1August / 2012

2

1.The Company

2.Drivers and opportunities

3.Competitive advantages

4.Financials

Agenda

3

Company: integrated business platform

This integrated business platform gives Localiza flexibility and superior performance.

Synergies:

bargaining power

cost reduction

cross selling

13,389 cars 201 locations in Brazil 48 locations in South America 34 employees

66.6% sold to final consumer 71 stores 951 employees

58,436 cars 3.1 million clients 253 locations 4,057 employees

31,412 cars 699 clients 343 employees

Based on the 2Q12

4

Total1 year

R$ % R$ % R$Revenues 19.9 100.0% 29.1 100.0% 48.9 Cost (8.2) -41.3% (8.2) SG&A (2.7) -13.5% (2.9) -9.9% (5.5)

Net car sale revenue 26.2 90.1% 26.2

Book value of car sale (25.5) -90.0% (25.5) EBITDA 9.0 45.2% 0.7 2.4% 9.7

Depreciation (vehicle) (1.7) -5.8% (1.7) Depreciation (non-vehicle) (0.3) -1.7% (0.1) (0.5) Interest on debt (2.4) -8.2% (2.4) Tax (2.6) -13.0% 1.0 3.6% (1.5)

NET INCOME 6.1 30.4% (2.4) -8.4% 3.6

NOPAT 5.3 ROIC 17.5%Cost of debt after tax 8.6%

Car Rental Seminovosper operating car per car sold

2011 Car rental financial cycle

Car sale revenue$26.2

$27.9Car acquisition

1 2 3 4 5 8 9 10 11 12Expenses, interest and tax

1-year cycle

Revenue

Spread8.9p.p.

*

* Investment in cars and PP&E (8%)

5

$33.8Car acquisition

Net car sale revenue

$26.4

1 2 3 4 5 20 21 22 23 24

2-year cycle

Expenses, interest and tax

Revenue

2011 Fleet rental financial cycle

Spread7.5p.p.

Total2 years

R$ % R$ % R$Revenues 34.0 100.0% 28.7 100.0% 62.7

Cost (9.7) -28.7% (9.7)

SG&A (1.8) -5.3% (2.3) -7.9% (4.1) Net car sale revenue 26.4 92.1% 26.4 Book value of car sale (25.0) -90.0% (25.0)

EBITDA 22.4 66.0% 1.4 5.0% 23.8 Depreciation (vehicle) (8.3) -28.8% (8.3) Depreciation (non-vehicle) (0.1) -0.1% (0.1) Interest on debt (4.0) -14.1% (4.0) Tax (6.7) -19.8% 3.3 11.4% (3.5)

NET INCOME 15.6 46.0% (7.6) -26.5% 8.0

NET INCOME per year 7.8 46.0% (3.8) -26.5% 4.0

NOPAT (annualized) 5.4 ROIC 16.1%Cost of debt after tax 8.6%

Fleet Rental Seminovosper operating car per car sold

6

Pricing strategy

Company: managing assets

Targeted spread

Funding

Equity

Cash to renew the fleet

Assets (cash)

Profitability comes fromrental divisions

Ass

ets

(car

s)

Debt

Flexible and liquid assets.

7

Company: stable management

Salim Mattar – 39y

Eugênio Mattar – 39y

Gina Rafael – 31y

João Andrade – 8y

Marco Antônio Guimarães – 22y

Bruno Andrade – 20y

BOARD OF DIRECTORS

CEO

COO

Car Acquisition

Legal

Localiza has a lean and efficient structure.

The succession process is already planned.

Roberto Mendes – 27y

Financial ITHuman

Resources Administration

Daltro Leite – 27y Alberto Campos– 4y

8

Average growth of roughly 25% p.a. in the last years.

Company: growth and profitability track record

Revenues consolidated

EBITDA consolidated

331.4 408.4 537.4 655.0 842.9 898.51,175.3

1,450.0303.0

446.5588.8

850.5980.8 922.4

1,321.9

1,468.1

515.7457.4402.7296.1234.1225.9212.9

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

CAGR: 24.4%

CAGR: 15.9%

634.4854.9

1,126.2

1,505.51,823.7 1,820.9

2,497.2

2,918.1

Consolidated Rentals Used car sales

CAGR: 23.4%

4.3

42 62 85.2 134.3 154 149.9 152.1 197.8278.1 311.4

403.5504.1 469.7

649.5821.3

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

CAGR: 23.9%

CAGR: 22.6%

-0.6 7.55.7 3.2 4.0 6.1 5.2

1.9Average

1.12.71.34.30.30.03.4GDP 2.9

9

2005 2006 2007 2008 2009 2010 2011

Rental revenues growth elasticity x GDP

5.7x

Localiza

GDP

Sector

2.9x

Company: GDP elasticity

The drivers combined with Localiza’s competitive advantages resulted in a growth above the industry level.

10

17.9%20.5% 22.1%

24.8% 24.2%27.4%

30.4%

2005 2006 2007 2008 2009 2010 2011

18.9% 20.6% 20.8% 21.8% 21.4% 23.5% 24.1%

2005 2006 2007 2008 2009 2010 2011

Revenues - consolidated Fleet - consolidated

Fleet

Company: market share

Source: ABLA 2012 yearbook

36.5% 13.9%

Car Rental division Fleet Rental division

11

2011 - Would you recommend Localiza? YES!

Company: recognitions and rewards

Customers recognize premium service and recommend it!

94.6% 94.8% 96.0% 95.5% 95.3% 96.3% 95.9%

2005 2006 2007 2008 2009 2010 2011

Source: based on “Fale Fácil” satisfaction survey answered by more than 350,000 customers in 2011

95.9%

12

Company: recognitions and rewards

93.0%99.0%98.0%

Users VIP Users Contract managers

Customers recognize good service and recommend it!

Source: Users and VIP users based on phone interviews made by the Company with customers. Contract managers made by an independent research: Vox Populi

2011 - Would you recommend Total Fleet? YES!

98.0%

13

Company: recognitions and rewards

Customers recognize premium service and recommend it!

94.0%92.3%94.0%

2009 2010 2011

Source: based on phone interviews made by the Company with customers started in 2009

2011 - Would you recommend Seminovos? YES!

94.0%

14

Company: recognitions and rewards

2011 Valor 200 8th Company in growth and profitability

Maiores e Melhores do Transporte 2011 (Biggest & Best of Transportation) The best Company of the vehicle rental sector

Institutional Investor’s ranking:

BRIC Breakout One of the 5 top picks Brazil for 2012

Exame Magazine

Among the 5 best Companies of the consumer sector, in the article “Where to invest in 2012”

Best CEO, CFO and IR executive and Best IR department

Best IR executiveBest IR department

IR Magazine 2012

9th company in ROIC7th in current liquidity10th in wealth generated by employee

The Company was recognized by Exame Magazine - Best and Biggest (service sector):

15

1.The Company

2.Drivers and opportunities

3.Competitive advantages

4.Financials

Agenda

16

Drivers and growth opportunities

17

R$1.5 trillion to be invested until 2016.

Car rental drivers: investments

Source: Valor Setorial Magazine, as of May 2012

679

343

182

85 8351

14 101517

Oil/gas Transportation Energy Water/sewage Industry Hotel/Resort Housing Others Infrastructure ShoppingCenter

Investments by sector

18

Income increase and stable daily rental rates increased car rental affordability.

Car rental drivers: income and affordability

GDP per capita

(R$ thousands)

151

260

465510

545

645

240180 200

350

415380

300

18% 16% 15% 13%

31%

35%

15%

37%38%

51%

22% 20%

27%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e

Monthly minimum salary (R$) Daily rental price over minimum salary (%)

Car rental affordability

Source: IPEADATA, IBGE and Valor website, Bradesco (2012: estimated)

6.9 7.5 8.4 9.5 10.7 11.7 12.814.2

16.0 16.619.0 21.3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

19

Strong domestic drivers leads to higher volumes.

Source: FGV, BCB, Infraero, Gol, Abecs and Exame (Dec/2011)

Car rental drivers: consumption

1320

31

2003 2009 2014e

53.8% 55.0%

A and B classes - million

71128

154 179

2003 2009 2010 2011

80.3%20.3% 16.2%

Air traffic passengers - million

15

45 5169

2003 2009 2010 2011

200.0% 13.3% 35.3%

Credit card holders - million

20Source: Company as of May 2012, ABLA (Brazilian Car Rental Association) and each company website (May, 2012)

Car rental opportunities: consolidation

Off-airport market is still fragmented.

Airport locations Off-airport locations

Car rental locations in Brazil

Others36Avis

35

Unidas34

Localiza101

Hertz42

Avis27

Unidas73

Localiza351 Hertz

78

Others2079

21

Localiza’s network is still being expanded.

Brazilian distribution

Car rental strategy: organic growth

279 312 346 381 415 449

254

2005 2006 2007 2008 2009 2010 2011

22Source: ABLA and Datamonitor

Fleet rental drivers: outsourcing trend

Less than 50% of targeted fleet is rented.

Outsourced fleet penetration

Corporate fleet:4,200,000

Targeted fleet:500,000

Rented fleet:245,000

31,629

Brazilian Market World

5.4%8.9%

13.3%16.5%

24.5%

37.4%

46.9%

58.3%

23

Income increase and credit availability are the major drivers for car sales.

Source: Bradesco (2012: estimated), ANFAVEA, Exame (Dec/2011).

Used car sales drivers: affordability and penetration

Car purchase affordability

66

94.9113

2003 2009 2014e

43.8%19.1%

Middle class - million

148 128115

97 10493

80

445256586875

151 180 200240 260

300350

645545

510465

380415

0

2 0

4 0

6 0

8 0

1 0 0

1 2 0

1 4 0

1 6 0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

0

1 0 0

2 0 0

3 0 0

4 0 0

5 0 0

6 0 0

7 0 0

Number of minimum w ages to buy a new car Monthly minimum salary (R$)

*

24

8.0 7.9

7.4

6.9

6.5

5.9

5.5

2005 2006 2007 2008 2009 2010 2011

Income increase and credit availability are the major drivers for car sales.

Source: O Estado de São Paulo, as of 04/15/12 (based on researches of Sindipeças, Roland Berger and PWC).

Used car sales drivers: affordability and penetration

# of inhabitants per car (2011) # of inhabitants per car - Brazil

5.5

4.2

4.0

3.6

2.1

2.0

1.9

1.8

1.3

Brazil

Argentina

Russia

South Korea

Japan

France

Germany

United Kingdon

USA

25

7.9

8.9

11.9

15.8

17.4

1.82.3

2.7 3.0 3.3 3.5

6.8

5.6

7.0

8.98.4

7.17.37.1

6.7

1.6

Brazilian car market: new x used car market and affordability

Source: FENABRAVE (Autos + light commercial) and Bradesco

New cars4.4x

Individuals with affordability to buy a new car*

Used cars

3.7x 3.1x2.7x

2.4x2.5x 2.6x

2005 2006 2007 2008 2009 2010 2011

Used car market is currently 2.6x the new car market.

* Population with affordability to buy a new compact car (R$25,000) with 20% downpayment

26

0km SeminovosUsed Seminovos 2 years old Seminovos

1.5% 10.6%

Up to 2 yearsUp to 2 years476,827476,827

Brazilian car market : 2011 market share

Source: Fenabrave 2011

Brand new carsBrand new cars3,425,4993,425,499

0.6%

Used carsUsed cars8,862,9518,862,951

Localiza used cars x Car market

Used cars sold: 50,772

27

74 73

82 82 82

2008 2009 2010 2011 2011

Brazilian car market: monthly sale per store

Localiza Seminovos monthly sale per store is in line with Brazilian new car dealership average.

Monthly sale per store

Source: Anfavea 2012 yearbook (National OEM’s Association)

Brazilian new carDealership

Seminovos: average sales per lots (excluding auto malls – 10 stores)Brazilian new car dealership: total sales (3,633,248) divided by the number of dealers (3,714)

28

The network is being expanded to support rentals’ growth.

Brazilian distribution

Used car sales strategy: network expansion

26 32 3549 55

6680

13

2005 2006 2007 2008 2009 2010 2011 2012e

29

Used car sales: sold cars evolution

The increase on sales was supported by the opening of new stores.

Sales profile

Financed In cash

Monthly average of sold cars

The macro prudential measures impacted the sales profile in 2011 and 2012.

2.508 2.857 2.877

3.940 4.2314.835

2007 2008 2009 2010 2011 2Q12

55% 57% 58% 61% 52% 49%

45% 44% 42% 39% 48% 51%

2007 2008 2009 2010 2011 2Q12

30

1.The Company

2.Drivers and opportunities

3.Competitive advantages

4.Financials

Agenda

31

Raising money

Renting cars Selling carsBuying

cars

Cash to renew the fleet or pay debt

$

$

Profitability comes from rental divisions

Competitive advantages: 38 years of experience in managing assets

32

Competitive advantages: raising money

Global Scale

National Scale

Localiza raises money with lower spreads when compared to Brazilian competitors.

As of June, 2012.

Renting carsRaisingmoney

Sellingcars

Buyingcars

BBB- FitchBaa3 Moody’s

BBB- S&PBBB+ S&P B+ S&P B+ Fitch B2 Moody's

brAAA S&P Aa1.br Moody’sAA+(bra) Fitch

A (bra) FitchbrA- S&P

A- (bra) FitchA- (bra) Fitch

33

2.3%

Fiat39.3%

GM21.0%

Renault9.9%Ford

11.0%

Others1.3%

VW17.5%

Competitive advantages: buying cars

Better conditions due to higher volumes

Localiza announced the purchase of 100,000 cars for 2H11 and 2012.

Localiza’ share in national sales of the main automakers in 2011: GM, FIAT, VW, Ford

and Renault

Purchases by brand in 2011

Renting carsRaisingmoney

Buyingcars

Sellingcars

34

The Company is present in 213 cities where the other largest networks do not operate.

Competitive advantages: renting cars

Know HowBrand Brazilian distribution

120

107

62

# o

f b

ran

ches

# o

f ci

ties

452

289

Localiza Hertz Unidas Avis

Source: Brand Analytics and each company website (May, 2012)

Renting carsRaisingmoney

Buyingcars

Sellingcars

318

71 6032

49th most valued brand

in Brazil

35

Sales to final consumer

Competitive advantages: selling cars

Buffer: additional fleet

Selling directly to final consumer cutting the intermediaries reduces our depreciation.

Cars available for sale are used by the car rental division during peaks of demand.

Renting carsRaisingmoney

Buyingcars

Sellingcars

36

1.The Company

2.Drivers and opportunities

3.Competitive advantages

4.Financials

Agenda

37

Reflexes of the tax reduction (IPI) for new cars from May 21, 2012 to August 31, 2012 that might be extended:

Drop in the residual value expected for cars after their useful life. In the 2Q12 an amount of R$100.1 million was recognized as additional depreciation Increase of pre-owned car sales sold for fleet renewal:

April: 3,876; May: 4,917 and June: 5,711 cars (all time high)

The Company expects that the reduction in sale prices will be offset by the reduction of purchase prices with the IPI reduction (with no impact on the CAPEX for fleet renewal)

Utilization rate of 74.2% in the Car Rental division

Free cash flow of R$242.3 million in the 1H12

Highlights

38

Net revenues (R$ million)

# daily rentals (thousand)

3,4114,668

5,793

7,940 8,062

10,734

12,794

6,243 6,664

3,179 3,334

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

CAGR: 24.6%

4.9%6.8%

258.6346.1

428.0565.2 585.2

802.2

980.7

472.4 532.3

239.4 264.3

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

CAGR: 24.9%

10.4%12.7%

Car Rental Division

Revenue grew above volume due to the increase in the average rental rate per car.

39

Net revenues (R$ million)

# daily rentals (thousand)

3,3514,188

5,1446,437 7,099

8,0449,603

4,625 5,248

2,372 2,637

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

CAGR: 19.2%

11.2%13.5%

142.0184.0

219.8268.4

303.2361.1

455.0

215.7261.3

111.0 131.8

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

CAGR: 21.4%

18.7%21.1%

Fleet Rental Division

Revenues reflect the interest and depreciation assumptions at the time of the agreement.

40

26,10533,520 38,050

44,211 43,161

20,60218,763 23,17430,093 34,281 34,519

27,789

13,198

28,667

59,950

21,921

65,934

12,47814,50424,059

47,285 50,772

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

7,34210,346 7,957

18,649

9,930 8,6424,608 (5,868)

9,178

8,124 (1,306)

690.0930.3

1,060.91,335.3 1,204.2

1,910.4 1,776.5

628.5 593.8379.0446.5

588.8850.5 980.8 922.4

1,321.91,468.1

693.3 762.7

352.7 389.3

825.6

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

243.5341.5

210.4

308.4

354.5281.8

588.5

132.3 (134.2)241.1 (10.3)

Net Investment

Purchased cars Sold cars* It does not include theft / crashed cars.

Fleet increase * (quantity)

Net investment (R$ million)

Purchases (accessories included) Net used car sales revenues

Car purchases were adjusted to improve fleet productivity…

41

68.2% 68.9% 69.7% 68.9% 68.2%74.2%

2 0 .0 %

2 5 .0 %

3 0 .0 %

3 5 .0 %

4 0 .0 %

4 5 .0 %

5 0 .0 %

5 5 .0 %

6 0 .0 %

6 5 .0 %

7 0 .0 %

7 5 .0 %

8 0 .0 %

8 5 .0 %

9 0 .0 %

9 5 .0 %

1 0 0 .0 %

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Utilization rate – car rental division

...resulting in higher utilization rate.

42

31,373 35,686 39,112 47,51761,445 64,688 63,500 58,43611,762

14,630 17,790 23,40322,778

26,615 31,629 28,654 31,412

24,103

2005 2006 2007 2008 2009 2010 2011 1H11 1H12

CAGR: 17.9%

35,86546,003

53,47662,515

70,29588,060 89,84892,15496,317

-2.5%

End of period fleetQuantity

Car rental Fleet rental

Fleet is adjusted to demand.

43

Seminovos network increase

Used car sales network has increased by 5 stores.

# of points of sale

2632 35

4955

6671

13

2005 2006 2007 2008 2009 2010 2011 1H12

+5

44

Car sales per street storeMonthly average

82 82 82

59

74 73 70 74

2008 2009 2010 2011 1Q12 Apr-12 May-12 Jun-12

Number of sold cars is weighed by number of opened stores in the period

Productivity has improved, contributing to the reduction of fixed cost per car sold.

45

408.4 537.4 655.0 842.9 898.5 1,175.3 1,450.0694.6 801.6

353.7 400.3446.5

588.8850.5

980.8 922.4

1,468.1

693.3 762.7

352.7 389.3

1,321.9

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

CAGR: 22.7%

854.91,126.2

1,505.51,823.7

2,918.1

1,820.9

2,497.2

706.4 789.6

1,387.9 1,564.3

15.4%

12.7%

13.2%

11.8%

Consolidated net revenuesR$ million

Rentals Seminovos

In the 2Q12, net revenues grew due to the increase of 13.2% in rental revenues and 10.4% in Seminovos revenues

46

215.7200.6425.7386.8

821.3649.5

469.7504.1403.5311.3277.9

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

7.5%

CAGR: 19.8%

10.1%

Divisions 2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

Car rental 47.5% 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 45.1% 41.3% 46.1% 40.6%

Fleet rental 65.5% 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 67.1% 66.0% 68.5% 65.8%

Rental consolidated 53.6% 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 52.0% 49.4% 53.1% 48.9%

Seminovos 13.2% 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 3.7% 3.9% 3.6% 5.1%

EBITDA R$ million

EBITDA margin in the 2Q12 was impacted by non-recurring expenses.

47

Financial crisis effectHot used car market

5,406.34,289.34,133.03,509.7

2,395.8

5,083.14,371.7

2,383.32,981.3

2005 2006 2007 2008 2009 2010 2011 Jan-Apr/12* 1H12*

5,468.2

2,062.31,683.91,536.0332.9

2,546.0 2,577.0939.1492.3

2005 2006 2007 2008 2009 2010 2011 Jan-Apr/12* 1H12** Annualized

* Annualized

Reflex of the

IPI reduction

Reflex of the

IPI reduction

Average depreciation per car

Financial crisis effectHot used car market

5,468.2

2,062.31,683.91,536.0332.9

2,546.0 2,577.0939.1492.3

2005 2006 2007 2008 2009 2010 2011 Jan-Apr/12* 1H12** Annualized

Reflex of the

IPI reduction

Depreciation was impacted by the decrease in car prices due to the IPI reduction...

48

10.7

74.083.4137.6

291.6250.5

116.3127.4190.2

138.2106.5

2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12

16.4%

-39.4%-85.5%

Consolidated net incomeR$ million

…reducing the net income of the period.

EBITDA x net income Reconciliation 2009 2010 2011 Var. R$ Var. % 1H11 1H12 Var. R$ Var. % 2Q11 2Q12 Var. R$ Var. %

Consolidated EBITDA 469.7 649.5 821.3 171.8 26.5% 386.8 425.7 38.9 10.1% 200.6 215.7 15.1 7.5%

Car depreciation (172.3) (146.3) (201.5) (55.2) 37.7% (89.7) (223.3) (133.6) 148.9% (43.3) (165.3) (122.0) 281.8%

Other property and equipment dep. (21.0) (21.1) (24.1) (3.0) 14.2% (12.3) (15.6) (3.3) 26.8% (6.3) (8.1) (1.8) 28.6%

Financial expenses, net (112.9) (130.1) (179.0) (48.9) 37.6% (88.0) (77.7) 10.3 -11.7% (45.2) (34.1) 11.1 -24.6%

Income tax and social contribution (47.2) (101.5) (125.1) (23.6) 23.3% (59.2) (25.7) 33.5 -56.6% (31.8) 2.5 34.3 -107.9%

Net income 116.3 250.5 291.6 41.1 16.4% 137.6 83.4 (54.2) -39.4% 74.0 10.7 (63.3) -85.5%

Excluding the additional depreciation, 1H12 net income would have reached R$149.5 million.

4949

Free cash flow - FCF

Free cash flow - R$ million 2005 2006 2007 2008 2009 2010 2011 1H12

EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 821.3 425.7

Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (762.7)

Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 1,328.6 687.7

(-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (54.9)

Working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) (18.9)

Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 514.9 276.9

Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,468.1 762.7

Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (628.5)

Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) 134.2

Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (36.0)

Free cash flow before growth 58.2 118.2 250.7 205.7 295.4 428.2 415.5 375.1

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 (132.8)

Net capex for fleet growth (219.5) (65.0) (272.9) (488.8) 0.0 (429.0) (239.3) (132.8)

Fleet increase – quantity 7,342 10,346 7,957 9,930 8,642 18,649 9,178 (5,868)

Free cash flow after growth (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 242.3

(*) Without tecnical discount deduction up to 2010 (see item 18 – Glossary)

Company is still presenting strong cash generation.

50

Changes in net debt in 1H12 (R$ million)

Net debt was reduced by R$108.5 million (-8.0%).

- 1,254.9

(78.9)

Interest

(54.9)

Dividends

Net debt 06/30/2012

FCF242.3

- 1,363.4

Net debt 12/31/2011

51

52.026.0

432.0562.0

303.5323.5161.8

16.5

2012 2013 2014 2015 2016 2017 2018 2019

Cash673,9

Debt profile R$ million

Debt profile in 06/30/2012- principal (R$ million)

Strong cash position and comfortable debt profile.

In the 1H12, all in spread was of 1.3p.p. above the Selic rate.

5252

END OF PERIOD BALANCE 2005 2006 2007 2008 2009 20102011(**

) 1H12 (**)

Net debt / Fleet value 60% 36% 51% 72% 57% 52% 51% 52%

Net debt / EBITDA (*) 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.5x

Net debt / Equity 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 1.1x

EBITDA / Financial expenses, net 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 5.5x

535.8 440.4765.1

1,254.51,078.6

1,281.1 1,363.4 1,254.9900.2

1,247.71,492.9

1,752.6 1,907.8

2,446.7 2,681.72,391.2

2005 2006 2007 2008 2009 2010 2011 1H12

(*) annualized(**) From January 1st 2011, adress financial statements in IFRS

Debt – ratios R$ million

Net debt Fleet value

The Company presents conservative indebtedness ratios.

53

Spread

  2005 2006 2007 2008 2009 2010 2011 1H12 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 2,645.6

NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1%* 21.9% 28.6% 28.9% 24.9%*

Turnover of average capital investment (over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x 0.61x

ROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 17.1% 15.1%

Interest on debt after tax 13.60% 10.90% 8.40% 8.84% 7.59% 7.33% 8.60% 7.05%

Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.2 4.0 9.6 8.5 8.1

Spread

13.60%10.90%

8.40% 8.84% 7.59% 7.33% 8.60% 7.05%

24.80%

18.70%21.25%

17.03%

11.54%

16.94% 17.12%15.10%

2005 2006 2007 2008 2009 2010 2011 1H12annualized

Cost of debt after tax ROIC

11.2p.p.7.8p.p. 12.9p.p.

8.2p.p.4.0p.p.

9.6p.p. 8.5p.p. 8.1p.p.

ROIC and spread reflect the Company’s competitive pricing strategy.

* Excludes additional fleet depreciation, following the concept recommended by Stern Stewart

54

Localiza ADR level I

Ticker Symbol: LZRFY

CUSIP: 53956W300

ISIN: US53956W3007

Ratio: 1 Ordinary Share : 1 ADR

Exchange: OTC

Depositary bank: Deutsche Bank Trust Company Americas

ADR broker helpline: +1 212 250 9100 (New York)

+44 207 547 6500 (London)

E-mail: adr@db.com

ADR website: www.adr.db.com

Depositary bank’s local custodian: Banco Bradesco S/A, Brazil

55

2,70%

1,90%

1,30%1,50%

2,10%

4,25%

2011 1Q 12 2Q 12e 3Q 12e 4Q 12e 2013

11,00%

8,50%7,50% 7,50% 7,50%

9,75%

4Q 11 1Q 12 2Q 12 3Q 12e 4Q 12e 1Q 13e

2012 Macroeconomic scenario

Source: BR Central Bank – Market forecast system as of 06/15/2012- Focus Bulletin

GDP evolutionAccumulated in 4 quarters

Interest rate evolution End of period

Source: Department of Economics of Bradesco, as of 06/18/2012

56

IR Team

DisclaimerThe 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.

Nora LanariRoberto Mendes Silvio Guerra

CFO - RI RI RI

Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024