2006 analysts and investors meeting

0

2006 Results presentation(R$ millions - USGAAP)

Localiza Rent a Car S.A.

1

109,1

199,6142,4

-63,3-18,6 -38,0

1,9

0,12,5

2004 2005 2006

30%

18%

2006 highlights: growth with profitability

6.654 9.402 12.8427.796

11.635

9.308

2004 2005 2006

14.450

24.47718.710

65,5%58,8%60,6%

2004 2005 2006

(R$ millions. USGAAP)

44,5

57,4

75,6

2004 2005 2006

Average rented fleet Car rental utilization rate

Net income EVA

30%

19%

41%

31%

25%

37%

7 P.P.

31%40%

90.6106.9

138.229%

32%

Car rentalFleet rental

Used car salesRental Franchising

2

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

3

2006 highlights: Footprint expansion

145 117

83

12/31/04 12/31/05 12/31/06

24% increase in the number of owned car rental agencies

100% increase in the number of used car points of sales

26

1313

31/12/2004 12/31/05 12/31/06

Owned car rental agencies Used car points of sales

41%24% 100%

32*

* Until the end of 1H07

4

2006 highlights: On airport and off-airport growth

Consolidation is happening mainly on off-airport agencies

46.7%49.6%Off-airport agencies

16.0%17.2%Airport agencies

Revenue growthVolume growth2006/2005 (%)

Elasticity on airport in 2006 was 2 times the growth of domestic deplanement

14,3% 14,0%

1,5% 0,2%

27,2%

20,4%

12,3% 9,8%

1T06 2T06 3T06 4T06

Domestic deplanement increase x Localiza – daily rentals on airports

Daily rental volume on airportsDomestic deplanement

5

2006 highlights: Revenues evolution

532 634877

1,145

2003 2004 2005 2006

Consolidated net revenues

CAGR: 29%313

286

210

152

2003 2004 2005 2006

Consolidated EBITDA

CAGR: 27%

(R$ million. USGAAP)

6

Financials

7


Net income reconciliation

-1.0

2005Net income

2006Net income

106.5

+268.5Revenues

-215.5Costs

-25.7SG&A

Depreciation-14,0

+19.1+126.4 -49.5Interest

Taxes

138.2

-6.8

+29.8%

+142.1 -166.1

Rental = +61.3 milhõesUsed cars = - 34.0milhões

-15,7

EBITDA variation = + 27.3 milhões

Other items variation = + 4.4 milhões

+6.1

StockOptions

-10,0

8


2006 cash generation

70.8 162.2Cash and cash

equivalents in the beggining of the period:

Operating activities

Investmentactivities

The cash generation for operating activities (R$31 mi), excluding the investment on fleet growth (R$287 mi), was R$ 318 million

431.2

60.1

530.4

+31.3

Acquisitions(growth/renew)

Depreciated cost ofsold vehicles

-930.3

Cash and cash equivalents in the end

of the period:

9

Investiment in fleet

Fleet growth (thousand) Net investment

2004 2005 2006


84%80%76%

16%20%24%

287.1

52.9

143.8

46.3

194.1

47.7

+6.5 +7.3 +10.3

2004 2005 2006 Renew

Growth

690.0

493.1

930.3

448.2 303.0

590.3

2004 2005 2006

22.18226.105

33.520

15.71518.763

23.174

2004 2005 2006

Purchases Sales

Number - thousand Net investment - million

190.1

241.8

340.0

10

Net debt (R$ million) USGAAPRating S&P – BrAA- / Stable


Indebtness

42% / 58%50% / 50%33% / 67%Net debt / equity

36%60%46%Net debt / fleet

200620052004

The Company will pursue a net debt/equity structure that adds maximum value for shareholders

The Company will pursue a net debt/equity structure that adds maximum value for shareholders

281

539443

2004 2005 2006

11


EBITDA margin per segment

42.4%

4.6%

69.3%

21.2%

4.6%

42.3%

2006

45.3%41.7%TOTAL

10.5%8.2%Seminovos

63.6%65.2%Aluguel

27.9%28.4%TOTAL

14.4%15.3%Seminovos

46.3%42.6%Aluguel

20052004A

lugu

el fr

otas

Alu

guel

car

ros

The drop of 4 p.p. in the car rental margin was compensated bythe increase of 5.7 p.p. in the fleet rental margin

12

(R$ milhlion. USGAAP)

EBITDA margin per segment

27.3%

39.0%

4.6%

51.7%

32.6%33.1%TOTAL

47.6%41.5%Franchising

13.7%13.2%Seminovos

52.5%51.5%Aluguel

Con

solid

ado

42.4%

4.6%

69.3%

21.2%

4.6%

42.3%

2006

45.3%41.7%TOTAL

10.5%8.2%Seminovos

63.6%65.2%Aluguel

27.9%28.4%TOTAL

14.4%15.3%Seminovos

46.3%42.6%Aluguel

20052004A

lugu

el fr

otas

Alu

guel

car

ros

13

Indexes: ROIC

19.8%24.1%29.3%24.5%ROIC

3.1%5.7%7.6%9.3%IPCA – inflation index

4,0%9,4%17,4%14,0%Average increase in the car price

2006200520042003

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 rental2. 5% increase in the new car prices in 20063. Impact of inflation in the fixed costs

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 rental2. 5% increase in the new car prices in 20063. Impact of inflation in the fixed costs

R$ / million

1,8

75,644,5

57,4

11,8%

24,1% 18,4%15,8%

19,8%

24,1%

29,3%

24,6%

-

25,0

50,0

75,0

100,0

2003 2004 2005 2006-5,0%

5,0%

15,0%

25,0%

35,0%

EVA WACC nominal ROIC

-4 p.p.

14

Indexes: WACC

11.8%15.8%18.4%24.1%WACC

42% / 58%50% / 50%33% / 67%27% / 73%Third party’s capital x equity

12.6%18.1%21.8%26.9%Cost of own capital

10.7%13.5%11.5%16.6%Third party cost of capital

2.4%4.0%5.4%8.4%Sovereign risk

15.0%19.0%16.2%23.3%Average CDI

2006200520042003

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%

R$ / million

1,8

75,644,5

57,4

11,8%

24,1% 18,4%15,8%

19,8%

24,1%

29,3%

24,6%

-

25,0

50,0

75,0

100,0

2003 2004 2005 2006-5,0%

5,0%

15,0%

25,0%

35,0%


-4 p.p.

15

1,8

75,644,5

57,4

11,8%

24,1% 18,4%15,8%

19,8%

24,1%

29,3%

24,6%

-

25,0

50,0

75,0

100,0

2003 2004 2005 2006-5,0%

5,0%

15,0%

25,0%

35,0%


Indexes: EVA

75.657.444.51.8EVA – R$ million

8.068.3210.830.55Spread (ROIC – WACC) percentage points

937.8689.4410.8323.5Average invested capital – R$ million

2006200520042003

Localiza continues to present low volatility in spread.

In 2006 EVA grew 29.9% in accordance with the average rented fleet growth

Localiza continues to present low volatility in spread.

In 2006 EVA grew 29.9% in accordance with the average rented fleet growth

R$ / million

32%

16

ROE – return on equity

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 Brasilwith consistent ROE in the last 5 years, by 2006 FGV ranking

Localiza was the 13th among the largest 500 companies in Brasilwith consistent ROE in the last 5 years, by 2006 FGV ranking

29%

39%37%

2004 2005 2006

17

Perspectives

18

2007 perspectives:Utilization rate and real increase in the car price

2007 perspectives: Utilization rate of 70% in the car rentalReal increase in the new car prices in line with inflation

Average depreciationper car

Real decrease in theused car price

Real increase in theused car price

65.5%58.8%60.6%62.9%67.4%74.0%74.1%Utilization rate

5.2%2.9%1.8%9.2%9.3%11.9%13.8%% over rental revenue

939.1 492.3 322.9 1.752.3 1.656.2 2.142.5 3.617.7 Average depreciation per car

Car Rental

0.88%3.71%9.82%4.65%-5.14%-0.95%.-4.07%Real increase (decrease) in the new car price

3.14%5.69%7.60%9.30%12.53%7.67%5.97%IPCA- inflation

4.02%9.40%17.42%13.95%7.39%6.72%1.90%Increase of new car price (Pálio)

2006200520042003200220012000

Real increase x depreciation

3.617,7

2.142,51.656,2

1.752,3 322,9 492,3939,1

0,9p.p.

-4,1p.p.

-1,0p.p.

-5,1p.p.

4,7p.p.

9,8p.p.

3,7p.p.

(2.000,0)

(1.000,0)

-

1.000,0

2.000,0

3.000,0

4.000,0

2000 2001 2002 2003 2004 2005 2006

-6,0%

-2,0%

2,0%

6,0%

10,0%

19

2007 Perspectives: Consolidation

CAGR: + 11%

Car rental market revenues Localiza revenues(excluding car sales)

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

Others84%

Localiza16%

Others82%

Localiza18%

Others80%

Localiza20%

Market share of Localiza Group

2004 2005 2006E

281331

429

2003 2004 2005

CAGR: + 24%

2,3502,680 2,910

2003 2004 2005

R$ / million

20

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

21

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)

22

RENT3 performance

Localiza was the Best Company for ShareholdersResearch by Economática. Stern & Stewart, IBGC and FEA/USP – companies up to R$ 5 bi market cap

Localiza was the Best Company for ShareholdersResearch by Economática. Stern & Stewart, IBGC and FEA/USP – companies up to R$ 5 bi market cap

Average daily traded volume (RS million)

4,570

10,581

6,124

11,804

2005 2006 4T05 4T06

+132%+93%

Source: Capital Aberto magazine

23

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.

24

Thank you!

Localiza’s IR:www.localiza.com/riPhone: 55 (31) 3247-7039

25

Addendum

26

Growth opportunities

Air traffic

GDP elasticity

Consolidation

Credit cards

Replacement

Fleet outsorcing

27

Source: Bacen, Localiza

The average car rental division volume growth was8.4 x GDP over the last five years

0%

20%

40%

60%

80%

100%

120%

140%

Localiza – daily rentals volume GDP

2001 2002 2003 2004 2005

CAGR: 18.3%

CAGR: 2.2%

8.4x

Accumulated growth rate – car rental

Growth opportunities: GDP

-20%

28

High leverage of car rental on

air travel

Air traffic has increased 11%

p.a. over the last 2 years due

to the success of low cost -

low fare airlines

Localiza is the absolute leader

in airport branches in Brazil

Air traffic evolution(Millions of passengers per year)

CAGR: +11%

Growth opportunities: Air traffic

8396 102

2004 2005 2006

29

Source: ABECS

CAGR: +21%

# of credit card (million)

Growth opportunities: Credit cards

Number of credit cards increased 21% per year over the last 2 years 78 million credit cards in BrazilEvery credit card user is a Localiza potential customer

5368

78

2004 2005 2006

30

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

Growth opportunities: Replacement market

31

Focus of corporations on their core businessesFocus of corporations on their core businesses

Fixed asset reduction by companiesFixed asset reduction by companies

Economic growthEconomic growth

Large potential market with low penetrationLarge potential market with low penetration

Growth opportunities: Fleet outsourcing

32

Growth opportunities: Consolidation

DTG11%

Vanguard20%

Hertz28%

Avis Budget32%

Other2%

Enterprise7%

All others19%

Avis Budget7%

Hertz9%

Enterprise65%

Source:*Avis presentation nov/06 - local segment share amounts are company estimates** National/Alamo prospectus, NYSE/SEC, September 20, 2006

US airport segment* - US$10BN US off-airport segment* - US$10BN

USA: 5 companies hold 92% of market shareEurope: 6 companies hold 74% of market share**

US Market share 2005

33Source: ABLA

Localiza is the consolidator in a fragmented industry


Localiza’s Market share - Brazil

2004 Market share 2005 Market share

16%

18%7% 4% 4%

Localplayers

69%

Unidas Avis Hertz

2006E Market share

20%

34

Off-airport agencies


Airport agencies

41

55

45

88

9/ 30/ 2005 9/ 30/ 2006

9.8%

60.0%96

133Owned agencies

The share in off-airport agencies is growing faster in volume and revenue

46.7%49.6%Off-airport agencies

16.0%17.2%Airport agencies

Revenue growthVolume growth

2006/2005 (%)

35

Bargainingpower

Highercompetitiveness

Market shareexpansion

Scale gainsIntegrated platform

Geographical distributionYield managementBargaining power

Credit with lower interest rateKnow-how

DepreciationStrong brand

IT

Competitive advantages

36

Franchising

Car rental

Competitive Advantages: Integrated business platform

Fleet rental

Used Car Sales

37

International footprint

International footprint

Strategic locationsStrategic locations

Nationwidepresence

Nationwidepresence

Competitive Advantages: Largest distribution

326 agencies in 9 countries

38

278

86

83

74

Localiza Hertz Avis Unidas

Localiza network is larger than the second, the third and the fourthcompetitors combined.

(number of agencies in Brazil)

243**278*

* As of September 30, 2006 ** As of January 29,2007

Competitive Advantages: Largest distribution

39

Yield management allows Localiza to be more competitive

Day of the weekDay of the week

Month of the yearMonth of the year

EventsEvents

CityCity

Volume per customerVolume per customer

Competitors’ monitoringCompetitors’ monitoring

Localiza adjusts its prices based on supply & demand

Competitive Advantages:Yield management

40

Localiza Group has the largest fleet in South America:52,733 cars in 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

Competitive Advantages:Bargaining power

15 . 3 6 411. 7 5 8

15 . 0 6 2

2 2 . 18 22 6 . 10 5

3 3 . 5 2 0

2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6

41

Competitive Advantages:Credit access

BB / Stable /--Localiza Rent a Car S.A.

A-/ Stable / A-2Enterprise Rent-Car Co.

BB+/ Stable /--Avis Budget Car Rental

B+/ Stable /--Vanguard (National / Alamo)

BB-/ Stable /--Hertz Corp.

Global Scale

brAA-/ Stable /--Localiza Rent a Car S.A.

brAA/ Positive /brA-1Banco Citibank S.A.

brAA+/ Positive /brA-1Banco Itaú S.A.

brAA+/ Positive /brA-1Banco Bradesco S.A

brA+/ Positive /--CPFL Energia S.A.

brAA+/ Positive /--Gerdau S.A.

brA+/ Stable /--TAM S.A.

Local Currency

Standard & Poor’s as of January 19, 2007

42

Deep knowledge of the businessState-of-the-art systemsOperational excellenceAdoption of best practicesStable management

15Used car operating officerMarco Guimarães

33Vice-presidentAntonio Resende

20CFORoberto Mendes

21Total fleet operating officerDaltro Barbosa

26Localiza operating officerGina Rafael

33

33

Eugênio Mattar

CEOSalim Mattar

Experienceat LocalizaTitleName

Vice-president

15Investor relationsSilvio Guerra

24Aristides Newton Franchising vice-president

Competitive Advantages:Know-how

Integrated Business Platform

Largest Distribution

Yield Management

Bargainingpower

Credit access

Depreciation

Experiencedmanagement

Brand recognition

State-of-the-artsystems

43

Car prices and accurate forecasts of depreciation (car rental)

26%*25%23%----National Alamo (USA)

23%23%22%----Hertz (USA)

4.1%2.9%1.8%9.2%9.3%11.9%13.8%Localiza (car rental division)

Until Set/06200520042003200220012000% over rental revenue

Competitive Advantages:Depreciation

Depreciation (car rental)

* Until Jun/06

Source: National/Alamo prospectus, Sep 20, 2006, p.11 and Hertz prospectus, Nov 21,2006, p.12 and 17

Average depreciationper car

Real decrease in theused car price

Real increase in theused car price

Real increase x depreciation

3.617,7

2.142,51.656,2

1.752,3 322,9 492,3939,1

0,9p.p.

-4,1p.p.

-1,0p.p.

-5,1p.p.

4,7p.p.

9,8p.p.

3,7p.p.

(2.000,0)

(1.000,0)

-

1.000,0

2.000,0

3.000,0

4.000,0

2000 2001 2002 2003 2004 2005 2006

-6,0%

-2,0%

2,0%

6,0%

10,0%

44

Top of mindTop of mind

High quality of services

Customer satisfaction

Strong nationwide presence

International franchising program

High standards of ethical behavior

Competitive Advantages:Brand recognition



Yield Management

Brand recognition

Bargainingpower

Credit access

Depreciation



45

IT allows Localiza:Speed in transaction timeBetter operational controlCustomer satisfactionOn-line networkCost reduction

Competitive Advantages:IT



Yield Management

Brand recognition

Bargainingpower

Credit access

Depreciation



46

Financial Cycles

47

Car rental financial cycle

115Financial payment

Financing

100

Car Sales Revenue

102

Revenues = 114,58

Expenses = 62,84

100Car acquisition

(List price net of dealers discount = 125)

*

Consolidated net margin is 19,3% of car rental revenues (if 100% leveraged).

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

Car Rental Car Resale (Seminovos) Consolidated

31,6% -12,3% 19,3%

Revenue per car sold** 102,20SG&A (7%) (7,15)Safety Margin (3%) (3,06) Book value after 12 months 91,99

** Depreciation over list price: 100-(102.2/125)x100 = 18,2%

Principal 100,00Interest (CDI + 1 p.p.) 15,00Financial payment 115,00

48

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

Fleet Rental Car Resale (Seminovos) Consolidated

46,2% -26,3% 20,0%

Fleet rental financial cycle

Financing

100

115Financial payment

100Car acquisition

(List price net of dealers discount = 125)

Car Sales Revenue

102

Revenues = 53,64

Expenses = 18,21

Consolidated net margin is 20% of fleet rental revenues (if 100% leveraged).

Revenue per car sold** 102,20SG&A (7%) (7,15)Safety Margin (3%) (3,06) Book value after 12 months 91,99

** Depreciation over list price: 100-(102.2/125)x100 = 18,2%

Principal 100,00Interest (CDI + 1 p.p.) 15,00Financial payment 115,00

*

49

Depreciation rate evolutionx

Seminovos EBITDA margin

50

+ 0.06%+ 3.71%+ 9.82%+ 4.65%- 5.14%- 0.95%- 4.07%Real increase(decrease)

1.44%5.69%7.60%9.30%12.53%7.67%5.97%IPCA inflation

1.50%9.40%17.42%13.95%7.39%6.72%1.90%New car priceincrease (Palio)

1Q06200520042003200220012000

Evolution of car prices increase

-4.1% -5.1%

-1,0%

4.7%

9.8%

3.7%

0.1%

-6.0%

-2.0%

2.0%

6.0%

10.0%

2000 2001 2002 2003 2004 2005 1Q06

51

100.00100.00100.00100.00100.00100.00100.00Car purchase price

13%10%6%3%3%3%3%EBITDA margin

16.2511.606.953.303.153.002.85EBITDA

8.758.408.057.707.357.006.65SG&A (7%)

100.00100.00100.0099.0094.5090.0085.50Book Value

0%0%0%1.0%5.5%10.0%14.5%Depreciation rate

125.00120.00115.00110.00105.00100.0095.00Sale price

Exemple 7Exemple 6Exemple 5Exemple 4Exemple 3Exemple 2Exemple 1

Average 3.0% 9.6%

Depreciation rate = {(sale price – 10% of sale price) / Car purchase price}-1where 10% = selling expenses (7%) + safety margin (3%)

Depreciation rate X Seminovos EBITDA margin

52

Retail x replacement x mini-lease

53

0,50

2

57,0

95%

60,0

Mini-lease

2,00

8

56,0

80%

70,0

Replacement

5,00*Total fixed cost

Interactions (0.25 each)

Revenue

Utilization rate

Rate index

20

60,0

60%

100,0

Retail

Car rental - Gross profit per segment

* It does not include 5% airport fees

Reservation

Pick up

Usage

After-salesCar return

Volume 36% 64%Revenue 58% 42%

56,554,055,0Contribution margin

54

Performance - RENT3

Performance: RENT3 2005 + 149% X IBOV + 38%RENT3 2006 + 124% X IBOV + 33%RENT3 since IPO + 459% X IBOV + 84%

Average daily trading volume in 2006: R$ 10,5 million

10

15

20

25

30

35

40

45

50

55

60

65

70

23-M

ay7-J

un21

-Jun

5-Jul

19-Ju

l2-A

ug16

-Aug

30-A

ug14

-Sep

28-S

ep13

-Oct

27-O

ct11

-Nov

28-N

ov12

-Dec

26-D

ec10

-Jan

24-Ja

n8-F

eb22

-Feb

10-M

ar24

-Mar

7-Apr

25-A

pr10

-May

24-M

ay7-J

un22

-Jun

6-Jul

20-Ju

l3-A

ug17

-Aug

31-A

ug15

-Sep

29-S

ep16

-Oct

30-O

ct14

-Nov

30-N

ov14

-Dec

Pric

e

0

20

40

60

80

100

120

Vol

ume-

R$

thou

sand

Volume RENT3 RENT3 IBOVESPA

RENT3 X IBOV

De 23/05/05 (IPO) a 31/12/06.

R$64,25

2006 analysts and investors meeting

Documents

net debt r

fleet growth r

car rental margin

car rentalfleet rental

net investment

net debt fleet

fleet fleet growth

fleet rental margin