Localiza institucional inglês

1. Investor Relations Presentation
August, 2017.

2. 1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 3Q17
Agenda
2

3. Company: milestones
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
Digitak Transformation
2017
Strategic partnership
with Hertz ‐
Market Cap US$3
Billion
Phase I: Rise to #1 Phase II: Expasion
Phase III:
Reaching Scale
Phase IV: Digital
Transformation

4. Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
 13,514 cars
 136 locations in Brazil
 70 locations in South America
 36 employees
 45.7% sold to final consumer
 93 stores
 60 cities
 1.080 employees
 127.221 cars
 6.8 million clients
 371 locations
 4,294 employees
 44,655 cars
 1,173 clients
 259 employees
Based on the 3Q17 4
Car Rental Fleet Rental
SeminovosFranchising
This integrated business platform gives Localiza flexibility and superior performance.
 Operations: 514
employees
 Overhead: 463
 employees

5. 5
Company: Business platform divisions
Car Rental
Rents to individuals and
companies at airports
and off airport locations.
Franchising
Contributes to expand
the Localiza’s network.
Fleet Rental
Outsources fleet for 2-3
years term contracts.
Used Car Sales
Sells the used cars mainly
to final consumers after
the rental and estimates
the residual values.
 High fixed cost
 Fleet utilization
management
 1 year cycle
 Rental store network
scattered all over
Brazilian territory
 Gains of scale
 Capital intensive
 Concentrated airport
market
 Fragmented off airport
market
 Supports RAC and Fleet
Divisions
 Reduces depreciation
 Know How of used cars
market
 Low dependence on
intermediates
 High profitability
 Low contribution to
earnings
 Low fixed cost
 Customized fleet
 2-3 years cycle
 Low entry barriers
 Capital intensive

6. 6
Net car sale
revenue
R$31.61 year cycle
Car Rental Division - 2016 Financial Cycle
Per car
R$35.2
Average car price
(past 2 years)
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
Total
1 year
R$ % R$ % R$
Net revenues 20.3 100.0% 34.6 100.0% 55.0
Costs - fixed and variable (10.1) -49.5% (10.1)
SG&A (3.7) -18.1% (3.1) -8.9% (6.8)
Net revenues of car sold 31.6 91.1% 31.6
Book value of car sold (30.0) -86.6% (30.0)
EBITDA 6.6 32.3% 1.6 4.6% 8.2
Cars Depreciation (1.3) -3.6% (1.3)
Others depreciation (0.3) -1.7% (0.1) -0.4% (0.5)
Financial expenses (2.5) -7.2% (2.5)
Taxes (1.9) -9.2% 0.7 2.0% (1.2)
Net Income (Loss) 4.4 21.5% (1.6) -4.6% 2.8
NOPAT 5.0
ROIC 14.2%
Cost of debt after taxes 10.2%
Car Rental Seminovos
Per car soldPer operating car

7. 7
Net car sale
revenue
R$29.2
3 year cycle
Fleet Rental Division - 2016 Financial Cycle
Per car
1 2 3 4 5 6 31 32 33 34 35 36Expenses, interest and tax
Revenue
R$42.9
Average car price
(past 2 years)
Total
3 years
R$ % Seminovos % R$
Net revenues 61.3 100.0% 32.0 100.0% 93.3
Costs - fixed and variable (18.2) -29.7% (18.2)
SG&A (3.6) -5.8% (2.9) -8.9% (6.4)
Net revenues of car sold 29.2 91.1% 29.2
Book value of car sold (25.7) -80.4% (25.7)
EBITDA 39.5 64.5% 3.4 10.7% 42.9
Cars Depreciation (11.1) -34.8% (11.1)
Others depreciation (0.3) -0.4% (0.2) -0.5% (0.4)
Financial expenses (6.5) -20.2% (6.5)
Taxes (11.8) -19.2% 4.3 13.5% (7.5)
Net Income (Loss) 27.5 44.8% (10.1) -31.4% 17.4
Net Income (Loss) - per year 9.2 44.8% (3.4) -31.4% 5.8
NOPAT 8.1
ROIC 18.9%
Cost of debt after taxes 10.2%
Per operating car
Fleet Rental Seminovos
Per car sold

8. 8
9M17 Consolidated breakdown
R$ millions
R$ 151
16%
R$ 338
37%
R$ 439
47%
R$ 283
39%
R$ 446
61%
Net Revenues
R$4,249
EBITDA
R$928**
R$ 2.425
57%
R$ 538
13% R$ 1.286
30%
EBIT*
R$729**
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
**9M17 adjusted financials
Company’s profitability comes from
Car Rental and Fleet Rental Divisions.

9. Raising
money Buying
cars
Renting Cars Selling
Cars
Cash to renew the fleet or pay debt
$
Profitability comes from rental divisions
Competitive advantages
$
9
44 years of experience in managing assets and generating value.

10. Competitive advantages: raising money
Global Scale
National Scale
As of November, 2017.
BB+ Fitch
Ba2 Moody’s
BB+ S&P
Baa1 Moody´s B+ S&P
Ba3 Moody´s
BB S&P
brAAA S&P
Aa1.br Moody’s
AAA(bra) Fitch
A+(bra) Fitch
AA- (bra) Fitch
brA+ S&P
AA- (bra) Fitch
brA+ S&P
A(bra) Fitch
10
Investment grade: lower spreads and longer tenors
Source: Bloomberg .
Raising
money Buying
cars
Renting Cars Selling
Cars
$
Localiza raises money with better conditions then its competitors.

11. Bonds 2017 – in millions:
Competitive advantages: raising money
Raising
money Buying
cars
Renting Cars Selling
Cars
$
90%
100%
110%
120%
130%
140%
150%
160%
170%
1,0 2,0 3,0 4,0 5,0 6,0 7,0
Unidas
Unidas
Unidas
Movida
Movida
Movida Locamerica
12ª Deb. Localiza
6ª NP Localiza
3ª Deb. Fleet
4ª Deb. Fleet
Maturity
Ouro Verde

12. Raising
money Buying
cars
Renting Cars Selling
Cars
12
Competitive advantages: buying cars
Number of cars purchased - 2016
* Includes Franchising.
Source: each company website and ANFAVEA
Localiza’s share in the internal sales
of Main OEMs below - 2016
4.7%
$
Localiza buys cars with better conditions due to the volume of purchases.
92.671
45.114
26.709
9.122
Localiza Movida Unidas Locamerica
*

13. Raising
money Buying
cars
Renting Cars Selling
Cars
13
Competitive advantages: renting cars
Brand
Brazilian distribution
#ofbranches#ofcities
Source: Each company website on 11/30/2017, 3Q17 Earnings Release for Localiza and 2Q17 earnings release for Localiza´s competitors.
$
The Company is present in 173 cities where the other largest networks do not operate.
484507
79
222
183
Localiza Competitors
400
146
53 96
Localiza Unidas Hertz Movida

14. Raising
money Buying
cars
Renting Cars Selling
Cars
14
Localiza Fast®
Mobile‐based counter bypass:
Provides agility and control
over the car rental experience.
Customers can pick‐up car
bypassing our counter
Ponto Mobi Award – Top 20
digital
Localiza Way®
New platform to offer
value‐added services
Connected Shuttle
Optimization of
customer shuttle service
at airports
Anti fraud
Taylor‐made solution for
fraud prevention in car
rentals
Competitive advantages: Innovation
$
Constant innovations allow maintenance of the premium service.
Booking assistant by
Facebook / messenger.
Chatbot®

15. 15
Integrated technology solution that
increases competitive intelligence
and leverages productivity gains.
CONNECTED FLEET
Integrated mobile solution to
fleet rental services for drivers
and contract manager.
MOBILE SOLUTION
Rapid diagnosis and friendly
vision of the fleet by the
customer.
ONLINE FLEET RENTAL
Competitive advantages: Innovation
Raising
money Buying
cars
Renting Cars Selling
Cars
$
Differentiated offer with higher added value to the customer.

16. Raising
money Buying
cars
Renting Cars Selling
Cars
16
Sales to final consumer
Competitive advantages: selling cars
Buffer: additional fleet during
peaks of demand
Large database
$
Deep know how of used car market: consumer preference, pricing and residual value
NPS of 62,6 (internal survey made after the purchase)

17. 17
ROIC versus cost of debt after taxes
Localiza is committed to value creation for its shareholders
ROIC considered effective income tax rate
ROIC Cost of debt after taxes
6.3% 6.0%
8.0%
9.5% 10.2%
8.2%
16.9% 16.7%
17.8%
17.0%
15.4%
15.9%
2012 2013 2014 2015 2016 9M17
9.8p.p.
10.6p.p. 10.7p.p. 7.5p.p. 5.2p.p. 7.7p.p.
annualized
adjusted

18. 18
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 3Q17
Agenda

19. 19
Car Rental overview
Compact
cars 53,0%
Others
47,0%
9M17 Fleet composition
127,221 cars
Corporate fleet sizeCar rental distribution (Brazil)
474 479 476 494 491
507
2012 2013 2014 2015 2016 9M17
65.086 70.717 77.573 76.755
94.156
127.221
2012 2013 2014 2015 2016 9M17

20. 20
Drivers
Source: BCB and Localiza rates
Car rental affordability
Source: IPEADATA , Localiza’s loyalty program and SPC
Brasil research * jun/2013
6.8 million
84 million
Adult population
(age > 20 years)
Class A+B+C
65 million
Credit Card
Owners
Increasing affordability and low penetration in leisure trips brings growth opportunities.
180
200 240
260
300350 380
415
465
510
545
622
678
724
788
880
38% 37%
35% 31%
27%
22% 20% 18% 16% 15% 15% 13% 13% 12%
11% 9%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Monthly minimum salary (R$) Daily rental price over minimum salary (%)
* The research indicated that 77% of the population owns at least one credit card. The population was 80% class A,B and C members and 20% class
D and E members.

21. 21
Source: ABLA, each company’s website on 11/30/2017 and Localiza´s 3Q17 Earnings Release
Airport locations Off-airport locations
Car Rental Locations in Brazil
Off‐airport market is still fragmented.

22. 22
Market Share
Gross Revenue - Car Rental 2016
Source: ABLA and Companies’ Financial Statements.
Localiza’s market share is higher than the 2nd and 3rd players together.
33,7%
13,5%
7,6%
45,2%
Localiza
(includes franchising)
Movida
Unidas
Others
Market size:
R$5.1 billion

23. 23
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 3Q17
Agenda

24. 24
Number of clients
Fleet Rental overview
Compact
cars 36,9%
Others
63,1%
9M17 Fleet composition
44,655 cars
End of period fleet
729 760
798 849
925 1.173
2012 2013 2014 2015 2016 9M17
32,104 32,809 34,312 33,948 34,960
44,655
2012 2013 2014 2015 2016 9M17

25. 25
Rented fleet penetration
Corporate fleet:
5,000,000*
Rented fleet:
440,737**
44,655
Brazilian Market World
8,8% 8,9%
13,3%
16,5%
24,5%
37,4%
46,9%
58,3%
Drivers
Low penetration of rented fleet in Brazil.
Source: Datamonitor for European countries and Localiza’s estimate for Brazil
*Frost&Sullivan research
**Localiza estimates

26. Market Share
Gross Revenue - Fleet Rental 2016
26
Source: ABLA, Companies’ Financial Statements.
Fragmented market with low entry barriers.
12,2%
3,8%
6,5%
8,1%
69,3%
Movida
Unidas
Others
Locamerica
Market size:
R$5.4 billion

27. 27
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 3Q17
Agenda

28. 28
# of points of sale
Car sales – operating data
# Number of cars sold (quantity)
Efficiency gain on car sales.
73 74 75 77 84 93
2012 2013 2014 2015 2016 9M17
56.644
62.641
70.621
64.305 68.449 64.451
2012 2013 2014 2015 2016 9M17

29. 29
Used car sales drivers:
affordability and penetration
Affordability to buy cars – Public Price of the most
basic Gol
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 to buy a new car
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
# of inhabitants per car – Brazil 2005 ‐ 2016
Source: Sindipeças ‐ Current Fleet Report 2016, as of April 2016.
Developed countries maintain a ratio between 1 ‐ 2
cars per inhabitant.
Source: BCB and Localiza
Reference: to calculate the minimum wages to buy a new car we used
the public price of the Vehicle type Gol.

30. 30
Brazilian car market:
new x used car market and affordability
Source: FENABRAVE (light and commercial cars)
* Annualized on 09/30/2017
In million of cars
Total market of 12.7 million cars.
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*
New cars
Used cars
2.5x 2.5x2.6x 2.6x 3.1x 4.0x
5.0x 5.0x

31. 31
2016 Up to 2 years
313,274
2016 Brand new
1,986,3622016 Used cars
10,008,769
0.7% 3.4% 21.8%
Car sales – operating data
Source: Anfavea and Fenabrave
Unidas, Locamerrica and Movida websites
Examples • Retailers • Dealers • Rental operators • “Auto malls”
Points of sale • 48,000 (Fenauto) • 4,393 (Anfavea)
• +120 (Unidas,
Movida, Locamerica)
• 71 (Fenauto)
Main players

32. 32
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 3Q17
Agenda

33. 33
3Q17 Operational Highlights
# of Cars sold
Rental days evolution (thousand)– Car Rental Rental days evolution (thousand)– Fleet Rental
Fleet at end of the period
87.897
127.221
34.437
44.655
13.868
13.514
136.202
185.390
3Q16 3Q17
Car Rental Fleet Rental Franchising
17.379
23.941
3Q16 3Q17
4.846
6.587
3Q16 3Q17
2.812
3.241
3Q16 3Q17
+10,218
+39,324

34. Net Revenues - (R$ million) EBITDA - (R$ million)
Net Income (R$ million)
103,9
139,5
3Q16 3Q17 Adjusted
3Q17 Financial Highlights
34
EBIT (R$ milhões)
592,9
898,4
366,8
476,5 163,5
188,5
1.123,2
1.563,4
3Q16 3Q17
Seminovos RAC and frachising Fleet Rental
252,1
332,3
3Q16 3Q17 Adjusted
187,8
263,9
3Q16 3Q17 Adjusted
21.5
16.3
21.5
One‐time costs incurred ‐ Hertz Brasil acquisition
and Franchisees incorporation
One‐time costs incurred ‐ Hertz Brasil acquisition
and Franchisees incorporation, after taxes
One‐time costs incurred ‐ Hertz Brasil acquisition
and Franchisees incorporation

35. Hertz Brasil – Sucess of the integration
 Rebranding with the new brand Localiza Hertz
 Fleet contracts transferred to Localiza Fleet
 Integration of Hertz Brasil´s and Localiza´s locations
 8.386 cars integrated to the Localiza´s fleet
 Inbound/outbound reservation system already integrated
 Localiza´s clients have acess to over 10,000 Hertz locations around the globe
 Data and client base consolidation
 Closing on 09/01/2017
Next steps: Increase of the commercial opportunities, inbound / outbound
and know-how exchange
35

36. ONE-TIME COSTS
3Q17
Incurred
4Q17
Estimated
Total
Estimated
RAC Costs:
Hertz: rebrand, structure and networking reduction (2.1) (40.0) (42.1)
Franchise integration (12.7) (12.7)
RAC - Total costs (14.8) (40.0) (54.8)
SG&A
Hertz: structure and networking reduction (6.7) (20.0) (26.7)
Total SG&A (6.7) (20.0) (26.7)
Total One-time Costs (21.5) (60.0) (81.5)
CONSOLIDATED RESULTS
3Q17
actual
One-off
3Q17
Adjusted
Net revenues 1,563.4 1,563.4
Total costs and expenses (1,252.6) 21.5 (1,231.1)
EBITDA 310.8 21.5 332.3
Depreciation (68.4) (68.4)
EBIT 242.4 21.5 263.9
Financial expenses, net (79.4) (79.4)
Income tax and social contribution (39.8) (5.2) (45.0)
Net income 123.2 16.3 139.5
3Q17 financial results were adjusted to exclude the impact of one-time costs resulting from the acquisition of
Hertz´s operations in Brazil (R$8.8 million) and the integration of 17 franchised locations (R$12.7 million) :
One-time costs 3Q17
Note: non-incurred one-time costs were not provisioned in 3Q17 because, on 09/30/2017, such expenses were not bound
to be regarded as provision according to the rules imposed by Technical Pronouncement CPC # 25 – Provisions,
Contingent Liabilities and Contingent Assets. 36

37. 1.093,7 1.163,5
1.284,4 1.258,0
1.428,0
1.030,0
1.273,6
362,5 472,6
2012 2013 2014 2015 2016 9M16 9M17 3Q16 3Q17
37
Number of Daily Rentals (thousand)
35.9% RAC daily rentals growth and 30.4% growth in net revenues in 3Q17
13.749 14.242 15.416 15.566
18.662
13.397
17.461
4.846
6.587
2012 2013 2014 2015 2016 9M16 9M17 3Q16 3Q17
Car Rental
Net Revenues (R$ million)

38. 38
Utilization Rate – Car Rental
The average daily rental rate and utilization rate remained flattish in 3Q17
when compared with 2Q17
Car Rental
Average daily rental rate – In R$
73,4% 73,7%
75,3%
71,5% 73,5% 74,7% 74,3%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17
83,6
79,4 77,7 78,6 79,3
74,1 74,1
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17

39. Car Rental network evolution
Number of car rental locations Brazil and abroad (does not include Hertz Brazil)
38 corporate branches were added to the network in 9M17
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisees´ branches - abroad
272 286 304 320 333 371
202 193 172 174 158 136
50 63 64 70 70 70
524 542 540 564 561 577
2012 2013 2014 2015 2016 9M17*
+38
*Does not include Hertz Brasil branches

40. 40
Fleet Rental
535,7 575,9 571,9 608,5 651,8
481,3
538,2
163,5 188,5
2012 2013 2014 2015 2016 9M16 9M17 3Q16 3Q17
10.601 10.844 10.363 10.901 11.240
8.318 9.184
2.812 3.241
2012 2013 2014 2015 2016 9M16 9M17 3Q16 3Q17
Net Revenues (R$ million)
Number of Daily Rentals (thousand)
15.3% growth in daily rentals and net revenues in 3Q17

41. Purchases (includes accessories) Used car sales net revenues
Cars purchased Cars sold
41
Net investment Fleet Expansion (reduction)* (quantity)
Net Investment in Fleet (R$ million)
2,011
7,103
* It does not consider theft / crashed cars.
9,183
465.0
(273)
58.655
69.744
79.804
64.032
87.833
59.912
108.271
28.903
57.213 56.644 62.641 70.621 64.305 68.449
47.566
64.451
17.379 23.941
2012 2013 2014 2015 2016 9M16 9M17 3Q16 3Q17
1.618,8
2.026,2
2.483,2
2.278,4
3.289,6
2.211,9
4.316,6
1.078,0
2.208,9
1.520,0 1.747,3
2.018,2 2.044,9
2.342,6
1.609,3
2.424,7
592,9
898,4
2012 2013 2014 2015 2016 9M16 9M17 3Q16 3Q17
108,271 cars purchased in 9M17, 57,213 of which were purchased in 3Q17,
including Hertz Brasil
98.8
278.9 233.5
19,384
947.0
12,346
602.6
485,1
43,820
33,272
1,891.9
1,310.5
11,524
267
100,109
8,162
8,162
49,051 267
64,184
23,674
9.04,030.1
286.5
286.5
1,922.4 9.0
2,415.7
889.4
Hertz Brasil
Hertz Brasil

42. 42
Number of points of sale
New points of sale will be added to support the fleet renewal
73 74 75 77 84 79
93
56.644 62.641
70.621
64.305 68.449
47.566
64.451
‐50.000
‐30.000
‐10.000
10.000
30.000
50.000
70.000
‐10
10
30
50
70
90
110
130
150
2012 2013 2014 2015 2016 9M16 9M17
Points of sale Cars sold

43. 43
End of period fleet
Quantity
Car Rental Fleet Rental Franchising
Increase of 39,324 cars in the Rent a Car Division without impacting utilization rates
65,086 70,717 77,573 76,755 94,156 87,897
127,221
32,104 32,809 34,312 33,948
34,960 34,437
44,655
14,545 14,233 13,339 13,992
14,015 13,868
13,514
111,735 117,759 125,224 124,695
143,131 136,202
185,390
2012 2013 2014 2015 2016 9M16 9M17
+10,218
+39,324
185,390 cars as of 09/30/2017

44. 44
Consolidated net revenues
R$ million
Rental Used car sales
39.2% increase in consolidated revenues in 3Q17
1,646.7 1,758.9 1,874.0 1,883.1 2,096.8 1,523.9 1,824.1
530.3 665.0
1,520.0 1,747.3 2,018.2
2,044.9
2,342.5
1,609.4
2,424.7
592.9 898.4
3,166.7 3,506.2 3,892.2 3,928.0
4,439.3
3,133.3
4,248.8
1,123.2
1,563.4
2012 2013 2014 2015 2016 9M16 9M17 3Q16 3Q17

45. 45
Consolidated EBITDA
R$ million
(*) It considers the new appropriation criteria of the overhead, which is also appropriated to Seminovos.
(**)3Q17 and 9M17 adjusted financials
31.8% EBITDA increase in 3Q17
Divisions 2012 2013 2014* 2015 2016 9M16 9M17 3Q16 3Q17
Car Rental 40.9% 36.8% 38.7% 31.8% 32.3% 32.7% 34.2%** 31.9% 32.2%**
Fleet Rental 66.4% 65.5% 60.0% 62.2% 64.5% 64.7% 62.7% 64.5% 63.4%
Rental Consolidated 49.3% 46.5% 45.3% 41.7% 42.3% 42.9% 42.6%** 42.1% 41.0%**
Used Car Sales 4.2% 5.7% 6.0% 7.3% 5.5% 5.6% 6.2% 4.9% 6.6%
EBITDA margin:
875,6 916,5 969,8 934,8 1.015,6
744,6
927,9
252,1
332,3
2012 2013 2014 2015 2016 9M16 9M17
Adjusted
3Q16 3Q17
Adjusted
Incurred One‐time costs acquisition Hertz Brasil and Franchisees
21.5
21.5

46. 1.896
1.452 1.270
622
1.251 1.351
2012 2013 2014 2015 2016 9M17 annualized
46
Average annual depreciation per car
(in R$)
Car Rental
Depreciation is impacted by the new and used car market, as well as by the cost to sell
Fleet Rental
3,972
5,408
4.311
4.592 4.202 3.935 3.714
3.105
2012 2013 2014 2015 2016 9M17 annualized
2,076
IPI effect
1,097
IPI Effect

47. 47
Consolidated EBIT
R$ million
40.5% EBIT growth, with increasing margins on RAC and Fleet Rental
465,8
652,1
726,7 735,5 771,1
569,1
729,4
187,8
263,9
2012 2013 2014 2015 2016 9M16 9M17
Adjusted
3Q16 3Q17
Adjusted
610.3
Divisions 2012 2013 2014 2015 2016 9M16 9M17 3Q16 3Q17
Car Rental 23.7% 32.8% 36.2% 34.3% 30.2% 31.0% 34.8%* 28.1% 34.4%*
Fleet Rental 36.9% 45.1% 44.3% 48.9% 51.2% 50.8% 52.7% 51.4% 53.1%
Consolidated 28.3% 37.1% 38.8% 39.1% 36.8% 37.3% 40.0%* 35.4% 39.7%*
21.5
21.5
Incurred One‐time costs acquisition Hertz Brasil and Franchisees
144.5
IPI Effect
(*)3Q17 and 9M17 adjusted financials

48. 240,9
384,3 410,6 402,4 409,3
304,9
389,0
103,9
139,5
2012 2013 2014 2015 2016 9M16 9M17
Adjusted
3Q16 3Q17
Adjusted
48
Consolidated net income
R$ million
34.3% net income increase in 3Q17
336.3
Reconciliation EBITDA x Net income 2012 2013 2014 2015 2016 9M16 9M17* Var. R$ Var. % 3Q16 3Q17* Var. R$Var. %
Consolidated EBITDA 875.6 916.5 969.8 934.8 1,015.6 744.6 927.9 183.3 24.6% 252.1 332.3 80.2 31.8%
Cars depreciation (232.4) (229.0) (207.4) (163.6) (206.3) (146.8) (170.2) (23.4) 15.9% (54.7) (58.2) (3.5) 6.4%
Cars additional depreciation – IPI effect (144.5) - - - - - - - - - - - -
Other property depreciation and amortization (32.9) (35.4) (35.7) (35.7) (38.2) (28.7) (28.3) 0.4 -1.4% (9.6) (10.2) (0.6) 6.3%
EBIT 465.8 652.1 726.7 735.5 771.1 569.1 729.4 160.3 28.2% 187.8 263.9 76.1 40.5%
Financial expenses, net (138.7) (110.6) (151.1) (202.7) (243.5) (170.8) (221.3) (50.5) 29.6% (53.7) (79.4) (25.7) 47.9%
Income tax and social contribution (135.3) (157.2) (165.0) (130.4) (118.3) (93.4) (119.1) (25.7) 27.5% (30.2) (45.0) (14.8) 49.0%
Income tax and social contribution – IPI effect 49.1 - - - - - - - - - - - -
Net income of the period 240.9 384.3 410.6 402.4 409.3 304.9 389.0 84.1 27.6.% 103.9 139.5 35.6 34.3%
16.3
16.3
Incurred one‐time costs acquisition Hertz Brasil and Franchisees, after taxes
95.4
IPI Effect
(*)3Q17 and 9M17 adjusted financials

49. 49
R$1 billion invested in growth
R$1 billion investment
(64,451 cars) (35,658 cars) (includes 8,162
cars)
Free cash flow

50. 50
Fluxo de caixa livre - FCL
Free cash flow - R$ million 2012 2013 2014 2015 2016 9M17
Adjusted
Operations
EBITDA 875.6 916.5 969.8 934.8 1,015.6 927.9
Used car sale revenue, net from taxes (1,520.0) (1,747.3) (2,018.2) (2,044.9) (2,342.5) (2,424.7)
Depreciated cost of cars sold 1,360.2 1,543.8 1,777.0 1,769.1 2,102.5 2,178.8
(-) Income tax and social contribution (100.9) (108.5) (113.1) (110.7) (93.3) (81.7)
Change in working capital 37.1 2.9 (27.1) (30.0) 113.2 (28.9)
Cash generated by rental operations 652.0 607.4 588.4 518.3 795.5 571.4
Capex-renewal
Used car sale revenue, net from taxes 1,520.0 1,747.3 2,018.2 2,036.3 2,342.5 2,424.7
Fleet renewal investment (1,563.3) (1,819.7) (2,197.7) (2,278.4) (2,563.6) (2,594.6)
Net investment for fleet renewal (43.3) (72.4) (179.5) (242.1) (221.1) (169.9)
Fleet renewal – quantity 56,644 62,641 70,621 64,032 68,449 64,451
Investment, other property and intangible investments (77.8) (47.5) (46.3) (29.7) (42.2) (35.1)
Free cash flow from operations, before growth 530.9 487.5 362.6 246.5 532.2 366.4
Capex-Growth
Fleet growth (investment) (55.5) (209.4) (286.8) 8.6 (726.0) (1,435.5)
Change in accounts payable to car suppliers (116.9) 89.7 334.4 (121.2) 190.7 738.7
Fleet growth capex (172.4) (119.7) 47.6 (112.6) (535.3) (696.8)
Fleet increase / (reduction) – quantity 2,011 7,103 9,183 (273) 19,384 35,658
Free cash flow after growth, and before interest and new HQ 358.5 367.8 410.2 133.9 (3.1) (330.4)
Capex-non-
recurring
Hertz acquisition net of the acquired cash
(R$360.1 million - R$22.4 cash)
- - - - - (337.7)
Incurred one-time costs effect - - - - - (21.5)
New headquarters construction and furniture (2.4) (6.5) (148.3) (30.7) (84.4) (119.7)
Free cash flow before interest 356.1 361.3 261.9 103.2 (87.5) (809.3)
Free cash flow

51. 51
Growth investment
(1,034.5)
R$1.1 billion net debt increase due to fleet expansion and Hertz Brasil acquisition
Changes in net debt
R$ million

52. 52 52
Strong cash position and comfortable debt profile
1.939,4
111,3
435,6 685,6
1.420,0
672,5 500,0 500,0
700,0
350,0
350,0
Cash 2017 2018 2019 2020 2021 2022 2023 2024
1,232.52,289.4
Pro‐Forma with 4th debentures issuance of Localiza Fleet, completed in October. 2017
1,050.0
Debt maturity profile (principal)
R$ million
As of September 30, 2017
Includes 4th issuance of Localiza Fleet completed in October 2017

53. 53
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD 2012 2013 2014 2015 2016 9M17
Net debt / Fleet value 48% 48% 40% 44% 45% 49%
Net debt / EBITDA(*) 1.4x 1.5x 1.4x 1.7x 2.1x 2.6x
Net debt / Equity 0.9x 1.0x 0.8x 0.8x 0.9x 1.3x
EBITDA / Net financial expenses 6.3x 8.3x 6.4x 4.6x 4.2x 4.2x
Net debt Fleet value
The Company continues to present solid debt ratios
(*)Annualized
1,231.2 1,332.8 1,322.3 1,588.6
2,084.0
3,238.3
2,547.6 2,797.9
3,296.3 3,642.7
4,623.6
6,588.6
2012 2013 2014 2015 2016 9M17

54. 54
ROIC versus cost of debt after taxes
ROIC considered each year’s effective income tax rate
ROIC Cost of debt after taxes
ROIC improvement and lower interest rates have increased the spread
6.3% 6.0%
8.0%
9.5% 10.2%
8.2%
16.9% 16.7%
17.8%
17.0%
15.4%
15.9%
2012 2013 2014 2015 2016 9M17
9.8p.p.
10.6p.p. 10.7p.p. 7.5p.p. 5.2p.p. 7.7p.p.
annualized
adjusted

55. 55
Disclaimer
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
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.
Mariana Campolina
IR Manager

56.  Institutional Investor Magazine Ranking:
Best CEO (Eugênio Mattar)
Best CFO (Roberto Mendes)
Best IR Professional (Nora Lanari)
Best IR Program
Best IR Team and Best Website
 Transparency Trophy 2017 ‐ Anefac
 Seal of Excellence in Franchising ‐ Brazilian Franchising Association
 11th company with the highest ROE in the last 5 years ‐ Economática
 Justice Friend “ Empresa Amiga da Justiça”‐ Court of Justice of São Paulo
 Best Company in Service Delivery ‐ Alshop Lojista 2016
 42nd in the ranking "The Most Valuable Brands of Brazil 2017" ‐ Istoé Dinheiro Magazine
 Among the 10 most admired RHs in Brazil ‐ Gestão & RH Magazine
 “Estadão Empresas Mais” Award ‐ 3rd place in the Services category
 100 Best Companies in Customer Satisfaction ‐ MESC Institute ‐ 15th place
 Architecture Excellence Awards ‐ iCMG Think Architecture ‐ 1st place category transport
 Company of the Year ‐ Common Market Magazine
 11th place in the Mobility Index 2017 ‐ Pontomobi Linked by Isobar
 Certified Compliance & Ethics Professional ‐ CEB (Compliance Certification Board)
Awards