1Q13 Results Webcast

May 10, 2013

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

Reported net profit reached R$9.4 million in the quarter, an increase of 18.8% over 4Q12. Excluding the effects of

the IPI (additional depreciation of R$ 5.0 million in 1Q13), net income would be R$ 12.7 million, an increase of

60.9% over 1Q12, and representing a net margin of 15.5% on rental revenues.

Consolidated net revenues increased 48.5% over 1Q12, driven by an increase of 198.0% in the sales of used

vehicles and 9.3% in fleet rental revenues. Used car sales in 1Q13 were a record, totaling 2,857 vehicles,

representing an increase of 230.3% and 37.1% compared to 1Q12 and 4Q12, respectively.

The global value of new fleet rental contracts signed during 1Q13 was also a record, at R$93 million and up 102%

compared with 1Q12 - which points to a top line growth in line with the Company’s budget plans. In April, sales

held up at 1Q13 historic levels.

EBITDA hit a record high of R$ 46.8 million in 1Q13, which already represented a margin on net rental revenue of

57.0%, within the operational margin target set by the Company, and significantly above the 53.4% reported in

4Q12.

On April 30, Fitch Ratings raised the Company’s credit rating to “A(bra)” from “A-(bra)”, in response to the

successful process of strengthening its financial profile, which resulted in: (i) debt lengthening (duration from 1.7

to 4.4 years), (ii) release of collateral (percentage of the fleet in guarantee fell from 68% to 36%), (iii) reduction of

spread (CDI +5.5% to current 2.8%), and (iv) deleveraging (net debt/EBITDA from 3.4x to 2.7x).

Quarter Highlights

2

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231 1Q12 1Q13

75.1 82.1

19.8

58.8

2009 2010 2011 2012

147.6

196.8

272.5 303.8

64.5

112.4

118.2

140.3

Consolidated Net Revenues – R$ Million

Net Fleet Rental Revenue Used Cars Sales Revenue

Consolidated Revenues

3 1S11 1S12 2T11 2T121S11 1S12 2T11 2T12

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231 1Q12 1Q13

45.9 46.8

EBITDA

4

2009 2010 2011 2012

74.5

108.8

155.6 168.5

EBITDA – R$ million

1 Excluding the extraordinary effects of IPI tax reduction (R$15.0 million in impairment)

1

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231 2009 2010 2011 2012 1Q12 1Q13

-8.5

11.6

22.6

36.3

7.9 9.4

Consolidated Net Income

5

Net Income – R$ million

1 Excluding the extraordinary effects of IPI tax reduction.

1

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q12 1Q13

28,631 27,813

Fleet - End of Period

6

Fleet End of Period - Units

2009 2010 2011 2012

15.335

21,913

27,262 29,252

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

778860 889 898

773 8601,035

968788

2011 2012

3,4263,635

Source: Fenabrave

7

New Car Sector Overview

Sales of New Passenger Cars and Light Commercial Vehicles in Brazil – in thousand

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

8

Used Car Sector Overview

Sales of Used Vehicles in Brazil – in thousand

Source: Fenabrave

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

2,0442,121

2,319 2,379

2,083 2,168

2,413 2,347

2,099

2011 2012

8,863 9,011

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1.89%

1.72%

2.27%

2.02%

1.68% 1.64%

Jan-1

0

Mar-

10

May-1

0

Jul-

10

Sep-1

0

Nov-1

0

Jan-1

1

Mar-

11

May-1

1

Jul-

11

Sep-1

1

Nov-1

1

Jan-1

2

Mar-

12

May-1

2

Jul-

12

Sep-1

2

Nov-1

2

Jan-1

3

Mar-

13

4.3%

2.5%

7.2% 7.1%

6.3%

Jan-1

0

Mar-

10

May-1

0

Jul-

10

Sep-1

0

Nov-1

0

Jan-1

1

Mar-

11

May-1

1

Jul-

11

Sep-1

1

Nov-1

1

Jan-1

2

Mar-

12

May-1

2

Jul-

12

Sep-1

2

Nov-1

2

Jan-1

3

Mar-

13

Source: BCB

9

Vehicle Financing

Vehicle Financing Default Rate¹

¹ Individuals

Financial Spread of vehicle financing

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

65

70

75

80

85

90

95

100

105

Jul-

06

Nov-0

6

Mar-

07

Jul-

07

Nov-0

7

Mar-

08

Jul-

08

Nov-0

8

Mar-

09

Jul-

09

Nov-0

9

Mar-

10

Jul-

10

Nov-1

0

Mar-

11

Jul-

11

Nov-1

1

Mar-

12

Jul-

12

Nov-1

2

Mar-

13

Price of new cars Price of used cars

4.5%

5.9%

4.4%

5.9% 6.5%

5.8% 6.6%

1.7%

-2.3%

-3.6%

-1.0%

-2.9%

-5.7%

2.4%

0.1%

-4.3%

-11.9%

-2.0%

-3.7%

-10.7%

-0.2%

-14.0%

-10.0%

-6.0%

-2.0%

2.0%

6.0%

2007 2008 2009 2010 2011 2012 1Q13

General Inflation (IPCA) Price of New Cars Price of Used Cars

10

Used Car Prices vs. New Car Prices in Brazil

Spread between the price of Used and New cars in Brazil¹

Base 100 in July 2006.

Inflation vs Price of New and Used Cars¹

Source: 1 IBGE

2 IPCA IT13 LTM.

2

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q12 2Q12 3Q12 4Q12 1Q13

3,596 3,835

3,446 3,208

4,505

Inventories Cars for Sales

12.6%

13.5%

12.0% 11.0%

16.2%

% of total fleet EoP

1Q12 4Q12 1Q13

23,590 24,204 22,668

1,445 1,840

640

3,596 3,208 4,505

Operating Deployment Demobilization

27.813 29.252 28.631

Operating Performance

11

Fleet Breakdown, EoP Cars Inventories for Sale (Demobilization)

3T11 4T11 1T12 2T12 3T12

2.911

3.5963.835

3.446

Frota em Desmobilização

-389

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q12 1Q13

75.1 82.1

Fleet Rental Revenues

12

Net Fleet Rental Revenues – R$ Million

2009 2010 2011 2012

147.6

196.8

272.5 303.8

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q12 2Q12 3Q12 4Q12 1Q13

1,078

1,491

2,631

1,577 1,557

Number of cars

46 51

71

67

93

Global Value - R$ Million

50

60

40

20100

Record

68%

66%

64%

63%

61%

1Q12 2Q12 3Q12 4Q12 1Q13

New Contracts and Popular Vehicles

13

New Contracts¹

1 Excludes contract renewals.

50

60

40

20100

% of Popular Vehicles in the Fleet

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

201

230

247

269

289

309

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

63.3%

51.6%

44.5%

39.5%

2010 2011 2012 1Q13

14

Number of Clients and 10 Biggest Clients

Number of Clients Decreasing Customer Concentration

Participation of the 10 largest customers in rental revenue.

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q12 2Q12 3Q12 4Q12 1Q13

865

1,574

2,543

2,084

2,857

22.8

20.9

19.0 18.9

20.6

1Q12 2Q12 3Q12 4Q12 1Q13

15

Used car sales

Number of Cars Sold Average Selling Price – (R$ thousand)

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

2009 2010 2011 2012

2,828

5,473 5,489

7,066

16

Used car sales

Two inaugurations in december/12 and five new retail stores in 2013

Number of Cars Sold

Wholesale Sales Point – Beginning of the year (8 stores)

Retail Sales Point – Beginning of the year (3 stores)

New Sales Point in 2013 (5 retail stores)

Belo Horizonte

Cuiabá

Rio de Janeiro

Curitiba

Campo GrandeRib. Preto

CampinasSão Paulo

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q12 2Q12 3Q12 4Q12 1Q13

6.6% 7.5% 6.6% 6.4% 7.9%

7.6%

4.1% 2.7%

2.6%

2Q12 3Q12 4Q12 1Q13 Apr-Dec 2014 +

15.0

13.9

7.6 5.1 5.0 5.7 3.5

IPI Effects and Depreciation

17

¹ Excluding the extraordinary effects of IPI tax reduction

IPI tax reduction effects – R$ Million Depreciation / Average Fixed Assets

Depreciation Impairment

Vehicles and acessories

Depreciation IPI Additional Depreciation

28.9

1 1 1

2013

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

37.1 36.9

41.1 40.4

45.9

39.6 41.0 42.0

46.8

58.6% 54.3%

59.5% 56.1%

61.1% 53.3% 54.2% 53.4%

57.0%

EBITDA and EBITDA Margin

18

1 Excluding the extraordinary effects of IPI tax reduction (R$15.0 million in impairment)

1

1

EBITDA – R$ million

Record

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

27.3 26.5

30.8 29.1

33.3

25.4

28.1 29.2

31.2

43.1% 39.0%

44.5% 40.4%

44.3%

34.1% 37.2% 37.1% 38.0%

EBIT and EBIT Margin

19

1 Excluding the extraordinary effects of IPI tax reduction (Impairment: R$15.0 MM; Additional depreciation: R$13.9 MM, R$7.6 MM, R$5.1 MM and R$5.0 MM on 2Q12, 3Q12, 4Q12 and 1Q13, respectively).

1

1

1

1

1

1 1

1

EBIT – R$ million

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

5.4 6.2 6.1 4.9 7.9

-22.4

7.5 10.8 9.4

16.3%

12.2%

13.8%

15.9% 15.9%

1Q12 2Q12 3Q12 4Q12 1Q13

20

Notes: 1 Excluding the extraordinary events of the IPI tax reduction and the prepayment of debt fines.

Net Income and Returns

ROE LTM = (Net Income / Average Equity last 5 quarters) x 100

Net Income (R$ mm) ROE¹ (%)

16,3%

12,2%

13,8%

15,9% 15,9%

17,7%

18,9%

16,7%

1T12 2T12 3T12 4T12 1T13

ROE LTM

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

2009 2010 2011 2012 1Q12 1Q13

115.6

291.9 315.9

281.2

68.3 50.9

64.5

112.4 118.2 140.3

19.8

58.8

(7.9)

51.1

179.5 197.8

140.9

48.6

2009 2010 2011 2012 1Q12 1Q13

4,467

11,040 11,052

9,522

2,318 1,699

2,828

5,473 5,489

7,066

865

2,857

1,639

5,567 5,563

2,456

1,453 (1,158)

Purchases Used Cars Sales Revenues

Purchased Cars Sold Cars

Investment

21

Fleet Increase

Net Fleet Capex – R$ Million

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

2011 2012 2013

BBB+

A-

A

22

Fitch Ratings Standard & Poor’s Ratings

Capital Structure

Ratings increase

1

18 Jun 12

19 Sep 11

08 Feb 13

2011 2012 2013

02 May 12

08 Jun 11

30 Apr 13

BBB+

A-

A

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

35%

62% 68%

88% 89%

2009 2010 2011 2012 1Q13

87%

72% 68%

37% 36%

2009 2010 2011 2012 1Q13

5.5%

3.8%

3.3% 3.1%

2.8%

1Q12 2Q12 3Q12 4Q12 1Q13

Debt Spread

Capital Structure

23

Vehicles in guarantee of debts % Long Term Debt

% of fleet vehicles in guaranteed debt

Lower spreads and vehicles in guarantee

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

Cash 2013 2014 2015 2016 2017 2018 2019

201.4

59.7 77.1 81.5

240.6

80.1 80.0

40.0

Cash 2012 2013 2014 Until2016

187.2 159.6

250.2

173.0 165.0

Lengthening of debt amortization until 2019

24

Debt Profile on 31/03/2013 Debt Profile on 31/03/2012

Capital Structure

R$ Million R$ Million

R: 228

G: 132

B: 106

R: 245

G: 209

B: 199

R: 238

G: 26

B: 47

R: 213

G: 213

B: 213

R: 90

G: 90

B: 90

R: 159

G: 159

B: 159

R: 192

G: 192

B: 192

R: 231

G: 231

B: 231

2009 2010 2011 2012 1Q13

243.9

393.4

523.9

444.2 457.5

3.27x

3.61x

3.37x

2,64x 2,70x

1Q12 2Q12 3Q12 4Q12 1Q13

30.3%

27.6%

20.2% 18.6%

16.2%

25

Net Financial Expenses / Net Rental Revenue

Capital Structure

1 1

1 Excluding the prepayment of debt fines. 1 Excluding the extraordinary events of the IPI tax reduction.

1

1

Net Debt (R$ mm) and Net Debt / EBITDA

Deleveraging and lower financing costs

Thank you!

www.locamerica.com.br/ri

Contact: ri@locamerica.com.br

+55 31 3316.1981

Legal Notice - This release contains forward-looking statements relating to the prospects of the business. estimates for operating and financial results. and those related to growth prospects of Locamerica and are merely projections and. as such. are based exclusively on the expectations of the Company’s management concerning the future of the business. Such forward-looking statements depend substantially on changes in market conditions. the performance of the Brazilian economy. the sector and the international markets. and are therefore subject to change without prior notice.