Earnings Results 4Q16

March, 2017

Disclaimer

2

This presentation may contain certain forward-looking projections and trends that neither

represent realized financial results nor historical information.

These forward-looking projections and trends are subject to risk and uncertainty, and

future results may differ materially from the projections. Many of these risks and

uncertainties are related to factors that are beyond CCR’s ability to control or to estimate,

such as market conditions, currency swings, the behavior of other market participants, the

actions of regulatory agencies, the ability of the company to continue to obtain financing,

changes in the political and social context in which CCR operates or economic trends or

conditions, including changes in the rate of inflation and changes in consumer confidence

on a global, national or regional scale.

Readers are advised not to fully trust these projections and trends. CCR is not obliged to

publish any revision of these projections and trends that should reflect new events or

circumstances after the realization of this presentation.

TRAFFIC:

Consolidated traffic¹ fell 7.0%.

• ADJUSTED EBITDA:

Adjusted EBITDA increased by 0.4%, with an adjusted margin of 58.4% (+0.2p.p.). Same-basis² adjusted EBITDA grew 5.1%, with an adjusted margin of63.1% (+0.7 p.p.).

NET PROFIT:

Net income totaled R$169.5 million, 30.8% down. Same-basis net incometotaled R$214.4 million, 12.9% down.

CORPORATIVE HIGHLIGHT:

The Board of Directors’ meeting of November 4 approved the payment ofdividends of around R$0.42 per share as of November 18.

4Q16 Highlights

3

1 Excluding the proportional traffic of Renovias.

² Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the

comparison periods: Metrô Bahia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on August 31,

2016; and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama.

SHARES OFFERING:

On February 16, 2017, the Company announced the end of its primary public

offering with restricted placement efforts, with the issue of 254,412,800 new

shares, at R$16.00, totaling R$4.07 billion.

Subsequent Event

Financial Highlights

5

1 Net revenue excludes construction revenue.

2 Same-basis figures exclude: (i) new businesses, either non-operating, under assisted operation, or which were not included in the portfolio during at least one of the

comparison periods: Metrô Bahia and CCR USA (includes TAS); (ii) Ponte, whose agreement ended on May 31, 2015; (iii) STP, whose stake was sold on August 31, 2016;

and (iv) additionally, in profit in the same comparison basis and in same-basis pro-forma comparisons, it excludes Controlar, ViaRio, VLT and Quiama.

3 Calculated by adding net revenue, construction revenue, cost of services and administrative expenses.

4 The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.

5 Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.

Net Revenues11,691.1 1,690.7 0.0% 1,957.6 1,895.3 -3.2%

Adjusted Net Revenues on the same basis21,540.7 1,602.0 4.0% 1,799.5 1,787.5 -0.7%

Adjusted EBIT3682.2 601.5 -11.8% 755.6 690.6 -8.6%

Adjusted EBIT Mg.440.3% 35.6% -4.7 p.p. 38.6% 36.4% -2.2 p.p.

EBIT on the same basis2 663.5 626.3 -5.6% 736.5 713.9 -3.1%

EBIT Mg. on the same basis2 43.1% 39.1% -4.0 p.p 40.9% 39.9% -1.0 p. p

Adjusted EBITDA5984.5 988.0 0.4% 1,108.0 1,112.2 0.4%

Adjusted EBITDA Mg.458.2% 58.4% 0.2 p.p. 56.6% 58.7% 2.1 p.p.

Adjusted EBITDA on the same basis2 961.5 1,010.3 5.1% 1,044.7 1,131.1 8.3%

Adjusted EBITDA Mg. on the same basis2 62.4% 63.1% 0.7 p.p. 58.1% 63.3% 5.2 p.p.

Net Income 244.8 169.5 -30.8% 244.8 169.5 -30.8%

Net Income on the same basis2 246.3 214.4 -12.9% 246.3 214.4 -12.9%

4Q15 4Q16 Chg %

IFRS Proforma

Financial Indicators (R$ MM) 4Q15 4Q16 Chg %

247,459 255,153

276,784 274,866 263,925

246,897

4Q11 4Q12 4Q13 4Q14 4Q15 4Q16

Traffic – Quarter Change (Proforma*)

6

Consolidated – MM Equivalent Vehicle

Revenue and traffic 4Q16 X 4Q15 (%)

* Information including Renovias and ViaRio which are contemplated in the proforma method.

Excluding

ViaRio

245,757 (-6.9%)

-6.9 -3.8

-9.7 -7.4 -6.6

-2.6 -5.5

-9.5

-14.6

1.2 2.7

-4.7

-0.5

0.4

5.5

-0.7 -2.7

-9.2

AutoBAn NovaDutra Rodonorte ViaLagos ViaOeste Renovias Rodoanel SPVias MSVia

Tráfego Receita de Pedágio

-2.2 -10.7

1.9 -3.1 -1.5 -2.5

-2.0 -0.9

1.3 2.7

7.2 1.6

3.5

1.1

10.3 3.7

AutoBAn NovaDutra RodoNorte ViaLagos ViaOeste Renovias RodoAnel SPVias

Traffic Toll Revenues

Gross Operating Revenues

(excluding construction revenue)

7

Payment Means

EBITDA Breakdown

Revenue Analysis (Proforma*)

* Including the proportional results of jointly-owned subsidiaries.

Autoban25.7%

NovaDutra16.3%

ViaOeste12.5%

Aeroportos8.2%

Rodonorte8.1%

SPVias7.4%

MSVia3.4%

RodoAnel3.1%

ViaQuatro3.3%

Renovias2.2%

Barcas1.5%

ViaLagos1.4% TAS

2.9%Outros3.9%

8

9%

Conclusion of civil works in

NovaDutra and Rodonorte

20% 46% 25%13%

Reduction atBH Airport

New business

Same-basis

Cash Cost: R$

611 MM (-4.8%)

Capex (New business)

3%

Same-basis Cash

Cost: R$ 713 MM

ProformaSame-

basis Cash

Cost: R$ 677

MM (-5.0%)100% 0%

IFRS Costs Evolution

Total Costs (R$ MM)

Update estimatesRodoNorte,

SPVias e ViaOeste

1,660

2,070

1,503

29 21 3 41

30955 0 567

4Q15 Depreciationand

Amortization

Third-partyServices

GrantingPower andAdvancedExpenses

PersonnelCosts

ConstructionCosts

MaintenanceProvision

OtherCosts

4Q16 Ex NewBusiness

4Q16Ex New

Business

1,1081,112

1,131(19)

4Q15ProformaEBITDA

4Q16ProformaEBITDA

NewProjects

4Q16ProformaEBITDA

Same Basis

Proforma EBITDA*

9

56.6%

Mg.

* Same-basis figures exclude new businesses, either non-operating, under assisted operation, or which were not part of the portfolio during at least one of the

comparison periods: Metrô Bahia, TAS, Controlar, ViaRio, VLT, STP and Quiama.

*

4Q15 Same basis

R$ 1,045 MM

58.1% Mg.

4Q16 Same basis

R$ 1,131 MM

63.3% Mg.

R$ MM

58.7%

Mg.

416.4 410.5

(37.0) 54.2

4.0

(74.2) (3.4)

(40.9) (3.0) 55.8

17.6

4Q15 NetFinancial

Result

Income fromHedge

Operation

Monetaryvariation on

loans, financ.and

debentures

MonetaryVariation on

Liabilitiesrelated to the

GrantingPower

ExchangeRate Variationon Loans and

Financing

Present ValueAdjustment ofMaintenance

Prov. andLiabilities

related to theGrantingPower

Interest onLoans,

Financing andDebentures

InvestmentIncome and

Other Income

Fair Value ofHedge

Operation

Others 4Q16 NetFinancial

Result

10

1.4%

•Average cash balance 4Q16 x 4Q15 = 36.2%

• Chg. of average CDI 4Q16 X 4Q15 = - 0.3 p.p.

• Gross Debt = R$ 16.2 bi (+14.5%)

R$ MM

IFRS Financial Results

245

214

169

(45.0)

4Q15Net Income

4Q16Net Income

NewProjects

4Q16 Net IncomeSame Basis

11

R$ MM

Same basis

R$ 246.3 MM

*

Same basis

R$ 214.4 MM (-12.9%)

Net Income

* Same-basis figures exclude new businesses, either non-operating, under assisted operation, or which were not part of the portfolio during at least one of the

comparison periods: Metrô Bahia, TAS, Controlar, ViaRio, VLT and STP.

4Q16

4Q15

Gross hedged debt by indexer

12

Gross debt by indexer

• Total Gross Debt: R$ 16.2 bi (R$17.5

bi proforma)

• Net Debt / EBITDA: 2.5 x

(2.4 x proforma)

Not hedged

Hedged

4Q16

Debt in December 31, 2016

Indebtedness and leverage position

*On August 31, the sale of STP was concluded. Excluding this R$1,307.7 million impact on EBITDA LTM, the Net Debt/EBITDA ratio came to 3.3x (IFRS) and 3.1x in

proforma figures in December 2016.

*

Hedged

CDI50.9%

IPCA19.2%

TJLP18.2%

USD11.7%

CDI82.1%

IPCA12.4%

TJLP3.5%

USD2.0%

CDI74.8%

IPCA5.5%

TJLP18.2%

USD1.5%

Debt Structure and Amortization

Amortization 2017 - 2018 Amortization Schedule/ Not hedged (R$ MM

12

Amortization (R$ MM) 2017 2018

CCR S.A. 1,392 831

Metrô Bahia 925 487

Rodoanel 883 275

Autoban 569 1,551

NovaDutra 356 154

BHAirport 294 0

ViaOeste 281 0

Barcas 199 0

SPVias 178 249

Others 255 252

Total 5,332 3,798

3,277

2,401 1,993

264 360

340

89

78

114

2,355

1,343

351

170

21

16

372

957

907

533

371

2017 2018 2019 2020 From2021

CDI TJLP USD Others

3,1023,148

3,798

5,332

931

14

4Q16 Fundraising

Concessionaire Date Amount (R$ MM) Debt Average Cost Maturity

Metrô Bahia Oct-16 120.0 BNDES TJLP + 3.18% p.a. Oct-42

ViaQuatro (100%) Oct-16 70.0 Debentures CDI + 1.5% p.a. May-17

Barcas Oct-16 191.0 Commercial Paper 129% of CDI Jul-17

MSVia Oct-16 103.8 Caixa Finisa TJLP + 2.00% p.a. Mar-39

MSVia Oct-16 43.2 Caixa Pass-Through TJLP + 2.00% p.a. Mar-39

ViaRio (100%) Oct-16 400.0 Debentures CDI + 4.5% p.a. Apr-17

ViaRio (100%) Nov-16 140.4 Credit Facility CDI + 4.5% p.a. Apr-17

RodoNorte Nov-16 100.0 Debentures IPCA + 6.06% p.a. Nov-21

AutoBAn Nov-16 800.0 Commercial Paper 106.50% of CDI Jan-18

ViaOeste Dec-16 270.0 Debentures IPCA + 6.2959% p.a. Nov-21

BH Airport Dec-16 80.0 BNDES TJLP + 2.40% p.a. Jul-17

Metrô Bahia Dec-16 90.1 BNDES TJLP + 3.18% p.a. Oct-42

Total 2,408.5

7,620 7,859 8,081

9,562 9,82610,413 10,734

12,42312,971

13,94513,261

14,443

12,27213,356

1.9 2.0 2.02.3 2.4 2.5 2.5

3.0 3.0 3.1

2.2 2.42.8 3.0

-3.8

-2.8

-1.8

-0.8

0.2

1.2

2.2

3.2

4.2

5,000

7,000

9,000

11,000

13,000

15,000

17,000

19,000

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 3Q16 4Q16

Net Debt (R$ MM) Net Debt/EBITDA (x)

15

R$ MM

Proforma Data IFRS 10 and 11

• *Adjusted EBITDA in LTM 4Q16 include one-off of R$ 1,307.7 million regarding STP sale. Excluding this effect, Net Debt/EBITDA on December 2016 would have reached 3.3 x (IFRS)

and 3,1 x proforma at 4Q16

Debt

Net Debt / EBITDA LTM R$ MM

16

1- The investments made by the Company, which will be reimbursed by the granting authority as monetary consideration

or contribution, compose the financial assets.

2- Includes CCR, MTH, CPC and eliminations

3- Booking of site in the municipalities of Cajamar and Caieiras

Investments and Maintenance

4Q16

Ponte 0.0 0.0 0.0 0.0 0.0

NovaDutra 21.7 13.2 34.9 11.0 0.0

ViaLagos 8.9 0.9 9.8 0.1 0.0

RodoNorte (100%) 60.6 4.1 64.7 21.9 0.0

AutoBAn 23.7 8.5 32.2 28.5 0.0

ViaOeste 21.0 7.1 28.1 13.2 0.0

RodoAnel Oeste (100%) 3.2 1.2 4.4 2.5 0.0

Samm 7.9 5.4 13.3 0.0 0.0

SPVias 35.1 3.1 38.2 3.5 0.0

CAP 8.7 0.0 8.7 0.0 0.0

Barcas 0.0 0.1 0.1 0.0 0.0

Metrô Bahia 363.4 2.1 365.5 0.0 216.7

BH Airport 164.0 11.3 175.3 0.0 0.0

MSVia 158.9 7.5 166.4 0.0 0.0

CCR USA Airport 0.0 0.0 0.0 0.0 0.0

TAS 0.1 0.7 0.8 0.0 0.0

Renovias (40%) 0.4 1.9 2.3 3.0 0.0

ViaQuatro (60%) 49.6 1.2 50.8 0.0 0.0

STP (34.24%) 0.0 0.0 0.0 0.0 0.0

ViaRio (33.33%) (3.6) 0.2 (3.4) 0.0 0.0

VLT (24.93%) (26.8) 0.4 (26.4) 0.0 14.9

Quito - Quiport (50%) (40.8) (1.3) (42.1) 0.0 0.0

San José - Aeris (48.75%) 0.5 (0.3) 0.2 0.0 0.0

Outras2(3.6) 8.6 5.0 0.0 0.0

Consolided 852.9 75.9 928.8 83.7 231.6

SPCP30.0 30.3 30.3 0.0 0.0

Intangible AssetsPerformad

Maintenance Performa

Financial Asset1

R$ MM ImprovementsEquipments and

OthersTotal Maintenance Cost