Covenants

UNIDAS 2013 2014 2015 2016 2017* 1H18**
Net Debt / Recurrent EBITDA 3.08x 3.35x 2.85x 2.52x 2.51x 3.06x
Recurring EBITDA / Net Financial Expenses 2.41x 2.34x 2.19x 2.17x 2.68x 2.83x
DNet Debt / Shareholders’ Equity 1.65x 2.18x 1.95x 2.09x 2.14x 1.98x
Net Debt / Accounting Fleet Value 62.6% 69.3% 59.8% 66.3% 63.1% 65.3%

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 1H18
Net Debt / Recurrent EBITDA 2.21x 2.16x 2.21x 2.40x 3.13x 2.87x
Recurring EBITDA / Net Financial Expenses 4.13x 3.46x 2.87x 2.38x 2.50x 3.05x
Net Debt / Shareholders’ Equity 0.93x 0.99x 1.02x 1.17x 1.58x 1.70x