1April / 2012

2

1.The Company

2.Drivers and opportunities

3.Competitive advantages

4.Financials

Agenda

3

Company: integrated business platform

This integrated business platform gives Localiza flexibility and superior performance.

Synergies:

bargaining power

cost reduction

cross selling

� 13,077 cars

� 203 locations in Brazil

� 47 locations in South America

� 34 employees

� 69.0% sold to final consumer

� 67 stores

� 921 employees

� 60,258 cars

� 2.9 million clients

� 251 locations

� 4,022 employees

� 31,186 cars

� 692 clients

� 323 employees

Based on the 1Q12

4

Total

1 year

R$ % R$ % R$

Revenues 19.9 100.0% 29.1 100.0% 48.9

Cost (8.2) -41.3% (8.2)

SG&A (2.7) -13.5% (2.9) -9.9% (5.5)

Net car sale revenue 26.2 90.1% 26.2

Book value of car sale (25.5) -90.0% (25.5)

EBITDA 9.0 45.2% 0.7 2.4% 9.7

Depreciation (vehicle) (1.7) -5.8% (1.7)

Depreciation (non-vehicle) (0.3) -1.7% (0.1) (0.5)

Interest on debt (2.4) -8.2% (2.4)

Tax (2.6) -13.0% 1.0 3.6% (1.5)

NET INCOME 6.1 30.4% (2.4) -8.4% 3.6

NOPAT 5.3

ROIC 17.5%

Cost of debt after tax 8.6%

Car Rental Seminovos

per operating car per operating car

Car rental financial cycle

Car sale revenue$26.2

$27.9Car acquisition

1 2 3 4 5 8 9 10 11 12Expenses, interest and tax

1-year cycle

Revenue

Spread8.9p.p.

*

* Investment in cars and PP&E (8%)

5

$33.8Car acquisition

Net car sale revenue

$26.4

1 2 3 4 5 20 21 22 23 24

2-year cycle

Expenses, interest and tax

Revenue

Fleet rental financial cycle

Spread7.5p.p.

Total

2 years

R$ % R$ % R$

Revenues 34.0 100.0% 28.7 100.0% 62.7

Cost (9.7) -28.7% (9.7)

SG&A (1.8) -5.3% (2.3) -7.9% (4.1)

Net car sale revenue 26.4 92.1% 26.4

Book value of car sale (25.0) -90.0% (25.0)

EBITDA 22.4 66.0% 1.4 5.0% 23.8

Depreciation (vehicle) (8.3) -28.8% (8.3)

Depreciation (non-vehicle) (0.1) -0.1% (0.1)

Interest on debt (4.0) -14.1% (4.0)

Tax (6.7) -19.8% 3.3 11.4% (3.5)

NET INCOME 15.6 46.0% (7.6) -26.5% 8.0

NET INCOME per year 7.8 46.0% (3.8) -26.5% 4.0

NOPAT (annualized) 5.4

ROIC 16.1%

Cost of debt after tax 8.6%

Fleet Rental Seminovos

per operating car per operating car

6

Pricing strategy

Company: managing assets

Targeted spread

Funding

Equity

Cash to renew the fleet

Assets (cash)

Profitability comes fromrental divisions

As

se

ts (

ca

rs)

Debt

Flexible and liquid assets.

7

Company: stable management

Salim Mattar – 38y

Eugênio Mattar – 38y

Gina Rafael – 30y

João Andrade – 7y

Marco Antônio Guimarães – 21y

Bruno Andrade – 19y

BOARD OF DIRECTORS

CEO

COO

Car Acquisition

Legal

Localiza has a lean and efficient structure.

The succession process is already planned.

Roberto Mendes – 26y

Financial ITHuman

ResourcesAdministration

Daltro Leite – 26y

8

Average growth of roughly 25% p.a. in the last years.

Company: growth and profitability track record

Revenues consolidated

EBITDA consolidated

331.4 408.4 537.4 655.0 842.9 898.51,175.3

1,450.0303.0

446.5588.8

850.5980.8 922.4

1,321.9

1,468.1

515.7457.4402.7296.1234.1225.9212.9

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

CAGR: 24.4%

CAGR: 15.9%

634.4854.9

1,126.2

1,505.5

1,823.7 1,820.9

2,497.2

2,918.1

Consolidated Rentals Used car sales

CAGR: 23.4%

4.3

42 62 85.2134.3 154 149.9 152.1 197.8

278.1 311.4403.5

504.1 469.7

649.5

821.3

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

CAGR: 23.9%

CAGR: 22.6%

-0.6 7.55.7 3.2 4.0 6.1 5.2

1.9Average

1.12.71.34.30.30.03.4GDP 2.9

9

Rental revenues growth elasticity x GDP

2005 2006 2007 2008 2009 2010

5.5x

Localiza

GDP

Sector

2.8x

Company: GDP elasticity

The drivers combined with Localiza’s competitive advantages resulted in a growth above the industry level.

10

18.9%20.6% 20.8% 21.8% 21.4%

23.5%

2005 2006 2007 2008 2009 2010

Company: market share - fleet

Consolidated

Source: ABLA 2011 yearbook

37.5% 12.5%

Car Rental division Fleet Rental division

11

Company: recognitions and rewards

� 2011 Valor 200� 8th Company in growth and profitability

� Maiores e Melhores do Transporte 2011 (Biggest & Best of Transportation)� The best Company of the vehicle rental sector

�Institutional Investor’s ranking:

� BRIC Breakout� One of the 5 top picks Brazil for 2012

� Exame Magazine� Among the 5 best Companies of the consumer sector, in the article “Where to invest in 2012”

12

1.The Company

2.Drivers and opportunities

3.Competitive advantages

4.Financials

Agenda

13

Drivers and growth opportunities

14

R$456 bn to be invested.

Car rental drivers: investments

Source: EXAME yearbook, 2011-2012

18.4%

Invested

To be invested

19.5%

R$174.6 bn

12.3%

R$150.4 bn

20.8%

R$85.8 bn

R$28.7 bn

18.7%

R$16.8 bn

154137

106

38

7 6 35

Oil/

gasTra

nsporta

tion

Elect

ricity

Wat

er/s

ewag

e

Telec

omm

unicat

ion

Arenas

Oth

ers

Housi

ng

Investments by sectorInvestments in Brazil

15

Income increase and stable daily rental rates increased car rental affordability.

Car rental drivers: income and affordability

GDP per capita

(R$ thousands)

151

260

465510

545

240180 200

350

415380

300

18% 16% 15%

31%

35%

15%

37%38%

51%

22% 20%

27%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Monthly minimum salary (R$) Daily rental price over minimum salary (%)

Car rental affordability

Source: IBGE and Valor website

6.9 7.5 8.4 9.510.7 11.7 12.8

14.216.0 16.6

19.0 21.3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

16

Strong domestic drivers leads to higher volumes.

Source: FGV, BCB, Infraero, Gol, Abecs and Exame (Dec/2011)

Car rental drivers: consumption

1320

31

2003 2009 2014e

53.8% 55.0%

A and B classes - million Potential consumption of Brazilians in 2011 - billion

Total populationR$ 2,500

A and BclassesR$ 930

71

128154

179

2003 2009 2010 2011

80.3%20.3% 16.2%

Air traffic passengers - million

15

45 5169

2003 2009 2010 2011

200.0% 13.3% 35.3%

Credit card holders - million

17Source: ABLA and each company website (January, 2012)

Car rental opportunities: consolidation

Off-airport market is still fragmented.

Airport locations Off-airport locations

Car rental locations in Brazil

Others

31Avis

30

Unidas

27

Localiza

100

Hertz

41

Avis

24

Unidas

72

Localiza

349 Hertz

76

Others

2004

18

Network expansion in Brazil

36Total

Branches2011

23Franchised

13Owned

Localiza’s network is still being expanded.

Brazilian distribution

Car rental strategy: organic growth

279 312 346381 415 449

254

2005 2006 2007 2008 2009 2010 2011

19Source: ABLA and Datamonitor

Fleet rental drivers: outsourcing trend

Less than 50% of targeted fleet is rented.

Outsourced fleet penetration

Corporate fleet:4,200,000

Targeted fleet:500,000

Rented fleet:232,000

31,629

Brazilian Market World (%)

5.48.9

13.316.5

24.5

37.4

46.9

58.3

Bra

zil

Poland

Cze

ch R

epublic

Ger

man

y

France

Spain Uk

Holla

nd

20

Income increase and credit availability are the major drivers for car sales.

Source: O Estado de São Paulo, as of 04/15/12 (based on researches of Sindipeças, Roland Berger and PWC), Bradesco, ANFAVEA, Exame (Dec/2011), PIB per capita: IPEADATA.

Used car sales drivers: affordability and penetration

Car purchase affordability

# of inhabitants per car (2011) # of inhabitants per car - Brazil

66

94.9113

2003 2009 2014e

43.8%

19.1%

Middle class - million

148 128115

97 10493

80

5256586875

151180 200

240 260300

350

545510465

380415

0

2 0

4 0

6 0

8 0

1 0 0

1 2 0

1 4 0

1 6 0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

0

1 0 0

2 0 0

3 0 0

4 0 0

5 0 0

6 0 0

Number of minimum w ages to buy a new car Monthly minimum salary (R$)

5.5

4.2

4.0

3.6

2.1

2.0

1.9

1.8

1.3

Brazil

Argentina

Russia

South Korea

Japan

France

Germany

United Kingdon

USA 8.0 7.9

7.4

6.9

6.5

5.9

5.5

2005 2006 2007 2008 2009 2010 2011

21

7,016,5766,743,699

7,114,870 7,260,054 7,071,525

8,429,3098,862,951

1,620,657 1,830,4022,342,059

2,671,3383,009,482 3,329,170 3,425,499

Brazilian car market: new cars x used cars

New cars X used cars

Source: FENABRAVE (Autos + light commercial)

Used car market is currently 2.5x the new car market.

New cars

Used cars

4.3x 3.7x 3.0x 2.7x2.3x

2.5x 2.6x

2005 2006 2007 2008 2009 2010 2011

22

0km SeminovosUsed Seminovos2 years old Seminovos

1.5% 10.6%

Up to 2 yearsUp to 2 years

476,827476,827

Brazilian car market : 2011 market share

Source: Fenabrave 2011

0KM0KM

3,425,4993,425,499

0.6%

UsedUsed

8,862,9518,862,951

Localiza used cars x Car market

Used cars sold: 50,772

23

Brazilian car market: monthly sale per store

Localiza Seminovos monthly sale per store is in line with market average.

10996

91 9082 84 81

48

FIAT VW FORD GM SEMINOVOS* SECTOR

2010**

RENAULT PEUGEOT

Monthly sale / lots*

Source: Anfavea (National OEM’s Association); number of dealers from each OEM association website (nov/11 )

* Average sales per lots (excluding auto malls – 10 stores)

** Total sales divided by the number of dealers

24

The network is being expanded to support rentals’ growth.

Brazilian distribution New lots

Points of sale

Status

14In construction and

prospection

Used car sales strategy: network expansion

26 32 3549 55

66

13

2005 2006 2007 2008 2009 2010 2011

25

Used car sales: sold cars evolution

The increase on sales was supported by the opening of new points of sale.

Sales profile

Financed In cash

Monthly average of sold cars

The macro prudential measures impacted the sales profile in 2011 and 2012.

2,5082,857 2,877

3,9404,231 4,428

2007 2008 2009 2010 2011 1Q12

55% 57% 58% 61% 52% 51%

45% 44% 42% 39% 48% 49%

2007 2008 2009 2010 2011 1Q12

26

1.The Company

2.Drivers and opportunities

3.Competitive advantages

4.Financials

Agenda

27

Raising money

Renting cars Selling carsBuying

cars

Cash to renew the fleet or pay debt

$

$

Profitability comes from rental divisions

Competitive advantages: 38 years of experience in managing assets

28

Competitive advantages: raising money

Global Scale

National Scale

Investment grade: lower spreads and longer terms

Localiza raises money with lower spreads when compared to Brazilian competitors.

As of April, 2012.

Renting carsRaisingmoney

Sellingcars

Buyingcars

BBB- FitchBaa3 Moody’s

BBB- S&PBBB+ S&P B+ S&P B+ Fitch B2 Moody's

BBB+ (bra) FitchAa1.br Moody’sAA+(bra) Fitch

brAAA S&PA (bra) Fitch A- (bra) Fitch

29

2.3%

Fiat

39.3%GM

21.0%

Renault

9.9%Ford

11.0%

Others

1.3%

VW

17.5%

Competitive advantages: buying cars

Better conditions due to higher volumes

Localiza announced the purchase of 100,000 cars for 2H11 and 2012.

Localiza’ share in national sales of the main automakers in 2011: GM, FIAT, VW, Ford

and Renault

Purchases by brand in 2011

Renting carsRaisingmoney

Buyingcars

Sellingcars

30

The Company is present in 213 cities where the other largest networks do not operate.

Competitive advantages: renting cars

Know HowBrand Brazilian distribution

117

99

54

# o

f b

ran

ch

es

# o

f cit

ies

450

270

Localiza Hertz Unidas Avis

Source: Each company website (January, 2012)

Renting carsRaisingmoney

Buyingcars

Sellingcars

315

80 7540

31

Sales to final consumer

Competitive advantages: selling cars

Buffer: additional fleet

Selling directly to final consumer reduces depreciation.

Cars available for sale are used by the car rental division during peaks of demand.

Renting carsRaisingmoney

Buyingcars

Sellingcars

32

1.The Company

2.Drivers and opportunities

3.Competitive advantages

4.Financials

Agenda

33

Highlights

� Investment Grade in global scale and brAAA in national scale by S&P

� Included at Bovespa and IBrx50 indexes starting 01/02/2012

� Increase in the ADTV to R$32 million in 1Q12 (R$23 million in 2011)

� More than 500 rental locations

34

681.5774.7

1Q11 1Q12

Consolidated net income

Highlights

Consolidated EBITDA

End of period fleet

Car rental Fleet rental

R$ m

illio

n

Net Revenues - Consolidated

R$ m

illio

n

13.7%12.8%

14.3%

186.2210.0

1Q11 1Q12

72.763.6

1Q11 1Q12

60,258

31,186

56,080

28,191

1Q11 1Q12

8.5%84,27191,444

Qu

an

tity

R$ m

illio

n

35

Car Rental Division

Revenue grew above volume due to the increase in the average rental rate per car.

267.9233.0

980.7

802.2

585.2565.2428.0

346.1258.6

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

CAGR: 24.9%

22.3% 15.0%

3,4114,668

5,793

7,940 8,062

10,734

12,794

3,063 3,330

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

CAGR: 24.6%

19.2% 8.7%

# daily rentals (thousand)

Net revenues (R$ million)

36

Fleet Rental Division

The Fleet Rental is still presenting strong pace of growth with revenue’s improvement.

142.0184.0

219.8 268.4303.2

361.1

455.0

104.6 129.5

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

CAGR: 21.4%

26.0% 23.8%

3,3514,188

5,1446,437

7,0998,044

9,603

2,253 2,611

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

CAGR: 19.2%

15.9%19.4%

# daily rentals (thousand)

Net revenues (R$ million)

37

26,10533,520

38,05044,211 43,161

18,76323,174

30,093 34,281 34,519

13,2858,065

59,950

8,723

65,934

11,581

47,285 50,772

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

Net Investment

Car Rental fleet was reduced after the peak of summer vacation demand…

Fleet increase * (quantity)

Purchases (accessories included) Net used car sales revenues

Net investment (R$ million)

* It does not include theft / crashed cars.

690.0930.3

1,060.9

1,335.31,204.2

1,910.41,776.5

249.5446.5

588.8

850.5980.8 922.4

1,321.91,468.1

340.7 373.3231.8

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

(108.9) (123.8)

243.5341.5 210.4

308.4

354.5281.8

588.5

(3,516)

(4,562)7,342 10,3467,957

18,649

9,930 8,642

9,178

Purchased cars Sold cars

38

Utilization rate – car rental division

...to keep utilization rate in healthy levels.

66.2% 69.9% 68.2% 68.9% 68.9%69.7%

68.2%74.1%

66.3%

0 .0 %

5 .0 %

1 0 .0 %

1 5 .0 %

2 0 .0 %

2 5 .0 %

3 0 .0 %

3 5 .0 %

4 0 .0 %

4 5 .0 %

5 0 .0 %

5 5 .0 %

6 0 .0 %

6 5 .0 %

7 0 .0 %

7 5 .0 %

8 0 .0 %

8 5 .0 %

9 0 .0 %

9 5 .0 %

1 0 0 .0 %

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12

39

End of period fleetQuantity

Inspite of reduction after peak of demand, end of period fleet grew 8.5% compared to the 1Q11.

Car rental Fleet rental

31,373 35,686 39,112 47,51761,445 64,688 56,080 60,25811,762

14,63017,790

23,40322,778

26,61531,629

28,19131,186

24,103

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

35,86546,003

53,47662,515

70,295

88,06096,317CAGR: 17.9%

91,44484,271

8.5%

40

Ampliação da rede de distribuição de seminovos

Currently, 8 stores are under construction with the objective of reaching 80 stores until December 2012.

2632 35

4955

66

80

13

2005 2006 2007 2008 2009 2010 2011 2012e

41

Consolidated net revenuesR$ million

The growth was leveraged by the increase of 17.8% in the rental revenues.

Rentals Seminovos

408.4 537.4 655.0 842.9 898.5 1,175.3 1,450.0

340.8 401.4

446.5588.8

850.5980.8 922.4

1,468.1

340.7 373.3

1,321.9

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

681.5 774.713.7%

17.8%

CAGR: 22.7%

854.91,126.2

1,505.51,823.7

2,918.1

1,820.9

2,497.2

23.4%

16.9%

42

EBITDA R$ million

Car rental margin was impacted by loss of scale, due to a lower growth rate.

2.8%

53.8%

68.6%

46.9%

2011

2.6%

52.3%

68.0%

45.3%

2010

5.6%

53.3%

69.1%

45.9%

2008

49.9%50.7%51.1%54.5%52.9%53.6%Rentals consolidated

2.6%

66.2%

42.0%

1Q12

3.9%

66.0%

44.0%

1Q11

1.1%

68.7%

41.9%

2009

4.6%

71.4%

43.4%

2006

5.5%

71.3%

46.0%

2007

13.2%Used car sales

65.5%Fleet Rental

47.5%Car rental

2005Divisions

277.9 311.3403.5

504.1 469.7

649.5

821.3

186.2 210.0

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

CAGR: 19.8%

12.8%

26.5%

43

Average depreciation per car

Depreciation is in line with the Company’s expectation for the current scenario.

1,536.0 1,683.91,965.8

332.9

2,546.0 2,577.0

939.1492.3

2005 2006 2007 2008 2009 2010 2011 1Q12

Hot used car market

Financial crisis effect

3,509.74,185.34,133.0

2,981.32,383.3

4,371.75,083.1

2,395.8

2005 2006 2007 2008 2009 2010 2011 1Q12

44

Consolidated net incomeR$ million

Net income growth of 14.3% superior to the growth of 12.8% in the EBITDA.

16.4%

72.763.6

291.6250.5

116.3127.4

190.2138.2

106.5

2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12

14.3%

9.1

(0.8)

(0.8)

(1.4)

(11.7)

23.8

(3.5)

27.3

Var. R$

41.1

(23.6)

(48.9)

(3.0)

(55.2)

171.8

7.0

164.8

Var. R$

190.2

(81.4)

(74.4)

(14.4)

(43.1)

403.5

46.4

357.1

2007

127.4

(46.6)

(133.3)

(18.3)

(178.5)

504.1

54.5

449.6

2008

291.6

(125.1)

(179.0)

(24.1)

(201.5)

821.3

41.4

779.9

2011

16.4%

23.3%

37.6%

14.2%

37.7%

26.5%

20.3%

26.8%

Var. %

116.3

(47.2)

(112.9)

(21.0)

(172.3)

469.7

10.6

459.1

2009

250.5

(101.5)

(130.1)

(21.1)

(146.3)

649.5

34.4

615.1

2010

12.8%210.0186.2EBITDA Consolidated

14.3%

2.9%

1.9%

23.0%

25.3%

-26.3%

15.8%

Var. %

72.763.6Net income

(28.2)(27.4)Income tax and social contribution

(43.6)(42.8)Financial expenses, net

(7.5)(6.1)Other property and equipment depreciation

(58.0)(46.3)Cars depreciation

9.813.3EBITDA – Used car sales

200.2172.9EBITDA – Rentals and franchising

1Q121Q11Reconciliation EBITDA x net income

45

Free cash flow - FCF

Cash generated before interest expenses was used for the reduction of the accounts payable to OEMs.

(*) without technical discount deduction

(4,562)

13.2

(211.8)

-

225.0

(16.8)

123.8

(249.5)

373.3

118.0

(29.8)

(29.6)

340.7

(373.3)

210.0

1Q12

9,178

176.2

32.7

(272.0)

415.5

(63.0)

(36.4)

(1,504.5)

1,468.1

514.9

(83.9)

(83.0)

1,328.6

(1,468.1)

821.3

2011

18,649

(0.8)

111.3

(540.3)

428.2

(51.1)

(48.2)

(1,370.1)

1,321.9

527.5

54.5

(57.8)

1,203.2

(1,321.9)

649.5

2010

8,6429,9307,95710,3467,342Fleet increase (decrease) - quantity

295.4

241.1

(241.1)

295.4

(21.0)

(25.5)

(947.9)

922.4

341.9

(11.5)

(49.0)

855.1

(922.4)

469.7

2009

(283.1)

(188.9)

(299.9)

205.7

(39.9)

(54.6)

(1,035.4)

980.8

300.2

(44.8)

(52.8)

874.5

(980.8)

504.1

2008

(22.2)53.2 (161.3)Free cash flow before interest

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

(221.9)(287.0)(194.0)Capex of car - growth

250.7 118.2 58.2 Free cash flow before growth and interest

(23.7)(32.7)(28.0)Capex – other property and equipment, net

11.5 (54.5)(49.5)Net capex for renewal

(839.0)(643.3)(496.0)Capex of car - renewal

850.5 588.8 446.5 Used car sales net revenues

262.9 205.4 135.7 Cash provided before capex

13.3 (4.8)(24.2)Working capital variation

(63.4)(42.7)(32.7)(-) Income tax and social contribution

760.0 530.4 361.2 Depreciated cost of used car sales (*)

(850.5)(588.8)(446.5)Used car sales net revenues

403.5 311.3 277.9 EBITDA

200720062005Free cash flow - R$ million

46

Debt profileR$ million

Strong cash position and a comfortable debt profile.

Debt profile in 03/31/2012- principal (R$ million)

52.026.0

432.0

562.0

303.5 315.8 245.2

102.9

2012 2013 2014 2015 2016 2017 2018 2019

Cash712.7

47

Debt – ratiosR$ million

Comfortable debt ratios.

Net debt x Fleet value

5.0x

1.4x

2.0x

52%

2010

4.8x4.6x4.2x 3.8x 5.4x 4.8x 3.3x EBITDA / Net financial expenses

1.2x

1.7x

51%

2011

1.5x

2.3x

57%

2009

2.0x

2.5x

72%

2008

1.2x1.3x0.7x1.4xNet debt / Equity

1.7x1.9x1.4x1.9xNet debt / EBITDA (*)

56%51%36%60%Net debt / Fleet value

1Q12200720062005END OF PERIOD BALANCE

* annualized

Net debt Fleet value

535.8 440.4765.1

1,254.51,078.6

1,281.1 1,363.4 1,407.9

900.21,247.7

1,492.91,752.6 1,907.8

2,446.7 2,681.7 2,528.7

2005 2006 2007 2008 2009 2010 2011 1Q12

annualized

48

Spread

ROIC and spread reflect the Company’s competitive pricing strategy.

13.6%10.9%

8.4% 8.8% 7.6% 7.3% 8.6%

24.8%

18.7%21.3%

17.0%

11.5%

16.9% 17.1%15.1%

7.1%

2005 2006 2007 2008 2009 2010 2011 1Q12

annualized

Cost of debt after tax ROIC

Spread

11.2p.p.7.8p.p. 12.9p.p.

8.2p.p.4.0p.p.

9.6p.p. 8.5p.p.8.0p.p.

8.0

7.1%

15.1%

0.60x

25.1%

2,677.7

1Q12 a

8.5

8.6%

17.1%

0.59x

28.9%

2,445.3

2011

9.6

7.3%

16.9%

0.59x

28.6%

1,984.6

2010

8.2

8.8%

17.0%

0.53x

32.1%

1,642.3

2008

4.0

7.6%

11.5%

0.53x

21.9%

1,702.3

2009

12.97.811.2Spread (ROIC – Interest after tax) - p.p.

8.4%10.9%13.6%Interest on debt after tax

21.3%18.7%24.8%ROIC

0.58x0.55x0.67xTurnover of average capital investment (over rental net revenues)

36.9%34.5%37.0%NOPAT margin (over rental net revenues)

1,137.5 986.2 606.3 Average capital investment - R$ million

200720062005

49

Investment grade

Financial discipline and conservative policies of the Company were recognized by the 3 main rating agencies.

AA+(bra) Aa1.br brAAANational scale

BBB-Baa3 BBB-Global scale

Main highlights of the S&P upgrade report:

�Relevant market position of Localiza in the Brazilian car and fleet rental markets

�High operating efficiency

�Strong cash position

�Plenty of room in the contracted covenants

�Excellent presence in debt markets

�Solid relationships with banks

50

IR Team

Disclaimer

The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein.

This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of LOCALIZA and its subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements.

Although LOCALIZA believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to LOCALIZA’smanagement, LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update any of the forward-looking statement.

Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of 1933. Any offering of securities to be made in the United States will be made by means of an offering memorandum that may be obtained from the underwriters. Such offering memorandum will contain, or incorporate by reference, detailed information about LOCALIZA and its business and financial results, as well as its financial statements.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained hereinshall form the basis of any contract or commitment whatsoever.

Nora LanariRoberto Mendes Silvio Guerra

CFO - RI RI RI

Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024