localiza completa 2 q11 eng

1

Localiza Rent a Car S.A.2Q11 Financial Results - R$ million, IFRS

July / 2011

2

1.Business Platform2.Growth Opportunities3.Competitive Advantages4.Long Term Results5.2Q11 Financials6.Summary

3

Integrated business platform

This integrated business platform gives Localiza flexibility and superior performance.

Synergies:

bargaining power

cost reduction

cross selling

� 11,363 cars� 188 locations in Brazil

� 43 locations in South America

� 30 employees

� 75.8% sold to final consumer

� 56 stores

� 787 employees

� 63,500 cars

� 2.5 million clients

� 236 locations

�3,641 employees

� 28,654 cars

� 698 clients

� 290 employees

Based on the 2Q11

4

Car rental financial cycle

Car sale revenue$27.9

$26.6Car acquisition

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

1-year cycle

Revenue

$2.3SG&A

Spread9.8p.p.

Total1 year

R$ % R$ % R$Revenues 19.5 100.0% 27.9 100.0% 47.4 Cost (8.2) -42.2% (8.2) SG&A (2.8) -14.5% (2.3) -8.4% (5.2) Net car sale revenue 25.5 91.6% 25.5

Book value of car sale (24.7) -90.0% (24.7) EBITDA 8.5 43.4% 0.8 2.9% 9.3

Depreciation (vehicle) (1.5) -5.5% (1.5) Depreciation (non-vehicle) (0.4) -1.8% (0.1) (0.5) Interest on debt (2.0) -7.2% (2.0) Tax (2.4) -12.1% 0.7 2.5% (1.6)

NET INCOME 5.8 29.5% (2.2) -7.7% 3.6

NOPAT 5.1 ROIC 17.7%Cost of debt after tax 7.9%

Car Rental Seminovosper operating car per operating car

*

* Investment in cars and PP&E (8%)

5

Total2 anos

R$ % R$ % R$Revenues 32.7 100.0% 29.0 100.0% 61.7

Cost (9.4) -28.9% (9.4)

SG&A (1.8) -5.6% (2.2) -7.7% (4.1) Net car sale revenue 26.8 92.3% 26.8 Book value of car sale (26.5) -90.0% (26.5)

EBITDA 21.4 65.6% 0.3 1.0% 21.7 Depreciation (vehicle) (7.0) -24.2% (7.0) Depreciation (non-vehicle) (0.1) -0.2% (0.1) Interest on debt (3.8) -12.9% (3.8) Tax (6.2) -19.0% 3.1 10.8% (3.1)

NET INCOME 15.2 46.4% (7.3) -25.3% 7.8

NET INCOME per year 7.6 46.4% (3.7) -25.3% 3.9

NOPAT (annualized) 5.1 ROIC 15.2%Cost of debt after tax 7.9%

Fleet Rental Seminovosper operating car per operating car

33.8Car acquisition

Net car sale revenue 29.0

1 2 3 4 5 20 21 22 23 24

2-year cycle

Expenses, interest and tax

Revenue

Fleet rental financial cycle

$2.2SG&A

Spread7.3p.p.

6

Funding

Equity

Managing assets

Flexible and liquid assets.

Cash to renew the fleet

Assets (cash)

Profitability comes fromrental divisions

Pricing strategyConsumer price(-) Operating costs(-) Depreciation(-) Taxes(-) Interest= Spread

Ass

ets

(car

s)

Debt

7


8

Growth opportunities

ConsolidationUS market: 4 players 95% BR market: 4 players 45% 2,004 players 55%

GDP: Income / Consumption

Source: Auto Rental News, ABLA and Company’s estimates

Strong drivers of growth.

OutsourcingCorporate fleet : 2MM carsTargeted market 500,000 cars

28, 654 cars

Source: The Boston Consulting Group as of November, 2010

GDP: Investments

9

Growth opportunities: Infrastructure

Strong investments programmed for the next years.

Investments in Brazil 2011-2014: R$886 billion

+ 66%

Source: BNDES 2010-2014, Ernani Torres (Deputy Director)

R$

bill

ion 533

886

337131

206

339

196

210

2006-2009 2001-2014

Construction Infrastructure Industry

6.3%

23.3%

3.3%

53.4%

8.6%

North: 6.3%

Northeast: 23.3%

Midwest: 3.3%

Southeast: 53.4%

South: 8.6%

6.3%

23.3%

3.3%

53.4%

8.6%

Source: Brasil Econômico Journal as of October 15-17, 2010.

10

Source: Infraero, Gol, Abecs and Exame magazine (Dec/2010)Source: website Portal Brasil and Bradesco (Macroeconomic scenario)

Growth opportunities: Income and Consumption

Consumption (million)

Middle class

66

98113

2003 2009 2014e

The growth of middle class is impacting in the consumption.

48.5%

15.3%

# of air traffic passengers

71

128154

2003 2009 2010

Credit card holder

15

45 51

2003 2009 2010

80.3%

20.3%

200.0%13.3%

Unemployment rate (%)

11,512,3

11,59,9 10,0 9,3

7,9 8,16,7

2002 2003 2004 2005 2006 2007 2008 2009 2010

151

260

465510

240180 200

350415

380

300

18% 16%

31%

35%

15%

37%38%

51%

22% 20%27%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

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

Rent a Car Affordability

11

Growth opportunities: Income and Consumption

The growth of middle class is impacting also in the car market.

1.2

1.5

1.7

1.7

1.9

4.0

6.9

USA

Italy

France

England

Germany

Mexico

Brazil

Car purchase affordability # of inhabitants per car

Source: Bradesco presentation, GDP per capita: IPEADATA. Source: Bradesco report as of 2010.

6.9 7.58.4

9.510.7

11.712.8

14.216.0 16.6

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

GDP per capita (R$ thousands)

148128

11597 104

9380

56586875

151 180 200240 260

300350

510465

380415

0

2 0

4 0

6 0

8 0

1 00

1 2 0

1 4 0

1 6 0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

0

1 00

2 00

3 00

4 00

5 00

6 00

Number of minimum wages to buy a new car Monthly minimum salary (R$)

12

2005 2006 2007 2008 2009 2010

GDP annual growth estimated for the next 5 years between 4 and 5% (Brazilian Central Bank).

Source: Central Bank, Localiza and ABLABased on the revenues of Localiza, Total Fleet and Franchisees, net of inflation

Growth opportunities: GDP

Rental revenues accumulated growth rate – rentals

5.5x

Localiza

GDP

Sector

2.8x

13

Airport locations Off-airport locations

Brazilian car rental agencies

*Source: ABLA, 2011Source: Each company website as of June , 2011 and Localiza’s estimates

Off-airport market is an opportunity to Localiza since it is still fragmented.

*

Growth opportunities: Consolidation

Others2004

Hertz67

Localiza326

Unidas73

Avis31

Others30Avis

33

Unidas18

Localiza98

Hertz30

*

14


15

38 years of experience…

Raising money

Buyingcars

Renting cars

Selling cars

Competitive advantages

…gives Localiza know-how and superior performance in all links of the business process

16

Competitive advantages in Raising Money

Raising money

Buyingcars

Renting cars

Selling cars

Localiza is rated Investment Grade

Localiza raises money with lower spreads compared to all Brazilian players.

BBB- FitchBaa3 Moody’s

BBB+ S&P B+ S&P B+ Fitch B3 Moody'sGlobal scale

National scaleBBB+ (bra) Fitch

Aa1.br Moody’sAA(bra) Fitch

A (bra) Fitch BBB (bra) Fitch

17

2.8%

Competitive advantages in buying cars

Raising money

Buyingcars

Renting cars

Selling cars

* Includes Localiza, Total Fleet and Franchisees purchases in 2010.

Localiza’ share in national sales of the three largest automakers: GM, FIAT, VW

Purchases by brand

Localiza purchases cars with better prices and conditions.

Fiat25.6%GM

37.0%

Renault3.1%

Ford4.3% Others

2.8%

VW27.2%

18

97

91

64

Competitive advantages in renting cars

Raising money

Buyingcars

Renting cars

Selling cars

Strong brand Geographical footprint

424

252

Brazilian distribution

Source: each Company’s website (June, 2011)

289

64 7246

Localiza Hertz Unidas Avis

# of rental locations

# of cities

19

Competitive advantages: network footprint

Airport and off airport branches located in easy-access and intense traffic places.

Shuttle Service Uberaba Airport Branch - MG - Brazil

Curitiba International Airport - PR - Brazil Ribeirão Preto Off-airport Branch – SP - Brazil

20

Competitive advantages in used car sales

Raising money

Buyingcars

Rentingcars

Sellingcars

� Low mileage

� Pre-owned flex fuel cars

� Cars financed through third-party financial institutions

Unique product Selling directly to final consumer

Cash generated in used car sales is used to renew the fleet.

Selling directly to final consumer reduces depreciation.

Footprint

56 stores

21

Competitive advantages: used car sales network

Around 80% of used cars are sold directly to final consumers.

Shopping Portal Store in Belo Horizonte - MG - Brazil

Francisco Morato Store - SP - Brazil

Belo Horizonte Store - MG - BrazilSorocaba Store - SP - Brazil

22

Competitive advantages: additional fleet

Cars available for sale are used by the car rental division in peaks of demand.

Francisco Morato Store - SP - BrazilCuritiba International Airport Branch- PR - Brazil

23

Salim Mattar – 38y

Eugênio Mattar – 38y

Roberto Mendes – 26y

Gina Rafael – 30y

Daltro Leite – 26y

Marco Antônio Guimarães – 21y

Bruno Andrade – 19y

BOARD OF DIRECTORS

CEO

COO

Car Acquisition

Legal

Financial ITHuman Resources Administration

Competitive advantages: stable management

Localiza has a very lean and efficient structure.

The succession process is already planned.

24


25

42 62 85.2134.3 154 149.9 152.1

197.8278.1 311.4

403.5504.1 469.7

649.5

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

212.90 234.30 244.70 310.10 420.40 476.90 532.00 634.40876.90

1,145.40

1,531.701,855.70 1,856.30

2,551.30

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Revenues consolidated

CAGR: 16.5%

-0.6 7.5

4.4

5.7 3.2 4.0 6.1 5.2

1.9Average

1.12.71.34.30.30.03.4GDP

Results: growth with profitability

CAGR: 23.9%

EBITDA consolidated

CAGR: 25.1%

CAGR: 23.1%

26

Fleet - consolidated Revenues - consolidated

Source: ABLA 2011 yearbook

Fleet

37.5% 12.5%

Results: market share

Car Rental division Fleet Rental division

18,9% 20,6% 20,8% 21,8% 21,4% 23,5%

2005 2006 2007 2008 2009 2010

17.9%20.5% 22.1%

24.8% 24.2%27.4%

2005 2006 2007 2008 2009 2010

27


28

74.0

57.5

2Q10 2Q11

1H11 and 2Q11 Highlights

272.8

290.6352.7

353.7

2Q10 2Q11

Consolidated net revenues

R$ million

25.4%

29.7%

563.4

706.4

530.8

585.3693.3

694.6

1H10 1H11

1,387.91,116.1

150.5200.6

2Q10 2Q11

Consolidated EBITDA

282.6386.8

1H10 1H11

30.9%

Consolidated Net income

137.6106.2

1H10 1H11

33.3%

36.9%

28.7%

29.6%24.4%

Localiza continues presenting a strong growth.

29

Car Rental Division

Volume growth with better quality of revenues.

3,4114,668

5,7937,940 8,062

10,734

4,8576,243

2,488 3,179

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

CAGR: 25.8%

# daily rentals (thousand)

28.5%27.8%

239.4183.6

472.4

357.9

802.2585.2565.2

428.0346.1

258.6

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

Net revenues (R$ million)

CAGR: 25.4%

32.0%

30.4%

30

Fleet Rental Division

Growth in revenues derived from higher volumes and rates.

3,3514,188

5,1446,437 7,099

8,044

3,8164,625

1,926 2,372

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

CAGR: 19.1%

# daily rentals (thousand)

21.2%

23.1%

111.0142.0

184.0219.8

268.4 303.2361.1

167.3215.7

85.9

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

CAGR: 20.5%

Net revenues (R$ million)

28.9%29.2%

31

Net Investment

R$132.7 million was spent in the addition of 4,608 cars to the fleet in 1H11.

Fleet increase * (quantity)

26,10533,520 38,050

44,211 43,161

28,66720,60218,763 23,174

30,093 34,281 34,51924,059

10,679 12,478

65,934

11,323

22,809 21,627

47,285

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

7,342 10,346 7,957

18,649

9,930 8,642

1,182 4,608644 8,124

Purchased cars Sold cars

690.0930.3 1,060.9

1,335.3 1,204.2

1,910.4

672.6825.6

360.9593.8446.5 588.8

850.5 980.8 922.4

1,321.9

585.3 693.3

290.6 352.7

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

243.5341.5

210.487.3 132.3

354.5 281.8

588.5

70.3 241.1

Purchases (accessories included) Used car sales revenues

Net investment (R$ million)

32

Used car sales network

The Company is still increasing its used car sales network in new markets.

# of stores Footprint

2632 35

4955 56

13

2005 2006 2007 2008 2009 2010 1H11

33

End of period fleet

The Company ended 1H11 with 92,154 cars and a growth of 29.7%.

End of period fleet (quantity)

31,373 35,686 39,112 47,51761,445

47,72763,50011,762

14,630 17,790 23,40322,778

26,61523,328

28,654

24,103

2005 2006 2007 2008 2009 2010 1H10 1H11

CAGR: 19.7%

35,86546,003 53,476 62,515

70,29588,060 92,154

71,055

29.7%

Car rental Fleet rental

34

Consolidated net revenuesR$ million

Net revenues are still growing above historical levels.

854.91,126.2

1,505.51,823.7 1,820.9

1,116.11,387.9

563.4706.4

2,497.2

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

CAGR: 23,9%

25,4%24,4%

35

EBITDA R$ million

Consistent EBITDA margins.

277.9 311.3403.5

504.1 469.7

649.5

282.6386.8

150.5 200.6

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

CAGR: 18.5%

36.9%

33.3%

1.6%

51.5%

66.5%

44.4%

1H10

3.7%

52.0%

67.1%

45.1%

1H11

2.6%

52.3%

68.0%

45.3%

2010

5.6%

53.3%

69.1%

45.9%

2008

53.1%52.8%51.1%54.5%52.9%53.6%Rentals consolidated

3.6%

68.5%

46.1%

2Q11

2.2%

66.1%

46.5%

2Q10

1.1%

68.7%

41.9%

2009

4.6%

71.4%

43.4%

2006

5.5%

71.3%

46.0%

2007

13.2%Used car sales

65.5%Fleet Rental

47.5%Car rental

2005Divisions

36

Average depreciation per carR$

1,536.0 1,370.9 1,251.9

332.9

2,546.0 2,577.0

939.1492.3

2005 2006 2007 2008 2009 2010 1H11 2Q11

Car rental

3,509.74,112.9 3,990.6

2,395.8

5,083.14,371.7

2,383.32,981.3

2005 2006 2007 2008 2009 2010 1H11 2Q11

Fleet Rental

Depreciation is adequate to the current market conditions.

Hot used car market

Financial crisis effectNormal market conditions

*

* Annualized

* Annualized

*

**

37

74.057.5

137.6106.2

250.5

116.3127.4190.2

138.2106.5

2005 2006 2007 2008 2009 2010 1H10 1H11 2Q10 2Q11

Consolidated net incomeR$ million

28.7%29.6%

106.2

(42.3)

(57.4)

(10.2)

(66.5)

282.6

9.3

273.3

1H10

137.6

(59.2)

(88.0)

(12.3)

(89.7)

386.8

25.8

361.0

1H11

31.4

(16.9)

(30.6)

(2.1)

(23.2)

104.2

16.5

87.7

Var. R$

134.2

(54.3)

(17.2)

(0.1)

26.0

179.8

23.8

156.0

Var. R$

116.3

(47.2)

(112.9)

(21.0)

(172.3)

469.7

10.6

459.1

2009

250.5

(101.5)

(130.1)

(21.1)

(146.3)

649.5

34.4

615.1

2010

50.1200.6150.5EBITDA Consolidated

16.5

(8.9)

(16.0)

(1.2)

(7.5)

6.2

43.9

Var. R$

74.057.5Net income

(31.8)(22.9)Income tax and social contribution

(45.2)(29.2)Financial expenses, net

(6.3)(5.1)Other property and equipment depreciation

(43.3)(35.8)Cars depreciation

12.76.5EBITDA – Used car sales

187.9144.0EBITDA – Rentals and franchising

2Q112Q10Reconciliation EBITDA x net income

The growth of 28.7% in the net income was in line with rental revenues.

38

Free cash flow - FCF

Cash generated in 1H11 supported the fleet growth and the reduction of the accounts payable to OEMs in 2010.

(*) without technical discount deduction

18,649

(0.8)

111.3

(540.3)

428.2

(51.1)

(48.2)

-

(1,370.1)

1,321.9

527.5

54.5

(57.8)

1,203.2

(1,321.9)

649.5

2010

4,6088,6429,9307,95710,3467,342Fleet increase (decrease) - quantity

5.5

(49.6)

(132.7)

187.8

(23.3)

0.4

-

(692.9)

693.3

210.7

(62.5)

(40.7)

620.4

(693.3)

386.8

1H11

295.4

241.1

(241.1)

295.4

(21.0)

(25.5)

15.2

(963.1)

922.4

341.9

(11.5)

(49.0)

855.1

(922.4)

469.7

2009

(283.1)

(188.9)

(299.9)

205.7

(39.9)

(54.6)

-

(1,035.4)

980.8

300.2

(44.8)

(52.8)

874.5

(980.8)

504.1

2008

---Change in accounts payable to car suppliers (capex)

(22.2)53.2 (161.3)Free cash flow after growth and before interest

(51.0)222.0 (25.5)Change in accounts payable to car suppliers (capex)

(221.9)(287.0)(194.0)Capex of car - growth

250.7 118.2 58.2 Free cash flow before growth and interest

(23.7)(32.7)(28.0)Capex – other property and equipment, net

11.5 (54.5)(49.5)Net capex for renewal

(839.0)(643.3)(496.0)Capex of car - renewal

850.5 588.8 446.5 Used car sales net revenues

262.9 205.5 135.7 Cash provided before capex

13.3 (4.8)(24.2)working capital variation

(63.4)(42.7)(32.7)(-) Income tax and social contribution

760.0 530.4 361.2 Depreciated cost of used car sales (*)

(850.5)(588.8)(446.5)Used car sales net revenues

403.5 311.3 277.9 EBITDA

200720062005Free cash flow - R$ million

39

Debt profile and costs R$ million

207.7 226.6 284.8 238.0

514.0372.0

1.3

2011 2012 2013 2014 2015 2016 2017

-

-

-

TJLP + 3.8%pa / CDI + 2.3%pa

CDI +1.95%pa

112.8% of CDI

112.0% to 114.0% of CDI

CDI + 0.44%pa

108.7% to 114.7% of CDI

Contract rate

500.0250.0250.0-----114.5% of CDIDebenture 5th Issuance

400.0--100.0100.0100.0100.0 -CDI + 2.0%paDebenture 1st Issuance: Total Fleet

(484.2)------(484.2)-Cash and cash equivalents on 06/30/2011

51.3------51.3-Interests accrued until 06/30/2011, net of interest paid

1,411.5372.0 514.0 238.0 284.8 226.6 207.7 (431.6)-Net debt

4.4----1.0 2.1 1.3 TJLP + 3.8%pa / CDI + 2.3%pa

Other

370.0 122.0 74.0 63.0 63.0 24.0 24.0 -114.2% of CDIDebenture 4th Issuance

200.0 ---66.8 66.6 66.6 -CDI + 0.6%paDebenture 2nd Issuance

370.0-190.0 75.0 55.0 35.015.0 -111.1% to 115.0% of CDI

Working capital

Total2017201620152014201320122011Effective cost

Cash

484,2

Comfortable debt profile.

40

Debt – ratiosR$ million

Comfortable debt ratios.

535.8 440.4765.1

1,254.5 1,078.6 1,281.1 1,411.5900.2

1,247.7 1,492.91,752.6 1,907.8

2,446.7 2,550.0

2005 2006 2007 2008 2009 2010 1H11

Net debt Fleet value

4.4x 5.0x 4.2x 3.8x 5.4x 4.8x 3.3x EBITDA(*) / Net financial expenses (*)

1.4x

2.0x

52%

2010

1.5x

2.3x

57%

2009

2.0x

2.5x

72%

2008

1.4x1.3x0.7x1.4xNet debt / Equity

1.8x1.9x1.4x1.9xNet debt / EBITDA (*)

55%51%36%60%Net debt / Fleet value

1H11200720062005SALDOS EM FINAL DE PERÍODO

(*) annualized

41

Spread

Localiza is still focus on results.

7.3

7.8%

15.1%

0.55x

27.2%

1,913.2

1H10

9.1

7.8%

16.9%

0.59x

28.6%

1,984.6

2010

8.8

8.2%

17.0%

0.53x

32.1%

1,642.3

2008

3.7

7.8%

11.5%

0.53x

21.9%

1,702.3

2009

7.712.97.811.2Spread (ROIC – Interest after tax) - p.p.

8.9%8.4%10.9%13.6%Interest on debt after tax

16.6%21.3%18.7%24.8%ROIC

0.58x0.58x0.55x0.67xTurnover of average capital investment (over rental net revenues)

28.3%36.9%34.5%37.0%NOPAT margin (over rental net revenues)

2,375.01,137.5 986.2 606.3 Average capital investment - R$ million

1H11200720062005

7.8% 8.9%

15.1% 16.6%

13.6% 10.9% 8.4% 8.2% 7.8% 7.8%

16.9%11.5%

24.8%18.7% 21.3%

17.0%

2005 2006 2007 2008 2009 2010 1H10 1H11

Interest on debt after tax ROIC

11.27.8 12.9 8.8

3.79.1 7.77.3

42


43

Highercompetitiveness

Market shareincrease

Gains of scale

� Localiza has an integrated business platform and a flexible model

� The drivers lead to a strong growth

� The competitive advantages giveLocaliza a superior performance

� Strong growth with profitability: Localiza has been doubling sizeevery 3 years

� High levels of corporate governance

Virtuous circle

44

Disclaimer

Thank you!

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’smanagement, 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.