Investor Presentaiton

(1) (2) (3) 13 (4) Guidance (R$ million) 2017 2018 (1) Net Revenues 1,485 1,634 Growth 7% 10% Adj. EBITDA (2) 420 462 Growth 8% 10% Adj. EBITDA Margin (2) 28% 28% Adj. CAPEX (3) 114 170 % of Net Revenues 8% 10% (US$ million) (4) Net Revenues 466 512 Adj. EBITDA (2) 132 145 Adj. CAPEX (3) 36 53 Assumes (i) Estre signs 29% of its pending contracts and pipeline (historically, Estre has had an 82% renewal rate and a 75% win rate on new public contracts), (ii) no adjusted EBITDA margin expansion due to public company standup costs, and (iii) CAPEX expansion due to accelerated investment in the business. Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS financial measures. Estre calculates Adjusted EBITDA Margin as Adjusted EBITDA divided by Net Revenues. For a reconciliation of Estre's Adjusted EBITDA to net income (loss), see the Appendix hereto. Adjusted CAPEX reflects certain accounting adjustments to exclude the effects of expenditures that were not related to the acquisition of durable capital goods, such as costs associated with internal assessments of controls, software and technology expenditures to improve internal controls systems, and non-cash accounting adjustments to property, plant and equipment. US$ information is presented using an exchange rate of R$3.19 to US$1.00. estre LODES COMEÇO

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