CCP posted Net Revenue of R$421.3 million (9.6% up on 2015) and EBITDA of R$284.7 million (10.8% up on 2015) in 2016

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1 São Paulo, March 9, Cyrela Commercial Properties S.A. Empreendimentos e Participações (BM&FBOVESPA: CCPR3) ( CCP or Company ) announces its results for the quarter and year ended on December 31, The figures presented herein should be read together with the Financial Statements of the Company and their accompanying Notes published today. CCP posted Net Revenue of R$421.3 million (9.6% up on 2015) and EBITDA of R$284.7 million (10.8% up on 2015) in 2016 and 2016 Highlights Key Performance Indicators and 2016 (R$ million) +9.6% +8.1% % % % % T15 4T % Net Revenue Leasing Revenue EBITDA Adjusted Net Profit Net Revenue Leasing Revenue EBITDA Adjusted Net Profit Summary of indicators (IFRS) Financial Indicators - IFRS R$ million 4Q15 x 4Q X 2015 Net Revenues % % EBITDA % % EBITDA Margin 63.3% 64.3% 1.1 pp. 66.9% 67.6% 0.7 pp. NOI - Net Operating Income ¹ % % NOI Margin 83.4% 83.8% 0.4 pp. 88.2% 83.4% -4.8 pp. Adjusted FFO - Funds from Operations % NA Adjusted FFO Margin 3.6% 8.3% 4.7 pp. 9.4% -0.3% -9.7 pp. Adjusted Net Profit NA % Adjusted Net Margin -1.0% 2.1% 3.1 pp. 6.1% 1.5% -4.6 pp. Net Profit NA NA Net Margin -1.0% 2.1% 3.1 pp. 6.1% -5.1% pp. 4Q15 x 4Q15 Physical Vacancy Financial Vacancy Operating Portfolio (m² x 1,000) Portfolio under Development (m² x 1,000) 91.7% 87.4% -4.2 pp. 89.3% 90.2% 0.9 pp % % (1) Excluding the straight-line accounting effect (2) Excludes Land Bank PORTUGUESE, WITH SIMULTANEOUS TRANSLATION INTO ENGLISH Date: 03/10/2017 Time: 11:00 a.m. (Brasília) / 09:00 a.m. (US ET) Dial-in Brazil: +55 (11) Dial-in USA: +1 (516) Code: CCP Webcast: Conference Call Details

2 Message from Management 2016 was another challenging year for Brazil s economy, although we believe that the worst times are now behind us. The economic scenario was highly unpredictable, marked by a strong economic recession, a presidential impeachment, and the fiscal and political crisis. However, due to its strength and high quality portfolio, CCP managed to actively take advantage of opportunities and overcome the challenges in all its segments of operation. CCP performed well regarding corporate properties leasing in 2016, with emphasis on the performance of the CEO building, whose occupancy came to 50.8%, underlining the market movement known as "flight to quality", the migration of tenants to higher-quality projects. CCP also began to recycle its corporate segment s portfolio, with the sale of interest in projects for R$262.9 million. Revenues from the sale of these assets will be allocated to strengthen the Company s cash position, adjust its capital structure and reduce financial leverage. Shopping Cidade São Paulo was once again a highlight, posting excellent operating and financial performance and substantially contributing to CCP s results in The shopping center portfolio was very resilient to the economic downturn, while assets in the maturation phase have been recording satisfactory performance. The distribution center segment, in turn, delivered five logistics units in the Caxias, Cajamar III and Castelo 46 industrial parks in Demand for triple A distribution centers reduced this year, but we are confident of the segment s recovery. In addition, in line with our portfolio recycling strategy, we sold Block III of the Barueri distribution center for R$31.0 million. Lastly, after the end of 2016, CCP is more confident of the resumption of economic activity, particularly due to the reduction in interest rates in 2017, which will benefit the Company. With the winding up of the investment cycle, the Company will concentrate all its efforts on management strategies and the maturation of projects in operation, portfolio recycling, capital structure adjustments and the reduction of its financial leverage. Management 2

3 Relatório de Resultados 4T16 e 2016 Most Relevant Achievements in 2016 and Subsequent Events Sale of projects Portfolio Recycling In 2016, CCP sold assets worth R$293.9 million, as detailed below: Thera Corporate Building On March 1, 2016, Cyrela Commercial Properties concluded the sale of the entire interest held by the subsidiary who owns the units in the corporate office project, called Thera Corporate, located in the city of São Paulo, for the gross amount of R$236 million, with the financial remaining balance deducted from this amount. Barueri III Industrial Park In the third quarter, CCP concluded the sale of the Barueri III Industrial Park for R$31.0 million, corresponding to a leasable area of 12,863 sqm. Corporate Park Building In December, CCP concluded the sale of two office suites in the Corporate Park project for R$26.9 million, corresponding to a leasable area of 1,584 sqm. Acquisition Miss Silvia Morizono Building On April 11, 2016, Cyrela Commercial Properties acquired all the Quotas held by YM Investimentos LTDA, owner of 50% of the units in the Miss Silvia Morizono project, now holding the entire project (total GLA of 16,290 sqm). Inauguration Shopping Cerrado Inaugurated on April 26, 2016, Shopping Cerrado, located in Goiânia, one of Brazil's fastest growing capital cities, with population estimated at 1.5 million people, was strategically built facing the Anhanguera and 24 de Outubro avenues, an area undergoing major real estate expansion with a daily flow of approximately 280,000 people. Delivery and Leasing of Logistics and Distribution Centers Prologis CCP Cajamar III and Prologis CCP Caxias Through Prologis CCP, a subsidiary of Cyrela Commercial Properties, in 1Q16 we delivered Blocks 3100 and 3200 of the Prologis CCP Cajamar III project, located in Cajamar, state of São Paulo, with leasable area of 114,100 sqm. Block 3200 was entirely leased to a large multinational company in the electronics segment. CCP holds a 25% interest in the development. In addition, in the same period we delivered Blocks 100 and 200 of the Prologis CCP Caxias project, located in Duque de Caxias, state of Rio de Janeiro, with leasable area of 61,000 sqm. Block 100 was 100% leased, 53% of which to a large-size company in the drug distribution segment and the remaining 47% to a major tobacco company. CCP holds a 33.5% interest in the development. 3

4 Relatório de Resultados 4T16 e 2016 Prologis CCP Castelo 46 Through Prologis CCP, a subsidiary of Cyrela Commercial Properties, in 2Q16 we delivered Block 100 of the Prologis CCP Castelo 46 project, located in Araçariguama, state of São Paulo, with leasable area of 99,400 sqm. The Block was entirely leased to a large retail company. CCP holds a 24% interest in the development. Liability Management and Extension of the Debt Profile 1 st Issue of Promissory Notes In the third quarter of 2016, Cyrela Commercial Properties concluded the issue of R$150 million in Promissory Notes, in a transaction coordinated by Banco Safra. The transaction s repayment term is three years at cost of CDI % p.a. 7 th Debenture Issue In October 2016, the Company concluded its seventh Issue of simple, non-convertible debentures, totaling R$92.0 million. The transaction s repayment term is ten years at cost of CDI % p.a. 8 th Debenture Issue In December 2016, the Company concluded its eighth Issue of simple, non-convertible debentures, totaling R$200.0 million. The transaction s repayment term is four years at cost of CDI % p.a. The transaction's lead coordinators was Banco do Brasil. Subsequent Events Non-binding Memorandum of Understanding In January 2017, Cyrela Commercial Properties entered into two Non-binding Memoranda of Understanding (MOU) with its partners in the distribution center business: (i) MOU with Canada Pension Plan Investment Board ( CPPIB ) and (ii) MOU with Prologis related to the sale to Prologis of the Company s 50% interest (after the implementation of the effects of the CPPIB Transaction) in the distribution center portfolio, at market value ( Prologis Transaction and, jointly with the CPPIB Transaction, Transactions ). The Transactions are subject to compliance of certain conditions precedent, such as the approval of the Transactions by the Brazilian antitrust authorities (CADE), the conclusion of the corporate reorganization and debt restructuring, the negotiation and signature of the final agreements and the obtaining of the respective necessary corporate approvals. 4

5 Income Statement Analysis The analyses in this section refer exclusively to managerial data and do not consider the effects of accounting consolidation, when applicable. Analysis of Occupancy Rates Financial occupancy, calculated as potential revenues from occupied areas over potential revenues of the total portfolio, stood at 90.2% in 2016, up by 0.8 p.p. on Physical occupancy, calculated as the total occupied area over the total leasable area, was 87.4% at the close of Physical occupancy in the corporate segment fell by 1.2 p.p. over 3Q16, influenced by the slightly higher vacancy in the Faria Lima Square and Brasilio Machado buildings. Physical occupancy in the distribution center segment remained stable over 3Q16, with partial vacancy in the Caxias, Cajamar III and Tamboré distribution centers. Physical occupancy in shopping centers increased by 2.1 p.p. over 3Q16, influenced by new leasings throughout the portfolio, especially in Shopping Metropolitano Barra and Tietê Plaza Shopping. The variation in financial occupancy in CCP s portfolio in the building, shopping center and distribution center segments is largely explained by the same reasons described above, related to the physical occupancy of said projects. Physical Occupancy Rate Variation - CCP Portfolio (sqm) 88.7% 91.7% 87.0% 87.4% 451,573 56,774 Distribution Center: Shopping Center: 36,600 sqm 10,881 sqm Offices: 8,621 sqm Other: 672 sqm 394,799 Vacancy Occupation Q16 Physical Occupancy - % 4Q15 3Q16 x 4Q15 x 3Q16 Offices 88.5% 91.1% 89.9% 1.4 pp pp. Shopping Centers 95.7% 90.6% 92.7% -3.0 pp. 2.1 pp. Distribution Centers 89.5% 81.6% 81.6% -7.9 pp. 0.0 pp. Other 96.5% 97.1% 96.2% -0.3 pp pp. Total 91.7% 87.0% 87.4% -4.2 pp. 0.4 pp. 5

6 Financial Occupancy Rate Variation - CCP Portfolio (%) 85.6% 89.3% 89.4% 90.2% Offices 92.2% Shopping Centers 90.5% Distribution Centers 83.5% Other 96.2% Q % Financial Occupancy - % 4Q15 3Q16 x 4Q15 x 3Q16 Offices 87.9% 90.2% 92.2% 4.2 pp. 1.9 pp. Shopping Centers 92.7% 89.6% 90.5% -2.1 pp. 1.0 pp. Distribution Centers 83.3% 84.7% 83.5% 0.2 pp pp. Other 96.5% 97.1% 96.2% -0.3 pp pp. Total 89.3% 89.4% 90.2% 0.9 pp. 0.8 pp. Performance Indicators - Offices Average Monthly Rent (R$/sqm/month) The average monthly rent of the Triple A buildings in our portfolio was R$146.4, 12.3% up on 4Q15, due to increases in leasing agreements. The average monthly rent of the Class A buildings was R$61.3, 2.9% up on 3Q16, due to the same reason as that affecting the Triple A buildings % % 4Q15 3Q16 Triple A Class A Note: Includes the straight-line accounting effect 6

7 Performance Indicators Shopping Centers Contracted sales in the shopping centers in which CCP holds an interest totaled R$919.7 million in, 4.1% up on 4Q15. In addition, this result particularly influenced the increased sales in the shopping centers in the consolidation phase. Sales of CCP s Shopping Centers (R$ million) Variation over the same quarter last year % 920 Sales % 4Q Q % 4Q % 4Q % % Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 In the fourth quarter, CCP s shopping centers received approximately 3.0 million vehicles in their parking lots (almost 10.7 million vehicles in 2016). Parking Flows at CCP s Shopping Centers (thousands of vehicles) Variation over the same quarter last year Vehicles % 4Q12 1, % Q13 2, % 4Q14 2, % 4Q15 2, % 3, % 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 Same-Store Sales SSS (%)* Same-Store Rent SSR (%)* +2.4 pp. 3.0% +5.5 pp. 9.7% 4.2% 0.6% 4Q15 4Q15 * % variation over the same quarter in the previous year, considering the shopping centers managed by CCP. In the shopping centers managed by CCP, the variation in Same-Store Sales (SSS) came to 3.0% in (compared to the same quarter in the previous year), 2.4 p.p. up on 4Q15. Likewise, the variation in Same-Store Rent (SSR) stood at 9.7%, 5.5 p.p. more than in 4Q15. The upturn in SSS reflects the increased sales in Shopping Metropolitano Barra and Shopping Cidade São Paulo, while the upturn in SSR was fueled by the higher variable revenue and increases in leasing agreements. 7

8 Leasing and Sales Below, we present the main operating data of our operating segments. The gross revenue figures presented below are pro-forma and do not consider accounting consolidation aspects in accordance with IFRS rules. They should therefore be used exclusively for evaluating performance by project. A) Revenues Operating Portfolio Indicators Pro-Forma Gross Revenues (R$ '000) 4Q15 x 4Q X 2015 Offices 25,826 26, % 108, , % Triple A 19,636 20, % 84,603 85, % Class A 6,190 5, % 23,535 22, % Shopping Centers 49,201 51, % 153, , % Industrial / Distribution Center 8,639 10, % 31,906 40, % Other 3,862 4, % 16,170 17, % Services 23,706 23, % 81,402 86, % Recurring Gross Revenue Excluding Straight-lining Effects 111, , % 391, , % ( + ) Year-to-date Straight-lining Effects 5,603 (7,019) % 18, % Total Considering Straight-lining Effects 116, , % 409, , % Real Estate Sales and Development , % 33,701 58, % Total 117, , % 443, , % B) Leasing of Office Spaces (R$ 000) Building CCP Leaseable Area (Sq.m.) Pro-Forma Gross Revenues (R$ '000) 4Q15 x 4Q X 2015 Triple A 71,202 19,636 20, % 84,603 85, % Class A 36,129 6,190 5, % 23,535 22, % Total Excluding Revenue Straight-lining Effects 107,331 25,826 26, % 108, , % Revenue Straightlining Effects 4,625 1,157 NA 12,828 4,017 NA Total 107,331 30,450 27, % 120, , % 8

9 Revenues from the leasing of office spaces (consolidated for the portfolio of Triple A and Class A properties) increased by 1.1% over 4Q15. With relation to the Triple A buildings, the 4.6% revenue variation results from the adjustments to leasing agreements in the portfolio. With relation to Class A buildings, leasing revenues fell 10.1% due to the vacancy in the Nova São Paulo building and the renegotiation of rent prices in certain assets. Revenue variations between 2016 and 2015 were influenced by the same reasons as those applied to quarterly variations. The above data and analyses exclude revenue from straightline accounting and are solely indicators of offices performance. Revenue from Leasing of Office Spaces without straight-line accounting (R$ million) +1.1% +4.6% % Triple A Class A Portfolio Total 4Q15-0.7% % % Triple A Class A Portfolio Total C) Leasing of Shopping Centers (R$ '000) Shopping Center Pro-Forma Gross Revenues (R$ '000) 4Q15 x 4Q X 2015 Leasing Revenue 44,015 46, % 138, , % CDU - Key Money 5,186 5, % 15,284 20, % Total Excluding Revenue Straight-lining Effects 49,201 51, % 153, , % ( + ) Revenue Straightlining Effects 999 (8,419) % 5,893 (3,771) % Total 50,200 43, % 159, , % Shopping center leasing revenue climbed by 5.9% in over 4Q15, chiefly due to the inclusion of the result from Shopping Cidade São Paulo, inaugurated in April, in addition to the performance of projects in the maturation phase which were recently developed by CCP. Revenue variations between 2016 and 2015 were influenced by the same reasons as those applied to quarterly variations. D) Leasing of Distribution Centers (R$ 000) Pro-Forma Gross Revenues (R$ '000) Property 4Q15 x 4Q X 2015 Total Excluding Revenue Straight-lining Effects 8,639 10, % 31,906 40, % ( + ) Revenue Straightlining Effects (21) 242 NA (164) 601 NA Total 8,618 11, % 31,742 40, % Leasing revenues from distribution centers increased 25.1% in over 4Q15. Revenues from the leasing of new areas, such as Prologis CCP Cajamar III, Prologis CCP Caxias and Prologis CCP Castelo 46, explain the variations 9

10 reported. Revenue variations between 2016 and 2015 were influenced by the same reasons as those applied to quarterly variations. E) Services (R$ 000) Revenues from services rendered totaled R$23.7 million in, 0.1% up on 4Q15, and R$86.8 million in 2016, 6.6% higher than in 2015, particularly due to the increase in parking revenue. +0.1% % Q Parking Services F) Revenues from Sales (R$ million) Fourth-quarter sales revenue totaled R$27.4 million, highlighting the sale of two office suites in the Corporate Park project totaling R$26.9 million. Revenues from the sale of projects sold in previous periods and whose works continued in the current period were recognized in the quarter based on the Percentage of Completion PoC method (percentage of costs incurred over the properties total costs). 10

11 Financial Performance The analyses in this section refer exclusively to accounting data consolidated in accordance with IFRS criteria, except if indicated otherwise. Pro-forma EBITDA, EBITDA from Property Management Activities, NOI, FFO, Indebtedness and the Statement of Income are presented in the tables attached to this report. Statement of Income (IFRS) Gross Revenues and Net Revenues CCP s gross revenue totaled R$121.8 million in, 9.7% up on 4Q15, mostly due to the increase in shopping center leasing revenue and the sale of two office suites in the Corporate Park project. In 2016, CCP s gross revenue amounted to R$449.3 million, 10.0% up year-on-year, due to the same reasons as those affecting the quarterly variations. Revenue by business line in x 4Q15 (R$ 000) +9.7% 26, , ,013 3,776 11,722 1, Q15 Corporate Offices Leasing Shopping Centers Leasing Distribution Centers Leasing Other Leasings Services Real Estate Sales and Development Revenue by business line in 2016 x 2015 (R$ 000) +10.0% 449, ,533 13,807 3,502 1,093 4,411 34,116 9, Corporate Offices Leasing Shopping Centers Leasing Distribution Centers Leasing Other Leasings Services Real Estate Sales and Development

12 Recurring leasing revenues totaled R$85.5 million in, 4.2% higher than the R$82.0 million posted in 4Q15, and R$316.2 million in 2016, 8.8% up on the R$290.8 million recorded in 2015, in both cases due to the effect from the higher shopping center leasing revenue, as previously explained. Recurring Leasing Revenues without straight-line accounting (R$ million) 290,8 +8,8% 316, % Q NOI Net Operating Income without straight-line accounting (R$ million) Margin +4.7% % 83.8% 4Q % % 83.4% CCP s NOI amounted to R$71.6 million in and R$263.8 million in 2016 (up by 4.7% on 4Q15 and 2.9% on 2015 respectively). The NOI margin came to 83.8% in (0.4 p.p. up on 4Q15) and 83.4% in 2016 (4.8 p.p. down on 2015), due to the increased relevance, in the indicator s composition, of results from shopping center operations, particularly influenced by the performance of Cidade São Paulo, Tietê and Metropolitano shopping centers, whose financial performance has been improving. COSTS The charts below show the variation between the lines composing leasing, sales and service costs in and Fourth-quarter leasing, sales and service costs totaled R$47.2 million, increasing by 33.9% over 4Q15. The gross margin was 58.7% in, 7.9 p.p. down on 4Q15. The increase in leasing costs was influenced by shopping center leasing activities, due to an operational expansion (number of assets) and the costs related to vacant areas in the corporate building and shopping center segments. 12

13 Costs incurred by business line in x 4Q15 (R$ 000) +33.9% 47,154 3, , ,747 4Q15 Corporate Offices Leasing Shopping Centers Leasing Distribution Centers Leasing Other Leasings Services Real Estate Sales and Development Variations in costs incurred by business line in 2016 x 2015 (R$ 000) +25.1% 163, ,843 1,742 8, , Corporate Offices Leasing Shopping Centers Leasing Distribution Centers Leasing Other Leasings Services Real Estate Sales and Development 2016 OPERATING RESULT The charts below present the variation between the lines composing the Company s operating expenses in. Fourth-quarter operating result amounted to R$2.4 million, 54.9% lower than the operating expenses posted in 4Q15, influenced by higher selling expenses due to the efforts related to sale of the Barueri distribution center and the leasing of projects in the portfolio. The increase in CCP s operating result (R$30.3 million in 2016) was chiefly influenced by the sale of all the quotas held in the subsidiary which owns the units in the Thera Corporate project and the equity income variation related to the increase in revenue from the distribution center segment. Operating Revenue (Expenses) by main component in x 4Q15 (R$ 000) % -54.9% 2,422 3,349 3, , ,194 6,475 1,296 4Q15 Commercial Administrative Management Profit Sharing Subtotal Equity Income Other Results Compensation from Investments 13

14 Operating Revenue (Expenses) by main component in 2016 x 2015 (R$ 000) % 26,685 30,338 1,764 6,831 6,520 7,730 2,355 2,151 3, Commercial Administrative Management Compensation Profit Sharing Subtotal Equity Income Other Results from Investments 2016 EQUITY INCOME The 37.2% increase in equity income from R$9.9 million in 4Q15 to R$13.7 million in is directly related to the higher revenue from the leasing of distribution centers. The 18.7% increase in equity income, from R$36.6 million in 2015 to R$43.4 million in 2016 was caused by the same reasons as those applied to the quarterly variations. FINANCIAL RESULT The chart below presents the variation between the lines composing the Company s financial result in and 2016: +2.6% -52,465 1, ,734 7,550-53,824 4Q15 Interests and Monetary Adjustments Other Financial Expenses Revenue from Financial Investments Other Financial Revenues +38.2% -175,915 79,560 9,343 6,027 9, , Interests and Monetary Adjustments Other Financial Expenses Revenue from Financial Investments Other Financial Revenues

15 In the fourth quarter, CCP posted a net financial expense of R$72.5 million, 1.6% more than in 4Q15, particularly due to the Company s higher stock of debt, resulting from the winding up of CCP s current investment cycle and the fact that, after the delivery of projects, interest previously partially capitalized during construction began to be expensed, in addition to the higher interest rate in Brazil. In 2016, the Company posted a net financial expense of R$308.0 million (29.5% up on 2015), also due to the same reason as that of the quarterly increase. Variation in Financial Expenses (R$ million) +1.6% % Q Adjusted Net Income (R$ million) and Net Margin (%) Margin CCP s net income totaled R$2.4 million in, an increase by R$3.4 million over 4Q15. In 2016, CCP s net income came to R$6.3 million, 73.1% down on The adjustments made reflect the capitalized interest and administrative expenses from the sale of Thera Corporate. 4Q15-1.0% 2.1% 6.1% 1.5% Net Income (R$ million) and Net Margin (%) Margin In, CCP recorded net income of R$2.4 million, R$3.4 million more than in 4Q15, mainly due to the sale concluded in the quarter. The net margin came to 2.1%, 3.1 p.p. up on the -1.0% margin recorded in 4Q15. In 2016, CCP posted a loss of R$21.3 million, R$44.6 million less than in In 2016, the net margin came to -5.1%, 11.1 p.p. down on the 6.1% margin recorded in the previous year. 4Q % 2.1% 6.1% -5.1% 15

16 Adjusted FFO Funds from Operations Margin The Company s FFO amounted to R$9.5 million in (151.0% up on 4Q15), accompanied by an FFO margin of 8.3%, versus 3.6% in 4Q15. In 2016, FFO totaled a negative R$1.2 million, reducing by R$37.2 million over The adjustments made reflect the capitalized interest from the sale of Thera Corporate Q % 8.3% 9.4% -0.3% EBITDA (R$ million) and EBITDA Margin (%) Fourth-quarter EBITDA totaled R$73.5 million. The 10.0% year-on-year upturn in fourth-quarter EBITDA reflects the change to the Company s revenue mix, chiefly due to the operational start-up of Shopping Cidade São Paulo. In 2016, EBITDA amounted to R$284.7 million, 10.8% up on the previous year, basically due to the same reasons as those influencing the quarterly variation. The EBITDA margin came to 64.3% in and 67.6% in 2016, up by 1.1 p.p. and 0.7 p.p. on 4Q15 and 2015 respectively. The EBITDA growth explains the positive variation in both comparisons. Margin +10.8% +10.0% % % 66.9% 67.6% 4Q

17 Liquidity and Debt (IFRS) Capex CCP is at the final stages of a major investment cycle in the development of properties. The Company developed relevant assets in its three business units. CCP has already invested approximately R$2.6 billion since In order to execute the properties in its pipeline, the Company will invest another R$53.0 million in the coming quarters (all the figures refer to the Company s share in each specific property). Investments (R$MM) Reported until 2016 R$2.6 billion Estimated R$0.05 billion In order to execute this investment program, the Company decided to use production (linked to financing of specific projects) and corporate (to meet working capital and land acquisition requirements) financing lines. Production financing is generally denominated in savings account remuneration ( IRP ) or reference rate ( TR ), plus a spread over the cost of the financing agent, in a market environment regulated by the rules of the Real Estate Financial System. These are long-term instruments (payment terms exceeding ten years) with real guarantees. Additionally, the contracting and disbursement of debt related to projects takes place during construction. As the projects developed by the Company have a long maturation period, CCP decided to contract mostly these instruments, in order to match the maturity period of the financed projects to the duration of the financing lines contracted. As CCP s focus is the leasing of real estate properties, revenues and results from investments will only be perceived after the delivery and occupation of each individual project. As a result, CCP already expected that its leverage ratios would increase. The management of the Company's indebtedness position, along with the monitoring of the financial Covenants contained in certain financing agreements and, finally, the Company's ability to generate results within the established terms in order to ensure its operating deleveraging are among the Company s most critical business decisions. With the reduction of investments in portfolio growth, combined with the delivery and performance of properties that are currently under development, the Company expects to operationally deleverage in the midterm. 17

18 Cash and Cash Equivalents and Financial Investments CCP closed 2016 with cash, cash equivalents and financial investments of R$413.4 million, equivalent to 8.6% of total assets. Indebtedness (IFRS) CCP s net debt totaled R$2,011 million at the close of, 0.2% up on the previous quarter, due to the progress of CCP s investments in projects under development throughout the quarter, which are partially financed by production financing lines; the balance between investments and financing is supported by the Company s cash position. Net Debt (R$ '000) - IFRS 12/31/15 09/30/16 12/31/16 Debt 2,454,847 2,318,676 2,425,147 Loans and Financing 1,606,777 1,520,897 1,507,146 Debentures 881, , ,934 Related Parties (33,597) (21,272) (36,933) Cash and Equivalents 566, , ,440 Cash and Equivalents 566, , ,440 Net Debt 1,888,774 2,008,465 2,011,707 At the close of, CCP had seven corporate loans and 19 financing lines. The Company does not have dollardenominated debt. The average cost of total debt was 97.29% of the CDI interbank rate. The financing lines are broken down as follows: Corporate Debt (R$ '000) - IFRS Type Amount Outstanding Balance Cost Instalments Maturity Debentures 300,000 77,437 CDI % per annum Monthly (1) Mar-18 Debentures 204,420 62,459 CDI % per annum Semi - Annual Feb-17 Debentures 150,000 0 CDI % per annum Semi - Annual Jan-18 Debentures/CRI 200, , % CDI Quarterly / Semi - Annual Aug-19 Debentures 150, ,528 CDI % per annum Semi - Annual Jan-22 Debentures 92,000 88,821 CDI % per annum Monthly Oct-26 Debentures 200, ,245 CDI % per annum Semi - Annual Nov-20 Promissory Notes 150, ,108 CDI % per annum Bullet Jul-19 Total 1,446, ,934 (1) Monthly payment after the grace period. 18

19 Production Financing (R$ 000) - IFRS Type Amount Outstanding Balance Cost Instalments Maturity FINEM 144,000 78,353 TJLP % to 3.82% per annum Monthly Sep-20 Real Estate Credit 20,000 14,329 TR % per annum Monthly Sep-21 Real Estate Credit 31,393 20,226 TR % per annum Monthly Jan-23 Real Estate Credit 46,000 31,912 TR % per annum Monthly Jul-23 Real Estate Credit 122, ,388 TR % per annum Monthly Aug-24 Real Estate Credit 282, ,889 TR % per annum Monthly Mar-24 Real Estate Credit 92,486 - TR % per annum Monthly Sep-25 Real Estate Credit 32,360 - TR % per annum Monthly May-16 Real Estate Credit 15,755 - TR % per annum Monthly Sep-16 Real Estate Credit 47,500 21,937 TR % per annum Monthly Aug-27 Real Estate Credit 21,908 18,210 TR % per annum Monthly Apr-27 Real Estate Credit 34,925 29,599 TR % per annum Monthly Mar-25 Real Estate Credit 54,274 51,126 TR % per annum Monthly Sep-27 and Jan-30 Real Estate Credit 131,650 57,978 TR % per annum Monthly Jun-29 Real Estate Credit 184, ,487 TR % per annum Monthly Aug-28 Real Estate Credit 90,000 86,777 TR % per annum Monthly Aug-24 Real Estate Credit 125, ,030 TR % per annum Monthly Jan-30 Real Estate Credit 104,000 82,374 TR % per annum Monthly Mar-30 Bank Credit Bills 350, ,530 TR % per annum Semiannualy Dec-31 1,930,305 1,507,146 Asset Appraisal The Company s portfolio totaled R$3,856 million. This amount results from the appraisal conducted by CBRE on December 1, 2014, adjusted by assets added to (Investments) and excluded from (Sales) the portfolio. Portfolio Value by type of Asset (R$ million) 94 3, ,567 1, Triple A Class A Shopping Distribution Center Center Land Other Portfolio Dec/16 19

20 Capital Stock and Shareholders Equity On December 31, 2016, CCP s capital stock totaled R$799.7 million, represented by 119,663,612 registered common shares (119,415,674 ex-treasury) distributed among the block of controlling shareholders, the Company s treasury and investors (free float). Shareholders equity closed at R$1,184.6 million. Capital Markets Ownership Breakdown (%) CCPR3 Closing Share Price (December 31, 2016) R$9.90 Number of Shares (million) Market Cap (R$ billion) Free Float 22.0% % Change % CCPR % Ibovespa +38.9% IMOB +32.7% Verde (2) 9.4% Leo K. (1) 28.0% Others 13.4% Controlling Shareholder 49.2% (1) Leo Krakowiak (2) Verde Asset Management/Verde Serviços Internacionais 20

21 Sustainability In 2008, the Company became a founding member of the Green Building Council Brasil (GBC Brasil), an institution that promotes sustainable construction in the country and supports the transformation of the sector s entire production chain. The Brazilian association is an official representative of the World Green Building Council (WGBC). In 2008, CCP adhered to the United Nations Global Compact, underlining its commitment to aligning its strategies and operations with ten universally accepted principles in the human rights, labor rights, environment and anti-corruption areas. In the following year, CCP became a member of the Brazilian Sustainable Construction Council (CBCS), with the aim of stimulating the Brazilian real estate sector to adopt practices that improve the quality of life of consumers, workers and surrounding communities. All projects under development by CCP follow the criteria established to obtain LEED (Leadership in Energy and Environmental Design) certification, granted by the U.S. Green Building Council (USGBC), globally recognized as a benchmark in the evaluation of constructions with low environmental impact and which ensure healthy occupation conditions. About CCP CCP is one of Brazil s leading companies in the development, acquisition, leasing, sale and management of commercial real estate. It focuses on triple A office buildings, shopping malls and distribution centers, with investments in the states of São Paulo, Rio de Janeiro, Minas Gerais, Goiás, Bahia and Pará. Currently, CCP has an operational portfolio of thousand square meters of gross leasable area and approximately 55.8 thousand square meters under development for delivery in the coming years. With over 16 years of experience in the sector, the Company is the result of the spin-off of Cyrela Brazil Realty s commercial property activities in The Company is listed in the Novo Mercado Special Corporate Governance Segment of the São Paulo Securities, Commodities and Futures Exchange (BMF&Bovespa), trading under the ticker CCPR3. Commitment to Arbitration The Company is subject to arbitration through the Market Arbitration Chamber, pursuant to the Arbitration Clause provided for in the Company s Bylaws (Chapter X, Article 58). Investor Relations Contact Information Pedro Daltro CEO and IRO Phone: (11) ri@ccpsa.com.br Thiago Muramatsu CFO Phone: (11) ri@ccpsa.com.br George Coura Financial and IR Coordinator Phone: (11) george.coura@ccpsa.com.br The figures presented herein should be read together with the Financial Statements of the Company and their accompanying Notes. The amounts are expressed in Brazilian reais, except when indicated otherwise, and were prepared in accordance with Brazilian Generally Accepted Accounting Practices (BR GAAP) and the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB). Operational data, including EBITDA and Adjusted EBITDA, have not been subject to independent audit. This Report includes or may include forward-looking considerations and statements based on historical facts and reflects the expectations and objectives of CCP s management. These considerations involve risks and uncertainties, and therefore do not constitute guarantees of future performance. CCP's future results may differ materially from those presented due to several important factors, including: the economic, political and business scenario in Brazil (especially in the regions where CCP s projects are located); the successful implementation of CCP s business strategy and investment plan; the ability to purchase equipment/hire third parties without interruptions and at reasonable prices; competition; risks associated with property development, construction, leasing and property sales; the risk of not receiving results from the subsidiaries (as a holding company); regulatory risks; the risk of not developing an active and liquid market for CCP s shares; and other existing or imminent risks, whether known or unknown by CCP. CCP does not take responsibility for investment decisions based on information provided herein. Under no circumstances should this Report be considered as a recommendation for the acquisition of shares issued by CCP. When deciding to acquire shares issued by CCP, potential investors should make their own analysis and evaluation of CCP's financial condition and activities, as well as of the risks involved in said investment. 21

22 Financial Statements The individual and consolidated financial statements are prepared in accordance with the accounting practices adopted in Brazil, and the consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB). The following Financial Statements should be read together with the accompanying Notes. Statement of Income (IFRS) Income Statement (R$ 000) IFRS 4Q15 x 4Q X 2015 Gross Revenues 111, , % 408, , % Leases from Corporate Buildings 29,883 26, % 118, , % Leases from Shopping Centers 53,061 41, % 168, , % Leases from Distribution Centers 1, % 7,836 4, % Leases from Other Properties 3,862 4, % 16,170 17, % Service Revenues 21,780 22, % 74,390 78, % Revenues from the Sale of Real Estate Properties , % 23,050 57, % Deductions (5,313) (7,538) 41.9% (24,240) (28,104) 15.9% Net Operating Revenues 105, , % 384, , % Costs of Leases, Sales and Services (35,227) (47,154) 33.9% (130,842) (163,685) 25.1% Sold Units 182 (9,101) % (4,464) (25,677) 475.2% Leased Units (20,272) (23,554) 16.2% (73,967) (84,925) 14.8% Services (15,137) (14,499) -4.2% (52,411) (53,083) 1.3% Gross Profit 70,473 67, % 253, , % Gross Margin 66.7% 58.7% -7.9 pp. 66.0% 61.1% -4.8 pp. Operating Expenses/Revenues 2,422 1, % 6,520 30, % Commercial (970) (7,445) 667.5% (9,894) (11,658) 17.8% Administrative (6,361) (5,555) -12.7% (23,861) (31,591) 32.4% Management Compensation (1,857) (3,153) 69.8% (5,985) (8,340) 39.3% Profit Sharing (156) 1, % (3,496) (1,345) -61.5% Equity 9,969 13, % 36,560 43, % Other Results from Investments 1,797 2, % 13,196 39, % Profit Before Financial Results 72,895 68, % 259, , % Financial Expenses (71,341) (72,515) 1.6% (237,795) (308,012) 29.5% Financial Revenues 18,874 18, % 61,879 64, % Financial Results (52,467) (53,823) 2.6% (175,916) (243,032) 38.2% Pre Tax Profit 20,428 14, % 84,055 44, % Income and Social Contribution Taxes (8,802) (7,671) -12.8% (31,817) (30,512) -4.1% Deferred (129) % 197 (567) % Current (8,673) (7,875) -9.2% (32,014) (29,945) -6.5% Profit Before Minority Shareholders Interests 11,626 6, % 52,238 14, % Minority Shareholders Intesrests (12,683) (4,354) -65.7% (28,930) (35,686) 23.4% Net Profit (1,057) 2, % 23,308 (21,326) % Net Margin -1.0% 2.1% 3.1 pp. 6.1% -5.1% pp. Profit Per Share (0.009) % (0.178) % 22

23 Balance Sheet (IFRS) ASSETS (R$ 000) - IFRS 12/31/ /31/2016 % Vertical Analysis 4Q15 x Current Assets Cash and Cash Equivalents 566, , % -38.4% Securities - 64, % NA Accounts Receivable 99,891 97, % -2.6% Inventory 25,540 5, % -77.9% Tax to be Compensated 5,272 44, % 737.6% Advancements from Suppliers 7,152 8, % 19.0% Dividends receivable % NA Other receivables 10,347 9, % -8.4% Total Current Assets 714, , % -19.0% Long Term Assets Accounts Receivable , % % Inventory 1,269, , % -46.8% Related Parties 33,597 36, % 9.9% Accounts payable to venture partners % NA Loan receivables 15,643 8, % -46.9% Tax to be Compensated 79,400 60, % -24.3% Judicial Deposits % 4.5% Other receivables 20,457 29, % 44.3% Securities % NA Investments 927,947 1,081, % 16.6% Investment properties 1,790,262 2,346, % 31.1% Fixed Assets 3,834 3, % -5.0% Intangible % -22.9% Total Long Term Assets 4,141,908 4,254, % 2.7% Total Assets 4,856,183 4,832, % -0.5% - - LIABILITIES AND SHAREHOLDERS' EQUITY (R$000) - IFRS 12/31/ /31/2016 % Vertical Analysis 4Q15 x Current Liabilities 516, , % -1.0% Loans and Financing 208, , % 14.5% Debentures 201, , % -24.2% Promissory Notes - 24, % NA Suppliers 38,201 30, % -20.9% Accounts Payable - Property Acquisition % NA Tax and Contributions 13,873 11, % -13.9% Payables to related parties in projects 6, % % Tax and Contributions - Deferred 1,760 1, % -6.6% Advancement from Clients 13, % -94.2% Advances from customers - exchange % NA Related Parties % NA Key Money to be Recognized 13,719 10, % -22.3% Dividends Payable 5, % -99.9% Other Accounts Payable 14,345 41, % 190.0% Long Term Liabilities 2,254,461 2,208, % -2.0% Loans and Financing 1,398,737 1,268, % -9.3% Debentures 680, , % -5.4% Promissory Notes - 135, % NA Tax and Contributions - Deferred 9,474 8, % -7.1% Key Money to be Recognized 53,465 42, % -20.2% Other Accounts Payable % NA Provisions for labor, tax and civil contingencies 4,139 1, % -59.9% Advances from customers - exchange 108, , % 0.0% Shareholders' Equity 1,200,630 1,175, % -2.1% Minority Shareholders 884, , % 5.9% Total Liabilities and Shareholders' Equity 4,856,183 4,832, % -0.5% 23

24 Statement of Cash Flow (IFRS) STATEMENT OF CASH FLOW (R$ '000) - IFRS 12/31/15 12/31/16 From Operations Net Profit Before Taxes 84,055 44,872 Adjustments for reconciliation with cash generated from operations Depreciation of Fixed Assets Depreciation of Investment Assets 25,606 31,596 Equity (36,560) (43,391) Interest and monetary variations on loans and debentures 280, ,131 Amortization of Debenture Fee Expenses 2,388 2,659 Deferred Taxes (533) (764) Provision for Losses - Account Receivables (557) (5,473) Present Value Adjustments (1,077) 1,077 Residual Cost of investment - (2,479) Decrease (Increase) in Assets Accounts Receivable (5,971) (4,427) Taxes to Compensate (16,164) (19,615) Dividends Receivable - (79) Advancements for Suppliers (930) (1,360) Properties for Sale (293,916) 122,764 Current accounts with venture partners - - Judicial Deposits (244) (15) Other Assets (2,122) (8,199) (Decrease) Increase in Liabilities Suppliers 2,691 (7,971) Accounts Payable (21,087) - Current accounts with venture partners (4,334) (6,217) Taxes Payable 366 (1,370) Advancement from clients 12,983 (12,843) Provisions for labor, tax and civil contingencies (219) - Res-sperata (Key Money) to be recognized 14,372 (13,876) Other Accounts Payable (32,168) 27,259 Accounts Receivables from related Parties (45,728) 3,994 Accounts payable to related parties - - Cash From Operations Interest Paid (255,299) (253,679) Income Tax and Social Contribution Paid (31,034) (31,093) Dividends received 53,983 37,448 Net Cash from Operations (271,085) 157,148 from Investment Activities (Increase) decrease in Investments (170,887) (147,983) Investment sale - - (Increase) in Security Assets 10 (64,862) (Increase) in Fixed Assets (1,834) 31 (Increase) in Property for Investments (8,110) (95,917) Net Cash Used on Investment Activities (180,821) (308,731) from Financing Activities Loans and Debentures 124, ,456 Loans Payment (principal) (150,669) (574,300) Loan/debenture fees (1,825) (5,631) Minority Shareholder's Capital Contribution 87,176 16,721 Shareholder's Capital Contribution 400,000 - Adjustment due to the conversion of investments and the appreciation of financial assets 9,021 (3,623) Dividends Paid (23,266) (5,535) Net Cash from Financing Activities 444,989 (65,912) Increase (Decrease) on Cash (6,917) (217,495) Cash and Equivalents BOP - Beginning of Period 572, ,073 EOP - End of Period 566, ,578 Increase (Decrease) on Cash (6,917) (217,495) 24

25 Exhibit 1 Operational Analysis Portfolio Breakdown CCP Exclusive Area (sqm) Location In Operation Under Development Conclusion/ Acquisition Triple A Officers JK Financial Center São Paulo (SP) 4, Corporate Park São Paulo (SP) 3, Faria Lima Financial Center São Paulo (SP) 18, Faria Lima Square São Paulo (SP) 12, JK 1455 São Paulo (SP) 11, CEO Rio de Janeiro (RJ) 2, Miss Silvia São Paulo (SP) - 16, Total 52,319 16,289 Class A Offices Nova São Paulo São Paulo (SP) 11, Verbo Divino São Paulo (SP) 8, Centro Empr. F. Lima São Paulo (SP) 2, Brasílio Machado São Paulo (SP) 5, Leblon Corporate Rio de Janeiro (RJ) Suarez Trade Salvador (BA) 3, Total 33,285 - Shopping Centers Shopping D São Paulo (SP) 9, Grand Plaza Shopping Santo André (SP) 42, Estação BH Belo Horizonte (MG) 14, Parque Shopping Belém Belém (PA) 7, Shopping Metropolitano Barra Rio de Janeiro (RJ) 35, Tietê Plaza Shopping São Paulo (SP) 9, Shopping Cidade São Paulo São Paulo (SP) 16, Shopping Cerrado Goiânia (GO) 14, Total 149,073 - Distribution Centers Parque Industrial Tamboré Tamboré (SP) 27, Parque Industrial Cajamar Cajamar (SP) 2, Parque Industrial Jordanésia Cajamar (SP) 1, Parque Industrial Tonolli Jundiaí (SP) 1, Parque Industrial Rio Guandu Queimados (RJ) 8, Prologis CCP Cajamar II Cajamar (SP) 57, Prologis CCP Arujá Arujá (SP) 27, Prologis CCP Caxias Duque de Caxias (SP) 20, Prologis CCP Castelo 46 Araçariguama (SP) 23,873 39, Prologis CCP Cajamar III Cajamar (SP) 28, Total 199,376 39,519 Other ITM São Paulo (SP) 17, Total 17,499 - Total 451,552 55,808 25

26 Occupancy Analysis Office Location CCP Ownership Interest (%) CCP Private Area (m²) Financial Vacancy (1) Physical Vacancy (2) Triple A Offices 52, % 10.7% JK Financial Center SP - Juscelino Kubitschek 100.0% 4, % 0.0% Corporate Park SP - Itaim Bibi 100.0% 3, % 0.0% Faria Lima Financial Center SP - Faria Lima 100.0% 18, % 0.0% Faria Lima Square SP - Faria Lima 100.0% 12, % 7.0% JK 1455 SP - Juscelino Kubitschek 100.0% 11, % 30.5% CEO RJ - Barra da Tijuca 25.0% 2, % 49.2% Empreendimentos Classe A 33, % 9.1% Nova São Paulo SP - Chác. Sto. Antonio 100.0% 11, % 13.9% Verbo Divino SP - Chác. Sto. Antonio 100.0% 8, % 0.0% Centro Empresarial Faria Lima SP - Faria Lima 100.0% 2, % 0.0% Brasílio Machado SP - Vila Olímpia 100.0% 5, % 3.6% Leblon Corporate RJ - Leblon 100.0% % 0.0% Suarez Trade BA - Salvador 100.0% 3, % 30.0% Total 85, % 10.1% Shopping Mall Location CCP Ownership Interest (%) CCP Private Area (m²) Financial Vacancy (1) Physical Vacancy (2) Grand Plaza Shopping Santo André (SP) 61.4% 42, % 1.3% Shopping D São Paulo (SP) 31.6% 9, % 7.4% Parque Shopping Belém Belém (PA) 25.0% 7, % 5.9% Shopping Estação BH Belo Horizonte (MG) 40.0% 14, % 4.1% Shopping Metropolitano Barra Rio de Janeiro (RJ) 80.0% 35, % 9.5% Tietê Plaza Shopping São Paulo (SP) 25.0% 9, % 6.6% Shopping Cidade São Paulo São Paulo (SP) 100.0% 16, % 0.0% Shopping Cerrado Goiânia (GO) 53.1% 14, % 32.9% Total 149, % 7.3% Distribution Centers Location CCP Ownership Interest (%) CCP Private Area (m²) Financial Vacancy (1) Physical Vacancy (2) Parque Industrial Tamboré SP - Tamboré 100.0% 27, % 46.8% Parque Industrial Cajamar SP - Cajamar 2.5% 2, % 0.0% Parque Industrial Jordanesia SP - Cajamar 2.5% 1, % 0.0% Parque Industrial Tonolli SP - Jundiaí 2.5% 1, % 0.0% Parque Industrial Rio Guandú RJ - Queimados 25.0% 8, % 0.0% Parque Industrial Cajamar II SP - Cajamar 25.0% 57, % 0.0% Parque Industrial Dutra SP - Aruja 50.0% 27, % 0.0% Parque Industrial Cajamar III SP - Cajamar 25.0% 28, % 42.3% Parque Industrial Caxias RJ - Duque de Caxias 33.5% 20, % 57.8% Parque Industrial Castelo 46 SP - Araçariguama 24.0% 23, % 0.0% Total 199, % 18.4% 26

27 Exhibit 2 - Projects under Development The table below presents CCP s properties under development: Projects under Development Segment Location Total Leasable Area (m²) CCP Leasable Area (m²) Delivery Date Estimate Average Rent (R$/ m²/month) (1) Investment Commitment (2) (3) (R$ million) Miss Silvia (Faria Lima) Corporate Office Av. Faria Lima, SP 16,289 16,289 1Q17 R$ R$ Castelo Distribution Center Araçariguama - SP 164,663 39,519 R$ 18 - R$ Total - Under Development Projects 180,952 55, Landbank Location Total Leasable Area (m²) CCP Leasable Area (m²) Delivery Date Estimate Average Rent (R$/ m²/month) (1) Investment Commitment (2) (R$ million) Centro Metropolitano - SE and SO Land Barra da Tijuca, RJ 150,000 Others Distribution Center SP and RJ 1,209,948 Total - Landbank 1,359, ,000 To be defined 368,585 To be defined 488,585 TOTAL 1,540, ,

28 Exhibit 3 Financial Tables (IFRS) Selling, General and Administrative Expenses G&A EXPENSES (R$ '000) - IFRS 4Q15 Vertical Analysis (%) x 4Q Vertical Analysis (%) 2016 X 2015 Salaries and Wages 5,548 3, % -44.8% 18,153 15, % -13.8% Rents and Occupation Costs 53 3, % % , % % Maintanence % 38.8% 1,428 1, % -12.3% Third Party Administrative Expenses 1,616 1, % -33.4% 7,703 6, % -21.3% Other 712 1, % 48.0% 2,353 5, % 150.6% Total 8,218 8, % 6.0% 29,846 39, % 33.8% COMMERCIAL EXPENSES (R$ '000) - IFRS 4Q15 Vertical Analysis (%) x 4Q Vertical Analysis (%) 2016 X 2015 Salaries and Wages % 13.2% % -26.2% Third Party Commercial Expenses % 29.0% % -25.3% Rents and Occupation Costs % NA % NA Commercialization Expenses 577 6, % % 8,102 9, % 19.5% Other % 4.4% % 302.0% Total 970 7, % 667.5% 9,894 11, % 17.8% Financial Results FINANCIAL RESULTS (R$ 000) IFRS 4Q15 Vertical Analisys (%) x 4Q X 2015 Interest and Inflation Restatement on Loans (69,408) (70,351) 97% 1.4% (218,979) (297,626) 35.9% Interest and Fines (59) (250) 0% 327.3% (210) (1,123) 435.3% Other Financial Expenses (1,874) (1,914) 3% 2.2% (18,606) (9,263) -50.2% Financial Expenses (71,340) (72,515) 100% 1.6% (237,795) (308,012) 29.5% Financial Investments Revenues 18,958 11,224 60% -40.8% 54,592 48, % Other (83) 7,467 40% % 7,288 16, % Financial Revenues 18,875 18, % -1.0% 61,879 64, % Total (52,465) (53,824) 2.6% 2.6% (175,915) (243,033) 38.2% EBITDA (IFRS) EBITDA (R$ '000) - IFRS 4Q15 x 4Q X 2015 Net Income (1,057) 2, % 23,308 (21,326) % (+/-) Income Tax and Social Contribution 8,802 7, % 31,817 30, % (+/-) Financial Results 52,467 53, % 175, , % (+) Depreciation and Amortization 6,644 9, % 25,949 32, % Total 66,856 73, % 256, , % Net revenues 105, , % 384, , % EBITDA Margin 63.3% 64.3% 1.1 pp. 66.9% 67.6% 0.7 pp. 28