Institucional Presentation - February/15

February, 2015.

Localiza Rent a Car S.A.

1

1. Company overview

2. Main business divisions

Car Rental

Fleet Rental

Seminovos

3. Financials

Appendix: Earnings release 4Q14

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 – 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

12/31/2014 – Market cap of about US$3.0 bi with ADTV of US$14.0 million

1973 1982 1983 2004 2005 2014

3

Company: integrated business platform

Synergies:bargaining powercost reductioncross selling

13,339 cars 172 locations in Brazil 64 locations in South America 37 employees

58.7% sold to final consumer 75 stores 998 employees

77,573 cars 4.3 million clients 304 locations 4,491 employees

34,312 cars 798 clients 387 employees

This integrated business platform gives Localiza flexibility and superior performance.Based on the 4Q14 4

Car Rental Fleet Rental

SeminovosFranchising

5

2014 Consolidated breakdownR$ million

Company’s profitability comes from Car Rental and Fleet Rental Divisions.

12%

35%

52%

35%

65%

Net RevenuesR$3,892

EBITDAR$970

52%

15%

33%

EBIT*R$726

R$2,018

R$1,302

R$572

R$120

R$507

R$343

R$253

R$473

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

6

High fixed cost Standard fleet 1 year cycle High entry barriers Gains of scale Intensive capital Consolidated market in

airports Fragmented market off

airports

Support area Reduction of

depreciation Know How of used cars

market Sales to the final

consumer 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 after the rental and estimates the residual values.

Low fixed cost Customized fleet 3 years cycle Low entry barriers Intensive capital

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 7.5% 2.7% 1.0% 2.5%

Average GDP growth: 2.7%

Source: ABLA (Brazilian Car Rental Association) and Localiza. 7

The Company grew at an average of 2.8x GDP and 19.0x the sector.

8

Net car salerevenue R$26.21 year cycle

Car Rental Division - Financial CyclePer car

R$27.8Average car price

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

Revenue

Spread9.5p.p.

Total1 year

R$ % R$ % R$Net revenues 20.9 100.0% 29.0 100.0% 49.8Costs - fixed and variable (9.4) -44.9% (9.4)SG&A (3.4) -16.3% (2.8) -9.6% (6.2)Net revenues of car sold 26.2 90.4% 26.2Book value of car sold (24.8) -85.6% (24.8)EBITDA 8.1 38.7% 1.4 4.7% 9.5Cars Depreciation (1.3) -4.4% (1.3)Others depreciation (0.4) -1.7% (0.2) -0.6% (0.5)Financial expenses (1.7) -6.0% (1.7)Taxes (2.3) -11.1% 0.5 1.9% (1.8)Net Income (Loss) 5.4 25.9% (1.3) -4.4% 4.1

NOPAT 5.3ROIC (it considers the effect of the average book value of the car in its useful life) 17.5%Cost of debt after taxes 8.0%

Car Rental SeminovosPer car soldPer operating car

9

Net car salerevenue R$24.4

3 year cycle

Fleet Rental Division - Financial Cycle Per car

Spread9.5p.p.

1 2 3 4 5 6 19 20 21 22 23 24Expenses, interest and tax

Revenue

R$33.3Average car price

Total3 years

R$ % Seminovos % R$Net revenues 55.7 100.0% 26.9 100.0% 82.6Costs - fixed and variable (18.6) -33.4% (18.6)SG&A (3.7) -6.7% (2.5) -9.3% (6.2)Net revenues of car sold 24.4 90.7% 24.4Book value of car sold (21.2) -78.9% (21.2)EBITDA 33.4 60.0% 3.2 11.8% 36.6Cars Depreciation (12.6) -46.9% (12.6)Others depreciation (0.1) -0.2% (0.1) -0.2% (0.2)Financial expenses (4.4) -16.3% (4.4)Taxes (10.0) -17.9% 4.2 15.5% (5.8)Net Income (Loss) 23.3 41.8% (9.7) -36.1% 13.6

Net Income (Loss) - per year 7.8 41.8% (3.2) -36.1% 4.5

NOPAT 5.6ROIC (it considers the effect of the average book value of the car in its useful life) 17.5%Cost of debt after taxes 8.0%

Per operating carFleet Rental Seminovos

Per car sold

Raisingmoney Buying

cars

Renting Cars SellingCars

Cash to renew the fleet or pay debt

$

Profitability comes from rental divisions

Competitive advantages

$

10

41 years of experience in managing assets and generating value.

Competitive advantages: raising money

Global Scale

National Scale

Localiza raises money with better conditions when compared to competitors.

As of December, 2014.

BBB FitchBaa3 Moody’sBBB- S&P

BBB+ S&P B1 Moody´sB+ S&P BB- Fitch

brAAA S&P Aa1.br Moody’sAAA(bra) Fitch

brAA- S&PA+ (bra) Fitch

brA S&P A (bra) Fitch A+ (bra) Fitch A(bra) Fitch

Raisingmoney

Buyingcars Renting Cars Selling

Cars

11

Investment grade: lower spreads and longer tenors

Source: Bloomberg and companies website

12

Competitive advantages: buying cars

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

Number of cars purchased - 2014

* Includes Franchising** 2013 data

86,426

18,866 9,950

Localiza Unidas Locamerica

*

Source: each company website and ANFAVEA

Localiza’s share in the internal sales of themajor OEMs - 2014

3.6%

Raisingmoney


Cars

** **

1081578255

13

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

Competitive advantages: renting cars

Know HowBrand Brazilian distribution

# of

bra

nche

s#

of c

ities

Source: Each company websiteAs of December, 2014

476 402

Raisingmoney


Cars

Localiza Unidas Hertz Movida Avis

348

105 78 60 42

Localiza Competitors

14

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.

Raisingmoney


Cars

Buffer: additional fleet

7.3% 8.6%6.3% 6.0%

8.0%

16.9% 17.1% 16.1% 16.5% 17.5%

2010 2011 2012 2013 2014

15

SpreadROIC versus cost of debt after taxes

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

ROIC Cost of debt after taxes

10.5p.p.

NOPAT of 2012 was calculated excluding additional fleet depreciation, which was treated as an asset loss since itwas a nonrecurring event caused by external factors (reduction in IPI tax on new cars), in accordance with theconcepts recommended by Stern Stewart.

Localiza Unidas Locamerica* Ouro Verde JSL Movida


ProfitabilityLocaliza vs. players

Source: Companies’ Financial Statements.*9M14 data** Total of light vehicles. 16,000 cars will be transfer to Movida 16

ROIC 2014

ROE 2014

Frota 125,224 40,296 30,291 25,326 47,000** 19,208

13.7%WACC

ReferenceROIC = NOPAT / (Average net debt + average equity)ROE = Net income / Equity at the beginning of the year

Consolidated

Consolidated

17.5%

8.1% 9.2% 8.5% 7.6%

4.4%

30.6%

7.6%7.1%10.9%

7.1% 7.5%

0.8x 1.0x 2.0x

8.5x

3.5x

1.6x

Localiza Unidas* Locamerica* Ouro Verde JSL Movida

1.4x 2.2x 3.2x 3.7x 4.2x

9.8x


17

Net Debt / EBITDA - 2014

Net Debt / Equity - 2014

Source: Companies’ Financial Statements.*9M14 data** The accounts payable to automakers is included in the debt

Debt ratiosLocaliza vs. players

Consolidated

Consolidated

**

**

18

1. Company overview


Car Rental

Fleet Rental

Seminovos

3. Financials


Agenda

19

Car Rental overview

63.9%Compact cars

2014 Fleet composition77,573 cars

36.1%Others

Corporate fleet size

65.086 70.717 77.573

2012 2013 2014

Car rental distribution (Brazil)

415

449474 479 476

2010 2011 2012 2013 2014

20

Drivers

# domestic air traffic passengersIn million

Source: BCB and Localiza rates

151180 200

240260 300

350 380 415465

510 545622 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

Investments per industry(In billions of Reais)

Source: IPEADATA and Localiza’s loyalty program.

Source: Exame Magazine, December 2014.

4 million

84 millionAdult population(age > 20 years)

Class A+B+C

15 millionAdult population(age > 20 years)

Class A+B

Opportunity: Low penetration in leisure tripsPenetration: 4.8% on A, B and C classes.

70 82 89 90 96122

2010 2011 2012 2013 2014 2017E

Source: ANAC 2017 estimates: BOEING

21Source: RAIS 2012 and each company’s websiteAs of December 31, 2014

Off-airport market is still fragmented.

Airport locations Off-airport locations

Car Rental Locations in Brazil

Others5,111

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

MovidaAvis

Hertz

Unidas

OthersMovida

Avis

Hertz

Unidas

Market Share – Car Rental2013

Rental RevenuesR$3,055.8 million

Fleet222,554 cars

Source: ABLA and Companies’ Financial Statements and estimates.

Franchising

Franchising

Sources: EUROMONITOR from 2008 to 2012 and ABLA for 201323

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

HertzAvis

Unidas

Others

Based on Revenues

24

1. Company overview


Car Rental

Fleet Rental

Seminovos

3. Financials


Agenda

25

Number of clients

Fleet Rental overview

35.0%Compact cars

2014 Fleet composition34,312 cars

65.0%Others

729760 798

2012 2013 2014

End of period fleet

32,104 32,809 34,312

2012 2013 2014

26Source: 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

Market Share – Fleet Rental 2013

27

Rental RevenuesR$3,464.2 million

Fleet307,336 cars

Source: ABLA, Companies’ Financial Statements and estimates

Locamerica10.3%

Unidas9.1%

Ouro Verde 4.9%

18.4%

Others57.2%

11.3% Unidas7.1%

Locamerica10.3%

JSL10.0%

Ouro Verde6.0%ALD

4.8%

Others50.5%

28

1. Company overview


Car Rental

Fleet Rental

Seminovos

3. Financials


Agenda

29Efficiency gain on car sales

# of points of sale

Car sales – operating data

5566 73 74 75

2010 2011 2012 2013 2014

47,285 50,77256,664

62,64170,621

2010 2011 2012 2013 2014

# Number of cars sold (quantity)

30Source: 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 5.24.4

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 2009 2010 2011 2012 2013 2014

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

8.4 8.9 9.0 9.4 10.1

3.3 3.5 3.6 3.6 3.3

31

2.5x 2.5x

2010 2011 2012 2013 2014

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 13.4 million cars.

3.1x

32

2013 Up to 2 years409,121

2014 Brand new3,328,716

2014 Used cars10,051,296

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

1. Company overview


Car Rental

Fleet Rental

Seminovos

3. Financials


Agenda

802.2980.7 1,093.7 1,163.5 1,284.4

310.4 331.2

2010 2011 2012 2013 2014 4Q13 4Q14

34

Net Revenues (R$ million)

# Daily Rentals (thousands)

Car Rental Division

The net revenues increased 10.4% in 2014

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

3,714 3,898

2010 2011 2012 2013 2014 4Q13 4Q14

234 247 272 286 304

181 202 202 193 17261 47 50 63 64

2010 2011 2012 2013 2014

Car Rental network evolution

18 new owned rental locations were added to the network in 2014.

# of car rental locations (Brazil and abroad)

Localiza´s branches - Brazil Franchisees´ branches - Brazil Franchisses´ branches - abroad

476 496 524 542 540

+18

36

Utilization rate evolution – Car Rental Division

Higher utilization rate reduced the invested capital in fleet.

69.1%

68.9%

70.8%

66.8%

69.9%

2010 2011 2012 2013 2014

361.1 455.0

535.7 575.9 571.9

142.9 146.7

2010 2011 2012 2013 2014 4Q13 4Q14

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

2,669 2,644

2010 2011 2012 2013 2014 4Q13 4Q14

37

Net Revenues (R$ million)

# Daily Rentals (thousands)

Fleet Rental Division

The contracted revenue increased 25% in 2014 and reached R$808.3 million.

1,910.4 1,776.5 1,618.8 2,026.2

2,483.2

553.8 877.4

1,321.9 1,468.1 1,520.0 1,747.3

2,018.2

505.6 553.0

2010 2011 2012 2013 2014 4Q13 4Q14Purchases (includes accessories) Used car sales net revenues

Cars purchased Cars sold

38

Net investmentFleet Expansion* (quantity)

Around 7,600 cars were acquired in advance in 4Q14 due the IPI tax reinstatement in 2015.

Net Investment in Fleet (R$ million)

65,934 59,950 58,655 69,744

79,804

18,588 27,066

47,285 50,772 56,644 62,641 70,621

17,999 18,468

2010 2011 2012 2013 2014 4Q13 4Q14

9,178 2,0117,10318,649

589

308.4 98.8588.5 278.9

* It does not include theft / crashed cars.

48.2

8,598

324.4

9,183

465.0

39

End of period fleetQuantity

In the Car Rental division, around 7,600 cars were acquired in advance in 4Q14, due the IPI tax reinstatement in 2015.

By the end of 2014, 1,942 cars in the Fleet Rental division were being prepared to be delivered to the clients.

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

26,615 31,629 32,104 32,80934,31210.652

12,958 14,54514,233

13,339

2010 2011 2012 2013 2014

98,712 109,275 111,735 117,759 125,224

Car Rental Fleet Rental Franchising

1,175.3 1,450.0 1,646.7 1,758.9 1,874.0 458.3 482.2

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

505.6 553.0

2010 2011 2012 2013 2014 4Q13 4Q14

Consolidated net revenuesR$ million

11.0% increase of consolidated net revenues in 2014.

Rental Used car sales

2,918.13,506.2

3,892.2

2,497.23,166.7

963.9 1,035.2

41

Consolidated EBITDA R$ million

EBITDA grew 5.8% in the 2014.

649.5821.3 875.6 916.5 969.8

236.0 237.6

2010 2011 2012 2013 2014 4Q13 4Q14

(*)From 2012 on, accessories and freight of new cars have been accounted directly in the cost line, impacting EBITDAbut reducing depreciation costs.

Divisions 2010* 2011* 2012 2013 2014 4Q13 4Q14

Car Rental 45.3% 46.9% 40.9% 36.8% 38.7% 37.3% 37.1%

Fleet Rental 68.0% 68.6% 66.4% 65.5% 60.0% 64.7% 55.5%

Rental Consolidated 52.3% 53.8% 49.3% 46.5% 45.3% 46.0% 42.6%

Used Car Sales 2.6% 2.8% 4.2% 5.7% 6.0% 4.9% 5.8%

**IPI Effect

3,509.7 4,133.0

4,311.3

4,592.3 4,202.1 4,626.0 1,096.9**

2010 2011 2012 2013 2014 4Q14

1,536.0 1,683.9

1,895.8 1,452.4 1,270.0 1,136.5

2,076.6**

2010 2011 2012 2013 2014 4Q14

42

Average depreciation per carin R$

3,972.4

5,408.2

Car Rental

Fleet Rental

*Annualized

*

**Annualized

250.5 291.6

240.9

384.3 410.6

90.0 102.2

2010 2011 2012 2013 2014 4Q13 4Q14

43

Consolidated net incomeR$ million

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

336.3 *

Net income increased 6.8% in 2014.

44

Free cash flow - FCF (*) Without the technical discount up to 2010

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

pera

tions

EBITDA 649.5 821.3 875.6 916.5 969.8

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

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

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

Change in working capital 54.5 (83.9) 37.1 2.9 (27.3)

Cash provided by rental operations 527.5 514.9 652.0 607.4 588.2

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

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

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

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

Investment, other property and intangibles investments (50.6) (59.9) (77.8) (47.5) (46.0)

Free cash flow before growth, new HQ and interest 428.7 418.6 530.9 487.5 362.7

Cap

ex -

Gro

wth

Fleet growth investment (540.3) (272.0) (55.5) (209.4) (286.9)

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

Fleet growth (429.0) (239.3) (172.4) (119.7) 47.5Fleet increase / (reduction) – quantity 18,649 9,178 2,011 7,103 9,183

Free cash flow after growth, and before interest and before new headquarters (0.3) 179.3 358.5 367.8 410.2

Cap

ex–

HQ

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

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

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

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

45

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

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

2,446.7 2,681.7 2,547.6 2,797.9

3,296.3

2010 2011 2012 2013 2014

46

Debt - ratiosNet debt vs. Fleet value

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

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

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

Net debt / Equity 1.4x 1.2x 0.9x 1.0x 0.8xEBITDA / Net financial expenses 5.0x 4.6x 6.3x 8.3x 6.4x

(*) 2010 ratios based on USGAAP financial statements

Net debt Fleet value

Comfortable debt ratios.

-248.6

555.9 511.7 221.0

544.5 445.0

147.5

2014 2015 2016 2017 2018 2019 2020 2021

47

Debt maturity profile (principal)R$ million

Total cash of R$1,482.8 million if we consider the R$92.6 million in marketable securities investment for the new headquarters.

Cash1,390.2

1,316.2

As of December 31, 2014

48

Localiza Level I ADR

Ticker Symbol: LZRFY CUSIP: 53956W300ISIN: US53956W3007Ratio: 1 Common Share : 1 ADRExchange: OTCDepositary bank: Deutsche Bank Trust Company AmericasADR broker helpline: +1 212 250 9100 (New York)

+44 207 547 6500 (London) E-mail: [email protected] website: www.adr.db.comDepositary bank’s local custodian: Banco Bradesco S/A, Brazil

49

Disclaimer

Website: www.localiza.com/ir E-mail: [email protected] Phone: 55 31 3247-7024

Roberto MendesCFO and IR

Nora LanariHead of IR

Eugênio MattarCEO

The material presented is a presentation of general background information about LOCALIZA as of the date of the presentation. 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 representation or warranty, express orimplied, 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 theSecurities Exchange Act of 1934. Such forward-looking statements 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 factors relating to the operations andbusiness environments of LOCALIZA and its subsidiaries that may cause the actual results of the companies to be materially different from any future resultsexpressed 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 informationcurrently available to LOCALIZA’s management, LOCALIZA cannot guarantee future results or events. LOCALIZA expressly disclaims a duty to update any ofthe 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.

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.

Institucional Presentation - February/15

Economy & Finance

Transcript of Institucional Presentation - February/15