This document provides an overview of Localiza Rent a Car S.A., including: 1. Localiza has grown significantly since its founding in 1973, becoming the Brazilian car rental leader through acquisitions and expansion into adjacent businesses like fleet rental and used car sales. 2. The company has an integrated business platform across its four divisions that provides synergies and flexibility. 3. Localiza has several competitive advantages, including scale in purchasing cars that allows it to negotiate better prices, a large network of locations across Brazil, and expertise in managing assets over the rental lifecycle.

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

2. 1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Webcast
 Earnings release 3Q14
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
09/30/2014 – Market cap of US$3.1 bi
with ADTV of R$35.5 million
1973 1982 1983 2004 2005 2014
3

4. Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
 12.800 cars
 168 locations in Brazil
 64 locations in South
America
 35 employees
 57,3% sold to final
consumer
 74 stores
 997 employees
 70,491 cars
 4.2 million clients
 302 locations
 4,371 employees
 33,072 cars
 787 clients
 373 employees
This integrated business platform gives Localiza flexibility and superior performance.
Based on the 3Q14 4
Car Rental Fleet Rental
Franchising Seminovos

5. Company: Business platform divisions
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.
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. 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
Total
1 year
Car Rental Financial Cycle
Per car
Car Rental Seminovos
Per operating car Per car sold
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%
6
Net car sale
revenue
1 year cycle R$25.5
R$27.0
Car acquisition
Revenue
Spread
11.1p.p.

7. 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
Total
2 years
Fleet Rental Financial Cycle
Per car
Fleet Rental Seminovos
Per operating car
Per car sold
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%
7
Net car sale
revenue
R$24.4 2 year cycle
Spread
11.1p.p.
R$33.3
Car acquisition
Revenue

8. Rental revenues evolution
1,462.8
Localiza’s rental revenues at constant prices
1,699.2 1,802.5 1,821.8
2010 2011 2012 2013
Sector’s revenue at constant prices (ex- Localiza)
4,637.6 4,692.1 4,791.3 4,698.2
2010 2011 2012 2013
GDP -0.3% 7.5% 2.7% 1.0%
Average GDP growth: 3.7%
The Company grew at an average of 2.8x GDP
and 19.0x the sector.
Source: ABLA (Brazilian Car Rental Association) and Localiza. 8

9. Competitive advantages: 41 years of experience
in managing assets
Raising
money Buying
cars
Renting Cars Selling
Cars
Cash to renew the fleet or pay debt
Source: ABLA (Brazilian Car Rental Association) and Localiza.
$
Profitability comes from rental divisions
$
9

10. Competitive advantages: raising money
National Scale
Global 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
Number of cars purchased - 2013
78.779
18.866
*
• Includes Franchising
9.950
Localiza’s share in the internal sales of the
Localiza buys cars with better conditions due to the volume of purchases.
Source: each company website
major OEMs - 2013
2.6%
Raising
money
Buying
cars Renting Cars Selling
Cars
Localiza Unidas Locamerica

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

13. 13
Competitive advantages: selling cars
Sales to final consumer
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. 16,9% 17,1% 16,1% 16,5% 18,0%
7,3% 8,6%
10.5p.p.
6,3% 6,0%
7,8%
2010 2011 2012 2013 9M14
14
ROIC versus cost of debt after taxes
9.6p.p. 8.5p.p. 9.8p.p. 10.2p.p.
ROIC Cost of debt after taxes
Annualized
ROIC increase was enough to offset higher basic interest rate.

15. 2013 Industry overview
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 35,200* 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
Source: ABLA, Companies’ Financial Statements.
* JSL: 30.600 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
Agenda
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Webcast
 Earnings release 3Q14

17. 17
Car Rental overview
Net Revenues (R$ million)
2013 Fleet composition
70,717 cars
65.9%
Compact cars
34.1%
Others
980.7 1,093.7 1,163.5
Corporate fleet size
802.2
47,517
64,688 70,717
2009 2011 2013
853.1 953.1
289.6 325.1
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14

18. 29
70 82 89 90
2003 2010 2011 2012 2013
18
Drivers
Air traffic passengers - million
Investments in Brazil (2014‐2019)
Source: BNDES, ANAC, IPEADATA and BCB
(R$1,040 billion)
GDP per capita
(R$ 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
Car rental affordability
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 (%)
631
153 136
63 57
Oil and Gas Others* Eletric power Highway Railroad
*Ports, Urban Mobility, Basic sanitation and Airports

19. Company current penetration
Car Rental
84 million
Adult population
(age > 20 years)
Class A+B+C
15 million
Adult population
(age > 20 years)
Class A+B
4 million
Penetration: 4.8% on A, B and C classes.
Opportunity: Low penetration in leisure trips
Source: ABLA 2013 Yearbook, Bradesco and Company’s loyalty program. 19

20. 20
Distribution
Car rental distribution (Brazil)
415
449
474 479 470
2010 2011 2012 2013 9M14

21. Car Rental Locations in Brazil
Airport locations Off-airport locations
Off-airport market is still fragmented.
Source: Abla 2014 and each company’s website (August 2014) 21

22. 39,5%
7,5%
8,2%
1,9%
6,5%
2,9%
33,5%
22
31,8%
4,1%
7,4%
1,5%3,1% 4,5%
47,5%
47.0%
35.9%
Others
Movida
Avis
Hertz Unidas
Franchising
Franchising
Others
Unidas
Movida Avis Hertz
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
Gains of scale
Source: Euromonitor, ABLA and Companies’ Financial Statements and estimates.

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

24. 24
Agenda
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Webcast
 Earnings release 3Q14

25. 25
Fleet Rental overview
455.0
Net Revenues (R$ million)
535.7 575.9
Number of clients
2013 Fleet composition
38.0%
32,809 cars
Compact cars
62.0%
Others
361.1
584
687 760
2009 2011 2013
432.9 425.2
144.1 142.0
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14

26. 2013 Market Share – Fleet Rental
26
Rental Revenues
R$3,464.2 million
Fleet
307,336 cars
Locamerica
10.3%
Unidas
9.1%
18.4%
Ouro Verde
4.9%
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.
Others
57.2%
No gains of scale
11.3%
Unidas
7.1%
Locamerica
10.3%
JSL
10.0%
Ouro Verde
ALD 6.0%
4.8%
Outros ; 50,5%

27. Rented fleet penetration
Brazilian Market
Low penetration of rented fleet in Brazil.
Source: ABLA, Datamonitor and Localiza 27
Corporate fleet:
4,000,000*
Rented fleet:
307,336
32,809
World
8.1% 8.9%
13.3% 16.5%
24.5%
37.4%
46.9%
58.3%
Drivers
*Localiza estimates

28. 28
Agenda
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Webcast
 Earnings release 3Q14

29. 29
Car sales – operating data
# of points of sale
55
66 73 74 74
2010 2011 2012 2013 9M14
# Number of cars sold
Result of the OEM’s delays in
delivering cars
13,285 14,504 15,091 13,764 12,934 13,669
18,039 17,999 17,449 15,889
18,815
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Increased sales volume even with stability in the number of stores in the last three years.

30. 30
Used car sales drivers:
affordability and penetration
# of inhabitants per car 2012 – (Brazil 2013) # of inhabitants per car - Brazil
4.0
4.2
4.4
3.6
1.8
1.9
2.0
2.1
1.2
USA
United Kingdon
Germany
France
Japan
South Korea
Russia
Argentina
Brazil
5,9 5,5 5,2
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.
4,4
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
90
80
70
60
50
40
30
20
10
‐
900
800
700
600
500
400
300
200
100
‐
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Minimum wage (R$) Minimum wages to buy a new car

31. Brazilian car market:
new x used car market and affordability
8,4 8,9 9,0 9,4
2.6x
3,3 3,5 3,6 3,6
31
2.5x 2.5x
2010 2011 2012 2013
Used cars
New cars
Source: FENABRAVE (Autos + light commercial) and Anfavea
2.6x
Total market of 13 million cars.

32. 32
Car sales – operating data
0.7% 1.8% 13.9%
2013 Up to 2 years
409,121
2013 Brand new
3,579,903
2013 Used cars
9,434,225
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
Agenda
1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Webcast
 Earnings release 3Q14

34. 34
Highlights
Car Rental Division
Net revenues
289.6 325.1
3Q13 3Q14
R$ million
Net revenues
Consolidated
497.3 535.9
438.6 471.5
3Q13 3Q14
Car Rental Used car sales
R$ million
935.9 1,007.4
Spread
ROIC minus cost of debt after taxes
16.5% 18.0%
10.5p.p.
6.0%
10.2p.p.
7.8%
2013 9M14
ROIC Cost of debt after taxes
Fleet renewal
# Number of cars sold
Annualized
18,039 17,999 17,449 15,889
18,815
*
3Q13 4Q13 1Q14 2Q14 3Q14
* 2Q14 was impacted by the world cup and less business days.

35. 10,734 12,794 13,749 14,242
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
802.2
# Daily Rentals (thousands)
980.7 1,093.7 1,163.5
10,528 11,518
853.1 953.1
3,608 3,880
289.6 325.1
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
35
Net Revenues (R$ million)
Car Rental Division
Car rental net revenues grew 12.3% in 3Q14 due to 7.5% in daily volumes and
6.0% increase in the average rental rate when compared with 3Q13.

36. Car Rental network evolution
# of car rental locations (Brazil and abroad)
476 496 524 542 534
61 47 50 63 64
181 202 202 193 168
234 247 272 286 302
2010 2011 2012 2013 9M14
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisses´ branches - abroad
16 new owned rental locations were added to the network in the 9M14.
+16

37. 37
Utilization rate evolution – Car Rental Division
69.1% 68.9% 70.8%
66.8% 66.4%
Higher utilization rate contributed to improve ROIC.
70.5%
2010 2011 2012 2013 9M13 9M14

38. 8,044
# Daily Rentals (thousands)
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
361.1
9,603
455.0
10,601 10,844
535.7 575.9
8,175 7,720
432.9 425.2
2,700 2,567
144.1 142.0
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
38
Net Revenues (R$ million)
Fleet Rental Division
Contracted revenue went from R$647.3 million in 12/31/2013 to R$724.3 million in 30/09/2014.

39. 18,649 7,103
9,178 2,011
65,934 59,950 58,655
47,285 50,772 56,644 62,641
6,514
(470)
585
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
588.5 308.4 98.8 278.9
1,910.4 1,776.5 1,618.8
69,744
51,156 52,738
44,642
Cars purchased Cars sold
52,153
Net Investment in Fleet (R$ million)
2,026.2
230.6
1,472.4 1,605.8
18,039 18,815
17,569 17,674
* It does not include theft / crashed cars.
30.8
528.1 584.2
1,321.9 1,468.1 1,520.0
1,747.3
1,241.8
1,465.2
497.3 535.9
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
Purchases (includes accessories) Used car sales net revenues
39
Net investment
Fleet Expansion* (quantity)
Efficiency in managing car purchases aiming at optimizing utilization rate.
(1,141)
140.6
48.3

40. 40
Sales by quarter
Quantity
# Number of cars sold
Result of the OEM’s delays in
delivering cars
13,285 14,504 15,091 13,764 12,934 13,669
18,039 17,999 17,449 15,889
Higher sale volumes result in lower fixed costs per car sold.
18,815
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

41. 41
End of period fleet
Quantity
97,190 103,215 103,563
96,317 103,526 88,060
26,615 31,629 32,104 32,809 32,809 33,072
61,445 64,688 65,086 70,717 70,406 70,491
2010 2011 2012 2013 9M13 9M14
Car Rental Fleet Rental
In the Car Rental Division, fleet was kept stable despite the rental volume growth,
reflecting productivity gain thru better utilization.
The number of cars in the Fleet Rental Division totaled 33,072, on September 30,
including 1,583 cars in preparation to be delivered to customers (444 cars on June 30, 2014).

42. Consolidated net revenues
R$ million
3,166.7
2,918.1 3,506.2
2,497.2 2,542.4
1,175.3 1,450.0 1,646.7 1,758.9 1,300.6 1,391.8
438.6 471.5
1,321.9
1,468.1 1,520.0 1,747.3
1,241.8 1,465.2
497.3 535.9
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
Car Rental Used car sales
Consolidated net revenues increased by 12.4% in 9M14.
935.9 1,007.4
2,857.0

43. 43
Consolidated EBITDA
R$ million
Divisions 2010** 2011** 2012 2013 9M13 9M14* 3Q13 3Q14*
Car Rental 45.3% 46.9% 40.9% 36.8% 36.7% 39.3% 38.5% 39.6%
Fleet Rental 68.0% 68.6% 66.4% 65.5% 65.8% 61.5% 65.2% 61.1%
Rental Consolidated 52.3% 53.8% 49.3% 46.5% 46.6% 46.3% 47.5% 46.3%
Used Car Sales 2.6% 2.8% 4.2% 5.7% 6.0% 6.0% 6.0% 4.4%
EBITDA grew 7.6% in the 9M14.
649.5
821.3 875.6 916.5
680.5 732.2
238.2 241.5
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
(*) It considers the new appropriation criteria of the overhead, which is also appropriated to Seminovos.
(**) 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.

44. 1,536.0 1,683.9
* *
2010 2011 2012 2013 9M14 3Q14
3,509.7 4,133.0
2,076.6
1,895.8
1,452.4 1,316.6 1,231.6
1,096.9 4,592.3 4,054.8 3,954.0
4,311.3
* *
2010 2011 2012 2013 9M14 3Q14
*Annualized
Depreciation IPI Effect - Non recurring additional depreciation
44
Average depreciation per car
in R$
3,972.4
5,408.2
Car Rental
Fleet Rental
*Annualized
Lower depreciation contributed to higher ROIC in the 9M14.

45. 250.5 291.6
336.3 *
240.9
384.3
294.4 308.3
102.1 101.9
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
45
Consolidated net income
R$ million
* Pro forma 2012 net income excluding additional depreciation related to the IPI tax reduction, net of income tax.
Higher EBITDA and lower depreciation were offset by an increase
of R$14.3 million in financial expenses.

46. Free cash flow - FCF (*) Without the technical discount up to 2010
Free cash flow - R$ million 2010 2011 2012 2013 9M14
46
Operations
EBITDA 649.5 821.3 875.6 916.5 732.2
Used car sale revenue, net from taxes (1,321.9) (1,468.1) (1,520.0) (1,747.3) (1,465.2)
Depreciated cost of cars sold (*) 1,203.2 1,328.6 1,360.2 1,543.8 1,294.5
(-) Income tax and social contribution (57.8) (83.0) (100.9) (108.5) (89.9)
Change in working capital 54.5 (83.9) 37.1 2.9 (82.8)
Cash provided by rental operations 527.5 514.9 652.0 607.4 388.8
Capex -
Renewals
Used car sale revenue, net from taxes 1,321.9 1,468.1 1,520.0 1,747.3 1,465.2
Fleet renewal investment (1,370.1) (1,504.5) (1,563.3) (1,819.7) (1,589.3)
Net investment for fleet renewal (48.2) (36.4) (43.3) (72.4) (124.1)
Fleet renewal – quantity 47,285 50,772 56,644 62,641 52,153
Investment, other property and intangibles investments (50.6) (59.9) (77.8) (47.5) (36.0)
Free cash flow before growth, new HQ and interest 428.7 418.6 530.9 487.5 228.7
Capex -
Growth
Fleet growth investment (540.3) (272.0) (55.5) (209.4) (17.8)
Change in accounts payable to car suppliers 111.3 32.7 (116.9) 89.7 121.8
Fleet growth (429.0) (239.3) (172.4) (119.7) 104.0
Fleet increase / (reduction) – quantity 18,649 9,178 2,011 7,103 585
Free cash flow after growth, and before interest and before new headquarters (0.3) 179.3 358.5 367.8 332.7
Capex –
HQ
Investment in the construction of the new headquarters (0.5) (3.1) (2.4) (6.5) (28.9)
Marketable securities – new headquarters - - - - (90.0)
New headquarters construction (0.5) (3.1) (2.4) (6.5) (118.9)
Free cash flow before interest (0.8) 176.2 356.1 361.3 213.8

47. 47
Changes in net debt
R$ million
1,332.8
-332.7
(*) Before new headquarters capex
119.4
118.9
83.5
The strong cash generation allowed net debt to remain stable,
even after investments in the new headquarters.
Net debt as of
Dec 31, 2013
FCF (*)
Financial expenses
New HQ
Dividends
1,321.9
Net debt as of
Sep 30, 2014

48. 2,446.7 2,681.7 2,547.6 2,797.9 2,960.4
1,281.1 1,363.4 1,231.2 1,332.8 1,321.9
2010 2011 2012 2013 9M14
48
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD 2010(*) 2011 2012 2013 9M14
Net debt / Fleet value 52% 51% 48% 48% 45%
Net debt / EBITDA** 2.0x 1.7x 1.4x 1.5x 1.4%
Net debt / Equity 1.4x 1.2x 0.9x 1.0x 0.8%
EBITDA / Net financial expenses 5.0x 4.6x 6.3x 8.3x 6.1x
(*) 2010 ratios based on USGAAP financial statements
(**) Annualized
Net debt Fleet value
Comfortable debt ratios.

49. 35.9 184.2
487.1 511.4
221.0
544.5 445.0
147.5
2014 2015 2016 2017 2018 2019 2020 2021
49
Debt maturity profile (principal)
R$ million
The Company monitors the market on a regular basis and changes its debt portfolio
to improve debt profile and/or reduce financial costs.
Cash
1,291.4
707.2
As of September 30, 2014
After 8th debenture issuance

50. 50
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

51. 51
Disclaimer
Roberto Mendes
CFO and IR
Nora Lanari
Head of IR
Eugênio Mattar
CEO
Website: www.localiza.com/ir E-mail: ri@localiza.com Phone: 55 31 3247-7024
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.