This presentation provides an overview of a car rental company, including: 1. The company has grown to become the largest car rental company in Brazil through acquisitions and expansion strategies since being founded in 1973. 2. It operates four main divisions: car rental, fleet rental, used car sales, and franchising. 3. The financials show the car rental and fleet rental divisions are the most profitable parts of the business due to synergies across the integrated platform and expertise in managing assets.

1. Institutional Presentation
May, 2017

2. 1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 1Q17
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 – Expansion strategy by
adjacencies: Fleet Rental
1997 – PE firm DL&J enters at a
market cap of US$ 150 mm
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
03/31/2017 – Market cap of about
US$2.8 bi with ADTV of US$17.0
million
1973 1982 1983 2004 2005 2016
3

4. Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
 14,019 cars
 158 locations in Brazil
 70 locations in South America
 34 employees
 45.0% sold to final consumer
 88 stores
 56 cities
 1.080 employees
 87.508 cars
 6.5 million clients
 351 locations
 4,801 employees
 36,080 cars
 956 clients
 459 employees
Based on the 1Q17 4
Car Rental Fleet Rental
SeminovosFranchising
This integrated business platform gives Localiza flexibility and superior performance.

5. 5
 High fixed cost
 Standard fleet
 1 year cycle
 High entry barriers
 Gains of scale
 Intensive capital
 Consolidated in airport
market
 Fragmented off airport
market
 Support area
 Reduces depreciation
 Know How of used cars
market
 Low dependence on
intermediates
 Supplementary
business
 Important for
distribution
 High profitability
 Low contribution in
results
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.
 Low fixed cost
 Customized fleet
 3 years cycle
 Low entry barriers
 Intensive capital

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
2016 Consolidated breakdown
R$ million
R$ 128
13%
R$ 420
41% R$ 468
46% R$ 334
43%
R$ 437
57%
Net Revenues
R$4,439
EBITDA
R$1,016
R$ 2,343
53%
R$ 652
15% R$ 1,445
32%
EBIT*
R$771
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
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
43 years of experience in managing assets and generating value.

10. Competitive advantages: raising money
Global Scale
National Scale
As of May, 2017.
BB+ Fitch
Ba2 Moody’s
BB+ S&P
Baa1 Moody´s B+ S&P
Ba3 Moody´s
BB- S&P
brAA+ S&P
Aa1.br Moody’s
AAA(bra) Fitch
brA+ S&P
AA- (bra) Fitch
A- (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. Raising
money Buying
cars
Renting Cars Selling
Cars
11
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 the OEMs - 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
*

12. Raising
money Buying
cars
Renting Cars Selling
Cars
12
Competitive advantages: renting cars
Brand
Brazilian distribution
#ofbranches#ofcities
Source: Each company website on 01/23/2017, 4Q16 and 1Q17 Earnings Release..
$
The Company is present in 180 cities where the other largest networks do not operate.
501
92
227
182
Localiza Competitors
509
360
153
63
96
Localiza Unidas Hertz Movida

13. Raising
money Buying
cars
Renting Cars Selling
Cars
13
Localiza Fast®
Mobile‐based counter bypass:
Provides agility and control
over the car rental experience.
Customers can pick‐up car
bypassing our counter
Localiza Way®
New platform to offer
value‐added services
Mobile Checklist
More quality, control and agility
in providing cars for rental
Fast Checkout
More operational productivity
and agility in returning the cars
after rental
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.

14. 14
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.

15. Raising
money Buying
cars
Renting Cars Selling
Cars
15
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 70 (survey made 90 days after the purchase)

16. 16
ROIC versus cost of debt after taxes
ROIC considered effective income tax rate
ROIC Cost of debt after taxes
Spread of 6.0p.p. in line with the Company's strategy
6.3% 6.0%
8.0%
9.5% 10.2% 9.5%
16.9% 16.7% 17.8% 17.0%
15.4% 15.5%
2012 2013 2014 2015 2016 1Q17
6.0p.p.9.8p.p.10.6p.p. 10.7p.p. 7.5p.p. 5.2p.p.
Annualized

17. 17
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 1Q17
Agenda

18. 18
Car Rental overview
Compact cars
55.9%
Others 44.1%
2016 Fleet composition
94,156 cars
Corporate fleet size
65,086
70,717
77,573 76,755
94,156
87,508
2012 2013 2014 2015 2016 1Q17
Car rental distribution (Brazil)
474 479 476 494 491 509
2012 2013 2014 2015 2016 1Q17

19. 19
Drivers
Source: BCB and Localiza rates
Car rental affordability
Source: IPEADATA , Localiza’s loyalty program and SPC
Brasil research * jun/2013
6.4 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.

20. 20
Drivers
# domestic air traffic passengers
In million
Expected investment 2016-2019
(in R$ billion)
Source: Sectorial Analysis Committee / BNDES: 2016-2019 , as of February,
2016.
Source: ANAC up to 2016 and IATA-Air Passenger Forecast
Global Report, as of February, 2016.
The pipeline of investments tend to benefit
the corporate segment.
Expected annual traffic growth of 2.5% from 2017 to 2034
traffic.
70
82 89 90 96 96 89
2010 2011 2012 2013 2014 2015 2016
214.1
142.6
87.1
35.8
32.9
32.5
17.0
15.5
5.8
Energy
Telecoms
Highways
Sanitation
Railways
Urban mobility
Airports
Ports
Solid Residues

21. 21
Source: ABLA, each company’s website on 01/23/2017 and Localiza´s 1Q17 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 1Q17
Agenda

24. 24
Number of clients
Fleet Rental overview
Compact
cars 33.8%
Others
66.2%
2016 Fleet composition
34,960 cars
729 760 798 849 925
956
2012 2013 2014 2015 2016 1Q17
End of period fleet
32,104 32,809 34,312 33,948 34,960 36,080
2012 2013 2014 2015 2016 1Q17

25. 25
Source: ABLA, Datamonitor and Localiza
Rented fleet penetration
Corporate fleet:
4,000,000*
Rented fleet:
440,737
34,960
Brazilian Market World
11.0% 8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Drivers
*Localiza estimates
Low penetration of rented fleet in Brazil.

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%
Localiza
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 1Q17
Agenda

28. 28
# of points of sale
Car sales – operating data
73 74 75 77 84 88
2012 2013 2014 2015 2016 1Q17
56,664
62,641
70,621
64,305
68,449
20,309
2012 2013 2014 2015 2016 1Q17
# Number of cars sold (quantity)
Efficiency gain on car sales.

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
200520062007200820092010201120122013201420152016
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
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
# of inhabitants per car – Brazil 2005 ‐ 2015
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. 8.4 8.9 9.0 9.4
10.1 9.9 10.0
3.3 3.5 3.6 3.6 3.3
2.5
2.0
2010 2011 2012 2013 2014 2015 2016
30
Brazilian car market:
new x used car market and affordability
New cars
Used cars
Source: FENABRAVE (light and commercial cars)
In million of cars
Total market of 12.0 million cars.
2.5x 2.5x2.6x 2.6x 3.1x 4.0x 5.0x

31. 31
2015 Up to 2 years
419,085
2016 Brand new
1,986,3622016 Used cars
10,008,769
0.7% 3.4% 15.3%
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) • 5,592 (Anfavea)
• +115 (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 1Q17
Agenda

33. 33
Customer Experience and Engagement
 Localiza FAST ‐ pioneer in 100% digital rent (counter by‐pass)
 More than 6 million customers in Localiza Loyalty Program
 More than 1 million followers on Facebook, with the highest
engagement in the category
Gold VerdePlatinum

34. 34
1Q17 Operational Highlights
Cars sold– consolidated
Rental days evolution (thousand)– Car Rental Rental days evolution (thousand)– Fleet Rental
Fleet at end of the period
2015 2016 2015 2016 2015 2016 2015 2016
4,242
5,309
1Q16 1Q17
68,901
87,508
32,228
36,080 14,037
14,019 115,166
137,607
1Q16 1Q17
Car Rental Fleet Rental Franchising
16,348
20,309
1Q16 1Q17
2,746 2,930
1Q16 1Q17

35. Net Revenues - (R$ million) EBITDA - (R$ million)
Net Income (R$ million)
103.0 120.3
1Q16 1Q17
1Q17 Financial Highlights
35
EBIT (R$ milhões)
502.4 581.1
544.6
758.5
1,047.0
1,339.6
1Q16 1Q17
258.4 297.0
1Q16 1Q17
202.5 230.1
1Q16 1Q17
Rental Used car sales

36. 1,093.7 1,163.5
1,284.4 1,258.0
1,428.0
339.7 403.5
2012 2013 2014 2015 2016 1Q16 1Q17
36
Number of Daily Rentals (thousand)
Growth of 25.1% in daily rentals and of 18.8% in net revenues
in 1Q17 vs. 1Q16
13,749 14,242 15,416 15,566
18,662
4,242 5,309
2012 2013 2014 2015 2016 1Q16 1Q17
Car Rental
Net Revenues (R$ million)

37. 70.8%
66.8%
69.9% 69.3%
73.4% 73.4% 73.5%
2012 2013 2014 2015 2016 1Q16 1Q17
37
Utilization Rate Evolution – Car Rental
Average daily rental rate of the 1Q17 is a result of the initiative to manage its rates
in order to stimulate demand and the mix of segments.
Car Rental
Average daily rental rate – In R$
82.36
84.85 87.71 84.56
79.67 83.61
79.27
2012 2013 2014 2015 2016 1Q16 1Q17

38. Car Rental network evolution
Number of car rental locations (Brazil and abroad)
18 new corporate branches were added to the network
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisees´ branches - abroad
272 286 304 320 333 351
202 193 172 174 158 158
50 63 64 70 70 70
524 542 540 564 561 579
2012 2013 2014 2015 2016 1Q17
+18

39. 39
Fleet Rental
535.7 575.9 571.9 608.5 651.8
158.4 173.3
2012 2013 2014 2015 2016 1Q16 1Q17
10,601 10,844 10,363 10,901 11,240
2,746 2,930
2012 2013 2014 2015 2016 1Q16 1Q17
Net Revenues (R$ million)
Number of Daily Rentals (thousand)
6.7% growth in daily rentals and of 9.4% growth in net revenues
in 1Q17 vs. 1Q16

40. Purchases (includes accessories) Used car sales net revenues
Cars purchased Cars sold
40
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
(273)
58,655
69,744
79,804
64,032
87,833
6,989
15,123
56,644
62,641 70,621 64,305 68,449
16,348 20,309
2012 2013 2014 2015 2016 1Q16 1Q17
1,619
2,026
2,483
2,278
3,290
255
618
1,520
1,747
2,018 2,045
2,343
545
759
2012 2013 2014 2015 2016 1Q16 1Q17
Car Rental fleet was reduced after the peak demand of summer vacation
99
279
233
19,384
947
(9,359)
(290)
(5,186)
(141)

41. Car Rental
Higher aggregated value car mix raised the average
price of purchased cars in 1Q17.
41
Cars Purchase Mix
Average price of cars purchased 1Q16:
34.88
Average price of cars purchased 1Q17:
40.68
31%
69%
1Q17
58%
42%
1Q16
Economic
Cars with
higher added
value
Economic
Cars with higher
Added value

42. 42
Number of points of sale
Since 2013, Seminovos started to look for former dealers and closed resellers, to open
new points of sale, reducing capex per store.
73 74 75 77
84 88
2012 2013 2014 2015 2016 1Q17

43. 43
Period-end fleet
Quantity
65,086 70,717 77,573 76,755
94,156
68,901
87,508
32,104 32,809 34,312 33,948
34,960
32,228
36,08014,545 14,233 13,339 13,992
14,015
14,037
14,019111,735 117,759 125,224 124,695
143,131
115,166
137,607
2012 2013 2014 2015 2016 1Q16 1Q17
Car Rental Fleet Rental Franchising
Record utilization rate of 73.5%, even with the increase of Car Rental’s fleet in
18,607 cars to attend the strong demand of the 1Q17.
+3,852
+18,607

44. 1,646.7 1,758.9 1,874.0 1,883.1 2,096.8
502.4 581.1
1,520.0 1,747.3 2,018.2 2,044.9
2,342.5
544.6 758.5
3,166.7
3,506.2
3,892.2 3,928.0
4,439.3
1,047.0
1,339.6
2012 2013 2014 2015 2016 1Q16 1Q17
44
Consolidated net revenues
R$ million
Rental Used car sales
27.9% increase in consolidated revenue in 1Q17 versus 1Q16
Seminovos’ revenue increased 39.3% in 1Q17, due to a higher volume of sold cars (+3,962)
and an increase of 12.2% in the average car sales price when compared with 1Q16

45. Car Rental
The increase of average price of cars sold was mainly due to the change in the cars
purchased mix with a higher added value in the 4Q15.
45
Cars Sold Mix
Average price of cars sold 1Q16:
34.02
Average price of cars sold 1Q17:
38.01
42%
58%
1Q17
53%47%
1Q16
Economic
Cars with
higher added
value
Economic
Cars with
higher added
value

46. 46
Consolidated EBITDA
R$ million
(*) It considers the new appropriation criteria of the overhead, which is also appropriated to Seminovos.
Divisions 2012 2013 2014* 2015 2016 1Q16 1Q17
Car Rental 40.9% 36.8% 38.7% 31.8% 32.3% 34.5% 36.6%
Fleet Rental 66.4% 65.5% 60.0% 62.2% 64.5% 64.5% 63.0%
Rental Consolidated 49.3% 46.5% 45.3% 41.7% 42.3% 44.1% 44.5%
Used Car Sales 4.2% 5.7% 6.0% 7.3% 5.5% 6.8% 5.0%
EBITDA increase of R$38.6 million in the 1Q17
875.6 916.5 969.8 934.8 1,015.6
258.4 297.0
2012 2013 2014 2015 2016 1Q16 1Q17
+ R$38.6

47. 47
Average depreciation per car (in R$)
Car Rental
Depreciation is calculated based on the future expectation of the car price, less sales expenses.
Fleet Rental
2,076.6
Efeito
IPI
3,972.4
1,896
1,452 1,270
622
1,251
836 997
1,494 1,573 1,485
2012 2013 2014 2015 2016 1Q16* 2Q16* 3Q16* 4Q16* 1Q17*
* annualized
1,096.9
Efeito
IPI
5,408.2
4,311
4,592 4,202 3,935 3,714
4,175
3,786 3,550 3,364 3,330
2012 2013 2014 2015 2016 1Q16* 2Q16* 3Q16* 4Q16* 1Q17*
* annualized

48. 48
Consolidated EBIT
R$ million
Divisions 2012 2013 2014 2015 2016 1Q16 1Q17
Car Rental 23.7% 32.8% 36.2% 34.3% 30.2% 35.6% 34.8%
Fleet Rental 36.9% 45.1% 44.3% 48.9% 51.2% 50.3% 50.9%
Consolidated 28.3% 37.1% 38.8% 39.1% 36.8% 40.3% 39.6%
13.6% growth in EBIT in the quarter (+ R$27.6 million)
465.8
652.1 726.7 735.5 771.1
202.5 230.1
2012 2013 2014 2015 2016 1Q16 1Q17
144.5
IPI Effect
610.3 + R$27.6

49. 49
Consolidated net income
R$ million
Growth of 16.8% of net income in the 1Q17 even with the
increase of financial expenses and depreciation
240.9
384.3 410.6 402.4 409.3
103.0 120.3
2012 2013 2014 2015 2016 1Q16 1Q17
336.3
95.4
IPI Effect
Reconciliation EBITDA x Net income 2012 2013 2014 2015 2016 1Q16 1Q17 Var. R$ Var. %
Consolidated EBITDA 875.6 916.5 969.8 934.8 1,015.6 258.4 297.0 38.6 14.9%
Cars depreciation (232.4) (229.0) (207.4) (163.6) (206.3) (46.3) (57.9) (11.6) 25.1%
Cars additional depreciation – IPI effect (144.5) - - - - - - - -
Other property depreciation and amortization (32.9) (35.4) (35.7) (35.7) (38.2) (9.6) (9.0) 0.4 -6.3%
EBIT 465.8 652.1 726.7 735.5 771.1 202.5 230.1 27.6 13.6%
Financial expenses, net (138.7) (110.6) (151.1) (202.7) (243.5) (67.7) (74.8) (7.1) 10.5%
Income tax and social contribution (135.3) (157.2) (165.0) (130.4) (118.3) (31.8) (35.0) (3.2) 10.1%
Income tax and social contribution – IPI effect 49.1 - - - - - - - -
Net income of the period 240.9 384.3 410.6 402.4 409.3 103.0 120.3 17.3 16.8%
+ R$17.3

50. 50
Free cash flow - FCFFree cash flow
Free cash flow - R$ million 2012 2013 2014 2015 2016 1Q17
w
Operations
EBITDA 875.6 916.5 969.8 934.8 1,015.6 297.0
Used car sale revenue, net from taxes (1,520.0) (1,747.3) (2,018.2) (2,044.9) (2,342.5) (758.5)
Depreciated cost of cars sold 1,360.2 1,543.8 1,777.0 1,769.1 2,102.5 688.4
(-) Income tax and social contribution (100.9) (108.5) (113.1) (110.7) (93.3) (24.0)
Change in working capital 37.1 2.9 (27.1) (30.0) 113.2 17.6
Cash generated by rental operations 652.0 607.4 588.4 518.3 795.5 220.5
Capex-
Renewals
Used car sale revenue, net from taxes 1,520.0 1,747.3 2,018.2 2,036.3 2,342.5 564.8
Fleet renewal investment (1,563.3) (1,819.7) (2,197.7) (2,278.4) (2,563.6) (618.2)
Net investment for fleet renewal (43.3) (72.4) (179.5) (242.1) (221.1) (53.4)
Fleet renewal – quantity 56,644 62,641 70,621 64,032 68,449 12,123
Investment, other property and intangibles investments (77.8) (47.5) (46.3) (29.7) (42.2) (12.6)
Free cash flow from operations, net of fleet renewal capex 530.9 487.5 362.6 246.5 532.2 154.5
Capex-Growth
Fleet growth (investment) (55.5) (209.4) (286.8) 8.6 (726.0) 193.7
Change in accounts payable to car suppliers (116.9) 89.7 334.4 (121.2) 190.7 (146.4)
Fleet growth (172.4) (119.7) 47.6 (112.6) (535.3) 47.3
Fleet increase / (reduction) – quantity 2,011 7,103 9,183 (273) 19,384 (5.186)
Free cash flow after growth, and before interest and new HQ 358.5 367.8 410.2 133.9 (3.1) 201.8
New headquarters construction (2.4) (6.5) (148.3) (30.7) (84.4) (26.2)
Free cash flow before interest 356.1 361.3 261.9 103.2 (87.5) 175.6

51. 51
Changes in net debt
R$ million
R$54.1 million decrease on the net debt mainly
due to the cash generated by fleet reduction
154.5
(74.8)
193.7
(146.4)
(26.2) (46.7)
(2,029.9)
Net Debt
03/31/2017
(2,084.0)
Net Debt
12/31/2016
Free cash flow from
operations, net of fleet
renewal capex
Interest
Reduction in
accounts
payable to car
suppliers
Cash
Generated by
fleet
reduction
New
headquarters
construction
Dividends
+79.7 +47.3 (72.9)

52. 52
Debt maturity profile (principal)
R$ million
253.7 364.7
628.5 770.0 672.5 750.0
2017 2018 2019 2020 2021 2022
Cash
1,484.7
2017
1,246.9
Proforma debt profile after 12th debenture issuance of Localiza
and 3rd debenture issuance of Localiza Fleet
253.7 364.7
628.5 770.0 672.5
500.0
500.0
700.0
2017 2018 2019 2020 2021 2022 2023 2024
1,484.7
2017
As of March 31, 2017
950.0
250,0
Cash
2,434.7
Comfortable debt profile and strong cash position
3rd
issuance
12th
issuance

53. 53
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD 2012 2013 2014 2015 2016 1Q17
Net debt / Fleet value 48% 48% 40% 44% 45% 45%
Net debt / EBITDA(*) 1.4x 1.5x 1.4x 1.7x 2.1x 1.7x
Net debt / Equity 0.9x 1.0x 0.8x 0.8x 0.9x 0.9x
EBITDA / Net financial expenses 6.3x 8.3x 6.4x 4.6x 4.2x 4.0x
Net debt Fleet value
Low leverage supports growth targets
1,231.2 1,332.8 1,322.3 1,588.6
2,084.0 2,029.9
2,547.6 2,797.9
3,296.3
3,642.7
4,623.6 4,492.9
2012 2013 2014 2015 2016 1Q17
(*)Annualized

54. 54
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.
Maria Carolina Costa
IR Manager
Mariana Campolina
IR Manager