4Q16 and Full 2016 Earnings Release. in 2016 (+12.5% YoY), despite the Brazilian economic recession;

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1 Mogi das Cruzes, March 23, 2017 JSL (BM&FBOVESPA: JSLG3 and Level 1 ADR: JSLGY), the company with the broadest portfolio of logistics services in Brazil and the leader in terms of net revenue, announces its 4Q16 results, which include JSL Logística and, separately, the results of Movida, JSL Concessionárias and Leasing, which together comprise the result of JSL Consolidada. The financial and operating information is presented in Brazilian reais as per Brazilian GAAP, and the comparisons refer to the reported and audited data in 4Q15, 3Q16 and 2015, except where otherwise indicated. Contents Management's Comments JSL Logística Movida JSL Concessionárias Leasing Capital Structure Cash Flow and ROIC Free Cash Flow Subsequent Events Capital Markets Glossary Exhibits JSL S.A. 4Q16 and Full 2016 Earnings Release Operating and Financial Highlights Consolidated Net Revenue of R$1.7 billion in 4Q16 (+11.9% YoY), totaling a record of R$6.7 billion in 2016 (+12.5% YoY), despite the Brazilian economic recession; Net Revenue from Services of R$1.4 billion in 4Q16 (+5.4% YoY), totaling R$5.4 billion in 2016 Conference Call and Webcast March 24 th :00 a.m. (Brasília) with simultaneous interpretation in English Portuguese: +55 (11) English: +1 (646) Access code: JSL (+5.8% YoY); Net Revenue from the Sale of Assets¹ of R$376.7 million in 4Q16, (+44.1% YoY), reaching R$1.3 billion in 2016 (+50.6% YoY), demonstrating the Company's capacity of selling assets; EBITDA of R$188.5 million and EBITDA Margin of 13.8% in 4Q16, totaling R$1.1 billion (-2.9% YoY) and EBITDA Margin of 19.7% in 2016; Net of Non-recurring Effects, EBITDA and EBITDA Margin totaled respectively R$270.1 million and Investor Relations Tel: +55 (11) (11) ri@jsl.com.br 19.7%, in 4Q16, reaching R$1.14 billion and 21.3% in 2016; Net Investments of R$349.3 million in 4Q16, totaling R$1.1 billion in 2016; Free Cash Flow to Firm of R$269million in 2016; An evolution of R $337 million compared to 2015 Subsequent Events Movida's IPO in February 2017, raising R$600 million and strengthening our capital structure; R$ 1 billion debt extension in March 2017 as part of liability management. JSL - Consolidated Financial Statements 4Q15 4Q16 Consolidated Gross Revenues ² 1, , % 6, , % Services ¹ 1, , % 4, , % Sale of Assets ¹ % , % Concessionárias % 1, % Leasing Consolidated Net Revenue ² 1, , % 5, , % Net Revenue from Services ² 1, , % 5, , % EBITDA ² % 1, , % Margin * 21.9% 13.8% -8.1 p.p. 21.5% 19.7% -1.8 p.p. EBITDA without extraordinar effects % 1, , % Margin * 22.0% 19.7% -2.3 p.p. 21.7% 21.3% -0.4 p.p. EBITDA-A ² % 1, , % Margin 34.5% 31.5% -3.0 p.p. 32.8% 34.9% +2.1 p.p. Net Result ² 6.9 (150.4) (183.2) - Margin 0.4% -8.6% -9.0 p.p. 0.8% -2.7% -3.5 p.p. ¹ JSL Logística + Movida, excluding intercompany operations. ² Considers the consolidation of the financial results of JSL Logística, JSL Concessionárias, Movida and JSL Leasing, eliminating intercompany operations. * Calculated on total net revenue from services. 1

2 I. Management's Comments JSL Consolidada The year of 2016 was marked by the economic recession in Brazil. However, we presented a record Consolidated Gross Revenue of R$7.4 billion, a 12.5% growth YoY, which proves once again the value of our diversification of services, clients and economic sectors confirming the Company's resilience, as well as our ability to execute. Over the last six decades, JSL built a consistent growth path, reflecting the focus on customer service through innovative solutions. As a result, the Company remains in the leading position of the domestic logistics market, which is characterized by a constant development and diverse business opportunities. We began 2017 with Movida's successful IPO, raising R$600 million, which strengthens our capital structure. After relevant investments since its acquisition three years ago, Movida occupied a leading position and consolidated its position as the second largest company in the RAC sector in Brazil. This year, the focus will be on the profitability of the operations primarily due to the process of consolidation of the used-vehicle stores and new RAC channels, together with a deceleration of the group's net investments. In 4Q16, Consolidated JSL recorded a total gross revenue of R$1.9 billion comprised by: R$1.3 billion from Services, R$386.3 million from the Sale of Assets, R$226.9 million from JSL Concessionárias, and R$9.4 million from Leasing, already taking into account the exclusion of intercompany operations. EBITDA totaled R$188.5 million and EBITDA Margin was 13.8% in 4Q16, primarily consisting of: JSL Logística: EBITDA of R$136.7 million (-36.0% YoY) and EBITDA Margin at 13.9% (-9.1 p.p. YoY). This variation was primarily due to: (i) the economic recession and drop in volume of some of the existing contracts; and some non-recurring items such as (ii) adjustments in purchase prices of certain companies and write-off of goodwill. Movida: EBITDA totaled R$60.6 million (-10.8% YoY), and EBITDA Margin stood at 26.2% (-10.4 p.p. YoY). The decrease in the EBITDA margin in comparison to last year is due to the accelerated expansion and the opening of 36 used-vehicle stores and 27 RAC stores last year, which are in the ramp-up phase. Net Financial Result was a negative R$230.1 million in 4Q16 compared to R$141.7 million in 4Q15. The variation was specially due to the increase in net debt, which rose from R$4.6 billion in 4Q15 to R$5.3 billion in 4Q16 (including confirming payables). In addition, average net debt cost rose from 13.0% to 13.3% in the same period, and the portion of the debt pegged to the CDI rate increased from 61.0% in 4Q15 to 69.5% in 4Q16. We also had an R$39.9 million financial non-recurring impact related to the adjustment of acquisition prices of certain companies. Net Loss was R$150.4 million in 4Q16, impacted by the combination of: (i) external factors, such as the GDP decrease, the reduction in the production volume of clients, and the increase in the market interest rates; (ii) internal growth factors, such as the increase in expenses at Movida (with the opening of 36 used-vehicle stores and 27 RAC stores, which are still being developed), as well as the expansion of the fleet; and (iii) non-recurring items in connection with the acquisition of companies, arising from price adjustments and the write-off of goodwill. Despite the negative net result, we would like to stress the improvements in cash during the period: the Company's Free Cash Flow increased R$337 million when compared to 2015, totaling R$269 million in the year. 2

3 II. JSL Logística Financial performance Gross Revenue In November 2015, we began a corporate restructuring process, with the transfer of assets and liabilities of Movida Gestão e Terceirização de Frotas S.A. (GTF) to other companies of the group through a partial spin-off. As a result, 2015 data are presented on a pro-forma basis for comparison purposes. In 4Q16, total gross revenue amounted to R$1.2 billion (+10.8% YoY) with R$1.1 billion (+6.6% YoY) from Services and R$123.3 million (+71.3% YoY) from the Sale of Assets. In 2016, total gross revenue was R$4.7 billion (+6.4% YoY) with R$4.4 billion (+7.2% YoY) from Services and R$311.6 million (-3.5% YoY) from the Sale of Assets. JSL - Logística Gross Revenue Gross Revenue 1, , , % 2.0% 4, , % Revenue from Services 1, , , % -2.7% 4, , % Revenue from Sale of Assets % 80.8% % Breakdown of Gross Revenue from Services by Business Line Others 1.4% Dedicated Services 55.2% Others 1.4% Dedicated Services 58.7% General Cargo 5.9% 4Q15 General Cargo 6.6% 4Q16 Passenger Transportation 12.2% Management and Outsourcing 25.2% Passenger Transportation 10.9% Management and Outsourcing 22.4% Consumer Goods 4.8% Breakdown of Gross Revenue from Services by Economic Sector Services 2.5% Capital Goods 0.9% Consumer Goods 4.5% Services 2.7% Capital Goods 1.1% Chemical 6.9% Passenger Transportation 8.4% Steel and Mining 12.8% Food Industry 12.7% Pulp and Paper 11.5% 4Q15 Others 7.2% Automotive 10.2% Agribusiness 9.6% Public 12.6% Chemical 7.4% Passenger Transportation 6.9% Steel and Mining 9.8% Food Industry 10.1% 4Q16 Others 9.6% Pulp and Paper 14.8% Agribusiness 8.9% Automotive 13.0% Public 11.1% 3

4 Growth of GDP vs. Growth of Gross Revenue from Services 35.6% 25.0% 16.6% 7.5% 20.7% 12.6% 4.0% 19.0% 10.0% 10.7% 1.9% 3.0% 9.7% 8.4% 0.5% 6.1% 7.0% 3.8% 4.4% % -3.6% Source: IBGE Growth Gross Revenue from Services - Logistics Nominal GDP Real GDP In 2016, JSL's Gross Revenue from Services increased 7.2% YoY, despite the economic recession in Brazil. This performance higher than the GDP growth is primarily explained by the acquisition of new clients and the provision of additional services to existing ones. RSC Revenue with Same Contracts RSC 4Q15 4Q16 4Q15x4Q x2016 Gross Revenue from Services % 3, , % Dedicated Services % 2, , % Management and Outsourcing (Vehic./Mach./Equip.)* % % Passenger Transportation % % General Cargo transportation % % Others % % * With adition of services / public / heavy Net revenue JSL - Logística Net Revenue Net Revenue , , % 2.9% 3, , % Net Revenue from Services % -1.6% 3, , % Net Revenue from Sale of Assets % 70.0% % ¹ Consider operations to be distributed to shareholders Costs In 4Q16, costs of services totaled R$832.4 million, (+9.7% YoY). The main change was verified in the costs with contractors and third parties (+22.0% YoY), impacted by the migration of some transactions from a model based on the intensive use of capital to one with a higher use of contractors and third parties. In 2016, costs of services totaled R$3.2 billion, (+8.2% YoY). The main changes were verified in costs with auto parts, tires and maintenance (+16.5% YoY), as well as in costs with contractors and third parties (+10.9% YoY). JSL - Logística Costs Cost of Services (759.0) (837.3) (832.4) 9.7% -0.6% (2,952.5) (3,194.9) 8.2% Personnel (249.2) (262.8) (260.7) 4.6% -0.8% (991.9) (1,026.6) 3.5% Independent contractors / third parties (167.5) (186.5) (204.3) 22.0% 9.5% (650.3) (721.4) 10.9% Fuel and lubricants (62.1) (68.9) (56.5) -9.0% -18.0% (242.5) (243.9) 0.6% Parts / tires / maintenance (64.6) (76.8) (73.7) 14.1% -4.0% (244.1) (284.4) 16.5% Depreciation (103.0) (110.8) (114.9) 11.6% 3.7% (386.9) (428.9) 10.9% Others (112.7) (131.5) (122.3) 8.5% -7.0% (436.7) (489.7) 12.1% Costs of Sales of Assets (71.3) (67.6) (108.8) 52.6% 60.9% (320.7) (293.7) -8.4% Sale of Assets used to provide services (70.5) (67.6) (108.8) 54.3% 60.9% (317.5) (293.7) -7.5% Sale of Assets with Management (0.8) % - (3.2) % Total (830.4) (904.9) (941.2) 13.3% 4.0% (3,273.2) (3,488.5) 6.6% Total (as % of Total Net Revenue) 83.1% 84.9% 85.8% +2.7 p.p p.p. 82.5% 83.5% 1.0 p.p. 4

5 Gross Profit In 4Q16, gross profit totaled R$155.4 million (-8.2% YoY), while gross margin was 14.2%, accounting for a 2.7 p.p. reduction YoY. In 2016, Gross Profit amounted to R$691.1 million (-0.2% YoY), and gross margin was 16.5%, accounting for a 1.0 p.p. decrease YoY. JSL - Logística Gross Profit Gross Profit from Services % -7.0% % Gross Margin from Services (% of Net Revenue from Services) 18.2% 16.1% 15.2% -3.0 p.p p.p. 19.0% 17.7% -1.3 p.p. Gross Profit from Sale of Assets 0.3 (0.2) Gross Margin from Sale of Assets (% of Net Revenue from Sale of Assets) 0.4% -0.3% 5.0% +4.6 p.p p.p. 0.2% 1.7% +1.5 p.p. Total Gross Profit % -3.3% % Gross Margin (% of Total Net Revenue) 16.9% 15.1% 14.2% -2.7 p.p p.p. 17.5% 16.5% -1.0 p.p. Operating Expenses before the Financial Result In 4Q16, operating expenses amounted to R$139.0 million, accounting for 14.2% of the net revenue from services (+7.4 p.p. YoY). In 2016, operating expenses totaled R$347.8 million, representing 9.0% of the net revenue from services (+1.9 p.p. YoY). The increase in administrative and commercial expenses, and other operating expenses was primarily due to nonrecurring events, especially those incurred in the 4Q16, as described in the following section. JSL - Logística Operating Expenses before Financial Results Administrative and Sales Expenses (59.4) (61.0) (74.2) 24.9% 21.6% (227.8) (268.6) 17.9% Personnel (25.0) (26.3) (27.2) 8.8% 3.4% (96.0) (106.6) 11.0% Services Renderded (12.9) (13.2) (10.2) -20.9% -22.7% (49.2) (48.3) -1.8% Communication, advertising and marketing (3.4) (2.7) (0.9) -73.5% -66.7% (12.2) (11.0) -9.8% Third-party properties rental (2.8) (3.8) (4.9) 75.0% 28.9% (11.9) (16.1) 35.3% Depreciation (4.4) (5.9) (5.5) 25.0% -6.8% (14.4) (21.5) 49.3% Others (10.8) (9.1) (25.6) 137.0% 181.3% (44.1) (65.2) 47.8% Tax Expenses (1.3) (1.3) (3.0) 130.8% 130.8% (4.1) (6.7) 63.4% Other Operating Revenues (Expenses) (2.4) (7.4) (61.8) - - (26.6) (72.6) 172.9% Total (63.0) (69.7) (139.0) 120.6% 99.4% (258.5) (347.8) 34.5% Total (as % of Total Net Revenue from services) 6.8% 7.0% 14.2% +7.4 p.p p.p. 7.1% 9.0% 1.9 p.p. Description of non-recurring effects Non-recurring logistics events (of a non-financial nature) totaled R$56.3 million in 4Q16 and R$57.4 million in The expenses are primarily connected to the acquisition of companies arising from price adjustments and the writeoff of goodwill. JSL - Logística Extraordinary Effects 4Q Deductions impact - - Costs impact - - Expenses impact (56.3) (57.4) EBITDA impact (56.3) (57.4) 5

6 EBIT, EBITDA and EBITDA-A In 4Q16, EBITDA totaled R$136.7 million (-36.0% YoY), while EBITDA margin was 13.9%, accounting for a 9.1 p.p. reduction YoY. Net of the non-recurring items previously mentioned, EBITDA in 4Q16 would have been R$193.0 million, with a 19.7% margin (-3.4 p.p. YoY). In 2016, EBITDA amounted to R$793.7 million (-5.0% YoY), while EBITDA margin stood at 20.5%, presenting a 2.4p.p. reduction YoY. Also in 2016, taking into account non-recurring items, EBITDA would have been R$851.1 million, and the EBITDA margin 21.9% (-1.3 p.p. YoY). JSL - Logística EBIT, EBITDA and EBITDA-A EBIT % -82.0% % Margin * 11.4% 9.1% 1.7% -9.7 p.p p.p. 11.9% 8.8% -3.1 p.p. EBITDA % -34.2% % Margin * 23.0% 20.8% 13.9% -9.1 p.p p.p. 22.9% 20.5% -2.4 p.p. EBITDA without extraordinary effects % -7.1% % Margin * 23.1% 20.8% 19.7% -3.4 p.p p.p. 23.2% 21.9% EBITDA-A % -10.8% 1, , % Margin 28.4% 25.8% 22.4% -6.0 p.p p.p. 29.1% 26.0% -3.1 p.p. * Calculated on net revenue from services 2 Investments In 4Q16, total investments in Logistics reached R$154.1 million (-32.3% YoY), 57% of which was allocated to the expansion of new businesses. The investment focus was on fleet management and outsourcing with the addition of services. The biggest acquisition was in light vehicles, which accounted for 88% of the investments in the period. In 2016, total investments in Logistics amounted to R$702.6 million (-15.3% YoY), 74% of which was allocated to the expansion of new businesses. The investment focus was on fleet management and outsourcing with the addition of services. The biggest acquisition was in light vehicles, which accounted for 63% of the investments in the period. JSL - Logística Capex Gross capex by nature % -2.6% % Expansion % -27.5% % Renewal % % Others % % Gross capex by type % -2.6% % Trucks % -69.7% % Machinery and Equipment % -92.1% % Light Vehicles % 23.4% % Bus % % Others % -46.6% % Receita com Venda usual de ativos (71.5) (68.2) (123.3) 72.4% 80.8% (310.9) (311.6) 0.2% Renewal # (67.5) (56.7) (83.5) 23.7% 47.3% (273.8) (247.7) -9.5% End of contract # (2.5) (8.9) (30.0) - - (15.3) (41.5) 171.2% Exchange of operational scope # (2.0) (0.7) (2.6) 30.0% - (15.5) (5.3) -65.8% Total net capex % -65.8% % # Does not consider cancellations and sales return 6

7 III. Movida Participações S.A. In 4Q16, Movida posted a gross revenue of R$502.8 million, a 30.7% growth YoY. EBIT totaled R$43.0 million (+1.4% YoY), with an EBIT margin of 18.6%. In 2016, Movida recorded a gross revenue of R$1.9 billion, a 55.5% increase YoY. EBIT totaled R$191.3 million (+25.9% YoY), with an EBIT margin of 22.3%. At the end of 2016, Movida had a fleet of 64,223 vehicles, 183 RAC stores and 59 used-vehicle stores. Movida Financial Information Gross Revenue % -1.0% 1, , % RAC % 6.5% % GTF % 2.7% % Used Vehicles % -6.3% , % Net Revenue % -1.1% 1, , % Net Revenue from Services % 5.6% % Gross Profit % -1.5% % Margin 21.1% 24.2% 24.1% +3.0 p.p p.p. 21.9% 23.5% +1.6 p.p. Net Income % -91.0% % Margin 4.0% 2.4% 0.2% -3.8 p.p p.p. 4.4% 1.7% -2.7 p.p. EBIT % -19.6% % Margin on net revenue from services 22.8% 24.4% 18.6% -4.2 p.p p.p. 24.3% 22.3% -2.0 p.p. Movida Capex Fleet % 21.5% 1, , % RAC % 31.1% 1, , % Expansion % 63.5% % Renewal % 0.7% % GTF % -22.9% % Expansion % -33.4% % Renewal % Stores % -66.7% % New % -78.6% % Former % -55.6% % Others % -58.3% % Total % 19.3% 1, , % Purchase and sale of vehicles R$ million Q15 1Q16 2Q16 3Q16 4Q16 Fleet Capex Cost of Sale os Assets For further information, please visit 7

8 IV. JSL Concessionárias de Veículos In 4Q16, the Dealerships posted a total net revenue of R$207.3 million, with a negative EBITDA of R$13.8 million. The result was primarily impacted by the drop in sales volume due to the challenging economic scenario in Brazil. In 2016, the Dealerships posted a total net revenue of R$835.5 million, with a negative EBITDA of R$9.4 million. Concessionárias Financial Information Total Net Revenue % 4.8% 1, % Light Vehicles % 8.5% % Heavy Vehicles % -1.1% % Direct Sales % -14.3% % F&I % -17.4% % After Sales % 1.6% % Total Volume (units) 10,857 6,954 6, % 0.5% 38,682 29, % Light Vehicles 4,074 3,341 3, % 0.4% 17,596 13, % Heavy Vehicles % -24.3% 1, % Direct Sales Light Vehicles 6,332 3,109 3, % 8.1% 18,781 14, % Direct Sales Heavy Vehicles % -67.5% % Gross Profit % -13.4% % Margin 18.0% 19.6% 16.2% -1.8 p.p p.p. 17.7% 18.5% +0.8 p.p. EBIT (29.1) (34.1) - Margin 0.0% 0.1% -14.1% p.p p.p. 0.5% -4.1% -4.6 p.p. EBITDA (13.8) (9.4) % Margin 1.5% 1.6% -6.6% -8.1 p.p p.p. 1.6% -1.1% -2.7 p.p. V. Leasing In 4T16, total gross revenue from Leasing amounted to R$9.4 million, compared to R$2.1 million YoY. Gross profit totaled R$2.2 million from R$0.2 million in 4Q15. In 2016, total gross revenue from Leasing was R$28.5 million, compared to R$5.5 million in Gross profit reached R$7.0 million from R$0.7 million in JSL - Leasing Results Total Gross Revenue % Deductions from Revenue 0.0 (0.2) (0.2) - 0.0% (0.1) (0.3) - Net Revenue % Total of Costs (1.9) (6.0) (7.1) % (4.7) (21.2) - Gross Profit % Administrative and Sales Expenses (1.8) (2.0) (2.1) 16.7% 5.0% (7.7) (8.6) 11.7% Tax Expenses (0.0) (0.0) (0.0) - - (0.0) (0.1) - Other Operating Revenues (Expenses) (0.0) (0.0) (0.0) - - (0.0) (0.0) - EBIT (1.6) (0.1) (0.0) - - (7.0) (1.7) -75.7% Operations (Qty.) % -66.5%

9 VI. Capital Structure JSL Consolidada Net debt totaled R$5.3 billion in December 2016, 13.1% higher than at the end of 2015, due to the increase in investments YoY, which amounted to R$2.5 billion in the period. The breakdown of the total net debt at the end of 2016 was as follows: 69.4% pegged to the CDI; 21.7% to fixed rates; 7.1% to the TJLP; 1.5% to the SELIC; and 0.3% to the IPCA. Indebtedness 12/31/ /31/ /30/ /30/ /31/2016 Cash and Investments (1,686.6) (1,237.2) (1,335.0) (1,322.4) (1,043.2) Borrowings 3, , , , ,846.1 Local Bonds 1, , , , ,548.6 Finance lease payable Gross debt 5, , , , ,749.5 Net debt 4, , , , ,706.3 Confirming payable (Automakers) Net debt + Confirming payable (Automakers) 4, , , , ,257.6 Average Cost of Net Debt* (p.a.) 13.0% 13.3% 13.3% 13.3% 13.3% * With Suppliers Confirming Net Debt Evolution + Confirming Payable Automakers (in R$ million) 406 1,061 2, ,648 1, ,258 4,688 Net Debt 4Q15 EBITDA Cost Sale of Assets Financial Result Dividends + Interest Capital Gross Capex Working Capital Others Net Debt 4Q16 Net Debt 4Q16 with Movida IPO Gross Debt Amortization Schedule + Confirming Payable Automakers (in R$ million) 2,350 Short Term Long Term 1, , , ,193 1,197 1,483 1, EBITDA-A LTM Liquidity until 2025 Gross Debt Suppliers Confirming Debt Renegotiation On March 9 th, 2017, as part of the management of financial liabilities, the Company entered into two new loan contracts, extinguishing two other existing. The new contracts have maturities as from 2019 up to 2023, thus contributing to the extension of the debt amortization profile. 9

10 Financial Result In 4Q16, net financial expenses totaled R$230.1 million, (+62.4% YoY). In 2016, net financial expenses amounted to R$748.3 million, (+44.9% YoY). The increase mainly reflects the improvement of R$648 million in the average net debt balance (including the confirming payables account), especially related to the growth of Movida (both in terms of its fleet and of the expansion of its RAC and used-vehicle stores). The net debt increase, as well as the change in its mix (with 61.0% pegged to the CDI in December 2015 to 69.4% in December 2016), impacted the financial expenses. We also had a R$39.9 million non-recurring impact related to the adjustment of the acquisition prices of the companies. Resultado Financeiro (R$ milhões) 4T15 3T16 4T16 JSL - Consolidada Var. 4T16x4T15 Var. 4T16x3T16 Var. Receitas Financeiras % 123.3% % Despesas Financeiras (213.2) (229.9) (172.9) -18.9% -24.8% (724.7) (802.5) 10.7% Resultado Derivativos (5.1) (38.7) % 64.7 (112.8) - Variação Cambial Líquida (103.8) - - (42.3) (33.7) -20.3% Despesas Financeiras Extraordinárias - - (39.9) (39.9) - Receitas (despesas) financeiras líquidas (141.7) (185.1) (230.1) 62.4% 24.3% (516.2) (748.3) 45.0% Assets/Net Debt + Confirming Payable Automakers (in R$ million) Asset/Debt 5,258 ratio of 1.1 x 5, Confirming Payable 3,099 - Light Asset/Debt ratio of 1.2 x 6, ,0 - Light 4,706 - Net Debt 2,469 - Heavy 2679,0 - Heavy Leverage Indicators Net Debt + Suppliers Confirming Book Value + Assets available for sales Market Value Leverage Indicators 12/31/ /31/ /30/ /30/ /31/ /31/2016 With IPO Covenants Movida Net Debt / EBITDA-A² 2.0x 2.1x 2.1x 2.0x 2.0x 1.8x n.a. Net Debt / EBITDA² 3.7x 3.9x 4.0x 4.0x 4.5x 3.9x n.a. EBITDA-A²/Net interest expenses 4.5x 4.6x 4.6x 4.4x 4.3x 4.3x n.a. Net Debt + suppliers confirming / EBITDA-A² 2.4x 2.3x 2.2x 2.2x 2.2x 2.0x Máx 3,5x Net Debt + suppliers confirming / EBITDA² 4.3x 4.4x 4.3x 4.5x 5.0x 4.4x n.a. EBITDA-A² / Net interest expenses* 3.8x 3.9x 3.9x 3.8x 3.7x 3.7x Min 2,0x ¹ Fixed assets + Receivable and Inventory forward sale (Sales of assets with management / CPC 06) + Assets avaiable for sale ² Accumulated over the last 12 months ³ Cash+committed lines * Includes the portion referring to embedded cost in the good value (suppliers confirming) Net debt plus the confirming payables over EBITDA ratio was 5.0x in December 2016, compared to 4.3x in December Taking into account the net funds from Movida's IPO, leverage would have been 4.4x at the end of the period. The Company's leverage, measured as the net debt indicator plus the confirming payables over EBITDA A, totaled 2.2x in December 2016 (2.0x if the funds from Movida's IPO are taken into account) an improvement in relation to the 2.4x in December

11 VII. Cash Flow and ROIC JSL Consolidada Cash Flow Summary¹ Income before tax 5.4 (40.6) (199.8) % 392.7% 67.2 (249.5) % Depreciation and Amortization % 12.4% % Cost of Sale of Assets² % 6.3% , % Other Non-cash adjustments % 44.3% % Accounts receivables, Inventory and Suppliers % 13.7% % Other Assets and Liabilities (116.3) % -61.5% (39.6) % Paid interest (320.8) (107.3) (179.4) -44.1% 67.3% (654.4) (591.7) -9.6% Operating Cash Generation % -23.1% 1, , % Increase in Fixed Assets (463.7) (684.7) (413.9) -10.8% -39.5% (1,014.6) (1,794.3) 76.8% Schio Acquisition - - (62.2) n.a n.a - (62.2) n.a Other Investments 4 (1.8) (18.1) % 792.6% (6.0) % - - n.a Investments Net Cash (75.6) % 67.0% % Increase (Decrease) in Capital n.a n.a - - n.a Dividends + Interest on Capital n.a n.a. (17.2) (208.7) % Loan and Financing (219.8) (632.3) % % (84.5) (790.9) 836.3% (Purchasing) / Selling Treasury Shares (5.1) (4.8) % % (61.9) (34.6) -44.1% Increase (Decrease) in Cash and Financial Investments (12.6) (279.2) % % (643.4) % ¹ Considers as cash the balance of financial investments classified as current assets (securities) ² Non-cash cost ³ Pursuant to IFRS, variations in cash in the increase in fixed assets line in the cash flow statement comprise only the amounts actually disbursed by the Company. These acquisitions made with restricted financing are not reflected in the cash flow statement when they are contracted. However, as this financing is amortized, the respective cash disbursements are reflected in the loans and financing line 4 Intangible assets and merger of subisidiary ROIC LTM - 12/31/2016 JSL Consolidada* JSL Logística² Logistics Operations with more than 12 months of revenue Net revenue 6, , ,544.6 Gross Profit 1, (-) Administrative and Sales Expenses (684.2) (272.1) (146.6) (+) Extraordinary expenses (-) Others Operating Revenues (Expenses) (116.9) (70.5) (83.1) EBIT ¹ (-) Taxes (Considers effective tax rate of 30%) (178.9) (116.5) (130.4) (=) NOPLAT (A) (=) Avarage Invested Capital (B) 4, , ,432.7 ROIC without goodwill effect (A/B) 8.7% 8.4% 12.5% (=) Avarage Invested Capital with suppliers confirming (C) 5, , ,507.0 ROIC with suppliers confirming without goodwill effect (A/C) 7.7% 8.2% 12.1% * Contemplates the consolidation of the financial results of JSL Logistics, JSL Concessionárias, Movida and expensens from non-operational companies and the eliminations am ¹ Excluding non-recurring effects ² Excludes the effect of investments in other businesses 11

12 VIII. Free Cash Flow In 2016, JSL posted R$2.8 billion in operating cash flow, as a result of the Company's focus on its growth strategy, as well as its ability to execute. Investments in maintenance totaled R$1.1 billion in the period, which resulted in a cash flow before growth of R$1.7 billion. Investments in expansion amounted to R$1.4 billion, primarily due to the growth in Movida's fleet. In 2016, the Company generated a free cash flow to firm of R$269 million. We would like to stress the improvement in working capital, which changed from 44 days to 28 days over the last 12 months. We would also like to point out that the EBITDA for the period was also impacted by the effects of growth, since the new agreements require preoperating costs and present a gradual curve until they reach their full capacity. At Movida, the EBITDA was impacted by expenses at the RAC and used-vehicle stores. Free Cash Flow to Firm JSL Consolidated (R$ Million) 2014 EBITDA 869 1,092 1,061 Non-cash Cost of Sales of Assets ,289 Taxes + Working Capital ¹ (431) Operating Cash Flow 937 2,168 2,756 Maintenance Capex 2 (362) (727) (1,105) Cash Generated before Growth and Interest 575 1,441 1,651 Expansion Capex 2 (1,400) (1,509) (1,382) Free Cash Flow to Firm (825) (68) 269 ¹ Includes asset sales with management ² Considers total Capex, the amount effectively paid with the Company s cash, plus the financed position 12

13 IX. Subsequent Events IPO of the subsidiary Movida Participações On February 6th, 2017, pursuant to the terms of CVM Instruction no. 358, of January 3rd, 2002, and article 52 of CVM Instruction no. 400, of December 29th, 2003, the subsidiary Movida Participações S.A. informed the beginning of a primary and secondary public offering of 71,460,674 (primary) and 6,741,573 (secondary) registered, book-entry, common shares with no par value, issued by Movida Participações S.A., all free and clear of any liens or encumbrances, excluding preemptive rights of the current shareholders of Movida Participações S.A., within the limits of the authorized capital, to be carried out in Brazil and with placement efforts abroad. The Price per Share was established after the conclusion of the bookbuilding process with Institutional Investors, performed in Brazil and abroad, and had as a parameter the indication of interest based on the quality and quantity of demand (per volume and price) by Institutional Investors during the bookbuilding process. The issuance of Shares based on this price-definition criterion will not promote the undue dilution of the current shareholders of Movida Participações S.A., as follows: Price (R$) (1) Commissions (R$)(2)(4) Net Value (R$)(2)(3)(4) Price per share Pimary offer 535,955, ,633, ,321, Secondary offer 50,561, ,229, ,332, Total 586,516, ,863, ,653, i. Based on a Price per Share of R$7.50; ii. Includes fees to be paid to the Managers of the Offering, without taking into account the exercise of the Supplementary Share Option; iii. Without deducting expenses and taxes of the Offering; and iv. For information on remuneration received by the Managers of the Offering. The Primary Offering, pursuant to the capital increase of Movida Participações S.A., within the limits of the authorized capital as provided for in its Articles of Incorporation, excluding preemptive rights of the current shareholders of Movida Participações S.A., pursuant to the terms of item I of article 172 of the Brazilian Corporate Law, as well as its terms and conditions, was approved in the Special General Meeting of Movida Participações S.A. held on February 6th, The capital stock of Movida Participações S.A., fully subscribed and paid-in, was increased to one billion, two hundred and one million, five hundred and eighty three thousand, six hundred and ninety five reais and thirty two centavos (R$1,201,583,695.32), represented by two hundred and thirteen million, four hundred and ninety one thousand, five hundred and eighty six (213,491,586) common shares, all registered, book-entry, and with no par value. With this increase, the interest of the Company (JSL S.A.) in Movida Participações S.A. will be increased by fifty million, five hundred and sixty one thousand, seven hundred and ninety seven reais and fifty centavos (R$50,561,797.50), represented by six million, seven hundred and forty one thousand, five hundred and seventy three (6,741,573) shares, being thus comprised in the event of a full placement of the shares and without taking into account the exercise of the Supplementary Share Option: Current Composition Composition after the offer Type and class of shares Quantity (1) % Quantity (1) % Selling Shareholder and entities under common control , ,20% Managers 0 0,0 0 - Shares in circulation 1 0, ,8% Total ,00% It takes into account the reverse stock split of the common shares issued by Movida Participações S.A. at the rate of five common shares per one common share. 13

14 14

15 The Company's shareholders equity after the IPO of Movida Participações S.A. presented the following effects (with the base date of December 31st, 2016): 31/12/2016 Effect IPO Consolidated Equity after IPO Equity Share capital 660, ,395 Capital reserve 11,078-11,078 Treasury shares (5,084) - (5,084) Equity valuation adjustment 4,634-4,634 Gain obtained in secondary offer - 86,751 86,751 Profit reserve 23,895-23, ,918 86, ,669 Non-controlling interest - 508, ,433 Total equity 694, ,184 1,290,102 Liability Management On March 9 th, 2017, as part of the management of financial liabilities, the Company entered into two new loan contracts, terminating two existing facilities, with Caixa Econômica Federal. The new contracts have maturities as from 2019 up to 2023, thus contributing to the extension of the debt amortization profile. The table below, shows the consolidated amortization schedule based on current maturities and with the new maturities taking into account the liability management: Consolidated 12/31/2016 Alongada Maturity of Installments Total % Total % Total current liabilities , , ,082, ,082, ,187, ,187, , , , , , , , , , , , , Total non-current liabilities 2,957, ,957, Total 3,846, ,846,

16 X. Capital Markets Stock performance JSL is listed on BM&FBOVESPA's Novo Mercado segment, and its shares are part of the Differentiated Corporate Governance Stock Index (IGC) and the Differentiated Tag-Along Stock Index (ITAG). Since January 2013, JSLG3 is part of the BM&FBOVESPA Small Cap Index (SMLL). On December 29 th, 2016, JSLG3 shares were priced at R$8.98. In 4Q16, the Company had a total of 202,500,000 shares, of which 202,077,032 are outstanding and 422,968 are treasury shares. JSLG3 vs. SMLL11 vs. IBOV Performance (From 12/31/2015 to 12/31/2016 Base 100) IBOV 60, % SMLL 1, % JSLG3 R$ % JSLG3 IBovespa SMLL X. Glossary AVP Adjustment to present value. Applied to monetary assets and liabilities to reflect their current value taking into account contractual cash flows, interest rates explicitly or implicitly applicable to the respective assets and liabilities, and rates used by the market for similar transactions. The effects are included in financial income or expenses in the income statement, for the term of interest in relation to contractual cash flows. Confirming payable-suppliers Partnerships with financial institutions in order to manage commitments to suppliers. Suppliers transfer receivables arising from the sale of vehicles to financial institutions. Dedicated Services or Dedicated Services to the Supply Chain Services provided in an integrated and customized way for each client which includes managing the flow of inputs / raw materials including information from the supplier through entry of the materials into the clients facilities (Inbound operations), the outflow of products from the clients facilities to the point of consumption (Outbound operations), and the movement and management of inventory, Reverse Logistics and Warehousing. EBITDA-A or EBITDA-Added Represents EBITDA plus the residual costs associated with the sales of fixed assets, which do not represent operational cash disbursements, as they are merely an accounting representation of the write off of assets at the time of sale. Thus, the Company's management believes that EBITDA-A is a more appropriate measure of operating cash flow than traditional EBITDA, since it represents the Company s capacity to meet its financial obligations. Elimination Offsetting of the amounts inherent to the operations between JSL Logística, Movida and JSL Concessionárias, with a null effect on JSL s consolidated figures. FINAME Allocated to finance the acquisition of new machinery and equipment, made in Brazil, under attractive conditions. 16

17 FINEM Financing to projects of R$10 million or more, intended to implement, expand, recover and modernize fixed assets, directly through BNDES or through BNDES-accredited financial institutions at differentiated costs. Fleet Management and Outsourcing (vehicles/machinery/equipment) with addition of service management and outsourcing services provided by JSL Logística through fleets of both light and heavy vehicles, including fleet sizing and additional services related to fleet, as well as machinery and equipment. Floor Plan A program to finance the inventory of new and used, national and imported vehicles and auto parts, via revolving credit granted by manufacturers to concessionaires, which usually has a grace period, exempt from any charges, which may vary for each manufacturer. General Cargo or General Cargo Transportation Services for the transportation of products from point A to point B, by vehicles assuming Full Truck Load. JSL Concessionárias or Dealerships Merged into JSL in February 2012, it is a holding company that owns 37 dealerships, 24 of which selling light vehicles and 13 selling heavy vehicles and an insurance brokerage. The light vehicle dealerships belong to the Volkswagen, Fiat and Ford brands and the heavy vehicle dealership is under the MAN brand. It consolidates Original Veículos Ltda., Avante Veículos Ltda., Ponto Veículos Ltda., Transrio Caminhões, Ônibus, Máquinas e Motores Ltda., Vintage Corretora e Administradora de Seguros Ltda. JSL Logística Includes the results of JSL's logistics operations, as well as Schio s. Manufacturers Funds Funds for the capitalization of dealerships, comprising the initial investment and the percentage amounts of the cost of acquisition of vehicles sold by manufacturers, deposited in funds managed by financial institutions related to them, on behalf of dealerships. These funds are used as guarantees of vehicle credit lines and the contribution amounts exceeding the contribution targets established on an annual basis can be withdrawn. The use of funds must be submitted for analysis and approval by the manufacturers. Movida Participações S.A. or Movida Consolidates all the rent a car (RAC) activities operated by Movida Rent a Car Ltda., as well as fleet management and outsourcing (GTF). Passenger Transportation Charter services for companies and intercity and municipal public transportation of passengers. ROIC of Mature Operations It comprises the results of contracts accounted for at least 12 months prior to the end of the current billing period, including any ramp-up periods. Net debt of mature operations consists of the balance of operational debt linked to assets and, for corporate debt, the balance from the previous period plus adjustments for any transactions that impacted the cash position in the last 12 months. RSC or Revenue from Same Contracts Revenue from contracts effective in both comparison periods. Sale of Assets with Management Sale of vehicles associated with fleet management contracts. Utilization Rate The calculation of utilization rate considers the total number of vehicles less cars under implementation and available for sale. 17

18 XI. Exhibits 1. JSL Logística Logística Income Statement 4Q15¹ 3Q16 4Q16 ¹ 2015¹ 2016 ¹ Gross Revenue 1, , , % 2.0% 4, , % Revenue from Sale and services rendered 1, , , % -2.7% 4, , % Fleet Renewal Revenue % 80.8% % (-) Deductions from Revenue Deductions from Revenue Deductions from Revenue (=) Net Revenue (112.7) (142.9) (136.0) 20.7% -4.8% (469.5) (539.1) 14.8% (112.4) (142.1) (127.2) 13.2% -10.5% (468.1) (526.4) 12.5% (0.3) (0.8) (8.8) - - (1.4) (12.7) , , % 2.9% 3, , % Revenue from Sale and services rendered % -1.6% 3, , % Fleet Renewal Revenue % 70.0% % (-) Total Costs (=) Gross Profit Gross Margin (-) Operating expenses before financial results Administrative and Sales Expenses Tax Expenses Other Operating Revenues (Expenses) (830.4) (904.9) (941.2) 13.3% 4.0% (3,273.2) (3,488.5) 6.6% % -3.3% % 16.9% 15.1% 14.2% -2.7 p.p p.p. 17.5% 16.5% -1.0 p.p. (63.0) (69.7) (139.0) 120.6% 99.4% (258.4) (347.8) 34.6% (59.4) (61.0) (74.2) 24.9% 21.6% (227.8) (268.6) 17.9% (1.3) (1.3) (3.0) 130.8% 130.8% (4.1) (6.7) 63.4% (2.4) (7.4) (61.8) - - (26.6) (72.6) 172.9% EBIT % -82.0% % EBIT Margin 11.4% 9.1% 1.7% -9.7 p.p p.p. 11.9% 8.8% -3.1 p.p. EBITDA % -34.2% % EBITDA Margin 23.0% 20.8% 13.9% -9.1 p.p p.p. 22.9% 20.5% -2.4 p.p. EBITDA-A % -10.8% 1, , % EBITDA-A Margin 28.4% 25.8% 22.4% -6.0 p.p p.p. 29.1% 26.0% -3.1 p.p. ¹ Consider operations to be distributed to shareholders Logistica Assets 4Q15 4Q16 Liabilities 4Q15 4T16 In R$ million In R$ million Current assets Current liabilities Cash and cash equivalents Loans and financing Securities Debentures Accounts receivables Leasing payable Inventory Suppliers Recoverable taxes Suppliers payable Other credits Floor Plan - - Prepaid Expenses Salaries and charges payable Assets availablle for sales (fleet renewal) Taxes payable Deferred Tax Credits Accounts payable and advances from customers Related parties Total current assets 2, ,835.6 Dividends and interest on capital payable - - Income tax and Social Contribution payable Logistica Non-current assets Total Current liabilities 1, ,603.1 Non-current Securities Non-current liabilities Instrumentos financeiros derivativos Loans and financing 2, ,760.0 Accounts receivables Debentures 1, ,107.5 Recoverable taxes Leasing payable Deposit in court Related parties - - Related parties Derivatives Other credits Taxes payable Prepaid Expenses - - Provision for litigation and administrative demands Deferred Tax Credits Deferred Income tax and Social Contribution Assets Held for distribution to shareholder (134.3) (4.6) Accounts payable and advances from customers (94.0) Total Total Non-current liabilities 4, ,465.3 Investments 1, ,061.9 Equity Property, plant and equipment 2, ,102.8 Capital stock Intangible Reserves of capital , ,447.6 Tresuary Shares (54.1) (45.4) Equity Appraisal Total Non-current assets 4, ,842.7 Reserves of earnings (20.8) Minority interest - - Total Equity 1, Total Assets 6, ,678.4 Total Liabilities 6, ,

19 2. Movida Available at 3. JSL Concessionárias Concessionárias Income Statement Gross Revenue % 6.7% 1, % Revenue from Sale and services rendered % 6.0% 1, % Fleet Renewal Revenue % 41.0% % (-) Deductions from Revenue (15.0) (14.6) (19.8) 32.0% 35.6% (74.2) (67.8) -8.6% (=) Net Revenue % 4.6% 1, % Revenue from Sale and services rendered % 3.8% % Fleet Renewal Revenue % 41.0% % (-) Total Costs (185.5) (159.0) (173.6) -6.4% 9.2% (830.5) (680.6) -18.0% (=) Gross Profit % -14.1% % Gross Margin 18.0% 19.7% 16.2% -1.8 p.p p.p. 17.7% 18.5% 0.8 p.p. (-) Operating expenses before financial results (40.6) (38.9) (62.7) 54.4% 61.2% (174.4) (189.1) 8.4% Administrative and Sales Expenses (40.3) (38.5) (64.9) 61.0% 68.6% (173.6) (187.2) 7.8% Tax Expenses (0.9) (0.8) (3.2) - - (4.6) (6.9) 50.0% Other Operating Revenues (Expenses) % EBIT (29.1) (34.1) - EBIT Margin 0.0% 0.1% -14.4% p.p p.p. 0.5% -4.2% -4.7 p.p. EBITDA (13.8) (9.4) % EBITDA Margin 1.5% 1.6% -6.8% -8.3 p.p p.p. 1.6% -1.2% -2.8 p.p. EBITDA-A (5.0) % % % EBITDA-A Margin 2.9% 3.0% -2.4% -5.3 p.p p.p. 2.7% 1.5% -1.2 p.p. Concessionarias Concessionárias Assets 4Q15 4Q16 Liabilities 4Q15 4Q16 In R$ million In R$ million Current assets Current liabilities Cash and cash equivalents Loans and financing Securities - - Debentures - - Accounts receivables Leasing payable - - Inventory Suppliers Recoverable taxes Confirming payable (automaker) - - Other credits Floor Plan - - Advance to third parties Salaries and charges payable Prepaid Expenses Taxes payable Assets availablle for sales (fleet renewal) - - Accounts payable and advances from customers Deferred Tax Credits - - Related parties Dividends and interest on capital payable - - Total current assets Income tax and Social Contribution payable Total Current liabilities Non-current assets Non-current Non-current liabilities Securities - - Loans and financing Instrumentos financeiros derivativos - - Debentures - - Accounts receivables - - Leasing payable - - Recoverable taxes Related parties - - Deposit in court Derivatives - - Related parties Taxes payable Other credits provision for losses on investments in continuity - - Prepaid Expenses - - Provision for litigation and administrative demands Deferred Tax Credits Deferred Income tax and Social Contribution Accounts payable and advances from customers - - Total Total Non-current liabilities Investments - (0.0) Equity Property, plant and equipment Capital stock Intangible Reserves of capital Tresuary Shares - - Equity Appraisal - - Total Non-current assets Reserves of earnings (22.3) (45.5) Minority interest - - Advance for Future Capital Increase Total Equity Total Assets Total Liabilities

20 4. Leasing Leasing Income Statement Gross Revenue % Revenue from Sale and services rendered % Fleet Renewal Revenue (-) Deductions from Revenue 0.0 (0.2) (0.2) - 0.0% (0.1) (0.3) - (=) Net Revenue % Revenue from Sale and services rendered % Fleet Renewal Revenue (-) Total Costs (1.9) (6.0) (7.1) % (4.7) (21.2) - (=) Gross Profit % % Gross Margin 10.5% 23.7% 23.5% 13.0 p.p p.p % 24.9% p.p. (-) Operating expenses before financial results (1.9) (2.0) (2.2) 15.8% 10.0% (7.8) (8.7) 11.5% Administrative and Sales Expenses (1.8) (2.0) (2.1) 16.7% 5.0% (7.7) (8.6) 11.7% Tax Expenses (0.0) (0.0) (0.0) - - (0.0) (0.1) - Other Operating Revenues (Expenses) (0.0) (0.0) (0.0) - - (0.0) (0.0) - EBIT (1.6) (0.1) (0.0) % % (1.7) (1.7) 0.0% EBIT Margin -76.1% -1.5% -0.1% 76.0 p.p. 1.4 p.p % -6.0% 24.8 p.p. EBITDA % (2.8) EBITDA Margin 2.2% 53.4% 55.2% 53.0 p.p. 1.8 p.p % 47.1% 98.1 p.p. EBITDA-A % (2.8) EBITDA-A Margin 2.2% 53.4% 55.2% 53.0 p.p. 1.8 p.p % 47.1% 98.1 p.p. Leasing Leasing Assets 4Q15 4Q16 Liabilities 4Q15 4Q16 In R$ million In R$ million Current assets Current liabilities Cash and cash equivalents Loans and financing - - Securities Debentures - - Accounts receivables (0.1) (0.2) Leasing payable - - Inventory - - Suppliers Recoverable taxes Confirming payable (automaker) - - Other credits Floor Plan - - Advance to third parties - Salaries and charges payable Prepaid Expenses Taxes payable Assets availablle for sales (fleet renewal) - - Accounts payable and advances from customers Deferred Tax Credits - - Related parties Dividends and interest on capital payable 0 0 Total current assets Income tax and Social Contribution payable - - Total Current liabilities Non-current assets Non-current Non-current liabilities Securities - - Loans and financing - - Instrumentos financeiros derivativos - - Debentures - - Accounts receivables - - Leasing payable - - Recoverable taxes - - Related parties - - Deposit in court - - Derivatives - - Related parties - - Taxes payable - - Other credits - - provision for losses on investments in continuity - - Prepaid Expenses - - Provision for litigation and administrative demands - - Deferred Tax Credits Deferred Income tax and Social Contribution Accounts payable and advances from customers - - Total Total Non-current liabilities Investments Equity Property, plant and equipment Capital stock Intangible Reserves of capital Tresuary Shares - - Equity Appraisal - - Total Non-current assets Reserves of earnings (8.8) (7.4) Minority interest - - Advance for Future Capital Increase Total Equity Total Assets Total Liabilities