Earnings Results 4Q15 February, 2016

2

Disclaimer

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:

Proforma consolidated traffic1,excluding Ponte and MSVia, fell by 2.8% in 4Q15.

TOLLS COLLECTED BY ELECTRONIC MEANS:

The number of STP users increased by 9.2% over December 2014, reaching 5,269,000 active tags.

ADJUSTED EBITDA:

Same-basis2 adjusted proforma EBITDA increased by 0.4%, with an margin of 59.8% (-3.6 p.p.).

NET INCOME:

Same-basis2 net income totaled R$249.9 million, a 19.1% reduction in 4Q15.

DIVIDENDS:

CCR’s management proposed to the Board of Directors the distribution of dividends of ~ R$0.28/share,

to be approved at the 2016 Annual Shareholders’ Meeting.

3

4Q15 Highlights

1 Including the proportional traffic of Renovias. 2 Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metrô Bahia and

MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of Retentions

related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that concessionaire in 4Q14;

and (iv) it excludes Controlar, ViaRio and VLT.

1- Net revenue excludes construction revenue.

2- Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metrô Bahia and

MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of Retentions

related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that concessionaire in 4Q14; and

(iv) in profit and pro-forma comparisons, it excludes Controlar, ViaRio and VLT.

3- Calculated by adding net revenue, construction revenue, costs 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.

4

Financial Highlights – 4Q15

Net Revenues1 1,526.5 1,691.1 10.8% 1,743.4 1,957.6 12.3%

Adjusted Net Revenues on the same basis2 1,473.9 1,561.1 5.9% 1,689.6 1,799.5 6.5%

Adjusted EBIT3 746.8 682.2 -8.7% 841.8 755.6 -10.2%

Adjusted EBIT Mg.4 48.9% 40.3% -8.6 p.p. 48.3% 38.6% -9.7 p.p.

EBIT on the same basis2 670.3 656.9 -2.0% 768.3 728.4 -5.2%

EBIT Mg. on the same basis2 45.5% 42.1% -3.4 p.p. 45.5% 40.5% -5.0 p.p.

Adjusted EBITDA5 1,026.1 984.5 -4.1% 1,153.4 1,108.0 -3.9%

Adjusted EBITDA Mg.4 67.2% 58.2% -9.0 p.p. 66.2% 56.6% -9.6 p.p.

Adjusted EBITDA on the same basis2 941.5 955.4 1.5% 1,071.8 1,076.4 0.4%

Adjusted EBITDA Mg. on the same basis2 63.9% 61.2% -2.7 p.p. 63.4% 59.8% -3.6 p.p.

Net Income 383.9 244.8 -36.2% 383.9 244.8 -36.2%

Net Income on the same basis2 308.9 249.9 -19.1% 308.9 249.9 -19.1%

4Q14 4Q15 Chg %Financial Indicators (R$ MM) 4Q14 4Q15 Chg %

IFRS Proforma

AutoBAn NovaDutra RodoNorte ViaLagos ViaOeste Renovias RodoAnel SPVias

-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

Traffic Toll Revenues

4Q10 4Q11 4Q12 4Q13 4Q14 4Q15

263,925

237,103 247,459 255,153

276,784 274,866

5

Traffic – Quarter Change (Proforma*)

Consolidated – Equivalent Vehicle

Revenue and traffic 4Q15 X 4Q14 (%)

* Information including Renovias which is contemplated in the proforma method.

Excluding Ponte

and MSVia

251,614 (-2.8%)

4Q12 4Q13 4Q14 4Q15

87% 85% 80% 77%

13% 15% 20% 23%

Toll Others

4Q12 4Q13 4Q14 4Q15

67% 69% 69% 69%

33% 31% 31% 31%

Electronic Cash

AutoBAn24.7%

NovaDutra15.4%

ViaOeste12.1%

RodoNorte8.2%

Airports8.7%

SPVias7.4%

STP3.9%

MSVia3.8%

RodoAnel3.0%

ViaQuatro3.0%

Renovias2.0%

Barcas1.9%

ViaLagos1.4%

TAS1.0%

Others3.6%

6

Revenue Analysis (Proforma*)

Payment Means

Gross Operating Revenues Gross Revenue Breakdown

* Including the proportional results of jointly-owned subsidiaries.

4Q14 Depreciationand

Amortization

Third-partyServices

GrantingPower andAdvanced

Expenses

PersonnelCosts

ConstructionCosts

MaintenanceProvision

OtherCosts

4Q15 NewProjects

and Ponte

TAS Acquisition

4Q15SameBasis

1,357

1,660

1,130

3135 4 16

97 (8)

129 (521)

(9)

7

IFRS Costs Evolution (4Q15 X 4Q14)

Total Costs (R$ MM)

Construction of Service Roads and

Duplication

Direct Costs TAS, BH

Airport and NovaDutra

Wage Increase

Performed Work

(New Projects)

Same-basis

Cash Cost: R$

608 MM (+9.9%)

Reduction in the Provision:

RodoNorte, AutoBAn and ViaOeste

SPVias at 4Q14, Inspection Budget and

Advertising Campaigns

17% 8%

17% 22%

16%

(13)% 347%

4%

Same-basis

Cash Cost: R$

523 MM

4Q14Proforma

EBITDA

4Q15Proforma

EBITDA

NewProjects

and Ponte

Non-recurrents 4Q15Proforma

EBITDASameBasis

1,1531,108 9 1,076(41)

8

Proforma EBITDA*

66.2%

of Mg.

56.6%

of Mg. 59.8%

of Mg.

* Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metrô Bahia and

MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of Retentions

related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that concessionaire in 4Q14;

and (iv) it excludes Controlar, ViaRio and VLT.

*

4Q14

Same basis

R$ MM 1,072

4Q15

Same basis

R$ MM 1,076

(+0,4%)

R$ MM

4Q14 NetFinancial Result

Income fromHedge Operation

Monetary variation on loans, financing

and debentures

Monetary Variation on Liabilities related

to the Granting Power

Exchange Rate Variation on Loans,

Financing and Debentures

Present Value Adjustment of

Maintenance Provision and

Liabilities related to the Granting Power

Interest on Loans, Financing and

Debentures

Investment Income and Other Income

Fair Value ofHedge Operation

Others 4Q15 NetFinancial Result

(283.0)

(8.6) (416.4)

(12.7)

(55.7) (19.3) 72,1

(1.4)

(45.7) 16.9

(78.8)

9

IFRS Financial Results

• Chg. of average CDI 4Q15 X 4Q14 = +3.0 p.p.

• Gross Debt = R$ 14.1 B (+23.0%)

47%

R$ MM

4Q14Net

Income

4Q15Net

Income

NewProjects

and Ponte

Non-recurrent (Income)

4Q15Net Income

SameBasis

384

245 (1) 6 250

10

Net Income

R$ MM

Same basis

R$ 309 MM

* Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metrô Bahia

and MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of

Retentions related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that

concessionaire in 4Q14; and (iv) it excludes Controlar, ViaRio and VLT.

*

Same basis

R$ 250 MM

(-19%)

CDI82.1%

TJLP12.4%

IPCA3.5%

USD2.0%

CDI55.8%

IPCA18.7%

USD13.2%

TJLP12.4%

Gross hedged debt by indexer

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Debt in December 31, 2015 Amortization Schedule (R$ MM)

Indebtedness and leverage position

• Total Gross Debt: R$ 14.3 Bn

(R$15.8 Bn proforma)

• Net Debt / EBITDA: 3.2x

(3.0x proforma)

Hedged

Not hedged

Gross debt by indexer

2016 2017 2018 2019 From2020

4,804

1,982 905

-

450

1,203

240

CDI USD Others

1,4771,3831,891

3,543

5,999

2016 2017 2018 2019 From2020

4,804

1,982 905

-

450

1,203

240

CDI USD Others

1,4771,3831,891

3,543

5,999

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Debt Structure and Amortization

42% has already been

addressed

Amortization 2016 - 2017

* Expiration already equated through issues or contracts signed with BNDES.

Emissions since Oct/2015

• Nov/15: signature of the long-term loan agreement between

VLT and BNDES totaling R$747 million, with payment of R$650

million;

• Dec/15: signature of the long-term loan agreement

between Metrô Bahia and BNDES totaling R$2.0 billion,

with payment of R$1.0 billion;

• Dec/15: approval by the BNDES of a long-term loan

agreement for MSVia, totaling R$2.3 billion;

• Dec/15: signature of a bridge-loan agreement between BH

Airport and BNDES, totaling R$405 million, with payment of

R$50 million;

• Dec /15: R$400 million at CCR;

• Jan/16: R$1.2 billion at CPC; and

• Jan/16: R$110 million at CCR.

Amortization (R$ MM) 2016 2017

SPVias 1,277 35

CPC* 846 0

RodoAnel Oeste 797 835

CCR* 640 692

MSVia* 557 0

AutoBAn 547 540

Metrô Bahia* 535 610

ViaOeste 301 291

Barcas 198 0

TOTAL 5,698 3,002

TOTAL AMORTIZATION 5,999 3,543

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4Q15 Funding

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

NovaDutra Oct/15 120.0 Loan 4131 LIBOR 3M + 1.69% p.a. Oct/17

ViaOeste Oct/15 116.4 Loan 4131 LIBOR 3M + 2.50% p.a. Oct/17

CCR Dec/15 400.0 Bond 124.10% of CDI Dec/18

SAMM Oct/15 54.0 Promissory Note 107.80% of CDI Apr/16

Barcas Oct/15 191.0 Promissory Note 113.00% of CDI Apr/16

ViaRio Oct/15 400.0 Bond CDI + 3.50% p.a. Apr/16

ViaRio Nov/15 130.0 CCB CDI + 3.91% p.a. Apr/16

VLT Nov/15 620.9 BNDES TJLP + 3.44% p.a. Nov/35

VLT Nov/15 29.0 BNDES 6.14% p.a. Nov/35

Metrô Bahia Oct/15 500.0 Bond CDI + 2.20% p.a. Oct/19

Metrô Bahia Dec/15 1050.9 BNDES TJLP + 3.18% p.a. Oct/42

Total 3,612.2

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

CCR USA Nov-15 25.0 Credit Facility LIBOR 6M + 3.45% p.a Nov-17

CCR España Nov-15 30.0 Credit Facility LIBOR 6M + 2.30 p.a Nov-17

Total 55.0

7,620 7,859 8,081

9,562 9,82610,413 10,734

12,423

7,609

11,522

9,820

2.0 1.9 2.0 2.02.3 2.4 2.5 2.5

3.02.7

3.2

-2,5

-1,5

-0,5

0,5

1,5

2,5

3,5

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

20.000

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 3Q15 4Q15

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

14

Debt

Net Debt / EBITDA LTM

IFRS10 and 11

Proforma Data

R$ MM

The leverage ratio reflects the need to invest in new business, …

... that had no cash flow generation at year-end.

15

Realized Investments and Maintenance

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- For 100% of the project, at 4Q15 the total investment was R$220.8 million, of which R$29.6 million is related to the portion of the Concessionaire and R$191.2

million to the Granting Authority.

3- Includes CCR, TAS, CPC, SPCP and eliminations.

4Q15 4Q15 4Q15 4Q15

AutoBAn 25.8 8.5 34.3 5.4 0.0

NovaDutra 37.5 5.2 42.6 13.6 0.0

ViaOeste 31.3 7.7 39.1 -0.4 0.0

RodoNorte (100%) 67.5 1.2 68.7 3.1 0.0

ViaLagos 1.7 0.4 2.1 0.0 0.0

SPVias 4.2 3.1 7.3 10.3 0.0

ViaQuatro (60%) 4.3 2.6 6.9 0.0 1.0

Renovias (40%) 0.3 0.6 0.9 3.4 0.0

RodoAnel (100%) 1.8 1.3 3.1 3.1 0.0

SAMM 12.1 4.3 16.4 0.0 0.0

ViaRio2 (33.33%) 29.6 0.0 29.6 0.0 0.0

Quito 12.5 0.4 12.8 0.0 0.0

San José 11.8 0.2 12.0 0.0 0.0

Curaçao 9.4 0.0 9.4 0.0 0.0

Barcas 0.5 0.4 0.9 0.0 0.0

VLT (24.88%) 22.4 0.7 23.0 0.0 21.8

Metrô Bahia 250.5 1.2 251.7 0.0 200.5

BH Airport 84.7 23.9 108.5 0.0 0.0

MSVia 105.9 24.4 130.3 0.0 0.0

STP (34.24%) 3.7 24.6 28.3 0.0 0.0

Other3 -3.4 11.6 8.2 0.0 0.0

Consolidated 713.9 122.3 836.2 38.3 223.3

R$ MM

Intangible AssetsPerformed

maintenance

ImprovementsEquipments and

OthersTotal Maintenance Cost

4Q15

Proforma Financial

Asset1

16

2016 Estimated Investments and Maintenance

* Includes CCR, CPC, SPCP and eliminations.

Estimated

Maintenance

Metrô Bahia 2,614.7 1,350.4 1,264.4 0.0

MSVia 591.9 0.0 591.9 0.0

BH Airport (100%) 715.8 0.0 715.8 0.0

ViaRio (33.33%) 176.7 134.8 41.9 3.7

VLT (24.88%) 111.9 83.1 28.8 0.0

NovaDutra 180.5 0.0 180.5 47.1

AutoBAn 148.4 0.0 148.4 50.5

RodoNorte (100%) 235.2 0.0 235.2 25.1

ViaQuatro (60%) 357.0 0.0 357.0 0.0

ViaOeste 136.2 0.0 136.2 12.3

SPVias 51.4 0.0 51.4 24.9

ViaLagos 21.9 0.0 21.9 2.9

STP (34.24%) 15.2 0.0 15.2 0.0

RodoAnel Oeste (100%) 77.7 0.0 77.7 7.7

SAMM 39.6 0.0 39.6 0.0

Quito (50%) 58.0 0.0 58.0 0.0

San José (48.75%) 72.9 0.0 72.9 0.0

Curaçao (100%) 69.6 0.0 69.6 0.0

Barcas (100%) 5.4 0.0 5.4 0.0

Renovias (40%) 10.5 0.0 10.5 29.8

TAS 14.9 0.0 14.9 0.0

Others* 160.7 0.0 160.7 (25.3)

Total 5,866.1 1,568.2 4,297.8 178.8

Estimated investments

Contributions of

Granting

Powers

Net TotalMaintenance

Costs2016 (E) - R$ MM Total

17

Wrap-up

2014 2015 2016¹

GDP +0.1% -4.1% -3.4%

Exchange (R$/US$) 3.66 3.90 4.36

Selic 11.75% 14.25% 14.25%

Industrial Production -3.2% -8.3% -4.4%

Unemployment 4.3% 6.9% ?

CCR Traffic² +2.5% -2.7% ?

CCR EBITDA³ +7.3% +4.8% ?

¹ Focus Bulletin of 02/19/2016.

² Same basis: excluding Ponte and MSVia in 2015.

³ Same basis: excluding new business and non-recurring described in the 4Q14 and 4Q15 releases.

Despite the challenging macro scenario in 2015 ...

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Wrap-up

... The company continued to invest and increase the scope of business.

MSVia: beginning of toll collection on 09/14/2015 (37 days before expected)

Metrô Bahia: beggining of the commercial operation on 01/02/2016. Line 1

completed, with 8 stations and 12 km, operational since 02/11/2016

Successful financing - R$3.8 billion in 4Q15

BNDES: R$5.5 billion addressed (R$1.7 billion already disbursed)

R$3.6 billion in investments and maintenance in 2015

R$1.05 billion of dividends paid to shareholders in 2015

Acquisitions: (i) 70% of TAS; (ii) acquisition of additional interest in Quito Airport

and in the operator of referred airport and; (iii) increase in the interest held in

ViaQuatro

VLT and ViaRio: startup expected for April and May 2016, respectively