Notes: June 30, 2016 -- Hertz Global Holdings, Inc. (NYSE: HTZ) is receiving proceeds of approximately $2 billion from the previously announced separation of its equipment rental business, Herc Holdings Inc., (HRI) into a separate, publicly traded company. The transaction was completed today. Following today's transaction and the related 5-for-1 spin distribution, Hertz Global expects to begin trading on July 1, 2016, with approximately 85 million common shares issued and outstanding. The Separation Agreement provides for the transfers of entities and assets and assumptions of liabilities necessary to complete the Spin-Off, including the series of internal reorganization transactions such that New Hertz holds the entities associated with former Hertz Global Holdings, Inc.’s global car rental business, including The Hertz Corp. and Herc Holdings holds the entities associated with former Hertz Global Holdings, Inc.’s global equipment rental business, including Herc Rentals Inc.