Investor Presentaiton

APPENDIX FINANCIALS HIGHLIGHTS Net Revenues (R$ mm) 27.7 7.2 89.3 68.0 Adjusted EBITDA & Adjusted EBITDA Margin (R$ mm; %) 104.8 80.1% 73.5% 80.7% 80.2% 82.6% 99.5 96.8 59.9% 92.9 46.2% 13.9% 16.6 1.0 50.0 41.3 86.6 78.1 79.8 74.4 2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 Adjusted¹ FFO & Adjusted FFO Margin (R$ mm and %) 112.5% Adjusted EBITDA Adjusted' Net Income & Adjusted Net Margin (R$ mm and %) 91.7% 2018 Adjusted EBITDA Margin 50.8 54.9% 56.9% 32.9% 33.9% 36.3% 36.9% 50.0% 52.4 49.7% 31.0% 32.9% 27.5% 33.7% 36.1% 36.7% 52.1 35.1 36.7 31.5 اس اننساء 8.6 6.6 22.4 15.2 8.1 2011 2012 2013 2014 2015 2016 2017 2018 Adjusted FFO Adjusted FFO Margin Note: 'In 2013, for the calculation of Adjusted EBITDA/FFO Margin used only to rental revenue. Excluding the effect of R$ 43.9 million from the sale of land Log commercial properties 2011 2012 2013 2014 2015 2016 2017 2018 Adjusted Net Income 40 Adjusted Net Margin

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