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Good afternoon, ladies and gentlemen, and thank you for holding. Welcome to the CCP conference call to discuss the earnings of the first quarter of 2021. Audio slides are being simultaneously streamed over the internet on the IR website, www.ccpsa.com.vr.ri. We would like to inform you that all participants are in listen-only mode during the company presentation. Then we'll begin the Q&A session when further instructions will be given. In case anyone requires assistance during the call, please ask the operator for assistance by pressing star zero. Before proceeding, we would like to clarify that this conference call may contain forward-looking statements which are subject to risks and uncertainties and as such may not materialize or to be substantially different from those anticipated. These forward-looking state would express the opinion only on the date they are made, and CCP is not obliged to update them in the light of new information. With us today, we have Mr. Tiago Muramatsu, CEO, CFO, and IRO, and Mr. Hector Leighton, Financial Superintendent. Mr. Murmatsu, the floor is yours. Good afternoon, everyone. First of all, I'd like to thank you for your time to hear us talking about the CCP earnings for 1Q21. So the first quarter was a very challenging quarter, but not that different than the challenges that we faced last year. However, in this last month and 10 days, of the second quarter, very interesting things happened. And that gives us some optimism based on my view of the economy and CCP. So starting off with the subsequent events, we had a beginning of the second quarter that was very full of emotions. We had the issuance of the 13th debentures. In two series, one $100 million and the other $200 million. And the shorter one, third year bullet, CDI plus $1.75 million. The longer one, $200 million, fourth and fifth years of amortization, CDI plus $2.05 million. In addition, we signed an MOU with XP to sell our stake in three shopping malls. 7% of Shopping Ciudad de Sao Paulo, where XP is already a partner, at 8%. 31.59% of Shopping V, where we are full owners, and 40% at the H mall, which is also where we have a full stake. The value of the transaction is $265 million BRL, and we're still negotiating final documents and precedent conditions to conclude the transaction, and that's already ongoing. The sale represents what we've been talking about. since 2018 2019 with our investors meaning that we would focus on assets where we have a controlling stake and in our main assets that are triple a in quality not only in shopping malls but also in corporate buildings we also signed the jv with stx we had already announced the signature of the MOU in the beginning of this year, and we were able to conclude that in April as well. On the next slide, this is an example of what we've been doing the other years and the reopening of the shopping malls, which are the main ones that have been affected by the lockdowns from the pandemic. Last year in June, when malls reopened, from June to December, we had similar growth as a result of the flow of people and sales of approximately 35%. But at the end of December, we already had restrictions in operations in many of our malls in January as well. So we started off the first quarter with a drop. in terms of vehicle or flow of people in January, February and March. As you can see in the first chart, achieving 64% of the flow of 2020 and March 46%, given that most of our malls were closed in the first week of March. And in sales, you see similar In February, we have sales closer to what we had in 2020, but achieving 69% of sales. And in March, you can see a drop going down to 51%, achieving $71 million. Now going into the operational highlights, first of all, talking about the occupancy. So the financial occupancy of CCP remains stable from 4Q20 and 1Q21 at 89.5%. The shopping malls. I have a financial occupancy of 92, AAA offices, 89, and I'd say 59. So physical occupancy pretty much follows the same order of magnitude. In the consolidated, we have 84.5%. Here I have two disclaimers in relation to occupancy. First, in relation to shopping malls. In shopping mall occupancy at the Grand Plaza, we have a small... commercial center with approximately 5,000 meters that became vacant in the end of March. And if we disregard that vacancy, we'll have the same level of occupancy in the shopping malls that we have had since 2Q20, a bit higher than 83, 83.5% approximately. For the AAA, Office is pretty much stable in the quarter, quarter over quarter. But as I mentioned, we have seen some movement of occupants resuming negotiations. We've seen a relatively good pipeline for the AAA office buildings. We've signed some contracts in the second quarter. that are not shown in this occupancy rate. And we have other contracts that are under negotiation that will take us to higher occupancy margins. And finally, about Class A office buildings, the only changes or change that we've had in what we've been mentioning in the past two quarters is the Itaewoo occupancy in ITM. It's been happening in waves. rest of the demobilization will take place at the end of May. And since it's a big area, even though the lease isn't as representative as AAA, it has been strongly affecting our occupancy levels in general terms. But as we've been mentioning, we've had a lot of conversations with different types of occupancy of that development, be it traditional offices or last mile and self-storage. On slide number seven about same-store sales, we entered the quarter with a drop of 39%. An interesting fact here that we'd like to show you is the impact that the reduction in hours had and how that relates to same store sales. As our portfolio has assets that are very, that are mainly in Sao Paulo and Grand Plaza in the ABC region of Sao Paulo, the greater Sao Paulo area, we had almost 40% reduction of hours compared to regular store hours or mall hours that happened in we see at the end we had 37% reduction in hours, and that's one-to-one with 37% drop in same-store sales. And this is not considering the fact that there was not just hours restriction but also occupation and a mixed restriction such as movie theaters, restaurants, food courts, So in Sao Paulo, we started reopening with only 20% occupation and we reached a peak at 60%. So that obviously has a direct impact on sales. And we wanted to show you that the relation that we have between the hours that we operate and sales. The same store rent had a slight growth. And in the park flow, we had a drop, which we've already represented in two slides ago, reaching 50% of the flow that we had in 2020 in March. So 2.5 million vehicles reaching 1.5 million at the end of this quarter. Now I'm going to hand over to Hector to address the financial highlights. Thank you, Tiago. Thank you, everyone, for your presence. Good afternoon. Starting off with leasing revenues, we had an increase of 4% in gross revenues, and then when we break that down into shopping malls and offices, you have specific effects. In terms of office buildings, we had an increase of 24%, and in AAA, We had a positive gap, which is very relevant. And we can break that down into two effects. We had the $6 million effect because of the linearization in an accounting effect, and $4 million in the effect, in the cash effect. That's a cash effect of $4 million in fines and returns. So we reach in triple with it. reaches 8%, and that's because of the price adjustments in the contract. In Class A, that's negative. It's focused on the vacancies in the ATM that Tiago already mentioned. For shopping malls, we had a 12.5% drop in leases, and that's mainly resulting from parking. Tiago mentioned the occupation restrictions and the small closures, so that explains a great part of that drop. About CDU, we've been seeing that effect across the quarters because of the maturity of our development. So the rights should get close to zero, or we would only recognize the new contracts moving forward. On the next slide, about our results, we had a drop of almost 9% of net revenue. And in addition to the positive effects of gross revenues, we had two negative effects, important ones. One of them is the discount on revenues, which is mainly focused on shopping malls, approximately 8 million. And then we have revenues from services, which includes parking, approximately 9 million. So we consolidate the parking, results in that, and it affects net revenues, not just in rent and leasing. And leasing revenue, I just mentioned that. When we go to NOI, we had a drop of close to $7 million, and in addition to the effects that have already been mentioned, have the discount of $8 million, parking close to $4 million, the net effect of services revenues. and the 2 million guarantees that we mentioned in the previous slide. In the adjusted data, we add the NOI and operating expenses, so we have negative results in services. Result is also mainly because of parking. On the next slide, number 11, here we have Here, same explanation of the debt depreciation and taxes. So we have a drop of 19% in addition to the effects that we mentioned before. We have a positive effect in admin expenses and taxes. So we have a $6 million gap. an absolute gap lower than the EBITDA. And then we adjusted FFO. We add depreciation, so it's absolute variation of net income, 11% drop in the consolidated. And then we go down to pro forma. We have two effects. One effect of debt, which is mainly corporate, worsens the pro forma margin, but we also have a negative effect on the shopping mall NOI, where they have a share that's higher than the developments where we saw a positive effect in the AAA office buildings. Now about financial expenses. Across the quarters, we've been talking about debt management, and we have two effects. of the drop, $150 million less in gross debt. So the expense is lower because of that. And the cost of debt dropped one percentage point in the average for the quarter that's mainly in CDI. So we have those two effects. Now about debt, we ended the quarter with cash and equivalents of $353 million. Total net debt of $1.4 billion. Our total net debt over EBITDA last 12 months, approximately 5.2 times. So the ratio is pretty much stable compared to the last quarter. And we have an important increase in relation to the third quarter. because of the dividend distribution and buyback that we observed at the end of last year. Here is the cost of debt. We have 5.5% production and 6.3% corporate. Average cost close to 6.2% on average. And according to the index, it's mainly in CDI+, which was also a work of migrating from TR prefix to CVI, and that has had a positive result in these past years. And part is almost 20% in the IPCA. On the next slide, you can see our amortization schedule. So there's a strategy of having a very flat schedule in line with cash generation, and that's very important given the type of business that we have that's capital intensive. For 2021, we have a disbursement of $69 million in amortization, and for next year, $226 million. That's what I had to say for financial highlights. Back over to Tiago. Okay. Oh, now that's the questions. Yes. Now we will begin the Q&A session for investors and analysts. If you wish to ask a question, please press star 1. If your question is answered, you can leave the line by typing star 2. This is from Diego from Morgan Stanley, her first question. Next question is from from BTG Package. Hi, Tiago. Hi, Hector. I have two questions. First is about occupancy in AAA office buildings. Can you please comment on the evolution of vacancy quarter over quarter, the areas that were returned in JK 1450 and Tower A at JK? Did you expect that, and what was the rationale behind those returns, if you could share that. My second question is about transferring inflation cost in AAA offices in the contract. You did mention the percent effect given price adjustment. I'd like to understand that. Is that a specific development or something more general, and the evolution of per square meter rental price for next quarters, would there be higher inflation transfer to that, given the rental prices that you have in your current contracts, if they're in line with the market? Well, first of all, about the vacancy increase that we had in AAA office buildings, Let me explain the dynamics that we're seeing here. So the vacancy that we had in JK1445, that's a transition because it was the time between one renter leaving and another one coming in. So it has already been occupied. That was after the end of the quarter. And in the JK tower, it has a different profile compared to our other This lab has a little over 1,300 meters and the other a little under 1,700, so smaller occupants. We have almost a whole tower rented to Amazon, and we have some spaces rented to law firms. The other tenants are smaller, and they're susceptible to changing locations. We were already expecting that vacancy. It wasn't a surprise. We've been working on that vacancy for a while. And we've had advanced conversations to be able to occupy that area. Therefore, the occupancy of those areas really doesn't affect that. We know that by the end of the year, those areas will be occupied. Now a little bit more about our AAA vacancy. We believe that there's some tenants that are focused on the financial market. So there's been movements in that sense. And we'll soon be able to disclose that information. So to be very honest, our AAA occupation Here in Sao Paulo, I'm very optimistic about that. We'll end the second quarter with very healthy occupancy. What may bring the AAA occupancy down is Rio de Janeiro with the CEO. PIM produced in CEO and the tower and the other tower and... They decreased the area a little bit more, and in that borrower region, there's a different dynamics in leasing compared to Sao Paulo. You had asked another question, right, Elvis? Transferring inflation to the contracts, what's your expectations moving forward? So far? We've been making some adjustments. I think I even mentioned that in the last call, some contracts, and I think that was part of your question, that had an amount that was much lower than market price. We were able to increase that according to the IGPM to bring it closer to market prices. So on average, from the beginning of the year till now, we've transferred from 12% to 15%. in all the contracts some contracts a little more some closer to the ipca index five or six percent on average the price adjustments for the contracts so far have been around 12 some that were a bit higher than that obviously because the market was a bit detached from what we have i'm sorry the price was detached from the market and to reach this amount it's probably 20 to 25 contracts that we did that so It's a pretty reasonable base. Moving forward, this is the number of contracts. But in financial volume, the bigger ones have been done until the end of April. We already have some that are still ongoing. We're going to try to maintain something close to that level. Obviously, we're not going to reach 30%, 32% of the IGPM. but we've been able to negotiate and that adjusts some of the transfer of these increases that should have been done and some tenants that don't have the full impact as well of that correction index. And if any specific developments had that impact, I'd say it was widely disseminated. I can't say it's just a specific The negotiations have been in line, as what Tiago mentioned, trying to get to market rental prices. So those that are very outdated, we can have a higher increase. And the ceiling, depending on the ceiling of the average market ceiling, then we increased it a little less. It's not because it's a specific development. OK, great. Thank you. Good afternoon. Thank you. Our next question is from from Morgan Stanley. Can you hear me? Yes. Hi, sorry. I was on mute. I have two questions. A follow up from Elvis' students. You have 65% of the contracts that be updated next year, but you said that most of the important contracts were negotiated at the end of April. So that's 65% for next year. How much has already been done? Let me take a look here. The 65% that we have, Jero, it's not really related to the number of agreements. It's the financial volume. So we've probably done something close to 20%. So 20% of the 65%? 20% of the 65%, correct. So 13% of the total, correct? Second question. In terms of the leasing spread, you mentioned 12% for what was already done. How should we?

Consider that because for some of the contracts, you've delayed the maturity date.

It was 2019 and then 2020. Are you thinking, what is the base of that? Are you considering 2019, 2020? We talk about the leasing spread. We're always comparing. to the immediately previous rental. So it's the year before that. In this case, it would be 2020. And another thing connected to that, do you think that the 12% would be the same for the rest of them that you're looking at? The 12%. It's just a contract adjustment, inflation, for a review actual. I can't say we didn't do any. We only did one review, which was for one floor that we have in Rio de Janeiro, approximately 600 square meters. And it's the highest rental. That was 250 per square meter. That went down to 600. So in percentages for the quarter, we had a negative leasing spread of 20. But when you look at how much that represents, it's only less than 1% of overall revenues. So for revision, that's the only one. The rest was just an inflation adjustment. So the revisions that we had 2017 and 2018 They haven't been renegotiated, not on our side or for tenants. So the revision is open to a more suitable moment to discuss that. There were many rentals that were under market price, and we didn't correct that according to a contract revision, just inflation. And the ones that were closer to market prices, we maintained that even more. So we didn't have any big movements. What we did right now was just because of inflation adjustments. Okay, thank you. Next question is from Elvis Prudential from BTG. Hi, me again. Can you talk more about M&A? Not only based on the point of view of but also acquisitions. You said you were focusing more on AAA assets. Is there anything that you could recycle, such as what you're selling to XP? And waiting for that, what would that capital be used for? To strengthen cash, to buy more M&A, such as what you're doing with FTX? So if it's M&A, are you looking more into that? Well, I can answer the first part of your question. We do have some assets. We're in the right time to recycle. So focus on a more premium asset in lieu of the ones that we believe are class A, not only for office buildings, but also for shopping malls. Shopping malls, the main one was DH, as it's not managed by us. It's managed by malls. And Shopping D, which has been part of the portfolio for a long time, and we believed it was the right time to recycle. Besides that, we've been studying options to recycle and divest some other assets, but nothing that we have settled on yet. So we're still studying and how to balance out our portfolio, especially in post-crisis. It's interesting to understand the behavior of each one of the assets, which makes sense to maintain them in the portfolio. So, so far, we're very satisfied with what we've been doing with the divestments. In terms of destination of cash, we have a reasonable pipeline. We already have capital committed to the pipeline. And within that, we do have some projects together with SPX. So we can't give you any full disclosure of that yet, what we're looking at there. We have the warehouse project at the Dutra Highway to develop that. The project was just approved. So we should start the work at the end of 2Q, beginning of 3Q, and that those funds can be used in that development as well. Now it's the rest of the pipeline in office buildings. Obviously, we continue. We have been studying some assets. So a part of the funds from the sale that's going on with XP used to develop the warehouse that we have on the Dutra Highway and also for the investments that we've committed to work together with SDX funds. OK. Thank you, Tiago. Good afternoon. Next question is from the webcast from Emerson. Good afternoon. How has the demand for the ITM business center perspective of occupancies and rental? Well, Anderson, at the ITM, we will have approximately 45,000 meters empty at the ITM, which was the Itaú occupation. We have some other tenants that are still there. Itaú was the main occupant over the entire area. I've mentioned this before, that there's a huge demand there, probably 60,000, 70,000 meters of area, but they're not moving fast. Usually they're for large areas, so we always look at the demand approximately 10,000, 15,000 meters. It won't be in 3,000 meters. And since the requirements are big, they take longer. And at the same time, we have the pandemic that's restricting companies going back to work, right? People going back to the office, which makes these negotiations move slower. You asked the perspective about the perspective of occupation. I can't give you a precise answer about that, but what I can say is is that there is a demand and about how much that will actually turn into a proposal. No, not proposal, sorry, in a signed contract. I can't really say right now. And the rental prices, it's approximately 30 BRLs per square meter or more maybe. But at this time, It's about some occupants studying how they would occupy that building than actually having a signed proposal. Since we have no further questions, I'd like to hand over to Mr. Tiago Marmato for his final remarks. Well, I believe we were able to cover many things in our call and with some questions from Darrell, Elvis, and Anderson. And the positive aspect that I'd like to leave you with is that we're coming from a very challenging first quarter. However, April and the beginning of May has shown to be promising months. The weekend, the Mother's Day weekend in the shopping malls was a great weekend. We have a prospecting level four signing contracts in the shopping malls is very good. I didn't mention that, but in the first quarter, we were able to rent out a lot of their area, approximately 4% of our area. And we see a return of the demand, still a bit shy, but we see that coming back to office buildings. A lot of things are under negotiation, being prospecting. So in terms of occupancy of our assets, we're very optimistic. We do have some other business going on on the divestment side, as what we mentioned with XP. And we also have some things going on in terms of M&A. So even though we've been facing all these challenges, we've been able to maintain our business very active. And I believe that moving forward we'll have a more positive bias than we had last year. That's it. Thank you very much for participating. The CCP conference call is now adjourned. Thank you for your participation and good afternoon.