Covenants

Unidas (Cia. de Locação das Américas) 2013 2014 2015 2016 2017¹ 2018² 1Q19
Net Debt / Recurrent EBITDA 3.08x 3.35x 2.85x 2.52x 2.51x 2.03x 2.79x
Recurring EBITDA / Net Financial Expenses 2.41x 2.34x 2.19x 2.17x 2.68x 2.90x 2.87x
DNet Debt / Shareholders’ Equity 1.65x 2.18x 1.98x 2.05x 2.09x 0.75x 1.04x
Net Debt / Accounting Fleet Value 62.6% 69.3% 59.8% 66.3% 63.1% 37.4% 48.8%

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. 2013 2014 2015 2016 2017 2018 1Q19
Net Debt / Recurrent EBITDA 2.21x 2.16x 2.21x 2.40x 3.13x 2.85x 2.48x
Recurring EBITDA / Net Financial Expenses 4.13x 3.46x 2.87x 2.38x 2.50x 3.31x 3.36x
Net Debt / Shareholders’ Equity 0.93x 0.99x 1.02x 1.17x 1.58x 1.92x 1.14x