Localiza institucional ingles final

1. 1
January 2018
INVESTOR RELATIONS
PRESENTATION
March, 2018

2. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 4Q175
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
2
COMPETITIVE ADVANTAGES2

3. 3
1973
Founded in Belo
Horizonte with 6
VW Beetles
1979
Expasion to 11 capital
cities becoming market
leader in 1981
1984
Expansion strategy by
adjacencies:
Franchising
1991
Expansion strategy by
adjacencies:
Seminovos
1992
Internationalization
through Franchising
1997
PE firm DL&J enters at
a market cap of
US$150 mm
1999
Expansion strategy by
adjacencies: Fleet
Rental
2005
IPO with a Market Cap of
US$295 mm
2014
Beginning of
Digital Transformation
2017
Strategic partnership
with Hertz -
Market Cap US$4.4 Billion
(12/31/17)
Phase I: Rise to #1 Phase II: Expansion
Phase III:
Reaching Scale
Phase IV: Digital
Transformation
COMPANY HISTORY:
MILESTONES
2018
Market Cap
US$5.7 Billion (03/08/18)

4. INTEGRATED
BUSINESS
PLATFORM
THIS INTEGRATED PLATFORM
GIVES LOCALIZA
FLEXIBILITY AND SUPERIOR
PERFORMANCE
4
• 135,578 CARS
• 7,6 MILLION CLIENTS
• 384 LOCATIONS
• 4,642 EMPLOYEES
CAR RENTAL FLEET RENTAL
•44,877 CARS
• 1,195 CLIENTS
• 276 EMPLOYEES
USED CAR SALES
• 45.2% SOLD TO FINAL CONSUMER
• 99 STORES
• 65 CITIES
• 1,142 EMPLOYEES
FRANCHISING
• 13,824 CARS
• 133 LOCATIONS IN BRASIL
• 71 LOCATIONS IN SOUTH AMERICA
• 34 EMPLOYEES
SYNERGIES:
BARGAINING POWER
COST REDUCTION
CROSS SELLING
OVERHEAD AND SUPPORT: 1,027
EMPLOYEES
4Q17

5. COMPANY:BUSINESS PLATFORM DIVISIONS
CAR RENTAL FRANCHISING FLEET RENTAL USED CAR SALES
5
• HIGH FIXED COST STRUCTURE
• STANDARDIZED FLEET
• 1 YEAR CYCLE
• HIGHER ENTRY BARRIERS
• GAINS OF SCALE
• CAPITAL INTENSIVE
• CONCENTRATED AIRPORT MARKET
• FRAGMENTED OFF AIRPORT MARKET
RENTS TO INDIVIDUALS AND
COMPANIES AT AIRPORTS AND
OFF AIRPORT LOCATIONS.
CONTRIBUTES TO EXPAND
LOCALIZA’S NETWORK.
• HIGH PROFITABILITY
• LOW CONTRIBUTION TO EARNINGS
• RESPONSIBLE TO DEVELOP NEW
MARKETS
• LOW FIXED COST STRUCTURE
• CUSTOMIZED FLEET
• 2-3 YEARS CYCLE
• LOWER ENTRY BARRIERS
• CAPITAL INTENSIVE
OUTSOURCES FLEET FOR 2-3
YEARS’ TERM CONTRACTS.
SELLS THE USED CARS MAINLY TO
FINAL CONSUMERS AFTER THE
RENTAL AND ESTIMATES THE
RESIDUAL VALUES.
• EFFICIENCY AREA RESPONSIBLE TO SELL
CARS FROM RAC AND FLEET DIVISIONS
• KNOW HOW OF USED CARS MARKET
• LOW DEPENDENCE OF INTERMEDIATES
• ALLOWING FOR LOWER DEPRECIATION

6. 6
BIG NUMBERS
 Market leader with market cap of R$ 18.4 billion (US$ 5.7 bn) in March 8, 2018
 End of period fleet of 194,279 cars in 2017
 R$6,1 billion in net revenues in 2017
 Volume growth of 35,4% in the Car Rental Division in 2017
 ROIC of 15,6%, spread of 8,0 p.p in relation to cost of debt after taxes

7. R$ 203
15%
R$ 460
35%
R$ 651
50%
R$ 381
37%
R$ 662
63%
Net Revenues
R$6,058
EBITDA
R$1,314**
3,451
57%
742
12% 1,865
31%
EBIT*
R$1,043**
Consolidated breakdown – 2017
R$ million
7
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
**adjusted financials
COMPANY’S PROFITABILITY COMES FROM CAR RENTAL AND FLEET RENTAL DIVISIONS

8. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 4Q175
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
8
COMPETITIVE ADVANTAGES2

9. COMPETITIVE ADVANTAGES
PROFITABILITY COMES FROM RENTAL DIVISIONS
CASH TO RENEW THE FLEET OR PAY DEBT
RAISING
MONEY
BUYING
CARS
ALUGUEL
DE CARS
SELLING
CARS
9
RENTING
CARS
44 YEARS OF EXPERIENCE IN MANAGING ASSETS AND GENERATING VALUE.

10. COMPETITIVE ADVANTAGES
RAISING MONEY
INVESTMENT GRADE: LOWER SPREADS AND LONGER TENORS
Source: Bloomberg March, 2018.
BB Fitch
Ba2 Moody’s
BB+ S&P
B+ S&P
Ba3 Moody´s
BB S&P
B1 Moody´s
B+ S&P
brAAA S&P
Aa1.br Moody’s
AAA(bra) Fitch
A+(bra) Fitch
AA (bra) Fitch
brAA- S&P
A(bra) FitchNational scale
Global scale
10
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
LOCALIZA RAISES MONEY WITH BETTER CONDITIONS THEN ITS COMPETITORS.

11. COMPETITIVE ADVANTAGES
11
RAISING MONEY
2017 Bonds - R$ million
R$869
109.35% - 12/2017
R$700
107.25% - 05/2017
R$650
104.66% - 09/2017
CRI - R$370
99.0% - 02/2018
R$500
107.00% - 05/2017
Unidas R$500
113.97% - 10/2017
R$ 350
103.49% - 10/2017
Unidas R$300
128.68% - 04/17
Locamerica R$300
130.00% - 08/2017
Movida R$250
131.42% - 07/2017
R$216
111.30% - 12/2017
Movida R$150
119.00% - 07/2017
Locamerica R$100
113.15% - 11/2017
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
-2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
% CDI
Years
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS

12. Number of cars purchased - 2017 Localiza’s share in the internal sales of the
OEMs* - 2017
Source: website of each company and ANFAVEA.
12
COMPETITIVE ADVANTAGES
BUYING CARS
141,077
55,076
39,304
19,747
Localiza* Movida Unidas Locamerica
*it includes 5,825 cars from Localiza´s and 1,944 from Unidas’ Brazilian Franchisees
8.4%
LOCALIZA BUYS CARS WITH BETTER CONDITIONS DUE TO THE VOLUME OF PURCHASES.
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
*
*it considers the 12 OEMs listed above

13. Most recognized and desired brand in the category
13
• Co-branding with Hertz, the most well-known brand, with presence
in +150 countries
• 24th most valuable brand in Brazil in 2017 (Interbrand ranking)
• Brand with the largest awareness and preference in the sector
• Presence online and offline
• Winner of Época ReclameAqui award for the 3rd consecutive year
• Customer superior satisfaction (NPS)
• Culture of delighting
• Modern and diversified fleet
Leader in loyalty and superior quality
COMPETITIVE ADVANTAGES
RENTING CARS
BRAZILIAN DISTRIBUTION
# OF LOCATIONS 2017 # OF CITIES 2017
517
216
183
399
Localiza Competitors
360
150 96
Localiza Unidas Movida
Source: website of each company on 12/31/2017
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS

14. COMPETITIVE ADVANTAGENS
14
RAINSING
MONEY
BUYING CARS SELLING CARSFLEET RENTAL
New ways of developing technologies
with agility and customer collaboration
Innovations that generate strategic
information for the customer´s business and
added value for the business
Good interaction with customers,
facilitating the resolution of problems
FLEET RENTAL

15. 15
Distribution in Brazil
Digital Sale
99 points of sale
65 cities in Brazil
COMPETITIVE ADVANTAGES
SELLING CARS
Big data
Best understanding of
costumer preference
Pricing estimate
- Depreciation
+ Residual Value
Input for car purchase
Buffer: additional fleet
during peaks of demand
Sales to final consumer
Lower depreciation
Loyalty of customers,
generating good
repurchase rates and
indication
EFFICIENCY AREA TO REDUCE DEPRECIATION
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS

16. 16
COMPETITIVE ADVANTAGES
WITH OPERATIONAL EXCELLENCE
CAR PREPARATION
• Quality control of the cars
delivered by OEM’S
• Car licensing
DELIVERY IN THE BRANCHES
• Transport tracking
• Logistic management
optimization
OPERATING CAR
• Maintanance and rapair
• Traffic fines processing
• Licensing renewal
CAR DECOMISSIONING
• Car checking
• Preparation for sales
• Transportation to
Seminovos stores
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS

17. 17
Anti fraudLocaliza FastChatbot® Digital register and
self check-in
Taylor-made solution for
fraud prevention in car
rentals
Mobile-based counter
bypass. Customers can pick-
up car bypassing our counter
Facebook / messenger
booking assistant
Automatic capture of the driver’s
license for new costumers and
expedite check-in.
Connected Fleet Mobile Solution
Integrated mobile solution to
fleet rental services for drivers
and contract manager.
Online Fleet Rental
Fast diagnosis and
friendly dashboard for
fleet manager.
Integrated technology solution that
increases competitive intelligence and
leverages productivity gains.
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
... AND INOVATION
DIFFERENTIATED OFFER WITH HIGHER VALUE ADDED TO CUSTOMERS

18. R$38.2
Average car price
(2 years)
Car sale revenue
net of SG&A
R$36.0
1 year cycle
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
CAR RENTAL: FINANCIAL CYCLE 2017
Per car
18
Total
1 year
R$ % R$ % R$
Net revenues 19.6 100.0% 38.8 100.0% 58.4
Costs - fixed and variable (9.2) -47.1% (9.2)
SG&A (3.5) -18.0% (2.9) -7.4% (6.4)
Net revenues of car sold 36.0 92.6% 36.0
Book value of car sold (33.9) -87.2% (33.9)
EBITDA 6.9 34.9% 2.1 5.4% 9.0
Cars Depreciation (1.2) -3.2% (1.2)
Others depreciation (0.3) -1.3% (0.1) -0.3% (0.4)
Financial expenses (2.4) -6.3% (2.4)
Taxes (1.5) -7.6% 0.4 1.0% (1.1)
Net Income (Loss) 5.1 26.0% (1.3) -3.4% 3.8
NOPAT 5.7
ROIC (it consideres only cars in capital invested) 14.9%
Cost of debt after taxes 7.6%
Car Rental Seminovos
Per car soldPer operating car

19. 1 2 3 4 5 6 31 32 33 34 35 36Expenses, interest and tax
Revenue
Car sale revenue
net of SG&A
R$31.8
R$43.1
Average car price
(3 years)
3 year cycle
FLEET RENTAL: FINANCIAL CYCLE 2017
Per car
19
Total
3 years
R$ % Seminovos % R$
Net revenues 60.5 100.0% 34.1 100.0% 94.6
Costs - fixed and variable (17.9) -29.7% (17.9)
SG&A (5.1) -8.4% (2.4) -7.0% (7.5)
Net revenues of car sold 31.7 93.0% 31.7
Book value of car sold (28.7) -84.1% (28.7)
EBITDA 37.5 61.9% 3.0 8.9% 40.5
Cars Depreciation (9.3) -27.3% (9.3)
Others depreciation (0.3) -0.5% (0.1) -0.4% (0.4)
Financial expenses (6.5) -19.1% (6.5)
Taxes (8.4) -13.9% 2.9 8.6% (5.5)
Net Income (Loss) 28.8 47.6% (10.0) -29.4% 18.8
Net Income (Loss) - per year 9.6 47.6% (3.3) -29.4% 6.3
NOPAT 7.9
ROIC (it consideres only cars in capital invested) 18.4%
Cost of debt after taxes 7.6%
Per operating car
Fleet Rental Seminovos
Per car sold

20. ROIC versus COST OF DEBT AFTER TAXES
20
16.7%
17.8%
17.0%
15.4% 15.6%
6.0%
8.0%
9.5%
10.2%
7.6%
2013 2014 2015 2016 2017
ROIC Cost of debt after taxes
9.8p.p.
10.7p.p.
7.5p.p. 5.2p.p. 8.0p.p.
ROIC considered each year´s effective income tax and social contribution rate
*
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
LOCALIZA IS COMMITED TO VALUE CREATION FOR ITS SHAREHOLDERS

21. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 4Q175
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
21
COMPETITIVE ADVANTAGES2

22. 22
29.3%
11.8%
6.7%
52.2%
MARKET SIZE 2016:
R$5.1 BILLION
OTHERS
UNIDAS
MOVIDA
32.3%
13.9%
7.8%
46.0%
MARKET SIZE 2017:
R$6.5 BILLION
UNIDAS
MOVIDA
CAR RENTAL: MARKET SHARE
GROSS REVENUE - CAR RENTAL
Source: ABLA, considering the breakdown reported applied on the revenues
OTHERS

23. CAR RENTAL LOCATIONS IN BRAZIL
AIRPORT LOCATIONS OFF – AIRPORT LOCATIONS
Localiza
98
Movida
51
Unidas
50
Avis
33
Others
44
Localiza Movida Unidas Avis Others
Localiza
419
Unidas
160
Avis
26
Movida
101
Others
7,853
23Source: ABLA, each company’s website on 12/31/2017 and Localiza’s 4Q17 Earnings Release.
1/3 OF CAR RENTAL’S
REVENUES COMES
FROM AIRPORT
LOCATIONS
OFF -AIRPORT
LOCATIONS
AIRPORT
LOCATIONS
OFF – AIRPORT MARKET IS STILL FRAGMENTED

24. 84 million
Adult population
(age> 20 years)
Class A+B+C
64 million
Credit card owners*
7.6
million
180
200 240
260
300
350
380
415
465
510
545
622
678
724
788
880
937
38% 37%
35%
31%
27%
22%
20%
18% 16% 15% 15% 13% 13% 12%
11% 9% 8%
-50
50
150
250
350
450
550
650
750
850
950
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Monthly minimun salary (R$) Daily rental price over minimum salary (%)
CAR RENTAL AFFORDABILITY
Source: BCB and Localiza rates
Sources: IPEADATA, Localiza’s loyalty program and BCB as of 2016
*Was considered that each credit card owner owns 1,3 credit card, BCB estimated that were 84 million active credit cards in Brazil in 2016.
CAR RENTAL: DRIVERS
24
INCREASING AFFORDABILITY AND LOW PENETRATION BRINGS GROWTH OPPORTUNITIES.

25. CAR RENTAL: DRIVERS
25
*
40.6
45.7
49.7
56.9
70.3
81.5
87.0 88.2 93.3 94.4 89.0 90.8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
AIRLINE MARKET EVOLUTION
RPK (REVENUE SEAT KILOMETER) IN MILLION
* Annualized with the available data until November/17
Source: ANAC
201.3
267.8
401
2017 2027 2037
DEMAND FORECASTING
PASSANGERS ESTIMATE (IN MILLION)
Source: Ministério dos Transportes / Transportation Ministry (September/2017)
EVOLUTION IN AIRLINE MARKET BRINGS GROWTH OPPORTUNITIES .

26. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 4Q175
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
26
COMPETITIVE ADVANTAGES2

27. FLEET RENTAL: MARKET SHARE
GROSS REVENUE - FLEET RENTAL
27Source: ABLA, considering the breakdown reported applied on the revenues
MARKET SIZE 2017:
R$9 BILLION
8.4%
2.6%
3.6%
7.6%
77.9%OTHERS
UNIDAS
LOCAMERICA
MOVIDA
8.3%
2.6%
4.4%
5.5%
79.1%OTHERS
UNIDAS
LOCAMERICA
MOVIDA
MARKET SIZE 2016:
R$8 BILLION

28. FLEET RENTAL: DRIVERS
28
Corporate fleet:
5,000,000*
Rented fleet:
440,737**
44,877
BRAZILIAN MARKET
*Frost&Sullivan research
**Localiza estimates
WORLD
8.8% 8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Source: Datamonitor for European countries and Localiza’s estimate for Brazil
LOW PENETRATION OF RENTED FLEET IN BRAZIL

29. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 4Q175
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
29
COMPETITIVE ADVANTAGES2

30. 8.4 8.9 9.0 9.4
10.1 9.9 10.0
10.6
3.3 3.5 3.6 3.6 3.3
2.5
2.0 2.1
2010 2011 2012 2013 2014 2015 2016 2017*
SEMINOVOS: NEW vs USED CAR MARKET (BRAZIL)
Source: Fenabrave (light and commercial cars) 30
New cars
Used cars
2.5x 2.5x2.6x 2.6x 3.1x 4.0x
5.0x 4.9x
10.7
2.2
TOTAL MARKET OF 12.9 MILLION CARS.

31. SEMINOVOS: DRIVERS
# OF INHABITANTS PER CAR – BRAZIL 2005 - 2016
AFFORDABILITY TO BUY CARS – PUBLIC PRICE OF THE
MODEL GOL IN THE MOST BASIC VERSION
AFFORDABILITY AND PENETRATION
7.9
7.7
7.3
6.9
6.5
6.0
5.7
5.3
5.0 4.9 4.8 4.8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
300 350
380
415
465 510
545
622
678
724
788
880
84
71 69
61
55
51 49
43 43 43 41 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 2016
Minimum wage (R$) Minimum wages needed to buy a new car
DEVELOPED COUNTRIES MAINTAIN A RATIO BETWEEN
2-1 INHABITANTS PER CAR
Source: Sindipeças – Current Fleet Report 2016, as of April 2016. Source: BCB and Localiza
31

32. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 4Q175
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
32
COMPETITIVE ADVANTAGES2

33. HIGHLIGHTS
33
 36.5% growth in net revenue, reaching R$6.1 billion;
 Fleet of 194,279 cars at the end of the period;
 Net income of R$563.4 million, representing an increase of 37.6%;
 Acquisition and integration of Hertz operations in Brazil.

34. 34
# of cars sold
# of rental days (thousand)– Car Rental
Fleet at end of the period
# of rental days (thousand) – Fleet Rental
94,156 87,508 100,578
127,221 135,578
34,960 36,080
38,388
44,655 44,877
14,015 14,019
12,784
13,514 13,824
143,131 137,607
151,750
185,390 194,279
2016 1Q17 2Q17 3Q17 2017
Franchising Fleet Rental Car Rental
4Q17 OPERATING HIGHLIGHTS
+48.2%
4Q/4Q
+22.2%
4Q/4Q
+25.0%
4Q/4Q
+35.4%
+13.5%
+32.3% +51,148 cars

35. 35
Net revenues (R$ million)
Net income (R$ million)EBIT (R$ million)
EBITDA (R$ million)
*Adjusted by the one-time cost incurred - Hertz Brasil acquisition and Franchisees incorporation
21.5
52.5
74.0
4Q17 FINANCIAL HIGHLIGHTS
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
21.5
52.5
74.0
16.3
41.5 57.7
+37.6%
+29.4%
+36.5%
+35.3%
+38.6%
4Q/4Q
+42.6%
4Q/4Q
+55.3%
4Q/4Q
+67.1%
4Q/4Q

36. CAR RENTAL
1,163.5 1,284.4 1,258.0
1,428.0
1,848.5
398.0
575.0
2013 2014 2015 2016 2017 4Q16 4Q17
Number of daily rentals (thousand)
48.2% GROWTH IN 4Q17 VOLUME
14,241.7 15,416.0 15,566.1
18,662.4
25,263.6
5,265.8
7,802.3
2013 2014 2015 2016 2017 4Q16 4Q17
Net revenues (R$ million)
36

37. 37
84.6
79.7
75.2
78.6
74.0
2015 2016 2017 4Q16 4Q17
75.4%
78.0% 78.6%
76.1%
78.5%
2015 2016 2017 4Q16 4Q17
CAR RENTAL
Average daily rental rate – in R$ Utilization rate
DYNAMIC PRICING MANAGEMENT STIMULATED DEMAND
New presentation of the user fee: consider only the period when the cars are available for rent at the agencies

38. CAR RENTAL NETWORK EVOLUTION
Number of car rental locations Brazil and abroad
286 304 320 333 384
193 172 174 158
133
63 64 70 70 71
542 540 564 561 588
2013 2014 2015 2016 2017
Localiza's branches - Brazil Franchisees' branches - Brazil Franchisees' branches - abroad
+51
38
51 CORPORATE LOCATIONS WERE ADDED TO THE NETWORK IN 2017

39. FLEET RENTAL
Number of daily rentals (thousand)
22.2% GROWTH IN 4Q17 VOLUMES
39
575.9 571.9 608.5 651.8
742.1
170.5 204.0
2013 2014 2015 2016 2017 4Q16 4Q17
10,843.7 10,363.3 10,900.9 11,240.0
12,752.7
2,921.6 3,569.2
2013 2014 2015 2016 2017 4Q16 4Q17
Net revenues (R$ million)

40. NET INVESTMENT
Fleet expansion (reduction)* (quantity)
GROWTH OF 52,860 CARS IN 2017’S FLEET
40
Net investment in fleet (R$ million)
Cars purchased Cars sold * It does not consider theft / crashed cars.Hertz Brasil
Purchases (includes accessories) Used car sales net revenues Hertz Brasil
69,744 79,804
64,032
87,833
143,414
27,921
35,143
62,641 70,621
64,305 68,449
90,554
20,883
26,103
2013 2014 2015 2016 2017 4Q16 4Q17
7,103
9,183
(273)
19,384
88,619
1,935
135,252
8,162
7,038
52,860
9,040
2,026.2
2,483.2
2,278.4
3,289.6
5,754.4
1,078.0 1,437.81,747.3 2,018.2 2,044.9
2,342.6
3,451.2
733.0 1,026.5
2013 2014 2015 2016 2017 4Q16 4Q17
465.0
278.9 233.5
947.0
61.95.,467.9
286.5
3,389.3
345.0
2,303.2
411.3
1,668
52.9

41. 41
NUMBER OF POINTS OF SALE
74 75 77
84
9962,641
70,621
64,305 68,449
90,554
-50,000
-30,000
-10,000
10,000
30,000
50,000
70,000
90,000
110,000
-10
10
30
50
70
90
110
130
150
2013 2014 2015 2016 2017
Points of sale Cars sold
15 NEW STORES TO MEET THE INCREASE IN CAR SALES FOR FLEET RENEWAL

42. 42
END OF PERIOD FLEET
194,279 CARS AS OF 12/31/2017
INCREASE OF 41,422 CARS IN THE RENT A CAR DIVISION WITH INCREASING UTILIZATION RATE
(Quantity)
70,717 77,573 76,755 94,156
135,578
32,809 34,312 33,948
34,960
44,877
14,233 13,339 13,992
14,015
13,824
117,759 125,224 124,695
143,131
194,279
2013 2014 2015 2016 2017
Aluguel de Carros Fleet Rental Franchising
+9,917
+41,422

43. 43
CONSOLIDATED NET REVENUES
(R$ million)
38.6% INCREASE IN CONSOLIDATED REVENUES IN 4Q17
1,758.9 1,874.0 1,883.1 2,096.8 2,607.1
572.7 783.1
1,747.3 2,018.2 2,044.9 2,342.5
3,451.2
733.3 1,026.5
3,506.2
3,892.2 3,928.0
4,439.3
6,058.3
1,306.0
1,809.6
2013 2014 2015 2016 2017 4Q16 4Q17
Rental Used car sales

44. 44
CONSOLIDATED EBITDA
(R$ million)
(*) It considers the new appropriation criteria of the overhead, which is also appropriated to Seminovos.
(**) Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
Divisions 2013 2014* 2015 2016 2017 4Q16 4Q17
Car Rental 36.8% 38.7% 31.8% 32.3% 34.9%** 31.5% 36.6%**
Fleet Rental 65.5% 60.0% 62.2% 64.5% 61.9%** 63.8% 59.8%**
Rental Consolidated 46.5% 45.3% 41.7% 42.3% 42.6%** 40.8% 42.7%**
Used Car Sales 5.7% 6.0% 7.3% 5.5% 5.9% 5.0% 5.1%
EBITDA margin:
916.5 969.8 934.8
1,015.6
1,314.2
270.9
386.3
2013 2014 2015 2016 2017 Adjusted 4Q16 4Q17 Adjusted
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
74.0
GAINS OF SCALE PUSHED THE RECURRING RAC MARGIN
52.5

45. 45
AVERAGE ANNUAL DEPRECIATION PER CAR
(In R$)
1,452.4 1,270.0
622.1
1,251.2 1,250.1
1,573.9
1,021.6
2013 2014 2015 2016 2017 4Q16 annualized 4Q17 Annualized
4,592.3 4,202.1 3,935.2 3,714.0
3,104.3 3,364.2 3,102.1
2013 2014 2015 2016 2017 4Q16 Annualized 4Q17 Annualized
Fleet Rental
Car Rental
SALES EFFICIENCY AND CAR PRICE INCREASES CONTRIBUTED FOR LOWER DEPRECIATION

46. 46
CONSOLIDATED EBIT(R$ million)
652.1 726.7 735.5 771.1
1,043.1
202.0
313.7
2013 2014 2015 2016 2017 Adjusted 4Q16 4Q17 Adjusted
Divisions 2013 2014 2015 2016 2017 4Q16 4Q17
Car Rental 32.8% 36.2% 34.3% 30.2% 35.5%* 28.4% 37.2%*
Fleet Rental 45.1% 44.3% 48.9% 51.2% 51.4%* 52.4% 48.1%*
Consolidated 37.1% 38.8% 39.1% 36.8% 40.0%* 35.3% 40.1%*
74.0
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
(*) Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
R$1 BILLION OF RECURRING EBIT IN 2017
52.5

47. 47
CONSOLIDATED NET INCOME
(R$ million)
384.3 410.6 402.4 409.3
563.4
104.4
174.5
2013 2014 2015 2016 2017 Adjusted 4Q16 4Q17 Adjusted
Reconciliation EBITDA x Net income 2013 2014 2015 2016 2017* Var. R$ Var. % 4Q16 4Q17* Var. R$ Var. %
Consolidated EBITDA 916.5 969.8 934.8 1,015.6 1,314.2 298.6 29.4% 270.9 386.3 115.4 42.6%
Cars depreciation (229.0) (207.4) (163.6) (206.3) (232.0) (25.7) 12.5% (59.5) (61.8) (2.3) 3.9%
Other property depreciation and amortization (35.4) (35.7) (35.7) (38.2) (39.1) (0.9) 2.4% (9.4) (10.8) (1.4) 14.9%
EBIT 652.1 726.7 735.5 771.1 1,043.1 272.0 35.3% 202.0 313.7 111.7 55.3%
Financial expenses, net (110.6) (151.1) (202.7) (243.5) (315.0) (71.5) 29.4% (72.7) (93.6) (20.9) 28.7%
Income tax and social contribution (157.2) (165.0) (130.4) (118.3) (164.7) (46.4) 39.2% (24.9) (45.6) (20.7) 83.1%
Net income of the period 384.3 410.6 402.4 409.3 563.4 154.1 37.6% 104.4 174.5 70.1 67.1%
57.7
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation, after taxes
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
RECOR NET INCOME FOR THE 4 CONSECUTIVE QUARTERS
41.5

48. 48
FREE CASH FLOW
(90,554 cars) (44,698 cars) (8,162 cars)
R$871.8 MILLION OF CASH GENERATION BEFORE GROWTH
R$1.9 billion investment

49. FREE CASH FLOW
49
Free cash flow - R$ million 2013 2014 2015 2016 2017
Operations
EBITDA 916.5 969.8 934.8 1,015.6 1,314.2*
Used car sale revenue, net from taxes (1,747.3) (2,018.2) (2,044.9) (2,342.5) (3,451.2)
Depreciated cost of cars sold 1,543.8 1,777.0 1,769.1 2,102.5 3,106.6
(-) Income tax and social contribution (108.5) (113.1) (110.7) (93.3) (108.3)
Change in working capital 2.9 (27.1) (30.0) 113.2 21.2
Cash generated by rental operations 607.4 588.4 518.3 795.5 882.5
Capex-renewal
Used car sale revenue, net from taxes 1,747.3 2,018.2 2,036.3 2,342.5 3,451.2
Fleet renewal investment (1,819.7) (2,197.7) (2,278.4) (2,563.6) (3,660.9)
Change in accounts payable to car suppliers – renewal (**) 144.3 120.0 (75.4) 174.1 247.8
Net investment for fleet renewal 71.9 (59.5) (317.5) (47.0) 38.1
Fleet renewal – quantity 62,641 70,621 64,032 68,449 90,554
Investment, property and intangible (47.5) (46.3) (29.7) (42.2) (48.8)
Free cash flow from operations, before growth 631.8 482.6 171.1 706.3 871.8
Capex-Growth
Fleet growth investment (209.4) (286.8) 8.6 (726.0) (1,807.0)
Change in accounts payable to car suppliers – growth (**) (54.6) 214.4 (45.8) 16.6 167.7
Hertz Brazil acquisition - fleet (286.5)
Fleet growth capex (264.0) (72.4) (37.2) (709.4) (1,925.8)
Fleet increase / (reduction) – quantity 7,103 9,183 (273) 19,384 52,860
Free cash flow after growth, and before interest and new HQ 367.8 410.2 133.9 (3.1) (1,054.0)
Capex-
non-
recurring
Hertz Acquisition (Except fleet) - - - - (46.7)
Incurred one-time costs effect - - - - (74.0)
New headquarters construction and furniture (6.5) (148.3) (30.7) (84.4) (126.2)
Free cash flow before interest 361.3 261.9 103.2 (87.5) (1,300.9)
(*) Adjusted by one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
(**) This quarter, we adjusted the cash flow to distribute the change in accounts payable to car suppliers account between renewal capex and fleet growth.
In the free cash flow, short-term financial assets were considered as cash equivalents since they have immediately liquidity.

50. 50
NET DEBT INCREASE DUE TO R$1.9 BILLION INVESTMENT IN FLEET
R$1.9 billion investment
CHANGE IN NET DEBT
(R$ million)

51. 51
DEBT MATURITY PROFILE (PRINCIPAL)
(R$ million)
2,613.9
471.7
721.7
1,422.0
672.5 934.5 934.5
1,158.1
108.1
Cash and
financial assets
2018 2019 2020 2021 2022 2023 2024 2025
2,615.4
As of December 31, 2017
COMFORTABLE DEBT PROFILE AND CASH TO SUPPORT GROWTH
2,613.9
365.1 608.7
1,426.3
678.1 943.5 946.8 1,173.1
411.6
123.3
Cash and
financial assets
2018 2019 2020 2021 2022 2023 2024 2025 - 2037
Real estate receivables certificate and early redemption of the 6th issuance
2,400.1
Proforma after Real Estate Receivables Certificate issuance and early redemption of the 6th issuance in February, 2018
2,737.2

52. 52
DEBT RATIOS
COMFORTABLE DEBT PROFILE DESPITE THE STRONG GROWTH
NET DEBT VERSUS FLEET VALUE
BALANCE AT THE END OF PERIOD 2013 2014 2015 2016 2017
Net debt / Fleet value 48% 40% 44% 45% 55%
Net debt / EBITDA 1.5x 1.4x 1.7x 2.1x 2.9x
Net debt / Equity 1.0x 0.8x 0.8x 0.9x 1.5x
EBITDA / Net financial expenses 8.3x 6.4x 4.6x 4.2x 4.2x
1,332.8 1,322.3 1,588.6
2,084.0
3,864.7
2,797.9
3,296.3 3,642.7
4,623.6
7,038.7
2013 2014 2015 2016 2017
Net debt Fleet value
(R$ million)

53. 53
ROIC VERSUS COST OF DEBT AFTER TAXES
FOCUS ON VALUE CREATION TO SHAREHOLDERS
16.7%
17.8%
17.0%
15.4% 15.6%
6.0%
8.0%
9.5% 10.2%
7.6%
2013 2014 2015 2016 2017
ROIC Cost of debt after taxes
9.8p.p.10.7p.p. 7.5p.p. 5.2p.p. 8.0p.p.
ROIC considered each year´s effective income tax and social contribution rate
*
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation

54. ONE TIME COSTS 4Q17
54
4Q17 financial results were adjusted to exclude the
impact of one-time costs resulting from the
acquisition of Hertz´s operations in Brazil (R$48.0
million) and the integration of 3 franchised
locations (R$4.5 million):
In 2017, the total adjustments for the
extraordinary expenses related to the acquisition
of the Hertz´s operations in Brazil was R$56.8
million (R$53.4 million in the Car Rental division
and R$3.4 million in Fleet Rental), and R$ 17.2
million referring to Localiza franchisees.
ONE-TIME COSTS
3Q17
Incurred
4Q17
Incurred
2017
Total
RAC costs:
Hertz: rebrand, structure and networking reduction (2.1) (36.4) (38.5)
Franchise integration (12.7) (4.5) (17.2)
RAC - Total Costs (14.8) (40.9) (55.7)
Fleet Rental costs:
Hertz: structure and networking reduction - (0.3) (0.3)
Fleet Rental total costs 0.0 (0.3) (0.3)
SG&A:
Hertz: rebrand, structure and RAC networking reduction (6.7) (8.2) (14.9)
Hertz: rebrand, structure and Fleet Rental networking reduction - (3.1) (3.1)
Total SG&A (6.7) (11.3) (18.0)
Total One-time Costs (21.5) (52.5) (74.0)
R$ million
Consolidated Results
4Q17
consolidated
One-off
4Q17
Ajusted
Total net revenues 1,809.6 - 1,809.6
Total costs and SG&A (1,475.8) 52.5 (1,423.3)
EBITDA 333.8 52.5 386.3
Depreciation (72.6) - (72.6)
EBIT 261.2 52.5 313.7
Financial expenses, net (93.6) - (93.6)
Income tax and social contribution (34.6) (11.0) (45.6)
Net income 133.0 41.5 174.5
R$ million

55. 55
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
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different from any future results expressed or implied in such forward-looking statements.
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LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update any of the forward-looking statement.
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