1. 1Q13 Results Webcast
May 10, 2013

2. Reported net profit reached R$9.4 million in the quarter, an increase of 18.8% over 4Q12. Excluding the effects of
the IPI (additional depreciation of R$ 5.0 million in 1Q13), net income would be R$ 12.7 million, an increase of
60.9% over 1Q12, and representing a net margin of 15.5% on rental revenues.
Consolidated net revenues increased 48.5% over 1Q12, driven by an increase of 198.0% in the sales of used
vehicles and 9.3% in fleet rental revenues. Used car sales in 1Q13 were a record, totaling 2,857 vehicles,
representing an increase of 230.3% and 37.1% compared to 1Q12 and 4Q12, respectively.
The global value of new fleet rental contracts signed during 1Q13 was also a record, at R$93 million and up 102%
compared with 1Q12 - which points to a top line growth in line with the Company’s budget plans. In April, sales
held up at 1Q13 historic levels.
EBITDA hit a record high of R$ 46.8 million in 1Q13, which already represented a margin on net rental revenue of
57.0%, within the operational margin target set by the Company, and significantly above the 53.4% reported in
4Q12.
On April 30, Fitch Ratings raised the Company’s credit rating to “A(bra)” from “A-(bra)”, in response to the
successful process of strengthening its financial profile, which resulted in: (i) debt lengthening (duration from 1.7
to 4.4 years), (ii) release of collateral (percentage of the fleet in guarantee fell from 68% to 36%), (iii) reduction of
spread (CDI +5.5% to current 2.8%), and (iv) deleveraging (net debt/EBITDA from 3.4x to 2.7x).
Quarter Highlights
2

3. 1Q12 1Q13
75.1 82.1
19.8
58.8
2009 2010 2011 2012
147.6
196.8
272.5
303.8
64.5
112.4
118.2
140.3
Consolidated Net Revenues – R$ Million
Net Fleet Rental Revenue Used Cars Sales Revenue
Consolidated Revenues
3
1S11 1S12 2T11 2T121S12 2T11 2T12

4. 1Q12 1Q13
45.9 46.8
EBITDA
4
2009 2010 2011 2012
74.5
108.8
155.6
168.5
EBITDA – R$ million
1 Excluding the extraordinary effects of IPI tax reduction (R$15.0 million in impairment)
1

5. 2009 2010 2011 2012 1Q12 1Q13
-8.5
11.6
22.6
36.3
7.9 9.4
Consolidated Net Income
5
Net Income – R$ million
1 Excluding the extraordinary effects of IPI tax reduction.
1

6. 1Q12 1Q13
28,631
27,813
Fleet - End of Period
6
Fleet End of Period - Units
2009 2010 2011 2012
15.335
21,913
27,262
29,252

7. 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
778
860 889 898
773 860
1,035
968
788
2011 2012
3,426
3,635
Source: Fenabrave
7
New Car Sector Overview
Sales of New Passenger Cars and Light Commercial Vehicles in Brazil – in thousand

8. 8
Used Car Sector Overview
Sales of Used Vehicles in Brazil – in thousand
Source: Fenabrave
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
2,044
2,121
2,319 2,379
2,083 2,168
2,413 2,347
2,099
2011 2012
8,863 9,011

9. 1.89%
1.72%
2.27%
2.02%
1.68%
1.64%
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
4.3%
2.5%
7.2%
7.1%
6.3%
Jan-10
Mar-10
May-10
Jul-10
Sep-10
Nov-10
Jan-11
Mar-11
May-11
Jul-11
Sep-11
Nov-11
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
Source: BCB
9
Vehicle Financing
Vehicle Financing Default Rate¹
¹ Individuals
Financial Spread of vehicle financing

10. 65
70
75
80
85
90
95
100
105
Jul-06
Nov-06
Mar-07
Jul-07
Nov-07
Mar-08
Jul-08
Nov-08
Mar-09
Jul-09
Nov-09
Mar-10
Jul-10
Nov-10
Mar-11
Jul-11
Nov-11
Mar-12
Jul-12
Nov-12
Mar-13
Price of new cars Price of used cars
4.5%
5.9%
4.4%
5.9%
6.5%
5.8%
6.6%
1.7%
-2.3%
-3.6%
-1.0%
-2.9%
-5.7%
2.4%
0.1%
-4.3%
-11.9%
-2.0%
-3.7%
-10.7%
-0.2%
-14.0%
-10.0%
-6.0%
-2.0%
2.0%
6.0%
2007 2008 2009 2010 2011 2012 1Q13
General Inflation (IPCA) Price of New Cars Price of Used Cars
10
Used Car Prices vs. New Car Prices in Brazil
Spread between the price of Used and New cars in Brazil¹
Base 100 in July 2006.
Inflation vs Price of New and Used Cars¹
Source: 1 IBGE
2 IPCA IT13 LTM.
2

11. 1Q12 2Q12 3Q12 4Q12 1Q13
3,596
3,835
3,446
3,208
4,505
Inventories Cars for Sales
12.6%
13.5%
12.0%
11.0%
16.2%
% of total fleet EoP
1Q12 4Q12 1Q13
23,590 24,204
22,668
1,445
1,840
640
3,596 3,208
4,505
Operating Deployment Demobilization
27.813
29.25228.631
Operating Performance
11
Fleet Breakdown, EoP Cars Inventories for Sale (Demobilization)
3T11 4T11 1T12 2T12 3T12
2.911
3.596
3.835
3.446
Frota em Desmobilização
-389

12. 1Q12 1Q13
75.1 82.1
Fleet Rental Revenues
12
Net Fleet Rental Revenues – R$ Million
2009 2010 2011 2012
147.6
196.8
272.5
303.8

13. 1Q12 2Q12 3Q12 4Q12 1Q13
1,078
1,491
2,631
1,577 1,557
Number of cars
46
51
71
67
93
Global Value - R$ Million
50
60
40
20
100
Record
68%
66%
64%
63%
61%
1Q12 2Q12 3Q12 4Q12 1Q13
New Contracts and Popular Vehicles
13
New Contracts¹
1 Excludes contract renewals.
50
60
40
20
100
% of Popular Vehicles in the Fleet

14. 201
230
247
269
289
309
4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
63.3%
51.6%
44.5%
39.5%
2010 2011 2012 1Q13
14
Number of Clients and 10 Biggest Clients
Number of Clients Decreasing Customer Concentration
Participation of the 10 largest customers in rental revenue.

15. 1Q12 2Q12 3Q12 4Q12 1Q13
865
1,574
2,543
2,084
2,857
22.8
20.9
19.0 18.9
20.6
1Q12 2Q12 3Q12 4Q12 1Q13
15
Used car sales
Number of Cars Sold Average Selling Price – (R$ thousand)

16. 2009 2010 2011 2012
2,828
5,473 5,489
7,066
16
Used car sales
Two inaugurations in december/12 and five new retail stores in 2013
Number of Cars Sold
Wholesale Sales Point – Beginning of the year (8 stores)
Retail Sales Point – Beginning of the year (3 stores)
New Sales Point in 2013 (5 retail stores)
Belo Horizonte
Cuiabá
Rio de Janeiro
Curitiba
Campo Grande
Rib. Preto
Campinas
São Paulo

17. 1Q12 2Q12 3Q12 4Q12 1Q13
6.6% 7.5% 6.6% 6.4%
7.9%
7.6%
4.1%
2.7%
2.6%
2Q12 3Q12 4Q12 1Q13 Apr-Dec 2014 +
15.0
13.9
7.6
5.1 5.0 5.7 3.5
IPI Effects and Depreciation
17
¹ Excluding the extraordinary effects of IPI tax reduction
IPI tax reduction effects – R$ Million Depreciation / Average Fixed Assets
Depreciation Impairment
Vehicles and acessories
Depreciation IPI Additional Depreciation
28.9
1
11
2013

18. 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
37.1 36.9
41.1 40.4
45.9
39.6 41.0 42.0
46.8
58.6%
54.3%
59.5%
56.1%
61.1%
53.3% 54.2% 53.4%
57.0%
EBITDA and EBITDA Margin
18
1 Excluding the extraordinary effects of IPI tax reduction (R$15.0 million in impairment)
1
1
EBITDA – R$ million
Record

19. 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
27.3 26.5
30.8
29.1
33.3
25.4
28.1
29.2
31.2
43.1%
39.0%
44.5%
40.4%
44.3%
34.1%
37.2% 37.1% 38.0%
EBIT and EBIT Margin
19
1 Excluding the extraordinary effects of IPI tax reduction (Impairment: R$15.0 MM; Additional depreciation: R$13.9 MM, R$7.6 MM, R$5.1 MM and
R$5.0 MM on 2Q12, 3Q12, 4Q12 and 1Q13, respectively).
1
1
1
1
1
1 1
1
EBIT – R$ million

20. 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
5.4 6.2 6.1 4.9
7.9
-22.4
7.5
10.8 9.4
16.3%
12.2%
13.8%
15.9% 15.9%
1Q12 2Q12 3Q12 4Q12 1Q13
20
Notes:
1 Excluding the extraordinary events of the IPI tax reduction and the prepayment of debt fines.
Net Income and Returns
ROE LTM = (Net Income / Average Equity last 5 quarters) x 100
Net Income (R$ mm) ROE¹ (%)
16,3%
12,2%
13,8%
15,9% 15,9%
17,7%
18,9%
16,7%
1T12 2T12 3T12 4T12 1T13
ROE LTM

21. 2009 2010 2011 2012 1Q12 1Q13
115.6
291.9
315.9
281.2
68.3
50.9
64.5
112.4 118.2
140.3
19.8
58.8
(7.9)
51.1
179.5
197.8
140.9
48.6
2009 2010 2011 2012 1Q12 1Q13
4,467
11,040 11,052
9,522
2,318
1,699
2,828
5,473 5,489
7,066
865
2,857
1,639
5,567 5,563
2,456
1,453
(1,158)
Purchases Used Cars Sales Revenues
Purchased Cars Sold Cars
Investment
21
Fleet Increase
Net Fleet Capex – R$ Million

22. 2011 2012 2013
BBB+
A-
A
22
Fitch RatingsStandard & Poor’s Ratings
Capital Structure
Ratings increase
1
18 Jun 12
19 Sep 11
08 Feb 13
2011 2012 2013
02 May 12
08 Jun 11
30 Apr 13
BBB+
A-
A

23. 35%
62%
68%
88% 89%
2009 2010 2011 2012 1Q13
87%
72%
68%
37%
36%
2009 2010 2011 2012 1Q13
5.5%
3.8%
3.3%
3.1%
2.8%
1Q12 2Q12 3Q12 4Q12 1Q13
Debt Spread
Capital Structure
23
Vehicles in guarantee of debts % Long Term Debt
% of fleet vehicles in guaranteed debt
Lower spreads and vehicles in guarantee

24. Cash 2013 2014 2015 2016 2017 2018 2019
201.4
59.7
77.1 81.5
240.6
80.1 80.0
40.0
Cash 2012 2013 2014 Until
2016
187.2
159.6
250.2
173.0 165.0
Lengthening of debt amortization until 2019
24
Debt Profile on 31/03/2013Debt Profile on 31/03/2012
Capital Structure
R$ MillionR$ Million

25. 2009 2010 2011 2012 1Q13
243.9
393.4
523.9
444.2 457.5
3.27x
3.61x
3.37x
2,64x 2,70x
1Q12 2Q12 3Q12 4Q12 1Q13
30.3%
27.6%
20.2%
18.6%
16.2%
25
Net Financial Expenses / Net Rental Revenue
Capital Structure
11
1 Excluding the prepayment of debt fines.1 Excluding the extraordinary events of the IPI tax reduction.
1
1
Net Debt (R$ mm) and Net Debt / EBITDA
Deleveraging and lower financing costs

26. Thank you!
www.locamerica.com.br/ri
Contact: ri@locamerica.com.br
+55 31 3316.1981
Legal Notice - This release contains forward-looking statements relating to the prospects of the business. estimates for operating and
financial results. and those related to growth prospects of Locamerica and are merely projections and. as such. are based exclusively on the
expectations of the Company’s management concerning the future of the business. Such forward-looking statements depend substantially
on changes in market conditions. the performance of the Brazilian economy. the sector and the international markets. and are therefore
subject to change without prior notice.