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Institutional Presentation
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March, 2014
Localiza Rent a Car S.A.
Institutional Presentation
2
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Outsourcing
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 4Q13
Agenda
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 Outsourcing
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
12/31/2013 – Market cap of US$3.0 biwith ADTV of R$40.8 million
1973 1982 1983 2004 2005 2013
4
Company: integrated business platform
Synergies:
bargaining power
cost reduction
cross selling
� 14.233 cars
� 193 locations in Brazil
� 63 locations in South America
� 35 employees
� 61.6% sold to final consumer
� 74 stores
� 1,020 employees
� 70,717 cars
� 3.8 million clients
� 286 locations
� 4,394 employees
� 32,809 cars
� 760 clients
� 350 employees
This integrated business platform gives Localiza flexibility and superior performance.
Based on the 4Q13
5
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 Outsourcing
Total Fleet, offering customized fleet for 2-3 years terms.
Total 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 65% of used cars directly to the final customer, thereby maximizing the residual value of used rental cars.
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.
6
Net car salerevenue R$25.51 year cycle
Car Rental Financial Cycle
R$27.0Car acquisition
1 2 3 4 5 6 7 8 9 10 11 12Expenses, interest and tax
Revenue
Spread11.1p.p.
Total
1 ano
R$ % 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 sold 25,5 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
NOPAT 4,6
ROIC 17,1%
Cost of debt after taxes 6,0%
Car Rental Seminovos
Per car soldPer operating car
7
Net car salerevenue R$24.42 year cycle
Fleet Outsourcing Financial Cycle
Spread11.1p.p.
R$33.3Car aquisiton
1 2 3 4 5 6 19 20 21 22 23 24Expenses, interest and tax
Revenue
Total
2 anos
R$ % 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 sold 24,4 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 year 8,4 45,7% (3,5) -26,3% 4,9
NOPAT 5,7
ROIC 17,1%
Cost of debt after taxes 6,0%
Per operating car
Fleet Rental Seminovos
Per car sold
8
Spread (ROIC minus cost of debt after taxes)
(*) 2008 and 2012 ROIC were calculated excluding additional fleet depreciation that was treated as equity loss since they were extraordinary non-recurring events caused by external factors (IPI reduction for new cars), following the concepts recommended by Stern Stewart.
10.9% 8.4% 8.8% 7.6% 7.3% 8.6% 6.3% 6.0%
18.7%21.3%
17.0%
11.5%
16.9% 17.1% 16.1% 16.5%
2006 2007 2008 2009 2010 2011 2012 2013
7.8p.p. 12.9p.p. 8.2p.p.4.0p.p.
9.6p.p. 8.5p.p.10.5p.p.9.8p.p.
ROIC Cost of debt after taxes
Financial crisis effect
505.9 608.2 745.2
883.1 1,087.1 1,096.3
1,382.1 1,605.4 1,703.0
2004 2005 2006 2007 2008 2009 2010 2011 2012
9
Rental revenues evolution
3.585,6 3.520,6 3.510,5 3.659,4 3.884,6 4.045,4 4.381,8 4.433,3 4.527,0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Localiza’s rental revenues at constant prices
Sector’s revenue at constant prices (ex- Localiza)
The Company grew at an average of 4.2x GDP and 5.5x the sector.
GDP 5.7% 3.2% 4.0% 6.1% 5.2% -0.3% 7.5% 2.7% 1.0%
Average GDP growth: 3.9%
Source: ABLA (Brazilian Car Rental Association) and Localiza.
10
Raising money
Renting cars Selling carsBuying
cars
Cash to renew the fleet or pay debt
$
$
Profitability comes from rental divisions
Competitive advantages: 40 years of experience in managing assets
11
Competitive advantages: raising money
Global Scale
National Scale
Localiza raises money with lower spreads when compared to Brazilian competitors.
As of March, 2014.
BBB FitchBaa3 Moody’sBBB- S&P
BBB+ S&P B+ S&P B+ Fitch B1 Moody's
brAAA S&P Aa1.br Moody’sAAA(bra) Fitch
brAA- S&PA+ (bra) Fitch
brA S&P A (bra) Fitch
brA+ S&PA+ (bra) Fitch
A(bra) Fitch
Raisingmoney
Buyingcars
Renting CarsSellingCars
12
Competitive advantages: buying cars
Localiza buys cars with better conditions due to the volume of purchases.
Number of cars purchased - 2012
* Includes Franchising
Localiza Unidas Locamerica
67,492
15,3769,522
*
Source: each company website
Localiza’s share in the internal sales of the major OEMs - 2013
2.6%
Raisingmoney
Buyingcars
Renting CarsSellingCars
110
14551
13
The Company is present in 254 cities where the other largest networks do not operate.
Competitive advantages: renting cars
Know HowBrand Brazilian distribution
# o
f b
ran
ch
es
# o
f cit
ies
Localiza Hertz Unidas Avis
Source: Brand Analytics and each company website (Localiza and Peers, as of September , 2013)
477
306
Raisingmoney
Buyingcars
Renting CarsSellingCars
343
86 7138
14
Sales to final consumer
Competitive advantages: selling cars
Selling directly to final consumer reduces depreciation.
Cars available for sale are used by car rental division during peaks of demand.
Raisingmoney
Buyingcars
Renting CarsSellingCars
Buffer: additional fleet
2012 Industry overview
Source: ABLA, Companies’ Financial Statements. **Ouro Verde: Net Rental Revenue, operates only fleet rental***Investiment = Average shareholders’ Equity + Average Net Debt 15
Gross Rental Revenues(R$ million)
1,703.0 435.6 336.9 807.5 151.1**
Fleet (End of period ) 109,194 33,187 29,252 22,200 15,836
ROIC (NOPAT/Investment***)
17.3% 3.9% 6.9% 6.9% 8.9%
Net Debt/ EBITDA 1.4x 1.7x 2.9x 3.7x 3.3x
Net Debt/ Equity 0.9x 0.6x 1.4x 2.3x 4.0x
16
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Outsourcing
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 4Q13
Agenda
17
Car Rental overview
65.9%Compact cars
2013 Fleet composition
70,717 cars
34.1%Others
Net Revenues (R$ million)
Corporate fleet size
47,517
64,688 70,717
2009 2011 2013
4,668 5,793
7,940 8,062
10,734
12,794 13,749 14,242
3,560 3,714
2006 2007 2008 2009 2010 2011 2012 2013 4Q12 4Q13
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
151180 200
240260 300
350380
415465
510545
622678
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$) Daily rental price over minimum salary (%)
Car rental affordability
29
7082 89 90
2003 2010 2011 2012 2013
Investments in Brazil (2014-2017)(R$ 3.982 billion)
1.505
1.100 867
510
Services andAgriculture
Industry Housing Infraestructure
19
Distribution
Car rental distribution (Brazil)
254 279 312 346381 415 449 474 479
2005 2006 2007 2008 2009 2010 2011 2012 2013
20Source: Abla and each company’s website (September, 2013)
Off-airport market is still fragmented.
Airport locations Off-airport locations
Car Rental Locations in Brazil
2012 Share – Car Rental
Source: Euromonitor for revenue , ABLA for fleet and Companies’ Financial Statements.21
Rental RevenuesR$2,781.2 million
Others53.8%
30.9%
4.6%
6.5%Unidas
Fleet210,506 cars
Characteristics of Car Rental network in Brazil:
� Complex chain management
� High fixed-cost structure
� Market consolidated in airports and fragmented in off-airport locations
� High barrier to entry
� Capital intensive
35.5%41.8%
2.5%Hertz
Others46.8%
2.8%Avis
6.1%Unidas
2.1%Avis
2.1 Hertz
22
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Outsourcing
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 4Q13
Agenda
23
Number of clients
Fleet Outsourcing overview
38.0%Compact cars
2013 Fleet composition
32,809 cars
62.0%Others
584687 760
2009 2011 2013
Net Revenues (R$ million)
184.0 219.8 268.4 303.2
361.1 455.0
535.7 575.9
137.9 142.9
2006 2007 2008 2009 2010 2011 2012 2013 4Q12 4Q13
24Source: ABLA 2012 Yearbook and Datamonitor
Approximately 50% of targeted fleet is not outsourced.
Outsourced fleet penetration
Corporate fleet:
5,000,000*
Rented (outsourced) fleet:
279,042
32,809
Brazilian Market World
5.4%8.9%
13.3%16.5%
24.5%
37.4%
46.9%
58.3%
Bra
zil
Poland
Cze
ch R
epublic
Ger
man
y
France
Spain Uk
Holla
nd
Drivers
*Estimated
2012 Share – Fleet Outsourcing
25
Others65.5%
16.0%
1.6%
Unidas
Locamérica
Rental RevenuesR$3,448.8 million
Others70.1%
11.5% 0.9%
Unidas
Locamérica
Fleet279,042 cars
Characteristics of the Fleet Outsourcing business in Brazil:
� Scale of little relevance after initial scale (10,000 cars)
� Risk of forecast of car residual value by the end of the contract (depreciation)
� Low entry barrier
17.6%
12.4%
Source: Euromonitor for revenue , ABLA for fleet and Companies’ Financial Statements.
7.1%
9.8%
7.0%
10.5%
26
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Outsourcing
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 4Q13
Agenda
27
Combining Localiza’s brand with a growing network of stores
enables the Company to continuously sell thousands of cars at market prices.
# of points of sale
Car sales – operating data
2632 35
49 5566
73 74
2006 2007 2008 2009 2010 2011 2012 2013
+1
28
Income increase and credit availability are the major drivers for car sales.
Source: O Estado de São Paulo, as of 08/16/13 (based on researches of Sindipeças).
Used car sales drivers: affordability and penetration
# of inhabitants per car (2012) # of inhabitants per car - Brazil
5.2
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
8.0 7.9 7.4
6.9 6.55.9 5.5 5.2
2005 2006 2007 2008 2009 2010 2011 2012
2.9
3.8
6.0 5.8
8.0
9.9
10.7
12.9
7.06.7
7.1 7.3 7.1
8.48.9 9.0
1.6 1.82.3
2.73.0
3.3 3.5 3.6
29
4.4x3.7x
3.1x 2.7x2.4x 2.5x 2.5x
2005 2006 2007 2008 2009 2010 2011 2012
2.6x
Brazilian car market: new x used car market and affordability
Individuals with affordability to buy a car*
New cars
Used cars
Source: FENABRAVE (Autos + light commercial) and Bradesco
* Population with affordability to buy a new compact car (R$25,000) with 20% downpayment, prices as of December 2012
30
2012 Up to 2 years409.121
2013 Brand new3,579,903
2013 Used cars9,434,225
0.7% 1.8% 13.9%
Car sales – operating data
Source: Anfavea and Fenabrave
23.174 30.093
34.281 34.519
47.285 50.772 56.644
62.641
12.764
17.999
2006 2007 2008 2009 2010 2011 2012 2013 4Q12 4Q13
# of cars sold (Quantity)
31
Examples
• Dealers• Fiat, VW, Ford, GM most
successful• Auto Brasil
• Rental operators• Locamerica, Hertz
• Retailers• “Loja do carro”
• “Auto malls” and “Cidade do automóvel”
Strengths*
• Brand and perceived image/ experience
• Support often directly from the OEM’s
• Flexibility in trade-in cars• Strong media presence
• Tailored to popular customer demand at purchase, hence likely to be an attractive value proposition when for sale
• Often appeal to lower income classes, with older cars
• Occasionally specialized in niches
• Comfort and convenience
• Variety of models and brands
• Flexibility in exchange
Weaknesses*
• Used cars not a core business
• Cars often older than 2 years
• Stigma about heavy usage during rental car years
• Weak retail network• Geographical
concentration (SP)• Lower media presence
• No brand recognition (lower reputation market)
• Financing options with higher interest rates
• Lower media presence
• Cars often older than 2 years
• It hasn’t been successful
Points of sale • 3,714 (Anfavea)• 25 (Unidas, Locamerica,
Avis and Hertz website).• 45,600 (Fenauto) • 71 (Fenauto)
Main players
*Source: Roland Berger
32
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Outsourcing
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 4Q13
Agenda
33
2013 Consolidated breakdownR$ million
Net Revenues EBITDA
11%
41%
48%
50%
16% 34%
Company’s profitability comes from Car Rental and Fleet Outsourcing Divisions.
EBIT*
40%
60%
Net revenues EBITDA EBIT Net income
1,183.0 440.0 392.3 225.3
575.9 377.3 259.8 159.0
1,747.3 99.2 * *
Consolidated 3,506.2 916.5 652.1 384.3
*Seminovos results recorded in the Car Rental and Fleet Outsourcing Division.
34
Consolidated Net RevenuesR$ million
537.4 655.0 842.9 898.5 1,175.3 1,450.0 1,646.7 1,758.9
432.9 458.3
588.8 850.5
980.8 922.4 1,321.9
1,468.1 1,520.0 1,747.3
362.6 505.6
2006 2007 2008 2009 2010 2011 2012 2013 4Q12 4Q13
1,126.21,505.5
1,823.7
2,918.1 3,506.2
1,820.9
2,497.2
3,166.7
Rental Seminovos
795.5 963.9
35
Consolidated EBITDA R$ million
311.3403.5
504.1 469.7
649.5821.3 875.6 916.5
226.3 236.0
2006 2007 2008 2009 2010 2011 2012 2013 4Q12 4Q13
Excluding accessories and freight for new cars, recorded in the cost line,Car Rental EBITDA margin would be 39.9% in 4Q13 and 39.3% in 2013.
Divisions 2006 2007 2008 2009 2010 2011 2012 2013 4Q12 4Q13
Car Rental 43.4% 46.0% 45.9% 41.9% 45.3% 46.9% 42.7% 39.3% 43.1% 39,9%
Fleet Outsourcing 71.4% 71.3% 69.1% 68.7% 68.0% 68.6% 67.2% 65.9% 67.8% 65,2%
Rental Consolidated 52.9% 54.5% 53.3% 51.1% 52.3% 53.8% 50.8% 48.2% 51.2% 48,0%
Used Car Sales 4.6% 5.5% 5.6% 1.1% 2.6% 2.8% 4.2% 5.7% 3.9% 4.9%
EBITDA margin excluding accessories and freight for new cars in 2012 and 2013:
2,383.3 2,395.8
5,083.14,371.7
3,509.74,133.0
4,311.3
4,592.31,096.9
2006 2007 2008 2009 2010 2011 2012 2013
939.1332.9
2,546.0 2,577.0
1,536.0 1,683.9
1,895.8
1,452.4
2,076.6
2006 2007 2008 2009 2010 2011 2012 2013
36
Average depreciation per carin R$
Robust used-car market
Financial crisis and IPI reduction effect
Robust used-car market
Financial crisis and IPI reduction effect
Depreciation Non recurring additional depreciation - IPI Effect
Depreciation Non recurring additional depreciation - IPI Effect
3,972.4
5,408.2
138.2190.2
127.4 116.3
250.5291.6
240.9
384.3
86.1
90.0
2006 2007 2008 2009 2010 2011 2012 2013 4Q12 4Q13
37
Consolidated net incomeR$ million
* Pro forma 2012 net income excluding additional depreciation, net of income tax.
336.3 *
Record
95.2 *
Strong net income growth even in lower-growth scenario.
38
1. Company overview
2. Main business divisions
� Car Rental
� Fleet Outsourcing
� Seminovos
3. Consolidated
4. Debt and cash
5. Appendix
� Earnings release 4Q13
Agenda
3939
Free cash flow
(*) Without the technical discount up to 2010
Free cash flow - R$ million 2006 2007 2008 2009 2010 2011 2012 2013
EBITDA 311.3 403.5 504.1 469.7 649.5 821.3 875.6 916.5
Used car sale revenue, net from taxes (588.8) (850.5) (980.8) (922.4) (1,321.9) (1,468.1) (1,520.0) (1,747.3)
Depreciated cost of cars sold (*) 530.4 760.0 874.5 855.1 1,203.2 1,328.6 1,360.2 1,543.8
(-) Income tax and social contribution (42.7) (63.4) (52.8) (49.0) (57.8) (83.0) (100.9) (108.5)
Change in working capital (4.8) 13.3 (44.8) (11.5) 54.5 (83.9) 37.1 2.9
Cash provided before investment 205.4 262.9 300.2 341.9 527.5 514.9 652.0 607.4
Used car sale revenue, net from taxes 588.8 850.5 980.8 922.4 1,321.9 1,468.1 1,520.0 1,747.3
Car investment for renewal (643.3) (839.0) (1,035.4) (947.9) (1,370.1) (1,504.5) (1,563.3) (1,818.7)
Net investment for fleet renewal (54.5) 11.5 (54.6) (25.5) (48.2) (36.4) (43.3) (72.4)
Fleet renewal – quantity 23,174 30,093 34,281 34,519 47,285 50,772 56,644 62,641
Investment, other property and intangibles investments
(32.7) (23.7) (39.9) (21.0) (51.1) (63.0) (80.2) (54.0)
Free cash flow before growth and before interest 118.2 250.7 205.7 295.4 428.2 415.5 528.5 481.0
Investment on cars for fleet (growth) /reduction (287.0) (221.9) (299.9) (241.1) (540.3) (272.0) (55.5) (209.4)
Change in accounts payable to car suppliers 222.0 (51.0) (188.9) 241.1 111.3 32.7 (116.9) 89.7
Fleet growth (65.0) (272.9) (488.8) 0.0 (429.0) (239.3) (172.4) (119.7)
Fleet increase / (reduction) – quantity 10,346 7,957 9,930 8,642 18,649 9,178 2,011 7,103
Free cash flow after growth and before interest 53.2 (22.2) (283.1) 295.4 (0.8) 176.2 356.1 361.3
40
Changes in net debt R$ million
- 1,332.8(110.6)
Financial expenses
(65.5)
Dividends (*)
Net debt 12/31/2013
FCF361,3
-1,231.2
Net debt12/31/2012
FCF after financial expenses
250.7
(36.8)
Company’s share buybacks
(250.0)
Extraordinary dividends
(*) Includes interest own capital paid in the period
R$250 million extraordinary dividend paid in 2013.
315,5
41
Debt - ratios
Net debt vs. Fleet value
BALANCE AT THE END OF PERIOD
2006(*) 2007(*) 2008(*) 2009(*) 2010(*) 2011 2012 2013
Net debt / Fleet value 36% 51% 72% 57% 52% 51% 48% 48%
Net debt / EBITDA 1.4x 1.9x 2.5x 2.3x 2.0x 1.7x 1.4x 1.5x
Net debt / Equity 0.7x 1.3x 2.0x 1.5x 1.4x 1.2x 0.9x 1.0x
EBITDA / Net financial expenses 4.8x 5.4x 3.8x 4.2x 5.0x 4.6x 6.3x 8.3x
(*) From 2006 to 2010, ratios based on USGAAP financial statements.
Net debt Fleet value
Comfortable debt ratios.
440.4 765.1
1,254.5 1,078.6
1,281.1 1,363.4 1,231.2 1,332.8 1,247.7 1,492.9
1,752.6 1,907.8
2,446.7 2,681.7 2,547.6 2,797.9
2006 2007 2008 2009 2010 2011 2012 2013
42
Debt maturity profile (principal)R$ million
The Company continues presenting a strong cash position and comfortable debt maturity profile.
-
245.9 185.7
641.4 511.0
221.0 247.0
100.0 100.0
2013 2014 2015 2016 2017 2018 2019 2020 2021
Cash
1,010.7
1,073.0
43
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: +1 212 250 9100 (New York)
+44 207 547 6500 (London)
�E-mail: [email protected]
�ADR website: www.adr.db.com
�Depositary bank’s local custodian: Banco Bradesco S/A, Brazil
44
Disclaimer
DisclaimerThe 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 any underwriters we may appoint in connection with an 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: 55 31 3247-7024
Roberto MendesCFO and IR
Nora LanariHead of IR
Eugênio MattarCEO