsp;million,
respectively.

<P align="left"><B>Corporate Agreement</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz and Ford have entered into a corporate agreement (the
&#147;Corporate Agreement&#148;) pursuant to which Hertz granted
to Ford a continuing option, assignable to any of its
subsidiaries, to

<P align="center">37

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<DIV align="left">
purchase, under certain circumstances, additional shares of
Hertz&#146;s Class&nbsp;B Common Stock or shares of nonvoting
capital stock of Hertz (the &#147;Stock Option&#148;). The Stock
Option may be exercised simultaneously with the issuance of any
equity security of Hertz, with respect to Hertz&#146;s
Class&nbsp;B Common Stock, only to the extent necessary to
maintain its then-existing percentage of the total voting power
and value of Hertz and, with respect to shares of nonvoting
capital stock, to the extent necessary to own 80% of each
outstanding class of such stock. The purchase price of the
shares of Hertz&#146;s Class&nbsp;B Common Stock purchased upon
any exercise of the Stock Option, subject to certain exceptions,
will be based on the market price of Hertz&#146;s Class&nbsp;A
Common Stock, and the purchase price of nonvoting capital stock
will be the price at which such stock may be purchased by third
parties. The Stock Option expires in the event that Ford reduces
its beneficial ownership of all classes of Common Stock in Hertz
to Common Stock representing less than 20% of the outstanding
shares of Common Stock.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporate Agreement further provides that, upon the request
of Ford, Hertz will use its best efforts to effect the
registration under the applicable federal and state securities
laws of any of the shares of Hertz&#146;s Class&nbsp;A Common
Stock, Hertz&#146;s Class&nbsp;B Common Stock and nonvoting
capital stock (and any other securities issued in respect of or
in exchange for either) beneficially owned by Ford for sale in
accordance with Ford&#146;s intended method of disposition
thereof, and will take such other actions as may be necessary to
permit the sale thereof in other jurisdictions, subject to
certain specified limitations. Ford will also have the right
which, subject to certain limitations, it may exercise at any
time and from time to time, to include the shares of
Hertz&#146;s Class&nbsp;A Common Stock, Hertz&#146;s
Class&nbsp;B Common Stock and nonvoting capital stock (and any
other securities issued in respect of or in exchange for either)
beneficially owned by it in certain other registrations of
common equity securities of Hertz initiated by Hertz on its own
behalf or on behalf of its other stockholders. Hertz will agree
to pay all out-of-pocket costs and expenses in connection with
each such registration that Ford requests or in which Ford
participates. Subject to certain limitations specified in the
Corporate Agreement, such registration rights will be assignable
by Ford and its assigns. The Corporate Agreement contains
indemnification and contribution provisions: (i)&nbsp;by Ford
and its permitted assigns for the benefit of Hertz and related
persons; and (ii)&nbsp;by Hertz for the benefit of Ford and the
other persons entitled to effect registrations of Hertz&#146;s
Class&nbsp;A Common Stock or Class&nbsp;B Common Stock (and
other securities) pursuant to its terms and related persons.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Corporate Agreement also provides that for so long as Ford
maintains beneficial ownership of a majority of the aggregate
number of outstanding shares of Hertz&#146;s Class&nbsp;A Common
Stock and Hertz&#146;s Class&nbsp;B Common Stock, Hertz may not
take any action or enter into any commitment or agreement which
may reasonably be anticipated to result, with or without notice
and with or without lapse of time, or otherwise, in a
contravention (or an event of default) by Ford of: (i)&nbsp;any
provision of applicable law or regulation, including, but not
limited to, provisions pertaining to the Internal Revenue Code
of 1986, as amended, or the Employee Retirement Income Security
Act of 1974, as amended; (ii)&nbsp;any provision of Ford&#146;s
certificate of incorporation or by-laws; (iii)&nbsp;any credit
agreement or other material instrument binding upon Ford or its
assets or (iv)&nbsp;any judgment, order or decree of any
governmental body, agency or court having jurisdiction over Ford
or its assets.

<P align="left"><B>Tax-Sharing Agreement</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz is included in Ford&#146;s federal consolidated income tax
group, and Hertz&#146;s federal income tax liability will be
included in the consolidated federal income tax liability of
Ford and its subsidiaries. In certain circumstances, certain of
Hertz&#146;s subsidiaries will also be included with certain
Ford subsidiaries in combined, consolidated or unitary income
tax groups for state and local tax purposes. Hertz and Ford
entered into a tax-sharing agreement (the &#147;Tax-Sharing
Agreement&#148;) dated March&nbsp;10, 1997. Pursuant to the
Tax-Sharing Agreement, Hertz and Ford will make payments between
them such that, with respect to any period, the amount of taxes
to be paid by Hertz, subject to certain adjustments, will be
determined as though Hertz were to file separate federal, state
and local income tax returns (including, except as provided
below, any amounts

<P align="center">38

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<P><HR noshade><P>

<DIV align="left">
determined to be due as a result of a redetermination of the tax
liability of Ford arising from an audit or otherwise) as the
common parent of an affiliated group of corporations filing
combined, consolidated or unitary (as applicable) federal, state
and local returns rather than a consolidated subsidiary of Ford
with respect to federal, state and local income taxes. With
respect to foreign tax credits, Hertz&#146;s right to
reimbursement will be determined based on the usage of such
foreign tax credits by the consolidated group.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In determining the amount of tax-sharing payments under the
Tax-Sharing Agreement, Ford will prepare or cause to be prepared
pro forma returns with respect to federal and applicable state
and local income taxes that reflect the same positions and
elections used by Ford in preparing the returns for Ford&#146;s
consolidated group and other applicable groups. Ford will
continue to have all the rights of a parent of a consolidated
group (and similar rights provided for by applicable state and
local law with respect to a parent of a combined, consolidated
or unitary group), will be the sole and exclusive agent for
Hertz in any and all matters relating to the income, franchise
and similar liabilities of Hertz, will have sole and exclusive
responsibility for the preparation and filing of consolidated
federal and consolidated or combined state and local income tax
returns (or amended returns), and will have the power, in its
sole discretion, to contest or compromise any asserted tax
adjustment or deficiency and to file, litigate or compromise any
claim for refund on behalf of Hertz related to such return.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In general, Hertz will be included in Ford&#146;s consolidated
group for federal income tax purposes for so long as Ford
beneficially owns at least 80% of the total voting power and
value of the outstanding common stock. Each member of a
consolidated group is jointly and severally liable for the
federal income tax liability of each other member of the
consolidated group. Accordingly, although the Tax-Sharing
Agreement allocates tax liabilities between Hertz and Ford,
during the period in which Hertz is included in Ford&#146;s
consolidated group, Hertz could be liable in the event that any
federal tax liability is incurred, but not discharged, by any
other member of Ford&#146;s consolidated group.

<P align="left"><B>Commercial Paper Dealer Agreements</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz maintains a Sales Agency Agreement with Ford Financial
Services,&nbsp;Inc., an NASD registered broker-dealer and an
indirect, wholly owned subsidiary of Ford (&#147;FFS&#148;),
whereby FFS acts as a dealer for Hertz&#146;s domestic
commercial paper program. Hertz pays fees to FFS which range
from 0.035% to 0.05%&nbsp;per annum of commercial paper placed
depending upon the monthly average dollar value of the notes
outstanding in the portfolio. During the years ended
December&nbsp;31, 2000 and 1999, Hertz paid FFS $733,046 and
$707,992 of such fees, respectively. FFS is under no obligation
to purchase any of the notes for its own account. FFS has acted
as the sole commercial paper dealer for Hertz since October
1994. Hertz, through its subsidiary Hertz Australia Pty.
Limited, has a similar agreement with Ford Credit Australia
Limited, also an indirect, wholly owned subsidiary of Ford.

<P align="left"><B>Credit Facility</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford has extended to Hertz a $500&nbsp;million committed credit
facility under which Hertz may borrow, repay and reborrow
amounts from time to time at rates of interest based on London
Interbank Offered Rates. Hertz pays Ford annual commitment fees
of up to $450,000 on the undrawn amounts under the Credit
Facility. The credit agreement currently expires on
June&nbsp;30, 2002, and is automatically extended annually for
an additional year unless Ford gives timely notice of
termination at least one year prior to the then scheduled
expiration date. No amounts are currently outstanding under this
facility.

<P align="center">39

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<P align="left"><B>Axus License and Management Agreement</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Effective January&nbsp;1, 2000, Hertz International,&nbsp;Ltd.
(&#147;HIL&#148;), a wholly owned subsidiary of Hertz reached an
agreement with Ford Motor Credit Company to grant Axus
International,&nbsp;Inc., a wholly owned subsidiary of Ford
Motor Credit Company, and its subsidiaries (collectively,
&#147;Axus&#148;), a five-year non-exclusive license (subject to
certain existing license rights and excluding the United States
and Canada) to use the Hertz name in the conduct of Axus&#146;
leasing businesses. As part of the transaction, HIL will also
provide Axus with certain management services. HIL will receive
a license fee for use of the Hertz name of 1% of Axus&#146;
leasing revenues and a management fee of between 5% and 7% of
Axus&#146; pre-tax earnings, depending upon Axus&#146; operating
margins. For the year ended December&nbsp;31, 2000, HIL earned
$6.9&nbsp;million in related license and management fees under
this agreement.

<P align="left"><B>Relationships with Directors</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Joseph&nbsp;A. Walker, a Managing Director of J.P.&nbsp;Morgan
Chase&nbsp;&#38;&nbsp;Co. and J.P. Morgan Securities Inc.,
became a Hertz director on July&nbsp;15, 1997. J.P.&nbsp;Morgan
Chase&nbsp;&#38;&nbsp;Co. (including its predecessors) has
provided Hertz and Ford with commercial and investment banking
services and is expected to provide similar services in the
future. J.P.&nbsp;Morgan Securities&nbsp;Inc., an affiliate of
J.P.&nbsp;Morgan Chase&nbsp;&#38;&nbsp;Co., has provided
financial advice to Ford and the Purchaser in connection with
the Offer and the Merger and is acting as the Dealer Manager for
the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Frank A. Olson, Chairman of the Hertz Board, entered into an
agreement with Ford to provide, effective from January&nbsp;1,
2000, consulting services to Ford in connection with corporate
governance matters, strategic assessments, public affairs events
and community and customer relations. As part of this agreement,
Mr.&nbsp;Olson has agreed not to engage in any activity that is
in direct or indirect competition with Ford or its subsidiaries,
and has agreed to certain confidentiality arrangements. Under
the consulting agreement, during the year ended
December&nbsp;31, 2000, Mr.&nbsp;Olson received a fee of
$300,000 and certain fringe benefits from Ford. This agreement
terminates on December&nbsp;31, 2001.

<P align="left"><B>Other Relationships and Transactions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz and Ford also engage in other transactions in the ordinary
course of their respective businesses. These include a wholly
owned subsidiary of Hertz, Hertz Equipment Rental Corporation
(&#147;HERC&#148;), providing equipment rental services to Ford,
Hertz providing insurance claim management services to Ford and
Hertz providing car rental services to Ford.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz is named as an additional insured under certain of
Ford&#146;s insurance policies for which Hertz pays its
allocated portion of the premiums.

<P align="left"><B>INTERESTS OF CERTAIN PERSONS IN THE OFFER AND THE MERGER</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As of December&nbsp;31, 2000, the Purchaser owned approximately
50.4% of the Class&nbsp;A Common Stock and 100% of the
Class&nbsp;B Common Stock, representing in the aggregate 94.7%
of the combined voting power of all classes of capital stock of
Hertz and approximately 81.5% of the economic interest in Hertz.
The Purchaser is an indirect, wholly owned subsidiary of Ford.
Two members of the Hertz Board, W. Wayne Booker and John&nbsp;M.
Rintamaki, are officers of Ford and the Purchaser and
Mr.&nbsp;Booker is a director of the Purchaser. Another member
of the Hertz Board, Joseph&nbsp;A. Walker, is a Managing
Director of J.P.&nbsp;Morgan Chase&nbsp;&#38;&nbsp;Co., whose
affiliate, J.P.&nbsp;Morgan Securities&nbsp;Inc., is acting as
Ford&#146;s financial advisor and as the Dealer Manager in
connection with the Offer. See Schedules&nbsp;I and&nbsp;II. In
addition, each member of the Hertz Board owns shares of
Class&nbsp;A Common Stock. See &#147;Special Factors&nbsp;&#151;
Beneficial Ownership of Common Stock.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Under the Merger Agreement, the directors and officers of Hertz
are entitled to certain rights of indemnification and to be
insured by the Surviving Corporation or Ford with respect to
certain

<P align="center">40

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<DIV align="left">
matters from and after the completion of the Merger. See
&#147;Special Factors&nbsp;&#151; The Merger
Agreement&nbsp;&#151; Certain Covenants.&#148;
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The members of the Special Committee received compensation in
connection with serving on the Special Committee as follows:
Michael T. Monahan, chairman&nbsp;&#151; $90,000; Louis C.
Burnett, member&nbsp;&#151; $60,000; John M. Thompson,
member&#151; $60,000. The Hertz Board and the Special Committee
believe that the foregoing payments do not affect the Special
Committee&#146;s independence or impartiality.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Special Committee and the Hertz Board were aware of these
actual and potential conflicts of interest and considered them
along with the other matters described under &#147;Special
Factors&nbsp;&#151; Recommendation of the Special Committee and
the Hertz Board; Fairness of the Offer and the Merger.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For a discussion of Ford&#146;s current expectation with respect
to Hertz&#146;s management compensation and the treatment of
Hertz management and director stock options as a result of the
proposed transactions, see &#147;Special Factors&nbsp;&#151;
Plans for Hertz after the Offer and the Merger; Certain Effects
of the Offer.&#148;

<P align="center">41

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<P align="center"><B>THE OFFER</B>

<P align="left"><B>1.&nbsp; TERMS OF THE OFFER; EXPIRATION DATE.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On the terms and subject to the conditions set forth in the
Offer, we will accept for payment and pay for all Shares that
are validly tendered prior to the Expiration Date and not
withdrawn.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Expiration Date&#148; means 12:00 Midnight, New&nbsp;York
City time, on Friday, March&nbsp;2, 2001, unless we extend the
period of time for which the Offer is open under the terms set
forth in the Merger Agreement, in which event &#147;Expiration
Date&#148; means the latest time and date at which the Offer, as
so extended, shall expire.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Offer is subject to the conditions set forth in &#147;The
Offer&nbsp;&#151; Conditions of the Offer.&#148; If any such
condition is not satisfied, we may (a)&nbsp;extend the Offer
and, subject to certain conditions and to your withdrawal rights
as set forth in &#147;The Offer&nbsp;&#151; Withdrawal
Rights,&#148; retain all Shares until the expiration of the
Offer as so extended; (b)&nbsp;waive such condition and, subject
to any requirement to extend the period of time during which the
Offer is open, purchase all Shares validly tendered prior to the
Expiration Date and not withdrawn or delay acceptance for
payment or payment for Shares, subject to applicable law, until
satisfaction of all conditions to the Offer relating to
governmental or regulatory approval; or (c)&nbsp;terminate the
Offer as to any Shares not then paid for. For a description of
our right to extend, amend, delay or terminate the Offer, see
&#147;The Offer&nbsp;&#151; Extension of the Tender Period;
Termination; Amendment; Subsequent Offering Period&#148;; and
&#147;The Offer&nbsp;&#151; Conditions of the Offer.&#148;

<P align="left"><B>2.&nbsp; EXTENSION OF TENDER PERIOD; TERMINATION; AMENDMENT;
SUBSEQUENT OFFERING PERIOD.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The &#147;Initial Expiration Date&#148; of the Offer will be
12:00 Midnight, New&nbsp;York City time, on Friday,
March&nbsp;2, 2001. We have the right to extend the Offer beyond
the Initial Expiration Date, without the consent of Hertz, in
the following events: (i)&nbsp;from time to time if, at the
Initial Expiration Date (or extended expiration date of the
Offer, if applicable), any of the conditions to the Offer shall
not have been satisfied or waived; (ii)&nbsp;for any period
required by any rule, regulation, interpretation or position of
the SEC or the staff thereof applicable to the Offer or any
period required by applicable law; (iii)&nbsp;for an aggregate
period not to exceed ten business days (for all such
extensions), if all of the conditions to the Offer are satisfied
or waived but the number of Shares validly tendered and not
withdrawn is insufficient to result in the Purchaser owning at
least 90% of the then outstanding number of Shares; or
(iv)&nbsp;pursuant to an amendment to the Offer providing for a
&#147;subsequent offering period&#148; not to exceed 20 business
days to the extent permitted under, and in compliance with,
Rule&nbsp;14d-11 under the Exchange Act.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expressly reserve the right to waive any of the conditions to
the Offer and to make any change in the terms of our conditions
to the Offer, <I>provided</I> that without the consent of Hertz
we cannot make any change that changes the form of consideration
to be paid in the Offer or the Merger, decreases the price per
Share, imposes additional conditions to the Offer or amends any
term or any condition to the Offer in a manner adverse to the
stockholders of Hertz.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we increase or decrease the consideration to be paid for
Shares pursuant to the Offer and the Offer is scheduled to
expire at any time before the expiration of a period of ten
business days from, and including, the date that notice of such
increase or decrease is first published, sent or given in the
manner specified below, the Offer will be extended until the
expiration of such period of ten business days. If we make a
material change in the terms of the Offer (other than a change
in price or percentage of securities sought) or in the
information concerning the Offer, or waive a material condition
of the Offer, we will extend the Offer, if required by
applicable law, for a period sufficient to allow you to consider
the amended terms of the Offer. In a published release, the SEC
has stated that in its view an offer must remain open for a
minimum period of time following a material change in the terms
of such offer. The release states that an offer should remain
open for a minimum of five

<P align="center">42

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<DIV align="left">
business days from the date the material change is first
published, sent or given to stockholders, and that if material
changes are made with respect to information that approaches the
significance of price and percentage of Shares sought, a minimum
of ten business days may be required to allow adequate
dissemination and investor response. The term &#147;business
day&#148; means any day other than Saturday, Sunday or a federal
holiday and shall consist of the time period from
12:01&nbsp;A.M. through 12:00 Midnight, New&nbsp;York City time.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any extension, delay, termination, waiver or amendment will be
followed as promptly as practicable by public announcement, in
the case of an extension of the Offer, to be made no later than
9:00&nbsp;A.M., New&nbsp;York City time, on the next business
day after the previously scheduled Expiration Date, in
accordance with the public announcement requirements of
Rule&nbsp;14e-1(d) under the Exchange Act. Subject to applicable
law (including Rules&nbsp;14d-4(d) and 14d-6(c) under the
Exchange Act, which require that material changes in the
information published, sent or given to any stockholders in
connection with the Offer be promptly disseminated to
stockholders in a manner reasonably designed to inform them of
such changes), and without limiting the manner in which we may
choose to make any public announcement, we have no obligation to
publish, advertise or otherwise communicate any public
announcement other than by issuing a press release to the Dow
Jones News Service.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we extend the time during which the Offer is open, or if we
are delayed in our acceptance for payment of or payment for
Shares pursuant to the Offer for any reason, then, without
prejudice to our rights under the Offer, the Depositary may
retain tendered Shares on our behalf and those Shares may not be
withdrawn except to the extent tendering stockholders are
entitled to withdrawal rights as described herein under
&#147;The Offer&nbsp;&#151; Withdrawal Rights.&#148; However,
our ability to delay the payment for Shares that we have
accepted for payment is limited by (i)&nbsp;Rule&nbsp;14e-1(c)
under the Exchange Act, which requires that a bidder pay the
consideration offered or return the securities deposited by or
on behalf of stockholders promptly after the termination or
withdrawal of such bidder&#146;s offer and (ii)&nbsp;the terms
of the Merger Agreement, which require that, on the terms and
subject to prior satisfaction (or waiver) of the conditions to
the Offer, we must accept for payment and pay for Shares within
the time period required under applicable law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to Rule&nbsp;14d-11 under the Exchange Act, after the
expiration of the Offer, if all of the conditions to the Offer
have been satisfied or waived, we may, subject to certain
conditions, include a subsequent offering period (a
&#147;Subsequent Offering Period&#148;) pursuant to which we may
add a period of between three and 20 business days to permit
additional tenders of Shares. We may include a Subsequent
Offering Period so long as, among other things, (i)&nbsp;the
initial 20 business day period of the Offer has expired,
(ii)&nbsp;all conditions to the Offer are deemed satisfied or
waived by the Purchaser on or before the Expiration Date,
(iii)&nbsp;we accept and promptly pay for all Shares validly
tendered during the Offer, (iv)&nbsp;we announce the results of
the Offer, including the approximate number and percentage of
Shares deposited in the Offer, no later than 9:00&nbsp;A.M.,
New&nbsp;York City time on the next business day after the
Expiration Date and immediately begin the Subsequent Offering
Period and (v)&nbsp;we immediately accept and promptly pay for
Shares as they are tendered during the Subsequent Offering
Period. In addition, we may extend any initial Subsequent
Offering Period by any period or periods, provided that the
aggregate of the Subsequent Offering Periods (including
extensions thereof) is no more than 20 business days. We have
not at this time made a final decision to include or to not
include a Subsequent Offering Period. Such decision will be made
in our sole discretion, and there is no assurance that we will
or will not include such a Subsequent Offering Period. In a
public release, the SEC has expressed the view that inclusion of
a Subsequent Offering Period would constitute a material change
to the terms of the Offer and would require the Purchaser to
disseminate new information to stockholders in a manner
reasonably calculated to inform them of such change sufficiently
in advance of the Expiration Date. In the event we elect to
include a Subsequent Offering Period, we will notify
shareholders of Hertz in a manner consistent with the
requirements of the SEC.

<P align="center">43

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No withdrawal rights apply to Shares tendered in a Subsequent
Offering Period and no withdrawal rights apply during the
Subsequent Offering Period with respect to Shares tendered in
the Offer and accepted for payment. The same consideration and
offer price will be paid to stockholders tendering Shares in the
Offer or in any Subsequent Offering Period. Any extension,
termination or amendment or extension of a Subsequent Offering
Period will be followed as promptly as practicable by a public
announcement thereof. Without limiting the manner in which we
may choose to make any public announcement, we will have no
obligation (except as otherwise required by applicable law) to
publish, advertise or otherwise communicate any such public
announcement other than by making a release to the Dow Jones
News Service. In the case of an extension of the Offer, we will
make a public announcement of such extension no later than
9:00&nbsp;A.M., New&nbsp;York City time, on the next business
day after the previously scheduled Expiration Date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz has provided us with its stockholder list and security
position listings so we can disseminate the Offer to holders of
Shares. We will send this Offer to Purchase and the related
Letter of Transmittal to record holders of Shares and to
brokers, dealers, banks, trust companies and other nominees
whose names appear on the stockholder list or, if applicable,
who are listed as participants in a clearing agency&#146;s
security position listing for subsequent transmittal to
beneficial owners of Shares.

<P align="left"><B>3.&nbsp; ACCEPTANCE FOR PAYMENT AND PAYMENT.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the terms and subject to the conditions of the Offer, we
will accept for payment and pay for all Shares validly tendered
prior to the Expiration Date and not withdrawn as soon as
practicable after the later of the Expiration Date and
satisfaction of all conditions to the Offer set forth in
&#147;The Offer&nbsp;&#151; Conditions of the Offer&#148;
relating to governmental or regulatory approval. In addition, we
reserve the right, subject to compliance with Rule&nbsp;14e-1(c)
under the Exchange Act, to delay the acceptance for payment or
payment for Shares in order to comply in whole or in part with
any applicable law. For a description of our right to terminate
the Offer and not accept for payment or pay for Shares or to
delay acceptance for payment or payment for Shares, see
&#147;The Offer&nbsp;&#151; Terms of the Offer; Expiration
Date.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of the Offer, we shall be deemed to have accepted
for payment tendered Shares when, as and if we give oral or
written notice of our acceptance to the Depositary. We will pay
for Shares accepted for payment pursuant to the Offer by
depositing the purchase price with the Depositary. The
Depositary will act as your agent for the purpose of receiving
payments from us and transmitting such payments to you. In all
cases, payment for Shares accepted for payment pursuant to the
Offer will be made only after timely receipt by the Depositary
of certificates for such Shares (or of a confirmation of a
book-entry transfer of such Shares into the Depositary&#146;s
account at the Book-Entry Transfer Facility (as defined in
&#147;The Offer&nbsp;&#151; Procedure for Tendering
Shares&#148;)), a properly completed and duly executed Letter of
Transmittal and any other required documents. Accordingly,
payment may be made to tendering stockholders at different times
if delivery of the Shares and other required documents occurs at
different times. For a description of the procedure for
tendering Shares pursuant to the Offer, see &#147;The
Offer&nbsp;&#151; Procedure for Tendering Shares.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Under no circumstances will we pay interest on the
consideration paid for Shares pursuant to the Offer, regardless
of any delay in making such payment.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>If we increase the consideration to be paid for Shares
pursuant to the Offer, we will pay such increased consideration
for all Shares purchased pursuant to the Offer.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We reserve the right to transfer or assign, in whole or from
time to time in part, to one or more of our affiliates the right
to purchase Shares tendered pursuant to the Offer, but any such
transfer or assignment will not relieve us of our obligations
under the Offer or prejudice your rights to receive payment for
Shares validly tendered and accepted for payment.

<P align="center">44

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any tendered Shares are not purchased pursuant to the Offer
for any reason, or if certificates are submitted for more Shares
than are tendered, certificates for such unpurchased or
untendered Shares will be returned (or, in the case of Shares
tendered by book-entry transfer, such Shares will be credited to
an account maintained at the Book-Entry Transfer Facility as
defined below), without expense to you, as promptly as
practicable following the expiration or termination of the Offer.

<P align="left"><B>4.&nbsp; PROCEDURE FOR TENDERING SHARES.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To tender Shares pursuant to the Offer, either (i)&nbsp;the
Depositary must receive at one of its addresses set forth on the
back cover of this Offer to Purchase (A)&nbsp;a properly
completed and duly executed Letter of Transmittal and any other
documents required by the Letter of Transmittal and
(B)&nbsp;certificates for the Shares to be tendered or delivery
of such Shares pursuant to the procedures for book-entry
transfer described below (and a confirmation of such delivery
including an Agent&#146;s Message (as defined below) if the
tendering stockholder has not delivered a Letter of
Transmittal), in each case by the Expiration Date, or
(ii)&nbsp;the guaranteed delivery procedure described below must
be complied with. Hertz employees who wish to tender their
Shares held under the Hertz Employee Stock Purchase Plan must
comply with the procedures described below under &#147;Employee
Stock Purchase Plan.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Book Entry Delivery.</I> The Depositary will establish an
account with respect to the Shares at The Depository Trust
Company (the &#147;Book-Entry Transfer Facility&#148;) for
purposes of the Offer within two business days after the date of
this Offer to Purchase, and any financial institution that is a
participant in the system of the Book-Entry Transfer Facility
may make delivery of Shares by causing the Book-Entry Transfer
Facility to transfer such Shares into the Depositary&#146;s
account in accordance with the procedures of the Book-Entry
Transfer Facility. However, although delivery of Shares may be
effected through book-entry transfer, the Letter of Transmittal
properly completed and duly executed together with any required
signature guarantees or an Agent&#146;s Message and any other
required documents must, in any case, be received by the
Depositary at one of its addresses set forth on the back cover
of this Offer to Purchase by the Expiration Date, or the
guaranteed delivery procedure described below must be complied
with. Delivery of the Letter of Transmittal and any other
required documents to the Book-Entry Transfer Facility does not
constitute delivery to the Depositary. &#147;Agent&#146;s
Message&#148; means a message, transmitted by the Book-Entry
Transfer Facility to, and received by, the Depositary and
forming a part of a book-entry confirmation which states that
the Book-Entry Transfer Facility has received an express
acknowledgment from the participant in the Book-Entry Transfer
Facility tendering the Shares that are the subject of such
book-entry confirmation which such participant has received, and
agrees to be bound by, the terms of the Letter of Transmittal
and that Hertz may enforce such agreement against such
participant.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Signature Guarantees. </I>Except as otherwise provided below,
all signatures on a Letter of Transmittal must be guaranteed by
a financial institution (including most banks, savings and loan
associations and brokerage houses) that is a member of a
recognized Medallion Program approved by The Securities Transfer
Association&nbsp;Inc., including the Securities Transfer Agents
Medallion Program (STAMP), the Stock Exchange Medallion Program
(SEMP)&nbsp;and the New&nbsp;York Stock Exchange,&nbsp;Inc.
Medallion Signature Program (MSP) (each an &#147;Eligible
Institution&#148;). Signatures on a Letter of Transmittal need
not be guaranteed (i)&nbsp;if the Letter of Transmittal is
signed by the registered holder of the Shares tendered therewith
and such holder has not completed the box entitled &#147;Special
Payment Instructions&#148; on the Letter of Transmittal or
(ii)&nbsp;if such Shares are tendered for the account of an
Eligible Institution. See Instructions 1 and 5 of the Letter of
Transmittal.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Guaranteed Delivery. </I>If you wish to tender Shares
pursuant to the Offer and cannot deliver such Shares and all
other required documents to the Depositary by the Expiration
Date, or cannot

<P align="center">45

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<DIV align="left">
complete the procedure for delivery by book-entry transfer on a
timely basis, you may nevertheless tender such Shares if all of
the following conditions are met:
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(i)&nbsp; such tender is made by or through an Eligible
	Institution;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(ii)&nbsp; a properly completed and duly executed Notice of
	Guaranteed Delivery in the form provided by the Purchaser is
	received by the Depositary (as provided below) by the Expiration
	Date;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(iii)&nbsp; the certificates for such Shares (or a confirmation
	of a book-entry transfer of such Shares into the
	Depositary&#146;s account at the Book-Entry Transfer Facility),
	together with a properly completed and duly executed Letter of
	Transmittal with any required signature guarantee or an
	Agent&#146;s Message and any other documents required by the
	Letter of Transmittal, are received by the Depositary within
	three New&nbsp;York Stock Exchange trading days after the date
	of execution of the Notice of Guaranteed Delivery.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notice of Guaranteed Delivery may be delivered by hand or
transmitted by facsimile transmission or mail to the Depositary
and must include a guarantee by an Eligible Institution in the
form set forth in such Notice.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The method of delivery of Shares and all other required
documents, including through the Book-Entry Transfer Facility,
is at your option and risk, and the delivery will be deemed made
only when actually received by the Depositary. If certificates
for Shares are sent by mail, we recommend registered mail with
return receipt requested, properly insured.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Employee Stock Purchase Plan.</I> Participants in the Hertz
Employee Stock Purchase Plan (which we refer to in this Offer to
Purchase as the &#147;ESPP&#148;) who wish to tender Shares held
under the ESPP should so indicate by completing, executing and
returning to EquiServe the confidential direction form included
in the notice sent to such participants. Participants in the
ESPP may not use the Letter of Transmittal or the guaranteed
delivery procedures to tender their interests in Shares held
under the ESPP on their behalf, but must use the separate
direction form sent to them. Under the terms of the ESPP,
participants who fail to timely instruct EquiServe to tender the
Shares held under the ESPP on their behalf will be deemed to
have chosen not to tender their Shares.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Back-up Withholding.</I> Under the federal income tax laws,
the Depositary will be required to withhold 31% of the amount of
any payments made to certain stockholders pursuant to the Offer.
In order to avoid such backup withholding, you must provide the
Depositary with your correct taxpayer identification number and
certify that you are not subject to such backup withholding by
completing the Substitute Form&nbsp;W-9 included in the Letter
of Transmittal. If you are a non-resident alien or foreign
entity not subject to back-up withholding, you must give the
Depositary a completed Form&nbsp;W-8BEN Certificate of Foreign
Status prior to receipt of any payment.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Grant of Proxy. </I>By executing a Letter of Transmittal (or
delivering an Agent&#146;s Message), you irrevocably appoint our
designees as your proxies in the manner set forth in the Letter
of Transmittal to the full extent of your rights with respect to
the Shares tendered and accepted for payment and paid for by us
(and any and all other Shares or other securities issued or
issuable in respect of such Shares on or after January&nbsp;16,
2001). All such proxies are irrevocable and coupled with an
interest in the tendered Shares. Such appointment is effective
only upon our acceptance for payment of and payment for such
Shares. Upon such acceptance for payment and payment for such
Shares, all prior proxies and consents granted by you with
respect to such Shares and other securities will, without
further action, be revoked, and no subsequent proxies may be
given nor subsequent written consents executed (and, if
previously given or executed, will cease to be effective). Our
designees will be empowered to exercise all your voting and
other rights as they, in their sole discretion, may deem proper
at any annual, special or adjourned meeting of Hertz&#146;s
stockholders, by written consent or otherwise. We reserve the
right to require that, in order for Shares to be validly
tendered, immediately upon our acceptance for payment of and
payment for such Shares, we are able to

<P align="center">46

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<DIV align="left">
exercise full voting rights with respect to such Shares and
other securities (including voting at any meeting of
stockholders then scheduled or acting by written consent without
a meeting).
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The tender of Shares pursuant to any one of the procedures
described above will constitute your acceptance of the Offer, as
well as your representation and warranty that (i)&nbsp;you own
the Shares being tendered within the meaning of Rule&nbsp;14e-4
promulgated under the Exchange Act, (ii)&nbsp;the tender of such
Shares complies with Rule&nbsp;14e-4 and (iii)&nbsp;you have the
full power and authority to tender, sell, assign and transfer
the Shares tendered, as specified in the Letter of Transmittal.
Our acceptance for payment of Shares tendered by you pursuant to
the Offer will constitute a binding agreement between us with
respect to such Shares, upon the terms and subject to the
conditions of the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Validity. </I>We will determine, in our sole discretion, all
questions as to the form of documents and the validity,
eligibility (including time of receipt) and acceptance for
payment of any tender of Shares, and our determination shall be
final and binding. We reserve the absolute right to reject any
or all tenders of Shares that we determine not to be in proper
form or the acceptance for payment of or payment for which may,
in the opinion of our counsel, be unlawful. We also reserve the
absolute right to waive any defect or irregularity in any tender
of Shares. Our interpretation of the terms and conditions of the
Offer will be final and binding. None of the Purchaser, the
Dealer Manager, the Depositary, the Information Agent or any
other person will be under any duty to give notification of any
defect or irregularity in tenders or waiver of any such defect
or irregularity or incur any liability for failure to give any
such notification.

<P align="left"><B>5.&nbsp; WITHDRAWAL RIGHTS.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You may withdraw tenders of Shares made pursuant to the Offer at
any time prior to the Expiration Date. Thereafter, such tenders
are irrevocable, except that they may be withdrawn after
April&nbsp;2, 2001, unless such Shares are accepted for payment
and paid for as provided in this Offer to Purchase. If we extend
the period of time during which the Offer is open or are delayed
in accepting for payment or paying for Shares pursuant to the
Offer for any reason, then, without prejudice to our rights
under the Offer, the Depositary may, on our behalf, retain all
Shares tendered, and such Shares may not be withdrawn except as
otherwise provided in this Section.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To withdraw tendered Shares, a written or facsimile transmission
notice of withdrawal with respect to the Shares must be timely
received by the Depositary at one of its addresses set forth on
the back cover of this Offer to Purchase, and the notice of
withdrawal must specify the name of the person who tendered the
Shares to be withdrawn and the number of Shares to be withdrawn
and the name of the registered holder of Shares, if different
from that of the person who tendered such Shares. If the Shares
to be withdrawn have been delivered to the Depositary, a signed
notice of withdrawal with (except in the case of Shares tendered
by an Eligible Institution) signatures guaranteed by an Eligible
Institution must be submitted prior to the release of such
Shares. In addition, such notice must specify, in the case of
Shares tendered by delivery of certificates, the name of the
registered holder (if different from that of the tendering
stockholder) and the serial numbers shown on the particular
certificates evidencing the Shares to be withdrawn or, in the
case of Shares tendered by book-entry transfer, the name and
number of the account at the Book-Entry Transfer Facility to be
credited with the withdrawn Shares. Withdrawals may not be
rescinded, and Shares withdrawn will thereafter be deemed not
validly tendered for purposes of the Offer. However, withdrawn
Shares may be re-tendered by again following one of the
procedures described in &#147;The Offer&nbsp;&#151; Procedures
for Tendering Shares&#148; at any time prior to the Expiration
Date.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If we include a Subsequent Offering Period (as described in more
detail in &#147;The Offer&nbsp;&#151; Extensions of the Tender
Period; Termination; Amendment; Subsequent Offering
Period&#148;) following the Offer, no withdrawal rights will
apply to Shares tendered in such Subsequent Offering Period or
to Shares previously tendered in the Offer and accepted for
payment.

<P align="center">47

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will determine, in our sole discretion, all questions as to
the form and validity (including time of receipt) of any notice
of withdrawal, and our determination shall be final and binding.
None of the Purchaser, the Dealer Manager, the Depositary, the
Information Agent or any other person will be under any duty to
give notification of any defect or irregularity in any notice of
withdrawal or waiver of any such defect or irregularity or incur
any liability for failure to give any such notification.

<P align="left"><B>6.&nbsp; CERTAIN UNITED STATES FEDERAL INCOME TAX
CONSEQUENCES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This summary of the material United States federal income tax
consequences of the Offer and the Merger is for general
information only and is based on the law as currently in effect.
This summary does not discuss all of the tax consequences that
may be relevant to a stockholder in light of its particular
circumstances or to stockholders subject to special rules, such
as financial institutions, broker-dealers, tax-exempt
organizations, stockholders that hold their Shares as part of a
straddle or a hedging or conversion transaction and stockholders
who acquired their Shares through the exercise of an employee
stock option or otherwise as compensation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Stockholders are urged to consult their own tax advisors as
to the particular tax consequences to them of the Offer and the
Merger, including the effect of United States state and local
tax laws or foreign tax laws.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A United States holder refers to:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	a citizen or resident of the United States,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	a corporation or other entity created or organized in the United
	States or under the laws of the United States or of any
	political subdivision of the United States,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	an estate, the income of which is includible in gross income for
	federal income tax purposes regardless of its source,&nbsp;or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	a trust, if a U.S.&nbsp;court can exercise primary supervision
	over the administration of the trust and one or more
	U.S.&nbsp;persons can control all substantial decisions of the
	trust, or if the trust was in existence on August&nbsp;20, 1996
	and has elected to continue to be treated as a U.S.&nbsp;person.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A Non-United States holder refers to a stockholder that is not a
United States holder.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>United States Holders. </I>The receipt by a United States
holder of cash for Shares pursuant to the Offer or the Merger
will be a taxable transaction under the United States Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;). A
United States holder will generally recognize gain or loss in an
amount equal to the difference between the cash received by the
stockholder pursuant to the Offer or the Merger and the
stockholder&#146;s adjusted tax basis in the Shares tendered
pursuant to the Offer or converted in the Merger. That gain or
loss will be a capital gain or loss if the Shares are a capital
asset in the hands of the stockholder, and will be long-term
capital gain or loss if the Shares have been held for more than
one year. Stockholders are urged to consult their own tax
advisors as to the federal income tax treatment of a capital
gain or loss (including limitations on the deductibility of a
capital loss).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A United States holder may be subject to backup withholding at a
rate of 31% unless it provides its taxpayer identification
number and certifies that the number is correct or properly
certifies that it is awaiting a taxpayer identification number,
or unless an exemption is demonstrated to apply. See
&#147;Procedures for Accepting the Offer and Tendering
Shares&nbsp;&#151; Other Requirements.&#148; Backup withholding
is not an additional tax. Amounts so withheld can be refunded or
credited against the federal income tax liability of the
stockholder, provided appropriate information is forwarded to
the IRS. A tendering United States holder should complete the
Substitute Form&nbsp;W-9 that is included in the Letter of
Transmittal.

<P align="center">48

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Non-United States Holders.</I> A tendering Non-United States
holder will generally not be subject to United States federal
income tax on a gain realized on a disposition of Shares unless:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	the gain is effectively connected with a trade or business in
	the United States of that Non-United States holder,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	that Non-United States holder is a non-resident alien individual
	who holds the Shares as a capital asset and who is present in
	the United States for 183 or more days during its taxable
	year,&nbsp;or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	that Non-United States holder is subject to tax under the
	provisions of the Code on the taxation of United States
	expatriates.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Information reporting and backup withholding imposed at a rate
of 31% may apply under specified circumstances to cash payments
received by a Non-United States Holder for Shares pursuant to
the Offer or the Merger unless it certifies as to its foreign
status or otherwise establishes an exemption. See &#147;The
Offer&nbsp;&#151; Procedures for Accepting the Offer and
Tendering Shares&nbsp;&#151; Other Requirements.&#148; Backup
withholding is not an additional tax. Amounts so withheld can be
refunded or credited against the federal income tax liability of
a Non-United States holder, provided appropriate information is
forwarded to the IRS. <B>To avoid backup withholding, a
tendering Non-United States holder should complete a
Form&nbsp;W-8BEN, which may be obtained from the Depositary.</B>

<P align="left"><B>7.&nbsp; PRICE RANGE OF SHARES; DIVIDENDS.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Shares are listed and principally traded on the
New&nbsp;York Stock Exchange under the symbol &#147;HRZ.&#148;
The following table sets forth for the periods indicated the
high and low sales prices per Share on the NYSE based on
published financial sources.

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="75%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>High</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	First Quarter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">54.06</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36.88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Second Quarter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">64.19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">49.00</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Third Quarter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">60.88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fourth Quarter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51.13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37.94</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	First Quarter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">51.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26.63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Second Quarter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28.06</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Third Quarter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fourth Quarter</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34.81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31.75</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2001</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	First Quarter (through February&nbsp;1, 2001)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">33.88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On September&nbsp;20, 2000, the last full trading day before
Hertz announced that it had received a preliminary, non-binding
proposal from Ford to acquire all of the outstanding Shares, the
reported closing sales price of Class&nbsp;A Common Stock on the
NYSE Composite Tape was $24.25&nbsp;per share. On
January&nbsp;12, 2001, the last full trading day before
announcement by the Hertz Board and Ford of their agreement on
the Offer and the Merger, the reported closing sales price per
share of Class&nbsp;A Common Stock on the NYSE Composite Tape
was $34.88&nbsp;per share. Between January&nbsp;1, 2001 and
January&nbsp;12, 2001, the price per Share on the NYSE Composite
Tape ranged between $33.88 and $34.88. On February&nbsp;1, 2001,
the last full trading day before the date of this Offer to
Purchase, the reported closing sales price per share of
Class&nbsp;A Common Stock on the NYSE Composite Tape was $35.29.
We advise you to obtain a recent quotation for Shares before
deciding whether to tender your Shares.

<P align="center">49

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Hertz has paid a quarterly dividend of $0.05&nbsp;per share of
Common Stock for each fiscal quarter during 1999 and 2000.
Dividends have been paid quarterly in March, June, September and
December of each year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Merger Agreement restricts the payment of dividends or other
distributions other than regular quarterly dividends payable on
the Common Stock in an amount not to exceed $.05&nbsp;per share
per quarter. On January&nbsp;26, 2001, the Hertz Board declared
a quarterly dividend of $.05&nbsp;per share on its Common Stock,
payable on March&nbsp;9, 2001 to stockholders of record as of
February&nbsp;15, 2001. Tendering your Shares in the Offer will
not affect your right to receive this dividend. Following the
Merger, Hertz&#146;s dividend policy will change as a result of
it no longer being a public company and dividends will be paid
when and as declared by the Board of Directors of the Surviving
Corporation.

<P align="left"><B>8.&nbsp; CERTAIN INFORMATION CONCERNING HERTZ; CERTAIN
PROJECTIONS.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>General. </I>Hertz and its affiliates and independent
licensees operate what Hertz believes is the largest car rental
business in the world based upon revenues and one of the largest
industrial and construction equipment rental businesses in the
United States based upon revenues. The Hertz brand name is
recognized worldwide as a leader in quality rental and leasing
services and products. Hertz, together with its affiliates and
independent licensees, currently rents and leases cars and light
trucks, rents industrial and construction equipment and operates
its other businesses from approximately 6,500 locations
throughout the United States and in approximately 140 foreign
countries and jurisdictions. Hertz is a direct subsidiary of the
Purchaser and an indirect subsidiary of Ford.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The name, business address, principal occupation or employment,
five year employment history and citizenship of each director
and executive officer of Hertz and certain other information are
set forth on Schedule&nbsp;II.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Available Information. </I>Hertz is subject to the
informational requirements of the Exchange Act and in accordance
therewith files periodic reports, proxy statements and other
information with the SEC relating to its business, financial
condition and other matters. Hertz is required to disclose in
such proxy statements certain information, as of particular
dates, concerning Hertz&#146;s directors and officers, their
remuneration, stock options granted to them, the principal
holders of Hertz&#146;s securities and any material interest of
such persons in transactions with Hertz. Such reports, proxy
statements and other information may be inspected at the public
reference facilities maintained by the SEC at Judiciary Plaza,
450&nbsp;Fifth Street, N.W., Washington,&nbsp;D.C. 20549. Copies
of such material can also be obtained at prescribed rates from
the Public Reference Section of the SEC at Judiciary Plaza,
450&nbsp;Fifth Street, N.W., Washington,&nbsp;D.C. 20549, or
free of charge at the Web site maintained by the SEC at
http://www.sec.gov.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as otherwise stated in this Offer to Purchase, the
information concerning Hertz contained herein has been taken
from or is based upon reports and other documents on file with
the SEC or otherwise publicly available. Although we have no
knowledge that would indicate that any statements contained
herein based upon such reports and documents are untrue, we take
no responsibility for the accuracy or completeness of the
information contained in such reports and other documents or for
any failure by Hertz to disclose events that may have occurred
and may affect the significance or accuracy of any such
information but that are unknown to us.

<P align="center">50

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<P><HR noshade><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD></TD>
	<TD>
	<I>Selected Financial Information.</I></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Set forth below is selected consolidated financial information
and operating data relating to Hertz. The selected consolidated
income statement data for each of the years in the four-year
period ended December&nbsp;31, 1999, and the selected
consolidated balance sheet data as of December&nbsp;31, 1999,
1998, 1997 and 1996, was derived from audited consolidated
financial statements of Hertz and the related notes thereto,
included in Hertz&#146;s Annual Report on Form&nbsp;10-K for the
years ended December&nbsp;31, 1999, 1998, 1997 and 1996. The
unaudited information for the nine months ended
September&nbsp;30, 2000 and 1999 was derived from Hertz&#146;s
Quarterly Report on Form&nbsp;10-Q for the quarter ended
September&nbsp;30, 2000. More comprehensive financial
information is included in those filings, all of which are
incorporated herein by reference. The table also presents
unaudited selected consolidated financial information of Hertz
for the year ended December&nbsp;31, 2000. The unaudited
operating results for 2000 include all adjustments that Hertz
considers necessary for a fair presentation. The consolidated
financial statements, from which 2000 information has been
derived, are currently being completed and are subject to audit.
Hertz filed a press release relating to fourth quarter and full
year 2000 earnings under cover of Schedule&nbsp;14D-9 filed with
the SEC on January&nbsp;17, 2001, which was incorporated by
reference in a Current Report on Form&nbsp;8-K, also filed with
the SEC on January&nbsp;17, 2001. The table also includes the
calculation of book value per share as of December&nbsp;31,
2000, 1999, 1998, 1997 and September&nbsp;30, 2000 and 1999, not
previously filed with the SEC. The selected operating data for
each of the years in the four-year period ended
December&nbsp;31, 1999, was excerpted from Hertz&#146;s Annual
Reports on Form&nbsp;10-K for the years ended December&nbsp;31,
1999, 1998, 1997 and 1996. The selected operating data for the
year ended December&nbsp;31, 2000 was derived from consolidated
operating data of Hertz, which has not yet been filed with the
SEC. The selected operating data for the nine months ended
September&nbsp;30, 2000 and 1999 was excerpted from Hertz&#146;s
Quarterly Report on Form&nbsp;10-Q for the quarter ended
September&nbsp;30, 2000. The financial and operating information
that follows is qualified in its entirety by reference to such
reports and other documents which may be examined and copies of
which may be obtained from the offices of the SEC in the manner
set forth above.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Nine months ended or at</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Years ended or at December&nbsp;31,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>September&nbsp;30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD colspan="27"></TD>
</TR>

<TR>
	<TD colspan="4"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="27"><FONT size="2"><B>Dollars in millions, except Earnings per share</B></FONT></TD>
</TR>

<TR>
	<TD colspan="4" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	INCOME STATEMENT DATA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Revenues</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Car rental</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,980.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,728.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,484.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,329.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,161.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,057.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,828.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Industrial and construction equipment rental</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">969.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">842.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">631.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">444.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">392.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">706.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">609.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Car leasing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">37.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">40.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other(a)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">93.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">104.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">84.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">76.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">79.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">70.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">78.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total revenues</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,073.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,715.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,238.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,891.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,668.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,862.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,545.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Expenses(b)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Direct operating</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,290.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,120.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,948.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,849.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,812.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,708.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,571.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depreciation of revenue earning equipment(c)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,336.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,240.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,078.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">979.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">892.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,007.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">921.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Selling, general and administrative</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">451.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">452.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">439.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">417.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">407.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">341.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">340.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Interest, net of interest income of $13.5, $12.2, $11.5, $13.8,
	$10.4, $10.3 and $8.1</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">414.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">341.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">306.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">302.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">298.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">307.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">250.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total expenses</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,492.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,155.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,772.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,548.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,411.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,364.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,083.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income before income taxes</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">580.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">560.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">465.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">343.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">256.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">497.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">461.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Provision for taxes on income(d)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">222.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">224.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">188.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">97.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">195.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">186.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">358.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">336.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">277.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">201.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">158.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">302.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">275.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Earnings per share(e)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.56</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.86</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.33</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.86</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.55</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Weighted-average number of shares outstanding</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Basic</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,573,184</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,968,511</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,067,850</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,227,916</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,227,916</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,616,838</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,005,161</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,743,281</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,558,338</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,561,352</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,630,236</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,630,236</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">107,790,428</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">108,685,605</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Ratio of earnings to fixed charges(f)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">51

<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="7"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>Nine months</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>ended or at</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Years ended or at December&nbsp;31,</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><FONT size="2"><B>September&nbsp;30,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="7"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1998</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1997</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1996</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="27"></TD>
</TR>

<TR>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="27"><FONT size="2"><B>Dollars in millions, except Earnings per share</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	BALANCE SHEET DATA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Revenue earning equipment, net</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Cars</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,186.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,762.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,472.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,039.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,318.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,790.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,344.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Other equipment</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,736.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,501.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,309.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">852.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">717.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,777.3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,572.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total assets</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,620.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,136.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,872.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,435.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,649.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">11,191.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10,159.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total debt</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,676.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,602.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,759.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,715.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,091.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,345.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,566.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Stockholders&#146; equity</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,984.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,674.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,393.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,136.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">989.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,917.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,636.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Book value per share (in whole dollars)(g)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">18.43</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">12.86</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">10.45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">N/A</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17.82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">15.11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SELECTED OPERATING DATA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Car rental and other operations:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Peak number of owned and licensee cars operated during period</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">526,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">473,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">431,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">400,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">389,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">526,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">473,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average number of owned cars operated during period</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">364,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">332,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">302,900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">289,900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">283,900</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">368,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">332,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Number of transactions of owned car rental operations during
	period (in thousands)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">25,229</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">23,453</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,858</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,075</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">20,110</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">19,083</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">17,634</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average revenue per transaction of owned car rental operations
	during period (whole dollars)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">158</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">159</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">158</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">157</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">160</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">160</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Equipment rental operations:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average cost of rental equipment operated during period</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,157.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,851.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,356.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,015.5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">822.9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,109.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,813.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="30%" align="left">
</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"></TD>
	<TD width="1%"></TD>
	<TD width="96%"></TD>
</TR>

<TR>
	<TD valign="top">
	(a)</TD>
	<TD></TD>
	<TD valign="top">
	Includes fees from licensees (other than expense reimbursement
	from licensees) and revenue from claim management and
	telecommunications services.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	(b)</TD>
	<TD></TD>
	<TD valign="top">
	Certain prior year amounts have been reclassified to conform to
	the current year presentation.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	(c)</TD>
	<TD></TD>
	<TD valign="top">
	For 2000, 1999, 1998, 1997 and 1996 includes net credits of
	$41.8&nbsp; million, $29.6&nbsp;million, $14.5&nbsp;million,
	$3.3&nbsp;million and $23.2&nbsp;million, respectively, and for
	the nine months ended September&nbsp;30, 2000 and 1999 includes
	net credits of $31.9&nbsp;million and $21.2&nbsp;million,
	respectively, primarily from net proceeds received in excess of
	book value on the disposal of revenue earning equipment.
	Effective January&nbsp;1, 2000 and January&nbsp;1, 1997, certain
	estimated useful lives being used to compute the provision for
	depreciation of revenue earning equipment used in the industrial
	and construction equipment rental business were increased to
	reflect changes in the estimated residual values to be realized
	upon disposal of the equipment. As a result of this change,
	depreciation of revenue earning equipment for the year 2000, the
	nine months ended September&nbsp;30, 2000 and the year 1997
	decreased by $12.9&nbsp;million, $10.2&nbsp; million and
	$10.4&nbsp;million, respectively.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	(d)</TD>
	<TD></TD>
	<TD valign="top">
	Includes credits of $13.9&nbsp;million for the year 1996,
	resulting from adjustments made to tax accruals in connection
	with tax audit evaluations and the effects of prior years&#146;
	tax-sharing arrangements between Hertz and its former parent
	companies, UAL and RCA.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	(e)</TD>
	<TD></TD>
	<TD valign="top">
	The basic and diluted earnings per share of Common Stock for the
	year ended December&nbsp;31, 1996 assumes that the
	weighted-average shares outstanding during 1997 were outstanding
	in 1996.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	(f)</TD>
	<TD></TD>
	<TD valign="top">
	Earnings have been calculated by adding interest expense and the
	portion of rentals estimated to represent the interest factor to
	income before income taxes. Fixed charges include interest
	charges (including capitalized interest) and the portion of
	rentals estimated to represent the interest factor.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD valign="top">
	(g)</TD>
	<TD></TD>
	<TD valign="top">
	Book value per share is calculated as total stockholders&#146;
	equity at the end of the period divided by the diluted number of
	shares of Common Stock outstanding at the end of the period.
	Prior to April 1997, Hertz was not a public company.</TD>
</TR>

</TABLE>

<P align="center">52

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Certain Projections.</I> As the controlling stockholder of
Hertz, Ford and its representatives on the Hertz Board were
routinely given access to nonpublic management projections of
possible future performance of Hertz. These projections (the
&#147;Hertz Projections&#148;) included management forecasts of
sales, EBITDA, EBIT, pre-tax income, net income and diluted
earnings per share. Following the receipt by Hertz in September
2000 of Ford&#146;s preliminary, non-binding proposal to acquire
all of the outstanding Shares, Ford and Hertz agreed that Ford
and its representatives on the Hertz Board would no longer be
given routine access to such Hertz Projections. During the
course of its negotiations with the Special Committee, Ford was
provided by Hertz Management with 5-year Hertz Projections on
November&nbsp;22, 2000, which were prepared on and dated as of
November&nbsp;3, 2000 (the &#147;November&nbsp;3, 2000 Hertz
Projections&#148;), as discussed under &#147;Special
Factors&nbsp;&#151; Background to the Offer.&#148; Hertz also
provided Ford with Hertz Projections in January 2001. A summary
of the Hertz Projections received most recently prior to
September 2000, the November&nbsp;3, 2000 Hertz Projections, and
the January 2001 revised 5-year Hertz Projections are set forth
below. On October&nbsp;12, 2000, the Ford Profit Forecasting
Group received Hertz Projections and, in the course of
negotiations with the Special Committee, Hertz provided Ford
with Hertz Projections on November&nbsp;30, 2000. The
October&nbsp;12, 2000 and November&nbsp;30, 2000 Hertz
Projections are not summarized herein since they did not differ
materially from the November&nbsp;3, 2000 Hertz Projections.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>The Hertz Projections were not prepared with a view to public
disclosure or compliance with published guidelines of the SEC or
the guidelines established by the American Institute of
Certified Public Accountants regarding projections or forecasts.
The Hertz Projections are included in this Offer to Purchase
only because such information was available to us or provided to
us in connection with our evaluation of a business combination
transaction. These projections are forward-looking statements
within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are based on
then-current expectations, forecasts and assumptions of Hertz
management and involve risks and uncertainties, some of which
are outside of Hertz&#146;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 Hertz&#146;s
customers reside and where Hertz 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.
Accordingly, there can be no assurance that the assumptions made
in preparing any of the Hertz Projections will prove accurate or
that any of the Hertz Projections will be realized. It is
expected that there will be differences between actual and
projected results, and actual results may be materially greater
or less than those contained in any of the Hertz Projections.
The inclusion of any of the Hertz Projections herein should not
be regarded as an indication that any of Ford, the Purchaser or
Hertz or their respective affiliates or representatives
considered or consider any of the Hertz Projections to be a
reliable prediction of future events, and none of the Hertz
Projections should be relied upon as such. None of Ford, the
Purchaser or Hertz or any of their respective affiliates or
representatives has made or makes any representations to any
person regarding the ultimate performance of Hertz compared to
the information contained in any of the Hertz Projections, and
none of them intends to update or otherwise revise any of the
Hertz Projections to reflect circumstances existing after the
date when made or to reflect the occurrence of future events
even in the event that any or all of the assumptions underlying
any of the Hertz Projections are shown to be in error.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition to the risks and uncertainties inherent in the Hertz
Projections noted above, Ford and the Purchaser believe that the
utility of the Pre-September 2000 Hertz Projections is further
compromised by intervening economic and market developments
since the preparation of such projections. The extent of the
economic slowdown in the U.S. and abroad was not yet apparent
when the Pre-September 2000 Hertz Projections were prepared, and
such projections were based on assumptions as to future economic
growth rates that seem unjustified based on current information.
It is our understanding that Hertz believes that reduced
economic growth rates in the

<P align="center">53

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="left">
United States and abroad could negatively affect Hertz&#146;s
worldwide car rental and equipment rental businesses.
</DIV>

<P align="center"><B>January 2001 Hertz Projections&#151;5 Year Projections</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Projected</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2001</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2002</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2003</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2004</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2005</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Dollars in millions, except EPS</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Revenues</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,057</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,564</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,198</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,821</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Earnings before interest, taxes, depreciation and amortization
	(&#147;EBITDA&#148;)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,657</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,892</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,150</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,469</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,783</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Earnings before interest and taxes (&#147;EBIT&#148;)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,026</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,119</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,210</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,321</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,439</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Income before income taxes (&#147;Pre-tax income&#148;)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">541</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">595</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">650</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">722</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">803</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">333</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">362</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">393</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">430</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">480</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted earnings per share (&#147;EPS&#148;)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.09</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.36</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.99</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><B>January 2001 Hertz Projections&#151;Quarterly Performance
Projections</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Year Ended December&nbsp;31, 2001</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Projected</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>1st Quarter</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2nd Quarter</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>3rd Quarter</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>4th Quarter</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Total Year</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Dollars in millions, except EPS</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	INCOME STATEMENT DATA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Revenues</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,149</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,404</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,613</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,383</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,549</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Pre-tax income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(13</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">147</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">274</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">541</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(8</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">90</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">169</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">333</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted EPS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">(0.08</FONT></TD>
	<TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.84</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1.57</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">0.76</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.09</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SELECTED OPERATING DATA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	US Rent A Car</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average revenue per transaction per day of owned car rental
	operations during period (whole dollars)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39.26</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42.32</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43.39</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42.51</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41.98</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Number of transactions of owned car rental operations during
	period (in thousands)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,850.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,613.6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,694.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,228.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,386.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Europe Rent A Car</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average revenue per transaction per day of owned car rental
	operations during period (whole dollars)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">27.63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.22</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.29</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29.81</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29.82</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Number of transactions of owned car rental operations during
	period (in thousands)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,026.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,243.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,266.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,190.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,727.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">54

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>November&nbsp;3, 2000 Hertz Projections</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Projected</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2001</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2002</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2003</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2004</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2005</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD colspan="2"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Dollars in millions, except EPS</B></FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	INCOME STATEMENT DATA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Revenues</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,547</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,321</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,994</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,647</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,285</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	EBITDA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,694</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,028</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,364</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,691</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,012</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	EBIT</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,059</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,176</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,296</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,408</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,529</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Pre-tax income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">691</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">793</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">889</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">981</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">363</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">421</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">480</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">530</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">586</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted EPS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.38</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.91</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.46</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.93</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.45</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SELECTED OPERATING DATA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	US Rent A Car</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average revenue per transaction per day of owned car rental
	operations during period (whole dollars)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">41.89</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42.71</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43.58</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">44.47</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">45.14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Number of transactions of owned car rental operations during
	period (in thousands)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">21,482.4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">22,986.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24,606.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">26,339.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28,175.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Europe Rent A Car</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Average revenue per transaction per day of owned car rental
	operations during period (whole dollars)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34.15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34.67</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35.19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35.89</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">36.62</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Number of transactions of owned car rental operations during
	period (in thousands)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,714.7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,091.8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,499.2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,884.1</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,296.0</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><B>Pre-September 2000 Hertz Projections</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="55%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Projected</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2001</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2002</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2003</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2004</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>2005</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="19"></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="19"><FONT size="2"><B>Dollars in millions, except EPS</B></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Revenues</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,993</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,577</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,133</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">7,779</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">8,492</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	EBITDA</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">2,915</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,197</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,490</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3,838</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,230</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	EBIT</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,149</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,251</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,355</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,490</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,667</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Pre-tax income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">670</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">737</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">825</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">949</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,092</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Net income</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">406</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">449</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">500</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">566</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">653</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Diluted EPS</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">3.77</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4.65</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5.27</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6.07</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><B>9.&nbsp; CERTAIN INFORMATION CONCERNING THE PURCHASER AND
FORD.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Purchaser is a Delaware corporation and is an indirect
wholly owned subsidiary of Ford. The Purchaser was organized as
a holding company that continues to hold certain of Ford&#146;s
financial services assets. As of December&nbsp;31, 2000, the
Purchaser owned approximately 50.4% of the Class&nbsp;A Common
Stock and 100% of the Class&nbsp;B Common Stock of Hertz,
representing in the aggregate approximately 94.7% of the
combined voting power of all classes of capital stock of Hertz
and approximately 81.5% of the economic interest in Hertz.

<P align="center">55

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford was incorporated in Delaware in 1919. Ford is the
world&#146;s largest producer of trucks and the second-largest
producer of cars and trucks combined. Ford and its subsidiaries
also engage in other businesses, including financing and renting
vehicles and equipment.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The name, business address, principal occupation or employment,
five year employment history and citizenship of each director
and executive officer of Ford, the Purchaser and FSG&nbsp;II and
certain other information are set forth on Schedule&nbsp;I.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Available Information. </I>Ford is subject to the
informational requirements of the Exchange Act and in accordance
therewith files periodic reports, proxy statements and other
information with the SEC relating to its business, financial
condition and other matters. Ford is required to disclose in
such proxy statements certain information, as of particular
dates, concerning its directors and officers, their
remuneration, stock options granted to them, the principal
holders of its securities and any material interests of such
persons in transactions with Ford. Such reports, proxy
statements and other information should be available for
inspection and copying at the offices of the SEC in the same
manner as set forth with respect to Hertz in &#147;The
Offer&nbsp;&#151; Certain Information Concerning Hertz; Certain
Projections&nbsp;&#151; Available Information&#148; and the
library of the NYSE, 20&nbsp;Broad Street, New&nbsp;York,
New&nbsp;York&nbsp;10005.

<P align="left"><B>10.&nbsp; SOURCE AND AMOUNT OF FUNDS.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will need approximately $715&nbsp;million to purchase all
Shares held by non-affiliates of Ford pursuant to the Offer and
to pay related fees and expenses. We intend to pay for all
Shares validly tendered and not withdrawn in the Offer and to
provide funding for the Merger from cash on hand. Ford has
committed to ensuring that we have sufficient cash to pay the
purchase price in the Offer and to pay the Merger Consideration.
As of December&nbsp;31, 2000, Ford had cash and marketable
securities in the amount of $16.5&nbsp;billion and expects to
have sufficient cash on hand at the expiration of the Offer to
pay the Offer Price for all Shares in the Offer. There are no
alternative financing arrangements or alternative financing
plans.

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD><B>11.&nbsp;</B></TD>
	<TD>
	<B>EFFECT OF THE OFFER ON THE MARKET FOR THE SHARES; STOCK
	EXCHANGE LISTING(S); REGISTRATION UNDER THE EXCHANGE ACT.</B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Merger is consummated, stockholders who have not tendered
their Shares in the Offer will receive cash in an amount equal
to the price per Share provided pursuant to the Offer.
Therefore, if such Merger takes place, the only difference
between tendering Shares in the Offer and not tendering Shares
in the Offer is that tendering stockholders will be paid
earlier. If, however, the Merger is not consummated, the
purchase of Shares pursuant to the Offer will reduce the number
of Shares that might otherwise trade publicly and may reduce the
number of holders of Shares, which could adversely affect the
liquidity and market value of the remaining Shares held by
stockholders other than the Purchaser. We cannot predict whether
the reduction in the number of Shares that might otherwise trade
publicly would have an adverse or beneficial effect on the
market price for, or marketability of, the Shares or whether
such reduction would cause future market prices to be greater or
less than the Offer Price.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Depending upon the number of Shares purchased pursuant to the
Offer, the Shares may no longer meet the requirements of the
NYSE for continued listing and may, therefore, be delisted from
such exchange. According to the NYSE&#146;s published
guidelines, the NYSE would consider delisting the Shares if,
among other things (i)&nbsp;there were fewer than 400 holders,
(ii)&nbsp;there were fewer than 1,200 holders and the average
monthly trading volume was less than 100,000&nbsp;Shares over
the most recent 12&nbsp;months, (iii)&nbsp;the number of
publicly held Shares (excluding Shares held by officers,
directors, their immediate families and other concentrated
holdings of 10% or more) were less than 600,000, or
(iv)&nbsp;the aggregate market value of the publicly held Shares
was less than $50&nbsp;million. If, as a result of the purchase
of Shares pursuant to the Offer, the Shares no longer meet the

<P align="center">56

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<P><HR noshade><P>

<DIV align="left">
requirements of the NYSE for continued listing and the listing
of Shares is discontinued, the market for the Shares could be
adversely affected.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the NYSE were to delist the Shares, it is possible that the
Shares would trade on another securities exchange or in the
over-the-counter market and that price quotations for the Shares
would be reported by such exchange or through the Nasdaq
National Market or other sources. The extent of the public
market for the Shares and availability of such quotations would,
however, depend upon such factors as the number of holders
and/or the aggregate market value of the publicly-held Shares at
such time, the interest in maintaining a market in the Shares on
the part of securities firms, the possible termination of
registration of the Shares under the Exchange Act and other
factors.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Shares are currently &#147;margin securities&#148; under the
regulations of the Board of Governors of the Federal Reserve
System (the &#147;Federal Reserve Board&#148;), which has the
effect, among other things, of allowing brokers to extend credit
on the collateral of such Shares. Depending upon factors similar
to those described above regarding listing and market
quotations, the Shares might no longer constitute &#147;margin
securities&#148; for the purposes of the Federal Reserve
Board&#146;s margin regulations and, therefore, could no longer
be used as collateral for loans made by brokers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Shares are currently registered under the Exchange Act.
Registration may be terminated upon application of Hertz to the
SEC if the Shares are neither listed on a national securities
exchange nor held by 300 or more holders of record. Termination
of the registration of the Shares under the Exchange Act would
substantially reduce the information required to be furnished by
Hertz to holders of Shares and to the SEC and would make certain
of the provisions of the Exchange Act, such as the short-swing
profit recovery provisions of Section&nbsp;16(b), the
requirement of furnishing a proxy statement pursuant to
Section&nbsp;14(a) in connection with a stockholders&#146;
meeting and the requirements of Rule&nbsp;13e-3 under the
Exchange Act with respect to &#147;going private&#148;
transactions, no longer applicable to the Shares. Furthermore,
&#147;affiliates&#148; of Hertz and persons holding
&#147;restricted securities&#148; of Hertz may be deprived of
the ability to dispose of such securities pursuant to
Rule&nbsp;144 promulgated under the Securities Act. If
registration of the Shares under the Exchange Act were
terminated, the Shares would no longer be &#147;margin
securities&#148; or eligible for listing or NASDAQ National
Market reporting. However, because its debt securities will
continue to be publicly-traded, Hertz will continue to file
periodic reports under the Exchange Act following the Merger.

<P align="left"><B>12.&nbsp; DIVIDENDS AND DISTRIBUTIONS.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the Merger Agreement, without the prior written
approval of Ford, the Purchaser or FSG&nbsp;II or as otherwise
contemplated in the Merger Agreement, Hertz has agreed not to
(i)&nbsp;declare or pay any dividend on, or make any other
distribution in respect of outstanding shares of its capital
stock except for regular quarterly dividends payable on the
Common Stock in an amount not to exceed $0.05&nbsp;per share per
quarter; (ii)&nbsp;purchase or otherwise acquire or split or
reclassify any shares of its capital stock or effect any
reorganization or recapitalization of Hertz; or
(iii)&nbsp;issue, sell, pledge, dispose or encumber any stock of
Hertz.

<P align="left"><B>13.&nbsp; CONDITIONS OF THE OFFER.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding any other provision of the Offer, and in
addition to (and not in limitation of) the Purchaser&#146;s
rights to extend and amend the Offer at any time in its sole
discretion in accordance with the terms of the Merger Agreement,
the Purchaser shall not be required to accept for payment,
purchase or pay for, subject to any applicable regulations of
the SEC, including Rule&nbsp;14e-1(c) under the Exchange Act,
and may delay the acceptance for payment of or, subject to the
restriction referred to above, the payment for, any tendered
Shares (whether or not any Shares theretofore have been accepted
for payment or paid for pursuant to the Offer), and may
terminate the Offer as

<P align="center">57

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<P><HR noshade><P>

<DIV align="left">
to any Shares not then paid for, if at any time on or after
January&nbsp;16, 2001 and prior to the time of payment for any
such Shares, any of the following events shall occur:
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(a)&nbsp; there shall have been any statute, rule, regulation,
	judgment, order or injunction promulgated, entered, enforced,
	enacted, issued or rendered applicable to the Offer or the
	Merger by any domestic or foreign federal or state governmental
	regulatory or administrative agency or authority or court or
	legislative body or commission which (i)&nbsp;prohibits or
	imposes any material limitations on, Ford&#146;s or the
	Purchaser&#146;s ownership or operation of all or a material
	portion of Hertz&#146;s businesses or assets,
	(ii)&nbsp;prohibits or makes illegal the acceptance for payment,
	payment for or purchase of Shares or the consummation of the
	Offer or the Merger, (iii)&nbsp;results in a material delay in
	or restricts the ability of the Purchaser, or renders the
	Purchaser unable, to accept for payment, pay for or purchase
	some or all of the Shares, or (iv)&nbsp;imposes material
	limitations on the ability of the Purchaser effectively to
	exercise full rights of ownership of the Shares, including,
	without limitation, the right to vote the Shares purchased by it
	on all matters properly presented to Hertz&#146;s stockholders,
	provided that the Purchaser shall have used all reasonable
	efforts to cause any such judgment, order or injunction to be
	vacated or lifted;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(b)&nbsp; the representations and warranties of Hertz set forth
	in the Merger Agreement shall not be true and correct as of the
	date of consummation of the Offer as though made on or as of
	such date, except for such failures to be true or correct that
	have not had or would not be reasonably expected to have a
	Company Material Adverse Effect (as defined in the Merger
	Agreement), or Hertz shall have breached or failed in any
	material respect to perform or comply with any material
	obligation, agreement or covenant required by the Merger
	Agreement to be performed or complied with by it;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(c)&nbsp; the Hertz Board, based on the recommendation of the
	Special Committee, shall have (including by amendment to the
	Schedule&nbsp;14D-9) withdrawn, amended or modified in a manner
	adverse to Ford or the Purchaser its approval or recommendation
	of the Offer, the Merger or the Merger Agreement or shall have
	resolved to do any of the foregoing;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(d)&nbsp; Hertz, acting through the Hertz Board (as agreed to by
	the Special Committee), Ford and the Purchaser shall have agreed
	that the Purchaser shall terminate the Offer or postpone the
	acceptance for payment of or payment for Shares
	thereunder;&nbsp;or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(e)&nbsp; the Merger Agreement shall have been terminated in
	accordance with its terms.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The foregoing conditions are for the sole benefit of Ford, the
Purchaser and their respective affiliates and may be asserted by
Ford or the Purchaser, in whole or in part, at any time and from
time to time in the sole discretion of Ford or the Purchaser.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The failure by Ford or the Purchaser at any time to exercise its
rights under any of the foregoing conditions shall not be deemed
a waiver of any such rights and each such right shall be deemed
an ongoing right which may be asserted at any time or from time
to time. Should the Offer be terminated pursuant to any of the
foregoing provisions, all tendered Shares not theretofore
accepted for payment shall forthwith be returned to the
tendering stockholders.

<P align="left"><B>14.&nbsp; CERTAIN LEGAL MATTERS; REGULATORY APPROVALS.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>General.</I> We are not aware of any governmental license or
regulatory permit that appears to be material to Hertz&#146;s
business that might be adversely affected by our acquisition of
Shares pursuant to the Offer or, except as set forth below, of
any approval or other action by any government or governmental
administrative or regulatory authority or agency, domestic or
foreign, that would be required for our acquisition or ownership
of Shares pursuant to the Offer. Should any such approval or
other action be required, we currently contemplate that, except
as described below under &#147;State Takeover Laws,&#148; such
approval or other action will be sought. There is, however, no

<P align="center">58

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<P><HR noshade><P>

<DIV align="left">
current intent to delay the purchase of Shares tendered pursuant
to the Offer pending the outcome of any such matter. There can
be no assurance that any such approval or other action, if
needed, would be obtained (with or without substantial
conditions) or that if such approvals were not obtained or such
other actions were not taken adverse consequences might not
result to Hertz&#146;s business or certain parts of Hertz&#146;s
business might not have to be disposed of, any of which could
cause us to elect to terminate the Offer without the purchase of
Shares thereunder. Our obligation under the Offer to accept for
payment and pay for Shares is subject to certain conditions. See
&#147;The Offer&nbsp;&#151; Conditions of the Offer.&#148;
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>State Takeover Laws.</I> Hertz is incorporated under the laws
of the State of Delaware. In general, Section&nbsp;203 of the
DGCL (&#147;Section&nbsp;203&#148;) prevents an &#147;interested
stockholder&#148; (including a person who owns or has the right
to acquire 15% or more of the corporation&#146;s outstanding
voting stock) from engaging in a &#147;business
combination&#148; (defined to include mergers and certain other
actions) with a Delaware corporation for a period of three years
following the date such person became an interested stockholder.
Section&nbsp;203 does not apply to any stockholder which became
an interested stockholder at a time when the corporation was not
publicly held. Since Ford owned all the outstanding stock of
Hertz prior to its public offering in April 1997, Ford and the
Purchaser do not believe that Section&nbsp;203 would apply to
the Merger. In addition, Ford and the Purchaser believe that
Section&nbsp;203 is inapplicable to the Merger because Ford or
its affiliates have been interested stockholders of Hertz for
more than three years.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A number of other states have adopted laws which purport, to
varying degrees, to apply to attempts to acquire corporations
that are incorporated in, or which have substantial assets,
stockholders, principal executive offices or principal places of
business or whose business operations otherwise have substantial
economic effects in, such states. Hertz, directly or through
subsidiaries, conducts business in a number of states throughout
the United States, some of which have enacted such laws. Except
as described herein, we do not know whether any of these laws
will, by their terms, apply to the Offer or any merger or other
business combination between us or any of our affiliates and
Hertz and we have not complied with any such laws. To the extent
that certain provisions of these laws purport to apply to the
Offer or any such merger or other business combination, we
believe that there are reasonable bases for contesting such laws.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In 1982, in <I>Edgar v. MITE Corp.</I>, the Supreme Court of the
United States invalidated on constitutional grounds the Illinois
Business Takeover Statute which, as a matter of state securities
law, made takeovers of corporations meeting certain requirements
more difficult. However, in 1987 in <I>CTS Corp.&nbsp;v.
Dynamics Corp. of America,</I> the Supreme Court held that the
State of Indiana could, as a matter of corporate law,
constitutionally disqualify a potential acquiror from voting
shares of a target corporation without the prior approval of the
remaining stockholders where, among other things, the
corporation is incorporated, and has a substantial number of
stockholders, in the state. Subsequently, in <I>TLX Acquisition
Corp.&nbsp;v. Telex Corp.</I>, a Federal District Court in
Oklahoma ruled that the Oklahoma statutes were unconstitutional
insofar as they apply to corporations incorporated outside
Oklahoma in that they would subject such corporations to
inconsistent regulations. Similarly, in <I>Tyson
Foods,&nbsp;Inc.&nbsp;v. McReynolds,</I> a Federal District
Court in Tennessee ruled that four Tennessee takeover statutes
were unconstitutional as applied to corporations incorporated
outside Tennessee. This decision was affirmed by the United
States Court of Appeals for the Sixth Circuit. In December 1988,
a Federal District Court in Florida held in <I>Grand
Metropolitan PLC&nbsp;v. Butterworth,</I> that the provisions of
the Florida Affiliated Transactions Act and the Florida Control
Share Acquisition Act were unconstitutional as applied to
corporations incorporated outside of Florida.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any government official or third party should seek to apply
any state takeover law to the Offer or any merger or other
business combination between us or any of our affiliates and
Hertz, we will take such action as then appears desirable, which
action may include challenging the applicability or validity of
such statute in appropriate court proceedings. In the event it
is asserted that one or more state takeover statutes is
applicable to the Offer or any such merger or other business
combination and an appropriate court does not determine that it
is inapplicable or invalid as applied to the Offer

<P align="center">59

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<P><HR noshade><P>

<DIV align="left">
or any such merger or other business combination, we might be
required to file certain information with, or to receive
approvals from, the relevant state authorities or holders of
Shares, and we might be unable to accept for payment or pay for
Shares tendered pursuant to the Offer, or be delayed in
continuing or consummating the Offer or any such merger or other
business combination. In such case, we may not be obligated to
accept for payment or pay for any tendered Shares. See &#147;The
Offer&nbsp;&#151; Conditions of the Offer.&#148;
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Antitrust. </I>Under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, and the rules that have been
promulgated thereunder by the Federal Trade Commission
(&#147;FTC&#148;), certain acquisition transactions may not be
consummated unless certain information has been furnished to the
Antitrust Division of the Department of Justice (the
&#147;Antitrust Division&#148;) and the FTC and certain waiting
period requirements have been satisfied. The purchase of Shares
pursuant to the Offer is not subject to such requirements
because the Purchaser currently owns in excess of 50% of
Hertz&#146;s issued and outstanding voting common stock.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Antitrust Division and the FTC frequently scrutinize the
legality under the antitrust laws of transactions such as our
acquisition of Shares pursuant to the Offer. At any time before
or after the consummation of any such transactions, the
Antitrust Division or the FTC could take such action under the
antitrust laws as it deems necessary or desirable in the public
interest, including seeking to enjoin the purchase of Shares
pursuant to the Offer or seeking divestiture of the Shares so
acquired or divestiture of Ford&#146;s or Hertz&#146;s
substantial assets. Private parties (including individual
states) may also bring legal actions under the antitrust laws.
We do not believe that the consummation of the Offer will result
in a violation of any applicable antitrust laws. However, there
can be no assurance that a challenge to the Offer on antitrust
grounds will not be made, or if such a challenge is made, what
the result will be. See &#147;The Offer&nbsp;&#151; Conditions
of the Offer&#148; for certain conditions to the Offer,
including conditions with respect to litigation and certain
governmental actions.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Litigation.</I> By order dated October&nbsp;19, 2000, the
Delaware Court of Chancery for New Castle County consolidated
under the caption &#147;In re The Hertz Corporation Shareholders
Litigation&#148; 12&nbsp;lawsuits, purportedly brought as class
actions, challenging the Purchaser&#146;s offer to acquire
through a merger all of the outstanding common stock of Hertz it
did not already own. The consolidated lawsuits were filed by
individual stockholders of Hertz purportedly on behalf of the
stockholders filing the cases and all holders of outstanding
Shares other than the defendants against Hertz, its directors
and Ford. The complaints allege among other things that the
terms of the transaction, including the consideration to be paid
to the holders of the Shares, are unfair and that the defendants
have breached their fiduciary duties to Hertz&#146;s
stockholders. The complaint seeks an injunction to prohibit the
transaction from being completed or, if completed prior to the
court&#146;s taking action, rescission of the transaction and/or
an unspecified amount of damages.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Provisions for Unaffiliated Security Holders.</I> In
connection with the Offer and the Merger, neither Ford nor the
Purchaser has granted to unaffiliated security holders access to
their corporate files or arranged for counsel or appraisal
services at the expense of Hertz, Ford or the Purchaser.

<P align="left"><B>15.&nbsp; FEES AND EXPENSES.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
J.P.&nbsp;Morgan Securities&nbsp;Inc. is acting as Ford&#146;s
financial advisor and is acting as Dealer Manager in connection
with the Offer. Ford has agreed to pay J.P.&nbsp;Morgan as
compensation for its services as financial advisor and as Dealer
Manager in connection with the Offer and the Merger a fee of
$5.9&nbsp;million, all of which is payable upon the closing of
the Merger. Ford has also agreed to reimburse J.P.&nbsp;Morgan
for certain reasonable out-of-pocket expenses incurred in
connection with the Offer (including the fees and disbursements
of outside counsel) and to indemnify J.P.&nbsp;Morgan against
certain liabilities, including certain liabilities under the
federal securities laws.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford has retained Georgeson Shareholder Communications&nbsp;Inc.
to act as the Information Agent and EquiServe Trust Company,
N.A. to act as the Depositary in connection with the Offer. The
Information Agent may contact holders of Shares by mail,
telephone, telex, telegraph and personal

<P align="center">60

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<P><HR noshade><P>

<DIV align="left">
interviews and may request brokers, dealers, banks, trust
companies and other nominees to forward materials relating to
the Offer to beneficial owners. The Information Agent and the
Depositary each will receive reasonable and customary
compensation for their respective services, will be reimbursed
for certain reasonable out-of-pocket expenses and will be
indemnified against certain liabilities in connection therewith,
including certain liabilities under the federal securities laws.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Neither we nor Ford will pay any fees or commissions to any
broker or dealer or any other person (other than the Dealer
Manager, the Information Agent and the Depository) for
soliciting tenders of Shares pursuant to the Offer. Brokers,
dealers, commercial banks and trust companies will, upon
request, be reimbursed by us for reasonable and necessary costs
and expenses incurred by them in forwarding materials to their
customers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Pursuant to the Engagement Letter, the Special Committee agreed
that Lazard would be paid the following fees:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(a)&nbsp; a fee of $250,000, payable upon execution of the
	Engagement Letter, which fee is credited against any fees paid
	pursuant to subsections&nbsp;(b) and (c) below;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(b)&nbsp; a fee of $1.0&nbsp;million, payable upon the delivery
	of an opinion to the Special Committee and to the Hertz Board as
	to the fairness to the public stockholders of Hertz, from a
	financial point of view, of the consideration to be received by
	such stockholders pursuant to the Offer and the Merger, which
	fee shall be credited against any fee paid pursuant to
	subsection&nbsp;(c) below; and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(c)&nbsp; a fee, payable upon consummation of the transaction
	equal to the total of (i)&nbsp;$3,100,000; plus (ii)&nbsp;1.10%
	of that portion of the aggregate consideration paid, if any, in
	connection with the transaction that is greater than
	$30.00&nbsp;per Share; provided, however, that, notwithstanding
	the foregoing, in no event shall the fee exceed 0.60% of the
	aggregate consideration paid in connection with the transaction.</TD>
</TR>

</TABLE>

<P align="left">
Hertz has also agreed to reimburse Lazard for its expenses as
incurred in connection with its engagement. In addition, Hertz
has agreed to indemnify Lazard and its affiliates, their
respective directors, officers, agents and employees and each
person, if any, controlling Lazard or any of its affiliates
against certain liabilities and expenses, including certain
liabilities under the federal securities laws, arising out of
Lazard&#146;s engagement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is an estimate of fees and expenses to be incurred
in connection with the Offer and the Merger:

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="78%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fees and Expenses To Be Paid by Ford or the Purchaser:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial Advisor/ Dealer Manager</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">5,900,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Advertising</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">50,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Filing</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">141,514</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Depositary</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">35,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Information Agent (including mailing)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Legal, Printing and Miscellaneous</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">750,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,906,514</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD colspan="3" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Fees and Expenses To Be Paid by Hertz:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Financial Advisor</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">4,300,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="2" align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Legal, Printing and Miscellaneous</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">1,950,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Total</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">6,250,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="4" noshade></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="center">61

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<P><HR noshade><P>

<P align="left"><B>16.&nbsp; MISCELLANEOUS.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Offer is not being made to, nor will tenders be accepted
from or on behalf of, holders of Shares in any jurisdiction in
which the making of the Offer or acceptance thereof would not be
in compliance with the laws of such jurisdiction. However, we
may, in our discretion, take such action as we may deem
necessary to make the Offer in any such jurisdiction and extend
the Offer to holders of Shares in such jurisdiction.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>No person has been authorized to give any information or make
any representation on behalf of the Purchaser or Ford not
contained in this Offer to Purchase or in the Letter of
Transmittal and, if given or made, such information or
representation must not be relied upon as having been
authorized.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have filed with the SEC a Tender Offer Statement on
Schedule&nbsp;TO, together with exhibits, pursuant to
Rule&nbsp;14d-3 of the General Rules and Regulations under the
Exchange Act, furnishing certain additional information with
respect to the Offer which includes information required by
Schedule 13E-3. In addition, Hertz has filed a Solicitation/
Recommendation Statement on Schedule&nbsp;14D-9, together with
all exhibits thereto, pursuant to Rule&nbsp;14d-9 of the
Exchange Act Rules setting forth its recommendation with respect
to the Offer and the reasons for such recommendations and
furnishing certain additional related information. Such
Schedules and any amendments thereto, including exhibits, may be
examined and copies may be obtained from the offices of the SEC
in the manner set forth in &#147;The Offer&nbsp;&#151; Certain
Information Concerning the Purchaser and Ford&nbsp;&#151;
Available Information&#148; of this Offer to Purchase (except
that such information will not be available at the regional
offices of the SEC).
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	FORD FSG,&nbsp;INC.</TD>
</TR>

</TABLE>

<P align="left">
February 2, 2001

<P align="center">62

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<P><HR noshade><P>

<P align="right"><B>SCHEDULE I</B>

<!-- link1 "DIRECTORS AND EXECUTIVE OFFICERS OF FORD, THE PURCHASER AND FSG II" -->

<P align="center"><B>DIRECTORS AND EXECUTIVE OFFICERS OF FORD, THE PURCHASER AND
FSG&nbsp;II</B>

<P align="left"><B>1.&nbsp; DIRECTORS AND EXECUTIVE OFFICERS OF FORD</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The name, current principal occupation or employment and
material occupations, positions, offices or employment for the
past five years, of each director and executive officer of Ford
are set forth below. The principal place of business of Ford
and, unless otherwise indicated below, the business address of
each director and officer is care of Ford Motor Company, One
American Road, Dearborn, MI 48126. Ford&#146;s telephone number
is (313)&nbsp;322-3000. Ford Directors are indicated by an
asterisk. Unless otherwise indicated, each occupation set forth
opposite an individual&#146;s name refers to employment with
Ford. None of the directors and officers of Ford listed below
has, during the past five years, (i)&nbsp;been convicted in a
criminal proceeding or (ii)&nbsp;been a party to any judicial or
administrative proceeding that resulted in a judgment, decree or
final order enjoining the person from future violations of, or
prohibiting activities subject to, federal or state securities
laws, or a finding of any violation of federal or state
securities laws. Unless otherwise indicated, all directors and
officers listed below are citizens of the United States.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Current Principal Occupation or Employment</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>and Five-Year Employment History</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	William Clay Ford, Jr.*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chairman of the Board</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	John&nbsp;R. H. Bond*<BR>
	HSBC Holdings&nbsp;plc<BR>
	10 Lower Thames Street<BR>
	London EC3R 6AE<BR>
	UK</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	HSBC Holdings&nbsp;plc, Group Chairman. Mr. Bond is a citizen of
	the United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Michael&nbsp;D. Dingman*<BR>
	Shipston Group&nbsp;Ltd.<BR>
	Deltec House<BR>
	Lyford Cay<BR>
	Nassau, Bahamas</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Shipston Group&nbsp;Ltd., President and Chief Executive Officer.
	Mr.&nbsp;Dingman is a citizen of the Bahamas.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Edsel&nbsp;B. Ford&nbsp;II*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Former Vice President of Ford Motor Company and Former President
	of Ford Motor Credit Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	William Clay Ford*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Retired Chairman of the Finance Committee</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Irvine&nbsp;O. Hockaday, Jr.*<BR>
	Hallmark Cards Incorporated<BR>
	2501 McGee<BR>
	Kansas City, MO 64108</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Hallmark Cards Incorporated, President and Chief Executive
	Officer</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Marie-Jos&#233;e Kravis*<BR>
	c/o&nbsp;Council on Foreign Relations<BR>
	58&nbsp;E.&nbsp;68th Street<BR>
	New&nbsp;York, NY 10021</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Senior Fellow of The Hudson Institute&nbsp;Inc. Ms.&nbsp;Kravis
	is a citizen of Switzerland and Canada.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Ellen&nbsp;R. Marram*<BR>
	North Castle Partners&nbsp;LLC<BR>
	60 Arch Street<BR>
	Greenwich, CT 06830</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	North Castle Partners&nbsp;LLC, General Partner</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Jacques&nbsp;A. Nasser*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	President and Chief Executive Officer. Mr.&nbsp;Nasser is a
	citizen of Australia.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">I-1

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Current Principal Occupation or Employment</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>and Five-Year Employment History</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Homer&nbsp;A. Neal*<BR>
	European Organization for<BR>
	Nuclear Research<BR>
	CERN<BR>
	PPE Division<BR>
	Building 40-2C-20<BR>
	1211 Geneva 23<BR>
	Switzerland</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Director, ATLAS Project, Professor of Physics, and Office of
	Provost and Executive Vice President for Academic Affairs,
	University of Michigan</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Jorma&nbsp;J. Ollila*<BR>
	Nokia Corporation<BR>
	Keilahdentie 4<BR>
	02150 Espoo<BR>
	Finland</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Nokia Corporation, Chairman and Chief Executive Officer.
	Mr.&nbsp;Ollila is a citizen of Finland.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Carl&nbsp;E. Reichardt*<BR>
	Wells Fargo&nbsp;&#38; Company<BR>
	420 Montgomery Street<BR>
	12th Floor<BR>
	San&nbsp;Francisco, CA 94163</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Wells Fargo&nbsp;&#38; Company, Retired Chairman of the Board</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Robert&nbsp;E. Rubin*<BR>
	Citigroup,&nbsp;Inc.<BR>
	399 Park Avenue&nbsp;&#151;&nbsp;Third Floor<BR>
	New&nbsp;York, NY 10043</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Citigroup,&nbsp;Inc., Director, Chairman of the Executive
	Committee, and Member of the Office of the Chairman</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	John&nbsp;L. Thornton*<BR>
	The Goldman-Sachs Group,&nbsp;Inc.<BR>
	133 Fleet Street<BR>
	London EC4A 2BB<BR>
	England</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	The Goldman-Sachs Group,&nbsp;Inc., President and Co-Chief
	Operating Officer</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	W. Wayne Booker</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice Chairman</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	James&nbsp;D. Donaldson</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President&nbsp;&#151; Global Business Development.
	Mr.&nbsp; Donaldson is a citizen of the United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Carlos&nbsp;E. Mazzorin</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President&nbsp;&#151; Global Purchasing and South
	America</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	James&nbsp;J. Padilla</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President&nbsp;&#151; Global Manufacturing</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Richard Parry-Jones</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President&nbsp;&#151; Global Product Development and
	Quality. Mr.&nbsp;Parry-Jones is a citizen of the United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Wolfgang Reitzle</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President&nbsp;&#151; Premier Automotive Group.
	Mr.&nbsp; Reitzle is a citizen of Germany.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Robert&nbsp;L. Rewey</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President&nbsp;&#151; Global Consumer Services and
	North America</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	John&nbsp;M. Rintamaki</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President and Chief of Staff</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Henry&nbsp;D. G. Wallace</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President and Chief Financial Officer. Mr.&nbsp;
	Wallace is a citizen of the United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Elizabeth&nbsp;S. Acton</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President and Treasurer</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">I-2

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<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Current Principal Occupation or Employment</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>and Five-Year Employment History</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Marvin&nbsp;W. Adams</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President and Chief Information Officer. Mr.&nbsp;Adams
	served as Executive Vice President, Bank Operations and
	Technology of Bank One N.A. from 1997 to December 2000. From
	1996 to 1997 he served as Chief Information Officer of Frontier
	Communications Corporation and from 1994 until 1996 as
	President, Bank One Financial Card Services Corporation.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Richard&nbsp;N. Beattie</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Investor Relations</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Gurminder&nbsp;S. Bedi</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; North American Truck</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	William&nbsp;W. Boddie</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Global Core Engineering</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Mei Wei Cheng</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (President, Ford Motor (China)&nbsp;Ltd.)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Susan&nbsp;M. Cischke</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Environmental and Safety Engineering.
	Ms.&nbsp;Cischke served as Senior Vice President, Regulatory
	Affairs and Passenger Car Operations, Daimler Chrysler AG, from
	1999 to January 2001. From 1996 to 1999, she served as Vice
	President, Vehicle Certification, Compliance and Safety Affairs
	with Daimler Chrysler AG.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	William&nbsp;J. Cosgrove</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (Chief of Staff and Chief Financial Officer,
	Premier Automotive Group)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Terrall&nbsp;M. de Jonckheere</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Ford South America Operations</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Mark Fields</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Louise&nbsp;K. Goeser</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Quality</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Janet Mullins Grissom</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Washington Affairs</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Elliott&nbsp;S. Hall</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Dealer Development</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Lloyd&nbsp;E. Hansen</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President and Controller</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Earl&nbsp;J. Hesterberg</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (VP, Marketing, Sales and Service, Ford of
	Europe, Incorporated)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Mark&nbsp;W. Hutchins</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (President, Lincoln and Mercury)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	I. Martin Inglis</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President, Ford North America. Mr.&nbsp;Inglis is a citizen
	of the United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Michael&nbsp;D. Jordan</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Ford Customer Service Division
	(President, Automotive Consumer Services Group)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Brian&nbsp;P. Kelley</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President, Consumer Connect (COO, Ford Investment
	Enterprises Corporation)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Vaughan&nbsp;A. Koshkarian</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Ford Asia Pacific</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Roman&nbsp;J. Krygier</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Powertrain Operations</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Martin Leach</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (Vice President&nbsp;&#151; Product Development,
	Ford of Europe Incorporated). Mr.&nbsp;Leach is a citizen of the
	United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Kathleen&nbsp;A. Ligocki</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President Mexico (President and Chief Executive Officer
	Ford of Mexico)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Malcolm&nbsp;S. Macdonald</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Finance and Treasury Matters</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	J. C. Mays</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Design</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	David&nbsp;L. Murphy</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Human Resources. Mr.&nbsp;Murphy is a
	citizen of the United Kingdom.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">I-3

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<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="58%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Current Principal Occupation or Employment</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>and Five-Year Employment History</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	James&nbsp;G. O&#146;Connor</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (President, Ford Division)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Helen&nbsp;O. Petrauskas</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Environmental and Safety Engineering</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Neil&nbsp;W. Ressler</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President and Chief Technical Officer Research and Vehicle
	Technology</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Dennis&nbsp;E. Ross</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President and General Counsel</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Shamel&nbsp;T. Rushwin</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Vehicle Operations</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Nicholas&nbsp;V. Scheele</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (Chairman, Ford of Europe Incorporated).
	Mr.&nbsp; Scheele is a citizen of the United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	James&nbsp;C. Schroer</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Global Marketing</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Frank&nbsp;M. Taylor</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Material Planning and Logistics</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Chris&nbsp;P. Theodore</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; North America Car</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	David&nbsp;W. Thursfield</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (President and Chief Executive Officer, Ford of
	Europe Incorporated). Mr.&nbsp;Thursfield is a citizen of the
	United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Alex&nbsp;P. Ver</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Advanced Manufacturing Engineering</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Jason&nbsp;H. Vines</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Public Affairs</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Donald&nbsp;A. Winkler</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (Chairman&nbsp;&#38; CEO, Ford Motor Credit
	Company)</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	James&nbsp;A. Yost</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President and Chief Information Officer</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Martin&nbsp;B. Zimmerman</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Governmental Affairs</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Rolf Zimmerman</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President (Chairman, Ford Werke AG). Mr.&nbsp;Zimmerman is
	a citizen of Germany.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except for Mr.&nbsp;Mays, who joined Ford in 1998,
Ms.&nbsp;Goeser and Messrs.&nbsp;Cheng, Kelley, Reitzle,
Rushwin, Taylor, Theodore and Winkler, who joined Ford in 1999,
Mr.&nbsp;Vines, who joined Ford in 2000, and those officers for
whom biographical information has been provided above, all of
the above officers have been employed by Ford or its
subsidiaries in one or more executive capacities during the past
five years.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The principal occupations of Ms.&nbsp;Goeser and
Messrs.&nbsp;Cheng, Kelley, Mays, Reitzle, Rushwin, Taylor,
Theodore, Vines and Winkler, for the past five years are
described on pages&nbsp;33 and 34 of Ford&#146;s Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 1999,
filed with the SEC, which are incorporated herein by reference.

<P align="left"><B>2.&nbsp; DIRECTORS AND EXECUTIVE OFFICERS OF THE PURCHASER</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The name, current principal occupation or employment and
material occupations, positions, offices or employment for the
past five years of each director and executive officer of the
Purchaser are set forth below. The principal place of business
of the Purchaser and, unless otherwise indicated below, the
business address of each director and officer is care of Ford
Motor Company, One American Road, Dearborn, MI 48126. The
Purchaser&#146;s telephone number is (313)&nbsp;322-3000.
Directors of the Purchaser are indicated by an asterisk. None of
the directors and officers of the Purchaser listed below has,
during the past five years, (i)&nbsp;been convicted in a
criminal proceeding or (ii)&nbsp;been a party to any judicial or
administrative proceeding that resulted in a judgement, decree
or final order enjoining the person from future violations of,
or prohibiting activities subject to,

<P align="center">I-4

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<DIV align="left">
federal or state securities laws, or a finding of any violation
of federal or state securities laws. Unless otherwise indicated,
all directors and officers listed below are citizens of the
United States.
</DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Current Principal Occupation or Employment</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>and Five-Year Employment History</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	W. Wayne Booker*</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chairman of the Board and Chief Executive Officer, Ford
	FSG,&nbsp;Inc.; Vice Chairman, Ford Motor Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Malcolm&nbsp;S. Macdonald*</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President-Finance and Treasury Matters, Ford Motor Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Donald&nbsp;A. Winkler*</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President, Ford Motor Company; Chairman and Chief Executive
	Officer, Ford Motor Credit Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Neil&nbsp;M. Schloss</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Treasurer, Ford FSG,&nbsp;Inc.;
	Director, Financial Strategy, Ford Motor Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Timothy Green</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Controller, Ford FSG,&nbsp;Inc.;
	Manager, Corporate Accounting and Financial Reporting, Ford
	Motor Company. Mr.&nbsp;Green is a citizen of the United Kingdom.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	John&nbsp;M. Rintamaki</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; General Counsel and Secretary, Ford
	FSG,&nbsp; Inc.; Group Vice President and Chief of Staff and
	Secretary, Ford Motor Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Dennis&nbsp;E. Ross</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President&nbsp;&#151; Tax Affairs, Ford FSG,&nbsp;Inc.;
	Vice President and General Counsel, Ford Motor Company</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
All of the above officers and directors have been employed by
Ford or its subsidiaries in one or more executive capacities
during the past five years, except Mr.&nbsp;Winkler who joined
Ford in 1999 and whose principal occupations for the past five
years are described on page&nbsp;34 of Ford&#146;s Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 1999, and
filed with the SEC, which is incorporated herein by reference.

<P align="left"><B>3.&nbsp; DIRECTORS AND EXECUTIVE OFFICERS OF FSG&nbsp;II</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The name, current principal occupation or employment and
material occupations, positions, offices or employment for the
past five years of each director and executive officer of
FSG&nbsp;II are set forth below. The principal place of business
of FSG&nbsp;II and, unless otherwise indicated below, the
business address of each director and officer is care of Ford
Motor Company, One American Road, Dearborn, MI 48126.
FSG&nbsp;II&#146;s telephone number is (313)&nbsp;322-3000.
Directors of FSG&nbsp;II are indicated by an asterisk. None of
the directors and officers of FSG&nbsp;II listed below has,
during the past five years, (i)&nbsp;been convicted in a
criminal proceeding or (ii)&nbsp;been a party to any judicial or
administrative proceeding that resulted in a judgement, decree
or final order enjoining the person from future violations of,
or prohibiting activities subject to, federal or state
securities laws, or a finding of any violation of federal or
state securities laws. All directors and officers listed below
are citizens of the United States.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Current Principal Occupation or Employment</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>and Five-Year Employment History</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Malcolm&nbsp;S. Macdonald*</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chairman and President, Ford FSG&nbsp;II,&nbsp;Inc.; Vice
	President-Finance and Treasury Matters, Ford Motor Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Ann Marie Petach*</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President, Ford FSG&nbsp;II,&nbsp;Inc.; Assistant
	Treasurer, Ford Motor Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	David&nbsp;J. Prystash*</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President and Treasurer, Ford FSG&nbsp;II,&nbsp;Inc.;
	Director, Corporate Business Development, Ford Motor Company</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Peter Sherry, Jr.</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Secretary, Ford FSG&nbsp;II,&nbsp;Inc.; Assistant General
	Counsel and Assistant Secretary, Ford Motor Company</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
All of the above officers and directors have been employed by
Ford or its subsidiaries in one or more executive capacities
during the past five years.

<P align="center">I-5

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="right"><B>SCHEDULE&nbsp;II</B>

<!-- link1 "DIRECTORS AND EXECUTIVE OFFICERS OF HERTZ" -->

<P align="center"><B>DIRECTORS AND EXECUTIVE OFFICERS OF HERTZ</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The name, current principal occupation or employment and
material occupations, positions, offices or employment for the
past five years of each director and executive officer of Hertz
are set forth below. The principal place of business of Hertz
and, unless otherwise indicated below, the business address of
each director and officer is care of The Hertz Corporation, 225
Brae Boulevard, Park Ridge, New Jersey 07656. Hertz&#146;s
telephone number is (201)&nbsp;307-2000. Directors of Hertz are
indicated by an asterisk. None of the directors and officers of
Hertz listed below has, during the past five years,
(i)&nbsp;been convicted in a criminal proceeding or
(ii)&nbsp;been a party to any judicial or administrative
proceeding that resulted in a judgement, decree or final order
enjoining the person from future violations of, or prohibiting
activities subject to, federal or state securities laws, or a
finding of any violation of federal or state securities laws.
Unless otherwise indicated, all directors and officers listed
below are citizens of the United States.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Current Principal Occupation or Employment</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>and Five-Year Employment History</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Frank&nbsp;A. Olson*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chairman of the Board of Directors since June 1980. Mr.&nbsp;
	Olson was Chief Executive Officer from March 1977 through
	December 1999.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	W. Wayne Booker*<BR>
	Ford Motor Company<BR>
	One American Road<BR>
	Dearborn, Michigan 48126</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice Chairman, Ford Motor Company since 1996. Mr.&nbsp;Booker
	served as Ford&#146;s interim Chief Financial Officer during
	1999. He also served as Executive Vice President&nbsp;&#151; New
	Markets&nbsp;&#38; Associations during 1996 and Executive Vice
	President&nbsp;&#151; International Automotive Operations from
	1992 through 1995.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Louis&nbsp;C. Burnett*<BR>
	Secura Burnett Company<BR>
	555 California Street<BR>
	San&nbsp;Francisco, CA 94104</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Managing Partner and Co-Founder, Secura Burnett Company&nbsp;
	LLC.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Craig&nbsp;R. Koch*</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	President and Chief Executive Officer since January 2000. From
	September 1993 through December 1999, Mr.&nbsp;Koch was
	President and Chief Operating Officer.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Michael&nbsp;T. Monahan*<BR>
	Monahan Enterprises&nbsp;LLC<BR>
	3707 West Maple Road<BR>
	Suite&nbsp;102<BR>
	Bloomfield Hills, MI 48301</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	President, Monahan Enterprises,&nbsp;LLC since June 1999 and
	Chairman of Munder Capital Management from January 2000 through
	December&nbsp;31, 2000. From October 1999 until January 2000,
	Mr.&nbsp;Monahan was the Chief Executive Officer of Munder
	Capital Management. From 1992 to June 1999, Mr.&nbsp;Monahan was
	President of Comerica Bank, and the President of Comerica
	Incorporated from July 1993 to June 1999.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Peter&nbsp;J. Pestillo*<BR>
	Visteon Corporation<BR>
	5500 Auto Club Drive<BR>
	Dearborn, MI 48126</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Chairman and Chief Executive Officer, Visteon Corporation since
	January 2000. From January 1999 through December 1999,
	Mr.&nbsp;Pestillo served as Vice Chairman of Ford. He was also
	Chief of Staff during 1999. From January 1993 through December
	1998, Mr.&nbsp;Pestillo was Executive Vice President&nbsp;&#151;
	Corporate Relations.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	John&nbsp;M. Rintamaki*<BR>
	Ford Motor Company<BR>
	One American Road<BR>
	Dearborn, MI 48126</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Group Vice President, Chief of Staff and Secretary, Ford Motor
	Company since January 2000. Mr.&nbsp;Rintamaki was Vice
	President&nbsp;&#151; General Counsel during 1999. He became
	Secretary in July 1993, having been Assistant General Counsel
	since October, 1991.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">II-1

<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="59%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>Current Principal Occupation or Employment</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Name and Address</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap><FONT size="2"><B>and Five-Year Employment History</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap><HR size="1"></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	John&nbsp;M. Thompson*<BR>
	IBM Corporation<BR>
	Mail Drop 323<BR>
	New Orchard Road<BR>
	Armonk, NY 10504</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice Chairman of the Board of Directors, International Business
	Machines Corporation since August 2000. Mr.&nbsp; Thompson was
	Senior Vice President and Group Executive from January 1995 to
	July 2000. Mr.&nbsp;Thompson is a citizen of Canada.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Joseph&nbsp;A. Walker*<BR>
	J.P Morgan Chase&nbsp;&#38;&nbsp;Co.<BR>
	60 Wall Street<BR>
	New&nbsp;York, N.Y. 10260</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Co-head of Advisory/ Mergers and Acquisitions, J.P.&nbsp;Morgan
	Chase&nbsp;&#38;&nbsp;Co. since 1994.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Brian&nbsp;J. Kennedy</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Executive Vice President, Marketing and Sales since February
	1988.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Joseph&nbsp;R. Nothwang</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Executive Vice President and President of Vehicle Rental
	Leasing, The Americas and Pacific since January 2000. From
	October 1998 through December 1999, Mr.&nbsp;Nothwang served as
	Executive Vice President and General Manager of Vehicle Rental
	and Leasing, The Americas and Pacific. From September 1995
	through September 1998, he served as Executive Vice President
	and General Manager, U.S.&nbsp;Car Rental.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Gerald&nbsp;A. Plescia</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Executive Vice President and President, Hertz Equipment Rental
	Corporation since July 1997. From May 1992 to July 1997,
	Mr.&nbsp;Plescia was Division Vice President, Field Operations.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Paul&nbsp;J. Siracusa</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Executive Vice President and Chief Financial Officer since July
	1997. From January 1996 to July 1997, Mr.&nbsp;Siracusa served
	as Vice President, Finance and Chief Financial Officer, Hertz
	International,&nbsp;Ltd.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Robert&nbsp;J. Bailey</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Senior Vice President, Quality Assurance and Administration
	since May 1990.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Harold&nbsp;E. Rolfe</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Senior Vice President and General Counsel since October 1998 and
	Secretary since May 1999. From June 1991 to September 1998, Mr.
	Rolfe served as Vice President and General Counsel of Corporate
	Property Investors,&nbsp;Inc., Three Dag Hammarskjold Plaza, 305
	East 47th Street, New&nbsp;York, New&nbsp; York 10017.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Donald&nbsp;F. Steele</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Senior Vice President, Employee Relations since July 1984.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Claude&nbsp;B. Burgess&nbsp;III</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President, Technology and e-Business since March 2000. From
	November 1999 through February 2000, Mr.&nbsp;Burgess served as
	Staff Vice President, Business Development. From May 1997
	through October 1999, he served as Staff Vice President,
	Acquisitions and Diversified Businesses. From August 1993 to
	April 1997, he served as Division Vice President, Florida Region
	Operations.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Charles&nbsp;L. Shafer</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Vice President since February 1998 and President of Hertz Europe
	Limited since January 1998. From January 1991 through December
	1997, Mr.&nbsp;Shafer served as Division Vice President, Region
	Operations, Western Region.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Richard&nbsp;J. Foti</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Controller since July 1997. From February 1990 to July 1997,
	Mr.&nbsp;Foti served as Staff Vice President, Internal Audit.</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	Robert&nbsp;H. Rillings</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	Treasurer since November 1986.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">II-2

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="right"><B>SCHEDULE&nbsp;III</B>

<!-- link1 "PURCHASES OF CLASS A COMMON STOCK" -->

<P align="center"><B>PURCHASES OF CLASS&nbsp;A COMMON STOCK</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following sets forth information with respect to purchases
of Hertz Class&nbsp;A Common Stock by Hertz, Ford and the
Purchaser during the past two years.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="38%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Range of</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Avg. Purchase</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD colspan="3"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Number of Shares</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Prices Per</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Price(1) Per</B></FONT></TD>
</TR>

<TR>
	<TD></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Purchasing</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Purchased During</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Share During</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Share During</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><FONT size="2"><B>Quarter/Year</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Entity</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Quarter</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Quarter</B></FONT></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><FONT size="2"><B>Quarter</B></FONT></TD>
</TR>

<TR>
	<TD align="center" nowrap><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
	<TD></TD>
	<TD align="center" nowrap colspan="3"><HR size="1"></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1st Quarter 1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Hertz</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">61,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38.13-52.25</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">43.80</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2nd Quarter 1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Hertz</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">204,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">52.50-63.63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">59.63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	3rd Quarter 1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Hertz</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">225,800</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">38.13-59.50</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">46.04</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	4th Quarter 1999</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Hertz</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">109,600</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">39.25-49.63</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">42.52</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1st Quarter 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Hertz</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">222,000</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">28.06-50.31</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">34.28</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	2nd Quarter 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Hertz</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">306,452</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">29.13-35.94</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">30.88</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	3rd Quarter 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">Hertz</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">82,538</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">24.66-33.44</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">31.17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	4th Quarter 2000</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	1st Quarter 2001 (through 2/01/01)</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#150;0&#150;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left"><HR size="1" width="30%" align="left">
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	Purchase prices exclude commission.</TD>
</TR>

</TABLE>

<P align="center">III-1

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>ANNEX A&nbsp;&#151; AGREEMENT AND PLAN OF MERGER</B>

<P align="center">
<HR size="1" width="100%" align="center">

<DIV align="center">
<HR size="1" width="100%" align="center">
</DIV>

<P align="center">
<B><FONT size="4">AGREEMENT AND PLAN OF MERGER</FONT></B>

<DIV align="center">
<B>by and among</B>
</DIV>

<DIV align="center">
<B><FONT size="5">FORD MOTOR COMPANY,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">FORD FSG,&nbsp;INC.,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">FORD FSG&nbsp;II,&nbsp;INC.</FONT></B>
</DIV>

<DIV align="center">
<B>and</B>
</DIV>

<DIV align="center">
<B><FONT size="5">THE HERTZ CORPORATION</FONT></B>
</DIV>

<P align="center">
Dated as of January&nbsp;16, 2001

<DIV align="center">
<HR size="1" width="100%" align="center">
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center">
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="91%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 1<BR>
	 THE OFFER</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;1.01.&nbsp;<I>The Tender Offer</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-2</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;1.02.&nbsp;<I>Company Action</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-3</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;1.03.&nbsp;<I>Stockholder Lists</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 2<BR>
	 THE MERGER</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;2.01.&nbsp;<I>The Merger</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;2.02.&nbsp;<I>Effective Time; Closing</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;2.03.&nbsp;<I>Effect of the Merger</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;2.04.&nbsp;<I>Certificate of Incorporation;
	By-laws; Directors and Officers</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-4</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 3<BR>
	 CONVERSION OF COMMON STOCK; EXCHANGE OF CERTIFICATES</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;3.01.&nbsp;<I>Conversion of Common Stock</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;3.02.&nbsp;<I>Exchange of Certificates</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-5</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;3.03.&nbsp;<I>Stock Transfer Books</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;3.04.&nbsp;<I>Appraisal</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-6</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 4<BR>
	 REPRESENTATIONS AND WARRANTIES OF THE COMPANY</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.01.&nbsp;<I>Organization and
	Qualification</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.02.&nbsp;<I>Restated Certificate of
	Incorporation and By-laws</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.03.&nbsp;<I>Capitalization</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-7</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.04.&nbsp;<I>Authority Relative to This
	Agreement</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.05.&nbsp;<I>No Conflict; Required Filings
	and Consents</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-8</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.06.&nbsp;<I>SEC Filings; Financial
	Statements</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.07.&nbsp;<I>Options and Employment
	Contracts</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-9</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.08.&nbsp;<I>Brokers</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.09.&nbsp;<I>Opinion of Financial Advisor</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;4.10.&nbsp;<I>State Takeover Statutes</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 5<BR>
	 REPRESENTATIONS AND WARRANTIES OF FORD, PARENT AND FSG&nbsp;II</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;5.01.&nbsp;<I>Organization and
	Qualification</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;5.02.&nbsp;<I>Authority Relative to This
	Agreement</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-10</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;5.03.&nbsp;<I>No Conflict; Required Filings
	and Consents</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;5.04.&nbsp;<I>Financing</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;5.05.&nbsp;<I>Operations of FSG&nbsp;II</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 6<BR>
	 CONDUCT OF BUSINESS PENDING THE MERGER</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;6.01.&nbsp;<I>Conduct of Business by the
	Company Pending the Merger</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-11</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;6.02.&nbsp;<I>Notification of Certain
	Matters</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">i

<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="91%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 7<BR>
	 ADDITIONAL AGREEMENTS</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;7.01.&nbsp;<I>Merger Without
	Stockholders&#146; Meeting</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-13</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;7.02.&nbsp;<I>Stockholder Approval
	Required</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;7.03.&nbsp;<I>Covenants Relating to
	Information Statement</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-14</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;7.04.&nbsp;<I>Access to Information;
	Confidentiality</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;7.05.&nbsp;<I>Directors&#146; and
	Officers&#146; Indemnification and Insurance</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-15</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;7.06.&nbsp;<I>Further Action; Consents;
	Filings</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-16</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;7.07.&nbsp;<I>Public Announcements</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;7.08.&nbsp;<I>Reasonable Best Efforts and
	Further Assurances</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 8<BR>
	 CONDITIONS TO THE MERGER</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;8.01.&nbsp;<I>Conditions to the Obligations
	of Each Party</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-17</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 9<BR>
	 TERMINATION, AMENDMENT AND WAIVER</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;9.01.&nbsp;<I>Termination</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;9.02.&nbsp;<I>Effect of Termination</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-18</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;9.03.&nbsp;<I>Amendment</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;9.04.&nbsp;<I>Waiver</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;&nbsp;9.05.&nbsp;<I>Expenses</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="5" align="center" valign="top"><FONT size="2">
	ARTICLE 10<BR>
	 GENERAL PROVISIONS</FONT></TD>
</TR>

<TR>
	<TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.01.&nbsp;<I>Non-Survival of Representations,
	Warranties and Agreements</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.02.&nbsp;<I>Notices</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-19</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.03.&nbsp;<I>Certain Definitions</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.04.&nbsp;<I>Severability</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-20</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.05.&nbsp;<I>Entire Agreement; Assignment</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.06.&nbsp;<I>Parties in Interest</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.07.&nbsp;<I>Governing Law</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.08.&nbsp;<I>Headings</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.09.&nbsp;<I>Counterparts</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.10.&nbsp;<I>Consent to Jurisdiction</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	SECTION&nbsp;10.11.&nbsp;<I>Waiver of Jury Trial</I></FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom" nowrap><FONT size="2">A-21</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">ii

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
AGREEMENT AND PLAN OF MERGER, dated as of January&nbsp;16, 2001
(this <B>&#147;Agreement&#148;</B>), by and among Ford Motor
Company, a Delaware corporation (<B>&#147;Ford&#148;</B>), Ford
FSG,&nbsp;Inc., a Delaware corporation
(<B>&#147;Parent&#148;</B>), Ford FSG&nbsp;II,&nbsp;Inc., a
Delaware corporation (<B>&#147;FSG&nbsp;II&#148;</B>), and The
Hertz Corporation, a Delaware corporation (the
<B>&#147;Company&#148;</B>).

<!-- link1 "WITNESSETH" -->

<P align="center"><B>WITNESSETH</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Company has authority to issue
(i)&nbsp;440,000,000&nbsp;shares of Class&nbsp;A Common Stock,
par value $.01&nbsp;per share (the <B>&#147;Class&nbsp;A Common
Stock&#148;</B> or the <B>&#147;Shares&#148;</B>), 40,177,324 of
which were outstanding as of December&nbsp;31, 2000,
(ii)&nbsp;140,000,000&nbsp;shares of Class&nbsp;B Common Stock,
par value $.01&nbsp;per share (the <B>&#147;Class&nbsp;B Common
Stock&#148;</B> and, together with the Class&nbsp;A Common
Stock, the <B>&#147;Common Stock&#148;</B>), 67,310,167 of which
are outstanding, and (iii)&nbsp;40,000,000&nbsp;shares of
Preferred Stock, par value $.01&nbsp;per share, none of which
are outstanding;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Parent owns (i)&nbsp;20,245,833&nbsp;shares of
Class&nbsp;A Common Stock and all of the outstanding
Class&nbsp;B Common Stock and (ii)&nbsp;all of the outstanding
stock of FSG&nbsp;II;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, Ford, which owns directly or indirectly all of the
outstanding stock of Parent, has proposed to the board of
directors of the Company (the <B>&#147;Board&#148;</B>) that
Parent or an affiliate acquire the remaining Class&nbsp;A Common
Stock not owned by Parent (the <B>&#147;Proposal&#148;</B>);

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Board has established a special committee of the
Board (the <B>&#147;Special Committee&#148;</B>) to consider the
Proposal and make a recommendation to the Board with respect
thereto;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, it is proposed that Ford shall cause Parent to commence
a tender offer (the <B>&#147;Tender Offer&#148;</B>) to acquire
any and all of the outstanding shares of Class&nbsp;A Common
Stock, for an amount equal to $35.50&nbsp;per Share (such
amount, or any greater amount per Share paid pursuant to the
Tender Offer, being hereinafter referred to as the
<B>&#147;Offer Price&#148;</B>), net to the seller in cash, upon
the terms and subject to the conditions provided herein;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the Special Committee (i)&nbsp;has determined that it
is fair to and in the best interests of the Company and its
stockholders (other than Parent and its affiliates) to
consummate the Tender Offer and the merger of FSG&nbsp;II with
and into the Company, with the Company being the surviving
corporation (the <B>&#147;Merger&#148;</B>), upon the terms and
subject to the conditions of this Agreement and in accordance
with the General Corporation Law of the State of Delaware
(<B>&#147;Delaware Law&#148;</B>), (ii)&nbsp;has determined that
the Tender Offer, the Merger and this Agreement should be
approved and declared advisable by the Board and (iii)&nbsp;has
resolved to recommend that the Company&#146;s stockholders
accept the Tender Offer, tender their Shares pursuant thereto
and approve and adopt this Agreement and the Merger if submitted
for their approval;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, based on the recommendation of the Special Committee,
the Board (i)&nbsp;has determined that it is fair to and in the
best interests of the Company and its stockholders (other than
Parent and its affiliates) to consummate the Tender Offer and
the Merger upon the terms and subject to the conditions of this
Agreement and in accordance with Delaware Law, (ii)&nbsp;has
approved and declared advisable the Tender Offer, the Merger and
this Agreement and (iii)&nbsp;has resolved to recommend that the
Company&#146;s stockholders accept the Tender Offer, tender
their Shares pursuant thereto and approve and adopt this
Agreement and the Merger if submitted for their
approval;&nbsp;and

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
WHEREAS, the board of directors of each of Parent and
FSG&nbsp;II (i)&nbsp;has determined that the Tender Offer and
the Merger are fair to and in the best interests of Parent and
FSG&nbsp;II, respectively, and their respective stockholders and
(ii)&nbsp;has approved and declared advisable the Tender Offer,
the Merger and this Agreement.

<P align="center">

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, and intending to be
legally bound hereby, Ford, Parent, FSG&nbsp;II and the Company
hereby agree as follows:

<!-- link1 "ARTICLE 1 The Offer" -->

<P align="center">ARTICLE&nbsp;1

<P align="center">
THE OFFER

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;1.01.&nbsp; <I>The Tender Offer.</I> (a)&nbsp;
Provided that none of the events set forth in Annex&nbsp;A
hereto shall have occurred or be existing, as soon as
practicable (but in no event later than fifteen business days
from the public announcement of the terms of this Agreement)
Ford shall cause Parent to commence the Tender Offer. The
initial expiration date of the Tender Offer shall be the
twentieth business day from and after the date the Tender Offer
is commenced (the <B>&#147;Initial Expiration Date&#148;</B>).
The obligation of Ford to cause Parent to commence the Tender
Offer and to accept for payment and pay for Shares tendered
pursuant to the Tender Offer shall be subject only to the
conditions set forth in Annex&nbsp;A hereto, any of which
conditions may be waived by Parent in its sole discretion.
Parent expressly reserves the right to amend or make changes to
the terms and conditions of the Tender Offer; <I>provided,
however,</I> that, without the prior written consent of the
Company (expressed in a resolution adopted by both the Special
Committee and the Board), Parent shall not (i)&nbsp;decrease the
Offer Price or change the form of consideration to be paid in
the Tender Offer, (ii)&nbsp;impose any additional conditions to
the Tender Offer from those set forth in Annex&nbsp;A hereto, or
(iii)&nbsp;otherwise amend the Tender Offer in a manner that
would adversely affect the holders of Shares. The Company agrees
that no Shares held by the Company or any subsidiary of the
Company will be tendered pursuant to the Tender Offer.
Notwithstanding anything in this Agreement to the contrary,
without the consent of the Company, Parent shall have the right
to extend the Tender Offer beyond the Initial Expiration Date in
the following events: (i)&nbsp;from time to time if, at the
Initial Expiration Date (or extended expiration date of the
Tender Offer, if applicable), any of the conditions to the
Tender Offer shall not have been satisfied or waived;
(ii)&nbsp;for any period required by any rule, regulation,
interpretation or position of the Securities and Exchange
Commission (the <B>&#147;SEC&#148;</B>) or the staff thereof
applicable to the Tender Offer or any period required by
applicable law; (iii)&nbsp;for an aggregate period not to exceed
ten business days (for all such extensions), if all of the
conditions to the Tender Offer are satisfied or waived but the
number of Shares validly tendered and not withdrawn is
insufficient to result in Parent owning at least ninety percent
of the then outstanding number of Shares; or (iv)&nbsp;pursuant
to an amendment to the Tender Offer providing for a
&#147;subsequent offering period&#148; not to exceed twenty
business days to the extent permitted under, and in compliance
with, Rule&nbsp;14d-11 under the Securities Exchange Act of
1934, as amended (the <B>&#147;Exchange Act&#148;</B>).
Following the satisfaction or waiver of the conditions to the
Tender Offer, Ford shall cause Parent to accept for payment, in
accordance with the terms of the Tender Offer, all Shares
validly tendered pursuant to the Tender Offer and not withdrawn
as soon as it is permitted to do so pursuant to applicable law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; Ford shall cause Parent to file with the SEC on the
date that the Tender Offer is commenced (i)&nbsp;a Tender Offer
Statement on Schedule&nbsp;TO (together with any supplements or
amendments thereto, the <B>&#147;Schedule&nbsp;TO&#148;</B>)
which will contain, among other things, the offer to purchase,
form of the related letter of transmittal and summary
advertisement (together with any supplements or amendments
thereto, the <B>&#147;Tender Offer Documents&#148;</B>), and
(ii)&nbsp;together with Ford, FSG&nbsp;II and the Company, a
Rule&nbsp;13e-3 Transaction Statement on Schedule&nbsp;13E-3
with respect to the Tender Offer which shall be filed as a part
of the Schedule TO. The Tender Offer Documents shall comply in
all material respects with the provisions of applicable federal
securities laws and, on the date filed with the SEC and on the
date first published, sent or given to the Company&#146;s
stockholders, shall not contain any untrue statement of a
material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were
made, not misleading, except that no representation is made by
Ford or Parent with respect to information supplied by the
Company in writing for inclusion in the

<P align="center">A-2

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<DIV align="left">
Tender Offer Documents. Each of Ford and Parent further agrees
to take all steps necessary to cause the Tender Offer Documents
to be filed with the SEC and to be disseminated to holders of
Shares, in each case as and to the extent required by applicable
federal securities laws. Each of Ford and Parent, on the one
hand, and the Company, on the other hand, agrees promptly to
correct any information provided by it for use in the Tender
Offer Documents if and to the extent that it shall have become
false and misleading in any material respect and Ford further
agrees to cause Parent to take all steps necessary to cause the
Tender Offer Documents as so corrected to be filed with the SEC
and to be disseminated to holders of Shares, in each case as and
to the extent required by applicable federal securities laws.
The Company and its counsel shall be given the opportunity to
review the initial Schedule&nbsp;TO before it is filed with the
SEC. In addition, Ford and Parent agree to provide the Company
and its counsel with any comments or other communications that
Ford, Parent or their counsel may receive from time to time from
the SEC or its staff with respect to the Tender Offer Documents
promptly after the receipt of such comments or other
communications.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;1.02.&nbsp; <I>Company Action.</I> The Company
hereby approves of and consents to the Tender Offer.
Concurrently with the filing of the Schedule&nbsp;TO, the
Company shall file with the SEC and mail to the holders of
Shares a Solicitation/ Recommendation Statement on
Schedule&nbsp;14D-9 (together with any supplements or amendments
thereto, the <B>&#147;Schedule&nbsp;14D-9</B>&#148;). The
Schedule&nbsp;14D-9 will set forth, and the Company hereby
represents to Ford and Parent, that (a)&nbsp;each of the Special
Committee and the Board of Directors of the Company, at meetings
duly called and held, has (i)&nbsp;determined that each of the
Tender Offer and the Merger is fair to and in the best interests
of the Company&#146;s stockholders (other than Parent and its
affiliates); (ii)&nbsp;approved this Agreement and the
transactions contemplated hereby, including, without limitation
the Tender Offer and the Merger; and (iii)&nbsp;resolved to
recommend that the Company&#146;s stockholders accept the Tender
Offer, tender their Shares pursuant thereto and approve and
adopt this Agreement and the Merger if submitted for their
approval; <I>provided, however,</I> that such recommendation may
be withdrawn or modified to the extent that the Board, based on
the recommendation of the Special Committee, determines in good
faith, based on the advice of outside counsel, that such
recommendation would be inconsistent with its fiduciary duties
to the Company&#146;s stockholders under applicable law; and
(b)&nbsp;Lazard Fr&#232;res&nbsp;&#38;&nbsp;Co.&nbsp;LLC, the
financial advisor to the Special Committee
(<B>&#147;Lazard&nbsp;LLC&#148;</B>), has delivered to the
Special Committee and the Board its written opinion that the
consideration to be received by the stockholders of the Company
(other than Parent and its affiliates) pursuant to each of the
Tender Offer and the Merger is fair to such stockholders from a
financial point of view. The Schedule&nbsp;14D-9 will comply in
all material respects with the provisions of applicable federal
securities laws and, on the date filed with the SEC and on the
date first published, sent or given to the Company&#146;s
stockholders, shall not contain any untrue statement of a
material fact or omit to state any material fact required to be
stated therein or necessary in order to make the statements
therein, in light of the circumstances under which they were
made, not misleading, except that no representation is made by
the Company with respect to information supplied by Ford or
Parent in writing for inclusion in the Schedule&nbsp;14D-9. The
Company further agrees to take all steps necessary to cause the
Schedule&nbsp;14D-9 to be filed with the SEC and to be
disseminated to holders of Shares, in each case as and to the
extent required by applicable federal securities laws. Each of
the Company, on the one hand, and Ford and Parent, on the other
hand, agrees promptly to correct any information provided by it
for use in the Schedule&nbsp;14D-9 if and to the extent that it
shall have become false and misleading in any material respect
and the Company further agrees to take all steps necessary to
cause the Schedule&nbsp;14D-9 as so corrected to be filed with
the SEC and to be disseminated to holders of the Shares, in each
case as and to the extent required by applicable federal
securities laws. Parent and its counsel shall be given the
opportunity to review the initial Schedule&nbsp;14D-9 before it
is filed with the SEC. In addition, the Company agrees to
provide Ford, Parent and their counsel with any comments or
other communications that the Company or its counsel may receive
from time to time from the SEC or its staff with respect to the
Schedule&nbsp;14D-9 promptly after the receipt of such comments
or other communications.

<P align="center">A-3

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;1.03.&nbsp; <I>Stockholder Lists.</I> In connection
with the Tender Offer, the Company shall promptly furnish Parent
with mailing labels, security position listings of Shares held
in stock depositories and any available listing or computer file
containing the names and addresses of the record holders of
Shares, each as of the most recent practicable date, and shall
promptly furnish Parent with such additional information,
including updated lists of stockholders, mailing labels and
lists of securities positions and such other information and
assistance as Parent or its agents may reasonably request in
connection with communicating to the record and beneficial
holders of Shares with respect to the Tender Offer and the
Merger.

<!-- link1 "ARTICLE 2 The Merger" -->

<P align="center">ARTICLE&nbsp;2

<P align="center">
THE MERGER

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;2.01.&nbsp; <I>The Merger.</I> Upon the terms and
subject to the conditions set forth in Article&nbsp;VIII, and in
accordance with Delaware Law, at the Effective Time (as defined
below), FSG&nbsp;II shall be merged with and into the Company.
As a result of the Merger, the separate corporate existence of
FSG&nbsp;II shall cease and the Company shall continue as the
surviving corporation of the Merger (the <B>&#147;Surviving
Corporation&#148;</B>).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;2.02.&nbsp; <I>Effective Time; Closing.</I> As
promptly as practicable and in no event later than the third
business day following the satisfaction or, if permissible,
waiver of the conditions set forth in Article&nbsp;8 (or such
other date as may be agreed in writing by the parties hereto),
the parties hereto shall cause the Merger to be consummated by
filing a certificate of merger or a certificate of ownership and
merger, as appropriate (either, the <B>&#147;Certificate of
Merger&#148;</B>) with the Secretary of State of the State of
Delaware, in such form as is required by, and executed in
accordance with, the relevant provisions of Delaware Law. The
term <B>&#147;Effective Time&#148; </B>means the date and time
of the filing with the Secretary of State of the State of
Delaware of the Certificate of Merger (or such later time as may
be agreed upon in writing by the parties hereto and specified in
the Certificate of Merger). Immediately prior to the filing of
the Certificate of Merger, a closing (the
<B>&#147;Closing&#148;</B>) will be held at the principal office
of Parent located at One American Road, Dearborn, Michigan (or
such other place as the parties hereto may agree).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;2.03.&nbsp; <I>Effect of the Merger.</I> At the
Effective Time, the effect of the Merger shall be as provided in
the applicable provisions of Delaware Law. Without limiting the
generality of the foregoing, and subject thereto, at the
Effective Time, all the property, rights, privileges, powers and
franchises of FSG&nbsp;II and the Company shall vest in the
Surviving Corporation, and all debts, liabilities, obligations,
restrictions, disabilities and duties of FSG&nbsp;II and the
Company shall become the debts, liabilities, obligations,
restrictions, disabilities and duties of the Surviving
Corporation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;2.04.&nbsp; <I>Certificate of Incorporation;
By-laws; Directors and Officers.</I> (a)&nbsp;At the Effective
Time, the Restated Certificate of Incorporation of the Company,
as in effect immediately prior to the Effective Time, shall be
the Restated Certificate of Incorporation of the Surviving
Corporation until thereafter amended in accordance with Delaware
Law and such Restated Certificate of Incorporation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; At the Effective Time, the By-laws of the Company, as
in effect immediately prior to the Effective Time, shall be the
By-laws of the Surviving Corporation until thereafter amended in
accordance with Delaware Law, the Restated Certificate of
Incorporation of the Surviving Corporation and such By-laws.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp; From and after the Effective Time, until successors
are duly elected or appointed and qualified in accordance with
applicable law, (i)&nbsp;the directors of the Company at the
Effective Time shall be the directors of the Surviving
Corporation and (ii)&nbsp;the officers of the Company at the
Effective Time shall be the officers of the Surviving
Corporation.

<P align="center">A-4

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<P align="center">ARTICLE&nbsp;3

<P align="center">CONVERSION OF COMMON STOCK; EXCHANGE OF CERTIFICATES

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;3.01.&nbsp; <I>Conversion of Common Stock.</I> At
the Effective Time, by virtue of the Merger and without any
action on the part of any party hereto or the holders of Common
Stock:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(a)&nbsp; each share of Common Stock issued and outstanding
	immediately prior to the Effective Time (other than any
	Dissenting Shares, as defined in Section&nbsp;3.04, and any
	shares to be canceled pursuant to Section&nbsp;3.01(b)) shall be
	converted into the right to receive the Offer Price in cash (the
	<B>&#147;Merger Consideration&#148;</B>);&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(b)&nbsp; each share of Common Stock held in the treasury of the
	Company or owned by Parent or any direct or indirect
	wholly-owned subsidiary of Parent or the Company immediately
	prior to the Effective Time shall be canceled and extinguished
	without any conversion thereof and no payment or distribution
	shall be made with respect thereto;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(c)&nbsp; each share of common stock, par value $.01&nbsp;per
	share, of FSG&nbsp;II issued and outstanding immediately prior
	to the Effective Time shall be converted into one share of
	Class&nbsp;A Common Stock of the Surviving Corporation.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;3.02.&nbsp; <I>Exchange of Certificates.</I> (a)
<I>Paying Agent.</I>&nbsp; Prior to the Effective Time, Parent
shall designate a bank or trust company to act as paying agent
in the Merger (the <B>&#147;Paying Agent&#148;</B>) and shall
deposit or cause FSG&nbsp;II to deposit with the Paying Agent
immediately available funds in an amount sufficient for the
payment of the aggregate Merger Consideration upon surrender of
Certificates (as hereinafter defined) representing shares of
Common Stock converted pursuant to Section&nbsp;3.01(a) (such
funds being hereinafter referred to as the <B>&#147;Exchange
Fund&#148;</B>).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; <I>Exchange Procedures.</I> Promptly after the
Effective Time, Parent shall cause the Paying Agent to mail to
each holder of record (other than Parent or any direct or
indirect wholly-owned subsidiary of Parent) of a certificate or
certificates that immediately prior to the Effective Time
represented shares of Common Stock (the
<B>&#147;Certificates&#148;</B>), (i)&nbsp;a letter of
transmittal (which shall specify that delivery shall be
effected, and risk of loss and title to the Certificates shall
pass, only upon delivery of the Certificates to the Paying Agent
and shall be in a form and have such other provisions as Parent
may reasonably specify) and (ii)&nbsp;instructions for use in
effecting the surrender of the Certificates in exchange for the
Merger Consideration. Upon surrender of a Certificate for
cancellation to the Paying Agent or to such other agent or
agents as may be appointed by Parent, together with such letter
of transmittal, duly executed, and such other documents as may
reasonably be required by the Paying Agent, the holder of such
Certificate shall be entitled to receive in exchange therefor,
and the Paying Agent shall pay, the Merger Consideration for
each share of Common Stock formerly evidenced by such
Certificate, and such Certificate shall thereupon be canceled.
If payment of the Merger Consideration is to be made to a person
other than the person in whose name the surrendered Certificate
is registered on the stock transfer books of the Company, it
shall be a condition of payment to the holder of a Certificate
that it be endorsed properly or otherwise be in proper form for
transfer and that the person requesting such payment shall have
paid all transfer and other taxes required by reason of the
payment of the Merger Consideration to a person other than the
registered holder thereof or shall have established to the
satisfaction of the Surviving Corporation that such taxes are
not applicable. Until surrendered as contemplated by this
Section&nbsp;3.02, each Certificate shall be deemed at any time
after the Effective Time to represent only the right to receive
upon such surrender the Merger Consideration into which the
shares theretofore represented by such Certificate shall have
been converted pursuant to Section&nbsp;3.01(a). No interest
will be paid or will accrue on the cash payable upon the
surrender of any Certificate.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp; <I>Termination of Exchange Fund.</I> Any portion of
the Exchange Fund which remains undistributed for six
(6)&nbsp;months after the Effective Time shall be delivered to
Parent, upon demand, and any holders of shares of Common Stock
who have not theretofore complied with this Article&nbsp;3 shall

<P align="center">A-5

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<DIV align="left">
thereafter look only to Parent for payment of the Merger
Consideration to which they are entitled, without any interest
thereon. Any portion of the Exchange Fund remaining unclaimed as
of a date which is immediately prior to such time as such
amounts would otherwise escheat to or become property of any
government entity shall, to the extent permitted by applicable
law, become the property of Parent free and clear of any claims
or interest of any person previously entitled thereto.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp; <I>No Liability.</I> Neither Parent nor the Surviving
Corporation shall be liable to any holder of shares of Common
Stock for any amounts delivered to a public official pursuant to
any abandoned property, escheat or similar law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp; <I>Withholding Rights.</I> Each of the Surviving
Corporation, Parent and the Paying Agent shall be entitled to
deduct and withhold from the consideration otherwise payable
pursuant to this Agreement to any holder of shares of Common
Stock such amounts as it is required to deduct and withhold with
respect to the making of any payment under the Internal Revenue
Code of 1986, as amended (the <B>&#147;Code&#148;</B>), or any
provision of state or local tax law. To the extent that amounts
are so withheld by the Surviving Corporation, Parent or the
Paying Agent, as the case may be, such withheld amounts shall be
treated for all purposes of this Agreement as having been paid
to the holder of the shares of Common Stock in respect of which
such deduction and withholding was made by the Surviving
Corporation, Parent or the Paying Agent, as the case may be.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp; <I>Lost Certificates.</I> If any Certificate shall
have been lost, stolen or destroyed, upon the making of an
affidavit of that fact by the person claiming such Certificate
to be lost, stolen or destroyed and, if required by Parent or
the Surviving Corporation, the posting by such person of a bond,
in such reasonable amount as Parent or the Surviving Corporation
may direct, as indemnity against any claim that may be made
against it with respect to such Certificate, the Paying Agent
will issue in exchange for such lost, stolen or destroyed
Certificate, the Merger Consideration, without any interest
thereon.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp; <I>Investment of Funds.</I> The Paying Agent shall
invest the funds constituting the Exchange Fund as directed by
Parent. Any interest or other income resulting from such
investment shall be paid to Parent.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;3.03.&nbsp; <I>Stock Transfer Books.</I> At the
Effective Time, the stock transfer books of the Company shall be
closed with respect to shares of Common Stock outstanding
immediately prior to the Effective Time and there shall be no
further registration of transfers of such shares thereafter on
the records of the Company. From and after the Effective Time,
the holders of shares of Common Stock outstanding immediately
prior to the Effective Time shall cease to have any rights with
respect to such shares, except as otherwise provided in this
Agreement or by law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;3.04.&nbsp; <I>Appraisal.</I> Notwithstanding
anything in this Agreement to the contrary, each share of Common
Stock issued and outstanding immediately prior to the Effective
Time and held by a person (a <B>&#147;Dissenting
Stockholder&#148;</B>) who has neither voted in favor of the
Merger nor consented in writing thereto and who complies with
all the requirements of Delaware Law concerning the right of
stockholders to seek appraisal of their shares
(<B>&#147;Dissenting Shares&#148;</B>) shall not be converted as
described in this Article&nbsp;3 but shall instead become the
right to receive such consideration as may be determined to be
due to such Dissenting Stockholder pursuant to Section&nbsp;262
of the Delaware Law. If, after the Effective Time, such
Dissenting Stockholder withdraws his or her demand for appraisal
or fails to perfect or otherwise loses his or her right of
appraisal, in any case pursuant to Delaware Law, each share of
Common Stock of such Dissenting Stockholder shall be deemed to
be converted as of the Effective Time into the right to receive
the Merger Consideration (without any interest thereon). The
Company shall give Parent prompt notice of any demands received
by the Company for appraisal of any shares of Common Stock, and
Parent shall have the right to participate in and direct all
negotiations and proceedings with respect to such demands. The
Company shall not, except with the prior written consent of
Parent, make any payment with respect to, or settle or offer to
settle, any such demands, or agree to do any of the foregoing.

<P align="center">A-6

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<P align="center">ARTICLE&nbsp;4

<P align="center"> REPRESENTATIONS AND WARRANTIES OF THE COMPANY

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company hereby represents and warrants to Ford, Parent and
FSG&nbsp;II that:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.01.&nbsp; <I>Organization and Qualification.</I>
Each of the Company and its subsidiaries is a corporation duly
organized, validly existing and in good standing under the laws
of the jurisdiction of its incorporation, except where the
failure of any subsidiaries to be in good standing could not,
individually or in the aggregate, reasonably be expected to have
a Company Material Adverse Effect (as hereinafter defined). Each
of the Company and its subsidiaries has the requisite corporate
power and authority to own, lease and operate its properties and
to carry on its business as it is now being conducted. Each of
the Company and its subsidiaries has all necessary licenses,
permits, authorizations, and governmental approvals to own,
lease and operate its properties and to carry on its business as
it is currently being conducted, except where the failure to
have such licenses, permits, authorizations and governmental
approvals could not, individually or in the aggregate,
reasonably be expected to have a Company Material Adverse Effect
(as hereinafter defined). Each of the Company and its
subsidiaries is duly qualified and in good standing to do
business in each jurisdiction in which the nature of the
business conducted by it or the ownership or leasing of its
properties makes such qualification necessary, other than where
the failure to be so duly qualified and in good standing could
not, individually or in the aggregate, reasonably be expected to
have a Company Material Adverse Effect. The term
<B>&#147;Company Material Adverse Effect&#148;</B>, as used in
this Agreement, means any change or effect that, individually or
when taken together with all other such changes or effects, is
or is reasonably likely to be materially adverse to the
financial condition, assets, liabilities, business, operations
or earnings of the Company and its subsidiaries, taken as a
whole, other than any such effect arising out of or resulting
from general economic conditions or from changes in or generally
affecting the industry in which the Company operates or any
effect arising out of this Agreement or, except in the case of
Section&nbsp;4.05, the transactions contemplated hereby or the
public announcement hereof.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.02.&nbsp; <I>Restated Certificate of
Incorporation and By-laws.</I> The Company has heretofore
furnished to Parent a complete and correct copy of the Restated
Certificate of Incorporation and the By-laws, each as amended to
date, of the Company. Such Restated Certificate of Incorporation
and By-laws are in full force and effect. None of the Company or
any of its subsidiaries is in violation of any provision of its
Restated Certificate of Incorporation or By-laws (or equivalent
organizational documents).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.03.&nbsp; <I>Capitalization.</I> The authorized
capital stock of the Company consists of 440,000,000&nbsp;shares
of Class&nbsp;A Common Stock, 140,000,000&nbsp;shares of
Class&nbsp;B Common Stock and 40,000,000&nbsp;shares of
Preferred Stock, par value $.01&nbsp;per share (the
<B>&#147;Company Preferred Stock&#148;</B>). As of
December&nbsp;31, 2000, (i)&nbsp;40,177,324&nbsp;shares of
Class&nbsp;A Common Stock and 67,310,167&nbsp;shares of
Class&nbsp;B Common Stock are issued and outstanding, all of
which are validly issued, fully paid and nonassessable, and no
shares of Company Preferred Stock are issued and outstanding,
(ii)&nbsp;779,534&nbsp;shares of Class&nbsp;A Common Stock, no
shares of Class&nbsp;B Common Stock and no shares of Company
Preferred Stock are held in the treasury of the Company and
(iii)&nbsp;6,657,776&nbsp;shares of Class&nbsp;A Common Stock
are reserved for future issuance under the Company&#146;s
Long-Term Equity Compensation Plan, 75,000&nbsp;shares of
Class&nbsp;A Common Stock are reserved for future issuance under
the Company&#146;s Non-employee Director Stock Option Plan and
379,228&nbsp;shares of Class&nbsp;A Common Stock have been
reserved for issuance under the Company&#146;s Employee Stock
Purchase Plan. Since December&nbsp;31, 2000, except for the
issuance of Common Stock resulting from the exercise of employee
stock options outstanding on such date, the Company has not
issued any shares of capital stock or voting securities of the
Company or securities of the Company convertible into or
exchangeable for shares of capital stock or voting securities of
the Company. Except as set forth in Section&nbsp;4.03 of the
disclosure schedule delivered by the Company to Parent
concurrently with the execution of this Agreement (the
<B>&#147;Company Disclosure Schedule&#148;</B>) or as otherwise

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<DIV align="left">
contemplated by this Agreement, there are no options, warrants
or other rights, agreements, arrangements or commitments of any
character relating to the issued or unissued capital stock of
the Company or any of its subsidiaries or obligating the Company
or any of its subsidiaries to issue or sell any shares of
capital stock of, or other equity interests in, the Company or
any of its subsidiaries. Except as set forth in
Section&nbsp;4.03 of the Company Disclosure Schedule, there are
no outstanding contractual obligations of the Company or any of
its subsidiaries to repurchase, redeem or otherwise acquire any
shares of capital stock of the Company or any of its
subsidiaries or to provide funds to, or make any investment (in
the form of a loan, capital contribution or otherwise) in, any
person.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.04.&nbsp; <I>Authority Relative to This
Agreement.</I> (a)&nbsp;The Company has all necessary corporate
power and authority to execute and deliver this Agreement, to
perform its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery of
this Agreement by the Company and the consummation by the
Company of the transactions contemplated hereby have been duly
and validly authorized by all necessary corporate action, and no
other corporate proceedings on the part of the Company are
necessary to authorize this Agreement or to consummate the
transactions contemplated hereby (other than, with respect to
the Merger and to the extent required by Delaware Law, the
adoption of this Agreement by the affirmative vote of the
holders entitled to cast a majority of the votes represented by
the outstanding Common Stock and the filing and recordation of
appropriate merger documents as required by Delaware Law). This
Agreement has been duly and validly executed and delivered by
the Company and, assuming the due authorization, execution and
delivery by Ford, Parent and FSG&nbsp;II, constitutes a legal,
valid and binding obligation of the Company enforceable against
the Company in accordance with its terms.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; (i)&nbsp;The Special Committee has been duly
authorized and constituted, (ii)&nbsp;the Special Committee, at
a meeting thereof duly called and held on January&nbsp;16, 2001,
(A)&nbsp;determined that this Agreement, the Tender Offer and
the Merger are fair to and in the best interests of the Company
and its stockholders (other than Parent and its affiliates),
(B)&nbsp;determined that this Agreement, the Tender Offer and
the Merger should be approved and declared advisable by the
Board and (C)&nbsp;resolved to recommend that the Company&#146;s
stockholders accept the Tender Offer, tender their Shares
pursuant thereto and approve and adopt this Agreement and the
Merger if submitted for their approval, and (iii)&nbsp;the
Board, at a meeting thereof duly called and held on
January&nbsp;16, 2001, (A)&nbsp;determined that this Agreement
and the Merger are fair to and in the best interests of the
Company and its stockholders (other than Parent and its
affiliates), (B)&nbsp;approved and declared advisable this
Agreement, the Tender Offer and the Merger and (C)&nbsp;resolved
to recommend that the Company&#146;s stockholders accept the
Tender Offer, tender their Shares pursuant thereto and approve
and adopt this Agreement and the Merger if submitted for their
approval.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.05.&nbsp; <I>No Conflict; Required Filings and
Consents.</I> (a)&nbsp;The execution and delivery of this
Agreement by the Company do not, and the performance of this
Agreement by the Company will not, (i)&nbsp;conflict with or
violate the Restated Certificate of Incorporation or By-laws of
the Company or equivalent organizational documents of any of its
subsidiaries, (ii)&nbsp;assuming that all consents, approvals,
authorizations, and other actions described in
Section&nbsp;4.05(b) have been obtained or made, conflict with
or violate any law, statute, ordinance, rule, regulation, order,
injunction, judgment or decree (<B>&#147;Law&#148;</B>)
applicable to the Company or any of its subsidiaries or by which
any property or asset of the Company or any of its subsidiaries
is bound or affected or (iii)&nbsp;result in any breach of or
constitute a default (or an event that with notice or lapse of
time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or
cancellation of, or require payment under, or result in the
creation of a lien or other encumbrance on any property or asset
of the Company or any of its subsidiaries pursuant to, or
trigger any right of first refusal under, any note, bond,
mortgage, indenture, contract, agreement, lease, license,
permit, franchise or other instrument or obligation to which the
Company or any of its subsidiaries is a party or by which the
Company or any of its subsidiaries or any of their respective
properties is bound, except, in the case

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<DIV align="left">
of clauses&nbsp;(ii)&nbsp;and (iii), for any thereof that could
not, individually or in the aggregate, reasonably be expected to
have a Company Material Adverse Effect or could not reasonably
be expected to prevent or materially delay the consummation of
the Merger.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; The execution and delivery of this Agreement by the
Company do not, and the performance of this Agreement by the
Company will not, require any consent, approval, authorization
or permit of, or filing with or notification to, any domestic,
foreign or supranational governmental, regulatory or
administrative authority, agency or commission or any court,
tribunal or arbitral body (<B>&#147;Governmental
Entity&#148;</B>), except for (i)&nbsp;applicable requirements
of the Exchange Act, the Securities Act of 1933, as amended
(together with the rules and regulations promulgated thereunder,
the <B>&#147;Securities Act&#148;</B>) state securities or
&#147;blue sky&#148; laws (<B>&#147;Blue Sky Laws&#148;</B>),
the rules and regulations of the New&nbsp;York Stock
Exchange,&nbsp;Inc. (the <B>&#147;NYSE&#148;</B>) and the filing
and recordation of appropriate merger documents as required by
Delaware Law and (ii)&nbsp;such consents, approvals,
authorizations, permits, filings or notifications the failure of
which to receive or to make, could not, individually or in the
aggregate reasonably be expected to have a Company Material
Adverse Effect or could not reasonably be expected to prevent or
materially delay the consummation of the transactions
contemplated hereby.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.06.&nbsp; <I>SEC Filings; Financial
Statements.</I> (a)&nbsp;The Company has filed all forms,
reports and documents required to be filed by it with the SEC
since December&nbsp;31, 1999 (such forms, reports and other
documents being referred to herein, collectively, as the
<B>&#147;Company SEC Reports&#148;</B>). The Company SEC Reports
(i)&nbsp;were prepared in accordance with the requirements of
the Securities Act and the Exchange Act, as the case may be,
(ii)&nbsp;did not, at the time they were filed, contain any
untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make
the statements made therein, in the light of the circumstances
under which they were made, not misleading, and (iii)&nbsp;were
filed in a timely manner. No subsidiary of the Company was or is
required to file any form, report or other document with the SEC.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; Since September&nbsp;30, 2000 and through the date of
this Agreement, there has not been any Company Material Adverse
Effect, it being agreed for purposes of this representation that
&#147;Company Material Adverse Effect&#148; shall be limited to
the effect, if any, on the Company&#146;s financial statements
as of and for the year ended December&nbsp;31, 2000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.07.&nbsp; <I>Options and Employment
Contracts.</I> (a)&nbsp;Except as contemplated hereby, the
Company has taken no action with respect to any options to
purchase shares of stock of the Company (<B>&#147;Company Stock
Options&#148;</B>) that would result in an acceleration of
vesting of the Company Stock Options in connection with the
execution and delivery of this Agreement or the consummation of
any transactions contemplated hereby or otherwise.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; Neither the execution, delivery or performance of this
Agreement, nor the consummation of the Merger or any of the
other transactions contemplated by this Agreement, will result
in any bonus, golden parachute, severance or other payment or
obligation to any current or former employee or director of the
Company (whether or not under any Plan), or materially increase
the benefits payable or provided under any Plan, or result in
any acceleration of the time of payment or vesting of any such
benefits. The term <B>&#147;Plan,&#148;</B> as used in this
Agreement, means (i)&nbsp;all employee benefit plans (within the
meaning of Section&nbsp;3(3) of the Employee Retirement Income
Security Act of 1974, as amended (<B>&#147;ERISA&#148;</B>)) and
all bonus, stock option, stock purchase, restricted stock,
incentive, deferred compensation, retiree medical or life
insurance, supplemental retirement, severance or other benefit
plans, programs or arrangements, and all employment,
termination, severance or other contracts or agreements to which
the Company or any trade or business (whether or not
incorporated) under common control with the Company under
Sections&nbsp;414(b), (c), (m)&nbsp;or (o)&nbsp;of the Code (the
<B>&#147;Controlled Group&#148;</B>) is a party, with respect
to, which the Company or any Controlled Group has any obligation
or which are maintained, contributed to or sponsored by the
Company or any Controlled Group for the benefit of any current
or former employee, officer or director of the Company or any
Controlled Group and (ii)&nbsp;each employee benefit plan for
which the

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<DIV align="left">
Company or any Controlled Group could incur any liability or
contingent liability not otherwise provided for in the
Company&#146;s financial statements contained in the Company SEC
Reports under Section&nbsp;4069 of ERISA, in the event such plan
were terminated, or under Section&nbsp;4212(c) of ERISA, or in
respect of which the Company or any Controlled Group remains
secondarily liable under Section&nbsp;4204 of ERISA.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.08.&nbsp; <I>Brokers.</I> No broker, finder or
investment banker (other than Lazard&nbsp;LLC as set forth in
Section&nbsp;4.09) is entitled to any brokerage, finder&#146;s
or other fee or commission in connection with the Tender Offer
or the Merger based upon arrangements made by or on behalf of
the Company.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.09.&nbsp; <I>Opinion of Financial Advisor.</I>
The Special Committee has received the written opinion of
Lazard&nbsp;LLC dated the date of this Agreement to the effect
that, as of the date of this Agreement, the consideration to be
received by the stockholders of the Company (other than Parent
and its affiliates) pursuant to each of the Tender Offer and the
Merger is fair to the stockholders of the Company (other than
Parent and its affiliates) from a financial point of view and
such opinion has not been withdrawn. A copy of such opinion has
been delivered to Parent and FSG&nbsp;II.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;4.10.&nbsp; <I>State Takeover Statutes.</I> Neither
the restrictions on business combinations contained in
Section&nbsp;203 of the Delaware Law, nor any other state
takeover statute or similar statute or regulations, will apply
to the Tender Offer, the Merger, this Agreement or any of the
transactions contemplated hereby, or to any of the parties
hereto or their affiliates as a result of such transactions.

<P align="center">ARTICLE&nbsp;5

<P align="center">REPRESENTATIONS AND WARRANTIES OF FORD, PARENT AND FSG&nbsp;II

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ford, Parent and FSG&nbsp;II hereby represent and warrant to the
Company that:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;5.01.&nbsp; <I>Organization and Qualification.</I>
Each of Ford, Parent and FSG&nbsp;II is a corporation duly
organized, validly existing and in good standing under the laws
of the State of Delaware and has the requisite corporate power
and authority to own, lease and operate its properties and to
carry on its business as it is now being conducted. Each of Ford
and Parent is duly qualified and in good standing to do business
in each jurisdiction in which the nature of the business
conducted by it or the ownership or leasing of its properties
makes such qualification necessary, other than where the failure
to be so duly qualified and in good standing could not,
individually or in the aggregate, reasonably be expected to
prevent or materially delay the consummation of the Tender Offer
or the Merger. Each of Ford, Parent and FSG&nbsp;II has
heretofore furnished to the Company complete and correct copies
of its certificate of incorporation and by-laws, each as amended
to the date of this Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;5.02.&nbsp; <I>Authority Relative to This
Agreement.</I> (a)&nbsp;Each of Ford, Parent and FSG&nbsp;II has
all necessary corporate power and authority to execute and
deliver this Agreement, to perform its obligations hereunder and
to consummate the Tender Offer, the Merger and the other
transactions contemplated hereby. The execution and delivery of
this Agreement by Ford, Parent and FSG&nbsp;II and the
consummation by Ford, Parent and FSG&nbsp;II of the transactions
contemplated hereby have been duly and validly authorized by all
necessary corporate action, and no other corporate proceedings
on the part of Ford, Parent or FSG&nbsp;II are necessary to
authorize this Agreement or to consummate the transactions
contemplated hereby (other than, with respect to the Merger, the
execution of a stockholder written consent by Parent as sole
stockholder of FSG, to the extent required by Delaware Law, and
the filing and recordation of appropriate merger documents as
required by Delaware Law). This Agreement has been duly and
validly executed and delivered by Ford, Parent and FSG&nbsp;II
and, assuming the due authorization, execution and delivery by
the Company, constitutes a legal, valid and binding obligation
of Ford, Parent and FSG&nbsp;II enforceable against them in
accordance with its terms.

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; The board of directors of FSG&nbsp;II, by written
consent adopted on January&nbsp;16, 2001, (i)&nbsp;determined
that this Agreement, the Tender Offer and the Merger are fair to
and in the best interests of FSG&nbsp;II and its stockholder and
(ii)&nbsp;approved and declared advisable this Agreement, the
Tender Offer and the Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;5.03.&nbsp; <I>No Conflict; Required Filings and
Consents.</I> (a)&nbsp;The execution and delivery of this
Agreement by Ford, Parent and FSG&nbsp;II do not, and the
performance of this Agreement by Ford, Parent and FSG&nbsp;II
will not, (i)&nbsp;conflict with or violate the respective
certificate of incorporation or by-laws of Ford, Parent or
FSG&nbsp;II, or (ii)&nbsp;assuming that all consents, approvals,
authorizations, and other actions described in
Section&nbsp;5.03(b) have been obtained or made, conflict with
or violate any law applicable to Ford, Parent or FSG&nbsp;II or
by which any property or asset of Ford, Parent or FSG&nbsp;II is
bound or affected or (iii)&nbsp;result in any breach of or
constitute a default (or an event that with notice or lapse of
time or both would become a default) under, or give to others
any rights of termination, amendment, acceleration or
cancellation of or require payment under, or result in the
creation of a lien or other encumbrance on any property or asset
of Parent or FSG&nbsp;II or any of its subsidiaries pursuant to,
or trigger any right of first refusal under, any note, bond,
mortgage, indenture, contract, agreement, lease, license,
permit, franchise or other instrument or obligation to which
Parent or FSG&nbsp;II or any of its subsidiaries is a party or
by which Parent or FSG&nbsp;II or any of their respective
properties is bound, except, in the case of
clauses&nbsp;(ii)&nbsp;and (iii), for any thereof that could
not, individually or in the aggregate, reasonably be expected to
prevent or materially delay the consummation of the Tender Offer
or the Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; The execution and delivery of this Agreement by Ford,
Parent and FSG II do not, and the performance of this Agreement
by Ford, Parent and FSG&nbsp;II will not, require any consent,
approval, authorization or permit of or filing with or
notification to, any Governmental Entity, except (i)&nbsp;for
applicable requirements of the Exchange Act, the Securities Act,
Blue Sky Laws, the NYSE, and the filing and recordation of
appropriate merger documents as required by Delaware Law and
(ii)&nbsp;for such other consents, approvals, authorizations,
permits, filings or notifications, which if not obtained or made
would not reasonably be expected to prevent or materially delay
the consummation of the Tender Offer or the Merger.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;5.04.&nbsp; <I>Financing.</I> Either Ford or Parent
has, or will have prior to the expiration of the Tender Offer,
sufficient funds available to pay the aggregate consideration
payable as a result of the consummation of the Tender Offer, the
Merger and other transactions contemplated hereby and to pay all
fees and expenses incurred by it related to the transactions
contemplated by this Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;5.05.&nbsp; <I>Operations of FSG&nbsp;II.</I>
FSG&nbsp;II has been formed solely for the purpose of engaging
in the transactions contemplated by this Agreement and prior to
the Effective Time will have engaged in no other business
activities and will have incurred no liabilities or obligations
other than as contemplated herein.

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<P align="center">ARTICLE&nbsp;6

<P align="center">
CONDUCT OF BUSINESS PENDING THE MERGER

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;6.01.&nbsp; <I>Conduct of Business by the Company
Pending the Merger.</I> (a) The Company hereby covenants and
agrees that, prior to the Effective Time, unless otherwise
expressly contemplated by this Agreement or consented to in
writing by Ford, Parent or FSG&nbsp;II, the Company will and
will cause its subsidiaries to (i)&nbsp;operate its business in
the usual and ordinary course consistent with past practices,
(ii)&nbsp;use its reasonable best efforts to preserve
substantially intact its business organization, maintain its
rights and franchises, retain the services of its respective
principal officers and key employees and maintain its
relationships with its respective principal customers, suppliers
and other persons with which it or any of its subsidiaries has
significant business relations, (iii)&nbsp;use its reasonable
best efforts to maintain and keep its properties and assets in
as good repair and condition as at present, ordinary wear and
tear excepted, and (iv)&nbsp;take no action with respect to the

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<DIV align="left">
Company Stock Options that would result in an acceleration of
vesting of the Company Stock Options in connection with the
execution and delivery of this Agreement or the consummation of
any transactions contemplated hereby or otherwise.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; Except as expressly contemplated by this Agreement and
except as set forth in Section&nbsp;6.01(b) of the Company
Disclosure Schedule, or otherwise consented to in writing by
Ford, Parent or FSG&nbsp;II, from the date hereof until the
Effective Time, the Company will not do, and will not permit any
of its subsidiaries to do, any of the following:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(i)&nbsp; (A)&nbsp;increase the compensation payable to or to
	become payable to any director or executive officer of the
	Company, except for increases in salary, wages or bonuses
	payable or to become payable in the ordinary course of business
	and consistent with past practice; (B)&nbsp;grant any severance
	or termination pay (other than pursuant to existing severance
	arrangements or policies as in effect on the date of this
	Agreement) to, or enter into any employment or severance
	agreement with, any director or executive officer of the
	Company; or (C)&nbsp;adopt, amend or terminate any employee
	benefit plan or arrangement affecting any director or executive
	officer of the Company, except as may be required by applicable
	law;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(ii)&nbsp; declare or pay any dividend on, or make any other
	distribution in respect of outstanding shares of its capital
	stock except for regular quarterly dividends payable on the
	Common Stock in an amount not to exceed $0.05&nbsp;per quarter,
	provided that the foregoing shall not prohibit dividends or
	distributions between or among the Company and its subsidiaries;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(iii)&nbsp; (A)&nbsp;redeem, repurchase or otherwise reacquire
	any shares of its capital stock or any securities or obligations
	convertible into or exchangeable for any shares of its or its
	subsidiaries&#146; capital stock; (B)&nbsp;effect any
	reorganization or recapitalization of the Company; or
	(C)&nbsp;split, combine or reclassify any of the Company&#146;s
	capital stock or issue or authorize or propose the issuance of
	any other securities in respect of in lieu of, or in
	substitution for, shares of its capital stock;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(iv)&nbsp; (A)&nbsp;issue, deliver, award, grant or sell, or
	authorize or propose the issuance, delivery, award, grant or
	sale (including the grant of any security interest, pledge,
	mortgage, lien, charge, adverse claim of ownership or use, or
	other encumbrance of any kind) of, any shares of stock of the
	Company (including shares held in treasury), any securities
	convertible into or exercisable or exchangeable for any such
	shares, or any rights, warrants or options to acquire any such
	shares (except for the issuance of shares upon the exercise of
	Company Stock Options outstanding on the date of this
	Agreement); or (B)&nbsp;amend or otherwise modify the terms of
	any such rights, warrants or options the effect of which shall
	be to make such terms more favorable to the holders thereof;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(v)&nbsp; acquire or agree to acquire, by merging or
	consolidating with, by purchasing an equity interest in or a
	portion of the assets of or by any other manner, any business or
	any corporation, partnership, association or other business
	organization or division thereof or otherwise acquire or agree
	to acquire any assets of any other person (other than the
	purchase of assets in the ordinary course of business and
	consistent with past practice), except that the foregoing
	restrictions shall not apply to any action by the Company that
	would not require the approval of the Board under the Board
	policy set forth in Section&nbsp;6.01(b) of the Company
	Disclosure Schedule;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(vi)&nbsp; make or commit to make any capital expenditures,
	except that the foregoing restrictions shall not apply to any
	action by the Company that would not require the approval of the
	Board under the Board policy set forth in Section&nbsp;6.01(b)
	of the Company Disclosure Schedule;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(vii)&nbsp; sell, lease, exchange, mortgage, pledge, transfer,
	license or otherwise dispose of or encumber, or agree to sell,
	lease, exchange, mortgage, pledge, transfer, license or
	otherwise dispose of or encumber, any of its material assets or
	any material assets of any of its</TD>
</TR>

</TABLE>

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	subsidiaries, measured on a consolidated basis with the Company,
	or any substantial right therein;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(viii)&nbsp; propose or adopt any amendments to its Restated
	Certificate of Incorporation or its By-laws;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(ix)&nbsp; (A)&nbsp;change any of its methods of accounting in
	effect at December&nbsp;31, 1999, (B)&nbsp;write down in any
	material amount the value of the intangible assets of the
	Company or (C)&nbsp;make or rescind any express or deemed
	election relating to federal income taxes, settle or compromise
	any claim, action, suit, litigation, proceeding, arbitration,
	investigation, audit or controversy relating to federal income
	taxes, or change any of its methods of reporting income or
	deductions for federal income tax purposes from those employed
	in the preparation of the federal income tax returns for the
	taxable year ending December&nbsp;31, 1999, except as may be
	required by applicable law or generally accepted accounting
	principles;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(x)&nbsp; incur any obligation for borrowed money other than
	purchase money indebtedness, whether or not evidenced by a note,
	bond, debenture or similar instrument, except in the ordinary
	course of business, or prepay, before the scheduled maturity
	thereof, any of its long-term debt;&nbsp;or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(xi)&nbsp; agree in writing or otherwise to do any of the
	foregoing.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;6.02.&nbsp; <I>Notification of Certain Matters.</I>
(a)&nbsp;The Company shall give prompt notice to Parent and
FSG&nbsp;II of (i)&nbsp;the occurrence or nonoccurrence of any
event the occurrence or nonoccurrence of which would be likely
to cause (A) any representation or warranty contained in this
Agreement to be untrue or inaccurate or (B)&nbsp;any covenant,
condition or agreement contained in this Agreement not to be
complied with or satisfied and (ii)&nbsp;any failure of the
Company to comply with or satisfy any covenant, condition or
agreement to be complied with or satisfied by it hereunder;
<I>provided, however,</I> that the delivery of any notice
pursuant to this Section&nbsp;6.02 shall not limit or otherwise
affect the remedies available hereunder to Parent and
FSG&nbsp;II.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; The Company shall give prompt written notice to Parent
and FSG&nbsp;II of any proposal, offer or other communication
from any person (i)&nbsp;relating to any acquisition or purchase
of all or substantially all of the capital stock of the Company
or any of its subsidiaries or all or substantially all of the
assets of the Company or any of its subsidiaries, (ii)&nbsp;to
enter into any business combination with the Company or any of
its subsidiaries or (iii)&nbsp;to enter into any other
extraordinary business transaction involving or otherwise
relating to the Company or any of its subsidiaries. The Company
shall notify Parent and FSG II promptly if any such proposal or
offer, or any inquiry or other contact with any person with
respect thereto, is made and shall, in any such notice to Parent
and FSG&nbsp;II, indicate in reasonable detail the identity of
the person making such proposal, offer, inquiry or contact and
the terms and conditions of such proposal, offer, inquiry or
other contact.

<!-- link1 "ARTICLE 7 Additional Agreements" -->

<P align="center">ARTICLE&nbsp;7

<P align="center">
ADDITIONAL AGREEMENTS

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;7.01.&nbsp; <I>Merger Without Stockholders&#146;
Meeting.</I> If, as a result of the purchase of Shares pursuant
to the Tender Offer and compliance with the terms of this
Section&nbsp;7.01, Parent owns in the aggregate at least 90% of
the Shares outstanding upon completion of the Tender Offer and
continues to hold at least 90% of the outstanding Class&nbsp;B
Common Stock, the parties hereto agree to take all necessary and
appropriate action to cause the Merger to become effective as
soon as practicable after the satisfaction or waiver of the
conditions to the Merger set forth in Article&nbsp;8 without a
meeting of stockholders of the Company, in accordance with
Section&nbsp;253 of the DGCL (a
<B>&#147;Short-Form&nbsp;Merger&#148;</B>). In connection
therewith, if following the purchase of Shares pursuant to the
Tender Offer, Parent owns in the aggregate less than 90% of the
Shares outstanding, Parent agrees to convert such number of
shares of Class&nbsp;B Common Stock into Class&nbsp;A Common
Stock to the

<P align="center">A-13

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<DIV align="left">
extent that, after giving effect to such conversion, Ford and
Parent would own in the aggregate the number of Shares necessary
to effect a Short-Form&nbsp;Merger.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;7.02.&nbsp; <I>Stockholder Approval Required.</I>
If required by applicable law in order to consummate the Merger:
(a)&nbsp;The Company (acting through its Board in accordance
with its Restated Certificate of Incorporation and By-laws and
acting as soon as practicable following the acceptance for
payment and purchase of Shares by Parent pursuant to the Tender
Offer) shall take all action necessary to seek approval of the
Merger and adoption of this Agreement at a duly called and
noticed meeting of the stockholders of the Company, which
meeting shall be held as promptly as practicable following the
consummation of the Tender Offer and the preparation of the
Information Statement (as defined in Section&nbsp;7.02(b)), or
by written consent of the stockholders of the Company in lieu of
such a meeting. Parent shall vote or grant its consent, as the
case may be, with respect to all shares of Common Stock owned by
it, to the approval of the Merger and adoption of this Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; As promptly as practicable after the acceptance for
payment and purchase of Shares by Parent pursuant to the Tender
Offer, (i)&nbsp;Ford, Parent, FSG&nbsp;II and the Company shall
cooperate in preparing, and the Company shall cause to be filed
with the SEC, a proxy statement, consent solicitation statement
or information statement that meets the requirements of the
Exchange Act and the regulations promulgated thereunder,
including without limitation, Schedules 14C and 13E-3 (together
with any amendments thereof or supplements thereto, the
<B>&#147;Information Statement&#148;</B>) to seek the approval
and adoption of this Agreement by the stockholders of the
Company. Each of Ford, Parent, FSG&nbsp;II and the Company shall
furnish all information as the other parties may reasonably
request in connection with such actions and the preparation of
the Information Statement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;7.03.&nbsp; <I>Covenants Relating to Information
Statement.</I> If an Information Statement is required pursuant
to Section&nbsp;7.02 hereof:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(a)&nbsp; The Information Statement shall include the
	recommendations of the Special Committee and the Board of
	Directors of the Company to the stockholders of the Company to
	approve and adopt this Agreement; <I>provided, however,</I> that
	the Special Committee and the Board of Directors of the Company
	may, at any time prior to the Effective Time, withdraw, modify
	or change any such recommendation to the extent that the Special
	Committee or the Board of Directors of the Company determines in
	good faith, after consultation with independent legal counsel
	(who may be the Company&#146;s regularly engaged legal counsel),
	that such withdrawal, modification or change of recommendation
	is required by its fiduciary duties to the Company&#146;s
	stockholders under applicable law; <I>provided further</I> that
	nothing in this Section&nbsp;7.03(a) shall affect the
	Company&#146;s obligation to solicit the approval of the Merger
	and adoption of this Agreement by the stockholders of the
	Company as contemplated by Section&nbsp;7.02 (regardless of
	whether the recommendation of the Special Committee or the Board
	of Directors of the Company shall have been withdrawn, modified
	or changed).</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(b)&nbsp; No amendment or supplement to the Information
	Statement will be made by the Company, Ford, Parent or
	FSG&nbsp;II without the approval of the other parties (such
	approval not to be unreasonably withheld or delayed). Each of
	Ford, Parent, FSG&nbsp;II and the Company will advise the other,
	promptly after it receives notice thereof, of any request by the
	SEC for amendment of the Information Statement or comments
	thereon and responses thereto or requests by the SEC for
	additional information.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(c)&nbsp; The information supplied by the Company for inclusion
	in the Information Statement or any other documents to be filed
	with the SEC in connection with the Merger shall not, at the
	time the Information Statement is first mailed to the
	stockholders of the Company or at the Effective Time, contain
	any untrue statement of a material fact or fail to state any
	material fact required to be stated therein or necessary in
	order to make the statements therein, in the light of the
	circumstances under which they were made, not misleading. If, at
	any time prior to the Effective</TD>
</TR>

</TABLE>

<P align="center">A-14

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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Time, any event or circumstance relating to the Company or any
	of its subsidiaries, or their respective officers or directors,
	should be discovered by the Company which, pursuant to the
	Securities Act or the Exchange Act, should be set forth in an
	amendment or a supplement to the Information Statement, the
	Company shall promptly inform Parent and FSG&nbsp;II thereof.
	All documents that the Company is responsible for filing with
	the SEC in connection with the Merger will comply as to form and
	substance in all material respects with the applicable
	requirements of the Securities Act and the Exchange Act.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(d)&nbsp; The information supplied by Ford, Parent and
	FSG&nbsp;II for inclusion in the Information Statement or any
	other documents to be filed with the SEC in connection with the
	Merger shall not, at the time the Information Statement is first
	mailed to the stockholders of the Company or at the Effective
	Time, contain any untrue statement of a material fact or fail to
	state any material fact required to be stated therein or
	necessary in order to make the statements therein, in the light
	of the circumstances under which they were made, not misleading.
	If, at any time prior to the Effective Time, any event or
	circumstance relating to Ford, Parent or FSG&nbsp;II, or their
	respective officers or directors, should be discovered by Ford,
	Parent or FSG&nbsp;II which, pursuant to the Securities Act or
	the Exchange Act, should be set forth in an amendment or a
	supplement to the Information Statement, Ford, Parent or
	FSG&nbsp;II shall promptly inform the Company thereof. All
	documents that Ford, Parent or FSG&nbsp;II is responsible for
	filing with the SEC in connection with the Merger will comply as
	to form and substance in all material respects with the
	applicable requirements of the Securities Act and the Exchange
	Act.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;7.04.&nbsp; <I>Access to Information;
Confidentiality.</I> (a)&nbsp;As permitted by applicable law,
from the date of this Agreement to the Effective Time, the
Company shall, and shall use its best efforts to cause its
subsidiaries, officers, directors and employees to:
(i)&nbsp;provide to Ford, Parent and FSG&nbsp;II and their
officers, directors, employees, accountants, consultants, legal
counsel, agents and other representatives (collectively,
<B>&#147;Representatives&#148;</B>) access at reasonable times
upon prior notice to its officers, employees, agents,
properties, offices and other facilities and to its books and
records and (ii)&nbsp;furnish promptly such information
concerning its business, properties, contracts, assets,
liabilities and personnel as Ford, Parent or FSG&nbsp;II or
their Representatives may reasonably request.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; Each of Ford, Parent and FSG&nbsp;II agrees to, and
shall cause its Representatives to: (i)&nbsp;treat and hold as
confidential all information relating to the Company and its
subsidiaries, (ii)&nbsp;in the event that Ford, Parent or FSG II
or any of their Representatives becomes legally compelled to
disclose any such information, provide the Company with prompt
written notice of such requirement so that the Company may seek
a protective order or other remedy or waive compliance with this
Section&nbsp;7.04, and (iii)&nbsp;in the event that such
protective order or other remedy is not obtained, or the Company
waives compliance with this Section&nbsp;7.04, furnish only that
portion of such confidential information which is legally
required to be provided and exercise its best efforts to obtain
assurances that confidential treatment will be accorded such
information, <I>provided, however,</I> that this sentence shall
not apply to any information that, at the time of disclosure, is
available publicly and was not disclosed in breach of this
Agreement. The parties agree and acknowledge that remedies at
law for any breach of their obligations under this
Section&nbsp;7.04 are inadequate and that in addition thereto
parties shall be entitled to seek equitable relief, including
injunction and specific performance, in the event of any such
breach.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp; No investigation pursuant to this Section&nbsp;7.04
shall affect any representation or warranty in this Agreement of
any party hereto or any condition to the obligations of the
parties hereto.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;7.05.&nbsp; <I>Directors&#146; and Officers&#146;
Indemnification and Insurance.</I> (a) The Restated Certificate
of Incorporation of the Surviving Corporation shall contain the
provisions with respect to indemnification that are set forth in
the Restated Certificate of Incorporation of the Company on the
date of this Agreement, which provisions shall not be amended,
repealed or otherwise modified for a period of six years from
the Effective Time in any manner that would affect adversely the
rights thereunder of individuals who at or prior to the
Effective Time were directors or officers of the

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<DIV align="left">
Company in respect of actions or omissions occurring at or prior
to the Effective Time, unless such modification shall be
required by law.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; From and after the Effective Time, the Surviving
Corporation shall, to the fullest extent permitted under
Delaware Law, indemnify and hold harmless, each present and
former director and officer of the Company and each subsidiary
of the Company and each such individual who served at the
request of the Company or any subsidiary of the Company as a
director, officer, trustee, partner, fiduciary, employee or
agent of another corporation, partnership, joint venture, trust,
pension or other employee benefit plan or enterprise
(collectively, the <B>&#147;Indemnified Parties&#148;</B>)
against all costs and expenses (including attorneys&#146; fees),
judgments, fines, losses, claims, damages, liabilities and
settlement amounts paid in connection with any claim, action,
suit, proceeding or investigation (whether arising before or
after the Effective Time) whether civil, administrative or
investigative, based on the fact that such person is or was a
director or officer of the Company and arising out of or
pertaining to any action or omission occurring at or before the
Effective Time (including the transactions contemplated by this
Agreement) (and shall pay any expenses in advance of the final
disposition of such action or proceeding to each Indemnified
Party to the fullest extent permitted under Delaware Law, upon
receipt from the Indemnified Party to whom expenses are advanced
of any undertaking to repay such advances required under
Delaware Law). In the event of any such claim, action, suit,
proceeding or investigation, (i)&nbsp;the Surviving Corporation
shall pay the reasonable fees and expenses of counsel selected
by the Indemnified Parties, which counsel shall be reasonably
satisfactory to the Surviving Corporation, promptly after
statements therefor are received and (ii)&nbsp;the Surviving
Corporation shall cooperate in the defense of any such matter;
<I>provided, however,</I> that the Surviving Corporation shall
not be liable for any settlement effected without its written
consent (which consent shall not be unreasonably withheld); and
<I>provided further</I> that the Surviving Corporation shall not
be obligated pursuant to this Section&nbsp;7.05(b) to pay the
fees and expenses of more than one counsel other than local
counsel for all Indemnified Parties in any single action unless
a conflict of interest shall be caused thereby.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp; Ford shall provide or maintain in effect for six years
from the Effective Time directors&#146; and officers&#146;
liability insurance covering those persons who are covered by
the directors&#146; and officers&#146; liability insurance
policy currently provided for directors and officers of the
Company on terms comparable to such existing insurance coverage;
<I>provided, however,</I> that Ford has no obligation to provide
or maintain levels of coverage in excess of those to which
directors and officers of Ford are at the time entitled.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp; If the Surviving Corporation or any of its successors
or assigns (i)&nbsp;consolidates with or merges into any other
person and shall not be the continuing or surviving corporation
or entity of such consolidation or merger, or
(ii)&nbsp;transfers or conveys all or substantially all of its
properties and assets to any person, then, and in each such
case, to the extent necessary, proper provision shall be made so
that the successors and assigns of the Surviving Corporation, as
the case may be, shall assume the obligations of the Surviving
Corporation set forth in this Section&nbsp;7.05.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp; The rights of each Indemnified Party under this
Section&nbsp;7.05 shall be in addition to any rights such person
may have under the certificate of incorporation or bylaws of the
Company or any of its subsidiaries, under Delaware Law or any
other applicable laws or under any agreement of any Indemnified
Party with the Company or any of its subsidiaries. These rights
shall survive consummation of the Merger and are intended to
benefit, and shall be enforceable by, each Indemnified Party.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;7.06.&nbsp; <I>Further Action; Consents;
Filings.</I> Upon the terms and subject to the conditions
hereof, each of the parties hereto shall use its reasonable best
efforts to (a)&nbsp;take, or cause to be taken, all appropriate
action and do, or cause to be done, all things necessary, proper
or advisable under applicable Law or otherwise to consummate and
make effective the Tender Offer and the Merger and the other
transactions contemplated by this Agreement, (b)&nbsp;obtain
from Governmental Entities any consents, licenses, permits,
waivers, approvals, authorizations or orders required to be
obtained or made by Ford, Parent, FSG&nbsp;II or the Company or
any of their subsidiaries in connection

<P align="center">A-16

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<DIV align="left">
with the authorization, execution and delivery of this Agreement
and the consummation of the Tender Offer and the Merger and
(c)&nbsp;make all necessary filings, and thereafter make any
other required submissions, with respect to this Agreement, the
Tender Offer and the Merger and the other transactions
contemplated by this Agreement that are required under the
Exchange Act and the Securities Act and any other applicable
federal or state securities laws, and any other applicable Law.
The parties hereto shall cooperate with each other in connection
with the making of all such filings, including by providing
copies of all such documents to the nonfiling party and its
advisors prior to filing and, if requested, by accepting all
reasonable additions, deletions or changes suggested in
connection therewith.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;7.07.&nbsp; <I>Public Announcements.</I> Ford,
Parent, FSG&nbsp;II and the Company shall consult with each
other before issuing any press release or otherwise making any
public statements with respect to this Agreement, the Tender
Offer or the Merger and shall not issue any such press release
or make any such public statement without the prior consent of
the other parties hereto (which consent shall not be
unreasonably withheld or delayed), except as may be required by
Law or any listing agreement with the NYSE to which Ford, Parent
or the Company is a party. The parties have agreed on the text
of a joint press release by which announcement of the execution
of this Agreement will be made.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;7.08.&nbsp; <I>Reasonable Best Efforts and Further
Assurances.</I> Subject to the terms and conditions hereof, each
of the parties to this Agreement shall use its reasonable best
efforts to effect the transactions contemplated hereby and to
fulfill and cause to be fulfilled the conditions to the Tender
Offer and the Merger under this Agreement. Subject to the terms
and conditions hereof, each party hereto, at the reasonable
request of another party hereto, shall execute and deliver such
other instruments and do and perform such other acts and things
as may be necessary or desirable for effecting completely the
consummation of this Agreement and the transactions contemplated
hereby.

<!-- link1 "ARTICLE 8 Conditions to the Merger" -->

<P align="center">ARTICLE&nbsp;8

<P align="center"> CONDITIONS TO THE MERGER

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;8.01.&nbsp; <I>Conditions to the Obligations of
Each Party.</I> The obligations of Ford, Parent, FSG&nbsp;II and
the Company to consummate the Merger are subject to the
satisfaction or waiver (where permissible) of the following
conditions:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(a)&nbsp; <I>Stockholder Approval.</I> If required by Delaware
	law, this Agreement shall have been approved and adopted by the
	requisite affirmative vote of the stockholders of the Company in
	accordance with Delaware Law and the Company&#146;s Restated
	Certificate of Incorporation.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(b)&nbsp; <I>No Order.</I> No Governmental Entity shall have
	enacted, issued, promulgated, enforced or entered any Law,
	executive order or award (whether temporary, preliminary or
	permanent) (an &#147;Order&#148;) that is then in effect and has
	the effect of making the Merger illegal or otherwise prohibiting
	consummation of the Merger.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(c)&nbsp; <I>Purchase of Shares.</I> Parent shall have purchased
	Shares pursuant to the Tender Offer, except where the reason for
	failure to purchase Shares pursuant to the Tender Offer is the
	absence of tenders of Shares.</TD>
</TR>

</TABLE>

<P align="center">A-17

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<!-- link1 "ARTICLE 9 Termination, Amendment and Waiver" -->

<P align="center">ARTICLE&nbsp;9

<P align="center"> TERMINATION, AMENDMENT AND WAIVER

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;9.01.&nbsp; <I>Termination.</I> This Agreement may
be terminated and the Tender Offer and the Merger may be
abandoned at any time prior to the Effective Time,
notwithstanding any requisite approval and adoption of this
Agreement by the stockholders of the Company, as follows:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(a)&nbsp; by mutual written consent duly authorized by the
	Boards of Directors of each of Parent, FSG&nbsp;II and the
	Company;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(b)&nbsp; by Parent, FSG&nbsp;II or the Company if any
	Governmental Entity shall have enacted, issued, promulgated,
	enforced or entered any Order or taken any other action
	restraining, enjoining or otherwise prohibiting the consummation
	of the Tender Offer or the Merger and such Order or other action
	shall have become final and nonappealable;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(c)&nbsp; by Parent or FSG&nbsp;II if the Special Committee
	withdraws, modifies or changes its recommendation of this
	Agreement, the Tender Offer or the Merger in a manner adverse to
	Parent or FSG&nbsp;II or shall have resolved to do any of the
	foregoing;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(d)&nbsp; prior to the purchase of Shares pursuant to the Tender
	Offer, by Parent or FSG&nbsp;II upon a breach of any
	representation, warranty, covenant or agreement on the part of
	the Company set forth in this Agreement, or if any
	representation or warranty of the Company shall have become
	untrue (<B>&#147;Terminating Company Breach&#148;</B>);
	<I>provided</I> that, if such Terminating Company Breach is
	curable by the Company through the exercise of its reasonable
	efforts and for as long as the Company continues to exercise
	such reasonable efforts, Parent and FSG&nbsp;II may not
	terminate this Agreement under this Section&nbsp;9.01(d);&nbsp;or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(e)&nbsp; prior to the purchase of Shares pursuant to the Tender
	Offer, by the Company upon a breach of any representation,
	warranty, covenant or agreement on the part of Parent or
	FSG&nbsp;II set forth in this Agreement, or if any
	representation or warranty of Parent or FSG&nbsp;II shall have
	become untrue (<B>&#147;Terminating Parent Breach&#148;</B>);
	<I>provided</I> that, if such Terminating Parent Breach is
	curable by Parent or FSG&nbsp;II as the case may be, through the
	exercise of its reasonable efforts and for as long as Parent or
	FSG II, as the case may be, continues to exercise such
	reasonable efforts, the Company may not terminate this Agreement
	under this Section&nbsp;9.01(e).</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(f)&nbsp; by the Company (as agreed to by the Special Committee)
	if due to an occurrence or circumstance, not involving a breach
	by the Company of its obligations hereunder, which would result
	in a failure to satisfy any of the conditions set forth in
	Annex&nbsp;A hereto or otherwise, Parent shall have failed to
	commence the Tender Offer within fifteen business days following
	the date of this Agreement, terminated the Tender Offer or
	permitted the Tender Offer to expire without the purchase of
	Shares thereunder.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(g)&nbsp; By Parent or FSG&nbsp;II after June&nbsp;30, 2001, if
	Parent shall not have theretofore purchased Shares pursuant to
	the Tender Offer solely as a result of a failure of any of the
	conditions set forth in Annex&nbsp;A hereto.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The right of any party hereto to terminate this Agreement
pursuant to this Section&nbsp;9.01 shall remain operative and in
full force and effect regardless of any investigation made by or
on behalf of any party hereto, any person controlling any such
party or any of their respective officers or directors, whether
prior to or after the execution of this Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;9.02.&nbsp; <I>Effect of Termination.</I> Except as
provided in Section&nbsp;9.01, in the event of termination of
this Agreement pursuant to Section&nbsp;9.01, this Agreement
shall forthwith become void, there shall be no liability under
this Agreement on the part of Ford, Parent, FSG&nbsp;II or the
Company or any of their respective officers or directors, and
all rights and obligations of each party hereto shall cease;
<I>provided, however,</I> that nothing herein shall relieve any
party from liability for the willful

<P align="center">A-18

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<P><HR noshade><P>

<DIV align="left">
breach of any of its representations, warranties, covenants or
agreements set forth in this Agreement.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;9.03.&nbsp; <I>Amendment.</I> To the fullest extent
permitted by Delaware Law, this Agreement may be amended by the
parties hereto by action taken by or on behalf of their
respective Boards of Directors at any time prior to the
Effective Time; <I>provided, however,</I> that any such
amendment that changes the Offer Price or the Merger
Consideration must also be approved by the Special Committee.
This Agreement may not be amended except by an instrument in
writing signed by the parties hereto.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;9.04.&nbsp; <I>Waiver.</I> At any time prior to the
Effective Time, any party hereto may (a)&nbsp;extend the time
for the performance of any obligation or other act of another
party hereto, (b)&nbsp;waive any inaccuracy in the
representations and warranties of another party contained herein
or in any document delivered pursuant hereto and (c)&nbsp;waive
compliance with any agreement of another party or condition to
its own obligations contained herein; <I>provided, however,</I>
that, if the Company seeks to make such extension or waiver as
provided in clause&nbsp;(a), (b)&nbsp;or (c)&nbsp;above, it must
first obtain the approval of the Special Committee. Any such
extension or waiver shall be valid if set forth in an instrument
in writing signed by the party or parties to be bound thereby.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;9.05.&nbsp; <I>Expenses.</I> All Expenses (as
defined below) incurred in connection with this Agreement and
the transactions contemplated by this Agreement shall be paid by
the party incurring such expenses, whether or not the Tender
Offer, the Merger or any other transaction is consummated.
<B>&#147;Expenses&#148;</B> as used in this Agreement shall
include all reasonable out-of-pocket expenses (including,
without limitation, all fees and expenses of counsel,
accountants, investment bankers, experts and consultants to a
party hereto and its affiliates) incurred by a party or on its
behalf in connection with or related to the authorization,
preparation, negotiation, execution and performance of this
Agreement, the preparation, printing, filing and mailing of the
Information Statement, the solicitation of stockholder approvals
and all other matters related to the closing of the Tender
Offer, the Merger and the other transactions contemplated by
this Agreement.

<!-- link1 "ARTICLE 10 General Provisions" -->

<P align="center">ARTICLE&nbsp;10

<P align="center">GENERAL PROVISIONS

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.01.&nbsp; <I>Non-Survival of Representations,
Warranties and Agreements.</I> The representations, warranties
and agreements in this Agreement and in any certificate
delivered pursuant hereto shall terminate at the Effective Time
or upon the termination of this Agreement pursuant to
Section&nbsp;9.01, as the case may be, except that this
Section&nbsp;10.01 shall not limit any covenant or agreement of
the parties which by its terms contemplates performance after
the Effective Time or after termination of this Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.02.&nbsp; <I>Notices.</I> All notices, requests,
claims, demands and other communications hereunder shall be in
writing and shall be given or made (and shall be deemed to have
been duly given or made upon receipt) by delivery in person, by
facsimile, by courier service or by registered or certified mail
(postage prepaid, return receipt requested) to the respective
parties at the following addresses (or at such other address for
a party as shall be specified in a notice given in accordance
with this Section&nbsp;10.02):

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if to Ford, Parent or FSG&nbsp;II:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="8%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Ford FSG,&nbsp;Inc.</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	One American Road</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Dearborn, Michigan 48126</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Attn: Peter Sherry, Jr., Esquire</TD>
</TR>

</TABLE>

<P align="center">A-19

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
with a copy to:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="8%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Morris, Nichols, Arsht&nbsp;&#38; Tunnell</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	1201 North Market Street</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Wilmington, Delaware 19801</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Attn: Lewis&nbsp;S. Black, Jr., Esquire</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if to the Company:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="8%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	The Hertz Corporation</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	225 Brae Boulevard</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Park Ridge, New Jersey 07656-0713</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Attn: Harold&nbsp;E. Rolfe, Esquire</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
with a copy to:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="8%"></TD>
	<TD width="92%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Wachtell, Lipton, Rosen&nbsp;&#38; Katz</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	51 West 52nd Street</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	New&nbsp;York, New&nbsp;York 10019-6150</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Attn: Andrew&nbsp;R. Brownstein, Esquire</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.03.&nbsp; <I>Certain Definitions.</I> For
purposes of this Agreement, the term:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(a)&nbsp; <B>&#147;affiliate&#148;</B> of a specified person
	means a person who directly or indirectly through one or more
	intermediaries controls, is controlled by, or is under common
	control with such specified person;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(b)&nbsp; <B>&#147;business day&#148;</B> means any day on which
	the principal offices of the SEC in Washington,&nbsp;D.C. are
	open to accept filings, or, in the case of determining a date
	when any payment is due, any day on which banks are not required
	or authorized to close in The City of New&nbsp;York;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(c)&nbsp; <B>&#147;control&#148;</B> (including the terms
	<B>&#147;controlled by&#148;</B> and <B>&#147;under common
	control with&#148;</B>) means the possession, directly or
	indirectly or as trustee or executor, of the power to direct or
	cause the direction of the management and policies of a person,
	whether through the ownership of voting securities, as trustee
	or executor, by contract or credit arrangement or otherwise;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(d)&nbsp; <B>&#147;person&#148;</B> means an individual,
	corporation, partnership, limited partnership, syndicate, person
	(including, without limitation, a <I>&#147;person&#148;</I>as
	defined in Section&nbsp;13d(3) of the Exchange Act), trust,
	association or entity or government, political subdivision,
	agency or instrumentality of a government;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(e)&nbsp; <B>&#147;subsidiary&#148;</B> or
	<B>&#147;subsidiaries&#148;</B> of any person means any
	corporation, partnership, joint venture or other legal entity of
	which such person (either alone or through or together with any
	other subsidiary) owns, directly or indirectly, more than 50% of
	the stock or other equity interests, the holders of which are
	generally entitled to vote for the election of the board of
	directors or other governing body of such corporation or other
	legal entity; <I>provided, however,</I> that for purposes of the
	representations and the warranties of Ford, Parent and
	FSG&nbsp;II in Article&nbsp;5, and the covenants and other
	agreements of Ford, Parent and FSG&nbsp;II in Article&nbsp;6,
	except as otherwise specifically provided therein, the
	&#147;subsidiaries&#148; of Ford, Parent and FSG&nbsp;II shall
	not include the Company or any subsidiaries of the Company.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.04.&nbsp; <I>Severability.</I> If any term or
other provision of this Agreement is invalid, illegal or
incapable of being enforced by any rule of law or public policy,
all other conditions and provisions of this Agreement shall
nevertheless remain in full force and effect as long as the
economic or legal substance of the Merger is not affected in any
manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or
incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the
original intent

<P align="center">A-20

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<P><HR noshade><P>

<DIV align="left">
of the parties as closely as possible in a mutually acceptable
manner in order that the Merger be consummated as originally
contemplated to the fullest extent possible.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.05.&nbsp; <I>Entire Agreement; Assignment.</I>
This Agreement (including the Company Disclosure Schedule)
constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes all prior
agreements and undertakings, both written and oral, between the
parties, with respect to the subject matter hereof. This
Agreement shall not be assigned by operation of law or
otherwise, except that Parent may assign all or any of its
rights and obligations hereunder to any affiliate of Parent,
<I>provided</I> that no such assignment shall relieve Parent of
its obligations hereunder if such assignee does not perform such
obligations.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.06.&nbsp; <I>Parties in Interest.</I> This
Agreement shall be binding upon and inure solely to the benefit
of each party hereto, and, except as provided in
Section&nbsp;7.05(e), nothing in this Agreement, express or
implied, is intended to or shall confer upon any other person
any right, benefit or remedy of any nature whatsoever under or
by reason of this Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.07.&nbsp; <I>Governing Law.</I> This Agreement
shall be governed by, and construed in accordance with, the laws
of the State of Delaware applicable to contracts executed in and
to be performed in that State.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.08.&nbsp; <I>Headings.</I> The descriptive
headings contained in this Agreement are included for
convenience of reference only and shall not affect in any way
the meaning or interpretation of this Agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.09.&nbsp; <I>Counterparts.</I> This Agreement
may be executed and delivered (including by facsimile
transmission) in one or more counterparts, and by each party
hereto in separate counterparts, each of which when executed and
delivered shall be deemed to be an original but all of which
taken together shall constitute one and the same agreement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.10.&nbsp; <I>Consent to Jurisdiction.</I>
(a)&nbsp;Each of Ford, Parent, FSG&nbsp;II and the Company
hereby irrevocably submits to the exclusive jurisdiction of the
courts of the State of Delaware sitting in the County of New
Castle and the United States District Court for the State of
Delaware, and the appellate courts having jurisdiction of
appeals in such courts, for the purpose of any action or
proceeding arising out of or relating to this Agreement and each
of Ford, Parent, FSG&nbsp;II and the Company hereby irrevocably
agrees that all claims in respect to such action or proceeding
may be heard and determined exclusively in any such court.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; Each of Ford, Parent, FSG&nbsp;II and the Company
irrevocably consents to the service of the summons and complaint
and any other process in any other action or proceeding relating
to the transactions contemplated by this Agreement, on behalf of
itself or its property, by personal delivery of copies of such
process to such party. Nothing in this Section&nbsp;10.10 shall
affect the right of either party to serve legal process in any
other manner permitted by law.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SECTION&nbsp;10.11.&nbsp; <I>Waiver of Jury Trial.</I> EACH OF
FORD, PARENT, FSG&nbsp;II AND THE COMPANY HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF
FORD, PARENT, FSG&nbsp;II OR THE COMPANY IN THE NEGOTIATION,
ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF.

<P align="center"><B>[remainder of page intentionally left blank]</B>

<P align="center">A-21

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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
IN WITNESS WHEREOF, each of the parties hereto has caused this
Agreement to be executed as of the date first written above by
its respective officers thereunto duly authorized.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	FORD MOTOR COMPANY</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="3%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>By:&nbsp;</TD>
	<TD align="center">
	/s/ HENRY D.G. WALLACE</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Name: Henry D.G. Wallace</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Title: Chief Financial Officer</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	FORD FSG,&nbsp;INC.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="3%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>By:&nbsp;</TD>
	<TD align="center">
	/s/ PETER SHERRY, JR.</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Name: Peter Sherry, Jr.</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Title: Assistant Secretary</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	FORD FSG&nbsp;II,&nbsp;INC.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="3%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>By:&nbsp;</TD>
	<TD align="center">
	/s/ DAVID J. PRYSTASH</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Name: David&nbsp;J. Prystash</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Title: Vice President and Treasurer</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	THE HERTZ CORPORATION</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="3%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>By:&nbsp;</TD>
	<TD align="center">
	/s/ CRAIG R. KOCH</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Name: Craig&nbsp;R. Koch</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Title: President and Chief Executive Officer</TD>
</TR>

</TABLE>

<P align="center">A-22

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<P><HR noshade><P>

<P align="center"><B>ANNEX A TO MERGER AGREEMENT</B>

<P align="center">
<B>CONDITIONS TO THE TENDER OFFER</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding any other provision of the Tender Offer, and in
addition to (and not in limitation of) Parent&#146;s rights to
extend and amend the Tender Offer at any time in its sole
discretion in accordance with the terms of this Agreement,
Parent shall not be required to accept for payment, purchase or
pay for, subject to any applicable regulations of the SEC,
including Rule&nbsp;14e-1(c) under the Exchange Act, and may
delay the acceptance for payment of or, subject to the
restriction referred to above, the payment for, any tendered
Shares (whether or not any Shares theretofore have been accepted
for payment or paid for pursuant to the Tender Offer), and may
terminate the Tender Offer as to any Shares not then paid for,
if at any time on or after January&nbsp;16, 2001 and prior to
the time of payment for any such Shares, any of the following
events shall occur:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(a)&nbsp; there shall have been any statute, rule, regulation,
	judgment, order or injunction promulgated, entered, enforced,
	enacted, issued or rendered applicable to the Tender Offer or
	the Merger by any domestic or foreign federal or state
	governmental regulatory or administrative agency or authority or
	court or legislative body or commission which (i)&nbsp;prohibits
	or imposes any material limitations on, Ford&#146;s or
	Parent&#146;s ownership or operation of all or a material
	portion of the Company&#146;s businesses or assets,
	(ii)&nbsp;prohibits or makes illegal the acceptance for payment,
	payment for or purchase of Shares or the consummation of the
	Tender Offer or the Merger, (iii)&nbsp;results in a material
	delay in or restricts the ability of Parent, or renders Parent
	unable, to accept for payment, pay for or purchase some or all
	of the Shares, or (iv)&nbsp;imposes material limitations on the
	ability of Parent effectively to exercise full rights of
	ownership of the Shares, including, without limitation, the
	right to vote the Shares purchased by it on all matters properly
	presented to the Company&#146;s stockholders, provided that
	Parent shall have used all reasonable efforts to cause any such
	judgment, order or injunction to be vacated or lifted;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(b)&nbsp; the representations and warranties of the Company set
	forth in the Agreement shall not be true and correct as of the
	date of consummation of the Tender Offer as though made on or as
	of such date, except for such failures to be true or correct
	that have not had or would not be reasonably expected to have a
	Company Material Adverse Effect, or the Company shall have
	breached or failed in any material respect to perform or comply
	with any material obligation, agreement or covenant required by
	the Agreement to be performed or complied with by it;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(c)&nbsp; the Board of Directors of the Company, based on the
	recommendation of the Special Committee, shall have (including
	by amendment to the Schedule 14D-9) withdrawn, amended or
	modified in a manner adverse to Ford or Parent its approval or
	recommendation of the Tender Offer, the Merger or the Agreement
	or shall have resolved to do any of the foregoing;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(d)&nbsp; the Company, acting through its Board of Directors (as
	agreed to by the Special Committee), Ford and Parent shall have
	agreed that Parent shall terminate the Tender Offer or postpone
	the acceptance for payment of or payment for Shares
	thereunder;&nbsp;or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(e)&nbsp; the Agreement shall have been terminated in accordance
	with its terms.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The foregoing conditions are for the sole benefit of Ford,
Parent and their respective affiliates and may be asserted by
Ford or Parent, in whole or in part, at any time and from time
to time in the sole discretion of Ford or Parent.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The failure by Ford or Parent at any time to exercise its rights
under any of the foregoing conditions shall not be deemed a
waiver of any such rights and each such right shall be deemed an
ongoing right which may be asserted at any time or from time to
time. Should the Tender Offer be terminated pursuant to any of
the foregoing provisions, all tendered Shares not theretofore
accepted for payment shall forthwith be returned to the
tendering stockholders.

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>ANNEX B&nbsp;&#151; OPINION OF LAZARD FR&#200;RES&nbsp;&#38;
CO.&nbsp;LLC</B>

<P align="right">January&nbsp;16, 2001

<P align="left">Special Committee of the Board of Directors

<DIV align="left">
The Hertz Corporation
</DIV>

<DIV align="left">
225 Brae Boulevard
</DIV>

<DIV align="left">
Park Ridge, NJ 07656
</DIV>

<P align="left">Dear Members of the Special Committee of the Board of Directors:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We understand that Ford Motor Company (the
&#147;Purchaser&#148;) and The Hertz Corporation
(&#147;Hertz&#146;s or the &#147;Company&#148;) are
contemplating entering into an Agreement and Plan of Merger
substantially in the form of the draft dated January&nbsp;16,
2001 (the &#147;Agreement&#148;), pursuant to which the
Purchaser will acquire (the &#147;Acquisition&#148;) all of the
issued and outstanding shares of Class&nbsp;A Common Stock, par
value $0.01&nbsp;per share (the &#147;Common Stock&#148;) of the
Company (other than shares owned by Purchaser or any of its
affiliates). Purchaser proposes to make, or cause one of its
wholly-owned subsidiaries to make, a tender offer (the
&#147;Tender Offer&#148;) to purchase all of the issued and
outstanding shares of the Common Stock (other than shares owned
by Purchaser or any of its affiliates) at a price per share of
$35.50 (the &#147;Price per Share&#148;), net to the selling
stockholders in cash without interest thereon. Pursuant to the
Agreement, following completion of the Tender Offer, a
wholly-owned subsidiary of the Purchaser will be merged with and
into the Company (the &#147;Merger&#148;) and become a
wholly-owned subsidiary of the Purchaser and each outstanding
share of the Common Stock (other than shares owned by Purchaser
or any of its affiliates) will be converted into the right to
receive the Price per Share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
You have requested our opinion as to the fairness, from a
financial point of view, to the holders, other than the
Purchaser and its affiliates, of the outstanding shares of the
Common Stock of the Price per Share to be received by such
holders (the &#147;Public Stockholders&#148;) pursuant to the
Agreement. In connection with this opinion, we have, among other
things:
<P>

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	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(i)&nbsp; Reviewed the financial terms and conditions of the
	Agreement;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(ii)&nbsp; Analyzed certain historical business and financial
	information relating to the Company;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(iii)&nbsp; Reviewed various financial forecasts and other data
	provided to us by the Company relating to its business;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(iv)&nbsp; Held discussions with members of the senior
	management of the Company with respect to the businesses and
	prospects of the Company, and its strategic objectives;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(v)&nbsp; Reviewed public information with respect to certain
	other companies in lines of businesses we believe to be
	generally comparable to the business of the Company;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(vi)&nbsp; Reviewed the financial terms of certain business
	combinations involving companies in lines of businesses we
	believe to be generally comparable to those of the Company, and
	in other industries generally;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(vii)&nbsp; Reviewed the historical stock prices and trading
	volumes of the Company&#146;s common stock;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(viii)&nbsp; Reviewed such other information and conducted such
	other financial studies, analyses and investigations as deemed
	appropriate.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In conducting our analysis and in arriving at our opinion as
expressed herein, we have relied upon the accuracy and
completeness of the foregoing information, and have not assumed
any responsibility for any independent verification of such
information or any independent valuation or appraisal of any of
the assets or liabilities of the Company, or concerning the
solvency or fair value of the Company. With respect to financial
forecasts, we have assumed that they have been

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<DIV align="left">
reasonably prepared on bases reflecting the best currently
available estimates and judgments of management of the Company
as to the future financial performance of the Company. We assume
no responsibility for and express no view as to such forecasts
or the assumptions on which they are based.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Further, our opinion is necessarily based on economic, monetary,
market and other conditions as in effect on, and the information
made available to us as of the date hereof.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In rendering our opinion, we have assumed that the Acquisition
will be consummated on the terms described in the Agreement,
without any waiver of any material terms or conditions by the
Company and that obtaining the necessary regulatory approvals
for the Acquisition will not have an adverse effect on the
Company or the transaction.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In arriving at our opinion, with the consent of the Special
Committee, we did not solicit interest from any third party with
respect to the acquisition of the Company or any of its assets.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Lazard Fr&#232;res&nbsp;&#38;&nbsp;Co. LLC is acting as
investment banker to the Special Committee of the Board of
Directors of Hertz (the &#147;Special Committee&#148;) in
connection with the Acquisition and will receive a fee for our
services, a substantial portion of which is contingent upon the
closing of the Acquisition.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our engagement and the opinion expressed herein are for the
benefit of the Special Committee and the Board of Directors of
Hertz and our opinion is rendered in connection with their
respective considerations of the Acquisition. The Opinion is not
intended to and does not constitute a recommendation to any
holder of the Common Stock as to whether such holder should
tender such holder&#146;s shares in the Tender Offer or vote in
favor of the Merger. It is understood that, except for the
reproduction of this letter in its entirety in the tender offer
documents and a proxy statement of Hertz relating to the Tender
Offer or the Merger, this letter may not be disclosed or
otherwise referred to without our prior consent, except as may
otherwise be required by law or by a court of competent
jurisdiction.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on and subject to the foregoing, we are of the opinion
that, as of the date hereof the Price per Share to be received
by the public stockholders in the Tender Offer and Merger
pursuant to the Agreement is fair, from a financial point of
view, to the public stockholders.
<P>

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	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Very truly yours.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	LAZARD FR&#200;RES&nbsp;&#38; CO.&nbsp;LLC</TD>
</TR>

</TABLE>
<P>

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<TR>
	<TD width="40%"></TD>
	<TD width="3%"></TD>
	<TD width="57%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>By:&nbsp;</TD>
	<TD align="center">
	/s/ ALBERT&nbsp;H. GARNER</TD>
</TR>

</TABLE>

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<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="center">
	Albert&nbsp;H. Garner</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="center">
	Managing Director</TD>
</TR>

</TABLE>

<P align="center">B-2

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<!-- link1 "ANNEX C -- GENERAL CORPORATION LAW OF DELAWARE SECTION 262 APPRAISAL RIGHTS" -->

<P align="center"><B>ANNEX C&nbsp;&#151; GENERAL CORPORATION LAW OF DELAWARE</B>

<DIV align="center">
<B>SECTION&nbsp;262 APPRAISAL RIGHTS</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(a)&nbsp; Any stockholder of a corporation of this State who
holds shares of stock on the date of the making of a demand
pursuant to subsection (d)&nbsp;of this section with respect to
such shares, who continuously holds such shares through the
effective date of the merger or consolidation, who has otherwise
complied with subsection (d)&nbsp;of this section and who has
neither voted in favor of the merger or consolidation nor
consented thereto in writing pursuant to &#167;228 of this title
shall be entitled to an appraisal by the Court of Chancery of
the fair value of such stockholder&#146;s shares of stock under
the circumstances described in subsections (b)&nbsp;and
(c)&nbsp;of this section. As used in this section, the word
&#147;stockholder&#148; means a holder of record of stock in a
stock corporation and also a member of record of a nonstock
corporation; the words &#147;stock&#148; and &#147;share&#148;
mean and include what is ordinarily meant by those words and
also membership or membership interest of a member of a nonstock
corporation; and the words &#147;depository receipt&#148; mean a
receipt or other instrument issued by a depository representing
an interest in one or more shares, or fractions thereof, solely
of stock of a corporation, which stock is deposited with the
depository.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(b)&nbsp; Appraisal rights shall be available for the shares of
any class or series of stock of a constituent corporation in a
merger or consolidation to be effected pursuant to
&#167;251(other than a merger effected pursuant to &#167;251(g)
of this title), &#167;252, &#167;254, &#167;257, &#167;258,
&#167;263 or &#167;264 of this title:
<P>

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	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; Provided, however, that no appraisal rights under this
	section shall be available for the shares of any class or series
	of stock, which stock, or depository receipts in respect
	thereof, at the record date fixed to determine the stockholders
	entitled to receive notice of and to vote at the meeting of
	stockholders to act upon the agreement of merger or
	consolidation, were either (i)&nbsp;listed on a national
	securities exchange or designated as a national market system
	security on an interdealer quotation system by the National
	Association of Securities Dealers,&nbsp;Inc. or (ii)&nbsp;held
	of record by more than 2,000 holders; and further provided that
	no appraisal rights shall be available for any shares of stock
	of the constituent corporation surviving a merger if the merger
	did not require for its approval the vote of the holders of the
	surviving corporation as provided in subsection (f)&nbsp;of
	&#167;251 of this title.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; Notwithstanding paragraph (1)&nbsp;of this subsection,
	appraisal rights under this section shall be available for the
	shares of any class or series of stock of a constituent
	corporation if the holders thereof are required by the terms of
	an agreement of merger or consolidation pursuant to &#167;251,
	&#167;252, &#167;254, &#167;257, &#167;258, &#167;263 and
	&#167;264 of this title to accept for such stock anything except:</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="94%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	a.&nbsp; Shares of stock of the corporation surviving or
	resulting from such merger or consolidation, or depository
	receipts in respect thereof;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	b.&nbsp; Shares of stock of any other corporation, or depository
	receipts in respect thereof, which shares of stock (or
	depository receipts in respect thereof) or depository receipts
	at the effective date of the merger or consolidation will be
	either listed on a national securities exchange or designated as
	a national market system security on an interdealer quotation
	system by the National Association of Securities
	Dealers,&nbsp;Inc. or held of record by more than 2,000 holders;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	c.&nbsp; Cash in lieu of fractional shares or fractional
	depository receipts described in the foregoing subparagraphs a.
	and b. of this paragraph;&nbsp;or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	d.&nbsp; Any combination of the shares of stock, depository
	receipts and cash in lieu of fractional shares or fractional
	depository receipts described in the foregoing subparagraphs a.,
	b. and c. of this paragraph.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(3)&nbsp; In the event all of the stock of a subsidiary Delaware
	corporation party to a merger effected under &#167;253 of this
	title is not owned by the parent corporation immediately prior
	to the</TD>
</TR>

</TABLE>

<P align="center">C-1

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</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	merger, appraisal rights shall be available for the shares of
	the subsidiary Delaware corporation.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(c)&nbsp; Any corporation may provide in its certificate of
incorporation that appraisal rights under this section shall be
available for the shares of any class or series of its stock as
a result of an amendment to its certificate of incorporation,
any merger or consolidation in which the corporation is a
constituent corporation or the sale of all or substantially all
of the assets of the corporation. If the certificate of
incorporation contains such a provision, the procedures of this
section, including those set forth in subsections (d)&nbsp;and
(e)&nbsp;of this section, shall apply as nearly as is
practicable.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(d)&nbsp; Appraisal rights shall be perfected as follows:
<P>

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	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(1)&nbsp; If a proposed merger or consolidation for which
	appraisal rights are provided under this section is to be
	submitted for approval at a meeting of stockholders, the
	corporation, not less than 20&nbsp;days prior to the meeting,
	shall notify each of its stockholders who was such on the record
	date for such meeting with respect to shares for which appraisal
	rights are available pursuant to subsection (b)&nbsp;or
	(c)&nbsp;hereof that appraisal rights are available for any or
	all of the shares of the constituent corporations, and shall
	include in such notice a copy of this section. Each stockholder
	electing to demand the appraisal of such stockholder&#146;s
	shares shall deliver to the corporation, before the taking of
	the vote on the merger or consolidation, a written demand for
	appraisal of such stockholder&#146;s shares. Such demand will be
	sufficient if it reasonably informs the corporation of the
	identity of the stockholder and that the stockholder intends
	thereby to demand the appraisal of such stockholder&#146;s
	shares. A proxy or vote against the merger or consolidation
	shall not constitute such a demand. A stockholder electing to
	take such action must do so by a separate written demand as
	herein provided. Within 10&nbsp;days after the effective date of
	such merger or consolidation, the surviving or resulting
	corporation shall notify each stockholder of each constituent
	corporation who has complied with this subsection and has not
	voted in favor of or consented to the merger or consolidation of
	the date that the merger or consolidation has become
	effective;&nbsp;or</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(2)&nbsp; If the merger or consolidation was approved pursuant
	to &#167;228 or &#167;253 of this title, each constituent
	corporation, either before the effective date of the merger or
	consolidation or within ten days thereafter, shall notify each
	of the holders of any class or series of stock of such
	constituent corporation who are entitled to appraisal rights of
	the approval of the merger or consolidation and that appraisal
	rights are available for any or all shares of such class or
	series of stock of such constituent corporation, and shall
	include in such notice a copy of this section; provided that, if
	the notice is given on or after the effective date of the merger
	or consolidation, such notice shall be given by the surviving or
	resulting corporation to all such holders of any class or series
	of stock of a constituent corporation that are entitled to
	appraisal rights. Such notice may, and, if given on or after the
	effective date of the merger or consolidation, shall, also
	notify such stockholders of the effective date of the merger or
	consolidation. Any stockholder entitled to appraisal rights may,
	within 20&nbsp;days after the date of mailing of such notice,
	demand in writing from the surviving or resulting corporation
	the appraisal of such holder&#146;s shares. Such demand will be
	sufficient if it reasonably informs the corporation of the
	identity of the stockholder and that the stockholder intends
	thereby to demand the appraisal of such holder&#146;s shares. If
	such notice did not notify stockholders of the effective date of
	the merger or consolidation, either (i)&nbsp;each such
	constituent corporation shall send a second notice before the
	effective date of the merger or consolidation notifying each of
	the holders of any class or series of stock of such constituent
	corporation that are entitled to appraisal rights of the
	effective date of the merger or consolidation or (ii)&nbsp;the
	surviving or resulting corporation shall send such a second
	notice to all such holders on or within 10&nbsp;days after such
	effective date; provided, however, that if such second notice is
	sent more than 20&nbsp;days following the sending of the first
	notice, such second notice need only be sent to each stockholder
	who is entitled to appraisal rights and who has demanded
	appraisal of such holder&#146;s shares in accordance with this
	subsection. An affidavit of the secretary or assistant secretary
	or of the transfer agent of the</TD>
</TR>

</TABLE>

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</TR>

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	<TD>&nbsp;</TD>
	<TD align="left">
	corporation that is required to give either notice that such
	notice has been given shall, in the absence of fraud, be prima
	facie evidence of the facts stated therein. For purposes of
	determining the stockholders entitled to receive either notice,
	each constituent corporation may fix, in advance, a record date
	that shall be not more than 10&nbsp;days prior to the date the
	notice is given, provided, that if the notice is given on or
	after the effective date of the merger or consolidation, the
	record date shall be such effective date. If no record date is
	fixed and the notice is given prior to the effective date, the
	record date shall be the close of business on the day next
	preceding the day on which the notice is given.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(e)&nbsp; Within 120&nbsp;days after the effective date of the
merger or consolidation, the surviving or resulting corporation
or any stockholder who has complied with subsections
(a)&nbsp;and (d)&nbsp;hereof and who is otherwise entitled to
appraisal rights, may file a petition in the Court of Chancery
demanding a determination of the value of the stock of all such
stockholders. Notwithstanding the foregoing, at any time within
60&nbsp;days after the effective date of the merger or
consolidation, any stockholder shall have the right to withdraw
such stockholder&#146;s demand for appraisal and to accept the
terms offered upon the merger or consolidation. Within
120&nbsp;days after the effective date of the merger or
consolidation, any stockholder who has complied with the
requirements of subsections (a)&nbsp;and (d)&nbsp;hereof, upon
written request, shall be entitled to receive from the
corporation surviving the merger or resulting from the
consolidation a statement setting forth the aggregate number of
shares not voted in favor of the merger or consolidation and
with respect to which demands for appraisal have been received
and the aggregate number of holders of such shares. Such written
statement shall be mailed to the stockholder within 10&nbsp;days
after such stockholder&#146;s written request for such a
statement is received by the surviving or resulting corporation
or within 10&nbsp;days after expiration of the period for
delivery of demands for appraisal under subsection
(d)&nbsp;hereof, whichever is later.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(f)&nbsp; Upon the filing of any such petition by a stockholder,
service of a copy thereof shall be made upon the surviving or
resulting corporation, which shall within 20&nbsp;days after
such service file in the office of the Register in Chancery in
which the petition was filed a duly verified list containing the
names and addresses of all stockholders who have demanded
payment for their shares and with whom agreements as to the
value of their shares have not been reached by the surviving or
resulting corporation. If the petition shall be filed by the
surviving or resulting corporation, the petition shall be
accompanied by such a duly verified list. The Register in
Chancery, if so ordered by the Court, shall give notice of the
time and place fixed for the hearing of such petition by
registered or certified mail to the surviving or resulting
corporation and to the stockholders shown on the list at the
addresses therein stated. Such notice shall also be given by one
or more publications at least one week before the day of the
hearing, in a newspaper of general circulation published in the
City of Wilmington, Delaware or such publication as the Court
deems advisable. The forms of the notices by mail and by
publication shall be approved by the Court, and the costs
thereof shall be borne by the surviving or resulting corporation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(g)&nbsp; At the hearing on such petition, the Court shall
determine the stockholders who have complied with this section
and who have become entitled to appraisal rights. The Court may
require the stockholders who have demanded an appraisal for
their shares and who hold stock represented by certificates to
submit their certificates of stock to the Register in Chancery
for notation thereon of the pendency of the appraisal
proceedings; and if any stockholder fails to comply with such
direction, the Court may dismiss the proceedings as to such
stockholder.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(h)&nbsp; After determining the stockholders entitled to an
appraisal, the Court shall appraise the shares, determining
their fair value exclusive of any element of value arising from
the accomplishment or expectation of the merger or
consolidation, together with a fair rate of interest, if any, to
be paid upon the amount determined to be the fair value. In
determining such fair value, the Court shall take into account
all relevant factors. In determining the fair rate of interest,
the Court may consider all relevant factors, including the rate
of interest which the surviving or resulting corporation would
have had to pay to borrow money during the pendency of the
proceeding. Upon application by the

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<DIV align="left">
surviving or resulting corporation or by any stockholder
entitled to participate in the appraisal proceeding, the Court
may, in its discretion, permit discovery or other pretrial
proceedings and may proceed to trial upon the appraisal prior to
the final determination of the stockholder entitled to an
appraisal. Any stockholder whose name appears on the list filed
by the surviving or resulting corporation pursuant to subsection
(f)&nbsp;of this section and who has submitted such
stockholder&#146;s certificates of stock to the Register in
Chancery, if such is required, may participate fully in all
proceedings until it is finally determined that such stockholder
is not entitled to appraisal rights under this section.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(i)&nbsp; The Court shall direct the payment of the fair value
of the shares, together with interest, if any, by the surviving
or resulting corporation to the stockholders entitled thereto.
Interest may be simple or compound, as the Court may direct.
Payment shall be so made to each such stockholder, in the case
of holders of uncertificated stock forthwith, and the case of
holders of shares represented by certificates upon the surrender
to the corporation of the certificates representing such stock.
The Court&#146;s decree may be enforced as other decrees in the
Court of Chancery may be enforced, whether such surviving or
resulting corporation be a corporation of this State or of any
state.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(j)&nbsp; The costs of the proceeding may be determined by the
Court and taxed upon the parties as the Court deems equitable in
the circumstances. Upon application of a stockholder, the Court
may order all or a portion of the expenses incurred by any
stockholder in connection with the appraisal proceeding,
including, without limitation, reasonable attorney&#146;s fees
and the fees and expenses of experts, to be charged pro rata
against the value of all the shares entitled to an appraisal.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(k)&nbsp; From and after the effective date of the merger or
consolidation, no stockholder who has demanded appraisal rights
as provided in subsection (d)&nbsp;of this section shall be
entitled to vote such stock for any purpose or to receive
payment of dividends or other distributions on the stock (except
dividends or other distributions payable to stockholders of
record at a date which is prior to the effective date of the
merger or consolidation); provided, however, that if no petition
for an appraisal shall be filed within the time provided in
subsection (e)&nbsp;of this section, or if such stockholder
shall deliver to the surviving or resulting corporation a
written withdrawal of such stockholder&#146;s demand for an
appraisal and an acceptance of the merger or consolidation,
either within 60&nbsp;days after the effective date of the
merger or consolidation as provided in subsection (e)&nbsp;of
this section or thereafter with the written approval of the
corporation, then the right of such stockholder to an appraisal
shall cease. Notwithstanding the foregoing, no appraisal
proceeding in the Court of Chancery shall be dismissed as to any
stockholder without the approval of the Court, and such approval
may be conditioned upon such terms as the Court deems just.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(l)&nbsp; The shares of the surviving or resulting corporation
to which the shares of such objecting stockholders would have
been converted had they assented to the merger or consolidation
shall have the status of authorized and unissued shares of the
surviving or resulting corporation.

<P align="center">C-4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Letter of Transmittal and certificates for Shares and any
other required documents should be sent to the Depositary at one
of the addresses set forth below:

<P align="center"><B><I>The Depositary for the Offer is:</I></B>

<P align="center">
<B>EquiServe Trust Company, N.A.</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	<I>By Mail:<BR>
	<BR>
	 </I>EquiServe Trust Company, N.A.<BR>
	Corporate Actions<BR>
	PO Box 2527<BR>
	Jersey City, NJ 07303-2527</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<I>By Overnight Courier:<BR>
	<BR>
	 </I>EquiServe Trust Company, N.A.<BR>
	Corporate Actions, Suite 4660<BR>
	525 Washington Blvd., 3rd Floor<BR>
	Jersey City, NJ 07310</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<I>By Hand:<BR>
	<BR>
	 </I>EquiServe Trust Company, N.A.<BR>
	c/o&nbsp;Securities Transfer&nbsp;&#38; Reporting<BR>
	Services,&nbsp;Inc.<BR>
	100 Williams Street&nbsp;&#151; Galleria<BR>
	New&nbsp;York, NY 10038</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you have questions or need additional copies of this Offer to
Purchase and the Letter of Transmittal, you can call the
Information Agent or the Dealer Manager at their respective
addresses and telephone numbers set forth below. You may also
contact your broker, dealer, commercial bank, trust company or
other nominee for assistance concerning the Offer.

<P align="center"><B><I>The Information Agent for the Offer is:</I></B>

<P align="center">
<IMG src="k59594ax5959410.gif" alt="(GEORGESON LOGO)">

<P align="center">17 State Street, 10th Floor

<DIV align="center">
New&nbsp;York, New&nbsp;York 10004
</DIV>

<DIV align="center">
Banks and Brokers Call Collect (212)&nbsp;440-9800
</DIV>

<DIV align="center">
All Others Call Toll-Free (800)&nbsp;223-2064
</DIV>

<P align="center">
<B><I>The Dealer Manager for the Offer is:</I></B>

<P align="center">
<IMG src="k59594ajpmlogo1.gif" alt="(J.P. MORGAN LOGO)">

<P align="center">
<B>J.P. Morgan Securities Inc.</B>

<DIV align="center">
60 Wall Street
</DIV>

<DIV align="center">
New&nbsp;York, New&nbsp;York 10260-0060
</DIV>

<DIV align="center">
Call Toll Free: (866)&nbsp;851-4265
</DIV>

<DIV align="center">
Call Collect: (212)&nbsp;648-6771
</DIV>

<DIV>&nbsp;</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(2)
<SEQUENCE>3
<FILENAME>k59594aex99-a2.htm
<DESCRIPTION>LETTER OF TRANSMITTAL
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<P align="center"><B><FONT size="4">LETTER OF TRANSMITTAL</FONT></B>

<P align="center">
<B><FONT size="4">To Tender Shares of Class&nbsp;A Common
Stock</FONT></B>

<P align="center">
<B>of</B>

<P align="center">
<B><FONT size="5">The Hertz Corporation</FONT></B>

<P align="center">
<B>Pursuant to the Offer to Purchase</B>

<DIV align="center">
<B>dated February&nbsp;2, 2001</B>
</DIV>

<P align="center">
<B>of</B>

<P align="center">
<B><FONT size="5">Ford&nbsp;FSG,&nbsp;Inc.</FONT></B>

<DIV align="center">
<B>an indirect wholly owned subsidiary of</B>
</DIV>

<P align="center">
<B><FONT size="5">Ford Motor Company</FONT></B>

<TABLE align="center" cellspacing="0" cellpadding="4" border="1">
<tr>
<td align="center"><B><FONT size="2">THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT
12:00&nbsp;MIDNIGHT, NEW&nbsp;YORK CITY&nbsp;TIME,
<br>ON FRIDAY, MARCH&nbsp;2, 2001, UNLESS THE
OFFER IS EXTENDED.</FONT></B>
</td>
</tr>
</TABLE>


<P align="center">
<I>The Depositary for the Offer is:</I>

<P align="center">
<B>EQUISERVE TRUST COMPANY,&nbsp;N.A.</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="center" valign="top"><FONT size="2">
        <B><I>By Mail:<BR>
        <BR>
        </I>EquiServe Trust Company,&nbsp;N.A.<BR>
        Corporate Actions<BR>
        P.O. Box&nbsp;2527<BR>
        Jersey&nbsp;City, NJ 07303-2527</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
        <B><I>By Overnight Courier:<BR>
        <BR>
        </I>EquiServe Trust Company,&nbsp;N.A.<BR>
        Corporate Actions, Suite&nbsp;4660<BR>
        525 Washington&nbsp;Blvd., 3rd&nbsp;Floor<BR>
        Jersey&nbsp;City, NJ 07310</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="top"><FONT size="2">
        <B><I>By Hand:<BR>
         </I>EquiServe Trust Company,&nbsp;N.A.<BR>
        c/o Securities Transfer&nbsp;&#38; Reporting<BR>
        Services,&nbsp;Inc.<BR>
        100 Williams&nbsp;Street&nbsp;&#151; Galleria<BR>
        New&nbsp;York, NY 10038</B></FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;<B>DELIVERY OF THIS
LETTER OF TRANSMITTAL TO AN ADDRESS OTHER THAN AS SET FORTH
ABOVE WILL NOT CONSTITUTE A VALID DELIVERY.</B></FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;THE INSTRUCTIONS
ACCOMPANYING THIS LETTER OF TRANSMITTAL SHOULD BE READ CAREFULLY
BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.</FONT></B>

<P align="left">
<B>
<FONT size="2">
&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><FONT size="2">This Letter of
Transmittal is to be used if certificates are to be forwarded
herewith or, unless an Agent&#146;s Message (as defined in the
Offer to Purchase) is utilized, if delivery of Shares (as
defined below) is to be made by book-entry transfer to the
Depositary&#146;s account at The Depository Trust Company (the
&#147;Book-Entry Transfer Facility&#148;) pursuant to the
procedures set forth under &#147;The Offer&nbsp;&#151; Procedure
for Tendering Shares&#148; in the Offer to Purchase.</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="18%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="7" align="center" valign="top"><FONT size="2">
        <B>DESCRIPTION OF SHARES TENDERED</B></FONT></TD>
</TR>

<TR>
        <TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="center" valign="top"><FONT size="2">
        <B>Name(s) and Address(es) of Registered Holder(s)<BR>
        (Please correct details if incorrect (or fill in, if blank).
        Please ensure name(s) appear(s) exactly as on Certificates).</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="center" valign="bottom"><FONT size="2">
        <B>Shares Tendered<BR>
         </B>(Attach additional list if necessary)</FONT></TD>
</TR>

<TR>
        <TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        <B>Certificate<BR>
        Number(s)*</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        <B>Total Number of Shares<BR>
        Represented by<BR>
        Certificate(s)*</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" valign="bottom"><FONT size="2">
        <B>Number of Shares<BR>
        Tendered**</B></FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="5" align="left" valign="bottom"><FONT size="2">
        <B>&nbsp;Total Shares</B></FONT></TD>
</TR>

<TR>
        <TD colspan="7" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="7" align="left" valign="top"><FONT size="2">
        &nbsp;*&nbsp;Need not be completed by stockholders tendering by
        book-entry transfer</FONT></TD>
</TR>

<TR>
        <TD colspan="7" align="left" valign="top"><FONT size="2">
        **&nbsp;Unless otherwise indicated, it will be assumed that all
        Shares represented by any certificates delivered to the
        Depositary are being tendered. See Instruction&nbsp;4.</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of outstanding shares of Class&nbsp;A Common Stock, par
value $0.01&nbsp;per share (the &#147;Shares&#148;), of The
Hertz Corporation, whose certificates for such Shares (the
&#147;Share Certificates&#148;) are not immediately available or
who cannot deliver their Share Certificates and all other
required documents to the Depositary on or prior to 12:00
midnight, New&nbsp;York City time, on Friday, March&nbsp;2, 2001
(unless the Offer is extended as described in the Offer to
Purchase) (the &#147;Expiration Date&#148;), or who cannot
complete the procedure for book-entry transfer on a timely
basis, must tender their Shares according to the guaranteed
delivery procedure set forth under &#147;The Offer&nbsp;&#151;
Procedure for Tendering Shares&#148; in the Offer to Purchase.
See Instruction 2. Delivery of documents to the Book-Entry
Transfer Facility does not constitute delivery to the Depositary.

<P align="center"><B>NOTE: SIGNATURES MUST BE PROVIDED BELOW.</B>

<P align="center">
<B>PLEASE READ ACCOMPANYING INSTRUCTIONS CAREFULLY.</B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="1%"></TD>
        <TD width="99%"></TD>
</TR>

<TR valign="top">
        <TD><IMG src="k59594api5-110.gif">&nbsp;</TD>
        <TD align="left">
        <B>CHECK HERE IF SHARE CERTIFICATES HAVE BEEN MUTILATED, LOST,
        STOLEN OR DESTROYED. SEE INSTRUCTION&nbsp;9.</B></TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD><IMG src="k59594api5-110.gif">&nbsp;</TD>
        <TD align="left">
        <B>CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED BY
        BOOK-ENTRY TRANSFER TO THE DEPOSITARY&#146;S ACCOUNT AT THE
        BOOK-ENTRY TRANSFER FACILITY AND COMPLETE THE FOLLOWING:</B></TD>
</TR>

</TABLE>

<P align="left">
Name of Tendering
Institution&nbsp;<HR size="1" align="left">

<P align="left">
Account Number&nbsp;<HR size="1" align="left">

<P align="left">
Transaction Code
Number&nbsp;<HR size="1" align="left">
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="1%"></TD>
        <TD width="99%"></TD>
</TR>

<TR valign="top">
        <TD><IMG src="k59594api5-110.gif">&nbsp;</TD>
        <TD align="left">
        <B>CHECK HERE IF TENDERED SHARES ARE BEING DELIVERED PURSUANT TO
        A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY SENT TO THE
        DEPOSITARY AND COMPLETE THE FOLLOWING:</B></TD>
</TR>

</TABLE>

<P align="left">
Name(s) of Tendering
Shareholder(s)&nbsp;<HR size="1" align="left">

<P align="left">
Date of Execution of Notice of Guaranteed
Delivery&nbsp;<HR size="1" align="right">

<P align="left">
Name of Institution which Guaranteed
Delivery&nbsp;<HR size="1" align="left">

<P align="left">
If delivery is by book-entry transfer:

<P align="left">
Name of Tendering
Institution&nbsp;<HR size="1" align="left">

<P align="left">
Account Number&nbsp;<HR size="1" align="left">

<P align="left">
Transaction Code
Number&nbsp;<HR size="1" align="left">

<P align="center">2

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">Ladies and Gentlemen:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned hereby tenders to Ford FSG,&nbsp;Inc.
(&#147;Purchaser&#148;), a Delaware corporation and an indirect
wholly owned subsidiary of Ford Motor Company, a Delaware
corporation, the above-described shares of Class&nbsp;A Common
Stock, par value $0.01&nbsp;per share (the &#147;Shares&#148;),
of The Hertz Corporation, a Delaware corporation
(&#147;Hertz&#148;), pursuant to the Purchaser&#146;s Offer to
Purchase any and all outstanding Shares at $35.50&nbsp;per
Share, net to the seller in cash, upon the terms and subject to
the conditions set forth in the Offer to Purchase dated
February&nbsp;2, 2001, receipt of which is hereby acknowledged,
and in this Letter of Transmittal (which together constitute the
&#147;Offer&#148;). The Purchaser reserves the right to transfer
or assign, in whole or from time to time in part, to one or more
of its affiliates the right to purchase Shares tendered pursuant
to the Offer, but any such transfer or assignment will not
relieve us of our obligations under the Offer or prejudice your
rights to receive payment for Shares validly tendered and
accepted for payment.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the terms and subject to the conditions of the Offer and
effective upon acceptance for payment of and payment for the
Shares tendered herewith, the undersigned hereby sells, assigns
and transfers to, or upon the order of, the Purchaser all right,
title and interest in and to all the Shares that are being
tendered hereby (and any and all other Shares or other
securities issued or issuable in respect thereof on or after
January&nbsp;16, 2001) and appoints the Depositary the true and
lawful agent and attorney-in-fact of the undersigned with
respect to such Shares (and all such other Shares or
securities), with full power of substitution (such power of
attorney being deemed to be an irrevocable power coupled with an
interest), to (i)&nbsp;deliver certificates for such Shares (and
all such other Shares or securities), or transfer ownership of
such Shares (and all such other Shares or securities) on the
account books maintained by it or any of the Book-Entry Transfer
Facilities, together, in any such case, with all accompanying
evidences of transfer and authenticity, to or upon the order of
the Purchaser, (ii)&nbsp;present such Shares (and all such other
Shares or securities) for transfer on the books of Hertz and
(iii)&nbsp;receive all benefits and otherwise exercise all
rights of beneficial ownership of such Shares (and all such
other Shares or securities), all in accordance with the terms of
the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned hereby irrevocably appoints Malcolm&nbsp;S.
Macdonald, Peter&nbsp;J. Sherry, Jr., and David&nbsp;J.
Prystash, the attorneys and proxies of the undersigned, each
with full power of substitution, to exercise all voting and
other rights of the undersigned in such manner as each such
attorney and proxy or his substitute shall in his sole
discretion deem proper, with respect to all of the Shares
tendered hereby which have been accepted for payment and paid
for by the Purchaser prior to the time of any vote or other
action (and any and all other Shares or other securities issued
or issuable in respect thereof on or after January&nbsp;16,
2001) at any meeting of stockholders of Hertz (whether annual or
special and whether or not an adjourned meeting), by written
consent or otherwise. This proxy is irrevocable and is granted
in consideration of, and is effective upon, the acceptance for
payment of and payment for such Shares by the Purchaser in
accordance with the terms of the Offer. Such acceptance for
payment and payment for such Shares shall revoke any other proxy
or written consent granted by the undersigned at any time with
respect to such Shares (and all such other Shares or
securities), and no subsequent proxies will be given or written
consents will be executed by the undersigned (and if given or
executed, will not be deemed to be effective).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned hereby represents and warrants that the
undersigned has full power and authority to tender, sell, assign
and transfer the Shares tendered hereby (and any and all other
Shares or other securities issued or issuable in respect thereof
on or after January&nbsp;16, 2001) and that when the same are
accepted for payment and paid for by the Purchaser, the
Purchaser will acquire good and unencumbered title thereto, free
and clear of all liens, restrictions, charges and encumbrances
and not subject to any adverse claims. The undersigned will,
upon request, execute and deliver any additional documents
deemed by the Depositary or the Purchaser to be necessary or
desirable to complete the sale, assignment and transfer of the
Shares tendered hereby (and all such other Shares or securities).

<P align="center">3
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All authority herein conferred or agreed to be conferred shall
survive the death or incapacity of the undersigned, and any
obligation of the undersigned hereunder shall be binding upon
the heirs, personal representatives, successors and assigns of
the undersigned. Except as stated in the Offer, this tender is
irrevocable.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned understands that tenders of Shares pursuant to
any one of the procedures described under &#147;The
Offer&nbsp;&#151; Procedure for Tendering Shares&#148; in the
Offer to Purchase and in the instructions hereto will constitute
an agreement between the undersigned and the Purchaser upon the
terms and subject to the conditions of the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise indicated under &#147;Special Payment
Instructions,&#148; please issue the check for the purchase
price of any Shares purchased, and return any Shares not
tendered or not purchased, in the name(s) of the undersigned
(and, in the case of Shares tendered by book-entry transfer, by
credit to the account at the Book-Entry Transfer Facility).
Similarly, unless otherwise indicated under &#147;Special
Delivery Instructions,&#148; please mail the check for the
purchase price of any Shares purchased and any certificates for
Shares not tendered or not purchased (and accompanying
documents, as appropriate) to the undersigned at the address
shown below the undersigned&#146;s signature(s). In the event
that both &#147;Special Payment Instructions&#148; and
&#147;Special Delivery Instructions&#148; are completed, please
issue the check for the purchase price of any Shares purchased
and return any Shares not tendered or not purchased in the
name(s) of, and mail said check and any certificates to, the
person(s) so indicated. The undersigned recognizes that the
Purchaser has no obligation, pursuant to the &#147;Special
Payment Instructions,&#148; to transfer any Shares from the name
of the registered holder(s) thereof if the Purchaser does not
accept for payment any of the Shares so tendered.

<P align="center">4

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV align="center">
<B>SPECIAL PAYMENT INSTRUCTIONS</B>
</DIV>

<DIV align="center">
<B>(See Instructions 1, 5, 6, 7 and 8)</B>
</DIV>

<P align="left">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>To be completed ONLY if the
check for the purchase price of Shares purchased (less the
amount of any federal income and backup withholding tax required
to be withheld) or certificates for Shares not tendered or not
purchased are to be issued in the name of someone other than the
undersigned.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>Mail&nbsp;</TD>
	<TD align="left">
	<IMG src="k59594api5-110.gif">&nbsp; check <BR>
	 <IMG src="k59594api5-110.gif">&nbsp; certificate(s) to:</TD>
</TR>

</TABLE>

<P align="left">
Name&nbsp; <HR size="1" width="58%" align="left">

<DIV align="center">
<B><FONT size="2">(Please Print)</FONT></B>
</DIV>

<P align="left">
Address&nbsp; <HR size="1" width="56%" align="left">

<DIV align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<HR size="1" width="56%" align="left">
</DIV>

<DIV align="center">
<B><FONT size="2">(Zip Code)</FONT></B>
</DIV>

<P align="left">
<HR size="1" width="68%" align="left">

<DIV align="center">
<B><FONT size="2">(Taxpayer Identification No.)</FONT></B>
</DIV>

<P align="center">
<B>SPECIAL DELIVERY INSTRUCTIONS</B>

<DIV align="center">
<B>(See Instructions 1, 5, 6, 7 and 8)</B>
</DIV>

<P align="left">
<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>To be completed ONLY if the
check for the purchase price of Shares purchased (less the
amount of any federal income and backup withholding tax required
to be withheld) or certificates for Shares not tendered or not
purchased are to be mailed to someone other than the undersigned
or to the undersigned at an address other than that shown below
the undersigned&#146;s signature(s).
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="4%"></TD>
	<TD width="96%"></TD>
</TR>

<TR valign="top">
	<TD>Mail&nbsp;</TD>
	<TD align="left">
	<IMG src="k59594api5-110.gif">&nbsp; check <BR>
	 <IMG src="k59594api5-110.gif">&nbsp; certificate(s) to:</TD>
</TR>

</TABLE>

<P align="left">
Name&nbsp; <HR size="1" width="58%" align="left">

<DIV align="center">
<B><FONT size="2">(Please Print)</FONT></B>
</DIV>

<P align="left">
Address&nbsp; <HR size="1" width="56%" align="left">

<DIV align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<HR size="1" width="56%" align="left">
</DIV>

<DIV align="center">
<B><FONT size="2">(Zip Code)</FONT></B>
</DIV>

<P align="center">5
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<P><HR noshade><P>

<P align="left">
<HR size="1" width="100%" align="left">

<P align="center">
<B>SIGN HERE</B>

<DIV align="center">
(Please complete Substitute Form&nbsp;W-9 below)
</DIV>

<P align="left">
<HR size="1" width="100%" align="left">

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="center">
<B><FONT size="2">Signature(s) of Owners</FONT></B>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="50%"></TD>
        <TD width="50%"></TD>
</TR>

<TR valign="top">
        <TD align="left">Dated&nbsp;</TD>
        <TD align="right">&nbsp;,&nbsp;20&nbsp;&nbsp;&nbsp;</TD>
</TR>

</TABLE>
<HR size="1" width="100%" align="center">


<P align="left">
Name(s)&nbsp;<HR size="1" width="100%" align="left">

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="center">
<B><FONT size="2">(Please Print)</FONT></B>
</DIV>

<P align="left">
Capacity (full title)&nbsp;<HR size="1" align="left">

<P align="left">
Address&nbsp;<HR size="1" align="left">

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="center">
<B><FONT size="2">(Include Zip Code)</FONT></B>
</DIV>

<P align="left">
Area Code and

<DIV align="left">
Telephone Number&nbsp;<HR size="1" align="left">
</DIV>

<P align="left">
(Must be signed by registered holder(s) exactly as name(s)
appear(s) on stock certificate(s) or on a security position
listing or by person(s) authorized to become registered
holder(s) by certificates and documents transmitted herewith. If
signature is by a trustee, executor, administrator, guardian,
attorney-in-fact, agent, officer of a corporation or other
person acting in a fiduciary or representative capacity, please
set forth full title and see Instruction 5.)

<P align="center">
<B>Guarantee of Signature(s)</B>

<DIV align="center">
<B>(If required; see Instructions 1 and 5)</B>
</DIV>

<P align="left">
Name of Firm&nbsp;<HR size="1" align="left">

<P align="left">
Authorized Signature&nbsp;<HR size="1" align="left">

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="50%"></TD>
        <TD width="50%"></TD>
</TR>

<TR valign="top">
        <TD align="left">Dated&nbsp;</TD>
        <TD align="right">&nbsp;,&nbsp;2001</TD>
</TR>

</TABLE>

<P align="center">
<HR size="1" width="100%" align="center">

<P align="center">6
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<P><HR noshade><P>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="16%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <B>SUBSTITUTE<BR>
        Form W-9</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="4" align="center" valign="top"><FONT size="2">
        <B>Part I&#151;TAXPAYER IDENTIFICATION NO.&#151;FOR ALL ACCOUNTS<BR>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . </B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        <B>Part II&nbsp;&nbsp;&nbsp;For Payees Exempt from<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Backup Withholding <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;(see enclosed <I>Guidelines</I>)</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="bottom"><FONT size="2"></FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        <BR>
        <B>Department of the Treasury<BR>
        Internal Revenue Service<BR>
        <BR>
        Payer&#146;s Request for Taxpayer<BR>
        Identification No.</B></FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        <B>ENTER YOUR TAXPAYER IDENTIFICATION NUMBER IN THE APPROPRIATE
        BOX. FOR MOST INDIVIDUALS AND SOLE PROPRIETORS, THIS IS YOUR
        SOCIAL SECURITY NUMBER.<BR>
        FOR OTHER ENTITIES, IT IS YOUR EMPLOYER IDENTIFICATION NUMBER.
        IF YOU DO NOT HAVE A NUMBER, SEE &#147;HOW TO OBTAIN A TIN&#148;
        IN THE ENCLOSED <I>GUIDELINES</I>.<BR>
         Note: If the account is in more than one name, see the chart on
        page&nbsp;2 of the enclosed Guidelines to determine what number
        to enter.</B></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        <BR>
        <BR>
        <BR>
        <I>&nbsp;Social Security Number<BR>
        <BR>
         </I><B>OR<BR>
        <BR>
        <BR>
        <BR>
        <BR>
         </B><I>&nbsp;Employee&nbsp;Identification&nbsp; Number</I></FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
        <TD colspan="9" align="left" valign="top"><FONT size="2">
        <B>CERTIFICATION&#151;</B>Under penalties of perjury, I certify
        that:</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="1%" align="left">(1)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%">The number shown on this form is my correct Taxpayer Identification Number
(or I am waiting for a number to be issued to me) and either (a)&nbsp;I have
mailed or delivered an application to receive a taxpayer identification
number to the appropriate Internal Revenue Service Center or Social
Security Administration Office or (b)&nbsp;I intend to mail or deliver an
application in the near future. I understand that if I do not provide a
taxpayer identification number within (60)&nbsp;days, 31% of all reportable
payments made to me thereafter will be withheld until I provide a number;</TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left">(2)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%">I am not subject to backup withholding either because (a)&nbsp;I am exempt from
backup withholding, or (b)&nbsp;I have not been notified by the Internal Revenue
Service (&#147;IRS&#148;) that I am subject to backup withholding as a result of a
failure to report all interest or dividends, or (c)&nbsp;the IRS has notified me
that I am no longer subject to backup withholding; and</TD>
</TR>
<TR valign="top">
        <TD width="1%" align="left">(3)</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="96%">Any information provided on this form is true, correct and complete.</TD>
</TR>


<TR>
        <TD colspan="11" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD colspan="9" align="left" valign="top"><FONT size="2">
        <BR>
        SIGNATURE&nbsp;-----------------------------------------------&nbsp;&nbsp;DATE&nbsp;------------------------------------------,
         2001</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="11" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="5%"></TD>
        <TD width="95%"></TD>
</TR>

<TR valign="top">
        <TD><B>NOTE:&nbsp;</B></TD>
        <TD align="left">
        <B>FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACKUP
        WITHHOLDING OF 31% OF ANY PAYMENTS MADE TO YOU PURSUANT TO THE
        OFFER. PLEASE REVIEW ENCLOSED <I>GUIDELINES FOR CERTIFICATION OF
        TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM&nbsp; W-9</I>
        FOR ADDITIONAL DETAILS.</B></TD>
</TR>

</TABLE>

<P align="center">7
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>INSTRUCTIONS</B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="98%"></TD>
	<TD width="2%"></TD>
</TR>

<TR valign="top">
	<TD align="center">
	<B>Forming Part of the Terms and Conditions of the Offer</B></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="98%"></TD>
	<TD width="2%"></TD>
</TR>

<TR valign="top">
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	1.&nbsp; <I>Guarantee of Signatures.</I>&nbsp; Except as
	otherwise provided below, all signatures on this Letter of
	Transmittal must be guaranteed by a financial institution
	(including most banks, savings and loan associations and
	brokerage houses) that is a member of a recognized Medallion
	Program approved by The Securities Transfer
	Associations,&nbsp;Inc., including the Securities Transfer
	Agents Medallion Program (STAMP), the Stock Exchange Medallion
	Program (SEMP)&nbsp;and the New&nbsp;York Stock
	Exchange,&nbsp;Inc. Medallion Signature Program (MSP)&nbsp;or
	any other &#147;eligible guarantor institution&#148; (as such
	term is defined in Rule&nbsp;17&nbsp;Ad-15 under the Securities
	Exchange Act of 1934, as amended) (each an &#147;Eligible
	Institution&#148;). Signatures on this Letter of Transmittal
	need not be guaranteed (i)&nbsp;if this Letter of Transmittal is
	signed by the registered holder(s) of the Shares (which term,
	for purposes of this document, shall include any participant in
	the Book-Entry Transfer Facility whose name appears on a
	security position listing as the owner of Shares) tendered
	herewith and such holder(s) have not completed the instruction
	entitled &#147;Special Payment Instructions&#148; or
	&#147;Special Delivery Instructions&#148; on this Letter of
	Transmittal or (ii)&nbsp;if such Shares are tendered for the
	account of an Eligible Institution. See Instruction 5.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	2.&nbsp; <I>Delivery of Letter of Transmittal and
	Shares.</I>&nbsp; This Letter of Transmittal is to be used
	either if certificates are to be forwarded herewith or, unless
	an Agent&#146;s Message is utilized, if delivery of Shares is to
	be made by book-entry transfer pursuant to the procedures set
	forth under &#147;The Offer&nbsp;&#151; Procedure for Tendering
	Shares&#148; in the Offer to Purchase. Certificates for all
	physically delivered Shares, or a confirmation of a book-entry
	transfer into the Depositary&#146;s account at the Book-Entry
	Transfer Facility of all Shares delivered electronically, as
	well as a properly completed and duly executed Letter of
	Transmittal (or, in the case of a book-entry transfer, an
	Agent&#146;s Message) and any other documents required by this
	Letter of Transmittal, must be received by the Depositary at one
	of its addresses set forth on the front page of this Letter of
	Transmittal by the Expiration Date.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	Stockholders who cannot deliver their Shares and all other
	required documents to the Depositary by the Expiration Date must
	tender their Shares pursuant to the guaranteed delivery
	procedure set forth under &#147;The Offer&nbsp;&#151; Procedure
	for Tendering Shares&#148; in the Offer to Purchase. Under the
	guaranteed delivery procedure:</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
	<TD width="3%"></TD>
	<TD width="95%"></TD>
	<TD width="2%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	(i)&nbsp;&nbsp; such tender must be made by or through an
	Eligible Institution;</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="4%"></TD>
	<TD width="88%"></TD>
	<TD width="2%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(ii)&nbsp;&nbsp;</TD>
	<TD align="left">
	a properly completed and duly executed Notice of Guaranteed
	Delivery substantially in the form provided by the Purchaser
	must be received by the Depositary by the Expiration
	Date;&nbsp;and</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(iii)&nbsp;</TD>
	<TD align="left">
	the certificates for all physically delivered Shares, or a
	confirmation of a book-entry transfer into the Depositary&#146;s
	account at the Book-Entry Transfer Facility of all Shares
	delivered electronically, as well as a properly completed and
	duly executed Letter of Transmittal (or facsimile thereof or, in
	the case of a book-entry delivery, an Agent&#146;s Message) and
	any other documents required by this Letter of Transmittal, must
	be received by the Depositary within three New&nbsp;York Stock
	Exchange,&nbsp;Inc. trading days after the date of execution of
	such Notice of Guaranteed Delivery, all as provided under
	&#147;The Offer&nbsp;&#151; Procedure for Tendering Shares&#148;
	in the Offer to Purchase.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="98%"></TD>
	<TD width="2%"></TD>
</TR>

<TR valign="top">
	<TD align="left">
	<B>The method of delivery of Shares and all other required
	documents is at the option and risk of the tendering
	shareholder. If certificates for Shares are sent by mail, the
	use of registered mail with return receipt requested, properly
	insured, is recommended.</B></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="98%"></TD>
	<TD width="2%"></TD>
</TR>

<TR valign="top">
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	No alternative, conditional or contingent tenders will be
	accepted, and no fractional Shares will be purchased. By
	executing this Letter of Transmittal, the tendering shareholder
	waives any right to receive any notice of the acceptance for
	payment of the Shares.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">8
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<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
3.&nbsp; <I>Inadequate Space.</I>&nbsp; If the space provided
herein is inadequate, the certificate numbers and/or the number
of Shares should be listed on a separate schedule attached
hereto.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4.&nbsp; <I>Partial Tenders (not applicable to shareholders who
tender by book-entry transfer).</I>&nbsp; If fewer than all the
Shares represented by any certificate delivered to the
Depositary are to be tendered, fill in the number of Shares
which are to be tendered in the box entitled &#147;Number of
Shares Tendered&#148;. In such case, a new certificate for the
remainder of the Shares represented by the old certificate will
be sent to the person(s) signing this Letter of Transmittal,
unless otherwise provided in the appropriate box on this Letter
of Transmittal, as promptly as practicable following the
expiration or termination of the Offer. All Shares represented
by certificates delivered to the Depositary will be deemed to
have been tendered unless otherwise indicated.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
5.&nbsp; <I>Signatures on Letter of Transmittal; Stock Powers
and Endorsements.</I>&nbsp; If this Letter of Transmittal is
signed by the registered holder(s) of the Shares tendered
hereby, the signature(s) must correspond with the name(s) as
written on the face of the certificates without alteration,
enlargement or any change whatsoever.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any of the Shares tendered hereby is held of record by two or
more persons, all such persons must sign this Letter of
Transmittal.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If any of the Shares tendered hereby are registered in different
names on different certificates, it will be necessary to
complete, sign and submit as many separate Letters of
Transmittal as there are different registrations of certificates.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this Letter of Transmittal is signed by the registered
holder(s) of the Shares tendered hereby, no endorsements of
certificates or separate stock powers are required unless
payment of the purchase price is to be made, or Shares not
tendered or not purchased are to be returned, in the name of any
person other than the registered holder(s). Signatures on any
such certificates or stock powers must be guaranteed by an
Eligible Institution.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this Letter of Transmittal is signed by a person other than
the registered holder(s) of the Shares tendered hereby,
certificates must be endorsed or accompanied by appropriate
stock powers, in either case, signed exactly as the name(s) of
the registered holder(s) appear(s) on the certificates for such
Shares. Signature(s) on any such certificates or stock powers
must be guaranteed by an Eligible Institution.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If this Letter of Transmittal or any certificate or stock power
is signed by a trustee, executor, administrator, guardian,
attorney-in-fact, officer of a corporation or other person
acting in a fiduciary or representative capacity, such person
should so indicate when signing, and proper evidence
satisfactory to the Purchaser of the authority of such person so
to act must be submitted.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
6.&nbsp; <I>Stock Transfer Taxes.</I>&nbsp; The Purchaser will
pay any stock transfer taxes with respect to the sale and
transfer of any Shares to it or its order pursuant to the Offer.
If, however, payment of the purchase price is to be made to, or
Shares not tendered or not purchased are to be returned in the
name of, any person other than the registered holder(s), or if a
transfer tax is imposed for any reason other than the sale or
transfer of Shares to the Purchaser pursuant to the Offer, then
the amount of any stock transfer taxes (whether imposed on the
registered holder(s), such other person or otherwise) will be
deducted from the purchase price unless satisfactory evidence of
the payment of such taxes, or exemption therefrom, is submitted
herewith.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
7.&nbsp; <I>Special Payment and Delivery Instructions.</I>&nbsp;
If the check for the purchase price of any Shares purchased is
to be issued, or any Shares not tendered or not purchased are to
be returned, in the name of a person other than the person(s)
signing this Letter of Transmittal or if the check or any
certificates for Shares not tendered or not purchased are to be
mailed to someone other than the person(s) signing this Letter
of Transmittal or to the person(s) signing this Letter of
Transmittal at an address other than that shown above, the
appropriate boxes on this Letter of Transmittal should be
completed. Shareholders tendering Shares by book-entry transfer
may request that Shares not

<P align="center">9

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<P><HR noshade><P>

<DIV align="left">
purchased be credited to such account at any of the Book-Entry
Transfer Facilities as such shareholder may designate under
&#147;Special Payment Instructions&#148;. If no such
instructions are given, any such Shares not purchased will be
returned by crediting the account at the Book-Entry Transfer
Facilities designated above.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
8.&nbsp; <I>Substitute Form&nbsp;W-9.</I>&nbsp; Under the
federal income tax laws, the Depositary will be required to
withhold 31% of the amount of any payments made to certain
shareholders pursuant to the Offer. In order to avoid such
backup withholding, each tendering shareholder, and, if
applicable, each other payee, must provide the Depositary with
such shareholder&#146;s or payee&#146;s correct taxpayer
identification number and certify that such shareholder or payee
is not subject to such backup withholding by completing the
Substitute Form&nbsp;W-9 set forth above. In general, if a
shareholder or payee is an individual, the taxpayer
identification number is the Social Security number of such
individual. If the Depositary is not provided with the correct
taxpayer identification number, the shareholder or payee may be
subject to a $50 penalty imposed by the Internal Revenue
Service. Certain shareholders or payees (including, among
others, all corporations and certain foreign individuals) are
not subject to these backup withholding and reporting
requirements. In order to satisfy the Depositary that a foreign
individual qualifies as an exempt recipient, such shareholder or
payee must submit a statement, signed under penalties of
perjury, attesting to that individual&#146;s exempt status. Such
statements can be obtained from the Depositary. For further
information concerning backup withholding and instructions for
completing the Substitute Form&nbsp;W-9 (including how to obtain
a taxpayer identification number if you do not have one and how
to complete the Substitute Form&nbsp;W-9 if Shares are held in
more than one name), consult the enclosed <I>Guidelines for
Certification of Taxpayer Identification Number on Substitute
Form&nbsp;W-9.</I>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Failure to complete the Substitute Form&nbsp;W-9 will not, by
itself, cause Shares to be deemed invalidly tendered, but may
require the Depositary to withhold 31% of the amount of any
payments made pursuant to the Offer. Backup withholding is not
an additional federal income tax. Rather, the federal income tax
liability of a person subject to backup withholding will be
reduced by the amount of tax withheld. If withholding results in
an overpayment of taxes, a refund may be obtained provided that
the required information is furnished to the Internal Revenue
Service.

<P align="left">
<B>NOTE:&nbsp; FAILURE TO COMPLETE AND RETURN THE SUBSTITUTE
FORM W-9 MAY RESULT IN BACKUP WITHHOLDING OF 31% OF ANY PAYMENTS
MADE TO YOU PURSUANT TO THE OFFER. PLEASE REVIEW THE ENCLOSED
GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER
ON SUBSTITUTE FORM W-9 FOR ADDITIONAL DETAILS.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
9.&nbsp; <I>Mutilated, Lost, Stolen or Destroyed
Certificates.</I>&nbsp; If you have or had a certificate or
certificates representing Shares which has been mutilated, lost,
stolen, or destroyed, you should (i)&nbsp;complete this Letter
of Transmittal and check the appropriate box above and
(ii)&nbsp;contact the Depositary immediately by calling
(800)&nbsp;542-0337. The Depositary will provide such holder
with all necessary forms and instructions to replace any
mutilated, lost, stolen or destroyed certificates. The holder
may also be required to give Hertz a bond as indemnity against
any claim that may be made against it with respect to the
certificate(s) alleged to have been mutilated, lost, stolen or
destroyed.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
10.&nbsp; <I>Requests for Assistance or Additional
Copies.</I>&nbsp; Requests for assistance or additional copies
of the Offer to Purchase and this Letter of Transmittal may be
obtained from the Information Agent or the Dealer Manager at
their respective addresses or telephone numbers set forth below.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
11.&nbsp; <I>Non-United States Holder.</I>&nbsp; Non-United
States holders must submit a completed IRS Form&nbsp;W-8BEN or
similar form to avoid backup withholding. IRS Form&nbsp;W-8BEN
or such similar form may be obtained by contacting the
Depositary at one of the addresses on the face of this Letter of
Transmittal.

<P align="center">10

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B><I>The Information Agent for the Offer is:</I></B>

<P align="center">
<IMG src="k59594ak5959412.gif" alt="(GEORGESON LOGO)">

<P align="center">17 State Street, 10th Floor

<DIV align="center">
New&nbsp;York, New&nbsp;York 10004
</DIV>

<P align="center">
Banks and Brokers Call Collect (212)&nbsp;440-9800

<DIV align="center">
All Others Call Toll-Free (800)&nbsp;223-2064
</DIV>

<P align="center"><B><I>The Dealer Manager for the Offer is:</I></B>

<P align="center">
<IMG src="k59594ajpmorlgo.gif" alt="(J.P. MORGAN LOGO)">

<P align="center">60 Wall Street

<DIV align="center">
New York, New York 10260
</DIV>

<P align="center">
Toll Free (866) 851-4265

<DIV>&nbsp;</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(3)
<SEQUENCE>4
<FILENAME>k59594aex99-a3.htm
<DESCRIPTION>NOTICE OF GUARANTEED DELIVERY
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<P align="center"><B>NOTICE OF GUARANTEED DELIVERY</B>

<P align="center"><B>To Tender Shares of Class&nbsp;A Common Stock</B>

<DIV align="center">
<B>of</B>
</DIV>

<DIV align="center">
<B>The Hertz Corporation</B>
</DIV>

<DIV align="center">
<B>Pursuant to the Offer to Purchase</B>
</DIV>

<DIV align="center">
<B>dated February&nbsp;2, 2001</B>
</DIV>

<DIV align="center">
<B>of</B>
</DIV>

<DIV align="center">
<B>Ford FSG,&nbsp;Inc.</B>
</DIV>

<DIV align="center">
<B>an indirect wholly owned subsidiary of</B>
</DIV>

<DIV align="center">
<B>Ford Motor Company</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This form, or a form substantially equivalent to this form, must
be used to accept the Offer (as defined below) if the share
certificates representing the Class&nbsp;A Common Stock, par
value $0.01&nbsp;per share, of The Hertz Corporation and all
other documents required by the Letter of Transmittal cannot be
delivered to the Depositary by the expiration of the Offer, or
if the procedure for delivery by book-entry transfer cannot be
completed on a timely basis. Such form may be delivered by hand,
facsimile transmission or mail to the Depositary. See &#147;The
Offer&nbsp;&#151; Procedure for Tendering Shares&#148; in the
Offer to Purchase.

<P align="center"><I>The Depositary for the Offer is:</I>

<P align="center">
<B>EQUISERVE TRUST COMPANY, N.A.</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	<I>By Mail:<BR>
	<BR>
	 </I>EquiServe Trust Company, N.A.<BR>
	Corporate Actions<BR>
	PO Box&nbsp;2527<BR>
	Jersey City, NJ 07303-2527</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<I>By Overnight Courier:<BR>
	<BR>
	 </I>EquiServe Trust Company, N.A.<BR>
	Corporate Actions, Suite 4660<BR>
	525 Washington Blvd., 3rd Floor<BR>
	Jersey City, NJ 07310</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<I>By Hand:<BR>
	<BR>
	 </I>EquiServe Trust Company, N.A.<BR>
	c/o Securities Transfer&nbsp;&#38; Reporting<BR>
	Services,&nbsp;Inc.<BR>
	100 Williams Street - Galleria<BR>
	New&nbsp;York, NY 10038</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<I>By Facsimile:</I>

<DIV align="center">
(201)&nbsp;324-3403
</DIV>

<P align="center">
<I>Confirm receipt of facsimile by</I>

<DIV align="center">
<I>Telephone:</I>
</DIV>

<DIV align="center">
(201)&nbsp;222-4707
</DIV>

<P align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS
OTHER THAN AS SET FORTH ABOVE, OR TRANSMISSIONS OF INSTRUCTIONS
VIA A FACSIMILE NUMBER OTHER THAN AS SET FORTH ABOVE, WILL NOT
CONSTITUTE A VALID DELIVERY.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This Notice of Guaranteed Delivery is not to be used to
guarantee signatures. If a signature on a Letter of Transmittal
is required to be guaranteed by an &#147;Eligible
Institution&#148; under the instructions thereto, such signature
guarantee must appear in the applicable space provided in the
signature box on the Letter of Transmittal.

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">Ladies and Gentlemen:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned hereby tenders to Ford FSG,&nbsp;Inc.,
(&#147;Purchaser&#148;), a Delaware corporation and an indirect
wholly owned subsidiary of Ford Motor Company, upon the terms
and subject to the conditions set forth in the Offer to Purchase
dated February&nbsp;2, 2001 and the related Letter of
Transmittal (which together constitute the &#147;Offer&#148;),
receipt of which is hereby acknowledged,
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;shares of
Class&nbsp;A Common Stock, par value $0.01&nbsp;per share (the
&#147;Shares&#148;), of The Hertz Corporation, a Delaware
corporation, pursuant to the guaranteed delivery procedure set
forth under &#147;The Offer&nbsp;&#151; Procedure for Tendering
Shares&#148; in the Offer to Purchase.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="63%"></TD>
	<TD width="37%"></TD>
</TR>

<TR valign="top">
	<TD align="left">
	<FONT size="2">Certificate Numbers (if available)</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<FONT size="2">If shares will be tendered by book-entry
	transfer:</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<FONT size="2">Name of Tendering Institution</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<FONT size="2">Account
	Number&nbsp;&nbsp;&nbsp;&nbsp;<HR size="1" align="left"></FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="center">
	<B><FONT size="2">SIGN HERE</FONT></B></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="center">
	<FONT size="2">Signature</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="center">
	<FONT size="2">(Name(s)) (Please Print)</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="center">
	<FONT size="2">(Address)</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="center">
	<FONT size="2">(Zip Code)</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD align="center">
	<FONT size="2">(Area Code and Telephone Number)</FONT></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">2
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="center"><B>GUARANTEE</B>

<DIV align="center">
<B>(Not to be used for signature guarantee)</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned, a firm which is a bank, broker, dealer, credit
union, savings association or other entity which is a member in
good standing of a recognized Medallion Program approved by the
Securities Transfer Association&nbsp;Inc., including the
Securities Transfer Agents Medallion Program (STAMP), the Stock
Exchange Medallion Program (SEMP)&nbsp;and the New&nbsp;York
Stock Exchange Medallion Signature Program (MSP)&nbsp;or any
other &#147;eligible guarantor institution&#148; (as such term
is defined in Rule&nbsp;17Ad-15 under the Securities Exchange
Act of 1934, as amended), guarantees (a)&nbsp;that the above
named person(s) &#147;own(s)&#148; the Shares tendered hereby
within the meaning of Rule&nbsp;14e-4 under the Securities
Exchange Act of 1934, (b)&nbsp;that such tender of Shares
complies with Rule&nbsp;14e-4 and (c)&nbsp;to deliver to the
Depositary the Shares tendered hereby, together with a properly
completed and duly executed Letter(s) of Transmittal and
certificates for the Shares to be tendered or an Agent&#146;s
Message (as defined in the Offer to Purchase) in the case of a
book-entry delivery, and any other required documents, all
within three New&nbsp;York Stock Exchange,&nbsp;Inc. trading
days of the date hereof.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="20%"></TD>
	<TD width="60%"></TD>
	<TD width="20%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="center">
	(Name of Firm)</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="center">
	(Authorized Signature)</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="center">
	(Name)</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="center">
	(Address)</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="center">
	(Zip Code)</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<HR size="1" align="left"></TD>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="center">
	(Area Code and Telephone Number)</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="left">Dated: <U>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</U>, 2001.

<P align="center"><B>DO NOT SEND CERTIFICATES WITH THIS NOTICE OF GUARANTEED
DELIVERY.</B>

<DIV align="center">
<B>CERTIFICATES SHOULD BE SENT WITH YOUR LETTER OF
TRANSMITTAL.</B>
</DIV>

<P align="center">3

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(4)
<SEQUENCE>5
<FILENAME>k59594aex99-a4.htm
<DESCRIPTION>LETTER TO BROKERS
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<P align="center"><B>Offer to Purchase for Cash</B>

<DIV align="center">
<B>Any and All Outstanding Shares of Class&nbsp;A Common
Stock</B>
</DIV>

<DIV align="center">
<B>of</B>
</DIV>

<DIV align="center">
<B>The Hertz Corporation</B>
</DIV>

<DIV align="center">
<B>at</B>
</DIV>

<DIV align="center">
<B>$35.50 Net Per Share</B>
</DIV>

<DIV align="center">
<B>by</B>
</DIV>

<DIV align="center">
<B>Ford FSG,&nbsp;Inc.</B>
</DIV>

<DIV align="center">
<B>an indirect wholly owned subsidiary of</B>
</DIV>

<DIV align="center">
<B>Ford Motor Company</B>
</DIV>

<P align="right">February&nbsp;2, 2001

<P align="left">To Brokers, Dealers, Commercial Banks, Trust Companies and Other
Nominees:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have been appointed by Ford FSG,&nbsp;Inc.
(&#147;Purchaser&#148;), a Delaware corporation and an indirect
wholly owned subsidiary of Ford Motor Company, a Delaware
corporation, (&#147;Ford&#148;) to act as Dealer Manager in
connection with its offer to purchase any and all of the
outstanding shares of Class&nbsp;A Common Stock, par value
$0.01&nbsp;per share (the &#147;Shares&#148; or the
&#147;Class&nbsp;A Common Stock&#148;) of The Hertz Corporation,
a Delaware corporation (&#147;Hertz&#148;), at a price of
$35.50&nbsp;per Share net to the seller in cash, upon the terms
and subject to the conditions set forth in the Purchaser&#146;s
Offer to Purchase dated February&nbsp;2, 2001 and the related
Letter of Transmittal (which together constitute the
&#147;Offer&#148;).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For your information and for forwarding to your clients for whom
you hold Shares registered in your name or in the name of your
nominee, we are enclosing the following documents:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	1.&nbsp; Offer to Purchase dated February&nbsp;2, 2001;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	2.&nbsp; Letter of Transmittal for your use and for the
	information of your clients, together with <I>Guidelines for
	Certification of Taxpayer Identification Number on Substitute
	Form&nbsp;W-9</I> providing information relating to backup
	federal income tax withholding;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	3.&nbsp; Notice of Guaranteed Delivery to be used to accept the
	Offer if the Shares and all other required documents cannot be
	delivered to EquiServe Trust Company, N.A. (the
	&#147;Depositary&#148;) by the Expiration Date (as defined in
	the Offer to Purchase);</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	4.&nbsp; A form of letter which may be sent to your clients for
	whose accounts you hold Shares registered in your name or in the
	name of your nominee, with space provided for obtaining such
	clients&#146; instructions with regard to the Offer;&nbsp;and</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	5.&nbsp; Return envelope addressed to EquiServe Trust Company,
	N.A., the Depositary.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>WE URGE YOU TO CONTACT YOUR CLIENTS AS PROMPTLY AS
POSSIBLE.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT 12:00 MIDNIGHT, NEW
YORK CITY TIME, ON FRIDAY, MARCH&nbsp;2, 2001 UNLESS THE OFFER
IS EXTENDED.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In all cases, payment for Shares tendered and accepted for
payment pursuant to the Offer will be made only after timely
receipt by the Depositary of (i)&nbsp;certificates representing
the Shares tendered or timely confirmation of a book-entry
transfer of such Shares into the Depositary&#146;s account at
The Depository Trust Company (the &#147;Book-Entry Transfer
Facility&#148;) pursuant to the procedures set forth under
&#147;The Offer&nbsp;&#151; Procedure for Tendering Shares&#148;
in the Offer to Purchase, (ii)&nbsp;a properly completed and
duly executed Letter of Transmittal with any required signature
guarantees, or in the case of a book-entry transfer, an
Agent&#146;s Message (as defined in the Offer to Purchase), and
(iii)&nbsp;any other documents required by the Letter of
Transmittal.

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Offer is being made pursuant to an Agreement and Plan of
Merger dated as of January&nbsp;16, 2001 (the &#147;Merger
Agreement&#148;), by and among Ford, Purchaser, Ford
FSG&nbsp;II,&nbsp;Inc., a Delaware corporation and wholly owned
subsidiary of Purchaser (&#147;FSG&nbsp;II&#148;), and Hertz,
pursuant to which, as soon as practicable following the
consummation of the Offer and the satisfaction or waiver of
certain conditions in the Merger Agreement, FSG&nbsp;II will be
merged into Hertz (the &#147;Merger&#148;), with Hertz
continuing as the surviving corporation which will be wholly
owned by the Purchaser. At the effective time of the Merger (the
&#147;Effective Time&#148;), each issued and outstanding Share
(other than (i)&nbsp;Shares held in Hertz&#146;s treasury,
(ii)&nbsp;Shares held by the Purchaser and (iii)&nbsp;Shares of
holders exercising dissenting rights), will be converted into
the right to receive the per Share price paid in the Offer in
cash without interest thereon (the &#147;Merger
Consideration&#148;) and described in the Offer to Purchase.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Board of Directors of Hertz (the &#147;Hertz Board&#148;),
by unanimous decision of those Directors participating and based
upon the recommendation of a Special Committee of Independent
Directors of the Hertz Board (the &#147;Special Committee&#148;)
(1)&nbsp;has determined that it is fair to and in the best
interests of Hertz and its stockholders (other than Purchaser
and its affiliates) to consummate the Offer and the Merger upon
the terms and subject to the conditions of the Merger Agreement
and in accordance with Delaware law; (2)&nbsp;has approved and
declared advisable the Offer, the Merger and the Merger
Agreement; and (3)&nbsp;has resolved to recommend that
Hertz&#146;s stockholders accept the Offer, tender their Shares
pursuant thereto and approve and adopt the Merger Agreement and
the Merger if submitted for their approval.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a stockholder desires to tender Shares pursuant to the Offer
and such stockholder&#146;s Share Certificates are not
immediately available or such stockholder cannot deliver the
Share Certificates and all other required documents to the
Depositary on or prior to the Expiration Date (as defined in the
Offer to Purchase), or such stockholder cannot complete the
procedure for delivery by book-entry transfer on a timely basis,
such Shares may nevertheless be tendered by following the
guaranteed delivery procedure set forth under &#147;The
Offer&nbsp;&#151; Procedure for Tendering Shares&#148; in the
Offer to Purchase.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Purchaser will not pay any fees or commissions to any broker
or dealer or any other person (other than the Dealer Manager,
the Information Agent or the Depositary as described in the
Offer to Purchase) for soliciting tenders of Shares pursuant to
the Offer. The Purchaser will, however, upon request, reimburse
brokers, dealers, commercial banks and trust companies for
reasonable and necessary costs and expenses incurred by them in
forwarding materials to their customers. The Purchaser will pay
all stock transfer taxes applicable to its purchase of Shares
pursuant to the Offer, subject to Instruction 6 of the Letter of
Transmittal.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In order to accept the Offer, a properly completed and duly
executed Letter of Transmittal with any required signature
guarantees, or in the case of a book-entry transfer, an
Agent&#146;s Message (as defined in the Offer to Purchase) and
any other required documents should be sent to the Depositary by
12:00 Midnight, New&nbsp;York City time, on Friday,
March&nbsp;2, 2001 unless the Offer is extended.

<P align="center">2

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you have questions with respect to the Offer or need
additional copies of the enclosed materials, you can call the
Information Agent or the undersigned at the addresses and
telephone numbers set forth on the back cover of the Offer to
Purchase.
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="40%"></TD>
	<TD width="60%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Very truly yours,</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	J.P.&nbsp;MORGAN SECURITIES&nbsp;INC.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>NOTHING CONTAINED HEREIN OR IN THE ENCLOSED DOCUMENTS SHALL
CONSTITUTE YOU AS THE AGENT OF FORD FSG,&nbsp;INC., FORD MOTOR
COMPANY, THE DEALER MANAGER, THE INFORMATION AGENT OR THE
DEPOSITARY, OR AUTHORIZE YOU OR ANY OTHER PERSON TO USE ANY
DOCUMENT OR MAKE ANY STATEMENT ON BEHALF OF ANY OF THEM IN
CONNECTION WITH THE OFFER OTHER THAN THE DOCUMENTS ENCLOSED
HEREWITH AND THE STATEMENTS CONTAINED THEREIN.</B>

<P align="center">3

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(5)
<SEQUENCE>6
<FILENAME>k59594aex99-a5.htm
<DESCRIPTION>LETTER TO CLIENTS
<TEXT>

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<P align="center"><B>Offer to Purchase for Cash</B>

<DIV align="center">
<B>Any and All Outstanding Shares of Class&nbsp;A Common
Stock</B>
</DIV>

<DIV align="center">
<B>of</B>
</DIV>

<DIV align="center">
<B>The Hertz Corporation</B>
</DIV>

<DIV align="center">
<B>at</B>
</DIV>

<DIV align="center">
<B>$35.50 Net Per Share</B>
</DIV>

<DIV align="center">
<B>by</B>
</DIV>

<DIV align="center">
<B>Ford FSG,&nbsp;Inc.</B>
</DIV>

<DIV align="center">
<B>an indirect wholly owned subsidiary of</B>
</DIV>

<DIV align="center">
<B>Ford Motor Company</B>
</DIV>

<P align="right">February 2, 2001

<P align="left">To Our Clients:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Enclosed for your consideration are the Offer to Purchase dated
February&nbsp;2, 2001 and the related Letter of Transmittal
(which together constitute the &#147;Offer&#148;) in connection
with the offer by Ford FSG,&nbsp;Inc., (&#147;Purchaser&#148;),
a Delaware corporation and an indirect wholly owned subsidiary
of Ford Motor Company, a Delaware corporation
(&#147;Ford&#148;), to purchase for cash any and all of the
outstanding shares of Class&nbsp;A Common Stock, par value
$0.01&nbsp;per share (the &#147;Shares&#148; or the
&#147;Class&nbsp;A Common Stock&#148;), of The Hertz
Corporation, a Delaware corporation (&#147;Hertz&#148;). <B>We,
or our nominee, are the holder of record of Shares held for your
account. A tender of such Shares can be made only by us as the
holder of record and pursuant to your instructions. The Letter
of Transmittal is furnished to you for your information only and
cannot be used by you to tender Shares held by us for your
account.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We request instructions as to whether you wish us to tender any
or all of the Shares held by us for your account, upon the terms
and subject to the conditions set forth in the Offer to Purchase
and the Letter of Transmittal.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Your attention is directed to the following:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	1.&nbsp; The tender price is $35.50&nbsp;per Share, net to you
	in cash.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="3%"></TD>
	<TD width="91%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>2.&nbsp;</TD>
	<TD align="left">
	The Offer and withdrawal rights expire at 12:00 Midnight,
	New&nbsp;York City time, on Friday, March 2, 2001, unless the
	Offer is extended.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>3.&nbsp;</TD>
	<TD align="left">
	The Offer is being made pursuant to an Agreement and Plan of
	Merger dated as of January&nbsp;16, 2001 (the &#147;Merger
	Agreement&#148;), by and among Ford, Purchaser, Ford
	FSG&nbsp;II,&nbsp;Inc., a Delaware corporation and wholly owned
	subsidiary of Purchaser (&#147;FSG&nbsp;II&#148;), and Hertz,
	pursuant to which, as soon as practicable following the
	consummation of the Offer, and the satisfaction or waiver of
	certain conditions in the Merger Agreement, FSG II will be
	merged into Hertz (the &#147;Merger&#148;), with Hertz
	continuing as the surviving corporation which will be wholly
	owned by the Purchaser. At the effective time of the Merger (the
	&#147;Effective Time&#148;), each issued and outstanding Share
	(other than (i)&nbsp;Shares held in Hertz&#146;s treasury,
	(ii)&nbsp;Shares held by the Purchaser and (iii)&nbsp;Shares of
	holders exercising dissenting rights), will be converted into
	the right to receive the per Share price paid in the Offer in
	cash without interest thereon (the &#147;Merger
	Consideration&#148;) and described in the Offer to Purchase.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="97%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	4.&nbsp; The Offer is made for any and all outstanding Shares.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="3%"></TD>
	<TD width="91%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>5.&nbsp;</TD>
	<TD align="left">
	The Board of Directors of Hertz (the &#147;Hertz Board&#148;),
	by unanimous decision of those Directors participating and based
	upon the recommendation of a Special Committee of Independent
	Directors of the Hertz Board (the &#147;Special Committee&#148;)
	(1)&nbsp;has determined that it is fair to and in the best
	interests of Hertz and its stockholders (other than Purchaser
	and its affiliates) to consummate the Offer and the Merger upon
	the terms</TD>
</TR>

</TABLE>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="3%"></TD>
	<TD width="91%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD></TD>
	<TD align="left">
	and subject to the conditions of the Merger Agreement and in
	accordance with Delaware law; (2)&nbsp;has approved and declared
	advisable the Offer, the Merger and the Merger Agreement; and
	(3)&nbsp;has resolved to recommend that Hertz&#146;s
	stockholders accept the Offer, tender their Shares pursuant
	thereto and approve and adopt the Merger Agreement and the
	Merger if submitted for their approval.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>6.&nbsp;</TD>
	<TD align="left">
	Tendering stockholders will not be obligated to pay brokerage
	fees or commissions to the Dealer Manager, the Depositary or the
	Information Agent.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>7.&nbsp;</TD>
	<TD align="left">
	The Offer is not conditioned upon any minimum number of shares
	being tendered. However, the Offer is subject to certain
	conditions as set forth under &#147;The Offer&nbsp;&#151;
	Conditions of the Offer&#148; in the Offer to Purchase.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>8.&nbsp;</TD>
	<TD align="left">
	Any stock transfer taxes applicable to the sale of Shares to the
	Purchaser pursuant to the Offer will be paid by the Purchaser,
	except as otherwise set forth in Instruction 6 of the Letter of
	Transmittal. However, federal income tax backup withholding at a
	rate of 31% may be required, unless an exemption is provided or
	unless the required taxpayer identification information is
	provided. See Instruction 8 of the Letter of Transmittal.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If you wish to have us tender any or all of your Shares, please
so instruct us by completing, executing, detaching and returning
to us the instruction form on the detachable part hereof. An
envelope to return your instructions to us is enclosed. If you
authorize tender of your Shares, all such Shares will be
tendered unless otherwise specified on the detachable part
hereof. Your instructions should be forwarded to us in ample
time to permit us to submit a tender on your behalf by the
expiration of the Offer.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Offer is not being made to, nor will tenders be accepted
from or on behalf of, holders of Shares in any jurisdiction in
which the making of the Offer or acceptance thereof would not be
in compliance with the laws of such jurisdiction.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In all cases, payment for Shares tendered and accepted for
payment pursuant to the Offer will be made only after timely
receipt by EquiServe Trust Company, N.A. (the
&#147;Depositary&#148;) of (i)&nbsp;certificates representing
the Shares tendered or timely confirmation of a book-entry
transfer of such Shares into the Depositary&#146;s account at
The Depository Trust Company (the &#147;Book-Entry Transfer
Facility&#148;) pursuant to the procedures set forth under
&#147;The Offer&nbsp;&#151; Procedure for Tendering Shares&#148;
in the Offer to Purchase, (ii)&nbsp;a properly completed and
duly executed Letter of Transmittal with any required signature
guarantees, or in the case of a book-entry transfer, an
Agent&#146;s Message (as defined in the Offer to Purchase), and
(iii)&nbsp;any other documents required by the Letter of
Transmittal. Accordingly, payment may not be made to all
tendering stockholders at the same time depending upon when
certificates for or confirmations of book-entry transfer of such
Shares into the Depositary&#146;s account at the Book-Entry
Transfer Facility are actually received by the Depositary.

<P align="center">2

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<P align="center"><B>Instructions with Respect to</B>

<DIV align="center">
<B>Offer to Purchase for Cash</B>
</DIV>

<DIV align="center">
<B>Any and All Outstanding Shares of Class&nbsp;A Common
Stock</B>
</DIV>

<DIV align="center">
<B>of</B>
</DIV>

<DIV align="center">
<B>The Hertz Corporation</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The undersigned acknowledge(s) receipt of your letter and the
enclosed Offer to Purchase dated February&nbsp;2, 2001, and the
related Letter of Transmittal, in connection with the offer by
Ford FSG,&nbsp;Inc., to purchase any and all of the outstanding
shares of Class&nbsp;A Common Stock, $0.01&nbsp;par value per
share (the &#147;Shares&#148;), of The Hertz Corporation.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This will instruct you to tender the number of Shares indicated
below held by you for the account of the undersigned, upon the
terms and subject to the conditions set forth in the Offer to
Purchase and the related Letter of Transmittal.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="47%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Number of Shares to be Tendered:</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>SIGN HERE</B></FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	-------------------------------------------&nbsp;Shares*</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	Signature(s)</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left"><HR size="1"></TD>

</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="left" valign="top">
	<DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
	Dated&nbsp; --------------------------------------&nbsp;, 2001</FONT></DIV>
	</TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<HR size="1"></FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<HR size="1">Please print name(s) and<BR>
	addresses here</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">THIS FORM MUST BE RETURNED TO THE BROKERAGE FIRM MAINTAINING
YOUR ACCOUNT.

<P align="left"><HR size="1" width="31%" align="left">
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="2%"></TD>
	<TD width="98%"></TD>
</TR>

<TR valign="top">
	<TD>*</TD>
	<TD align="left">
	Unless otherwise indicated, it will be assumed that all Shares
	held by us for your account are to be tendered.</TD>
</TR>

</TABLE>

<P align="center">3
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(6)
<SEQUENCE>7
<FILENAME>k59594aex99-a6.htm
<DESCRIPTION>LETTER TO PARTICIPANTS
<TEXT>

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<P align="left">

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<DIV align="center">
<B>Immediate Attention Required</B>
</DIV>

<P align="left">February&nbsp;2, 2001

<P align="left">
Dear Participant in The Hertz Corporation&#146;s Employee Stock
Purchase Plan:

<P align="left">
As a participant in the Employee Stock Purchase Plan
(&#147;ESPP&#148;) of The Hertz Corporation (&#147;Hertz&#148;),
you are receiving the enclosed tender offer materials describing
the offer by Ford FSG, Inc. (&#147;Purchaser&#148;), a Delaware
corporation and an indirect wholly owned subsidiary of Ford
Motor Company, a Delaware corporation (&#147;Ford&#148;), to
purchase any and all of the outstanding shares of Class A Common
Stock, par value $0.01&nbsp;per share (the &#147;Shares&#148;)
of Hertz at a price of $35.50&nbsp;per Share, net to the seller
in cash.

<P align="left">
EquiServe Trust Company, N.A. (&#147;EquiServe&#148; or the
&#147;Depositary&#148;), or its nominee, is the holder of record
for your account of the Shares acquired by you under the ESPP
(the &#147;ESPP Shares&#148;). Thus, if you wish to tender any
or all of your ESPP Shares, you must instruct us to do so on
your behalf.

<P align="left"><B>These materials need your immediate attention.</B>

<P align="left">
<B>If you want to tender your ESPP Shares, you must use the
enclosed Direction Form to instruct us to do so. </B>If you do
not properly complete the Direction Form or do not return it to
us by the deadline specified, or as extended, you will be deemed
to have directed us NOT to tender your ESPP Shares. You may not
use the Letter of Transmittal included in this package to tender
your ESPP Shares. The Letter of Transmittal has been provided
for information purposes only.

<P align="left">
To properly complete the DIRECTION FORM to instruct us to tender
your ESPP Shares, you must do the following:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="4%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(1)&nbsp;</TD>
	<TD align="left">
	Check either Box 1 or Box 2 in BOX A on the face of the
	Direction Form. <BR>
	 CHECK ONLY ONE BOX.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="1%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	CHECK BOX 1 if you want to direct us to tender ALL of the Shares
	credited to your ESPP account.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>&#149;&nbsp;</TD>
	<TD align="left">
	CHECK BOX 2 if you want to direct us to tender only a portion of
	the Shares credited to your ESPP account. Specify the whole
	number of shares credited to your ESPP account that you want to
	direct us to tender in accordance with the terms of the offer.
	If the number of Shares you specify is less than 100% of the
	Shares credited to your ESPP account, you will be deemed to have
	instructed us NOT to tender the balance of the Shares credited
	to your ESPP account.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="3%"></TD>
	<TD width="4%"></TD>
	<TD width="93%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(2)&nbsp;</TD>
	<TD align="left">
	Complete Box B (if required) and Box C.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(3)&nbsp;</TD>
	<TD align="left">
	Complete, date and sign the DIRECTION FORM in the spaces
	provided at the end of the Direction Form.</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(4)&nbsp;</TD>
	<TD align="left">
	Return the form to EquiServe so that it is received by EquiServe
	not later than 5:00 p.m., New York City time, on Friday,
	March&nbsp;2, 2001 as follows:</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="4%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(i)&nbsp;</TD>
	<TD align="left">
	Mail to: <BR>
	 EquiServe Trust Company, N.A. <BR>
	 Corporate Actions <BR>
	 P.O. Box 2527 <BR>
	 Jersey City, NJ 07303-2527</TD>
</TR>

</TABLE>

<P align="center">

<!-- PAGEBREAK -->
<P><HR noshade><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="3%"></TD>
	<TD width="91%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(ii)</TD>
	<TD align="left">
	Overnight Courier to: <BR>
	 EquiServe Trust Company, N.A. <BR>
	 Corporate Actions, Suite&nbsp;4660 <BR>
	 525 Washington Blvd., 3rd Floor <BR>
	 Jersey City, NJ 07310</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(iii)</TD>
	<TD align="left">
	Hand delivery to: <BR>
	 EquiServe Trust Company, N.A. <BR>
	 c/o Securities Transfer &#38; Reporting Services, Inc <BR>
	 100 Williams Street&nbsp;&#151; Galleria <BR>
	 New York, NY 10038</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
or
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="6%"></TD>
	<TD width="3%"></TD>
	<TD width="91%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD>(iv)</TD>
	<TD align="left">
	Facsimile to: <BR>
	 EquiServe Trust Company, N.A. <BR>
	 Corporate Actions <BR>
	 (201) 324-3403</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="10%"></TD>
	<TD width="90%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	Confirm receipt of facsimile by <BR>
	 Telephone: (201) 222-4707</TD>
</TR>

</TABLE>

<P align="left"><B><U>CERTAIN UNITED STATES FEDERAL INCOME TAX CONSEQUENCES TO
ESPP PARTICIPANTS</U></B>

<P align="left">
This summary of the material United States federal income tax
consequences of the Offer and the Merger (as described in the
accompanying Offer to Purchase) for ESPP participants is for
general information only and is based on the law as currently in
effect. This summary does not discuss all of the tax
consequences that may be relevant to an ESPP participant in
light of a participant&#146;s particular circumstances. If you
hold Shares other than in your ESPP account, please see the
Offer to Purchase for, among other things, a summary of the
United States federal income tax consequences applicable to you
in such capacity.

<P align="left">
ESPP participants are urged to consult their own tax advisors as
to the particular tax consequences to them of the Offer and the
Merger, including the effect of United States state and local
tax laws or foreign tax laws.

<P align="left">
The receipt by an ESPP participant of cash for Shares pursuant
to the Offer or the Merger will be a taxable transaction under
the United States Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;). The disposition of your ESPP Shares in the
Offer or the Merger will be considered a disqualifying
disposition of your ESPP Shares under the Code.

<P align="left">
Upon disposition of your ESPP Shares in the Offer or the Merger,
you will recognize ordinary income in the year of the
disposition equal to the excess of (a)&nbsp;the fair market
value of your ESPP Shares on the purchase date under the ESPP
over (b)&nbsp;the purchase price you paid under the ESPP for
your ESPP Shares. Any additional gain or loss upon the
disposition of your ESPP Shares will be recognized as a capital
gain or capital loss. The applicable capital gain rate will
depend on the period of time you held the ESPP Shares.

<P align="left">
<B>ESPP participants are urged to consult their own tax advisors
as to the federal income tax treatment of a capital gain or loss
(including limitations on the deductibility of a capital
loss).</B>

<P align="left">
You may be subject to backup withholding tax at a rate of 31%
unless you provide your taxpayer identification number and
certify that the number is correct or properly certifies that
you are awaiting a taxpayer identification number, or unless an
exemption is demonstrated to apply. See &#147;The
Offer&nbsp;&#151; Procedure for Tendering Shares&#148; in the
Offer to Purchase. Backup withholding is not an additional tax.
Amounts so withheld can be refunded or credited against the
federal income tax liability of the holder of Shares, provided
appropriate information is forwarded to the Internal

<P align="center">2

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<P><HR noshade><P>

<DIV align="left">
Revenue Service. <B>A tendering ESPP participant should complete
the Substitute Form&nbsp;W-9 that is included in the attached
Direction Form.</B>
</DIV>

<P align="left">
Please note that this discussion relates only to the federal
income tax consequences of the Offer and the Merger and that
there may be additional state law income tax consequences not
disclosed herein. ESPP participants are urged to consult their
own tax advisors as to the state law income tax consequences of
the Offer and the Merger.

<P align="left"><B><U>IMPORTANT</U></B>

<P align="left">
If you hold additional Shares as a public stockholder, you will
be receiving a further package of tender offer materials.
<I>Each package needs your immediate and individual attention,
</I>as the instructions on tendering Shares may vary depending
upon how the Shares are held.

<P align="left">
If you have any questions about your ESPP account or completing
the DIRECTION FORM, call EquiServe at (877)&nbsp;437-8901.

<P align="left">
Very truly yours,

<P align="left">
EquiServe Trust Company, N.A.

<P align="center">3

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<P><HR noshade><P>

<P align="center"><B>DIRECTION FORM</B>

<P align="center">
<B>TO TENDER SHARES OF CLASS A COMMON STOCK OF THE HERTZ</B>

<DIV align="center">
<B>CORPORATION HELD IN THE HERTZ CORPORATION EMPLOYEE STOCK</B>
</DIV>

<DIV align="center">
<B>PURCHASE PLAN</B>
</DIV>

<P align="center">
<B><FONT size="2">&#150;&nbsp;Read the Instructions to the
Letter of Transmittal carefully before completing this Direction
Form&nbsp;&#150;</FONT></B>

<P align="center">
<B><FONT size="2">DESCRIPTION OF SHARES TENDERED</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	<B>Name(s) and Address(es) of Registered Holder(s)<BR>
	(Please correct details if incorrect (or fill in, if blank)).</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="center" valign="top"><FONT size="2">
	<B>Number of Shares of Class A Common Stock of The Hertz
	Corporation owned by you in the Employee Stock Purchase Plan</B></FONT></TD>
</TR>

<TR>
	<TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B>&nbsp;Taxpayer ID Number:</B></FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I, the undersigned, acknowledge receipt of the Offer to Purchase
dated February&nbsp;2, 2001 and the Letter of Transmittal for
Shares held in my account under The Hertz Corporation Employee
Stock Purchase Plan (&#147;ESPP&#148;). This Direction Form will
instruct EquiServe Trust Company, N.A. (&#147;EquiServe&#148;)
to receive on my behalf $35.50 per Share, net to me in cash and
without interest thereon, for each Share that EquiServe holds
for my account under the ESPP and tenders pursuant to my
instructions and on my behalf. I understand that if I have not
properly completed this form, EquiServe will regard me as not
having made a valid tender with respect to any of the Shares
held in my ESPP account.

<P align="center">
 <B>Box A</B>

<DIV align="center">
<B>(Please check only one box)</B>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="8%"></TD>
	<TD width="90%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><B>BOX 1&nbsp;&nbsp;<IMG src="k59594api5-110.gif"></B></TD>
	<TD align="left">
	I direct EquiServe to tender ALL of the Shares credited to my
	account under the ESPP in accordance with the terms of the Offer.</TD>
	<TD>&nbsp;</TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><B>BOX 2&nbsp;&nbsp;<IMG src="k59594api5-110.gif"></B></TD>
	<TD align="left">
	I direct EquiServe to tender
	<U>
	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
	Shares credited to my account under the ESPP, in accordance with
	the terms of the Offer.</TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV>&nbsp;</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="1%"></TD>
	<TD width="97%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD><IMG src="k59594api5-110.gif"></TD>
	<TD align="left">
	<B><FONT size="2">Mark this box ONLY if you wish to provide for
	special</FONT></B></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<B><FONT size="2">delivery instructions (Complete Box&nbsp;B
	below)</FONT></B></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="93%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	<B>BOX B<BR>
	SPECIAL DELIVERY INSTRUCTIONS<BR>
	<BR>
	(See Instructions 1, 5, 6, 7 and 8)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD align="center" valign="top"><FONT size="2">
	<B>&nbsp;&nbsp;To be completed ONLY if the check for the
	purchase price of Shares purchased (less the amount of any
	federal income and backup withholding tax required to be
	withheld) is to be mailed to someone other than the undersigned
	or to the undersigned at an address other than that shown below
	the undersigned&#146;s signature(s).<BR>
	<BR>
	Mail to:<BR>
	<BR>
	Name&nbsp;<HR size="1">(Please Print)<BR>
	<BR>
	Address&nbsp;<HR size="1"><BR>
	<HR size="1">(Zip Code)<BR>
	<HR size="1">(Taxpayer Identification No.)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="15%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
	<TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B>BOX C<BR>
	SUBSTITUTE<BR>
	FORM W-9</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD colspan="3" align="left" valign="top"><FONT size="2">
	<B>Part I&nbsp;&nbsp;Taxpayer Identification
	No.&nbsp;&#151;&nbsp;For All Accounts</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B>Part II</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B>For Payees Exempt<BR>
	From Backup<BR>
	Withholding (see<BR>
	enclosed <I>Guidelines</I>)</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B>Department of the Treasury<BR>
	Internal Revenue Service<BR>
	<BR>
	Payer&#146;s Request for<BR>
	Taxpayer Identification No.</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<B>Enter your taxpayer identification number in the appropriate
	box. For most individuals and sole proprietors, this is your
	Social Security Number.<BR>
	For other entities, it is your Employer Identification Number.
	If you do not have a number, see &#147;How to Obtain a TIN&#148;
	in the enclosed <I>Guidelines.<BR>
	</I>Note: If the account is in more than one name, see the chart
	on page&nbsp;2 of the enclosed <I>Guidelines </I>to determine
	what number to enter.</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="left" valign="top"><FONT size="2">
	<BR>
	<BR>
	<B><I>Social Security Number<BR>
	 </I>OR<BR>
	<BR>
	<BR>
	 <I>Employee Identification Number</I></B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
	<TD colspan="10" align="left" valign="top"><FONT size="2">
	<B>Certification&nbsp;&#151; Under penalties of perjury, I
	certify that:<BR>
	<BR>
	(1)&nbsp;The number shown on this form is my correct Taxpayer
	Identification Number (or I am waiting for a number to be issued
	to me) and either (a)&nbsp;I have mailed or delivered an
	application to receive a taxpayer identification number to the
	appropriate Internal Revenue Service Center or Social Security
	Administration Office or (b)&nbsp;I intend to mail or deliver an
	application in the near future. I understand that if I do not
	provide a taxpayer identification number within 60 days, 31% of
	all reportable payments made to me thereafter will be withheld
	until I provide a number;<BR>
	<BR>
	(2)&nbsp;I am not subject to backup withholding either because
	(a)&nbsp;I am exempt from backup withholding, or (b)&nbsp;I have
	not been notified by the Internal Revenue Service
	(&#147;IRS&#148;) that I am subject to backup withholding as a
	result of a failure to report all interest or dividends, or
	(c)&nbsp;the IRS has notified me that I am no longer subject to
	backup withholding; and<BR>
	<BR>
	(3)&nbsp;Any information provided on this form is true, correct
	and complete.</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
	<TD colspan="10" align="left" valign="top"><FONT size="2">
	<B>
	&nbsp;SIGNATURE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DATE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
	 2001</B></FONT></TD>
	<TD><FONT size="2">&nbsp;</FONT></TD>
	<TD align="right" valign="bottom"><FONT size="2">
	&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="98%"></TD>
	<TD width="1%"></TD>
</TR>

<TR valign="top">
	<TD>&nbsp;</TD>
	<TD align="left">
	<B>NOTE: FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN
	BACKUP WITHHOLDING OF 31% OF ANY PAYMENTS MADE TO YOU PURSUANT
	TO THE OFFER. PLEASE REVIEW THE ENCLOSED <I>GUIDELINES FOR
	CERTIFICATION OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE
	FORM W-9</I> FOR ADDITIONAL DETAILS.</B></TD>
	<TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center">2
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">
<B>By signing below, the undersigned hereby:</B>

<P align="left">
(1)&nbsp; Tenders to Ford FSG, Inc., (&#147;Purchaser&#148;), a
Delaware corporation and an indirect wholly owned subsidiary of
Ford Motor Company, a Delaware corporation, the above-described
shares of Class&nbsp;A Common Stock, par value $0.01&nbsp;per
share (the &#147;Shares&#148;), of The Hertz Corporation, a
Delaware corporation (&#147;Hertz&#148;), pursuant to the
Purchaser&#146;s Offer to Purchase any and all outstanding
Shares at $35.50&nbsp;per Share, net to the seller in cash, upon
the terms and subject to the conditions set forth in the Offer
to Purchase dated February&nbsp;2, 2000, and in the Letter of
Transmittal dated February&nbsp;2, 2000 and in this Direction
Form (which collectively constitute the &#147;Offer&#148;),
receipt of which is hereby acknowledged. The Purchaser reserves
the right to transfer or assign, in whole or from time to time
in part, to one or more of its affiliates the right to purchase
Shares tendered pursuant to the Offer, but any such transfer or
assignment will not relieve the Purchaser of its obligations
under the Offer or prejudice your rights to receive payment for
Shares validly tendered and accepted for payment.

<P align="left">
(2)&nbsp; Upon the terms and subject to the conditions of the
Offer and effective upon acceptance for payment of and payment
for the Shares tendered herewith, sells, assigns and transfers
to, or upon the order of, the Purchaser all right, title and
interest in and to all the Shares that are being tendered hereby
(and any and all other Shares or other securities issued or
issuable in respect thereof on or after January&nbsp;16, 2001)
and appoints the Depositary for the Offer
(&#147;Depositary&#148;) the true and lawful agent and
attorney-in-fact of the undersigned with respect to such Shares
(and all such other Shares or securities), with full power of
substitution (such power of attorney being deemed to be an
irrevocable power coupled with an interest), to (i)&nbsp;deliver
certificates for such Shares (and all such other Shares or
securities), or transfer ownership of such Shares (and all such
other Shares or securities) on the account books maintained by
any of the Book-Entry Transfer Facilities, together, in any such
case, with all accompanying evidences of transfer and
authenticity, to or upon the order of the Purchaser,
(ii)&nbsp;present such Shares (and all such other Shares or
securities) for transfer on the books of Hertz and
(iii)&nbsp;receive all benefits and otherwise exercise all
rights of beneficial ownership of such Shares (and all such
other Shares or securities), all in accordance with the terms of
the Offer.

<P align="left">
(3)&nbsp; Irrevocably appoints Malcolm Macdonald, Peter
Sherry,&nbsp;Jr., and David Prystash, the attorneys and proxies
of the undersigned, each with full power of substitution, to
exercise all voting and other rights of the undersigned in such
manner as each such attorney and proxy or his substitute shall
in his sole discretion deem proper, with respect to all of the
Shares tendered hereby which have been accepted for payment by
the Purchaser prior to the time of any vote or other action (and
any and all other Shares or other securities issued or issuable
in respect thereof on or after January&nbsp;16, 2001) at any
meeting of stockholders of Hertz (whether annual or special and
whether or not an adjourned meeting), by written consent or
otherwise. This proxy is irrevocable and is granted in
consideration of, and is effective upon, the acceptance for
payment of such Shares by the Purchaser in accordance with the
terms of the Offer. Such acceptance for payment shall revoke any
other proxy or written consent granted by the undersigned at any
time with respect to such Shares (and all such other Shares or
securities), and no subsequent proxies will be given or written
consents will be executed by the undersigned (and if given or
executed, will not be deemed to be effective).

<P align="left">
(4)&nbsp; Represents and warrants that the undersigned has full
power and authority to tender, sell, assign and transfer the
Shares tendered hereby (and any and all other Shares or other
securities issued or issuable in respect thereof on or after
January&nbsp;16, 2001) and that when the same are accepted for
payment by the Purchaser, the Purchaser will acquire good and
unencumbered title thereto, free and clear of all liens,
restrictions, charges and encumbrances and not subject to any
adverse claims. The undersigned will, upon request, execute and
deliver any additional documents deemed by the Depositary or the
Purchaser to be necessary or desirable to complete the sale,
assignment and transfer of the Shares tendered hereby (and all
such other Shares or securities).

<P align="center">3

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left">
(5)&nbsp; Consents that all authority herein conferred or agreed
to be conferred shall survive the death or incapacity of the
undersigned, and any obligation of the undersigned hereunder
shall be binding upon the heirs, personal representatives,
successors and assigns of the undersigned. Except as stated in
the Offer, this tender is irrevocable.

<P align="left">
(6)&nbsp; Understands that tenders of Shares pursuant to the
instructions hereto will constitute an agreement between the
undersigned and the Purchaser upon the terms and subject to the
conditions of the Offer.

<P align="left">
(7)&nbsp; Requests that the check for the purchase price of any
Shares purchased be issued in the name(s) of the undersigned.
Similarly, unless otherwise indicated under &#147;Special
Delivery Instructions&#148;, please mail the check for the
purchase price of any Shares purchased to the undersigned at the
address shown below the undersigned&#146;s signature(s).

<P align="center"><B>SIGN HERE</B>

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="center">
<B>Signature</B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="center">
<B>Daytime Area Code and Telephone Number(s)</B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="center">
<B>Tax Identification or Social Security Number(s)</B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="center">
<B>Please print name(s) and address(es) here</B>
</DIV>

<P align="left">
<HR size="1" width="100%" align="left">

<P align="left">
<HR size="1" width="100%" align="left">

<DIV align="center">
<B>Date</B>
</DIV>

<P align="center">4
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(7)
<SEQUENCE>8
<FILENAME>k59594aex99-a7.htm
<DESCRIPTION>GUIDELINES FOR TAX
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<P align="center"><B>GUIDELINES FOR CERTIFICATION OF TAXPAYER IDENTIFICATION</B>

<DIV align="center">
<B>NUMBER ON SUBSTITUTE FORM&nbsp;W-9</B>
</DIV>

<P align="left">
<B>Guidelines for Determining the Proper Identification Number
to Give the Payer</B>&#151; Social Security numbers have nine
digits separated by two hyphens: <I>i.e.</I> 000-00-0000.
Employer identification numbers have nine digits separated by
only one hyphen: <I>i.e.</I> 00-0000000. The table below will
help determine the number to give the payer.

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
        <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="3"><FONT size="2">For this type of account</FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2">Give the</FONT></TD>
</TR>

<TR>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2">SOCIAL SECURITY</FONT></TD>
</TR>

<TR>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2">number of:</FONT></TD>
</TR>

<TR>
        <TD colspan="5"></TD>
</TR>

<TR>
        <TD align="center" nowrap colspan="5"><HR size="1"></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        1.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        An individual&#146;s account</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The individual</FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        2.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Two or more individuals (joint account)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">
        The actual owner of the account or, if combined funds, the first
        individual on the account<SUP>1</SUP></FONT>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        3.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Custodian account of a minor (Uniform Gift to Minors Act)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The minor<SUP>2</SUP></FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        4.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        a.&nbsp;The usual revocable savings trust account (grantor is
        also trustee)</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The grantor-trustee<SUP>1</SUP></FONT></DIV>
        </TD>
</TR>

<TR>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        b.&nbsp;So-called trust account that is not a legal or valid
        trust under State law</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The actual owner<SUP>1</SUP></FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        5.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Sole proprietorship account</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The owner<SUP>3</SUP></FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>
<TR>
        <TD align="center" nowrap colspan="3"><FONT size="2">For this type of account</FONT></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2">Give the EMPLOYER</FONT></TD>
</TR>

<TR>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2">IDENTIFICATION</FONT></TD>
</TR>

<TR>
        <TD colspan="3"></TD>
        <TD></TD>
        <TD align="center" nowrap><FONT size="2">number of:</FONT></TD>
</TR>
<TR>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        6.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        A valid trust, estate, or pension trust</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <FONT size="2">
        Legal entity (Do not furnish the identifying number of the
        personal representative or trustee unless the legal entity
        itself is not designated in the account title)<SUP>4</SUP></FONT>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        7.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Corporate account</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The corporation</FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        8.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Association, club, religious, charitable, educational or other
        tax-exempt organization account</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The organization</FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        9.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Partnership account</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The partnership</FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        10.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        A broker or registered nominee</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The broker or nominee</FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
        <TD align="right" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        11.</FONT></DIV>
        </TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
        Account with the Department of Agriculture in the name of a
        public entity (such as a State or local government, school
        district or prison) that receives agricultural program payments</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top">
        <DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
        The public entity</FONT></DIV>
        </TD>
</TR>

<TR>
        <TD colspan="5" align="left"><HR size="1"></TD>

</TR>

</TABLE>
</CENTER>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="2%"></TD>
        <TD width="98%"></TD>
</TR>

<TR valign="top">
        <TD>1&nbsp;</TD>
        <TD align="left">
        List first and circle the name of the person whose number you
        furnish.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>2&nbsp;</TD>
        <TD align="left">
        Circle the minor&#146;s name and furnish the minor&#146;s social
        security number.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>3&nbsp;</TD>
        <TD align="left">
        You must show your individual name, but you may also enter your
        business or &#147;doing business as&#148; name. You may use
        either your social security number or employer identification
        number.</TD>
</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>

<TR valign="top">
        <TD>4&nbsp;</TD>
        <TD align="left">
        List first and circle the name of the legal trust, estates or
        pension trust.</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
        <TD width="5%"></TD>
        <TD width="95%"></TD>
</TR>

<TR valign="top">
        <TD><B>Note:&nbsp;</B></TD>
        <TD align="left">
        if no name is circled when there is more than one name, the
        number will be considered to be that of the first name listed.</TD>
</TR>

</TABLE>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left"><B><U><FONT size="2">How to Obtain a TIN</FONT></U></B>

<P align="left">
<FONT size="2">If you don&#146;t have a taxpayer identification
number or you don&#146;t know your number, obtain
Form&nbsp;SS-5, Application for a Social Security Number Card,
or Form&nbsp;SS-4, Application for Employer Identification
Number, at the local office of the Social Security
Administration or the Internal Revenue Service and apply for a
number.</FONT>

<P align="left"><B><U><FONT size="2">Payees Exempt from Backup
Withholding</FONT></U></B>

<P align="left">
<FONT size="2">Even if the payee does not provide a TIN in the
manner required, you are <B>not required</B> to backup withhold
on any payments you make if the payee is:</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">An organization exempt from tax under
	section&nbsp;501(a), any IRA, or a custodial account under
	section&nbsp;403(b)(7) if the account satisfies the requirements
	of Section&nbsp;401(f)(2).</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">The United States or any of its agencies or
	instrumentalities.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A state, the District of Columbia, a possession
	of the United States, or any of their political subdivisions or
	instrumentalities.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A foreign government or any of its political
	subdivisions, agencies, or instrumentalities.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">An international organization or any of its
	agencies or instrumentalities.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Other payees that <B>may
be exempt</B> from backup withholding include:</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A corporation.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A foreign central bank of issue.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A dealer in securities or commodities required to
	register in the United States, the District of Columbia, or a
	possession of the United States.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A real estate investment trust.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">An entity registered at all times during the tax
	year under the Investment Company Act of 1940.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A common trust fund operated by a bank under
	section&nbsp;584(a).</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">A financial institution.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Payments of dividends and patronage dividends not
generally subject to backup withholding include the
following:</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments to nonresident aliens subject to
	withholding under section&nbsp;1441.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments to partnerships not engaged in a trade
	or business in the United States and that have at least one
	nonresident alien partner.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments of patronage dividends where the amount
	received is not paid in money.</FONT></TD>
</TR>

<TR>
	<TD>&nbsp;</TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments made by certain foreign
	organizations.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Payments of interest not generally subject to
backup withholding include the following:</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments of interest on obligations issued by
	individuals.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Note:</FONT></B><FONT size="2"> You may be
subject to backup withholding if this interest is $600 or more
and is paid in the course of the payer&#146;s trade of business
and you have not provided your correct taxpayer identification
number to the payer.</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
	<TD width="1%"></TD>
	<TD width="99%"></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments of tax-exempt interest (including
	exempt-interest dividends under section&nbsp;852).</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments described in section&nbsp;6049(b)(5) to
	non-resident aliens.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments on tax-free covenant bonds under
	section&nbsp;1451.</FONT></TD>
</TR>

<TR valign="top">
	<TD><FONT size="2">&#149;&nbsp;</FONT></TD>
	<TD align="left">
	<FONT size="2">Payments made by certain foreign
	organizations.</FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">Exempt payees described above should file
Substitute Form&nbsp;W-9 to avoid possible erroneous backup
withholding. FURNISH YOUR TAXPAYER IDENTIFICATION NUMBER, WRITE
&#147;EXEMPT&#148; ON THE FACE OF THE FORM IN PART&nbsp;II, SIGN
AND DATE THE FORM, AND RETURN IT TO THE PAYER.</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;Certain payments, other
than interest, dividends and patronage dividends that are not
subject to information reporting are also not subject to backup
withholding. For details, see the regulations under
sections&nbsp;6041, 6041A(a), 6045 and 6050A.</FONT>

<P align="left">
<B><FONT size="2">Privacy Act Notice.</FONT></B><FONT size="2">
&#151; Section&nbsp;6109 requires most recipients of dividend,
interest or other payments to give their correct taxpayer
identification numbers to payers who must report the payments to
the IRS. The IRS uses the numbers for identification purposes
and to help verify the accuracy of tax returns. Payers must be
given the numbers whether or not recipients are required to file
tax returns. Payers must generally withhold 31% of taxable
interest, dividend and certain other payments to a payee who
does not furnish a taxpayer identification number to a payer.
Certain penalties may also apply.</FONT>

<P align="left">
<B><U><FONT size="2">Penalties</FONT></U></B>

<P align="left">
<FONT size="2">(1)&nbsp; Penalty for Failure to Furnish Taxpayer
Identification Number. &#151; If you fail to furnish your
correct taxpayer identification number to a payer, you are
subject to a penalty of $50 for each such failure unless your
failure is due to reasonable cause and not to willful
neglect.</FONT>

<P align="left">
<FONT size="2">(2)&nbsp; Civil Penalty for False Information
With Respect to Withholding. &#151; If you make a false
statement with no reasonable basis which results in no
imposition of backup withholding, you are subject to a penalty
of $500.</FONT>

<P align="left">
<FONT size="2">(3)&nbsp; Criminal Penalty for Falsifying
Information. &#151; Wilfully falsifying certifications or
affirmations may subject you to criminal penalties including
fines and/or imprisonment.</FONT>

<P align="left">
<FONT size="2">FOR ADDITIONAL INFORMATION CONTACT YOUR TAX
CONSULTANT OR THE INTERNAL REVENUE SERVICE.</FONT>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(8)
<SEQUENCE>9
<FILENAME>k59594aex99-a8.htm
<DESCRIPTION>SUMMARY ADVERTISEMENT
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">This announcement is neither an offer to purchase nor a solicitation of an offer to sell Shares (as defined</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">below). The Offer (as defined below) is made solely by the Offer to Purchase dated February&nbsp;2, 2001 and</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">the related Letter of Transmittal and any amendments or supplements thereto, and is not being made</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">to, nor will tenders be accepted from or on behalf of, holders of Shares in any jurisdiction in which</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">the making of the Offer or acceptance thereof would not be in compliance with the laws of such</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">jurisdiction. In those jurisdictions where the applicable laws require the Offer be made by a</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">licensed broker or dealer, the Offer shall be deemed to be made on behalf of the Purchaser</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">by J.P. Morgan Securities Inc., the Dealer Manager, or one or more registered brokers</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">or dealers licensed under the laws of such jurisdiction.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><IMG src="k59594afordmotorlogo.gif">

<P>


<Center><B>Notice of Offer to Purchase for Cash<BR>
Any and All Outstanding Shares of Class&nbsp;A Common Stock of</B></Center>

<P>

<Center><B>The Hertz Corporation</B></Center>

<Center><B>at</B></Center>

<Center><B>$35.50 Net Per Share</B></Center>

<Center><B>by</B></Center>

<Center><B>Ford FSG, Inc.</B></Center>

<Center><B>an indirect wholly owned subsidiary of</B></Center>

<Center><B>Ford Motor Company</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford FSG, Inc. (the &#147;Purchaser&#148;), a Delaware corporation and an indirect
wholly owned subsidiary of Ford Motor Company, a Delaware corporation (&#147;Ford&#148;),
is offering to purchase any and all of the outstanding shares of Class&nbsp;A Common
Stock, par value $0.01 per share (the &#147;Shares&#148;), of The Hertz Corporation, a
Delaware corporation (&#147;Hertz&#148;), at a price of $35.50 per Share, net to the
seller in cash, without interest thereon, upon the terms and subject to the
conditions set forth in the Offer to Purchase dated February&nbsp;2, 2001 (the &#147;Offer
to Purchase&#148;) and in the related Letter of Transmittal (which together
constitute the &#147;Offer&#148;).

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is a third party tender offer by the Purchaser to purchase at the
given price any and all Shares tendered pursuant to the Offer. Following the
consummation of the Offer, the Purchaser and Ford intend to effect the Merger
(as defined below).

<P>
<Center><B>THE OFFER AND WITHDRAWAL RIGHTS EXPIRE AT 12:00 MIDNIGHT, NEW<BR>
YORK CITY TIME, ON FRIDAY, MARCH 2, 2001, UNLESS THE OFFER IS EXTENDED.</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Offer is not conditioned upon any minimum number of Shares being
tendered. However, the Offer is subject to the other terms and conditions set
forth in the Offer to Purchase.</B>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Offer is being made pursuant to an Agreement and Plan of Merger dated as
of January&nbsp;16, 2001 (the &#147;Merger Agreement&#148;) by and among Ford, Purchaser, Ford
FSG II, Inc. (&#147;FSG II&#148;) and Hertz. The Merger Agreement provides that following
completion of the Offer and the satisfaction or waiver of certain conditions in
the Merger Agreement, FSG II will be merged into Hertz (the &#147;Merger&#148;), with
Hertz continuing as the surviving corporation (the &#147;Surviving Corporation&#148;),
which will be wholly owned by the Purchaser. At the effective time of the Merger
(the &#147;Effective Time&#148;), each issued and outstanding Share (other than (i)&nbsp;Shares
held in Hertz&#146;s treasury, (ii)&nbsp;Shares held by Purchaser or any direct or
indirect wholly owned subsidiary of the Purchaser or Hertz and (iii)&nbsp;Shares of
holders properly exercising dissenters&#146; rights) will be converted into the right
to receive the per Share price paid in the Offer in cash without interest
thereon (the &#147;Merger Consideration&#148;).

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of Hertz (the &#147;Hertz Board&#148;), by unanimous decision
of those directors participating and based upon the recommendation of a Special
Committee of Independent Directors of the Hertz Board (the &#147;Special Committee&#148;),
(1)&nbsp;has determined that it is fair to and in the best interests of Hertz and its
stockholders (other than Purchaser and its affiliates) to consummate the Offer
and the Merger upon the terms and subject to the conditions of the Merger
Agreement and in accordance with Delaware law; (2)&nbsp;has approved and declared
advisable the Offer, the Merger and the Merger Agreement; and (3)&nbsp;has resolved
to recommend that Hertz&#146;s stockholders accept the Offer, tender their Shares
pursuant thereto and approve and adopt the Merger Agreement and the Merger if
submitted for their approval.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tendering stockholders of record who tender Shares directly will not be
obligated to pay brokerage fees, commissions or, except as set forth in the
Letter of Transmittal, transfer taxes. Stockholders who hold their Shares
through a broker or other nominee should consult with such institution as to
whether it charges any service fees. Ford will pay the expenses of EquiServe
Trust Company, N.A., which is acting as Depositary (the &#147;Depositary&#148;), Georgeson
Shareholder Communications Inc., which is acting as the Information Agent (the
&#147;Information Agent&#148;), and J.P. Morgan Securities Inc., which is acting as Dealer
Manager (the &#147;Dealer Manager&#148;), in connection with this Offer.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Offer, Purchaser shall be deemed to have accepted for
payment tendered Shares when, as and if the Purchaser gives oral or written
notice of such acceptance to the Depositary. Payment for Shares accepted for
payment pursuant to the Offer will be made by deposit of the purchase price with
the Depositary. The Depositary will act as agent for tendering stockholders
whose Shares have been previously accepted for payment. In all cases, payment
for Shares accepted for payment pursuant to the Offer will be made only after
timely receipt by the Depositary of certificates for such Shares (or of a
confirmation of a book-entry transfer of such Shares into the Depositary&#146;s
account at the Book-Entry Transfer Facility (as defined in the Offer to
Purchase)), a properly completed and duly executed Letter of Transmittal and any
other required documents.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Expiration Date&#148; means 12:00 Midnight, New York City time, on
Friday, March&nbsp;2, 2001 unless the Purchaser shall have extended the period of
time for which the Offer is open under the terms set forth in the Merger
Agreement, in which event, &#147;Expiration Date&#148; means the latest time and date at
which the Offer, as so extended, shall expire. The Purchaser may, without the
consent of Hertz, extend the Offer beyond the initial Expiration Date in the
following events: (i)&nbsp;from time to time if, at the initial Expiration Date (or
the extended expiration date of the Offer, if applicable), any of the conditions
to the Offer, specified in the Offer to Purchase under &#147;The Offer &#151; Conditions of
the Offer,&#148; shall not have been satisfied or waived; (ii)&nbsp;for any period required
by any rule, regulation, interpretation or position of the Securities and
Exchange Commission or the staff thereof applicable to the Offer or any period
required by applicable law; (iii)&nbsp;for an aggregate period not to exceed ten
business days (for all such extensions), if all of the conditions to the Offer
are satisfied or waived but the number of Shares validly tendered and not
withdrawn is insufficient to result in Purchaser owning at least 90% of the then
outstanding number of Shares; or (iv)&nbsp;pursuant to an amendment to the Offer
providing for a &#147;subsequent offering period&#148; not to exceed 20 business days to
the extent permitted under, and in compliance with, Rule&nbsp;14d-11 under the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). Any such extension will be
followed by public announcement thereof no later than 9:00 a.m., New York City
time, on the next business day after the previously scheduled Expiration Date.
During any such extension, all Shares previously tendered and not withdrawn will
remain subject to the Offer, subject to the rights of a tendering stockholder to
withdraw such stockholder&#146;s Shares except for an extension pursuant to Rule
14d-11 under the Exchange Act. Without limiting the manner in which the
Purchaser may choose to make any public announcement, the Purchaser will have no
obligation to publish, advertise or otherwise communicate any such public
announcement other than by making a release to the Dow Jones News Service.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenders of Shares made pursuant to the Offer may be withdrawn at any time
prior to the Expiration Date. Thereafter, such tenders are irrevocable, except
that they may be withdrawn after April&nbsp;2, 2001 unless such Shares have been
previously accepted for payment as provided in the Offer to Purchase. To
withdraw tendered Shares, a written or facsimile transmission notice of
withdrawal with respect to the Shares must be timely received by the Depositary
at one of its addresses set forth on the back cover of the Offer to Purchase,
and the notice of withdrawal must specify the name of the person who tendered
the Shares to be withdrawn, the number of Shares to be withdrawn and the name of
the registered holder of Shares, if different from that of the person who
tendered such Shares. If the Shares to be withdrawn have been delivered to the
Depositary, a signed notice of withdrawal with (except in the case of Shares
tendered by an Eligible Institution (as defined in the Offer to Purchase))
signatures guaranteed by an Eligible Institution must be submitted prior to the
release of such Shares. In addition, such notice must specify, in the case of
Shares tendered by delivery of certificates, the name of the registered holder
(if different from that of the tendering stockholder) and the serial numbers
shown on the particular certificates evidencing the Shares to be withdrawn or, in
the case of Shares tendered by book-entry transfer, the name and number of the
account at the Book-Entry Transfer Facility to be credited with the withdrawn
Shares. Withdrawals may not be rescinded, and Shares withdrawn will thereafter
be deemed not validly tendered for purposes of the Offer. However, withdrawn
Shares may be re-tendered by again following one of the procedures described in
The Offer to Purchase under &#147;The Offer &#151; Procedure for Tendering Shares&#148; at any
time prior to the Expiration Date. All questions as to the form and validity
(including time of receipt) of any notice of withdrawal will be determined by
the Purchaser, in its sole discretion, whose determination will be final and
binding on all parties.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information required to be disclosed by paragraph (d)(i) of Rule&nbsp;14d-6
and Rule&nbsp;13e-3(e)(1) under the Exchange Act is contained in the Offer to
Purchase and is incorporated herein by reference.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hertz has provided the Purchaser with the Hertz stockholder list and
security position listings for the purpose of disseminating the Offer to holders
of Shares. The Offer to Purchase and the related Letter of Transmittal will be
sent to record holders of Shares and to brokers, dealers, bank, trust companies
and other nominees whose names appear on the stockholder list or, if applicable,
who are listed as participants in a clearing agency&#146;s security position listing
for subsequent transmittal to beneficial owners of Shares.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Offer to Purchase and the related Letter of Transmittal contain
important information. Stockholders should carefully read both in their entirety
before any decision is made with respect to the Offer.</b>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Questions and requests for assistance may be directed to the Information
Agent or the Dealer Manager as set forth below. Requests for copies of the Offer
to Purchase and the related Letter of Transmittal and other tender offer
materials may be directed to the Information Agent or the Dealer Manager as set
forth below, and copies will be furnished promptly at Purchaser&#146;s expense.

<P>

<Center>The Information Agent for the Offer is:</Center>

<P align="center"><IMG src="k59594ageorgeson.gif">

<P>

<Center>17 State Street, 10th Floor<BR>
New York, New York 10004<BR>
Brokers and Banks Call Collect: (212)&nbsp;440-9800<BR>
All Others Call Toll Free: (800)&nbsp;223-2064</Center>

<P>

<Center>The Dealer Manager for the Offer is:</Center>

<P align="center"><IMG src="k59594ajpmorgan.gif">
<P>

<Center><B>J.P. Morgan Securities Inc.</B><BR>
60 Wall Street<BR>
New York, New York 10260-0060<BR>
Call Toll Free:(866) 851-4265<BR>
Call Collect:(212) 648-6771</Center>

<P>February&nbsp;2, 2001


<P align="center">

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<DOCUMENT>
<TYPE>EX-99.A(9)
<SEQUENCE>10
<FILENAME>k59594aex99-a9.htm
<DESCRIPTION>PRESS RELEASE DATED JANUARY 16, 2001
<TEXT>

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<P align="right"><B>EXHIBIT A-9</B>


<P>NEWS



<P>Contact:<BR>
Ford Motor Company<BR>
Media: Todd Nissen<BR>
313.594.4410<BR>
tnissen@ford.com



<P>Securities Analysts:<BR>
Mike Holland<BR>
313.323.8221<BR>
mhollandl@ford.com



<P>Media Information Center<BR>
1.800.665.1515 or<BR>
1.313.621.0504<BR>
media@ford.com
</p>
<p>Go to http://media.ford.com<br>
for news releases and<br>
high-resolution photographs.
</p>


<P>IMMEDIATE RELEASE


<P>FORD, HERTZ AGREE ON TERMS FOR FORD<BR>
TO ACQUIRE HERTZ PUBLIC SHARES


<P>DEARBORN, Mich., &#38; PARK RIDGE, N.J., Jan. 16, 2001 &#150; Ford Motor Company
[NYSE:F] and The Hertz Corporation [NYSE: HRZ] announced today they reached an
agreement for Ford to acquire all the publicly-held shares of common stock of
Hertz at a price of $35.50 per share.

<P>Ford currently owns about 81.5&nbsp;percent of the outstanding shares of Hertz, and
public shareholders own the remaining 18.5&nbsp;percent.

<P>&#147;We&#146;re pleased to have reached this agreement with the Hertz special committee
and board. As we had said, acquiring the minority interest of Hertz reinforces
our strategy of becoming the world&#146;s leading consumer company for automotive
products and services,&#148; said Henry Wallace, Ford Group Vice President and Chief
Financial Officer.

<P>The $35.50 per share price represents and increase of 18&nbsp;percent over Ford&#146;s
original offer of $30 per share made in September&nbsp;2000. It is also a premium
of 46&nbsp;percent over the pre-offer price of Hertz shares.

<P>The transaction will be structured as a cash tender offer for all of the
approximately 20&nbsp;million outstanding public shares of Hertz. Following
completion of the tender offer, Ford will acquire any remaining publicly held
shares of Hertz through a merger transaction. The companies expect the closing
to occur no later than early second quarter 2001.

<P>J.P. Morgan is advising Ford Motor Company in the transaction, and Lazard is
advising the special committee of the Hertz board of directors.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 WWW.SEC.GOV.
THE STATEMENTS AND RELATED MATERIALS MAY BE OBTAINED FOR FREE BY DIRECTING SUCH
REQUESTS TO FORD&#146;S SHAREHOLDER RELATIONS DEPARTMENT AT 1-800-555-5259 OR HERTZ&#146;
INVESTOR RELATIONS DEPARTMENT AT 201-307-2337.


<P>Hertz contact information:<BR>
Media Relations: Richard Broome, 201-307-2486, rbroome@hertz.com<BR>
Investor Relations: Lauren S. Babus 201-307-2337, lbabus@hertz.com


<CENTER>
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        <TD align="center" valign="top"><FONT size="3">####</FONT></TD>
</TR>
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<DOCUMENT>
<TYPE>EX-99.A(10)
<SEQUENCE>11
<FILENAME>k59594aex99-a10.htm
<DESCRIPTION>PRESS RELEASE DATED FEBRUARY 2, 2001
<TEXT>

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<DIV align="left"><A NAME="000"></A></DIV>
<P align="right"><B>Exhibit (a)(10)</B>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
        <TD width="10%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"><IMG src="k59594aforherlh.gif"></FONT></TD>
        <TD></TD>
        <TD align="left" valign="top"><FONT size="2">
<U>IMMEDIATE RELEASE</U><BR>
<p></P>
<B>FORD LAUNCHES TENDER OFFER<BR>
TO ACQUIRE HERTZ PUBLIC SHARES</B><BR>
<p>
DEARBORN, Mich., Feb. 2, 2001 &#150; Ford Motor Company [NYSE: F] announced that a
Ford subsidiary, Ford FSG Inc., today is commencing its tender offer for any
and all publicly held shares of Class&nbsp;A Common Stock of The Hertz Corporation
[NYSE: HRZ]. The price, announced on Jan. 16, is $35.50 a share.
<P>
The tender offer will be followed by a merger transaction in which Ford will
acquire any remaining publicly held shares of Hertz. The offer is subject to
certain conditions, but does not require a minimum number of shares to be
tendered. The offer and withdrawal rights will expire at 12:00 midnight,
Eastern Standard Time, on Friday, March&nbsp;2, 2001, unless the offer is extended.
<P>
J.P. Morgan Securities Inc. is acting as dealer manager for the tender offer.

<P>
Ford currently owns about 81.5&nbsp;percent of the outstanding shares of Hertz.
Public shareholders own the remaining 18.5&nbsp;percent, equal to approximately 20
million shares.
<P>

<B><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors and security holders are strongly advised to read the tender
offer statement and recommendation/solicitation statement regarding the tender
offer because they contain important information. These statements have been
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 www.sec.gov. The statements and related materials may be obtained for free
by directing such requests to Ford&#146;s Shareholder Relations Department at
1-800-555-5259 or Hertz&#146; Investor Relations Department at 201-307-2337</I></B></FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center">####



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<DOCUMENT>
<TYPE>EX-99.A(11)
<SEQUENCE>12
<FILENAME>k59594aex99-a11.htm
<DESCRIPTION>SCHLOMO BIRNBAUM
<TEXT>

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<P align="center">IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="CENTER">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD align="LEFT" valign="top"><FONT size="3">SCHLOMO BIRNBAUM,</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="center" valign="top"><FONT size="3">Plaintiff,</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="LEFT" valign="top"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;&nbsp; against &nbsp; &#150;</FONT></TD>
        <TD></TD>
        <TD align="LEFT" valign="top"><FONT size="3">Civil Action No.&nbsp;18337NC</FONT></TD>

</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="3">FRANK A. OLSON, CRAIG R. KOCH, W. WAYNE</FONT></TD>
        <TD></TD>
        <TD align="LEFT" valign="top"><FONT size="3"><B>CLASS ACTION COMPLAINT</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="3">BOOKER, LOUIS C.
BURNETT, MICHAEL T.</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="3">MONAHAN, PETER
J. PESTILLO, JOHN M.</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="3">RINTAMAKI, JOHN
M. THOMPSON, JOSEPH A.</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="3">WALKER, THE HERTZ CORPORATION and</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="left" valign="top"><FONT size="3">FORD MOTOR COMPANY,</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD align="CENTER" valign="top"><FONT size="3">Defendants.</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
</TABLE>
</CENTER>



<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by his attorneys, for his complaint against defendants,
alleges upon information and belief, except for paragraph 2 hereof, which is
alleged upon knowledge, as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Plaintiff has been the owner of the common stock of The Hertz
Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) since prior to the transaction herein
complained of and continuously to date.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Hertz is a corporation duly organized and existing under the laws of
the State of Delaware. The Company is one of the world&#146;s leading rental car
companies. Hertz has two classes of common stock. The Class&nbsp;A common stock is
entitled to one vote per share and the Class&nbsp;B common stock is entitled to five
votes per share. Hertz maintains its principal offices at 225 Brae Boulevard,
Park Ridge, New Jersey.
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Ford Motor Company (&#147;Ford&#148;) owns or controls approximately
50% of the outstanding Class&nbsp;A common stock and 100% of the Class&nbsp;B common stock
of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Frank A. Olson is Chairman of the Board of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Craig R. Koch is President and Chief Executive Officer of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant W. Wayne Booker is a Director of the Company and Vice Chairman of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant Peter J. Pestillo is a Director of the Company and Vice Chairman of Ford.


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant John M. Rintamaki is a Director of the Company and Group Vice President of
Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendants Louis C. Burnett, Michael T. Monahan, John M. Thompson, and Joseph A.
Walker are Directors of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;The individual defendants owed the public shareholders of Hertz the
highest duties of good faith, fair dealing, due care, loyalty, and full and
candid disclosure. As Hertz&#146;s controlling shareholder, Ford owes Hertz and its
shareholders a fiduciary obligation of entire fairness.



<P align="center">2
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<P><HR noshade><P>
<P align="center"><B>CLASS ACTION ALLEGATIONS</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Plaintiff brings this action on his own behalf and as a class
action, pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of
all security holders of the Company (except the defendants herein and any
person, firm, trust, corporation, or other entity related to or affiliated with
any of the defendants) and their successors in interest, who are or will be
threatened with injury arising from defendants&#146; actions as more fully described
herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;This action is properly maintainable as a class action.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;The class is so numerous that joinder of all members is
impracticable. As of March&nbsp;24, 2000, there were approximately 40,412,698 shares
of Hertz Class&nbsp;A common stock outstanding, of which approximately 50% of which
are owned by holders other than defendant Ford, its subsidiaries and/or
directors and officers of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;There are questions of law and fact which are common to the class
including, <u>inter</u> <u>alia</u>, the following: (a)&nbsp;whether defendants have breached their
fiduciary and other common law duties owed by them to plaintiff and the members
of the class; (b)&nbsp;whether defendants are pursuing a scheme and course of
business designed to eliminate the public securities holders of Hertz in
violation of the laws of the State of

<P align="center">3
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<P><HR noshade><P>
Delaware in order to enrich Ford at the
expense and to the detriment of the plaintiff and the other public stockholders who are members of the class; (c)&nbsp;whether the said
proposed acquisition, hereinafter described, constitutes a breach of the duty of
fair dealing with respect to the plaintiff and the other members of the class;
and (d)&nbsp;whether the class is entitled to injunctive relief or damages as a
result of the wrongful conduct committed by defendants.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. The claims of the
plaintiff are typical of the claims of other members of the class and plaintiff
has the same interests as the other members of the class. Accordingly, plaintiff
will fairly and adequately represent the class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Defendants have acted in a manner which affects plaintiff and all
members of the class, thereby making appropriate injunctive relief and/or
corresponding declaratory relief with respect to the class as a whole.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;The prosecution of separate actions by individual members of the
Class would create a risk of inconsistent or varying adjudications with respect
to individual members of the Class, which would establish incompatible standards
of conduct for defendants, or adjudications with respect to individual members
of the Class which would, as a practical matter, be

<p align="center">4
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<P><HR noshade><P>
<p>dispositive of the interests
of other members or substantially impair or impede their ability to protect
their interests.

<P align="center"><B>SUBSTANTIVE ALLEGATIONS</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;On September&nbsp;20, 2000, Hertz announced that it had received a
proposal from Ford for the acquisition by Ford of all of the shares of common
stock of the Company not held by defendant Ford and its affiliates. Under the
transaction as presently proposed, the Company&#146;s public shareholders would
receive $30.00 per share in cash.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;The price of $30.00 per share to be paid to the class members is unfair and inadequate
consideration because, among other things: (a)&nbsp;the intrinsic value of the stock of Hertz is materially in
excess of $30.00 per share, giving due consideration to the possibilities of growth and profitability of
Hertz in light of its business, earnings and earnings power, present and future;
(b)&nbsp;the $30.00 per share price offers an inadequate premium to market to the public stockholders of Hertz; and (c)
the $30.00 per share price is not the result of arm&#146;s length negotiations but was fixed
arbitrarily by Ford to &#147;cap&#148; the market price of Hertz stock, as part of a plan for Ford
to obtain complete ownership of Hertz&#146;s assets and business at the lowest possible price.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;The proposed plan will, for inadequate consideration, deny
plaintiff and the other members of the class

<P align="center">5
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their right to share
proportionately in the future success of Hertz and its valuable assets, while
permitting Ford to reap significant benefits from the transaction.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;By reason of the foregoing acts, practices and course of conduct,
Ford, with the acquiescence of the individual defendants, has breached and will
breach its duty as controlling stockholder of Hertz by engaging in improper
overreaching in attempting to carry out the proposed transaction.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Plaintiff and the class have suffered and will suffer irreparable
damage unless defendants are enjoined from breaching their fiduciary duties and
from carrying out the aforesaid plan and scheme.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;Plaintiff and the other members of the class have no adequate remedy at law.


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREFORE</B>, plaintiff demands judgment against the defendants jointly and severally, as
follows:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;declaring this action to be a class action and certifying plaintiff
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as class representative;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<P>&nbsp;
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;enjoining, preliminarily and permanently, Ford&#146;s offer for
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition of the Hertz stock owned by plaintiff and the other</TD>

</TR>

<TR valign="top">
        <TD>&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
members of the Class;</TD>
</TR>

</TABLE>

<P align="center">6
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<P><HR noshade><P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>
<TR valign="top">
<tr><td><TR><TD><TR><TD><TR><TD>
<P>&nbsp;
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;to the extent, if any, that the transaction or transactions
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;complained of are consummated prior to the entry of this Court&#146;s
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;final judgment, rescinding such transaction or transactions, or
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;granting, inter alia, rescissory damages to the Class;</TD>

</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<P>&nbsp;
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;directing that defendants pay to
plaintiff and the other members
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of
the class all damages caused to them
and account for all profits
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and any
special benefits obtained as a
result of their unlawful
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;conduct;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<P>&nbsp;
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;awarding the plaintiff the costs and disbursements of this action,

</TR>


<TR valign="top">
        <TD>&nbsp;</TD>

<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;including
a reasonable allowance for the fees and expenses of
<TR valign="top">
        <TD>&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;plaintiff's
attorneys and experts, and
<tr>
</TABLE>

<p align="center">7
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="9%"></TD>
        <TD width="91%"></TD>
</TR>


<TR><TD><TR><TD><TR><TD><TR><TD>
<P>&nbsp;
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;granting plaintiff and the other
 members of the class such other
</TR>

<TR valign="top">
        <TD>&nbsp;</TD>
      <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and
further relief as may be just and proper.

</TR>
</TABLE>
<P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ROSENTHAL, MONHAIT, GROSS</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&#38; GODDESS, P.A</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
<TR valign="bottom">
        <TD width="9%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="86%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">By:</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
_____________________________</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"></FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
P.O. Box 1070</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"></FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
919 N. Market Street</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"></FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
Suite&nbsp;1401</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"></FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
Mellon Bank Center</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"></FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">
Wilmington, Delaware 19801</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"></FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(302) 656-4433</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"></FONT></DIV></TD>
        <TD></TD>
        <TD align="left" valign="bottom"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Attorneys for Plaintiff</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>OF COUNSEL:



<P>BERNSTEIN LIEBHARD &#38; LIFSHITZ, LLP<BR>
10 East 40th Street<BR>
New York, NY 10016<BR>
(212)&nbsp;779-1414



<P align="center">8
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(12)
<SEQUENCE>13
<FILENAME>k59594aex99-a12.htm
<DESCRIPTION>JOHN KORFF
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a12</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<Center>IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY</Center>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="15%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">JOHN KORFF,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Plaintiff,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>


<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">-against-</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Civil Action No.&nbsp;18379NC</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">HERTZ CORPORATION, FRANK A. OLSON,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">CRAIG R. KOCH, W. WAYNE BOOKER,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">LOUIS C . BURNETT, MICHAEL T . MONAHAN,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">PETER J. PESTILLO, JOHN M. RINTAMAKI,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">JOHN M. THOMPSON, JOSEPH A. WALKER,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">and FORD MOTOR COMPANY,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD></TD>
        <TD></TD>


<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Defendants.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;
<Center><B>SHAREHOLDER&#146;S CLASS ACTION COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by his attorneys, for his complaint against defendants,
alleges upon personal knowledge with respect to paragraph 2, and upon
information and belief based, <u>inter</u> <u>alia</u>, upon the investigation of counsel, as
to all other allegations herein, as follows:
<P>&nbsp;

<Center><B>NATURE OF THE ACTION</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;This is a stockholders&#146; class action on behalf of the public
stockholders of Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) to enjoin the
proposed acquisition of the publicly owned shares of Hertz&#146;s common stock by its
controlling shareholder, defendant Ford Motor Company (&#147;Ford&#148;).





<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<Center><B>THE PARTIES</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff has been the owner of the common stock of the Company since prior to
the transaction herein complained of and continuously to date.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Hertz is a corporation duly organized and existing under the laws of the
State of Delaware.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Ford is a corporation duly organized and existing under
the laws of Delaware. Ford owns approximately 50% of the Company&#146;s outstanding
Class&nbsp;A common stock and 100% of the Company&#146;s outstanding Class&nbsp;B common stock.
The common stock owned by Ford represents in the aggregate 94.6% of the combined
voting power of all of Hertz&#146;s outstanding common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Frank A. Olson is chairman of the Board of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Graig R. Koch is President, Chief Executive Officer and a director of
the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant W. Wayne Booker is a director of the Company. He is also Vice
Chairman of the Board of Directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant Louis C. Burnett is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Michael T. Monahan is a director of the Company.



<p align="center">2
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant Peter J. Pestillo is a director of the Company. He is also Vice Chairman
of the board of directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant John M. Rintamaki is a director of the Company. He is also a Group
Vice President, Chief of Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant John M. Thompson is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Defendant Joseph A. Walker is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;The defendants named in paragraphs 5 through 13 (the &#147;Individual
Defendants&#148;) are in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz and owe them the highest obligations of good faith and
fair dealing.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Defendant Ford, through its approximately 94.6% of the voting power
of Hertz&#146;s common stock and having persons affiliated with on Hertz&#146;s board, has
effective and working control of Hertz. As such, defendant Ford is in a
fiduciary relationship with plaintiff and the other public stockholders of Hertz
and owes them the highest obligations of good faith and fair dealing.

<Center><B>CLASS ACTION ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Plaintiff brings this action on his own behalf and as a class
action pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of
all Hertz stockholders (except defendants herein and any person, firm, trust,
corporation or other entity related to or affiliated with any of the defendants)
and their



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<P>successors in interest, who are or will be threatened with injury
arising from defendants&#146; actions as more fully described herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;This action is properly maintainable as a class action.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;The class of stockholders for whose benefit this action is brought is so numerous
that joinder of all class members is impracticable.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;There are questions of law and fact which are common to the Class including,
inter alia, the following:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;whether the Individual Defendants have breached their fiduciary and other
common law duties owed by them to plaintiff and the members of the Class;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;whether plaintiff and the other members of the Class will
be damaged irreparably by defendants&#146; failure to take action designed to obtain
the best value for the public shareholders&#146; interest in Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. The claims of
plaintiff are typical of the claims of the other members of the Class and
plaintiff has the same interests as the other members of the Class. Accordingly,
plaintiff will fairly and adequately represent the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;The prosecution of separate actions by individual members of the
Class would create a risk of inconsistent or varying adjudications with respect
to individual members of the Class and

<P align="center">4
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<P><HR noshade><P>

<P>establish incompatible standards of
conduct for the party opposing the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Defendants have acted and are about to act on grounds generally
applicable to the Class, thereby making appropriate final injunctive relief with
respect to the Class as a whole.


<Center><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;On September&nbsp;21, 2000, it was announced that Ford offered to
acquire all of the outstanding Class&nbsp;A common shares of Hertz it does not
already own, for $30 per share.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;The consideration to be paid to Class members in the transaction is
unconscionable and unfair and grossly inadequate because, among other things,
the intrinsic value of Hertz&#146;s common stock is materially in excess of the
amount offered for those securities in the proposed acquisition given the
stock&#146;s current trading price and the Company&#146;s prospects for future growth and
earnings.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford timed its offer to take advantage of the decline in the market
price of Hertz&#146;s stock. The offer has the effect of capping the market for
Hertz&#146;s stock to facilitate Ford&#146;s plan to obtain the public interest in Hertz
as cheaply as possible.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Under the circumstances, the Individual Defendants are obligated to explore all
alternatives to maximize shareholder value.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;The defendants have breached their duty of loyalty to Hertz
stockholders by using their control of Hertz to force

<P align="center">5
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<P>plaintiff and the Class to
sell their equity interest in Hertz at an unfair price, and deprive Hertz&#146;s
public shareholders of maximum value to which they are entitled. The Individual
Defendants have also breached the duties of loyalty and due care by not taking
adequate measures to ensure that the interests of Hertz&#146;s public shareholders
are properly protected from overreaching. Ford has breached its fiduciary
duties, which arise from its effective control of Hertz, by using such effective
control for its own benefit.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;The terms of the transaction are grossly unfair to the Class, and
the unfairness is compounded by the gross disparity between the knowledge and
information possessed by defendants by virtue of their positions of control of
Hertz and that possessed by Hertz&#146;s public shareholders. Defendants&#146; scheme and
intent is to take advantage of this disparity and to induce the Class to
relinquish their shares in the acquisition at an unfair price on the basis of
incomplete or inadequate information.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Plaintiff has no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREFORE</B>, plaintiff demands judgment as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;declaring this to be a proper class action;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;enjoining, preliminarily and permanently, the acquisition under the terms
presently proposed;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;to the extent, if any, that the transaction complained of is consummated prior to
the entry of this Court&#146;s final judgment, rescinding the same or awarding rescissory damages to
the Class;



<P align="center">6
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;directing that defendants account to plaintiff and the Class for all damages caused
to them and account for all profits and any special benefits obtained by defendants as a result of
their unlawful conduct;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;awarding to plaintiff the costs and disbursements of this action, including a
reasonable allowance for the fees and expenses of plaintiff&#146;s attorneys and experts; and

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;granting such other and further relief as the Court deems appropriate.

<P align="left">Dated: October&nbsp;3, 2000

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="65%">&nbsp;</TD>
        <TD width="35%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<td></td>
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">ROSENTHAL, MONHAIT, GROSS<BR>
&#38; GODDESS, P.A</FONT></DIV></TD>
</TR>
<TR><TD><FONT size="3">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<td></td>
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">By: ____________________________<BR>
Suite 1401, Mellon Bank Center<BR>
P.O. Box 1070<BR>
Wilmington,  Delaware 19801<BR>
(302) 656-4433<BR>
Attorneys for Plaintiff</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<p>&nbsp;
<P>OF COUNSEL:<BR>
LOWEY DANNENBERG BEMPORAD<BR>
&nbsp;&nbsp;&nbsp;&#38; SELINGER, P.C.<BR>
The Gateway<BR>
One North Lexington Avenue<BR>
White Plains, New York 10601<BR>
(914)&nbsp;997-0500



<P>SUSMAN &#38; WATKINS<BR>
Suite&nbsp;600<BR>
Two First National Plaza<BR>
Chicago, Illinois 60603



<P align="center">7
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(13)
<SEQUENCE>14
<FILENAME>k59594aex99-a13.htm
<DESCRIPTION>JAMES CURREN
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a13</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<Center>IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY</Center>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="51%" align="left">JAMES CURREN,</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="16%"></TD>
<TD WIDTH="30%"></TD>
</TR>
<tr><td><tr><td><tr><td><tr><td><tr><td>
<p>&nbsp;
<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff,</TD>
        <TD></TD>
<TD></TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- against -</TD>
      <TD></TD>

</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>HERTZ CORPORATION, FRANK A. OLSON,<br>
CRAIG R. KOCH, W. WAYNE BOOKER,<br>
LOUIS C. BURNETT, MICHAEL T.<br>
MONAHAN, PETER J. PESTILLO, JOHN M.<br>
RINTAMAKI, JOHN M. THOMPSON, <br>JOSEPH
A. WALKER, and FORD MOTOR <br>
COMPANY, </TD>

<TD valign="bottom">Civil Action No.&nbsp;18350</TD>

</TR>

<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD width="66%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defendants.</TD>
<TD WIDTH="30%"></TD>

</TR>
</TABLE>
<Center><p><B>SHAREHOLDER&#146;S CLASS ACTION COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by his attorneys, for his complaint against defendants,
alleges upon personal knowledge with respect to paragraph 2, and upon
information and belief based, <U>inter</U>&nbsp;<U> alia,</U> upon the investigation of counsel, as
to all other allegations herein, as follows:

<Center><p><B>NATURE OF THE ACTION</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;This is a stockholders&#146; class action on behalf of the public
stockholders of Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) to enjoin
the proposed acquisition of the publicly owned shares of Hertz&#146;s common stock by
its controlling shareholder, defendant Ford Motor Company (&#147;Ford&#148;).




<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<Center><p><B>THE PARTIES</B></Center>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff has been the owner of the common stock of the Company since
prior to the transaction herein complained of and continuously to date.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Hertz is a corporation duly organized and existing under the
laws of the State of Delaware.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Ford is a corporation duly organized and existing under
the laws of Delaware. Ford, owns approximately 50% of the Company&#146;s outstanding
Class&nbsp;A common stock and 100% of the Company&#146;s outstanding Class&nbsp;B common stock.
The common stock owned by Ford represents in the aggregate 94.6% of the combined
voting power of all of Hertz&#146;s outstanding common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Frank A. Olson is Chairman of the Board of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Craig R. Koch is President, Chief Executive Officer and a
director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant W. Wayne Booker is a director of the Company. He is also
Vice Chairman of the Board of Directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant Louis C. Burnett is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Michael T. Monahan is a director of the Company.



<P align="center">2
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<P><HR noshade><P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant Peter J. Pestillo is a director of the Company. He is also Vice
Chairman of the board of directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant John M. Rintamaki is a director of the Company. He is also a
Group Vice President, Chief of Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant John M. Thompson is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Defendant Joseph A. Walker is a director of the Company.



<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;The defendants named in paragraphs 5 through 13 (the &#147;Individual
Defendants&#148;) are in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz and owe them the highest obligations of good faith and
fair dealing.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Defendant Ford, through its approximately 94.6% of the voting power
of Hertz&#146;s common stock and having persons affiliated with on Hertz&#146;s board, has
effective and working control of Hertz. As such, defendant Ford is in a
fiduciary relationship with plaintiff and the other public stockholders of Hertz
and owes them the highest obligations of good faith and fair dealing.

<Center><p><B>CLASS ACTION ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Plaintiff brings this action on his own behalf and as a class
action pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of
all Hertz stockholders (except defendants herein and any person, firm, trust,
corporation or other entity related to or affiliated with any of the defendants)
and their

<P>&nbsp;


<P align="center">3
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<P><HR noshade><P>

successors in interest, who are or will be threatened with injury
arising from defendants&#146; actions as more fully described herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;This action is properly maintainable as a class action.
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The class of stockholders for whose benefit this action is brought is so
numerous that joinder of all Class members is impracticable.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;There are questions of law and fact which are common to the Class
including, <U>inter</U>&nbsp;<U> alia,</U> the following:

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(a)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD  align="left" valign="top"><FONT size="3">
whether the Individual Defendants have breached their fiduciary
and other common law duties owed by them to plaintiff and the
members of the Class;</FONT></TD>
</TR>
</TABLE>
</CENTER>




<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(b)</FONT></DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD  align="left" valign="top"><FONT size="3">
whether plaintiff and the other members of the Class
will be damaged irreparably by defendants&#146; failure to
take action designed to obtain the best value for the
public shareholders&#146; interest in Hertz.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. The claims of
plaintiff are typical of the claims of the other members of the Class and
plaintiff has the same interests as the other members of the Class. Accordingly,
plaintiff will fairly and adequately represent the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;The prosecution of separate actions by individual members of the
Class would create a risk of inconsistent or varying adjudications with respect
to individual members of the Class and

<P align="center">4
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<P><HR noshade><P>

establish incompatible standards of
conduct for the party opposing the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Defendants have acted and are about to act on grounds generally
applicable to the Class, thereby making appropriate final injunctive relief with
respect to the Class as a whole.

<Center><p><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;On September&nbsp;21, 2000, it was announced that Ford offered to
acquire all of the outstanding Class&nbsp;A common shares of Hertz, it does not
already own, for $30 per share.


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;The consideration to be paid to Class members in the transaction is
unconscionable and unfair and grossly inadequate because, among other things,
the intrinsic value of Hertz&#146;s common stock is materially in excess of the
amount offered for those securities in the proposed acquisition given the
stock&#146;s current trading price and the Company&#146;s prospects for future growth and
earnings.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford timed its offer to take advantage of the decline in the market
price of Hertz&#146;s stock. The offer has the effect of capping the market for
Hertz&#146;s stock to facilitate Ford&#146;s plan to obtain the public interest in Hertz
as cheaply as possible.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Under the circumstances, the Individual Defendants are obligated to
explore all alternatives to maximize shareholder value.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;The defendants have breached their duty of loyalty to Hertz
stockholders by using their control of Hertz to force

<P align="center">5
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<P><HR noshade><P>

<P align="left">plaintiff and the Class to
sell their equity interest in Hertz at an unfair price, and deprive Hertz&#146;s
public shareholders of maximum value to which they are entitled. The Individual
Defendants have also breached the duties of loyalty and due care by not taking
adequate measures to ensure that the interests of Hertz&#146;s public shareholders
are properly protected from overreaching. Ford has breached its fiduciary
duties, which arise from its effective control of Hertz, by using such effective
control for its own benefit.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;The terms of the transaction are grossly unfair to the class, and
the unfairness is compounded by the gross disparity between the knowledge and
information possessed by defendants by virtue of their positions of control of
Hertz and that possessed by Hertz&#146;s public shareholders. Defendants&#146; scheme and
intent is to take advantage of






<P>this disparity and to induce the Class to
relinquish their shares in the acquisition at an unfair price on the basis of
incomplete or inadequate information.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Plaintiff has no adequate remedy at law.

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><B>WHEREFORE</B>, plaintiff demands judgment as follows:</TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;declaring this to be a proper class action;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;enjoining, preliminarily and permanently, the acquisition under the terms
presently proposed;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;to the extent, if any, that the transaction complained of is consummated
prior to the entry of this Court&#146;s final judgment, rescinding the same or awarding
rescissory damages to the Class;

<P align="center">6
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<P><HR noshade><P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;directing that defendants account to plaintiff and the Class for all damages
caused to them and account for all profits and any special benefits obtained by defendants
as a result of their unlawful conduct;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;awarding to plaintiff the costs and disbursements of this action, including
a reasonable allowance for the fees and expenses of plaintiff&#146;s attorneys and experts; and

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;granting such other and further relief as the Court deems appropriate.

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="46%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="49%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">Dated: September 21, 2000</DIV></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px">
ROSENTHAL, MONHAIT, GROSS<BR>
&#38; GODDESS, P.A.</DIV></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"></DIV></TD>
        <TD><FONT size="3">&nbsp;</FONT></TD>
        <TD  align="left" valign="top">By:&nbsp; <U> /s/  Norman M. Monhait</U><BR>
Suite 1401, Mellon Bank Center<BR>
P.O. Box 1070<BR>
Wilmington, Delaware 19801<BR>
(302) 656-4433<BR>

<P>

Attorneys for Plaintiff</TD>
</TR>
</TABLE>
</CENTER>




















<P>OF COUNSEL:



<P>SHEPHERD &#38; ASSOCIATES, LLC<BR>
Scott R. Shepherd<BR>
Suite&nbsp;200, 117 Gayley Street<BR>
Media, PA 19063<BR>
(610)&nbsp;891-9880



<P>LEIFF CABRASER HEIMANN<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&#38; BERNSTEIN LLP<BR>
Robert G. Eisler<BR>
780 Third Avenue, 48th Floor<BR>
New York, NY 10027<BR>
(212)&nbsp;355-9500



<P align="center">7
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(14)
<SEQUENCE>15
<FILENAME>k59594aex99-a14.htm
<DESCRIPTION>GREAT NECK CAPITAL APPRECIATION INVESTMENT PART.
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a14</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->


<P align="center">IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">GREAT NECK CAPITAL APPRECIATION<BR>
INVESTMENT PARTNERSHIP, L.P.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="3">Plaintiff,</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- against -</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">HERTZ CORPORATION, FRANK A. OLSON,</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">CRAIG R. KOCH, W. WAYNE BOOKER,</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">LOUIS C. BURNETT, MICHAEL T.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">MONAHAN, PETER J. PESTILLO, JOHN M.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">RINTAMAKI, JOHN M. THOMPSON, JOSEPH</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">A. WALKER, and FORD MOTOR COMPANY,</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">Civil Action No.&nbsp;18348</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="3">Defendants.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><Center><B>SHAREHOLDER&#146;S CLASS ACTION COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by its attorneys, for its complaint against
defendants, alleges upon personal knowledge with respect to paragraph 2, and
upon information and belief base, <U>inter</U> <U>alia</U>, upon the investigation of counsel,
as to all other allegations herein, as follows:

<P><Center><B>NATURE OF THE ACTION</B></Center>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. This is a stockholders&#146; class action on behalf of the
public stockholders of Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) to enjoin
the proposed acquisition of the publicly owned shares of Hertz&#146;s common stock by
its controlling shareholder, defendant Ford Motor Company (&#147;Ford&#148;).


<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<P><Center><B>THE PARTIES</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff has been the owner of the common stock of the Company
since prior to the transaction herein complained of and continuously to date.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Hertz is a corporation duly organized and existing under
the laws of the State of Delaware.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Ford is a corporation duly organized and existing
under the laws of Delaware. Ford owns approximately 50% of the Company&#146;s
outstanding Class&nbsp;A common stock and 100% of the Company&#146;s outstanding Class&nbsp;B
common stock. The common stock owned by Ford represents in the aggregate 94.6%
of the combined voting power of all of Hertz&#146;s outstanding common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Frank A. Olson is Chairman of the Board of the
Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Craig R. Koch is President, Chief Executive Officer and
a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant W. Wayne Booker is a director of the Company. He is
also Vice Chairman of the Board of Directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant Louis C. Burnett is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Michael T. Monahan is a director of the Company.


<P align="center">2
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<P><HR noshade><P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant Peter J. Pestillo is a director of the Company. He is also
Vice Chairman of the board of directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant John M. Rintamaki is a director of the Company. He is
also a Group Vice President, Chief of Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant John M. Thompson is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Defendant Joseph A. Walker is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;The defendants named in paragraphs 5 through 13 (the &#147;Individual
Defendants&#148;) are in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz and owe them the highest obligations of good faith and
fair dealing.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Defendant Ford, through its approximately 94.6% of the
voting power of Hertz&#146;s common stock and having persons affiliated with on
Hertz&#146;s board, has effective and working control of Hertz. As such, defendant
Ford is in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz and owes them the highest obligations of good faith and
fair dealing.

<P><Center><B>CLASS ACTION ALLEGATION</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Plaintiff brings this action on its own behalf and as a
class action pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on
behalf of all Hertz stockholders (except defendants herein and any person, firm,
trust, corporation or other entity related to or affiliated with any of the
defendants) and their
<P align="center">3
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<P><HR noshade><P>
<p>successors in interest, who are or will be threatened with
injury arising from defendants&#146; actions as more fully described herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;This action is properly maintainable as a class action.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;The class of stockholders for whose benefit this action is brought is
so numerous that joinder of all Class members is impracticable.



<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;There are questions of law and fact which are common to the Class
including, <U><I>inter</I></U> <U><I>alia</I></U>, the following:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;whether the Individual Defendants have breached their
fiduciary and other common law duties owed by them to plaintiff and the members of the
Class;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;whether plaintiff and the other members of the Class will be
damaged irreparably by defendants&#146; failure to take action designed to obtain the
best value for the public shareholders&#146; interest in Hertz.</TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Plaintiff is committed to prosecuting this action and has
retained competent counsel experienced in litigation of this nature. The claims
of plaintiff are typical of the claims of the other members of the Class and
plaintiff has the same interests as the other members of the Class. Accordingly,
plaintiff will fairly and adequately represent the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;The prosecution of separate actions by individual members
of the Class would create a risk of inconsistent or varying adjudications with
respect to individual members of the Class and



<P align="center">4
<!-- PAGEBREAK -->
<P><HR noshade><P>
<p>establish incompatible standards
of conduct for the party opposing the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Defendants have acted and are about to act on grounds
generally applicable to the Class, thereby making appropriate final injunctive
relief with respect to the Class as a whole.
<P><Center><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;On September&nbsp;21, 2000, it was announced that Ford offered
to acquire all of the outstanding Class&nbsp;A common shares of Hertz, it does not
already own, for $30 per share.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;The consideration to be paid to Class members in the
transaction is unconscionable and unfair and grossly inadequate because, among
other things, the intrinsic value of Hertz&#146;s common stock is materially in
excess of the amount offered for those securities in the proposed acquisition
given the stock&#146;s current trading price and the Company&#146;s prospects for future
growth and earnings.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford timed its offer to take advantage of the decline in
the market price of Hertz&#146;s stock. The offer has the effect of capping the
market for Hertz&#146;s stock to facilitate Ford&#146;s plan to obtain the public interest
in Hertz as cheaply as possible.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Under the circumstances, the Individual Defendants are obligated
to explore all alternatives to maximize shareholder value.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;The defendants have breached their duty of loyalty to
Hertz stockholders by using their control of Hertz to force
<P align="center">5
<!-- PAGEBREAK -->
<P><HR noshade><P>
<P>plaintiff and the
Class to sell their equity interest in Hertz at an unfair price, and deprive
Hertz&#146;s public shareholders of maximum value to which they are entitled. The
Individual Defendants have also breached the duties of loyalty and due care by
not taking adequate measures to ensure that the interests of Hertz&#146;s public
shareholders are properly protected from overreaching. Ford has breached its
fiduciary duties, which arise from its effective control of Hertz, by using such
effective control for its own benefit.



<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;The terms of the transaction are grossly unfair to the
Class, and the unfairness is compounded by the gross disparity between the
knowledge and information possessed by defendants by virtue of their positions
of control of Hertz and that possessed by Hertz&#146;s public shareholders.
Defendants&#146; scheme and intent is to take advantage of this disparity and to induce
the Class to relinquish their shares in the acquisition at an unfair price on the
basis of incomplete or inadequate information.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Plaintiff has no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREFORE</B>, plaintiff demands judgment as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;declaring this to be a proper class action;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;enjoining, preliminarily and permanently, the acquisition under the
terms presently proposed;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;to the extent, if any, that the transaction complained of is
consummated prior to the entry of this Court&#146;s final judgment, rescinding the same or
awarding rescissory damages to the Class;


<P align="center">6
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<P><HR noshade><P>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;directing that defendants account to plaintiff and the Class for all
damages caused to them and account for all profits and any special benefits obtained by
defendants as a result of their unlawful conduct;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;awarding to plaintiff the costs and disbursements of this action,
including a reasonable allowance for the fees and expenses of plaintiff&#146;s attorneys and
experts; and




<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;granting such other and further relief as the Court deems appropriate.


<P>Dated: September&nbsp;21, 2000



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">ROSENTHAL, MONHAIT, GROSS<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#38; GODDESS, P.A.</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">By:___________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite&nbsp;1401, Mellon Bank Center<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 1070<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, Delaware 19801<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302)&nbsp;656-4433</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">Attorneys for Plaintiff</FONT></TD>
</TR>
</TABLE>



<P>OF COUNSEL:



<P>WECHSLER HARWOOD HALEBIAN<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#38; FEFFER LLP<BR>
488 Madison Avenue<BR>
New York, New York 10022<BR>
(212)&nbsp;935-7400






<P align="center">7





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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(15)
<SEQUENCE>16
<FILENAME>k59594aex99-a15.htm
<DESCRIPTION>LEONARD SHAPIRO
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a15</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->


<P align="center">IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">LEONARD SHAPIRO,</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">

<TD valign="top" align="center"><FONT size="3">Plaintiff,</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-
against -</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">FRANK A. OLSON; CRAIG R. KOCH;</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">W. WAYNE BOOKER; LOUIS C. BURNETT;</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">MICHAEL T. MONAHAN; PETER J.</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">PESTILLO; JOHN M. RINTAMAKI; JOHN
M.</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">THOMPSON; JOSEPH A. WALKER; FORD</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">MOTOR COMPANY; and HERTZ</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top"><FONT size="3">CORPORATION,</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">Civil Action No.&nbsp;18346 NC</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
<TD valign="top" align="center"><FONT size="3">Defendants.</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><B>COMPLAINT</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by his attorneys, alleges upon information and belief, except as to
paragraph 1 which is alleged upon personal knowledge, as follows:


<P align="center"><B>THE PARTIES</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Plaintiff Leonard
Shapiro (&#147;plaintiff&#148;) is the owner of Class&nbsp;A common
stock of the Hertz Corporation (&#147;Hertz&#148; or the
&#147;Company&#148;) and has been the owner of
such shares continuously since prior to the wrongs complained of herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Defendant Hertz is a corporation duly existing and organized under the
laws of the State of Delaware, with its principal executive offices located at 225 Brae
Boulevard, Park Ridge, New Jersey. The Company purports to be the largest car rental

business in the world based upon revenues and one of the largest industrial and
construction equipment rental businesses in the United States. Hertz is and at all times
relevant hereto was listed and traded on the New York Stock Exchange.

<P align="center">
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Frank A. Olson (&#147;Olson&#148;) is and at all times relevant hereto has
been Chairman of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Craig R. Koch (&#147;Koch&#148;) is and at all times relevant hereto has
been President, Chief Executive Officer, and a director of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant W. Wayne Booker (&#147;Booker&#148;) is and at all times relevant hereto
has been a director of Hertz. Booker is also Vice Chairman of Ford Motor Company
(&#147;Ford&#148;), Hertz&#146;s controlling shareholder.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Peter J. Pestillo (&#147;Pestillo&#148;) is and at all times relevant hereto
has been a director of Hertz. Pestillo is also Vice Chairman of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant John M. Rintamaki (&#147;Rintamaki&#148;) is and at all times relevant
hereto has been a director of Hertz. Rintamaki is also Group Vice President, Chief of
Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendants John M. Thompson, Louis C. Burnett, Michael T. Monahan,
and Joseph A. Walker are and at all times relevant hereto have been directors of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;The defendants referred to in paragraphs 3 through 8 are collectively
referred to herein as the &#147;Individual Defendants.&#148;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;By reason of the above Individual Defendants&#146; positions with the
Company as officers and/or directors, said individuals are in a fiduciary relationship with
plaintiff and the other public stockholders of Hertz, and owe plaintiff and the other

members of the class the highest obligations of good faith, fair dealing, due care, loyalty
and full, candid and adequate disclosure.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant Ford is the controlling shareholder of Hertz, owning
approximately 81.5% of Hertz&#146;s outstanding common stock. Specifically, Ford owns
approximately 20.2&nbsp;million
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<P>shares of Hertz Class&nbsp;A common stock, and all of the
Company&#146;s 67.3&nbsp;million shares of Class&nbsp;B common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Ford produces cars and trucks and its subsidiaries also engage in other
businesses, including manufacturing automotive components and systems and financing
and renting vehicles and equipment. Its automotive vehicle brands include Ford, Mercury,
Lincoln, Volvo, Jaguar and Aston Martin.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;By virtue of Ford&#146;s position as the Company&#146;s majority shareholder, Ford
is in a fiduciary relationship with plaintiff and the other public stockholders of Hertz and
owes plaintiff and the other members of the class the highest obligations of good faith,
fair dealing, due care, loyalty and full, candid and adequate disclosure.


<P align="center"><B>CLASS ACTION ALLEGATIONS</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Plaintiff brings this action on plaintiff&#146;s own behalf and as a class action,
pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of plaintiff and
holders of Hertz common stock (the &#147;Class&#148;). Excluded from the Class are defendants
herein and any person, firm, trust, corporation or other entity related to or affiliated with
any of the defendants.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;This action is properly maintainable as a class action.






<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;The Class is so numerous that joinder of all members is impracticable. As
of September&nbsp;20, 2000, there were approximately 107.5&nbsp;million shares of Hertz common
stock outstanding, approximately 19.9&nbsp;million shares not owned by Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;There are questions of law and fact which arc common to the Class and
which predominate over questions affecting any individual Class members. The common
questions include, <I>inter alia</I>, the following:

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">(a)</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">whether the merger is grossly unfair to the Class;
</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">(b)</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">whether plaintiff and the other members of the Class would be
irreparably damaged were the transactions complained of herein
consummated; and
</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">(c)</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">whether defendants have breached their fiduciary and other
common law duties owed by them to plaintiff and the other
members of the Class.
</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature.
Plaintiff&#146;s claims are typical of
the claims of the other members of the Class and plaintiff has the same interests as the
other members of the Class. Accordingly, plaintiff is an adequate representative of the
Class and will fairly and adequately protect the interests of the Class.


<P align="center">3



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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. Defendants have acted on grounds generally applicable to the Class with
respect to the matters complained of herein, thereby making appropriate the relief sought
herein with respect to the Class as a whole.


<P align="center"><B>SUBSTANTIVE ALLEGATIONS</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;On September&nbsp;21, 2000, Ford announced that it has proposed to acquire
the 18.5% of Hertz&#146;s outstanding common stock that it does not already own through a
merger transaction.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;Under the terms of the proposal, the public shareholders of Hertz will be
cashed out of their equity interests in Hertz for $30.00 per share.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Ford has timed the proposal to freeze out Hertz&#146;s public shareholders in
order to capture for itself Hertz&#146;s future potential without paying an adequate or fair price
to the Company&#146;s public shareholders.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;Ford timed the announcement of the proposed buyout to place an artificial
lid
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<P>on the market price of Hertz common stock so that the market would not reflect
Hertz&#146;s improving potential, thereby purporting to justify an unreasonably low price.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;Ford has access to internal financial information about Hertz, its true
value, expected increase in true value, and the benefits of 100% ownership of Hertz to
which plaintiff and the Class members are not privy. Ford is using such inside
information to benefit itself and it affiliates in this proposed transaction, to the detriment
of the Hertz&#146;s public stockholders.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford has clear and material conflicts of interest and is acting to better its
own interests at the expense of Hertz&#146;s public shareholders. Ford and its affiliates have
voting control of the Company and control its proxy machinery. Ford has selected and/or
controls a majority of Hertz&#146;s directors, with the remaining Hertz directors beholden to
Ford for their offices and the valuable perquisites which they enjoy therefrom.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Ford is engaging in self-dealing and not acting in good faith toward
plaintiff and the other members of the Class. By reason of the foregoing, Ford and the
Individual Defendants have breached and are breaching their fiduciary duties to the
members of the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;Unless the proposed buyout is enjoined by the Court, defendants will
continue to breach their fiduciary duties owed to plaintiff and the members of the Class to
the irreparable harm of the members of the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;Plaintiff and the Class have no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>WHEREFORE</b>, plaintiff prays for judgment and relief as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Ordering that this action may be maintained as a class action and certifying
plaintiff as the Class representative;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Preliminarily and permanently enjoining defendants and all persons acting
in
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<P>concert with them, from proceeding with, consummating or closing the proposed
transaction;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;In the event the proposed buyout is consummated, rescinding it and setting
it aside or awarding rescissory damages to the Class;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;Directing defendants to account to Class members for their damages
sustained as a result of the wrongs complained of herein;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;Awarding plaintiff the costs of this action, including reasonable allowance
for plaintiff&#146;s attorneys&#146; and experts&#146; fees;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;Granting such other and further relief as this Court may deem just and
proper.


<P>Dated: September&nbsp;21, 2000



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">ROSENTHAL, MONHAIT, GROSS<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#38; GODDESS, P.A.</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">By:____________________________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite&nbsp;1401, Mellon Bank Center<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 1070<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, DE 19899<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302)&nbsp;656-4433<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorneys for Plaintiff</FONT></TD>
</TR>
</TABLE>



<P>OF COUNSEL:



<P>CAULEY &#38; GELLER, LLP<BR>
One Boca Place<BR>
Suite&nbsp;421A, 2255 Glades Road<BR>
Boca Raton, Florida 33431


<P align="center">6
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(16)
<SEQUENCE>17
<FILENAME>k59594aex99-a16.htm
<DESCRIPTION>ALAN FRIEDMAN
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a16</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<Center>IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY</Center>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="13%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="25%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>

</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">ALAN FRIEDMAN,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Plaintiff,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">-against-</FONT></DIV></TD>

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Civil Action No.18345NC</FONT></DIV></TD>

</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">HERTZ CORPORATION, FRANK A. OLSON,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">CRAIG R. KOCH, W. WAYNE BOOKER,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">LOUIS C . BURNETT, MICHAEL T . MONAHAN,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">PETER J. PESTILLO, JOHN M. RINTAMAKI,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">JOHN M. THOMPSON, JOSEPH A. WALKER,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">and FORD MOTOR COMPANY,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Defendants.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<p>&nbsp;
<Center><B>SHAREHOLDER&#146;S CLASS ACTION COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by his attorneys, for her complaint against defendants,
alleges upon personal knowledge with respect to paragraph 2, and upon
information and belief based, <u>inter</u> <u>alia</u>, upon the investigation of counsel, as
to all other allegations herein, as follows:
<p>&nbsp;

<Center><B>NATURE OF THE ACTION</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;This is a stockholders&#146; class action on behalf of the public
stockholders of Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) to enjoin the
proposed acquisition of the publicly owned shares of Hertz&#146;s common stock by its
controlling shareholder, defendant Ford Motor Company (&#147;Ford&#148;).
<p>&nbsp;

<P align="center">&nbsp;
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<Center><B>THE PARTIES</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff has been the owner of the common stock of the Company since prior to the
transaction herein complained of and continuously to date.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Hertz is a corporation duly organized and existing under the laws of the State
of Delaware.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Ford is a corporation duly organized and existing under
the laws of Delaware. Ford, owns approximately 50% of the Company&#146;s outstanding
Class&nbsp;A common stock and 100% of the Company&#146;s outstanding Class&nbsp;B common stock.
The common stock owned by Ford represents in the aggregate 94.6% of the combined
voting power of all of Hertz&#146;s outstanding common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Frank A. Olson is Chairman of the Board of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Craig R. Koch is President, Chief Executive Officer and a director of the
Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant W. Wayne Booker is a director of the Company. He is also Vice Chairman of
the Board of Directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant Louis C. Burnett is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Michael T. Monahan is a director of the Company.
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant Peter J. Pestillo is a director of the Company. He is also Vice Chairman of the
board of directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant John M. Rintamaki is a director of the Company. He is also a Group Vice
President, Chief of Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant John M. Thompson is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Defendant Joseph A. Walker is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;The defendants named in paragraphs 5 through 13 (the &#147;Individual
Defendants&#148;) are in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz and owe them the highest obligations of good faith and
fair dealing.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Defendant Ford, through its approximately 94.6% of the voting power
of Hertz&#146;s common stock and having persons affiliated with on Hertz&#146;s board, has
effective and working control of Hertz. As such, defendant Ford is in a
fiduciary relationship with plaintiff and the other public stockholders of Hertz
and owes them the highest obligations of good faith and fair dealing.

<Center><B>CLASS ACTION ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Plaintiff brings this action on his own behalf and as a class
action pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of
all Hertz stockholders (except defendants herein and any person, firm, trust,
corporation or other entity related to or affiliated with any of the defendants)
and their

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successors in interest, who are or will be threatened with injury
arising from defendants&#146; actions as more fully described herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;This action is properly maintainable as a class action.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;The class of stockholders for whose benefit this action is brought is so numerous that
joinder of all Class members is impracticable.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;There are questions of law and fact which are common to the Class including, <U>inter</U> <U>alia</U>,
the following:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;whether the Individual Defendants have breached their fiduciary and other
common law duties owed by them to plaintiff and the members of the Class;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;whether plaintiff and the other members of the Class will
be damaged irreparably by defendants&#146; failure to take action designed to obtain
the best value for the public shareholders&#146; interest in Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. The claims of
plaintiff are typical of the claims of the other members of the Class and
plaintiff has the same interests as the other members of the Class. Accordingly,
plaintiff will fairly and adequately represent the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;The prosecution of separate actions by individual members of the
Class would create a risk of inconsistent or varying adjudications with respect
to individual members of the Class and


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<p>establish incompatible standards of
conduct for the party opposing the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Defendants have acted and are about to act on grounds generally
applicable to the Class, thereby making appropriate final injunctive relief with
respect to the Class as a whole.
<p>&nbsp;

<Center><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;On September&nbsp;21, 2000, it was announced that Ford offered to
acquire all of the outstanding Class&nbsp;A common shares of Hertz, it does not
already own, for $30 per share.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;The consideration to be paid to Class members in the transaction is
unconscionable and unfair and grossly inadequate because, among other things,
the intrinsic value of Hertz&#146;s common stock is materially in excess of the
amount offered for those securities in the proposed acquisition given the
stock&#146;s current trading price and the Company&#146;s prospects for future growth and
earnings.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford timed its offer to take advantage of the decline in the market
price of Hertz&#146;s stock. The offer has the effect of capping the market for
Hertz&#146;s stock to facilitate Ford&#146;s plan to obtain the public interest in Hertz
as cheaply as possible.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Under the circumstances, the Individual Defendants are obligated to explore all
alternatives to maximize shareholder value.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;The defendants have breached their duty of loyalty to Hertz
stockholders by using their control of Hertz to force

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plaintiff and the Class to
sell their equity interest in Hertz at an unfair price, and deprive Hertz&#146;s
public shareholders of maximum value to which they are entitled. The Individual
Defendants have also breached the duties of loyalty and due care by not taking
adequate measures to ensure that the interests of Hertz&#146;s public shareholders
are properly protected from overreaching. Ford has breached its fiduciary
duties, which arise from its effective control of Hertz, by using such effective
control for its own benefit.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;The terms of the transaction are grossly unfair to the Class, and
the unfairness is compounded by the gross disparity between the knowledge and
information possessed by defendants by virtue of their positions of control of
Hertz and that possessed by Hertz&#146;s public shareholders. Defendants&#146;
scheme and intent is to take advantage of this disparity and to
induce the class to relinquish their shares in the acquisition at an unfair
price on the basis of incomplete or inadequate information.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Plaintiff has no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>WHEREFORE</B>, plaintiff demands judgment as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;declaring this to be a proper class action;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;enjoining, preliminarily and permanently, the acquisition under the terms presently
proposed;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;to the extent, if any, that the transaction complained of is consummated prior to the entry
of this Court&#146;s final judgment, rescinding the same or awarding rescissory damages to the Class;



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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;directing that defendants account to plaintiff and the Class for all damages caused to
them and account for all profits and any special benefits obtained by defendants as a result of their
unlawful conduct;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;awarding to plaintiff the costs and disbursements of this action, including a reasonable
allowance for the fees and expenses of plaintiff&#146;s attorneys and experts; and

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;granting such other and further relief as the Court deems appropriate.



<P>Dated:&nbsp;September&nbsp;21, 2000

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
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        <TD width="35%">&nbsp;</TD>

</TR>
<TR valign="bottom">
<td></td>
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">ROSENTHAL, MONHAIT, GROSS<BR>
&#38; GODDESS, P.A</FONT></DIV></TD>
</TR>
<TR><TD><FONT size="3">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<td></td>

        <TD valign="top"><FONT size="3">By:_____________________________________<BR>
Suite 1401, Mellon Bank Center<BR>
P.O. Box 1070<BR>
Wilmington, Delaware 19801<BR>
(302) 656-4433</FONT></TD>
</TR>
<TR><TD><FONT size="3">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<td></td>


<TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Attorneys for Plaintiff</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>OF COUNSEL:



<P>KIRBY MCINERNEY &#38; SQUIRE, LLP<BR>
830 Third Avenue, Suite&nbsp;1000<BR>
New York, New York 10022<BR>
(212)&nbsp;371-6600



<P align="center">7
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(17)
<SEQUENCE>18
<FILENAME>k59594aex99-a17.htm
<DESCRIPTION>PETER BRAGDON
<TEXT>

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<TITLE>ex99-a17</TITLE>
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<P align="center">IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY

<P>


<P>&nbsp;

<P>PETER BRAGDON,<BR>


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      <TD width="5%">&nbsp;</TD>

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        <TD align="left" valign="top"><FONT size="2">Plaintiff,</FONT></TD>
</TR>
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<TR valign="bottom">
      <TD align="left" valign="top"><FONT size="2">&#150;&nbsp;against&nbsp;&#150; </FONT></TD>
</TR>

</TABLE>
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      <TD width="5%">&nbsp;</TD>
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      <TD width="15%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
      <TD width="15%">&nbsp;</TD>
      <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
      <TD align="left" valign="top"><FONT size="3">THE HERTZ CORPORATION, FRANK A.</FONT></TD>
      <TD></TD>
      <TD></TD>
</TR>
<TR valign="bottom">
      <TD align="left" valign="top"><FONT size="3">OLSON, CRAIG R. KOCH, W. WAYNE</FONT></TD>
      <TD></TD>
      <TD></TD>
</TR>


<TR valign="bottom">
      <TD nowrap align="left" valign="top"><FONT size="3">BOOKER, LOUIS C. BURNETT, MICHAEL T.</FONT></TD>
      <TD></TD>
      <TD></TD>
</TR>
<TR valign="bottom">
      <TD align="left" valign="top"><FONT size="3">MONAHAN, PETER J. PESTILLO, JOHN M.</FONT></TD>
      <TD></TD>
      <TD></TD>
</TR>

<TR valign="bottom">
      <TD nowrap align="left" valign="top"><FONT size="3">RINTAMAKI, JOHN M. THOMPSON, JOSEPH</FONT></TD>
      <TD></TD>
      <TD></TD>
</TR>

<TR valign="bottom">
      <TD align="left" valign="top"><FONT size="3">A. WALKER AND FORD MOTOR</FONT></TD>
      <TD></TD>
      <TD></TD>
</TR>

<TR valign="bottom">
      <TD align="left" valign="top"><FONT size="3">COMPANY,</FONT></TD>
      <TD></TD>
      <TD></TD>
      <TD></TD>
      <TD colspan="6" align="left" valign="top"><FONT size="2">Civil Action No.&nbsp;18342NC</FONT></TD>
      <TD colspan="6" align="left" valign="top"><FONT size="2"><B></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
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      <TD></TD>
      <TD></TD>
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      <TD nowrap colspan="5" align="left" valign="top"><FONT size="2"><B>CLASS ACTION COMPLAINT</B></FONT></TD>
</TR>



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      <TD></TD>
        <TD align="left" valign="top"><FONT size="2">Defendants.</FONT></TD>
</TR>
</TABLE>
</CENTER>











<P align="center"><FONT size="3"></FONT>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff alleges upon information and belief, except as to paragraph 1
which plaintiff alleges upon knowledge, as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Plaintiff is a shareholder of The Hertz Corporation (&#147;Hertz&#148; or the
&#147;Company&#148;).

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Hertz is a corporation duly organized and existing under the laws of
the State of Delaware, with its principal offices located at 225 Brae Boulevard,
Park Ridge, New Jersey, 07656-0713. Hertz rents and leases cars and light
trucks, rents industrial and construction equipment, and operates its other
businesses from locations throughout the United States, and in other countries.
The Company operates its Hertz car rental business primarily through airport
locations.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Ford Motor Company (&#147;Ford&#148;) is a corporation duly organized and
existing under the laws of the State of Delaware, with its principal offices
located at One American Road, Dearborn, Michigan 48126. Ford designs,
manufactures and services cars and trucks. In addition, Ford provides the rental
of cars, trucks,

<P align="center">&nbsp;
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<P>In addition, Ford provides the rental
of cars, trucks, and industrial and construction equipment through Hertz.
Defendant Ford owns approximately 81.5% of the outstanding shares of common
stock of Hertz and 94.6% of the aggregate voting power of Hertz&#146;s outstanding
common stock through its ownership of Class&nbsp;A and Class&nbsp;B shares of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Frank A. Olsen is a Director of Hertz and has been Chairman of
the Board of Directors thereof since June&nbsp;1980, he was Chief Executive Officer from
March&nbsp;1977 through December&nbsp;1999.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Craig R. Koch is a Director of Hertz and has been President and
Chief Executive Officer of Hertz since January&nbsp;2000. From September&nbsp;1993 through
December&nbsp;1999, Koch was President and Chief Operating Officer of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant W. Wayne Booker is a Director of Hertz and Vice Chairman of
Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant Louis C. Burnett is a Director of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant Michael T. Monahan is a Director of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Peter J. Pestillo is a Director of Hertz and Vice Chairman of
Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant John M. Rintamaki is a Director of Hertz and Group Vice
President, Chief of Staff and Secretary, of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant John M. Thompson is a Director of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant Joseph A. Walker is a Director of Hertz and Managing
Director, J.P. Morgan &#38; Co.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;The individual defendants named above may be referred to
hereinafter as the &#147;Individual Defendants.&#148; The Individual Defendants, as
officers and/or directors of Hertz and/or Ford, a controlling shareholder, have
a fiduciary relationship and responsibility to plaintiff and

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<P>the other public
shareholders of Hertz and owe to them the highest obligations of good faith,
loyalty, fair dealing, due care and candor.


<P align="center"><B>CLASS ACTION ALLEGATIONS</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Plaintiff brings this action on his own behalf and as a class
action, pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of
all common shareholders of Hertz, or their successors in interest, who are being
and will be harmed by defendants&#146; actions described below (the &#147;Class&#148;).
Excluded from the Class are defendants herein and any person, firm, trust,
corporation, or other entity related to or affiliated with any of defendants.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;This action is properly maintainable as a class action because:

<P>
        <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Class is so numerous that joinder of all members is
impracticable. There are thousands of Hertz shareholders of record and many more
beneficial owners who are located throughout the United States;

<P>
        <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. There are questions of law and fact which are common to the
Class, including: whether Ford has acted in a manner calculated to benefit itself at the
expense of Hertz public shareholders; whether the Individual Defendants have breached
   their fiduciary or other common law duties to plaintiff and other members of the
Class; whether plaintiff and the other members of the Class would be irreparably
damaged if Ford, Hertz and the Individual Defendants are not enjoined from
committing the wrongs complained of herein;

<P>

        <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Defendants have acted or refused to act on grounds generally
applicable to the Class, thereby making appropriate final injunctive relief and/or
corresponding declaratory relief with respect to the Class as a whole; and


<P>
        <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Plaintiff is committed to prosecuting this action and has
retained
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        <P>competent counsel experienced in litigation of this nature. The claims
of plaintiff are typical of the claims of the other members of the Class and
plaintiff has the same interests as the other members of the Class. Accordingly,
plaintiff is an adequate representative of the Class and will fairly and
adequately protect the interests of the Class.

<P>
        <P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The prosecution of separate actions by individual members
of the Class would create a risk of inconsistent or varying adjudications with
respect to individual members of the Class, which would establish incompatible
standards of conduct for defendants, or adjudications with respect to individual
members of the Class which would, as a practical matter, be dispositive of the
interests of other members or substantially impair or impede their ability to
protect their interests.

<P align="center"><B>CLAIM FOR RELIEF</B>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Ford owns approximately 81.5% of Hertz common stock and controls
94.6% of the aggregate voting power of Hertz&#146;s outstanding common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;On September&nbsp;21, 2000, Ford announced that it had proposed to
acquire all of the Hertz common stock it did not already own for $30 per share,
which represents a small premium over the closing price of Hertz stock on the
prior trading day.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;The price of $30 per share to be paid to plaintiff and the Class
members is unfair and inadequate consideration, and is not the result of arm&#146;s
length negotiations but was fixed arbitrarily by the defendants to &#147;cap&#148; the
market price of Hertz&#146;s stock, as part of a plan for Ford to obtain complete
ownership of Hertz&#146;s assets and business at the lowest possible price. Due to
the massive ownership interest of Ford in Hertz, it is also not reasonably
possible for a third party to come along and out-bid Ford for a majority stake
in the Company.

<P align="center">4
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;As part of its majority ownership of Hertz, Ford has voting control
of the Company and controls it proxy machinery. It has selected and elected all
of Hertz&#146;s directors, who are beholden to Ford for their offices and the
valuable perquisites conferred upon them by virtue of their positions.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Defendants have clear and material conflicts of interest and are acting to
better the interests of Ford at the expense of Hertz&#146;s public shareholders.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;J. P. Morgan &#38; Co., Inc. advised Ford on the proposed transaction even
though director defendant Joseph A. Walker, is a Managing Director of J.P. Morgan &#38;
Co., creating a further material conflict of interest.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Ford, with the acquiescence of the directors of Hertz, is engaging in
self-dealing and not acting in good faith toward plaintiff and the other members of the
Class.&nbsp;By reason of the foregoing, Ford and the Individual Defendants have breached and
are breaching their fiduciary duties to the irreparable harm of the members of the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;Plaintiff has no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREFORE, plaintiff prays for judgment and relief as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Ordering that this action may be maintained as a class action and certifying
plaintiff as the Class representative;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Preliminarily and permanently enjoining Defendants and all persons acting
in concert with them, from proceeding with, consummating or closing the contemplated
transaction;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;In the event the contemplated transaction is consummated, rescinding it
and setting it aside or awarding rescissory damages to the Class;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;Directing defendants to account to Class members for their damages
sustained as

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<P>a result of the wrongs complained of herein;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;Awarding plaintiff the costs of this action, including a reasonable
allowance for plaintiff&#146;s attorneys&#146; and experts&#146; fees; and

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;Granting such other and further relief as to the Court may seem just and
proper.


<P>Dated: September&nbsp;21, 2000


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">ROSENTHAL, MONHAIT, GROSS &#38;<BR>
GODDESS, P.A</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>


<TR valign="bottom">
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD>By:</TD>
        <TD  align="left" valign="top"><FONT size="2">
__________________________________</FONT></TD>
</TR>

</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">919 North Market Street</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Suite&nbsp;1401, Mellon Bank Center</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Wilmington, Delaware 19899</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
(302) 656-4433</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="2"></FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="2">
Counsel for Plaintiff</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>OF COUNSEL
<P>
<P>WOLF POPPER LLP<BR>
845 Third Avenue<BR>
New York, NY 10022<BR>
212/759-4600




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(18)
<SEQUENCE>19
<FILENAME>k59594aex99-a18.htm
<DESCRIPTION>WILLIAM STEINER
<TEXT>

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<P align="center">IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
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        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">WILLIAM STEINER,</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="3">Plaintiff,</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- against -</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">HERTZ CORPORATION, FRANK A. OLSON,</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">CRAIG R. KOCH, W. WAYNE BOOKER,</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">LOUIS C. BURNETT, MICHAEL T.</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">MONAHAN, PETER J. PESTILLO, JOHN M.</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">RINTAMAKI, JOHN M. THOMPSON, JOSEPH</FONT></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">A. WALKER and FORD MOTOR COMPANY,</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
Civil Action No.&nbsp;18341 NC</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="3">Defendants.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P><Center><B>SHAREHOLDER&#146;S CLASS ACTION<BR>
COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by his attorneys, for his complaint against defendants,
alleges upon personal knowledge with respect to paragraph 2, and upon
information and belief based,<U> inter</U>&nbsp;<U> alia,</U> upon the investigation of counsel, as
to all other allegations herein, as follows:

<P><Center><B>NATURE OF THE ACTION</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;This is a stockholders&#146; class action on behalf of the public
stockholders of Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) to enjoin the
proposed acquisition of the publicly owned shares of Hertz&#146;s common stock by its
controlling shareholder, defendant Ford Motor Company (&#147;Ford&#148;).

<P align="center">
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<P><Center><B>THE PARTIES</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff has been the owner of the common stock of the Company since
prior to the transaction herein complained of and continuously to date.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Hertz is a corporation duly organized and existing under the
laws of the State of Delaware.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Ford is a corporation duly organized and existing under
the laws of Delaware. Ford, owns approximately 50% of the Company&#146;s outstanding
Class&nbsp;A common stock and 100% of the Company&#146;s outstanding Class&nbsp;B common stock.
The common stock owned by Ford represents in the aggregate 94.6% of the combined
voting power of all of Hertz&#146;s outstanding common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Frank A. Olson is chairman of the Board of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Craig R. Koch is President, Chief Executive Officer and a
director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant W. Wayne Booker is a director of the Company. He is also
Vice Chairman of the Board of Directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant Louis C. Burnett is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Michael T. Monahan is a director of the Company.


<P align="center">2
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant Peter J. Pestillo is a director of the Company. He is also Vice
Chairman of the board of directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant John M. Rintamaki is a director of the Company. He is also a
Group Vice President, Chief of Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant John M. Thompson is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Defendant Joseph A. Walker is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;The defendants named in paragraphs 5 through 13 (the &#147;Individual
Defendants&#148;) are in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz and owe them the highest obligations of good faith and
fair dealing.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Defendant Ford, through its approximately 94.6% of the voting power
of Hertz&#146;s common stock and having persons affiliated with on Hertz&#146;s board, has
effective and working control of Hertz. As such, defendant Ford is in a
fiduciary relationship with plaintiff and the other public stockholders of Hertz
and owes them the highest obligations of good faith and fair dealing.

<P>

<Center><B>CLASS ACTION ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Plaintiff brings this action on his own behalf and as a class
action pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of
all Hertz stockholders (except defendants herein and any person, firm, trust,
corporation or other entity related to or affiliated with any of the defendants)
and their



<P align="center">3
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<P><HR noshade><P>

successors in interest, who are or will be threatened with injury
arising from defendants actions as more fully described herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;This action is properly maintainable as a class action.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;The class of stockholders for whose benefit this action is brought is so
numerous that joinder of all Class members is impracticable.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;There are questions of law and fast which are common to the Class
including,<U>inter</U>&nbsp;<U> alia,</U> the following:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="100%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;whether the Individual Defendants have breached their fiduciary
and other common law duties owed by them to plaintiff and the members of the Class;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;whether plaintiff and the other members of the Class will
be damaged irreparably by defendants&#146; failure to take action designed to obtain
the best value for the public shareholders&#146; interest in Hertz.</TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. The claims of
plaintiff are typical of the claims of the other members of the Class and
plaintiff has the same interests as the other members of the Class. Accordingly,
plaintiff will fairly and adequately represent the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;The prosecution of separate actions by individual members of the
Class would create a risk of inconsistent or varying adjudications with respect
to individual members of the Class and

<P align="center">4
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<P><HR noshade><P>
<p>establish incompatible standards of conduct for the party opposing the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Defendants have acted and are about to act on grounds generally
applicable to the Class, thereby making appropriate final injunctive relief with
respect to the Class as a whole.

<P><Center><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;On September&nbsp;21, 2000, it was announced that Ford offered to
acquire all of the outstanding Class&nbsp;A common shares of Hertz, it does not
already own, for $30 per share.


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;The consideration to be paid to class members in the transaction is
unconscionable and unfair and grossly inadequate because, among other things,
the intrinsic value of Hertz&#146;s common stock is materially in excess of the
amount offered for those securities in the proposed acquisition given the
stock&#146;s current trading price and the Company&#146;s prospects for future growth and
earnings.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford timed its offer to take advantage of the decline in the market
price of Hertz&#146;s stock. The offer has the effect of capping the market for
Hertz&#146;s stock to facilitate Ford&#146;s plan to obtain the public interest in Hertz
as cheaply as possible.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Under the circumstances, the Individual Defendants are obligated to
explore all alternatives to maximize shareholder value.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;The defendants have breached their duty of loyalty to Hertz
stockholders by using their control of Hertz to force
<P align="center">5
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<P><HR noshade><P>

<P align="left">plaintiff and the Class to
sell their equity interest in Hertz at an unfair price, and deprive Hertz&#146;s
public shareholders of maximum value to which they are entitled. The Individual
Defendants have also breached the duties of loyalty and due care by not taking
adequate measures to ensure that the interests of Hertz&#146;s public shareholders
are properly protected from overreaching. Ford has breached its fiduciary
duties, which arise from its effective control of Hertz, by using such effective
control for its own benefit.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;The terms of the transaction are grossly unfair to the Class, and
the unfairness is compounded by the gross disparity, between the knowledge and
information possessed by defendants by virtue of their positions of control of
Hertz and that possessed by Hertz&#146;s public shareholders. Defendants&#146; scheme and
intent is to take advantage of this disparity and to induce the Class to relinquish their
shares in the acquisition at an unfair price on the basis of incomplete or inadequate information.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Plaintiff has no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREFORE, plaintiff demands judgment as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;declaring this to be a proper class action;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;enjoining, preliminarily and permanently, the acquisition under the terms
presently proposed;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;to the extent, if any, that the transaction complained of is consummated
prior to the entry of this Court&#146;s final judgment, rescinding the same or awarding
rescissory damages to the Class;

<P align="center">
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<P><HR noshade><P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;directing that defendants account to plaintiff and the Class for all damages
caused to them and account for all profits and any special benefits obtained by defendants
as a result of their unlawful conduct;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;awarding to plaintiff the costs and disbursements of this action, including
a reasonable allowance for the fees and expenses of plaintiff&#146;s attorneys and experts; and


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;granting such other and further relief as the court deems appropriate.


<P>Dated: September&nbsp;21, 2000



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">ROSENTHAL, MONHAIT, GROSS<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#38; GODDESS, P.A.</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">By:&nbsp;&nbsp;&nbsp;&nbsp;<BR>
<HR size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite&nbsp;1401, Mellon Bank Center<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 1070<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, Delaware 19801<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302)&nbsp;656-4433</FONT></TD>
</TR>
</TABLE>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">Attorneys for Plaintiff</FONT></TD>
</TR>
</TABLE>



<P>OF COUNSEL:



<P>GOODKIND LABATON RUDOFF &#38; SUCHAROW LLP<BR>
Suite&nbsp;1200, 100 Park Avenue<BR>
New York, New York 10017-5563<BR>
(212)&nbsp;907-0700



<P align="center">7
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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(19)
<SEQUENCE>20
<FILENAME>k59594aex99-a19.htm
<DESCRIPTION>KATHLEEN GERRA
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a19</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<Center>IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY</Center>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="60%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">KATHLEEN GERRA,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;- against -</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD><FONT size="3">HERTZ CORPORATION, FRANK A. OLSON,<BR>
CRAIG R. KOCH, W. WAYNE BOOKER,<BR>
LOUIS C. BURNETT, MICHAEL T.<BR>
MONAHAN, PETER J. PESTILLO, JOHN M.<BR>
RINTAMAKI, JOHN M. THOMPSON, JOSEPH<BR>
A. WALKER and FORD MOTOR COMPANY, </FONT></TD>
<td></td>
<td colspan="2">Civil Action No.&nbsp;18339 NC</td>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defendants.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P><Center><B>SHAREHOLDER&#146;S CLASS ACTION<BR>
COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by her attorneys, for her complaint against defendants,
alleges upon personal knowledge with respect to paragraph 2, and upon
information and belief based, <U>inter</U><U> alia,</U> upon the investigation of counsel, as
to all other allegations herein, as follows:

<P><Center><B>NATURE OF THE ACTION</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;This is a stockholders&#146; class action on behalf of the public
stockholders of Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) to enjoin the
proposed acquisition of the publicly owned shares of Hertz&#146;s common stock by its
controlling shareholder, defendant Ford Motor Company (&#147;Ford&#148;).

<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>



<Center><B>THE PARTIES</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff has been the owner of the common stock of the Company since
prior to the transaction herein complained of and continuously to date.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Hertz is a corporation duly organized and existing under the
laws of the State of Delaware.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Ford is a corporation duly organized and existing under
the laws of Delaware. Ford, owns approximately 50% of the Company&#146;s outstanding
Class&nbsp;A common stock and 100% of the Company&#146;s outstanding Class&nbsp;B common stock.
The common stock owned by Ford represents in the aggregate 94.6% of the combined
voting power of all of Hertz&#146;s outstanding common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Frank A. Olson is Chairman of the Board of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Craig R. Koch is President, Chief Executive officer and a
director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant W. Wayne Booker is a director of the Company. He is also
Vice Chairman of the Board of Directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant Louis G. Burnett is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Michael T. Monahan is a director of the Company.



<P align="center">2
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<P><HR noshade><P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant Peter J. Pestillo is a director of the Company. He is also Vice
Chairman of the board of directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant John M. Rintamaki is a director of the Company. He is also a
Group Vice President, Chief of Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant John M. Thompson is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Defendant Joseph A. Walker is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;The defendants named in paragraphs 5 through 13 (the &#147;Individual
Defendants&#148;) are in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz and owe them the highest obligations of good faith and
fair dealing.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Defendant Ford, through its approximately 94.6% of the voting power
of Hertz&#146;s common stock and having persons affiliated with on Hertz&#146;s board, has
effective and working control of Hertz. As such, defendant Ford is in a
fiduciary relationship with plaintiff and the other public stockholders of Hertz
and owes them the highest obligations of good faith and fair dealing.

<Center><p><B>CLASS ACTION ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Plaintiff brings this action on his own behalf and as a class
action pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of
all Hertz stockholders (except defendants herein and any person, firm, trust,
corporation or other entity related to or affiliated with any of the defendants)
and their

<P align="center">3
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<P><HR noshade><P>

<P align="left">successors in interest, who are or will be threatened with injury
arising from defendants&#146; actions as more fully described herein.</P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;This action is properly maintainable as a class action.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;The class of stockholders for whose benefit this action is brought is so
numerous that joinder of all Class members is impracticable.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;There are questions of law and fact which are common to the Class
including, <U>inter</U><U> alia,</U> the following:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;whether the Individual Defendants have breached their fiduciary
and other common law duties owed by them to plaintiff and the members of the class;

<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;whether plaintiff and the other members of the Class will
be damaged irreparably by defendants failure to take action designed to obtain
the best value for the public shareholders&#146; interest in Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. The claims of
plaintiff are typical of the claims of the other members of the Class and
plaintiff has the same interests as the other members of the Class. Accordingly,
plaintiff will fairly and adequately represent the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;The prosecution of separate actions by individual members of the
Class would create a risk of inconsistent or varying adjudications with respect
to individual members of the Class and

<P align="center">4
<!-- PAGEBREAK -->
<P><HR noshade><P>


<P align="left">establish incompatible standards of conduct for the party opposing the Class.</P>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Defendants have acted and are about to act on grounds generally
applicable to the class, thereby making appropriate final injunctive relief with
respect to the Class as a whole.

<Center><p><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;On September&nbsp;21, 2000, it was announced that Ford offered to
acquire all of the outstanding Class&nbsp;A common shares of Hertz, it does not
already own, for $30 per share.


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;The consideration to be paid to Class members in the transaction is
unconscionable and unfair and grossly inadequate because, among other things,
the intrinsic value of Hertz&#146;s common stock is materially in excess of the
amount offered for those securities in the proposed acquisition given the
stock&#146;s current trading price and the Company&#146;s prospects for future growth and
earnings.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford timed its offer to take advantage of the decline in the market
price of Hertz&#146;s stock. The offer has the effect of capping the market for
Hertz&#146;s stock to facilitate Ford&#146; s plan to obtain the public interest in Hertz
as cheaply as possible.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Under the circumstances, the Individual Defendants are obligated to
explore all alternatives to maximize shareholder value.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;The defendants have breached their duty of loyalty to Hertz
stockholders by using their control of Hertz to force

<P align="center">5
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P align="left"> plaintiff and the Class to sell their equity interest in Hertz at
an unfair price, and deprive Hertz&#146;s public shareholders of maximum value to which
they are entitled. The Individual Defendants have also breached the duties of loyalty and
due care by not taking adequate measures to ensure that the interests of Hertz&#146;s public
shareholders are properly protected from overreaching. Ford has breached its fiduciary
duties, which arise from its effective control of Hertz, by using such effective
control for its own benefit.</P>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;The terms of the transaction are grossly unfair to the Class, and
the unfairness is compounded by the gross disparity between the knowledge and
information possessed by defendants by virtue of their positions of control of
Hertz and that possessed by Hertz&#146;s public shareholders. Defendants&#146; scheme and
intent is to take advantage of this
disparity and to induce the Class to relinquish their shares in the acquisition
at an unfair price on the basis of incomplete or inadequate information.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Plaintiff has no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>WHEREFORE</B>, plaintiff demands judgment as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;declaring this to be a proper class action;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;enjoining, preliminarily and permanently, the acquisition under the terms
presently proposed;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;to the extent, if any, that the transaction complained of is consummated
prior to the entry of this Court&#146;s final judgment, rescinding the same or awarding
rescissory damages to the Class;


<P align="center">
<!-- PAGEBREAK -->
<P><HR noshade><P>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;directing that defendants account to plaintiff and the Class for all damages
caused to them and account for all profits and any special benefits obtained by defendants
as a result of their unlawful conduct;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;awarding to plaintiff the costs and disbursements of this action, including
a reasonable allowance for the fees and expenses of plaintiff&#146;s attorneys and experts; and


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;granting such other and further relief as the Court deems appropriate.

<P>Dated:&nbsp;September&nbsp;21, 2000

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%" align="center">
<TR valign="bottom">
        <TD width="60%">&nbsp;</TD>
        <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
<td></td>
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">ROSENTHAL, MONHAIT, GROSS<BR>
&#38; GODDESS, P.A</FONT></DIV></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<td></td>

<TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">By:__________________________<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Suite 1401, Mellon Bank Center<BR>
&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 1070<BR>
&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, Delaware 19801<BR>
&nbsp;&nbsp;&nbsp;&nbsp;(302) 656-4433</FONT></DIV></TD>
</TR>
<TR><TD><FONT size="3">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<td></td>
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Attorneys for Plaintiff</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<P>OF COUNSEL:



<P>ABBEY GARDY &#38; SQUITIERI LLP<BR>
212 East 39th Street<BR>
New York, New York 10016<BR>
(212)&nbsp;889-3700



<P align="center">7
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(20)
<SEQUENCE>21
<FILENAME>k59594aex99-a20.htm
<DESCRIPTION>SELMA KAISER
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a20</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<Center>IN THE COURT OF CHANCERY IN THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY</Center>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="10%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="30%">&nbsp;</TD>
        <TD width="50%">&nbsp;</TD>

</TR>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">SELMA KAISER,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Plaintiff,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">- against -</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR><TD><TR><TD><TR><TD><TR><TD>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">HERTZ CORPORATION, FRANK A. OLSON,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">CRAIG R. KOCH, W. WAYNE BOOKER,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">LOUIS C. BURNETT, MICHAEL T.</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">MONAHAN, PETER J. PESTILLO, JOHN M.</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">RINTAMAKI, JOHN M. THOMPSON,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">JOSEPH A. WALKER, and FORD MOTOR &nbsp;&nbsp;&nbsp;&nbsp; </FONT></DIV></TD>
<TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Civil Action No.&nbsp;18338 NC</FONT></DIV></TD>

</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">COMPANY,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">Defendants.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>

<p>&nbsp;
<p>&nbsp;

<Center><B>SHAREHOLDER&#146;S CLASS ACTION<BR>
COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by her attorneys, for her complaint against defendants,
alleges upon personal knowledge with respect to paragraph 2, and upon
information and belief based, <u>inter alia</U>, upon the investigation of counsel, as
to all other allegations herein, as follows:
<p>&nbsp;

<Center><B>NATURE OF THE ACTION</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;This is a stockholders&#146; class action on behalf of the public
stockholders of Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) to enjoin the
proposed acquisition of the publicly owned shares of Hertz&#146;s common stock by its
controlling shareholder, defendant Ford Motor Company (&#147;Ford&#148;).
<p>&nbsp;



<P align="center">&nbsp;
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<Center><B>THE PARTIES</B></Center>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff has been the owner of the common stock of the Company since
prior to the transaction herein complained of and continuously to date.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Hertz is a corporation duly organized and existing under the
laws of the State of Delaware.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Ford is a corporation duly organized and existing under
the laws of Delaware. Ford, owns approximately 50% of the Company&#146;s outstanding
Class&nbsp;A common stock and 100% of the Company&#146;s outstanding Class&nbsp;B common stock.
The common stock owned by Ford represents in the aggregate 94.6% of the combined
voting power of all of Hertz&#146;s outstanding common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant Frank A. Olson is Chairman of the Board of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Craig R. Koch is President, Chief Executive Officer and a
director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant W. Wayne Booker is a director of the Company. He is also
Vice Chairman of the Board of Directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendant Louis C. Burnett is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Defendant Michael T. Monahan is a director of the Company.


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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Defendant Peter J. Pestillo is a director of the Company. He is also Vice
Chairman of the board of directors of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant John M. Rintamaki is a director of the Company. He is also a
Group Vice President, Chief of Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Defendant John M. Thompson is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Defendant Joseph A. Walker is a director of the Company.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;The defendants named in paragraphs 5 through 13 (the &#147;Individual
Defendants&#148;) are in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz and owe them the highest obligations of good faith and
fair dealing.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Defendant Ford, through its approximately 94.6% of the voting power
of Hertz&#146;s common stock and having persons affiliated with on Hertz&#146;s board, has
effective and working control of Hertz. As such, defendant Ford is in a
fiduciary relationship with plaintiff and the other public stockholders of Hertz
and owes them the highest obligations of good faith and fair dealing.
<p>&nbsp;

<Center><B>CLASS ACTION ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Plaintiff brings this action on his own behalf and as a class
action pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on behalf of
all Hertz stockholders (except defendants herein and any person, firm, trust,
corporation or other entity related to or affiliated with any of the defendants)
and their



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<p>successors in interest, who are or will be threatened with injury
arising from defendants&#146; actions as more fully described herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;This action is properly maintainable as a class action.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;The class of stockholders for whose benefit this action is brought is so
numerous that joinder of all Class members is impracticable.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;There are questions of law and fact which are common to the Class
including, <u>inter alia</U>, the following:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;whether the Individual Defendants have breached their fiduciary
and other common law duties owed by them to plaintiff and the members of the Class;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;whether plaintiff and the other members of the Class will
be damaged irreparably by defendants&#146; failure to take action designed to obtain
the best value for the public shareholders&#146; interest in Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. The claims of
plaintiff are typical of the claims of the other members of the Class and
plaintiff has the same interests as the other members of the Class. Accordingly,
plaintiff will fairly and adequately represent the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;The prosecution of separate actions by individual members of the
Class would create a risk of inconsistent or varying adjudications with respect
to individual members of the Class and
<P align="center">4

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<p>establish incompatible standards of conduct for the party opposing the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Defendants have acted and are about to act on grounds generally
applicable to the Class, thereby making appropriate final injunctive relief with
respect to the Class as a whole.
<p>&nbsp;

<Center><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;On September&nbsp;21, 2000, it was announced that Ford offered to
acquire all of the outstanding Class&nbsp;A common shares of Hertz, it does not
already own, for $30 per share.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;The consideration to be paid to Class members in the transaction is
unconscionable and unfair and grossly inadequate because, among other things, the
intrinsic value of Hertz&#146;s common stock is materially in excess of the amount offered for



<P>those securities in the proposed acquisition given the stock&#146;s current trading
price and the Company&#146;s prospects for future growth and earnings.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford timed its offer to take advantage of the decline in the market
price of Hertz&#146;s stock. The offer has the effect of capping the market for
Hertz&#146;s stock to facilitate Ford&#146;s plan to obtain the public interest in Hertz
as cheaply as possible.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Under the circumstances, the Individual Defendants are obligated to
explore all alternatives to maximize shareholder value.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;The defendants have breached their duty of loyalty to Hertz
stockholders by using their control of Hertz to force

<P align="center">5
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<p>plaintiff and the Class to
sell their equity interest in Hertz at an unfair price, and deprive Hertz&#146;s
public shareholders of maximum value to which they are entitled. The Individual
Defendants have also breached the duties of loyalty and due care by not taking
adequate measures to ensure that the interests of Hertz&#146;s public shareholders
are properly protected from overreaching. Ford has breached its fiduciary
duties, which arise from its effective control of Hertz, by using such effective
control for its own benefit.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;The terms of the transaction are grossly unfair to the Class, and
the unfairness is compounded by the gross disparity between the knowledge and
information possessed by defendants by virtue of their positions of control of
Hertz and that possessed by Hertz&#146;s public shareholders. Defendants&#146; scheme and
intent is to take advantage of this disparity and to induce the Class to
relinquish their shares in the acquisition at an unfair price on the basis of
incomplete or inadequate information.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Plaintiff has no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREFORE, plaintiff demands judgment as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;declaring this to be a proper class action;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;enjoining, preliminarily and permanently, the acquisition under the terms
presently proposed;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;to the extent, if any, that the transaction complained of is consummated
prior to the entry of this Court&#146;s final judgment, rescinding the same or awarding
rescissory damages to the Class;



<P align="center">6

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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;directing that defendants account to plaintiff and the Class for all damages
caused to them and account for all profits and any special benefits obtained by defendants
as a result of their unlawful conduct;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;awarding to plaintiff the costs and disbursements of this action, including
a reasonable allowance for the fees and expenses of plaintiff&#146;s attorneys and experts; and

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;granting such other and further relief as the Court deems appropriate.

<P>Dated:&nbsp;September&nbsp;21, 2000

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="5%">&nbsp;</TD>
        <TD width="58%">&nbsp;</TD>
        <TD width="37%">&nbsp;</TD>

</TR>
<TR valign="bottom">
<td></td>
<td></td>

        <TD valign="top"><FONT size="3">ROSENTHAL, MONHAIT, GROSS &#38;<BR>
GODDESS, P.A</FONT></TD>
<TR><TD><FONT size="3">&nbsp;</FONT></TD></TR>

</TR>
<TR valign="bottom">
<td></td>
<td></td>

        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px">By:
___________________________<BR>
Suite 1401, Mellon Bank Center<BR>
P.O. Box 1070<BR>
Wilmington, Delaware 19801<BR>
(302) 656-4433<BR>
<p>&nbsp;
Attorneys for Plaintiff</DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><DIV style="margin-left:10px; text-indent:-10px">
<HR size="1"></DIV></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">OF COUNSEL:</FONT></DIV></TD>
</TR>
<TR><TD><FONT size="3">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">FARUQI &#38; FARUQI, LLP<BR>
320 East 39th Street<BR>
New York, New York 10016<BR>
(212)  983-9330</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center">7
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(21)
<SEQUENCE>22
<FILENAME>k59594aex99-a21.htm
<DESCRIPTION>KEVIN LEWIS
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a21</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<P align="center">IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
        <TD width="50%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">KEVIN LEWIS,</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="3">Plaintiff,</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">FRANK A. OLSON; CRAIG R.
KOCH; W.</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">WAYNE BOOKER; LOUIS C. BURNETT;</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">MICHAEL T. MONAHAN; PETER J.</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">
PESTILLO; JOHN M. RINTAMAKI; JOHN M.</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">
THOMPSON; JOSEPH A. WALKER; FORD</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">MOTOR COMPANY; and HERTZ</FONT></TD>
<TD></TD>
    <TD  align="left" valign="top"><FONT size="3">
Civil Action No.&nbsp;18340 NC</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">CORPORATION,</FONT></TD>
<TD></TD>
<TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top" align="center"><FONT size="3">Defendants.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P><Center><B>COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, by his attorneys, alleges upon information and belief,
except as to paragraph 1 which is alleged upon personal knowledge, as follows:

<P><Center><B>THE PARTIES</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Plaintiff Kevin Lewis (&#147;plaintiff&#148;) is the owner of Class&nbsp;A common
stock of the Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;) and has been the owner
of such shares continuously since prior to the wrongs complained of herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Defendant Hertz is a corporation duly existing and organized under the
laws of the State of Delaware, with its principal executive offices located at 225 Brae
Boulevard, Park Ridge, New Jersey. The Company purports to be the largest car rental
business in the world based upon revenues and one of the largest industrial and
construction equipment rental businesses in the United States. Hertz is and at
all times relevant hereto was listed and traded on the New York

<P align="center">&nbsp;
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<P>Stock Exchange.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Defendant Frank A. Olson (&#147;Olson&#148;) is and at all times relevant hereto has
been Chairman of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Craig R. Loch (&#147;Koch&#148;) is and at all times relevant hereto has
been President, Chief Executive Officer, and a director of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendant W. Wayne Booker (&#147;Booker&#148;) is and at all times relevant hereto
has been a director of Hertz. Booker is also Vice Chairman of Ford Motor Company
(&#147;Ford&#148;), Hertz&#146;s controlling shareholder.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Defendant Peter J. Pestillo (&#147;Pestillo&#148;) is and at all times relevant hereto
has been a director of Hertz. Pestillo is also Vice Chairman of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Defendant John M. Rintamaki (&#147;Rintamaki&#148;) is and at all times relevant
hereto has been a director of Hertz. Rintamaki is also Group Vice President, Chief of
Staff and Secretary of Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Defendants John M. Thompson, Louis C. Burnett, Michael T. Monahan,
and Joseph A. Walker are and at all times relevant hereto have been directors of Hertz.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;The defendants referred to in paragraphs 3 through 8 are collectively
referred to herein as the &#147;Individual Defendants.&#148;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;By reason of the above Individual Defendants&#146; positions with the
Company as officers an/or directors, said individuals are in a fiduciary relationship with
plaintiff and the other public stockholders of Hertz, and owe plaintiff and the other
members of the class the highest obligations of good faith, fair dealing, due
care, loyalty and full, candid and adequate disclosure.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Defendant Ford is the controlling shareholder of Hertz, owning
approximately




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<P>81.5% of Hertz&#146;s outstanding common stock. Specifically, Ford owns
approximately 20.2&nbsp;million shares of Hertz Class&nbsp;A common stock, and all of the
Company&#146;s 67.3&nbsp;million shares of Class&nbsp;B common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Ford produces cars and trucks and its subsidiaries also engage in
other businesses, including manufacturing automotive components and systems and
financing and renting vehicles and equipment. Its automotive vehicle brands
include Ford, Mercury, Lincoln, Volvo, Jaguar and Aston Martin.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;By virtue of Ford&#146;s position as the Company&#146;s majority shareholder,
Ford is in a fiduciary relationship with plaintiff and the other public
stockholders of Hertz, and owes plaintiff and the other members of the class the
highest obligations of good faith, fair dealing, due care, loyalty and full,
candid and adequate disclosure.

<P><Center><B>CLASS ACTION ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Plaintiff brings this action on plaintiff&#146;s own behalf and as a
class action, pursuant to Rule&nbsp;23 of the Rules of the Court of Chancery, on
behalf of plaintiff and holders of Hertz common stock (the &#147;Class&#148;). Excluded
from the Class are defendants herein and any person, firm, trust, corporation or
other entity related to or affiliated with any of the defendants.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;This action is properly maintainable as a class action.


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;The Class is so numerous that joinder of all members is impracticable. As
of September&nbsp;20, 2000, there were approximately 107.5&nbsp;million shares of Hertz
common stock outstanding, approximately 19.9&nbsp;million shares not owned by Ford.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;There are questions of law and fact which are common to the Class
and which predominate over questions affecting any individual Class members. The
common questions
<P align="center">2
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<P>include, <U>inter alia</U>, the following:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD align="right">(a)&nbsp;</TD>
        <TD>whether the merger is grossly unfair to the Class;</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD align="right">(b)&nbsp;</TD>
        <TD>whether plaintiff and the other members of the Class would be
irreparably damaged were the transactions complained of herein
consummated; and</TD>
</TR>
<TR>
        <TD>&nbsp;</TD>
</TR>
<TR valign="top">
        <TD align="right">(c)&nbsp;</TD>
        <TD>whether defendants have breached their fiduciary and
other common law duties owed by them to plaintiff and
the other members of the Class.</TD>
</TR>
</TABLE>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. Plaintiff&#146;s claims
are typical of the claims of the other members of the Class and plaintiff has
the same interests as the other members of the Class. Accordingly, plaintiff is
an adequate representative of the Class and will fairly and adequately protect
the interests of the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;Defendants have acted on grounds generally applicable to the Class
with respect to the matters complained of herein, thereby making appropriate the
relief sought herein with respect to the Class as a whole.


<P><Center><B>SUBSTANTIVE ALLEGATIONS</B></Center>


<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;On September&nbsp;21, 2000, Ford announced that it has proposed to
acquire the 18.5% of Hertz&#146;s outstanding common stock that it does not already
own through a merger transaction.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;Under the term of the proposal, the public shareholders of Hertz will be
cashed out of their equity interests in Hertz for $30.00 per share.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Ford has timed the proposal to freeze out Hertz&#146;s public
shareholders in order to capture for itself Hertz&#146;s future potential without
paying an adequate or fair price to the Company&#146;s public shareholders.




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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;Ford timed the announcement of the proposed buyout to place an
artificial lid on the market price of Hertz common stock so that the market
would not reflect Hertz&#146;s improving potential, thereby purporting to justify an
unreasonably low price.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;Ford has access to internal financial information about Hertz, its
true value, expected increase in true value, and the benefits of 100% ownership
of Hertz to which plaintiff and the Class members are not privy. Ford is using
such inside information to benefit itself and it affiliates in this proposed
transaction, to the detriment of the Hertz&#146;s public stockholders.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Ford has clear and material conflicts of interest and is acting to
better its own interests at the expense of Hertz&#146;s public shareholders. Ford and
its affiliates have voting control of the Company and control its proxy
machinery. Ford has selected and/or controls a majority of Hertz&#146;s directors,
with the remaining Hertz directors beholden to Ford for their offices and the
valuable perquisites which they enjoy therefrom.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Ford is engaging in self-dealing and not acting in good faith
toward plaintiff and the other members of the Class. By reason of the foregoing,
Ford and the Individual Defendants have breached and are breaching their
fiduciary duties to the members of the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;Unless the proposed buyout is enjoined by the Court, defendants
will continue to breach their fiduciary duties owed to plaintiff and the members
of the Class to the irreparable harm of the members of the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;Plaintiff and the Class have no adequate remedy at law.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREFORE, plaintiff prays for judgment and relief as follows:

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;Ordering that this action may be maintained as a class action and certifying
plaintiff as the Class representative;



<P align="center">4
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<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;Preliminarily and permanently enjoining defendants and ail persons acting
in concert with them, from proceeding with, consummating or closing the proposed
transaction;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;In the event the proposed buyout is consummated, rescinding it and setting
it aside or awarding rescissory damages to the Class;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;Directing defendants to account to Class members for their damages
sustained as a result of the wrongs complained of herein;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;Awarding plaintiff the casts of this action, including reasonable allowance
for plaintiff&#146;s attorneys&#146; and experts&#146; fees;

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;Granting such other and further relief as this Court may deem just and
proper.



<P align="center">5
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<P>Dated: September&nbsp;21, 2000



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="50%">&nbsp;</TD>
        <TD width="50%"><FONT size="3">ROSENTHAL, MONHAIT, GROSS<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#38; GODDESS, P.A.<BR><BR>
By: /s/ Norman M. Monhait<BR>
<HR size="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suite&nbsp;1401, Mellon Bank Center<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O. Box 1070<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wilmington, Delaware 19801<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(302)&nbsp;656-4433<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attorneys for Plaintiff</FONT></TD>
</TR>
</TABLE>



<P>OF COUNSEL:



<P>SCHIFFRIN &#38; BARROWAY, LLP<BR>
Marc A. Topaz<BR>
Gregory M. Castaldo<BR>
Three Bala Plaza East<BR>
Suite&nbsp;400<BR>
Bala Cynwyd, PA 19004<BR>
(610)&nbsp;667-7706



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A(22)
<SEQUENCE>23
<FILENAME>k59594aex99-a22.htm
<DESCRIPTION>FURTHERFIELD PARTNERS
<TEXT>

<HTML>
<HEAD>
<TITLE>ex99-a22</TITLE>
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<Center>IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE<BR>
IN AND FOR NEW CASTLE COUNTY</Center>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
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        <TD width="59%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
        <TD width="26%">&nbsp;</TD>
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<TR valign="bottom">
        <TD valign="top"><FONT size="3">FURTHERFIELD PARTNERS, L.P.,<br>
individually and on behalf of all others similarly<br>
situated,</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff,</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- against -</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">HERTZ CORPORATION, FORD MOTOR<br>
COMPANY, FRANK A. OLSON, CRAIG R.<br>
KOCH, W. WAYNE BOOKER, LOUIS C.<br>
BURNETT, MICHAEL T. MONAHAN, PETER<br>
J. PESTILLO, JOHN M. RINTAMAKI, JOHN<br>
M. THOMPSON, and JOSEPH A. WALKER,</FONT></TD>
        <TD  align="left" valign="bottom" Colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">
Civil Action No.&nbsp;18351</FONT></DIV></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defendants.</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<Center><p><B>CLASS ACTION COMPLAINT</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plaintiff, individually and on behalf of a class, for its complaint
against defendants, alleges on information and belief based on its attorneys&#146;
investigation, as follows:

<Center><p><B>NATURE OF THE ACTION</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Plaintiff brings this action individually and as a class action on
behalf of itself and all persons and entities, other than defendants, who own
the securities of Hertz Corporation (&#147;Hertz&#148; or the &#147;Company&#148;), and who are
similarly situated (the &#147;Class&#148;). Plaintiff seeks, <i>inter
alia</I>, to enjoin the
closing of a proposed transaction whereby <P>defendant Ford Motor Company (&#147;Ford&#148;) will purchase the approximately 18% equity
interest in Hertz that it does not already beneficially own, for $30 in cash for
each share of Hertz common stock. Alternatively, in the event that the proposed
transaction is implemented, plaintiff seeks


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<P>to recover damages caused by the
breach of fiduciary duties owed by the defendants to Hertz&#146;s minority
shareholders.

<Center><p><B>PARTIES</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Plaintiff, Furtherfield Partners, L.P. (&#147;Plaintiff&#148;) is, and was at all material
times hereto, the owner of 11,000 shares of Hertz common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Hertz is a corporation duly organized under the laws of the State of
Delaware with its principal executive offices located in Park Ridge, New Jersey.
Hertz is the world&#146;s largest car rental company and a leader in the industrial
and construction equipment rental business.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Defendant Ford Motor Company (&#147;Ford&#148;) is a Delaware corporation and
controlling shareholder of Hertz. As a result of its control of 100% of the
Company&#146;s Class&nbsp;B common stock, Ford controls nearly 95% of the combined general
voting power. It seeks to purchase the approximately 18% equity interest in
Hertz that it does not already beneficially own, for $30 in cash for each share
of Hertz common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Defendants Frank A. Olson (&#147;Olson&#148;), Craig R. Koch (&#147;Koch&#148;), W.
Wayne Booker (&#147;Booker&#148;), Louis C. Burnett (&#147;Burnett&#148;), Michael T. Monahan
(&#147;Monahan&#148;), Peter J. Pestillo (&#147;Pestillo&#148;), John M. Rintamaki (&#147;Rintamaki&#148;), John M.
Thompson (&#147;Thompson&#148;), and Joseph A. Walker (&#147;Walker&#148;) (the &#147;Individual
Defendants&#148;) are all members of Hertz&#146;s Board of Directors. In addition, defendant
director Olson is Chairman and, until December&nbsp;1999, was Chief Executive Officer
of Hertz Corporation; defendant director Koch is President and Chief Executive
Officer of Hertz and defendant directors Booker, Pestillo and Rintamaki are Ford
executives. Because Ford owns 82% of the shares of Hertz and controls over 94%
of the general voting power, and because of the relationship of
the directors to
Ford or Hertz,

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<P>the directors cannot act independently of the Company&#146;s
controlling shareholder.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;The Individual Defendants as directors of Hertz owe the highest
fiduciary obligations of good faith, loyalty, and fair dealing to the minority
shareholders of Hertz.

<Center><p><B>CLASS ACTION ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Plaintiff brings this case in its own behalf and as a class action,
pursuant to Chancery Court Rule&nbsp;23, on behalf of the minority public holders of
Hertz common stock, except defendants herein and any person, firm, trust,
corporation, or other entity related to or affiliated with any of the
defendants, who will be threatened with injury arising from defendants&#146; actions
as is described more fully below.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;This action is properly maintainable as a class action. The Class is
so numerous that joinder of all members is impracticable. As of March&nbsp;24, 2000,
the Company had approximately 107&nbsp;million shares of Class&nbsp;A and B common stock
outstanding, of which approximately 88&nbsp;million shares, including all of the
Class&nbsp;B common stock, are owned by Ford. There are hundreds of record and
beneficial shareholders in the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;There are questions of
law and fact common to the Class including,<I>inter
alia</I>, whether:

<CENTER>
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<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(a) </FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
defendants have used their equity and managerial domination and
control to force out the minority shareholders of Hertz;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(b) </FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
defendants have breached and will continue to breach their
fiduciary and other common law duties owed by them to plaintiff
and the members of the Class; and</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(c)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
plaintiff and the other members of the Class would be irreparably
</FONT></TD>
</TR>
</TABLE>
</CENTER>

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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3"></FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
damaged by the wrongs complained of herein.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;The claims of plaintiff are typical of the claims of the other members of
the Class in that all members of the Class will be harmed by defendants&#146; actions.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Plaintiff is committed to prosecuting this action and has retained
competent counsel experienced in litigation of this nature. Plaintiff is an adequate
representative of the Class.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;The prosecution of separate actions by individual members of the
Class would create the risk of inconsistent or varying adjudications with
respect to individual members of the Class which would establish incompatible
standards of conduct for defendants, or adjudications with respect to individual
members of the Class which would as a practical matter be dispositive of the
interests of the other members not parties to the adjudications or substantially
impair or impede their ability to protect their interests.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;The defendants have acted, or refused to act, on grounds generally
applicable to, and causing injury to, the Class and, therefore, preliminary and
final injunctive relief on behalf of the Class as a whole is appropriate.

<Center><p><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Hertz is the world&#146;s largest car rental company and a leader in the
industrial and construction equipment rental business. As recently as January,
2000, Hertz common stock traded at the $50 level, an amount that more fairly
reflects the Company&#146;s true value, and which is 66% higher than Ford&#146;s grossly
inadequate offer of $30 per share. Ford&#146;s offer is timed to take advantage of
the temporarily deflated of Hertz&#146;s stock price caused by isolated and wholly
temporary glitches affecting its stock price performance, including a


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<Center><p><B>SUBSTANTIVE ALLEGATIONS</B></Center>

<P>slowdown
in travel caused by United Airlines&#146; labor problems.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Just weeks ago, on August&nbsp;31, 2000, Hertz made an announcement that
solidified and aided the temporary price deflation. Hertz announced that it:

<CENTER>
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<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
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        <TD valign="top"><FONT size="3">lowered its outlook for net income growth for the Third and Fourth
Quarters of 2000 and for the full year 2001; however, the Company
expects to achieve record net income for both 2000 and 2001. In 1999,
the Company reported its sixth consecutive year of record earnings,
$336&nbsp;million or $3.10 per share</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">In its revised outlook, the Company estimates net income per share to
be $1.30 in the Third Quarter and $0.51 in the Fourth Quarter of 2000,
respectively $0.13 and $0.12 per share below analysts&#146; estimates for
these periods, and expects net income per share for the full year 2000
to be $3.30. The Company also expects the First Quarter of 2001 will be
weaker than the comparable period in the prior year, but believes it
will experience low, single-digit net income growth for the full year
2001.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<Center><p>* * *</Center>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%" align="center">
<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">The Company noted that competitive conditions did not support its Third
Quarter initiative to raise U.S. discretionary prices in car rental and
that pricing in the commercial market, particularly for large accounts,
remains very competitive. The lack of price increases in the car rental
segment has been accompanied by lower than anticipated car rental
volume growth. The Company believes that the United Airlines labor
dispute and severe weather-related airport disruptions affected volume
growth. In the North American equipment rental market, downward pricing
pressure continues, resulting from a general excess of fleet across the
industry.</FONT></TD>
</TR>
</TABLE>
</CENTER>

<Center>* * *</Center>

<P>
<center>
<TABLE width="95%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="100%"></TD>
</TR>
<TR valign="top">
        <TD>Projected revenue growth in the U.S. car rental business remains solid
at about 8% for the Third Quarter and 7% for the Fourth Quarter of
2000, compared with the same periods in 1999. For the company&#146;s
international car rental operations, revenue growth before the effect
of foreign exchange is expected to be about 8% each quarter
year-over-year.</TD>
</TR>
</TABLE>
</center>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;While Hertz&#146;s stock price has been temporarily deflated, its
performance has been strong. For instance, for the quarter ended June&nbsp;30, 2000,
Hertz had earnings per share of $0.96, an 18% increase over the same period in
1999. Similarly, for the sixth months




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<P>ended June&nbsp;30, 2000, Hertz enjoyed
earnings per share of $1.49, a 17% increase over the same period in 1999.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;Moreover, the market recognizes that Hertz current share price
level is considerably undervalued. As an August&nbsp;3, 2000 Salomon Smith Barney
analyst report on Hertz indicated: &#147;We strongly reiterate our 1H rating on HRZ
<b>and believe the stock is considerably undervalued</b> at a P/E of 8.9x 2000E EPS.&#148;
(Emphasis added).

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;Recognizing the attractive performance and intrinsic value of Hertz
and the temporary factors causing a deflation in its stock price, Ford
determined to usurp Hertz&#146;s upside stock price appreciation opportunity for
itself, denying Hertz&#146;s minority
shareholders the opportunity to obtain fair value for their equity interest by
imposing a freeze-out transaction at 40% less than its trading range as recently
as the start of 2000.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;On September&nbsp;21, 2000, Hertz and Ford each announced that Ford
proposed to acquire the minority interest in Hertz that it does not already own
for the grossly inadequate price of $30 in cash for each share of Hertz common
stock outstanding.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;In its September&nbsp;21, 2000 announcement, Ford reaffirmed the
enormous intrinsic value and upside opportunities presented by,
<u><I>inter alia</I></U>, the
value of being a recognized world leader. Ford proposes to capture all of
Hertz&#146;s value and its upside potential for itself. As Ford admitted:

<CENTER>
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<TR valign="bottom">
        <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">&#147;Since the Hertz IPO in 1997, we have intensified our focus on becoming
the world&#146;s leading consumer company for automotive products and
services,&#148; said Henry Wallace, Ford Motor Company chief financial
officer. &#147;Hertz is one of the world&#146;s strongest brands and an integral
part of this focus. Acquiring the minority interest will support this
strategy and enhance the operating flexibility between us and Hertz.&#148;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;Ford controls the Board of Directors of Hertz and any purported
special


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<P>committee charged with considering the fairness of the Ford offer to
acquire Hertz has an irreconcilable conflict, as a result of the Ford&#146;s
domination and control of Hertz and its operations. Moreover, Ford&#146;s grossly
inadequate proposal provides no good faith basis from which a fair price could
be negotiated.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;In addition, the terms of the proposed transaction, its timing, and the
failure to provide a market check, demonstrate that the Individual Defendants have
breached their fiduciary duties by reasons of the acts and transactions complained of
herein.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;The Individual Defendants&#146; fiduciary obligations under the circumstances
of Ford&#146;s offer obligates them to:

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(a)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
act independently so that the interests of Hertz&#146;s public
shareholders will be protected and enhanced;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(b)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">adequately ensure that no conflicts of interest exist
between the Individual Defendants&#146; own interests and
their fiduciary obligations to maximize shareholder
value or, if such conflicts exist, to ensure that all
conflicts are resolved in the best interests of
Hertz&#146;s public shareholders; and</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(c)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
undertake an appropriate evaluation of Hertz&#146;s net worth as a
merger/acquisition candidate.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;Plaintiff and other members of the Class have been and will be
damaged, in that they have not and will not receive their fair proportion of the
value of Hertz&#146;s assets and businesses, will be largely divested from their
right to share in Hertz&#146;s future growth and development and have been and will
be prevented from obtaining a fair and adequate price

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<P>for their shares of Hertz
common stock.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;The consideration to be paid to Class members in the proposed freeze-out
transaction is unfair and inadequate because, <u><I>inter alia</I></U>:

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(a)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
the intrinsic value of Hertz&#146;s common stock is in
excess of the amount offered by Ford, giving due
consideration to the anticipated operating results,
net asset value, cash flow, profitability and
established markets for Hertz;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(b)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
the price offered is not the result of arms length negotiation; and</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(c)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
the price offered is so low relative to the value of Hertz that it
provides no good faith basis from which an entirely
fair negotiation could begin.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Ford and the Individual Defendants are irreconcilably conflicted
and have not yet appointed or retained any truly independent person or entity to
negotiate for or on behalf of Hertz&#146;s public shareholders to promote their best
interests in the proposed freeze-out transaction.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;Ford and the other Individual Defendants have breached their
fiduciary duties owed to Hertz&#146;s public shareholders by using their control of
Hertz to force Plaintiff and the Class to exchange their equity interest in
Hertz for unfair consideration, and to deprive Hertz&#146;s public shareholders of
the maximum value to which they are entitled.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.&nbsp;The terms of the proposed freeze-out transaction are grossly unfair
to the Class, and the unfairness is compounded by the gross disparity between
the knowledge and information possessed by Ford and the Individual Defendants by
virtue of their positions of control of Hertz, and that possessed by Hertz&#146;s
public shareholders. Defendants&#146; intent is to

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<P>take advantage of this disparity
and to force-out Class members
in a buyout by the controlling shareholder on the basis of incomplete or inadequate
information.

<P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.&nbsp;Plaintiff and the Class have no adequate remedy of law.

<P>
<TABLE width="88%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="6%"></TD>
        <TD width="94%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD>&nbsp;&nbsp;<b>WHEREFORE</b>, Plaintiff prays for judgment and relief as follows:</TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%" align="center">
<TR valign="bottom">
        <TD width="8%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(a)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
declaring that this lawsuit is properly maintainable as a class action
and certifying Plaintiff as representative of the Class;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(b)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
declaring that the defendants have breached their fiduciary duties
to Plaintiff and the other members of the Class;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="3">(c)</FONT></DIV></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
preliminarily and permanently enjoining defendants and their
counsel, agents, employees, and all persons acting
under, in concert with, or for them, from proceeding
with or implementing the proposed transaction;</FONT></TD>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">(d)</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
in the event the proposed transaction is consummated, rescinding it
and setting it aside;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">(e)</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
awarding compensatory damages against defendants,
jointly and severally, in an amount to be determined
at trial, together with prejudgment interest at the
maximum rate allowable by law;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<p>&nbsp;
<TR valign="bottom">
        <TD valign="top"><FONT size="3">(f)</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
awarding Plaintiff and the Class their costs and disbursements and
reasonable allowances for plaintiff&#146;s counsel and experts&#146; fees and
expenses; and</FONT></TD>
</TR>
</TABLE>
</CENTER>


<P align="center">9
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        <TD width="5%">&nbsp;</TD>
        <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="3">(g)</FONT></TD>
        <TD></TD>
        <TD  align="left" valign="top"><FONT size="3">
granting such other and further relief as may be just and proper.</FONT></TD>
</TR>
</TABLE>
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        <TD width="50%">&nbsp;</TD>

        <TD width="50%">&nbsp;</TD>
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<td></td>
        <TD valign="top" nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">ROSENTHAL, MONHAIT, GROSS &#38; GODDESS, P.A</FONT></DIV></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<td></td>
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">By:<BR>
&nbsp;&nbsp;&nbsp;Norman M. Monhait<BR>
&nbsp;&nbsp;&nbsp;Melon Bank Center, Suite 1401<BR>
&nbsp;&nbsp;&nbsp;Wilmington, Delaware 19899<BR>
&nbsp;&nbsp;&nbsp;(302) 656-4433</FONT></DIV></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<td></td>
        <TD valign="top"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Attorneys for Plaintiff</FONT></DIV></TD>
</TR>
</TABLE>
</CENTER>
<P>OF COUNSEL:


<P>HARNES KELLER LLP<BR>
International Plaza<BR>
750 Lexington Avenue<BR>
New York, NY 10022<BR>
(212)&nbsp;754-2333



<P>GARWIN, BRONZAFT, GERSTEIN
&#38; FISHER, L.L.P.<BR>
1501 Broadway, Suite&nbsp;1416<BR>
New York, NY 10036<BR>
(212)&nbsp;398-0055


<P>September&nbsp;21, 2000





<P align="center">10
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<TYPE>EX-99.C(2)
<SEQUENCE>24
<FILENAME>k59594aex99-c2.htm
<DESCRIPTION>LAZARD FR'ERES
<TEXT>

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<P align="center"><FONT size="5"><B>THE HERTZ CORPORATION</B></FONT>

<P align="center"><FONT size="4"><B>Special Committee of the Board of Directors</B></FONT>

<P align="center"><FONT size="4"><B>Discussion Materials</B></FONT>
<P>&nbsp;

<HR size="1">
<HR size="4" noshade>


<P>&nbsp;

<P>&nbsp;

<P>&nbsp;


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         <TD width="28%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="67%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><FONT size="4"><B>LAZARD</B></FONT></TD>
         <TD></TD>
         <TD  align="right" valign="top"><FONT size="4">
<B>January&nbsp;16, 2001</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
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         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD  align="right" valign="top">
<B><I>Table of Contents</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">






<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
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         <TD width="92%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Page</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD><FONT size="2"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Summary</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD>&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;Transaction Overview</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>2</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD>&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><B>III.&nbsp;&nbsp;&nbsp;Market Perspectives</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>8</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD>&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><B>IV.&nbsp;&nbsp;&nbsp;Valuation</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>14</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD>&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><B>Appendix</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD>&nbsp;</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><B>A.&nbsp;&nbsp;&nbsp;&nbsp; Weighted Average Cost of Capital Analysis</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
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<!-- link1 "I. Executive Summary" -->
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<CENTER>
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         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD  align="right" valign="top"><B><I>I. Executive Summary</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">




<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="center">
<TR valign="bottom">
         <TD width="27%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="60%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><FONT size="2"><B>Initial Offer</B></FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">On September&nbsp;21, 2000, The Ford Motor Company
(&#147;Ford&#148;) made a written preliminary, non-binding
proposal (the &#147;Offer&#148;) to acquire all of the
outstanding shares of The Hertz Corporation (&#147;Hertz&#148;
or the &#147;Company&#148;) not owned by Ford for $30.00 per
share in cash, or a total equity value of
approximately $600&nbsp;million.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"><FONT size="2"><B>Engagement</B></FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">On October&nbsp;16, 2000, the Special Committee of the
Board of Directors of Hertz (the &#147;Special Committee&#148;)
agreed to retain Lazard Fr&#232;res &#38; Co. LLC (&#147;Lazard&#148;) to
assist the Special Committee in evaluating the Offer.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"><FONT size="2"><B>Transaction Process</B></FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">Subsequent to being retained, Lazard and the Special
Committee&#146;s legal advisor Wachtell, Lipton, Rosen &#38;
Katz (&#147;Wachtell&#148;) conducted extensive due diligence.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">On November&nbsp;20, 2000, Lazard and Wachtell met with
the Special Committee to discuss the indicative
valuation of the Company. The Special Committee
instructed Lazard to inform Ford and its advisors that
its $30.00 Offer was not compelling and to determine
Ford&#146;s willingness to increase its Offer.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">Negotiations between the parties continued
throughout November and December&nbsp;2000 and into early
January&nbsp;2001.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">On January&nbsp;8, 2001, Ford was asked to present its
&#147;best and final&#148; offer and responded with $35.50.
During the following days, the Special Committee asked
again whether Ford would increase its offer.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">On January&nbsp;12, 2001, being satisfied that $35.50 was
in fact Ford&#146;s best and final offer, the Committee
instructed Wachtell to commence the negotiation of a
merger agreement.</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"><FONT size="2"><B>Transaction Terms</B></FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">Purchase Price: $35.50 per share</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">Consideration: Cash</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD valign="top"></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">
&#149;
</FONT></TD>
         <TD></TD>
         <TD  align="left" valign="top"><FONT size="2">Legal Structure: Merger of Hertz into a wholly-owned
subsidiary of Ford via a tender offer by Ford for all
Hertz shares it does not own.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>&nbsp;
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<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 1 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
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<!-- link1 "II. Transaction Overview" -->
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         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD  align="right" valign="top"><B><I>II. Transaction Overview</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Due Diligence</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="97%">In its capacity as financial advisor, Lazard initiated a due diligence review of the
Company, including:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">Reviewing public and private documents relating to the Company,
including historical and projected financial information, research
reports, industry information and certain agreements to which Hertz is a
party;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">Meeting with the Company&#146;s independent directors and senior
management to discuss the Company&#146;s business, its prospects and its
strategic objectives;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">Meeting with the senior management of the Company to review its most
recent 5-year Strategic Plan and the underlying assumptions driving its
projections;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">Meeting on November&nbsp;16, 2000, with Ford&#146;s financial advisor J.P.
Morgan &#38; Co. (&#147;JP Morgan&#148;) to hear the underlying rationales that
informed Ford&#146;s decision to value Hertz&#146;s minority interest at $30.00
per share; and</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">Performing preliminary valuation analyses based on the financial
projections provided by Management in its initial Strategic Plan and
subsequent revisions thereto.</TD>
</TR>
</TABLE>
<P>&nbsp;
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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 2 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD  align="right" valign="top"><B><I>II. Transaction Overview</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Negotiations</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="97%">On November&nbsp;20, 2000, the Special Committee met with Lazard and
Wachtell to discuss the indicative valuation of the Company. The
Special Committee instructed Lazard to inform Ford and its advisors
that its $30.00 bid was not compelling and to determine Ford&#146;s
willingness to increase its bid.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="97%">Vigorous and aggressive negotiations followed in November and
December of 2000 and early January&nbsp;2001 with the objective of
securing the maximum price Ford was willing to pay.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">Members of Lazard and the Special Committee were directly involved in
negotiations as were members of Ford and their advisors at JP Morgan.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">During the course of negotiations, Ford raised its offer in December
2000 to $34.00 per share and, subsequent to being asked for the &#147;best
and final&#148; offer, raised it again to $35.50 per share on January&nbsp;8,
2001, an 18% increase over its initial Offer price.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">Exhaustive efforts to secure a higher price, primarily through direct
contacts between the Special Committee and senior Ford executives, were
unavailing.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="97%">On January&nbsp;12, 2001, being satisfied that $35.50 was in fact Ford&#146;s best
and final offer, the Committee instructed Wachtell to commence the
negotiation of a merger agreement.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 3 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
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<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD  align="right" valign="top"><B><I>II. Transaction Overview</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">


<P><B><I>Proposed Transaction &#151;Summary</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="97%">Under the terms of the current proposed transaction, Ford will pay
$35.50 per share in cash for the 18.5% minority interest in Hertz that
it does not currently own.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="97%">The transaction as negotiated will be effected via a tender offer;
following which the Company will be merged with and into a
wholly-owned subsidiary of Ford.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="97%">The proposed transaction implies the following valuation parameters:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">The Final Offer represents 2000E multiples of 5.5x Adjusted EBITDA
and 10.8x EPS and 2001P multiples of 5.7x Adjusted EBITDA and 11.5x
EPS.<sup>(a)(b)</sup></TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">The Final Offer represents 10.9x 2000E and 10.3x 2001E IBES Median
EPS.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">The Cendant-Avis transaction was done at 2000E multiples of 5.8x
Adjusted EBITDA and 8.7x EPS and 2001E multiples of 5.3x Adjusted EBITDA
and 8.3x EPS.<sup>(a)</sup></TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">The identified peer group (&#147;Peers&#148; or &#147;Peer Group&#148;) is trading at a
2000E Adjusted EBITDA multiple range of 2.7x &#150; 4.7x and a 2000E IBES EPS
multiple range of 3.2x &#150; 8.5x. It is trading at a 2001E Adjusted EBITDA
multiple range of 2.5x &#150; 4.4x and a 2001E IBES EPS multiple range of
2.4x &#150; 6.8x.<sup>(c)</sup></TD>
</TR>

<TR>
         <TD>&nbsp;</TD>
</TR>

<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">The Final Offer implies the following premia/(discounts):</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="8%">&nbsp;</TD>
         <TD width="1%" align="left">&#187;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="90%">A premium of 46.4% over the one-day pre-announcement price of $24.25;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="8%">&nbsp;</TD>
         <TD width="1%" align="left">&#187;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="90%">A premium of 13.8% over the one-month pre-announcement price of $31.19; and</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="8%">&nbsp;</TD>
         <TD width="1%" align="left">&#187;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="90%">An 18.3% premium over the initial Offer price.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">The median initial premia offered in selected precedent minority
buyouts over the one-day and one-month pre-announcement prices are 17%
and 30% respectively.</TD>
</TR>
</TABLE>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted to include depreciation
and interest related to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management
Projections</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Peer Group comprises ANC Rental, Avis, Budget and Dollar
Thrifty.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 4 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;


<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD  align="right" valign="top"><B><I>II. Transaction Overview</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Proposed Transaction &#151;Summary (cont&#146;d)</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="3%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="93%">With regard to trading:</TD>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="8%">&nbsp;</TD>
         <TD width="1%" align="left">&#187;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="90%">The 52-week price range for the
Company&#146;s stock is $24.25 &#151; $50.81 per
share;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="8%">&nbsp;</TD>
         <TD width="1%" align="left">&#187;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="90%">The Company has traded above $30.00 per share since the Offer and
is currently trading at $34.88, a 1.8% discount to the Offer price;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="8%">&nbsp;</TD>
         <TD width="1%" align="left">&#187;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="90%">The Company&#146;s stock decreased in value approximately 46% in the
twelve months leading up to Ford&#146;s Offer from $45.13 to $24.25; and</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="8%">&nbsp;</TD>
         <TD width="1%" align="left">&#187;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="90%">The Company&#146;s Peer Group as a whole has decreased in value
approximately 32% over the last twelve months.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 5 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD  align="right" valign="top"><B><I>II. Transaction Overview</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Ford Ownership</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">As of September&nbsp;30, 2000, there are 40.1&nbsp;million shares of
Class&nbsp;A common stock and 67.3&nbsp;million shares of Class&nbsp;B common
stock outstanding.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Ford owns approximately 20.2&nbsp;million shares of the Class&nbsp;A
common stock, or approximately 50%, and 100% of the Class&nbsp;B
common stock. In aggregate, Ford owns approximately 81.5% of
the total shares outstanding of the Company. As Class&nbsp;B common
stock holders are entitled to 5 votes per share, Ford holds
approximately 95% of the aggregate voting power of Hertz&#146;s
outstanding common stock.</TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%" align="center">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="50%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center" colspan="26"><FONT size="2"><B>Summary Equity Ownership<sup>(a)</sup></B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="26"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>Class A Shares</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>Class B Shares</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>Total Shares</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="7"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="7"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="7"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="left" colspan="2"><FONT size="2"><B>Shareholder</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Shares</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Percent</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Shares</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Percent</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Shares</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Percent</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Ford Motor Company</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">20.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">50.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">67.3</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">100.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">87.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">81.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Institutional Investors</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">16.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">40.3</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">0.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">16.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">15.1</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Insiders (Directors &#38; Executives)</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">1.7</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">0.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">0.6</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Others</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">7.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">0.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">2.8</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><B>Total</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>40.1</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">100.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>67.3</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">100.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>107.4</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">100.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Source: Company Proxy Statement dated April&nbsp;13, 2000; 10-Q dated September&nbsp;30,
2000; CDA Spectrum Analysis.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 6 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>II. Transaction Overview</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">

<P><B><I>Analysis of Proposed Transaction</I></B><BR>
<I>($ in millions, except per share data)</I>

<P>

<CENTER>
<IMG src="k59594a4477709.gif" WIDTH=682 HEIGHT=483>
</CENTER>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Assumes Ford holds 20,245,833 out of a
total of 40,124,418 Class&nbsp;A shares and all 67,310,167 Class&nbsp;B shares.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Dilution effect is calculated using the Treasury method and assuming
accelerated vesting. The remaining options are assumed to be
out-of-the-money.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes debt related to revenue earning equipment.
Source: Management provided Balance Sheet as of December&nbsp;31, 2000.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">The last full trading day prior to the announcement of the proposal was
September&nbsp;20,
2000.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(e)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(f)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted to include
depreciation and interest related to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(g)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is
adjusted to include interest stemming from debt related to revenue earning
equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(h)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes the $5.4&nbsp;million gain in 2Q 2000 due to condemnation of
a California rental facility.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 7 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- link1 "III. Market Perspectives" -->
<DIV align="left"><A name="002"></A></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>III. Market Perspectives</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Stock Price Performance Since April&nbsp;1997 Initial Public Offering</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">The Company&#146;s stock has declined steadily
since reaching its all-time high of
$63.63 per share on May&nbsp;13, 1999.</TD>
</TR>
</TABLE>

<P align="center"><B><U>April&nbsp;25, 1997 &#151;January&nbsp;12, 2001</U></B>

<CENTER>
<IMG src="k59594aimage8.gif" WIDTH=750 HEIGHT=390>
</CENTER>
<CENTER>
<IMG src="k59594a4477710b.gif" WIDTH=634 HEIGHT=142>
</CENTER>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 8 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>III. Market Perspectives</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Relative Stock Price Performance Since April&nbsp;1997 Initial Public Offering</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Since the IPO, the Company&#146;s stock
traded consistently above its peers
until the Fall of 2000. The
Company&#146;s stock traded essentially
in line with, or above, the S&#38;P 400
before falling off markedly in
mid-1999.</TD>
</TR>
</TABLE>

<P align="center"><B><U>April&nbsp;25, 1997 &#151;January&nbsp;12, 2001</U></B>

<CENTER>
<IMG src="k59594a4477711.gif" WIDTH=790 HEIGHT=490>
</center>

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Peer Index comprises ANC Rental, Avis, Budget and Dollar Thrifty. All index constituents
are
equal weighted.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 9 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>III. Market Perspectives</I></B></TD>
</TR>
</TABLE>
</CENTER>

<P><B><I>One Year Forward P/E Multiples since April&nbsp;1997 Initial Public Offering<sup>(a)</sup></I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Hertz traditionally traded at a premium to its Peers and Ford, before
falling off sharply in early 2000 to trade in line with its Peers.</TD>
</TR>
</TABLE>
<CENTER>
<IMG src="k59594a4477712.gif" WIDTH=714 HEIGHT=359>
</center>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Defined as share price to IBES Median EPS rolling one fiscal year forward.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Peer Index comprises ANC Rental, Avis, Budget and Dollar Thrifty. All index
constituents are equal weighted.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 10 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>III. Market Perspectives</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Stock Price Performance Since Announcement of Initial Offer</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">The Company&#146;s stock closed at $31.63 on the
day of the announcement of the initial
Offer and has since traded above the Offer
Price of $30.00, trending upward to a
January&nbsp;12, 2001 close of $34.88.</TD>
</TR>
</TABLE>

<P align="center"><B><U>September&nbsp;19, 2000 &#151;January&nbsp;12, 2001</U></B>

<CENTER>
<IMG src="k59594a4477713a.gif" WIDTH=790 HEIGHT=450>
</center>
<center>
<IMG src="k59594a4477713b.gif" WIDTH=756 HEIGHT=161>
</center>


<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 11 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>III. Market Perspectives</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">




<P><B><I>Volume Traded at Various Prices Since April&nbsp;1997 Initial Public Offering and
Prior to Ford Bid <sup>(a)</sup></I></B>

<IMG src="k59594a4477714.gif" WIDTH=756 HEIGHT=508>

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Public float is calculated as total Class&nbsp;A shares
outstanding minus Ford&#146;s owned Class&nbsp;A shares of 20.2&nbsp;million.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 12 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>III. Market Perspectives</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Volume Traded at Various Prices Since Announcement of Initial Offer<sup>(a)</sup></I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Since the Initial offer was announced,
approximately 78% of the public float
has traded, all of which is above the
Initial Offer Price of $30.00 per
share, suggesting that a meaningful
amount of the public float has moved
from institutional investors to risk
arbitrageurs.</TD>
</TR>
</TABLE>

<IMG src="k59594a4477715.gif" WIDTH=750 HEIGHT=450>


<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Public float is calculated as total Class&nbsp;A shares outstanding minus Ford&#039;s
owned Class&nbsp;A shares of 20.2&nbsp;million.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 13 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- link1 "IV. Valuation" -->
<DIV align="left"><A name="003"></A></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Preliminary Observations</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">With respect to the current financial forecasts, Lazard has, with the
Special Committee&#146;s concurrence, relied upon management&#146;s updated
guidance with respect to 5-Year Projections for 2001-2005 reflecting
revisions to Management&#146;s Strategic Plan previously presented to us.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="97%">Since Lazard was engaged by the Special Committee on October&nbsp;16, 2000,
management&#146;s projections for 2000-2005 have undergone several
adjustments:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">On November&nbsp;3, 2000, Management gave Lazard its 5-year strategic
plan, updated and revised to reflect its August&nbsp;31, 2000 announcement of
lowered earnings forecasts for 2000 and 2001 (the &#147;Strategic Plan&#148;).</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">On November&nbsp;14, Lazard and Wachtell met with Company management to
review the Strategic Plan, including the underlying assumptions,
rationales and strategic objectives from which it was derived.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">On November&nbsp;20, Lazard and Wachtell met with the Special Committee to
discuss indicative valuations based on the projections provided by
management in the Strategic Plan.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">On December&nbsp;14, 2000, the Company informed the Special Committee and
Lazard that given continuing weakness in the car rental industry,
primarily related to pricing, as well as difficult sector fundamentals
in equipment rental, it was again revising downward its internal
earnings estimates for 2000.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
         <TD width="9%"></TD>
                 <TD width="2%"></TD>
         <TD width="89%"></TD>
</TR>
<TR valign="top">
         <TD>&nbsp;</TD>
         <TD>&#187;</TD>
         <TD>Specifically, internal fourth quarter and full-year 2000 per
share earnings estimates were revised downward from $0.47 and $3.24,
respectively, in the Strategic Plan to $0.37 and $3.13,
respectively.<sup>(a)</sup></TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD>&nbsp;</TD>
         <TD>&#187;</TD>
         <TD>At the time, the IBES median consensus earnings per share
estimates for the fourth quarter and full-year 2000 were $0.51 and
$3.27, respectively.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD>&nbsp;</TD>
         <TD>&#187;</TD>
         <TD>Management indicated that while it was concerned as to the
negative trends in the overall economy and their impact on its car
rental and HERC businesses, it was not inclined to make any revisions
to its Strategic Plan as yet.</TD>
</TR>
</TABLE>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Hertz&#146;s announced 2000 EPS estimate of $3.30 is
adjusted to exclude the second quarter $5.4&nbsp;million gain, or approximately
$0.05 per share, from the condemnation of real estate in California. Research
analysts excluded this one-time gain from their estimates.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 14 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">



<P><B><I>Preliminary Observations (cont&#146;d)</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">On January&nbsp;3, 2001, the Company informed the Special Committee that
fourth quarter and full-year 2000 earnings per share had come in at
$0.52 and $3.28, respectively, significantly ahead of the
downward-revised December&nbsp;14 estimates.<sup>(a)</sup> Several exceptional
circumstances accounted for this turnaround:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
         <TD width="9%"></TD>
                 <TD width="2%"></TD>
         <TD width="89%"></TD>
</TR>
<TR valign="top">
         <TD>&nbsp;</TD>
         <TD>&#187;</TD>
         <TD>The unexpectedly severe snowstorm over the New Year&#146;s Day
weekend
extended the length of rentals from those customers unable to return
to airports;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD>&nbsp;</TD>
         <TD>&#187;</TD>
         <TD>In addition to the severe weather, customers nationwide kept
their cars for a longer overall period than anticipated between
Christmas and New Year&#146;s Day; and</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD>&nbsp;</TD>
         <TD>&#187;</TD>
         <TD>Hertz&#146;s improvement in yield management in Florida was not
matched by competitors.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">Notwithstanding the strong December finish of 2000, the Company
informed the Special Committee and Lazard that the latest advance
reservations data and other indicative information the Company was
receiving showed significant potential weakness in its businesses in
2001.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">On January&nbsp;10, 2000, as a result of the eroding overall economic
outlook for 2001 and their own internal data, the Company informed the
Special Committee and Lazard that it would be materially revising
downward the Strategic Plan&#146;s forecast for 2001 and perhaps for
2002-2005. Specifically, management indicated that it was now
forecasting first quarter 2001 to be break even or perhaps a loss as
compared to first quarter 2000 when the Company reported per share
earnings of $0.52.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">On January&nbsp;12, 2000, the Company provided Lazard with new financial
guidance, significantly revising downward their previous estimates for
2001-2005 to reflect worsening car industry sector fundamentals, most
notably pricing, and the slowing economy.</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%">These recently revised projections, which have been reviewed and
approved by management, form the basis of the valuation materials
presented herein.</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">It should be noted that this downward revision of the Company&#146;s guidance with
respect to future
financial
performance from the projections originally presented to the Special Committee and Lazard on
November&nbsp;3, 2000,
reduced the discounted cash flow valuation on the order of $5.00 per share.</TD>
</TR>
</TABLE>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Hertz&#146;s revised 2000 EPS estimate of $3.13
excludes the second quarter $5.4&nbsp;million gain, or approximately $0.05 per
share, from the condemnation of a rental facility in California. Research
analysts excluded this one-time gain from their estimates.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 15 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Valuation Methodologies</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="1%" align="left">&#149;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">With the above in mind, Lazard has conducted several valuation analyses of the Company,
including:</TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%"><I>Public Market Valuation </I>&#150; applying the trading multiples of selected
publicly traded car rental companies against Hertz&#146;s projected operating
results;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%"><I>Private Market Valuation </I>&#150; applying latest twelve month multiples in
acquisitions of similar car rental companies against Hertz&#146;s 2000E
operating results;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%"><I>Cendant/Avis Acquisition Analysis </I>&#150; applying 2000E and 2001E
multiples implied in Cendant&#146;s acquisition of Avis against Hertz&#146;s 2000E
and 2001P operating results;</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%"><I>Discounted Equity Cash Flow Analysis </I>&#150; applying P/E multiples based
on historical trading ranges for Hertz and the car rental industry and
discounting the derived values using the appropriate cost of equity; and</TD>
</TR>
<TR>
         <TD>&nbsp;</TD>
</TR>
<TR valign="top">
         <TD width="5%">&nbsp;</TD>
         <TD width="1%" align="left">&#151;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="91%"><I>Minority Buyout / (Discount) Premia Analysis </I>&#150; Comparative analysis
of premia/discounts paid in selected minority buyout transactions</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 16 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Summary Historical and Projected Financial Performance <sup>(a)</sup></I></B><BR>
<I>($ in millions, except per share data)</I>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="95%" align="center">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="28%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="27"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="27"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>Historical</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="19"><FONT size="2"><B>Projected</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="7"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="19"><HR size="1"></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>CAGR</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>1999</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2001</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2002</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2003</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2004</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2005</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>'00 -'05</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Sales</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,716</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>5,074</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>5,549</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>6,057</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>6,564</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>7,198</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>7,821</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(b)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>741</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>804</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>784</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>851</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>925</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>1,020</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>1,122</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>16.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(2.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(c)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>604</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>633</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>602</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>661</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>723</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>803</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>892</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>19.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>4.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(5.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Pre-Tax Income</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>561</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>581</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>541</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>595</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>650</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>722</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>803</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>18.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>3.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(7.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Net Income<sup>(d)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>336</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>353</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>333</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>362</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>393</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>430</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>480</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>19.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(5.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Diluted EPS<sup>(d)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.10</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.28</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.09</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.36</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.65</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.99</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4.46</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>19.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(5.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted
to include depreciation and interest related to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is adjusted to include interest stemming from debt related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes the $5.4&nbsp;million gain in 2Q 2000 due to
condemnation of a California rental facility.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 17 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Summary Historical and Projected Financial Performance (cont&#146;d)<sup>(a)</sup></I></B><BR>
<I>($ in millions, except per share data)</I>



<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="31%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="23"><FONT size="2"><B>Current Financial Projections</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="23"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="23"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="23"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Historical</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="19"><FONT size="2"><B>Projected</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="19"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2001</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2002</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2003</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2004</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2005</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Sales</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>5,074</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>5,549</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>6,057</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>6,564</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>7,198</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>7,821</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(b)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>804</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>784</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>851</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>925</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>1,020</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>1,122</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(2.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(c)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>633</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>602</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>661</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>723</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>803</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>892</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>4.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(5.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Pre-Tax Income</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>581</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>541</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>595</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>650</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>722</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>803</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>3.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(7.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Net Income<sup>(d)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>353</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>333</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>362</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>393</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>430</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>480</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(5.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Diluted EPS<sup>(d)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.28</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.09</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.36</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.65</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.99</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4.46</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(5.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="31%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="23"><FONT size="2"><B>November 3, 2000 Strategic
Plan<sup>(e)</sup></B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="23"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="23"><FONT size="2"><B>Year Ended December 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="23"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="23"><FONT size="2"><B>Projected</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="23"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2001</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2002</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2003</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2004</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2005</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Sales</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>5,099</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>5,547</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>6,321</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>6,994</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>7,647</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>8,285</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(b)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>790</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>845</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>953</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>1,071</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>1,184</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>1,292</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(c)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>627</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>663</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>756</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>858</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>955</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>1,049</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>3.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>13.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>9.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Pre-Tax Income</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>570</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>600</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>691</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>793</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>889</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>981</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>1.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Net Income<sup>(d)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>354</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>363</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>421</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>480</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>530</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>586</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>2.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Margin</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Diluted EPS<sup>(d)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.29</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.38</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3.91</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4.46</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4.93</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>5.45</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>6.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>2.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>15.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>14.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>10.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
</TABLE>
<BR clear="all">

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is
adjusted to include depreciation and interest related to revenue earning
equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is adjusted to include interest stemming from debt related
to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes the $5.4&nbsp;million gain in 2Q 2000 due
to condemnation of a California rental facility.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(e)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">The November&nbsp;3, 2000
Strategic Plan reflects the financial projections shown to the Special
Committee at the November&nbsp;20, 2000 meeting to discuss indicative valuations
concerning Hertz.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 18 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Summary Balance Sheet <sup>(a)</sup></I></B><BR>
<I>($ in millions)</I>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
<TR valign="bottom">
         <TD width="5%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="69%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>December 31,</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2000</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="4"><FONT size="2"><B>Assets</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Cash and Equivalents</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">206</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Accounts Receivable, net</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1,459</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Inventories, net</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">79</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Prepaid Expenses</FONT></TD>
<TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">81</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Revenue earning equipment, net:</FONT></TD>

</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD colspan="2"><FONT size="2">Cars (less depreciation)</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5,186</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD colspan="2"><FONT size="2">Other equipment (less depreciation)</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1,736</FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">Total revenue earning equipment</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6,923</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Net PP&#38;E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1,000</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Goodwill and intangibles, net</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">872</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2"><B>Total Assets</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>10,620</B></FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="4" noshade></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="4"><FONT size="2"><B>Liabilities</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Debt</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">6,676</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"><FONT size="2">Current Liabilities</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD colspan="2"><FONT size="2">Accounts Payable</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">546</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD colspan="2"><FONT size="2">Accrued expenses and other liabilities</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1,414</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2"><B>Total Liabilities</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>8,636</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="4"><FONT size="2"><B>Shareholders&#146; Equity</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>1,984</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2"><B>Total Liabilities and Shareholders&#146; Equity</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>10,620</B></FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="3"></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="4" noshade></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Management provided Balance Sheet as of December&nbsp;31, 2000.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 19 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Summary Valuation <sup>(a)</sup></I></B><BR>
<I>($ in millions, except per share data)</I>



<TABLE cellspacing="0" border="0" cellpadding="0" width="95%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="56%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>Implied Equity Value</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="11"><FONT size="2"><B>Enterprise Value</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>Per Share</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="11"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="7"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>High</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>High</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>I. Public Market Valuation</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">2,814</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3,617</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>20.50</B></FONT></TD>
         <TD></TD>
         <TD>&#151;</TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>27.50</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 3.5-4.5x 2000E Adjusted EBITDA multiples<sup>(b)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on Research Projections</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>II. Private Market Valuation</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">4,421</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">5,225</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>35.00</B></FONT></TD>
         <TD></TD>
         <TD>&#151;</TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>42.50</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 5.5-6.5x 2000E Adjusted EBITDA multiples<sup>(b)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>III. Cendant &#151;Avis Deal</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 5.3x 2001P Adjusted EBITDA multiple and</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3,377</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">4,119</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>25.50</B></FONT></TD>
         <TD></TD>
         <TD>&#151;</TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>32.50</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">8.3x 2001P P/E multiple<sup>(b)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 5.8x 2000E Adjusted EBITDA multiple and</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3,701</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">4,678</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>28.50</B></FONT></TD>
         <TD></TD>
         <TD>&#151;</TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>37.50</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">8.7x 2000E P/E multiple<sup>(b)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>IV. Discounted Equity Cash Flow Analysis</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">4,079</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">4,889</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>32.00</B></FONT></TD>
         <TD></TD>
         <TD>&#151;</TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>39.50</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 8.0-10.0x forward P/E multiples to 2006E</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">Levered Net Income and 12.0-14.0% equity discount</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">rates<sup>(c)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Constant Debt/Equity Ratio of 3.9x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">with Excess Cash paid out as Dividends</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>V. Minority Buyout Premia / (Discount) Analysis</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3,107</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">8,206</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>23.00</B></FONT></TD>
         <TD></TD>
         <TD>&#151;</TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>69.50</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on Median premia / (discount)&nbsp;over initial</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">offer, one month prior price, 52-week High, and</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">52-week Low for Cash Minority Buyout</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">Transactions Since 1998</FONT></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="46%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="23"><FONT size="2"><B>% Premium / (Discount) to</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="23"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="11"><FONT size="2"><B>Offer Price</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="11"><FONT size="2"><B>One Month Prior</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="11"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="11"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>High</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>High</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>I. Public Market Valuation</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(42.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(22.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(34.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(11.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 3.5-4.5x 2000E Adjusted EBITDA multiples<sup>(b)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on Research Projections</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>II. Private Market Valuation</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(1.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>19.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>12.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>36.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 5.5-6.5x 2000E Adjusted EBITDA multiples<sup>(b)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>III. Cendant &#151;Avis Deal</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 5.3x 2001P Adjusted EBITDA multiple and</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(28.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(8.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(18.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>4.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">8.3x 2001P P/E multiple<sup>(b)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 5.8x 2000E Adjusted EBITDA multiple and</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(19.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(8.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>20.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">8.7x 2000E P/E multiple<sup>(b)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>IV. Discounted Equity Cash Flow Analysis</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(9.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>11.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>2.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>26.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on 8.0-10.0x forward P/E multiples to 2006E</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">Levered Net Income and 12.0-14.0% equity discount</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">rates<sup>(c)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Constant Debt/Equity Ratio of 3.9x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">with Excess Cash paid out as Dividends</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="3"><FONT size="2"><B>V. Minority Buyout Premia / (Discount) Analysis</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(35.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>95.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(26.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>122.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD colspan="2"><FONT size="2">- Based on Median premia / (discount)&nbsp;over initial</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">offer, one month prior price, 52-week High, and</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">52-week Low for Cash Minority Buyout</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD><FONT size="2">Transactions Since 1998</FONT></TD>
</TR>
</TABLE>
<BR clear="all">

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted to include depreciation and
interest related to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">2006E Levered Net Income is
determined by extrapolating 2005 Levered Net Income at its forecast growth rate
for 2005E.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 20 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Analysis at Various Prices</I></B><BR>
<I>($ in millions, except per share data)</I>



<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="40%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="19"><FONT size="2"><B>The Hertz Corporation</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="19"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Initial</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Final</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Pre Annc.</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Offer</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Current</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Offer</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="left" colspan="2"><FONT size="2"><B>Share Price</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>$24.25</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>$30.00</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>$34.50</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>$34.88</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>$35.50</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><I>% Premium/(Discount) to:</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>Pre- Announcement Price</I></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"></FONT></TD>
         <TD align="right"><FONT size="2"></FONT></TD>
         <TD><FONT size="2"></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>0.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>23.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>42.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>43.8</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>46.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>52 Week High</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(52.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(41.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(32.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(31.4</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(30.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Fully Diluted Shares</FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">107.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">107.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">107.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">107.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">107.6</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>2,605</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,226</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,712</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,753</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,821</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Plus: Net Debt<sup>(a)</sup></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">636</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">636</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">636</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">636</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">636</FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Enterprise Value</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,242</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,863</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,349</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,389</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,457</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Enterprise Value as a Multiple of:</U></B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Revenues<sup>(b)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">5,549</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.58x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.70x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.78x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.79x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.80x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5,074</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.64</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.76</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.86</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.87</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.88</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(b)(c)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">784</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.1x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.9x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.5x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">804</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.8</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.5</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(b)(d)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">602</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.4x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.4x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.2x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.3x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.4x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">633</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.1</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.1</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.9</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.9</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.0</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Stock Price as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Current Base Case EPS<sup>(b)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3.09</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">9.7x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.2x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.3x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.5x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"><FONT size="2">3.28</FONT></TD>
         <TD><FONT size="2"><sup>(e)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">9.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.8</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>IBES EPS</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001E</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3.43</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.1x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.7x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.1x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.2x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.3x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.27</FONT></TD>
         <TD><FONT size="2"><sup>(e)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">9.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.9</FONT></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="95%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="44%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>The Hertz Corporation</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="7"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="left" colspan="2"><FONT size="2"><B>Share Price</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>$36.50</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>$37.50</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><I>% Premium/(Discount) to:</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>Pre- Announcement Price</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>50.5</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>54.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>52 Week High</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(28.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>(26.2</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%)</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Fully Diluted Shares</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">107.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">107.6</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,929</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,037</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Plus: Net Debt<sup>(a)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">636</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">636</FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Enterprise Value</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,565</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,673</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Avis</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Public</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Transaction</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Comparables</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Enterprise Value as a Multiple of:</U></B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="center"><FONT size="2"><B>Multiples</B></FONT></TD>
         <TD nowrap><FONT size="2"><B><sup>(f)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Median</B></FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
          <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Revenues<sup>(b)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.82x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.84x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.48x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.39x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.90</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.92</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.50</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.36</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(b)(c)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.0x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.3x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.8x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.8</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.8</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.7</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(b)(d)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.5x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.0x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Stock Price as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Current Base Case EPS<sup>(b)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">12.1x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.3x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.1</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>IBES EPS</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.9x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.3x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Net Debt is calculated using non-revenue earning
equipment related debt less cash as of December&nbsp;31, 2000. Based on
management&#146;s guidance, non-revenue earning equipment related debt is derived by
applying to total debt the ratio of plant, property and equipment to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted to
include depreciation and interest related to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is adjusted to include interest stemming from debt related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(e)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes the $5.4&nbsp;million gain in 2Q 2000 due to
condemnation of a California rental facility.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(f)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Cendant&#146;s November
13, 2000 acquisition price of $33.00.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 21 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><i>Public Comparable Companies</i></B><BR>
<I>($ in millions, except per share data)</I>



<TABLE cellspacing="0" border="0" cellpadding="0" width="70%" align="left">
<TR valign="bottom">
         <TD width="5%">&nbsp;</TD>
         <TD width="47%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="8%">&nbsp;</TD>
         <TD width="8%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>Hertz Based on</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="7"><FONT size="2"><B>Public Estimates<sup>(a)</sup></B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="7"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Pre-Offer</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Final Offer</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Price<sup>(b)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Price<sup>(c)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Median</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value as of 01/12/01</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">2,605</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3,817</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Enterprise Value<sup>(e)</sup></B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3,288</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4,500</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Enterprise Value as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Revenues</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.60x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.82x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.39x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.64</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.88</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.36</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(f)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.3x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.9x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.8x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.1</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.7</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(g)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.9x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.7x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.0x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.1</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Price per Share as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>EPS</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2001E IBES</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.1x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.3x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2000E IBES</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.9</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Book Value</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.5x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.1x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.6x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>IBES 5 Year Growth Rate</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">17.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">17.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">15.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>2000E IBES PEG Ratio</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.42x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.61x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.41x</FONT></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="left">
<TR valign="bottom">
         <TD width="5%">&nbsp;</TD>
         <TD width="51%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="15"><FONT size="2"><B>Auto Rental Companies</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="15"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>ANC</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Dollar</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Rental</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Avis<sup>(d)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Budget</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Thrifty</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value as of 01/12/01</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">124</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">805</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">105</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">453</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Enterprise Value<sup>(e)</sup></B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">583</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1,756</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">815</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">441</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Enterprise Value as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Revenues</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.16x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.41x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.39x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.16</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.42</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.31x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.41</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(f)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.4x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.5x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.7x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.7</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(g)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.0x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.5x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.0x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.4</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Price per Share as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>EPS</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2001E IBES</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.4x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">FY 2000E IBES</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NM</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Book Value</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.1x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.2x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.2x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.0x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>IBES 5 Year Growth Rate</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">16.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">15.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">12.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>2000E IBES PEG Ratio</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.41x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.38x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.46x</FONT></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Source: Salomon Smith Barney Research Report
dated October&nbsp;24, 2000.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Stock Price of $24.25 as of September&nbsp;20, 2000,
1&nbsp;day prior to announcement date (September&nbsp;21, 2000).</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on $35.50 Final Offer price by Ford.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Avis comparables calculated
using stock price before Cendant&#146;s initial offer on August&nbsp;15, 2000 of
$29.00.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(e)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes debt related to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(f)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is
adjusted to include depreciation and interest related to revenue earning
equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(g)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is adjusted to include interest stemming from debt related
to revenue earning equipment.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 22 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">







<P><B><I>Summary Public Market Valuation</I></B><BR>
<I>($ in millions)</I>



<TABLE cellspacing="0" border="0" cellpadding="0" width="95%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="36%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>High</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Enterprise Value Range</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>2,814</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>&#151;</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,617</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Less: Net Debt<sup>(a)</sup></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(636</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(636</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>2,177</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>&#151;</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>2,981</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value per Share Range</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>20.27</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>&#151;</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>27.73</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Auto Rental</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Comparables</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>ANC</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;Median&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B><U>&nbsp;&nbsp;Rental&nbsp;&nbsp;</U></B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Enterprise Value as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Revenues<sup>(c)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">5,549</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.51x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.65x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.39x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.16x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5,074</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.71</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.36</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.16</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(c)(d)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">784</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.8x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">804</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><b>3.5</b></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><b>&#151;</b></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><b>4.5</b></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.0</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(c)(e)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">602</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.7x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.0x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.0x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.0x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">633</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Stock Price as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Earnings Per Share<sup>(c)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3.09</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">9.0x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.4x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">3.28 </FONT></TD>
         <TD nowrap><FONT size="2"><sup>(f)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>IBES Earnings Per Share</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001E</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3.43</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.9x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.1x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.4x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.27</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>2000E IBES PEG Ratio</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">17.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.36x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.50x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.41x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="65%" align="left">
<TR valign="bottom">
         <TD width="5%">&nbsp;</TD>
         <TD width="55%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Enterprise Value Range</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Less: Net Debt<sup>(a)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value per Share Range</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Dollar</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="center"><FONT size="2"><B><U>&nbsp;&nbsp;Avis&nbsp;&nbsp;</U></B></FONT></TD>
         <TD nowrap><FONT size="2"><B><sup>(b)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B><U>&nbsp;&nbsp;Budget&nbsp;&nbsp;</U></B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B><U>&nbsp;&nbsp;Thrifty&nbsp;&nbsp;</U></B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Enterprise Value as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Revenues<sup>(c)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.41x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.39x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.42</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.31x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.41</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(c)(d)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.4x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.5x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">4.7x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.7</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(c)(e)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.5x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NA</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.0x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">3.4</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Stock Price as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Earnings Per Share<sup>(c)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NM</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>IBES Earnings Per Share</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.8x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.7x</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NM</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>2000E IBES PEG Ratio</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.41x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.38x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.46x</FONT></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Net Debt is calculated using non-revenue earning equipment related debt
less cash as of December&nbsp;31, 2000. Based on management&#039;s guidance, non-revenue
earning equipment related debt is derived by applying to total debt the ratio
of plant, property and equipment to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Avis comparables calculated using stock price before Cendant&#039;s initial offer
on August&nbsp;15, 2000 of $29.00.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted to include depreciation and interest related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(e)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is adjusted to include interest stemming from debt related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(f)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes the $5.4&nbsp;million gain in 2Q 2000 due to condemnation of a
California rental facility.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 23 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">







<P><B><I>Selected Precedent Transactions</I></B><BR>
<I>($ in millions)</I>



<TABLE cellspacing="0" border="0" cellpadding="0" width="65%" align="left">
<TR valign="bottom">
         <TD width="21%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="53%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center"><FONT size="2"><B>Announcement</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Equity</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center"><FONT size="2"><B>Date</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Buyer/Target</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">11/13/2000</FONT></TD>
         <TD nowrap align="right"></TD>
         <TD nowrap align="left"><FONT size="2">Cendant Corp (Final Offer) /<sup>(d)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">1,108.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD align="left"><FONT size="2">&nbsp;&nbsp;Avis Group Holdings, Inc.</FONT></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">08/12/1997</FONT></TD>
         <TD></TD>
         <TD align="left"><FONT size="2">Republic Industries Inc. /</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">149.6</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD align="left"><FONT size="2">&nbsp;&nbsp;EuroDollar Rent-A-Car</FONT></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">01/14/1997</FONT></TD>
         <TD></TD>
         <TD align="left"><FONT size="2">Team Rental Corporation /</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">375.7</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="left"><FONT size="2">&nbsp;&nbsp;Budget Rent-A-Car (Ford Motor)</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">01/06/1997</FONT></TD>
         <TD></TD>
         <TD align="left"><FONT size="2">Republic Industries Inc. /</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">600.0</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD align="left"><FONT size="2">&nbsp;&nbsp;National Car Rental System, Inc.</FONT></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">08/15/2000</FONT></TD>
         <TD nowrap align="right"></TD>
         <TD align="left"><FONT size="2">Cendant Corp (Initial Offer) /<sup>(d)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">955.4</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD align="left"><FONT size="2">&nbsp;&nbsp;Avis Group Holdings, Inc.</FONT></TD>
         <TD></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="65%" align="left">
<TR valign="bottom">
         <TD width="28%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="8%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="8%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="11"><FONT size="2"><B>Transaction Value as a Multiple
of</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Price Per</B></FONT></TD>
         <TD></TD>
         <TD colspan="11"><HR size="1"></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center"><FONT size="2"><B>Announcement</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Transaction</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Share/</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>LTM</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>LTM</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>LTM</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center"><FONT size="2"><B>Date</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Value<sup>(a)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>LTM EPS</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>EBIT<sup>(b)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>EBITDA<sup>(c)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Revenues</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">11/13/2000</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">2,034.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.7</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.5</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.8</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.50</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">08/12/1997</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">147.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">15.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.9</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.86</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">01/14/1997</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">790.1</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NM</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.8</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.70</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">01/06/1997</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">426.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">21.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.8</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.38</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD align="right"></TD>
         <TD align="left"><FONT size="2"><B>Mean</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>15.1</B></FONT></TD>
         <TD align="left"><FONT size="2"><B>x</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>8.9</B></FONT></TD>
         <TD align="left"><FONT size="2"><B>x</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>6.8</B></FONT></TD>
         <TD align="left"><FONT size="2"><B>x</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>0.61</B></FONT></TD>
         <TD align="left"><FONT size="2"><B>x</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD align="right"></TD>
         <TD align="left"><FONT size="2"><B>Median</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>15.0</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>8.5</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>6.3</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>0.60</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD align="right"></TD>
         <TD align="left"><FONT size="2"><B>High</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>21.6</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>11.2</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>8.9</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>0.86</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD align="right"></TD>
         <TD align="left"><FONT size="2"><B>Low</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>8.7</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>7.5</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>5.8</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>0.38</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">08/15/2000</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1,906.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.47</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"></FONT></TD>
</TR>
</TABLE>
<BR clear="all">

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes debt related to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is adjusted to include interest stemming from debt related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted to include depreciation and interest related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Multiples are based on Avis&#039; 2000E operating results.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 24 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">







<P><B><i>Summary Private Market Valuation</i></B><BR>
<I>($ in millions, except per share data)</I>



<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="left">
<TR valign="bottom">
         <TD width="5%">&nbsp;</TD>
         <TD width="47%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>High</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Enterprise Value Range</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,421</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>&#151;</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>5,225</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Less: Net Debt<sup>(a)</sup></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(636</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(636</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>3,785</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>&#151;</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>4,589</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value per Share Range</B></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>35.17</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>&#151;</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>42.59</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Enterprise Value as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Revenues<sup>(b)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">5,549</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.80</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.94</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5,074</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.87</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.03</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(b)(c)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">784</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.6</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.7</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">804</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>5.5</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>&#151;</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>6.5</B></FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(b)(d)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">602</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.3</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.7</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">633</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.3</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Stock Price as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Earnings Per Share <sup>(b)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001E</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">3.09</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.4</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">13.8</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">3.28</FONT></TD>
         <TD nowrap><FONT size="2"><sup>(e)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">10.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">&#151;</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">13.0</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="34%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Enterprise Value Range</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Less: Net Debt<sup>(a)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Equity Value per Share Range</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD nowrap align="center"><FONT size="2"><B>Cendant /</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD nowrap align="center"><FONT size="2"><B>Republic /</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD nowrap align="center"><FONT size="2"><B>Team /</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD nowrap align="center"><FONT size="2"><B>Republic /</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Avis</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>EuroDollar</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Budget</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>National</B></FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="left"><FONT size="2"><I>Announced:</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11/13/00</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8/12/97</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1/14/97</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1/6/97</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD nowrap align="left"><FONT size="2"><I>Equity Value:</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">1,108</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">150</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">376</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">600</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD nowrap align="left"><FONT size="2"><I>Trans. Value:</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">2,035</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">148</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">790</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">427</FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Auto Rental</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Comparables</B></FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="center"><FONT size="2"><B>Median</B></FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Enterprise Value as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Revenues<sup>(b)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.48</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.60</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.50</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.86</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.70</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.38</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBITDA<sup>(b)(c)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.3</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.3</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.8</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.9</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">5.8</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.8</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Adjusted EBIT<sup>(b)(d)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001P</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">6.5</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.5</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">11.2</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.5</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.4</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B><U>Stock Price as a Multiple of:</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Earnings Per Share <sup>(b)</sup></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2001E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.3</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2">2000E</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">15.0</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">8.7</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">15.0</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">NM</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">21.6</FONT></TD>
         <TD align="left"><FONT size="2">x</FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
</TR>
</TABLE>
<BR clear="all">

<P>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Net Debt is calculated using non-revenue earning equipment related debt
less cash as of December&nbsp;31, 2000. Based on management&#039;s guidance, non-revenue
earning equipment related debt is derived by applying to total debt the ratio
of plant, property and equipment to revenue earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted to include depreciation and interest related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is adjusted to include interest stemming from debt related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(e)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes the $5.4&nbsp;million gain in 2Q 2000 due to condemnation of a
California rental facility.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 25 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">







<I><P><B>Cendant-Avis Transaction</B></I><BR>
<I>($ in millions, except per share data)</I>

<CENTER>
<IMG src="k59594a4477728.gif" WIDTH=765 HEIGHT=770>
</center>

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Cendant announced initial offer on August&nbsp;15, 2000.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Cendant announced final offer on November&nbsp;13, 2000.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBITDA is adjusted to include depreciation and interest related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(e)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">EBIT is adjusted to include interest stemming from debt related to revenue
earning equipment.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(f)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Excludes the $5.4&nbsp;million gain in 2Q 2000 due to condemnation of a
California rental facility.</TD>
</TR>
</TABLE>
<HR size="1">







<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 26 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>




<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Summary Discounted Equity Cash Flow Analysis <sup>(a)</sup></I></B><BR>
<I>($ in millions, except per share data)</I>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%" align="center">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="34%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="23"><FONT size="2"><B>Projected Year Ending December
31,</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="23"><HR size="1"></TD>
         <TD></TD>

<TD nowrap align="center" colspan="3"><FONT size="2"><B><i>CAGR</i></B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2001</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2002</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2003</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2004</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2005</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>2006</B></FONT></TD>
         <TD></TD>

<TD nowrap align="center" colspan="3"><FONT size="2"><B><i>01-05</i></B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Levered Net Income<sup>(b) (c)</sup></B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>317.1</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>338.5</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>361.4</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>390.2</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>429.6</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>472.9</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>7.9</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Capital Expenditures</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(382.1</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(190.1</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(270.5</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(277.7</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(291.1</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Depreciation &#38; Amortization</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">182.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">190.0</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">201.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">216.5</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">230.2</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Change in Working Capital</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">47.1</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">19.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">33.3</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">53.1</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">63.1</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Change in REE Working Capital</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(79.9</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(47.3</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(58.6</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(115.3</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(121.2</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Other Items</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">7.8</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(0.5</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(1.0</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(1.1</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(1.2</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">New Equity Issuance</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(1.9</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(1.2</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(0.9</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(0.9</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">(0.4</FONT></TD>
         <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Ordinary Dividends</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">21.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">21.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">21.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">21.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">21.6</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">Dividend Adjustment<sup>(d)</sup></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">129.3</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">182.4</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">167.6</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">171.2</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">204.0</FONT></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="1"></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2"><B>Levered Free Cash Flow</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>241.0</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>512.5</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>454.4</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>457.5</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>535.1</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>22.1</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="4" noshade></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="4" noshade></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="4" noshade></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="4" noshade></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD><HR size="4" noshade></TD>
         <TD></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD><FONT size="2"><I>% Growth</I></FONT></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><I>&#151;</I></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>112.6</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>-11.3</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>0.7</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>17.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%" align="left">
<TR valign="bottom">
        <TD width="11%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="29"><FONT size="2"><B>Levered Net Income Valuation</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="29"><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><B>NPV of Terminal Value @</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><B>Equity Value @</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>NPV of</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><B>Forward Exit Multiple of</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><B>Forward Exit Multiple of</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Discount</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Future</B></FONT></TD>
        <TD></TD>
        <TD colspan="11"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="11"><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Rate</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Cash Flows</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>8.0x</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>9.0x</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>10.0x</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>8.0x</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>9.0x</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>10.0x</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>12.0%</B></FONT></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">1,542</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">2,147</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">2,415</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">2,683</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">3,688</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">3,957</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">4,225</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>13.0%</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1,501</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">2,053</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">2,310</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">2,567</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">3,554</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">3,811</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">4,067</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>14.0%</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1,461</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">1,965</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">2,211</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">2,456</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">3,426</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">3,672</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">3,918</FONT></TD>
        <TD></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="left">
<TR valign="bottom">
        <TD width="22%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="10%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center" colspan="13"><FONT size="2"><B>Levered Net Income Valuation</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD colspan="13"><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><B>Equity Value Per Share @</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="11"><FONT size="2"><B>Forward Exit Multiple of</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Discount</B></FONT></TD>
        <TD></TD>
        <TD colspan="11"><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><FONT size="2"><B>Rate</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>8.0x</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>9.0x</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>10.0x</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD nowrap align="center"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>12.0%</B></FONT></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">34.27</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">36.77</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">39.26</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>13.0%</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">33.02</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">35.41</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">37.79</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD><FONT size="2"><B>14.0%</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">31.84</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">34.12</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">36.40</FONT></TD>
        <TD></TD>
</TR>
</TABLE>
<BR clear="all">
<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Based on Management Projections except as indicated.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">For the purposes of this
analysis, we have kept the debt:equity ratio constant at 3.9:1. Management in
their Strategic Plan used all excess cash to pay down debt. We have instead
paid this excess cash out as dividends. Thus, Levered Net Income is calculated
to reflect additional interest expense generated by additional debt required to
maintain a Debt:Equity Ratio of 3.9:1. Average interest rate for all years is
held constant with that of 2001P to reflect that debt level, which is 6.9%, and
does not decline with the reduction of debt to approximately 6.0% per
Management Projections.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">2006E Levered Net Income is determined by
extrapolating 2005E Levered Net Income at its forecast growth rate for
2005E.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Dividend Adjustment reflects the distribution of excess cash to
shareholders created by the addition of debt to maintain a Debt:Equity Ratio of
3.9:1.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 27 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>


<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>IV. Valuation</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">





<P><B><I>Premia/(Discount) Analysis of Selected Minority Buyout Transactions <sup>(a)</sup></I></B><BR>
<I>($ in millions, except per share data)</I>



<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="left">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="53%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="4%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="19"><FONT size="2"><B>Range</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="19"><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Median</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>High</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2"><B>Acquisition Price as</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2"><B>% Premium / (Discount) to Initial Offer</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>(9.6</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%)</i></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>9.0</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%</i></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>45.0</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%</i></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2"><B>% Premium / (Discount) to One Month Prior</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>(26.5</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%)</i></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>29.6</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%</i></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>101.7</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%</i></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2"><B>% Premium / (Discount) to 52-Week High</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>(55.3</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%)</i></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>(8.9</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%)</i></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>50.2</i></FONT></TD>
        <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2"><B>% Premium / (Discount) to 52-Week Low</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>(7.1</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%)</i></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>70.9</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%</i></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="right"></TD>
        <TD align="right"><FONT size="2"><i>288.9</i></FONT></TD>
        <TD nowrap><FONT size="2"><i>%</i></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
</TR>
</TABLE>
<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column(s) repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="left">
<TR valign="bottom">
        <TD width="3%">&nbsp;</TD>
        <TD width="45%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="19"><FONT size="2"><B>Implied Value</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Hertz</B></FONT></TD>
        <TD></TD>
        <TD colspan="19"><HR size="1"></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Data</B></FONT></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Low</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>Median</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD nowrap align="center" colspan="3"><FONT size="2"><B>High</B></FONT></TD>
</TR>
<TR valign="bottom">
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2"><B>Acquisition Price as</B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2"><B>% Premium / (Discount) to Initial Offer</B></FONT></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">30.00</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">27.12</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">32.71</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">43.50</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2"><B>% Premium / (Discount) to One Month Prior</B></FONT></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">31.19</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">22.93</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">40.42</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">62.92</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2"><B>% Premium / (Discount) to 52-Week High</B></FONT></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">50.81</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">22.72</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">46.30</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">76.32</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD></TD>
        <TD><FONT size="2"><B>% Premium / (Discount) to 52-Week Low</B></FONT></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">24.25</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">22.52</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">41.44</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">94.31</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD align="right"></TD>
        <TD align="left"><FONT size="2"><B>Mean</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">23.82</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">40.22</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">$</FONT></TD>
        <TD align="right"><FONT size="2">69.26</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD align="right"></TD>
        <TD align="left"><FONT size="2"><B>Median</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">22.82</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">40.93</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">69.62</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD align="right"></TD>
        <TD align="left"><FONT size="2"><B>High</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">27.12</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">46.30</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">94.31</FONT></TD>
        <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
        <TD colspan="2"></TD>
        <TD align="right"></TD>
        <TD align="left"><FONT size="2"><B>Low</B></FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">22.52</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">32.71</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">&#151;</FONT></TD>
        <TD></TD>
        <TD></TD>
        <TD></TD>
        <TD align="right"><FONT size="2">43.50</FONT></TD>
        <TD></TD>
</TR>
</TABLE>
<BR clear="all">

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Minority buyout transactions selected on the following criteria: (i)&nbsp;cash
transactions since January&nbsp;1, 1998; (ii)&nbsp;transaction value greater than $50
million; (iii)&nbsp;acquirer controlled greater than 50% of outstanding shares
before the transaction; and (iv)&nbsp;100% of total outstanding shares were
acquired.</TD>
</TR>
</TABLE>
<P>&nbsp;
<HR size="1">
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 28 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
</CENTER>
<P align="center">&nbsp;
<!-- PAGEBREAK -->
<P><HR noshade><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="56%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="39%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>THE HERTZ CORPORATION</B></TD>
         <TD></TD>
         <TD align="right" valign="top"><B><I>Appendix A</I></B></TD>
</TR>
</TABLE>
</CENTER>
<HR size="1">




<!-- link1 "Appendix" -->
<DIV align="left"><A name="004"></A></DIV>

<!-- link2 "Weighted Average Cost of Capital Analysis" -->
<DIV align="left"><A name="005"></A></DIV>


<P><B><I>Weighted Average Cost of Capital Analysis</I></B><BR>
<I>($ in millions)</I>


<TABLE cellspacing="0" border="0" cellpadding="0" width="95%" align="center">
<TR valign="bottom">
         <TD width="16%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="18%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="19%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
</TR>

<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Levered</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Unlevered</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Debt / Mkt. Cap.</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Market Equity</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="left"><FONT size="2"><B>Ticker</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Company</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Beta<sup>(a)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Beta<sup>(b)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Ratio</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Debt<sup>(c)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Value</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">HRZ</FONT></TD>
         <TD></TD>
         <TD nowrap align="left"><FONT size="2">Hertz Corp-Cl A</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.73</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">24.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">843</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"><FONT size="2">$</FONT></TD>
         <TD align="right"><FONT size="2">2,605</FONT></TD>
         <TD nowrap><FONT size="2"><sup>(d)</sup></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><B><U>Auto Rental</U></B></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">ANCX</FONT></TD>
         <TD></TD>
         <TD nowrap align="left"><FONT size="2">Anc Rental Corp</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.73</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.24</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">67.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">258</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">124</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">AVI</FONT></TD>
         <TD></TD>
         <TD nowrap align="left"><FONT size="2">Avis Group Holdings Inc</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.00</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.35</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">64.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1,492</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">805</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">BD</FONT></TD>
         <TD></TD>
         <TD nowrap align="left"><FONT size="2">Budget Group Inc -Cl A</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.93</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.17</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">81.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">460</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">105</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">DTG</FONT></TD>
         <TD></TD>
         <TD nowrap align="left"><FONT size="2">Dollar Thrifty Automotive Gp</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.75</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.63</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">15.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">83</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">453</FONT></TD>
         <TD></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD align="right"></TD>
         <TD align="left"><FONT size="2"><B>Median</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>0.84</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"></TD>
         <TD align="right"><FONT size="2"><B>0.29</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><B>66.2</B></FONT></TD>
         <TD nowrap><FONT size="2"><B>%</B></FONT></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>359</B></FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2"><B>$</B></FONT></TD>
         <TD align="right"><FONT size="2"><B>289</B></FONT></TD>
         <TD></TD>
</TR>
</TABLE>

<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="center">
<TR valign="bottom">
         <TD width="82%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="left" colspan="5"><FONT size="2"><B><i>Assumptions</i></B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="5"><HR size="1"></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><I>Marginal Tax Rate</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>38.0</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><I>Risk Free Rate of Return <sup>(e)</sup></I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>5.24</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><I>Equity Risk Premium <sup>(f)</sup></I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>8.40</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2"><I>Size premium</I></FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2"><I>0.50</I></FONT></TD>
         <TD nowrap><FONT size="2"><I>%</I></FONT></TD>
</TR>
</TABLE>

<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="center">
<TR valign="bottom">
         <TD width="6%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="35"><FONT size="2"><B>Pre-Tax/After-Tax Cost of Debt</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD colspan="35"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">6.00</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">6.25</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">6.50</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">6.75</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">7.00</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">7.25</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">7.50</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">7.75</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">8.00</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">3.72</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">3.88</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">4.03</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">4.19</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">4.34</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">4.50</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">4.65</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">4.81</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">4.96</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>

<TABLE cellspacing="0" border="0" cellpadding="0" width="55%" align="left">
<TR valign="bottom">
         <TD width="5%">&nbsp;</TD>
         <TD width="13%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="8%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="8%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="4%">&nbsp;</TD>
         <TD width="5%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
         <TD width="1%">&nbsp;</TD>
         <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center" colspan="2"><FONT size="2"><B>Debt/</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Debt/</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Unlevered</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Levering</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Levered</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Cost of</B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD nowrap align="center" colspan="2"><FONT size="2"><B>Cap.</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Equity</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Beta</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Factor<sup>(g)</sup></B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Beta</B></FONT></TD>
         <TD></TD>
         <TD nowrap align="center" colspan="3"><FONT size="2"><B>Equity<sup>(h)</sup></B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="2"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
         <TD></TD>
         <TD colspan="3"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD><FONT size="2">&nbsp;&nbsp;0.0%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">0.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.00</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">10.0%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">11.1</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.11</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.61</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">20.0%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">25.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.25</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.69</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">11.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">30.0%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">42.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.43</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.79</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">12.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">40.0%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">66.7</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.67</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.92</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">13.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">50.0%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">100.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.00</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.11</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">15.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD colspan="2"><FONT size="2">60.0%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">150.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">0.55</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">2.50</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD></TD>
         <TD align="right"><FONT size="2">1.38</FONT></TD>
         <TD></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">17.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>

<BR clear="all">
<P align="right">[Additional columns below]
<P>[Continued from above table, first column not repeated]


<TABLE cellspacing="0" border="0" cellpadding="0" width="85%" align="left">
<TR valign="bottom">
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="2%">&nbsp;</TD>
         <TD width="3%">&nbsp;</TD>
</TR>

<TR>
     <TD nowrap align="center" colspan="36"><FONT size="2"><B>Weighted Average Cost of
Capital<sup>(i)</sup></B></FONT></TD>
</TR>
<TR valign="bottom">
         <TD colspan="36"><HR size="1"></TD>
</TR>

<TR valign="bottom">
         <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="bottom">
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR valign="bottom">
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.3</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.3</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.3</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.3</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR valign="bottom">
         <TD align="right"><FONT size="2">10.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.1</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.1</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.1</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR valign="bottom">
         <TD align="right"><FONT size="2">9.8</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.8</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.1</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.1</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR valign="bottom">
         <TD align="right"><FONT size="2">9.6</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.6</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.7</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.8</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.8</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.1</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR valign="bottom">
         <TD align="right"><FONT size="2">9.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.6</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.7</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.8</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.8</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">10.0</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR valign="bottom">
         <TD align="right"><FONT size="2">9.2</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.3</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.4</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.5</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.6</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.7</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.8</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
         <TD></TD>
         <TD nowrap align="right"></TD>
         <TD align="right"><FONT size="2">9.9</FONT></TD>
         <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
<BR clear="all">

<P>

<HR size="2" width="10%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" align="left"><sup>(a)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Levered beta as reported in Barra
dated August&nbsp;31, 2000.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(b)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Unlevered Beta = Levered Beta/[1+(1-Tax
Rate)(Debt/Equity)]</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(c)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Debt excludes revenue earning equipment related debt.
Source: Management provided Balance Sheet as of December&nbsp;31, 2000.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(d)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Market
Equity Value of Hertz is calculated using a share price of $24.25, Hertz&#146;s
share price on September&nbsp;20, 2000, the day before the announcement of the Ford
Initial Offer.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(e)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Risk Free Rate is 10-Year Treasury Bond Yield as of January
12, 2001.</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(f)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Represents the long-horizon expected equity risk premium based on
simple differences of historical geometric mean returns from 1926-1996
(Ibbotson Associates&#146; 1998 Yearbook).</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(g)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Levering Factor = [1 + (1-Tax
Rate)(Debt/Equity)]</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(h)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Cost of Equity = (Risk Free Rate of Return)+(Levered
Beta)(Equity Risk Premium)</TD>
</TR>
<TR><TD><TR><TD><TR><TD><TR><TD>
<TR valign="top">
      <TD width="1%" align="left"><sup>(i)</sup></TD>
         <TD width="3%">&nbsp;</TD>
         <TD width="96%">Weighted Average Cost of Capital = (After-Tax
Cost of Debt)(Debt/Cap.)+(Cost of Equity)(Equity/Cap.)</TD>
</TR>
</TABLE>

<P>&nbsp;
<HR size="1">

<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" align="center">
<TR valign="bottom">
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
         <TD width="25%">&nbsp;</TD>
</TR>
<TR valign="bottom">
         <TD valign="top"><B>CONFIDENTIAL</B></TD>
         <TD></TD>
         <TD align="left" valign="top"><B>- 29 -</B></TD>
         <TD></TD>
</TR>
</TABLE>
<P align="center">&nbsp;

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443>T4S\U5$>U5$\U55>UG@4$`#L`
`
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