Localiza Rent a Car S.A. reported its 3Q14 results with consolidated net revenues increasing 12.4% year-over-year to R$535.9 million. The car rental division saw a 12.3% revenue increase due to 7.5% higher daily rental volumes and a 6.0% increase in average rental rates. ROIC increased from 16.5% to 18.0% due to higher utilization rates and lower depreciation costs. Free cash flow remained strong at R$332.7 million despite investments in a new headquarters, allowing net debt to remain stable at R$1,321.9 million with comfortable debt ratios.

1. Localiza Rent a Car S.A.
3Q14 Results
R$ million
October 24, 2014

2. 2
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.

3. 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
3
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.

4. # 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
4
Car Rental network evolution
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisses´ branches - abroad
16 new owned rental locations were added to the network in the 9M14.
+16

5. 5
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

6. 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
6
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.

7. 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
7
Net investment
Fleet Expansion* (quantity)
Efficiency in managing car purchases aiming at optimizing utilization rate.
(1,141)
140.6
48.3

8. 8
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

9. 9
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).

10. 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
10
Consolidated net revenues
R$ million
Car Rental Used car sales
Consolidated net revenues increased by 12.4% in 9M14.
935.9 1,007.4
2,857.0

11. 11
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.

12. 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
12
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.

13. 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
13
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.

14. Free cash flow - FCF (*) Without the technical discount up to 2010
Free cash flow - R$ million 2010 2011 2012 2013 9M14
14
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

15. 15
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

16. 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
16
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.

17. 35.9 184.2
487.1 511.4
221.0
544.5 445.0
147.5
2014 2015 2016 2017 2018 2019 2020 2021
17
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

18. 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
18
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.

19. Thank You!
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 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. 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, 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.
www.localiza.com/ri
Email: ri@localiza.com
Tel: 55 31 3247‐7024
Disclaimer