Institutional Presentation 2T14

1. September, 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.Webcast 2Q14
6.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
Seminovos
Franchising

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 operating car Per car sold
6
Net car sale
revenue
1 year cycle R$25.5
Car Rental Financial Cycle
Per car
R$27.0
Car acquisition
1 2 3 4 5 6 E x p e n s e s , i n t e r e s t a n d t a x 7 8 9 10 11 12
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 E x p e n s e s , i n t e r e s t a n d t a x 19 20 21 22 23 24
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. 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: 41 years of experience in managing assets
$
9

10. Competitive advantages: raising money
Global Scale
National Scale
Localiza raises money with better conditions when compared to 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
10
Investment grade: lower spreads and longer tenors

11. 11
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

12. 108
158
55
12
The Company is present in 242 cities where the other largest networks do not operate.
Competitive advantages: renting cars
Brand Know How Brazilian distribution
# of cities # of branches
Source: Brand Analytics and each company website (Localiza and Peers, as of March, 2014)
470
321
Raising
money
Buying
cars
Renting Cars
Selling
Cars
Localiza Unidas Hertz Avis
341
99 78 42

13. 13
Sales to final consumer
Competitive advantages: selling cars
Selling directly to final consumer reduces depreciation.
Cars available for sale are used during peaks of demand.
Raising money
Buying cars
Renting Cars
Selling Cars
Buffer: additional fleet

14. 14
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.

15. Activities
Car and Fleet rentals
Car and Fleet rentals
Fleet rental
Logistics, Car and Fleet and rentals
Machinery, heavy equipments and fleet rentals
Gross Rental Revenues (R$ million)
1,821.8
567.0
356.9
N/D
216.8**
Fleet (End of Period)
117,759
38,292
28,265
30,600*
18,616
ROIC (NOPAT/ Investment***):
2013
16.5%
6.8%
7.4%
6.9%
7.8%
2012
16.1%
3.9%
6.9%
7.0%
7.9%
ROE (Net Income/ Shareholders’ Equity):
2013
28.7%
9.1%
5.3%
9.2%
31.8%
2012
18.2%
1.2%
12.8%
9.2%
10.7%
Net Debt/EBITDA
1.5x
2.2x
3.1x
3.9x
3.5x
Net Debt/PL
1.0x
0.9x
1.7x
2.7x
6.8x
2013 Industry overview
Source: ABLA, Companies’ Financial Statements. * JSL: 26.000 cars in fleet rental and 4.600 Movida **Ouro Verde: Net Fleet Rental Revenue; Ouro Verde: EBITDA excludes selling of Martini Meat. ***Investiment = Average shareholders’ Equity + Average Net Debt
15

16. 16
1.Company overview
2.Main business divisions
Car Rental
Fleet Rental
Seminovos
3.Consolidated
4.Debt and cash
5.Appendix
Earnings release 2Q14
Agenda

17. 17
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

18. 29
70
82 89 90
2003 2010 2011 2012 2013
18
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$) Daily rental price over minimum salary (%)
Car rental affordability
Investments in Brazil (2014-2017)
(R$ 4,075 billion)
1,478
1,154
867
575
Services and
Agriculture
Industry Housing Infraestructure

19. 19
Source: ABLA 2013 Yearbook, Bradesco and Company’s loyalty program.
Company current penetration
Car Rental
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.
Opportunity: Low penetration in leisure trips

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
366 Hertz
64
Unidas
111
Avis
24
Movida
25
Others
2213
Source: Abla 2014 and each company’s website (August 2014) 21
Off-airport market is still fragmented.
Airport locations Off-airport locations
Car Rental Locations in Brazil
Localiza
104
Hertz
43
Unidas
47
Avis
29
Movida
19
Others
24

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 :
 Complex chain management
 High fixed-cost
 Consolidated market in airports locations
 Fragmented market in off-airport locations
 High barrier to entry
Source: Euromonitor, ABLA and Companies’ Financial Statements and estimates.
Gains of scale

23. Sources: EUROMONITOR from 2008 to 2012 and ABLA for 2013
23
Market Share Evolution – Car Rental
33.2%
29.5%
37.8%
40.5%
41.8%
47.0%
5.2%
6.2%
6.9%
6.1%
6.1%
8.2%
2.9%
2.5%
2.9%
2.9%
2.8%
2.9%
2.6%
2.3%
2.6%
2.5%
2.5%
6.5%
56.1%
59.5%
49.8%
48.0%
46.8%
35.4%
2008
2009
2010
2011
2012
2013
Localiza
Hertz
Avis
Unidas
Others
Based on Revenues

24. 24
1.Company overview
2.Main business divisions
Car Rental
Fleet Rental
Seminovos
3.Consolidated
4.Debt and cash
5.Appendix
Earnings release 2Q14
Agenda

25. 25
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

26. 2013 Market Share – Fleet Rental
26
Rental Revenues
R$3,464.2 million
Fleet 307,336 cars
Characteristics of the Fleet Rental business:
 Low fixed cost
 Risk of car residual value (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%
18.4%
Others
57.2%
No gains of scale
11.3%
Unidas 7.1%
Locamerica 10.3%
JSL
8.5%
Ouro Verde
6.1%
Others
56.8%

27. 27
Source: ABLA, Datamonitor and Localiza
Low penetration of rented fleet in Brazil.
Rented fleet penetration
Corporate fleet:
3,800,000*
Rented fleet:
307,336
32,809
Brazilian Market World
8.1% 8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Drivers
*Localiza estimates

28. 28
1.Company overview
2.Main business divisions
Car Rental
Fleet Rental
Seminovos
3.Consolidated
4.Debt and cash
5.Appendix
Earnings release 2Q14
Agenda

29. 29
Increased sales volume even with stability in the number of stores in the last three years.
# of points of sale
Car sales – operating data
32 35
49
55
66
73 74 74
2007 2008 2009 2010 2011 2012 2013 1H14
# of cars sold (Quantity)
30,093 34,281 34,519
47,285 50,772
56,644 62,641
33,338
2007 2008 2009 2010 2011 2012 2013 1H14

30. 30
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
Affordability to buy cars – Public Price of
the most basic Gol
300
350 380
415
465 510
545
622 678 724
84
71 69
61
55
51
49
43 43 43
-
10
20
30
40
50
60
70
80
90
-
100
200
300
400
500
600
700
800
900
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Minimum wage (R$) Minimum wages to buy a new car

31. 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
31
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
Total market of 13 million cars.

32. 32
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
Examples
• Retailers
• “Loja do carro”
• Dealers
• Fiat, VW, Ford,
GM most
successful
• Auto Brasil
• Rental operators
• Locamerica, Hertz
• “Auto malls” and
“Cidade do
automóvel”
Points of sale • 45,600 (Fenauto) • 3,714 (Anfavea)
• 25 (Unidas,
Locamerica, Avis
and Hertz website).
• 71 (Fenauto)
Main players

33. 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
35
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
1,096.9 4,592.3 4,104.9
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 1,368.1 1,492.9
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