11Source:

March 4, 2016

The 25th most valuable brand in Brazil .

1. Company overview

2. Main business divisions

� Car Rental

� Fleet Rental

� Seminovos

3. Financials

Appendix: Earnings release 4Q15

Agenda

2

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

12/31/2015 – Market cap of about US$1.3 bi with ADTV of US$7,5 million

1973 1982 1983 2004 2005 2014

3

Company: integrated business platform

Synergies:

bargaining power

cost reduction

cross selling

� 13,992 cars� 174 locations in Brazil� 70 locations in South America� 35 employees

� 56.7% sold to final consumer� 77 stores� 47 cities� 1,000 employees

� 76,755 cars� 5.7 million clients� 320 locations� 4,766 employees

� 33,948 cars� 849 clients� 384 employees

Based on the 4Q15 4

Car Rental Fleet Rental

SeminovosFranchising

This integrated business platform gives Localiza flexibility and superior performance.

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

Net car salerevenue R$28.51 year cycle

Car Rental Division - 2015 Financial CyclePer car

R$31.6Average car price

1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax

Revenue

Total1 year

R$ % R$ % R$Net revenues 20.1 100.0% 31.9 100.0% 52.1Costs - fixed and variable (9.9) -49.1% (9.9)SG&A (3.8) -19.1% (3.4) -10.7% (7.2)Net revenues of car sold 28.5 89.3% 28.5Book value of car sold (26.6) -83.3% (26.6)EBITDA 6.4 31.8% 1.9 6.1% 8.3Cars Depreciation (0.6) -1.9% (0.6)Others depreciation (0.4) -1.8% (0.1) -0.4% (0.5)Financial expenses (2.2) -6.9% (2.2)Taxes (1.8) -9.0% 0.3 1.0% (1.5)Net Income (Loss) 4.2 21.0% (0.7) -2.3% 3.5

NOPAT 5.0ROIC 16.0%Cost of debt after taxes 9.5%

Car Rental SeminovosPer car soldPer operating car

7

Net car salerevenue R$28.4

3 year cycle

Fleet Rental Division - 2015 Financial Cycle Per car

1 2 3 4 5 6 31 32 33 34 35 36Expenses, interest and tax

Revenue

R$39.0Average car price

Total3 years

R$ % Seminovos % R$Net revenues 57.6 100.0% 31.2 100.0% 88.8Costs - fixed and variable (17.9) -31.1% (17.9)SG&A (3.9) -6.7% (2.8) -9.1% (6.7)Net revenues of car sold 28.4 90.9% 28.4Book value of car sold (24.3) -77.9% (24.3)EBITDA 35.8 62.2% 4.1 13.0% 39.9Cars Depreciation (11.8) -37.8% (11.8)Others depreciation (0.2) -0.4% (0.2) -0.6% (0.4)Financial expenses (6.0) -19.4% (6.0)Taxes (10.7) -18.6% 4.2 13.4% (6.5)Net Income (Loss) 24.9 43.3% (9.8) -31.4% 15.2

Net Income (Loss) - per year 8.3 43.3% (3.3) -31.4% 5.1

NOPAT 6.5ROIC (it considers the effect of the average book v alue of the car in its useful life) 16.6%Cost of debt after taxes 9.5%

Per operating carFleet Rental Seminovos

Per car sold

8

2015 Consolidated breakdownR$ million

R$ 150 16%

R$ 378 40%

R$ 407 44% R$ 297

40%

R$ 438 60%

Net RevenuesR$3,928

EBITDAR$935

R$ 2,045 52%

R$ 608 16% R$ 1,275

32%

EBIT*R$735

*Seminovos results recorded in the Car Rental and Fleet Rental Divisions

Company’s profitability comes from

Car Rental and Fleet Rental Divisions.

Raisingmoney Buying

cars

Renting Cars SellingCars

Cash to renew the fleet or pay debt

$

Profitability comes from rental divisions

Competitive advantages

$

9

42 years of experience in managing assets and gener ating value.

Competitive advantages: raising money

Global Scale

National Scale

As of March, 2016.

BBB- FitchBa2 Moody’sBB+ S&P

Baa1 Moody ´sBBB+ S&P

B1 Moody ´sB+ S&P

Ba3 Moody ´sBB- S&PBB- Fitch

brAA+ S&P Aa2.br Moody’sAAA(bra) Fitch

brAA- S&PA+ (bra) Fitch

brA S&P A- (bra) Fitch

brAA- S&P A+(bra) Fitch

A(bra) Fitch

10

Investment grade: lower spreads and longer tenors

Source: Bloomberg and companies website

Raisingmoney Buying

cars

Renting Cars SellingCars

$

Localiza raises money with better conditions then i ts competitors.

11

Competitive advantages: buying cars

Number of cars purchased – 9M15

* In 2015 Localiza bought 68,319 cars, Including Fra nchising.

45,308

28,551

13,355 8,730

Localiza Movida Unidas Locamerica

*

Source: each company website and ANFAVEA

Localiza’s share in the internal sales of themajor OEMs - 2015

4.2%

Raisingmoney Buying

cars

Renting Cars SellingCars

$

Localiza buys cars with better conditions due to th e volume of purchases.

Raisingmoney Buying

cars

Renting Cars SellingCars

442

15595 107

43

Localiza Unidas Hertz Movida Avis

12

Competitive advantages: renting cars

Brand Brazilian distribution

# of

bra

nche

s*#

of c

ities

**

Source: Each company website and Earnings Release*As of September, 2015 **As of November, 2015

484

108

185

14645

Localiza Competitors

490

$

The Company is present in 243 cities where the othe r largest networks do not operate.

Raisingmoney Buying

cars

Renting Cars SellingCars

13

Localiza Express®

Self-service that provides fast

service, reducing queues and

scalability to service.

Localiza Way®New platform to offer

value-added services

Mobile ChecklistMore quality, control and agility

in providing cars for rental

Fast CheckoutMore operational productivity

and agility in returning the cars

after rental

Connected ShuttleOptimization 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 premi um service.

“In a scale from 0 (zero) to 10, how much would you recommend Localiza to a friend orcolleague?”

Competitive advantages: Client satisfaction

80.7%

*Range of Net Promoter Scores (NPS) Across Industries in USA

*Source:Temkin Group Q3 2015 Consumer benchmark Survey

% of Promoters % de Detractors

Score between 9 and 10 = 85.6% Score between 0 and 6 = 4.6%

YTD December/2015

Satisfaction Index: NPS – Net Promoter Score

Localiza: 1st place in the category Car rental.

14

Raisingmoney Buying

cars

Renting Cars SellingCars

$

Low High

NPS Avg. NPS

As of December, 2015.

15

Integrated technology solution that

increases competitive intelligence

and leverages productivity gains.

CONNECTED FLEETIntegrated mobile solution to

fleet rental services for drivers

and contract manager.

MOBILE SOLUTIONRapid diagnosis and friendly

vision of the fleet by the

customer.

ONLINE FLEET RENTAL

Competitive advantages: Innovation

Raisingmoney Buying

cars

Renting Cars SellingCars

$

Differentiated offer with higher added value to the customer.

Raisingmoney Buying

cars

Renting Cars SellingCars

16

Sales to final consumer

Competitive advantages: selling cars

Buffer: additional fleet during peaks of demand

Information/mobility: Ipad for Salesmen

• Support sale

• Access to the database

• Customer registration

• Agility in car sales

$

Sales center: 20k incoming calls per month with 55% visits to stores scheduled.

Distribution channel: 200 cities and 1,900 customer s.

17

ROIC versus cost of debt after taxes

7.3%8.6%

6.3% 6.0%8.0%

9.5%

15.8%

16.9% 17.1%16.1% 16.5%

17.5%17.0%

2010 2011 2012 2013 2014 2015

ROIC

Cost of debt

after taxes

9.6p.p. 8.5p.p. 9.5p.p.9.8p.p. 10.5p.p.

6.3p.p.

Calculated based on the tax effective rate of 2015

7.5p.p.

Considering the effective income tax and social con tribution rate in 2015, ROIC would have been 17.0% and the spread, 7.5p.p..

Localiza vs. playersProfitability

Source: Companies’ Financial Statements18

ROIC 2015

ROE 2015

FleetRAC+Fleet Rental RAC+Fleet 2014 Fleet Rental 2014 Fleet Ren tal RAC+Fleet Rental

124,695 40,296 30,291 28,813 53,439

ReferenceROIC = NOPAT (considering the effective tax rate) / (Average net debt + average equity)ROE = Net income / Equity at the beginning of the y ear

17.0%

8.1% 9.1%6.5%

8.4%

Localiza Unidas Locamerica Ouro Verde JSL Consolidada

24.3%

7.1% 8.2%5.0% 4.5%

Localiza Unidas Locamerica Ouro Verde JSL Consolidada

2014 2014

2014 2014

19

Net Debt / EBITDA - 2015

Net Debt / Equity - 2015

Source: Companies’ Financial Statements.

Localiza vs. playersDebt ratios

1.7x 2.2x

3.3x 3.8x 4.3x

Localiza Unidas Locamerica Ouro Verde JSL

Consolidated

0.8x 1.0x 2.2x

9.7x

4.6x

Localiza Unidas Locamerica Ouro Verde JSL

Consolidated

2014 2014

2014 2014

20

1. Company overview

2. Main business divisions

� Car Rental

� Fleet Rental

� Seminovos

3. Financials

Appendix: Earnings release 4Q15

Agenda

21

Car Rental overview

Compact cars 46.1%Others 53.9%

2015 Fleet composition

76,755 cars

Corporate fleet size

65,08670,717 77,573 76,755

2012 2013 2014 2015

Car rental distribution (Brazil)

474 479 476 494

2012 2013 2014 2015

22

Drivers

Source: BCB and Localiza rates

151180 200

240260300

350 380 415465

510 545622

678724

788

51%

38% 37% 35%

31%27%

22% 20% 18% 16% 15% 15% 13% 13%12% 11%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Monthly minimum salary (R$) Daily rental price over minimum salary (%)

Car rental affordability

Source: IPEADATA and Localiza’s loyalty program.

5 million

84 millionAdult population(age > 20 years)

Class A+B+C

15 millionAdult population(age > 20 years)

Class A+B

Increasing affordability and low penetration in lei sure trips brings growth opportunities.

23

Drivers

# domestic air traffic passengersIn million

Infrastructure investment prospects 2015-2018(in US$ billion)

Source: BNDES June, 2015.

7082 89 90 96

122

2010 2011 2012 2013 2014 2017E

Source: ANAC 2017 estimates: BOEING

The strong pipeline of investments tend to benefit the corporate segment.

Air traffic growth supporting demand at the airport s.

89.4

57.9

27.2

21.3

17.0

16.6

12.3

6.8

Energy

Telecoms

Highways

Urban Mobility

Ports

Sanitation

Railways

Airports

24Source: RAIS and each company’s website

As of September 2015.* As of December, 2015.

Off-airport market is still fragmented.

Airport locations Off-airport locations

Car Rental Locations in Brazil

*

*

Localiza

23,3%

Franchising

2,4%

Unidas

6.9%Movida

5.8%Avis

2.1%

Others

59.5%

Franchising

25

Market Share – Car Rental 2014

Fleet332,485 cars

Source: ABLA and Companies’ Financial Statements an d estimates.

Localiza’s market share is higher than the 2 nd and 3 rd players together.

25.7%

26

1. Company overview

2. Main business divisions

� Car Rental

� Fleet Rental

� Seminovos

3. Financials

Appendix: Earnings release 4Q15

Agenda

27

Number of clients

Fleet Rental overview

Compact cars 34.9%

Others 65.1%

2015 Fleet composition

33,948 cars

729 760 798 849

2012 2013 2014 2015

End of period fleet

32,104 32,809 34,312 33,948

2012 2013 2014 2015

28Source: ABLA, Datamonitor and Localiza

Low penetration of rented fleet in Brazil.

Rented fleet penetration

Corporate fleet:4,000,000*

Rented fleet:440,737

34,312

Brazilian Market World

11.0% 8.9%13.3% 16.5%

24.5%

37.4%

46.9%

58.3%

Drivers

*Localiza estimates

Localiza Fleet

7.7%

Franchising

0.4%

Locamerica

6.9%

JSL

6.9%

Ouro Verde

5.7%Unidas

4.9%

ALD

3.6%

Others

63.9%

Market Share – Fleet Rental 2014

29

Fleet440,737 cars

Source: ABLA, Companies’ Financial Statements and e stimates

Fragmented market with low entry barriers.

8.1%

30

1. Company overview

2. Main business divisions

� Car Rental

� Fleet Rental

� Seminovos

3. Financials

Appendix: Earnings release 4Q15

Agenda

31Efficiency gain on car sales.

# of points of sale

Car sales – operating data

5566 73 74 75 77

2010 2011 2012 2013 2014 2015

47,285 50,77256,664

62,64170,621

64,305

2010 2011 2012 2013 2014 2015

# Number of cars sold (quantity)

32Source: O Estado de São Paulo newspaper, as of 08/1 6/13 (based on researches of Sindipeças) and Globo w ebsite, as of 03/10/2014.

Used car sales drivers: affordability and penetration

# of inhabitants per car 2012 – (Brazil 2014)

4.2

4.0

4.0

3.6

2.1

2.0

1.9

1.8

1.2

Argentina

Brazil

Russia

South Korea

Japan

France

Germany

United Kingdon

USA

Affordability to buy cars – Public Price of the most basic Gol

300 350 380

415

465 510

545 622

678 724

788 84

71 69

61

55 51 49

43 43 43 41

-

10

20

30

40

50

60

70

80

90

-100

-

100

200

300

400

500

600

700

800

900

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Minimum wage (R$) Minimum wages to buy a new car

8.4 8.9 9.0 9.410.1 9.9

3.3 3.5 3.6 3.6 3.32.5

33

2.5x2.5x

2010 2011 2012 2013 2014 2015

2.6x

Brazilian car market: new x used car market and affordability

New cars

Used cars

Source: FENABRAVE (light and commercial cars)

2.6x

Total market of 12.4 million cars.

3.1x 4.0x

In million of cars

34

2014 Up to 2 years442,257

2015 Brand new2,476,9042015 Used cars

9,987,711

0.6% 2.6% 16.0%

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) • 4,364 (Anfavea)• +57 (Unidas, Movida,

Locamerica and others).

• 71 (Fenauto)

Main players

35

1. Company overview

2. Main business divisions

� Car Rental

� Fleet Rental

� Seminovos

3. Financials

Appendix: Earnings release 4Q15

Agenda

331.2 334.5

4Q14 4Q15

36

Highlights

146.7 155.6

4Q14 4Q15

102.2 105.9

4Q14 4Q15

173.8 175.0

4Q14 4Q15

Net Revenues - Car Rental Division (R$ million) Net Revenues - Fleet Rental Division (R$ million)

Consolidated EBIT (R$ million) Consolidated Net Income (R$ million)

802.2980.7

1,093.7 1,163.5 1,284.4 1,258.0

331.2 334.5

2010 2011 2012 2013 2014 2015 4Q14 4Q15

37

Net Revenues (R$ million)

# Daily Rentals (thousands)

Car Rental

10,734 12,794 13,749 14,242 15,416 15,566

3,898 4,111

2010 2011 2012 2013 2014 2015 4Q14 4Q15

Volumes increased 5.5% in 4Q15, even in a weak eco nomic activity environment

Number of Rental DaysCar Rental

38

3,60 0.0

3,70 0.0

3,80 0.0

3,90 0.0

4,00 0.0

4,10 0.0

4,20 0.0

3,60 0.0

3,70 0.0

3,80 0.0

3,90 0.0

4,00 0.0

4,10 0.0

4,20 0.0

1st quarter 2nd quarter 3rd quarter 4th quarter

+1.0%-2.2% -0.2%

+5.5%

2015

2014

Number of rental daysCar Rental

The investments in business intelligence contribute d to capture demand in specific segments, offsetting reduced volumes in those segments

sensitive to the adverse macro environment

Average daily rental evolution – Car RentalIn R$

39

78.0779.68

82.3684.85

87.7185.26

81.85

85.93 85.11

2010 2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15

Average: 84.56

The average rental day is the result of pricing pol icy per segment and the portion of each segment in the mix

69.1%

68.9%

70.8%

66.8%

69.9%

66.3%

69.0%

70.7% 71.1%

2010 2011 2012 2013 2014 1Q15 2Q15 3Q15 4Q15

40

Utilization rate evolution – Car Rental

4Q15 utilization rate in Car Rental Division was 71.1%, the highest of the past 7 quarters

234 247 272 286 304 320

181 202 202 193 172 17461 47 50 63 64 70476 496 524 542 540 564

2010 2011 2012 2013 2014 2015

41

Car Rental network evolution

# of car rental locations (Brazil and abroad)

Localiza´s branches - Brazil Franchisees´ branches - Brazil Fr anchisses´ branches - abroad

+16

+6

+2

+24

24 new corporate locations were added to the networ k in 2015

361.1455.0

535.7 575.9 571.9 608.5

146.7 155.6

2010 2011 2012 2013 2014 2015 4Q14 4Q15

8,0449,603 10,601 10,844 10,363 10,901

2,644 2,702

2010 2011 2012 2013 2014 2015 4Q14 4Q15

42

Net Revenues (R$ million)

# Daily Rentals (thousands)

Fleet Rental

The growth reflects the policy and commercial intel ligence in exploring market opportunities

647.3676.3

724.3

808.3870.6 868.8 885.8 912.0

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Contracted revenue evolution – Fleet Rental(R$ million)

43

The contracted revenue increased 12.8% in 4Q15 vers us 4Q14

1,910.4 1,776.5 1,618.82,026.2

2,483.22,278.4

877.4 837.7

1,321.9 1,468.1 1,520.01,747.3

2,018.2 2,044.9

553.0 499.2

2010 2011 2012 2013 2014 2015 4Q14 4Q15

Purchases (includes accessories) Used c ar sales net revenues

Cars purchased Cars sold

44

Net investmentFleet Expansion* (quantity)

Net Investment in Fleet (R$ million)

65,934 59,950 58,65569,744

79,804

64,032

27,06621,660

47,28550,772 56,644

62,64170,621

64,305

18,468 15,047

2010 2011 2012 2013 2014 2015 4Q14 4Q15

9,178 2,0117,103

18,649

308.4 98.8588.5 278.9

* It does not include theft / crashed cars.

9,183

465.0

(273)

8,5986,613

324.4 338.5

233.5

For peak of demand season, 21,660 cars were bought in 4Q15, 6,613 more than cars sold

45

End of period fleetQuantity

61,445 64,688 65,086 70,717 77,573 76,755

26,615 31,629 32,104 32,80934,312 33,94810,652

12,958 14,545 14,233 13,339 13,99298,712 109,275 111,735 117,759 125,224 124,695

2010 2011 2012 2013 2014 2015

Car Rental Fleet Rental Franch ising

2014 fleet was impacted by the anticipation of 7,60 0 cars purchase to avoid the increase in IPI tax that occurred in January, 2 015

1,175.3 1,450.0 1,646.7 1,758.9 1,874.0 1,883.1 482.2 494.3

1,321.9 1,468.1 1,520.0 1,747.3 2,018.2 2,044.9

553.0 499.2

2,497.2 2,918.1 3,166.7

3,506.2 3,892.2 3,928.0

1,035.2 993.5

2010 2011 2012 2013 2014 2015 4Q14 4Q15

46

Consolidated net revenuesR$ million

Rental Used car sales

Consolidated net revenues grew 0.9% in 2015 when c ompared with 2014

47

Consolidated EBITDA R$ million

649.5821.3 875.6 916.5 969.8 934.8

237.6 228.0

2010 2011 2012 2013 2014 2015 4Q14 4Q15

(*)From 2012 on, accessories and freight of new car s have been accounted directly in the cost line, im pacting EBITDA but reducing depreciation costs.

Divisions 2010* 2011* 2012 2013 2014 2015 4Q14 4Q15

Car Rental 45.3% 46.9% 40.9% 36.8% 38.7% 31.8% 37.1% 30.2%

Fleet Rental 68.0% 68.6% 66.4% 65.5% 60.0% 62.2% 55.5% 64.0%

Rental Consolidated 52.3% 53.8% 49.3% 46.5% 45.3% 41.7% 42. 6% 40.8%

Used Car Sales 2.6% 2.8% 4.2% 5.7% 6.0% 7.3% 5.8% 5.2%

The R$35.0 million drop in EBITDA was more than offeset by the reduction ofR$43.7 million in depreciation

48

Average depreciation per carin R$

Car Rental

492 939

333 1,169

2,577

1,536 1,684

1,896

1,452 1,270

622

24,345 25,837 25,648

27,740 26,572 27,174

27,942

25,769

27,785 29,412

33,874

15,0 00

17,0 00

19,0 00

21,0 00

23,0 00

25,0 00

27,0 00

29,0 00

31,0 00

33,0 00

35,0 00

-

1,00 0

2,00 0

3,00 0

4,00 0

5,00 0

6,00 0

7,00 0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Annualized average depreciation per car (R$) Average price of cars purchased - Car Rental

1,377

IPI Effect

2,546 2,076

IPI Effect

3,972

Stable car priceRising car price Rising car price

The reduction of depreciation expenses is a result of the increase in new cars prices that reflects the used cars prices

49

Average depreciation per carin R$

Fleet Rental

2,981 2,383 2,396

4,372

3,510 4,133

4,592 4,202 3,935

32,106 33,190 33,754 34,192

30,741

35,414 33,315

35,025 35,693

38,346

42,949

15,0 00

20,0 00

25,0 00

30,0 00

35,0 00

40,0 00

45,0 00

-

2,00 0

4,00 0

6,00 0

8,00 0

10,0 00

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Annualized average depreciation per car (R$) Average price of cars purchased - Fleet Rental

2,280

IPI Effect

5,0831,097

IPI Effect

5,408

Stable car priceRising car price Rising car price

2,803

4,311

The reduction of depreciation expenses is a result of the increase in new cars prices that reflects in the used cars prices

50

482.1 595.7

465.8

652.1 726.7 735.5

173.8 175.0

2010 2011 2012 2013 3T15 2015 4Q14 4Q15

*2012 EBIT was impacted by R$144.5 million of additional dep reciation related to IPI (sales tax) reduction.

Consolidated EBIT R$ million

Divisions 2010 2011 2012 2013 2014 2015 4Q14 4Q15

Car Rental 38.5% 38.8% 23.7% 32.8% 36.2% 34.3% 34.9% 28.7%

Fleet Rental 46.2% 45.6% 36.9% 45.1% 44.3% 48.9% 38.9% 49.9%

Consolidated 41.0% 41.1% 28.3% 37.1% 38.8% 39.1% 36.0% 35.4%

610.3 *

Even in a adverse scenario, EBIT grew R$8.7 million in 2015

250.5291.6

240.9

384.3 410.6 402.4

102.2 105.9

2010 2011 2012 2013 2014 2015 4Q14 4Q15

51

Consolidated net incomeR$ million

* Pro forma 2012 net income excluding additional depreciation related to the IPI tax reduction, net of income tax.

336.3 *

3.6% increase in net income when compared to 4Q14.

52

Free cash flow - FCFFree cash flow - R$ million 2010 2011 2012 2013 2014 2015

Ope

ratio

nsEBITDA 649.5 821.3 875.6 916.5 969.8 934.8

Used car sale revenue, net from taxes (1,321.9) (1,468.1) (1,520.0) (1,747.3) (2,018.2) (2,044.9)

Depreciated cost of cars sold (*) 1,203.2 1,328.6 1,360.2 1,543.8 1,777.0 1,769.1

(-) Income tax and social contribution (57.8) (83.0) (100.9) (108.5) (113.1) (110.7)

Change in working capital 54.5 (83.9) 37.1 2.9 (27.1) (30.0)

Cash generated by rental operations 527.5 514.9 652.0 607.4 588.4 518.3

Cap

ex -

Ren

ewal

s

Used car sale revenue, net from taxes 1,321.9 1,468.1 1,520.0 1,747.3 2,018.2 2,036.3

Fleet renewal investment (1,370.1) (1,504.5) (1,563.3) (1,819.7) (2,197.7) (2,278.4)

Net investment for fleet renewal (48.2) (36.4) (43.3) (72.4) (179.5) (242.1)

Fleet renewal – quantity 47,285 50,772 56,644 62,641 70,621 64,032

Investment, other property and intangibles investm ents (50.6) (59.9) (77.8) (47.5) (46.3) (29.7)

Free cash flow before growth, new headquarters and interest 428.7 418.6 530.9 487.5 362.6 246.5

Cap

ex -

Gro

wth

Fleet growth (investment) (540.3) (272.0) (55.5) (209.4) (286.8) 8.6

Change in accounts payable to car suppliers 111.3 32.7 (116.9) 89.7 334.4 (121.2)

Fleet growth (429.0) (239.3) (172.4) (119.7) 47.6 (112.6)

Fleet increase / (reduction) – quantity 18,649 9,178 2,011 7,103 9,183 (273)

Free cash flow after growth, and before interest an d new HQ (0.3) 179.3 358.5 367.8 410.2 133.9

Cap

ex –

HQ

Investment in the construction of the new HQ (0.5) (3.1) (2.4) (6.5) (55.7) (123.3)

Marketable securities – new HQ - - - - (92.6) 92.6

New headquarters construction (0.5) (3.1) (2.4) (6.5) (148.3) (30.7)

Free cash flow before interest (0.8) 176.2 356.1 361.3 261.9 103.2

Free cash flow

(*) without the technical discounts reduction up to 2010

53

Free cash flow - FCF

Fleet Profile# Number of cars in the fleet

57.3%42.7%47.1%52.9%

Compact

Cars

Other

models Compact

Cars Other

models

20152014

Cash Flow variation

Accounts payable to automakersR$ thousands

378.1 276.0

478.0 499.9

712.5

446.2 444.3 454.9

591.3

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

The share of compact cars was reduced by 10.2p.p. i n 2015

The anticipation of cars purchase in 4Q14 was paid in 2015

54

(1,588.6)(1,322.3)

Changes in net debt R$ million

Net debt12/31/2015

Net debt12/31/2014

(30.7)New

headquarters construction

Free cash flowbefore growth, interest

and headquarters

246.5

(139.3)Dividends

(27.5)Treasuryshares

purchased(112.6)

Change in accounts

payable to carssuppliersand fleetreduction

(202.7)Interest

The increase in net debt is due to dividends paymen t, share repurchases and new headquarters construction

-355.3 432.9

246.2

619.5 670.0 572.5

2015 2016 2017 2018 2019 2020 2021

55

Debt maturity profile (principal)R$ million

Cash

1,034.4

As of December 31, 2015

1,385.1

2015

-355.3 432.9 246.2

619.5

670.0 572.5

2015 2016 2017 2018 2019 2020 2021

As of December 31, 2015 – after debentures 10th issua nce

2015

1,034.4

1,385.1

770.0 672.5

New debentures issuance1,585.1*

Cash

*In 01/31/2016 Localiza’s cash position was R$1,337.0 after the payment to OEMs.

Cash strenghth after the 10 th debentures issuance

1,281.1 1,363.4 1,231.2 1,332.8 1,322.3 1,588.6

2,446.7 2,681.7 2,547.6

2,797.9 3,296.3

3,642.7

2010 2011 2012 2013 2014 2015

56

Debt - ratiosNet debt vs. Fleet value

BALANCE AT THE END OF PERIOD 2010(*) 2011 2012 2013 2014 2015

Net debt / Fleet value 52% 51% 48% 48% 40% 44%

Net debt / EBITDA 2.0x 1.7x 1.4x 1.5x 1.4x 1.7x

Net debt / Equity 1.4x 1.2x 0.9x 1.0x 0.8x 0.8x

EBITDA / Net financial expenses 5.0x 4.6x 6.3x 8.3x 6.4x 4.6x

(*) 2010 ratios based on USGAAP financial statemen ts

Net debt Fleet value

Comfortable debt ratios

57

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 Americ as

�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

58

Disclaimer

Website: www.localiza.com/ir E-mail: ri@localiza.co m Phone: 55 31 3247-7024

Roberto MendesCFO and IR

Nora LanariHead of IR

Eugênio MattarCEO

The material presented is a presentation of general backgro und information about LOCALIZA as of the date of the presenta tion. It is information in summaryform and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. No represen tation or warranty, express orimplied, is made concerning, and no reliance should be place d on, the accuracy, fairness, or completeness of the informa tion presented herein.

This presentation contains statements that are forward-lo oking within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of theSecurities Exchange Act of 1934. Such forward-looking stat ements are only projections and are not guarantees of future performance. Investors are cautionedthat any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and fac tors relating to the operations andbusiness environments of LOCALIZA and its subsidiaries tha t may cause the actual results of the companies to be material ly different from any future resultsexpressed or implied in such forward-looking statements.

Although LOCALIZA believes that the expectations and assum ptions reflected in the forward-looking statements are rea sonable based on informationcurrently available to LOCALIZA’s management, LOCALIZA ca nnot guarantee future results or events. LOCALIZA expressl y disclaims a duty to update any ofthe forward-looking statement.

Securities may not be offered or sold in the United States unl ess they are registered or exempt from registration under th e 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 anythingcontained herein shall form the basis of any contract or commitment whatsoever.

Maria Carolina CostaIR Manager

Mariana CampolinaIR Manager