1

1Q20 Results Presentation

Special Fleet Outsourced?Let’s go together!

2

COVID-19 Impacts

New and Used Cars Sales Scenario

Operating Results

Financial Results

Q&A

Agenda

3

COVID-19 Impacts

Backlog in 03/31: 6,416 vehicles;

1Q20 Revenue Impact: ~R$10 million.

Occupancy Rate in March pre-COVID-19: 81.2%;

Occupancy Rate in 03/31: ~60%;

Average Ticket: < short term and contracted Km;

1Q20 Revenue Impact: ~R$13 million;

New depreciation per car: R$2.9 thousand / year. No impairment necessity.

Sales: -4 thousand vehicles vs. planned;

Vehicles in stock: 10.0% of fleet vs. 7.6% planned;

Average Price: < due to mix, not because of price discounts;

1Q20 Gross Profit Impact : ~R$19 million.

$

4

COVID-19 Impacts Update in April

Fleet Management 1Q20 April/20

Average Operating Fleet 72,990 73,244

Average Rented Fleet 71,350 71,818

Occupancy Rate 97.8% 98.1%

Average Monthly Rate 1,505R$ 1,510R$

Rent a Car (excluding Franchises) 1Q20 April/20

Average Operating Fleet 64,031 65,074

Average Rented Fleet 49,183 36,362

Occupancy Rate 76.8% 55.9%

Average Monthly Rate 70.60R$ 51.10R$

Net Car Capex 1Q20 April/20

Cars Purchased 21,570 632

Cars Sold 16,462 1,594

Net Capex 5,108 (962)

Stores 05/20/2020 Total Opened Closed

Rent a Car 229 197 32

Used Cars 115 106 9

5

COVID-19 Impacts

New and Used Cars Sales Scenario

Operating Results

Financial Results

Q&A

Agenda

6

16,710

41,73648,394

64,564

14,111 16,462

0.33%1.74% 2.02% 2.86% 2.53% 3.17%

-20,00%

-15,00%

-10,00%

-5,00%

0,00%

5,00%

0

20.000

40.000

60.000

80.000

100.000

120.000

140.000

2017 2018 2018 Combined 2019 1Q19 1Q20

# of Cars Sold Unidas' Market Share (Up to 3 year old cars sales market)

5.1

2.4 2.3 0.6 0.5

4.5

5.8 5.7

1.3 1.2

1.92.8 3.1

0.7 0.7

2.7 3.3 3.5

0.8 0.8

14.2 14.3 14.6

3.3 3.1

2017 2018 2019 1Q19 1Q20

Up to 3 years From 4 to 8 years From 9 to 12 years More than 12 years

3.332.48 1.99 2.17 2.47 2.66

0.58 0.53

10.08 10.01 10.0310.76 10.79 11.03

2.49 2.36

3.0x

4.0x

5.0x 5.0x4.4x

4.1x 4.3x 4.4x

-3,0x

-2,0x

-1,0x

0,0x

1,0x

2,0x

3,0x

4,0x

5,0x

6,0x

0,00

2,00

4,00

6,00

8,00

10,00

12,00

14,00

16,00

18,00

20,00

2014 2015 2016 2017 2018 2019 1Q19 1Q20

# of New Cars Sales # of Used Cars Sales Used Cars Sales/New Cars Sales

New and Used Car Sales Scenario

New and Used Car Sales in Brazil¹

Used Cars by Age in Brazil¹ Unidas’ Sales (#) and Market Share (%)³

¹ Source: FENAUTO, FENABRAVE considers Vehicles, Light Commercials and also sales of heavy commercials and motorcyles.

² For the changes calculation, are being considered numbers without rounding according to FENABRAVE and FENAUTO reports of each period.

(Milhões de unidades)

(Cars and light commercials – Million of units)

+7.6%²

+2.2%²

(8.2)%²

(5.5)%²

+16.7%

+33.4%

(5.9)%²

(5.4)%²

+2.1%

(6.9)%²

7

COVID-19 Impacts

New and Used Cars Sales Scenario

Operating Results

Financial Results

Q&A

Agenda

8

74,704 85,027 78,963 84,334

52,271

75,23059,523

80,8154,124

4,331

3,809

4,000

30,424 31,184 27,732

46,566

131,099

164,588

142,295

169,149

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Fleet Management Rent a Car Rent a Car Franchises

Fleet

Fleet Composition (# of vehicles)

+18.9%

Fleet in Demobilization (% and # of vehicles - thousand)

3.7 2.81.5 2.0

10.0

14.0 13.7

16.8

12.3% 9.0% 5.5% 4.2% 7.7% 8.6% 9.6% 10.0%

-100%

-80%

-60%

-40%

-20%

00%

-

5,00

10,00

15,00

20,00

25,00

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Used Cars Sales Inventory % of Inventory/Total Fleet

+40.0%

+0.4 p.p.

+23.1%

9

14,177 13,0689,122

19,747

68,70272,849

97,948

25,86721,570

11,565 12,729 12,40216,710

42,38648,394

64,564

14,111 16,462

2014 2015 2016 2017 2018 2018 Combined 2019 1Q19 1Q20

Cars Purchased Cars Sold

2,612 339 (3,280)3,037

24,45526,316

5,10811,756

4,455

33,384

NTC Serviços Ltda. Acquisition

4,455

Investment in Fleet

Net Fleet Investment (R$ million)

Net Fleet Investment (# of vehicles)

517.9 509.9 329.0

859.4

2,944.83,151.9

4,562.2

1,041.3 1,069.9

255.4 316.3 352.3525.2

1,408.81,621.2

2,518.5

523.4 615.2

2014 2015 2016 2017 2018 2018 Combined 2019 1Q19 1Q20

Cars Acquisition Car Sales Revenues

262.5 (23.3)

334.2193.6

454.7

1,536.01,530.7

517.9

2,043.7

NTC Serviços Ltda. Acquisition

90.0

90.0

(12.2)%

+33.5%

(56.5)%

+36.5%

10

Fleet Management (1/3)

567

Special Vehicles Addressable Market in Brazil (vehicles, thousand)

Growth guarantee for 2020;

High potential for synergies

Specialized segment;

Mercado endereçável 567 mil veículos

Frota 2,6 mil veículos

Presença 8 estados

Receita R$102,8 milhões

EBITDA R$40,1 milhões

Lucro Líquido R$7,7 milhões

Dívida Líquida R$103,7 milhões

Zetta Frotas

2.6

Presence 8 states

Revenue R$102.8 million

EBITDA R$40.1 million

Net Income R$7.7 million

Net Debt R$103.7 million

11

373.8 392.0 402.4

522.9

930.61,017.1

1,214.5

281.3 292.4

2014 2015 2016 2017 2018 2018 Combined 2019 1Q19 1Q20

8,232 8,057 8,33511,179

20,64722,624

25,374

6,069 6,421

1,502 1,609 1,597 1,546 1,489 1,483 1,597 1,538 1,505

-2.000

-1.500

-1.000

-500

0

500

1.000

1.500

-3.000

2.000

7.000

12.000

17.000

22.000

27.000

32.000

37.000

42.000

2014 2015 2016 2017 2018 2018 Combined 2019 1Q19 1Q20

# of Daily Rentals (thousand) Average Monthly Rate (R$)

Fleet Management (2/3)

Number of Daily Rentals (thousand) and Average Monthly Rate (R$)

Net Revenue from Fleet Management (R$ Million)

(2.1)%+7.7%

+5.8%

+12.2%

CAGR (2014-2019) +26.6%+19.4%

+3.9%

CAGR (2014-2019) +25.2%

12

94.8%

96.2%96.8% 97.0%

98.2% 98.4%97.7% 98.0% 97.8%

2014 2015 2016 2017 2018 2018Combined

2019 1Q19 1Q20

8,140 7,950

4,629

7,032

12,759

17,098

2,880

5,954

335.0 314.0195.1

309.6

575.0709.0

140.2

306.0

-1.000

-800

-600

-400

-200

00

200

400

600

800

0

5.000

10.000

15.000

20.000

25.000

2014 2015 2016 2017 2018 2019 1Q19 1Q20

# of Vehicles Global Value (R$ million)

22.4

29.334.5

38.7 39.5

45.2 45.4 45.2 45.7 45.1

1T18 2T18 3T18 4T18 1T19 2T19 3T19 4T19 1T20 2T20

Fleet Management (3/3)

Commercial Pipeline

New Contracts: Future Revenue Generation for the Fleet Management Segment

Occupancy Rate

(Rented Fleet as % of Operating Fleet)

Var. (2014-2019) +2.9 p.p.

# Vehicles in Dispute (thousand)

Consecutive quarterly record of New Contracts, both in vehicles hired and in Global Value. Future revenues to be benefited also by Zetta acquisition and by the new contracts signed in 2020 already in partnership with Unidas’ commercial force.

(0.3)%

+34.0%

106.7%

+23.3%

+118.2%

(0.2) p.p.(0.7) p.p.

Revenue for the next quarters

292.4

1T20

Receita Líquida

2019 Results

Revenue: R$103 million

Fleet: 2.6 thousand vehicles

New Contracts: 2020TD

Global Value: R$358 million

Fleet: 1.9 thousand vehicles

2Q201Q203Q193Q182Q18 4Q192Q191Q194Q181Q18

1Q20

Net Revenue

13

11,565 12,729 12,40216,710

41,73648,394

64,564

14,111 16,462

22.124.8

28.4

31.433.5 33.5

39.037.1 37.4

2014 2015 2016 2017 2018 2018 Combinado 2019 1T19 1T20

255.4 316.3 352.3525.4

1,411.31,621.2

2,518.5

524.1 615.2

0,0

500,0

1000,0

1500,0

2000,0

2500,0

3000,0

3500,0

2014 2015 2016 2017 2018 2018 Combinado 2019 1T19 1T20

Used Cars (1/2)

+17.4%

Revenue from Used Cars Sales (R$ Million)

+55.3%

+33.4%

+16.7%

Number of Cars Sold and Average Selling Price (R$ Thousand/Car)

+16.4% +0.7%

2018 Combined 1Q19 1Q20

2018 Combined 1Q19 1Q20

14

6 7 11

23

58

83

67

84

21

18

20

18

7 63

4

6

4

6

13

13 1314

27

85

112

93

115

-

20,0

40,0

60,0

80,0

100 ,0

120 ,0

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Retail - Own Stores Retail - Franchises Wholesale

Used Cars (2/2)

Number of Stores

+ 99 stores2014 vs. 2019

+ 27 stores

+22 stores

+25.4%

(10.0)%

+116.7%

YoY %

15

74.3

70.9

74.0

70.369.2

70.5 70.6

2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20

78.8% 78.0%

81.6%

75.5% 75.7%

79.4%76.8%

2018 2019 1Q19 2Q19 3Q19 4Q19 1Q20

3,509 3,9734,797

6,486

8,554

14,199

3,1564,474

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Record of daily rentals volume even with COVID-19 impacts.

Rent a Car (1/2)

Number of Daily Rentals (Excluding Franchises, thousand)

+66.0%

+41.8%

Record

Average Daily Rate (R$)

Var. 1Q20 vs. 1Q19: (4.6)%(4,6)%

Occupancy Rate

(Rented Fleet as % of Operating Fleet)

Var. 1Q20 vs. 1Q19: (4.8) p.p.(0.8) p.p.

16

273.0 289.5324.5

424.4

578.7

913.1

214.1289.8

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Rent a Car (2/2)

Historic record of net revenue even with COVID-19 impacts. Stores expansion plan started but paralyzed due to COVID-19.

Net Revenue From Rent a Car (Excluding Franchises, R$ million)

+35.4%

+57.8%

Record

Number of Stores

+19 stores

+24 stores

84 94 99 104 121 132 127151

78102

128 112 89 76 8378162

196

227216 210 208 210

229

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Own Stores Franchises

17

COVID-19 Impacts

New and Used Cars Sales Scenario

Operating Results

Financial Results

Q&A

Agenda

18

-25.8 -17.8 -11.811.9 42.1 67.8 32.5 7.7

-3.8

222.6 240.5 260.6

331.0

603.5664.7 787.5

181.7188.7

187.7

284.7

445.5

100.7 128.5196.8 222.7 248.8

345.0

833.3

1,017.2

1,265.5

290.1313.4

52.6%56.8%

61.8% 66.0%59.4% 62.4%

58.6% 57.5%52.5%

-100%

-80%

-60%

-40%

-20%

00%

20%

40%

60%

-100,00

100,00

300,00

500,00

700,00

900,00

1100,00

1300,00

1500,00

1700,00

2014 2015 2016 2017 2018 2018 Combined 2019 1Q19 1Q20

Used Cars Fleet Management Rent-a-Car + Franchises Recurring Rental Margin

Recurring EBITDA

Recurring EBITDA and EBITDA Margin¹ (R$ Million and %)

(1) Margins calculated over Rental Net Revenue.(2) Margins calculated over Used Cars Net Revenue.

+24.4%

+8.0%

(150.2)%

+3.7%

+27.6%

%YoY1Q19

Recurring EBITDA 2014 2015 2016 2017 20182018

Combined2019 Var. 1Q19 1Q20 Var.

Fleet Management¹ 59.6% 61.4% 64.8% 63.7% 64.8% 65.4% 64.8% (0.5) p.p. 64.6% 64.5% (0.1) p.p.

Rent-a-Car + Franchises¹ - - - - 39.8% 46.3% 47.2% 0.8 p.p. 45.2% 42.2% (3.0) p.p.

Rental¹ 59.6% 61.4% 64.8% 63.7% 56.4% 58.2% 57.1% (1.1) p.p. 56.0% 53.1% (2.9) p.p.

Used Cars Sales² (10.1)% (5.6)% (3.3)% 2.3% 3.0% 4.2% 1.3% (2.9) p.p. 1.5% (0.6)% (2.1) p.p.

= Consolidated EBITDA¹ 52.6% 56.8% 61.8% 66.0% 59.4% 62.4% 58.6% (3.7) p.p. 57.5% 52.5% (5.1) p.p.

19

Recurring EBIT

Recurring EBIT and EBIT Margin¹ (R$ Million and %)

(1) Margins calculated over Net Rental Revenue.

112.7 124.3 150.3216.8

553.0

644.4

797.2

186.4 170.9

30.1% 31.7%37.4%

41.5% 39.4% 39.5% 36.9% 37.0%

28.6%

-100%

-80%

-60%

-40%

-20%

00%

20%

40%

-

200,00

400,00

600,00

800,00

1000,00

1200,00

2014 2015 2016 2017 2018 2018 Combined 2019 1Q19 1Q20

Consolidated Recurring EBIT Recurring Rental Margin

(8.4)%

+23.7%

EBIT Recorrente 2014 2015 2016 2017 20182018

Combinado2019 Var. 1T19 1T20 Var.

Terceirização de Frotas¹ 30.1% 31.7% 37.4% 41.5% 43.9% 44.4% 41.8% (2.7) p.p. 41.0% 38.5% (2.5) p.p.

Aluguel de Carros + Franquias¹ - - - - 30.7% 31.3% 30.7% (0.6) p.p. 31.9% 19.1% (12.8) p.p.

= Margem EBIT Consolidada¹ 30.1% 31.7% 37.4% 41.5% 39.4% 39.5% 36.9% (2.5) p.p. 37.0% 28.6% (8.4) p.p.

20

67,7

203,4233,6

348,8

82,5 79,6

12.9% 14.5% 14.3% 16.2% 16.4%13.3%

-60%

-50%

-40%

-30%

-20%

-10%

00%

10%

00

100

200

300

400

500

2017 2018 2018 Combined 2019 1Q19 1Q20

Recurring Net Income Recurring Net Margin

Net Income and Non-Recurring Effects¹

Recurring Financial Result

Recurring Net Income

R$ Million As % of Rental Revenue

R$ Million As % of Rental Revenue

+49.3%

(3.5)%+200.4%

125.1

290.7

335.2 350.2

84.3 70.2

23.9%20.7% 20.5%

16.2% 16.7%11.8%

-40%

-30%

-20%

-10%

00%

10%

20%

30%

00

100

200

300

400

500

2017 2018 2018 Combined 2019 1Q19 1Q20

+132.4%

+4.5 %

(16.8)%

21

Financial Results

Spread

The annualized ROIC is calculate using Recurring EBIT less recurring effective tax rate (NOPAT), divided by PP&E and the stock of cars for renewing the fleet, less Receivables from customers in current and non-currentassets and trade accounts payable (Invested Capital).

Expansion of the ROIC / Debt Cost ratio even with COVID-19 impacts: Strong debt cost reduction in the last two years.

10.7%10.3%

12.3%12.7%

12.0%11.3%

12.1%

8.4%

8.6%

9.9%

10.8% 8.8%

5.9%

5.0%5.4%

3.3%

2014 2015 2016 2017 Combined 2018 Combined 2019 1Q19 1Q20

ROIC Cost of Debt Net of Taxes

2.1 p.p. 0.4 p.p. 1.5 p.p. 3.8 p.p.

Spread

6.2 p.p. 6.3 p.p. 5.1 p.p.

1.2x1.0x 1.1x

1.4x

2.0x2.3x 2.3x

2.5x

ROIC / Cost of Debt

6.7 p.p.

22

37,9%

49,1% 51,8%

0,0 %

10, 0%

20, 0%

30, 0%

40, 0%

50, 0%

60, 0%

2019 1Q19 1Q20

2.02x 2.08x 2.36x3.02x

2018 2019 1Q19 1Q20

84.4%

2.4%

2.6%

10.6%

Debentures

Promissory Notes

Leasing

Agrobusiness Certificate

Foreign Loan

1.2 0.9

0.3

0.3

1.5

0.0

0.7

1.2 1.2

1.1

0.5

0.2 0.1

0.1 0.1

Caixa 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Capital Structure

Covenants

Amortization Schedule of Debt Principal on 03/31/2020 Proforma (R$ billion)

Cash balance of R$1.5 billion. Amount equivalent to 74.4% of debt until 2022..

Net Debt/Recurring EBITDA Annualized

Debt Composition (Principal)

Principal Amount:R$4.9 bi

Net Debt/ Fleet Value

0.6x

0.66x

+2.7 p.p.

*

* Amounts with no relevant percentuals

Cash equivalente to 74.4% ofdebt until 2022

Q&A

Legal Notice – The statements contained in this document relating to business prospects, operating and financial results projections and those relating to Unidas growth prospects are merely projectionsand as such are based exclusively on the Board's expectations of the future of the business. These expectations depend substantially on market conditions, the performance of the Brazilian economy, thesector and the international markets and, therefore, subject to change without prior notice.

ri.unidas.com.br

Contact: ri@unidas.com.br