3. Company: integrated business platform
60,258 cars 31,186 cars
2.9 million clients 692 clients
251 locations 323 employees
4,022 employees
Synergies:
bargaining power
cost reduction
cross selling
13,077 cars 69.0% sold to final consumer
203 locations in Brazil 67 stores
47 locations in South America 921 employees
34 employees
This integrated business platform gives Localiza flexibility and superior performance.
3
Based on the 1Q12
4. Car rental financial cycle
1-year cycle
Car sale revenue
$26.2
Revenue
1 2 3 4 5 Expenses, interest and tax 8 9 10 11 12
$27.9
Car acquisition
Car Rental Seminovos Total
per operating car per operating car 1 year
R$ % R$ % R$
Revenues 19.9 100.0% 29.1 100.0% 48.9
Cost (8.2) -41.3% (8.2)
SG&A (2.7) -13.5% (2.9) -9.9% (5.5)
Net car sale revenue 26.2 90.1% 26.2
Book value of car sale (25.5) -90.0% (25.5)
EBITDA 9.0 45.2% 0.7 2.4% 9.7
Depreciation (vehicle) (1.7) -5.8% (1.7)
Depreciation (non-vehicle) (0.3) -1.7% (0.1) (0.5)
Interest on debt (2.4) -8.2% (2.4)
Tax (2.6) -13.0% 1.0 3.6% (1.5)
NET INCOME 6.1 30.4% (2.4) -8.4% 3.6
NOPAT 5.3
ROIC * 17.5% Spread
Cost of debt after tax 8.6% 8.9p.p.
* Investment in cars and PP&E (8%) 4
5. Fleet rental financial cycle
2-year cycle Net car sale revenue
$26.4
Revenue
1 2 3 4 5 Expenses, interest and tax 20 21 22 23 24
$33.8
Car acquisition
Fleet Rental Seminovos Total
per operating car per operating car 2 years
R$ % R$ % R$
Revenues 34.0 100.0% 28.7 100.0% 62.7
Cost (9.7) -28.7% (9.7)
SG&A (1.8) -5.3% (2.3) -7.9% (4.1)
Net car sale revenue 26.4 92.1% 26.4
Book value of car sale (25.0) -90.0% (25.0)
EBITDA 22.4 66.0% 1.4 5.0% 23.8
Depreciation (vehicle) (8.3) -28.8% (8.3)
Depreciation (non-vehicle) (0.1) -0.1% (0.1)
Interest on debt (4.0) -14.1% (4.0)
Tax (6.7) -19.8% 3.3 11.4% (3.5)
NET INCOME 15.6 46.0% (7.6) -26.5% 8.0
NET INCOME per year 7.8 46.0% (3.8) -26.5% 4.0
NOPAT (annualized) 5.4
ROIC 16.1% Spread
Cost of debt after tax 8.6% 7.5p.p.
5
6. Company: managing assets
Targeted spread
Equity
Pricing strategy
Assets (cars)
Funding
Assets (cash)
Debt Profitability comes from Cash to renew the fleet
rental divisions
Flexible and liquid assets.
6
7. Company: stable management
BOARD OF DIRECTORS
CEO Salim Mattar – 38y
Car
Acquisition
Legal
COO Eugênio Mattar – 38y
Human Administration
Financial Resources IT
Gina Rafael – 30y
Bruno Roberto Mendes – 26y Daltro Leite – 26y
Andrade – 19y
João Andrade – 7y
Localiza has a lean and efficient structure.
Marco Antônio The succession process is already planned.
Guimarães – 21y
7
9. Company: GDP elasticity
Rental revenues growth elasticity x GDP
Localiza
5.7x
Sector
GDP 2.9x
2005 2006 2007 2008 2009 2010 2011
The drivers combined with Localiza’s competitive advantages resulted in a growth above the industry level.
9
11. Company: recognitions and rewards
Brand Analytics
49th most valued brand in Brazil
2011 Valor 200
8th Company in growth and profitability
Maiores e Melhores do Transporte 2011 (Biggest & Best of Transportation)
The best Company of the vehicle rental sector
BRIC Breakout
One of the 5 top picks Brazil for 2012
Exame Magazine
Among the 5 best Companies of the consumer sector, in the article “Where to invest in 2012”
Institutional Investor’s ranking:
11
14. Car rental drivers: investments
Investments in Brazil Investments by sector
12.3%
20.8%
154
137
R$85.8 bn R$150.4 bn 106
18.7%
38
R$16.8 bn 7 6 5 3
19.5%
n
as
i ty
ng
as
e
n
s
io
ag
er
ti o
en
g
ic
si
at
th
il/
ew
rta
tr
ou
ic
Ar
O
O
ec
R$174.6 bn
un
/s
o
H
sp
El
er
m
at
an
m
W
co
Tr
le
18.4%
Te
R$28.7 bn
Invested
To be invested
R$456 bn to be invested.
14
Source: EXAME yearbook, 2011-2012
15. Car rental drivers: income and affordability
GDP per capita
(R$ thousands) 21.3
19.0
16.0 16.6
14.2
11.7 12.8
10.7
8.4 9.5
6.9 7.5
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Car rental affordability
545
51% 510
465
415
38% 380
37% 35% 350
300
260
240
180 200
151 31%
27%
22% 20%
18% 16% 15% 15%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Monthly m inim um salary (R$) Daily rental price over m inim um salary (%)
Income increase and stable daily rental rates increased car rental affordability.
15
Source: IPEADATA, IBGE and Valor website
16. Car rental drivers: consumption
A and B classes - million Potential consumption of Brazilians in 2011 - billion
31 Total population
%
% 55.0 R$ 2,500
13 53.8 20
A and B
classes
2003 2009 2014e R$ 930
Air traffic passengers - million Credit card holders - million
%
20.3
% 16.2 179 % 35.3
%
% 154 .0 % 13.3 69
80.3 128 200
45 51
71
15
2003 2009 2010 2011 2003 2009 2010 2011
Strong domestic drivers leads to higher volumes.
16
Source: FGV, BCB, Infraero, Gol, Abecs and Exame (Dec/2011)
17. Car rental opportunities: consolidation
Car rental locations in Brazil
Airport locations Off-airport locations
Localiza
Others 349 Hertz
Avis 31 Localiza 76 Unidas
30 100 72
Avis
24
Others
Unidas 2004
27 Hertz
41
Off-airport market is still fragmented.
17
Source: ABLA and each company website (January, 2012)
18. Car rental strategy: organic growth
Brazilian distribution Network expansion in Brazil
415 449
381
312 346
254 279
2011 Branches
2005 2006 2007 2008 2009 2010 2011
Owned 13
Franchised 23
Total 36
Localiza’s network is still being expanded.
18
19. Fleet rental drivers: outsourcing trend
Outsourced fleet penetration
Brazilian Market World (%)
58.3
Corporate fleet:
46.9
4,200,000
37.4
Targeted fleet: 24.5
16.5
500,000 13.3
8.9
5.4
Rented fleet:
nd
l
232,000
d
in
k
ce
y
zi
lic
U
n
an
a
ra
la
an
la
b
Sp
m
ol
B
pu
Po
Fr
er
H
Re
G
ch
ze
C
31,629
Less than 50% of targeted fleet is rented.
19
Source: ABLA and Datamonitor
20. Used car sales drivers: affordability and penetration
Middle class - million Car purchase affordability
1 6 0 7 0 0
148 128 645
113 1 4 0
115 510
545
6 0 0
94.9 104 465
% 97 93
19.1
1 2 0
415 5 0 0
1 00
80 380
66 4 0 0
. 8%
8 0
43 6 0
350
3 0 0
300 75 68 2 0 0
4 0
240 260 58 56
200 52
180 44 *
1 0 0
2 0
151
0 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
2003 2009 2014e
Number of minimum w ages to buy a new car Monthly minimum salary (R$)
# of inhabitants per car (2011) # of inhabitants per car - Brazil
USA 1.3
8.0 7.9
United Kingdon 1.8
7.4
Germany 1.9
6.9
France 2.0
6.5
Japan 2.1
South Korea 3.6 5.9
5.5
Russia 4.0
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), Bradesco (2012: estimated), ANFAVEA, Exame (Dec/2011). 20
21. Brazilian car market: new x used car market and affordability
17.7 Population with
16.9 affordability to
16.3
16.0 buy a compact
14.7 15.0 car with 20%
14.2 14.5
downpayment
9.5
8.9
8.4 Used cars
7.0 7.1 7.3 7.1
6.7
2.5x 2.6x 2.7x
2.7x 2.4x
3.1x New cars
4.4x 3.7x 3.5 3.5
3.3
3.0
2.7
2.3
1.8
1.6
2005 2006 2007 2008 2009 2010 2011 2012e
Used car market is estimated to be 2.7x the new car market in 2012.
21
Source: FENABRAVE (Autos + light commercial) and Bradesco
22. Brazilian car market : 2011 market share
Localiza used cars x Car market
Used cars sold: 50,772
0.6% 1.5% 10.6%
0KM
Used Up to 2 years
3,425,499
8,862,951 476,827
Used Seminovos 0km Seminovos 2 years old Seminovos
22
Source: Fenabrave 2011
23. Brazilian car market: monthly sale per store
Monthly sale / lots*
109
96 91 90
84 82 81
48
FIAT VW FORD GM SECTOR SEMINOVOS* RENAULT PEUGEOT
2010**
* Average sales per lots (excluding auto malls – 10 stores)
** Total sales divided by the number of dealers
Localiza Seminovos monthly sale per store is in line with market average.
23
Source: Anfavea (National OEM’s Association); number of dealers from each OEM association website (nov/11 )
24. Used car sales strategy: network expansion
Brazilian distribution New lots
66
49 55 Points of
32 35 Status
26 sale
13
In construction and
14
prospection
2005 2006 2007 2008 2009 2010 2011
The network is being expanded to support rentals’ growth.
24
25. Used car sales: sold cars evolution
Monthly average of sold cars
4,231 4,428
3,940
2,857 2,877
2,508
2007 2008 2009 2010 2011 1Q12
Sales profile
45% 44% 42% 39% 48% 49%
55% 57% 58% 61% 52% 51%
2007 2008 2009 2010 2011 1Q12
Financed In cash
The increase on sales was supported by the opening of new points of sale.
The macro prudential measures impacted the sales profile in 2011 and 2012.
25
27. Competitive advantages: 38 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
27
28. Competitive advantages: raising money
Raising Buying Selling
Renting cars
money cars cars
Investment grade: lower spreads and longer terms
Global Scale
BBB- Fitch
Baa3 Moody’s BBB+ S&P B+ S&P B+ Fitch B2 Moody's
BBB- S&P
National Scale brAAA S&P
Aa1.br Moody’s A (bra) Fitch A- (bra) Fitch A- (bra) Fitch
AA+(bra) Fitch
Localiza raises money with lower spreads when compared to Brazilian competitors.
As of May, 2012. 28
29. Competitive advantages: buying cars
Raising Buying Selling
Renting cars
money cars cars
Better conditions due to higher volumes
Localiza’ share in national sales of the main Purchases by brand in 2011
automakers in 2011: GM, FIAT, VW, Ford
and Renault
Renault
Others
Ford 9.9%
1.3%
11.0%
2.3%
Fiat
GM
39.3%
21.0%
VW
17.5%
Localiza announced the purchase of 100,000 cars for 2H11 and 2012.
29
30. Competitive advantages: renting cars
Raising Buying Selling
Renting cars
money cars cars
Brand Know How Brazilian distribution
450
# of branches
270
54
99
117
# of cities
315
49th most 80 75
40
valued brand
in Brazil
Localiza Hertz Unidas Avis
The Company is present in 213 cities where the other largest networks do not operate.
30
Source: Brand Analytics and each company website (January, 2012)
31. Competitive advantages: selling cars
Raising Buying Selling
Renting cars
money cars cars
Sales to final consumer Buffer: additional fleet
Selling directly to final consumer reduces depreciation.
Cars available for sale are used by the car rental division during peaks of demand.
31
33. Highlights
Investment Grade in global scale and brAAA in national scale
by S&P
Included at Bovespa and IBrx50 indexes starting 01/02/2012
Increase in the ADTV to R$32 million in 1Q12
(R$23 million in 2011)
More than 500 rental locations
33
34. Highlights
Net Revenues - Consolidated
Consolidated EBITDA
774.7
681.5
7%
13. 12.8
%
210.0
186.2
R$ million
R$ million
1Q11 1Q12 1Q11 1Q12
Consolidated net income End of period fleet
91,444
84,271 8.5%
%
14.3 28,191 31,186
72.7
R$ million
63.6 Quantity
56,080 60,258
1Q11 1Q12 1Q11 1Q12
Car rental Fleet rental
34
35. Car Rental Division
# daily rentals (thousand)
24.6 %
CAGR: 12,794
10,734
7,940 8,062
5,793 8 .7 %
4,668 2%
3,411 19. 3,063 3,330
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Net revenues (R$ million)
: 24.9%
CAGR 980.7
802.2
565.2 585.2
%
346.1
428.0 15.0
3%
22.
258.6 267.9
233.0
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Revenue grew above volume due to the increase in the average rental rate per car.
35
39. End of period fleet
Quantity
%
CAGR: 17
.9% 96,317 8. 5
88,060 91,444
84,271
70,295 26,615
31,629 31,186
62,515 28,191
53,476 22,778
46,003
35,865 23,403
17,790
14,630
11,762 61,445 64,688 56,080 60,258
39,112 47,517
31,373 35,686
24,103
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Car rental Fleet rental
Inspite of reduction after peak of demand, end of period fleet grew 8.5% compared to the 1Q11.
39
40. Ampliação da rede de distribuição de seminovos
80
66
55
49
32 35
26
13
2005 2006 2007 2008 2009 2010 2011 2012e
Currently, 8 stores are under construction with the objective of reaching 80 stores until December 2012.
40
41. Consolidated net revenues
R$ million
: 22.7%
CAGR 9%
16. 2,918.1
2,497.2
1,823.7 1,820.9 1,468.1
1,505.5 1,321.9
1,126.2
854.9 980.8 922.4 13.7%
850.5 4%
588.8 23. 681.5 774.7
446.5 1,175.3 1,450.0 373.3
842.9 898.5 340.7
408.4 537.4 655.0 340.8 17.8% 401.4
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Rentals Seminovos
The growth was leveraged by the increase of 17.8% in the rental revenues.
41
42. EBITDA
R$ million
9.8%
CAGR: 1 821.3
649.5
504.1 469.7 %
12.8
403.5
277.9 311.3
210.0
2 6 .5 %
186.2
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Divisions 2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Car rental 47.5% 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 44.0% 42.0%
Fleet Rental 65.5% 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 66.0% 66.2%
Rentals consolidated 53.6% 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 50.7% 49.9%
Used car sales 13.2% 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 3.9% 2.6%
Car rental margin was impacted by loss of scale, due to a lower growth rate.
42
43. Average depreciation per car
Financial crisis effect
Hot used car market 2,546.0 2,577.0
1,965.8
1,536.0 1,683.9
939.1
492.3 332.9
2005 2006 2007 2008 2009 2010 2011 1Q12
5,083.1
4,371.7
4,133.0 4,185.3
3,509.7
2,981.3
2,383.3 2,395.8
2005 2006 2007 2008 2009 2010 2011 1Q12
Depreciation is in line with the Company’s expectation for the current scenario.
43
44. Consolidated net income
R$ million
%
16.4
291.6
250.5
190.2
138.2 127.4
116.3
106.5 14.3%
63.6 72.7
2005 2006 2007 2008 2009 2010 2011 1Q11 1Q12
Reconciliation EBITDA x net income 2007 2008 2009 2010 2011 Var. R$ Var. % 1Q11 1Q12 Var. R$ Var. %
EBITDA – Rentals and franchising 357.1 449.6 459.1 615.1 779.9 164.8 26.8% 172.9 200.2 27.3 15.8%
EBITDA – Used car sales 46.4 54.5 10.6 34.4 41.4 7.0 20.3% 13.3 9.8 (3.5) -26.3%
EBITDA Consolidated 403.5 504.1 469.7 649.5 821.3 171.8 26.5% 186.2 210.0 23.8 12.8%
Cars depreciation (43.1) (178.5) (172.3) (146.3) (201.5) (55.2) 37.7% (46.3) (58.0) (11.7) 25.3%
Other property and equipment depreciation (14.4) (18.3) (21.0) (21.1) (24.1) (3.0) 14.2% (6.1) (7.5) (1.4) 23.0%
Financial expenses, net (74.4) (133.3) (112.9) (130.1) (179.0) (48.9) 37.6% (42.8) (43.6) (0.8) 1.9%
Income tax and social contribution (81.4) (46.6) (47.2) (101.5) (125.1) (23.6) 23.3% (27.4) (28.2) (0.8) 2.9%
Net income 190.2 127.4 116.3 250.5 291.6 41.1 16.4% 63.6 72.7 9.1 14.3%
Net income growth of 14.3% superior to the growth of 12.8% in the EBITDA.
44
45. Free cash flow - FCF
Free cash flow - R$ million 2005 2006 2007 2008 2009 2010 2011 1Q12
EBITDA 277.9 311.3 403.5 504.1 469.7 649.5 821.3 210.0
Used car sales net revenues (446.5) (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (373.3)
Depreciated cost of used car sales (*) 361.2 530.4 760.0 874.5 855.1 1,203.2 1,328.6 340.7
(-) Income tax and social contribution (32.7) (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (29.6)
Working capital variation (24.2) (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) (29.8)
Cash provided before capex 135.7 205.4 262.9 300.2 341.9 527.5 514.9 118.0
Used car sales net revenues 446.5 588.8 850.5 980.8 922.4 1,321.9 1,468.1 373.3
Capex of car - renewal (496.0) (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (249.5)
Net capex for renewal (49.5) (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) 123.8
Capex – other property and equipment, net (28.0) (32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (16.8)
Free cash flow before growth and interest 58.2 118.2 250.7 205.7 295.4 428.2 415.5 225.0
Capex of car - growth (194.0) (287.0) (221.9) (299.9) (241.1) (540.3) (272.0) -
Change in accounts payable to car suppliers (capex) (25.5) 222.0 (51.0) (188.9) 241.1 111.3 32.7 (211.8)
Free cash flow before interest (161.3) 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 13.2
Fleet increase (decrease) - quantity 7,342 10,346 7,957 9,930 8,642 18,649 9,178 (4,562)
Cash generated before interest expenses was used for the reduction of the accounts payable to OEMs.
(*) without technical discount deduction 45
46. Debt profile
R$ million
Debt profile in 03/31/2012- principal
(R$ million)
562.0
432.0
315.8 303.5
245.2
102.9
26.0 52.0
2012 2013 2014 2015 2016 2017 2018 2019
Cash
712.7
Strong cash position and a comfortable debt profile.
46
47. Debt – ratios
R$ million
Net debt x Fleet value
2,446.7 2,681.7 2,528.7
1,752.6 1,907.8
1,492.9 1,363.4 1,407.9
1,247.7 1,254.5 1,281.1
900.2 1,078.6
765.1
535.8 440.4
2005 2006 2007 2008 2009 2010 2011 1Q12
annualized
Net debt Fleet value
END OF PERIOD BALANCE 2005 2006 2007 2008 2009 2010 2011 1Q12
Net debt / Fleet value 60% 36% 51% 72% 57% 52% 51% 56%
Net debt / EBITDA (*) 1.9x 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.7x
Net debt / Equity 1.4x 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 1.2x
EBITDA / Net financial expenses 3.3x 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 4.8x
* annualized
Comfortable debt ratios.
47
48. Spread
Spread
24.8%
21.3%
18.7%
17.0% 16.9% 17.1%
15.1%
11.2p.p. 11.5%
7.8p.p. 12.9p.p.
8.2p.p. 9.6p.p. 8.5p.p.
4.0p.p. 8.0p.p.
13.6%
10.9%
8.4% 8.8% 7.6% 7.3% 8.6% 7.1%
2005 2006 2007 2008 2009 2010 2011 1Q12
annualized
Cost of debt after tax ROIC
2005 2006 2007 2008 2009 2010 2011 1Q12 a
Average capital investment - R$ million 606.3 986.2 1,137.5 1,642.3 1,702.3 1,984.6 2,445.3 2,677.7
NOPAT margin (over rental net revenues) 37.0% 34.5% 36.9% 32.1% 21.9% 28.6% 28.9% 25.1%
Turnover of average capital investment
(over rental net revenues) 0.67x 0.55x 0.58x 0.53x 0.53x 0.59x 0.59x 0.60x
ROIC 24.8% 18.7% 21.3% 17.0% 11.5% 16.9% 17.1% 15.1%
Interest on debt after tax 13.6% 10.9% 8.4% 8.8% 7.6% 7.3% 8.6% 7.1%
Spread (ROIC – Interest after tax) - p.p. 11.2 7.8 12.9 8.2 4.0 9.6 8.5 8.0
ROIC and spread reflect the Company’s competitive pricing strategy.
48
49. Investment grade
Global scale BBB- Baa3 BBB-
National scale brAAA Aa1.br AA+(bra)
Main highlights of the S&P upgrade report:
Relevant market position of Localiza in the Brazilian car and fleet rental markets
High operating efficiency
Strong cash position
Plenty of room in the contracted covenants
Excellent presence in debt markets
Solid relationships with banks
Financial discipline and conservative policies of the Company were recognized by the 3 main rating agencies.
49
50. IR Team
Roberto Mendes Silvio Guerra Nora Lanari
CFO - RI RI RI
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 the underwriters. 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.
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