1

Localiza Rent a Car S.A.

July, 2009

2Q09 and1H09 Results (R$ millions - USGAAP)

2

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2Q09 Financials

3

Integrated business platform

This integrated business platform gives Localiza flexibility and superior performance

Synergies:

cost reduction

cross selling

bargaining power

� 7,966 cars

� 222 locations in 9 countries

� 157 locations in Brazil

� 65 locations in South America

� 14 employees

� 15,107 cars sold

� 79% sold to final consumer

� 38 stores

� 430 employees

� 30,585 cars

� 1.8 million clients

� 204 locations

� 2,650 employees

� 21,638 cars

� 589 clients

� 219 employees

As of 06/31/2009

4

* Used cars losses are allocated in the rental divisions

Breakdown

100%100%100%Total

4%1%1%Franchising

*2%47%Used car sales

41%46%18%Fleet rental

55%51%34%Car rental

Net incomeEBITDARevenues

100%100%100%Total

48%46%34%Fleet rental

52%54%66%Car rental

Net incomeEBITDARevenues

Rentals

Consolidated

As of 06/30/2009

5

Co

re B

usin

esses

Su

pp

ort

� Increase market leadership maintaining high return

�Create value taking advantage of the integrated business platform synergies

�Add value to the brand by expanding the network in Brazil and South America

Strategy by division

�Add value to the businesses, reducing depreciation as a competitive advantage

6

Company’s structure

BOARD OF DIRECTORS

CEO

COO

Car Acquisition

Legal

Financial ITHuman

ResourcesSupply &

Administration

7* includes 4,226,300 shares in treasury

100%100%100% 100%100%

EugenioMattar

AntonioClaudio Resende

FlavioResende Free-Float *

13.1% 8.6% 12.8% 8.6% 56.9%

SalimMattar

Founders

Ownership breakdown

Localiza Car Rental

RentalInternational

8

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2Q09 Financials

9

Growth opportunities

Air traffic8.7% CAGR (2004/2008)

Growth forecast between 2% - 5%

GDP elasticityRental divisions 5.9x GDP

Sector: 2.6x GDP

ConsolidationUS market: 4 players 95% BR market: 4 players 40%

1,893 players 60%

Credit cards23.7% CAGR (2004/2008)

41 mm holders (estimated)Replacement

Around 10 million cars insuredAccident frequency of 15% p.a.

Fleet outsourcingCorporate target fleet of 500,000 cars

Approximately 25% rented

Source: Localiza, ABLA and Central Bank

Source: Infraero, Gol and Tam

Source: Abecs and estimates

Source: Susep, Denatran and estimates

Source: Company estimates

Source: Auto Rental News and estimates

10

Localiza’s revenues have been growing 5.9x GDP.

Source: Central Bank, Localiza and ABLA

Growth opportunities: GDP

5.9x

Localiza

GDP

Sector

2.6x

2005 2006 2007 2008

GDP (real) Localiza (real) Sector (real)

Rental revenues accumulated growth rate – rentals

11

Others

1889

Localiza

274 Unidas

71 Avis

49

Hertz

64

Growth opportunities: consolidation

Airport locations Off-airport locations

Brazilian car rental agencies

Off-airport market is fragmented among almost 2,000 small local car rental companies

Source: Each company website as of June 30th , 2009

Unidas

30

Avis

30

Hertz

29

Others

37

Localiza

87

12

100% 100% 100% 100%

Strategy: to reduce airport dependence increasing off-airport volume of business

Car rental revenues breakdown

54% 59% 62% 66% 68%

46% 41% 38% 34% 32%

2005 2006 2007 2008 1H09

Off-airport Airport

100%

Growth opportunities: airport x off-airport markets

13

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2Q09 Financials

14

Highercompetitiveness

Market shareincrease

Gains of scale

Scale

Know-how

Strong brand

Strong values

Integrated platform

Geographical footprint

High corporate governance standards

Used car sales network

Management model

Lower depreciation

Stable Management

Owners involved

Facilities

Rating

Competitive advantages

Localiza reached the virtuous cycle

15

International footprint

International footprint

Strategic locations

Strategic locations

Nationwidepresence

Nationwidepresence

Competitive advantages: geographical footprint

426 locations in 9 countries in South America

As of 06/31/2009

16

78

59

55

Localiza Unidas Hertz Avis

Competitive advantages: scale

101

93

79

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

Locations in Brazil Cities in Brazil

361

273192

299

17

Competitive advantages: rating

Enterprise Localiza Avis Budget Hertz Europcar Dollar Thrifty

Moody’s debt rating as of Jan/09 (Global scale)

Baa2Ba1

Ba2B1

B2

Caa3

S&P and Moody’s reassured Localiza’s rating on 2009.

A3.brLupatech

Aa2.brDuke Energy

Aa1.brCEMIG

Aa3.brGafisa S.A.

Aa2.brMagnesita Refratários S.A.

Aa2.brBraskem S.A.

Aa2.brLocaliza Rent a Car S.A

Moody’s corporate rating as of Jan/09 (Local Currency)

Enterprise Localiza Europcar Hertz Avis Budget Dollar Thrifty

S&P corporate credit rating as of Jan/09 (Global scale)

brA-Lupatech

brAA-Duke Energy

brAA+Brasil Telecom S.A

brA-Gafisa S.A.

brA-Magnesita Refratários S.A.

brAA+Braskem S.A

brAA-Localiza Rent a Car S.A

Standard & Poors as of Apr/09 (Local Currency)

BBB

BB

B+B

CCC+CCC

Localiza has one of the best rating among its international peers

18

Competitive advantages: used car sales network

35 stores in Brazil

Strategy: Add value to the businesses, reducing depreciation as a competitive advantage

� Logistic of distribution

� Know-how of used car market

� Selling to final consumers in order to have higher revenue per sold car

19

322.9 492.3939.1

332.9

2,546.02,640.0

3,618.0

1,752.01,656.02,142.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

Competitive advantages: lower depreciation

The depreciation is calculated using the estimated sale price in the future (mark to market), net of the sales expenses.

Localiza 1999 2000 2001 2002 2003 2004 2005 2006 2007

Average purchase price (nominal) 13,788 14,575 14,586 15,600 16,140 19,960 24,350 25,840 25,650

Average sale price (nominal) 11,650 13,950 14,530 14,026 16,680 19,490 23,060 24,770 27,460

Average capex for renewal 2,138 635 56 1,574 (540) 470 1,290 1,070 (1,810)

Average sold fleet age 13.7 15.5 14.1 14.1 12.8 11.6 11.0 14.7 12.2

Average depreciation 2,640 3,618 2,142 1,656 1,752 323 492 939 333

% over average purchase price 19.1% 24.8% 14.7% 10.6% 10.9% 1.6% 2.0% 3.6% 1.3%

2008

27,740

27,770

(30)

12.3

2,546

9.2%

* 2008 depreciation was impacted by declining market conditions and IPI reduction (excise tax).

Average depreciation per car - Car rental division

*

5.4%0.3% 4.3% 1.3% 2.7% 1.1% 5.7% 2.9% 3.7% 5.1%GDP

20

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2Q09 Financials

21Source: ABLA e Company, based on revenue

Consolidated

2004

Car rental

Fleet rental

2008

Localiza has been increasing its market share

Localiza is gaining market share…

22.4% 38.0%

10.2% 14.0%

15.5% 24.8%

22

Growth with strong results

504

134 154 150 152

198

278311

403

856242

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

331 429 555 679873191 251 303

448

590

853

983

2812862702211601451279086 85

89151

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

CAGR: 26.3%

CAGR: 23.9%

EBITDA evolution

Revenue evolution

CAGR: 16.5%

CAGR: 30.8%

… maintaining profitability.

Car sold / EOP fleet 45%56%50%52%55%69%57%42%31%50%74%77%

4.41.9Average

5.14.63.72.95.71.12.71.34.30.30.03.4GDP

23

Agenda

• Company

• Drivers of growth

• Competitive advantages

• Growth with profitability

• 2Q09 Financials

24

Car rental division

20,88821,55021,34120,83321,848

15,93712,842

9,4026,654

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

CAGR: 34.6%-3.1%

140.8141.0

291.9278.6

585.7

442.7357.2

271.3197.1

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

CAGR: 31.3%

-0.1%

4.8%

2.4%

Even on this unfavorable scenario, revenues have grown 4.8% on 1H09.

Net revenues (R$ millions)

Average rented fleet (quantity)

25

Fleet rental division

19,00516,987

19,39116,352

17,880

14,29511,635

9,3087,796

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

CAGR: 23.1%11.9%

76.266.0

152.1127.7

276.9

228.2190.2

149.2127.8

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

CAGR: 21.3%

15.5%

19.1%

18.6%

The revenues increased due to higher volume and prices.

Net revenues (R$ millions)

Average rented fleet (quantity)

26

493.1690.0

930.31,060.9

1,335.3

700.3

152.3

475.7

136.1303.0

448.2590.3

853.2983.2

491.7 413.1222.8 196.3

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

Purchased cars Sold cars

Purchases (accessories included) Used car sales revenue

The car rental division fleet is already adjusted.

241.8

340.0

190.1

207.7352.1

252.9-60.2

208.6

-260.8

22,18226,105

33,52038,050

44,211

23,632

5,333

16,419

4,946

15,71518,763

23,174

30,09334,281

17,008 15,107

7,716 7,279

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

7,34210,346

6,467

7,9579,930

8,703

-2,333

6,624

-9,774

Fleet investment

Net Investment (R$ millions)

Quantity

27

72.8%76.2%

72.1%69.6%

1H08 1H09 2Q08 2Q09

24,103 31,373 35,686 39,112 39,31430,585

9,16811,762

14,63017,790

23,403 20,37621,638

19,531

2004 2005 2006 2007 2008 1H08 1H09

CAGR: 21.5%

28,69935,865

46,00353,476

62,51559,690 52,223

-12.5%

2.5 p.p.3.4 p.p.

2009 utilization rate goal: minimum of 72%.

End of period fleet and utilization rates

Utilization rates – Car rental division

End of period fleet (quantity)

Car Rental Fleet Rental

28

9,402 12,842 15,937 21,848 20,833 21,341 21,550 20,8887,7969,308

11,63514,295

17,880 16,352 19,391 16,987 19,005

6,654

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

3.5%

CAGR: 28.8%

14,45018,710

24,47730,232

39,728 38,537 39,893

9.5%

37,185 40,732

872.5411.1 449.6

209.5 220.2

303.0448.2

590.3

853.2

983.2

491.7 413.1

222.8 196.3331.4 428.7 555.1 678.5

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

-3.7%

CAGR: 30.8%

634.4876.9

1,145.4

1,531.71,855.7

432.3 416.5

-4.4%

902.8 862.7

5.1%9.4%

Net revenue - ConsolidatedAverage Rented fleet (quantity)

Rentals Used car sales

Net revenues (R$ millions)

Car rental Fleet rental

29

161.0218.8

284.4357.1

449.6

211.4 219.8110.4 107.5

36.5

59.126.9

46.4

54.5

33.0 4.7

13.2 1.6

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

48.8%52.7%48.9%51.4%51.5%52.6%51.2%51.0%48.6%Rentals - Consolidated

1.1%

67.1%

39.4%

1H09

6.7%

64.3%

45.5%

1H08

5.5%

67.0%

44.3%

2008

4.6%

69.1%

42.0%

2006

5.9%

66.4%

46.2%

2Q08

5.4%

68.7%

44.5%

2007

0.8%13.2%12.0%Used car sales

68.8%62.3%63.4%Fleet Rental

37.9%45.3%40.1%Car Rental

2Q0920052004Divisions

CAGR: 26.4%

277.9

197.5

403.5

504.1

311.3 -11.7%

123.6 109.1

Seminovos EBITDA margin reflects the current market conditions.

-8.1%

244.4 224.5

-2.6%4.0%

EBITDA margin

EBITDA consolidated (R$ millions)

Car Rental Used car sales

30

2,169.62,599.7

322.9 492.3

2,546.0

332.9939.1

2004 2005 2006 2007 2008 1H09 2Q09

3,794.7

4,557.6

1,845.5

2,981.3

5,083.1

2,395.82,383.3

2004 2005 2006 2007 2008 1H09 2Q09

annualized

Depreciation rate is adjusted to the current market conditions.

Depreciation per car

Car rental division (R$)

Fleet rental division (R$)

annualized

31

27.153.657.3

107.190.6

106.5

138.2

190.2

127.4

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

107.1

(45.7)

(52.7)

(8.5)

(30.4)

244.4

33.0

211.4

1H08

57.3

(21.0)

(65.5)

(10.7)

(70.0)

224.5

4.7

219.8

1H09

(49.8)

24.7

(12.8)

(2.2)

(39.6)

(19.9)

(28.3)

8.4

Var. R$

(14.5)109.1123.6EBITDA Consolidated

(26.5)

12.7

(2.1)

(1.0)

(21.6)

(11.6)

(2.9)

Var. R$

27.153.6Net income

(9.7)(22.4)Income tax and social contribution

(26.8)(24.7)Financial expenses, net

(5.4)(4.4)Other depreciation

(40.1)(18.5)Depreciation of revenue-earning vehicles

1.6 13.2 EBITDA - Used car sales

107.5110.4 EBITDA - Car rental and fleet rental

2Q092Q08Reconciliation of EBITDA x Net Income

- 49.4%

Main impacts on results: increase of depreciation and drop of the Seminovos EBITDA.

- 46.5%

Net Income - ConsolidatedNet Income (R$ millions)

32

52.0 58.2118.2

250.7205.7

107.4

504.6

81.7

222.7

2004 2005 2006 2007 2008 1H08 1H09 2Q08 2Q09

98.4------Change in amounts payable to car suppliers (capex)

(27.4)

61.5

(196.3)

107.4

(9.2)

(12.3)

(504.0)

491.7

128.9

(19.1)

(38.9)

186.9

434.2

(491.7)

244.4

1H08

504.6

-

-

504.6

(4.4)

359.2

(152.3)

413.1

149.8

(18.8)

(26.9)

195.5

384.1

(413.1)

224.5

1H09

(283.1)

(188.9)

(299.9)

205.7

(39.9)

(52.2)

(1,035.4)

983.2

297.8

(44.8)

(52.8)

395.4

874.5

(983.2)

504.1

2008

(22.2)53.2 (161.3)(113.7)Free cash flow

(51.0)222.0 (25.5)(21.9)Change in amounts payable to car suppliers (capex)

(221.9)(287.0)(194.0)(143.8)Capex of car – growth

250.7 118.2 58.2 52.0 Free cash flow before growth

(23.7)(32.7)(28.0)(10.2)Capex - Property and equipment, net

14.2 (53.0)(47.8)(46.3)Net capex for renewal

(839.0)(643.3)(496.0)(349.3)Capex of car – renewal

853.2 590.3 448.2 303.0 Used car sales revenues

260.2 203.9 134.0 108.5 Cash provided before capex

13.3 (4.8)(24.2)6.2 Working capital variation

(63.4)(42.7)(32.7)(40.9)(-) Income tax and social contribution – current

310.3 251.4 190.9 143.2 EBITDA without used car sales revenues and costs

760.0 530.4 361.2 248.7 Cost of used car sales

(853.2)(590.3)(448.2)(303.0)Used car sales revenues

403.5 311.3 277.9 197.5 EBITDA

2007200620052004Free cash flow - R$ millions

369.

8%

172.6%

Free cash flow before growth (R$ millions)

Free cash flow - FCF

33

-45.5-22.4

504.6

-1,254.5-817.8

Var. (R$)20092008

1,013.6

185.2

1,198.8

Mar/09

-436.7

260.6

-176.1

Dec/Jun

1,208.31,384.41,352.0Gross debt (principal + interest)

390.5129.9151.0(-) Cash

1,254.5

Dec/08

817.8

Jun/09

1,201.0Net debt

Sep/08R$ millions

Net debt was reduced in R$436.7 million.

Net debt reconciliation

InterestInterest on capital

Net Debt12/31/2008

Net Debt 06/30/2009

Free Cash Flow

34

Net debt Fleet value

281.3535.8 440.4

765.1

1,254.5

817.8612.2

900.2

1,247.71,492.9

1,752.6

1,437.5

2004 2005 2006 2007 2008 1H09

2.0x

1.8x

2.5x

72%

2008

1.2x1.3x0.7x1.4x1.0xNet debt / Equity (USGAAP)

1.3x(*)1.3x1.0x1.5x1.1xNet debt / EBITDA (BRGAAP)

1.8x(*)1.9x1.4x1.9x1.4xNet debt / EBITDA (USGAAP)

57%51%36%60%46%Net debt /Fleet value (USGAAP)

1H092007200620052004End of period balancesEnd of period balancesEnd of period balancesEnd of period balances

Indebtedness ratios have improved significantly on 1H09 over 2008.

Net debt x Fleet value

(R$ millions)

(*) annualized

35

The current cash is enough to pay the debt with maturity on the 1H2010.

335.9

110.0 109.666.8

520.4

0.4

2009 2010 2011 2012 2013 2014

390.5

Cash

1H

R$350.0

2H

R$170.4

Debt profile

Debt profile(Principal – R$ millions)

36

RENT3 X IBOVESPA

0

5

10

15

20

25

0

20

40

60

80

100

120

140

160

180

200

RENT3 Volume RENT3 IBOVESPA

RENT3 Performance

216%

113%

RENT3 was included in the Market Vectors Brazil Small-caps Index of Van Eck (USA).

Average daily trade volume (R$ millions) Average daily trading (# shares)

829,7729,5 687,5 648,7 670,9

385,4

956,4

2005 2006 2007 2008 2009 1T09 2T09

4,6

10,6

13,5

8,46,9

3,1

10,7

2005 2006 2007 2008 2009 1T09 2T09

245% 14

8%

37

� Cash generation of R$ 504.6 million

� Net debt reduction of R$ 436.7 million

Highlights

Financials:

The strong cash generation was the strategy adopted by the Company to make even stronger the financial solidity on a low liquidity scenario.

38

� Fleet adjustment with the reduction of 13,708 cars since the beginning of crisis

� Utilization rate

� Restart of fleet renewal*

Highlights

Fleet:

* IPI reduction was extended up to September/09 with a gradual return starting in October/09

76.2% on 2Q09

72,1% on 1H09

39

Differentiated, liquid and flexible asset

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.

21,753

15,107

6,646

Sale

-13,7088,045Total

26,8509,7745,3331H09

27,8803,9342,7124Q08

Average sale price

Net salePurchase

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.

40

83117

145178

199 204

2004 2005 2006 2007 2008 1H09

+ 34

# of corporate locations

13 13

2632 35

38

2004 2005 2006 2007 2008 1H09

# of used car sales stores

+ 28+ 33 + 21

+ 5

Highlights

� Increase of the number of rental locations and stores

Distribution:

+ 13+ 6

+ 3+ 3

41

Car rental division:

� Fleet renewal Reduction on the expenses

� Minimum utilization rate of 72% on 2009

2H09 perspectives

Fleet rental division:

� Increase the average rental rate for new contracts and renewals

Debt:

� Contract debt only to extend the amortization term

� Drop on the net financial expenses due to decrease of interest rate

of maintenance

of depreciation

42

(4 ,0 )

4 ,0

1 2 ,0

2 0 ,0

2 8 ,0

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009e-9

9

2 7

4 5

6 3

Localiza's fleet GDP Interest rate

Source: BACEN, Focus and Localiza

Macroeconomic scenario after Real Plan of 1994

-22.8% = 4.8X GDP15.2% = 8.0X GDP10.1% = 3.2X GDPFleet growth (CAGR)

5.2%9.0%10.8%22.0%Average Interest Rate

-0.5%4.7%1.9%3.1%Average GDP

Free floating exchange rateFixed exchange rate

2008 Subprime

crisis

1997 Asian crisis

1998 Russian

crisis�1973: 1º Oil Crash

�1979: 2º Oil Crash

�1987: NYSE Crash

�1990: Collor plan

1994 Mexico crisis

2002 Lula’s

election

2001 Argentina

crisis

2009 Liquidity

Crisis

1995 Creation of

PROER 2000

NASDAQcrash

2010 perspectives

For 2010 the market expectation is 3.5% GDP growth and 4.5% real interest rate.

43

2009 Forecast - Car rental financial cycle

Current Scenario

$30.8Funding (FV)

Funding (PV)

$27.7

Net car sale revenue

$25.2

$27.7Car acquisition

1 2 3 4 5 8 9 10 11 12Expenses: (11.3)

1-year cycle

Revenue: 19.0

Kd = $2.2Ke = $0.9

$3.1

Total

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%

Car rental Used cars

Per operating car Per sold car

44

33.8Car acquisition 40.6

Funding (FV)

Funding (PV)

33.8

Net car sale revenue

26.6

1 2 3 4 5 20 21 22 23 24

2-year cycle

Expenses: (10.3)

Revenue: 29.8

Kd = $4.7Ke = $2.1

$6.8

2009 Forecast - Fleet rental financial cycle

Current Scenario

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%

TotalFleet rental Used cars

Per operating car Per sold car

45

Total

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%

Car rental Used cars

Per operating car Per sold car

$28.8Funding (FV)

Funding (PV)

$25.8

Net car sale revenue

$25.2

$25.8Car acquisition

with IPI reduction

1 2 3 4 5 8 9 10 11 12Expenses: (11.3)

1-year cycle

Revenue: 19.0

Kd = $2.1Ke = $0.9

$3.0

2009 Forecast - Car rental financial cycle

Scenario after fleet renewal

46

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