Icahn Stake in Hertz Mostly Options

Of the 38,800,000 Shares of Hertz

disclosed by Carl Icahn in the 13-D Filing, less than 3 million are actual shares, with the rest being comprised of a combined long call option/short put option position in OTC options. From the filing: Call Options: The Reporting Persons purchased, in the over the counter market, American-style call options referencing an aggregate of 35,978,553 Shares, which expire on June 17, 2016. Put Options: The Reporting Persons have sold, in the over the counter market, European-style put options referencing an aggregate of 35,978,553 Shares, which expire on the earlier of June 17, 2016 or the date on which the corresponding American-style call option described above under "Call Options" in this Item 6 is exercised. Mr. Icahn had used similar structures in previous transactions in Netflix

and Herbalife

.