1

Localiza Rent a Car S.A.

February, 2009

4Q08 Results (R$ millions - USGAAP)

2

442.7357.2

197.1271.3

585.7

2004 2005 2006 2007 2008

Net revenues (R$ millions)

21,849

15,93712,842

9,4026,654

2004 2005 2006 2007 2008

Average rented fleet (quantity)

Car rental division

CAGR: 34.6%

CAGR: 31.3%

14,697 14,347 15,65318,98020,097 21,550 22,700 22,772

1Q 2Q 3Q 4Q

20.0%

2007 2008

104.4 98.7 108.0131.6137.6 141.0 151.9 155.2

1Q 2Q 3Q 4Q

2007 2008

17.9%

37.1%

32.3%

3

7,796 9,30811,635

14,29517,880

2004 2005 2006 2007 2008

276.9

228.2

127.8149.2

190.2

2004 2005 2006 2007 2008

Fleet rental division

CAGR: 23.1%

CAGR: 21.3%

53.3 56.3 58.4 60.261.6 66.073.2 76.1

1Q 2Q 3Q 4Q

13,325 13,941 14,652 15,24615,720 16,98718,532

20,291

1Q 2Q 3Q 4Q

2007 2008

2007 2008

Net revenues (R$ millions)

Average rented fleet (quantity)

33.1%

26.4%

25.1%

21.3%

4

8,870

6,006

7,709 7,508

9,292

7,716

10,627

6,646

1Q 2Q 3Q 4Q

244.2

174.1214.5 220.3

268.9222.8

302.9

188.6

1Q 2Q 3Q 4Q

Sold cars (quantity)

Net revenue (R$ millions)

Used car sales per quarter

2007 2008

-11.5%

-14.4%

5

331.4 428.7 555.1 678.5872.4303.0

448.2590.3

853.2

983.2

2004 2005 2006 2007 2008

Consolidated net revenue

CAGR: 30.8% 1,855.7

634.4

876.9

1,145.4

1,531.7

403.7331.1

382.8 414.1470.5

432.3

530.4

422.5

1Q 2Q 3Q 4Q

2007 2008

Net revenues per quarter (R$ millions)

Net revenues (R$ millions)

28.6%

2.0%

Rentals Used car sales

6

98.285.5

104.6115.2120.8 123.6

133.9125.8

1Q 2Q 3Q 4Q

EBITDA consolidated

31.1

51.6 20.8

41.3

49.1

259.3196.8

150.2122.879.0

2004 2005 2006 2007 2008

Car rental (R$ millions)

CAGR: 29.4%

29.5%

110.1

174.4 171.0

238.1

308.4

Car rental Used car sales

5.47.5

6.15.1

5.4

185.4156.8

131.493.081.0

2004 2005 2006 2007 2008

Fleet rental (R$ millions)

CAGR: 21.9%17.9%

86.4 100.5

137.5161.9

190.8

Fleet rental Used car sales

2007 2008

EBITDA consolidated per quarter (R$ millions)

9.2%

103.5

122.718,6%

7

EBITDA margin

Divisions 2004 2005 2006 2007 2008 4Q07 4Q08

Car Rental 40.1% 45.3% 42.0% 44.5% 44.3% 46.5% 44.4%

Fleet Rental 63.4% 62.3% 69.1% 68.7% 67.0% 68.8% 68.9%

Used car sales Seminovos 12.0% 13.2% 4.6% 5.4% 5.5% 5,3% 1.6%

EBITDA consolidated (R$ millions)

Car rental Used car sales

161.0218.8

284.4357.1

449.636.5

59.126.9

46.4

54.5

2004 2005 2006 2007 2008

403.5

277.9

197.5

504.1

311.3

CAGR: 26.4%

25.9%

24.9%

8

Depreciation per quarter

3.43.2 5.49.7

63.6

2.8 2.5

(1.2)1Q 2Q 3Q 4Q

2007 2008

4.0

54.2

5.4

oct/08 nov/08 dec/08

3.5

52.2

6.0

oct/08 nov/08 dec/08

Car rental (R$ millions)

7.7

61.7

10.27.6 10.1 13.213.18.6

1Q 2Q 3Q 4Q

2007 2008

Fleet rental (R$ millions)

9

Net income

90.6106.5

138.2

190.2

127.4

2004 2005 2006 2007 2008

(R$ millions)

- 33.0%

  4Q07 OCT NOV DEC 4Q08 Var. Revenues - car rental and fleet rental 191.8 75.2 72.9 83.2 231.3 20.6%

EBITDA - car rental and fleet rental 103.5 35.4 40.8 46.5 122.7 18.6%

EBITDA - Used car sales 11.7 0.2 2.1 0.8 3.1 -73.5% Depreciation of revenue-earning vehicles (10.2) (7.5) (106.4) (11.4) (125.3) 1,128.4%

Other depreciation and amortization (3.9) (1.6) (1.7) (1.7) (5.0) 28.2% Financial expenses, net (20.9) (15.8) (14.0) (14.7) (44.5) 112.9% Earnings before taxes 80.2 10.7 (79.2) 19.5 (49.0) -161.1%

Income tax and social contribution (24.3) (4.2) 26.9 (3.5) 19.2 -179.0%

Net income (loss) 55.9 6.5 (52.3) 16.0 (29.8) -153.3%

10

493.1690.0

930.3 1,060.91,335.3

303.0448.2

590.3853.2 983.2

2004 2005 2006 2007 2008

190.1241.8

340.0207.7

Fleet investment

Net investment * (R$ millions)352.1

Purchases Sales

22,18226,105

33,52038,050

44,211

15,715 18,76323,174

30,09334,281

2004 2005 2006 2007 2008

Quantity

7,34210,346

6,467

7,9579,930

Purchases (includes accessories) Used car sales revenue

11

-107.7-55.0-43.6

-299.9-188.9

205.7

-765.1 -1,254.5

FCF before growth

InterestDividendsCapex growth

Stockrepurchase

Net debt reconciliation

Net debt 12/31/2007

Net debt 12/31/2008

Change in vehicle

suppliers caption (CAPEX)

- 343.5 - 162.7

Discretionary Investment

Dividends andInterests on equity

12

Net debt x fleet value

440.4

1,254.61,247.71,492.9

1,752.6

765.1535.8

281.3 612.2

900.2

2004 2005 2006 2007 2008

Net debt Fleet value

End of period balances 2004 2005 2006 2007 2008

Net debt /Fleet value (USGAAP) 46% 60% 36% 51% 72%

Net debt / EBITDA (USGAAP) 1.4x 1.9x 1.4x 1.9x 2.5x

Net debt / EBITDA (BRGAAP) 1.1x 1.5x 1.0x 1.3x 1.8x

Net debt / Equity (USGAAP) 1.0x 1.4x 0.7x 1.3x 2.0x

(R$ millions)

13

Debt profile - principal(R$ millions)

335.0

112.7 109.666.8

195.6

500.0

2009 2010 2011 2012 2013 2014

Sep/08 Feb/09* Var.

Net debt – R$ millions 1,201.0 1,172.4 (28.6)

Car suppliers – R$ millions 201.7 2.4 (199.3)

Net debt + car suppliers – R$ millions 1,402.7 1,174.8 (227.9)

R$176.1 millions - paid

R$ 19.5 millions – extended to sep/10

R$195.6 millions – debt from 2009

It has not been contracted new debts

* up to 2/12/2009.

Debt profile on December (Principal)

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Debt on 12/31/2008 (principal)

Start Type Currency R$ mm Due day Status

feb-08 Resolution 2770 Real* 2.2 jan-09 Paidfeb-08 Resolution 2770 Real* 15.0 feb-09 Paidjan-08 Resolution 2770 Real* 39.5 apr-09 Paidoct-08 Over draft / revolver Real* 30.0 apr-09 Paidapr-08 Compror Real 11.4 apr-09 Paidjan-08 Resolution 2770 Real* 35.0 may-09 Paidnov-08 Working capital Real 43.0 may-09 Paidsep-08 Working capital Real 19.5 dec-09 Extended to sep-2010

Subtotal short term debt   195.6    

sep-08 Working capital Real 150.0 jan-10 Extended to sep-2010apr-05 1st Debenture Real 350.0 apr-10 -apr-08 Working capital Real 35.0 apr-11 -sep-08 3rd Debenture Real 300.0 sep-11 -apr-08 Working capital Real 43.0 apr-12 -jun-07 BNDES Real 3.1 may-12 -jul-07 2nd Debenture Real 66.6 jul-12 -apr-08 Working capital Real 43.0 apr-13 -jul-07 2nd Debenture Real 66.6 jul-13 -jul-07 2nd Debenture Real 66.8 jul-14 -

Subtotal long term debt 1,124.1    

  Gross debt 1,319.7    

  Cash and equivalents 129.9    

    Net debt 1,189.8    

* Operations in foreign currency are swaped at the same issuance day to CDI (R$)

(R$ millions)

15

Free cash flow - FCF

Free cash flow - R$ millions 2004 2005 2006 2007 2008

EBITDA 197.5 277.9 311.3 403.5 504.1

Used car sales revenues (303.0) (448.2) (590.3) (853.2) (983.2)

Cost of used car sales 248.7 361.2 530.4 760.0 874.5

EBITDA without used car sales revenues and costs 143.2 190.9 251.4 310.3 395.4

Income tax and social contribution – current (40.9) (32.7) (42.7) (63.4) (52.8)

Working capital variation 6.2 (24.2) (4.8) 13.3 (44.8)

Cash provided before capex 108.5 134.0 203.9 260.2 297.8

Used car sales revenues 303.0 448.2 590.3 853.2 983.2

Capex of car – renewal (349.3) (496.0) (643.3) (839.0) (1,035.4)

Net capex for renewal (46.3) (47.8) (53.0) 14.2 (52.2)

Capex - Property and equipment (10.2) (28.0) (32.7) (23.7) (39.9)

Free cash flow before growth 52.0 58.2 118.2 250.7 205.7

Capex of car – growth (143.8) (194.0) (287.0) (221.9) (299.9)

Change in amounts payable to car suppliers (capex) (21.9) (25.5) 222.0 (51.0) (188.9)

Free cash flow (113.7) (161.3) 53.2 (22.2) (283.1)

52.0 58.2

118.2

250.7

205.7

2004 2005 2006 2007 2008

(R$ millions)

16

EVA

P.S.:Loss in fleet value was considered as a loss in equity, since it’s a non-recurring event.

114.3

55.5

76.2

39.2

100.0

11.2%

16.9% 15.7%11.0% 10.9%

21.3%18.7%

24.8%24.6%

17.0%

2 0 .0

6 0 .0

1 0 0 .0

1 4 0 .0

2004 2005 2006 2007 2008

1 .0 %

1 1 .0 %

2 1 .0 %

3 1 .0 %

EVA(*) (in R$ millions) Nominal WACC ROIC

41.6%37.3%

50.0%

  2004 2005 2006 2007 2008

Average investment capital R$ millions 507.4 606.3 986.2 1,137.5 1,642.3

NOPAT margin (over rental revenue) 37.8% 35.2% 33.4% 35.6% 32.1%

Turnover of average investment capital (over rental revenue) 0.65x 0.71x 0.56x 0.60x 0.53x

ROIC 24.6% 24.8% 18.7% 21.3% 17.0%

Cost of debt 11.6% 13.6% 10.9% 8.4% 8.2%

Cost of Equity 20.0% 16.2% 11.0% 11.5% 11.3%

Nominal WACC  16.9% 15.7% 11.0% 11.2% 10.9%

Spread (ROIC - WACC) - p.p.  7.7 9.2 7.7 10.1 6.1

EVA R$ millions  39.2 55.5 76.2 114.3 100.0

 EVA increase R$ millions   16.3 20.7 38.1 (14.3)

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Strategies adopted by the Company

Suspension of purchases of new cars to adjust the fleet

Increase in car rental and fleet rental rates to offset the higher revenue-earning vehicles depreciation costs

Recognition of loss in fleet value in the amount of R$87.6 million

Increase the monthly fleet depreciation from R$7.5 million in October to R$11.4 million in December Increase in promotions and advertising with the purpose of enhancing car sales

Scenario: drop in the sales volume and prices of used cars4Q08

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2009 Outlook

Macroeconomic scenario (Central Bank of Brazil website – market outlook): GDP of 1.5% Decrease of 300 bps in basic interest rate in the first half of 2009 Inflation close to the inner center of 4.5%

Fleet strategies: Keep 2009 end of period fleet at same levels of the end of 2008 Increase the utilization rate to at least 72% in car rental division

Debt strategies: Contract debt only for extending debt profile or reduce financial costs

January/2009: Number of cars sold : 2,521 cars Average rented fleet : 43,296 cars Revenue from car rental and fleet rental: + 19%

The forecasts below are interrelated and cannot be separately analyzed.

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Thank you!