Localiza is a Brazilian car rental company founded in 1973. It has grown to become a market leader through strategic acquisitions and expanding into adjacent business areas like used car sales, fleet rental, and franchising. The presentation reviews Localiza's business divisions and competitive advantages, including its integrated business platform, scale in purchasing cars, brand recognition, and focus on innovation. Financial information for the first quarter of 2018 shows the company's profitability comes mainly from car rental and fleet rental.

1. 1
January 2018
INVESTOR RELATIONS
PRESENTATION
May,2018.

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

3. 3
1973
Founded in Belo
Horizonte with 6
VW Beetles
1979
Expasion to 11 capital
cities becoming market
leader in 1981
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
Digital Transformation
2017
Strategic partnership
with Hertz -
Phase I: Rise to #1 Phase II: Expansion
Phase III:
Reaching Scale
Phase IV: Digital
Transformation
COMPANY HISTORY:
MILESTONES
2018
Market Cap
US$5.3 Billion (04/30/18)

4. INTEGRATED
BUSINESS
PLATFORM
THIS INTEGRATED PLATFORM
GIVES LOCALIZA
FLEXIBILITY AND SUPERIOR
PERFORMANCE
4
• 133,777 CARS
• 7,9 MILLION CLIENTS
• 390 LOCATIONS
• 4,559 EMPLOYEES
CAR RENTAL FLEET RENTAL
•44,742 CARS
• 1,240 CLIENTS
• 284 EMPLOYEES
USED CAR SALES
• 45.7% SOLD TO FINAL CONSUMER
• 99 STORES
• 65 CITIES
• 1,170 EMPLOYEES
FRANCHISING
• 14,741 CARS
• 131 LOCATIONS IN BRASIL
• 70 LOCATIONS IN SOUTH AMERICA
• 36 EMPLOYEES
SYNERGIES:
BARGAINING POWER
COST REDUCTION
CROSS SELLING
OVERHEAD AND SUPPORT: 1,027
EMPLOYEES
1Q18

5. COMPANY:BUSINESS PLATFORM DIVISIONS
CAR RENTAL FRANCHISING FLEET RENTAL USED CAR SALES
5
• HIGH FIXED COST STRUCTURE
• STANDARDIZED FLEET
• 1 YEAR CYCLE
• HIGHER ENTRY BARRIERS
• GAINS OF SCALE
• CAPITAL INTENSIVE
• CONCENTRATED AIRPORT MARKET
• FRAGMENTED OFF AIRPORT MARKET
RENTS TO INDIVIDUALS AND
COMPANIES AT AIRPORTS AND
OFF AIRPORT LOCATIONS.
CONTRIBUTES TO EXPAND
LOCALIZA’S NETWORK.
• HIGH PROFITABILITY
• LOW CONTRIBUTION TO EARNINGS
• RESPONSIBLE TO DEVELOP NEW
MARKETS
• LOW FIXED COST STRUCTURE
• CUSTOMIZED FLEET
• 2-3 YEARS CYCLE
• LOWER ENTRY BARRIERS
• CAPITAL INTENSIVE
OUTSOURCES FLEET FOR 2-3
YEARS’ TERM CONTRACTS.
SELLS THE USED CARS MAINLY TO
FINAL CONSUMERS AFTER THE
RENTAL AND ESTIMATES THE
RESIDUAL VALUES.
• EFFICIENCY AREA RESPONSIBLE TO SELL
CARS FROM RAC AND FLEET DIVISIONS
• KNOW HOW OF USED CARS MARKET
• LOW DEPENDENCE OF INTERMEDIATES
• ALLOWING FOR LOWER DEPRECIATION

6. 6
BIG NUMBERS
 Market leader with market cap of R$ 18.6 billion (US$ 5.3 bn) in April 30, 2018
 End of period fleet of 193,260 cars in 1Q18
 R$1,8 billion in net revenues in 1Q18
 Volume growth of 53.3% in the Car Rental Division in 1Q18
 ROIC of 14.2%, spread of 9,0 p.p in relation to cost of debt after taxes

7. Net Revenues
R$1,823
EBITDA
R$398
EBIT*
R$330
Consolidated breakdown – 1Q18
R$ million
7
*Seminovos results recorded in the Car Rental and Fleet Rental Divisions
COMPANY’S PROFITABILITY COMES FROM CAR RENTAL AND FLEET RENTAL DIVISIONS
R$ 59
15%
R$ 125
31%
R$ 214
54%
R$ 98 30%
R$ 232
70%
R$ 1,021
56%
R$ 203
11% R$ 599
33%

8. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
8
COMPETITIVE ADVANTAGES2

9. COMPETITIVE ADVANTAGES
PROFITABILITY COMES FROM RENTAL DIVISIONS
CASH TO RENEW THE FLEET OR PAY DEBT
RAISING
MONEY
BUYING
CARS
ALUGUEL
DE CARS
SELLING
CARS
9
RENTING
CARS
44 YEARS OF EXPERIENCE IN MANAGING ASSETS AND GENERATING VALUE.

10. COMPETITIVE ADVANTAGES
RAISING MONEY
INVESTMENT GRADE: LOWER SPREADS AND LONGER TENORS
Source: Bloomberg April, 2018.
BB Fitch
Ba2 Moody’s
BB+ S&P
B+ S&P
Ba3 Moody´s
BB S&P
B1 Moody´s
B+ S&P
Player A Player B/C Player D
brAAA S&P
Aa1.br Moody’s
AAA(bra) Fitch
A+(bra) Fitch
AA (bra) Fitch
brAA- S&P
A(bra) FitchNational scale
Global scale
10
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
LOCALIZA RAISES MONEY WITH BETTER CONDITIONS THEN ITS COMPETITORS.

11. COMPETITIVE ADVANTAGES
11
RAISING MONEY
2017 Bonds - R$ million
R$869
109.35% - 12/2017
R$700
107.25% - 05/2017
R$650
104.66% - 09/2017
CRI - R$370
99.0% - 02/2018
R$500
107.00% - 05/2017
Player B R$500
113.97% - 10/2017
R$ 350
103.49% - 10/2017
Player B R$300
128.68% - 04/17
Player C R$300
130.00% - 08/2017
Player A R$250
131.42% - 07/2017
R$216
111.30% - 12/2017
Player A R$150
119.00% - 07/2017
Player C R$100
113.15% - 11/2017
90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
140%
-2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0
% CDI
Years
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS

12. Number of cars purchased - 2017 Localiza’s share in the internal sales of the
OEMs* - 2017
Source: website of each company and ANFAVEA.
12
COMPETITIVE ADVANTAGES
BUYING CARS
141,077
55,076
39,304
19,747
Localiza* Player A Player B* Player C
*it includes 5,825 cars from Localiza´s and 1,944 from Unidas’ Brazilian Franchisees
8.4%
LOCALIZA BUYS CARS WITH BETTER CONDITIONS DUE TO THE VOLUME OF PURCHASES.
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
*it considers the 12 OEMs listed above

13. Most recognized and desired brand in the category
13
• Co-branding with Hertz, the most well-known brand, with presence
in +150 countries
• 24th most valuable brand in Brazil in 2017 (Interbrand ranking)
• Brand with the largest awareness and preference in the sector
• Presence online and offline
• Winner of Época ReclameAqui award for the 3rd consecutive year
• Customer superior satisfaction (NPS)
• Culture of delighting
• Modern and diversified fleet
Leader in loyalty and superior quality
COMPETITIVE ADVANTAGES
RENTING CARS
BRAZILIAN DISTRIBUTION
# OF LOCATIONS # OF CITIES
521
216
183
399
Localiza 1Q18 Competitors 2017
362
150 96
Localiza 1Q18 Player B 2017 Player A 2017
Source: website of each company on 12/31/2017
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS

14. COMPETITIVE ADVANTAGENS
14
RAINSING
MONEY
BUYING CARS SELLING CARSFLEET RENTAL
New ways of developing technologies
with agility and customer collaboration
Innovations that generate strategic
information for the customer´s business and
added value for the business
Good interaction with customers,
facilitating the resolution of problems
FLEET RENTAL

15. 15
Distribution in Brazil
Digital Sale
99 points of sale
65 cities in Brazil
COMPETITIVE ADVANTAGES
SELLING CARS
Big data
Best understanding of
costumer preference
Pricing estimate
- Depreciation
+ Residual Value
Input for car purchase
Buffer: additional fleet
during peaks of demand
Sales to final consumer
Lower depreciation
Loyalty of customers,
generating good
repurchase rates and
indication
EFFICIENCY AREA TO REDUCE DEPRECIATION
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS

16. 16
COMPETITIVE ADVANTAGES
WITH OPERATIONAL EXCELLENCE
CAR PREPARATION
• Quality control of the cars
delivered by OEM’S
• Car licensing
DELIVERY IN THE BRANCHES
• Transport tracking
• Logistic management
optimization
OPERATING CAR
• Maintanance and rapair
• Traffic fines processing
• Licensing renewal
CAR DECOMISSIONING
• Car checking
• Preparation for sales
• Transportation to
Seminovos stores
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS

17. 17
Anti fraudLocaliza FastChatbot® Digital register and
self check-in
Taylor-made solution for
fraud prevention in car
rentals
Mobile-based counter
bypass. Customers can pick-
up car bypassing our counter
Facebook / messenger
booking assistant
Automatic capture of the driver’s
license for new costumers and
expedite check-in.
Connected Fleet Mobile Solution
Integrated mobile solution to
fleet rental services for drivers
and contract manager.
Online Fleet Rental
Fast diagnosis and
friendly dashboard for
fleet manager.
Integrated technology solution that
increases competitive intelligence and
leverages productivity gains.
RAISING
MONEY
BUYING
CARS
SELLING
CARS
RENTING
CARS
... AND INOVATION
DIFFERENTIATED OFFER WITH HIGHER VALUE ADDED TO CUSTOMERS

18. R$38.2
Average car price
(2 years)
Car sale revenue
net of SG&A
R$36.0
1 year cycle
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
CAR RENTAL: FINANCIAL CYCLE 2017
Per car
18
Total
1 year
R$ % R$ % R$
Net revenues 19.6 100.0% 38.8 100.0% 58.4
Costs - fixed and variable (9.2) -47.1% (9.2)
SG&A (3.5) -18.0% (2.9) -7.4% (6.4)
Net revenues of car sold 36.0 92.6% 36.0
Book value of car sold (33.9) -87.2% (33.9)
EBITDA 6.9 34.9% 2.1 5.4% 9.0
Cars Depreciation (1.2) -3.2% (1.2)
Others depreciation (0.3) -1.3% (0.1) -0.3% (0.4)
Financial expenses (2.4) -6.3% (2.4)
Taxes (1.5) -7.6% 0.4 1.0% (1.1)
Net Income (Loss) 5.1 26.0% (1.3) -3.4% 3.8
NOPAT 5.7
ROIC (it consideres only cars in capital invested) 14.9%
Cost of debt after taxes 7.6%
Car Rental Seminovos
Per car soldPer operating car

19. 1 2 3 4 5 6 31 32 33 34 35 36Expenses, interest and tax
Revenue
Car sale revenue
net of SG&A
R$31.8
R$43.1
Average car price
(3 years)
3 year cycle
FLEET RENTAL: FINANCIAL CYCLE 2017
Per car
19
Total
3 years
R$ % Seminovos % R$
Net revenues 60.5 100.0% 34.1 100.0% 94.6
Costs - fixed and variable (17.9) -29.7% (17.9)
SG&A (5.1) -8.4% (2.4) -7.0% (7.5)
Net revenues of car sold 31.7 93.0% 31.7
Book value of car sold (28.7) -84.1% (28.7)
EBITDA 37.5 61.9% 3.0 8.9% 40.5
Cars Depreciation (9.3) -27.3% (9.3)
Others depreciation (0.3) -0.5% (0.1) -0.4% (0.4)
Financial expenses (6.5) -19.1% (6.5)
Taxes (8.4) -13.9% 2.9 8.6% (5.5)
Net Income (Loss) 28.8 47.6% (10.0) -29.4% 18.8
Net Income (Loss) - per year 9.6 47.6% (3.3) -29.4% 6.3
NOPAT 7.9
ROIC (it consideres only cars in capital invested) 18.4%
Cost of debt after taxes 7.6%
Per operating car
Fleet Rental Seminovos
Per car sold

20. ROIC versus COST OF DEBT AFTER TAXES
20
HIGHER SPREAD MEANS VALUE GENERATION FOR SHAREHOLDERS
16.7%
17.8%
17.0%
15.4% 15.6%
14.2%
6.0%
8.0%
9.5%
10.2%
7.6%
5.2%
2013 2014 2015 2016 2017 1Q18
ROIC Cost of debt after taxes
9.8p.p.
10.7p.p.
7.5p.p.
5.2p.p.
8.0p.p.
ROIC considered each year´s effective income tax and social contribution rate
*
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
9.0p.p.

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

22. 22
MARKET SIZE 2016:
R$5.8 BILLION
OTHERS
MARKET SIZE 2017:
R$6.5 BILLION
CAR RENTAL: MARKET SHARE
GROSS REVENUE - CAR RENTAL
Source: ABLA, considering the breakdown reported applied on the revenues
OTHERS
29.3%
11.8%
6.7%
52.2%
32.3%
13.9%
7.8%
46.0%
PLAYER B
PLAYER A
PLAYER B
PLAYER A

23. CAR RENTAL LOCATIONS IN BRAZIL
AIRPORT LOCATIONS OFF – AIRPORT LOCATIONS
Localiza
422
Player B
161
Player E
26
Player A
100
Others
7,850
23Source: ABLA, each company’s website on 03/31/2018 and Localiza’s 1Q18 Earnings Release.
1/3 OF CAR RENTAL’S
REVENUES COMES
FROM AIRPORT
LOCATIONS
OFF -AIRPORT
LOCATIONS
AIRPORT
LOCATIONS
OFF – AIRPORT MARKET IS STILL FRAGMENTED
Localiza
99
Player A
51
Player B
51
Player E
33
Others
38
Localiza Player A Player B Player E Others

24. 84 million
Adult population
(age> 20 years)
Class A+B+C
64 million
Credit card owners*
7.9
million
180
200 240
260
300
350
380
415
465
510
545
622
678
724
788
880
937
38% 37%
35%
31%
27%
22%
20%
18% 16% 15% 15% 13% 13% 12%
11% 9% 8%
-50
50
150
250
350
450
550
650
750
850
950
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Monthly minimun salary (R$) Daily rental price over minimum salary (%)
CAR RENTAL AFFORDABILITY
Source: BCB and Localiza rates
Sources: IPEADATA, Localiza’s loyalty program and BCB as of 2016
*Was considered that each credit card owner owns 1,3 credit card, BCB estimated that were 84 million active credit cards in Brazil in 2016.
CAR RENTAL: DRIVERS
24
INCREASING AFFORDABILITY AND LOW PENETRATION BRINGS GROWTH OPPORTUNITIES.

25. CAR RENTAL: DRIVERS
25
*
40.6
45.7
49.7
56.9
70.3
81.5
87.0 88.2 93.3 94.4 89.0 90.8
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
AIRLINE MARKET EVOLUTION
RPK (REVENUE SEAT KILOMETER) IN MILLION
* Annualized with the available data until November/17
Source: ANAC
DEMAND FORECASTING
PASSANGERS ESTIMATE (IN MILLION)
Source: Ministério dos Transportes / Transportation Ministry (September/2017)
EVOLUTION IN AIRLINE MARKET BRINGS GROWTH OPPORTUNITIES .
201.3
267.8
401
2017 2027 2037

26. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
26
COMPETITIVE ADVANTAGES2

27. FLEET RENTAL: MARKET SHARE
GROSS REVENUE - FLEET RENTAL
27Source: ABLA, considering the breakdown reported applied on the revenues
MARKET SIZE 2017:
R$9 BILLION
MARKET SIZE 2016:
R$8 BILLION
8.4%
2.6%
3.6%
7.6%
77.9%OUTROS
PLAYER B
PLAYER C
PLAYER A
8.3%
2.6%
4.4%
5.5%
79.1%OTHERS
PLAYER B
PLAYER C
PLAYER A

28. FLEET RENTAL: DRIVERS
28
Corporate fleet:
5,000,000*
Rented fleet:
440,737**
39,738
BRAZILIAN MARKET
*Frost&Sullivan research
**Localiza estimates
WORLD
8.8% 8.9%
13.3%
16.5%
24.5%
37.4%
46.9%
58.3%
Source: Datamonitor for European countries and Localiza’s estimate for Brazil
LOW PENETRATION OF RENTED FLEET IN BRAZIL

29. AGENDA
COMPANY OVERVIEW1
MAIN BUSINESS DIVISIONS3
FINANCIALS4
APPENDIX: EARNINGS RELEASE 1Q185
CAR RENTAL
FLEET RENTAL
SEMINOVOS
1
2
3
29
COMPETITIVE ADVANTAGES2

30. SEMINOVOS: NEW vs USED CAR MARKET (BRAZIL)
Source: Fenabrave (light and commercial cars) 30
New cars
Used cars
TOTAL MARKET OF 12.9 MILLION CARS.
8.4
8.9 9.0
9.4
10.1 9.9 10.0
10.7
9.8
3.3 3.5 3.6 3.6 3.3
2.5
2.0 2.2 2.1
2010 2011 2012 2013 2014 2015 2016 2017 1T18
Carros usados Carros novos
*
*
(*)Annualized
2.5x 2.5x2.6x 2.6x 3.1x 4.0x 5.0x 4.9x
4.7x

31. SEMINOVOS: DRIVERS
# OF INHABITANTS PER CAR – BRAZIL 2005 - 2016
AFFORDABILITY TO BUY CARS – AVERAGE PUBLIC PRICE
OF ECONOMIC CARS
AFFORDABILITY AND PENETRATION
7.9
7.7
7.3
6.9
6.5
6.0
5.7
5.3
5.0 4.9 4.8 4.8 4.8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
DEVELOPED COUNTRIES MAINTAIN A RATIO BETWEEN
2-1 INHABITANTS PER CAR
Source: Sindipeças – Current Fleet Report 2018, as of April 2018. Source: BCB and Localiza
Reference: for calculation was considered the cheapest car in our fleet
31
300 350
380 415
465 510 545
622
678
724
788 880
934 95484
71 69
61
55
51 49
43 43 43 41 41
47 47
-
10
20
30
40
50
60
70
80
90
-100
100
300
500
700
900
1,100
20052006200720082009201020112012201320142015201620172018
Minimum wage (R$) Minimum wages needed to buy a new car

32. 30.5%
Up to 2 years - 2017
296,756
SEMINOVOS: CARS SALES
OPERATING DATA
0.8%
Used cars – 2017
10,730,763
4.2%
Main players
Examples • Retailers • Dealers • Rental Operators
Points of sale • 48,000 (Fenauto) • 5,535 (Anfavea) • +132 (Unidas, Movida, Locamerica)
Source: Anfavea 2018 e Fenabrave / Unidas, Locamerica e Movida.
32
Brand new- 2017
2,172,235

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

34. 34
# of cars sold
# of rental days (thousand)– Car Rental
Fleet at end of the period
# of rental days (thousand) – Fleet Rental
1Q18 OPERATING HIGHLIGHTS
87,508
133,777
36,080
44,742
14,019
14,741
137,607
193,260
1Q17 1Q18
Car rental Fleet rental Franchising
20,309
25,288
1Q17 1Q18
5,309
8,139
1Q17 1Q18
2,930
3,576
1Q17 1Q18

35. 35
Net revenues (R$ million)
Net income (R$ million)EBIT (R$ million)
EBITDA (R$ million)
1Q18 FINANCIAL HIGHLIGHTS
297.0
397.4
1Q17 1Q18
120.3
176.0
1Q17 1Q18
230.1
329.9
1Q17 1Q18
758.5
1,020.5
407.8
599.0173.3
203.2
1,339.6
1,822.7
1Q17 1Q18
Seminovos RAC and Franchising Fleet Rental

36. CAR RENTAL
1,163.5 1,284.4 1,258.0
1,428.0
1,848.5
403.5
594.7
2013 2014 2015 2016 2017 1Q17 1Q18
Number of daily rentals (thousand)
STRONG VOLUME AND REVENUE GROWTH IN 1Q18
14,241.7 15,416.0 15,566.1
18,662.4
25,263.6
5,308.5
8,139.4
2013 2014 2015 2016 2017 1Q17 1Q18
Net revenues (R$ million)
36

37. 37
CAR RENTAL
Average daily rental rate – in R$ Utilization rate
OPERATIONAL EFFICIENCY AND PRICING MANAGEMENT STIMULATED DEMAND AND UTILIZATION
79.3
74.1 74.1 74.0 74.7
1Q17 2Q17 3Q17 4Q17 1Q18
75.8%
79.0%
81.0%
78.5% 78.7%
1Q17 2Q17 3Q17 4Q17 1Q18
New utilization rate presentation: considers only the period in which cars are available for rental at the locations

38. CAR RENTAL NETWORK EVOLUTION
Number of car rental locations Brazil and abroad
286 304 320 333 384 390
193 172 174 158
133 131
63 64 70 70 71 70
542 540 564 561 588 591
2013 2014 2015 2016 2017 1Q18
Localiza's branches - Brazil Franchisees' branches - Brazil Franchisees' branches - abroad
+6
6 CORPORATE LOCATIONS WERE ADDED TO THE NETWORK IN 1Q18
38

39. FLEET RENTAL
Number of daily rentals (thousand)
22.1% GROWTH IN 1Q18 VOLUMES 39
575.9 571.9 608.5 651.8
742.1
173.3 203.2
2013 2014 2015 2016 2017 1Q17 1Q18
10,843.7 10,363.3 10,900.9 11,240.0
12,752.7
2,930.0 3,576.4
2013 2014 2015 2016 2017 1Q17 1Q18
Net revenues (R$ million)

40. NET INVESTMENT
Fleet expansion (reduction)* (quantity)
STRONG GROWTH IN RAC MITIGATED THE NEED TO REDUCE FLEET AFTER SEASONAL DEMAND PEAK 40
Net investment in fleet (R$ million)
Cars purchased Cars sold Hertz Brasil
Purchases (includes accessories) Used car sales net revenues Hertz Brasil
69,744 79,804
64,032
87,833
143,414
15,123
23,847
62,641 70,621
64,305 68,449
90,554
20,309
25,288
2013 2014 2015 2016 2017 1Q17 1Q18
7,103
9,183
(273)
19,384
88,619
1,935
135,252
8,162
(5,186)
52,860
(1,441)
2,026.2
2,483.2
2,278.4
3,289.6
5,754.4
618.2 933.8
1,747.3 2,018.2 2,044.9
2,342.6
3,451.2
758.5 1,020.5
2013 2014 2015 2016 2017 1Q17 1Q18
465.0
278.9 233.5
947.0
61.95.,467.9
286.5
3,389.3
(140.3)
2,303.2
(86.7)
* It does not consider theft / crashed cars/written off.

41. 41
NUMBER OF POINTS OF SALE
74 75 77
84
99
88
99
62,641
70,621 64,305 68,449
90,554
20,309 25,288
-50,000
-30,000
-10,000
10,000
30,000
50,000
70,000
90,000
110,000
130,000
-10
10
30
50
70
90
110
130
150
2013 2014 2015 2016 2017 1Q17 1Q18
Points of sale Cars sold
STORES WILL BE OPENED THROUGHOUT THE YEAR TO SUPPORT FUTURE RENEWAL OF FLEET

42. 42
END OF PERIOD FLEET
52.9% GROWTH OF THE RAC FLEET, COMPARED WITH 1Q17
(Quantity)
70,717 77,573 76,755 94,156
135,578
87,508
133,777
32,809 34,312 33,948
34,960
44,877
36,080
44,742
14,233 13,339 13,992
14,015
13,824
14,019
14,741
117,759 125,224 124,695
143,131
194,279
137,607
193,260
2013 2014 2015 2016 2017 1Q17 1Q18
Car Rental Fleet Rental Franchising

43. 43
CONSOLIDATED NET REVENUES
(R$ million)
36.1% INCREASE IN CONSOLIDATED REVENUES IN 1Q18
1,758.9 1,874.0 1,883.1 2,096.8 2,607.1
581.1 802.2
1,747.3 2,018.2 2,044.9 2,342.5
3,451.2
758.5 1,020.5
3,506.2
3,892.2 3,928.0
4,439.3
6,058.3
1,339.6
1,822.7
2013 2014 2015 2016 2017 1Q17 1Q18
Rental Used car sales

44. 44
CONSOLIDATED EBITDA
(R$ million)
(*) It considers the new appropriation criteria of the overhead, which is also appropriated to Seminovos.
(**) Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
Divisions 2013 2014* 2015 2016 2017 1Q17 1Q18
Car Rental 36.8% 38.7% 31.8% 32.3% 34.9%** 36.6% 35.7%
Fleet Rental 65.5% 60.0% 62.2% 64.5% 61.9%** 63.0% 61.3%
Rental Consolidated 46.5% 45.3% 41.7% 42.3% 42.6%** 44.5% 42.2%
Used Car Sales 5.7% 6.0% 7.3% 5.5% 5.9% 5.0% 5.7%
EBITDA margin:
916.5 969.8 934.8
1,015.6
1,314.2
297.0
397.4
2013 2014 2015 2016 2017 Adjusted 1Q17 1Q18
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
74.0
33.8% GROWTH IN CONSOLIDATED EBITDA

45. 45
AVERAGE ANNUALIZED DEPRECIATION PER CAR
(In R$)
Fleet Rental
Car Rental
CAR PRICE INCREASES AND SALES EFFICIENCY CONTRIBUTED FOR LOWER DEPRECIATION ON RAC
1,484.8 1,371.8 1,222.6
1,021.6
715.9
1Q17 2Q17 3Q17 4Q17 1Q18
3,330.1
2,988.6 3,012.6 3,102.1 3,410.4
1Q17 2Q17 3Q17 4Q17 1Q18

46. 46
CONSOLIDATED EBIT
(R$ million)
652.1 726.7 735.5 771.1
1,043.1
230.1
329.9
2013 2014 2015 2016 2017 Adjusted 1Q17 1Q18
Divisions 2013 2014 2015 2016 2017 1Q17 1Q18
Car Rental 32.8% 36.2% 34.3% 30.2% 35.5%* 34.8% 38.8%
Fleet Rental 45.1% 44.3% 48.9% 51.2% 51.4%* 50.9% 48.0%
Consolidated 37.1% 38.8% 39.1% 36.8% 40.0%* 39.6% 41.1%
74.0
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
(*) Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
LOWER DEPRECIATION PER CAR ON RAC SEGMENT CONTRIBUTED TO 4 P.P. GAIN IN EBIT MARGIN

47. 47
CONSOLIDATED NET INCOME
(R$ million)
384.3 410.6 402.4 409.3
563.4
120.3
176.0
2013 2014 2015 2016 2017 Adjusted 1Q17 1Q18
Reconciliation EBITDA x Net income 2013 2014 2015 2016 2017* Var. R$ Var. % 1Q17 1Q18 Var. R$ Var. %
Consolidated EBITDA 916.5 969.8 934.8 1,015.6 1,314.2 298.6 29.4% 297.0 397.4 100.4 33.8%
Cars depreciation (229.0) (207.4) (163.6) (206.3) (232.0) (25.7) 12.5% (57.9) (56.9) 1.0 -1.7%
Other property depreciation and amortization (35.4) (35.7) (35.7) (38.2) (39.1) (0.9) 2.4% (9.0) (10.6) (1.6) 17.8%
EBIT 652.1 726.7 735.5 771.1 1,043.1 272.0 35.3% 230.1 329.9 99.8 43.4%
Financial expenses, net (110.6) (151.1) (202.7) (243.5) (315.0) (71.5) 29.4% (74.8) (88.9) (14.1) 18.9%
Income tax and social contribution (157.2) (165.0) (130.4) (118.3) (164.7) (46.4) 39.2% (35.0) (65.0) (30.0) 85.7%
Net income of the period 384.3 410.6 402.4 409.3 563.4 154.1 37.6% 120.3 176.0 55.7 46.3%
57.7
One-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation, after taxes
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
NEW RECORD NET INCOME: 46,3% GROWTH

48. 48
FREE CASH FLOW
(R$ million)
631.8
482.6
171.1
706.3
871.8
316.2
2013 2014 2015 2016 2017 1Q18
R$316.2 MILLION OF CASH GENERATION BEFORE GROWTH

49. FREE CASH FLOW
49
Free cash flow - R$ million 2013 2014 2015 2016 2017 1Q18
Operations
EBITDA 916.5 969.8 934.8 1,015.6 1,314.2* 397.4
Used car sale revenue, net from taxes (1,747.3) (2,018.2) (2,044.9) (2,342.5) (3,451.2) (1,020.5)
Depreciated cost of cars sold 1,543.8 1,777.0 1,769.1 2,102.5 3,106.6 928.1
(-) Income tax and social contribution (108.5) (113.1) (110.7) (93.3) (108.3) (33.3)
Change in working capital 2.9 (27.1) (30.0) 113.2 21.2 (49,0)
Cash generated by rental operations 607.4 588.4 518.3 795.5 882.5 222.7
Capex-renewal
Used car sale revenue, net from taxes – fleet renewal 1,747.3 2,018.2 2,036.3 2,342.5 3,451.2 962.4
Fleet renewal investment (1,819.7) (2,197.7) (2,278.4) (2,563.6) (3,660.9) (933.8)
Change in accounts payable to car suppliers – renewal 144.3 120.0 (75.4) 174.1 247.8 71.0
Net investment for fleet renewal 71.9 (59.5) (317.5) (47.0) 38.1 99.6
Fleet renewal – quantity 62,641 70,621 64,032 68,449 90,554 23,847
Investment, property and intangible (47.5) (46.3) (29.7) (42.2) (48.8) (6.1)
Free cash flow from operations, before growth 631.8 482.6 171.1 706.3 871.8 316.2
Capex-Growth
Fleet growth investment (209.4) (286.8) - (726.0) (1,807.0) -
Used car sale revenue, net from taxes – fleet reduction 8.6 58.1
Change in accounts payable to car suppliers – growth (54.6) 214.4 (45.8) 16.6 167.7 (364.9)
Hertz Brazil acquisition - fleet (286.5) -
Fleet growth capex (264.0) (72.4) (37.2) (709.4) (1,925.8) (306.8)
Fleet increase / (reduction) – quantity 7,103 9,183 (273) 19,384 52,860 (1,441)
Free cash flow after growth, and before interest and new HQ 367.8 410.2 133.9 (3.1) (1,054.0) 9.4
Capex-
non-
recurring
Hertz Acquisition (Except fleet) - - - - (46.7) -
Incurred one-time costs effect - - - - (74.0) -
New headquarters construction and furniture (6.5) (148.3) (30.7) (84.4) (126.2) -
Free cash flow before interest 361.3 261.9 103.2 (87.5) (1,300.9) 9.4
(*) Adjusted by one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
In the free cash flow, short-term financial assets were considered as cash equivalents since they have immediately liquidity.

50. 50
NET DEBT INCREASE OF R$122 MILLION MAINLY DUE TO REDUCTION OF ACCOUNTS
PAYABLE
CHANGE IN NET DEBT
(R$ million)

51. 51
DEBT RATIOS
COMFORTABLE CAPITAL STRUCTURE
NET DEBT DISCOUNTING CREDIT CARD RECEIVABLES VERSUS FLEET VALUE
BALANCE AT THE END OF PERIOD 2013 2014 2015 2016 2017 1Q18
Net debt - credit card receivables / Fleet value 43% 35% 39% 44% 55% 57%
Net debt - credit card receivables / annualized EBITDA 1.3x 1.2x 1,5x 2.0x 2.9x 2.5x
Net debt - credit card receivables / Equity 0.9x 0.7x 0.7x 0.9x 1.5x 1.5x
EBITDA / Net financial expenses 8.3x 6.4x 4.6x 4.2x 4.2x 4.5x
1,190.0 1,164.1 1,418.6
2,038.8
3,843.2 3,966.2
2,797.9
3,296.3 3,642.7
4,623.6
7,038.7 6,987.7
2013 2014 2015 2016 2017 1Q18
Net debt - credit card receivables Fleet value
(R$ million)

52. 52
DEBT MATURITY PROFILE (PRINCIPAL)
(R$ million)
As of Mach 31, 2018
COMFORTABLE DEBT AND CASH PROFILE TO SUPPORT GROWTH
2,662.5
304.9 640.8
1,432.7
678.1 943.4 946.7 1,173.0
411.5
Cash and financial
assets
2018 2019 2020 2021 2022 2023 2024 2025 - 2032
2,378.4

53. 53
ROIC VERSUS COST OF DEBT AFTER TAXES
HIGHER SPREAD MEANS VALUE GENERATION FOR SHAREHOLDERS
16.7%
17.8%
17.0%
15.4% 15.6%
14.2%
6.0%
8.0%
9.5%
10.2%
7.6%
5.2%
2013 2014 2015 2016 2017 1Q18
ROIC Cost of debt after taxes
9.8p.p.
10.7p.p.
7.5p.p.
5.2p.p.
8.0p.p.
ROIC considered each year´s effective income tax and social contribution rate
*
(*)Adjusted by the one-time costs incurred - Hertz Brasil acquisition and Franchisees incorporation
9.0p.p.

54. 54
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. It is information in summary form and does not purport to be
complete. It is not intended to be relied upon as advice to potential investors. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the
accuracy, fairness, or completeness of the information presented herein.
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-
looking statements are only projections and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject
to many risks, uncertainties and factors relating to the operations and business environments of LOCALIZA and its subsidiaries that may cause the actual results of the companies to be materially
different from any future results expressed or implied in such forward-looking statements.
Although LOCALIZA believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to LOCALIZA’s management,
LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update any of the forward-looking statement.
Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act of 1933.
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