Localiza Rent a Car S.A.
Confins airport branch – Belo Horizonte
24h reservation
0800 979 2000
www.localiza.com
1
Integrated business platform
f 28,080 cars
f 16,600 cars
f 172 agencies
f 405 clients
f 1.2 million clients
f 173 employees
f 1.861 employees
Synergies:
cost reduction
cross selling
bargaining power
f 7, 102 cars
f 22,585 cars sold
f 179 agencies
f 32 points of sale
in 9 countries
f 83% sold to final
consumer
f 24 employees
f 407 employees
This integrated business platform gives Localiza superior performance
Data-base: 9M07
2
Strategy by division
Core Businesses
9 Increase market leadership maintaining high return
9 Add value to the brand by expanding the network in
Brazil and South America
Support
9 Create value taking advantage of the integrated
business platform synergies
9 Add value to the businesses, reducing depreciation as
a competitive advantage
3
Breakdown per division
2006
Revenue
Profit
EBITDA
Franchising
1%
Car rental
31%
Franchising
2%
Seminovos Franchising
1%
9%
Fleet rental
45%
Car rental
48%
Seminovos
52%
Fleet rental
17%
Car rental
54%
Fleet rental
42%
Revenues
Ebitda
Profit
Car rental
31%
48%
54%
Fleet rental
17%
42%
45%
Used cars
51%
9%
*
1%
1%
1%
100%
100%
100%
Franchising
Total
*Profit (loss) alocated in the rental divisions
4
Growth opportunities
GDP elasticity
Consolidation
Air traffic
Credit cards
Fleet outsourcing
Replacement
5
Growth opportunities: GDP
Accumulated growth rate – rentals
5.7x
2.6x
2004
2005
GDP
Sector
2006
Localiza
Localiza’s average annual revenue growth was 5.7x the average annual GDP.
The Brazilian car rental market grew 2.6x the GDP in the same period.
Source: Bacen, Abla and Localiza
6
Growth opportunities: Air traffic
Air traffic evolution
¾
Number of travelers has
increased 13% CAGR
¾
Localiza has strong leadership
in airports
¾
Localiza’s airport agencies has
been grown in average 2 times
faster than the number of
passengers deplaned
(Millions of passengers per year)
13%
CAGR: +
96
102
83
71
2003
2004
2005
2006
Air traffic is an important driver for car rental industry
Source: Infraero
7
Growth opportunities: Credit cards
# of credit cards (million)
18%
CAGR: +
79
68
48
2003
53
2004
2005
¾
79 million credit cards
¾
39,5 million credit cards holders
¾
37% of car rental revenues came
through credit cards in 2006
2006
Having a credit card is a requirement to rent a car in Brazil and in USA
Source: Abecs
8
Growth opportunities: Replacement market
X
Replacement is a growing market in Brazil
9
Brazil has 34 million cars but only 9.2 million insured
9
The accident rate is 16.5% / year
9
The potential market is 10.6 million of daily rentals (2.5 x the car
rental division in 2006)
Localiza is very well positioned to capture this growth due to its
geographic footprint
Source: Fenaseg and Denatran
9
Growth opportunities: Fleet outsourcing
Large
Large potential
potential market
market with
with low
low penetration
penetration due
due to
to lack
lack of
of culture
culture
Focus
Focus of
of corporations
corporations on
on their
their core
core businesses
businesses
Fixed
Fixed asset
asset reduction
reduction by
by companies
companies (increase
(increase their
their asset
asset turnover)
turnover)
Renting
Renting aa fleet
fleet can
can be
be more
more economic
economic than
than owning
owning itit
10
Growth opportunities: Consolidation
US Market share 2005
Airport segment*
US$10BN
DTG
11%
Others
2%
Off-airport segment*
US$10BN
Enterprise /
Vanguard
27%
Hertz
28%
Avis/Budget
32%
All others
19%
Avis Budget
7%
Enterprise
65%
Hertz
9%
USA: 4 companies hold 93% of market share (Auto Rental News)
Source:*Avis presentation nov/06 - local segment share amounts are company estimates
** National/Alamo prospectus, NYSE/SEC, September 20, 2006
11
Growth opportunities: Consolidation
Airport and off airport market - Brazil
Airport segment*
Off-airport segment*
agencies
agencies
Unidas**
31
Avis**
32
Hertz**
31
Others**
41
Localiza*
83
Localiza*
215 Hertz**
61 Avis**
50
Unidas**
47
Others***
1948
Source: *Localiza as of 08/07/07
**Each company website, 08/07/07
*** Assuming that each local player has one agency
The main car rental networks are concentrated in airport market
Off-airport market is fragmented among almost 2,000 small local car rental companies
12
Localiza is increasing its market share
Localiza’s market share – car and fleet rental
2004
Localiza
15.5%
2005
2006
Localiza
Localiza
17.9%
20.5%
2006 car rental market share
2006 fleet rental market share
29.0%
13.3%
Source: ABLA and Company, based on revenues
13
Competitive advantages
Gains of
scale
Integrated platform
Pricing
strategy
Geographical distribution
Yield management
Lower interest rate
Know-how
Strong brand
State of the art IT
Depreciation
Car resale inventory as a buffer
Market share
increase
Higher
competitiveness
14
Competitive Advantages: Integrated business platform
Fleet rental
Car rental
Localiza
Franchising
Used Car Sales
This integrated business platform gives Localiza superior performance
15
Competitive Advantages: Largest distribution
Nationwide
Nationwide
presence
presence
Strategic
Strategic
locations
locations
International
International
footprint
footprint
351 agencies in 9 countries
16
Competitive Advantages: Largest distribution
Agencies in Brazil
Cities in Brazil
298
213
92
Localiza
82
Hertz
Avis
78
Unidas
65
Localiza
57
Hertz
Avis
50
Unidas
Localiza network is larger than the second, the third and the fourth
competitors combined in number of agencies and cities.
Source: Each company website as of August 7,2007
17
Competitive Advantages: Yield management
Localiza adjusts its prices based on supply & demand according to:
Competition
Competition
Market
Market
Demand
Demand
Events
Events
Volume
Volume per
per customer
customer
Yield management allows Localiza to be more competitive and profitable
18
Competitive Advantages: credit with lower interest rate
Moody’s debt rating as of August, 2007 (Global scale)
Baa2
Ba1
Ba2
Ba3
Ba3
B1
B1
Enterprise
Localiza
Avis Budget
Hertz
Europcar
Dollar
Thrifty
Vanguard
Standard & Poors’ corporate rating as of May, 2007 (Local Currency)
Localiza Rent a Car S.A.
brAA-/ Stable /--
TAM S.A.
brAA-/ Stable /--
Gerdau S.A.
brAA+/ Watch Positive /--
CPFL Energia S.A
brAA-/ Stable /--
Klabin S.A.
brAA-/ Stable /--
Banco Citibank S.A.
brAA+/ Positive /brA-1
Banco Votorantim S.A.
brAA+/ Stable /brA-1
Unibanco Asset Management
brAA+/ Positive /brA-1
Localiza has one of the best rating among its international peers
19
Competitive Advantages: Know-how
X
Deep knowledge of the business
X
State-of-the-art systems
X
Operational excellence
X
Adoption of best practices
X
Stable management
Localiza has a strong know-how in car rental industry
20
Competitive Advantages: Brand recognition
Top of mind
X
High quality of services
X
Customer satisfaction
X
Strong nationwide presence
X
International franchising program
X
High standards of ethical behavior
Most consumed car rental brand according to America Economia Magazine ranking
21
Competitive Advantages: State of the art IT
Hand held
GPS
¾ Proprietary softwares
¾ Speed in transaction time
¾ Better operational control
¾ Customer satisfaction
¾ On-line network
¾ Cost reduction
IT provides all the information necessary for decision-making
22
Competitive Advantages: Depreciation
Depreciation vs. Car prices increase
2.000
1.500
11%
9.8p.p.
1,52.3
9%
7%
1.000
500
5%
939.1
4.7p.p.
3.7p.p.
492.3
322.9
2003
2004
2005
3%
416.5
0.9p.p.
2006
1.0 p.p.
9M07 annualized
(500)
(1.000)
1%
-1%
-3%
Average depreciation per car
Real increase in the new car prices
-5%
Depreciation: Localiza vs. Peers (% over car rental revenues)
Localiza (car rental division)
5%
Hertz
22%
DTG
23%
Sixt
22%
Localiza has the lowest depreciation rate among its peers
23
Competitive Advantages: Depreciation
Strong ties with the automakers
Purchased cars
33,520
26,105
22,182
15,062
2003
X
X
2004
2005
2006
In 2006 Localiza purchased almost R$1 billion in cars
Localiza and its Franchisees represented in 2006
9
3.9% of FIAT internal car sales
9
2.7% of GM internal car sales
9
1.8% of the Brazilian internal car sales
Localiza has better conditions due to its large scale
24
Competitive Advantages: Car resale inventory as a buffer
2006- Rented cars
Buffer
Buffer
Buffer
Buffer
1
13
jan
25
37
fev
49
61
73
mar
85
97
abr
109 121 133 145 157 16 9
mai
jun
181 19 3 20 5 217 2 29 24 1 25 3 26 5 2 77 2 89 3 01 3 13 32 5 3 37 34 9 3 61
jul
ago
set
out
nov
dez
Car resale inventory is used as a buffer during peaks of demand
25
Financials
26
9M07 Car rental financial cycle
1-year cycle
Financing
Net car sales revenues
25.4
25.8
Revenues = 19.3
1
2
3
4
5
Expenses = 10.9
8
9
25.8
10
11
12
28.9
Car acquisition
Financial payment
Car rental
R$
%
19,3
100,0%
(8,2)
-42,3%
(2,7)
-14,0%
Per operating car
Car rental revenue
Costs
SG&A
Net car sale revenue
Book value of car sale
EBITDA
Depreciation
Interest on debt
Interest on equity
Tax ( 30% )
NET INCOME
Net income per car/year
Used cars
R$
%
27,2
100,0%
(0,1)
-0,3%
(1,8)
-6,4%
25,4
(24,3)
-89,4%
8,4
43,7%
1,0
3,8%
(0,5)
-2,8%
(0,2)
-0,9%
(0,1)
-0,6%
(1,5)
-5,4%
(1,7)
-6,3%
(2,3)
-12,1%
0,7
2,6%
5,4
28,1%
(1,7)
-6,2%
R$ 3,8 or 15% of purchase price
27
9M07 Fleet rental financial cycle
Net car sales revenues
Financing
2-year cycle
32.2
27.3
Revenues = 31.0
1
2
3
4
5
Expenses = 9.7
20
21
22
23
24
32.2
36.0
Car acquisition
Financial payment
Fleet rental
R$
%
31,0
100,0%
(8,2)
-26,6%
(1,5)
-4,8%
Per operating car
Fleet rental revenue
Costs
SG&A
Net car sale revenue
Book value of car sale
EBITDA
Depreciation
Interest on debt
Interest on equity
Tax ( 30% )
NET INCOME
Net income per car/year
Used cars
R$
%
28,8
100,0%
(0,1)
-0,3%
(1,4)
-5,0%
27,3
0,0%
(26,5)
-92,1%
21,3
68,7%
0,8
2,7%
(0,1)
-0,3%
(3,9)
-13,5%
(0,1)
-0,4%
(2,7)
-9,2%
(2,7)
-9,4%
(6,3)
-20,4%
2,5
8,8%
15,0
48,3%
(5,9)
-20,6%
R$ 4,5 or 14% of purchase price
28
3Q07 Highlights
(R$ million, USGAAP)
Rrental revenue (rental and franchising)
Total net revenue
168.3
33.5%
382.8
143.2
3Q07
3Q06
17.5%
286.8
3Q06
Net income
EBITDA
30.4%
50.4
104.7
80.3
3Q06
3Q07
38.8%
36.3
3Q07
3Q06
3Q07
29
Localiza has been presenting a consistent growth…
(R$ millions. USGAAP)
Revenue evolution
34.4%
Daily rental evolution – car rental
CAGR: 16.9%
590
633
448
90
145
85
160
1997
1998
1999
2000
151
191
251
270
286
281
331
429
2001
2002
2003
2004
2005
Aluguéis
555
485
2006
9M07
Venda de carros
Thousands
86
127
89
221
1,317.4
1,299.,0
1,085.2
1,059.5
303
1,435.6
1,230.6
1,292.6
1,035.2
875.7
761.0
739.5
537.7
518.1
643.0
714.1
EOP fleet evolution
26.6%
CAGR: 15.0%
1Q
46.003
44.680
2Q
2004
3Q
2005
2006
4Q
2007
35.865
28.699
24.579
22.845
22.355
2002
2003
19.821
14.339
10.783
11.006
1997
1998
Daily rental evolution – fleet rental
1999
2000
2001
2004
2005
2006
9M07
EBITDA evolution
25.3%
311
278
CAGR: 24.9%
288
Thousands
1,199.2
1,005.6
1,254.7
1,022.5
1,318.3
1,070.8
869.0
763.0
751.0
1,089.5
953.9
765.0
705.9
689.7
659.8
198
134
42
1997
62
1998
154
150
152
85
1999
1Q
2004
2000
2001
2002
2003
2004
2005
2006
2Q
2005
3Q
2006
4Q
2007
9M07
30
...maintaining profitability...
(R$ million, USGAAP)
Net revenue
CAGR (*): 34.4%
42.9%
1.145,4
876,9
634,4
6,5
303,0
448,2
2004
2005
CAGR (*): 25.5%
33.5%
632,8
377,4
2006
311,5
278,2
5,8
286,8
399,0
479,1
9M06
9M07
3Q06
20.1%
1,2
36,6
3Q07
2004
288,4
2,4
22,0
19.9%
281,8
216,0
2005
2,9
34,5
233,8
30.5%
35.0%
160,0
2,9
26,8
3,2
59,0
197,8
382,8
1,9
1,9
214,5
143,6 17.8%
166,4
141,3
30.2%
547,4
23.4%
5,6
782,2
590,3
324,9
1.117,5
7,7
8,2
29.4%
420,5
EBITDA
209,4
2006
9M06
251,0
9M07
30.4%
80,3
104,7
1,0
12,2
4,0 0,9 21.4%
91,5
75,4
3Q06
3Q07
Net income
CAGR (*): 23.5%
24.4%
138,2
1,9
106,5
90,6
40.2%
30.5%
109,1
-18,6
2004
-38,0
2005
Rental
-63,3
2006
150,1
166,9
-44,8
9M06
-34,5
9M07
Used car sale
35.3%
36,3
11.1%
199,6
142,4
134,3
2,1
1,6
2,1
0,2
106,8
0,4 10.4%
50,4
0,8
55,1
61,0
-19,2
3Q06
-11,4
3Q07
Franchising
31
…and consistent EBITDA margins
Margin per division
2004
2005
2006
9M6
9M07
Car Rental
40.1%
45.3%
42.1%
43.5%
43.6%
Fleet Rental
63.4%
62.4%
69.1%
69.0%
68.7%
Consolidated Rental
49.2%
51.4%
51.5%
52.5%
52.4%
Seminovos (Used car sales)
12.1%
13.2%
4.5%
5.8%
5.5%
Franchising
18.5%
39.0%
37.7%
41.4%
51.8%
Total EBITDA / rental revenue
59.7%
64.9%
56.1%
57.8%
59.5%
32
Localiza’s car rental division continues to increase its
network…
Owned car rental agencies
27
28
34
172
145
117
83
2004
2005
2006
9M07
27 new agencies
33
...with the highlight for the increase on off-airport agencies
Car rental revenue breakdown
Revenue increase
2006
3Q07
9M07
Airports
16.0%
8.7%
12.1%
Off-airports
46.7%
17.8%
24.1%
100%
100%
100%
100%
47%
46%
41%
38%
53%
54%
59%
62%
2004
2005
2006
9M07
Off-airport agencies
Airport agencies
The geographical expansion strategy protects Localiza from the air-traffic crisis.
34
Solid improvement of productivity...
Utilization rate – car rental division
2.9 p.p.
4.9 p.p.
65,5%
60,6%
58,8%
2004
2005
69,3%
66,4%
The increase of productivity reduced
the investment in fleet
2006
9M06
9M07
Buying and selling of cars
# of cars - thousands
Net investment – R$ million
+340.0
+10.3
+241.8
+190.1
+7.3
-25.8
+6.5
2.8
33,5
15,7
-0.9
128.8
690,0
26,1
22,2
930,3
18,8
23,2
17,7
21,6
22,5
590,3
493,1
14,9
448,2
506,2 377,4
607,0 632,8
303,0
2004
2005
2006
9M06
9M07
2004
Purchased
2005
2006
9M06
9M07
Sold
35
…and low cost of depreciation…
2.000
1.500
1,52.3
11%
9.8p.p.
9%
7%
1.000
500
322.9
2003
5%
939.1
4.7p.p.
2004
3.7p.p.
492.3
3%
416.5
0.9p.p.
2005
2006
1.0 p.p.
9M07 anualizado
(500)
1%
-1%
-3%
(1.000)
-5%
Average depreciation per car
Real increase in the new car prices
2003
Increase of new car (Pálio)
Inflation IPCA
Real increase in the new car prices
% depreciation over rental revenues
2004
2005
2006
9M07
14.0%
17.4%
9.4%
4.0%
3.8%
9.3%
7.6%
5.7%
3.1%
2.8%
4.7 p.p.
9.8 p.p.
3.7 p.p.
0.9 p.p.
1.0 p.p.
9.2%
1.8%
2.9%
5.2%
1.6%
36
...contribute to the reduced net investment for fleet renewal…
Average net investment per car for renewal
– R$ thd
3
3.1
,5
9.8p.p.
2.6
2.6
3.7p.p.
0.3
0.9p.p.
1.0p.p.
0
0
2004
2005
2006
Net investment per car
,0
%
9M07
Real increase in the new car prices
Net investment per car – R$ Thds.
2004
2005
2006
9M07
Average purchase price
21.9
26.0
27.6
27.7
Average selling price
18.8
23.4
25.0
27.4
3.1
2.6
2.6
0.3
14.2%
10.0%
9.4%
1.1%
Net investment
% over average purchase price
The increase in the new car price in line with inflation contributes for the
reduction of the expenditure for fleet renewal.
37
…resulting in the increase of the free cash flow
(R$ millions. USGAAP)
Free cash flow before growth
340,7
9.8p.p.
222,0 *
3.7p.p.
30,3
7.6%
32,7
99,5
118,7
.7%
262
1.0p.p.
0.9p.p.
2004
2005
2006
9M07
* Impact on the cash flow due to extraordinary increase in automakers account
2004
2005
2006
9M07
156.9
245.5
268.8
243.9
15.7
49.9
(217.4)
81.9
141.2
195.5
486.2
162.0
(100.6)
(134.8)
(112.9)
(42.9)
30.3
32.7
340.7
99.5
Car acquisition - growth
(143.8)
(194.0)
(287.0)
-
Free cash flow
(113.5)
(161.3)
53.7
99.5
Cars purchased (thousands)
22,2
26,1
33,5
21,6
Cars sold (thousands)
15,7
18,8
23,2
22,6
EBITDA after taxes
Working capital variation
Cash generated by operating activities
Net car acquisition –renewal
Free cash flow before growth
38
The debt was elongated and the cost of debt was reduced
(R$ millions. USGAAP)
Debt amortization chronogram
108.5% of CDI
1st debentures issue
350.9
CDI + 0.44%
2nd debentures issue
116.5
117.3
0.9
2007
2008
2009
67.0
66.7
66.7
2012
2013
2014
0.9
2010
2011
Final period balance
2004
2005
2006
9M07
Net debt / fleet
46%
60%
36%
49%
49% / 51%
58% / 42%
41% / 59%
52% / 48%
Net debt / EBITDA (USGAAP)
1.3x
1.9x
1.4x
1.6x*
Net debt / EBITDA (BRGAAP)
1.1x
1.5x
1.0x
1.1x*
Net debt / Market cap
35%
30%
10%
16%
Net Debt (R$ million)
281
539
443
616
Net debt / Net equity
* Annualized
39
Constant increase in the value added to shareholders
EVA
R$ / mil
200
40%
24.8%
24.6%
100
16.9%
15.7%
39.3
55.7
2004
2005
18.7%
19.5%
11.0%
76.3
10.8%
102.2
-
20%
0%
2006
EVA
2004
9M07 anualizado
WACC
2005
ROIC
9M07
annualized
2006
Variation
ROIC
24.6%
24.8%
18.7%
19.5%
0,7 p.p.
WACC nominal
16.9%
15.7%
11.0%
10.8%
(0,2) p.p.
7.7
9.2
7.7
8.6
0,9
509,206
608,207
988,112
1,183,338
195,226
39,340
55,703
76,346
102,154
25,808
16,363
20,643
25,808
-
Spread (ROIC-WACC) - p.p.
Capital investment - R$ Thds. (1)
EVA - R$ Thds.
EVA increase
(1)
For the EVA® calculation. we used the Average Capital of the period
40
132%
4.6
2005
Price
Average daily traded volume
R$ million
10.6
2006
2005
9M07
2006
Volume RENT3
Performance
RENT3
IBOV
2005
+149%
+38%
2006
+124%
+33%
2007
-13%
+36%
Since IPO
+388%
+150%
2007
25
20
13.7
15
150%
80
10
60
5
40
0
RENT3
Volume-R$ thousand
29%
23
-M
7- ay
21 Jun
-J
u
5- n
19 Jul
2- -Ju
16 Au l
g
30-Au
- g
14 Au
- g
28 Se
- p
13 Sep
27 Oc
11 -O t
- c
28 No t
- v
12 No
- v
26 De
- c
10 De
c
24-Ja
-J n
8 an
22 -Fe
- b
10 Fe
- b
24 Ma
-M r
7- ar
25 Ap
r
10 -Ap
- r
24 Ma
-M y
7 ay
22-Ju
-J n
u
6- n
20 Jul
3- -Ju
17 Au l
g
31-Au
- g
15 Au
-S g
29 e
- p
16 Se
- p
30 Oc
14 -O t
- c
30 No t
- v
14 No
-D v
2- ec
16 Jan
31 Ja
n
14 -Ja
-F n
2- eb
16 Ma
30 Ma r
- r
16 Ma
30-Ap r
r
15 -Ap
- r
29 Ma
-M y
13 a
- y
27 Ju
- n
12Ju n
26 Ju
l
9- -Ju
23 Au l
-A g
u
6 g
21-Se
-S p
ep
RENT3 liquidity
RENT3 X IBOV
388%
120
100
20
0
IBOVESPA
From 05/23/05 (IPO) to 09/28/07
RENT3 was the 62ª most traded stock at Bovespa in the last 12 months
41
Industry benchmarks - LTM
Total Net Revenue
(rentals and car resale)
717.89
-
-
2,045.62
-
Rental Net Revenue
316.20
8,328.37
1,727.10
1,717.03
1,787.75
EBITDA
177.33
3,140.82
646.41
595.784
352.89
EBITDA Margin (over rental revenues)
56.09%
37.71%
37.43%
34.70%
19.74%
78.49
168.47
23.71
107.131
1.08
24.82%
2.02%
1.37%
6.24%
0.06%
P/E 2007
17.88
16.41
13.34
11.53
28.31
EV/EBITDA 2007
10.39
8.06
29.55
4.01
3.43
South
America
Worldwide
USA
Germany and
abroad
Europe,
Middle East
and Africa
Net Income
Net Margin (rentals)
Coverage
Source: Reuters Knowledge on 09/18/2007. US$ thousand, converted to US Dollar at the EOP exchange rate.
42
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.J
43
Thank you!
RI Localiza:
www.localiza.com/ir
tel: (31) 3247-7039
44