Localiza institucional inglês

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1. November, 2014
Localiza Rent a Car S.A.
Institutional Presentation
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 RentalFleet Rental
Seminovos Franchising

5. 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.
Company: Business platform divisions
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. Total
1 year
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 sold25,5 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
NOPAT4,6
ROIC17,1%
Cost of debt after taxes6,0%
Car RentalSeminovos
Per car sold Per operating car
6
Net car sale
revenue
R$25.5
1 year cycle
Car Rental Financial Cycle Per car
R$27.0
Car acquisition
1 2 3 4 5 6 7 8 9 10 11 12
Expenses, interest and tax
Revenue
Spread 11.1p.p
.

7. Total
2 years
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 sold24,4 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 year8,4 45,7%(3,5) -26,3% 4,9
NOPAT5,7
ROIC17,1%
Cost of debt after taxes6,0%
Per operating car
Fleet RentalSeminovos
Per car sold
7
Net car sale
revenue
R$24.4
2 year cycle
Fleet Rental Financial Cycle Per car
Spread
11.1p.p.
R$33.3
Car acquisition
1 2 3 4 5 6 19 20 21 22 23 24
Expenses, interest and tax
Revenue

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

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

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

12. 108
158
55
12
The Company is present in 242 cities where the other largest networks do not operate.
Competitive advantages: renting cars
Know How
Brand
Brazilian distribution
# of branches # of cities
Source: Brand Analytics and each company website (Localiza and Peers, as of March, 2014)
470
321
Raising
money
Buying
cars
Renting Cars
Selling
Cars
Localiza          Unidas Hertz            Avis
341
9978
42

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

15. 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
2013 Industry overview
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
1. Company overview
2. Main business divisions
Car Rental
Fleet Rental
Seminovos
3. Webcast
Earnings release 3Q14
Agenda

17. 17
Car Rental overview
65.9%
Compact cars
2013 Fleet composition
70,717 cars
34.1% Others
Corporate fleet size
47,517
64,68870,717
2009 2011 2013
802.2
980.7
1,093.71,163.5
853.1
953.1
289.6325.1
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
Net Revenues
(R$ million)

18. 29
70
82
8990
2003 2010 2011 2012 2013
18
Drivers
Air traffic passengers - million
Source: BNDES, ANAC, IPEADATA and BCB
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
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 (%)
Car rental affordability
631
153
136
6357
Oil and Gas Others* Eletric power Highway Railroad
Investments in Brazil (2014‐2019)
(R$1,040 billion)
*Ports, Urban Mobility, Basic sanitation and Airports

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

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

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

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

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

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

25. 25
Number of clients
Fleet Rental overview
38.0%
Compact cars
2013 Fleet composition
32,809 cars
62.0% Others
584
687760
2009 2011 2013
361.1
455.0
535.7 575.9
432.9 425.2
144.1 142.0 2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
Net Revenues
(R$ million)

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

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

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

29. 29
Increased sales volume even with stability in the number of stores in the last three years.
# of points of sale
Car sales –operating data
55
66
7374
74
2010 2011 2012 2013 9M14
Result of the OEM’s delays in
delivering cars
13,285
14,50415,091
13,764
12,934
13,669
18,039 17,99917,449
15,889
18,815
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
# Number of cars sold

30. 30
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.
Used car sales drivers:
affordability and penetration
# of inhabitants per car 2012 – (Brazil 2013)
# of inhabitants per car - Brazil
4.4
4.2
4.0
3.6
2.1
2.0
1.9
1.8
1.2
Brazil
Argentina
Russia
South Korea
Japan
France
Germany
United Kingdon
USA
5,9
5,5
5,2
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 
 ‐
 10
 20
 30
 40
 50
 60
 70
 80
 90
 ‐
 100
 200
 300
 400
 500
 600
 700
 800
 900
2005 2006 2007 2008 20092010 2011 2012 2013 2014
Minimum wage (R$)
Minimum wages to buy a new car

31. 8,48,9
9,09,4
3,3
3,53,63,6
31
2.5x
2.5x
2010 2011 2012 2013
2.6x
Brazilian car market:
new x used car market and affordability
New cars
Used cars
Source: FENABRAVE (Autos + light commercial) and Anfavea
2.6x
Total market of 13 million cars.

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

34. 34
Highlights
289.6
325.1
3Q13 3Q14
Car Rental Division
Net revenues
R$ million
438.6471.5
497.3535.9
3Q13 3Q14
Car Rental Used car sales
Net revenues
Consolidated
R$ million
1,007.4 935.9
ROIC Cost of debt after taxes
Spread
ROIC minus cost of debt after taxes
6.0%
7.8%
16.5%
18.0%
2013 9M14
10.2p.p.
10.5p.p.
Fleet renewal
# Number of cars sold
Annualized
18,039 17,99917,449
15,889
18,815
3
Q
13 4
Q
13 1
Q
14 2
Q
14 3
Q
14
*
* 2Q14 was impacted by the world cup and less business days.

35. 802.2
980.7
1,093.71,163.5
853.1
953.1
289.6325.1
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
35
Net Revenues
(R$ million)
# Daily Rentals
(thousands)
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.
10,734
12,794
13,749
14,242
10,528
11,518
3,608 3,880
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14

36. 234247272286302
181
202
202193168
61
47
506364 2010 2011 2012 2013 9M14
Car Rental network evolution
16 new owned rental locations were added to the network in the 9M14.
# of car rental locations (Brazil and abroad)
Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisses´ branches - abroad
476
496
524
542
534
+16

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

38. 361.1
455.0
535.7 575.9
432.9 425.2
144.1 142.0 2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
8,044
9,603
10,60110,844
8,175
7,720
2,7002,567 2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
38
Net Revenues
(R$ million)
# Daily Rentals
(thousands)
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. 1,910.4
1,776.5
1,618.8
2,026.2
1,472.4
1,605.8
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
Cars purchased Cars sold
39
Net investment
Fleet Expansion*
(quantity)
Efficiency in managing car purchases aiming at optimizing utilization rate.
Net Investment in Fleet
(R$ million)
65,934
59,950 58,655
69,744
51,156
52,738
17,569 17,674
47,285
50,772
56,644
62,641
44,642
52,153
18,039 18,815
2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
9,1782,011
7,103
18,649
6,514
(470)
308.498.8
588.5
278.9
230.6
* It does not include theft / crashed cars.
30.8
585
(1,141)
140.6
48.3

40. 40
Sales by quarter Quantity
Higher sale volumes result in lower fixed costs per car sold.
# Number of cars sold
Result of the OEM’s delays in
delivering cars
13,285
14,50415,091
13,764
12,934
13,669
18,039 17,99917,449
15,889
18,815
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

41. 41
End of period fleet Quantity
In the Car Rental Division, fleet was kept stable despite the rental volume growth,
reflecting productivity gain thru better utilization.
61,445 64,688 65,086 70,717 70,406 70,491
26,615
31,629 32,104
32,809 32,809 33,072 2010 2011 2012 2013 9M13 9M14
Car Rental Fleet Rental
103,526
96,317
88,060
97,190
103,215103,563
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. 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
Consolidated net revenues R$ million
Consolidated net revenues increased by 12.4% in 9M14.
Car Rental Used car sales
2,918.1
3,506.2
2,542.4
2,497.2
3,166.7
935.9
1,007.4
2,857.0

43. 43
Consolidated EBITDA R$ million
EBITDA grew 7.6% in the 9M14.
649.5
821.3
875.6916.5
680.5
732.2
238.2241.5
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.
Divisions 2010** 2011** 2012 2013 9M13 9M14* 3Q13 3Q14*
Car Rental45.3% 46.9% 40.9%36.8% 36.7% 39.3% 38.5% 39.6%
Fleet Rental68.0% 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%

44. Depreciation IP I Effect - Non recurring additional depreciation
3,509.7
4,133.0
4,311.3
4,592.3
4,054.8 3,954.0
1,096.9
2010 2011 2012 2013 9M14 3Q14
1,536.0 1,683.9
1,895.8
1,452.4
1,316.6 1,231.6
2,076.6
2010 2011 2012 2013 9M14 3Q14
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.
**
**
*
Annualized

45. 250.5
291.6
240.9
384.3
294.4
308.3
102.1101.9 2010 2011 2012 2013 9M13 9M14 3Q13 3Q14
45
Consolidated net income R$ million
* Pro forma 2012 net income excluding additi onal depreciation related to the IPI tax reduction, net of income tax.
336.3 *
Higher EBITDA and lower depreciation were offset by an increase
of R$14.3 million in financial expenses.

46. 46
Free cash flow - FCF
(*) Without the technical discount up to 2010
Free cash flow - R$ million2010 2011 2012 2013 9M14
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
The strong cash generation allowed net debt to remain stable,
even after investments in the new headquarters.
(*) Before new headquarters capex
Changes in net debt
R$ million
Net debt as of
Dec 31, 2013
1,332.8
FCF (*)
-332.7
Financial expenses
119.4
New HQ
118.9
Dividends
83.5
Net debt as of
Sep 30, 2014
1,321.9

48. 1,281.1 1,363.4
1,231.2 1,332.8 1,321.9
2,446.7
2,681.7
2,547.6
2,797.9
2,960.4
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 1.0x0.8%
EBITDA / Net financial expenses 5.0x 4.6x 6.3x 8.3x6.1x
(*) 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 8
th
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: [phone] (New York)
[phone] (London)
E-mail: [email protected]
ADR website: www.adr.db.com Depositary bank’s local custodian: Banco Bradesco S/A, Brazil

51. 51
Disclaimer
Disclaimer The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. It is information in sum mary 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 no t 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 S ecurities 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 o fLOCALIZAandits
subsidiaries that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forwar d-looking statements.
Although LOCALIZA believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on informationcurrently 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 o ffering 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 withan
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.
Website: www.localiza.com/ir E-mail: [email protected] Phone: [phone]
Roberto Mendes
CFO and IR
Nora Lanari
Head of IR
Eugênio Mattar
CEO