Localiza is a Brazilian car rental company founded in 1973. It has grown to become the market leader through strategic acquisitions and expanding into new business divisions over time, including fleet rental, used car sales, and franchising. It has an integrated business platform with synergies across divisions. Localiza has several competitive advantages including its scale in purchasing cars, brand recognition, distribution network, and operational excellence. It aims to continue its strategy of innovation and providing higher value services to customers.

1. INVESTOR RELATIONS
PRESENTATION
July, 2018.
,

2. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 2Q185
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
1985
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 -
Phase I: Rise to #1 Phase II: Expansion
Phase III:
Reaching Scale
Phase IV: Digital
Transformation
COMPANY HISTORY:
MILESTONES
2018
Market Cap
US$4.1 Billion (06/30/18)
2006
50.000 cars
2011
100.000 cars
150.000 cars
200.000 cars

4. INTEGRATED
BUSINESS
PLATFORM
THIS INTEGRATED PLATFORM
GIVES LOCALIZA
FLEXIBILITY AND SUPERIOR
PERFORMANCE
4
• 145.837 CARS
• 8,0 MILLION CLIENTS
• 391 LOCATIONS
• 4,636 EMPLOYEES
CAR RENTAL FLEET RENTAL
•48,056 CARS
• 1,308 CLIENTS
• 301 EMPLOYEES
USED CAR SALES
• 46.7% SOLD TO FINAL CONSUMER
• 100 STORES
• 66 CITIES
• 1,212 EMPLOYEES
FRANCHISING
• 14,659 CARS
• 131 LOCATIONS IN BRASIL
• 67 LOCATIONS IN SOUTH AMERICA
• 34 EMPLOYEES
SYNERGIES:
BARGAINING POWER
COST REDUCTION
CROSS SELLING
OVERHEAD AND SUPPORT: 1,253
EMPLOYEES
2Q18

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$ 15.8 billion (US$ 4.1 bn) in June 30, 2018
✓ End of period fleet of 208,552 cars in 1H18
✓ R$3.6 billion in net revenues in 1H18
✓ Volume growth of 50.6% in the Car Rental Division in 1H18
✓ ROIC of 13.2%, spread of 8.1 p.p in relation to cost of debt after taxes

7. Net Revenues
R$3,563
EBITDA
R$745
EBIT*
R$607
Consolidated breakdown – 1H18
R$ million
7
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
COMPANY’S PROFITABILITY COMES FROM CAR RENTAL AND FLEET RENTAL DIVISIONS
93
13%
256
34% 396
53% 203
33%
404
67%
1,991
56%
407
11%
1,165
33%

8. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 2Q185
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
45 YEARS OF EXPERIENCE IN MANAGING ASSETS AND GENERATING VALUE.

10. COMPETITIVE ADVANTAGES
RAISING MONEY
INVESTMENT GRADE: LOWER SPREADS AND LONGER TENORS
Source: Bloomberg July, 2018.
BB Fitch
Ba2 Moody’s
BB+ S&P
B+ S&P BB S&P
B1 Moody´s
B+ S&P
Player A Player B/C Player D
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
2018 Bonds - R$ million
Player C R$411 114.7%
Player C R$88
113.2%
Player C R$350
119.0%
Player A R$138
118.4%
Player A R$182
123.1%
Player A R$130 119.9%
Player A R$250 121.0%
Player B R$500 117.5%
Localiza R$300
108.0%
Localiza Fleet R$300
112.0%
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5
% 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
140,751
55,076
39,304
19,747
Localiza* Player A Player B* Player C
*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 # OF CITIES
522
218
186
404
Localiza Competitors
362
144 96
Localiza Player B Player A
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
Source:
Locations: Localiza 2Q18 results and 1Q18 results for its competitors;
Number of cities: each company website on 07/26/18

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
100 points of sale
66 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 demandSales 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 repair
• 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 INNOVATION
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
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
2013 2014 2015 2016 2017 1H18
ROE 29.0% 30.6% 24.3% 21.1% 25.6% 24.4%
20
16.7%
17.8%
17.0%
15.4% 15.6%
13.2%
6.0%
8.0%
9.5% 10.2%
7.6%
5.1%
2013 2014 2015 2016 2017 1H18
ROIC Cost of debt after taxes
9.8p.p.10.7p.p.
7.5p.p. 5.2p.p.
8.0p.p.
*
8.1p.p.
STABLE SPREAD WITH STRONG PACE OF GROWTH

21. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 2Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
21
COMPETITIVE ADVANTAGES2

22. 22
MARKET SIZE 2016:
R$5.8 BILLION
OTHERS
MARKET SIZE 2017:
R$6.5 BILLION
CAR RENTAL: MARKET SHARE
GROSS REVENUE - CAR RENTAL
Source: ABLA, considering the breakdown reported applied on the revenues
OTHERS
29.3%*
11.8%
6.7%
52.2%
32.3%*
13.9%
7.8%
46.0%
PLAYER B
PLAYER A
PLAYER B
PLAYER A
*Localiza’s market share includes revenues from franchisees in Brazil. There are no public data on the revenue of other players’ franchisees.

23. CAR RENTAL LOCATIONS IN BRAZIL
AIRPORT LOCATIONS OFF – AIRPORT LOCATIONS
Localiza
423
Player B
154
Player E
26
Player A
100
Others
7,856
23Source: ABLA, each company’s website on 07/26/2018 and Localiza’s 2Q18 Earnings Release.
1/3 OF CAR RENTAL’S
REVENUES COMES
FROM AIRPORT
LOCATIONS
OFF -AIRPORT
LOCATIONS
AIRPORT
LOCATIONS
OFF – AIRPORT MARKET IS STILL FRAGMENTED
Localiza
99
Player A
51
Player B
49
Player E
33
Others
38
Localiza Player A Player B Player E Others

24. 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
*Considering that each credit card owner owns 1,3 credit cards, BCB estimated that were 84
million active credit cards in Brazil in 2016.
CAR RENTAL: DRIVERS
24INCREASING AFFORDABILITY AND LOW PENETRATION BRINGS GROWTH OPPORTUNITIES.
3.1
3.8
4.3
5.7
6.4
7.6
8.0
2012 2013 2014 2015 2016 2017 1S18
LOCALIZA RAC USERS (MILLION)
84.0
64.0
8.0
Adult population (age>20
years) Class A+B+C
Credit Card owners Users
In million
*considering only the individual segment.

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
DEMAND FORECASTING
PASSANGERS ESTIMATE (IN MILLION)
Source: Ministério dos Transportes / Transportation Ministry (September/2017)
EVOLUTION IN AIRLINE MARKET BRINGS GROWTH OPPORTUNITIES .
201.3
267.8
401
2017 2027 2037

26. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 2Q185
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
MARKET SIZE 2016:
R$8 BILLION
8.4%
2.6%
3.6%
7.6%
77.9%OUTROS
PLAYER B
PLAYER C
PLAYER A
8.3%
2.6%
4.4%
5.5%
79.1%OTHERS
PLAYER B
PLAYER C
PLAYER A

28. FLEET RENTAL: DRIVERS
28
Corporate fleet:
5,000,000*
Rented fleet:
440,737**
39,738
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 2Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
29
COMPETITIVE ADVANTAGES2

30. SEMINOVOS: NEW vs USED CAR MARKET (BRAZIL)
Source: Fenabrave (light and commercial cars) August 31,2018. 30
New cars
Used cars
TOTAL MARKET OF 13.0 MILLION CARS.
8.4
8.9 9.0
9.4
10.1 9.9 10.0
10.7 10.6
3.3 3.5 3.6 3.6 3.3
2.5
2.0 2.2 2.4
2010 2011 2012 2013 2014 2015 2016 2017 until August
2018
Carros usados Carros novos
*
*
(*)Annualized
2.5x 2.5x2.6x 2.6x 3.1x 4.0x 5.0x 4.9x
4.4x

31. SEMINOVOS: DRIVERS
# OF INHABITANTS PER CAR – BRAZIL 2005 - 2016
AFFORDABILITY TO BUY CARS – AVERAGE PUBLIC PRICE
OF ECONOMIC CARS
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 4.8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
DEVELOPED COUNTRIES MAINTAIN A RATIO BETWEEN
2-1 INHABITANTS PER CAR
Source: Sindipeças – Current Fleet Report 2018, as of April 2018. Source: BCB and Localiza
Reference: for calculation was considered the cheapest car in our fleet
31
300 350
380 415
465 510 545
622
678
724
788 880
934 95484
71 69
61
55
51 49
43 43 43 41 41
47 47
-
10
20
30
40
50
60
70
80
90
-100
100
300
500
700
900
1,100
20052006200720082009201020112012201320142015201620172018
Minimum wage (R$) Minimum wages needed to buy a new car

32. 30.5%
Up to 2 years - 2017
296,756
SEMINOVOS: CARS SALES
OPERATING DATA
0.8%
Used cars – 2017
10,730,763
4.2%
Main players
Examples • Retailers • Dealers • Rental Operators
Points of sale • 48,000 (Fenauto) • 5,535 (Anfavea) • +137 (Unidas, Movida, Locamerica)
Source: Anfavea 2018 e Fenabrave / Unidas, Locamerica e Movida 1Q18.
32
Brand new- 2017
2,172,235

33. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 2Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
33
COMPETITIVE ADVANTAGES2

34. OPERATING CONTEXT – 2Q18
34
➢Company overcame the mark of 200 k cars, ending 2Q18 with 208,552 cars in its fleet
➢47.9% growth in RAC and 21.4% in Fleet Rental volumes
➢Short term cash management for reduction of its carrying cost
➢Spread (ROIC – Kd after income tax) of 8.1 p.p.
➢Truck drivers’ strike and payroll estimated impact in EBITDA by roughly R$39 million and
net income by around R$29 million
➢Excluding those effects EBITDA would have grown roughly 30% and net income 32%

35. 35
# of cars sold
# of rental days (thousand)– Car Rental
Fleet at end of the period
# of rental days (thousand) – Fleet Rental
2Q18 OPERATING HIGHLIGHTS
100,578
145,837
38,388
48,056
12,784
14,659
151,750
208,552
2Q17 2Q18
Car rental Fleet rental Franchising
20,201
23,626
2Q17 2Q18
5,566
8,234
2Q17 2Q18
3,012
3,658
2Q17 2Q18
>200 K

36. 36
Net revenues (R$ million)
Net income (R$ million)EBIT (R$ million)
EBITDA (R$ million)
2Q18 FINANCIAL HIGHLIGHTS
298.7
347.6
2Q17 2Q18
129.3
141.9
2Q17 2Q18
235.6
276.9
2Q17 2Q18
+38,0%
4T/4T
+38,6%
4T/4T
577.9 769.3
767.8
970.9
1,345.7
1,740.2
2Q17 2Q18
Rental Seminovos

37. CAR RENTAL
1,163.5 1,284.4 1,258.0
1,428.0
1,848.5
800.9
1,156.3
397.4
561.7
2013 2014 2015 2016 2017 1H17 1H18 2Q17 2Q18
Number of rental days (thousand)
STRONG VOLUME AND REVENUE GROWTH IN 2Q18
14,241.7 15,416.0 15,566.1
18,662.4
25,263.6
10,874.0
16,373.4
5,565.5
8,234.0
2013 2014 2015 2016 2017 1H17 1H18 2Q17 2Q18
Net revenues (R$ million)
37

38. 38
CAR RENTAL
Average daily rental rate (in R$) Utilization rate (%)
VOLUME, DAILY RATES AND UTILIZATION WERE IMPACTED BY THE TRUCK DRIVERS’ STRIKE
79.3
74.1 74.1 74.0 74.7
69.5
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
75.8%
79.0%
81.0%
78.5% 78.7%
77.0%
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18

39. CAR RENTAL NETWORK EVOLUTION
Number of car rental locations Brazil and abroad
286 304 320 333 384 391
193 172 174 158
133 131
63 64 70 70 71 67
542 540 564 561 588 589
2013 2014 2015 2016 2017 2Q18
Localiza's branches - Brazil Franchisees' branches - Brazil Franchisees' branches - abroad
+7
7 CORPORATE LOCATIONS WERE ADDED TO THE NETWORK
39

40. FLEET RENTAL
Number of daily rentals and average rented fleet
21.4% VOLUME GROWTH IN 2Q18 40
575.9 571.9 608.5 651.8
742.1
349.7
406.8
176.4 203.5
2013 2014 2015 2016 2017 1H17 1H18 2Q17 2Q18
Net revenues (R$ million)
10,843.7 10,363.3 10,900.9 11,240.0
12,752.7
5,942.6
7,234.0
3,012.4 3,657.6
30,121 28,787 30,280 31,222 35,424
33,014
40,189
33,471
40,640
-
5,000.0
10,000.0
15,000.0
20,000.0
25,000.0
30,000.0
35,000.0
40,000.0
45,000.0
-
2,000.0
4,000.0
6,000.0
8,000.0
10,000.0
12,000.0
14,000.0
2013 2014 2015 2016 2017 1S17 1S18 2T17 2T18
Daily rentals Average rented fleet

41. NET INVESTMENT
Car purchase and sales (quantity)
STRONG GROWTH IN RENTAL VOLUMES REQUIRED FLEET GROWTH 41
Net investment in fleet (R$ million)
Cars purchased Cars sold Hertz Brasil
Purchases (includes accessories) Used car sales net revenues Hertz Brasil
69,744 79,804
64,032
87,833
143,414
51,058
63,388
35,935 39,541
62,641 70,621
64,305 68,449
90,554
40,510 48,914
20,201 23,626
2013 2014 2015 2016 2017 1H17 1H18 2Q17 2Q18
7,103 9,183
(273)
19,384
88,619
1,935
135,252
8,162
10,548
52,860
15,734
2,026.2
2,483.2
2,278.4
3,289.6
5,754.4
2,107.7
2,577.1
1,489.5 1,643.31,747.3 2,018.2 2,044.9
2,342.6
3,451.2
1,526.3
1,991.2
767.8 970.9
2013 2014 2015 2016 2017 1H17 1H18 2Q17 2Q18
465.0
278.9 233.5
947.0
61.9
5,467.9
286.5
3,389.3
581.4
2,303.2
721.7
* It does not consider theft / crashed cars written off.
14,474
15,915
585.9
672.4

42. 42
NUMBER OF POINTS OF SALE
74 75 77
84
99
91
100
91
100
62,641
70,621
64,305 68,449
90,554
40,510
48,914
20,201 23,626
-
20,000
40,000
60,000
80,000
100,000
120,000
0
20
40
60
80
100
120
140
160
180
2013 2014 2015 2016 2017 1H17 1H18 2Q17 2Q18
Points of sale Cars sold
STORES WILL BE OPENED THROUGHOUT THE 2ND HALF TO SUPPORT FUTURE FLEET RENEWAL

43. 43
END OF PERIOD FLEET
45.0% GROWTH OF THE RAC FLEET
(Quantity)
70,717 77,573 76,755 94,156
135,578
100,578
145,837
32,809 34,312 33,948
34,960
44,877
38,388
48,056
14,233 13,339 13,992
14,015
13,824
12,784
14,659
117,759 125,224 124,695
143,131
194,279
151,750
208,552
2013 2014 2015 2016 2017 1H17 1H18
Car Rental Fleet Rental Franchising
>200 K

44. 44
CONSOLIDATED NET REVENUES
(R$ million)
29.3% INCREASE IN CONSOLIDATED NET REVENUES IN 2Q18
1,758.9 1,874.0 1,883.1 2,096.8 2,607.1
1,159.1 1,571.7
577.9 769.3
1,747.3 2,018.2 2,044.9 2,342.5
3,451.2
1,526.3
1,991.2
767.8 970.9
3,506.2
3,892.2 3,928.0
4,439.3
6,058.3
2,685.4
3,562.9
1,345.7
1,740.2
2013 2014 2015 2016 2017 1H17 1H18 2Q17 2Q18
Rental Used car sales

45. 45
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 1H17 1H18 2Q17 2Q18
Car Rental 36.8% 38.7% 31.8% 32.3% 34.9%** 35.3% 33.9% 34.0% 32.0%
Fleet Rental 65.5% 60.0% 62.2% 64.5% 61.9%** 62.4% 62.9% 61.8% 64.6%
Rental Consolidated 46.5% 45.3% 41.7% 42.3% 42.6%** 43.4% 41.5% 42.4% 40.7%
Used Car Sales 5.7% 6.0% 7.3% 5.5% 5.9% 6.0% 4.7% 7.0% 3.5%
EBITDA margin:
916.5 969.8 934.8 1,015.6
1,314.2
595.6
745.0
298.7 347.6
2013 2014 2015 2016 2017
Adjusted
1H17 1H18 2Q17 2Q18
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
74.0
EXCLUDING THE STRIKE AND PAYROLL IMPACTS, ESTIMATED EBITDA WOULD HAVE BEEN APPROXIMATELY R$387 MILLION

46. 46
AVERAGE ANNUALIZED DEPRECIATION PER CAR
(In R$)
Fleet Rental
Car Rental
EFFICIENCY ON SELLING COUPLED WITH CAR PRICE INCREASE CONTRIBUTED FOR LOWER DEPRECIATION IN RAC
1,452.4 1,270.0
622.1
1,251.2 1,250.1 1,427.7
758.5
2013 2014 2015 2016 2017 1H17 1H18
4,592.3 4,202.1 3,935.2 3,714.0
3,104.3 3,156.7 3,329.4
2013 2014 2015 2016 2017 1H17 1H18

47. 47
CONSOLIDATED EBIT
(R$ million)
652.1 726.7 735.5 771.1
1,043.1
465.6
606.8
235.6 276.9
2013 2014 2015 2016 2017 Adjusted 1H17 1H18 2Q17 2Q18
Divisions 2013 2014 2015 2016 2017 1H17 1H18 2Q17 2Q18
Car Rental 32.8% 36.2% 34.3% 30.2% 35.5%* 34.9% 34.6% 35.1% 30.2%
Fleet Rental 45.1% 44.3% 48.9% 51.2% 51.4%* 52.4% 49.9% 54.0% 51.8%
Consolidated 37.1% 38.8% 39.1% 36.8% 40.0%* 40.2% 38.6% 40.8% 36.0%
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
17.5% INCREASE IN EBIT IN THE 2Q18

48. 48
CONSOLIDATED NET INCOME
(R$ million)
384.3 410.6 402.4 409.3
563.4
249.5
317.9
129.3 141.9
2013 2014 2015 2016 2017 Adjusted 1H17 1H18 2Q17 2Q18
Reconciliation EBITDA x Net income 2013 2014 2015 2016 2017* Var. R$ Var. % 1H17 1H18 Var. R$ Var. % 2Q17 2Q18 Var. R$ Var. %
Consolidated EBITDA 916.5 969.8 934.8 1,015.6 1,314.2 298.6 29.4% 595.6 745.0 149.4 25.1% 298.7 347.6 48.9 16.4%
Cars depreciation (229.0) (207.4) (163.6) (206.3) (232.0) (25.7) 12.5% (112.0) (116.7) (4.7) 4.2% (54.1) (59.8) (5.7) 10.5%
Other property depreciation and amortization (35.4) (35.7) (35.7) (38.2) (39.1) (0.9) 2.4% (18.0) (21.5) (3.5) 19.4% (9.0) (10.9) (1.9) 21.1%
EBIT 652.1 726.7 735.5 771.1 1,043.1 272.0 35.3% 465.6 606.8 141.2 30.3% 235.6 276.9 41.3 17.5%
Financial expenses, net (110.6) (151.1) (202.7) (243.5) (315.0) (71.5) 29.4% (142.0) (177.6) (35.6) 25.1% (67.2) (88.7) (21.5) 32.0%
Income tax and social contribution (157.2) (165.0) (130.4) (118.3) (164.7) (46.4) 39.2% (74.1) (111.3) (37.2) 50.2% (39.1) (46.3) (7.2) 18.4%
Net income of the period 384.3 410.6 402.4 409.3 563.4 154.1 37.6% 249.5 317.9 68.4 27.4% 129.3 141.9 12.6 9.7%
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
9.7% INCREASE IN THE QUARTER’S NET INCOME, IMPACTED BY AROUND R$ 29 MILLION

49. FREE CASH FLOW
49
Free cash flow - R$ million 2013 2014 2015 2016 2017 1H18
EBITDA 916.5 969.8 934.8 1,015.60 1314.2 745.0
Used car sale revenue, net from taxes (1,747.3) (2,018.2) (2,044.9) (2,342.5) (3,451.2) (1,991.2)
Depreciated cost of cars sold 1,543.8 1,777.0 1,769.1 2,102.5 3,106.6 1,820.0
(-) Income tax and social contribution (108.5) (113.1) (110.7) (93.3) (108.3) (79.3)
Change in working capital 2.9 (27.1) (30.0) (40.8) (47.9) (63.7)
Cash generated by rental operations 607.4 588.4 518.3 641.5 813.4 430.8
Used car sale revenue, net from taxes – fleet renewal 1,747.3 2,018.2 2,036.3 2,342.5 3,451.2 1,991.2
Fleet renewal investment (1,819.7) (2,197.7) (2,278.4) (2,563.6) (3,660.9) (1,988.6)
Change in accounts payable to car suppliers – renewal 144.3 120.0 (25.4) 219.9 227.6 (167.4)
Net investment for fleet renewal 71.9 (59.5) (267.5) (1.2) 17.9 (164.8)
Fleet renewal – quantity 62,641 70,621 64,032 68,449 90,554 48,914
(47.5) (46.3) (29.7) (42.2) (48.8) (20.5)
631.8 482.6 221.1 598.1 782.5 245.5
Fleet (growth) investment / Used car sale revenue, net from taxes – fleet reduction (209.4) (286.8) 8.6 (726.0) (1,807.0) (588.5)
Change in accounts payable to car suppliers – growth (54.6) 214.4 (23.9) 26.8 168.7 101.0
Hertz Brazil acquisition - fleet - - - - (286.5) -
Fleet growth capex (264.0) (72.4) (15.3) (699.2) (1,924.8) (487.5)
Fleet increase / (reduction) – quantity 7,103 9,183 (273) 19,384 52,860 14,474
367.8 410.2 205.8 (101.1) (1,142.3) (242.0)
Hertz Acquisition (Except fleet) / Incurred one-time costs effect - - - - (120.7) -
New headquarters construction and furniture (6.5) (148.3) (30.7) (84.4) (126.2) -
361.3 261.9 175.1 (185.5) (1,389.2) (242.0)
- - (71.9) 98.0 88.3 (260.2)
361.3 261.9 103.2 (87.5) (1,300.9) (502.2)
OperationsCapex-renewal
Investment, property and intangible
Free cash flow from operations, before growth
Capex-Growth
Capex-
non-
recurring
Free cash generated before the financial effects of discounts and prepayments
Free cash flow after growth, interest and new HQ
Cash effects of anticipation of credit card receivables and suppliers (**)
Free cash flow before interest
In the free cash flow, short-term financial assets were considered as cash equivalents since they have immediately liquidity
(*) Adjusted by one-time costs incurred -Hertz Brasil acquisition and franchisees incorporation
(**) Discount of credit card receivables and anticipation of accounts payable were demonstrated in a different line so that the Free Cash Flow From Operations, Before Growth considered only the contractual terms, reflecting the Company's operation

50. 50
THE FLEET GROWTH INVESTMENT, TOGETHER WITH SHORT TERM CASH MANAGEMENT
RESULTED IN THE INCREASE OF THE NET DEBT
CHANGE IN NET DEBT
(R$ million)

51. 51
DEBT RATIOS
EXCLUDING THE EFECT OF THE ANTICIPATION, NET DEBT/EBITDA RATIO WOULD BE 2.9X
NET DEBT VERSUS FLEET VALUE
BALANCE AT THE END OF PERIOD 2013 2014 2015 2016 2017 1H18
Net debt / Fleet value 48% 40% 44% 45% 55% 60%
Net debt / annualized EBITDA 1.5x 1.4x 1.7x 2.1x 2.9x 3.1x
Net debt / Equity 1.0x 0.8x 0.8x 0.9x 1.5x 1.6x
EBITDA / Net financial expenses 8.3x 6.4x 4.6x 4.2x 4.2x 4.2x
1,332.8 1,322.3 1,588.6
2,084.0
3,864.7
4,628.2
2,797.9
3,296.3 3,642.7
4,623.6
7,038.1 7,681.1
2013 2014 2015 2016 2017 1H18
Net debt Fleet value
(R$ million)

52. 52
DEBT MATURITY PROFILE (PRINCIPAL)
(R$ million)
As of June 30, 2018
THE STRONG CASH BALANCE GUARANTEES FLEXIBILITY TO REDUCE THE AVERAGE COST
AND INCREASE THE DURATION OF THE COMPANY’S DEBT
1,682.4
199.7
593.2
1,282.8
378.1
1,093.4 1,096.7 1,173.0
411.5
Cash and financial
assets
2018 2019 2020 2021 2022 2023 2024 2025 +
2,075.7
Proforma considering the Fleet’s 5th issuance and CCBI prepayment
711.5
5th debentures issuance of Localiza Fleet
1,682.4
199.7
545.7
1,187.8
330.6
1,093.4 1,096.7 1,173.0
411.5
110.00
47.5
95.0
47.5
300.00
Cash and financial
assets
2018 2019 2020 2021 2022 2023 2024 2025 +
1,792.4
1,282.8
378.1
CCBINet effect on cash
1,933.2
593.2

53. ROIC VERSUS COST OF DEBT AFTER TAXES
STABLE SPREAD WITH STRONG PACE OF GROWTH
16.7%
17.8%
17.0%
15.4% 15.6%
13.2%
6.0%
8.0%
9.5% 10.2%
7.6%
5.1%
2013 2014 2015 2016 2017 1H18
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
8.1p.p.
53

54. 54
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
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.
DISCLAIMER