LOCAMERICA USED CARS REVENUE

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1 LOCAMERICA Locamerica is a company that specializes in customized car rental fleets for business. Our car rental company has been in the market since 13. Now we occupy the second place in the Brazilian ranking for the industry in number of vehicles. It's over 27,000 cars operating throughout the country in a safe, productive and legal way. To reach that level of excellence, Locamerica distinguishes itself by thinking on unique and innovative solutions for its fleet and customizing it to meet all our clients' needs. Currently the company's portfolio includes more than 200 names. The outsourcing options provided by Locamerica include motorcycles, economy, executive and armored vehicles, as well as commercial vehicles, trucks and vans. From the moment the customer chooses a vehicle, it is fitted according to their requirements. The company's operating fleet averages 1. months of age. It undergoes regular preventive maintenance and we also provide 2 x 7 technical support by our own call center. As a matter of course Locamerica spares no effort or investment to achieve its goals. That is why the forecast for 2011 is that the fleet should exceed 27,000 units: we expect to buy over 13,000 and sell about 7,00 vehicles. That is why the company will open new branches, reaching a total of 17 operational units by These are bold goals, but Locamerica's team is optimistic because our employees are aware that by happily caring for our customers and fulfilling commitments with suppliers our growth is assured. USED CARS Locamerica also works in the sale of used cars throughout Brazil. We expect to expand to other towns by means of our Seminovos Locamerica division. Shortly after the rental fleet is renewed, Locamerica will take responsibility for making a detailed inspection of the vehicles so that they get to the end customer in perfect condition. This job is carried out at our Decommissioning Centers. Currently we have three of those in operation in the cities of Belo Horizonte, Rio de Janeiro and Sao Paulo. As our cars have high marketability and guaranteed quality the sale closes the company's business chain loop. REVENUE In 2010 Locamerica held two bond issues, the most recent one being in December. The two transactions totaled $ 22 million Brazilian Reals (BRL), accounting for 80% of the amount raised throughout the year. These resources are being used to renew the fleet and extend our debt profile. Locamerica was also rated as BBB+ in the Fitch Ratings table, which means a further step in catching the eye of investors and reducing risk.

2 Last year $ 21.8 million BRL were invested in purchasing vehicles and the company plans to increase this figure to $ 00 million BRL this year. Revenue from vehicle fleet rental last year surpassed $ 200 million BRL, and including the sale of used cars, Locamerica made $ 100 million BRL. The goal for 2011 is to exceed $ 80 million BRL. MARKET Brazil has about 3 million light vehicles today. Of this total, about 2 million are in company-owned fleets. According to the Brazilian Car Rental Association (Abla), car rental companies own about 0 thousand cars, 230 thousand of which are outsourced, which amounts to just 11.% of the outsourceable fleet in the country. In recent years, the outsourcing sector has displayed an average growth of 1% per year. It is estimated that the potential for immediate growth of the fleet rental market should more than double in a few years, reaching a total of 00,000 vehicles. However, there are still nearly 1. million company-owned vehicles that are not yet part of the target, but which are nonetheless of great interest to car rental companies. The Brazilian business community is starting to see the advantages of outsourcing car fleets. The major one is the reduction in the cost of maintaining their own vehicles, and paying for automobile taxes, insurance, licensing, etc. And there is also the decrease in management tasks. By doing that, businesspeople can focus on the most strategic points of their business and leave fleet management in the hands of people who are experts in the matter. This new view is already impacting the market, which has been growing 12% per year. In 2010 Abla estimated that there was a 30% expansion in sales, which reached $.7 billion BRL. Large companies in the Brazilian fleet outsourcing market also have great potential for further development and consolidation. To do this analysis, we must compare the behavior of the industry in both Brazil and in developed countries. In the US, for example, 81% of the outsourced fleet is in the hands of the five largest companies in the market. In Brazil, that figure is only 32%. The remaining 8% are spread throughout smaller companies. However, the number of car rental companies in the country dropped 1% between 2003 and 200. This was mainly due to stricter criteria for granting credit and the fact that small businesses lack a balance sheet robust enough to be able to sustain new debts. Thus, already-established companies are more likely to remain in business and grow even more. In the used car sector, resumption in market growth based on the quality of products offered and the ease of credit granting to individuals were the main drives for the current growth. They also helped attract operators to the sector. Market indicators:

3 1 Sales 2 Car rental growth +1% p.y. 2, 3 2, 7 3, 0 2,7 20 2, % 3,2 3, 20 28,0 31, Vehicles sold in Brazil (millions) Frota locação Brasil 7 (mil 8 veículos) Fat. locação (R$ B) 3 Industry consolidation % , Locadoras Veíc./locadora (milhares) (unidades) Sources: Denatran; Fenabrave; Economatica; Abla. HISTORY Locamerica was established in 13 by the partners Luis Fernando Porto and Sergio Resende. It was then called Locarvel. Both already worked in the business of selling cars, so they had plenty of experience to bring in to the business. Companies in the construction industry were Locamerica's - then Locarvel - major customers at the beginning of its operations. Through acquisitions the former Locarvel grew and started to operate in several sectors, such as food, telephone, oil and gas, and pharmaceuticals, among others. The partners always intended to make the company grow and in right before the global economic crisis - the Votorantim Bank joined the business by acquiring 3% shares and making an investment of $ 110 million BRL. With that contribution Locamerica had the stamina to survive the turmoil the economy was undergoing and even to keep growing. The 3% increase in average ticket in the last two years also helped control costs and maintain the high level of investment with borrowings made. Development of Locamerica's fleet*

4 In thousands. *Fleet profile: - % are economy cars - 3% executive cars - % cargo vehicles - % light trucks - % heavy trucks - % are left to other kinds of vehicles Development of Locamerica's Revenue* * In millions TIMELINE - LOCAMERICA 1 to 2007 Foundation Acquisition of rental companies in Belo Horizonte Opening of the Rio de Janeiro branch Acquisition of rental companies in Rio de Janeiro Opening of the Sao Paulo branch Opening of the Curitiba branch Opening of the Vitoria branch Opening of the Fortaleza branch

5 Opening of the Salvador branch Opening of the Cuiaba branch Opening of the Porto Alegre branch Acquisition of rental companies in Brasilia 2008 Opening of the Recife branch Capital contribution by BV Empreendimentos 3rd largest vehicle fleet outsourcing company in Brazil Implementation of the corporate governance model 200 to 2010 Opening of the Campinas branch Opening of the Manaus branch SAP Implementation KPMG Audit nd largest vehicle fleet outsourcing company in Brazil Opening of the Ribeirao Preto branch Opening of the Locamerica SP Used Car store Opening of the Belem branch PRESS ROOM If you with for further information, please contact our press agent directly. The contact info is (31) Sandra Barroca.

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