Roadshow PresentationApril / 2012

Disclaimer

This presentation may contain certain forward-looking statements and information relating to Companhia de Locação das Américas (“Locamerica” or the

“Company”) that reflect the current views and/or expectations of the Company and its management with respect to its business plan. Forward-looking

statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may

contain words like “believe”, “anticipate”, “expect”, “envisage”, “will likely result”, or any other words or phrases of similar meaning. Such statements are

subject to a number of significant risks, uncertainties and assumptions. We caution that a number of important factors could cause actual results to differ

materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In any event, neither the Company nor any of

its affiliates, directors, officers, agents or employees shall be liable before any third party (including investors) for any investment or business decision

made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

The Company does not intend to provide eventual holders of shares with any revised forward-looking statements of analysis of the differences between

any forward-looking statements and actual results. There can be no assurance that the estimates or the underlying assumptions will be realized and that

actual results of operations or future events will not be materially different from such estimates.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without

Locamerica‟s prior written consent.

This presentation does not constitute an offer of securities for sale or a solicitation for an offer to buy securities in the United States. Please consult the

offering documents the Company has prepared, which contains detailed information about the Company, its management and other additional information.

Investors should review the offering documents, including the risk factors associated with an investment in the securities of Locamerica, before making any

investment decisions.

Presenters

Graduated in business administration by

FUMEC University and specialization in

Business by Fundação Dom Cabral.

Founded Locarvel, in 1993, when he was

22 years old.

Advisor of ANAV (National Association of

Car Rental Companies).

Vice-President of SINDILOC-MG (Car

Rental Association of Minas Gerais).

One of the founder-partners of Via Jap and

Via Natsu, car dealerships.

Luis Fernando Porto

Founder and CEO

Graduate in engineering from Instituto

Militar de Engenharia and master in

Systems Management by Rensselaer

Polytechnic Institute.

Acted as a Venture Capital Fund Banker

Manager of Banco Modal S.A.

Worked as Commercial Officer of Banco

Itaú S.A. and Director of Corporate

Relations at Banco Itaú BBA.

Acted as Director of Corporate Relations of

Banco Votorantim S.A. and later as Private

Equity Director of Banco Votorantim.

Former President and former member of the

board of CFA Society of Brasil.

Joel Kos

CFO

Graduated in Economics from the London

School of Economics with a masters degree

in Management by the same institution.

Currently attending an MBA in Finance by

the IBMEC Business School.

Worked as a Director and Senior Equity

Research Analyst (sell-side) at Deutsche

Bank and UBS Warburg in New York and

London, responsible for the coverage of the

Telecommunications sector for 7 years.

Acted as Investor Relations Officer for VIVO

S/A. in São Paulo and IR manager for

Minerva S/A.

Ronald Aitken

IR General Manager

SECTION 1

Company Overview

A History of Entrepreneurship and Growth

A history of success, growth and profitability

5

Post-IPO

3rd Largest company

in the Sector 2nd Largest Company in

the Sector 1st Largest Company

in the Sector

Scale gains at operational and financial levels

Capital structure optimization

Founding shareholders and management commitment for the long run

5

Inception with

16 cars

1993 Private Equity:

greater financial

discipline and

focus on

profitability

2008Growth even

during crisis

2009Consolidation of

corporate

governance and

managerial best

practices

2010

IPO: seek of

new partners for

the next growth

phase

2012

The fastest

growing

company in the

last 5 years

2011

Total Fleet

(‘000s)

Rental Revenues

(R$ mm)

CAGR 06-11

37.5%

CAGR 06-11

37.1%

62.8 88.5

135.3

162.8

216.6

304.0

2006 2007 2008 2009 2010 2011

5.5

10.5

14.9 16.5

21.9

27.3

Business Model

Exclusive focus on fleet outsourcing, with greater predictability on revenues, expenses and sales

of used vehicles

6

Purchase -

Sale =

Depreciation

Predictable

Revenues

Long-term contracts (24 months )

Long-term relationships (average 3.7 years)

Differentiated Pricing Policy ensuring average IRR of 20.5%

High levels of contract renewal (90% of the target clients)

Purchase of more cars at higher discounts

Expansion of the retails sales channels (direct sales and web) with increasing margins

EarningsCost of

Capital

SG&A +

Operational

Costs

Optimization of capital structure

Less leverage

Improved debt maturity

Better rating

Lower funding costs

Strict control of expenses

Low cost culture “Orçamento Base Zero”

Lean corporate structure

- - - =

High EBITDA and EBIT margins

High and resilient ROE

High and resilient ROIC

17.3% 48.2% 34.5%

Note:

1 Proportion of all three cost centers

1 1 1

Market Overview: Fleet Outsourcing

Fast growing market

Fleet outsourcing boasts great growth potential, having grown 2,7 times the GDP in the last 5 years 1

Source: Denatran, Fenabrave, Associação Brasileira de Locadoras de Automóveis (ABLA), Data Monitor (1) Growth of 161.2% of the sector during the period 2006-2010 versus

growth of the Brazilian GDP in nominal conditions of 59.1% in the period of 2006-2010. Source: ABLA and IPEA (2) Penetration in the fleet outsourcing market. Consider

data from Data Monitor in a study of 2007. (3) IBGE. (4)Yearbook ABLA 2011 and Auto Rental News (Factbook 2012)

% of corporate fleet

11.2%

CAGR

(05-10)

Low penetration

Brazil vs. Mature Markets

Highly fragmented market with

consolidation opportunities

CAR RENTAL MARKET

94%

6%Others

4 largest

companies

Others

3 largest

companies

30%

70%

MARKET PENETRATION (2) MARKET SHARE (4)

7

Rent a car Fleet („000 vehicles)

Fleet Outsourcing („000 vehicles)

Car Rental Revenues (R$ bn)

12.5%

13.4%

MARKET POTENTIAL (3)

# of Companies

# of employees

+ +

156.2 175.5 188.8232.4

135.0123.8

182.6

174.2

143.6

127.8

115.0101.3

225.1250.0

284.0

319.1

363,0

415.0

2005 2006 2007 2008 2009 2010

5.1

4.44.0

3.53.23.0

5.4%

46.6%

37.4%

24.5%

16.5%

58.3%

5,2345,991

17,685

34,673

63,538

50-99 100-249 250-499 500+ Total

8

Significant Growth Potential in Fleet Outsourcing

We are the first derived from the target sectors

26%

20%

8%

13%

21%

5%

Food1

Health/Pharmaceutical2

Financial3Beverages4

Techonolgy6

Oil and Gas5Company Focus

Source: BM&FBOVESPA, IBGE and Bloomberg

Note:

1 Average among Minerva, BR Foods, Marfrig and GPA

2 Average among Amil, Cremer, Dasa, Drogasil, Fleury, Odontoprev and Profarma

3 Average among ABC Brasil, BB, Bradesco, BicBanco, BMF Bovespa, Cielo, Cetip e

Santander

4 Ambev

5 Petrobras

6 Totvs

Locamerica boasts strong performance in sectors with high growth potential of corporate fleet

Solid Economic Fundamentals

RETAIL GROWTH

Source: BNDES and Ipeadata

178176160

146140127119114

103

2003 2004 2005 2006 2007 2008 2009 2010 2011

(Nominal Retail Sales with seasonality adjustment; end of period;

indexed base 100 = average 2003)

CAGR6.3%

INVESTMENTS IN BRAZIL

(R$ billion)

533

886

CAGR (10-12E) of Net Revenues of Listed Companies on the BM&FBOVESPA (%)

196337

131

210206

339

2006 - 2009 2011 - 2014

Homebuilding Infrastructure Industrial

Market Overview: Used Vehicles

Growth of the used vehicles market in Brazil supported by solid economic fundamentals coupled with

a buoyant dynamics in the sector

Source: Denatran, Fenabrave, Associação Brasileira de Locadoras de Automóveis (ABLA); (1) Automotive News, Revista Exame, BNDES, Portal Brasil and Banco Central; (2)

Tabela Fipe; (3) Automakers website, Kelley Blue Book, companies‟ website and Locamerica

9

VEHICLE DEPRECIATION

Zero Km x 2010 (2)

Zero Km x 2010 (3)

USED VEHICLES‟ MARKET(1)

Used Vehicles sold in Brazil (million)

CAGR5.8%

NEW VEHICLES MARKET

New Vehicles sold in Brazil (milllion)

CAGR14.8%

3.9 2.9

Used Vehicles Negotiated / New Vehicles Registered

3.3 2.6 2.5 2.6

% of Locamerica sales of used vehicles in Brazil ACCESSIBILITY – CAR MARKET

NUMBER OF HABITANTS PER CAR

Minimum Wage (R$)

Minimum Wage Available for Purchase of

New Car

Ratio between the sales of new and used vehicles similar to the U.S.

Purchasing power increase positively contributes to greater vehicle

penetration in Brazil

Vehicle depreciation similar to the U.S.+ +

0.04%0.04%

0.07% 0.08%

8.98.47.17.27.16.7

2006 2007 2008 2009 2010 2011

3.42.82.72.42.21.7

2006 2007 2008 2009 2010 2011

1.2

1.5

1.7

4.0

5.9

1.6

1.920%

15%

28%

19%

16%

Average

Civic LXS 1.8

Corolla Xli 1.8

Palio Fire 1.0 2P

Gol G4 1.0 2P

23%

13%

32%

30%

18%

Average

Dodge Charger

Chevrolet Malibu

Honda Civic

Toyota Corolla

10

Sales strategy based on our own integrated structure through different channels, allowing for

improving commercial conditions and increasing participation in the retail segment

Diversified

Sales

Channels

Increasing retail

platform

Planned

Growth

Wholesale, retail, direct sales, web and “car fairs”

Increase in sales through own stores

- Increase from 7 to 11 stores in 2012

Increase in sales force

- 69 employees in 2011 to 126 in 2012

Point of Sales oriented in accordance with fleet demobilization

and representativeness in the GDP

Significant Growth Potential in the Used Vehicle Market

11

Margin Improvement

Impact on Company’s Profitability

Financial

Costs

Depreciation

Price

Net

Margin

Financial

Costs

Depreciation

Adm/ Operational

Costs

Net

Margin

Price

Financial

Costs

Depreciation

Adm/

Operational

Costs

Price

Net

Margin

Current Post-IPO Current

Adm/ Operational

Costs

Locamerica looks to lead the fleet outsourcing market, through gains in scale and significantly

cheaper capital funding structure

Improving funding

conditionsLower financial

costs

Lower

Leverage

Rating

Improvement

Lower InvestmentsIncrease of ROE and

ROIC

Larger Purchase

of VehiclesHigher

Discounts

Cost of Capital

Purchase of

Vehicles

We estimate to purchase vehicles with discounts from 2 p.p. to 6 p.p lower than our main competitor

Purchase of New Vehicles Cycle

Financial Cost 5p.p. higher

Cost of Capital Cycle

Main Competitor

**

*

* Real Depreciation, includes gross result of the used vehicles‟ business unit

SECTION 2

Investment Highlights

Active administration and responsible governance

Integrated platform for the sale of used vehicles

History of high growth with a low cost corporate culture and

proven operational efficiency

Largest company focused on fleet outsourcing in Brazil

Business model of high predictability and low risk

Strong and diverse customer base with focus on high growth

sectors

13

1

3

4

5

6

Investment Highlights

2

14

CAGR08 – 11

3.4%

Evolution of the 2 largest companies focused on the fleet outsourcing segment in Brazil

Largest company focused on fleet outsourcing in Brazil 1

Source: Companies‟ reports and ABLA

Notes:

1 Considers consolidated fleet of Locamerica and Locarvel

2 Considers the CAGR of 2008 – 2010

3 Company‟s estimates

Locamerica is the largest company focused exclusively on fleet outsourcing in Brazil, besides being

the fastest growing company in the sector in the last years

15.1% 2

Market Share (%) Fleet (Base Date on 2008)

11

22.2%

10.6%

LCAM X 08 – 11

7.8x

2.5x2

-

2.3x

8.5%8.7%

9.4%

10.4%

13.3%

12.1%

11.5%

12.1%

2008 2009 2010 2011

Locamerica Main Competitor

100

110

147

182

97

114

135

108

132

100 107

111

2008 2009 2010 2011

Locamerica Main Competitor Market GDP

1515

Long term contracts

12 to 60 months

Focus on fleet outsourcing ensures Locamerica the following advantages:

Business model of high predictability and low risk

Acyclic: Growth also in moments of crisis when companies decide to

outsource

Constantly monitoring the profitability of contracts

Target IRR of 20.5%

Predictability of costs

Low cost corporate culture

Centralized cost structure

Costs inelastic with fleet expansion

Predictable cash flow

Scale

High and stable rate of fleet utilization

Fleet utilization rate of 96% in 2011

Activity less susceptible to seasonality

2

Operational efficiency

Predictability of sales of used veicles

Less need for fleet renewal

1616

Business model of high predictability and low risk2

Main Assumptions (Pricing Comittee Management )

Main

Assumptions

Description of the Process

(Pricing Committee)

Discount on the acquisition of vehicles from automakers

(Human Resources Department Input)

Pre-operational expenses with taxes such as IPVA,

DPVAT, Licensing (Logistics Department Input)

Cost of funding and leverage

(Financial Department Input)

General and administrative expenses and overhead

(Human Resources Department Input)

Costs of preventive and corrective maintenance

(After Sales Department Input)

Cost of preparing the car for sale

(Logistics Department Input)

Purchase Price – Sale Price

Sales value of the vehicle

(Used Vehicle Sales Department Input)

1

2

3

4

5

6

7

8

Esti

mate

d In

tern

al R

ate

of

Retu

rn (

IRR

)

Purchase price of the

vehicle and accessories

Pre-operational

expenses

Financial cost

Administrative

expenses

Maintenance

expense

Sale preparation

costs

Depreciation

Revenues

Year 1

Revenues

Year 2

Sale value of

the vehicle

2

3

4

5

6

7

8

Esti

mad

ed

IR

R

1

IRR

(Variation p.p.)

2

Internal Rate of Return – Main Impacts

(R$)

Variable PricedVariation

(+ 5%)

Variation

(- 5%)

Purchase 25,212 26,473 23,951

Sale 20,000 21,000 19,000

Maintenance 90 95 86

Administrative

Expenses175 184 166

Decommissioning

Expenses300 315 285

Business model of high predictability and low risk

With a business model of low-risk, high predictability, Locamerica projects itself as one of the main

companies in sector

17

-4.0%

1.9%

-0.3%

-0.5%

0.0%

4.4%

-2.0%

0.3%

0.5%

0.0%

18

Strong and diverse customer base with focus on high growth sectors

Main Clients Low Customer Concentration

3

Source: Company

Locamerica has a strong and diverse customer base focused on growth with long-term relationships

Largest customer accounts for 7.5% of total sales

Provision for Bad Debt (PBD) of 1.3% in 2011

Average relationship with customers of 3.7 years

Foods Beverages2

Oil and Gas3 Financial4

Healthcare5 Technology6

1

Other Clients7

Contract renewal rate of target customers of 90%

Customer base with R$514.8 mm in contracts that

are protected by break-up fees of R$175.3 mm

4T09 4T10 4T11

62.0% 59.8%48.1%

38.0% 40.2%51.9%

10 Largest Clients Others

Used Vehicles Sales Strategy

2011 2012E

69

126

19

2 – Gestão e Governança

Strategy

Sale planned in advance

Diversified range of distribution channels and

active marketing

Points of sale defined according to the

demobilization of the fleet and representation in

GDP

Sales Channels

Sales strategy based on its own integrated structure through different channels, enabling the best

trading conditions and increasing participation in retail

Integrated platform for the sale of used vehicles4

Source: Company

Notes:

1 Percentage of total sales

2 Considers 1 Wholesale point in Recife, 2 Retail points in Rio de Janeiro and 1 Retail point in Sao Paulo

• Megastores

• Clients and users (drivers)

• Active marketing with drivers / clients

• Savings with freight and demobilization

• Tools for balancing vehicle stock

• Shared auto markets to minimize costs

• Retailers and car dealershipsWholesale

Sales

Retail

Sales

Direct

Sales (Driver)

Auto Markets

Sales Force

National Footprint

(No of Employees)

Wholesale Sales Point

Belo Horizonte

Cuiabá

Rio de Janeiro

CuritibaSão Paulo

Northeast

13,.%

Southeast

56.0%South

16.6%

Midwest

9.2%

North

5.1%

Retail Sales Point

New Sales Point in 2012 2

Representativeness of the Region in the GDP (IBGE 2000)

4T111 20111

82.7%74.2%

15.4%22.0%

1.9%3.8%

0.0%0.0%

2009 2010 2011

25.0

35.0

41.6

20

History of high growth with a low cost corporate culture and proven operational efficiency

Significant expansion of the Company’s

fleet allowed for a greater geographic

reach and market share growth

5

Source: Company

1 Considers Locamerica and Locarvel

(000‟ of Cars)

High fleet utilization, generating

maximum yield on assets and dilution

of fixed costs

(Rented Fleet / Operational Fleet)

Current Infrastructure with capacity to

increase the number of cars without the

need of expansion in fixed costs

(Nº of Cars)

Locamerica presents a high level of operational efficiency, leveraging its growing operations

Fleet Fleet / Employee Fleet Utilization Rate

2009 2010 2011

16.5

21.9

27.3

2009 2010 2011

95.4%96.0% 95.9%

1

21

After Sales Director

Fernando Aguiar

CFO and IR

Joel Kos

Human Resources Director

Neide Ramos

Used Vehicles Director

Luciano Moreira

IT Director

Artur Paoletti

Commercial Director

Sérgio Sampaio

72 Employees 11 Employees 35 Employees 69 Employees

CEO

Luis Fernando Porto

656 Employees (Dec/2011)

126 Employees 343 Employees

Francisco Nuno Pontes

Correia NevesLuis Fernando Porto Sérgio Augusto Guerra

de ResendeValter Pasquini Mario Antonio Thomazi

Quarterly discuss succession plans,

positions and Wages and Code of Ethical

Conduct

Members

CEO

Human Resources Director

Adviser

Human Resources

Assessment of market conditions, analysis

of used cars indicators, pricing and sales

strategies

Members

CEO

Used Vehicles Director

Adviser

Used Vehicles

Assessment of conditions and market trends

and definition of assumptions made

independently by each one of the departments

Members

CEO

CFO, Human Resources Director, Commercial Director, After Sales Director, and Used Vehicles Director

Rental Pricing 2

Board of Directors

Notes:

1 Does not consider the Audit Committee which is totally independent, accountable directly to the Board of Directors

2 Rental Pricing Committee is not statutory

Committees 1

Active administration and responsible governance6

Organizational Structure

SECTION 3

Financial Highlights

Gross Revenues

(R$ mm)

23

History of Consistent Growth and Profitability

Fleet

(000‟ Vehicles)

Source: Company

Note:

1 Considers Locamerica and Locarvel

CAGR28.5%

Among the industry leaders, we are the fastest growing company

Net Rental Revenues

(R$ mm)

CAGR35.9%

CAGR41.4%

2009 2010 2011

16.5

21.9

27.3

2009 2010 2011

227.3

329.0

419.7

2009 2010 2011

147.6

213.3

295.0

1

2009 2010 2011 4T11

42.9

63.0

113.7

31.2

24

EBITDA (R$ mm) and EBITDA Margin (%)

CAGR44.5%

EBIT (R$ mm) e EBIT Margin (%)

EBITDA Margin 1

50.5% 51.0% 52.7%

EBIT Margin 2

29.0% 30.0% 38.5%

Source: Company

Notes:

1 Considers EBITDA Margin as EBITDA / Net Rental Revenues

2 Considers EBIT Margin as EBIT / Net Rental Revenues

3 Considers PPR proportional for the quarter

CAGR62.8%

53.0% 39.7%

3 3

History of Consistent Growth and Profitability

2009 2010 2011 4T11

74.5

108.8

155.6

41.6

2009 2010 2011

-8.5

11.6

22.6

25

Net Income (R$ mm) and Net Margin (%)

Net Margin (%) 1

n.m. 5.4% 7.7%

Source: Company

Notes:

1 Considers Net Margin as Net Income / Net Rental Revenues

2 Reclassification of redeemable preferred shares in 2009 from Capital Equity to Liability, recognized in financial expenses, as CPC 39 / IAS 32

CAGR95.4%

History of Consistent Growth and Profitability

ROE (%)

CAGR80.7%

ROIC (%)

CAGR30.5%

2009 2010 2011

-2.4%

8.4%

15.2%

2009 2010 2011

7.4%9.2%

12.6%

2 2

2

2009 2010 2011

31.6%27.1% 28.2%

Cash Dec 2011

Ano 1 Ano 2 Ano 3 Ano 4 Ano 5

196.7 243.3

165.9 127.8

212.4

1.0

2009 2010 2011

18,4% 16,8% 17,3%

Financial Expense / Average Gross Debt

2009 2010 2011

243,9

393,4

523,9

3,3x3,6x 3,4x

26

Source: Company

Notes;

1 Reclassification of redeemable preferred shares in 2009 from Capital Equity to Liability, recognized in financial expenses, as CPC 39 / IAS 32

2 Considers capitalization of R$121,7 mm on January 4th, 2012

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

Improvement of the debt profile and an expected increase in the Company’s rating after the offering

Debt Amortization Schedule – Pro Forma2

(R$ 000‟)

1

Net Financial Expenses / Net Rental Revenues

1

1

History of Consistent Growth and Profitability

Conclusion

Conclusion

Only company in the

country that is 100%

focused on fleet

outsourcing

Average growth of 40% over the

past 5 years and 19% estimated

for the next 5 years

Differentiated

business model

focused on growth

with results

Predictable cash flow, low

cost culture and strong

financial and operational

discipline

Business platform

tested and

prepared for strong

growth

Future growth without

significant increases in

fixed cost

Rapidly growing

market

Growth of 13.4% over the past

5 years and 10% estimated for

the next 5 years

High rates of returnHigh and strong

ROE and ROIC

Founding partners

and administration

with vast market

knowledge

Long-term commitment

with a focus on value

creation for shareholders

28

IPO

Reduction in financial costs

Improvement of the

discount on the

purchase of vehicles

29

Net Income Growth

Net Income

Growth 2012

Net Income

Growth 2013

Net Income 2011 Contracted

Net Income

2012

Net Income 2012

not considering

new contracts

Decrease in

Financial

Expenses

2012 Expected Net

Income

52.9

22.630.0

42.2

12.2

Decrease in

Financial

Expenses

88.4

38.7

51.6

73.6

22.0

Net Income 2012

not considering

primary proceeds

Contracted

Net Income

2013

2013 Expected Net

Income

10.7

Earnings

With

Growth

Earnings

With

Growth

14.8Net Income

R$4.3 mm

(annualized 4Q

average)

X

12 months

R$51.6 mm

Net Income

R$2.5 mm

(annualized 4Q

average)

X

12 months

R$30.0 mm

20.1%

25.4%

Net Income 2013

not considering

new contracts