238298-NE Demonstração Financeira PSA 2018- 05 06 · Following a year of decline of 3.6% of GDP, Brazil ended 2017 better than it started. GDP grew by 1%, inflation was 2.95% (the

KPDS 238298

Promon S.A. Financial statements on March 31, 2018 to December 31, 2016 (Free translation into English from the original previously issued in Portuguese)

Promon S.A. Financial statements on

March 31, 2018 to December 31, 2016

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Contents Management Report 3

Independent Auditor's Reports on the Individual and consolidated Financial Statements 6

Balance Sheets 9

Income Statements 10

Comprehensive Income Statements 11

Statements of changes on Shareholders' Equity 12

Statements of Cash Flows - Indirect method 13

Notes to the Financial Statements 14

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Management Report Following a year of decline of 3.6% of GDP, Brazil ended 2017 better than it started. GDP grew by 1%, inflation was 2.95% (the lowest since 1998 and below the target floor), the interest rate was reduced (it started 2018 at 6.75% p.a.) and the level of employment gradually outlines signs of resumption. Progress was made in the reform process, but the most fundamental one, the Pension Fund, was interrupted. From Promon's perspective markets brought different scenarios. Among Promon Engenharia's sectors - energy, infrastructure and logistics, mining and metallurgy, chemical and petrochemical, manufacturing and oil and gas -, most of them continued to idle, creating an environment of limited opportunities and a lot of competition. On the other hand, the information and communication technology market, a business field of Promon Logicalis Latin America, has maintained a high volume of investments. In this field, the demand for services was accentuated, because, rather than technology, the organizations seek the solutions it can provide. The Company was able to deal well with these two scenarios. Promon Engenharia began to reap the rewards of its internal restructuring moves, cash adjustments and a more aggressive and even more customer-friendly business approach. Reversing the cycle of negative results from previous years, the company boosted its sales by 122% over the previous year and ended the period from January 2017 to March 2018 with revenue of R$ 109 million and net income of R$ 3.5 million (as a result of the company's decision to change its fiscal year, which runs from April 1 to March 31 of the following year, this report provides information on the 15-month period). Favorable numbers were accompanied by important achievements, such as winning its first EPC (Engineering, Procurement and Construction) contract of the last six years. This is a tanking project for Vopak to be run in a consortium. In addition to it, special mention should be made of energy contracts, including participation in the largest thermal energy project in Latin America; in the industrial segment, with operations in the Serra do Salitre Industrial Mining Complex, among other projects; in urban mobility, with participation in the projects of lines 1 and 2 of the Salvador Subway, the latter being inaugurated in 2017; and advances in the agro-industrial sector. Among the victories of the year, it is worth mentioning also the records in the customer satisfaction index (89%) and in job security, with the mark of zero accident with leave. In turn, Promon Logicalis Latin America had another year of positive results. Considering Brazil and other Latin American countries where it has operations, sales grew 41%. Revenue for the period reached R$ 2,466 million, and net income was R$ 84 million. They are indicators that show the correctness of the strategy, with emphasis on innovation and services associated with digital transformation, where the vision of software and cloud computing associated with features like analytics and IoT (Internet of Things). To strengthen its assets in this area, in 2017 Promon Logicalis Latin America acquired NubeliU, an Argentine-based company specializing in cloud computing projects based on software free OpenStack. Another important initiative was the start of its operation in Puerto Rico, the first in the Caribbean area. Currently the company is present in eleven Latin American countries. The

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telecommunications market continues to account for a significant portion of revenue, but several other sectors, such as financial services and retail, have a significant stake in the company's business. Customer satisfaction levels remain at high levels (83% in 2017, same percentage of the previous year). Considering Promon Engenharia's total revenues and 35% of Promon Logicalis Latin America's revenues (equivalent to Promon S.A.'s equity in joint venture with the English partner Logicalis), Promon S.A. closed the period with consolidated management revenue of R$ 971 million, and recorded a net profit of R$ 32 million. Despite the context of internal transformations, particularly at Promon Engenharia, the traditionally healthy organizational atmosphere has evolved favorably in 2017. The surveys recorded the highest percentage of employee satisfaction in the last three years. Investments in training, recognition actions, career development opportunities and communication to share strategies and challenges have contributed to this result. The quality of people management in the company is recognized externally, as shown by the presence of Promon (Promon Engenharia + Logicalis) in the ranking of 2017 "The 150 Best Companies to Work", written by Você S/A magazine in partnership with Fundação Instituto de Administração (FIA). Still talking about People, in 2017 the Alumni Promon Program was launched, a platform that aims to improve the company's communication with its former employees, a strong community that can benefit and, at the same time, contribute to the company, keeping connected through the new platform. Another essential dimension to guide the company's activities is ethics and transparency. Therefore, Promon has maintained the emphasis on initiatives that allow it to permanently and evolutionarily cultivate its commitment to ethics and transparency. After all, these are principles that have been at the heart of the Group since its inception, and sowing them continually is the way to make them express themselves vigorously in all their activities. The quality of their Compliance practices is recognized by the market, as shown by frequent invitations to share them with other organizations. One of the main actions of 2017 was the implementation of the pilot project of the "Menu of Compliance in Supply Chain", a list of suppliers already pre-qualified in Compliance, related to the activities contracted with greater frequency and with greater economic volume, aiming at simplifying and streamlining the supply processes. Promon looks moderately optimistic about the near future. It is expected that, despite the typical turbulence of the electoral year and important movements in the global economy, the Brazilian economy will grow by over 2% in 2018 and there will be some recovery of investment levels. A more consistent growth may be observed as of 2019. Promon Engenharia is prepared for this scenario, with a portfolio of contracts almost twice as high as in 2017 and well-structured to operate in the competitive environment. Promon Logicalis Latin America, which is registering growth and excellent results year after year, is expected to repeat its performance in 2018, packed with its solid position as an organization that brings together the best offers to meet the demands associated with the digital transformation movement that permeates companies and organizations from all sectors.

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For the medium term, and following its tradition, Promon invests in the identification of new business development opportunities, especially with application of technology.

Inspired by Brazil with moderate optimism, Promon hopes the country will walk to overcome difficulties and start a new cycle. With its knowledge, skills and experience accumulated over 58 years of history, and presence in some of the most important projects implemented in almost six decades, is ready to participate in projects that contribute to Brazilian development.

KPMG Auditores Independentes, uma sociedade simples brasileira e firma-membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative (“KPMG International”), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

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KPMG Auditores Independentes Rua Arquiteto Olavo Redig de Campos, 105, 6º andar - Torre A 04711-904 - São Paulo/SP - Brazil P.O. Box 79518 - CEP 04707-970 - São Paulo / SP - Brazil Telephone +55 (11) 3940-1500, Fax +55 (11) 3940-1501 www.kpmg.com.br

Independent Auditors' Report on the Individual and Consolidated Financial Statements To the Directors and Shareholders of Promon S.A. São Paulo - SP Opinion We have audited the individual and consolidated financial statements of Promon S.A. ("Company"), respectively referred to as Parent Company and Consolidated, , which comprise the statement of financial position as at March 31, 2018 the statements of income and other comprehensive income, changes in equity cash and cash flows for the fifteen-months period then ended, as well as the notes to the financial statements, comprising significant accounting policies and other explanatory information.

In our opinion, the individual and consolidated financial statements aforementioned present fairly, in all material respects, the individual and consolidated financial position of Promon S.A. as of March 31, 2018, the individual and consolidated performance of its operations and its respective individual and consolidated cash flows for the fifteen-months period then ended, in accordance with accounting practices adopted in Brazil. Basis for the Opinion We conducted our audit in accordance with the Brazilian and international auditing standards. Our responsibility, under those standards are further described in the "Auditors´ Responsibilities for the Audit of the Individual and Consolidated Financial Statements". We are independent of the Company and its subsidiaries, in accordance with the relevant ethical requirements included in the Accountant Professional Code of Ethics (“Código de Ética Profissional do Contador”) and in the professional standards issued by the Federal Accounting Council (“Conselho Federal de Contabilidade”) and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis - Change in the fiscal year We draw attention to the note 1 of the financial statements, which describes that the Company changed its fiscal year from December 31 to March 31. As a result of this change, certain amounts presented in the individual and consolidated financial statements for the current and corresponding periods are not comparable. Therefore, these statements should be read in that context. Our opinion is not qualified to this matter.



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Other information accompanying the financial statements and the auditor's report Management is responsible for the other information comprising the Management Report.

Our opinion on the individual and consolidated financial statements does not cover the Management Report and we do not express any form of assurance conclusion thereon.

In connection with the audit of the individual and consolidated financial statements, our responsibility is to read the Management Report and, in doing so, consider whether this report is materially inconsistent with the financial statements or with our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work performed, we conclude that there is a material misstatement in the Management Report, we are required to report this fact. We have nothing to report.. Management's responsibilities for the individual and consolidated financial statements Management is responsible for the preparation and fair presentation of individual and consolidated financial statements, in accordance with accounting practices used in Brazil and for such internal controls as management determines is necessary to enable the preparation of financial statements are free of material misstatement, whether due to fraud or error. In preparing the individual and consolidated financial statements, management is responsible for assessing Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in the preparation of the financial statements, unless management either intends to liquidate the Company and subsidiaries or to cease operations, or has no realistic alternative but to do so. Auditors´ Responsibilities for the Audit of the individual and consolidated financial statements Our objectives are to obtain reasonable assurance about whether the individual and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors´ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Brazilian and International standards will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered relevant if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with the Brazilian and international standards on auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the individual and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and its subsidiaries internal control.



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• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and its subsidiaries ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the individual and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the Company and subsidiaries to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the individual and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with management regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. São Paulo, June 05, 2018 KPMG Auditores Independentes CRC SP014428/O-6 (Original report n Portuguese signed by) Moacyr Humberto Piacenti Accountant CRC 1SP204757/O-9

Promon S.A.

Balance sheets as of March 31, 2018 and December 31, 2016

(In thousands of Reais)

Assets Note 31/03/2018 31/12/2016 31/03/2018 31/12/2016 Liabilities Note 31/03/2018 31/12/2016 31/03/2018 31/12/2016

Current Assets CurrentCash and cash equivalents 6 24,236 6,519 41,413 26,603 Loans 15 57,275 9,763 57,275 14,084 Bonds and Securities 7 - 1,928 59,102 32,399 Salaries, holidays and charges payable 14 700 1,511 7,740 11,238 Accounts receivable - Clients 9 - 289 23,331 29,259 Suppliers - - 4,299 - Accounts receivable from sale of investment - - 33,238 32,591 Tax payables 8 34 1,845 3,148 Tax receivables 11 592 1,126 8,094 14,951 Accounts payable for stock buyback 16 1,227 4,215 3,898 7,198 Advances to suppliers 7 9 4,323 460 Advances from clients 9 - - 23,538 4,211 Unrealized gains on derivative transactions 28 - - - 9,959 Equity of employees payable 1,000 - 3,000 - Other Credits 10 538 98 20,641 7,624 Provision for restructuring 17.c - 970 - 19,917

Unrealized losses on derivative transactions 28 - - - 1,556 Total current assets 25,372 9,969 190,143 153,846 Other liabilities payable 456 223 2,890 11,600

Total current liabilities 60,666 16,716 104,485 72,952 Non-current assets

Non-current assetsOther Credits 10 201 - 5,011 - Financial investments 8 13,612 17,253 38,366 42,790 Loans 15 25,000 68,442 25,000 68,442 Loans with related parties 16 932 26,278 2,214 2,152 Loans with related parties 16 3,837 2,917 20 2,917 Deposits in court 17.b 635 527 27,505 28,634 Provision for contingencies 17.a - - 33,341 33,035 Accounts receivable from sale of investment - - - 48,887 Accounts payable for stock buyback 16 292 1,846 292 1,846 Deferred Tax Assets 24 - - 15,818 15,034 Unrealized gains on derivative transactions 28 - - - 3,038 Total non-current liabilities 29,130 73,205 58,654 106,240 Other investments 5 9 698 609

Shareholders' equityTotal of non-current receivables 15,385 44,067 89,613 141,144

Capital stock 18.a 187,000 187,000 187,000 187,000 Investments 12 325,694 288,273 156,393 130,842 Capital reserve 18.a (2,220) (1,974) (2,220) (1,974)Fixed Assets 13 - - 1,063 2,324 Retained earnings 18.b 123,315 91,142 123,315 91,142 Intangible Assets 13 - - 2,597 3,436 Adjustment of equity evaluation 18.c (13,648) (9,435) (13,648) (9,435)

Treasury shares (17,790) (14,345) (17,790) (14,345)Total non-current assets 341,080 332,340 249,666 277,746

Total shareholders' equity of controlling shareholders 276,657 252,388 276,657 252,388

Non-controlling shareholders' interest - - 12 12

Total shareholders' equity 276,657 252,388 276,669 252,400

Total Assets 366,452 342,309 439,808 431,592 Total liabilities and owners' equity 366,452 342,309 439,808 431,592 342,309

The explanatory are an integral part of the financial statements.

Parent Company Consolidated Parent Company Consolidated

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Promon S.A.

Income statements

Period of fifteen months ended on March 31, 2018 and year ended on December 31, 2016


Explanatory 31/03/2018 31/12/2016 31/03/2018 31/12/2016note (15 months) (12 months) (15 months) (12 months)

Continued operationNet operational revenue 19 - - 96,371 116,882

Cost of sales and services provided 20 - - (89,251) (118,336)

Gross income (loss) - - 7,120 (1,454)

Operating income (expenses)Administrative expenses 21 (12,692) (13,085) (32,019) (41,552)Other net revenue 22 1,010 6,224 27,419 2,337 Profit sharing for management and employees (1,000) - (3,000) 0 Equity method 12 53,525 (27,009) 29,890 24,860

Operating income before financial income and 40,843 (33,870) 29,411 (15,810)Income Tax and Social Contribution

Financial revenueFinancial income 23 3,183 1,759 20,509 25,536 Financial expenses 23 (12,199) (9,253) (19,418) (19,637)Exchange rate changes, net 23 346 (52) 2,060 (31,793)

(8,670) (7,546) 3,151 (25,894)

Profit (loss) before income tax and social contribution 32,173 (41,416) 32,561 (41,704)

Current income tax and social contribution 24.a - (9) (1,245) 155 Deferred income tax and social contribution 24.a - - 818 -

Net income from continuing operations 32,173 (41,425) 32,134 (41,549)

Discontinued operation

Net income from discontinued operations (net of taxes)

5.a - (10,838) - (10,838)

Profit for the period (loss for the year) 32,173 (52,263) 32,134 (52,387)

Income attributable to: Controlling shareholders - - 32,173 (52,263)Non-controlling shareholders - - (39) (123)


Parent Company Consolidated

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Promon S.A.

Comprehensive income statements



31/03/2018 31/12/2016 31/03/2018 31/12/2016(15 months) (12 months) (15 months) (12 months)

Profit for the period (loss for the year) 32,173 (52,263) 32,134 (52,387)

Exchange variation on foreign investment (4,213) (6,426) (4,213) (6,426)

Comprehensive income for the year (loss for the year) 27,960 (58,690) 27,921 (58,813)

Comprehensive income attributable to: Controlling shareholders - - 27,960 (58,690)Non-controlling shareholders - - (39) (123)



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Promon S.A.

Statements of changes on Shareholders' equity



Capital Reserve Reserve Reserve Reserve RetainedEvaluation

Adjustment TreasuryTotal shareholders' equity of

shareholdersNon-controlling

shareholders' Total shareholders' equity Stock Capital legal Unrealized profit of liquidity earnings equity shares interest interest consolidated

Balances on January 1, 2016 170,000 15,514 - - 132,077 - (3,009) (23,021) 317,926 1,330 319,256

Net Loss of the year - - - - - (52,263) - - (52,263) (123) (52,386)

Foreign exchange variation of companies abroad - - - - - - (6,426) - (6,426) - (6,426)

Adjustment to the current value of transactions with stock buyback - (488) - - - - - - (488) - (488)

Transactions with stock buyback - - - - - - - (6,361) (6,361) - (6,361)

Increase of capital conf. ATA of 6/10/2016 17,000 (17,000) - - - - - - - - -

Cancellation 6,337,027 shares in treasury conf. AGO of 7/18/2016 - - - - (15,037) - - 15,037 - - -

Disposal of the subsidiary Ozônio Empreendimentos S.A. - - - - - - - - - (1,195) (1,195)

Absorption:Special reserve - - - - - 26,365 - - - - - Liquidity reserve item IV(a) of article 18 of the bylaws - - - - (25,730) 25,730 - - - - - Liquidity reserve item IV(b) of article 18 of the bylaws - - - - (168) 168 - - - - -

Balances on December 31, 2016 187,000 (1,974) - - 91,142 - (9,435) (14,345) 252,388 12 252,400

Net Profit of the year - - - - - 32,173 - - 32,173 (39) 32,134

Foreign exchange variation of companies abroad - - - - - - (4,213) - (4,213) - (4,213)

Adjustment to the current value of transactions with stock buyback - (246) - - - - - - (246) - (246)

Transactions with stock buyback - - - - - - - (3,445) (3,445) 39 (3,406)

Allocations:Constitution of the legal reserve - - 1,609 - - (1,609) - - - - - Constitution of the unrealized profit reserve - - - 7,641 - (7,641) - - - - - Constitution of liquidity reserve item IV(a) of article 18 of the bylaws - - - - 12,608 (12,608) - - - - - Constitution liquidity reserve item IV(b) of article 18 of the bylaws - - - - 10,315 (10,315) - - - - -

- - -

Balances on March 31, 2018 187,000 (2,220) 1,609 7,641 114,065 - (13,648) (17,790) 276,657 12 276,669


Profit reserve

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Promon S.A.

Statements of cash flows



31/03/2018 31/12/2016 31/03/2018 31/12/2016(15 months) (12 months) (15 months) (12 months)

Cash flow from operating activitiesProfit for the period (loss for the year) 32,173 (52,263) 32,134 (52,387)

Expenses (revenues) that do not represent cash movements:Equity method - continued operation (53,525) 27,009 (29,890) (24,860)Equity method - discontinued operation - 402 - - Depreciation and amortization and write-off of property, plant and equipment and intangible a 123 97 2,671 1,171 Result from disposal and liquidation of investments - 10,436 - 10,838 Deferred income tax and social contribution - - (784) (115)Provision for contingencies - (6,692) 306 (5,091)Provision for payment recognition of Fundação Promon (607) - (15,514) - Profit sharing for directors and employees 1,000 - 3,000 - Provision (reversal) for restructuring and other (93) 396 (4,559) 14,565 Constitution (reversal) of provision for adjustment to the recoverable amount of accounts rece - - 553 (9,069)Interest, monetary variations and exchange variations, net 8,175 16,788 3,451 30,195

(12,755) (3,827) (8,633) (45,789)(Increase) decrease in assets

Accounts receivable - Clients 289 (289) 5,375 4,292 Tax receivables 534 (1,085) 6,857 7,736 Other Credits (33) 1,480 (2,514) 11,904 Judicial deposits (108) (527) 1,128 4,158 Result from derivative operations - - 11,441 (11,036)Other assets 6 - (3,950) 1,138

Increase (decrease) in liabilitiesSuppliers - (337) 4,299 (16,494)Salaries, holidays and charges payable (811) 581 (3,497) (3,965)Tax payables (27) (960) (1,303) (12,658)Advances from clients - - 19,326 (10,117)Provision for restructuring (877) (15,358)Other liabilities payable 233 212 (9,369) (9,751)

Net cash (used in) arising from operating activities (13,550) (4,752) 3,799 (69,547)

Cash Flow of Investing ActivitiesDisposal of investment - 1 48,240 16,195 Disposal of subsidiary, less cash and cash equivalents included in the disposal - - - (25)Interest on capital and dividends received 15,000 - - - Financial investments and bonds and securities 7,377 716 (15,906) 21,382 Acquisition of investments and increase of interest in affiliates and controlled companies (3,232) (9,539) - - Acquisition of property, plant and equipment and intangible assets and other investments - 287 - (289)Loans granted to related parties 25,346 22,728 - -

Net cash arising from investments 44,491 14,192 32,333 37,263

Cash Flow of Financing ActivitiesPayment of loans (5,913) (135) (10,234) (6,744)Payment of loans from related parties (2,897) (1,484) (2,897) (1,592)Borrowing from related party loans 3,817 - - - Transactions with stock buyback (8,232) (13,038) (8,194) (12,924)

Net cash used in financing activities (13,224) (14,656) (21,324) (21,260)

Increase (decrease) of cash and cash equivalents 17,717 (5,216) 14,809 (53,544)

Statement of increase (decrease) of cash and cash equivalents At the beginning of the year 6,519 11,735 26,603 80,147 At the end of the year 24,236 6,519 41,413 26,603

Increase (decrease) of cash and cash equivalents 17,717 (5,216) 14,809 (53,544)



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Promon S.A.

Financial statements on March 31, 2018 to December 31, 2016

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Explanatory Notes to the Financial Statements

1 Operating Context Promon S.A. ("Company" or "Parent Company"), headquartered in São Paulo - Capital, is the holding of the Promon Group, where the Executive and Strategic Coordination of the Group is located. The group of entities consisting of the Promon Group ("Group"), through which its main businesses are developed, are: Promon Engenharia Ltda., which operates in the consulting, engineering, management and integrated infrastructure solutions market, focusing on the strategic sectors of Energy, Infrastructure & Logistics, Mining & Metallurgy, Oil & Gas and Chemical & Petrochemical; Promon-Logicalis Latin America Ltd. ("PLLAL"), a company incorporated in the United Kingdom, in partnership with Logicalis Group Ltd., which operates in the integration of systems in the Information Technology and Communication market, holds 100% of the companies incorporated in Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Mexico , Paraguay, Peru, Puerto Rico and Uruguay. With a view to aligning its accounting period with that of its principal investee, and aiming at the improvement and efficiency of its internal processes, the Extraordinary Shareholders' Meeting of December 13, 2017 approved the change in the fiscal year of each year from January 1 to December 31 for April 1 to March 31. This first accounting period after approval is being presented exceptionally with 15 months, from January 1, 2017 to March 31, 2018.

2 Entities in the group Equity (*) Companies Country 3/31/2018 12/31/2016 Direct Subsidiaries

Promon Engenharia Ltda. Brazil 99.99% 99.99% Promon Intelligens Estratégia e Tecnologia Ltda. Brazil 99.99% 99.99% Promon Tecnologia e Participações Ltda. Brazil 99.99% 99.99% Promon Investment Corporation Cayman Islands 100.00% 100.00%

Promon Ingenieria Peru Peru 100.00% 100.00% Promon International Inc. Cayman Islands 65.94% 99.99%

Joint-Ventures

EPC Compra e Venda de Equipamentos Industriais Ltda. Brazil 50.00% 50.00% Affiliated Company Promon-Logicalis Latin America Ltd. (PLLAL) United Kingdom 35.00% 35.00%

(*) Direct and indirect equity interest through its direct subsidiaries.

3 Preparation Basis

a. Conformity Statement The individual and consolidated financial statements were prepared in accordance with accounting practices used in Brazil in accordance with the Brazilian Corporation Law and the Pronouncements, Guidance and Interpretations issued by the Accounting Pronouncements Committee (CPC), and are consistently applied.

Promon S.A.


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On May 22, 2018, the Company's Board of Directors authorized the completion of these financial statements.

b. Basis of measurement The individual and consolidated financial statements were prepared based on historical cost, unless otherwise stated in the accounting practices below.

c. Currency and currency for presentation The individual and consolidated financial statements are presented in Brazilian reais, which is the Company's functional currency. All balances presented in reais in these financial statements have been rounded to the nearest thousand, unless otherwise indicated. The overseas subsidiaries Promon Investment Corporation and Promon International Inc. have the real as its functional currency. PLLAL has the US dollar as its functional currency. This company is established in countries whose economies are not considered hyper-inflationary. Its balance sheet was converted as described in item "4.b".

d. Use of estimates and judgments The preparation of the financial statements in accordance with accounting practices used in Brazil, which include corporate law, the Pronouncements, Guidelines and Interpretations issued by the Accounting Pronouncements Committee (CPC), require the Company's Management to make judgments, estimates and assumptions that affect the application of accounting policies and the values of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. The estimates and assumptions are reviewed periodically by the Company's Management, and the changes are recognized in the accounting period in which such estimates are reviewed and in the future years affected. Information on assumptions and estimates, as well as judgment are included in the Explanatory Notes:

• Note 9 - Provision for impairment of accounts receivable

• Note 13 - Depreciation and amortization of property, plant and equipment and intangible assets

• Note 17 - Provisions for contingencies

• Note 19 - Revenue from construction contracts and services rendered

• Note 24 - Recognition of deferred tax assets: availability of future taxable income against which tax losses can be used;

• Note 27 -Promon Social Security Foundation

• Note 28 - Financial instruments.

4 Main accounting policies The accounting policies described below have been applied consistently for all periods presented in these individual and consolidated financial statements.

Promon S.A.


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a. Consolidation basis In the consolidated financial statements, the results of affiliates and jointly controlled companies are recognized using the equity method, as described in Note 12. Controlled Companies The Group controls an entity when it is exposed to, or is entitled to, the variable returns arising from its involvement with the entity and has the ability to affect those returns by exercising its power over the entity. The financial statements of controlled companies are included in the consolidated financial statements as from the date on which the control commences until the date on which it ceases to exist. The accounting policies of controlled companies are in line with the policies adopted by the Group. Jointly controlled operations Jointly controlled operations refer to ventures whose activities are directly or indirectly controlled by the Company in conjunction with other investors, through agreements or contracts that require unanimous consent for financial and operating decisions. Investments in Affiliates The affiliates are those entities in which the Company, directly or indirectly, has significant influence, but not control (maintains between 20% and 50% of voting capital), on financial and operating policies. Transactions eliminated on consolidation In consolidation, balances and any unrealized income or expenses arising from intra-group transactions are eliminated. Unrealized gains from transactions with investees registered by equity method are eliminated against the investment in proportion to the interest of the Group in the investee. Unrealized losses are eliminated in the same way as the gains are eliminated, but only to the extent that there is no evidence of impairment.

b. Foreign currency Foreign subsidiaries Assets, liabilities and results of subsidiaries are translated to Brazilian reais at the exchange rate on the date of their transactions. Affiliates abroad The shareholders' equity of the foreign affiliate (PLLAL) is monthly translated into Brazilian reais at the exchange rate of the month of the respective financial statement. Foreign currency differences are recognized in other comprehensive income and presented in shareholders' equity. The results of operations abroad are translated into Brazilian reais at the exchange rates determined on the transaction dates.

Promon S.A.


17

c. Determination of the fair value of assets and liabilities Several accounting policies and disclosures of the Group require the determination of fair value for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes. When applicable, additional information on the assumptions used in the calculation of fair values is disclosed in specific notes to that asset or liability.

d. Decrease in recoverable value of assets The Management annually reviews the net book value of the assets with the purpose of evaluating events or changes in economic, operational or technological circumstances that may indicate deterioration or loss of their recoverable value. If such evidence is identified, a provision for devaluation is recorded, adjusting the net book value to the recoverable value. The recoverable value of a non-financial asset or a specific cash-generating unit is defined as the higher between the value in use and the net selling value.

e. Financial instruments Derivative and non-derivative financial assets and liabilities The category of financial instruments depends on the purpose for which the financial assets and liabilities were acquired and/or contracted and their classification is determined in the initial recognition of the financial instruments. The classification of the Group's financial assets and liabilities is presented in Note 28. The Group fails to recognize a financial asset when the contractual rights to the cash flows of the asset expire, or when they transfer the rights to the receipt of the contractual cash flows on a financial asset in a transaction in which essentially all the risks and benefits of ownership of the financial asset are transferred. Any interest that is created or retained by the Group is recognized as an individual asset or liability. The Group writes-off a financial liability when its contractual obligations have been withdrawn, canceled or removed. Financial assets and liabilities are offset and the net amount is reported in the balance sheet when, and only when, the Group have a legal right to offset the amounts and intends to settle on a net basis or pay the asset and settle the liabilities simultaneously. Cash and cash equivalents Cash and cash equivalents include cash, cash deposits and financial investments payable within 90 days of the date of application or are considered as of immediate liquidity, convertible into a known amount of cash and subject to a low risk of change in value. Financial investments They comprise investments in private equity in Brazil and abroad. Initially measured at fair value, they are classified as held-to-maturity and measured at fair value, whose changes are recognized in the income statement as financial (expenses) revenues.

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18

Accounts Receivable - Clients Initially recorded at the fair value of the consideration to be received represented by the actual amounts invoiced for services, equipment, materials and for measurements of services performed up to the balance sheet dates, less the provision for impairment, when necessary, in an amount considered sufficient by the Management to cover probable losses in their realization. Other Credits Registered initially at the fair value of the right to be received and, subsequently, measured at amortized cost, using the effective interest method. Accounts receivable from sale of investment Recorded by the actual values of the sale. Loans and financing These are initially recorded at fair value, net of costs incurred in the transaction and are subsequently stated at amortized cost using the effective interest method. Derivative Financial Instruments Derivatives are initially recognized at fair value; any attributable transaction costs are recognized in profit or loss when incurred. Changes in fair value are recorded against "Unrealized gains and losses on derivative transactions", classified in current assets and liabilities, respectively.

f. Tax Receivables Represented mainly by federal taxes and contributions, adjusted as of the year subsequent to their determination, when there is a legal provision, and deducted from a provision for impairment, when necessary, in an amount considered sufficient by the Management to cover probable losses in their realization as shown in Note 11.

g. Fixed Assets The Fixed Assets are stated at historical acquisition cost, less accumulated depreciation and decreases at the recoverable value losses (impairment) accumulated when necessary. Depreciation is calculated by the straight-line method at rates considered compatible with the useful life, as shown in Note 13.

h. Intangible Asset The Group's intangible assets are classified as follows: Intangible Assets Acquired Separately They include the right to use software and contractual rights for the maintenance of the Group's activities. They are measured at acquisition cost, less accumulated amortization and loss by decrease of recoverable value. The amortization is calculated by the straight-line method, based on its estimated useful life, which is reviewed annually or for the duration of the contracts.

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19

Internally Generated Intangible Assets They comprise expenses incurred by the Company's subsidiary in the development of projects related to the generation of electric power in projects that will be implemented or sold to third parties and are measured by the sum of the expenses incurred deducted from the impairment loss, when necessary. Goodwill Goodwill is measured at cost, is not amortized, and is deducted from accumulated impairment losses. Goodwill and gains related to subsidiaries, controlled and jointly controlled companies are included in the book value of the investment and in the parent company and consolidated financial statements. As long as goodwill is based on future profitability (goodwill) and to integrate the book value of the investment in the affiliate or controlled company, it is not tested separately in relation to its recoverable value (impairment).

i. Provisions A provision is recognized in the balance sheet when the Group has a legal obligation already constituted or not yet formalized, presented as a result of a past event, and it is probable that an economic resource will be required to settle the obligation. The provisions are recorded having the best estimates of the risk involved as basis.

j. Employee Benefits Retirement Plans The costs associated with the contributions made by the Group to the defined contribution and defined benefit retirement plans are recognized on an accrual basis, and the reserves required to cover the benefits of the defined benefit plan are calculated using the projected unit credit method prepared by an independent actuary and the contribution plan defined by the capitalization financial regime, according to the details disclosed in Note 27. Short-term Employee Benefits Short-term employee benefit obligations are measured on an undiscounted basis and are recorded as expenses, as the related service is provided. The Company's bylaws and the corporate agreements of the Group provide for the allocation of part of the profits to its employees. This liability is recognized at the expected amount to be paid.

k. Revenues and Costs Incurred to be Billed in Turnkey Contracts Revenue comprises the initial value agreed in the contract plus variations arising from additional requests (contract amendments), price adjustments, claims and contractual incentive payments, provided they are likely to result in revenue and can be measured reliably. Revenues and costs of long-term contracts in the turnkey contract are appropriated by the proportion of work performed by the project up to the balance sheet dates and the corresponding costs to be invoiced are accrued, which will be invoiced by suppliers in a subsequent period.

Promon S.A.


20

l. Sales of Goods and Services Operating income from the sale of goods is recognized when there is convincing evidence that the most significant risks and benefits inherent in ownership of the assets have been transferred to the buyer and that it is probable that the economic financial benefits will flow to the entity. Operating income from the sale of services in the ordinary course of business is measured at the fair value of the consideration received or receivable.

m. Financial Revenues and Expenses Financial revenues basically comprises interest on investments, monetary variations on financial assets and changes in the fair value of financial assets, recorded through income for the year. Interest revenues are recognized in the result for the year using the effective interest rate methodology. Financial expenses basically comprise interest and monetary variations on financial liabilities that are recognized in the result for the year based on the effective interest rate method.

n. Income Tax and Social Contribution Income tax and social contributions for the current and deferred fiscal year are calculated based on the 15% tax rates plus an additional 10% on taxable income in excess of R$ 240 (annual base) for income tax and 9% on the taxable income for social contribution, and consider compensation for losses limited to 30% of the taxable income, for income tax and social contribution for the current year. A deferred income tax and social contribution asset is recognized as loss, tax losses, tax credits and deductible temporary differences where there is a probability that future profits subject to taxation will be available and against which they will be used.

o. New Standards and Amendments and Interpretation of Standards A number of new standards, changes in standards and interpretations will be effective for years beginning after January 1, 2018 and have not been adopted in the preparation of these financial statements. Those that may be relevant to the Company are mentioned below. The Company does not plan to adopt these standards in advance. CPC 48 / IFRS 9 - Financial Instruments CPC 48 / IFRS 9 Financial Instruments establish requirements to recognize and measure financial assets, financial liabilities and the measurement of expected credit losses for financial and contractual assets. This standard replaces CPC 38 / IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 replaces the guidance in IAS 39 (CPC 38) Financial Instruments: Recognition and Measurement. IFRS 9 includes new models for the classification and measurement of financial instruments and the measurement of expected credit losses for financial and contractual assets, as well as new requirements on hedge accounting. The new standard maintains the existing guidance on the recognition and derecognition of financial instruments in IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early adoption permitted only for financial statements in accordance with IFRSs.

Promon S.A.


21

The Company assessed the impacts of this pronouncement on its financial statements and concluded that material impacts are not expected. CPC 47 / IFRS 15 - Revenue from Contracts with Customers. IFRS 15 introduces a comprehensive framework for determining whether and when a revenue is recognized, and how revenue is measured. IFRS 15 replaces current revenue recognition standards, including CPC 30 (IAS 18) Revenue, CPC 17 (IAS 11) Construction Contracts and CPC 30 Interpretation A (IFRIC 13) Customer Loyalty Programs. Establishes a five-step model that applies to revenue earned from a customer agreement, regardless of the type of revenue transaction or industry. It applies to all revenue contracts and provides a template for the recognition and measurement of gains or losses from the sale of certain non-financial assets that are not tied to the entity's ordinary activities (for example, sales of real estate, property and equipment or intangible assets). Extensive disclosures are also required by this standard. IFRS 15 is effective for annual periods beginning on or after January 1, 2018. Early adoption is permitted only for financial statements in accordance with IFRSs. The Company assessed the impacts of this pronouncement on its financial statements and concluded there will no material impacts. IFRS 16 - Leases IFRS 16 replaces existing lease standards, including CPC 06 (IAS 17) Leasing Operations and ICPC 03 (IFRIC 4, SIC 15 and SIC 27) Complementary Aspects of Leasing Operations and is effective for beginning on or after January 1, 2019. This new standard introduces a single model for the accounting of leases in the balance sheet for lessees. A lessee recognizes a right of use asset that represents his right to use the leased asset and a lease liability that represents his obligation to make lease payments. Optional exemptions are available for short-term leases and low value items. The Company did not complete its analysis on the effects of the implementation of IFRS 16, since the applicability will only begin on January 1, 2019. There are no standards and interpretations issued and not yet adopted that may, in Management's opinion, have a significant impact on the results or shareholders' equity disclosed by the Company.

5 Discontinued operations - Ozônio Empreendimentos S.A. On October 17, 2016, the sale of 52.69% of the common shares held by Promon of the share capital of Ozônio Empreendimentos S.A. to the remaining holders, which together held 47.31%, was consummated. Consequently, the results generated by the investment in said company were treated as a discontinued operation in 2016.

Promon S.A.


22

a. Net Income from Discontinued Operations Parent Company Consolidated

Ozônio

12/31/2016 12/31/2016

Net Income

- 12,117 Costs and expenses - (12,519) Equity method (402) - Loss on disposal of discontinued operation (10,436) (10,436)

Result of the discontinued operation

(10,838) (10,838)

b. Effect of the Ozônio's disposal on the Group's financial position Assets October 2016 Liabilities October 2016

Cash and cash equivalents 25 Loans and financing 2,067

Accounts Receivable - Clients 3,923 Other accounts payable 4,765 Tax Receivables 3,834 Provision for contingencies 2,246 Other Credits 358 Shareholders' equity 10,838 Fixed Assets 700 Intangible Assets 12,271 Interest of Non-Controlling Shareholders 1,195

Total Assets

21,111 Total Liabilities 21,111

6 Cash and cash equivalents Parent Company Consolidated 3/31/2018 12/31/2016 3/31/2018 12/31/2016 Cash and Banks 8,481 148 14,015 11,728 CDBs and compromised operations (i) 2,242 6,371 12,548 14,839 Money Market (iii) - - - 36 DI Fund (ii) 13,513 - 14,850 -

Total

24,236 6,519 41,413 26,603

(i) These correspond to short-term financial investments in bonds issued by first-tier financial institutions, with average remuneration between 50% and 75% of the variation of the Interbank Deposit Certificate (CDI).

(ii) These correspond to investments in the Itaú Soberano RF Simples LP FIC fund.

(iii) These correspond to short-term financial investments in funds abroad.

7 Bonds and Securities

Parent Company Consolidated 3/31/2018 12/31/2016 3/31/2018 12/31/2016

Fixed income - - 21,106 24,649 Money Market - - 37,990 - Shares (Datatec Limited) - 1,928 - 1,929 Long / Short and other stock funds - - 6 5,821

- 1,928

59,102 32,399

Promon S.A.


23

Bonds and securities comprise short-term financial investments abroad, for which the Management contracts instruments that mitigate their exchange exposure, when, at Management's discretion, such exposure represents risks to the income of said investments. Profitability in the period was 2% when calculated in US dollars, and 9% (-15% in 2016) when calculated in Brazilian Reais.

8 Financial investments Parent Company Consolidated 3/31/2018 12/31/2016 3/31/2018 12/31/2016

Non-current assets Private equity funds - P2 Brasil - Domestic 13,612 17,253 13,612 17,253 Private equity funds - P2 Brasil - Abroad - - 24,754 25,537

13,612

17,253 38,366 42,790 These correspond to financial investments in Brazil and abroad, the weighted income in Brazilian Reais was 13% in the year (from January 2017 to March 2018) (-6% in 2016), considering the impact of exchange rate variation abroad.

9 Accounts Receivable - Clients Consolidated 3/31/2018 12/31/2016

Accounts Receivable - Clients 17,993 24,711 Services and supplies to bill 10,620 9,277 Provision for credit losses (5,282) (4,729)

Total 23,331

29,259 Provision for impairment of accounts receivable Balances on December 31, 2015 (13,216) Addition (912) Reversal 9,399 Balances on December 31, 2016 (4,729) Addition (635) Reversal 82 Balances on March 31, 2018 (5,282) The Group individually analyzes the balance of accounts receivable and constitutes, when necessary, a provision for adjusting the recoverable amount of accounts receivable in an amount considered sufficient to cover probable losses in its realization. The provision for impairment of accounts receivable was recorded over the outstanding amounts of the customer for a period of more than one year. Customer advances, recorded in current liabilities, refer mainly to payments made by customers based on contractual events and are compensated up to the end of the project. The advance amount of customers as of March 31, 2018 is R$ 23,538 (R$ 4,211 as of December 31, 2016).

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24

10 Other Credits (consolidated)

11 Tax Receivables

Parent Company Consolidated 3/31/2018 12/31/2016 3/31/2018 12/31/2016 Taxes: Federal 592 1,081 6,015 10,050 Social security contribution - 45 2,079 4,901

Total

592 1,126 8,094 14,951 Federal tax credits and contributions may be used to offset debts, due or payable. The realization of state tax credits occurs through the commercial transactions of the Group companies.

Current Assets Non-current Assets

3.31.2018 12.31.2016 3.31.2018 12.31.2016 Accounts receivable from Fundação Promon (see note 27) 10,503 - 5,011 - Insurance Premiums 3,350 3,086 - - Accounts receivable relating to participation in consortia 2,553 91 - - Other prepaid expenses 1,557 1,228 - - Finsocial Precatory 1,754 1,754 - - Others 925 1,465 - -

Total

20,641

7,624

5,011

-

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25

12 Investments

a. Main data on the investments of the parent company as of March 31, 2018 and December 31, 2016

Balances on March 31 Result for the year ended Investments 2018 on March 31, 2018 Equity - % Shareholders' Capital Profit (Loss) Equity 3/31/2018 12/31/2016 Equity Stock of the year Method Direct Consolidated Affiliated and controlled companies:

Promon Engenharia Ltda. 21,749 18,209 21,750 18,221 3,529 3,529 99.99 99.99 Promon Tecnologia e Participações Ltda. 28,784 38,903 28,785 4,911 4,881 4,881 99.99 99.99 Promon Intelligens Estratégia e Tecnologia Ltda. 2,971 234 2,971 3,466 (496) (496) 99.99 99.99 Promon International Inc. (*) 8,486 8,766 12,869 370 (760) (280) 65,94 99,97 Promon Investment Corporation 109,479 92,921 109,479 72,524 16,559 16,559 100,00 100,00 Promon-Logicalis Latin America Ltd. (PLLAL): Investment 148,884 123,771 425,383 2,328 83,788 29,326 35,00 35,00 Goodwill 4,898 4,898 - - - - - - Net asset value 444 571 - - - - - -

Total 325,694 288,273 - - - 53,525 - -

(*) On January 17, 2017, Promon Engenharia Ltda. redeemed all of the common shares of Promon International Inc. On June 8, 2017, Promon Tecnologia e Participações Ltda. redeemed 6,600 common shares of Promon International Inc reducing its 42.07% interest on December 31, 2016 to 33.99% on March 31, 2018. During 2018, the Company's interest in Promon International Inc. increased from 14.20% on December 31, 2016 to 65.94% on March 31, 2018.

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26

b. Composition of the investments presented in the consolidated balance sheets as of March 31, 2018 and December 31, 2016

Investments Equity method 3/31/2018 12/31/2016 3/31/2018 12/31/2016 Promon-Logicalis Latin America Ltd. (PLLAL) 154,226 129,240 29,326 24,825 EPC Compra e Venda de Equipamentos Industriais Ltda. 2,167 1,602 564 35 156,393 130,842 29,890 24,860

a. Changes in investment balances


Balances on December 31, 2016

288,273 130,842 Amortization of PLLAL intangible assets (127) (127) Others 3 - Subtotal 288,150 130,715 Equity method 53,525 29,890 Capital increase 3,232 - Dividends received (15,000) - Foreign exchange variation of foreign companies - PLLAL - (Launched in shareholders' equity - comprehensive income)

(4,213) (4,213)

Balances on March 31, 2018 325,694 156,393

b. Summarized statement of balances of direct controlled companies and affiliates

3/31/2018

Assets Liabilities

Shareholders'

equity Direct and indirect controlled companies Promon Engenharia Ltda. 115,545 93,795 21,750 Promon Tecnologia e Participações Ltda. 38,839 10,054 28,785 Promon Intelligens Estratégia e Tecnologia Ltda. 5,345 2,375 2,971 Promon International Inc. 41,895 29,031 12,869 Promon Investment Corporation 109,479 - 109,479 Affiliated Company PLLAL 1,634,659 1,209,277 425,383

12/31/2016

Assets Liabilities

Shareholders'

equity Direct and indirect controlled companies Promon Engenharia Ltda. 145,317 127,096 18,221 Promon Tecnologia e Participações Ltda. 66,577 27,673 38,904 Promon Intelligens Estratégia e Tecnologia Ltda. 2,013 1,779 234 Promon International Inc. 82,045 20,322 61,723 Promon Investment Corporation 92,935 14 92,921 Affiliated Company PLLAL 1,051,024 697,391 353,633

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27

c. Test of impairment of the goodwill On March 31, 2018 and December 31, 2016, a recovery test was performed, considering the discounted cash flows of PLLAL resulting in a demonstration of the economic return on the operating assets, including goodwill.

13 Property, plant and equipment and intangible assets (Consolidated)

Depreciation

useful lives (years) 3.31.2018 12.31.2016 Fixed Assets Machines and Equipment 4 to 10 564 457 Facilities 10 21 1,253 Furniture and Utensils 10 1,149 1,756 Computers 4 5,281 7,525 Others 4 to 5 90 286

7,106

11,277

Depreciation (6,043)

(8,953)

Book value 1,063

2,324

Depreciation useful lives 3.31.2018 12.31.2016

Intangible Assets Rights of use of software 5 20,260 20,250 Reorganization expenses 292 622 Internally generated intangible assets (*) 1,648 1,648

22,200

22,520

Amortization (19,604)

(19,084)

Book value 2,597

3,436

(*) Includes a provision for impairment losses in the amount of R$ 6,711.

14 Salaries, holidays and charges payable (Consolidated) 3/31/2018 12/31/2016

Vacation allowance 4,761

7,667 Christmas Bonus 893 - Income tax on salaries 458 1,404 INSS (Social Security Contribution) 918 1,450 FGTS (Government Severance Indemnity Fund) 267 559 Salaries 435 121 Others 8 37

7,740

11,238

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28

15 Loans Parent Company Current liabilities Non-current liabilities 3/31/2018 12/31/2016 3/31/2018 12/31/2016 National currency Working capital 57,275 9,763 25,000 68,442

Total 57,275 9,763 25,000 68,442

Consolidated Current liabilities Non-current liabilities 3/31/2018 12/31/2016 3/31/2018 12/31/2016 National currency Working capital 57,275 9,763 25,000 68,442 Foreign currency Working capital - 4,321 - -

Total 57,275 14,084 25,000 68,442

Non-current maturities 2018 2019 Total Working Capital 18,750 6,250 25,000 Loans were contracted in local currency with an average cost equivalent to between 126% and 135% of the variation of the Interbank Deposit Certificate (CDI). Loans do not have restricting clauses for non-compliance with targets ("covenants").

16 Related party transactions The main balances of assets and liabilities as of March 31, 2018 and December 31, 2016 are derived from the Company's transactions with its subsidiaries, jointly-controlled companies and affiliates, as follows: Parent Company Consolidated

3/31/2018

12/31/2016 3/31/2018 12/31/2016 Non-current assets Loans with related parties Promon Engenharia Ltda. (c) 932 26,278 - - EPC Compra e Venda de Equip Industriais Ltda. (a) - - 2,214 2,152

Total

932 26,278 2,214 2,152 Non-current liabilities Loans Promon Empreendimentos e Participações S.A. (b) 20 2,917 20 2,917 Promon Intelligens 1,230 - - - Promon Tecnologia e Participações Ltda. 2,587 - - - Total 3,837 2,917 20 2,917

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29

(a) Portion from the Camargo Corrêa-Promon-MPE consortium regarding a contract entered into between the EPC and the Consortium, with no maturity date and subject to interest of 6% per year.

(b) Promon Empreendimentos e Participações S.A. is the parent company of the Company, with 61.48% of the outstanding shares. The interest on the loan is 135% of the CDI calculated and recognized pro rata. In March 2018, a net financial expense of R$ 226 was generated (R$ 600 in 2016).

(c) On January 17, 2017 Promon Engenharia redeemed 8,300 common shares of Promon International Inc through issuance of sixteen promissory notes in the amount of USD 500 each and a promissory note in the amount of USD 277. On January 18, 2017 Promon Engenharia settled the loan with Promon S.A. in the amount of R$ 26,278, delivering promissory notes of Promon International Inc. This loan was remunerated at 12% p.a., and in the period financial income of R$ 691 (R$ 4,668 in 2016) was generated, which was eliminated in the consolidated statements.

Accounts payable for stock buyback They represent balances payable on transactions with own shares made between the Company and its shareholders, the result of which is classified under "Capital reserve". These operations are carried out in terms of up to 36 months and were brought to present value on the balance sheet date applying the rate corresponding to 6% p.a. The adjustment to present value is presented under "Capital reserve". Parent Company Consolidated

3/31/2018

12/31/2016 3/31/2018 12/31/2016

Current liabilities Accounts payable for stock buyback 1,274 4,426 3,944 7,409 Adjustment to current value (46) (211) (46) (211)

Total 1,227 4,215 3,898

7,198 Non-current liabilities

Accounts payable for stock buyback 303 1,939 303 1,939 Adjustment to current value (11) (93) (11) (93)

Total 292 1,846 292 1,846

Management’s compensation The total expenses with the Company's management group amounted to R$ 4,517 in March 2018, of which R$ 3,800 related to the 12-month period (R$ 7,284 in 2016). At the Annual Shareholders' General Meeting held on April 27, 2017, the annual compensation amount of the Board of Directors and Executive Officers of the Company of up to R$ 4,000 was established, not including profit sharing and results.

17 Provisions

a. Provision for contingencies (Consolidated) 3/31/2018 12/31/2016 Tax provisions 19,377 23,967 Labor Provisions 8,511 7,871 Civil Provisions 5,453 1,197 Total 33,341 33,035

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30

Changes in the provision for contingencies

Balance on Addition and Balance on 12/31/2016 (Reversal) 3.31.2018 Tax provisions 23,967 (4,590) 19,377 Labor Provisions 7,871 640 8,511 Civil provisions (*) 1,197 4,256 5,453 33,035 306 33,341

(*) Successful fees were provided in the amount of R$ 4,214 for processes classified as remote loss.

Management, together with its external legal advisors, understands that the provisions established are sufficient to cover probable losses in the civil, labor and tax lawsuits being discussed by the Group. Based on the evaluation of the external legal advisors, lawsuits that amount to R$ 213,897 (R$ 210,279 in 2016), corresponding to 64 (83 in 2016) lawsuits individually amounting less than R$ 47,975 (R$ 45,755 in 2016), are considered "probable" losses. This amount is divided into R$ 203,419 (R$ 199,598 in 2016) for administrative and judicial claims of a tax nature, related to 43 (52 in 2016) lawsuits; R$ 10,206 (R$ 9,644 in 2016) for civil claims, referring to 5 (5 in 2016) lawsuits and R$ 273 (R$ 1,037 in 2016) for labor issues, referring to 16 (26 in 2016) lawsuits. For these matters no provision was made considering that the accounting practices adopted in Brazil do not require their accounting. Brazilian Antitrust Authority (CADE) In December 2015, the Brazilian Antitrust Authority (CADE) filed an administrative proceeding against eighty individuals and corporations, including Promon Engenharia Ltda., In order to investigate possible conduct that might constitute an infraction of the economic order. The Company presented its defense in a timely manner and awaits the outcome of the evaluation. According to Law 12529/11, which regulates said process, any penalties that may arise from it may vary between 0.1% and 20% of gross revenues in the year prior to the initiation of the process, equivalent to the amounts of R$ 220 thousand to R$ 45 million. No provision was made for this process, since, according to the assessments of the legal advisors, at this stage, there is no way of knowing whether there will be a conviction and, if any, what percentage of the fine.

b. Judicial Deposits - Held in non-current assets (Consolidated) The balance of judicial deposits is composed of: 3/31/2018 12/31/2016 SAT/RAT (i) 17,503 17,030 Labor 341 846 FAP (ii) 3,550 3,550 Fiscal 4,175 5,985 Other 1,936 1,223 Total 27,505 28,634

(i) Deposits to guarantee actions that aim to declare the illegality and unconstitutionality of the alteration of the framework of the nature of the company's activity.

Promon S.A.


31

(ii) Deposits to guarantee actions that aim to recognize the invalidity of the FAP due to illegality and unconstitutionality and alternatively to require recalculation due to error in its calculation.

According to the assessment of the legal advisors, the SAT/RAT processes are considered as possible risk of success and the FAP is considered a probable risk of success.

c. Provision for restructuring The Promon Group began in 2015 to adapt its structure, consistent with a strategy focused on professional services and recognizing a business environment with a lower level of activity in the segments in which it operates. Cost reduction measures were implemented throughout the 2016 financial year and until March 31, 2018. Once this process was finalized, the remaining balance of the provision initially recognized was fully reversed during the fifteen-month period ended March 31, 2018.


Balance as of December 31, 2016

970 19,917 Consumption of the restructuring provision (877) (14,481) Reversal of restructuring provision constituted in 2016 (93) (4,466)

Balance on March 31, 2018 -

-

18 Shareholders' equity

a. Capital stock and capital reserve At March 31, 2018, the capital stock is composed of 130,000,000 common shares, with no par value, of which 74,921,000 are owned by Promon Empreendimentos e Participações S.A., 46,937,808 (48,812,028 in 2016) shares held by shareholders domiciled in Brazil and 8,141,192 (6,266,972 in 2016) shares held by the Company itself. Capital reserve Refers to profit (loss) on disposal of stock buyback (R$ 2,278) and adjustment to present value of accounts receivable and payable on transactions with stock buyback R$ 58.

b. Profit reserve Legal reserve It was constituted at the rate of 5% of the net income calculated in each fiscal year pursuant to art. 193 of Law 6404/76. Liquidity reserve Reserve destined (i) to give flexibility to the Company to meet short-term obligations that require cash availability, including for the acquisition of stock buyback and for the amortization of debts of the Company or its controlled companies, as well as (ii) realization of investments in permanent assets and reinforcement of working capital of the Company. This reserve is composed of a portion related to the positive result of the equity accounting of investments in affiliates that exceeds the amount of the dividends received and another portion corresponding to the amount of up to 55% of the remaining profits. The balances at March 31, 2018 were R$ 10,315 (R$ 0 in 2016) and R$ 103,750 (R$ 91,142 in 2016), respectively, totaling R$ 114,065 (R$ 91,142 in 2016). The Executive Board, ad referendum of the General Meeting, may use the balance of the liquidity reserve to distribute dividends and interest on capital or increase the capital stock.

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32

c. Adjustment of equity evaluation

The amount presented in the financial statements as of March 31, 2018 and December 31, 2016 refers to the exchange variation arising from the translation of the financial statements of the affiliate - PLLAL.

d. Dividends The Company's by-laws determine the mandatory minimum dividend distribution of 25% of the net income for the year, adjusted according to the law and calculated as follows: Net profit for the year 32,173 (-) Legal reserve (5%) (1,609) Basis of mandatory minimum dividend distribution 30,564 Minimum mandatory dividend (25%), intended to reserve unrealized profits (7,641) The Management proposes the constitution of a reserve for unrealized profits, pursuant to article 197 of Law 6404/76, in the amount of R$ 7,641, equivalent to the amount of mandatory minimum dividends.

19 Net operating revenue (consolidated) 3/31/2018 12/31/2016 Provision of services 100,562 117,617 Revenue from construction contracts 8,010 14,417

Gross operating revenue 108,573

132,034 The reconciliation between the gross operating revenue and the income presented in the statement of income for the year is as follows: 3/31/2018 12/31/2016 Gross operating revenue 108,573 132,034 Less Taxes on sales (12,202) (15,152)

Total net operating revenues 96,371

116,882

20 Cost of services provided

Consolidated

3.31.2018

(15 months) 12.31.2016

(12 months) Salaries and charges (59,727) (91,724) Third party service (29,524) (26,612) Total (89,251) (118,336)

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33

21 Administrative Expenses


3/31/2018

12/31/2016 3/31/2018

12/31/2016

(15 months) (12 months) (15 months) (12 months) Salaries and charges 8,226 9,177 18,789 21,431 Third party service 3,032 1,697 11,114 12,593 Others 1,434 2,211 2,116 7,528 Total 12,692 13,085 32,019 41,552

22 Other revenues (expenses), net Parent Company Consolidated

3/31/2018 12/31/2016 3/31/2018

12/31/2016 (15 months) (12 months) (15 months) (12 months) Reversal (increase) of provision for restructuring - note 17.c 93 (395) 4,559 (14,565) Reversal (increase) of provision for contingencies - 6,692 763 5,091 Reversal (increase) provision for adjustment to the recoverable amount of accounts receivable - - (553) 9,069 Reversal (increase) of other provisions - - 1,919 3,227 Revenue from investment sales 257 - - 770 FPPS surplus (see note 27) 607 - 15,772 Amnesty (1,651) INSS credit on prior notice - 47 (447) 3,934 Write-off of non-recoverable taxes - (123) (467) (1,195) Fixed asset write-off 7,972 Write-off of labor deposits - - (618) (5,175) Other 52 3 170 1,181

1,010 6,224 27,419 2,337 Total

23 Financial revenue Parent Company Consolidated 3/31/2018 12/31/2016 3/31/2018 12/31/2016 (15 months) (12 months) (15 months) (12 months) Financial income

Revenue from cash investments 1,646 1,759 6,860 10,531 Adjustment of derivative transactions - - 10,153 14,509 Financial income of consortia - - 3,140 - Others 1,537 356 496

3,183 1,759 20,509 25,536 Financial expenses

Interest on loans (11,339) (7,741) (11,339) (12,726)

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Parent Company Consolidated 3/31/2018 12/31/2016 3/31/2018 12/31/2016 (15 months) (12 months) (15 months) (12 months)

Adjustment of derivative transactions (226) - - (1,163) Commissions and bank charges - - (526) (1,738) Financial expenses of consortia - - (4,605) (1,092) PIS and COFINS on financial income (340) (377) (654) (669) IOF on foreign operations and mutual (147) (230) (438) (1,146) Inflation Adjustment (100) (786) (119) (842) Others (45) (119) (1,737) (261)

(12,199) (9,253) (19,418) (19,637) Revenue and expenses with exchange variation

Exchange variation on financial investments 163 - 1,979 (11,369) Exchange variation on loans and receivables 184 (52) 81 (19,472) Others - - - (952)

346 (52) 2,060 (31,793)

24 Income Tax and Social Contribution The amounts related to deferred income tax and social contribution as of March 31, 2018 and December 31, 2016 are as follows:

Consolidated

3/31/2018

12/31/2016

(15 months) (12

months)

Tax loss 33,352 27,938 Provision for asset depreciation 12,235 11,474 Tax provisions 3,438 6,588 Labor Provisions 2,979 2,586 Civil Provisions 1,908 - Provision for restructuring - 6,442 Other provisions 246 372 Non-realizable installment (38,341) (40,366)

Total asset deferred tax 15,818 15,034 Deferred income tax and social contribution were recorded for the credits of the direct subsidiary Promon Engenharia Ltda., due to the fact they present an expectation of future taxable income for a period of fifteen years that allows its partial realization and for this reason the amount of R$ 38,341 (R$ 40,366 in 2016) of deferred tax assets were not recognized in the financial statements as of March 31, 2018.

a. Reconciliation of the effective rate (consolidated) The reconciliation of income tax and social contribution recorded in the results for the years ended March 31, 2018 is as follows:

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35

3/31/2018 12/31/2016

Earnings before income tax and social contribution

32,561 (41,704) Tax rate in force 34% 34% Expectation of the effect of income tax and social contribution: (11,071) 14,179 Effect of income tax and social contribution on: Permanent additions (exclusions): Equity method gains 10,163 8,452 Non-deductible expenses (340) - Increase (reversal) in provisions 7,142 2,731 Negative basis over which no deferred Income Tax was recorded (6,867) (25,207) Tax losses and negative basis used 546 - Income tax and social contribution recorded in income for the year (427) 155 Current income tax and social contribution (1,245) 155

Deferred income tax and social contribution

818 -

25 Insurance The Company and its subsidiaries adopt a policy of contracting insurance coverage for assets subject to risks, in accordance with amounts considered sufficient to cover eventual claims, considering the characteristics of its businesses.

26 Guarantees The Company and its controlled companies provided guarantees to ensure compliance with the execution of contracts, proposals and tax lawsuits in the judicial discussion phase, among others, in the form of bank letters of guarantee and insurance policies, as follows: Consolidated 3/31/2018 12/31/2016 (15 months) (12 months) Compliance with contractual obligations 91,580 7,690 Court proceedings 141,876 141,230 Advance payment 52,779 636 Total

286,235 149,556

The increase in volume was due to the issuance of guarantee of advance, performance and crusade for execution of contract in a global contract (EPC - Engineering, Procurement & Construction).

27 Fundação Promon de Previdência Social The Company is one of the sponsors of the Fundação Promon de Previdência Social (Fundação Promon), a private non-profit entity with administrative and financial autonomy. Fundação Promon aims to institute private plans for the granting of benefits complementary or similar to those of the official Social Security to all its participants. The fiscal year of the entity is from January to December, as determined in the legislation applicable to closed private pension entities. At the end of 2017, Fundação Promon had two benefit plans, as follows:

• Defined Benefit - Promon BásicoPlus;

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• Defined Contribution - Promon MultiFlex.

The value of the Foundation's Social Patrimony was R$ 1,527,784 and its Mathematical Provisions were R$ 1,302,196 at the end of 2017 (in 2016, respectively, R$ 1,471,426 and R$ 1,275,055). The BásicoPlus plan has been closed for new entries since March 28, 2005. As of December 31, 2017, it had 538 participants, of which 513 were assisted, 22 self-sponsored/tied and 3 employees. The statement of actuarial obligations of the BásicoPlus plan is presented below: 12.31.2017 12.31.2016 Plan coverage equity 750,104 743,651 Mathematical provisions 630,306 625,490 Benefits granted 572,441 555,239 Benefits to grant 57,866 70,251 Technical balance 119,797 118,161 Accumulated technical surplus 119,797 118,161 Pension Fund for Plan Review 91,314 65,989 The 2017 fiscal year showed a surplus of R$ 26,961 (surplus of R$ 36,540 in 2016). Its investments were 77% in fixed income, 6% in variable income, 7% in structured investments, 2% in investments abroad, 8% in real estate and 0% in the portfolio of loans to participants. The accumulated technical surplus of R$ 119,797 at the end of the year (R$ 118,161 in 2016), corresponding to 19% of the Mathematical Provisions arising from the defined benefit plan, was allocated to the constitution of a contingency reserve, in accordance with CGPC Resolution No. 26 of September 29, 2008, as amended by CNPC Resolution No. 22 of November 25, 2015. The excess of the surplus over the contingency reserve generated in 2017, in the amount of R$ 18,729, was allocated to complementing the pension fund for Plan Revision, which was created in 2016. On December 31, 2017, the total amount of R$ 91,314 was transferred from the revision reserve of the plan to the pension fund, to be reversed in installments to the participants, the assistants and the sponsors of the plan, observing the contributory proportion made by the parties. A specific economic-financial study on the distribution of this fund was prepared and a specific audit was carried out. After approval by the Supervisory Board of the entity, said study will be forwarded for analysis and approval by the Superintendência Nacional de Previdência Complementar (Previc). In 2017, the amount of R$ 15,772 was recognized, referring to the part of this reserve that will be reverted by Fundação Promon for the Company. The following main hypotheses were used to calculate the Mathematics Provisions: *Annual actual interest rate: 5.35% per annum.

• Projection of actual salary growth: 1% per annum.

• General Mortality Table: AT - 2000 smoothed by 20% segregated by gender.

The MultiFlex plan, which is offered to all employees, is free of actuarial risks with respect to its social security benefits, calculated by the accumulated amount of contributions made by the sponsors and, optionally, by the participants during the reservation phase, plus net financial income, and are paid in the form of fixed-term income in installments.

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At the end of 2017, the coverage of the plan was R$ 678,140 (R$ 650,905 in 2016). Its investments were allocated 73% in fixed income, 8% in variable income, 2% in the portfolio of loans to participants and 12% in structured investments and 5% in investments abroad. The plan had 1,894 participants, of which 243 were assisted, 539 self-sponsored/tied and 1,112 employees. The statement of actuarial obligations of the BásicoPlus plan is presented below: 12.31.2017 12.31.2016 Plan coverage equity 678,140 650,905 Mathematical provisions 671,889 649,565 Benefits granted 363,186 310,204 Benefits to grant 308,703 339,361 Technical surplus 6,251 1,340 During 2017, the consolidated contribution of the Promon BásicoPlus plan and the Promon MultiFlex plan contributed by the company was R$ 247 (R$ 280 in 2016).

28 Financial instruments Risk management structure The Company's Board of Executive Officers is responsible for developing and monitoring the Company's risk management policies, and regularly reports to the Company's Board of Directors on its activities. The Group's risk management policies have been established to identify and analyze the risks to which the Group is exposed, to define appropriate risk and control limits and to monitor risks and adherence to the limits imposed.

a. Credit risk The Group Management monitors credit risk by carefully selecting the customer portfolio, which considers the ability to pay (credit analysis). The Group is also subject to credit risks related to financial instruments contracted in the management of its business, mainly represented by cash and cash equivalents, financial investments and derivative instruments. As a result, it develops relationships with leading financial institutions in the financial market, based on criteria defined in its banking policy. Banking policy establishes allocation limits in banks, avoiding concentration, as well as defining the banking products that can be used both in allocation operations and in fundraising. There are monthly reporting routines to the Group's Management of open positions in the financial market. The Group seeks to maintain available credit lines with financial institutions.

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The risk is basically derived from the financial instruments presented below: Consolidated 3.31.2018 12.31.2016

Cash and cash equivalents 41,413

26,603 Unrealized gains on derivatives - 12,997 Financial investments 38,366 42,790 Bonds and Securities 59,102 32,399 Accounts Receivable - Clients 23,331 29,259 Loan from related parties 2,214 2,152 Accounts receivable from sale of investment 33,238 81,478 Other Credits 25,652 7,624

223,318

235,302

b. Capital management The Management of the capital objective is to safeguard the Group's ability to continue, at the lowest possible cost, offering adequate return to shareholders and benefits to other interested parties.

c. Liquidity Risk The prudent management of liquidity risk implies the pursuit of sufficient cash, sufficient securities, funds available through committed credit facilities and the ability to liquidate market positions. The Management monitors the Group's consolidated liquidity level by considering the expected cash flow as a counterpart to unused credit lines. The amounts shown below represent the future cash flow. March 31, 2018

Less than one year

Between one and two years

Between two and three

years

More than

three years Total

Current liabilities:

Loans and financing - Working capital 57,275 - - - 57,275 Non-current liabilities:

Loans and financing - Working capital - 25,000 - - 25,000

d. Risk of price fluctuation practiced The Group seeks to neutralize the risk of price fluctuation by adopting in its contracts with customers readjustment formulas that capture the variation of the costs of its main inputs, passing on to the suppliers the same adjusted conditions with the customers.

e. Market risk

(i) Interest rate The Group is exposed to market risks as a result of changes in interest rates on its financial investments and its loans and financing.

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Part of the Group's financial investments is held in operations linked to the CDI variation. At March 31, 2018, investments subject to this risk accounted for 20% (15% in 2016) of total cash and cash equivalents, financial investments and bonds and securities, which were monitored in a timely manner by the Management. On the other hand, loans and financing subject to CDI variation represented 100% (93% in 2016) of total contracted debts. Sensitivity analysis Consolidated 3/31/2018 12/31/2016

Interest

rate R$ R$ Cash and cash equivalents CDI 27,398 14,839 Loans and financing CDI (82,275) (78,304) Net balance sheet exposure (54,877) (63,465) Consolidated

Description Effect for the

Company Scenario I Scenario

II High interest rate Loss (1,098) (2,195)

Loss

(1,098) (2,195)

Low Interest Rate Gain

1,107 2,214

Gain

1,107 2,214 Probable situation - 6.39% CDI rate Scenario I - 2% change in interest rate Scenario II - 4% change in interest rate

(ii) Foreign currency In order to diversify risks, the Management maintains securities in currencies other than the real in Brazil and abroad. Continuously monitors the fluctuation of these currencies and, in periods of greater volatility, opts for derivative transactions. Derivatives may also be contracted with the exclusive purpose of hedging against foreign exchange variations arising from the exposure of its operations in Brazil, for example, for imports or bank loans in foreign currency. As of March 31, 2018 there were no outstanding derivative contracts and December 31, 2016, the following derivative contracts were outstanding, aiming at the protection of foreign currency loans:

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Currency Fair value

through result

Instrument

Value of

reference Date of

start Date of

maturity Rate

contracted

Assets Liabilit

ies 12/31/2016 SWAP US$ R$ US$ 1,283 12/18/2015 1/27/2017 119.5% (1,556) NDF R$ US$ US$ 5,000 12/22/2015 1/27/2017 4.5155 6,174 NDF R$ US$ US$ 5,000 5/04/2016 7/31/2017 3,9710 2,593 NDF R$ US$ US$ 5,000 5/04/2016 1/31/2018 4.1320 2,646 NDF R$ US$ US$ 5,000 9/06/2016 1/12/2017 3,3540 430 NDF R$ US$ US$ 3,400 11/11/2016 5/10/2017 3,5310 588 NDF R$ US$ US$ 2,500 12/05/2016 1/31/2018 3,7900 566

US$ 32,183

11,441 Current asset 9,959 Non-current assets 3,038 Current liabilities (1,556) The summary of the quantitative data on the Group's exposure to foreign currency risk is as follows: Consolidated 3/31/2018 12/31/2016

Currency of exposure R$ R$

Bonds and Securities USD 59,102 30,506 Bonds and Securities ZAR - 1,929 Financial investments USD 24,754 25,537 Accounts receivable from sale of investments USD 33,238 81,478 Loans and financing USD - (4,321) Net balance sheet exposure 117,094 135,129 Derivative contracts USD - 80,229 Net exposure 117,094 54,900 Sensitivity analysis The following is the gain (loss) that would be recognized in profit or loss in the event that the following scenarios take place in the period of one year:

• Probable situation: considers the current rates, which indicate an appreciation of the dollar against the real of the order of 6.23% (3.5308).

• Scenarios II and III: consider a variation of the real of 10% and 20%, respectively, against each of the currencies in which there is exposure.

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Consolidated

Effect for the

Company Probable situation Scenario II Scenario III Description Dollar appreciation Gain 7,292 11,709 23,419 7,292 11,709 23,419 Dollar devaluation Loss n/a (11,709) (23,419) n/a (11,709) (23,419)

f. Hierarchy of fair values Assets recorded at fair value through profit or loss are valued according to the rules of hierarchy of CPC 40 (R1), as follows:

• Level 1 - Prices quoted in active markets for identical assets.

• Level 2 - Other available information, except for Level 1, where quoted (unadjusted) prices are for similar assets and liabilities, in non-active markets, or other information that is available and which may be used indirectly (derived from prices).

• Level 3 - Information unavailable due to small or no market activity and which are significant for the definition of the fair value of assets and liabilities.

The process of measuring the fair value of financial instruments referring to cash, cash equivalents and securities is classified as Level 1. Short-term investments are classified in level 2. The accounting balances of accounts receivable, less provision for impairment, accounts receivable from sale of investment, other receivables, and loans and financing are close to their fair values. There was no change in the fair value measurement process and at the hierarchy levels during the years ended March 31, 2018 and December 31, 2016.

***

Board of Directors

Luiz Fernando T. Rudge Chairman

Gilson G. Krause Luiz Ernesto Gemignani Member Member João Aparecido Gotardi Albanezi José Rodrigo Parreira Member Member

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Executive Board

Luis Eduardo Sym Cardoso Chief Executive Officer

Carlos Alberto Möller Pingcililho Marcio Nieblas Zapater Executive Director Executive Director

Marcio Emidio Gavioli Accountant CRC 1SP 114904/O-7

Documents

238298-NE Demonstração Financeira PSA 2018- 05 06 · Following a year of decline of 3.6% of GDP, Brazil ended 2017 better than it started. GDP grew by 1%, inflation was 2.95% (the