Astm and Sias, via IGLI S.p.A. have closed the transaction with CR Almeida S.A. Engenharia e Costrucoes (CR Almeida) for the acquisition by Igli of joint control, together with PRIMAV CONSTROES E COMERCIO S.A. (Primav) a wholly-owned subsidiary of CR Almeida, of the Brazilian-law special purpose vehicle Primav lnfraestrutura S.A. (Newco), which holds 64% of the capital stock of Ecorodovias lnfraestrutura e Logistica S.A. (Ecorodovias), a company that manages a motorway network of approx. 1,860 km in Brazil, and 55% of the capital stock of Concesionaria Monotrilho Linha 18 — Bronze S.A (VEM ABC).

The transaction was closed upon authorisation from the governmental authorities and approval from the lending banks of both Primav (the company which held the share interests in Ecorodovias and VEM ABC before they were transferred to Newco) and Ecorodovias.

With the closing of the transaction, Astm and Sias have acquired, through the subscription by Igli of a share capital increase of Newco for an amount of US$542 million, 64.1 % of the share capital of Newco (corresponding indirectly to around 41 % of the share capital of Ecorodovias and around 35% of VEM ABC). The remaining 35.9% of the share capital of Newco is held by CR Almeida via Primav.

In December 2015 we informed that Italy's Gruppo Gavio had paid around US$573 million to win joint control of Brazilian toll road operator EcoRodovias Infraestrutura & Logística by acquiring a 41 % indirect stake in the company.