Investor Presentaiton

EXECUTIVE SUMMARY Cash Flow Projection Unlevered 2,500,000 2,000,000 1st Capex cycle in 7 years Negative cashflows up to year 7 1,500,000 1,000,000 500,000 0 1 2 3 4 5 6 7 8 9 10 Capex SÃO PAULO ARTESP IFC GOVERNO DO ESTADO AGÊNCIA DE TRANSPORTE DO ESTADO DE SÃO PAULO 2nd Capex cycle from year 16 ✓ Debt can be fully repaid before the 2nd cycle's start; 2nd cycle can be fully funded with cash generation Real terms; BRL mln 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 Opex Taxes Tariff Revenue Ancillary Revenue International Finance Corporation WORLD BANK GROUP BNDES IDB 18

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