Ecorodovias Institucional Presentation 2020 Corporate Structure IGLI S.p.A. ON: 50.0% ON: 50.0% PN: 100.0% PN: - Total: 69.1% Total: 30.9% Primav Infraestrutura S.A. Free Float 63.99% 31.02% 4.99% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Ecorodovias | 2 Overview of Ecorodovias| Geographic Footprint Ecorodovias portfolio includes 11 highway concessions with total of 3,086 km and one port asset (Ecoporto) in eight different states of Brazil, located in the main trade corridors in the South and Southeast regions Geographic Footprint Geographic footprint concentrates 2/3 of Brazilian GDP and more 1/2 of the country’s population • 3,086 km of roads under concession • 346.6 million equivalent paying vehicles in 2019 • Ecoporto located in Port of Santos, the largest in LatAm 66.7% 63.3% GDP (1) Population (1) Source: IBGE 2019 and Brazilian Ministry of Development, Industry and Foreign Trade Notes: (1) Considers the GDP and population of the states within the geographic footprint Ecorodovias | 3 Ecorodovias’ Strategy $ Cost discipline Capex optimization Growth Ramp up of new projects Contractual amendments Bids Highway Concessions EcorodoviasEcorodovias | |4 4 OverviewA GARANTIDORA | Ecorodovias Consolidated HighlightsDestaques of 2018 and 9M16 2019 Pro-forma net revenue¹: +1.5% in 2018 and +17.0% in 2019, despite the exemption of tolls for suspended axles, which decreased toll revenue by R$76.9 million in 2018 and R$128.5 million in 2019 Pro-forma EBITDA³: +0.7% in 2018 and +15,5% in 2019 Financial Highlights Pro-forma EBITDA and EBITDA Margin³ (R$ million) (R$ million) 2017 2018 20194 Pro-Forma Net Revenue¹ 2,480 2,516 2,945 70.5% 70.0% 69.0% Comparable Cash Cost² 745 737 778 +15.5% Pro-forma EBITDA³ 1,749 1,761 2,033 Pro-forma EBITDA Margin³ 70.5% 70.0% 69.0% Net Income 400 393 290 2,033 1,749 1,761 Capex 773 888 1,296 Net Debt 4,321 4,781 6,610 Net Debt / Pro-forma EBITDA LTM 2.5x 2.7x 3.2x 2017 2018 2019 4 ¹ Excludes construction revenue and takes into account IFRS 15 ² Excludes depreciation and amortization, provision for maintenance, construction costs, non comparable costs with investigations, attorneys' fees, costs of termination of former executives and operational startup of Eco135, consolidation of Eco050 (MGO) and Ecopátio Cubatão and expenses to eliminate legal action liabilities in Ecoporto ³ Excludes construction revenue, provision for maintenance and provision (in 2019) of Leniency Agreement and Agreements with Former Executives 4 Considers IFRS 16 and consolidation of Ecopátio Cubatão Ecorodovias | 5 Financial Performance | CAPEX Focus on Capex optimization underscores financial discipline and pursuit of efficiency. Pro-Forma CAPEX (R$ million) 2020 Estimated CAPEX (R$ million) 2,082 Intangible Maintenance Company Total Assets/PP&E Costs Ecovias dos Imigrantes 125 30 155 Ecopistas 70 36 106 Ecovia Caminho do Mar 10 22 32 Ecocataratas 30 55 85 2,082 Ecosul 158 9 167 Eco101 424 - 424 Ecoponte 203 15 217 1,276 Eco135 187 - 186 Eco050 359 16 376 773 888 711 624 Ecovias do Cerrado 305 - 305 Ecoporto Santos e Ecopátio Cubatão 13 - 13 Others¹ 15 - 15 2015 2016 2017 2018 2019 2020 TOTAL 1,899 183 2,082 ¹ It takes into account Services and Holding. Actual Capex Estimated Capex Ecorodovias | 6 Financial performance | Indebtedness Robust cash and net debt / EBITDA of 3.2x after the results consolidation of Eco050. Gross Debt by type (R$ million and % - Dec, 2019) Gross Debt by index (R$ million and % - Dec, 2019) 496 1,223 6% 899 14% 10% 2,899 33% Avg. cost of debt (Dec, 2019): 7.1% p.a. 7,284 84% 4,558 53% Debentures BNDES Others IPCA CDI TJLP Debt Amortization Schedule: R$8,679.1 million Net Debt / EBITDA1 (R$ million) (R$ million) 3.3x 3.2x 3,295 6,704 6,610 2,069 1,448 925 1,065 317 140 1,044 445 3Q19 4Q19 Cash 2020 2021 2022 2023 2024 2025 2026 2027 a Net debt Net debt/Comparable EBITDA Pro-forma¹ LTM 2038 ¹ Includes consolidation of pro forma LTM EBITDA of Eco050 (MGO) and excludes provisions for the Leniency Agreement and Agreements with Former Executives. Ecorodovias | 7 Current Assets| Highway Concessions Diversified portfolio with duration of 11 years and 1 month without taking into consideration potential extensions. The achievements of the Ecorodoanel, Eco050, Eco135 and Ecovias do Cerrado lengthen Company’s duration to 17 years and 3 months (+6 years and 2 months) and 12 years and 1 month weighted by EBITDA. Remaining duration EcoRodovias Stake (%) km Expiry (year/month) State Ecovias dos Imigrantes 100 177 Jun-26 6y 2m SP Ecopistas 100 144 Jun-39 19y 2m SP Ecovia Caminho do Mar 100 137 Nov-21 1y 7m PR Ecocataratas 100 387 Nov-21 1y 7m PR Ecosul 100 457 Mar-26 6y 0m RS Eco101 100 476 May-38 18y 1m ES / BA Ecoponte 100 23 May-45 25y 2m RJ Ecorodoanel¹ 100 48 Dec-50¹ 30y 0m SP Eco050 100 437 Jan-44 23y 9m MG/GO Eco135 100 364 Jun-48 28y 3m MG Ecovias do Cerrado 100 437 Jan-50 29y 10m MG/GO Total 17y 3m ¹ Expiry date subject to review based on the date the asset will be assumed Ecorodovias | 8 Current Assets| Highway Concessions Highway Concessions 38% 11%10% 12% 12% 4% 4% 6% 3% %Pro-forma EBITDA 2019 100% Highway Concessions Traffic(1) 61 87 16 27 26 47 29 25 27 347 (# million) Pro-forma Net Revenue 955 307 277 328 309 180 122 168 126 2.772 2019(2) (R$ million) Pro-forma EBITDA 780 218 210 246 238 82 81 120 70 2.044 2019(3) (R$ million) Pro-forma EBITDA 82% 71% 76% 75% 77% 46% 66% 71% 56% 74% Margin 2018 (3) 41% 30% 29% 39% 26% 34% 14% 20% 29% 50% Traffic Mix(1) 2019 59% 70% 71% 61% 74% 66% 86% 80% 71% 50% Heavy Vehicles Light Vehicles ¹ Traffic in equivalent paying vehicles ² Excludes construction revenue and considers IFRS 15 ³ Excludes construction revenue and costs, provisions for maintenance Ecorodovias | 9 Overview of Traffic | Current figures according to Covid-19 environment TRAFFIC VOLUME Mar-16 to Mar- Mar-18 to Mar- TRAFFIC VOLUME Mar-16 to Mar-18 to Chg. 2020² 2019² Chg. (equivalent paying vehicles, thousand) 24, 2020 26, 2019¹ Chg. 2020² 2019² Chg. (equivalent paying vehicles, thousand) Mar-24, 2020 Mar-26, 2019¹ Heavy + Light Ecovias dos Imigrantes 1.272 1.482 -14,2% 14.376 14.750 -2,5% HeavyEcopistas + Light 1.505 2.093 -28,1% 19.275 20.477 -5,9% Ecovia Caminho do Mar 448 380 18,1% 4.420 3.831 15,4% EcoviasEcocataratas dos Imigrantes 560 1,272 617 1,482 -9,3% -14.2% 6.835 14,376 6.329 14,750 -2.5% 8,0% Ecosul 691 706 -2,2% 5.499 5.260 4,5% Ecopistas 1,505 2,093 -28.1% 19,275 20,477 -5.9% Eco101 1.070 1.189 -10,0% 11.171 11.316 -1,3% EcoviaEcoponte Caminho do Mar 465 448 732 380 -36,5% 18.1% 6.352 4,420 6.685 3,831 15.4% -5,0% Comparable Total³ 6.012 7.199 -16,5% 67.928 68.648 -1,0% 4 EcocataratasEco135 760 560 - 617n.m -9.3% 7.654 6,835 6,329- 8.0%n.m Eco0505 1.017 1.058 -3,9% 9.692 9.316 4,0% EcosulCONSOLIDATED TRAFFIC VOLUME 7.788 691 8.257 706-5,7% -2.2% 85.274 5,499 77.964 5,260 9,4% 4.5% ¹ For 2019, traffic on the same days of the week was considered Eco101² Includes toll collection up to March 24, inclusive 1,070 1,189 -10.0% 11,171 11,316 -1.3% ³ Excludes toll collection at Eco135 and Eco050 Ecoponte4 Considers toll collection as from April 1, 2019 465 732 -36.5% 6,352 6,685 -5.0% 5 For March and for 2019, the concessionaire’s traffic prior to the acquisition of Ecorodovias was considered ComparableNote: Equivalent paying Total³ vehicle is a basic unit of reference in toll collection statistics on 6,012the Brazilian market. 7,199Light vehicles, such -16.5% as automobiles, correspond 67,928 to an equivalent 68,648 vehicle unit. Heavy -1.0% vehicles such as trucks and buses are converted to equivalent vehicles by a multiplier applied to the number of axles per vehicle, as established in the terms of each concession agreement. Eco1354 760 - n.m 7,654 - n.m Eco0505 1,017 1,058 -3.9% 9,692 9,316 4.0% CONSOLIDATED TRAFFIC VOLUME 7,788 8,257 -5.7% 85,274 77,964 9.4% ¹ For 2019, traffic on the same days of the week was considered² Includes toll collection up to March 24, inclusive ² Includes toll collection up to March 24, inclusive ³ Excludes toll collection at Eco135 and Eco050 4 Considers toll collection as from April 1, 2019 5 For March and for 2019, the concessionaire’s traffic prior to the acquisition of Ecorodovias was considered Note: Equivalent paying vehicle is a basic unit of reference in toll collection statistics on the Brazilian market. Light vehicles, such as automobiles, correspond to an equivalent vehicle unit. Heavy vehicles such as trucks and buses are converted to equivalent vehicles by a multiplier applied to the number of axles per vehicle, as established in the terms of each concession agreement. Ecorodovias | 10 Covid-19 | Preventive and mitigating measures Preventive and mitigating measures to minimize the impacts arising from the COVID-19 pandemic: Creation of an internal committee to discuss the matter; Adopting remote work for all employees who can perform their activities outside the company’s facilities; Availability of hand sanitizers at all workstations, including in toll booths; Suspension of international travel and restriction on domestic travel; Frequent monitoring of potential operational, financial, and regulatory impacts on our business; and Regularly providing information and recommendations on the topic, and constantly monitoring for any changes and new guidance from officials in order to make any adaptation within our company.