Covenants

UNIDAS	2013	2014	2015	2016	2017*	9M18**
Net Debt / Recurrent EBITDA	3.08x	3.35x	2.85x	2.52x	2.51x	3.02x
Recurring EBITDA / Net Financial Expenses	2.41x	2.34x	2.19x	2.17x	2.68x	2.90x
DNet Debt / Shareholders’ Equity	1.65x	2.18x	1.95x	2.09x	2.14x	1.94x
Net Debt / Accounting Fleet Value	62.6%	69.3%	59.8%	66.3%	63.1%	59.9%

* Values referred to 2017 consider the consolidated results of Locamerica and Auto Ricci S.A..

** Values referred to 2018 consider the consolidated results of Locamerica and Unidas S.A..

UNIDAS S.A.	2013	2014	2015	2016	2017	9M18
Net Debt / Recurrent EBITDA	2.21x	2.16x	2.21x	2.40x	3.13x	2.70x
Recurring EBITDA / Net Financial Expenses	4.13x	3.46x	2.87x	2.38x	2.50x	3.30x
Net Debt / Shareholders’ Equity	0.93x	0.99x	1.02x	1.17x	1.58x	1.80x