Institucional Presentation - March/16

1. 11
Source:
March 4, 2016
The 25th most valuable brand in Brazil.

2. 1. Company overview
2. Main business divisions
Car Rental
Fleet Rental
Seminovos
3. Financials
Appendix: Earnings release 4Q15
Agenda
2

3. Company: milestones
Phase I – Rise to #1
1973 – Founded in Belo
Horizonte/MG
Late 70’s - Acquisitions in the
Northeast of Brazil
1981 – Brazilian car rental leader in
# of branches
Phase II – Expansion
1984 – Expansion strategy by
adjacencies: Franchising
1991 – Expansion strategy by
adjacencies: Seminovos
1997 – Expansion strategy by
adjacencies: Fleet Rental
1997 – PE firm DL&J enters at a
market cap of US$ 150 mm
Phase III – Reaching Scale
2005 – IPO: market cap of US$ 295
mm
2011 – Rated as investment grade by
Moody’s, Fitch and S&P in 2012
2012 – ADR level I
12/31/2015 – Market cap of about
US$1.3 bi with ADTV of US$7,5
million
1973 1982 1983 2004 2005 2014
3

4. Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
13,992 cars
174 locations in Brazil
70 locations in South America
35 employees
56.7% sold to final consumer
77 stores
47 cities
1,000 employees
76,755 cars
5.7 million clients
320 locations
4,766 employees
33,948 cars
849 clients
384 employees
Based on the 4Q15 4
Car Rental Fleet Rental
SeminovosFranchising
This integrated business platform gives Localiza flexibility and superior performance.

5. 5
High fixed cost
Standard fleet
1 year cycle
High entry barriers
Gains of scale
Intensive capital
Consolidated in airport
market
Fragmented off airport
market
Support area
Reduces depreciation
Know How of used cars
market
Low dependence on
intermediates
Supplementary
business
Important for
distribution
High profitability
Low contribution in
results
Company: Business platform divisions
Car Rental
Rents to individuals and
companies at airports
and off airport locations.
Franchising
Contributes to expand
the Localiza’s network.
Fleet Rental
Outsources fleet for 2-3
years term contracts.
Used Car Sales
Sells the used cars mainly
to final consumers after
the rental and estimates
the residual values.
Low fixed cost
Customized fleet
3 years cycle
Low entry barriers
Intensive capital

6. 6
Net car sale
revenue
R$28.51 year cycle
Car Rental Division - 2015 Financial Cycle
Per car
R$31.6
Average car price
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
Total
1 year
R$ % R$ % R$
Net revenues 20.1 100.0% 31.9 100.0% 52.1
Costs - fixed and variable (9.9) -49.1% (9.9)
SG&A (3.8) -19.1% (3.4) -10.7% (7.2)
Net revenues of car sold 28.5 89.3% 28.5
Book value of car sold (26.6) -83.3% (26.6)
EBITDA 6.4 31.8% 1.9 6.1% 8.3
Cars Depreciation (0.6) -1.9% (0.6)
Others depreciation (0.4) -1.8% (0.1) -0.4% (0.5)
Financial expenses (2.2) -6.9% (2.2)
Taxes (1.8) -9.0% 0.3 1.0% (1.5)
Net Income (Loss) 4.2 21.0% (0.7) -2.3% 3.5
NOPAT 5.0
ROIC 16.0%
Cost of debt after taxes 9.5%
Car Rental Seminovos
Per car soldPer operating car

7. 7
Net car sale
revenue
R$28.4
3 year cycle
Fleet Rental Division - 2015 Financial Cycle
Per car
1 2 3 4 5 6 31 32 33 34 35 36Expenses, interest and tax
Revenue
R$39.0
Average car price
Total
3 years
R$ % Seminovos % R$
Net revenues 57.6 100.0% 31.2 100.0% 88.8
Costs - fixed and variable (17.9) -31.1% (17.9)
SG&A (3.9) -6.7% (2.8) -9.1% (6.7)
Net revenues of car sold 28.4 90.9% 28.4
Book value of car sold (24.3) -77.9% (24.3)
EBITDA 35.8 62.2% 4.1 13.0% 39.9
Cars Depreciation (11.8) -37.8% (11.8)
Others depreciation (0.2) -0.4% (0.2) -0.6% (0.4)
Financial expenses (6.0) -19.4% (6.0)
Taxes (10.7) -18.6% 4.2 13.4% (6.5)
Net Income (Loss) 24.9 43.3% (9.8) -31.4% 15.2
Net Income (Loss) - per year 8.3 43.3% (3.3) -31.4% 5.1
NOPAT 6.5
ROIC (it considers the effect of the average book value of the car in its useful life) 16.6%
Cost of debt after taxes 9.5%
Per operating car
Fleet Rental Seminovos
Per car sold

8. 8
2015 Consolidated breakdown
R$ million
R$ 150
16%
R$ 378
40%
R$ 407
44% R$ 297
40%
R$ 438
60%
Net Revenues
R$3,928
EBITDA
R$935
R$ 2,045
52%
R$ 608
16% R$ 1,275
32%
EBIT*
R$735
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
Company’s profitability comes from
Car Rental and Fleet Rental Divisions.

9. Raising
money Buying
cars
Renting Cars Selling
Cars
Cash to renew the fleet or pay debt
$
Profitability comes from rental divisions
Competitive advantages
$
9
42 years of experience in managing assets and generating value.

10. Competitive advantages: raising money
Global Scale
National Scale
As of March, 2016.
BBB- Fitch
Ba2 Moody’s
BB+ S&P
Baa1 Moody´s
BBB+ S&P
B1 Moody´s
B+ S&P
Ba3 Moody´s
BB- S&P
BB- Fitch
brAA+ S&P
Aa2.br Moody’s
AAA(bra) Fitch
brAA- S&P
A+ (bra) Fitch
brA S&P
A- (bra) Fitch
brAA- S&P
A+(bra) Fitch
A(bra) Fitch
10
Investment grade: lower spreads and longer tenors
Source: Bloomberg and companies website
Raising
money Buying
cars
Renting Cars Selling
Cars
$
Localiza raises money with better conditions then its competitors.

11. 11
Competitive advantages: buying cars
Number of cars purchased – 9M15
* In 2015 Localiza bought 68,319 cars, Including Franchising.
45,308
28,551
13,355 8,730
Localiza Movida Unidas Locamerica
*
Source: each company website and ANFAVEA
Localiza’s share in the internal sales of the
major OEMs - 2015
4.2%
Raising
money Buying
cars
Renting Cars Selling
Cars
$
Localiza buys cars with better conditions due to the volume of purchases.

12. Raising
money Buying
cars
Renting Cars Selling
Cars
442
155
95 107
43
Localiza Unidas Hertz Movida Avis
12
Competitive advantages: renting cars
Brand Brazilian distribution
#ofbranches*#ofcities**
Source: Each company website and Earnings Release
*As of September, 2015
**As of November, 2015
484
108
185
146
45
Localiza Competitors
490
$
The Company is present in 243 cities where the other largest networks do not operate.

13. Raising
money Buying
cars
Renting Cars Selling
Cars
13
Localiza Express®
Self-service that provides fast
service, reducing queues and
scalability to service.
Localiza Way®
New platform to offer
value-added services
Mobile Checklist
More quality, control and agility
in providing cars for rental
Fast Checkout
More operational productivity
and agility in returning the cars
after rental
Connected Shuttle
Optimization of
customer shuttle service
at airports
Anti fraud
Taylor-made solution for
fraud prevention in car
rentals
Competitive advantages: Innovation
$
Constant innovations allow maintenance of the premium service.

14. “In a scale from 0 (zero) to 10, how much would you recommend Localiza to a friend or
colleague?”
Competitive advantages: Client satisfaction
80.7%
*Range of Net Promoter Scores (NPS) Across Industries in USA
*Source:Temkin Group Q3 2015 Consumer benchmark Survey
% of Promoters % de Detractors
Score between 9 and 10 = 85.6% Score between 0 and 6 = 4.6%
YTD December/2015
Satisfaction Index: NPS – Net Promoter Score
Localiza: 1st place in the category
Car rental.
14
Raising
money Buying
cars
Renting Cars Selling
Cars
$
Low High
NPS Avg. NPS
As of December, 2015.

15. 15
Integrated technology solution that
increases competitive intelligence
and leverages productivity gains.
CONNECTED FLEET
Integrated mobile solution to
fleet rental services for drivers
and contract manager.
MOBILE SOLUTION
Rapid diagnosis and friendly
vision of the fleet by the
customer.
ONLINE FLEET RENTAL
Competitive advantages: Innovation
Raising
money Buying
cars
Renting Cars Selling
Cars
$
Differentiated offer with higher added value to the customer.

16. Raising
money Buying
cars
Renting Cars Selling
Cars
16
Sales to final consumer
Competitive advantages: selling cars
Buffer: additional fleet during
peaks of demand
Information/mobility:
Ipad for Salesmen
• Support sale
• Access to the database
• Customer registration
• Agility in car sales
$
Sales center: 20k incoming calls per month with 55% visits to stores scheduled.
Distribution channel: 200 cities and 1,900 customers.

17. 17
ROIC versus cost of debt after taxes
7.3%
8.6%
6.3% 6.0%
8.0%
9.5%
15.8%
16.9% 17.1%
16.1% 16.5%
17.5%
17.0%
2010 2011 2012 2013 2014 2015
ROIC
Cost of debt
after taxes
9.6p.p. 8.5p.p. 9.5p.p.
9.8p.p. 10.5p.p.
6.3p.p.
Calculated based on the tax effective rate of 2015
7.5p.p.
Considering the effective income tax and social contribution rate in 2015, ROIC would have
been 17.0% and the spread, 7.5p.p..

18. Localiza vs. players
Profitability
Source: Companies’ Financial Statements
18
ROIC 2015
ROE 2015
Fleet
RAC+Fleet Rental RAC+Fleet 2014 Fleet Rental 2014 Fleet Rental RAC+Fleet Rental
124,695 40,296 30,291 28,813 53,439
Reference
ROIC = NOPAT (considering the effective tax rate) / (Average net debt + average equity)
ROE = Net income / Equity at the beginning of the year
17.0%
8.1% 9.1%
6.5%
8.4%
Localiza Unidas Locamerica Ouro Verde JSL Consolidada
24.3%
7.1% 8.2%
5.0% 4.5%
Localiza Unidas Locamerica Ouro Verde JSL Consolidada
2014 2014
2014 2014

19. 19
Net Debt / EBITDA - 2015
Net Debt / Equity - 2015
Source: Companies’ Financial Statements.
Localiza vs. players
Debt ratios
1.7x
2.2x
3.3x 3.8x 4.3x
Localiza Unidas Locamerica Ouro Verde JSL
Consolidated
0.8x 1.0x
2.2x
9.7x
4.6x
Localiza Unidas Locamerica Ouro Verde JSL
Consolidated
2014 2014
2014 2014

20. 20
1. Company overview
2. Main business divisions
Car Rental
Fleet Rental
Seminovos
3. Financials
Appendix: Earnings release 4Q15
Agenda

21. 21
Car Rental overview
Compact cars
46.1%Others 53.9%
2015 Fleet composition
76,755 cars
Corporate fleet size
65,086
70,717 77,573 76,755
2012 2013 2014 2015
Car rental distribution (Brazil)
474 479 476 494
2012 2013 2014 2015

22. 22
Drivers
Source: BCB and Localiza rates
151
180 200
240
260300
350 380
415
465
510
545
622
678
724
788
51%
38%
37% 35%
31%
27%
22% 20% 18% 16% 15% 15% 13% 13%12% 11%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Monthly minimum salary (R$) Daily rental price over minimum salary (%)
Car rental affordability
Source: IPEADATA and Localiza’s loyalty program.
5 million
84 million
Adult population
(age > 20 years)
Class A+B+C
15 million
Adult population
(age > 20 years)
Class A+B
Increasing affordability and low penetration in leisure trips brings growth opportunities.

23. 23
Drivers
# domestic air traffic passengers
In million
Infrastructure investment prospects 2015-2018
(in US$ billion)
Source: BNDES June, 2015.
70
82
89 90 96
122
2010 2011 2012 2013 2014 2017E
Source: ANAC
2017 estimates: BOEING
The strong pipeline of investments tend to benefit
the corporate segment.
Air traffic growth supporting demand at the airports.
89.4
57.9
27.2
21.3
17.0
16.6
12.3
6.8
Energy
Telecoms
Highways
Urban Mobility
Ports
Sanitation
Railways
Airports

24. 24
Source: RAIS and each company’s website
As of September 2015.
* As of December, 2015.
Off-airport market is still fragmented.
Airport locations Off-airport locations
Car Rental Locations in Brazil
*
*

25. Localiza
23,3%
Franchising
2,4%
Unidas
6.9%Movida
5.8%
Avis
2.1%
Others
59.5%
Franchising
25
Market Share – Car Rental 2014
Fleet
332,485 cars
Source: ABLA and Companies’ Financial Statements and estimates.
Localiza’s market share is higher than the 2nd and 3rd players together.
25.7%

26. 26
1. Company overview
2. Main business divisions
Car Rental
Fleet Rental
Seminovos
3. Financials
Appendix: Earnings release 4Q15
Agenda

27. 27
Number of clients
Fleet Rental overview
Compact cars
34.9%
Others 65.1%
2015 Fleet composition
33,948 cars
729 760 798 849
2012 2013 2014 2015
End of period fleet
32,104 32,809
34,312 33,948
2012 2013 2014 2015

28. 28
Source: ABLA, Datamonitor and Localiza
Low penetration of rented fleet in Brazil.
Rented fleet penetration
Corporate fleet:
4,000,000*
Rented fleet:
440,737
34,312
Brazilian Market World
11.0% 8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Drivers
*Localiza estimates

29. Localiza Fleet
7.7%
Franchising
0.4%
Locamerica
6.9%
JSL
6.9%
Ouro Verde
5.7%Unidas
4.9%
ALD
3.6%
Others
63.9%
Market Share – Fleet Rental 2014
29
Fleet
440,737 cars
Source: ABLA, Companies’ Financial Statements and estimates
Fragmented market with low entry barriers.
8.1%

30. 30
1. Company overview
2. Main business divisions
Car Rental
Fleet Rental
Seminovos
3. Financials
Appendix: Earnings release 4Q15
Agenda

31. 31
Efficiency gain on car sales.
# of points of sale
Car sales – operating data
55
66
73 74 75
77
2010 2011 2012 2013 2014 2015
47,285 50,772
56,664
62,641
70,621
64,305
2010 2011 2012 2013 2014 2015
# Number of cars sold (quantity)

32. 32
Source: O Estado de São Paulo newspaper, as of 08/16/13 (based on researches of Sindipeças) and Globo website, as of 03/10/2014.
Used car sales drivers:
affordability and penetration
# of inhabitants per car 2012 – (Brazil 2014)
4.2
4.0
4.0
3.6
2.1
2.0
1.9
1.8
1.2
Argentina
Brazil
Russia
South Korea
Japan
France
Germany
United Kingdon
USA
Affordability to buy cars – Public Price of
the most basic Gol
300 350
380 415
465
510
545
622
678
724
78884
71 69
61
55
51 49
43 43 43 41
-
10
20
30
40
50
60
70
80
90
-100
-
100
200
300
400
500
600
700
800
900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Minimum wage (R$) Minimum wages to buy a new car

33. 8.4 8.9 9.0 9.4
10.1 9.9
3.3 3.5 3.6 3.6 3.3
2.5
33
2.5x
2.5x
2010 2011 2012 2013 2014 2015
2.6x
Brazilian car market:
new x used car market and affordability
New cars
Used cars
Source: FENABRAVE (light and commercial cars)
2.6x
Total market of 12.4 million cars.
3.1x 4.0x
In million of cars

34. 34
2014 Up to 2 years
442,257
2015 Brand new
2,476,9042015 Used cars
9,987,711
0.6% 2.6% 16.0%
Car sales – operating data
Source: Anfavea and Fenabrave
Unidas, Locamerrica and Movida websites
Examples • Retailers • Dealers • Rental operators • “Auto malls”
Points of sale • 48,000 (Fenauto) • 4,364 (Anfavea)
• +57 (Unidas, Movida,
Locamerica and
others).
• 71 (Fenauto)
Main players

35. 35
1. Company overview
2. Main business divisions
Car Rental
Fleet Rental
Seminovos
3. Financials
Appendix: Earnings release 4Q15
Agenda

36. 331.2 334.5
4Q14 4Q15
36
Highlights
146.7 155.6
4Q14 4Q15
102.2 105.9
4Q14 4Q15
173.8 175.0
4Q14 4Q15
Net Revenues - Car Rental Division (R$ million) Net Revenues - Fleet Rental Division (R$ million)
Consolidated EBIT (R$ million) Consolidated Net Income (R$ million)

37. 802.2
980.7
1,093.7 1,163.5 1,284.4 1,258.0
331.2 334.5
2010 2011 2012 2013 2014 2015 4Q14 4Q15
37
Net Revenues (R$ million)
# Daily Rentals (thousands)
Car Rental
10,734
12,794 13,749 14,242 15,416 15,566
3,898 4,111
2010 2011 2012 2013 2014 2015 4Q14 4Q15
Volumes increased 5.5% in 4Q15, even in a weak economic activity environment

38. Number of Rental Days
Car Rental
38
3,600.0
3,700.0
3,800.0
3,900.0
4,000.0
4,100.0
4,200.0
3,600.0
3,700.0
3,800.0
3,900.0
4,000.0
4,100.0
4,200.0
1st quarter 2nd quarter 3rd quarter 4th quarter
+1.0%
-2.2% -0.2%
+5.5%
2015
2014
Number of rental days
Car Rental
The investments in business intelligence contributed to capture demand
in specific segments, offsetting reduced volumes in those segments
sensitive to the adverse macro environment

39. Average daily rental evolution – Car Rental
In R$
39
78.07
79.68
82.36
84.85
87.71
85.26
81.85
85.93 85.11
2010 2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15
Average: 84.56
The average rental day is the result of pricing policy per segment and
the portion of each segment in the mix

40. 69.1%
68.9%
70.8%
66.8%
69.9%
66.3%
69.0%
70.7%
71.1%
2010 2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15
40
Utilization rate evolution – Car Rental
4Q15 utilization rate in Car Rental Division was 71.1%,
the highest of the past 7 quarters

41. 234 247 272 286 304 320
181 202 202 193 172 174
61 47 50 63 64 70476 496 524 542 540 564
2010 2011 2012 2013 2014 2015
41
Car Rental network evolution
# of car rental locations (Brazil and abroad)
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisses´ branches - abroad
+16
+6
+2
+24
24 new corporate locations were added to the network in 2015

42. 361.1
455.0
535.7 575.9 571.9 608.5
146.7 155.6
2010 2011 2012 2013 2014 2015 4Q14 4Q15
8,044
9,603
10,601 10,844 10,363 10,901
2,644 2,702
2010 2011 2012 2013 2014 2015 4Q14 4Q15
42
Net Revenues (R$ million)
# Daily Rentals (thousands)
Fleet Rental
The growth reflects the policy and commercial intelligence
in exploring market opportunities

43. 647.3
676.3
724.3
808.3
870.6 868.8 885.8 912.0
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
Contracted revenue evolution – Fleet Rental
(R$ million)
43
The contracted revenue increased 12.8% in 4Q15 versus 4Q14

44. 1,910.4
1,776.5 1,618.8
2,026.2
2,483.2
2,278.4
877.4 837.7
1,321.9
1,468.1 1,520.0
1,747.3
2,018.2 2,044.9
553.0 499.2
2010 2011 2012 2013 2014 2015 4Q14 4Q15
Purchases (includes accessories) Used car sales net revenues
Cars purchased Cars sold
44
Net investment
Fleet Expansion* (quantity)
Net Investment in Fleet (R$ million)
65,934
59,950 58,655
69,744
79,804
64,032
27,066
21,660
47,285
50,772
56,644
62,641
70,621
64,305
18,468
15,047
2010 2011 2012 2013 2014 2015 4Q14 4Q15
9,178 2,011
7,103
18,649
308.4 98.8
588.5 278.9
* It does not include theft / crashed cars.
9,183
465.0
(273)
8,598
6,613
324.4 338.5
233.5
For peak of demand season, 21,660 cars were bought in 4Q15,
6,613 more than cars sold

45. 45
End of period fleet
Quantity
61,445 64,688 65,086 70,717 77,573 76,755
26,615 31,629 32,104 32,809
34,312 33,94810,652
12,958 14,545
14,233 13,339 13,99298,712
109,275 111,735 117,759
125,224 124,695
2010 2011 2012 2013 2014 2015
Car Rental Fleet Rental Franchising
2014 fleet was impacted by the anticipation of 7,600 cars purchase to avoid
the increase in IPI tax that occurred in January, 2015

46. 1,175.3 1,450.0 1,646.7 1,758.9 1,874.0 1,883.1
482.2 494.3
1,321.9
1,468.1 1,520.0 1,747.3
2,018.2 2,044.9
553.0 499.2
2,497.2
2,918.1 3,166.7
3,506.2
3,892.2 3,928.0
1,035.2 993.5
2010 2011 2012 2013 2014 2015 4Q14 4Q15
46
Consolidated net revenues
R$ million
Rental Used car sales
Consolidated net revenues grew 0.9% in 2015 when compared with 2014

47. 47
Consolidated EBITDA
R$ million
649.5
821.3 875.6 916.5 969.8
934.8
237.6 228.0
2010 2011 2012 2013 2014 2015 4Q14 4Q15
(*)From 2012 on, accessories and freight of new cars have been accounted directly in the cost line, impacting EBITDA but
reducing depreciation costs.
Divisions 2010* 2011* 2012 2013 2014 2015 4Q14 4Q15
Car Rental 45.3% 46.9% 40.9% 36.8% 38.7% 31.8% 37.1% 30.2%
Fleet Rental 68.0% 68.6% 66.4% 65.5% 60.0% 62.2% 55.5% 64.0%
Rental Consolidated 52.3% 53.8% 49.3% 46.5% 45.3% 41.7% 42.6% 40.8%
Used Car Sales 2.6% 2.8% 4.2% 5.7% 6.0% 7.3% 5.8% 5.2%
The R$35.0 million drop in EBITDA was more than offeset by the reduction of
R$43.7 million in depreciation

48. 48
Average depreciation per car
in R$
Car Rental
492
939
333
1,169
2,577
1,536 1,684
1,896
1,452 1,270
622
24,345
25,837 25,648
27,740
26,572 27,174
27,942
25,769
27,785
29,412
33,874
15,000
17,000
19,000
21,000
23,000
25,000
27,000
29,000
31,000
33,000
35,000
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Annualized average depreciation per car (R$) Average price of cars purchased - Car Rental
1,377
IPI Effect
2,546 2,076
IPI Effect
3,972
Stable car priceRising car price Rising car price
The reduction of depreciation expenses is a result of the increase in new cars
prices that reflects the used cars prices

49. 49
Average depreciation per car
in R$
Fleet Rental
2,981
2,383 2,396
4,372
3,510
4,133
4,592
4,202 3,935
32,106
33,190 33,754 34,192
30,741
35,414
33,315
35,025 35,693
38,346
42,949
15,000
20,000
25,000
30,000
35,000
40,000
45,000
-
2,000
4,000
6,000
8,000
10,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Annualized average depreciation per car (R$) Average price of cars purchased - Fleet Rental
2,280
IPI Effect
5,083 1,097
IPI Effect
5,408
Stable car priceRising car price Rising car price
2,803
4,311
The reduction of depreciation expenses is a result of the increase in new cars prices
that reflects in the used cars prices

50. 50
482.1
595.7
465.8
652.1
726.7 735.5
173.8 175.0
2010 2011 2012 2013 3T15 2015 4Q14 4Q15
*2012 EBIT was impacted by R$144.5 million of additional depreciation related to IPI (sales tax) reduction.
Consolidated EBIT
R$ million
Divisions 2010 2011 2012 2013 2014 2015 4Q14 4Q15
Car Rental 38.5% 38.8% 23.7% 32.8% 36.2% 34.3% 34.9% 28.7%
Fleet Rental 46.2% 45.6% 36.9% 45.1% 44.3% 48.9% 38.9% 49.9%
Consolidated 41.0% 41.1% 28.3% 37.1% 38.8% 39.1% 36.0% 35.4%
610.3 *
Even in a adverse scenario, EBIT grew R$8.7 million in 2015

51. 250.5
291.6
240.9
384.3 410.6 402.4
102.2 105.9
2010 2011 2012 2013 2014 2015 4Q14 4Q15
51
Consolidated net income
R$ million
* Pro forma 2012 net income excluding additional depreciation related to the IPI tax reduction, net of
income tax.
336.3 *
3.6% increase in net income when compared to 4Q14.

52. 52
Free cash flow - FCF
Free cash flow - R$ million 2010 2011 2012 2013 2014 2015
Operations
EBITDA 649.5 821.3 875.6 916.5 969.8 934.8
Used car sale revenue, net from taxes (1,321.9) (1,468.1) (1,520.0) (1,747.3) (2,018.2) (2,044.9)
Depreciated cost of cars sold (*) 1,203.2 1,328.6 1,360.2 1,543.8 1,777.0 1,769.1
(-) Income tax and social contribution (57.8) (83.0) (100.9) (108.5) (113.1) (110.7)
Change in working capital 54.5 (83.9) 37.1 2.9 (27.1) (30.0)
Cash generated by rental operations 527.5 514.9 652.0 607.4 588.4 518.3
Capex-
Renewals
Used car sale revenue, net from taxes 1,321.9 1,468.1 1,520.0 1,747.3 2,018.2 2,036.3
Fleet renewal investment (1,370.1) (1,504.5) (1,563.3) (1,819.7) (2,197.7) (2,278.4)
Net investment for fleet renewal (48.2) (36.4) (43.3) (72.4) (179.5) (242.1)
Fleet renewal – quantity 47,285 50,772 56,644 62,641 70,621 64,032
Investment, other property and intangibles investments (50.6) (59.9) (77.8) (47.5) (46.3) (29.7)
Free cash flow before growth, new headquarters and interest 428.7 418.6 530.9 487.5 362.6 246.5
Capex-
Growth
Fleet growth (investment) (540.3) (272.0) (55.5) (209.4) (286.8) 8.6
Change in accounts payable to car suppliers 111.3 32.7 (116.9) 89.7 334.4 (121.2)
Fleet growth (429.0) (239.3) (172.4) (119.7) 47.6 (112.6)
Fleet increase / (reduction) – quantity 18,649 9,178 2,011 7,103 9,183 (273)
Free cash flow after growth, and before interest and new HQ (0.3) 179.3 358.5 367.8 410.2 133.9
Capex–
HQ
Investment in the construction of the new HQ (0.5) (3.1) (2.4) (6.5) (55.7) (123.3)
Marketable securities – new HQ - - - - (92.6) 92.6
New headquarters construction (0.5) (3.1) (2.4) (6.5) (148.3) (30.7)
Free cash flow before interest (0.8) 176.2 356.1 361.3 261.9 103.2
Free cash flow
(*) without the technical discounts reduction up to 2010

53. 53
Free cash flow - FCF
Fleet Profile
# Number of cars in the fleet
57.3%42.7%47.1%
52.9%
Compact
Cars
Other
models Compact
Cars Other
models
20152014
Cash Flow variation
Accounts payable to automakers
R$ thousands
378.1
276.0
478.0 499.9
712.5
446.2 444.3 454.9
591.3
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15
The share of compact cars was reduced by 10.2p.p. in 2015
The anticipation of cars purchase in 4Q14 was paid in 2015

54. 54
(1,588.6)(1,322.3)
Changes in net debt
R$ million
Net debt
12/31/2015
Net debt
12/31/2014
(30.7)
New
headquarters
construction
Free cash flow
before growth, interest
and headquarters
246.5
(139.3)
Dividends
(27.5)
Treasury
shares
purchased
(112.6)
Change in
accounts
payable to cars
suppliers
and fleet
reduction
(202.7)
Interest
The increase in net debt is due to dividends payment, share repurchases and new
headquarters construction

55. -
355.3 432.9
246.2
619.5 670.0 572.5
2015 2016 2017 2018 2019 2020 2021
55
Debt maturity profile (principal)
R$ million
Cash
1,034.4
As of December 31, 2015
1,385.1
2015
-
355.3 432.9 246.2
619.5
670.0 572.5
2015 2016 2017 2018 2019 2020 2021
As of December 31, 2015 – after debentures 10th issuance
2015
1,034.4
1,385.1
770.0 672.5
New debentures issuance
1,585.1*
Cash
*In 01/31/2016 Localiza’s cash position was R$1,337.0 after the payment to OEMs.
Cash strenghth after the 10th debentures issuance

56. 1,281.1 1,363.4 1,231.2 1,332.8 1,322.3 1,588.6
2,446.7
2,681.7
2,547.6
2,797.9
3,296.3
3,642.7
2010 2011 2012 2013 2014 2015
56
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD 2010(*) 2011 2012 2013 2014 2015
Net debt / Fleet value 52% 51% 48% 48% 40% 44%
Net debt / EBITDA 2.0x 1.7x 1.4x 1.5x 1.4x 1.7x
Net debt / Equity 1.4x 1.2x 0.9x 1.0x 0.8x 0.8x
EBITDA / Net financial expenses 5.0x 4.6x 6.3x 8.3x 6.4x 4.6x
(*) 2010 ratios based on USGAAP financial statements
Net debt Fleet value
Comfortable debt ratios

57. 57
Localiza Level I ADR
Ticker Symbol: LZRFY
CUSIP: 53956W300
ISIN: US53956W3007
Ratio: 1 Common Share : 1 ADR
Exchange: OTC
Depositary bank: Deutsche Bank Trust Company Americas
ADR broker helpline: +1 212 250 9100 (New York)
+44 207 547 6500 (London)
E-mail: adr@db.com
ADR website: www.adr.db.com
Depositary bank’s local custodian: Banco Bradesco S/A, Brazil

58. 58
Disclaimer
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
Roberto Mendes
CFO and IR
Nora Lanari
Head of IR
Eugênio Mattar
CEO
The material presented 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. 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 projections 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.
This presentation does not constitute an offer, invitation or solicitation of an offer to subscribe to or purchase any securities. Neither this presentation nor anything
contained herein shall form the basis of any contract or commitment whatsoever.
Maria Carolina Costa
IR Manager
Mariana Campolina
IR Manager