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1 3Q07 results presentation (R$ million - USGAAP) Localiza Rent a Car S.A.
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Page 1: 3 Q07 Results Presentation

1

3Q07 results presentation(R$ million - USGAAP)

Localiza Rent a Car S.A.

Page 2: 3 Q07 Results Presentation

2

3Q07 Highlights(R$ million, USGAAP)

Total net revenue

382.8

286.8

3Q06 3Q07

Rrental revenue (rental and franchising)

168.3143.2

3Q06 3Q07

EBITDA

104.7

80.3

3Q06 3Q07

Net income

50.4

36.3

3Q06 3Q07

33.5%

30.4%38.8%

17.5%

Page 3: 3 Q07 Results Presentation

3

Localiza has been presenting a consistent growth…(R$ millions. USGAAP)

127 145 160 221 270 286 281 331 429 555 485191 251

303

448

590 633

15189

8586 90

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 9M07

4262

150154134

85

288311

278

198

152

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 9M07

22.355

28.699

35.865

46.003 44.680

14.339

19.82124.579 22.845

11.00610.783

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 9M07

Revenue evolution

EBITDA evolution

EOP fleet evolution

CAGR: 16.9%

CAGR: 24.9%

CAGR: 15.0%

34.4%

25.3%

26.6%

213 235 245310

421 477 532634

877

1,145 1,118

Rental revenues Used car sale revenues

Page 4: 3 Q07 Results Presentation

4

...maintaining profitability...

324,9 420,5 547,4399,0 479,1

141,3 166,4143,6 214,5

6,5

7,7

5,8

5,6

632,8

377,4

590,3

303,0

448,2

8,2

1,91,9

2004 2005 2006 9M06 9M07 3Q06 3Q07

160,0216,0

281,8209,4

251,0

75,4 91,5

26,834,5

22,059,0

36,6

4,0 12,2

3,2

1,2

2,9 2,9

2,4

0,91,0

2004 2005 2006 9M06 9M07 3Q06 3Q07

(R$ million, USGAAP)

109,1142,4

199,6150,1 166,9

55,1 61,0

-38,0-18,6 -63,3 -44,8 -34,5 -19,2 -11,4

0,80,4

2,11,6

1,9

0,22,1

2004 2005 2006 9M06 9M07 3Q06 3Q07

Net revenue EBITDA

Net income

Rental Used car sale Franchising

90,6106,5

138,2

106,8134,3

36,350,4

CAGR (*): 23.5% 24.4%

35.3%

634,4

876,9

1.145,4

782,2

1.117,5

286,8382,8

197,8

278,2 311,5233,8

288,4

80,3 104,7

30.4%

23.4%

33.5%

42.9%CAGR (*): 34.4%

CAGR (*): 25.5%

29.4% 30.2% 20.1%17.8%

35.0%30.5% 19.9%

21.4%

30.5%40.2% 11.1%

10.4%

Page 5: 3 Q07 Results Presentation

5

…and consistent EBITDA margins

57.8%

41.4%

5.8%

52.5%

69.0%

43.5%

9M6

56.1%

37.7%

4.5%

51.5%

69.1%

42.1%

2006

59.5%64.9%59.7%Total EBITDA / rental revenue

51.8%39.0%18.5%Franchising

5.5%13.2%12.1%Seminovos (Used car sales)

52.4%51.4%49.2%Consolidated Rental

68.7%62.4%63.4%Fleet Rental

43.6%45.3%40.1%Car Rental

9M0720052004Margin per division

Page 6: 3 Q07 Results Presentation

6

Localiza’s car rental division continues to increase its network…

Owned car rental agencies

172145

11783

2004 2005 2006 9M07

3428

27

27 new agencies

Page 7: 3 Q07 Results Presentation

7

...with the highlight for the increase on off-airport agencies

Car rental revenue breakdown

The geographical expansion strategy protects Localiza from the air-traffic crisis.

Revenue increase

24,6%46.7%Off-airports

11,5%16.0%Airports

9M07/9M062006/2005

Off-airport agencies Airport agencies

53% 54% 59% 62%

47% 46% 41% 38%

2004 2005 2006 9M07

100% 100% 100%100%

Page 8: 3 Q07 Results Presentation

8

Solid improvement of productivity...

493,1

690,0

930,3

506,2607,0

303,0448,2

590,3 632,8

377,4

2004 2005 2006 9M06 9M07

26,1

33,5

17,718,823,2

14,9

22,2 21,615,7

22,5

2004 2005 2006 9M06 9M07

# of cars - thousands Net investment – R$ million

+6.5+7.3

+10.3

2.8

+190.1+241.8

+340.0

128.8-0.9

-25.8

Purchased Sold

The increase of productivity reduced the investment in fleet

60,6% 58,8%65,5% 66,4% 69,3%

2004 2005 2006 9M06 9M07

Utilization rate – car rental division

4.9 p.p. 2.9 p.p.

Buying and selling of cars

Page 9: 3 Q07 Results Presentation

9

…and low cost of depreciation…

1.6%5.2%2.9%1.8%9.2%% depreciation over rental revenues

1.0 p.p.0.9 p.p.3.7 p.p.9.8 p.p.4.7 p.p.Real increase in the new car prices

2.8%3.1%5.7%7.6%9.3%Inflation IPCA

3.8%4.0%9.4%17.4%14.0%Increase of new car (Pálio)

9M072006200520042003

Average depreciation per car Real increase in the new car prices

416.5

939.1

492.3 322.9

1,52.3

1.0 p.p.0.9p.p.

3.7p.p.

9.8p.p.

4.7p.p.

(1.000)

(500)

-

500

1.000

1.500

2.000

2003 2004 2005 2006 9M07 anualizado

-5%

-3%

-1%

1%

3%

5%

7%

9%

11%

Page 10: 3 Q07 Results Presentation

10

...contribute to the reduced net investment for fleet renewal…

9.4%10.0%14.2%% over average purchase price

2.62.63.1Net investment

25.023.418.8Average selling price

27.626.021.9Average purchase price

200620052004Net investment per car – R$ Thds.

Average net investment per car for renewal– R$ thd

1.1%

0.3

27.4

27.7

9M07

The increase in the new car price in line with inflation contributes for thereduction of the expenditure for fleet renewal.

0.3

2.62.6

3.1

1.0p.p.0.9p.p.

3.7p.p.

9.8p.p.

0

3 ,5

2004 2005 2006 9M07

0 ,0 %

Net investment per car Real increase in the new car prices

Page 11: 3 Q07 Results Presentation

11

…resulting in the increase of the free cash flow

Free cash flow before growth

99.5

340.6

32.730.4

2004 2004 2004 9M07

(R$ millions. USGAAP)

262.7%7.6% 118.7

222.0 *

* Impact on the cash flow due to the extraordinary increase in the automakers account

99.5 53.7 (161.3)(113.5)Free cash flow

-(287.0)(194.0)(143.8)Car acquisition - growth

99.5 340.7 32.7 30.3Free cash flow before growth

(42.9)(112.9)(134.8)(100.6)Net car acquisition –renewal

162.0 486.2195.5 141.2 Cash generated by operating activities

81.9 (217.4)49.9 15.7 Working capital variation

243.9 268.8 245.5 156.9 EBITDA after taxes

9M07200620052004

Page 12: 3 Q07 Results Presentation

12

The debt was elongated and the cost of debt was reduced

* Annualized

16%10%30%35%Net debt / Market cap

1.1x*1.0x1.5x1.1xNet debt / EBITDA (BRGAAP)

1.6x*1.4x1.9x1.3xNet debt / EBITDA (USGAAP)

52% / 48%41% / 59%58% / 42%49% / 51%Net debt / Net equity

49%36%60%46%Net debt / fleet

9M07200620052004Final period balance

(R$ millions. USGAAP)

CDI + 0.44%2nd debentures issue

108.5% of CDI1nd debentures issue

Debt amortization chronogram

66.766.767.0

0.9

350.9

0.9

117.3116.5

2007 2008 2009 2010 2011 2012 2013 2014

Page 13: 3 Q07 Results Presentation

13

Constant increase in the value added to shareholders

39,340

509,206

7.7

16.9%

24.6%

2004

25,80820,64316,363EVA increase

102,15476,34655,703EVA - R$ Thds.

1,183,338988,112608,207Capital investment - R$ Thds. (1)

8.67.79.2Spread (ROIC-WACC) - p.p.

10.8%11.0%15.7%WACC nominal

19.5%18.7%24.8%ROIC

9M07annualized20062005

(1) For the EVA® calculation. we used the Average Capital of the period

55.7 39.3 76.3 102.2

10.8%11.0%

16.9% 15.7%19.5%18.7%

24.8%24.6%

-

100

200

2004 2005 2006 9M07 anualizado0%

20%

40%

EVA WACC ROIC

R$

/ mil

EVA

-

25,808

195,226

0,9

(0,2) p.p.

0,7 p.p.

Variation

Page 14: 3 Q07 Results Presentation

14

RENT3 liquidity

0

5

10

15

20

25

23-M

ay7-

Jun

21-Ju

n5-

Jul

19-Ju

l2-

Aug16

-Aug

30-A

ug14

-Sep

28-S

ep13

-Oct

27-O

ct11

-Nov

28-N

ov12

-Dec

26-D

ec10

-Jan

24-Ja

n8-

Feb22

-Feb

10-M

ar24

-Mar

7-Apr

25-A

pr10

-May

24-M

ay7-

Jun

22-Ju

n6-

Jul

20-Ju

l3-

Aug17

-Aug

31-A

ug15

-Sep

29-S

ep16

-Oct

30-O

ct14

-Nov

30-N

ov14

-Dec

2-Ja

n16

-Jan

31-Ja

n14

-Feb

2-Mar

16-M

ar30

-Mar

16-A

pr30

-Apr

15-M

ay29

-May

13-Ju

n27

-Jun

12-Ju

l26

-Jul

9-Aug

23-A

ug6-

Sep21

-Sep

Pric

e

0

20

40

60

80

100

120

Vol

ume-

R$

thou

sand

Volume RENT3 RENT3 IBOVESPA

RENT3 X IBOV

388%

150%

From 05/23/05 (IPO) to 09/28/07

2005 2006 2007

13.7 10.6

4.6

2005 2006 9M07

+150%+388%Since IPO

+36%-13%2007

+33%+124%2006

+38%+149%2005

IBOVRENT3Performance

RENT3 was the 62ª most traded stock at Bovespa in the last 12 months

132%

29%

Average daily traded volumeR$ million

Page 15: 3 Q07 Results Presentation

15

Europe, Middle East and Africa

Germany and abroad

USAWorldwideSouth America

Coverage

3.434.0129.558.0610.39EV/EBITDA 2007

28.3111.5313.3416.4117.88P/E 2007

0.06%6.24%1.37%2.02%24.82%Net Margin (rentals)

1.08107.13123.71168.4778.49Net Income

19.74%34.70%37.43%37.71%56.09%EBITDA Margin (over rental revenues)

352.89595.784646.413,140.82177.33EBITDA

1,787.751,717.031,727.108,328.37316.20Rental Net Revenue

-2,045.62--717.89Total Net Revenue (rentals and car resale)

Source: Reuters Knowledge on 09/18/2007. US$ thousand, converted to US Dollar at the EOP exchange rate.

Industry benchmarks - LTM

Page 16: 3 Q07 Results Presentation

16

Aviso - Informações e projeções

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Page 17: 3 Q07 Results Presentation

17

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