1

Localiza Rent a Car S.A.

March, 2009

4Q08 Results (R$ millions - USGAAP)

2

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2008 Financials

3

Integrated business platform

This integrated business platform gives Localiza flexibility and superior performance

Synergies:cost reductioncross sellingbargaining power

9,526 cars223 agencies in 9 countries

147 agencies in Brazil21 employees

34,281 cars sold83% sold to final consumer35 points of sale449 employees

39,112 cars1.6 million clients199 agencies2,516 employees

23,403 cars622 clients

209 employees

Date: 2008

4

Cor

e B

usin

esse

sSu

ppor

tIncrease 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

5

* Used cars losses are allocated in the rental divisions

Breakdown per division

Revenues EBITDA Net income

Car rental 32% 52% 76%

Fleet rental 15% 37% 21%

Used car sales 52% 10% *

Franchising 1% 1% 3%

Total 100% 100% 100%

Car rental32%

Fleet rental15%

Used car sales52%

Franchising1%

Car rental52%Fleet rental

37%

Used car sales10%

Franchising1%

Car rental76%

Fleet rental21%

Franchising3%

Net IncomeRevenues EBITDA

Date: 2008

6

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2008 Financials

7

Growth opportunities

Air traffic8.7% CAGR (2004/2008)

Growth forecast between 5% - 8%

GDP elasticityRental divisions 5.8x GDP

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

1,901 players 60%

Credit cards23.7% CAGR (2004/2008)

41 mm holders (estimated)ReplacementAround 10 million cars insuredAccident frequency of 15% p.a.

Fleet outsourcingCorporate target fleet of 500,000 cars

Approximately 25% rented

Source: Localiza 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

8

Growth opportunities: GDP

Localiza’s revenues have been growing 5.8x the GDP.

Source: Central Bank and Localiza

Rental revenues accumulated growth rate – rentals

5.8x

Localiza

GDP

2005 2006 2007 2008

9

Growth opportunities: consolidation

Airport agencies Off-airport agencies

Localiza*84

Hertz**32

Unidas**32

Avis**31

Others***63

Unidas**66

Avis**48

Hertz**68

Localiza*262

Others1901

Brazilian market 2008 (# of agencies)

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

Source: Each company website as of January 26th , 2009

10

54% 59% 62% 66%

46% 41% 38% 34%

2005 2006 2007 2008

Off-airports Airports

100% 100% 100% 100%

Car rental revenues breakdown

Car rental division

2006 2007 2008

Airports 16% 14% 19%

Off-airport 47% 28% 41%

Off-airport revenues have grown 2x faster than on-airports.

Car rental revenues growth

Growth opportunities: airport x off-airport markets

11

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2008 Financials

12

Highercompetitiveness

Market shareincrease

Gains of scale Integrated platform

Geographical footprintRating

Used car sales network Lower depreciation

Know-howStrong brand

Competitive advantages

13

International footprint

International footprint

Strategic locationsStrategic locations

Nationwidepresence

Nationwidepresence

Competitive advantages: geographical footprint

422 agencies in 9 countriesDate: 2008

14

Competitive advantages: largest distribution

346

100

98

79

Localiza* Unidas Hertz Avis

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

Agencies in Brazil Cities in Brazil

Source: Each company website as of January 26th , 2009

346277

246

72

63

51

Localiza Unidas Hertz Avis

186

246

15

Enterprise Localiza Avis Budget Hertz Europcar Dollar Thrifty

Moody’s debt rating as of January, 2009 (Global scale)Baa2

Ba1Ba2

Ba3B2

Caa3

Competitive advantages: rating

A3.brLupatech

Aa2.brMagnesita Refratarios S.A.

Aa2.brLocaliza Rent a Car S.A.

Aa1.brCompanhia Energetica de Minas Gerais - CEMIG

Aa2.brDuke Energy Int. Geração Paranapanema S.A.

Aa3.brGafisa S.A.

Aa2.brBraskem S.A.

Moody’s corporate rating as of January, 2009 (Local Currency)

Localiza has one of the best rating among its international peers

16

Competitive advantages: used car sales network

35 stores in Brazil

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

Logistic of distribution

Know-how of used car market

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

17

322,9 492,3939,1

332,9

2.546,02.640,0

3.618,0

1.752,01.656,02.142,0

24% 22%

8%4%

11%

-1%

6%6%

9% 7%3%

0% 1%7%

18%17%19%

5%

0%

19%

-1 %

2 9 %

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008(2 0 0 ,0 )

8 0 0 ,0

1 .8 0 0 ,0

2 .8 0 0 ,0

3 .8 0 0 ,0

Average depreciation Growth of purchase price (%) Growth of sale price (%)

GDP 0.3% 4.3% 1.3% 2.7% 1.1% 5.7% 2.9% 3.7% 5.4% 5.1%

Competitive advantages: low depreciation

The depreciation is calculated using the estimated sale price in the future, net of the sales expenses.

Localiza 1999 2000 2001 2002 2003 2004 2005 2006 2007Average purchase price (nominal) 13,788 14,575 14,586 15,600 16,140 19,960 24,350 25,840 25,650Average sale price (nominal) 11,650 13,950 14,530 14,026 16,680 19,490 23,060 24,770 27,460Average capex for renewal 2,138 635 56 1,574 (540) 470 1,290 1,070 (1,810)Average sold fleet age 13.7 15.5 14.1 14.1 12.8 11.6 11.0 14.7 12.2Average depreciation 2,640 3,618 2,142 1,656 1,752 323 492 939 333% over average purchase price 19.1% 24.8% 14.7% 10.6% 10.9% 1.6% 2.0% 3.6% 1.3%

200827,74027,770

(30)12.3

2,5469.2%

Average annualized depreciation per car in December totaled R$ 1,923.6

Car rental division

18

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2008 Financials

19

Others78,4%

Total Fleet13.2%

Unidas8.4%

Consolidated

Fleet rental

Source: ABLA e Company, based on revenue

2004

Car rental

2007

22.4%

10.2%

15.5% 22.1%

Localiza has been increasing its market share

Localiza is gaining market share…

Others50.0% Avis

6.0%

Hertz6.0%

Unidas5.0%

Localiza33.0%

17.0%

20

Growth with strong results

504

134 154 150 152198

278 311

403

856242

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

331 429 555 679873191 251 303

448590

853

983

2812862702211601451279086 85 89 151

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%

… without loosing profitability.

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

GDP 3.4 0.0 0.3 4.3 1.3 2.7 1.1 5.7 2.9 3.7 4.6 5.1

Average 1.9 4.4

21

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2008 Financials

22

21,848

15,93712,842

9,4026,654

2004 2005 2006 2007 2008

37.1%

442.7357.2

197.1271.3

585.7

2004 2005 2006 2007 2008

Net revenues (R$ millions)

CAGR: 31.3%

Average rented fleet (quantity)

Car rental division

CAGR: 34.6%

14,697 14,347 15,65318,98020,097 21,550 22,700 22,772

1Q 2Q 3Q 4Q

20.0%

2007 2008

104.4 98.7 108.0131.6137.6 141.0 151.9 155.2

1Q 2Q 3Q 4Q

2007 2008

17.9%32.3%

Despite the crisis, 4Q08 rented fleet is at the same level of 3Q08.

23

7,796 9,30811,635

14,29517,880

2004 2005 2006 2007 2008

25.1%

276.9228.2

127.8149.2

190.2

2004 2005 2006 2007 2008

Fleet rental division

CAGR: 23.1%

CAGR: 21.3%

53.3 56.3 58.4 60.261.6 66.0 73.2 76.1

1Q 2Q 3Q 4Q

13,325 13,941 14,652 15,24615,720 16,987 18,53220,291

1Q 2Q 3Q 4Q

2007 2008

2007 2008

Net revenues (R$ millions)

Average rented fleet (quantity)

33.1%

26.4%21.3%

Fleet rental: strong and consistent growth.

24

8,870

6,006

7,709 7,508

9,2927,716

10,627

6,646

1Q 2Q 3Q 4Q

244.2

174.1214.5 220.3

268.9222.8

302.9

188.6

1Q 2Q 3Q 4Q

Sold cars (quantity)

Net revenue (R$ millions)

Used car sales per quarter

2007 2008

-11.5%

-14.4%

Car Resale: Impact on volume and prices on the 4Q08.

25

331.4 428.7 555.1 678.5 872.4303.0448.2

590.3853.2

983.2

2004 2005 2006 2007 2008

Consolidated net revenue

CAGR: 30.8% 1,855.7

634.4876.9

1,145.4

1,531.7

403.7331.1

382.8 414.1470.5 432.3

530.4

422.5

1Q 2Q 3Q 4Q

2007 2008

Net revenues per quarter (R$ millions)

Net revenues (R$ millions)

28.6%

2.0%

Rentals Used car sales

21.2%

26

98.285.5

104.6115.2120.8 123.6

133.9 125.8

1Q 2Q 3Q 4Q

EBITDA consolidated

31.151.6 20.8

41.3

49.1

259.3196.8150.2122.879.0

2004 2005 2006 2007 2008

CAGR: 29.4%

Car rental (R$ millions)

29.5%

110.1174.4 171.0

238.1308.4

Car rental Used car sales

5.4 7.5

6.15.1

5.4

185.4156.8131.4

93.081.0

2004 2005 2006 2007 2008

CAGR: 21.9%17.9%

86.4 100.5

137.5161.9

190.8

Fleet rental (R$ millions)

Fleet rental Used car sales

2007 2008

EBITDA consolidated per quarter (R$ millions)9.2%

103.5122.7

18,6%

Crisis has not affected the EBITDA on both rental divisions.

27

EBITDA margin

Divisions 2004 2005 2006 2007 2008

44.3%

67.0%

5.5%

42.0%

69.1%

4.6%

4Q07

44.5% 46.5%

68.8%

5.3%

68.7%

5.4%

4Q08

Car Rental 40.1% 45.3% 44.4%

Fleet Rental 63.4% 62.3% 68.9%

Used car sales Seminovos 12.0% 13.2% 1.6%

EBITDA consolidated (R$ millions)

Car rental Used car sales

161.0 218.8284.4

357.1449.6

36.559.1

26.946.4

54.5

2004 2005 2006 2007 2008

403.5

277.9197.5

504.1

311.3

CAGR: 26.4%

25.9%

24.9%

2% EBITDA margin in the used car sales division is the normal level

28

Depreciation per quarter

3.43.2 5.4 9.7

63.6

2.8 2.5

(1.2)1Q 2Q 3Q 4Q

2007 2008

4.0

54.2

5.4

oct/08 nov/08 dec/08

3.5

52.2

6.0

oct/08 nov/08 dec/08

Car rental (R$ millions)

7.7

61.7

10.27.6 10.1 13.213.18.6

1Q 2Q 3Q 4Q

2007 2008

Fleet rental (R$ millions)

Depreciation adjusted on Nov/08, reflecting the drop in used car prices.

29

Net income

90.6106.5

138.2

190.2

127.4

2004 2005 2006 2007 2008

(R$ millions)

- 33.0%

4Q07 OCT NOV DEC 4Q08 Var.Revenues - car rental and fleet rental 191.8 75.2 72.9 83.2 231.3 20.6%EBITDA - car rental and fleet rental 103.5 35.4 40.8 46.5 122.7 18.6%EBITDA - Used car sales 11.7 0.2 2.1 0.8 3.1 -73.5%Depreciation of revenue-earning vehicles (10.2) (7.5) (106.4) (11.4) (125.3) 1,128.4%Other depreciation and amortization (3.9) (1.6) (1.7) (1.7) (5.0) 28.2%Financial expenses, net (20.9) (15.8) (14.0) (14.7) (44.5) 112.9%Earnings before taxes 80.2 10.7 (79.2) 19.5 (49.0) -161.1%Income tax and social contribution (24.3) (4.2) 26.9 (3.5) 19.2 -179.0%Net income (loss) 55.9 6.5 (52.3) 16.0 (29.8) -153.3%

30

493.1690.0

930.3 1,060.91,335.3

303.0 448.2 590.3853.2 983.2

2004 2005 2006 2007 2008

190.1 241.8 340.0207.7

Fleet investmentNet investment * (R$ millions)

352.1

Purchases Sales

22,182 26,10533,520 38,050

44,211

15,715 18,763 23,17430,093 34,281

2004 2005 2006 2007 2008

Quantity

7,34210,346

6,467

7,9579,930

Purchases (includes accessories) Used car sales revenue

31

-107.7-55.0-43.6

-299.9-188.9

205.7

-765.1 -1,254.5

FCF before growth

Interest on equity

DividendsCapexgrowth

Stockrepurchase

Net debt reconciliation

Net debt12/31/2007

Net debt 12/31/2008

Change in vehicle suppliers

account (CAPEX)

- 343.5 - 162.7

Discretionary Investment

Dividends andInterest on equity

Capex for growth was the main reason for debt increase.

32

Net debt x fleet value

440.4

1,254.51,247.71,492.9

1,752.6

765.1535.8

281.3 612.2

900.2

2004 2005 2006 2007 2008

Net debt Fleet value

End of period balance 2004 2005 2006 2007 2008

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

Net debt / EBITDA (USGAAP) 1.4x 1.9x 1.4x 1.9x 2.5x

Net debt / EBITDA (BRGAAP) 1.1x 1.5x 1.0x 1.3x 1.8x

Net debt / Equity (USGAAP) 1.0x 1.4x 0.7x 1.3x 2.0x

(R$ millions)

Comfortable debt ratios.

33

Debt profile - principal(R$ millions)

335,0

112,7 109,666,8

195.6

500,0

2009 2010 2011 2012 2013 2014

Sep/08 Feb/09* Var.

Net debt – R$ millions 1,201.0 1,172.4

2.4

1,174.8

Car suppliers – R$ millions 201.7

(28.6)

(199.3)

(227.9)Net debt + car suppliers – R$ millions 1,402.7

R$176.1 millions - paidR$ 19.5 millions – extended to sep/10R$195.6 millions – debt from 2009

No new debt has been contracted

Debt profile on December (Principal)

* up to 2/12/2009.

2009 debt already prepaid.

34

Debt status (principal)

* Operations in foreign currency are swapped at the same issuance day to CDI (R$)

(R$ millions)

Start Type Due date Principal 12/31/2008 Principal 02/28/2009Feb-08 Resolution 2770 Jan-09 2.2 PaidFeb-08 Resolution 2770 Feb-09 15.0 PaidJan-08 Resolution 2770 Apr-09 39.5 PaidOct-08 Overdraft Apr-09 30.0 PaidApr-08 Compror Apr-09 11.4 PaidJan-08 Resolução 2770 May-09 35.0 PaidNov-08 Working capital May-09 43.0 PaidJun-07 BNDES up to Dec/09 1.0 0.7Apr-05 1st Debentures Apr-10 350.0 350.0Sep-08 Working capital Sep-10 169.5 169.5Apr-08 Working capital Apr-11 35.0 35.0Sep-08 3st Debentures Sep-11 300.0 300.0Apr-08 Working capital Apr-12 43.0 43.0Jun-07 BNDES up to May/12 2.2 2.2Jul-07 2st Debentures Jul-12 66.6 66.6Apr-08 Working capital Apr-13 43.0 43.0Jul-07 2st Debentures Jul-13 66.6 66.6Jul-07 2st Debentures Jul-14 66.8 66.8

Gross debt 1,319.7 1,143.4Cash and equivalents 129.9 70.8

Net debt 1,189.8 1,072.6

-13.4%

-9.8%

35

Free cash flow - FCF

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

EBITDA 197.5 277.9 311.3 403.5 504.1

Used car sales revenues (303.0) (448.2) (590.3) (853.2) (983.2)

Cost of used car sales 248.7 361.2 530.4 760.0 874.5

EBITDA without used car sales revenues and costs 143.2 190.9 251.4 310.3 395.4

Income tax and social contribution – current (40.9) (32.7) (42.7) (63.4) (52.8)

Working capital variation 6.2 (24.2) (4.8) 13.3 (44.8)

Cash provided before capex 108.5 134.0 203.9 260.2 297.8

Used car sales revenues 303.0 448.2 590.3 853.2 983.2

Capex of car – renewal (349.3) (496.0) (643.3) (839.0) (1,035.4)

Net capex for renewal (46.3) (47.8) (53.0) 14.2 (52.2)

Capex - Property and equipment (10.2) (28.0) (32.7) (23.7) (39.9)

Free cash flow before growth 52.0 58.2 118.2 250.7 205.7

Capex of car – growth (143.8) (194.0) (287.0) (221.9) (299.9)

Change in amounts payable to car suppliers (capex) (21.9) (25.5) 222.0 (51.0) (188.9)

Free cash flow (113.7) (161.3) 53.2 (22.2) (283.1)

52.0 58.2

118.2

250.7205.7

2004 2005 2006 2007 2008

(R$ millions)

36

EVA

Loss in fleet value was considered as a loss in equity, since it’s a non-recurring event.

114.3

55.576.2

39.2

100.0

11.2%

16.9% 15.7%11.0% 10.9%

21.3%18.7%

24.8%24.6%

17.0%

2 0 .0

6 0 .0

1 0 0 .0

1 4 0 .0

2004 2005 2006 2007 2008

1 .0 %

1 1 .0 %

2 1 .0 %

3 1 .0 %

EVA (in R$ millions) Nominal WACC ROIC

41.6%37.3%

50.0%

2004 2005 2006 2007 2008

Average investment capital R$ millions 507.4 606.3 986.2 1,137.5 1,642.3

NOPAT margin (over rental revenue) 37.8% 35.2% 33.4% 35.6% 32.1%

Turnover of average investment capital (over rental revenue) 0.65x 0.71x 0.56x 0.60x 0.53x

ROIC 24.6% 24.8% 18.7% 21.3% 17.0%

Cost of debt 11.6% 13.6% 10.9% 8.4% 8.2%

Cost of equity 20.0% 16.2% 11.0% 11.5% 11.3%

Nominal WACC 16.9% 15.7% 11.0% 11.2% 10.9%

Spread (ROIC - WACC) - p.p. 7.7 9.2 7.7 10.1 6.1

EVA R$ millions 39.2 55.5 76.2 114.3 100.0

EVA increase (decrfease) R$ millions 16.3 20.7 38.1 (14.3)

37

Measures taken by the Company

Suspend purchases of new cars up to fleet adjustment

Increase car rental and fleet rental rates to compensate the higher depreciation costs

Immediate recognition loss in fleet value in the amount of R$87.6 million

Increase monthly fleet depreciation from R$7.5 million in October to R$11.4 million in December

Increase promotions and advertising with the purpose of enhancing car sales

Prepay 2009 debt

Fast reaction: Management immediately took the right measures to face the crisis.

38

Strategies for the current scenario

Fleet strategies:Keep 2009 end of period fleet at same levels of the end of 2008Increase the utilization rate to at least 72% in car rental division

Debt strategy:Contract debt only for extending debt profile

39

How is the business going?

Until February 2009

Car rental division

Fleet rental division

Used car sales division

22,187

Revenues growth 11.2%

Revenues growth 22.8%

19,930

4,992

Average rented fleet

Average rented fleet

Number of cars sold

40

The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. Itis 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’s management, 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 herein shall form the basis of any contract or commitment whatsoever.

The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. Itis 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’s management, 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 herein shall form the basis of any contract or commitment whatsoever.

Disclaimer

41

Thank you!

42

Car rental financial cycle

$28.8Funding (FV)

Funding (PV)

$25.7

Net car sale revenue

$26.0

$25.7Car acquisition

1 2 3 4 5 8 9 10 11 12Expenses: (10.1)

1-year cycle

Revenue: 19.4

Cost based on 2008’s figures and new levels of SG&A for the used car sales division and vehicle depreciation

Total1 Year

R$ % R$ % R$Revenues 19,4 100,0% 27,7 100,0% 47,1 Additional revenue 0,6 2,3% 0,6 Cost (7,8) -40,4% (7,8) SG&A (2,3) -12,0% (2,5) -9,0% (4,8) Net car sale revenue 25,9 93,3% 25,9 Book value of car sale (25,3) -91,3% (25,3)

EBITDA 9,2 47,7% 0,6 2,0% 9,8 Depreciation (non-vehicle) (0,5) -2,3% (0,1) -0,4% (0,6) Depreciation (vehicle) (1,9) -6,9% (1,9) Interest on debt (2,4) -8,6% (2,4) Tax (1,2) -6,3% 1,2 4,4% (0,0)

NET INCOME 7,6 39,0% (2,7) -9,8% 4,9 Return on asset 19,3%

Car rental Used carsPer operating car Per sold car

43

Fleet rental financial cycle

33.2Car acquisition 41.7

Funding (FV)

Funding (PV)

33.2

Net car sale revenue

27.3

1 2 3 4 5 20 21 22 23 24

2-year cycle

Expenses: (9.6)

Revenue: 30.7

2 Years 1YearR$ % R$ % R$ R$

Revenues 29,1 100,0% 29,1 100,0% 58,2 29,1 Additional revenue 0,4 1,4% 0,4 0,2 Cost (7,9) -27,1% (7,9) (3,9) SG&A (1,7) -6,0% (2,4) -8,3% (4,1) (2,1) Net car sale revenue 27,1 93,1% 27,1 13,5 Book value of car sale (26,5) -91,2% (26,5) (13,3)

EBITDA 19,5 66,9% 0,6 2,0% 20,0 10,0 Depreciation (non-vehicle) (0,1) -0,3% (0,1) (0,0) Depreciation (vehicle) (6,8) -23,4% (6,8) (3,4) Interest on debt (6,0) -20,5% (6,0) (3,0) Tax (1,2) -4,1% 4,6 15,9% 3,4 1,7

NET INCOME 18,2 62,6% (7,6) -26,0% 10,7 5,3 Return on asset 16,1%

Per operating car Per sold carTotalFleet rental Used cars

Cost based on 2008’s figures and new levels of SG&A for the used car sales division and vehicle depreciation