Localiza Rent a Car S.A. reported its results for the third quarter of 2011. Key highlights include: - Daily rentals increased 23.4% compared to the third quarter of 2010, driven by growth in both the car rental and fleet rental divisions. - Net revenues grew 15% compared to the third quarter of 2010, with increases in both rental volumes and average rental rates. - EBITDA grew 30.7% compared to the first nine months of 2010, outpacing the growth in rental revenues. - Net income was relatively flat compared to the third quarter of 2010, as the impact of higher interest rates offset gains in rental revenues and EBITDA.

1. Localiza Rent a Car S.A.
3Q11 Results
R$ million, IFRS
October 13, 2011 1

2. Car Rental Division
# daily rentals (thousand)
25.8% 7% 9,470
C AGR: 10,734
22.
7,940 8,062 7,720
5,793 7%
4,668 12.
3,411 2,863 3,227
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Net revenues (R$ million)
: 25.4% 802.2
1% 714.2
CAGR
565.2 585.2 26.
566.6
428.0
9%
346.1 15.
258.6 241.8
208.7
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Average rental rate increased due to a change in the business mix and better negociations.
2

3. Quarterly evolution of the number of rental days
2011 +23.4%
+27.8%
+29.3%
2010 Excluding effects of election
2009
1Q 2Q 3Q 4Q
3Q comps are higher in the car rental due to the effects of 2010 elections.
3

4. Fleet Rental Division
# daily rentals (thousand)
19.1%
CAGR:
%
7,099
8,044 20.9 7,086
6,437
5,862
3%
20.
5,144
4,188
3,351
2,046 2,461
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Net revenues (R$ million)
: 20,5%
CAGR 9%
303.2
361.1 27, 332.9
268.4
260.2
4%
26,
219.8
184.0
142.0
92.9 117.4
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Growth in rental rate derived from the increase in basic interest rate.
4

5. Net Investment
Fleet increase * (quantity)
18,649
7,957 9,930 8,642
10,346 65,934
6,121 466
7,342
44,211 47,285
43,161 40,607 38,160 4,939 (4,142)
38,050 34,519 34,486 37,694
33,520 30,093 34,281
26,105 23,174
18,763 17,798
12,859 13,635
9,493
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Purchased cars Sold cars
Net investment (R$ million)
588.5
260.0 31.8
354.5 281.8 1,910.4
210.4
341.5
243.5 1,335.3 1,204.2 1,321.9 1,199.6 167.5 (100.4)
1,060.9 1,119.8 1,088.0
930.3 850.5 980.8 922.4 939.6
690.0 588.8
446.5 521.7
354.2 294.2 394.6
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Purchases (accessories included) Used car sales revenues
Flexibility in the car purchase to adjust fleet to demand.
5

6. Utilization rate and average operating fleet age
Utilization rate and average operating fleet age
Elections effect 9 0 . %
0
69.9% 74.1%
68.2% 68.9% 69.7%
8 0 . %
0
66.2% 66.3% 7 0 . %
0
6 0 . %
0
5 0 . %
0
4 0 . %
0
6.9 6.6 7.3
6.3 6.3 6.5 3 0 . %
0
5.5 2 0 . %
0
1 0 . %
0
0 . %
0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Utilization rate Average operating fleet age
Fleet is adjusted according to demand.
6

7. Distribution
# of rental locations in Brazil
415 440
381
312 346
254 279
2005 2006 2007 2008 2009 2010 9M11
# of used car sales stores
61
55
49
32 35
26
13
2005 2006 2007 2008 2009 2010 9M11
Localiza and Seminovos networks are being expanded to increase sales volumes.
7

8. End of period fleet
End of period fleet (quantity)
9%
CAGR:
19.7% 15. 87,809
88,060
70,295 75,755
62,515 26,615 30,732
46,003 53,476 25,305
22,778
35,865 23,403
14,630 17,790
11,762 61,445 50,450 57,077
39,112 47,517
31,373 35,686
24,103
2005 2006 2007 2008 2009 2010 9/30/2010 9/30/2011
Car rental Fleet rental
The 15.9% growth in the fleet is in line with the rental volume increase.
8

9. Consolidated net revenues
R$ million
9%
R: 2 3
.9 %
2,497.2 20.
CAG 2,145.4
1,823.7 1,820.9 1,775.1
1,505.5 1,321.9 1,088.0
1,126.2 980.8 922.4 0%
15.
939.6
854.9 850.5 757.5
588.8 658.8
446.5 1,175.3 6%
898.5 26. 1,057.4 354.2 394.6
655.0 842.9 835.5
408.4 537.4 304.6 19.1% 362.9
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Rentals Seminovos
Rental and Seminovos’ increase in volumes and prices resulted in higher revenues.
9

10. EBITDA
R$ million
8.5 %
CAGR: 1
649.5 3 0 .7 % 603.0
504.1 469.7 461.3 %
311.3
403.5 21.0
277.9
178.7 216.2
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Divisions 2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Car rental 47.5% 43.4% 46.0% 45.9% 41.9% 45.3% 45.9% 46.9% 48.7% 50.4%
Fleet Rental 65.5% 71.4% 71.3% 69.1% 68.7% 68.0% 67.4% 68.9% 68.9% 72.1%
Rentals consolidated 53.6% 52.9% 54.5% 53.3% 51.1% 52.3% 52.7% 53.8% 54.8% 57.5%
Used car sales 13.2% 4.6% 5.5% 5.6% 1.1% 2.6% 2.3% 3.1% 3.4% 1.9%
The 30.7% growth in the EBITDA in the 9M11 was above the rental revenues increase.
10

11. Average depreciation per car
R$
Depreciation evolution - per year
Financial crisis effect
Normal market conditions
Hot used car market 2,577.0
2,546.0
1,536.0 1,619.8 1,578.5
939.1
492.3 332.9
2005 2006 2007 2008 2009 2010 9M10 * 9M11 *
* Annualized
Average depreciation per car remained stable in the year.
Depreciation evolution - per quarter
1,942.5 1,993.2
1,492.3 1,580.5
1,318.0 1,251.9
1Q10* 1Q11* 2Q10* 2Q11* 3Q10* 3Q11*
* Annualized
The launching of new models increases 3Qs depreciation.
11

12. Average depreciation per car
R$
Depreciation evolution - per year
Financial crisis effect
Hot used car market
5,083.1
4,371.7 4,080.9
3,509.7 3,306.0
2,981.3
2,383.3 2,395.8
2005 2006 2007 2008 2009 2010 9M10 * 9M11*
* Annualized
Depreciation evolution - per quarter
4,241.8 4,020.8
3,990.6
3,693.9
3,254.4
2,989.4
1Q10* 1Q11* 2Q10* 2Q11* 3Q10* 3Q11*
* Annualized
The fleet renewal after the end of the tax exemption resulted in higher depreciation.
12

13. Consolidated net income
R$ million
%
250.5 17.6
190.2 212.9
181.1
106.5
138.2 127.4 116.3 0. 5 %
74.9 75.3
2005 2006 2007 2008 2009 2010 9M10 9M11 3Q10 3Q11
Reconciliation EBITDA x net income 2009 2010 Var. R$ 9M10 9M11 Var. R$ 3T10 3T11 Var. R$
EBITDA – Rentals and franchising 459.1 615.1 156.0 440.0 569.3 129.3 166.8 208.6 41.8
EBITDA – Used car sales 10.6 34.4 23.8 21.3 33.7 12.4 11.9 7.6 (4.3)
EBITDA Consolidated 469.7 649.5 179.8 461.3 603.0 141.7 178.7 216.2 37.5
Cars depreciation (172.3) (146.3) 26.0 (104.3) (143.5) (39.2) (37.9) (53.9) (16.0)
Other property and equipment depreciation (21.0) (21.1) (0.1) (15.4) (17.4) (2.0) (5.1) (5.0) 0.1
Financial expenses, net (112.9) (130.1) (17.2) (88.8) (137.8) (49.0) (31.4) (49.8) (18.4)
Income tax and social contribution (47.2) (101.5) (54.3) (71.7) (91.4) (19.7) (29.4) (32.2) (2.8)
Net income 116.3 250.5 134.2 181.1 212.9 31.8 74.9 75.3 0.4
2011 results were impacted mainly due to interest rate increase.
13

14. Free cash flow - FCF
Free cash flow - R$ million 2005 2006 2007 2008 2009 2010 9M11
EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 603.0
Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,088.0)
Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 974.5
(-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (57.3)
working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (59.4)
Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 372.8
Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,088.0
Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,106.1)
Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (18.1)
Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (37.4)
Free cash flow before growth and interest 58.2 118.2 250.7 205.7 295.4 428.2 317.3
Capex of car - growth (194.0) (287.0) (221.9) (299.9) (241.1) (540.3) (13.7)
Change in accounts payable to car suppliers (capex) (25.5) 222.0 (51.0) (188.9) 241.1 111.3 (195.8)
Free cash flow after growth and before interest (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 107.8
Fleet increase - quantity 7,342 10,346 7,957 9,930 8,642 18,649 466
Strong cash flow generation before growth and interest expenses.
(*) without technical discount deduction 14

15. Debt profile and costs
R$ million
514.0
372.0
299.8 249.3
207.7 230.3
0.7
2011 2012 2013 2014 2015 2016 2017
Cash
564.6
Contract rate Effective cost 2011 2012 2013 2014 2015 2016 2017 Total
108.7% to 114.7% 111.1% - 114.7%
Working capital of CDI and of CDI and - 15.0 38.7 70.0 86.3 190.0 - 400.0
CDI+1.44%a.a. CDI+1.79%a.a.
Debenture 2nd Issuance CDI + 0.44%pa CDI + 0.6%pa - 66.6 66.6 66.8 - - - 200.0
112.0% to 114.0%
Debenture 4th Issuance 114.2% of CDI - 24.0 24.0 63.0 63.0 74.0 122.0 370.0
of CDI
Debenture 5th Issuance 112.8% of CDI 114.5% of CDI - - - - - 250.0 250.0 500.0
Debenture 1st Issuance:
CDI +1.95%pa CDI + 2.0%pa - 100.0 100.0 100.0 100.0 - - 400.0
Total Fleet
TJLP + 3.8%pa / TJLP + 3.8%pa /
Other 0.7 2.1 1.0 - - - - 3.8
CDI + 2.3%pa CDI + 2.3%pa
Interests accrued until
- - 76.0 - - - - - - 76.0
09/30/11, net of interest paid
Cash and cash equivalents
- - (564.6) - - - - - - (564.6)
on 09/30/11
Net debt - - (487.9) 207.7 230.3 299.8 249.3 514.0 372.0 1,385.2
6 years term for debt payment.
15

16. Debt – ratios
R$ million
2,446.7 2,430.7
1,752.6 1,907.8
1,492.9 1,385.2
1,247.7 1,254.5 1,281.1
900.2 1,078.6
765.1
535.8 440.4
2005 2006 2007 2008 2009 2010 9M11
Net debt Fleet value
SALDOS EM FINAL DE PERÍODO 2005 2006 2007 2008 2009 2010 9M11
Net debt / Fleet value 60% 36% 51% 72% 57% 52% 57%
Net debt / EBITDA (*) 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x
Net debt / Equity 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x 1.3x
EBITDA / Net financial expenses 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.4x
(*) annualized
Comfortable debt ratios.
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17. Spread
24.8%
21.3%
18.7% 17.0% 16.9%
16.9%
11.2p.p.
11.5%
7.8p.p. 12.9p.p. 8.0p.p.
8.8p.p. 9.1p.p.
3.7p.p.
13.6%
10.9% 8.9%
8.4% 8.2% 7.8% 7.8%
2005 2006 2007 2008 2009 2010 9M11 *
Interest on debt after tax ROIC * Annualized
2005 2006 2007 2008 2009 2010 9M11
Average capital investment - R$ million 606.3 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,428.8
NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1% 21.9% 28.6% 29.2%
Turnover of average capital investment
(over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.58x
ROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 16.9%
Interest on debt after tax 13.6% 10.9% 8.4% 8.2% 7.8% 7.8% 8.9%
Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.8 3.7 9.1 8.0
Spread of 8.0p.p. despite the growth on basic interest rate.
17

18. www.localiza.com/ir
E-mail: ri@localiza.com
Phone: +55 31 3247-7024
Roberto Mendes Silvio Guerra Nora Lanari
CFO-IRO IR IR
Thank you!
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’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.
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