How to Build the Unidas Model?

Principal Factors that Affect Results of Operations

Since all of Unidas’ activities are conducted in Brazil, its operating results and financial condition are directly affected by Brazilian macroeconomic conditions, in particular by the growth rates of the GDP, inflation, interest rates and foreign exchange fluctuations.

Seasonality

Unidas‘ businesses are not affected by seasonality, except for the Company’s car rental segment. The peak in demand for car rental for tourism purposes occurs in the last two weeks of December and in January, February, March and July (which coincide with school vacations and holiday periods such as Christmas, New Year, Carnival and Easter).

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Principal Revenue Sources

Gross revenues from rentals and services rendered

Unidas’ revenues are derived from the rendering of corporate fleet rental, corporate fleet management and car rental services and payments under its franchising activities.

In relation to corporate fleet rental, revenues are derived from long term rentals to corporate clients.

In the car rental business, revenues are derived from the rental of cars to corporate and individual clients for leisure or business, including through travel agencies, from car replacements to insurance companies and from medium term rentals to corporate clients. Revenues from other services, including protection against damages, drivers and fees in general, are also considered.

Revenues from Unidas’ corporate fleet management activities are derived from payments by corporate clients for services rendered.

In relation to franchising, the Company’s revenues are derived from payments of initial franchising fees and royalties as a percentage of the revenues of the franchisees.

Sale of used cars

Sale of used cars reflects revenues resulting from the sale of cars previously used in Unidas’corporate fleet rental and car rental businesses.

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Principal Costs

Costs of rentals and services

Costs of rentals and services are the costs directly associated with the Company’s operations, principally: commissions, advertisement expenses, maintenance and general costs of Unidas’ branches.