Localiza Rent a Car S.A. reported strong financial results for 4Q11 and full year 2011. Net revenues grew 16.9% in 2011 to R$2.9 billion, while consolidated EBITDA increased 26.5% to R$821 million. The company's car and fleet rental divisions both experienced significant growth in daily rentals and revenues over the past six years. Localiza also increased its fleet size by over 18,000 vehicles in 2011 through continued investment in its business.

1. Localiza Rent a Car S.A.
4Q11 and 2011 results
R$ million, IFRS
1
February 6, 2012

2. Highlights
Investment grade by Moody’s and Fitch
Included at Bovespa Index starting 01/02/2012
Elected the best CEO, CFO and IR of the transportation
sector by Institutional Investor Magazine ranking
2

3. Highlights
Net Revenues - Consolidated
Consolidated EBITDA
2,918.1
16.9%
R$ million
2,497.2
%
R$ million
1,3 2 1.9
1,4 6 8 .1 649.5 26.5 821.3
23.4%
1,175.3 1,4 50 . 0
2 0 10 2 0 11 2010 2011
Rentals Used car sales
Consolidated net income End of period fleet
96,317
88,060
9.4%
R$ million
Quantity
31.629
26.615
291.6
16.4%
250.5
61.445 64.688
2010 2011 2010 2011
Car rental Fleet rental
3

4. Car Rental Division
# daily rentals (thousand)
24.6 % 12,794
CAGR: 10,734
7,940 8,062
5,793
4,668 1 0 .3 %
3,411
19 .2% 3,015 3,324
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Net revenues (R$ million)
: 24.9% 980.7
CAGR
802.2
565.2 585.2
%
13.1
428.0
346.1
258.6 3%
22. 235.7 266.5
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Revenues from the Car Rental division grew 3.8x in six years.
4

5. Fleet Rental Division
# daily rentals (thousand)
19 .2%
CAGR: 9,603
8,044
7,099
6,437
4,188
5,144 1 5 .4 %
%
3,351 19.4 2,517
2,182
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Net revenues (R$ million)
: 21 .4 %
CAGR
455.0
361.1
303.2 %
219.8
268.4 21.0
0%
26.
184.0
142.0 100.8 122.0
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Revenues from the Fleet Rental division grew 3.2x in six years.
5

6. Net Investment
Fleet increase * (quantity)
18,649 9,178
9,930 8,642 65,934
10,346 7,957 59,950
7,342 47,285 50,772
12,528
44,211 43,161 8,712
38,050 34,281 34,519
33,520 30,093
26,105 25,327
23,174 21,790
18,763
12,799 13,078
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Purchased cars Sold cars
* It does not include theft / crashed cars.
Net investment (R$ million)
588.5 308.4
354.5 1,910.4
281.8 1,776.5
341.5 210.4 337.7
1,468.1 276.5
243.5 1,335.3 1,321.9
1,204.2
1,060.9 980.8
930.3 850.5 922.4
690.0 720.0 656.7
588.8
446.5 382.3 380.2
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Purchases (accessories included) Net used car sales revenues
In 2011 there were added 9,178 cars to the fleet with an investment of R$308.4 million.
6

7. Utilization rate and average fleet age
Car rental division
Elections’ effect
74.1%
9 0. %
0
66.2% 69.9% 66.3% 68.2% 68.9% 69.7% 68.9% 8 0. %
0
7 0. %
0
7.3 7.3 6 0. %
0
6.9 6.6 6.3 6.3 6.5 5 0. %
0
5.5 4 0. %
0
3 0. %
0
2 0. %
0
1 0. %
0
0 . %
0
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
Average sold fleet
18.7 15.3 13.3 13.4 13.6 13.5 13.5 14.2
age (month)
Utilization rate Average operating fleet age
In 4Q11, utilization rate presented a growth of 2.6 p.p when compared to 4Q10.
7

8. Distribution
# of rental locations in Brazil
+34
415 449
346 381
279 312
254
2005 2006 2007 2008 2009 2010 2011
# of used car sales stores
+11
55 66
49
32 35
26
13
2005 2006 2007 2008 2009 2010 2011
Company is still expanding its footprint.
8

9. End of period fleet
Quantity
.9%
CAGR: 17 96,317
88,060 9 .4 %
70,295 31,629
62,515 26,615
46,003 53,476 22,778
35,865 23,403
17,790
14,630
11,762 61,445 64,688
47,517
31,373 35,686 39,112
24,103
2005 2006 2007 2008 2009 2010 2011
Car rental Fleet rental
Consolidated fleet grew 2.7x in six years.
9

10. Consolidated net revenues
R$ million
: 22.7%
CAGR 9%2,918.1
2,497.2 16.
1,823.7 1,820.9 1,468.1
1,505.5 1,321.9
1,126.2 980.8 922.4
854.9
588.8
850.5 722.2 7.0% 772.7
446.5 1,175.3 1,450.0 380.2
382.3
842.9 898.5 4%
408.4 537.4 655.0
23. 339.9 15.5% 392.5
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Rentals Seminovos
Net revenue grew 3.4x in six years.
10

11. EBITDA
R$ million
9.8%
CAGR: 1 821.3
649.5
504.1 469.7
%
15.9
403.5
277.9 311.3
2 6 .5 % 188.3 218.3
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Divisions 2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Car rental 47.5% 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 43.7% 47.1%
Fleet Rental 65.5% 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 69.6% 67.8%
Rentals consolidated 53.6% 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 51.5% 53.6%
Used car sales 13.2% 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 3.5% 2.1%
EBITDA grew 26.5% in the year versus a 23.4% growth in rental revenues, in 2011.
11

12. Average depreciation per car – car rental
R$ per year
Financial crisis effect
Hot used car market 2,546.0 2,577.0
1,536.0 1,683.9
939.1
492.3 332.9
2005 2006 2007 2008 2009 2010 2011
R$ per quarter
1,942.5 1,993.2 1,986.0
1,492.3 1,580.5
1,318.0 1,251.9 1,331.0
1Q10* 1Q11* 2Q10* 2Q11* 3Q10* 3Q11* 4Q10* 4Q11*
* Annualized
Trend of a higher depreciation due to higher sales expenses, in 5Q11.
12

13. Average depreciation per car – fleet rental
R$ per year
5,083.1
4,371.7 4,133.0
3,509.7
2,981.3
2,383.3 2,395.8
2005 2006 2007 2008 2009 2010 2011
R$ per quarter
4,241.8 3,990.6 4,020.8 4,049.3 4,277.2
3,693.9
3,254.4
2,989.4
1Q10* 1Q11* 2Q10* 2Q11* 3Q10* 3Q11* 4Q10* 4Q11*
* Annualized
Depreciation increase reflects the market conditions for higher end cars.
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14. Consolidated net income
R$ million
%
16.4
291.6
250.5
190.2
138.2 127.4
106.5 116.3 13.4%
69.4 78.7
2005 2006 2007 2008 2009 2010 2011 4Q10 4Q11
Reconciliation EBITDA x net income 2007 2008 2009 2010 2011 Var. R$ Var. % 4Q10 4Q11 Var. R$ Var. %
EBITDA – Rentals and franchising 357.1 449.6 459.1 615.1 779.9 164.8 26.8% 175.1 210.3 35.2 20.1%
EBITDA – Used car sales 46.4 54.5 10.6 34.4 41.4 7.0 20.3% 13.2 8.0 (5.2) -39.4%
EBITDA Consolidated 403.5 504.1 469.7 649.5 821.3 171.8 26.5% 188.3 218.3 30.0 15.9%
Cars depreciation (43.1) (178.5) (172.3) (146.3) (201.5) (55.2) 37.7% (42.0) (57.9) (15.9) 37.9%
Other property and equipment depreciation (14.4) (18.3) (21.0) (21.1) (24.1) (3.0) 14.2% (5.8) (6.8) (1.0) 17.2%
Financial expenses, net (74.4) (133.3) (112.9) (130.1) (179.0) (48.9) 37.6% (41.3) (41.2) 0.1 -0.2%
Income tax and social contribution (81.4) (46.6) (47.2) (101.5) (125.1) (23.6) 23.3% (29.8) (33.7) (3.9) 13.1%
Net income 190.2 127.4 116.3 250.5 291.6 41.1 16.4% 69.4 78.7 9.3 13.4%
The increase in the basic interest rate and in depreciation have impacted 2011 net income.
14

15. Free cash flow - FCF
Free cash flow - R$ million 2005 2006 2007 2008 2009 2010 2011
EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 821.3
Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1)
Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 1,328.6
(-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (83.0)
working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (83.9)
Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 514.9
Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,468.1
Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5)
Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (36.4)
Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (63.0)
Free cash flow before growth and interest 58.2 118.2 250.7 205.7 295.4 428.2 415.5
Capex of car - growth (194.0) (287.0) (221.9) (299.9) (241.1) (540.3) (272.0)
Change in accounts payable to car suppliers (capex) (25.5) 222.0 (51.0) (188.9) 241.1 111.3 32.7
Free cash flow after growth and before interest (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 176.2
Fleet increase - quantity 7,342 10,346 7,957 9,930 8,642 18,649 9,178
Positive free cash flow before interest in 2011, even after expanding the fleet by 9,178 cars.
(*) without technical discount deduction 15

16. Changes in cash and debt evolution
R$ million
FCF before
growth
415.5
Variation on
payables –
automakers
Net debt 32.7 Net debt
12/31/2010 12/31/2011
-1,281.1 - 1,363.4
(79.5)
(179.0) Dividends and
interest on own
(272.0) Interest capital
Investment in fleet
increase
65.5% of the cash generated was invested in expanding fleet by 9,178 cars.
16

17. Debt profile
R$ million
562.0
432.0
312.8 303.4
232.5
94.8 26.0 52.0
2011 2012 2013 2014 2015 2016 2017 2018 2019
Cash
711.0
Improving duration from 3.8 years in 2011 to 4.3 years in 2012.
Cash strengthening for an eventual adverse scenario.
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18. Debt – ratios
R$ million
Net debt x Fleet value
2,446.7 2,681.7
1,907.8
1,752.6
1,492.9 1,363.4
1,247.7 1,254.5 1,281.1
1,078.6
900.2 765.1
535.8 440.4
2005 2006 2007 2008 2009 2010 2011
Net debt Fleet value
END OF PERIOD BALANCE 2005 2006 2007 2008 2009 2010 2011
Net debt / Fleet value 60% 36% 51% 72% 57% 52% 51%
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 1.2x
EBITDA / Net financial expenses 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x
The Company is still presenting conservative indebtedeness ratios.
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19. Spread
Spread
24.8%
21.3%
18.7% 17.0% 17.1%
16.9%
11.2p.p. 11.5%
7.8p.p. 12.9p.p.
8.2p.p. 9.6p.p. 8.5p.p.
4.0p.p.
13.6%
10.9%
8.4% 8.8% 7.6% 7.3% 8.6%
2005 2006 2007 2008 2009 2010 2011
Interest on debt after tax ROIC
2005 2006 2007 2008 2009 2010 2011
Average capital investment - R$ million 606.3 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,445.3
NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1% 21.9% 28.6% 28.9%
Turnover of average capital investment
(over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x
ROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 17.1%
Interest on debt after tax 13.6% 10.9% 8.4% 8.8% 7.6% 7.3% 8.6%
Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.2 4.0 9.6 8.5
ROIC reflects the pricing strategy of the Company for consolidating the market.
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20. 2012 Macroeconomic scenario
GDP evolution forecast
Accumulated in 4 quarters
3,70%
3,40%
3,00% 2,90%
2,60% 2,50%
4Q 11
1Q 12
2Q 12
3Q 12
4Q 12
1Q 13
Interest rate evolution forecast
11.00%
10.00% 10.00%
9.75%
9.50% 9.50%
4Q 11
1Q 12
2Q 12
3Q 12
4Q 12
1Q 13
20
Source: BR Central Bank – Market forecast system as of 01/20/2012 and Focus Bulletin

21. Thank you!
www.localiza.com/ir
E-mail: ri@localiza.com
Phone: +55 31 3247-7024
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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