2

DISCLAIMER

This presentation and any materials distributed in

connection with it may include certain forward-looking

numbers, results, expectations, statements, beliefs or

opinions, including those with respect to the Company’s

business, financial condition and results of operations.

These forward-looking numbers, results, statements,

expectations, beliefs or opinions and information or data

of similar meaning, reflect beliefs and expectations and

involve known and unknown risk and uncertainty

because they relate to events and depend on

circumstances that will occur in the future.

No representation is made that any of these statements or

forecasts will occur or that any forecast results will be

achieved. There are a number of factors that could cause

actual results and developments to differ materially from

those expressed or implied by these statements and

forecasts

The past performance of the Company cannot be relied

on as a guide to future performance. No statement in this

presentation is intended to be a forecast of profit. As a

result, you are cautioned not to place any undue reliance

on such forward-looking statements, numbers, results,

statements, beliefs or opinions.

Hamilton Amadeo - CEO

Rogério Tavares – Institutional Relations VP

Flávio Crivellari – VP of Finance & IRO

OVERVIEW AEGEA

SANITATION INDUSTRY

SUSTAINABLE GROWTH

4

224 295 403 462 675

810

46% 49% 51% 47% 50% 47%

0,0%

20,0%

40,0%

60,0%

0

200

400

600

800

1000

2013 2014 2015 2016 2017 2018

EBITDA EBITDA Margin

492 600 795 992 1343

1732

1.0 1.2 1.4

1.5

2.2

2.7

-

1,0

2,0

3,0

0

1000

2000

3000

2013 2014 2015 2016 2017 2018

Net Revenue (R$ million) Households (million)

Contracts in 50 municipalities in 11 states¹

30 years of remaining concession period²

36.4% market share of the private water and

sewage sector3

1 – Does not consider PPPs of Guarulhos and São João de Meriti which are non-operational/ 2 - Average term of the concessions weighted by revenue / 3 - GO Associados (August/2018) / 4 – Does not include construction revenue with margin close to zero (OCPC05)

Aegea is one of the largest private water and sewage players in Brazil

Overview

Net Revenue4 and Households EBITDA and Margin EBITDA (%)

Aegea’s Growth

CAGR 28.6%

CAGR 29.3%

5

25

308

125

550

1.9 1.9

3.2 3.0

-

0,5

1,0

1,5

2,0

2,5

3,0

3,5

0

100

200

300

400

500

600

2012 2013 2016 2018

Capital Contributions (R$ million)

Net Debt/EBITDA

ON 5.49%

PN 15.00%

TO

ON 18.67%

PN 70.00%

TO

ON 71.04%

PN -

TO

Growth subordinated to the capital structure

Shareholders Structure and Support

58.74%

TO 27.56%

TO 7.14%

TO 6.56%

ON 4.80%

PN 15.00%

TO

Shareholding Structure Minority contributions and leverage

Total contributions: R$1.0 billion

6

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

A(bra) A+(bra) A+(bra) A+(bra) AA-(bra) AA(bra) AA(bra)

BB BB

Aaa.br

Ba1 Ba1

34 48 73 110 133

170 205 224

295

403 462

675

810

2

Growth Path Solid trade-record of growth combined with rating upgrades

Consolidated EBITDA Evolution (R$ million) 40 concessions 1 subconcession 3 PPPs¹

Other Concessions

National Scale

Global Scale Improving Credit

Quality National Scale

Global Scale

2 concessions

CAGR 30.2%

1 – Does not consider the non-operational PPPs of Guarulhos and São João de Meriti/ 2- Consolidation of Águas de Manaus from jun to dec/18

7

% of

Aegea’s

Revenue¹

Population

(000’) 886 416 2,145 861 3,412

Term 2060 2041 2045 2047 2024 to 2052

Sewage

Coverage

(%)

80% 79% 18% 31% 49%

(average)

EBITDA

Margin (%) 68% 63% 50% 14% 31%

Portfolio of Assets

Others

Aegea’s portfolio combines assets of various sizes and maturity stages

28 17 15 11 29

High Value Potential 1- 2018 Net Revenue, Manaus consolidated from July to December/2018

8

436 816 1,171 1,480 2,018 2,458 551

528 396 310

1,070 1,380 1.95

2.77 2.91 3.2 2.99 3.03

-0,2

0,8

1,8

2,8

3,8

4,8

-

1.000

2.000

3.000

4.000

5.000

6.000

2013 2014 2015 2016 2017 2018

Net Debt Cash and equivalents Net Debt/EBITDA

Diversification of Sources of Funding

13.5%

10.7%

Others

0.7%

Cash & Debt Amortization Schedule (R$ million)

Indebtedness by Source(2018)

Broad access to long-term funding sources, with discipline to maintain leverage below 3.5x

Average Term: 5.5 years

Net Debt¹, Cash (R$MM) & Net Debt/EBITDA

CAPEX (R$ million)

Foreign Capital

Markets 36.9%

Proparco 3.0%

Local Capital Markets 35.2%

1- Excludes impacts from mark-to-market of the dollar denominated debt swaped to Brazilian reais

USD Denominated Debt are 100%

Hedged

190 395 339

461 367

636

160

2013 2014 2015 2016 2017 2018

CAPEX Concession Fee

1,380

354 267 374 421 431

2,362

Cash and

equivalents

Short term 2020 2021 2022 2023 From 2024

527

Hamilton Amadeo - CEO

Rogério Tavares – Institutional Relations VP

Flávio Crivellari – VP of Finance & IRO

OVERVIEW AEGEA

SANITATION INDUSTRY

SUSTAINABLE GROWTH

10

Current Scenario of Sanitation Industry in Brazil Current levels of investments are far below the required amounts for universalization

According to preliminary estimates of the consulting firm KPMG³, more than R$ 40

billion per year from 2019 and 2033 is required to reach Plansab goals.

13.7 15.1

13.6 11.9

10.4

2013 2014 2015 2016 2017

Investments in the sector¹ (R$ billions) Water and Sewage Coverage in Brazil²

82% 82% 83% 83% 83% 83%

47% 48% 49% 50% 51% 52%

2012 2013 2014 2015 2016 2017

Water Coverage Sewage Coverage

1- Source: SNIS, updated to 2017 based on annually inflation/ 2 – Source: SNIS / 3- November/18

-10%

-12% -13%

11

The private sector represents only 9% of the market. The tender process guarantee fixed tariff,

readjusted annually by inflation

Private Sanitation Sector

Private Companies

9%

67%

24%

Local and micro regional public

providers

Public regional providers

Sanitation Sector Market share in Brazil¹ Private Sector Regulatory Framework

Granting Power

• Municipal entity

• State Owned

Company

Regulatory Agency

• State owned, regional

or municipal

• Enforces the compliance

with contractual

milestones

Contratual Milestones

• Physical milestones

• Sewage coverage

expasion

Fixed Tariff

• Inflation – linked annual tariff adjustments

• Long term concessions period

• Fixed and predictable return

• Tariffs defined in the concession agreement

1- GO Associados (August/2018)

• Universalization of

water coverage

• Quality Indexes

12

• It seeks to reorganize the sector in order to attract more investment and efficiency, thus

providing a better service to the population

Among the main contributions are:

Matching between the program contracts and the concession contracts, so that both can

present goals, deadlines and other conditions, so that the citizen knows when and how it will be attended and there can be due punishment for those who do not lead a good service;

ANA - National Water Agency, providing regulatory oversight to other agencies - thus standardizing the current regulation - and arbitrating conflicts.

868 Provisional Measure

Potential to accelerate the universalization of water and sewage in Brazil

Hamilton Amadeo - CEO

Rogério Tavares – Institutional Relations VP

Flávio Crivellari – VP of Finance & IRO

OVERVIEW AEGEA

SANITATION INDUSTRY

SUSTAINABLE GROWTH

14

The capacity to apply our operating model, with

flexibility, to the various regions where we operate

The ability to maintain in operation a system that

connects people to treated water and, subsequently,

adequately disposes of the waste water Sewage

The main objective of our operations: to take health to

all, including the environment

The understanding that we must transcend contractual

terms, seeking a close relationship with the communities

served

Performing our activities with ethics aiming to promote

equality

We have built a new brand based on our purpose

The same brand with the same values, treat contributes

to strengthening our presence throughout Brazil

A New Brand

Our Talents Standardization of our identity

15

9.6

19.7

Start of operations

June/2018

Population

2.1 million

Sewage Coverage

19%

Losses on water distribution

75%

Delinquency Rate

23% Non conected population

~700 million

86,000 inspected

households

3,000 new

households

13,000 regularized

households

300 community

leaders engaged

R$36 million of

renegotiation

Focus on the relationship with the population (social license) and synergies capture

Highlights

Monthly EBITDA (R$ milion)

+106%

Value Generation Potential

Population

(‘000)

Households

(‘000)

EBITDA¹/

Household (R$)

886 2,145

556 468

581 307

142%

84%

53%

Manaus/Guariroba

1- EBITDA 2018 (Jan to Dec): R$144 million

Year of 2017 Jun – Dec 2018

16

Focus on water provision for the population

New networks and interconnections, bringing

treated water to more than 4,800 families

Increase of 17 million liters of water per day,

benefiting more than 219 thousand people

Expansion of sewage coverage from 19% to 31%

Benefits generated for the population

September to December

• Temperatures reach 40ºC

• Increase in water consumption 26%

• 50% reduction in water shortage complains compared to 2017

360 thousand people benefited with the

new water treatment station, with a

capacity of 540 thousand liters/h

60 thousand people benefited with the

expansion of ETA (Water Treatment

Station) Norte

365 thousand

households

R$32.5 million of

EBITDA

R$92.5 million of

CAPEX 2018 Highlights

17

Ana Paula Machado Pessoa

Anastácio Fernandes

Antônio Kandir

Eduardo José Bernini

Corporate Governance and Compliance

Board of Directors Compliance Program Highligths

Eight members, of which seven are considered independent according to IBGC criteria

Nominated by all Nominated by Equipav

Nominated by GIC Nominated by IFC

Fernando Portella

Luiz Spinola Santos

Ronald Schaffer

Santiago Crespo (Chairman)

Committees to Support BoD

Audit, Risks & Compliance Human Resources Finance & Project Evaluation Regulation

Aegea’s strategic base

Independent Hot Line 24h x 7 days, guaranteed anonymity

Over 5.500 training hours in 2018

Code of Conduct for Business Partners

Certification ISO 37001 – Anti-Bribery Management System

18

Efficiency and Technology

Innovations applied in different areas aiming to increase operational efficience Infra Inteligente

• Developed from the Building Information Model (BIM)

• Increased data reliability

• System will guide the improvement of operational, tactical and strategic decision

Trenchers

• Increased employee safety

• Higher productivity: 300 m/day

vs. 100 m/day

• Improved quality and finish in

paving

• Lower environmental impact

Aguas App

• A single APP for all the concessions

• Provides more convenience for

Aegea's clients

19

People

1,742

2,273 2,415 2,490

2,989

4,060

2013 2014 2015 2016 2017 2018

Evolution of Employees Number

The growth of Aegea implies forming and acculturating new employees

People Management

348,000 hours of training in 2018

EAD Platform (Distance Learning)

Sou + Líder Program

Diversity Incentive Program

Trainee Program

CAGR 18.4%

Brigadeiro Faria Lima Av., nº 1.663 - 1º floor.

Post Code: 01452-001 – São Paulo/SP

E-mail: ri@aegea.com.br

Phone: +55 (11) 3818-8150

http://ri.aegea.com.br/en