PUBLIC MEETING | APIMEC 2017

December 2017

Opening

FERNANDO SIMÕES

Over 60 years of History Based on Organic Growth Gross Organic Revenues

CAGR 2010-2017

Merger of Dealerships

Acquisitions

EBITDA

8,061

Gross Revenues: 21% EBITDA: 20%

7,384

6,079 R$ MM

Foundation of JSL

2,260

330

2,637

541

4,479

462

1,214

444

1,214

555

541

1,214

744 1,214

1,214

1,163

2,678 41

2,260

5,243

6,561

431

3,566

2,871

1,092

869

705

594

4,806

4,324

6,102

5,614

1,113

1,061

1956 … 2010

2011

2012

2013

JSL doubles its size in 2 years

2014

2015

2016

3T17 LTM 3Q17

JSL grows 80% in 5 years of which over 91% was organic

Competitive advantages Service DNA

Corporate Governance Differential

Flexibility in Asset Turnover

Adaptability and Quick Response to Customers

Capillarity of Points of Sales of Assets

Largest Service Portfolio in the Sector

Ability to Form Talents

Largest Purchaser of Assets and Inputs in the Sector

3

Business Model – Unique, Diversified and Synergic 1

“Understanding to Serve” Pricing and Execution of Contract PRICING INPUTS

Strong Negotiation Ability

2

Financing and Acquisition of Assets STRUCTURE OF CONTRACTS

Asset acquisition price

2 to 10 years

Depreciation

Adjustment mechanisms

Operating expenses

Minimum volumes

Residual value

Cancellation fines

SEVERAL SOURCES OF FUNDING

FINAME Leasing OEMs

CRA

ACQUISITION OF ASSETS

Brazil’s largest purchaser of heavy vehicles and equipment Brazil’s second largest purchaser of light vehicles

SCALE IN PURCHASES, CROSS-SELLING OPPORTUNITIES AND SALES CAPILLARITY

4

Asset Turnover Capability

3

Largest Service Portfolio

Sales of Assets SEMI-NEW VEHICLE STORES

72 stores

DEALERSHIPS

15 Light Vehicle stores

13 Truck stores

Dedicated Services Cargo Transportation Charter Services

RAC Light Vehicle Fleet Management Used Light Vehicles stores

Public Fleet Mng Urban Mobility Urban Cleaning New Business Light Vehicle Dealerships Insurance Brokerage

Truck, Machinery and Equipment Rentals Truck, Machinery and Equipment Dealership Network Used Trucks, Machinery and Equipment Stores Leasing 4

Customer Assistance Structure – Understanding to Serve Customer Needs

Customer Executive Office

PROJECTS IT

PEOPLE MANAGEMENT

COMMERCIAL

Understanding to Serve

CONTROLLERSHIP

Contract manager

Coord. Service 1

Coord. Service 2

Managerial Independence SAC

SUPPLIES FINANCIAL

Agility in decision making Strategies shared with customer executives

PURPOSE To exceed customer expectations with regard to contracted services, thus enhancing our commercial relationship.

Exclusive management of contract

Project Stage, Corporate Management and Implementation

Operation

Results 5

JSL Consolidated Resilience of Revenues and Market Leadership Growth of service revenues greater than GDP and increase in market share in every area of activity

31.5%*

25.0% 20.7% 16.6% 13.9%

12.6% 10.0%

7.5% 4.0%

11.5% 8.4%

10.7%

3.8%

3.0%

1.9%

6.3%

6.1%

4.4%

5.4% 5.1%

0.5%

-0.2% -3.8% 2010

2011

2012

2013

Consolidated Gross Service Revenues

2014

Nominal GDP

2015

Real GDP

-3.6% 2016

LTM 3Q17

*mergers of dealership not included

Why does JSL grow and continue to be resilient? JSL has the widest ranging service portfolio in Brazil, which provides flexibility and agility;

Diversification of economic segments and service portfolio

Business model supported by long-term contracts and customer retention;

Scale and capillarity in sales and purchases of light and heavy assets;

Fragmented market for logistics operators and light and heavy vehicle rentals in Brazil;

Market share gains with Movida, chiefly supported by opening RAC stores.

Great ability to allocate capital and people;

6

Administrative and Financial

DENYS MARC FERREZ

2017 Actions Discipline with CAPEX and Focus on Cash Generation and Deleveraging Net CAPEX EXPECTED for 2017: R$800 mm

Consolidated CAPEX R$ MM

22.5%

22.1%

17.1%

14.0%

25% 15%

2,236 1,762

518 1,244

910

2,487

2,831

5% -5%

1,374

1,825

Service Revenues / Fixed Assets + Assets available for sale

120% 110%

116%

111%

112%

100%

116% 109%

102%

-15% 90%

90%

90%

-25% 80%

1,326

1,114

1,006

Consolidated figures are smaller due to quick turnover of Movida assets

-35% 70% -45% 60%

2014 Sale of Assets

2015

2016 Net Capex

3Q17 LTM Net Capex as % of Net Revenues

2014

2015

2016

3Q17 LTM

Consolidated Consolidated Ex-Movida and Ex-Dealerships

Why is net CAPEX declining? Financial discipline in order to reduce Company leverage Movida – Maturation of fleet and less need of CAPEX for expansion

Logistics – Greater representativeness of Asset Light contracts Logistics – Reversal of economic trend experienced until 2016 and improved occupation rate as of 2017 8

2017 Actions Liability Management - Focus on Extended Maturity and Diversification Key funding in 2017 (in R$ millions, base Sep. 2017) Instrument

Total

Term

JSL S.A. – Bonds (USD 325 MM @ R$3.14)

1,019

7 years

JSL S.A. – 11th Debenture Issue

400

4 years

JSL S.A. – 10th Debenture Issue

352

4 years

JSL S.A. – CRA

270

3 years

JSL S.A. – Bank Debt

906

6 years

Movida – Promissory Note

150

3 years

Movida – 1st Debenture Tranche

150

3 years

Movida – 2nd Debenture Tranche

250

5 years

~3.5 billion

TOTAL JSL Consolidated

Average Cost 130.2% CDI

5.3 years

Debt Payment Schedule - R$ MM 2,919 150 2,769

Average Term of Net Debt increased from 2.3 yrs (Dec/16) to 4 yrs (Sep/17)

2,324 551

1,772 134

Liquidity

Transformation of sources of funding and extension of debt term

3Q17-3Q18

4Q18 Gross Debt

1,633

1,458

2019

2020 Revolver

888 2021 Supplier Financing

465 2022

125

1,068

2023

2024 a 2025 9

2017 Actions Liability Management - Focus on Extended Maturity and Diversification Gross Indebtedness Profile Diversification of markets and instruments 68% of debt indexed to CDI, with benefits to be obtained from decline of SELIC 78% of debt is unsecured Decline in share of FINAME in relation to total debt

September 2017

December 2016

Supplier Fin R$551 MM

Supplier Fin R$551 MM

9% BNDES and Leasing R$1,709 MM

BNDES and Leasing R$1,291 MM

Banks R$2,175 MM

27%

16%

35% 30%

Gross Debt: R$6.3 billion Cash: R$1.0 billion Net Debt: R$5.0 billion

22% 9%

Banks R$2,349 MM

29%

Capital Market R$3,903 MM

Capital Market R$1,865 MM

69%

7%

48%

CDI

Pre Others

68%

25% 7%

4Q16

3Q17

Average Cost of Gross Debt:

13.3%

11.2%

Average Cost of Net Debt:

13.3%

13.1%

4.6x

4.6x

Leverage (Net Debt/EBITDA)

Gross Debt: R$8.1 billion Cash: R$2.8 billion Net Debt: R$5.3 billion

10

JSL Consolidated Key Figures (R$ millions) Net Revenues R$ MM

6,523

7,174

20.5% 1,061

EBITDA R$ MM

20.7% 1,113

1,804

1,358

+10.0%

5,165

5,369

2016

LTM 3Q17

Net Revenue from Services

+4.9%

2016

LTM 3T17

Net Revenue from Sale of Assets EBITDA Margin (Net Revenues from Services)

ROIC

Net Income R$ MM

9M16

9M16 -33

7.7%

7.8%

2016

9M17 Annualized

8 9M17

11

JSL Consolidated Income from Sales of Assets (R$ millions) Capillarity to boost sales of assets and accurate depreciation when pricing contracts

82

69

1,804 Income from Sales of Assets = Revenues - Costs

26

25

1,358 322

405

8

1,399

74

7

903 708 Net Sales of Assets (ex-Movida) Net Sales of Assets (Movida)

578 128

314 16

6 1,036

589

62

20

9

Number of assets sold

2014

2015

2016

3Q17 LTM

Movida

5,977

20,915

32,154

38,996

Ex-Movida Consolidated

13,090

8,542

6,806

9,390

Total

19,067

29,457

38,960

48,386 12

JSL Consolidated Free Cash Flow to Firm (R$ millions) Resilience of cash flow despite economic crisis

JSL CONSOLIDATED - R$ MM 2015

2016

3Q17 12M

1,092

1,061

1,113

-

105

35

EBITDA Adjusted for Impairment and Surplus Value of Assets

1,092

1,166

1,148

Book Value of Assets Sold (Non-Cash Cost of Sales of Assets)

870

1,289

1,723

(727)

(1,105)

(1,641)

205

406

(2)

1,441

1,756

1,227

(1,509)

(1,382)

(1,189)

(68)

374

37

EBITDA Impairment of Asset and Surplus Value of Assets

Maintenance CAPEX Working Capital and Taxes * Cash Generated Prior to Expansion CAPEX Expansion CAPEX Free Cash Flow to Firm

* 3Q17 LTM adjustment in working capital and taxes due to a R$67 million impact by restating fixed asset leasing activities to accounts receivable, caused by changes in accounting standards to IFRS in JSL Leasing 13

NEXT STEPS Corporate Reorganization

Corporate Reorganization

FERNANDO SIMÕES

Current Structure ACHIEVEMENTS IN THE COURSE OF 60 YEARS OF HISTORY

Largest purchaser of inputs in highway transportation

Brazil’s largest purchaser of trucks

Market leadership position and Gross Revenue growth of 21% p.a. (2010-9M17)

Brazil’s largest purchaser of light vehicles

25.8% 100%

34.4% 100%

100%

65.6%

Dedicated Services

Light Vehicle Dealership Network

Charter Services

Truck Dealership Network

Light Vehicle Fleet Management

Cargo Transportation

Insurance Broker Dealer

Used Light Vehicle Stores

Leasing

Car Rentals

Truck, Machinery and Equip. Rentals Public Services

15

Next Steps Corporate Reorganization and JSL’s New Development Cycle

25.8%

34.4% 100%

91%

100%

100%

65.6%

Dedicated Services

Truck, Machinery and Equip. Rentals

Public Fleet Management

Light Vehicle Dealership Network

Car Rentals

Cargo Transportation

Truck, Machinery and Equip. Dealership Network

Urban Mobility (Passenger Transp.)

Insurance Brokerage

Light Vehicle Fleet Management

Charter Services

Used Trucks, Machinery and Equipment Stores

Urban Cleaning

Used Light Vehicle Stores

Leasing

16

JSL’s New Development Cycle

25.8% 34.4% 100%

91%

100%

100%

65.6%

Key Objectives of Reorganization in Independent and Synergic Companies Simplification of corporate structure and making understanding easier by market and clients; Business units converted into independent companies maintaining their synergies; Greater focus on agility with dedicated management; Transparency of results and a history of delivery; 17

Maintenance of JSL´s culture and customer relationship. 17

Logistics

ADRIANO THIELE

JSL Logística Leading Company focused on High Value-added Business Dedicated Services

High value-added services with integrated solutions, flexible and customized for each customer;

Cargo Transportation

Full Truck Loads from point A to point B;

Corporate employee transportation services

Part of customers’ productive chain;

Medium cycle, no counter flow assurance;

High customer retention and a high rate of cross selling

High seasonality during same month/year;

Expertise in several economic segments

Over 95% of transportation through outsourcing

Asset-Light Model Assets: 901 ~24% of Revenues

Assets: 11,261 ~69% of Revenues

Charter Services

Assets: 881 ~7% of Revenues

61

29

21

16

14

44

27

21

15

12

42

25

21

15

9

39

22

20

14

8

36

22

18

14

8

X Years of business relationship

19

JSL Logística Overview of Segments 1

DEDICATED SERVICES

Integrated logistics operations

3

Cross docking

Inbound and Outbound

Supplying production lines

Internal logistics

2

Automotive

Cargo consolidation

1 Inbound and Outbound

General Cargo Transportation

CHARTER SERVICES

Corporate employee transportation services Tourist bus services

3

1

CARGO TRANSPORTATION Internal factory logistics

Transportation of raw materials and finished goods Use of third parties Broad portfolio – dry, refrigerated, frozen Capillarity – basic competitive differential

Mining

2

1

1 Dedicated services

Dedicated services

Pulp and paper Inbound and Outbound

Passenger transportation

3 Finished goods transportation

1 Dedicated services

1

Raw materials transportation Internal logistics

1

20

JSL Logística Key Figures (R$ millions)

EBITDA

Net Revenues

R$ MM

R$ MM

2,928

2,831

16.0% 430

13.7% 377

175

144 +3.4% 2,687

2,753

2016

LTM 3Q17

Net Revenue from Services

Net Revenue from Sale of Assets

-13.2%

2016

LTM 3Q17

EBITDA Margin (Net Revenue from Services)

21

JSL Logística Outlook and Market Potential Potential market Growth in new customers and cross-selling with existing customers

Company with the broadest portfolio of logistics services, enjoying scale when purchasing assets and inputs

~350 companies (above R$1 billion) ~3 thousand companies (between R$400 MM and R$1 billion)

POTENTIAL MARKET

JSL – Competitive Advantages Largest service portfolio in Brazil Scale

15 to 20 thousand companies (between R$20 to R$400 MM)

Flexibility Capillarity Reputation

+3 million companies (up to R$20 MM)

Fragmented Market and Restricted Supply of Services by Logistics Operators may give rise to Additional Risks

Source: BM&F IBOVESPA and Valor 1000

Chief reasons for outsourcing More control over activities More know-how to generate new solutions More flexibility in operations

46% 53% 66%

Higher quality

72%

Less investments in assets

72%

Focus on the core business

73%

More efficiency

73%

Source: Panorama ILOS Terceirização 2014

Lower costs

81%

Disruption in of the Productive Chain

Financial risks / Limitations on Capex

Occupational Risks

Lack of indicators

Fragile processes 22

JSL Logística Improvement Actions and Outlook for 2018

Dedicated Services Investment in resource optimizing software Implementation of Labor Reform New Opportunities with Outsourcing Law Development of logistics operations that connect producers and end consumers - no middlemen

Cargo Transportation

Charter Services

Implementation of New TMS – greater agility and visibility Restructuring of branches and capturing synergies Greater flow balance / less empty return trips Strong growth of international flows - auto makers Capture benefits of scale for purchasing fuel for outsourced personnel - JSL card

Business focus on joint transactions Economic recovery will increase hiring at clients Return of third shift in many companies

2018 GOALS AND COMMITMENTS Process Improvements Innovation – Search to perpetuate customer relations and improve profitability Productivity Cost Reduction Delivery / Profit Commitment 23

JSL Labs Innovative Solutions with Consistent Growth Potential in JSL’s Activities

Over 100 startups enrolled!

PROJECT PURPOSE AND AGENDA Joint operations with startups that provide innovative solutions, with consistent growth potential and having synergies with JSL’s areas of activities; Enrollment and selection process started on 10/15/2017;

BENEFITS TO PARTICIPANTS Access to JSL networking Coaching and mentoring Real testing laboratory Market access

Disclosure of 10 startups selected - 12/27/2017;

Support for management and follow-up

Program dates - 2/5/2018 to 8/5/2018.

Investment possibility

24

Vamos

GUSTAVO MOSCATELLI

All the figures in Vamos are proforma with the acquisition of Borgato

Vamos The Largest Truck, Machinery and Heavy Equipment Rental Company in Brazil

DEALERSHIP NETWORK AND ASSET SALES

RENTAL

BUSINESS DESCRIPTION

Vamos´ core business Outsourcing of truck fleet, machinery, and equipment Customized and long-term contracts

Key competitive advantages, as it enables control over the whole business cycle with sale of assets at contract termination

Operational lease structuring for rental of trucks, machinery, and equipment

Provides financial lease for acquisition of trucks, machinery, and equipment

Total fleet: 8,725 vehicles with 3.07 years old on average OPERATING HIGHLIGHTS

Largest chain of truck, machinery, and equipment retail stores in Brazil

Chain of own stores => 36 stores: 14 VW MAN

4,874 trucks (3.08 years)

15 Valtra

2,198 machinery and equipment items (3.3 years)

3 DAF

1,314 pickup trucks with customized equipment (1.69 years) 339 buses (3.24 years)

4 exclusive semi-new vehicle stores Operation in 9 states in Brazil 1,277 vehicles sold in the last twelve months

26

Vamos Integrated Business Model Vamos integrated model provides return at every step of the value chain 2|

3|

Lease contract signed with Vamos

Economic benefit for the client by outsourcing the fleet vs. buying own fleet

1|

Vehicles ordered from auto makers by Vamos

Scale enables purchase from auto makers and early delivery

Client prospecting

Assessment and pricing of solutions and services

delivered to 4| Vehicles customer Long-term lease contracts (5 years on average)

6|

Sale of vehicles to third parties

▪Vehicles sold at market price

End of contract cycle

▪Lease offered to support sales

5|

In case of sale of maintenance and other services, minimum asset availability is ensured

Vehicles are returned to Vamos and put for sale at own stores

▪Low risk of fleet demobilization ▪Customer can sell its own fleet

27

Vamos The Largest Chain of Truck and Heavy Machinery Stores in Brazil Our chain of stores spread throughout the country ensure the sale of assets at adequate prices and represent a significant barrier to entry to new players in the sector VW MAN - Tocantins Palmas Gurupi Araguaiana

VW MAN – Sergipe N. S. do Socorro

36 stores nationwide

3

Ribeirão Preto

Itabaiana

VALTRA – Mato Grosso Água Boa Rondonópolis Querência Primavera do Leste

4

VALTRA – Goiás Silvania Rio Verde Cristalina Mineiros Jataí

2

3

14

VAMOS Seminovos – Goiás Goiânia

4

VAMOS Seminovos – São Paulo Jacú Pêssego

5

VALTRA – Minas Gerais Uberaba Ibiá

1 1 2

VW MAN – São Paulo Caçapava

1

3 1

VAMOS Seminovos – Paraná

1

4 4

DAF – São Paulo Sumaré S. José Rio Preto

15

Eldorado

Ribeirão Preto

VAMOS Seminovos – Minas Gerais Betim

Curitiba VW MAN - Rio Grande do Sul Caxias do Sul São Leopoldo Eldorado do Sul Pelotas

4

VW Man – Rio de Janeiro Campos Pavuna Friburgo Resende

São Leopoldo

VALTRA – São Paulo Morro Agudo Franca Ribeirão Preto S. José Rio Preto

Largest Chain of Heavy Vehicle Stores in Brazil

Vamos sells 100% of its fleet through 36 owned stores Chain of stores ensures the end of investment cycle

Source: Company.

Rondonópolis

28

Vamos Key Figures* (R$ millions)

EBITDA

Net revenues

R$ million

R$ million

44.3%

384

882

803

356 +9.8%

2016

43.6%

3T17 3Q17LTM LTM

+7.9%

2016

3Q17 LTM 3T17 LTM

EBITDA Margin (Consolidated)

(*) All figures for Vamos are proforma with acquisition of Borgato 29

Vamos Outlook and Market Potential ...and a more selective credit market…

Significant decrease in subsidized financing... 15.0% 14.6% 12.5%

11.6%

10.8%

9.8% 8.4% 8.5%

Annual FINAME disbursements, R$ billion

13.4% 13.0%

8.0%

10.9%

9.4% 6.6%

6.4% 4.5%

2010

2011

2012

2013

2014

Average FINAME

2015

2016

9M17

Average CDI

...discouraged the acquisition of new trucks...

100 90 80 70 60 50 40 30 20 10 0

56%

57%

55%

70

53 23 30 2010

52

43

22 30

24

2011

Transportation

173 139

155

2012 Others

Average age of truck fleet in Brazil, years 137

72 51

2011

2012

2013

2014

2015

38%

37%

-100%

64 33

36

-200%

31

34

33

2013

2014

0%

-300%

21

18

-400%

23

11 7

-500%

2015

-600%

2016

Transport sector share in total disbursements

...while the Brazilian fleet needs to be renewed

18.7

18.0

2010

51%

19

Sale of new trucks in Brazil, '000 units 158

49%

2016

17.0

17.2 17.2

17.4

Average age of truck fleet in Brazil in comparison with developed markets in 2016, years 18.7 11.6

8.8

8.5

8.0

7.9

7.5

2011 2012 2013 2014 2015 2016 30

CS Brasil

JOÃO BOSCO RIBEIRO

CS Brasil Company Focused on the Public Sector

PUBLIC FLEET OUTSOURCING AND MANAGEMENT

URBAN MOBILITY

URBAN CLEANING

Assets: 10,683 ~60% of Revenue

Assets: 510 ~32% of Revenue

Assets: 73 ~8% of Revenue

Management and outsourcing of fleet for government agencies. The vast majority refers to special adapted vehicles, customized to the client’s needs

Public passenger transportation

Rental of equipment and contracts with drivers, waste collectors, street sweepers, and assistants

32

CS Brasil Key Figures (R$ millions)

EBITDA

Net Revenues

R$ million

R$ million

967

169 -10.8% 860

2016 Net Revenue from Services

24.2%

863

108

15.7%

168

135 694

3Q173T17 LTM LTM Net Revenue from Sale of Assets

+24.6%

2016

3Q17 LTM LTM 3T17

EBITDA margin (Net Revenue from Services)

33

CS Brasil Outlook and Market Potential

EXTERNAL ENVIRONMENT • Modernization of public management, leveraging Government Entities’ Fleet Management and Outsourcing, especially with own revenues. Example: Energy and Sanitation. • Higher Selectivity to participate in public tender offers to mitigate default risks in view of the current economic scenario;

INTERNAL ENVIRONMENT • CS capillarity - operation in 14 Brazilian states; • Expansion of JSL service portfolio for government agencies;

• Obtaining of concessions with longer terms; • Opportunity to provide Infrastructure Services (New Businesses); • Improve procedures to optimize costs without decreasing quality in order to obtain higher profitability.

MAINTENANCE OF BUSINESS PLAN PROFITABILITY OBJECTIVES:

NET PROFIT AND ROIC

34

CS Brasil New Businesses

BRT Sorocaba Overview Public Service Concession preceded of Infrastructure Work for Implementation and Operation Term: 20 years Total contract value: R$2.4 billion Actual Project IRR: 14.27%

Numbers Number of Buses: 125 vehicles Dealership Investment: R$220 million Exclusive Lane: 40.8 Km

Restoration and adjustment of existing gutters and drainage systems Operation, Control and Monitoring by Smart System connected to CCO Construction of garage, exclusive BRT lane, and structural lane

Shareholder IRR: 26.94% CONTRACT AT SIGNING STAGE

35

Concessionárias

SIDNEI ONGARELLI

Light Vehicle Dealerships Synergy Capturing with the Sale of Group Assets 15 LIGHT VEHICLE DEALERSHIPS

Evolution of Sales 42,642 36,551

34,644 28,701

22,088 18,085 10,955

10,706

23,771

14,909 10,073

9,599

5,853

3,719

8,923 3,857

2014

2015

2016

2017

VENDA NOVOS NEW CARS

USED USADOS CARS VENDA

VENDA FLEET FROTA

São Paulo Metropolitan Area São Paulo (1) Guarulhos (2) São Bernardo do Campos (1) Alto Tietê Mogi das Cruzes (1) Suzano (1) Arujá (1)

Vale do Paraíba São José dos Campos (2) Taubaté (2)

Suzano

São Paulo Metropolitan Area São Paulo (2) Guarulhos (1)

São Paulo Metropolitan Area São Paulo (1)

37

Light Vehicle Dealerships Key Figures (R$ millions)

Net Revenues

EBITDA

R$ million

624

R$ million

602 -3.5%

2016

LTM 3Q173T17 LTM

1.1%

1.0%

6.9

6.1

2016

3Q173T17 LTM LTM

EBITDA Margin

38

Light Vehicle Dealerships Outlook and Market Potential

IMPROVEMENT / INNOVATION IN 2018 Implementation of valuation desk for used vehicles.

Internet sales team restructuring. Feasibility analysis for distributor of parts and accessories. Launching of new models by the automakers we represent. Insurance broker – Sales team restructuring and expansion of segment of operation

39

Movida

RENATO FRANKLIN

Movida Business 2006

2013 ACQUISITION

Established in São Paulo

2014

82 RAC Stores 36,875 cars 5.8% RAC mkt share

2015

Largest player in Brazil

1st GTF in 1989 Largest inbound logistics company in the automobile segment

2016

3Q17

183 RAC Stores 59 Preowne- vehicle stores 64,223 Cars 17.7% RAC mkt share

Oct 17

Premium Market

Dealerships in the retail market since 1995 Expertise in purchase and sale for key automakers

IPO Feb/17

156 RAC Stores 23 Preownedvehicles 52,723 Cars 9.9% RAC mkt share

Largest buyer of heavy vehicles in Brazil, and 2nd largest of light vehicles

183 RAC Stores 60 Preowned-vehicle Stores 74,060 Cars

MOVIDA PREMIUM ACQUISITION

29 Stores 2,400 Cars 2.1% RAC mkt share

NET REVENUES NET SERVICE REVENUEs:

R$93 mi

R$450 mi

R$1.2 bi

R$1.9 bi

R$322 mm

R$579 mm

R$795 mm

R$2.4 bi 3Q17 LTM

R$959 mm 3Q17 LTM

41

RAC Competitive Differentials in Services, Innovation and Technology Full range of value-added services... MOVIDA’S EXCLUSIVE INNOVATIVE SERVICES

MOVIDA INNOVATIONS

Facebook Messenger Bot

Mobile apps for all platforms

Movida Express

Express return Use of tablets to return vehicles

Carbon free rental

Movida Volt Electric bicycle recharge stations

...with positive impact on multiple devices and business areas....

Loyalty programs

Source: Euromonitor 2015

Physical stores

Cellphone app

Travel Agencies

27h daily rate 3 extra hours as courtesy to return the vehicle

CD and USB Connection

Movida Mensal Flex

Movidalabs

....placing Movida well ahead in the Brazilian market of online sales

BI

ONLINE SALES

Tablet

Loyalty Program

Movida Radio Full Tank Station Fuel included in the fee

DIRECT SALES

Website

4G and Wi-Fi connection

92%

49%

49% Online Offline

8%

51%

51%

10%

78%

60% Direct Agents

90%

22%

40% 42

Movida Brand Renowned for its High Satisfaction Level Improvement in brand positioning with clients

Strong positioning with travel agencies

Movida top-of-mind survey performance

Recommendation by travel agents (%)

30%

+23 p.p 21%

82% 5%

8%

8%

7%

Localiza Unidas

1S14

2S14

1S15

2S15

1S16

1S17

Hertz

68%

14% 9%

Client and general market recognition Rental Cars Award 2016 Best Supplier at major airports – June/17

Companies with best communication with Journalists - September/17

Caderno Especial PME Estadão – 1st Place in Satisfaction among Car Rental Agencies - August/17

Exame’s “Maiores e Melhores” Award – Most Significant Increase in services ranking - August/17

Source: H2R Researches, Rentalcars and Rentcars Notes: (1) Top-of-mind survey conducted by H2R Researches in São Paulo, Rio de Janeiro, Porto Alegre, Belo Horizonte, Recife and Ribeirão Preto, (2) Based on 22 travel agencies that recommend car rentals

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Movida Key Figures (R$ millions)

EBITDA

Net Revenue

R$ million

R$ million

2.359 1.831

33.9%

31.4% 301

269 1,399

1,036

+28.8%

+12.0%

795

959

2016

3Q17LTM LTM 3T17

Net Revenue from Services

¹Sobre receita líquida de serviços

Net Revenue from Sale of Assets

2016

3Q17LTM LTM 3T17

EBITDA margin (Net Revenue from Services)

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Movida Outlook and Market Potential

FOCUS ON PERFORMANCE INTERNAL ENVIRONMENT • Development of RAC processes

EXTERNAL ENVIRONMENT • Everchanging market with continuous growth • Healthy and competitive economic scenario

• Fleet Management growth with development of new clients and business lines • Improvement of processes to increase the number cars sold to the retail chain of used car sales stores • Search for better financing sources for capital structure • Continuous innovation with focus on clients and results

MAINTENANCE OF BUSINESS PLAN PROFITABILITY OBJECTIVES:

NET INCOME AND ROIC

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Corporate Governance

ODAIR OREGOSHI

Corporate Governance Committees with Independent Members and Processes under Continuous Development Board of Directors 6 members, 3 independent

5 members, 2 independent

Financial and Supplies Committee

Fiscal Council

3 members, 1 independent

Ethics and Compliance Committee

External Audit

3 members, 1 independent

Risk Management, Compliance and Audit

CEO Legal Department Executive Board

1

Whistleblowing Channels Improvement of a confidential and independent communication channel

Channel available for all employees, clients and suppliers

2

New Code of Conduct Full revision in November 2016 Monitoring of code training and acknowledgement for all employees

3

Compliance and Risk Assessment New Officer responsible for the program’s supervision and management, reporting directly to the Board of Directors Comprehensive risk assessment process

4

New Polices and Procedures Interaction with policy on government employees Policy on meals, gifts, entertainment, travel and expenses, sponsorship, grants and donations Restriction on financing of political campaigns

5

Training and Communication

Effective training program adapted to each specific requirement Roles and responsibilities assigned at all levels (especially those involving “high-risk” activities) 47

Closing Message

FERNANDO SIMÕES

Message... New corporate structure with greater agility, focus and responsibility, enabling the achievement of results compatible with the investments made, generating value to shareholders; Continuous efforts to reduce costs; Continuous improvement through innovation in order to streamline processes, support continuous commercial relationships and improve results; Services that add value to our clients, meet their needs and support our relationship; Continuous qualification of our People and Successors to strengthen our culture.

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Message...

Over the past years, we developed our business, diversified synergic sectors and services that were vital to achieve scale, turning the business units into sector leaders.

2018... We believe the new corporate structure will bring results compatible with our activities, generating value to shareholders and maintaining our development.

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JSL S.A.

Public meeting | APIMEC 2017 December 2017

Q&A

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Disclaimer

Certain statements and considerations included herein constitute additional information that was not audited or reviewed, and are based on our Management’s current hypotheses or prospects. As a result, future results, performance and events may vary significantly. Actual results, performance and events may be significantly different from those expressed by or implied in these statements, as a result of various factors, such as the general and economic scenario in Brazil and other countries, interest, inflation and foreign exchange rates, changes in laws and regulations, and general competitive factors (either at the global, national or local level). Accordingly, the Company’s management shall not be held liable for conformity and accuracy of said additional information that was not subject to audit or review, and such information should be

independently analyzed and interpreted by the shareholders and market agents, who shall make their own analyses and draw their own conclusions on the results herein disclosed.

JSL S.A. Investor Relations Phone: E-mail: Site:

+55 (11) 3154-4043 [email protected] www.jsl.com.br/ri

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