Covenants
| Unidas (Cia. de Locação das Américas) | 2014 | 2015 | 2016 | 2017¹ | 2018² | 2019 | 1Q20 |
| Net Debt / Fleet Value | 69.3% | 59.8% | 66.3% | 63.1% | 37.4% | 37.9% | 51.8% |
| Net Debt / Annualized Recurring EBITDA | 3.35x | 2.85x | 2.52x | 2.51x | 2.02x | 2.08x | 2.91x |
| Net Debt / Equity | 2.18x | 1.98x | 2.05x | 2.09x | 0.75x | 0.71x | 1.00x |
| Annualized Recurring EBITDA / Annualized Recurring Net Financial Expenses | 2.34x | 2.19x | 2.17x | 2.68x | 2.90x | 3.55x | 3.78x |
¹ Values referred to 2017 consider the consolidated results of Locamerica and Auto Ricci S.A..
² Values referred to 2018 consider the consolidated results of Locamerica and Unidas S.A..
| Unidas S.A. | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
| Net Debt / Recurrent EBITDA | 2.16x | 2.21x | 2.40x | 3.13x | 2.85x | 3.10x |
| Recurring EBITDA / Net Financial Expenses | 3.46x | 2.87x | 2.38x | 2.50x | 3.31x | 3.50x |
| Net Debt / Shareholders’ Equity | 0.99x | 1.02x | 1.17x | 1.58x | 1.92x | 1.70x |