Investor Presentaiton

HIGHLIGHTS The Piracicaba-Panorama ("PiPa") Lot A Reliable Model The PiPa Lot counts with 50% of the revenues coming from reliable and stable traffic historic (Centrovias - with 20 years of proven cashflows), mitigating risks and increasing reliability. São Paulo has always been in the forefront of public-private partnerships structuring, developing models that have won prizes and international reputation. The State of São Paulo Road Concession Program brings international best practices combined with local knowledge, enabling investment and world class service and road safety for users. For this transaction, innovations are being introduced, but not jeopardizing the already successful and reliable model. A landmark transaction in the global road sector The Pipa Lot is 2019's main transaction in the global road sector. Confirming the State of São Paulo's successful road concession program, the transaction aims at enabling relevant and quality investment in the State, bringing innovation, balanced provisions and attractive returns for an international standard partnership with the private sector. A new moment Brazil has recently moved to a different approach in terms of beliefs, objectives and relationship with the global market. A favorable political and economic environment is being confirmed through an administration that prioritizes fiscal balance, reforms (including the social security reform that has been approved in first round by the parliament) and opening the Brazilian markets to international investment. Therefore, the mid and long term perspectives are consistently improving - controlled inflation, low interest rates and sustained growth are a reality. A trustworthy Public Partner São Paulo is the country's main financial and industrial center, being the largest Brazilian state in terms of GDP (more than 30% of the country's total) and accounting for approximately 20% of its population. With more than 8,000 kilometers of privately managed roads and 20 years of experience in road concessions, the State has proven expertise and a reliable model, with sustainable projects that started, lived (through several crisis periods) and some of them handed over. Noteworthy, the last transactions of the program attracted for the 1st time in Brazil a Private Equity fund in a standalone basis and players with strong global participation. A significant transaction in size The Pipa Lot is Brazil's largest transaction in the road sector, both in terms of investments (~USD 3.7 bln) and extension (1,200+ km, with a main segment of ~490km), enabling different profiles of players and financial/funding structures. In the road stretches contemplated in the transaction, approx. 80,000 vehicles (year 1) will go through the toll plazas. SÃO PAULO ARTESP IFC International Finance Corporation BNDES IDB GOVERNO DO ESTADO WORLD BANK GROUP AGÊNCIA DE TRANSPORTE DO ESTADO DE SÃO PAULO 8

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