Localiza Rent a Car S.A. 2Q09 and 1H09 Results Localiza is a car rental company operating in Brazil and South America with an integrated business platform. In 2Q09: - Car rental revenues grew 4.8% year-over-year to R$140.8 million despite a challenging environment. - Fleet rental revenues increased 15.5% to R$76.2 million due to higher volumes and prices. - The company maintains a large rental fleet of over 41,000 cars across its integrated operations in Brazil and internationally, leveraging synergies across its business divisions.

1. Localiza Rent a Car S.A.
2Q09 and1H09 Results
(R$ millions - USGAAP)
1
July, 2009

2. Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
2

3. Integrated business platform
30,585 cars 21,638 cars
1.8 million clients 589 clients
204 locations 219 employees
2,650 employees
Synergies:
cost reduction
cross selling
bargaining power
7,966 cars
15,107 cars sold
222 locations in 9 countries
79% sold to final consumer
157 locations in Brazil
38 stores
65 locations in South America
430 employees
14 employees
This integrated business platform gives Localiza flexibility and superior performance
As of 06/31/2009 3

4. Breakdown
Rentals
Revenues EBITDA Net income
Car rental 66% 54% 52%
Fleet rental 34% 46% 48%
Total 100% 100% 100%
Consolidated
Revenues EBITDA Net income
Car rental 34% 51% 55%
Fleet rental 18% 46% 41%
Used car sales 47% 2% *
Franchising 1% 1% 4%
Total 100% 100% 100%
* Used cars losses are allocated in the rental divisions
As of 06/30/2009 4

5. Strategy by division
Increase market leadership maintaining high return
Core Businesses
Add value to the brand by expanding the network in Brazil
and South America
Create value taking advantage of the integrated business
platform synergies
Support
Add value to the businesses, reducing depreciation as a
competitive advantage
5

6. Company’s structure
BOARD OF DIRECTORS
CEO
Car
Acquisition
Legal
COO
Human
Financial IT Resources
Supply &
Administration
6

7. Ownership breakdown
Founders
13.1% 8.6% 12.8% 8.6% 56.9%
Salim Eugenio Antonio Flavio
Claudio Resende Resende Free-Float *
Mattar Mattar
100% 100% 100% 100% 100%
Localiza Rental
Car Rental International
7
* includes 4,226,300 shares in treasury

8. Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
8

9. Growth opportunities
GDP elasticity
Rental divisions 5.9x GDP
Sector: 2.6x GDP
Source: Localiza, ABLA and Central Bank
Consolidation Air traffic
US market: 4 players 95%
BR market: 4 players 40% 8.7% CAGR (2004/2008)
1,893 players 60% Growth forecast between 2% - 5%
Source: Auto Rental News and estimates Source: Infraero, Gol and Tam
Fleet outsourcing Credit cards
Corporate target fleet of 500,000 cars 23.7% CAGR (2004/2008)
Approximately 25% rented 41 mm holders (estimated)
Replacement
Source: Company estimates Source: Abecs and estimates
Around 10 million cars insured
Accident frequency of 15% p.a.
Source: Susep, Denatran and estimates
9

10. Growth opportunities: GDP
Rental revenues accumulated growth rate – rentals
Localiza
5.9x
Sector
2.6x
GDP
2005 2006 2007 2008
GDP (real) Localiza (real) Sector (real)
Localiza’s revenues have been growing 5.9x GDP.
Source: Central Bank, Localiza and ABLA
10

11. Growth opportunities: consolidation
Brazilian car rental agencies
Airport locations Off-airport locations
Localiza
Others Localiza 274 Unidas
37 87 71 Avis
49
Hertz
29 Hertz
64
Avis Others
30 Unidas 1889
30
Off-airport market is fragmented among almost 2,000 small local car rental companies
Source: Each company website as of June 30th , 2009
11

12. Growth opportunities: airport x off-airport markets
Car rental revenues breakdown
100% 100% 100% 100% 100%
46% 41% 38% 34% 32%
54% 59% 62% 66% 68%
2005 2006 2007 2008 1H09
Off-airport Airport
Strategy: to reduce airport dependence increasing off-airport volume of business
12

13. Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
13

14. Competitive advantages
Scale
Gains of Know-how Higher
scale Strong brand
Strong values
competitiveness
Integrated platform
Geographical footprint
High corporate governance standards
Used car sales network
Management model
Lower depreciation
Stable Management
Owners involved
Facilities
Rating
Market share
increase
Localiza reached the virtuous cycle
14

15. Competitive advantages: geographical footprint
Nationwide
Nationwide
presence
presence
Strategic
Strategic
locations
locations
International
International
footprint
footprint
426 locations in 9 countries in South America
As of 06/31/2009 15

16. Competitive advantages: scale
Locations in Brazil Cities in Brazil
361 299
273
192
79
55
93 59
101 78
Localiza* Unidas Hertz Avis Localiza Unidas Hertz Avis
Localiza network is larger than the second, the third and the fourth competitors combined
Source: Each company website as of June 30th , 2009
16

17. Competitive advantages: rating
Moody’s debt rating as of Jan/09 (Global scale) S&P corporate credit rating as of Jan/09 (Global scale)
Baa2 BBB
Ba1
Ba2 BB
B1
B+
B2 B
Caa3 CCC+
CCC
Enterprise Localiza Avis Budget Hertz Europcar Dollar Thrifty Enterprise Localiza Europcar Hertz Avis Budget Dollar Thrifty
Moody’s corporate rating as of Jan/09 (Local Currency) Standard & Poors as of Apr/09 (Local Currency)
Localiza Rent a Car S.A Aa2.br Localiza Rent a Car S.A brAA-
Braskem S.A. Aa2.br Braskem S.A brAA+
Magnesita Refratários S.A. Aa2.br Magnesita Refratários S.A. brA-
Gafisa S.A. Aa3.br Gafisa S.A. brA-
CEMIG Aa1.br Brasil Telecom S.A brAA+
Duke Energy Aa2.br Duke Energy brAA-
Lupatech A3.br Lupatech brA-
Localiza has one of the best rating among its international peers
S&P and Moody’s reassured Localiza’s rating on 2009.
17

18. Competitive advantages: used car sales network
35 stores in Brazil
Logistic of distribution
Know-how of used car market
Selling to final consumers in order to
have higher revenue per sold car
Strategy: Add value to the businesses, reducing depreciation as a competitive advantage
18

19. Competitive advantages: lower depreciation
Average depreciation per car - Car rental division
3,618.0
*
2,640.0 2,546.0
2,142.0
1,656.0 1,752.0
939.1
322.9 492.3 332.9
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP 0.3% 4.3% 1.3% 2.7% 1.1% 5.7% 2.9% 3.7% 5.4% 5.1%
Localiza 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Average purchase price (nominal) 13,788 14,575 14,586 15,600 16,140 19,960 24,350 25,840 25,650 27,740
Average sale price (nominal) 11,650 13,950 14,530 14,026 16,680 19,490 23,060 24,770 27,460 27,770
Average capex for renewal 2,138 635 56 1,574 (540) 470 1,290 1,070 (1,810) (30)
Average sold fleet age 13.7 15.5 14.1 14.1 12.8 11.6 11.0 14.7 12.2 12.3
Average depreciation 2,640 3,618 2,142 1,656 1,752 323 492 939 333 2,546
% over average purchase price 19.1% 24.8% 14.7% 10.6% 10.9% 1.6% 2.0% 3.6% 1.3% 9.2%
* 2008 depreciation was impacted by declining market conditions and IPI reduction (excise tax).
The depreciation is calculated using the estimated sale price in the future (mark to market), net of the sales expenses. 19

20. Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
20

21. Localiza has been increasing its market share
2004 2008
22.4% 38.0%
Car rental
10.2% 14.0%
Fleet rental
15.5% 24.8%
Consolidated
Localiza is gaining market share…
21
Source: ABLA e Company, based on revenue

22. Growth with strong results
Revenue evolution .8%
: 30
GR
CA 983
853
590
.5%
CAGR: 16 448
251 303 873
151 191 679
89 429 555
86 90 85 270 286 281 331
127 145 160 221
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Car sold / EOP fleet 77% 74% 50% 31% 42% 57% 69% 55% 52% 50% 56% 45%
3% 504
EBITDA evolution 26.
G R:
CA 403
311
278
23.9%
CAGR: 198
134 154 150 152
85
42 62
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
GDP 3.4 0.0 0.3 4.3 1.3 2.7 1.1 5.7 2.9 3.7 4.6 5.1
Average 1.9 4.4
… maintaining profitability.
22

23. Agenda
• Company
• Drivers of growth
• Competitive advantages
• Growth with profitability
• 2Q09 Financials
23

24. Car rental division
Net revenues (R$ millions)
31.3%
CAGR: 585.7
4.8%
442.7
357.2
271.3 278.6 291.9 -0.1%
197.1
141.0 140.8
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Average rented fleet (quantity)
2.4% -3.1%
.6%
CAG R: 34 21,848 20,833 21,341 21,550 20,888
15,937
12,842
9,402
6,654
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Even on this unfavorable scenario, revenues have grown 4.8% on 1H09.
24

25. Fleet rental division
Net revenues (R$ millions)
R: 2 1.3%
CAG 276.9
228.2
%
190.2 19.1
149.2 152.1
127.8 127.7 %
15.5
76.2
66.0
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Average rented fleet (quantity)
% %
18.6 11.9
: 23 .1% 19,391 19,005
CAGR
17,880 16,987
16,352
14,295
11,635
9,308
7,796
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
The revenues increased due to higher volume and prices.
25

26. Fleet investment
Quantity
9,930
7,957
10,346
7,342 44,211
6,624
6,467 38,050
33,520 34,281
-9,774 8,703
30,093
26,105
23,174 23,632
-2,333
22,182
18,763 17,008
15,715 15,107 16,419
7,716 7,279
5,333 4,946
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Purchased cars Sold cars
Net Investment (R$ millions)
352.1
207.7
340.0
241.8
1,335.3 208.6
190.1 1,060.9 252.9
930.3 983.2 -260.8
853.2 -60.2
690.0 700.3
493.1 590.3 491.7
448.2 413.1 475.7
303.0 222.8
152.3 136.1 196.3
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Purchases (accessories included) Used car sales revenue
The car rental division fleet is already adjusted.
26

27. End of period fleet and utilization rates
End of period fleet (quantity)
: 21 .5%
CAGR 62,515 -12.5%
59,690 52,223
53,476
46,003 23,403 20,376
35,865 17,790 21,638
28,699 14,630
11,762
9,168
35,686 39,112 39,314
24,103 31,373 30,585
19,531
2004 2005 2006 2007 2008 1H08 1H09
Car Rental Fleet Rental
Utilization rates – Car rental division
76.2%
72.1% 72.8%
69.6%
.
3.4 p.p
2.5 p.p.
1H08 1H09 2Q08 2Q09
2009 utilization rate goal: minimum of 72%.
27

28. Net revenue - Consolidated
Average Rented fleet (quantity)
9.5% 3.5%
.8 %
R: 28
CAG 39,728 37,185 40,732 38,537 39,893
30,232
24,477 17,880 19,391 16,987 19,005
16,352
18,710 14,295
14,450 11,635
9,308
7,796 15,937 21,848 20,833 21,341 21,550 20,888
9,402 12,842
6,654
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Car rental Fleet rental
Net revenues (R$ millions)
0.8%
R: 3 1,855.7
CAG
1,531.7 -4.4%
1,145.4 983.2 -3.7%
853.2 902.8 862.7
876.9
634.4 590.3 432.3 416.5
448.2 491.7 413.1
303.0 872.5
678.5 % 222.8 196.3
331.4 428.7 555.1 411.1 9.4 449.6 5.1% 220.2
209.5
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Rentals Used car sales
28

29. EBITDA margin
EBITDA consolidated (R$ millions)
6.4%
R: 2 504.1
CAG
403.5 54.5 -8.1%
311.3 46.4 -11.7%
277.9 244.4 224.5
26.9
197.5 59.1 449.6 33.0 4.7 123.6 109.1
36.5 357.1
284.4
161.0
218.8 211.4 4.0% 219.8 13.2
-2
1.6
110.4 .6% 107.5
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Car Rental Used car sales
Divisions 2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Car Rental 40.1% 45.3% 42.0% 44.5% 44.3% 45.5% 39.4% 46.2% 37.9%
Fleet Rental 63.4% 62.3% 69.1% 68.7% 67.0% 64.3% 67.1% 66.4% 68.8%
Rentals - Consolidated 48.6% 51.0% 51.2% 52.6% 51.5% 51.4% 48.9% 52.7% 48.8%
Used car sales 12.0% 13.2% 4.6% 5.4% 5.5% 6.7% 1.1% 5.9% 0.8%
Seminovos EBITDA margin reflects the current market conditions.
29

30. Depreciation per car
Car rental division (R$)
2,546.0 2,599.7
2,169.6
939.1
322.9 492.3 332.9
2004 2005 2006 2007 2008 1H09 2Q09
annualized
Fleet rental division (R$)
5,083.1
4,557.6
3,794.7
2,981.3
2,383.3 2,395.8
1,845.5
2004 2005 2006 2007 2008 1H09 2Q09
annualized
Depreciation rate is adjusted to the current market conditions.
30

31. Net Income - Consolidated
Net Income (R$ millions)
190.2
- 46
138.2 .5 %
127.4
106.5 107.1 - 49
90.6 .4 %
57.3 53.6
27.1
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Reconciliation of EBITDA x Net Income 1H08 1H09 Var. R$ 2Q08 2Q09 Var. R$
EBITDA - Car rental and fleet rental 211.4 219.8 8.4 110.4 107.5 (2.9)
EBITDA - Used car sales 33.0 4.7 (28.3) 13.2 1.6 (11.6)
EBITDA Consolidated 244.4 224.5 (19.9) 123.6 109.1 (14.5)
Depreciation of revenue-earning vehicles (30.4) (70.0) (39.6) (18.5) (40.1) (21.6)
Other depreciation (8.5) (10.7) (2.2) (4.4) (5.4) (1.0)
Financial expenses, net (52.7) (65.5) (12.8) (24.7) (26.8) (2.1)
Income tax and social contribution (45.7) (21.0) 24.7 (22.4) (9.7) 12.7
Net income 107.1 57.3 (49.8) 53.6 27.1 (26.5)
Main impacts on results: increase of depreciation and drop of the Seminovos EBITDA.
31

32. Free cash flow - FCF
Free cash flow before growth (R$ millions)
504.6
8%
9.
36
%
250.7 .6 222.7
205.7
172
118.2 107.4 81.7
52.0 58.2
2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09
Free cash flow - R$ millions 2004 2005 2006 2007 2008 1H08 1H09
EBITDA 197.5 277.9 311.3 403.5 504.1 244.4 224.5
Used car sales revenues (303.0) (448.2) (590.3) (853.2) (983.2) (491.7) (413.1)
Cost of used car sales 248.7 361.2 530.4 760.0 874.5 434.2 384.1
EBITDA without used car sales revenues and costs 143.2 190.9 251.4 310.3 395.4 186.9 195.5
(-) Income tax and social contribution – current (40.9) (32.7) (42.7) (63.4) (52.8) (38.9) (26.9)
Working capital variation 6.2 (24.2) (4.8) 13.3 (44.8) (19.1) (18.8)
Cash provided before capex 108.5 134.0 203.9 260.2 297.8 128.9 149.8
Used car sales revenues 303.0 448.2 590.3 853.2 983.2 491.7 413.1
Capex of car – renewal (349.3) (496.0) (643.3) (839.0) (1,035.4) (504.0) (152.3)
Change in amounts payable to car suppliers (capex) - - - - - - 98.4
Net capex for renewal (46.3) (47.8) (53.0) 14.2 (52.2) (12.3) 359.2
Capex - Property and equipment, net (10.2) (28.0) (32.7) (23.7) (39.9) (9.2) (4.4)
Free cash flow before growth 52.0 58.2 118.2 250.7 205.7 107.4 504.6
Capex of car – growth (143.8) (194.0) (287.0) (221.9) (299.9) (196.3) -
Change in amounts payable to car suppliers (capex) (21.9) (25.5) 222.0 (51.0) (188.9) 61.5 -
Free cash flow (113.7) (161.3) 53.2 (22.2) (283.1) (27.4) 504.6 32

33. Net debt reconciliation
Free Cash Flow
504.6
Net Debt Net Debt
12/31/2008 06/30/2009
-1,254.5
-22.4 -45.5 -817.8
Interest on Interest
capital
2008 2009 Var. (R$)
R$ millions Sep/08 Dec/08 Mar/09 Jun/09 Dec/Jun
Gross debt (principal + interest) 1,352.0 1,384.4 1,198.8 1,208.3 -176.1
(-) Cash 151.0 129.9 185.2 390.5 260.6
Net debt 1,201.0 1,254.5 1,013.6 817.8 -436.7
Net debt was reduced in R$436.7 million.
33

34. Net debt x Fleet value
(R$ millions)
1,752.6
1,492.9 1,437.5
1,247.7 1,254.5
900.2 817.8
765.1
612.2 535.8 440.4
281.3
2004 2005 2006 2007 2008 1H09
Net debt Fleet value
End of period balances 2004 2005 2006 2007 2008 1H09
Net debt /Fleet value (USGAAP) 46% 60% 36% 51% 72% 57%
Net debt / EBITDA (USGAAP) 1.4x 1.9x 1.4x 1.9x 2.5x 1.8x(*)
Net debt / EBITDA (BRGAAP) 1.1x 1.5x 1.0x 1.3x 1.8x 1.3x(*)
Net debt / Equity (USGAAP) 1.0x 1.4x 0.7x 1.3x 2.0x 1.2x
(*) annualized
Indebtedness ratios have improved significantly on 1H09 over 2008.
34

35. Debt profile
Debt profile
(Principal – R$ millions)
520.4
2H
R$170.4 335.9
1H
R$350.0 110.0 109.6
66.8
0.4
2009 2010 2011 2012 2013 2014
Cash
390.5
The current cash is enough to pay the debt with maturity on the 1H2010.
35

36. RENT3 Performance
RENT3 X IBOVESPA
25 200
180
20 160
140
15 216% 120
100
10 80
60
5 113% 40
20
0 0
RENT3 Volume RENT3 IBOVESPA
Average daily trade volume (R$ millions) Average daily trading (# shares)
956,4
13,5 829,7
8%
10,7 729,5 687,5
10,6 670,9
5%
648,7
14
8,4
24
6,9 385,4
4,6
3,1
2005 2006 2007 2008 2009 1T09 2T09 2005 2006 2007 2008 2009 1T09 2T09
RENT3 was included in the Market Vectors Brazil Small-caps Index of Van Eck (USA).
36

37. Highlights
Financials:
Cash generation of R$ 504.6 million
Net debt reduction of R$ 436.7 million
The strong cash generation was the strategy adopted by the Company to
make even stronger the financial solidity on a low liquidity scenario.
37

38. Highlights
Fleet:
Fleet adjustment with the reduction of 13,708 cars since the
beginning of crisis
76.2% on 2Q09
Utilization rate
72,1% on 1H09
Restart of fleet renewal*
* IPI reduction was extended up to September/09 with a gradual return starting in October/09
38

39. Differentiated, liquid and flexible asset
Purchase Sale Net sale Average sale
price
4Q08 2,712 6,646 3,934 27,880
1H09 5,333 15,107 9,774 26,850
Total 8,045 21,753 13,708 -
Even on an unfavorable scenario, Localiza sold 21,753 cars with a drop of only 3.3% on average
prices compared to the prices before crisis when we had high demand.
Sales expenses went from 5.4% to 8.2% in the same period.
Localiza’s business model, through an integrated platform, unique in the car rental industry,
allows managing our differentiated asset, that are liquid and flexible, to quickly adapt the
Company to macroeconomic conditions.
39

40. Highlights
Distribution:
Increase of the number of rental locations and stores
# of corporate locations
199 204
178
145
117 +5
83 + 21
+ 33
+ 28
+ 34
2004 2005 2006 2007 2008 1H09
# of used car sales stores
38
32 35
26
+3
13 13 +3
+6
+ 13
2004 2005 2006 2007 2008 1H09
40

41. 2H09 perspectives
Debt:
Contract debt only to extend the amortization term
Drop on the net financial expenses due to decrease of interest rate
Car rental division:
of maintenance
Fleet renewal Reduction on the expenses
of depreciation
Minimum utilization rate of 72% on 2009
Fleet rental division:
Increase the average rental rate for new contracts and renewals
41

42. 2010 perspectives
Macroeconomic scenario after Real Plan of 1994
Fixed exchange rate Free floating exchange rate
2001 2008
1995 1998
Argentina Subprime
1973: 1º Oil Crash Creation of Russian
crisis crisis
PROER crisis
1979: 2º Oil Crash 2002
2 8 0
, 6 3
1997 2000
1994 Asian NASDAQ Lula’s
1987: NYSE Crash Mexico crisis crash election
crisis
2 0 0
, 4 5
2009
1990: Collor plan Liquidity
Crisis
1 2 0
, 2 7
4 0
, 9
4
( 0 )
,
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e 9
-
Localiza's fleet GDP Interest rate
Average GDP 3.1% 1.9% 4.7% -0.5%
Average Interest Rate 22.0% 10.8% 9.0% 5.2%
Fleet growth (CAGR) 10.1% = 3.2X GDP 15.2% = 8.0X GDP 22.8% = 4.8X GDP -
For 2010 the market expectation is 3.5% GDP growth and 4.5% real interest rate.
Source: BACEN, Focus and Localiza
42

43. 2009 Forecast - Car rental financial cycle
Current Scenario
1-year cycle
Funding (PV) Net car sale revenue
$27.7 $25.2
Revenue: 19.0
1 2 3 4 5 Expenses: (11.3) 8 9 10 11 12
$27.7
Car acquisition
$30.8 Kd = $2.2
Ke = $0.9
Funding (FV)
$3.1
Car rental Used cars Total
Per operating car Per sold car 1 Year
R$ % R$ % R$
Revenues 20,5 100,0% 27,0 100,0% 47,4
Additional revenue 0,5 2,0% 0,5
Cost (9,0) -44,0% (9,0)
SG&A (2,3) -11,2% (2,2) -8,3% (4,5)
Net car sale revenue 25,2 93,6% 25,2
Book value of car sale (24,7) -91,8% (24,7)
EBITDA 9,2 44,8% 0,5 1,8% 9,6
Depreciation (non-vehicle) (0,5) -2,2% (0,1) -0,2% (0,5)
Depreciation (vehicle) (1,9) -7,0% (1,9)
Interest on debt (0,0) (2,2) -8,0% (2,2)
Tax (2,6) -12,8% 1,1 4,0% (1,5)
NET INCOME 6,1 29,7% (2,5) -9,4% 3,5
Return on asset 12,8%
43

44. 2009 Forecast - Fleet rental financial cycle
Current Scenario
Funding (PV) Net car sale revenue
2-year cycle 26.6
33.8
Revenue: 29.8
1 2 3 4 5 Expenses: (10.3) 20 21 22 23 24
33.8
Car acquisition 40.6 Kd = $4.7
Ke = $2.1
Funding (FV)
$6.8
Fleet rental Used cars Total
Per operating car Per sold car 2 Years 1Year
R$ % R$ % R$ R$
Revenues 31,3 100,0% 28,1 100,0% 59,4 29,7
Additional revenue 0,6 2,2% 0,6 0,3
Cost (8,4) -27,0% (8,4) (4,2)
SG&A (2,0) -6,4% (2,1) -7,5% (4,1) (2,0)
Net car sale revenue 26,6 94,7% 26,6 13,3
Book value of car sale (26,0) -92,7% (26,0) (13,0)
EBITDA 20,8 66,6% 0,6 2,1% 21,4 10,7
Depreciation (non-vehicle) (0,2) -0,5% 0,0 (0,2) (0,1)
Depreciation (vehicle) (6,6) -23,5% (6,6) (3,3)
Interest on debt (4,7) -16,7% (4,7) (2,4)
Tax (6,2) -19,8% 3,2 11,4% (3,0) (1,5)
NET INCOME 14,5 46,3% (7,5) -26,7% 7,0 3,5
Return on asset 10,3%
44

45. 2009 Forecast - Car rental financial cycle
Scenario after fleet renewal
1-year cycle
Funding (PV) Net car sale revenue
$25.8 $25.2
Revenue: 19.0
1 2 3 4 5 Expenses: (11.3) 8 9 10 11 12
$25.8
Car acquisition $28.8 Kd = $2.1
Ke = $0.9
with IPI reduction Funding (FV)
$3.0
Car rental Used cars Total
Per operating car Per sold car 1 Year
R$ % R$ % R$
Revenues 20,5 100,0% 27,0 100,0% 47,4
Additional revenue 0,5 2,0% 0,5
Cost (9,0) -44,0% (9,0)
SG&A (2,3) -11,2% (2,2) -8,3% (4,5)
Net car sale revenue 25,2 93,6% 25,2
Book value of car sale (24,7) -91,8% (24,7)
EBITDA 9,2 44,8% 0,5 1,8% 9,6
Depreciation (non-vehicle) (0,5) -2,2% (0,1) -0,2% (0,5)
Depreciation (vehicle) (1,0) -3,7% (1,0)
Interest on debt (0,0) (2,1) -7,9% (2,1)
Tax (2,6) -12,8% 0,8 3,0% (1,8)
NET INCOME 6,1 29,7% (1,9) -7,0% 4,2
Return on asset 16,2%
45

46. Thank you!
46