Open Letter to CCR S.A. Shareholders

Robeco, Franklin Templeton Investments, Leblon Equities, British Columbia Investment Management Corporation (BCI), Comgest, Safari and João Lanza support the nomination of the independent director Ms. Eliane Lustosa to the Board of Directors of CCR S.A. (“CCR”) for the company’s 2020 AGM.

March 20th, 2020

In line with its efforts to strengthen CCR’s governance, to increase representation of independent directors with complementary skill sets at its Board of Directors and following the continued engagement with institutional investors, CCR’s Nomination Committee has recommended the proposal presented by Robeco, Franklin Templeton Investments, Leblon Equities, British Columbia Investment Management Corporation (BCI), Comgest, Safari and João Lanza (“Group of Investors”) to add one additional independent director to its Board of Directors.

The organizations represented in the Group of Investors are all active proponents of strong corporate governance practices and focused on long term value creation. CCR proposed to further increase the number of independent directors on the board and asked the Group of Investors’ opinion about the nomination of independent director Ms. Eliane Lustosa to the board. The candidate will be included in the company’s nomination slate to be approved by the Board of Directors and put for shareholders vote at the 2020 Annual General Meeting. The aforementioned Group of Investors recognizes CCR’s efforts to improve its governance practices and welcomes its ambition to nominate an additional independent director representing the interests of all minority shareholders to the Board of Directors. The discussion between CCR and these investors are based on the intention to fulfill their stewardship commitments from a context of long-term sustainable value creation andstrong governance practices.

The candidate proposed to CCR’s Nomination Committee, Ms. Eliane Lustosa, has a proven track record in the field of finance, corporate governance and sustainability, in addition to her experience of serving on several Brazilian listed companies as an independent director in the past. Both the institutional investors proposing her nomination and the Board of Directors of CCR trust that she will contribute constructively to the discussions in the boardroom, as well as playing a key role in facilitating communication with shareholders.

Ms. Lustosa’s skill set, namely in the area of sustainability, will add to those skills already represented on the Board by the existing directors, enhancing the Board’s diversity and thereby contributing to further strengthening good corporate governance practices at the company.

The Nomination Committee of CCR proposed to nominate Ms.Lustosa with the assignment that she will represent the interest of all shareholders. It should be clear that her nomination, pursuant to Brazilian law, is not intended to specifically serve the investment interests of the Group of Investors.

We hope we can count on your support of Ms. Lustosa nomination for the 2020 Annual General Meeting of CCR.