1. Localiza Rent a Car S.A.
2006 Results presentation
(R$ millions - USGAAP)
0

2. 2006 highlights: growth with profitability
(R$ millions. USGAAP)
Average rented fleet Car rental utilization rate
7 P.P.
65,5%
60,6%
24.477 58,8%
31%
30% 18.710
11.635
14.450 25%
19% 9.308
7.796
12.842
37%
41% 9.402
6.654
2004 2005 2006 2004 2005 2006
Fleet rental Car rental
EVA
Net income
32% 75,6
138.2
30%
29% 57,4
1,9
18% 106.9
44,5
90.6
2,5
0,1
199,6
40%
31% 142,4
109,1
2004 2005 2006 2004 2005 2006
-18,6 -38,0 -63,3
Rental Used car sales Franchising
1

3. 2006 highlights: Recognition
Standard & Poor’s rating upgraded to ‘brAA-’ in national scale and ‘BB’
in global scale. same as sovereign risk. with stable outlook
Included in IBrX (between the 100 most traded shares)
Included in ISE – Corporate Sustainability Index (34 companies)
“Best Company for Shareholders” by Capital Aberto magazine. between
Companies of up to R$ 5 BI market share
2

4. 2006 highlights: Footprint expansion
24% increase in the number of owned car rental agencies
100% increase in the number of used car points of sales
Owned car rental agencies Used car points of sales
32*
26
24%
100%
41% 145
117
83 13 13
31/12/2004 12/31/05 12/31/06
12/31/04 12/31/05 12/31/06
* Until the end of 1H07
3

5. 2006 highlights: On airport and off-airport growth
Domestic deplanement increase x Localiza – daily rentals on airports
27,2%
20,4%
14,3% 14,0% 12,3%
9,8%
1,5% 0,2%
1T06 2T06 3T06 4T06
Domestic deplanement Daily rental volume on airports
Elasticity on airport in 2006 was 2 times the growth of domestic deplanement
2006/2005 (%)
Volume growth Revenue growth
Airport agencies 17.2% 16.0%
Off-airport agencies 49.6% 46.7%
Consolidation is happening mainly on off-airport agencies
4

6. 2006 highlights: Revenues evolution
(R$ million. USGAAP)
Consolidated net revenues Consolidated EBITDA
CAGR: 27%
CAGR: 29%
313
1,145 286
877 210
634 152
532
2003 2004 2005 2006 2003 2004 2005 2006
5

7. Financials
6

8. Net income reconciliation
(R$ million. USGAAP)
EBITDA variation = + 27.3 milhões
Rental = +61.3 milhões Other items variation = + 4.4 milhões
Used cars = - 34.0milhões
Revenues Costs
+268.5 -215.5
+142.1 -166.1
Stock
Options
Interest
SG&A Taxes
+126.4 +6.1
-49.5 +19.1 -6.8
-25.7
Depreciation
-10,0
-1.0
-14,0
-15,7
138.2
106.5
+29.8%
2005 2006
Net income Net income
7

9. 2006 cash generation
(R$ million. USGAAP)
+31.3
530.4
431.2
60.1
70.8 162.2
Cash and cash Cash and cash
equivalents in the equivalents in the end
beggining of the period: of the period:
-930.3
Investment
Operating Acquisitions Depreciated cost of
activities
activities (growth/ sold vehicles
renew)
The cash generation for operating activities (R$31 mi), excluding the
investment on fleet growth (R$287 mi), was R$ 318 million
8

10. Investiment in fleet
(R$ million. USGAAP)
Number - thousand Net investment - million
340.0
241.8
33.520 930.3
190.1
26.105
690.0
23.174
22.182 590.3
18.763 493.1
448.2
15.715
303.0
2004 2005 2006
2004 2005 2006
Purchases Sales
Fleet growth (thousand) Net investment
2004 2005 2006
46.3 47.7 52.9
2004 2005 2006 Renew
24% 20% 16%
+6.5 +7.3 +10.3
143.8 194.1 287.1
Growth
76% 80% 84%
9

11. Indebtness
(R$ million. USGAAP)
Net debt (R$ million) USGAAP
Rating S&P – BrAA- / Stable
539
443
281
2004 2005 2006
2004 2005 2006
Net debt / fleet 46% 60% 36%
Net debt / equity 33% / 67% 50% / 50% 42% / 58%
The Company will pursue a net debt/equity structure that adds
The Company will pursue a net debt/equity structure that adds
maximum value for shareholders
maximum value for shareholders
10

12. EBITDA margin per segment
(R$ million. USGAAP)
2004 2005 2006
Aluguel 42.6% 46.3% 42.3%
Aluguel carros
Seminovos 15.3% 14.4% 4.6%
TOTAL 28.4% 27.9% 21.2%
Aluguel 65.2% 63.6% 69.3%
Aluguel frotas
Seminovos 8.2% 10.5% 4.6%
TOTAL 41.7% 45.3% 42.4%
The drop of 4 p.p. in the car rental margin was compensated by
the increase of 5.7 p.p. in the fleet rental margin
11

13. EBITDA margin per segment
(R$ milhlion. USGAAP)
2004 2005 2006
Aluguel carros
Aluguel 42.6% 46.3% 42.3%
Seminovos 15.3% 14.4% 4.6%
TOTAL 28.4% 27.9% 21.2%
Aluguel 65.2% 63.6% 69.3%
Aluguel frotas
Seminovos 8.2% 10.5% 4.6%
TOTAL 41.7% 45.3% 42.4%
Aluguel 51.5% 52.5% 51.7%
Consolidado
Seminovos 13.2% 13.7% 4.6%
Franchising 41.5% 47.6% 39.0%
TOTAL 33.1% 32.6% 27.3%
12

14. Indexes: ROIC
R$ / million
100,0 35,0%
-4 p.p.
29,3%
24,6% 24,1%
75,0 25,0%
19,8%
24,1% 18,4%
15,8%
11,8%
50,0 15,0%
25,0 5,0%
75,6
57,4
44,5
1,8
- -5,0%
2003 2004 2005 2006
EVA WACC nominal ROIC
2003 2004 2005 2006
ROIC 24.5% 29.3% 24.1% 19.8%
Average increase in the car price 14,0% 17,4% 9,4% 4,0%
IPCA – inflation index 9.3% 7.6% 5.7% 3.1%
The 4 p.p. decrease in the ROIC in 2006 was mainly due to the slow down of the asset turnover:
The 4 p.p. decrease in the ROIC in 2006 was mainly due to the slow down of the asset turnover:
1. Stable tariffs in the car rental
1. Stable tariffs in the car rental
2. 5% increase in the new car prices in 2006
2. 5% increase in the new car prices in 2006
3. Impact of inflation in the fixed costs
3. Impact of inflation in the fixed costs
13

15. Indexes: WACC
R$ / million
100,0 35,0%
29,3%
24,6% 24,1%
75,0 25,0%
19,8%
24,1% 18,4%
15,8%
11,8%
50,0 15,0%
-4 p.p.
25,0 5,0%
75,6
57,4
44,5
1,8
- -5,0%
2003 2004 2005 2006
EVA WACC nominal ROIC
2003 2004 2005 2006
WACC 24.1% 18.4% 15.8% 11.8%
Average CDI 23.3% 16.2% 19.0% 15.0%
Sovereign risk 8.4% 5.4% 4.0% 2.4%
Third party cost of capital 16.6% 11.5% 13.5% 10.7%
Cost of own capital 26.9% 21.8% 18.1% 12.6%
Third party’s capital x equity 27% / 73% 33% / 67% 50% / 50% 42% / 58%
The ROIC decrease was partially offset by the reduction of 4 p.p. in WACC from 15.8% to 11.8%
The ROIC decrease was partially offset by the reduction of 4 p.p. in WACC from 15.8% to 11.8%
14

16. Indexes: EVA
R$ / million
100,0 35,0%
29,3%
24,6% 24,1%
75,0 25,0%
19,8%
24,1% 18,4%
15,8%
11,8%
50,0 15,0%
32%
25,0 5,0%
75,6
57,4
44,5
1,8
- -5,0%
2003 2004 2005 2006
EVA WACC nominal ROIC
2003 2004 2005 2006
Average invested capital – R$ million 323.5 410.8 689.4 937.8
Spread (ROIC – WACC) percentage points 0.55 10.83 8.32 8.06
EVA – R$ million 1.8 44.5 57.4 75.6
Localiza continues to present low volatility in spread.
Localiza continues to present low volatility in spread.
In 2006 EVA grew 29.9% in accordance with the average rented fleet growth
In 2006 EVA grew 29.9% in accordance with the average rented fleet growth
15

17. ROE – return on equity
39%
37%
29%
2004 2005 2006
OBS: ROE was calculated dividing net income by average equity of the year. excluding the income of the year
Localiza was the 13th among the largest 500 companies in Brasil
Localiza was the 13th among the largest 500 companies in Brasil
with consistent ROE in the last 5 years, by 2006 FGV ranking
with consistent ROE in the last 5 years, by 2006 FGV ranking
16

18. Perspectives
17

19. 2007 perspectives:
Utilization rate and real increase in the car price
Real increase x depreciation
4.000,0
9,8p.p.
3.617,7 10,0%
3.000,0
2.000,0 4,7p.p. 6,0%
2.142,5
1.656,2 3,7p.p.
1.000,0
939,1 2,0%
1.752,3 492,3 0,9p.p.
322,9
- -1,0p.p.
-2,0%
2000 2001 2002 2003 2004 2005 2006
(1.000,0)
-4,1p.p.
-5,1p.p.
(2.000,0) -6,0%
Average depreciation Real decrease in the Real increase in the
per car used car price used car price
2000 2001 2002 2003 2004 2005 2006
Increase of new car price (Pálio) 1.90% 6.72% 7.39% 13.95% 17.42% 9.40% 4.02%
IPCA- inflation 5.97% 7.67% 12.53% 9.30% 7.60% 5.69% 3.14%
Real increase (decrease) in the new car
price -4.07% -0.95%. -5.14% 4.65% 9.82% 3.71% 0.88%
Car Rental
939.1
Average depreciation per car 3.617.7 2.142.5 1.656.2 1.752.3 322.9 492.3
% over rental revenue 13.8% 11.9% 9.3% 9.2% 1.8% 2.9% 5.2%
Utilization rate 74.1% 74.0% 67.4% 62.9% 60.6% 58.8% 65.5%
2007 perspectives: Utilization rate of 70% in the car rental
Real increase in the new car prices in line with inflation
18

20. 2007 Perspectives: Consolidation
R$ / million
Car rental market revenues Localiza revenues
(excluding car sales)
CAGR: + 24%
CAGR: + 11%
429
2,910
2,680
331
2,350
281
2003 2004 2005 2003 2004 2005
Market share of Localiza Group
2006E
2004 2005
Localiza Localiza Localiza
16% 18% 20%
Others Others Others
84% 82% 80%
Localiza corporation grew 30.2% in 2006. ABLA estimated the market growth in 12%
Perspective: Localiza’s growth of at lease 20% in business volume in 2007
19

21. 2007 perspectives:
Management proposals for RENT3
New dividend policy in line with the high cash generation and the low
indebted
Split of the shares (each one will be converted into 3) for the increase of
the negotiability index
20

22. Strategies
Short-term:
To reinvest cash in our growth
To maintain profitability (ROE, net margin, EBITDA margin)
To add value to the company (EVA)
Long-term:
To expand business scale through organic growth and new
agencies
To distribute excess cash
Localiza’s remuneration is aligned with the short-term strategies (variable
remuneration) and long-term strategies (stock option)
21

23. RENT3 performance
Average daily traded volume (RS million)
11,804
10,581 +93%
+132%
6,124
4,570
2005 2006 4T05 4T06
Localiza was the Best Company for Shareholders
Localiza was the Best Company for Shareholders
Research by Economática. Stern & Stewart, IBGC and FEA/USP – companies up to R$ 5 bi market cap
Research by Economática. Stern & Stewart, IBGC and FEA/USP – companies up to R$ 5 bi market cap
Source: Capital Aberto magazine
22

24. Disclaimer - Forward looking statements
The material that follows 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.
23

25. Thank you!
Localiza’s IR:
www.localiza.com/ri
Phone: 55 (31) 3247-7039
24

26. Addendum
25

27. Growth opportunities
GDP elasticity
Consolidation Air traffic
Credit cards
Fleet outsorcing
Replacement
26

28. Growth opportunities: GDP
Accumulated growth rate – car rental
140% CAGR: 18.3%
120%
100%
80%
8.4x
60%
40%
CAGR: 2.2%
20%
0%
-20%
2001 2002 2003 2004 2005
Localiza – daily rentals volume GDP
The average car rental division volume growth was
8.4 x GDP over the last five years
Source: Bacen, Localiza
27

29. Growth opportunities: Air traffic
High leverage of car rental on
Air traffic evolution air travel
(Millions of passengers per year)
11%
CAGR: + Air traffic has increased 11%
p.a. over the last 2 years due
96 102
83
to the success of low cost -
low fare airlines
Localiza is the absolute leader
2004 2005 2006
in airport branches in Brazil
28

30. Growth opportunities: Credit cards
# of credit card (million)
21%
CAGR: +
78
68
53
2004 2005 2006
Number of credit cards increased 21%
per year over the last 2 years
78 million credit cards in Brazil
Every credit card user is a Localiza
potential customer
Source: ABECS
29

31. Growth opportunities: Replacement market
Replacement is a growing market in Brazil
Brazil has 34 million cars but only 9.2 million
insured
The accident rate is 16.5% / year
The potential market is 10.6 million of daily
rentals
Localiza is very well positioned to capture this growth
due to its geographic footprint
30

32. Growth opportunities: Fleet outsourcing
Large potential market with low penetration
Large potential market with low penetration
Focus of corporations on their core businesses
Focus of corporations on their core businesses
Fixed asset reduction by companies
Fixed asset reduction by companies
Economic growth
Economic growth
31

33. Growth opportunities: Consolidation
US Market share 2005
US airport segment* - US$10BN US off-airport segment* - US$10BN
Enterprise
All others
Other
7% DTG
19%
2%
Avis Budget 11% Avis Budget
32%
7%
Vanguard Hertz
Enterprise
20% 9%
65%
Hertz
28%
USA: 5 companies hold 92% of market share
Europe: 6 companies hold 74% of market share**
Source:*Avis presentation nov/06 - local segment share amounts are company estimates
** National/Alamo prospectus, NYSE/SEC, September 20, 2006
32

34. Growth opportunities: Consolidation
Localiza’s Market share - Brazil
2004 Market share 2005 Market share 2006E Market share
Avis Hertz
Unidas 4%
7% 4%
Local 18% 20%
players
16% 69%
Localiza is the consolidator in a fragmented industry
Source: ABLA
33

35. Growth opportunities: Consolidation
Owned agencies
133
96
60.0%
88
55
9.8%
45
41
9/ 30/ 2005 9/ 30/ 2006
Airport agencies Off-airport agencies
2006/2005 (%)
Volume growth Revenue growth
Airport agencies 17.2% 16.0%
Off-airport agencies 49.6% 46.7%
The share in off-airport agencies is growing faster in volume and revenue
34

36. Competitive advantages
Bargaining
Scale gains
power
Integrated platform
Geographical distribution
Yield management
Bargaining power
Credit with lower interest rate
Know-how
Depreciation
Strong brand
IT
Higher
Market share
competitiveness
expansion
35

37. Competitive Advantages:
Integrated business platform
Fleet rental
Car rental
Franchising Used Car Sales
36

38. Competitive Advantages:
Largest distribution
Nationwide
Nationwide
presence
presence
Strategic
Strategic
locations
locations
International
International
footprint
footprint
326 agencies in 9 countries
37

39. Competitive Advantages:
Largest distribution
(number of agencies in Brazil)
278*
243**
74
278
83
86
Localiza Hertz Avis Unidas
Localiza network is larger than the second, the third and the fourth
competitors combined.
* As of September 30, 2006 ** As of January 29,2007
38

40. Competitive Advantages:
Yield management
Localiza adjusts its prices based on supply & demand
Day of the week
Day of the week
Month of the year
Month of the year
City
City
Events
Events
Volume per customer
Volume per customer
Competitors’ monitoring
Competitors’ monitoring
Yield management allows Localiza to be more
competitive
39

41. Competitive Advantages:
Bargaining power
33.520
2 6 . 10 5
2 2 . 18 2
15 . 3 6 4 15 . 0 6 2
11. 7 5 8
2001 2002 2003 2004 2005 2006
Localiza purchased more than US$1,0 billion worth of cars from 2001-2005*
Localiza and its Franchisees represent
1,9% of the Brazilian internal car sales
3,9% of GM internal car sales
3,3% of FIAT internal car sales
Localiza enjoys better price conditions due to its large scale
*90.4 thousand cars between 2001-2005 calculated on average purchase price of 2005
Localiza Group has the largest fleet in South America:
52,733 cars in 2006
40

42. Competitive Advantages:
Credit access
Standard & Poor’s as of January 19, 2007
Global Scale
Localiza Rent a Car S.A. BB / Stable /--
Hertz Corp. BB-/ Stable /--
Vanguard (National / Alamo) B+/ Stable /--
Avis Budget Car Rental BB+/ Stable /--
Enterprise Rent-Car Co. A-/ Stable / A-2
Local Currency
brAA-/ Stable /--
Localiza Rent a Car S.A.
TAM S.A. brA+/ Stable /--
Gerdau S.A. brAA+/ Positive /--
CPFL Energia S.A. brA+/ Positive /--
Banco Bradesco S.A brAA+/ Positive /brA-1
Banco Citibank S.A. brAA/ Positive /brA-1
Banco Itaú S.A. brAA+/ Positive /brA-1
41

43. Competitive Advantages:
Know-how
Experience
Name Title
at Localiza
Integrated Business
Platform
Salim Mattar CEO 33
Largest Distribution Antonio Resende Vice-president 33
Eugênio Mattar Vice-president 33
Yield Management
Aristides Newton Franchising vice-president 24
Bargaining
Gina Rafael Localiza operating officer 26
power
Daltro Barbosa Total fleet operating officer 21
Credit access
Marco Guimarães Used car operating officer 15
Experienced
Roberto Mendes CFO 20
management
Silvio Guerra Investor relations 15
Depreciation
Deep knowledge of the business
Brand recognition
State-of-the-art systems
State-of-the-art
Operational excellence
systems
Adoption of best practices
Stable management
42

44. Competitive Advantages:
Depreciation
Car prices and accurate forecasts of depreciation (car rental)
Real increase x depreciation
4.000,0
9,8p.p.
3.617,7 10,0%
3.000,0
2.000,0 4,7p.p. 6,0%
2.142,5
1.656,2 3,7p.p.
1.000,0
939,1 2,0%
1.752,3 492,3 0,9p.p.
322,9
- -1,0p.p.
-2,0%
2000 2001 2002 2003 2004 2005 2006
(1.000,0)
-4,1p.p.
-5,1p.p.
(2.000,0) -6,0%
Average depreciation Real decrease in the Real increase in the
per car used car price used car price
Depreciation (car rental)
Until
% over rental revenue 2000 2001 2002 2003 2004 2005 Set/06
Localiza (car rental division) 13.8% 11.9% 9.3% 9.2% 1.8% 2.9% 4.1%
Hertz (USA) - - - - 22% 23% 23%
National Alamo (USA) - - - - 23% 25% 26%*
* Until Jun/06
Source: National/Alamo prospectus, Sep 20, 2006, p.11 and Hertz prospectus, Nov 21,2006, p.12 and 17
43

45. Competitive Advantages:
Brand recognition
Integrated Business
Top of mind
Platform
Largest Distribution
Yield Management
Bargaining
power
High quality of services
Credit access
Customer satisfaction
Experienced Strong nationwide presence
management
International franchising program
High standards of ethical
Depreciation
behavior
Brand recognition
State-of-the-art
systems
44

46. Competitive Advantages:
IT
Integrated Business
Platform
Largest Distribution
Yield Management
Bargaining
power
Credit access
Experienced
management
IT allows Localiza:
Depreciation
Speed in transaction time
Brand recognition
Better operational control
Customer satisfaction
State-of-the-art
systems
On-line network
Cost reduction
45

47. Financial Cycles
46

48. Car rental financial cycle
Car Sales Revenue
Financing
102 Revenue per car sold** 102,20
100
SG&A (7%) (7,15)
Safety Margin (3%) (3,06)
Book value after 12 months 91,99
Revenues = 114,58 ** Depreciation over list price:
100-(102.2/125)x100 = 18,2%
Expenses = 62,84
Principal 100,00
100 Interest (CDI + 1 p.p.) 15,00
115
Financial payment 115,00
Car acquisition Financial payment
(List price net of dealers
discount = 125)
Car Rental Car Resale (Seminovos) Consolidated
*
R$ % R$ % R$ %
Car rental revenue 114,58 100,0% 102,20 100,0% 216,78 100,0%
Costs (46,00) -40,1% (46,00)
SG&A (16,84) -14,7% (7,15) (23,99)
Book value of car resale (91,99) -90,0% (91,99) -3,8%
EBITDA 51,75 45,2% 3,06 3,0% 54,81 25,3%
Depreciation (8,20) -8,0% (8,20) -3,8%
Interest (15,00) -14,7% (15,00) -6,9%
Tax (30%) (15,52) -13,5% 6,04 5,9% (9,48) -4,4%
NET INCOME 36,22 31,6% (14,10) -13,8% 22,12 10,2%
% over car rental revenue 31,6% -12,3% 19,3%
Consolidated net margin is 19,3% of car rental revenues (if 100% leveraged).
47

49. Fleet rental financial cycle
Car Sales Revenue
Financing
Revenue per car sold** 102,20
102 SG&A (7%) (7,15)
100
Safety Margin (3%) (3,06)
Book value after 12 months 91,99
** Depreciation over list price:
Revenues = 53,64
100-(102.2/125)x100 = 18,2%
Expenses = 18,21
Principal 100,00
100 Interest (CDI + 1 p.p.) 15,00
Financial payment 115,00
115
Car acquisition
Financial payment
(List price net of dealers
discount = 125)
Fleet Rental* Car Resale (Seminovos) Consolidated
R$ % R$ % R$ %
Fleet rental Revenue 53,64 100,0% 102,20 100,0% 155,84 100,0%
Costs (14,24) -26,5% (14,24) -9,1%
SG&A (3,97) -7,4% (7,15) (11,12) -7,1%
Book value of car resale (91,99) -90,0% (91,99) -59,0%
EBITDA 35,43 66,0% 3,06 3,0% 38,49 24,7%
Depreciation (8,20) -8,0% (8,20) -5,3%
Interest (15,00) -14,7% (15,00) -9,6%
Tax (30%) (10,63) -19,8% 6,04 5,9% (4,59) -2,9%
NET INCOME 24,80 46,2% (14,10) -13,8% 10,70 6,9%
% over fleet rental revenue 46,2% -26,3% 20,0%
Consolidated net margin is 20% of fleet rental revenues (if 100% leveraged).
48

50. Depreciation rate evolution
x
Seminovos EBITDA margin
49

51. Evolution of car prices increase
9.8%
10.0%
4.7%
6.0%
3.7%
2.0% 0.1%
-1,0%
-2.0% 2000 2001 2002 2003 2004 2005 1Q06
-6.0% -4.1% -5.1%
2000 2001 2002 2003 2004 2005 1Q06
New car price 1.90% 6.72% 7.39% 13.95% 17.42% 9.40% 1.50%
increase (Palio)
IPCA inflation 5.97% 7.67% 12.53% 9.30% 7.60% 5.69% 1.44%
Real increase - 4.07% - 0.95% - 5.14% + 4.65% + 9.82% + 3.71% + 0.06%
(decrease)
50

52. Depreciation rate X Seminovos EBITDA margin
Exemple 1 Exemple 2 Exemple 3 Exemple 4 Exemple 5 Exemple 6 Exemple 7
100.00 100.00 100.00 100.00 100.00 100.00
Car purchase price 100.00
Sale price 95.00 100.00 105.00 110.00 115.00 120.00 125.00
Depreciation rate 14.5% 10.0% 5.5% 1.0% 0% 0% 0%
Book Value 85.50 90.00 94.50 99.00 100.00 100.00 100.00
SG&A (7%) 6.65 7.00 7.35 7.70 8.05 8.40 8.75
EBITDA 2.85 3.00 3.15 3.30 6.95 11.60 16.25
EBITDA margin 3% 3% 3% 3% 6% 10% 13%
Average 3.0% 9.6%
Depreciation rate = {(sale price – 10% of sale price) / Car purchase price}-1
where 10% = selling expenses (7%) + safety margin (3%)
51

53. Retail x replacement x mini-lease
52

54. Car rental - Gross profit per segment
Reservation
After-sales
Pick up
Car return
Usage
Retail Replacement Mini-lease
Rate index 100,0 70,0 60,0
Utilization rate 60% 80% 95%
Revenue 60,0 56,0 57,0
Interactions (0.25 each) 20 8 2
Total fixed cost 5,00* 2,00 0,50
Contribution margin 55,0 54,0 56,5
Volume 36% 64%
Revenue 58% 42%
* It does not include 5% airport fees
53

55. Price
23
-M
a
10
15
20
25
30
35
40
45
50
55
60
65
70
7- y
Ju
21 n
-J
un
5-
Ju
19 l
-J
u
2- l
Au
16 g
-A
30 ug
-A
14 u g
-S
28 e p
-S
e
13 p
-O
2 7 ct
-O
1 1 ct
-N
2 8 ov
-N
12 ov
-D
26 e c
-D
10 ec
-J
2 4 an
-J
a
8- n
RENT3 2006
Performance: RENT3 2005
Fe
22 b
-F
10 eb
-M
24 ar
RENT3 since IPO
-M
a
Volume RENT3
7- r
Ap
25 r
-A
1 0 pr
-M
2 4 ay
-M
RENT3 X IBOV
RENT3
a
7- y
Ju
22 n
-J
un
6-
J
20 ul
-J
u
IBOVESPA
3- l
A
17 ug
-A
31 ug
-A
15 u g
-S
29 e p
-S
e
Average daily trading volume in 2006: R$ 10,5 million
16 p
-O
3 0 ct
-O
1 4 ct
-N
3 0 ov
-N
14 ov
-D
ec
+ 124% X IBOV + 33%
+ 149% X IBOV + 38%
+ 459% X IBOV + 84%
R$64,25
0
20
40
60
80
100
120
54
De 23/05/05 (IPO) a 31/12/06.
Volume-R$ thousand
Performance - RENT3