TÍTULO DA

APRESENTAÇÃOInstitutional Presentation

Log-In Logística Intermodal S.A.

December 2018

SUMMARY

▪ HISTORICAL BACKGROUND (CHART 3)

▪ SHIPPING – EFFICIENCY AND VOCATION OF BRAZIL (CHART 5)

▪ OPERATIONS: COASTAL SHIPPING, TVV AND INTERMODAL TERMINALS (CHART 8)

▪ RESTRUCTURING (CHART 17)

▪ 3Q18 AND 9M18 RESULTS (CHART 27)

2

HISTORICAL BACKGROUND

3

Historical Background

4

▪ IPO in 2007 as a spin offfrom Vale

▪ Order of 7 vessels (2 bulksand 5 containers) from EISA– Brazillian shipyard

▪ Cabotage volume increasedfrom 32 thousand TEU(2007) to 143 thousand(2014), presenting a CAGR of24%

IPO & Growth(2007-2015)

Restructuring (2016-2017) Growth (2017-2018 onwards)

▪ EISA requested judicial settlement (“RJ”) in JAN/16without delivering 3 vessels (*EI-506, EI-507 e EI-508)

▪ Start process of renewing TVV concession agreement

▪Major management turnaroundmeasures implemented:

✓ Sale of bulk business for R$680 MM in 2016

✓ Operational fleet restructuring (selling of Amazoniavessel and acquisition of Resiliente vessel – increaseof capacity)

✓ Restructuring debt with major lenders (BNDES/G4)

✓ Record AFRMM release in 2017 (>R$110M)

✓ Improvementof operation and organization structure

▪ Improvement in Brazillian economic outlook.

▪ Adjusted EBITDA (ex non-recurrent events) increasedfrom R$38.6 MM (9M17) to R$102.8 MM (9M18)driven mostly by:

✓ 11% volume increase in container operationsvolume

✓ 18% increase in Log-In’s revenue

✓ Dilution of fixed costs and expenses.

▪ TVV concession agreement ends in 2023 and isexpected to be renewed for an additional 25 years(up to 2048).

SHIPPING – EFFICIENCY AND VOCATION OF BRAZIL

5

Coastal Shipping efficiency

6

GEOGRAPHICAL ECONOMIC EFFICIENCY

There are more than 8,500 km of navigable coastlines in Brazil.

including the Amazon River, where there are 10,500 km.

ENVIRONMENTAL EFFICIENCY

Modal that has less affect on the environment

Emissions reduction of CO2 in the atmosphere.

Using natural ways, a low environmental impact in its implementation.

ENERGY EFFICIENCY

Low fuel consumption per useful ton transported compared to other modals.

SOCIAL EFFICIENCY

It contributes to a more efficient and rational economic growth

Reduced number of trucks on the roads, accidents, deaths and related costs.

LOWER INDEX OF DAMAGE TO CARGO

Redução significativa nos custos de

serviços de logística com a utilização

da cabotagem para longas distâncias

Redução nos investimentos em CDs ou

fábricas localizadas próximas aos pontos

de consumo (otimização/escala da produção)

Brazil - A country ready for cabotage and its

benefits

8.500 km

of ocean

coast

✓ Brazil is the 5th largest country in the world in territorial dimension

✓ 8,500 km of ocean coast, reaching approx. 10,500 km navigable

if we consider the extension of the Amazon River

✓ 80% of the population and 70% of industrial production are

located up to 200 km from the coast

✓ Opportunity for significant reduction in logistics costs with the use

of cabotage for long distances

✓ Opportunity to reduce investments in distribution centers or

factories near points of consumption

7

OPERATIONS: COASTAL SHIPPING, TVV AND INTERMODAL TERMINALS

8

Coastal Shipping: fleet and services

Vessels and allocation to services:

9

Cabotage, Mercosur and Feeder

10

SAM - Amazonas Service

Operations

Cabotage, Mercosur and

Feeder

11

Cabotage, Mercosur and Feeder

Operations

Cabotage, Mercosur and

Feeder

SAS - Atlântico Sul Service

Shuttle Service – Shuttle Rio

12

Cabotage, Mercosur and Feeder

Operations

Cabotage, Mercosur and

Feeder

13

Cabotage, Mercosur and Feeder

Operations

Cabotage, Mercosur and

Feeder

Amazonas Service

Atlântico Sul Service

Shuttle Rio Service

Manaus Service

Door to door operation illustration

14

Road Section Road SectionMaritime Section

DESTINATION

Recipient’s

Plant

Loading PortUnloading

PortORIGIN

Shipper’s Plant

➢ Specialized in the handling of containers and general cargo, located in the State of Espírito

Santo

➢ Alternative for cargo import and export operations, with a wide offer of shipowners and routes to

the main national and international ports

➢ Concession agreement of 25 years (until 2023), with automatic renewal for another 25 years.

The renewal process has started

➢ Area of 108 thousand m2, capacity of 350 thousand TEU per year and its berth has a length of

450 meters

TVV – Vila Velha Terminal

15

General view Warehouse Loading yard + Quay (left)

Loading yard (left)

Loading yard (right)

Intermodal Terminals

Guarujá Terminal

▪ Located in the Port of Santos, the warehouse has an area of 5.5 thousand m² and is a reference

Log-In in logistics planning and sustainability

▪ Known as Green Warehouse, the facility has high technology and sustainable solutions for low

environmental impact

Itajaí Terminal

▪ Itajaí Terminal demonstrates Log-In's ability to provide customized logistics solutions tailored to

customer needs

▪ Developed to meet the logistics chain of a specific customer, it integrates road, rail and maritime

modals

▪ The logistics operation of the terminal is carried out by Log-In

16

RESTRUCTURING

17

Operational Efficiency

Liquidity

Debt Profile

▪Capitalization

process

▪AFRMM -

regularization of

receipts

▪Debt restructuring

▪Capture results

from the

optimization

project

▪Vessel under

construction in

China and

bareboat

chartered vessel

Log-In delivered all goals proposed for restructuring

process expected for 2017 and 2018 (until this moment)

18

Capitalization through exercise of warrants and

issuance of shares

February 2017:

▪ Capital increase of R$24.0 million – through the exercise of warrants using

outstanding debentures.

▪ Issuance of warrants in the amount of 22.6 million shares generating a potential

capitalization of R$46.3 million (exercise option up to September 30, 2019)

June 2018:

▪ Additional Capitalization of R$26.0 million carried out through the issuance of 12.7

million of shares.

19

Record AFRMM releases in 2017: R$110.6 million

Historic of AFRMM Releases (R$ million)

✓ In 2017 several proceedings overdue were released in favor of the Company.

AFRMM - Additional Freight for the Renewing of the Merchant Marine

20

21

• On June 1, the definitive instruments of the loans restructuring with the banks

(G4) were concluded: BB, Santander, Itaú and Bradesco, in the amount of

approx. of R$500 MM

• The final maturity date became May/23 - amortization of 40% of the debt service

in 59 installments (monthly and successive) and the remaining 60% in a single

installment in May/23

• On August 7, 2018, Log-In amortized R$47.7 million of its debt to Banco

Santander through the sale of TERCAM (Camaçari Terminal)

Debt: adequacy of payments flow

Renegotiated Amortization schedule - Sep 30, 2018:

The amounts of the principal installments refer to bank loans, using the real-to-US dollar exchange rate of March 31, 2016 and September 30, 2018, respectively.

Medium-term challenge

Turnaround process will provideadditional cash in order to supportCompany’s long-term Debt Schedule

Original Amortization schedule - Mar 31, 2016:

...to balance the financial obligations with the expectation

of cash generation

(Apr - Dec)

22

23

Gross Margin after Variable Costs (%) – Coastal Shipping

Efficiency – Development of Gross Margin after

Variable Costs in Coastal Shipping

Gross Margin excludes AFRMM and vehicle transportation operations.

Tendência

Cancellation of the construction project with the

shipyard under judicial recovery in Brazil

▪ Jul/17 - notice of termination of construction contract with shipyard (three ships)

▪ Resulting in impairment of R$503 MM (net balance of fixed assets under construction at

the yard)

▪ Nov/17 - Hired Guangzhou Wenchong Shipyard (China) to construct container ship

▪ Expectation of completion in 3Q19

24

New vessels being constructed at Guangzhou

Wenchong Shipyard

25

Strike Steel General view Keel Laying

Mangkut Typhoon effect 1 month ago

Today Status

Medium-term fleet planning

TODAY UNTIL 3Q19 UNTIL 4Q19

Own Brazilian ships (built in Brazil + under construction in China to be nationalized)

Own vessels operated via tonnage right

Bareboat chartered vessels via tonnage right

Time chartered vessels via public interest

26

3Q18 / 9M18 RESULTS

27

Highlights

✓Costal Shipping EBITDA reached R$37.9 MM in 3T18 (a historic record) and R$91.7 MM in 9M18

Costal Shipping EBITDA and EBITDA Margin

3Q18 R$37.9 MM (17.0%) vs. 2Q17 R$20.0 MM (11.3%)

✓EBITDA reached R$60 MM in 3T18 and R$152.7 MM in 9M18

28

✓Adjusted EBITDA of R$48.6 MM in 3Q18 (a historic record) and R$102.8 MM in 9M18

EBITDA and EBITDA Margin (adjusted by non-recurring events)

3Q18 R$48.6 MM (17.7%) vs. 3Q17 R$18.6 MM (8.4%)

✓Proceeds from the sale of TERCAM (Camaçari Terminal - Bahia) for R$48 MM were used to reduce

debt (47% with Santander, from R$102 MM to R$54.1 MM)

Economic and financial data

29

Income Statement

30

EBITDA increased 166% in 9M18(R$ MM)

166%

31

Developments of EBITDA and Margin (Adjusted) over

quarters (R$ MM)

32

In addition to the debt profile improvement, Log-In has begun

to capture gains from the restructuring process

33

Trend

Truck drivers strike

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