apresentação 3q09 completa eng

1

Localiza Rent a Car S.A.

October, 2009

3Q09 and YTD results (R$ millions - USGAAP)

2

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 3Q09 and 9M09 Financials

3

Localiza started its business from scratch in 1973…

…with 6 beetles, 100% financed.

4

19991973 1984 1990 1992

Private Equity

DLJ

Private Equity

DLJ

1997

R$ 200MM Debenture

2nd Localiza

R$ 200MM Debenture

2nd Localiza

2007

Follow on

Follow on

2006

US$ 100MM Bonds

US$ 100MM Bonds

2005

IPOIPO R$ 350MM Debenture

1st Localiza

R$ 350MM Debenture

1st Localiza

Growth by adjacencies: timeline

2008

71,500 cars9 countries

431 agencies

71,500 cars9 countries

431 agencies

2009

R$ 300MM Debenture

3st Localiza

R$ 300MM Debenture

3st Localiza

R$ 400MM Debentures

1stTotafleet

R$ 400MM Debentures

1stTotafleet

5

Integrated business platform

This integrated business platform gives Localiza flexibility and superior performance

Synergies:

cost reduction

cross selling

bargaining power

� 8,358 cars

� 225 locations in 9 countries 160 locations in Brazil 65 locations in South America

� 16 employees

� 23,184 cars sold

� 79% sold to final consumer

� 42 stores

� 446 employees

� 41,091 cars

�1.8 million clients

�206 locations

�2,709 employees

� 22,047 cars

� 593 clients

� 225 employees

As of 09/30/2009

6

Co

re B

usin

esses

Su

pp

ort

� Increase market leadership maintaining high return

�Create value taking advantage of the integrated business platform synergies

�Add value to the brand by expanding the network in Brazil and South America

Strategy by division

�Add value to the businesses, reducing depreciation as a competitive advantage

7

Breakdown

100%100%100%Total

4%1%1%Franchising

*3%48%Used car sales

41%45%17%Fleet rental

55%51%34%Car rental

Net incomeEBITDARevenues

Date: 09/30/2009

Rentals revenues

Consolidated

* Used cars losses are allocated in the rental divisions

Revenues

66%

34%

EBITDA

54%

46%

Net Income

51%

49%

Car rental Fleet rental

8

100%100%100% 100%100%

EugenioMattar

AntonioClaudio Resende

FlavioResende Free-Float

13.1% 8.6% 12.8% 8.6% 56.9%

SalimMattar

Founders

Localiza Car Rental

RentalInternational

Ownership breakdown

9

Company’s structure

BOARD OF DIRECTORS

CEO

COO

Car Acquisition

Legal

Financial ITHuman

ResourcesAdministration

Localiza has a very lean and efficient structure

The supporting areas assist all four businesses’ divisions.

10

Agenda

• Company





11

Growth opportunities

Air traffic8.7% CAGR (2004/2008)

Growth forecast between 2% - 5%

GDP elasticityRental divisions 5.9x GDP

Sector: 2.6x GDP

ConsolidationUS market: 4 players 95% BR market: 4 players 40%

1,893 players 60%

Credit cards23.7% CAGR (2004/2008)

44 mm holders (estimated)Replacement

Around 10 million cars insuredAccident frequency of 15% p.a.

Fleet outsourcingCorporate target fleet of 500,000 cars

Approximately 25% rented

Source: Localiza, ABLA and Central Bank

Source: Infraero, Gol and Tam

Source: Abecs and estimates

Source: Susep, Denatran and estimates

Source: Company estimates

Source: Auto Rental News and estimates

12

Localiza’s revenues have been growing 5.9x GDP.

Source: Central Bank, Localiza and ABLA

Growth opportunities: GDP

5.9x

Localiza

GDP

Sector

2.6x

2005 2006 2007 2008

GDP (real) Localiza (real) Sector (real)

Rental revenues accumulated growth rate – rentals

13

Others

1889

Localiza

277 Unidas

72Avis

63

Hertz

54

Growth opportunities: consolidation

Airport locations Off-airport locations

Brazilian car rental agencies

Off-airport market is fragmented among almost 2,000 small local car rental companies

Source: Each company website as of September 30th , 2009

Unidas

30

Avis

29

Hertz

29

Others

36

Localiza

89

14

22.4%25.8%

29.4%33.0%

38.0%

2004 2005 2006 2007 2008

Consistent market share evolution

38.0%

Strategy: increase market leadership maintaining high return

Source: ABLA, based on revenues

15

Consistent market share evolution

14.0%

Strategy: create value taking advantage of the integrated business platform synergies

Source: ABLA, based on revenues

10.2%11.4%

13.0% 13.2% 14.0%

2004 2005 2006 2007 2008

16

Agenda

• Company





17

Highercompetitiveness

Market shareincrease

Gains of scale

Scale

Know-how

Strong brand

Strong values

Integrated platform

Geographical footprint

High corporate governance standards

Used car sales network

Management model

Lower depreciation

Stable Management

Owners involved

Facilities

Rating

Competitive advantages

Localiza reached the virtuous cycle

18

Competitive advantages: strong values

Principles:Ethical behavior

Zeal for the image

Search for excellence

Customer valorization

Add value to the company

Recognition of employee performance

MissionTo contribute to the success

of our customers’ business and leisure, renting cars with efficiency and friendliness.

MissionTo contribute to the success

of our customers’ business

through an efficient solution in fleet rental.

MissionTo contribute to the success of our franchisees,

transferring know-how with efficiency and promoting solid relationship.

MissionTo contribute for the success of our customers,

Selling quality pre-owned cars with transparency and friendliness.

19

Salim Mattar

Eugênio Mattar

BOARD OF DIRECTORS

CEO

COO

Car Acquisition

Legal

Financial ITHuman


Competitive advantages: owners involved in the business

The succession process is already planned.

20

Salim Mattar - 36y

Eugênio Mattar – 36y

Roberto Mendes – 24y

Gina Rafael – 28y

Daltro Leite – 24y

Marco Antônio Guimarães – 19y

AristidesNewton – 26y

BOARD OF DIRECTORS

CEO

COO

Car Acquisition

Legal

Financial ITHuman


Helvia Barcelos – 22y

Competitive advantages: stable management

21

Competitive advantages: know-how

36 years

Raising money

Buyingcars

Renting cars

Selling cars

Since its beginning, Localiza always had strong focus in the business

22

Execution

Management by results: execution with meritocracy

Competitive advantages: management model

Mgt.contract

Action plan

Evaluation Reward

Profitsharing

StockOptions

Variable

Actions

Objectives

Mission

Business

Values

Vision

Pla

nn

ing

23

Competitive advantages: strong brand

34th

Most valuable brand in Brazil

(Brand Analytics, May 2009)

Bestof transport sector

(Exame, Biggest & Best, July 2009)28th

Brazilian international company.

(Ranking FDC, August 2009)*

*by the Fundação Dom Cabral – FDC Index based on foreign sales, assets and employees over total sales, assets and employees

24

International footprint

International footprint

Strategic locations

Strategic locations

Nationwidepresence

Nationwidepresence

Competitive advantages: geographical footprint

431 locations in 9 countries in South America

As of 09/30/2009

25

Competitive advantages: facilities

Localiza is present in all Brazilian airports

26

Competitive advantages: facilities

Localiza has the best located downtown locations

27

Competitive advantages: used car sales network

42 stores in Brazil

Strategy: To add value to the businesses, reducing depreciation as a competitive advantage

� Logistic of distribution

� Know-how of used car market

� Selling to final consumers in order to have higher revenue per sold car

28


Localiza has special network to sell its cars to final consumers

29


Car sales inventory is used as a buffer for car rental division during peaks of demand

30

Localiza’s used car sale division share

34,281Cars sold by Localiza in 2008

(Seminovos)

� 0.3% of total car sale market 9,860,000 cars

� 0.5% of used car sale market 7,260,000 cars

� 1.3% of new car sale market 2,600,000 cars

� 5.3% of up to 3-year old car market 644,000 cars

2008 Brazilian car sales market

Localiza’s share Total market

23,184 Cars sold by Localiza in 9M09

(Seminovos)

� 0.3% of total car sale market 7,300,916 cars

� 0.5% of used car sale market 5,089,495 cars

� 1.0% of new car sale market 2,211,421 cars

� 4,5% of up to 3-year old car market 520,655 cars

9M09 Brazilian car sales market

Localiza’s share Total market

31

322.9 492.3939.1

332.9

2,546.0 2,729.7

(1,390.0)

(3,990.0)

1,600.01,300.0

180.0

(190.0)

(3 ,8 0 0 .0 )

(2 ,8 0 0 .0 )

(1 ,8 0 0 .0 )

(8 0 0 .0 )

2 0 0 .0

1 ,2 0 0 .0

2 ,2 0 0 .0

3 ,2 0 0 .0

(4 ,0 0 0 .0 )

(2 ,0 0 0 .0 )

-

2 ,0 0 0 .0

4 ,0 0 0 .0

Average depreciation Used car gain (loss) + SG&A

Competitive advantages: lower depreciation

The depreciation is calculated using the estimated sale price in the future (mark to market), net of the sales expenses.

In 2010 depreciation shall drop as we are renewing the fleet.

Average depreciation per car - Car rental division*

2008 and 2009 depreciation were impacted by declining market conditions and IPI reduction.

777.0

1,769.0

27,740 25,650 25,840 24,350 19,960 16,140 (-)Purchase price in previous year

26,010 27,770 27,460 24,770 23,060 19,490 Selling price in the year

(3,990) 180(190) (1,390) 1,3001,600(=)Gain (loss)

2,260 1,940 1,810 1,810 1,800 1,750 (-)Used car sales SG&A (7-9%)

9M0920082007200620052004Average per car

Impairment (IPI reduction)

2004 2005 2006 2007 2008 9M09

2,546.0

32

Competitive advantages: rating

Moody’s debt rating as of Jan/09 (Global scale)

S&P and Moody’s reassured Localiza’s rating in 2009.

Aa1.brBrasil Telecom S.A

Baa3.brLupatech

Aa2.brDuke Energy

Aa1.brCEMIG

A1.brGafisa S.A.

Ba2.brMagnesita Refratários S.A.

Aa2.brBraskem S.A.

Aa2.brLocaliza Rent a Car S.A

Moody’s corporate rating as of Dec/09 (Local Currency)

S&P corporate credit rating as of Jan/09 (Global scale)

brA-brA

Lupatech

Tam

brAA-Duke Energy

brAAABrasil Telecom S.A

brA-Gafisa S.A.

brA-Magnesita Refratários S.A.

brAA+Braskem S.A

brAA-Localiza Rent a Car S.A

Standard & Poors as of Dec/09 (Local Currency)

Localiza has one of the best ratings among its international peers

Enterprise Localiza Hertz Avis Dollar Thrifty

Enterprise Localiza Avis Hertz Dollar Thrifty

Baa2

Ba1

Ba3B1

B3

BBB

BB

BB- B-

33

79

59

50

Localiza Unidas Hertz Avis

Competitive advantages: scale

102

92

74

Localiza* Unidas Hertz Avis

Localiza network is larger than the second, the third and the fourth competitors combined

Source: Each company website as of September 30th , 2009

Locations in Brazil Cities in Brazil

366

268

189

261

34

Competitive advantages: high standards of governance

� Listed at “Novo Mercado” of Bovespa

� Elected Excellence in Corporate Finance Company (IBEF – Brazilian Institute of Finance Executives of Minas Gerais)

� Elected “the most shareholder-friendly” company (Institutional Investor Magazine - 2008)

� Elected twice the best company in corporate governance (Capital Aberto Magazine)

� Elected twice the best CEO of a small-cap (Institutional Investor Magazine)

35

Agenda

• Company





36

Growth with strong results

504

134 154 150 152

198

278311

403

856242

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

331 429 555 679873191 251 303

448

590

853

983

2812862702211601451279086 85

89151

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CAGR: 26.3%

CAGR: 23.9%

EBITDA evolution

Revenue evolution

CAGR: 16.5%

CAGR: 30.8%

Car sold / EOP fleet 45%56%50%52%55%69%57%42%31%50%74%77%

4.41.9Average

5.14.63.72.95.71.12.71.34.30.30.03.4GDP

Rental Used car sales

37

Agenda

• Company





38

21,68322,70021,45721,44821,848

15,93712,842

9,4026,654

2004 2005 2006 2007 2008 9M08 9M09 3Q09 3Q09

148.9151.9

440.8430.5

585.7

442.7357.2

271.3197.1

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

Car rental division

CAGR: 34.6%

Average rented fleet (Quantity)

-4.5%

Net revenue (R$ millions)

CAGR: 31.3%2.4%

0.0%

Revenues grew 2.4% in the 9M09 due to an increase in the daily rates.

-2.0%

39

19,53818,53219,43517,06917,880

14,29511,635

9,3087,796

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

127.8149.2

190.2228.2

276.9

200.9230.9

73.2 78.7

2004 2005 2006 2007 2008 908 9M09 3Q08 3Q09

CAGR: 23.1%5.4%

CAGR: 21.3%

7.5%

14.9%

13.9%

The revenue’s growth is a consequence of the increase in volumes and prices.

Fleet rental division

Average rented fleet (Quantity)

Net revenue (R$ millions)

40

690.0

930.31,060.9

1,335.3

661.7509.4

303.0448.2

590.3

853.2983.2

794.7625.6

212.5

538.0

1,238.3

493.1302.9

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

22,18226,105

33,52038,050

44,21141,499

17,86715,71518,763

23,174

30,09334,281

27,635

10,627

24,51819,185

23,184

8,077

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

Fleet investment

45% of the car rental division’s fleet has been already renewed.

Purchases (accessories included) Used car sales revenue

Net investment (R$ millions)

Purchased cars Sold cars

Fleet increase (quantity)

7,342

10,346

6,467

7,9579,930

13,864

1,334

7,240 11,108

241.8340.0

190.1

207.7352.1

443.636.1

235.1 296.9

41

24,103 31,373 35,686 39,112 44,215 41,0919,16811,762

14,63017,790

23,40322,481 22,047

19,531

2004 2005 2006 2007 2008 9M08 9M09

End of period fleet and utilization rate

Utilization rate – Car rental division

End of period fleet (quantity)

CAGR: 21.5%


The current fleet returned to December 2008 level.

-5.3%

28,69935,865

46,00353,476

62,515 66,696 63,138

68.6%

76.2%

67.6%70.5%

68.3%

9M08 9M09 1Q09 2Q09 3Q09

42

Net revenues - consolidated

872.5638.6 679.6

227.5 230.0

303.0448.2

590.3853.2

983.2

794.7 625.6

302.9 212.5331.4 428.7 555.1 678.5

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

-16.6%


CAGR: 30.8%

Net revenues (R$ millions)

634.4876.9

1,145.4

1,531.7

1,855.7

530.4 442.5

-8.9%

1,433.3 1,305.2

1.1%6.4%

9,402 12,842 15,937 21,848 21,448 21,457 22,700 21,6837,796 9,30811,635

14,29517,880 17,069 19,435 18,532 19,538

6,654

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

Average rented fleet (quantity)

0,0%CAGR: 28.8%

14,45018,710

24,47730,232

39,728


6.2%

41,232 41,22138,51740,892

43

+20%

83117

145178

199 206

2004 2005 2006 2007 2008 9M09

+ 34

Number of locations – car rental division

13 13

2632 35

42

2004 2005 2006 2007 2008 9M09

Number of used cars sales stores

+ 28+ 33 + 21

+ 7

+ 13+ 6

+ 3+ 7

Network expansion

In 2009 the Company continues to increase its network.

44

161.0 218.8284.4

357.1449.6

327.0 331.2

115.6 111.3

36.559.1

26.9

46.4

54.5

51.3 9.7

18.3 5.0

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

EBITDA Margin

48.4%50.8%48.7%51.2%51.5%52.6%51.2%51.0%48.6%Rentals - consolidated

1.6%

66.7%

39.3%

9M09

6.5%

66.3%

44.3%

9M08

5.5%

67.0%

44.3%

2008

4.6%

69.1%

42.0%

2006

6.0%

69.7%

41.8%

3Q08

5.4%

68.7%

44.5%

2007

2.4%13.2%12.0%Used car sales

65.9%62.3%63.4%Fleet rental

39.2%45.3%40.1%Car rental

3Q0920052004Divisions

EBITDA consolidated (R$ million)


CAGR: 26.4%

277.9197.5

403.5

504.1

311.3

-13.1%133.9 116.3

EBITDA margins still consistent.

-9.9%

378.3 340.9

-3.7%

1.3%

45

2,552.1

4,622.9

2,670.1

6,238.6

1,845.5

2,981.3

5,083.1

2,395.82,383.3

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

777.0

2,729.7

1,133.4

3,763.3

939.1332.9

2,546.0

492.3322.9

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

Depreciation per car

Car rental division (R$)

Fleet rental division (R$)

annualized

The launching of 2010 models impacted the 3Q09 depreciation.

annualized

46

20.650.178.0

157.2

90.6106.5

138.2

190.2

127.4

2004 2005 2006 2007 2008 9M08 9M09 3Q08 3Q09

Net income

157.2

(65.8)

(88.8)

(13.3)

(53.2)

378.3

51.3

327.0

9M08

78.0

(26.5)

(88.3)

(15.9)

(132.2)

340.9

9.7

331.2

9M09

(79.2)

39.3

0.5

(2.6)

(79.0)

(37.4)

(41.6)

4.2

Var. R$

(17.6)116.3133.9EBITDA Consolidated

(29.5)

14.6

13.3

(0.6)

(39.2)

(13.3)

(4.3)

Var. R$

20.650.1Net income

(5.5)(20.1)Income tax and social contribution

(22.8)(36.1)Financial expenses, net

(5.3)(4.7)Other depreciation

(62.1)(22.9)Depreciation of revenue-earning vehicles

5.0 18.3 EBITDA - Used car sales

111.3115.6 EBITDA - Car rental and fleet rental

3Q093Q08Reconciliation of EBITDA x Net Income

Net income (R$ millions)

Main impacts on results: drop of Seminovos’ EBITDA and increase of fleet depreciation.

- 58.9%

- 50.4%

47

52.0 58.2118.2

250.7 205.7

395.2

2004 2005 2006 2007 2008 9M09

Free cash flow - FCF

186.3-----Change in amounts payable to car suppliers (capex)

395.2

36.0

(36.0)

395.2

(13.0)

186.2

(625.7)

625.6

222.0

(32.7)

(37.5)

292.2

576.9

(625.6)

340.9

9M09

(283.1)

(188.9)

(299.9)

205.7

(39.9)

(52.2)

(1.035.4)

983.2

297.8

(44.8)

(52.8)

395.4

874.5

(983.2)

504.1

2008

(22.2)53.2 (161.3)(113.7)Free cash flow

(51.0)222.0 (25.5)(21.9)Change in amounts payable to car suppliers (capex)

(221.9)(287.0)(194.0)(143.8)Capex of car – growth

250.7 118.2 58.2 52.0 Free cash flow before growth

(23.7)(32.7)(28.0)(10.2)Capex - Property and equipment, net

14.2 (53.0)(47.8)(46.3)Net capex for renewal

(839.0)(643.3)(496.0)(349.3)Capex of car – renewal

853.2 590.3 448.2 303.0 Used car sales revenues

260.2 203.9 134.0 108.5 Cash provided before capex

13.3 (4.8)(24.2)6.2 Working capital variation

(63.4)(42.7)(32.7)(40.9)(-) Income tax and social contribution – current

310.3 251.4 190.9 143.2 EBITDA without used car sales revenues and costs

760.0 530.4 361.2 248.7 Cost of used car sales

(853.2)(590.3)(448.2)(303.0)Used car sales revenues

403.5 311.3 277.9 197.5 EBITDA

2007200620052004Free cash flow - R$ millions

FCF before growth (R$ million)

48

-58.5-30.9

395.2

-1,254.5 -948.7

InterestDividends

Net debt reconciliation

Net debt12/31/2008

Net debt 09/30/2009

Free cash flow

R$305.8 million net debt reduction YTD.

49

440.4

765.1948.7

1,247.71,492.9

1,752.6 1,687.6

1.254,5

535,8281,3

612,2900,2

2004 2005 2006 2007 2008 9M09

Debt ratios

2.0x

1.8x

2.5x

72%

2008

1.4x1.3x0.7x1.4x1.0xNet debt / Equity (USGAAP)

1.5x(*)1.3x1.0x1.5x1.1xNet debt / EBITDA (BRGAAP)

2.1x(*)1.9x1.4x1.9x1.4xNet debt / EBITDA (USGAAP)

56%51%36%60%46%Net debt / Fleet value (USGAAP)

9M092007200620052004BALANCE AT THE END OF THE PERIOD

(R$ million)

Net debt Fleet value

Indebtedness ratios have improved significantly on the 9M09 over 2008.

(*) annualized

50

Debt profile(Principal)

On 09/30/09 – R$ million

Pro forma considers the debentures’ early redemption and the fund raising of R$ 100 millions100.0*

209.8

0.2 9.2

255.4 251.7209.6

166.8

100.0

109.8cash

2010 2011 2012 2013 2014 2015

0.2

350.9

205.4 210.0 209.6166.8

100.0

359.8cash

2010 2011 2012 2013 2014 2015

200,0*

559.8

Proforma – R$ million

* Limited amount approved by BNDES / PEC

51

4,6

10,6

13,5

8,4

3,1

10,7

14,7

2005 2006 2007 2008 1Q09 2Q09 3Q09

RENT3 Performance

Average daily volume (R$ millions) Average daily volume (# shares)

829,7729,5 687,5 648,7

385,4

956,4 961,7

2005 2006 2007 2008 1Q09 2Q09 3Q09

Record daily amount and number of shares traded in the 3Q09

9M09: RENT3 +149% x +64% IBOV

374%

150%

R EN T 3 X IB OVESP A P erfo rmance

0

5

10

15

20

25

0

20

40

60

80

100

120

140

160

180

200

Volume RENT3 RENT3 IBOVESPA

362%

154%

2005 2006 2007 2008 2009

75.0%48.3%

52

Macroeconomic scenario

� 4.8% GDP growth in 2010 (Bacen/Focus, in 10/09/09)

� 5.6% real interest rate in 2010 (Bacen/Focus, in 10/09/09)

� Strong infrastructure investments

�Pre-salt oil exploration in the seashore

�2014 Soccer World Cup in Brazil

�2016 Olympic Games at Rio de Janeiro

53

Car market scenario

The used car market is following the recovery trend of the new car market.

Source: Anfavea e Fenabrave

Car Market

1.624 1.6751.818

1.997

1.7071.808

1.991

1.754

1.4941.671

469559 624 689 617

721 758575

668781 852

1.925

-

400

800

1.200

1.600

2.000

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09

Used car market New car market

54

Managing the Company as an asset management business

Funding

Equity

Debt

As

se

t (c

ars

)

Profitability comes from rental divisions

Cash to renew fleet

55

Thank you!

56

2010 Forecast - Car rental financial cycle

$28.3Funding (FV)

Funding (PV)

$25.5

Net car sale revenue

$24.0

$25.5Car acquisition

1 2 3 4 5 8 9 10 11 12Expenses: (11.3)

1-year cycle

Revenue: 19.0

Kd = $1.8Ke = $1.0

$2.8

T otal

1 YearR$ % R$ % R$

Re ven ues 19.0 100 .0% 25.5 1 00.0 % 44.5 Additional rev enu e 0.5 2.0 % 0.5

Co st (8.8 ) -46 .3% (8.8)

SG &A (2.3 ) -12 .1% (2.0) -7.8 % (4.3)

Ne t car s ale rev enu e 24.0 94.1 % 24.0

Bo ok v alue of ca r s ale (23.5) -92.2 % (23.5)

EB ITDA 7.9 41 .6% 0.5 2.0 % 8.4

De precia tion (no n-ve hicle ) (0.5 ) -2 .4% (0.5) De precia tion (v ehic le) (1.1) -4.3 % (1.1)

Interes t on de bt (0.0 ) (1.7) -6.7 % (1.7)

Tax (2.2 ) -11 .7% 0.7 2.7 % (1.5) NET INCO M E 5.2 27 .4% (1.6) -6.3 % 3.6

Re turn on a sse t 14.2 %

C ar renta l Use d ca rs

Pe r operatin g ca r Pe r s old c ar

57

33.8Car acquisition 40.6

Funding (FV)

Funding (PV)

33.8

Net car sale revenue

26.6

1 2 3 4 5 20 21 22 23 24

2-year cycle

Expenses: (10.3)

Revenue: 29.8

Kd = $4.7Ke = $2.1

$6.8

2009 Forecast - Fleet rental financial cycle

Current Scenario

2 Years 1Year

R$ % R$ % R$ R$

Revenues 31,3 100,0% 28,1 100,0% 59,4 29,7

Additional revenue 0,6 2,2% 0,6 0,3

Cost (8,4) -27,0% (8,4) (4,2)

SG&A (2,0) -6,4% (2,1) -7,5% (4,1) (2,0)

Net car sale revenue 26,6 94,7% 26,6 13,3

Book value of car sale (26,0) -92,7% (26,0) (13,0)

EBITDA 20,8 66,6% 0,6 2,1% 21,4 10,7

Depreciation (non-vehicle) (0,2) -0,5% 0,0 (0,2) (0,1)

Depreciation (vehicle) (6,6) -23,5% (6,6) (3,3)

Interest on debt (4,7) -16,7% (4,7) (2,4)

Tax (6,2) -19,8% 3,2 11,4% (3,0) (1,5)

NET INCOME 14,5 46,3% (7,5) -26,7% 7,0 3,5

Return on asset 10,3%

TotalFleet rental Used cars

Per operating car Per sold car

apresentação 3q09 completa eng

Documents

growth forecast

localiza flexibility

cars losses

cars sold225 locations

car sales48

airport market

integrated business

gdp source