Presentation 4Q15 CCR

1. Earnings Results 4Q15
February, 2016

2. 2
Disclaimer
This presentation may contain certain forward-looking projections and trends that neither
represent realized financial results nor historical information.
These forward-looking projections and trends are subject to risk and uncertainty, and
future results may differ materially from the projections. Many of these risks and
uncertainties are related to factors that are beyond CCR’s ability to control or to estimate,
such as market conditions, currency swings, the behavior of other market participants, the
actions of regulatory agencies, the ability of the company to continue to obtain financing,
changes in the political and social context in which CCR operates or economic trends or
conditions, including changes in the rate of inflation and changes in consumer confidence
on a global, national or regional scale.
Readers are advised not to fully trust these projections and trends. CCR is not obliged to
publish any revision of these projections and trends that should reflect new events or
circumstances after the realization of this presentation.

3. TRAFFIC:
Proforma consolidated traffic1,excluding Ponte and MSVia, fell by 2.8% in 4Q15.
TOLLS COLLECTED BY ELECTRONIC MEANS:
The number of STP users increased by 9.2% over December 2014, reaching 5,269,000 active tags.
ADJUSTED EBITDA:
Same-basis2 adjusted proforma EBITDA increased by 0.4%, with an margin of 59.8% (-3.6 p.p.).
NET INCOME:
Same-basis2 net income totaled R$249.9 million, a 19.1% reduction in 4Q15.
DIVIDENDS:
CCR’s management proposed to the Board of Directors the distribution of dividends of ~ R$0.28/share,
to be approved at the 2016 Annual Shareholders’ Meeting.
3
4Q15 Highlights
1 Including the proportional traffic of Renovias.
2 Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metrô Bahia and
MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of Retentions
related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that concessionaire in 4Q14;
and (iv) it excludes Controlar, ViaRio and VLT.

4. 1- Net revenue excludes construction revenue.
2- Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metrô Bahia and
MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of Retentions
related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that concessionaire in 4Q14; and
(iv) in profit and pro-forma comparisons, it excludes Controlar, ViaRio and VLT.
3- Calculated by adding net revenue, construction revenue, costs of services and administrative expenses
4- The adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue, as required by IFRS.
5- Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
4
Financial Highlights – 4Q15
Net Revenues1 1,526.5 1,691.1 10.8% 1,743.4 1,957.6 12.3%
Adjusted Net Revenues on the same basis2 1,473.9 1,561.1 5.9% 1,689.6 1,799.5 6.5%
Adjusted EBIT3 746.8 682.2 -8.7% 841.8 755.6 -10.2%
Adjusted EBIT Mg.4
48.9% 40.3% -8.6 p.p. 48.3% 38.6% -9.7 p.p.
EBIT on the same basis2 670.3 656.9 -2.0% 768.3 728.4 -5.2%
EBIT Mg. on the same basis2
45.5% 42.1% -3.4 p.p. 45.5% 40.5% -5.0 p.p.
Adjusted EBITDA5 1,026.1 984.5 -4.1% 1,153.4 1,108.0 -3.9%
Adjusted EBITDA Mg.4 67.2% 58.2% -9.0 p.p. 66.2% 56.6% -9.6 p.p.
Adjusted EBITDA on the same basis2 941.5 955.4 1.5% 1,071.8 1,076.4 0.4%
Adjusted EBITDA Mg. on the same basis2
63.9% 61.2% -2.7 p.p. 63.4% 59.8% -3.6 p.p.
Net Income 383.9 244.8 -36.2% 383.9 244.8 -36.2%
Net Income on the same basis2 308.9 249.9 -19.1% 308.9 249.9 -19.1%
4Q14 4Q15 Chg %Financial Indicators (R$ MM) 4Q14 4Q15 Chg %
IFRS Proforma

5. AutoBAn NovaDutra RodoNorte ViaLagos ViaOeste Renovias RodoAnel SPVias
-2.2
-10.7
1.9
-3.1 -1.5 -2.5 -2.0 -0.9
1.3 2.7
7.2
1.6 3.5
1.1
10.3
3.7
Traffic Toll Revenues
4Q10 4Q11 4Q12 4Q13 4Q14 4Q15
263,925
237,103
247,459 255,153
276,784 274,866
5
Traffic – Quarter Change (Proforma*)
Consolidated – Equivalent Vehicle
Revenue and traffic 4Q15 X 4Q14 (%)
* Information including Renovias which is contemplated in the proforma method.
Excluding Ponte
and MSVia
251,614 (-2.8%)

6. 4Q12 4Q13 4Q14 4Q15
87% 85% 80% 77%
13% 15% 20% 23%
Toll Others
4Q12 4Q13 4Q14 4Q15
67% 69% 69% 69%
33% 31% 31% 31%
Electronic Cash
AutoBAn
24.7%
NovaDutra
15.4%
ViaOeste
12.1%
RodoNorte
8.2%
Airports
8.7%
SPVias
7.4%
STP
3.9%
MSVia
3.8%
RodoAnel
3.0%
ViaQuatro
3.0%
Renovias
2.0%
Barcas
1.9%
ViaLagos
1.4%
TAS
1.0%
Others
3.6%
6
Revenue Analysis (Proforma*)
Payment Means
Gross Operating Revenues Gross Revenue Breakdown
* Including the proportional results of jointly-owned subsidiaries.

7. 4Q14 Depreciation
and
Amortization
Third-party
Services
Granting
Power and
Advanced
Expenses
Personnel
Costs
Construction
Costs
Maintenance
Provision
Other
Costs
4Q15 New
Projects
and Ponte
TAS
Acquisition
4Q15
Same
Basis
1,357
1,660
1,130
31 35 4 16
97 (8)
129 (521)
(9)
7
IFRS Costs Evolution (4Q15 X 4Q14)
Total Costs (R$ MM)
Construction
of Service
Roads and
Duplication
Direct Costs
TAS, BH
Airport and
NovaDutra
Wage
Increase
Performed
Work
(New Projects)
Same-basis
Cash Cost: R$
608 MM (+9.9%)
Reduction in the
Provision:
RodoNorte, AutoBAn
and ViaOeste
SPVias at 4Q14,
Inspection Budget and
Advertising
Campaigns
17% 8%
17% 22%
16%
(13)% 347%
4%
Same-basis
Cash Cost: R$
523 MM

8. 4Q14
Proforma
EBITDA
4Q15
Proforma
EBITDA
New
Projects
and Ponte
Non-recurrents 4Q15
Proforma
EBITDA
Same
Basis
1,153
1,108 9 1,076(41)
8
Proforma EBITDA*
66.2%
of Mg.
56.6%
of Mg.
59.8%
of Mg.
* Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metrô Bahia and
MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of Retentions
related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that concessionaire in 4Q14;
and (iv) it excludes Controlar, ViaRio and VLT.
*
4Q14
Same basis
R$ MM 1,072
4Q15
Same basis
R$ MM 1,076
(+0,4%)
R$ MM

9. 4Q14 Net
Financial Result
Income from
Hedge Operation
Monetaryvariation
on loans, financing
and debentures
MonetaryVariation
on Liabilities related
to the Granting
Power
ExchangeRate
Variation on Loans,
Financing and
Debentures
Present Value
Adjustment of
Maintenance
Provision and
Liabilitiesrelated to
the Granting Power
Interest on Loans,
Financing and
Debentures
Investment Income
and OtherIncome
Fair Value of
Hedge Operation
Others 4Q15 Net
Financial Result
(283.0)
(8.6) (416.4)
(12.7)
(55.7)
(19.3) 72,1
(1.4)
(45.7) 16.9
(78.8)
9
IFRS Financial Results
• Chg. of average CDI 4Q15 X 4Q14 = +3.0 p.p.
• Gross Debt = R$ 14.1 B (+23.0%)
47%
R$ MM

10. 4Q14
Net
Income
4Q15
Net
Income
New
Projects
and Ponte
Non-recurrent
(Income)
4Q15
Net Income
Same
Basis
384
245 (1) 6 250
10
Net Income
R$ MM
Same basis
R$ 309 MM
* Same-basis amounts exclude: (i) new businesses, either non-operating or under assisted operation, during at least one of the comparison periods: Metrô Bahia
and MSVia; (ii) Ponte, whose agreement ended on May 31, 2015; (iii) non-recurring items from the acquisition of TAS in 4Q15 and the write-off of the balance of
Retentions related to payments to former shareholders of SPVias, in CPC, in compliance with contingent items of the sale and purchase agreement of that
concessionaire in 4Q14; and (iv) it excludes Controlar, ViaRio and VLT.
*
Same basis
R$ 250 MM
(-19%)

11. CDI
82.1%
TJLP
12.4%
IPCA
3.5%
USD
2.0%
CDI
55.8%
IPCA
18.7%
USD
13.2%
TJLP
12.4%
Gross hedged debt by indexer
11
Debt in December 31, 2015
Amortization Schedule (R$ MM)
Indebtedness and leverage position
• Total Gross Debt: R$ 14.3 Bn
(R$15.8 Bn proforma)
• Net Debt / EBITDA: 3.2x
(3.0x proforma)
Hedged
Not hedged
Gross debt by indexer
2016 2017 2018 2019 From
2020
4,804
1,982
905
-
450
1,203
240
CDI USD Others
1,4771,383
1,891
3,543
5,999
2016 2017 2018 2019 From
2020
4,804
1,982
905
-
450
1,203
240
CDI USD Others
1,4771,383
1,891
3,543
5,999

12. 12
Debt Structure and Amortization
42% has already been
addressed
Amortization 2016 - 2017
* Expiration already equated through issues or contracts signed with BNDES.
Emissions since Oct/2015
• Nov/15: signature of the long-term loan agreement between
VLT and BNDES totaling R$747 million, with payment of R$650
million;
• Dec/15: signature of the long-term loan agreement
between Metrô Bahia and BNDES totaling R$2.0 billion,
with payment of R$1.0 billion;
• Dec/15: approval by the BNDES of a long-term loan
agreement for MSVia, totaling R$2.3 billion;
• Dec/15: signature of a bridge-loan agreement between BH
Airport and BNDES, totaling R$405 million, with payment of
R$50 million;
• Dec /15: R$400 million at CCR;
• Jan/16: R$1.2 billion at CPC; and
• Jan/16: R$110 million at CCR.
Amortization (R$ MM) 2016 2017
SPVias 1,277 35
CPC* 846 0
RodoAnel Oeste 797 835
CCR* 640 692
MSVia* 557 0
AutoBAn 547 540
Metrô Bahia* 535 610
ViaOeste 301 291
Barcas 198 0
TOTAL 5,698 3,002
TOTAL AMORTIZATION 5,999 3,543

13. 13
4Q15 Funding
Concessionaire Date Value (R$ MM) Debt Average Cost Maturity
NovaDutra Oct/15 120.0 Loan 4131 LIBOR 3M + 1.69% p.a. Oct/17
ViaOeste Oct/15 116.4 Loan 4131 LIBOR 3M + 2.50% p.a. Oct/17
CCR Dec/15 400.0 Bond 124.10% of CDI Dec/18
SAMM Oct/15 54.0 Promissory Note 107.80% of CDI Apr/16
Barcas Oct/15 191.0 Promissory Note 113.00% of CDI Apr/16
ViaRio Oct/15 400.0 Bond CDI + 3.50% p.a. Apr/16
ViaRio Nov/15 130.0 CCB CDI + 3.91% p.a. Apr/16
VLT Nov/15 620.9 BNDES TJLP + 3.44% p.a. Nov/35
VLT Nov/15 29.0 BNDES 6.14% p.a. Nov/35
Metrô Bahia Oct/15 500.0 Bond CDI + 2.20% p.a. Oct/19
Metrô Bahia Dec/15 1050.9 BNDES TJLP + 3.18% p.a. Oct/42
Total 3,612.2
Concessionaire Date Value (R$ MM) Debt Average Cost Maturity
CCR USA Nov-15 25.0 Credit Facility LIBOR 6M + 3.45% p.a Nov-17
CCR España Nov-15 30.0 Credit Facility LIBOR 6M + 2.30 p.a Nov-17
Total 55.0

14. 7,620 7,859 8,081
9,562 9,826
10,413 10,734
12,423
7,609
11,522
9,820
2.0 1.9 2.0 2.0
2.3 2.4 2.5 2.5
3.0
2.7
3.2
-2,5
-1,5
-0,5
0,5
1,5
2,5
3,5
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
20.000
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 3Q15 4Q15
Net Debt (R$ MM) Net Debt/EBITDA (x)
14
Debt
Net Debt / EBITDA LTM
IFRS10 and 11Proforma Data
R$ MM
The leverage ratio reflects the need to invest in new business, …
... that had no cash flow generation at year-end.

15. 15
Realized Investments and Maintenance
1- The investments made by the Company, which will be reimbursed by the granting authority as monetary consideration or contribution, compose the financial assets.
2- For 100% of the project, at 4Q15 the total investment was R$220.8 million, of which R$29.6 million is related to the portion of the Concessionaire and R$191.2
million to the Granting Authority.
3- Includes CCR, TAS, CPC, SPCP and eliminations.
4Q15 4Q15 4Q15 4Q15
AutoBAn 25.8 8.5 34.3 5.4 0.0
NovaDutra 37.5 5.2 42.6 13.6 0.0
ViaOeste 31.3 7.7 39.1 -0.4 0.0
RodoNorte (100%) 67.5 1.2 68.7 3.1 0.0
ViaLagos 1.7 0.4 2.1 0.0 0.0
SPVias 4.2 3.1 7.3 10.3 0.0
ViaQuatro (60%) 4.3 2.6 6.9 0.0 1.0
Renovias (40%) 0.3 0.6 0.9 3.4 0.0
RodoAnel (100%) 1.8 1.3 3.1 3.1 0.0
SAMM 12.1 4.3 16.4 0.0 0.0
ViaRio2
(33.33%) 29.6 0.0 29.6 0.0 0.0
Quito 12.5 0.4 12.8 0.0 0.0
San José 11.8 0.2 12.0 0.0 0.0
Curaçao 9.4 0.0 9.4 0.0 0.0
Barcas 0.5 0.4 0.9 0.0 0.0
VLT (24.88%) 22.4 0.7 23.0 0.0 21.8
Metrô Bahia 250.5 1.2 251.7 0.0 200.5
BH Airport 84.7 23.9 108.5 0.0 0.0
MSVia 105.9 24.4 130.3 0.0 0.0
STP (34.24%) 3.7 24.6 28.3 0.0 0.0
Other3
-3.4 11.6 8.2 0.0 0.0
Consolidated 713.9 122.3 836.2 38.3 223.3
R$ MM
Intangible Assets
Performed
maintenance
Improvements
Equipments and
Others
Total Maintenance Cost
4Q15
Proforma Financial
Asset1

16. 16
2016 Estimated Investments and Maintenance
* Includes CCR, CPC, SPCP and eliminations.
Estimated
Maintenance
Metrô Bahia 2,614.7 1,350.4 1,264.4 0.0
MSVia 591.9 0.0 591.9 0.0
BH Airport (100%) 715.8 0.0 715.8 0.0
ViaRio (33.33%) 176.7 134.8 41.9 3.7
VLT (24.88%) 111.9 83.1 28.8 0.0
NovaDutra 180.5 0.0 180.5 47.1
AutoBAn 148.4 0.0 148.4 50.5
RodoNorte (100%) 235.2 0.0 235.2 25.1
ViaQuatro (60%) 357.0 0.0 357.0 0.0
ViaOeste 136.2 0.0 136.2 12.3
SPVias 51.4 0.0 51.4 24.9
ViaLagos 21.9 0.0 21.9 2.9
STP (34.24%) 15.2 0.0 15.2 0.0
RodoAnel Oeste (100%) 77.7 0.0 77.7 7.7
SAMM 39.6 0.0 39.6 0.0
Quito (50%) 58.0 0.0 58.0 0.0
San José (48.75%) 72.9 0.0 72.9 0.0
Curaçao (100%) 69.6 0.0 69.6 0.0
Barcas (100%) 5.4 0.0 5.4 0.0
Renovias (40%) 10.5 0.0 10.5 29.8
TAS 14.9 0.0 14.9 0.0
Others* 160.7 0.0 160.7 (25.3)
Total 5,866.1 1,568.2 4,297.8 178.8
Estimated investments
Contributions of
Granting
Powers
Net Total
Maintenance
Costs
2016 (E) - R$ MM Total

17. 17
Wrap-up
2014 2015 2016¹
GDP +0.1% -4.1% -3.4%
Exchange (R$/US$) 3.66 3.90 4.36
Selic 11.75% 14.25% 14.25%
Industrial Production -3.2% -8.3% -4.4%
Unemployment 4.3% 6.9% ?
CCR Traffic² +2.5% -2.7% ?
CCR EBITDA³ +7.3% +4.8% ?
¹ Focus Bulletin of 02/19/2016.
² Same basis: excluding Ponte and MSVia in 2015.
³ Same basis: excluding new business and non-recurring described in the 4Q14 and 4Q15 releases.
Despite the challenging macro scenario in 2015 ...

18. 18
Wrap-up
... The company continued to invest and increase the scope of business.
MSVia: beginning of toll collection on 09/14/2015 (37 days before expected)
Metrô Bahia: beggining of the commercial operation on 01/02/2016. Line 1
completed, with 8 stations and 12 km, operational since 02/11/2016
Successful financing - R$3.8 billion in 4Q15
BNDES: R$5.5 billion addressed (R$1.7 billion already disbursed)
R$3.6 billion in investments and maintenance in 2015
R$1.05 billion of dividends paid to shareholders in 2015
Acquisitions: (i) 70% of TAS; (ii) acquisition of additional interest in Quito Airport
and in the operator of referred airport and; (iii) increase in the interest held in
ViaQuatro
VLT and ViaRio: startup expected for April and May 2016, respectively