3. Company: integrated business platform
58,436 cars 31,412 cars
3.1 million clients 699 clients
253 locations 343 employees
4,057 employees
Synergies:
bargaining power
cost reduction
cross selling
13,389 cars 66.6% sold to final consumer
201 locations in Brazil 71 stores
48 locations in South America 951 employees
34 employees
This integrated business platform gives Localiza flexibility and superior performance.
3
Based on the 2Q12
4. 2011 Car rental financial cycle
1-year cycle
Car sale revenue
$26.2
Revenue
1 2 3 4 5 Expenses, interest and tax 8 9 10 11 12
$27.9
Car acquisition
Car Rental Seminovos Total
per operating car per car sold 1 year
R$ % R$ % R$
Revenues 19.9 100.0% 29.1 100.0% 48.9
Cost (8.2) -41.3% (8.2)
SG&A (2.7) -13.5% (2.9) -9.9% (5.5)
Net car sale revenue 26.2 90.1% 26.2
Book value of car sale (25.5) -90.0% (25.5)
EBITDA 9.0 45.2% 0.7 2.4% 9.7
Depreciation (vehicle) (1.7) -5.8% (1.7)
Depreciation (non-vehicle) (0.3) -1.7% (0.1) (0.5)
Interest on debt (2.4) -8.2% (2.4)
Tax (2.6) -13.0% 1.0 3.6% (1.5)
NET INCOME 6.1 30.4% (2.4) -8.4% 3.6
NOPAT 5.3
ROIC * 17.5% Spread
Cost of debt after tax 8.6% 8.9p.p.
* Investment in cars and PP&E (8%) 4
5. 2011 Fleet rental financial cycle
2-year cycle Net car sale revenue
$26.4
Revenue
1 2 3 4 5 Expenses, interest and tax 20 21 22 23 24
$33.8
Car acquisition
Fleet Rental Seminovos Total
per operating car per car sold 2 years
R$ % R$ % R$
Revenues 34.0 100.0% 28.7 100.0% 62.7
Cost (9.7) -28.7% (9.7)
SG&A (1.8) -5.3% (2.3) -7.9% (4.1)
Net car sale revenue 26.4 92.1% 26.4
Book value of car sale (25.0) -90.0% (25.0)
EBITDA 22.4 66.0% 1.4 5.0% 23.8
Depreciation (vehicle) (8.3) -28.8% (8.3)
Depreciation (non-vehicle) (0.1) -0.1% (0.1)
Interest on debt (4.0) -14.1% (4.0)
Tax (6.7) -19.8% 3.3 11.4% (3.5)
NET INCOME 15.6 46.0% (7.6) -26.5% 8.0
NET INCOME per year 7.8 46.0% (3.8) -26.5% 4.0
NOPAT (annualized) 5.4
ROIC 16.1% Spread
Cost of debt after tax 8.6%
7.5p.p.
5
6. Company: managing assets
Targeted spread
Equity
Pricing strategy
Assets (cars)
Funding
Assets (cash)
Debt Profitability comes from Cash to renew the fleet
rental divisions
Flexible and liquid assets.
6
7. Company: stable management
BOARD OF DIRECTORS
Salim Mattar – 39y
CEO
Car
Acquisition
Legal
COO Eugênio Mattar – 39y
Human Administration
Financial Resources IT
Gina Rafael – 31y
Bruno Roberto Mendes – 27y Daltro Leite – 27y Alberto Campos– 4y
Andrade – 20y
João Andrade – 8y
Localiza has a lean and efficient structure.
Marco Antônio The succession process is already planned.
Guimarães – 22y
7
9. Company: GDP elasticity
Rental revenues growth elasticity x GDP
Localiza
5.7x
Sector
GDP 2.9x
2005 2006 2007 2008 2009 2010 2011
The drivers combined with Localiza’s competitive advantages resulted in a growth above the industry level.
9
11. Company: recognitions and rewards
2011 - Would you recommend Localiza? YES!
95.9%
94.6% 94.8% 96.0% 95.5% 95.3% 96.3% 95.9%
2005 2006 2007 2008 2009 2010 2011
Customers recognize premium service and recommend it!
11
Source: based on “Fale Fácil” satisfaction survey answered by more than 350,000 customers in 2011
12. Company: recognitions and rewards
2011 - Would you recommend Total Fleet? YES!
98.0%
98.0% 99.0% 93.0%
Users VIP Users Contract managers
Customers recognize good service and recommend it!
12
Source: Users and VIP users based on phone interviews made by the Company with customers. Contract managers made by an independent research: Vox Populi
13. Company: recognitions and rewards
2011 - Would you recommend Seminovos? YES!
94.0%
94.0% 92.3% 94.0%
2009 2010 2011
Customers recognize premium service and recommend it!
13
Source: based on phone interviews made by the Company with customers started in 2009
14. Company: recognitions and rewards
The Company was recognized by Exame Magazine - Best and Biggest (service sector):
9th company in ROIC
7th in current liquidity
10th in wealth generated by employee
IR Magazine 2012
Best IR executive
Best IR department
2011 Valor 200
8th Company in growth and profitability
Maiores e Melhores do Transporte 2011 (Biggest & Best of Transportation)
The best Company of the vehicle rental sector
BRIC Breakout
One of the 5 top picks Brazil for 2012
Exame Magazine
Among the 5 best Companies of the consumer sector, in the article “Where to invest in 2012”
Institutional Investor’s ranking:
Best CEO, CFO and IR executive and Best IR department
14
17. Car rental drivers: investments
Investments by sector
679
343
182
85 83
51
17 15 14 10
O il / g as T r ansp o r t at i o n Ener g y W at er / sew ag e Ind ust r y Ho t el / R eso r t Ho usi ng O t her s I nf r ast r uct ur e Sho p p i ng
C ent er
R$1.5 trillion to be invested until 2016.
17
Source: Valor Setorial Magazine, as of May 2012
18. Car rental drivers: income and affordability
GDP per capita
(R$ thousands) 21.3
19.0
16.0 16.6
14.2
11.7 12.8
10.7
8.4 9.5
6.9 7.5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Car rental affordability 645
545
51% 510
465
415
38% 380
37% 35% 350
300
260
240
180 200
151 31%
27%
22% 20%
18% 16% 15% 15% 13%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e
Monthly m inim um salary (R$) Daily rental price over m inim um salary (%)
Income increase and stable daily rental rates increased car rental affordability.
18
Source: IPEADATA, IBGE and Valor website, Bradesco (2012: estimated)
19. Car rental drivers: consumption
A and B classes - million
% 31
3.8% 20 55.0
13 5
2003 2009 2014e
Air traffic passengers - million Credit card holders - million
%
20.3
% 16.2 179 % 35.3
%
% 154 .0 % 13.3 69
80.3 128 200
45 51
71
15
2003 2009 2010 2011 2003 2009 2010 2011
Strong domestic drivers leads to higher volumes.
19
Source: FGV, BCB, Infraero, Gol, Abecs and Exame (Dec/2011)
20. Car rental opportunities: consolidation
Car rental locations in Brazil
Airport locations Off-airport locations
Localiza
Others 351 Hertz
Avis Localiza Unidas
36 78
35 101 73
Avis
27
Others
2079
Unidas Hertz
34 42
Off-airport market is still fragmented.
20
Source: Company as of May 2012, ABLA (Brazilian Car Rental Association) and each company website (May, 2012)
21. Car rental strategy: organic growth
Brazilian distribution
415 449
381
312 346
254 279
2005 2006 2007 2008 2009 2010 2011
Localiza’s network is still being expanded.
21
22. Fleet rental drivers: outsourcing trend
Outsourced fleet penetration
Brazilian Market World
58.3%
Corporate fleet: 46.9%
4,200,000 37.4%
24.5%
Targeted fleet: 16.5%
13.3%
500,000 5.4%
8.9%
Rented fleet:
nd
l
n
k
nd
ce
lic
y
zi
U
ai
an
ra
la
an
la
b
Sp
m
pu
ol
B
Po
Fr
245,000
er
H
Re
G
ch
ze
C
31,629
Less than 50% of targeted fleet is rented.
22
Source: ABLA and Datamonitor
23. Used car sales drivers: affordability and penetration
Middle class - million
% 113
94.9 19.1
.8%
66 43
2003 2009 2014e
Car purchase affordability
1 6 0 7 0 0
148 128 645
1 4 0
115 510
545
6 0 0
97 104 465
93
1 2 0
415 5 0 0
1 00
80 380 4 0 0
8 0
3 0 0
6 0
350 75
300 68 2 0 0
4 0
240 260 58 56 52
180 200 44 *
1 0 0
2 0
151
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Number of minimum w ages to buy a new car Monthly minimum salary (R$)
Income increase and credit availability are the major drivers for car sales.
Source: Bradesco (2012: estimated), ANFAVEA, Exame (Dec/2011). 23
24. Used car sales drivers: affordability and penetration
# of inhabitants per car (2011) # of inhabitants per car - Brazil
USA 1.3
United Kingdon 1.8 8.0 7.9
Germany 1.9
7.4
France 2.0
6.9
Japan 2.1 6.5
South Korea 3.6
5.9
Russia 4.0 5.5
Argentina 4.2
Brazil 5.5
2005 2006 2007 2008 2009 2010 2011
Income increase and credit availability are the major drivers for car sales.
Source: O Estado de São Paulo, as of 04/15/12 (based on researches of Sindipeças, Roland Berger and PWC). 24
25. Brazilian car market: new x used car market and affordability
17.4
Individuals with
15.8 affordability to
buy a new car*
11.9
8.9 8.9
8.4 Used cars
7.9
7.0 7.3 7.1
6.8 7.1
5.6
6.7
2.5x 2.6x
2.4x
2.7x
4.4x 3.7x 3.1x New cars
3.3 3.5
3.0
2.7
2.3
1.6 1.8
2005 2006 2007 2008 2009 2010 2011
* Population with affordability to buy a new compact car (R$25,000) with 20% downpayment
Used car market is currently 2.6x the new car market.
25
Source: FENABRAVE (Autos + light commercial) and Bradesco
26. Brazilian car market : 2011 market share
Localiza used cars x Car market
Used cars sold: 50,772
0.6% 1.5% 10.6%
Used cars Brand new cars Up to 2 years
8,862,951 3,425,499 476,827
Used Seminovos 0km Seminovos 2 years old Seminovos
26
Source: Fenabrave 2011
27. Brazilian car market: monthly sale per store
Monthly sale per store
82 82 82
74 73
2008 2009 2010 2011 2011
Brazilian new car
Dealership
Seminovos: average sales per lots (excluding auto malls – 10 stores)
Brazilian new car dealership: total sales (3,633,248) divided by the number of dealers (3,714)
Localiza Seminovos monthly sale per store is in line with Brazilian new car dealership average.
27
Source: Anfavea 2012 yearbook (National OEM’s Association)
28. Used car sales strategy: network expansion
Brazilian distribution
80
66
49 55
26 32 35
13
2005 2006 2007 2008 2009 2010 2011 2012e
The network is being expanded to support rentals’ growth.
28
29. Used car sales: sold cars evolution
Monthly average of sold cars
4.835
3.940 4.231
2.508 2.857 2.877
2007 2008 2009 2010 2011 2Q12
Sales profile
45% 44% 42% 39% 48% 51%
55% 57% 58% 61% 52% 49%
2007 2008 2009 2010 2011 2Q12
Financed In cash
The increase on sales was supported by the opening of new stores.
The macro prudential measures impacted the sales profile in 2011 and 2012.
29
31. Competitive advantages: 38 years of experience in managing assets
Profitability comes from rental divisions
Renting cars Selling
Raising Buying cars
money cars
$
$
Cash to renew the fleet or pay debt
31
32. Competitive advantages: raising money
Raising Buying Selling
Renting cars
money cars cars
National Scale brAAA S&P
brA- S&P
Aa1.br Moody’s A (bra) Fitch A- (bra) Fitch
A- (bra) Fitch
AA+(bra) Fitch
Global Scale BBB- Fitch
Baa3 Moody’s BBB+ S&P B+ S&P B+ Fitch B2 Moody's
BBB- S&P
Localiza raises money with lower spreads when compared to Brazilian competitors.
As of June, 2012. 32
33. Competitive advantages: buying cars
Raising Buying Selling
Renting cars
money cars cars
Better conditions due to higher volumes
Localiza’ share in national sales of the main Purchases by brand in 2011
automakers in 2011: GM, FIAT, VW, Ford
and Renault
Renault
Others
Ford 9.9%
1.3%
11.0%
2.3%
Fiat
GM
39.3%
21.0%
VW
17.5%
Localiza announced the purchase of 100,000 cars for 2H11 and 2012.
33
34. Competitive advantages: renting cars
Raising Buying Selling
Renting cars
money cars cars
Brand Know How Brazilian distribution
452
# of branches
289
62
107
120
# of cities
318
49th most 71 60
32
valued brand
in Brazil
Localiza Hertz Unidas Avis
The Company is present in 213 cities where the other largest networks do not operate.
34
Source: Brand Analytics and each company website (May, 2012)
35. Competitive advantages: selling cars
Raising Buying Selling
Renting cars
money cars cars
Sales to final consumer Buffer: additional fleet
Selling directly to final consumer cutting the intermediaries reduces our depreciation.
Cars available for sale are used by the car rental division during peaks of demand.
35
37. Highlights
Reflexes of the tax reduction (IPI) for new cars from May 21, 2012 to
August 31, 2012 that might be extended:
Drop in the residual value expected for cars after their useful life. In
the 2Q12 an amount of R$100.1 million was recognized as additional
depreciation
Increase of pre-owned car sales sold for fleet renewal:
April: 3,876; May: 4,917 and June: 5,711 cars (all time high)
The Company expects that the reduction in sale prices will be offset
by the reduction of purchase prices with the IPI reduction (with no
impact on the CAPEX for fleet renewal)
Utilization rate of 74.2% in the Car Rental division
Free cash flow of R$242.3 million in the 1H12
37
38. Car Rental Division
# daily rentals (thousand)
24.6% 12,794
CAGR: 10,734
7,940 8,062 6.8%
5,793 6,243 6,664
4.9%
4,668
3,411 3,179 3,334
2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12
Net revenues (R$ million)
24.9% 980.7
CAGR:
802.2
585.2
12. 7 %
565.2
10. 4 %
532.3
428.0 472.4
346.1
258.6 239.4 264.3
2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12
Revenue grew above volume due to the increase in the average rental rate per car.
38
42. End of period fleet
Quantity
-2.5%
.9%
CAGR: 17 96,317 92,154 89,848
88,060
70,295 26,615 31,629 28,654
62,515 31,412
53,476 22,778
46,003 23,403
35,865 14,630
17,790
11,762 61,445 64,688 63,500 58,436
35,686 39,112 47,517
24,103 31,373
2005 2006 2007 2008 2009 2010 2011 1H11 1H12
Car rental Fleet rental
Fleet is adjusted to demand.
42
43. Seminovos network increase
# of points of sale
+5
71
66
55
49
32 35
26
13
2005 2006 2007 2008 2009 2010 2011 1H12
Used car sales network has increased by 5 stores.
43
44. Car sales per street store
Monthly average
82 82 82
74 73 74
70
59
2008 2009 2010 2011 1Q12 Apr-12 May-12 Jun-12
Number of sold cars is weighed by number of opened stores in the period
Productivity has improved, contributing to the reduction of fixed cost per car sold.
44
45. Consolidated net revenues
R$ million
: 22.7%
CAGR 2,918.1
2,497.2
7%
1,823.7 1,820.9 1,468.1 12.
1,505.5 1,321.9 1,564.3
1,387.9
1,126.2 8%
854.9 980.8 922.4
762.7 11.
850.5 693.3 706.4 789.6
588.8 1,450.0 4%
446.5
898.5 1,175.3 15. 352.7 .2% 389.3
655.0 842.9 694.6 801.6 3
408.4 537.4 353.7 1 400.3
2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12
Rentals Seminovos
In the 2Q12, net revenues grew due to the increase of 13.2% in rental revenues
and 10.4% in Seminovos revenues
45
47. Average depreciation per car
Hot used car market Financial crisis effect
5,468.2
Reflex of the
2,546.0 2,577.0 1,683.9 2,062.3 IPI reduction
1,536.0
492.3 939.1 332.9
2005 2006 2007 2008 2009 2010 2011 Jan-Apr/12* 1H12*
* Annualized
5,083.1 5,406.3
4,371.7 3,509.7 4,133.0 4,289.3
2,981.3 Reflex of the
2,383.3 2,395.8 IPI reduction
2005 2006 2007 2008 2009 2010 2011 Jan-Apr/12* 1H12*
* Annualized
Depreciation was impacted by the decrease in car prices due to the IPI reduction...
47
48. Consolidated net income
R$ million
%
16.4
291.6
250.5
-39.4
190.2 %
138.2 127.4 137.6 -85.5
106.5 116.3 %
83.4 74.0
10.7
2005 2006 2007 2008 2009 2010 2011 1H11 1H12 2Q11 2Q12
EBITDA x net income Reconciliation 2009 2010 2011 Var. R$ Var. % 1H11 1H12 Var. R$ Var. % 2Q11 2Q12 Var. R$ Var. %
Consolidated EBITDA 469.7 649.5 821.3 171.8 26.5% 386.8 425.7 38.9 10.1% 200.6 215.7 15.1 7.5%
(172.3) (146.3) (201.5) (55.2) 37.7% (89.7) (223.3) (133.6) 148.9% (43.3) (165.3) (122.0) 281.8%
Car depreciation
Other property and equipment dep. (21.0) (21.1) (24.1) (3.0) 14.2% (12.3) (15.6) (3.3) 26.8% (6.3) (8.1) (1.8) 28.6%
Financial expenses, net (112.9) (130.1) (179.0) (48.9) 37.6% (88.0) (77.7) 10.3 -11.7% (45.2) (34.1) 11.1 -24.6%
Income tax and social contribution (47.2) (101.5) (125.1) (23.6) 23.3% (59.2) (25.7) 33.5 -56.6% (31.8) 2.5 34.3 -107.9%
Net income 116.3 250.5 291.6 41.1 16.4% 137.6 83.4 (54.2) -39.4% 74.0 10.7 (63.3) -85.5%
…reducing the net income of the period.
Excluding the additional depreciation, 1H12 net income would have reached R$149.5 million.
48
49. Free cash flow - FCF
Free cash flow - R$ million 2005 2006 2007 2008 2009 2010 2011 1H12
EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 821.3 425.7
Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (762.7)
Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 1,328.6 687.7
(-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (54.9)
Working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) (18.9)
Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 514.9 276.9
Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,468.1 762.7
Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (628.5)
Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) 134.2
Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (36.0)
Free cash flow before growth 58.2 118.2 250.7 205.7 295.4 428.2 415.5 375.1
Capex of car - growth (194.0) (287.0) (221.9) (299.9) (241.1) (540.3) (272.0) -
Change in accounts payable to car suppliers (capex) (25.5) 222.0 (51.0) (188.9) 241.1 111.3 32.7 (132.8)
Net capex for fleet growth (219.5) (65.0) (272.9) (488.8) 0.0 (429.0) (239.3) (132.8)
Fleet increase – quantity 7,342 10,346 7,957 9,930 8,642 18,649 9,178 (5,868)
Free cash flow after growth (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 242.3
Company is still presenting strong cash generation.
49
(*) Without tecnical discount deduction up to 2010 (see item 18 – Glossary)
50. Changes in net debt in 1H12 (R$ million)
FCF
242.3
Net debt Net debt
12/31/2011 06/30/2012
- 1,363.4 - 1,254.9
(78.9) (54.9)
Interest Dividends
Net debt was reduced by R$108.5 million (-8.0%).
50
51. Debt profile
R$ million
Debt profile in 06/30/2012- principal
(R$ million)
562.0
432.0
323.5 303.5
161.8
16.5 26.0 52.0
2012 2013 2014 2015 2016 2017 2018 2019
Cash
673,9
Strong cash position and comfortable debt profile.
In the 1H12, all in spread was of 1.3p.p. above the Selic rate.
51
52. Debt – ratios
R$ million
2,446.7 2,681.7
2,391.2
1,752.6 1,907.8
1,492.9 1,363.4
1,247.7 1,254.5 1,281.1 1,254.9
1,078.6
900.2
765.1
535.8 440.4
2005 2006 2007 2008 2009 2010 2011 1H12
Net debt Fleet value
END OF PERIOD BALANCE 2005 2006 2007 2008 2009 2010 2011(**) 1H12 (**)
Net debt / Fleet value 60% 36% 51% 72% 57% 52% 51% 52%
Net debt / EBITDA (*) 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.5x
Net debt / Equity 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 1.1x
EBITDA / Financial expenses, net 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 5.5x
(*) annualized
(**) From January 1st 2011, adress financial statements in IFRS
The Company presents conservative indebtedness ratios.
52
53. Spread
Spread
24.80%
21.25%
18.70%
17.03% 16.94% 17.12%
11.2p.p. 15.10%
7.8p.p. 12.9p.p. 11.54%
8.2p.p. 9.6p.p. 8.5p.p. 8.1p.p.
13.60% 4.0p.p.
10.90%
8.40% 8.84% 7.59% 8.60%
7.33% 7.05%
2005 2006 2007 2008 2009 2010 2011 1H12
annualized
Cost of debt after tax ROIC
2005 2006 2007 2008 2009 2010 2011 1H12 a
Average capital investment - R$ million 606.3 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,445.3 2,645.6
NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1%* 21.9% 28.6% 28.9% 24.9%*
Turnover of average capital investment
(over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x 0.61x
ROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 17.1% 15.1%
Interest on debt after tax 13.60% 10.90% 8.40% 8.84% 7.59% 7.33% 8.60% 7.05%
Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.2 4.0 9.6 8.5 8.1
ROIC and spread reflect the Company’s competitive pricing strategy.
53
* Excludes additional fleet depreciation, following the concept recommended by Stern Stewart
54. Localiza ADR level I
Ticker Symbol: LZRFY
CUSIP: 53956W300
ISIN: US53956W3007
Ratio: 1 Ordinary 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
54
55. 2012 Macroeconomic scenario
GDP evolution 4,25%
Accumulated in 4 quarters
2,70%
2,10%
1,90%
1,50%
1,30%
2011 1Q 12 2Q 12e 3Q 12e 4Q 12e 2013
Source: Department of Economics of Bradesco, as of 06/18/2012
Interest rate evolution
End of period
11,00%
9,75%
8,50%
7,50% 7,50% 7,50%
4Q 11 1Q 12 2Q 12 3Q 12e 4Q 12e 1Q 13e
55
Source: BR Central Bank – Market forecast system as of 06/15/2012- Focus Bulletin
56. IR Team
Roberto Mendes Silvio Guerra Nora Lanari
CFO - RI RI RI
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
Disclaimer
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. 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.
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