1

Localiza Rent a Car S.A.

October, 2009

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

2

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%-4.5%

Average rented fleet (Quantity)

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%

3

19,53818,53219,43517,06917,880

14,29511,635

9,3087,796

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

127.8 149.2190.2

228.2276.9

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.

Average rented fleet (Quantity)

Fleet rental division

Net revenue (R$ millions)

4

690.0930.3

1,060.91,335.3

661.7509.4

303.0448.2

590.3853.2

983.2794.7

625.6

212.5538.0

1,238.3

493.1302.9

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

22,18226,105

33,52038,050

44,211 41,499

17,86715,715 18,76323,174

30,09334,281

27,635

10,627

24,51819,18523,184

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)

7,34210,346

6,467

7,9579,930

13,8641,334

7,240 11,108

241.8340.0

190.1

207.7352.1 443.6

36.1

235.1 296.9

5

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

14,63017,790

23,403 22,481 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%

Car rental Fleet rental

The current fleet returned to December 2008 level.

-5.3%

28,69935,865

46,003 53,47662,515 66,696 63,138

68.6%

76.2%

67.6%70.5%68.3%

9M08 9M09 1Q09 2Q09 3Q09

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Net revenues - consolidated

872.5 638.6 679.6227.5 230.0

303.0448.2

590.3853.2

983.2794.7 625.6

302.9 212.5331.4 428.7 555.1 678.5

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

-16.6%

Rental Used car sales

CAGR: 30.8%

634.4876.9

1,145.41,531.7

1,855.7

Net revenues (R$ millions)

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 14,295

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

6,654

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

0,0%CAGR: 28.8%

14,450 18,71024,477

30,23239,728

Average rented fleet (quantity)

Car rental Fleet rental

6.2%

41,232 41,22138,51740,892

7

+20%

83117

145178 199 206

2004 2005 2006 2007 2008 9M09

+ 34

Number of locations – car rental division

13 1326 32 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.

8

161.0 218.8 284.4 357.1449.6

327.0 331.2115.6 111.3

36.559.1

26.946.4

54.5

51.3 9.7

18.3 5.0

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

EBITDA Margin

Divisions 2004 2005 2006 2007 2008 9M08 9M09

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

39.3%

66.7%

1.6%

44.3%

66.3%

6.5%

44.3%

67.0%

5.5%

42.0%

69.1%

4.6%

3Q08

44.5% 41.8%

69.7%

6.0%

68.7%

5.4%

3Q09

Car rental 40.1% 45.3% 39.2%

Fleet rental 63.4% 62.3% 65.9%

Used car sales 12.0% 13.2% 2.4%

EBITDA consolidated (R$ million)

Rental Used car sales

CAGR: 26.4%

277.9197.5

403.5504.1

311.3-13.1%

133.9 116.3

EBITDA margins still consistent.

-9.9%378.3 340.9

-3.7%

1.3%

9

2,552.1

4,622.9

2,670.1

6,238.6

1,845.52,981.3

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

Car rental division (R$)

Depreciation per car

Fleet rental division (R$)

annualized

The launching of 2010 models impacted the 3Q09 depreciation.

annualized

10

20.650.178.0

157.2

90.6 106.5138.2

190.2

127.4

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

Net income

Reconciliation of EBITDA x Net Income 9M08 9M09 Var. R$

327.0

51.3

378.3

(53.2)

(13.3)

(88.8)

(65.8)

3Q08 3Q09 Var. R$

EBITDA - Car rental and fleet rental

157.2

(4.3)4.2331.2

9.7

340.9

(132.2)

(15.9)

(88.3)

(13.3)

EBITDA Consolidated

(26.5)

(41.6)

(37.4)

(79.0)

(2.6)

0.5

78.0

133.9 116.3 (17.6)

39.3

(39.2)

(0.6)

13.3

(79.2)

14.6

(29.5)

115.6 111.3

EBITDA - Used car sales 18.3 5.0

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

Other depreciation (4.7) (5.3)

Financial expenses, net (36.1) (22.8)

Income tax and social contribution (20.1) (5.5)

Net income 50.1 20.6

Net income (R$ millions)

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

- 58.9%

- 50.4%

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52.0 58.2 118.2250.7 205.7

395.2

2004 2005 2006 2007 2008 9M09

Free cash flow - FCF

Free cash flow - R$ millions 2004 2005 2006 2007 2008 9M09

504.1 340.9

(625.6)

576.9

292.2

(37.5)

(32.7)

222.0

625.6

(625.7)

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

186.2

(13.0)

395.2

(36.0)

36.0

395.2

(983.2)

874.5

395.4

(52.8)

(44.8)

297.8

983.2

(1.035.4)

(52.2)

(39.9)

205.7

(299.9)

(188.9)

(283.1)

EBITDA 197.5 277.9 311.3 403.5

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

Cost of used car sales 248.7 361.2 530.4 760.0

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

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

Working capital variation 6.2 (24.2) (4.8) 13.3

Cash provided before capex 108.5 134.0 203.9 260.2

Used car sales revenues 303.0 448.2 590.3 853.2

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

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

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

Free cash flow before growth 52.0 58.2 118.2 250.7

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

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

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

FCF before growth (R$ million)

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-58.5-30.9

395.2

-1,254.5 -948.7

InterestDividends

Net debt12/31/2008

Net debt 09/30/2009

Net debt reconciliation

Free cash flow

R$305.8 million net debt reduction YTD.

13

440.4765.1

948.71,247.7

1,492.91,752.6 1,687.6

1.254,5

535,8281,3

612,2900,2

2004 2005 2006 2007 2008 9M09

Debt ratios

BALANCE AT THE END OF THE PERIOD 2004 2005 2006 2007 2008 9M09

Net debt / Fleet value (USGAAP) 46% 60% 36% 51% 72%

2.5x

1.8x

2.0x

56%

Net debt / EBITDA (USGAAP) 1.4x 1.9x 1.4x 1.9x 2.1x(*)

Net debt / EBITDA (BRGAAP) 1.1x 1.5x 1.0x 1.3x 1.5x(*)

Net debt / Equity (USGAAP) 1.0x 1.4x 0.7x 1.3x 1.4x

(R$ million)

Net debt Fleet value

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

(*) annualized

14

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

166.8100.0

109.8cash 2010 2011 2012 2013 2014 2015

0.2

359.8cash

350.9205.4 210.0 209.6 166.8

100.0

2010 2011 2012 2013 2014 2015

200,0*

559.8

Proforma – R$ million

* Limited amount approved by BNDES / PEC

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4.6

10.613.5

8.4 9.5

3.1

10.7

14.7

2005 2006 2007 2008 2009 1Q09 2Q09 3Q09

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

RENT3 Performance

829.7729.5 687.5 648.7

767.8

385.4

956.4 961.7

2005 2006 2007 2008 2009 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

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Macroeconomic scenario

4.5% GDP growth in 2010 (Focus)

5.1% real interest rate in 2010 (Focus)

2014 Soccer World Cup in Brazil

2016 Olympic Games at Rio de Janeiro

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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

1.707 1.8081.991

1.7541.494

1.671

469 559 624 689 617 721 758575 668 781 852

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

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Thanks!