Localiza Rent a Car reported financial results for the first quarter of 2012 with several highlights: - Revenue grew 16.4% compared to the first quarter of 2011 to R$774.7 million driven by a 17.8% increase in rental revenues. - EBITDA increased 12.8% to R$210 million compared to the first quarter of 2011. - Net income grew 14.3% to R$72.7 million compared to the first quarter of 2011.

1. Localiza Rent a Car S.A.
1Q12 results
R$ million, IFRS
1
April 18, 2012

2. Highlights
Investment Grade in global scale and brAAA in national scale
by S&P
Included at Bovespa and IBrx50 indexes starting 01/02/2012
Increase in the ADTV to R$32 million in 1Q12
(R$23 million in 2011)
More than 500 rental locations
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3. Highlights
Net Revenues - Consolidated
Consolidated EBITDA
774.7
681.5
7%
13. 12.8
%
210.0
186.2
R$ million
R$ million
1Q11 1Q12 1Q11 1Q12
Consolidated net income End of period fleet
91,444
84,271 8.5%
%
14.3 28,191 31,186
72.7
R$ million
63.6 Quantity
56,080 60,258
1Q11 1Q12 1Q11 1Q12
Car rental Fleet rental
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4. Car Rental Division
# daily rentals (thousand)
24.6%
CAGR: 12,794
10,734
7,940 8,062
4,668
5,793
% 8.7%
3,411 19.2 3,063 3,330
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Net revenues (R$ million)
: 24.9%
CAGR 980.7
802.2
565.2 585.2
%
346.1
428.0 15.0
3%
22.
258.6 267.9
233.0
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Revenue grew above volume due to the increase in the average rental rate per car.
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5. Fleet Rental Division
# daily rentals (thousand)
19.2%
CAGR: 9,603
8,044
7,099
6,437
5,144
3,351
4,188
19.4
% 15.9%
2,253 2,611
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Net revenues (R$ million)
: 21.4%
CAGR
455.0
361.1
303.2
%
219.8 268.4
0 % 23.8
142.0
184.0 26. 129.5
104.6
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
The Fleet Rental is still presenting strong pace of growth with revenue’s improvement.
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6. Net Investment
Fleet increase * (quantity)
18,649 9,178
9,930 8,642
7,957 65,934
7,342 10,346 59,950
47,285 50,772 (4,562)
44,211 43,161 (3,516)
38,050 34,281 34,519
33,520 30,093
26,105 23,174
18,763
8,065 11,581 8,723 13,285
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Purchased cars Sold cars * It does not include theft / crashed cars.
Net investment (R$ million)
588.5 308.4
354.5 1,910.4
210.4 281.8 1,776.5
341.5
243.5 1,468.1
1,335.3 1,321.9
1,204.2
1,060.9 980.8 (108.9) (123.8)
930.3 850.5 922.4
690.0
588.8
446.5 373.3
231.8 340.7 249.5
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Purchases (accessories included) Net used car sales revenues
Car Rental fleet was reduced after the peak of summer vacation demand…
6

7. Utilization rate – car rental division
1 0 0 .
0 %
9 5 .
0 %
9 0 .
0 %
69.9% 74.1% 68.9% 69.7% 68.9%
8 5 .
0 %
68.2%
8 0 .
0 %
66.2% 66.3% 68.2% 7
7
5
0 .
0
.
0
%
%
6 5 .
0 %
6 0 .
0 %
5 5 .
0 %
5 0 .
0 %
4 5 .
0 %
4 0 .
0 %
3 5 .
0 %
3 0 .
0 %
2 5 .
0 %
2 0 .
0 %
1 5 .
0 %
1 0 .
0 %
5 0
. %
0 .
0 %
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
...to keep utilization rate in healthy levels.
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8. End of period fleet
Quantity
%
CAGR: 17
.9% 96,317 8.5
88,060 91,444
84,271
70,295 26,615
31,629 31,186
62,515 28,191
53,476 22,778
46,003
35,865 23,403
17,790
14,630
11,762 61,445 64,688 56,080 60,258
39,112 47,517
31,373 35,686
24,103
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Car rental Fleet rental
Inspite of reduction after peak of demand, end of period fleet grew 8.5% compared to the 1Q11.
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9. Ampliação da rede de distribuição de seminovos
80
66
55
49
32 35
26
13
2005 2006 2007 2008 2009 2010 2011 2012e
Currently, 8 stores are under construction with the objective of reaching 80 stores until December 2012.
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10. Consolidated net revenues
R$ million
: 22.7%
CAGR 9%
16. 2,918.1
2,497.2
1,823.7 1,820.9 1,468.1
1,505.5 1,321.9
1,126.2
854.9 980.8 922.4 1 3 .7 %
850.5 4%
588.8 23. 681.5 774.7
446.5 1,175.3 1,450.0 373.3
842.9 898.5 340.7
408.4 537.4 655.0 340.8 17 .8% 401.4
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Rentals Seminovos
The growth was leveraged by the increase of 17.8% in the rental revenues.
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11. EBITDA
R$ million
9.8%
C A GR : 1 821.3
649.5
504.1 469.7 %
12.8
403.5
277.9 311.3
210.0
26.5%
186.2
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Divisions 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Car rental 47.5% 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 44.0% 42.0%
Fleet Rental 65.5% 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 66.0% 66.2%
Rentals consolidated 53.6% 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 50.7% 49.9%
Used car sales 13.2% 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 3.9% 2.6%
Car rental margin was impacted by loss of scale, due to a lower growth rate.
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12. Average depreciation per car
Financial crisis effect
Hot used car market 2,546.0 2,577.0
1,965.8
1,536.0 1,683.9
939.1
492.3 332.9
2005 2006 2007 2008 2009 2010 2011 1Q12
5,083.1
4,371.7
4,133.0 4,185.3
3,509.7
2,981.3
2,383.3 2,395.8
2005 2006 2007 2008 2009 2010 2011 1Q12
Depreciation is in line with the Company’s expectation for the current scenario.
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13. Consolidated net income
R$ million
%
16.4
291.6
250.5
190.2
138.2 127.4
116.3
106.5 14.3%
63.6 72.7
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Reconciliation EBITDA x net income 2007 2008 2009 2010 2011 Var. R$ Var. % 1Q11 1Q12 Var. R$ Var. %
EBITDA – Rentals and franchising 357.1 449.6 459.1 615.1 779.9 164.8 26.8% 172.9 200.2 27.3 15.8%
EBITDA – Used car sales 46.4 54.5 10.6 34.4 41.4 7.0 20.3% 13.3 9.8 (3.5) -26.3%
EBITDA Consolidated 403.5 504.1 469.7 649.5 821.3 171.8 26.5% 186.2 210.0 23.8 12.8%
Cars depreciation (43.1) (178.5) (172.3) (146.3) (201.5) (55.2) 37.7% (46.3) (58.0) (11.7) 25.3%
Other property and equipment depreciation (14.4) (18.3) (21.0) (21.1) (24.1) (3.0) 14.2% (6.1) (7.5) (1.4) 23.0%
Financial expenses, net (74.4) (133.3) (112.9) (130.1) (179.0) (48.9) 37.6% (42.8) (43.6) (0.8) 1.9%
Income tax and social contribution (81.4) (46.6) (47.2) (101.5) (125.1) (23.6) 23.3% (27.4) (28.2) (0.8) 2.9%
Net income 190.2 127.4 116.3 250.5 291.6 41.1 16.4% 63.6 72.7 9.1 14.3%
Net income growth of 14.3% superior to the growth of 12.8% in the EBITDA.
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14. Free cash flow - FCF
Free cash flow - R$ million 2005 2006 2007 2008 2009 2010 2011 1Q12
EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 821.3 210.0
Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (373.3)
Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 1,328.6 340.7
(-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (29.6)
Working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) (29.8)
Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 514.9 118.0
Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,468.1 373.3
Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (249.5)
Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) 123.8
Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (16.8)
Free cash flow before growth and interest 58.2 118.2 250.7 205.7 295.4 428.2 415.5 225.0
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 (211.8)
Free cash flow before interest (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 13.2
Fleet increase (decrease) - quantity 7,342 10,346 7,957 9,930 8,642 18,649 9,178 (4,562)
Cash generated before interest expenses was used for the reduction of the accounts payable to OEMs.
(*) without technical discount deduction 14

15. Debt profile
R$ million
Debt profile in 03/31/2012- principal
(R$ million)
562.0
432.0
315.8 303.5
245.2
102.9
26.0 52.0
2012 2013 2014 2015 2016 2017 2018 2019
Cash
712.7
Strong cash position and a comfortable debt profile.
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16. Debt – ratios
R$ million
Net debt x Fleet value
2,446.7 2,681.7 2,528.7
1,752.6 1,907.8
1,492.9 1,363.4 1,407.9
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 2011 1Q12
annualized
Net debt Fleet value
END OF PERIOD BALANCE 2005 2006 2007 2008 2009 2010 2011 1Q12
Net debt / Fleet value 60% 36% 51% 72% 57% 52% 51% 56%
Net debt / EBITDA (*) 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.7x
Net debt / Equity 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 1.2x
EBITDA / Net financial expenses 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 4.8x
* annualized
Comfortable debt ratios.
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17. Spread
Spread
24.8%
21.3%
18.7%
17.0% 16.9% 17.1%
15.1%
11.2p.p. 11.5%
7.8p.p. 12.9p.p.
8.2p.p. 9.6p.p. 8.5p.p.
4.0p.p. 8.0p.p.
13.6%
10.9%
8.4% 8.8% 7.6% 7.3% 8.6% 7.1%
2005 2006 2007 2008 2009 2010 2011 1Q12
annualized
Cost of debt after tax ROIC
2005 2006 2007 2008 2009 2010 2011 1Q12 a
Average capital investment - R$ million 606.3 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,445.3 2,677.7
NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1% 21.9% 28.6% 28.9% 25.1%
Turnover of average capital investment
(over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x 0.60x
ROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 17.1% 15.1%
Interest on debt after tax 13.6% 10.9% 8.4% 8.8% 7.6% 7.3% 8.6% 7.1%
Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.2 4.0 9.6 8.5 8.0
ROIC and spread reflect the Company’s competitive pricing strategy.
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18. Investment grade
Global scale BBB- Baa3 BBB-
National scale brAAA Aa1.br AA+(bra)
Main highlights of the S&P upgrade report:
Relevant market position of Localiza in the Brazilian car and fleet rental markets
High operating efficiency
Strong cash position
Plenty of room in the contracted covenants
Excellent presence in debt markets
Solid relationships with banks
Financial discipline and conservative policies of the Company were recognized by the 3 main rating agencies.
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19. 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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