GE Energy Rentals, Hertz Equipment Rental form alliance

ATLANTA, Ga., June 26, 2002 — Forming one of the largest alliances of its type in the rental industry, GE Energy Rentals and Hertz Equipment Rental Corporation are teaming up to provide North American customers with a single source for renting equipment currently available from either company.

Under a new, non-exclusive agreement, GE Energy Rentals power and climate control equipment is available at several Hertz facilities across the United States, with more locations to be added in the coming months.

Customers also will be able to place orders at any Hertz location in the U.S. to rent GE equipment, including generators, heating and cooling systems, and light towers. Hertz equipment rental locations specialize in construction and industrial equipment and vehicle rentals.

“With the new alliance, customers now have one source for their complete rental packages,” said Caroline Reda, president and general manager of GE Energy Rentals. “It will help our business establish a greater presence in markets where Hertz already has strong relationships.”

“We view the agreement as a win-win situation, for GE, Hertz and our combined customer base,” Reda added. “As GE equipment is added at more Hertz locations across the country, customers can expect even faster turnarounds on their rental orders.”

“The agreement with GE further expands Hertz Equipment Rental’s extensive product offerings, and the GE-Hertz partnership will generate opportunities with customers across a broader spectrum of businesses and industries,” said Gerry Plescia, president of Hertz Equipment Rental Corporation. “Customers now have direct and easy access to the full resources of both rental companies.”

GE Energy Rentals, based in Atlanta, was formed by GE Power Systems to offer rental equipment for temporary distributed power and climate control applications in the commercial, industrial, utility, oil and gas, and special events markets.

Hertz Equipment Rental Corporation, a wholly owned subsidiary of the Hertz Corporation, is a leading construction and industrial equipment rental business operating from more than 350 locations throughout North America and Europe.

About GE Power Systems

GE Power Systems (www.gepower.com) is one of the world’s leading suppliers of power generation technology, energy services and management systems with 2001 revenues exceeding $20 billion. The business has the largest installed fleet of power generation equipment in the global energy industry. GE Power Systems provides equipment, service and management solutions for the power generation, oil and gas, distributed power and energy rental industries.

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