The document provides an overview of Localiza's car rental business. Localiza is the largest car rental company in Brazil, with a fleet of 65,086 cars and a presence in 474 locations across the country. It has built scale and brand recognition over 40 years of operations. Localiza has competitive advantages in its ability to purchase large volumes of cars at better prices, leverage its brand and distribution network, and sell used rental cars directly to consumers. While international competitors like Hertz and Avis have a larger airport presence, Localiza dominates the off-airport market in Brazil.

1. 1
March, 2013

2. Agenda
1. Company overview
2. Main business divisions
 Car rental
 Fleet rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 4Q12
2

3. Company: milestones
Phase I – Rise to #1 Phase II – Expansion Phase III – Reaching Scale
1973 – Founded in Belo Horizonte/MG 1984 – Expansion strategy by 2005 – IPO: market cap of US$ 295 mm
adjacencies: Franchising
Late 70’s - Acquisitions in the 2011 – Rated as investment grade by
Northeast of Brazil 1991 – Expansion strategy by Moody’s, Fitch and S&P in 2012
adjacencies: Seminovos
1981 – Brazilian car rental leader in # 2012 – ADR level I
of branches 1997 – PE firm DL&J enters at a market
cap of US$ 150 mm 12/28/2012 – Market cap of US$3.6 bi
with ADTV of R$33.2 million
1997 – Expansion strategy by
adjacencies: Fleet rental
1973 1982 1983 1990 2004 2005 2012
3

4. Company: integrated business platform
 65,086 cars  32,104 cars
 3.1 million clients  729 clients
 272 locations  350 employees
 4,475 employees
Synergies:
bargaining power
Cost reduction
cross selling
 14,545 cars  67.7% sold to final consumer
 202 locations in Brazil  73 stores
 50 locations in South America  1,002 employees
 39 employees
This integrated business platform gives Localiza flexibility and superior performance.
4
Based on the 4Q12

5. Company: Business platform divisions
Car rental Franchising Fleet management Used car sales
Localiza car rental rents to Supplementary business, Total Fleet, offering Support area, with the
individuals or businesses with the purpose to expand customized fleet for terms objective to sell the
at airports and other the brand’s network. of 2-3 years. Company’s used cars and
locations. add know-how in buying
cars and to estimate the
residual value.
The traditional backbone of Franchising is seen as a Total Fleet is seen as an As a support business
Localiza. With its giant fleet primarily strategic business additional business that activity, Seminovos enables
that gets renewed annually, by management – the generates value by the sell roughly 70% of
it lays the foundation for all revenues generated are leveraging synergies used cars directly to the
scale effects captured by low, however brand and created by the integrated final customer, thereby
the group as a whole. network expand at platform approach. maximizing the residual
minimum capital value of used rental cars.
expenditure.
5

6. Car Rental Financial Cycle
Net car sale
revenue
1 year cycle R$24.4
Revenue
1 2 3 4 5 6 Expenses, interest and tax 7 8 9 10 11 12
R$27.9
Car acquisition
R$25.9
without IPI (7%) Car Rental Seminovos Total
2012 per operating car per operating car 1 year
R$ % R$ % R$
Net revenues 20.4 100.0% 27.1 100.0% 47.5
Cost (8.9) -43.6% (8.9)
SG&A (3.2) -15.6% (2.7) -10.0% (5.9)
Net car sale revenue 24.4 90.0% 24.4
Book value of car sale (23.2) -90.0% (23.2)
EBITDA 8.3 40.9% 1.2 4.5% 9.6
Depreciation (vehicle) (1.9) (*) -7.0% (1.9)
Depreciation (non-vehicle) (0.4) -1.8% (0.2) (0.6)
Interest on debt (1.9) -7.1% (1.9)
Tax (2.4) -11.7% 0.9 3.1% (1.5)
NET INCOME 5.6 27.3% (2.0) -7.3% 3.6
NOPAT 4.9
ROIC (**) 17.7% Spread
Cost of debt (average CDI + 1.19%) after tax 6.3% 11.4p.p.
(*) Excluding additional depreciation effect related to IPI reduction
(**) ROIC over the car acquisition cost without IPI: 19.0%
6

7. Fleet Rental Financial Cycle
Net car sale
revenue
2 year cycle R$23.2
Revenue
1 2 3 4 5 6 Expenses, interest and tax 19 20 21 22 23 24
R$35.4
Car acquisition
R$32.9
without IPI (7%) Fleet Rental Seminovos Total
2012 per operating car per operating car 2 years
R$ % R$ % R$
Net revenues 35.3 100.0% 25.6 100.0% 60.9
Cost (9.6) -27.3% - 0.0% (9.6)
SG&A (2.2) -6.3% (2.4) -9.3% (4.6)
Net car sale revenue 23.2 90.7% 23.2
Book value of car sale (22.5) -90.0% (22.5)
EBITDA 23.4 66.4% 0.7 2.7% 24.1
Depreciation (vehicle) (8.6) (*) -33.7% (8.6)
Depreciation (non-vehicle) (0.1) -0.2% (0.1)
Interest on debt (2.2) -8.7% (2.2)
Tax (7.0) -19.9% 3.1 11.9% (4.0)
NET INCOME 16.3 46.3% (7.1) -27.8% 9.2
NET INCOME per year 8.2 46.3% (3.6) -27.8% 4.6
NOPAT 5.4
ROIC (**) 15.3% Spread
Cost of debt (average CDI + 1.19%) after tax 6.3%
9.0p.p.
(*) Excluding additional depreciation effect related to IPI reduction
(**) ROIC over the car acquisition cost without IPI: 16.4%
7

8. Rental revenues evolution
Localiza’s rental revenues at constant prices
6.4%
CAGR: 1 1,483.5
1,720.9
1,156.6 1,168.4
819.3 943.2
594.0 692.7
16.0%
2004 2005 2006 2007 2008 2009 2010 2011
Sector’s revenue at constant prices
CAGR: 5.8%
5,412.0 5,690.0
4,668.0 4,827.7
3,841.6 3,876.7 3,995.7 4,265.2
5.1%
2004 2005 2006 2007 2008 2009 2010 2011
GDP 5.7% 3.2% 4.0% 6.1% 5.2% -0.3% 7.5% 2.7%
CAGR:4.0%
In 2011 the Company grew 5,9x GDP and sector 1,9x.
8
Source: ABLA (Brazilian Car Rental Association)

9. Spread
21.25%
18.70% 17.03% 17.12%
16.94% 16.10%
7.8p.p. 12.9p.p. 11.54%
8.2p.p. 9.6p.p. 8.5p.p. 9.8p.p.
4.0p.p.
10.90%
8.40% 8.84% 7.59% 7.33% 8.60% 6.34%
2006 2007 2008 2009 2010 2011 2012
Cost of debt after tax ROIC
(*) 2008 and 2012 ROIC were calculated excluding additional fleet depreciation that was treated as equity loss since they
were extraordinary non-recurring events caused by external factors (IPI reduction for new cars), following the concepts
recommended by Stern Stewart.
9

10. Competitive advantages: 40 years of experience in managing assets
Profitability comes from rental divisions
Renting cars Selling
Raising Buying cars
money cars
$
$
Cash to renew the fleet or pay debt
10

11. Competitive advantages: raising money
Raising Buying Selling
Renting cars
money cars cars
National Scale
brAAA S&P
brA S&P brA S&P
Aa1.br Moody’s A+ (bra) Fitch
A- (bra) Fitch A (bra) Fitch
AA+(bra) Fitch
Global Scale BBB- Fitch
Baa3 Moody’s BBB+ S&P B+ S&P B+ Fitch B1 Moody's
BBB- S&P
Localiza raises money with lower spreads when compared to Brazilian competitors.
As of February, 2013. 11

12. Competitive advantages: buying cars
Raising Buying Selling
Renting cars
money cars cars
Better conditions due to higher volumes
Number of cars purchased - 2011 Localiza - Purchases by brand in 2011
68.192 *
Renault
Others
Ford 9.9%
1.3%
11.0%
15.341 Fiat
11.052 GM
39.3%
21.0%
Localiza Unidas Locamerica VW
17.5%
* Includes Franchising
Localiza purchased 2.3% of the national production from the main automakers in 2011 .
12
Source: each company website

13. Competitive advantages: renting cars
Raising Buying Selling
Renting cars
money cars cars
Brand Know How Brazilian distribution
474
# of branches
284
52
116
116
# of cities
334
80 68
29
Localiza Hertz Unidas Avis
The Company is present in 213 cities where the other largest networks do not operate.
13
Source: Brand Analytics and each company website (Localiza: Dcember 2012; peers: October, 2012)

14. Competitive advantages: selling cars
Raising Buying Selling
Renting cars
money cars cars
Sales to final consumer Buffer: additional fleet
Selling directly to final consumer cutting the intermediaries reduces our depreciation.
Cars available for sale are used by the car rental division during peaks of demand.
14

15. Agenda
1. Company overview
2. Main business divisions
 Car rental
 Fleet rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 4Q12
15

16. Car rental overview
Net revenues Corporate fleet size
(R$ million)
7.9%
CAGR: 1 61,445 65,086
1,093.7
1 , 0 0 0
3 .
1 , 0 0 0
1 .
9 0 . 0
802.2 39,112
7 0 . 0
565.2
5 0 . 0
3 0 . 0
1 0 . 0
1
- 00 . 0
0
3
- 00 . 0
0
2008 2010 2012 2008 2010 2012
5
- 00 . 0
0
2012 Fleet composition Satisfaction survey
65,086 cars
95.5% 96.3% 96.6%
63.4%
Compact cars
36.6% 2008 2010 2012
Others
16

17. Distribution
Car rental distribution (Brazil)
449 474
381 415
312 346
254 279
2005 2006 2007 2008 2009 2010 2011 2012
# of branches # of cities
476 329
284
52
116 80 68
29
116
Localiza Hertz Unidas Avis
Localiza holds an extraordinarily strong position in the Brazilian market, as over decades it has
been successfully competing against major global players through local scale.
17
Source: Each company’s website as of October, 2012.

18. Market share
2011 Car Rental market share - Brazil
(# of cars)
36.5%
Car rental locations in Brazil
Airport locations Off-airport locations
Others Localiza
29 Localiza 373 Hertz
Avis 101 76 Unidas
30 82
Avis
22
Unidas Others
34 2079
Hertz
40
Off-airport market is still fragmented.
18
Source: ABLA (Brazilian Car Rental Association) and each company’s website (October, 2012)

19. Main competitors
Market share (2010)* 6.7% 3.1% 2.8%
Airport locations 34 35 42
Off-airport locations 73 27 78
• Capitalized by three
• International brand • International brand
Strengths Private Equity funds
• Local expertise • Local expertise
• Local expertise
• Weak footprint
• Weak footprint in Brazil
• Relatively weak brand
• Master franchisee in Brazil • Weak footprint in Brazil
• Unclear priorities between
Weaknesses rental and fleet business
in “Chapter 11” • Used car sales retail network
• Used car sales retail
• Used car sales retail
network
network
19
*Source: Roland Berger report, as of June 21, 2012, based on 2010 figures

20. Drivers
Investments in Brazil (2013-2016) Air traffic passengers - million
(US$ 300 billion)
202
% 16.2
% 7.8% 193
132 % 128 2 0 .3 154
179
80.3
79 72 71
51
36
2003 2009 2010 2011 2012
Car rental affordability GDP per capita
(R$ thousands)
622
21.3 22.4
51% 545
510
465 19.0
415
38%
37% 35% 380 16.0 16.6
350 14.2
300 12.8
10.7 11.7
260
240 9.5
180 200 7.5 8.4
151 31% 6.9
27%
22% 20%
18% 16% 15% 15% 13%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Monthly minimum salary (R$) Daily rental price over minimum salary (%)
20
Source: BNDES, INFRAERO, IPEADATA and BCB

21. Agenda
1. Company overview
2. Main business divisions
 Car rental
 Fleet rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 4Q12
21

22. Fleet rental overview
Net revenues Number of clients
(R$ million)
8.9%
CAGR: 1
6 0 . 0
535.7
5 0 . 0
699 729
4 0 . 0
361.1 622
3 0 . 0
268.4
2 0 . 0
1 0 . 0
0 . 0
0
2008 2010 2012 2008 2010 2012
2012 Fleet composition Satisfaction survey
32,104 cars
94.1% 94.6% 94.8%
40.0%
Compact cars
60.0% Users VIP Users Contract
managers
Others
22

23. Drivers
Outsourced fleet penetration
Brazilian Market World
58.3%
Corporate fleet: 46.9%
4,200,000 37.4%
24.5%
Targeted fleet: 16.5%
13.3%
500,000 5.4%
8.9%
Rented fleet:
nd
l
d
in
k
ce
lic
y
zi
U
an
an
a
ra
la
an
b
Sp
l
pu
m
ol
B
Po
245,000
Fr
er
H
Re
G
ch
ze
C
32,104
Less than 50% of targeted fleet is rented.
23
Source: ABLA and Datamonitor

24. Market share
2011 Fleet Rental division - Brazil
(# of cars)
13.9%
The business greatly profits from synergies with its car rental affiliate, and as the Brazilian economy
matures, one can expect a higher percentage of companies to take advantage of fleet rental.
24
Source: based on ABLA 2012 yearbook

25. Main competitors
Market share* 9.5% 7.1%
Revenues (R$ million) 272.5 204.7
Fleet size 27,262 16,418
• Capitalized
• Brazil’s second player
Strengths • Successful IPO 04/2012
• Synergies with its rental car
business area
• Loss making in the last six
• Low profitability (competing
years (competing on price in
on price in the pursuit of
the pursuit of market share)
Weaknesses market share)
• Used car sales retail
• Depreciation calculus
network
• Used car sales retail network
25
*Source: Roland Berger report, as of June 21, 2012, based on 2011 figures.

26. Agenda
1. Company overview
2. Main business divisions
 Car rental
 Fleet rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 4Q12
26

27. Car sales – operating data
Localiza launched Seminovos in 1993, a brand new concept featuring younger cars.
# of points of sale
+7
73
66
55
49
32 35
26
2006 2007 2008 2009 2010 2011 2012
Combining the Localiza brand with a growing network of stores
enables the firm to continuously sell thousands of cars at market prices.
27

28. Used car sales drivers: affordability and penetration
# of inhabitants per car (2011) # of inhabitants per car - Brazil
USA 1.3
United Kingdon 1.8 8.0 7.9
Germany 1.9
7.4
France 2.0
6.9
Japan 2.1 6.5
South Korea 3.6
5.9
Russia 4.0 5.5
Argentina 4.2
Brazil 5.5
2005 2006 2007 2008 2009 2010 2011
Income increase and credit availability are the major drivers for car sales.
Source: O Estado de São Paulo, as of 04/15/12 (based on researches of Sindipeças, Roland Berger and PWC). 28

29. Brazilian car market: new x used car market and affordability
Individuals with
affordability to
buy a car*
12.9
10.7
9.9
8.9 9.0
8.0 8.4 Used cars
7.0 7.1 7.3 7.1
6.7
6.0 5.8
2.5x 2.6x 2.5x
2.4x
3.8
3.1x 2.7x
2.9
3.7x New cars
4.4x 3.3 3.5 3.6
3.0
2.7
2.3
1.6 1.8
2005 2006 2007 2008 2009 2010 2011 2012
* Population with affordability to buy a new compact car (R$25,000) with 20% downpayment, prices as of December 2012
Used car market is currently 2.5x the new car market.
29
Source: FENABRAVE (Autos + light commercial) and Bradesco

30. Car sales – operating data
0.6% 1.6% 12.3%
2012 Used cars 2012 Brand news 2012 Up to 2 years
9,011,470 3,634,421 458,684*
Used car sales net revenues Cars sold
(R$ million)
3,166.7 6 0 00 . 0
, 0
56,644
5 0 00 . 0
, 0
47,285
4 0 00 . 0
, 0
34,281
1,321.9 3 0 00 . 0
, 0
980.8 2 0 00 . 0
, 0
1 0 00 . 0
, 0
0 . 0
0
2008 2010 2012 2008 2010 2012
*Estimate considering the same percentage used in 2011 30

31. Main players
• Dealers
• “Auto malls” and
• Fiat, VW, Ford, GM most • Rental operators • Retailers
Examples successful • Locamerica, Hertz • “Loja do carro”
“Cidade do
automóvel”
• Auto Brasil
• Brand and perceived • Tailored to popular • Comfort and
• Often appeal to lower
image/ experience customer demand at convenience
income classes, with
• Support often directly purchase, hence likely • Variety of models
Strengths from the OEM’s to be an attractive value
older cars
and brands
• Occasionally
• Flexibility in trade-in cars proposition when for • Flexibility in
specialized in niches
• Strong media presence sale exchange
• Stigma about heavy
• Lower media
usage during rental car • No brand recognition
• Used cars not a core presence
years (lower reputation
business • Cars often older than
Weaknesses • Cars often older than 2
• Weak retail network market)
2 years
• Geographical • Financing options with
years • It hasn’t been
concentration (SP) higher interest rates
successful
• Lower media presence
Points of sale • 3,714 (Anfavea) • 29* • 45,600 (Fenauto) • 71 (Fenauto)
*Based on the main companies reports and websites.
31

32. Satisfaction survey
2012 - Would you recommend Seminovos? YES!
94%
94% 92% 94% 94%
2009 2010 2011 2012
Customers recognize our quality and recommend it!
32
Source: based on phone interviews made by the Company with customers started in 2009

33. Agenda
1. Company overview
2. Main business divisions
 Car rental
 Fleet rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 4Q12
33

34. 2012 Consolidated overview
Revenues: R$3,166.7 million EBITDA: R$875.6 million
35%
17%
41% 52%
48%
7%
34

35. Consolidated net revenues
R$ million
18.8% %
CAGR: 8.5 3,166.7
2,918.1
2,497.2
1,520.0
1,820.9 1,468.1
1,823.7
1,505.5 1,321.9
1,126.2 980.8 922.4 3.0%
850.5 6% 772.7 795.5
588.8 13. 1,646.7
1,175.3 1,450.0 380.2 362.6
655.0 842.9 898.5
537.4 392.5 10.3% 432.9
2006 2007 2008 2009 2010 2011 2012 4Q11 4Q12
Rental Seminovos
Rental revenues grew 10.3% in the 4Q12. Seminovos revenues were impacted by the IPI reduction.
35

36. Consolidated EBITDA
R$ million
.8%
CAGR: 18
6.6%
821.3 875.6
504.1 469.7
649.5 3.7%
311.3 403.5
218.3 226.3
2006 2007 2008 2009 2010 2011 2012 4Q11 4Q12
EBITDA margin from 2006 to 2011 adjusted to reflect the accounting of accessories in the cost line:
Divisions 2006 2007 2008 2009 2010 2011 2012 4Q11 4Q12
Car Rental 42.7% 45.0% 43.5% 39.8% 43.5% 43.9%* 40.9% 44.3% 40.2%
Fleet Rental 70.7% 70.3% 67.5% 67.5% 66.7% 66.8%* 66.4% 66.7% 67.0%
Rental Consolidated 52.4% 53.6% 51.2% 49.3% 50.7% 51.2%* 49.3% 51.3% 49.0%
Used Car Sales 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 4.2% 2.1% 3.9%
*It considers the adjustment of the accessories, excluding the reversal of non-recurring provisions of R$10.6 million in 3Q11.
EBITDA margin was impacted by the increase in properties rentals and personnel expenses.
36

37. Additional depreciation as a result of the IPI reduction
R$ million
Additional depreciation
Division Accounted Estimated
Total
9M12 4Q12 Subtotal From 2013 on
105.0 6.2 111.2 4.8 116.0
Car rental
90.6% 5.3% 95.9% 4.1% 100.0%
25.7 7.6 33.3 31.2 64.5
Fleet rental
39.8% 11.8% 51.6% 48.4% 100.0%
Consolidated 130.7 13.8 144.5 36.0 180.5
95.9% of the additional depreciation in car rental division was already accounted.
37

38. Average depreciation per car
in R$
Reflex of the IPI reduction
Financial crisis effect
3,972.4
Hot used car market
2,546.0 2,577.0
2,044.7
*
1,536.0 1,683.9
939.1
332.9
2006 2007 2008 2009 2010 2011 2012 4Q12
* Annualized
Reflex of the IPI reduction
Financial crisis effect
5,083.1 5,408.2 4,996.7 *
Hot used car market 4,371.7 4,133.0
3,509.7
2,383.3 2,395.8
2006 2007 2008 2009 2010 2011 2012 4Q12
* Annualized 38

39. Car rental depreciation breakdown
in R$
Car rental
3,140.9
1,536.0 1,683.9
1,199.9 1,304.8 1,317.3
2010 2011 4Q12 * 4Q12 *
Cars purchased after Cars purchased before
the IPI reduction the IPI reduction
Cars’ average depreciation Accessories’ average depreciation
* Annualized depreciation of the cars purchased after the IPI reduction.
Average depreciation per car of the cars purchased after the IPI reduction
is in line with previous years’ depreciation.
39

40. Consolidated net income
R$ million
336,3
291.6
250.5 240.9
190.2
138.2
127.4 116.3 -17.4%
78.7 86.1
9.4%
2006 2007 2008 2009 2010 2011 2012 4Q11 4Q12
2009 2010 2011 2012 Var. R$ Var. % 4Q11 4Q12 Var. R$ Var. %
Reconciliation EBITDA x net income
469.7 649.5 821.3 875.6 54.3 6.6% 218.3 226.3 8.0 3.7%
Consolidated EBITDA
(172.3) (146.3) (201.5) (376.9) (175.4) 87.0% (57.9) (67.1) (9.2) 15.9%
Cars depreciation
Other property and equipament depreciation and (21.0) (21.1) (24.1) (32.9) (8.8) 36.5% (6.8) (8.9) (2.1) 30.9%
amortization
(112.9) (130.1) (179.0) (138.7) 40.3 -22.5% (41.2) (30.6) 10.6 -25.7%
Financial expenses, net
(47.2) (101.5) (125.1) (86.2) 38.9 -31.1% (33.7) (33.6) 0.1 -0.3%
Income tax and social contribution
Net income 116.3 250.5 291.6 240.9 (50.7) -17.4% 78.7 86.1 7.4 9.4%
Excluding the additional depreciation of R$144.5 million for the year, deduced of the income tax,
2012 net income would have reached R$336.3 million.
40

41. SWOT Analysis: Localiza business platform
According to Roland Berger report as of June 21, 2012
Strengths Weaknesses
• Unrivaled local scale • Strong focus on airport locations
• Strong footprint in Brazil’s extreme traffic locations • Renewal of airport concessions costly
• Vertical integration, creating synergies for all four • Dependence on passengers travelling by air (growth
businesses limited by Brazilian infrastructure)
• Strong business operating performance and • Weak footprint outside of Brazil, resulting in
experienced leadership exposure to national economic development
• Dependence on long-term capital to finance renewal
of fleet
Opportunities Threats
• Increase in market share through further • Any measures of the Brazilian government which
consolidation of Brazilian rental car market impact car sales prices, potentially lowering asset
value (e.g. new car sales tax)
• Underdeveloped fleet outsorcing in Brazil
• New competitors entering the market (rental car or
• Upcoming mega events in Brazil
fleet management)
• Positive outlook for Brazilian business and tourism
• Increasing fuel price
Localiza’s brand is top of mind in Brazil.
Localiza doesn’t see it as a weakness or a threat
41

42. Agenda
1. Company overview
2. Main business divisions
 Car rental
 Fleet rental
 Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
 Earnings release 4Q12
42

43. Free cash flow - FCF
Free cash flow - R$ million 2006 2007 2008 2009 2010 2011 2012
EBITDA 311.3 403.5 504.1 469.7 649.5 821.3 875.6
Used car sales net revenues (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (1,520.0)
Depreciated cost of used car sales (*) 530.4 760.0 874.5 855.1 1,203.2 1,328.6 1,360.2
(-) Income tax and social contribution (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (100.9)
Working capital variation (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) 37.1
Cash provided before capex 205.4 262.9 300.2 341.9 527.5 514.9 652.0
Used car sales net revenues 588.8 850.5 980.8 922.4 1,321.9 1,468.1 1,520.0
Capex of car - renewal (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (1,563.3)
Net capex for renewal (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) (43.3)
Fleet renewal - quantity 23,174 30,093 34,281 34,519 47,285 50,772 56,644
Capex – other property and equipment (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (80.2)
Free cash flow before growth and before interest 118.2 250.7 205.7 295.4 428.2 415.5 528.5
Capex of car for fleet (growth) reduction (287.0) (221.9) (299.9) (241.1) (540.3) (272.0) (55.5)
Change in accounts payable to car suppliers (capex) 222.0 (51.0) (188.9) 241.1 111.3 32.7 (116.9)
Net capex for fleet growth (65.0) (272.9) (488.8) 0.0 (429.0) (239.3) (172.4)
Fleet increase – quantity 10,346 7,957 9,930 8,642 18,649 9,178 2,011
Free cash flow after growth and before interest 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 356.1
(*) Without technical discount deduction up to 2010 43

44. Debt profile - principal
R$ million
618.5 592.0
462.0
191.4 234.8 192.3 146.0 172.0
9.6% 11.8% 9.7% 29.7% 23.3% 7.3% 8.6%
2012 2013 2014 2015 2016 2017 2018 2019
Cash
823.9
The Company is still presenting strong cash position and comfortable debt profile.
44

45. Debt - ratios
Net debt x Fleet value
2,681.7 2,547.6
2,446.7
1,907.8
1,752.6
1,492.9 1,363.4
1,247.7 1,254.5 1,281.1 1,231.2
1,078.6
765.1
440.4
2006 2007 2008 2009 2010 2011 2012
Net debt Fleet value
END OF PERIOD BALANCE 2006 2007 2008 2009 2010 2011 (*) 2012 (*)
Net debt / Fleet value 36% 51% 72% 57% 52% 51% 48%
Net debt / EBITDA (*) 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.4x
Net debt / Equity 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 0.9x
EBITDA / Net financial expenses 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 6.3x
(*) From January 1st 2011, consider financial statements in IFRS
Comfortable debt ratios.
45

46. 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
46

47. Disclaimer
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.
47