1. Roadshow Presentation
April / 2012

2. Disclaimer
This presentation may contain certain forward-looking statements and information relating to Companhia de Locação das Américas (“Locamerica” or the
“Company”) that reflect the current views and/or expectations of the Company and its management with respect to its business plan. Forward-looking
statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may
contain words like “believe”, “anticipate”, “expect”, “envisage”, “will likely result”, or any other words or phrases of similar meaning. Such statements are
subject to a number of significant risks, uncertainties and assumptions. We caution that a number of important factors could cause actual results to differ
materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In any event, neither the Company nor any of
its affiliates, directors, officers, agents or employees shall be liable before any third party (including investors) for any investment or business decision
made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.
The Company does not intend to provide eventual holders of shares with any revised forward-looking statements of analysis of the differences between
any forward-looking statements and actual results. There can be no assurance that the estimates or the underlying assumptions will be realized and that
actual results of operations or future events will not be materially different from such estimates.
This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without
Locamerica‟s prior written consent.
This presentation does not constitute an offer of securities for sale or a solicitation for an offer to buy securities in the United States. Please consult the
offering documents the Company has prepared, which contains detailed information about the Company, its management and other additional information.
Investors should review the offering documents, including the risk factors associated with an investment in the securities of Locamerica, before making any
investment decisions.

3. Presenters
Luis Fernando Porto Joel Kos Ronald Aitken
Founder and CEO CFO IR General Manager
Graduated in business administration by Graduate in engineering from Instituto Graduated in Economics from the London
FUMEC University and specialization in Militar de Engenharia and master in School of Economics with a masters degree
Business by Fundação Dom Cabral. Systems Management by Rensselaer in Management by the same institution.
Polytechnic Institute. Currently attending an MBA in Finance by
Founded Locarvel, in 1993, when he was the IBMEC Business School.
Acted as a Venture Capital Fund Banker
22 years old.
Manager of Banco Modal S.A. Worked as a Director and Senior Equity
Research Analyst (sell-side) at Deutsche
Advisor of ANAV (National Association of Worked as Commercial Officer of Banco
Bank and UBS Warburg in New York and
Car Rental Companies). Itaú S.A. and Director of Corporate
London, responsible for the coverage of the
Relations at Banco Itaú BBA.
Telecommunications sector for 7 years.
Vice-President of SINDILOC-MG (Car
Acted as Director of Corporate Relations of
Rental Association of Minas Gerais). Acted as Investor Relations Officer for VIVO
Banco Votorantim S.A. and later as Private
Equity Director of Banco Votorantim. S/A. in São Paulo and IR manager for
One of the founder-partners of Via Jap and Minerva S/A.
Via Natsu, car dealerships. Former President and former member of the
board of CFA Society of Brasil.

4. SECTION 1
Company Overview

5. A History of Entrepreneurship and Growth
A history of success, growth and profitability
27.3
CAGR 06-11
37.5%
21.9
16.5
14.9 304.0
CAGR 06-11
Total Fleet 37.1%
10.5
(‘000s)
5.5 216.6 2012
162.8
Rental Revenues 135.3
IPO: seek of
(R$ mm)
88.5 new partners for
62.8 2011 the next growth
phase
2006 2007 2008 2009 2010 2011 The fastest
2010 growing
company in the
last 5 years
Consolidation of
2009 corporate
governance and Post-IPO
2008 managerial best

Growth even practices
during crisis Capital structure optimization
1993 Private Equity:

greater financial Scale gains at operational and financial
discipline and levels
focus on
Inception with profitability
16 cars
 Founding shareholders and management
commitment for the long run
Largest company Largest Company in Largest Company
3rd in the Sector
2nd the Sector 1st in the Sector
5
5

6. Business Model
Exclusive focus on fleet outsourcing, with greater predictability on revenues, expenses and sales
of used vehicles
1 1 1
17.3% 48.2% 34.5%
Purchase - SG&A +
Predictable Cost of
Sale =
Revenues - Depreciation - Operational
Costs
- Capital = Earnings
Long-term contracts (24 Purchase of more cars Strict control of Optimization of capital High EBITDA and
months ) at higher discounts expenses structure EBIT margins
Long-term relationships Expansion of the Low cost culture  Less leverage High and resilient ROE
(average 3.7 years) retails sales channels “Orçamento Base
(direct sales and web) Zero”  Improved debt High and resilient
Differentiated Pricing Policy
with increasing maturity ROIC
ensuring average IRR of Lean corporate
20.5% margins structure  Better rating
High levels of contract renewal  Lower funding
(90% of the target clients) costs
Note:
1 Proportion of all three cost centers
6

7. Market Overview: Fleet Outsourcing
Fleet outsourcing boasts great growth potential, having grown 2,7 times the GDP in the last 5 years 1
Low penetration Highly fragmented market with
Fast growing market + Brazil vs. Mature Markets + consolidation opportunities
CAR RENTAL MARKET MARKET PENETRATION (2) MARKET SHARE (4)
CAGR % of corporate fleet
(05-10)
5.1 11.2% 5.4% 3 largest
4.4 companies
4.0 16.5%
3.5
3.0 3.2
24.5% 30%
415.0
363,0 37.4%
319.1 70%
46.6%
284.0 182.6 12.5% Others
250.0 174.2 58.3%
225.1
143.6
127.8
MARKET POTENTIAL (3)
115.0
101.3 # of Companies 63,538
4 largest
232.4 13.4% companies
175.5 188.8
156.2 34,673
123.8 135.0
94%
17,685
2005 2006 2007 2008 2009 2010
5,991 5,234
Fleet Outsourcing („000 vehicles) 6%
Rent a car Fleet („000 vehicles) 50-99 100-249 250-499 500+ Total
Others
Car Rental Revenues (R$ bn)
# of employees
Source: Denatran, Fenabrave, Associação Brasileira de Locadoras de Automóveis (ABLA), Data Monitor (1) Growth of 161.2% of the sector during the period 2006-2010 versus
growth of the Brazilian GDP in nominal conditions of 59.1% in the period of 2006-2010. Source: ABLA and IPEA (2) Penetration in the fleet outsourcing market. Consider
data from Data Monitor in a study of 2007. (3) IBGE. (4)Yearbook ABLA 2011 and Auto Rental News (Factbook 2012)
7

8. Significant Growth Potential in Fleet Outsourcing
Locamerica boasts strong performance in sectors with high growth potential of corporate fleet
Solid Economic Fundamentals We are the first derived from the target sectors
RETAIL GROWTH CAGR (10-12E) of Net Revenues of Listed Companies on the BM&FBOVESPA (%)
(Nominal Retail Sales with seasonality adjustment; end of period;
indexed base 100 = average 2003)
21% 8%
CAGR
6.3% 176 178
160
140 146 20%
119 127
114
103
Financial3
Beverages4
5%
Health/
Pharmaceutical2
2003 2004 2005 2006 2007 2008 2009 2010 2011
Company Focus
Oil and Gas5
INVESTMENTS IN BRAZIL
26%
(R$ billion) 886
13%
Food1 Techonolgy6
339
533
206 210
131 Source: BM&FBOVESPA, IBGE and Bloomberg
337 Note:
196 1 Average among Minerva, BR Foods, Marfrig and GPA
2 Average among Amil, Cremer, Dasa, Drogasil, Fleury, Odontoprev and Profarma
3 Average among ABC Brasil, BB, Bradesco, BicBanco, BMF Bovespa, Cielo, Cetip e
2006 - 2009 2011 - 2014 Santander
4 Ambev
Homebuilding Infrastructure Industrial
5 Petrobras
6 Totvs
Source: BNDES and Ipeadata
8

9. Market Overview: Used Vehicles
Growth of the used vehicles market in Brazil supported by solid economic fundamentals coupled with
a buoyant dynamics in the sector
Ratio between the sales of new and used Purchasing power increase positively
Vehicle depreciation similar to the
vehicles similar to the U.S. + contributes to greater vehicle
penetration in Brazil
+ U.S.
USED VEHICLES‟ MARKET(1) NUMBER OF HABITANTS PER CAR VEHICLE DEPRECIATION
Used Vehicles sold in Brazil (million)
Used Vehicles Negotiated / New Vehicles Registered
5.9
3.9 2.9 3.3 2.6 2.5 2.6 Zero Km x 2010 (2)
4.0
0.07% 0.08%
Average 20%
0.04% 0.04% 1.9
CAGR Civic LXS 1.8 28%
5.8%
1.7
1.6 Corolla Xli 1.8 19%
8.4 8.9 1.5 Palio Fire 1.0 2P 16%
6.7 7.1 7.2 7.1
1.2 Gol G4 1.0 2P 15%
2006 2007 2008 2009 2010 2011
% of Locamerica sales of used vehicles in Brazil
ACCESSIBILITY – CAR MARKET (3)
Zero Km x 2010
NEW VEHICLES MARKET Average 23%
New Vehicles sold in Brazil (milllion)
Dodge Charger 32%
CAGR
14.8%
Chevrolet Malibu 30%
3.4 Honda Civic 18%
2.2 2.4 2.7 2.8
1.7
Minimum Wage (R$) Toyota Corolla 13%
2006 2007 2008 2009 2010 2011 Minimum Wage Available for Purchase of
New Car
Source: Denatran, Fenabrave, Associação Brasileira de Locadoras de Automóveis (ABLA); (1) Automotive News, Revista Exame, BNDES, Portal Brasil and Banco Central; (2)
Tabela Fipe; (3) Automakers website, Kelley Blue Book, companies‟ website and Locamerica
9

10. Significant Growth Potential in the Used Vehicle Market
Sales strategy based on our own integrated structure through different channels, allowing for
improving commercial conditions and increasing participation in the retail segment
Diversified
Wholesale, retail, direct sales, web and “car fairs”
Sales
Channels
Increase in sales through own stores
Increasing retail - Increase from 7 to 11 stores in 2012
platform Increase in sales force
- 69 employees in 2011 to 126 in 2012
Planned Point of Sales oriented in accordance with fleet demobilization
Growth and representativeness in the GDP
10

11. Margin Improvement
Locamerica looks to lead the fleet outsourcing market, through gains in scale and significantly
cheaper capital funding structure
Impact on Company’s Profitability Purchase of New Vehicles Cycle
Larger Purchase Higher
Main of Vehicles
Competitor Discounts
Price Purchase of
Price Price Vehicles
Increase of ROE and Lower Investments
Net Net ROIC
Margin Net Margin
Margin
We estimate to purchase vehicles with discounts from
Financial 2 p.p. to 6 p.p lower than our main competitor
Costs Financial
Financial Costs
Cost of Capital Cycle
Costs
Depreciation
* Depreciation* Rating
Depreciation
* Lower
Improvement
Leverage
Cost of
Capital
Adm/
Adm/ Adm/
Operational Operational
Operational Improving funding
Costs Costs Costs Lower financial
costs conditions
Current Post-IPO Current
Financial Cost 5p.p. higher
* Real Depreciation, includes gross result of the used vehicles‟ business unit
11

12. SECTION 2
Investment Highlights

13. Investment Highlights
Largest company focused on fleet outsourcing in Brazil 1
Business model of high predictability and low risk 2
Strong and diverse customer base with focus on high growth
sectors 3
Integrated platform for the sale of used vehicles 4
History of high growth with a low cost corporate culture and
proven operational efficiency 5
Active administration and responsible governance 6
13

14. 1 Largest company focused on fleet outsourcing in Brazil
Locamerica is the largest company focused exclusively on fleet outsourcing in Brazil, besides being
the fastest growing company in the sector in the last years
Evolution of the 2 largest companies focused on the fleet outsourcing segment in Brazil
Market Share (%) Fleet (Base Date on 2008)
CAGR LCAM X
08 – 11 08 – 11
182
22.2% -
13.3%
12.1% 12.1%
11.5%
147
10.4% 10.6% 2.3x
135
132
9.4% 15.1% 2 2.5x2
8.7%
8.5%
114
110 111
3.4% 7.8x
100 108 107
100
97
2008 2009 2010 2011 2008 2009 2010 2011
Locamerica 1 Main Competitor Locamerica1 Main Competitor Market GDP
Source: Companies‟ reports and ABLA
Notes:
1 Considers consolidated fleet of Locamerica and Locarvel
2 Considers the CAGR of 2008 – 2010
3 Company‟s estimates
14

15. 2 Business model of high predictability and low risk
Focus on fleet outsourcing ensures Locamerica the following advantages:

Long term contracts
̶ 12 to 60 months
 Acyclic: Growth also in moments of crisis when companies decide to
outsource

Predictable cash flow
Activity less susceptible to seasonality

Centralized cost structure
̶ Costs inelastic with fleet expansion
Scale

High and stable rate of fleet utilization
̶ Fleet utilization rate of 96% in 2011

Predictability of costs
Operational efficiency
̶ Low cost corporate culture

Constantly monitoring the profitability of contracts
̶ Target IRR of 20.5%

Predictability of sales of used veicles
̶ Less need for fleet renewal
15

16. 2 Business model of high predictability and low risk
Main Assumptions (Pricing Comittee Management )
Main Description of the Process
Assumptions (Pricing Committee)
1 2
Discount on the acquisition of vehicles from automakers Purchase price of the Pre-operational
1 (Human Resources Department Input) vehicle and accessories expenses
Pre-operational expenses with taxes such as IPVA, 3
2 DPVAT, Licensing (Logistics Department Input) Financial cost
Revenues
Estimated Internal Rate of Return (IRR)
Cost of funding and leverage 4 Year 1
3 (Financial Department Input) Administrative
expenses
Estimaded IRR
General and administrative expenses and overhead
4 (Human Resources Department Input) 5
Maintenance
expense
Costs of preventive and corrective maintenance
5 (After Sales Department Input)
Revenues
6 Year 2
Sale
Cost of preparing the car for sale preparation
6 (Logistics Department Input)
costs
7
7 Purchase Price – Sale Price Depreciation
8
Sales value of the vehicle Sale value of
8 (Used Vehicle Sales Department Input) the vehicle
16

17. 2 Business model of high predictability and low risk
With a business model of low-risk, high predictability, Locamerica projects itself as one of the main
companies in sector
Internal Rate of Return – Main Impacts
(R$)
Variation Variation IRR
Variable Priced
(+ 5%) (- 5%) (Variation p.p.)
Purchase 25,212 26,473 23,951 -4.0% 4.4%
Sale 20,000 21,000 19,000 1.9% -2.0%
Maintenance 90 95 86 -0.3% 0.3%
Administrative 0.5%
175 184 166 -0.5%
Expenses
Decommissioning
300 315 285 0.0% 0.0%
Expenses
17

18. Strong and diverse customer base with focus on high
3 growth sectors
Locamerica has a strong and diverse customer base focused on growth with long-term relationships
Main Clients Low Customer Concentration
1 Foods 2 Beverages
38.0% 40.2%
51.9%
3 Oil and Gas 4 Financial 62.0% 59.8%
48.1%
4T09 4T10 4T11
10 Largest Clients Others
5 Healthcare 6 Technology
 Average relationship with customers of 3.7 years
 Largest customer accounts for 7.5% of total sales
7 Other Clients  Provision for Bad Debt (PBD) of 1.3% in 2011
 Contract renewal rate of target customers of 90%
Source: Company
 Customer base with R$514.8 mm in contracts that
are protected by break-up fees of R$175.3 mm
18

19. 4 Integrated platform for the sale of used vehicles
2 – Gestão e Governança
Sales strategy based on its own integrated structure through different channels, enabling the best
trading conditions and increasing participation in retail
Used Vehicles Sales Strategy National Footprint
Sales Force
Strategy
(No of Employees)
North
Sale planned in advance
5.1% Northeast
Diversified range of distribution channels and
13,.%
active marketing 126
69
Points of sale defined according to the
demobilization of the fleet and representation in
GDP
2011 2012E
Cuiabá
Sales Channels
4T111 20111
Belo Horizonte
Midwest
Wholesale
Sales • Retailers and car dealerships 74.2% 82.7% 9.2%
Rio de Janeiro
São Paulo
Curitiba
Southeast
Retail
Sales • Megastores 22.0% 15.4% South
56.0%
16.6%
Wholesale Sales Point
Direct • Clients and users (drivers)
Sales • Active marketing with drivers / clients 3.8% 1.9% Retail Sales Point
(Driver) • Savings with freight and demobilization New Sales Point in 2012 2
Representativeness of the Region in the GDP (IBGE 2000)
Auto • Tools for balancing vehicle stock 0.0% 0.0%
Markets • Shared auto markets to minimize costs
Source: Company
Notes:
1 Percentage of total sales
2 Considers 1 Wholesale point in Recife, 2 Retail points in Rio de Janeiro and 1 Retail point in Sao Paulo
19

20. History of high growth with a low cost corporate
5 culture and proven operational efficiency
Locamerica presents a high level of operational efficiency, leveraging its growing operations
Significant expansion of the Company’s Current Infrastructure with capacity to High fleet utilization, generating
fleet allowed for a greater geographic increase the number of cars without the maximum yield on assets and dilution
reach and market share growth need of expansion in fixed costs of fixed costs
Fleet Fleet / Employee Fleet Utilization Rate
(000‟ of Cars) (Nº of Cars) (Rented Fleet / Operational Fleet)
27.3 41.6
96.0% 95.9%
35.0 95.4%
21.9
1
16.5 25.0
2009 2010 2011 2009 2010 2011 2009 2010 2011
Source: Company
1 Considers Locamerica and Locarvel
20

21. 6 Active administration and responsible governance
Organizational Structure
Board of Directors
Luis Fernando Porto Sérgio Augusto Guerra Francisco Nuno Pontes
Valter Pasquini Mario Antonio Thomazi
de Resende Correia Neves
CEO
Luis Fernando Porto
656 Employees (Dec/2011)
CFO and IR Human Resources Director IT Director Commercial Director After Sales Director Used Vehicles Director
Joel Kos Neide Ramos Artur Paoletti Sérgio Sampaio Fernando Aguiar Luciano Moreira
72 Employees 126 Employees 11 Employees 35 Employees 343 Employees 69 Employees
Committees 1
Rental Pricing 2  Human Resources  Used Vehicles 
 Assessment of conditions and market trends  Quarterly discuss succession plans,  Assessment of market conditions, analysis
and definition of assumptions made positions and Wages and Code of Ethical of used cars indicators, pricing and sales
independently by each one of the departments Conduct strategies
 Members Members Members
CEO CEO CEO
CFO, Human Resources Director, Commercial Human Resources Director Used Vehicles Director
Director, After Sales Director, and Used Vehicles Adviser Adviser
Director
Notes:
1 Does not consider the Audit Committee which is totally independent, accountable directly to the Board of Directors
2 Rental Pricing Committee is not statutory
21

22. SECTION 3
Financial Highlights

23. History of Consistent Growth and Profitability
Among the industry leaders, we are the fastest growing company
Fleet Gross Revenues Net Rental Revenues
(000‟ Vehicles) (R$ mm) (R$ mm)
CAGR CAGR
28.5% 35.9%
CAGR
41.4%
27.3 419.7 295.0
21.9 329.0
213.3
1
16.5
227.3
147.6
2009 2010 2011 2009 2010 2011 2009 2010 2011
Source: Company
Note:
1 Considers Locamerica and Locarvel
23

24. History of Consistent Growth and Profitability
EBITDA (R$ mm) and EBITDA Margin (%) EBIT (R$ mm) e EBIT Margin (%)
EBITDA Margin 1 EBIT Margin 2
50.5% 51.0% 52.7% 53.0% 29.0% 30.0% 38.5% 39.7%
CAGR
44.5% CAGR
62.8%
155.6
113.7
108.8
63.0
74.5
42.9
41.6 31.2
3 3
2009 2010 2011 4T11 2009 2010 2011 4T11
Source: Company
Notes:
1 Considers EBITDA Margin as EBITDA / Net Rental Revenues
2 Considers EBIT Margin as EBIT / Net Rental Revenues
3 Considers PPR proportional for the quarter
24

25. History of Consistent Growth and Profitability
Net Income (R$ mm) and Net Margin (%) ROE (%)
Net Margin (%) 1
CAGR
n.m. 5.4% 7.7% 80.7%
15.2%
8.4%
CAGR
95.4% -2.4%
2
2009 2010 2011
22.6
ROIC (%)
11.6 CAGR
30.5%
-8.5 12.6%
9.2%
7.4%
2 2
2009 2010 2011 2009 2010 2011
Source: Company
Notes:
1 Considers Net Margin as Net Income / Net Rental Revenues
2 Reclassification of redeemable preferred shares in 2009 from Capital Equity to Liability, recognized in financial expenses, as CPC 39 / IAS 32
25

26. History of Consistent Growth and Profitability
Improvement of the debt profile and an expected increase in the Company’s rating after the offering
Net Debt (R$ mm) and Net Debt / EBITDA Financial Expense / Average Gross Debt
3,6x 3,4x
3,3x
523,9 18,4% 16,8% 17,3%
393,4
243,9
1 1
2009 2010 2011 2009 2010 2011
Net Financial Expenses / Net Rental Revenues Debt Amortization Schedule – Pro Forma2
(R$ 000‟)
31.6% 243.3
28.2% 212.4 196.7
27.1% 165.9
127.8
1.0
1
2009 2010 2011 Cash Ano 1 Ano 2 Ano 3 Ano 4 Ano 5
Dec 2011
Source: Company
Notes;
1 Reclassification of redeemable preferred shares in 2009 from Capital Equity to Liability, recognized in financial expenses, as CPC 39 / IAS 32
2 Considers capitalization of R$121,7 mm on January 4th, 2012
26

27. Conclusion

28. Conclusion
Average growth of 40% over the
past 5 years and 19% estimated
for the next 5 years
Predictable cash flow, low
Only company in the cost culture and strong
country that is 100% financial and operational
focused on fleet discipline
outsourcing
Long-term commitment Founding partners Differentiated
with a focus on value and administration business model
creation for shareholders with vast market focused on growth
knowledge IPO with results
Reduction in financial costs
Improvement of the Business platform
discount on the tested and
High and strong High rates of return
ROE and ROIC purchase of vehicles prepared for strong
growth
Future growth without
Rapidly growing
significant increases in
market fixed cost
Growth of 13.4% over the past
5 years and 10% estimated for
the next 5 years
28

29. Net Income Growth
25.4%
10.7 Net Income
R$2.5 mm
Earnings
(annualized 4Q
12.2 With
Growth average)
Net Income
Decrease in 52.9
Growth 2012 X
Financial 42.2
Expenses 12 months
30.0
22.6
R$30.0 mm
Net Income 2011 Contracted Net Income 2012 2012 Expected Net
Net Income not considering Income
2012 new contracts
20.1%
14.8
Net Income
Earnings R$4.3 mm
22.0 With (annualized 4Q
Growth 88.4 average)
Net Income Decrease in
Growth 2013 Financial 73.6 X
Expenses
51.6 12 months
38.7
R$51.6 mm
Net Income 2012 Contracted Net Income 2013 2013 Expected Net
not considering Net Income not considering Income
primary proceeds 2013 new contracts
29