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Investor Presentaiton

22 Revenue - continuing operations (R$ million) Net Revenues Divested Operations 2014 2015 2016 1,294 1,339 1,393 (88) (50) 0 Estrans Landfill Buenos Aires, Argentina (24) (34) Residual Estre Contracts with Petrobras (1 (1) (10) (5) Sub-scale Collection Contracts (54) (11) Net Revenues excluding results from divested operations 1,206 1,289 1,393 Average % Price Change (YoY) (2) 3.6% 7.3% 4.0% 4.9% % Volume Change (YoY) 3.6% -0.4% 4.1% 2.4% % Landfill Volumes 5.0% 0.2% -2.7% 0.8% Landfill Municipal Clients (MSW) 1.8% 3.7% 3.0% 2.8% Landfill C&I Clients 13.5% -6.9% -15.6% -3.0% % Collection Volume Change (YoY) 3.2% -0.7% 7.3% 3.3% Collection Contracts (same footprint) 3.2% -0.7% -3.9% -0.5% Net Revenue Growth (YoY) 7.2% 6.9% 8.1% 7.4% (1) Residual Estre contracts with Petrobras related to Estre O&G operations, following Estre's divestment in September 2014. (2) ཊསྱེ Average price adjustments applied on Landfills and Collection contracts. estre LODES COMEÇO
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