This presentation provides an overview of Localiza, a Brazilian car rental company. It discusses the company's history and milestones, integrated business platform consisting of car rental, fleet rental, franchising, and used car sales divisions, competitive advantages in raising money, buying cars, renting cars, innovation, and selling used cars. Financial information is presented on the car rental and fleet rental divisions. The presentation also reviews market drivers, locations, and Localiza's leading market share positions in both the car rental and fleet rental markets in Brazil.

1. cars
Investor Relations Presentation
July, 2017.

2. 1. Company overview
2. Main business divisions
 Car Rental
 Fleet Rental
 Seminovos
3. Financials
Appendix: Earnings release 2Q17
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
06/30/2017 – Market cap of about
US$3.0 bi with ADTV of US$17.4
million
1973 1982 1983 2004 2005 2017
3

4. Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
 12,784 cars
 138 locations in Brazil
 71 locations in South America
 36 employees
 45.5% sold to final consumer
 91 stores
 59 cities
 1.036 employees
 100.578 cars
 6.7 million clients
 368 locations
 4,247 employees
 38,388 cars
 992 clients
 262 employees
Based on the 2Q17 4
Car Rental Fleet Rental
SeminovosFranchising
This integrated business platform gives Localiza flexibility and superior performance.
 Operations: 472
employees
 Overhead: 461
employees

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
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. 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. 92
227
182
Localiza Competitors
Raising
money Buying
cars
Renting Cars Selling
Cars
12
Competitive advantages: renting cars
Brand
Brazilian distribution
#ofbranches#ofcities
Source: Each company website on 05/03/2017 and 2Q17 Earnings Release for Localiza.
$
The Company is present in 180 cities where the other largest networks do not operate.
501509
358
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
Localiza is committed to value creation for its shareholders
6.3% 6.0%
8.0%
9.5% 10.2% 8.8%
16.9% 16.7% 17.8% 17.0%
15.4% 15.7%
2012 2013 2014 2015 2016 1H17
6.9p.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 2Q17
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
100,578
2012 2013 2014 2015 2016 2Q17
Car rental distribution (Brazil)
474 479 476 494 491 506
2012 2013 2014 2015 2016 2Q17

19. 19
Drivers
Source: BCB and Localiza rates
Car rental affordability
Source: IPEADATA , Localiza’s loyalty program and SPC
Brasil research * jun/2013
6.5 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 05/03/2017 and Localiza´s 2Q17 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 2Q17
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
992
2012 2013 2014 2015 2016 2Q17
End of period fleet
32,104 32,809 34,312 33,948 34,960 38,388
2012 2013 2014 2015 2016 2Q17

25. 25
Rented fleet penetration
Corporate fleet:
5,000,000*
Rented fleet:
440,737**
38,388
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%
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 2Q17
Agenda

28. 28
# of points of sale
Car sales – operating data
73 74 75 77 84
91
2012 2013 2014 2015 2016 1H17
56,664
62,641
70,621
64,305
68,449
40,510
2012 2013 2014 2015 2016 1H17
# 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 2Q17
Agenda

33. 33
2Q17 Operational Highlights
Cars sold– consolidated
Rental days evolution (thousand)– Car Rental Rental days evolution (thousand)– Fleet Rental
Fleet at end of the period
78,352
100,578
32,726
38,388 13,695
12,784
124,773
151,750
2Q16 2Q17
Car Rental Fleet Rental Franchising
13,839
20,201
2Q16 2Q17
4,308
5,566
2Q16 2Q17
2,761
3,012
2Q16 2Q17
151,750 cars on 06/30/2017

34. Net Revenues - (R$ million) EBITDA - (R$ million)
Net Income (R$ million)
98.0
129.3
2Q16 2Q17
2Q17 Financial Highlights
34
EBIT (R$ milhões)
471.7
767.8
331.9
401.5 159.5
176.4
963.1
1,345.7
2Q16 2Q17
Seminovos RAC and frachising Fleet Rental
234.3
298.7
2Q16 2Q17
179.0
235.6
2Q16 2Q17
Record profit of R$129.3 millions in the 2Q17

35. 1,093.7 1,163.5
1,284.4 1,258.0
1,428.0
667.5
800.9
327.8 397.4
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
35
Number of Daily Rentals (thousand)
Growth of 29.2% in daily rentals and of 21.2% in net revenues in 2Q17
13,749 14,242 15,416 15,566
18,662
8,550
10,874
4,308 5,566
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
Car Rental
Net Revenues (R$ million)

36. 36
Utilization Rate Evolution – Car Rental
The average daily rental rate decrease was offset by cost control, productivity
gains and strong growth, increasing profitability.
Car Rental Average daily rental rate – In R$
73.4% 73.7%
75.3%
71.5% 73.5% 74.7%
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17
83.6
79.4 77.7 78.6 79.3
74.1
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17

37. Car Rental network evolution
Number of car rental locations (Brazil and abroad)
35 corporate branches were added to the network in 1H17
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisees´ branches - abroad
272 286 304 320 333 351 368
202 193 172 174 158 158 138
50 63 64 70 70 70 71
524 542 540 564 561 579 577
2012 2013 2014 2015 2016 1Q17 2Q17
+17+18

38. 38
Fleet Rental
535.7 575.9 571.9 608.5 651.8
317.9 349.7
159.5 176.4
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
10,601 10,844 10,363 10,901 11,240
5,507 5,943
2,761 3,012
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
Net Revenues (R$ million)
Number of Daily Rentals (thousand)
9.1% growth in daily rentals and 10.6% growth in net revenues in 2Q17

39. Purchases (includes accessories) Used car sales net revenues
Cars purchased Cars sold
39
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
31,009
51,058
24,020
35,935
56,644
62,641 70,621 64,305 68,449
30,187
40,510
13,839 20,201
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
1,618.8
2,026.2
2,483.2
2,278.4
3,289.6
1,133.9
2,107.7
878.7
1,489.51,520.0
1,747.3
2,018.2 2,044.9
2,342.6
1,016.4
1,526.3
471.7
767.8
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
51,058 cars purchased in the 1H17
98.8
278.9
233.5
19,384
947.0
822
117.5
10,181
407.0
10,548
15,734
581.4
721.7

40. 40
Number of points of sale
New points of sale will be added to support the strong growth of the Car Rental Division
73 74 75 77
84
91
2012 2013 2014 2015 2016 1H17

41. 41
Period-end fleet
Quantity
65,086 70,717 77,573 76,755 94,156 78,352
100,578
32,104 32,809 34,312 33,948
34,960
32,726
38,388
14,545 14,233 13,339 13,992
14,015
13,695
12,784
111,735 117,759 125,224 124,695
143,131
124,773
151,750
2012 2013 2014 2015 2016 1H16 1H17
Car Rental Fleet Rental Franchising
Increase of 22,226 cars in the Car Rental Division without impacting the utilization rate
+5,662
+22,226

42. 1,646.7 1,758.9 1,874.0 1,883.1 2,096.8
993.7 1,159.1
491.4 577.9
1,520.0 1,747.3 2,018.2 2,044.9
2,342.5
1,016.4
1,526.3
471.7 767.8
3,166.7
3,506.2
3,892.2 3,928.0
4,439.3
2,010.1
2,685.4
963.1
1,345.7
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
42
Consolidated net revenues
R$ million
Rental Used car sales
39.7% increase in consolidated revenue in 2Q17

43. 43
Consolidated EBITDA
R$ million
(*) It considers the new appropriation criteria of the overhead, which is also appropriated to Seminovos.
The EBITDA margin of Fleet Rental reflects the context of
lower basic interest rates and depreciation
875.6 916.5 969.8 934.8 1,015.6
492.7 595.6
234.3
298.7
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
+ R$64.4
Divisions 2012 2013 2014* 2015 2016 1H16 1H17 2Q16 2Q17
Car Rental 40.9% 36.8% 38.7% 31.8% 32.3% 33.1% 35.3% 31.6% 34.0%
Fleet Rental 66.4% 65.5% 60.0% 62.2% 64.5% 64.8% 62.4% 65.0% 61.8%
Rental Consolidated 49.3% 46.5% 45.3% 41.7% 42.3% 43.3% 43.4% 42.6% 42.4%
Used Car Sales 4.2% 5.7% 6.0% 7.3% 5.5% 6.1% 6.0% 5.3% 7.0%
EBITDA margin:

44. 44
Average depreciation per car (in R$)
Car Rental
Depreciation is calculated based on the expectation of the future value of the car
Fleet Rental
2,076
Efeito
IPI
3,972
1,896
1,452 1,270
622
1,251
836 997
1,494 1,573 1,485 1,372
2012 2013 2014 2015 2016 1Q16* 2Q16* 3Q16* 4Q16* 1Q17* 2Q17*
*annualized
1,097
Efeito
IPI
5,408
4,311
4,592 4,202 3,935 3,714
4,175
3,786 3,550 3,364 3,330
2,989
2012 2013 2014 2015 2016 1Q16* 2Q16* 3Q16* 4Q16* 1Q17* 2Q17*
*annualized

45. 45
Consolidated EBIT
R$ million
EBIT Margin increase in the Car Rental and Fleet Rental Division
465.8
652.1 726.7 735.5 771.1
381.5
465.6
179.0
235.6
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
144.5
IPI Effect
610.3
+ R$56.6
Divisions 2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
Car Rental 23.7% 32.8% 36.2% 34.3% 30.2% 32.5% 34.9% 29.3% 35.1%
Fleet Rental 36.9% 45.1% 44.3% 48.9% 51.2% 50.6% 52.4% 50.7% 54.0%
Consolidated 28.3% 37.1% 38.8% 39.1% 36.8% 38.4% 40.2% 36.4% 40.8%

46. 240.9
384.3 410.6 402.4 409.3
201.0
249.5
98.0 129.3
2012 2013 2014 2015 2016 1H16 1H17 2Q16 2Q17
46
Consolidated net income
R$ million
Growth of 31.9% of net income in the 2Q17
336.3
95.4
IPI Effect
+ R$31.3
Reconciliation EBITDA x Net income 2012 2013 2014 2015 2016 1H16 1H17 Var. R$ Var. % 2Q16 2Q17 Var. R$Var. %
Consolidated EBITDA 875.6 916.5 969.8 934.8 1,015.6 492.7 595.6 102.9 20.9% 234.3 298.7 64.4 27.5%
Cars depreciation (232.4) (229.0) (207.4) (163.6) (206.3) (92.1) (112.0) (19.9) 21.6% (45.8) (54.1) (8.3) 18.1%
Cars additional depreciation – IPI effect (144.5) - - - - - - - - - - - -
Other property depreciation and amortization (32.9) (35.4) (35.7) (35.7) (38.2) (19.1) (18.0) 1.1 -5.8% (9.5) (9.0) 0.5 -5.3%
EBIT 465.8 652.1 726.7 735.5 771.1 381.5 465.6 84.1 22.0% 179.0 235.6 56.6 31.6%
Financial expenses, net (138.7) (110.6) (151.1) (202.7) (243.5) (117.2) (142.0) (24.8) 21.2% (49.5) (67.2) (17.7) 35.8%
Income tax and social contribution (135.3) (157.2) (165.0) (130.4) (118.3) (63.3) (74.1) (10.8) 17.1% (31.5) (39.1) (7.6) 24.1%
Income tax and social contribution – IPI effect 49.1 - - - - - - - - - - - -
Net income of the period 240.9 384.3 410.6 402.4 409.3 201.0 249.5 48.5 24.1% 98.0 129.3 31.3 31.9%

47. 47
Free cash flow
R$161.2 million of free cash flow

48. 48
Free cash flow - FCFFree cash flow
Free cash flow - R$ million 2012 2013 2014 2015 2016 1H17
w
Operations
EBITDA 875.6 916.5 969.8 934.8 1,015.6 595.6
Used car sale revenue, net from taxes (1,520.0) (1,747.3) (2,018.2) (2,044.9) (2,342.5) (1,526.3)
Depreciated cost of cars sold 1,360.2 1,543.8 1,777.0 1,769.1 2,102.5 1,378.7
(-) Income tax and social contribution (100.9) (108.5) (113.1) (110.7) (93.3) (59.0)
Change in working capital 37.1 2.9 (27.1) (30.0) 113.2 (14.4)
Cash generated by rental operations 652.0 607.4 588.4 518.3 795.5 374.6
Capex-
Renewals
Used car sale revenue, net from taxes 1,520.0 1,747.3 2,018.2 2,036.3 2,342.5 1,526.3
Fleet renewal investment (1,563.3) (1,819.7) (2,197.7) (2,278.4) (2,563.6) (1,672.3)
Net investment for fleet renewal (43.3) (72.4) (179.5) (242.1) (221.1) (146.0)
Fleet renewal – quantity 56,644 62,641 70,621 64,032 68,449 40,510
Investment, other property and intangibles investments (77.8) (47.5) (46.3) (29.7) (42.2) (45.2)
Free cash flow from operations, net of fleet renewal capex 530.9 487.5 362.6 246.5 532.2 183.4
Capex-Growth
Fleet growth (investment) (55.5) (209.4) (286.8) 8.6 (726.0) (435.4)
Change in accounts payable to car suppliers (116.9) 89.7 334.4 (121.2) 190.7 476.1
Fleet growth (172.4) (119.7) 47.6 (112.6) (535.3) 40.7
Fleet increase / (reduction) – quantity 2,011 7,103 9,183 (273) 19,384 10,548
Free cash flow after growth, and before interest and new HQ 358.5 367.8 410.2 133.9 (3.1) 224.1
New headquarters construction (2.4) (6.5) (148.3) (30.7) (84.4) (62.9)
Free cash flow before interest 356.1 361.3 261.9 103.2 (87.5) 161.2

49. 49
Changes in net debt
R$ million
Fleet increase of 10,548 cars with no impact in the net debt
183.4
(142.0)
(435.4)
476.1
(62.9) (86.6)
(2,151.4)
Net Debt
06/30/2017
(2,084.0)
Net Debt
12/31/2016
Free cash flow from
operations, net of fleet
renewal capex
Interest
Increase in
accounts
payable to car
suppliers
Cash
reduction by
fleet increase
New
headquarters
construction
Interest on
own capital
+41.4 +40.7 (149.5)

50. 50
Debt maturity profile (principal)
R$ million
As of June 30, 2017
Comfortable debt profile and strong cash position
202.3 399.4
653.2
770.0 672.5
500.0 500.0
700.0
2017 2018 2019 2020 2021 2022 2023 2024
Cash
2,305.8
2017
2,024.9

51. 51
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD 2012 2013 2014 2015 2016 1H17
Net debt / Fleet value 48% 48% 40% 44% 45% 41%
Net debt / EBITDA(*) 1.4x 1.5x 1.4x 1.7x 2.1x 1.8x
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 4.2x
Net debt Fleet value
Low leverage supports growth targets
1,231.2 1,332.8 1,322.3 1,588.6
2,084.0 2,151.4
2,547.6 2,797.9
3,296.3
3,642.7
4,623.6
5,238.7
2012 2013 2014 2015 2016 1H17
(*)Annualized

52. 52
ROIC versus cost of debt after taxes
ROIC considered effective income tax rate
ROIC Cost of debt after taxes
Localiza is committed to value creation for its shareholders
6.3% 6.0%
8.0%
9.5% 10.2% 8.8%
16.9% 16.7% 17.8% 17.0%
15.4% 15.7%
2012 2013 2014 2015 2016 1H17
6.9p.p.9.8p.p.10.6p.p. 10.7p.p. 7.5p.p. 5.2p.p.
Annualized

53. 53
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