Localiza institucional inglês

1. July, 2014
Localiza Rent a Car S.A.
Institutional Presentation
1

2. 1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 2Q14
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 – PE firm DL&J enters at a
market cap of US$ 150 mm
1997 – Expansion strategy by
adjacencies: Fleet Rental
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
06/30/2014 – Market cap of US$3.5 bi
with ADTV of R$40.2 million
1973 1982 1983 2004 2005 2014
3

4. Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
 12.991 cars
 169 locations in Brazil
 64 locations in South
America
 34 employees
 57.1% sold to final
consumer
 74 stores
 998 employees
 73,281 cars
 4.1 million clients
 301 locations
 4,377 employees
 31,814 cars
 778 clients
 367 employees
This integrated business platform gives Localiza flexibility and superior performance.
Based on the 2Q14 4
Car Rental Fleet Rental
SeminovosFranchising

5. Franchising
Supplementary business,
with the purpose to
expand the brand’s
network.
Franchising is seen as a
primarily strategic
business by management
– the revenues generated
are low, however brand
and network expand at
minimum capital
expenditure.
Company: Business platform divisions
Car Rental
Localiza car rental rents
to individuals or
businesses at airports
and other locations.
The traditional backbone
of Localiza. With its giant
fleet that gets renewed
annually, it lays the
foundation for all scale
effects captured by the
group as a whole.
Fleet Rental
Offering customized fleet
for 2-3 years terms.
Localiza Fleet is seen as
an additional business
that generates value by
leveraging synergies
created by the integrated
platform approach.
Used car sales
Support area, with the
objective to sell the
Company’s used cars
and add know-how in
buying cars and
estimating the residual
value.
As a support business
activity, Seminovos
enables the sell roughly
60% of used cars directly
to the final customer,
thereby maximizing the
residual value of used
rental cars.
5

6. Total
1 year
R$ % Seminovos % R$
Net revenues 19,7 100,0% 28,1 100,0% 47,8
Costs - fixed and variable (9,1) -46,1% (9,1)
SG&A (3,3) -17,0% (2,6) -9,4% (6,0)
Net revenues of car sold 25,5 90,6% 25,5
Book value of car sold (24,1) -85,8% (24,1)
EBITDA 7,3 36,8% 1,4 4,9% 8,6
Cars Depreciation (1,5) -5,2% (1,5)
Others depreciation (0,4) -1,9% (0,2) -0,8% (0,6)
Financial expenses (1,3) -4,6% (1,3)
Taxes (2,1) -10,5% 0,5 1,7% (1,6)
Net Income (Loss) 4,8 24,5% (1,1) -4,0% 3,7
NOPAT 4,6
ROIC 17,1%
Cost of debt after taxes 6,0%
Car Rental Seminovos
Per car soldPer operating car
6
Net car sale
revenue
R$25.51 year cycle
Car Rental Financial Cycle
Per car
R$27.0
Car acquisition
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
Spread
11.1p.p.

7. Total
2 years
R$ % Seminovos % R$
Net revenues 36,9 100,0% 26,7 100,0% 63,7
Costs - fixed and variable (10,3) -28,0% (10,3)
SG&A (2,4) -6,5% (2,4) -8,9% (4,8)
Net revenues of car sold 24,4 91,1% 24,4
Book value of car sold (23,1) -86,2% (23,1)
EBITDA 24,2 65,5% 1,3 4,9% 25,5
Cars Depreciation (9,2) -34,3% (9,2)
Others depreciation (0,1) -0,2% - 0,0% (0,1)
Financial expenses (2,2) -8,2% (2,2)
Taxes (7,2) -19,6% 3,0 11,3% (4,2)
Net Income (Loss) 16,9 45,7% (7,0) -26,3% 9,9
Net Income (Loss) - per year 8,4 45,7% (3,5) -26,3% 4,9
NOPAT 5,7
ROIC 17,1%
Cost of debt after taxes 6,0%
Per operating car
Fleet Rental Seminovos
Per car sold
7
Net car sale
revenue
R$24.4
2 year cycle
Fleet Rental Financial Cycle
Per car
Spread
11.1p.p.
R$33.3
Car acquisition
1 2 3 4 5 6 19 20 21 22 23 24Expenses, interest and tax
Revenue

8. 535,5
643,8
788,7
934,7
1.150,7 1.160,4
1.462,8
1.699,2 1.802,5 1.821,8
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Rental revenues evolution
3.794,9 3.726,2 3.715,4 3.873,1 4.111,3 4.281,6 4.637,6 4.692,1 4.791,3 4.698,2
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Localiza’s rental revenues at constant prices
Sector’s revenue at constant prices (ex- Localiza)
GDP 5.7% 3.2% 4.0% 6.1% 5.2% -0.3% 7.5% 2.7% 1.0%
Average GDP growth: 3.7%
Source: ABLA (Brazilian Car Rental Association) and Localiza. 8
The Company grew at an average of 3.9x GDP and 6.0x the sector.

9. 9Source: ABLA 2013 Yearbook, Bradesco and Company loyalty program.
Corporate fleet:
5,000,000*
32,809
Car Rental Fleet Rental
Company current penetration
*Estimated
4 million
84 million
Adult population
(age > 20 years)
Class A+B+C
15 million
Adult population
(age > 20 years)
Class A+B
Penetration: 4.8% on A, B and C classes. Penetration: 0.7% on Corporate fleet.

10. 10
Spread
(ROIC versus cost of debt after taxes)
8.4% 8.8% 7.6% 7.3% 8.6%
6.3% 6.0% 7.7%
21.3%
17.0%
11.5%
16.9% 17.1% 16.1% 16.5% 18.7%
2007 2008 2009 2010 2011 2012 2013 1H14
12.9p.p.
8.2p.p.
4.0p.p.
9.6p.p. 8.5p.p. 11.0p.p.
9.8p.p.
ROIC Cost of debt after taxes
Financial
crisis effect
10.5p.p.
Annualized
(*) 2008 and 2012 ROIC were calculated excluding additional fleet depreciation that was treated as equity loss since
they were extraordinary non-recurring events caused by external factors (IPI reduction for new cars), following the
concepts recommended by Stern Stewart.

11. 2013 Industry overview
Source: ABLA, Companies’ Financial Statements.
**Ouro Verde: Net Fleet Rental Revenue; Ouro Verde: EBITDA excludes selling of Martini Meat.
***Investiment = Average shareholders’ Equity + Average Net Debt
11
Gross Rental
Revenues (R$ million)
1,821.8 567.0 356.9 N/A 216.8**
Fleet (End of period ) 117,759 38,292 28,265 29,247 18,616
ROIC(NOPAT/ Investment***):
2013 16.5% 6.8% 7.4% 7.2% 7.8%
2012 16.1% 3.9% 6.9% 7.0% 7.9%
Net Debt/ EBITDA 1.5x 2.2x 3.1x 3.9x 3.5x
Net Debt/ Equity 1.0x 0.9x 1.7x 2.7x 6.8x

12. Raising
money Buying
cars
Renting Cars Selling
Cars
Source: ABLA (Brazilian Car Rental Association) and Localiza.
Cash to renew the fleet or pay debt
$
Profitability comes from rental divisions
Competitive advantages: 40 years of experience
in managing assets
$
12

13. Competitive advantages: raising money
Global Scale
National Scale
Localiza raises money with lower spreads when compared to Brazilian competitors.
As of March, 2014.
BBB Fitch
Baa3 Moody’s
BBB- S&P
BBB+ S&P B+ S&P B+ Fitch B1 Moody‘s
brAAA S&P
Aa1.br Moody’s
AAA(bra) Fitch
brAA- S&P
A+ (bra) Fitch
brA S&P
A (bra) Fitch
brA+ S&P
A+ (bra) Fitch
A(bra) Fitch
Raising
money
Buying
cars
Renting Cars
Selling
Cars
13
Investment grade: lower spreads and longer tenors

14. 14
Competitive advantages: buying cars
Localiza buys cars with better conditions due to the volume of purchases.
Number of cars purchased - 2013
• Includes Franchising
78,779
18,866
9,950
*
Source: each company website
Localiza’s share in the internal sales of the
major OEMs - 2013
2.6%
Raising
money
Buying
cars
Renting Cars
Selling
Cars
Localiza Unidas Locamerica

15. 107
155
53
15
The Company is present in 259 cities where the other largest networks do not operate.
Competitive advantages: renting cars
Know HowBrand Brazilian distribution
#ofbranches#ofcities
Source: Brand Analytics and each company website (Localiza and Peers, as of March, 2014)
477
315
Raising
money
Buying
cars
Renting Cars
Selling
Cars
Localiza Unidas Hertz Avis
345
86 71
38

16. 16
Sales to final consumer
Competitive advantages: selling cars
Selling directly to final consumer reduces depreciation.
Cars available for sale are used by car rental division during peaks of demand.
Raising
money
Buying
cars
Renting Cars
Selling
Cars
Buffer: additional fleet

17. 17
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 2Q14
Agenda

18. 18
Car Rental overview
65.9%
Compact cars
2013 Fleet composition
70,717 cars
34.1%
Others
Net Revenues (R$ million)
Corporate fleet size
47,517
64,688 70,717
2009 2011 2013
428.0
565.2 585.2
802.2
980.7
1,093.7 1,163.5
563.6 628.1
280.3 316.7
2007 2008 2009 2010 2011 2012 2013 1H13 1H14 2Q13 2Q14

19. 19
Drivers
Air traffic passengers - million
Source: BNDES, ANAC, IPEADATA and BCB
GDP per capita
(R$ thousands)
6.9 7.5 8.4 9.5 10.7 11.7 12.8 14.2
16.0 16.6
19.0
21.3 22.4
24.1
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
151
180 200
240
260 300
350
380
415
465
510
545
622
678
51%
38%
37% 35%
31%
27%
22% 20% 18% 16% 15% 15% 13% 12%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Monthly minimum salary (R$) Daily rental price over minimum salary (%)
Car rental affordability
29
70
82 89 90
2003 2010 2011 2012 2013
Investments in Brazil (2014-2017)
(R$ 4.075 billion)
1.478
1.154
867
575
Services and
Agriculture
Industry Housing Infraestructure

20. 20
Distribution
Car rental distribution (Brazil)
312 346 381 415 449 474 479 470
2007 2008 2009 2010 2011 2012 2013 1H14

21. Localiza
103
Hertz
43
Unidas
44
Avis
29
Others
55
Localiza
374
Hertz
64
Unidas
111
Avis
24
Others
2592
21Source: Abla 2014 and each company’s website (March 2014)
Off-airport market is still fragmented.
Airport locations Off-airport locations
Car Rental Locations in Brazil

22. 39.5%
7.5%
8.2%
6.5%
2.9%
1.9%
33.5%
22
31.8%
4.1%
7.4%
4.5%3.1%1.5%
47.5%
47.0%
35.9%
Others
Movida
Avis
Hertz Unidas
Franchising
Franchising
Others
Movida
Avis Hertz
Unidas
2013 Market Share – Car Rental
Rental Revenues
R$3,055.8 million
Fleet
222,554 cars
Characteristics of Car Rental network in Brazil:
 Complex chain management
 High fixed-cost structure
 Market consolidated in airports and fragmented in off-airport locations
 High barrier to entry
 Capital intensive
Source: Euromonitor, ABLA and Companies’ Financial Statements and estimates.

23. 23
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 2Q14
Agenda

24. 24
Number of clients
Fleet Rental overview
38.0%
Compact cars
2013 Fleet composition
32,809 cars
62.0%
Others
584
687 760
2009 2011 2013
Net Revenues (R$ million)
219.8
268.4 303.2 361.1
455.0
535.7 575.9
288.9 283.1
147.1 140.0
2007 2008 2009 2010 2011 2012 2013 1H13 1H14 2Q13 2Q14

25. 2012 Market Share – Fleet Rental
25
Rental Revenues
R$3,464.2 million
Fleet
307,336 cars
Characteristics of the Fleet Rental business in Brazil:
 Scale in purchasing cars of little relevance after initial scale (10,000 cars)
 Low fixed cost structure
 Risk of forecast of car residual value by the end of the contract (depreciation)
 Low entry barrier
Source: Euromonitor for revenue , ABLA for fleet and Companies’ Financial Statements.
Locamerica
10.3%
Unidas
9.1%
Ouro Verde
4.9%
Locamerica
10.3%
Unidas
7.1%
Ouro Verde
6.1%
18.4%
11.3%
Others
57.2% Others
65.2%

26. 26
Source: ABLA 2013 Yearbook, Bradesco and Datamonitor
Low penetration of rented fleet in Brazil.
Rented fleet penetration
Corporate fleet:
5,000,000*
Rented fleet:
307,336
32,809
Brazilian Market World
5.4%
8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Brazil
PolandCzech
Republic
G
erm
any
France
Spain
Uk
Holland
Drivers
*Estimated

27. 27
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 2Q14
Agenda

28. 28
Combining Localiza’s brand with a growing network of stores
enables the Company to continuously sell thousands of cars at market prices.
# of points of sale
Car sales – operating data
32 35
49
55
66
73 74 74
2007 2008 2009 2010 2011 2012 2013 1H14

29. 29
Income increase and credit availability are the major drivers for car sales.
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 2013)
# of inhabitants per car - Brazil
4.4
4.2
4.0
3.6
2.1
2.0
1.9
1.8
1.2
Brazil
Argentina
Russia
South Korea
Japan
France
Germany
United Kingdon
USA
8.0 7.9
7.4
6.9 6.5
5.9 5.5 5.2
4.4
2005 2006 2007 2008 2009 2010 2011 2012 2013

30. 7.0
6.7
7.1 7.3 7.1
8.4
8.9 9.0
9.4
1.6 1.8
2.3
2.7
3.0
3.3 3.5 3.6 3.6
30
4.4x
3.7x
3.1x
2.7x 2.4x 2.5x 2.5x
2005 2006 2007 2008 2009 2010 2011 2012 2013
2.6x
Brazilian car market: new x used car market and affordability
New cars
Used cars
Source: FENABRAVE (Autos + light commercial) and Anfavea
2.6x

31. 31
2013 Up to 2 years
409.121
2013 Brand new
3,579,903
2013 Used cars
9,434,225
0.7% 1.8% 13.9%
Car sales – operating data
Source: Anfavea and Fenabrave
# of cars sold (Quantity)
30,093 34,281 34,519
47,285 50,772
56,644 62,641
26,603
33,338
13,669 15,889
2007 2008 2009 2010 2011 2012 2013 1H13 1H14 2Q13 2Q14

32. 32
Examples
• Dealers
• Fiat, VW, Ford, GM most
successful
• Auto Brasil
• Rental operators
• Locamerica, Hertz
• Retailers
• “Loja do carro”
• “Auto malls” and
“Cidade do
automóvel”
Strengths*
• Brand and perceived
image/ experience
• Support often directly
from the OEM’s
• Flexibility in trade-in
cars
• Strong media presence
• Tailored to popular
customer demand at
purchase, hence likely
to be an attractive
value proposition
when for sale
• Often appeal to
lower income
classes, with older
cars
• Occasionally
specialized in niches
• Comfort and
convenience
• Variety of models
and brands
• Flexibility in
exchange
Weaknesses*
• Used cars not a core
business
• Cars often older than 2
years
• Stigma about heavy
usage during rental
car years
• Weak retail network
• Geographical
concentration (SP)
• Lower media
presence
• No brand
recognition (lower
reputation market)
• Financing options
with higher interest
rates
• Lower media
presence
• Cars often older
than 2 years
• It hasn’t been
successful
Points of sale • 3,714 (Anfavea)
• 25 (Unidas,
Locamerica, Avis and
Hertz website).
• 45,600 (Fenauto) • 71 (Fenauto)
Main players
*Source: Roland Berger

33. 1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 2Q14
Agenda

34. 40%
60%
34
2013 Consolidated breakdown
R$ million
Net Revenues EBITDA
11%
41%
48%
50%
16% 34%
Company’s profitability comes from Car Rental and Fleet Rental Divisions.
EBIT*
Net revenues EBITDA EBIT Net income
1,183.0 440.0 392.3 225.3
575.9 377.3 259.8 159.0
1,747.3 99.2 * *
Consolidated 3,506.2 916.5 652.1 384.3
*Seminovos results recorded in the Car Rental and Fleet Rental Division.

35. 655.0 842.9 898.5 1,175.3 1,450.0 1,646.7 1,758.9
861.9 920.3
432.4 461.0
850.5
980.8 922.4
1,321.9
1,468.1
1,520.0 1,747.3
744.6 929.3
380.7 443.6
2007 2008 2009 2010 2011 2012 2013 1H13 1H14 2Q13 2Q14
Consolidated net revenues
R$ million
Car Rental Used car sales
1,505.5
1,823.7
2,918.1 3,506.2
1,606.5
1,820.9
2,497.2
3,166.7
904.6
1,849.6
813.1

36. 36
Consolidated EBITDA
R$ million
EBITDA grew 7.3% in the 2Q14.
403.5 504.1 469.7
649.5
821.3 875.6 916.5
442.3 490.6
225.1 241.6
2007 2008 2009 2010 2011 2012 2013 1H13 1H14 2Q13 2Q14
(*)Up to 2011, accessories and freight of new cars were recorded as permanent assets and depreciated over the cars’ useful life.
From 2012 on, such values have been accounted directly in the cost line, impacting EBITDA but reducing depreciation costs.
Divisions 2007* 2008* 2009* 2010* 2011* 2012 2013 1H13 1H14 2Q13 2Q14
Car Rental 46.0% 45.9% 41.9% 45.3% 46.9% 40.9% 36.8% 35.7% 39.1% 35.9% 38.1%
Fleet Rental 71.3% 69.1% 68.7% 68.0% 68.6% 66.4% 65.5% 66.1% 61.7% 66.2% 61.5%
Rental Consolidated 54.5% 53.3% 51.1% 52.3% 53.8% 49.3% 46.5% 46.1% 46.3% 46.4% 45.4%
Used Car Sales 5.5% 5.6% 1.1% 2.6% 2.8% 4.2% 5.7% 6.0% 7.0% 6.4% 7.3%

37. 2,395.8
5,083.1
4,371.7
3,509.7 4,133.0
4,311.3
4,592.3 4,104.91,096.9
2007 2008 2009 2010 2011 2012 2013 1H14
332.9
2,546.0 2,577.0
1,536.0 1,683.9
1,895.8
1,452.4 1,360.9
2007 2008 2009 2010 2011 2012 2013 1H14
37
Average depreciation per car
in R$
Robust used-car
market
Financial crisis and
IPI reduction effect
Robust
used-car market
Financial crisis and
IPI reduction effect
Depreciation Non recurring additional depreciation - IPI Effect
Depreciation Non recurring additional depreciation - IPI Effect
3,972.4
5,408.2
2,076.6
Average depreciation per car (R$) – Car Rental
Average depreciation per car (R$) – Fleet Rental
Annualized
Annualized

38. 190.2
127.4 116.3
250.5
291.6
240.9
384.3
192.3 206.4
103.4 100.6
2007 2008 2009 2010 2011 2012 2013 1H13 1H14 2Q13 2Q14
38
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 *
2Q14 net income was impacted by higher interest rates,
partially offset by an increase in the EBITDA and a reduction in the car depreciation.

39. 39
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 2Q14
Agenda

40. 40
Free cash flow - FCF (*) Without the technical discount up to 2010
Free cash flow - R$ million 2007 2008 2009 2010 2011 2012 2013 1H14
Operations
EBITDA 403.5 504.1 469.7 649.5 821.3 875.6 916.5 490.6
Used car sale revenue, net from taxes (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (1,520.0) (1,747.3) (929.3)
Depreciated cost of cars sold (*) 760.0 874.5 855.1 1,203.2 1,328.6 1,360.2 1,543.8 818.4
(-) Income tax and social contribution (63.4) (52.8) (49.0) (57.8) (83.0) (100.9) (108.5) (72.7)
Change in working capital 13.3 (44.8) (11.5) 54.5 (83.9) 37.1 2.9 (70.5)
Cash provided before investment 262.9 300.2 341.9 527.5 514.9 652.0 607.4 236.5
Capex-
Renewals
Used car sale revenue, net from taxes 850.5 980.8 922.4 1,321.9 1,468.1 1,520.0 1,747.3 929.3
Car investment for renewal (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (1,563.3) (1,819.7) (972.4)
Net investment for fleet renewal 11.5 (54.6) (25.5) (48.2) (36.4) (43.3) (72.4) (43.1)
Fleet renewal – quantity 30,093 34,281 34,519 47,285 50,772 56,644 62,641 33.338
Investment, other property and intangibles investments (23.7) (24.0) (20.8) (50.6) (59.9) (77.8) (47.5) (25.6)
Free cash flow before growth, new HQ and interest 250.7 221.6 295.6 428.7 418.6 530.9 487.5 167.8
Capex-
Growth
Investment on cars for fleet (growth) (221.9) (299.9) (241.1) (540.3) (272.0) (55.5) (209.4) (50.5)
Change in accounts payable to car suppliers (51.0) (188.9) 241.1 111.3 32.7 (116.9) 89.7 99.9
Fleet growth (272.9) (488.8) 0.0 (429.0) (239.3) (172.4) (119.7) 49.4
Fleet increase / (reduction) – quantity 7,957 9,930 8,642 18,649 9,178 2,011 7,103 1,726
Free cash flow after growth, and before interest and before
new headquarters
(22.2) (267.2) 295.6 (0.3) 179.3 358.5 357.8 217.2
Capex–
HQ
Investment in the construction of the new headquarters - (15.9) (0.2) (0.5) (3.1) (2.4) (6.5) (18.8)
Marketable securities – new headquarters - - - - - - - (87.5)
New headquarters construction - (15.9) (0.2) (0.5) (3.1) (2.4) (6.5) (106.3)
Free cash flow before interest (22.2) (283.1) 295.4 (0.8) 176.2 356.1 361.3 110.9

41. 41
Changes in net debt
R$ million
- 1,368.1
(76.9)
Financial
expenses
(106.3)
New headquarters
Net debt
06/30/2014
FCF(*)
217.2
-1,332.8
Net debt
12/31/2013
FCF after financial expenses
140.3
Due to the strong cash generation, net debt remained stable even after
the investments in the new headquarters.
(69.3)
Dividends
(*) Before new headquarters capex

42. 184.7 238.6
488.8 511.0
221.0 294.5 195.0 147.5
2014 2015 2016 2017 2018 2019 2020 2021
245.9 185.7
641.4
511.0
221.0 247.0 100.0 100.0
2014 2015 2016 2017 2018 2019 2020 2021
42
Debt maturity profile (principal)
R$ million
The Company monitors the market on a regular basis and changes its debt portfolio
to improve its debt profile and/or reduce its financial costs.
Cash
935.1
912.1
At the end of the Semester – June 30, 2014
Cash
1,010.7
1,073.0
At the beginning of the Semester – January 1, 2014

43. 765.1
1,254.5 1,078.6
1,281.1 1,363.4 1,231.2 1,332.8 1,368.11,492.9
1,752.6 1,907.8
2,446.7
2,681.7 2,547.6
2,797.9 2,903.0
2007 2008 2009 2010 2011 2012 2013 1H14
43
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD 2007(*) 2008(*) 2009(*) 2010(*) 2011 2012 2013 1H14
Net debt / Fleet value 51% 72% 57% 52% 51% 48% 48% 47%
Net debt / EBITDA** 1.9x 2.5x 2.3x 2.0x 1.7x 1.4x 1.5x 1.4x
Net debt / Equity 1.3x 2.0x 1.5x 1.4x 1.2x 0.9x 1.0x 0.9x
EBITDA / Net financial expenses 5.4x 3.8x 4.2x 5.0x 4.6x 6.3x 8.3x 6.4x
(*) From 2007 to 2010, ratios based on USGAAP financial statements.
**Annualized
Net debt Fleet value
Comfortable debt ratios.

44. 44
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

45. 45
Disclaimer
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 any underwriters we may appoint in connection with an
offering of securities in future. 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.
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