Highlights. CVC generated double-digit year-over-year growth rates in Bookings, Boardings, Adjusted EBITDA and Adjusted Net Income in 2Q15

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1 Santo André, August 05, 2015: CVC Brasil Operadora e Agência de Viagens S.A. (BM&FBOVESPA: CVCB3), the largest tour operator in Americas, hereby informs its shareholders and other market participants of its results for the 2Q15 CVC generated double-digit year-over-year growth rates in Bookings, Boardings, Adjusted EBITDA and Adjusted Net Income in 2Q15 Highlights 2Q15 Results Conference call and Webcast Thursday, August 06, 2015 Conference Time: 2:00 pm EST 3:00 pm BRT Phone: +1 (646) Code: CVC Replay: (11) Replay Code: CVC Conference Call in Portuguese Time: 2:00 pm EST 3:00 pm BRT Phone: (11) Code: CVC Replay: (11) Replay Code: CVC Investor Relations Contact + 55 (11) ri@cvc.com.br Press Contact + 55 (11) imprensa@cvc.com.br Bookings totaled R$1,242.6 million during 2Q15, representing growth of 12.9% versus 2Q14. In the first six months of 2015 (1H15) bookings grew 12.1% year-over-year to R$2, Consumed Bookings totaled R$937.3 million during 2Q15, representing an increase of 12.0% versus 2Q14. In 1H15, consumed bookings totaled R$2,445.0, representing 14.3% growth versus 1H14. Adjusted EBITDA totaled R$56.9 million during 2Q15, representing growth of 17.1% versus 2Q14. For 1H15, Adjusted EBITDA was R$177.6 million, 19.0% higher than 1H14. Adjusted Net Income totaled R$17.3 million in 2Q15, representing growth of 12.5% versus 2Q14. In 1H15, Adjusted Net Income was R$78.1 million, representing a 29.4% increase year-over-year. Return on Invested Capital (ROIC) over the last twelve months (LTM) period ending grew to 36.3%, as compared to 33.7% in the same period ending June 30, 2014.

2 Earnings Release 2Q15 Management Comments The macroeconomic environment in Brazil continued to be very challenging in 2Q15, with a pronounced slowdown in the retail industry and the economy as a whole. Despite these challenges, CVC posted double-digit growth across key operating and financial indicators (bookings, boardings, Adjusted EBITDA and Adjusted Net Income). We have adapted our product portfolio to the current environment, offering very attractive and affordable products for short stays and increasing the sale of value-added services (e.g., insurance, car rental, sightseeing at destination, etc), among other initiatives, all of which have been supported by effective strategic marketing. Given the current economic environment in Brazil, both airlines and hotels continued to be very promotional during 2Q15, although the depth of the promotions was less pronounced than in 1Q15. Prices fell approximately 3% during the quarter, driving strong passenger growth of approximately 17%. Total Bookings Breakdown Growth YoY 12.9% 16.6% -3.2% Total Growth Passengers Growth Average Ticket Decline We opened 15 new stores during 2Q15, with 105 new stores now opened over the last twelve months. As of June 2015, we had 934 exclusive stores. We expect the pace of new store openings to accelerate over the next 6 months, as our target for 2015 remains 100 new stores. Bookings through the independent agent channel demonstrated continued momentum, posting 11.5% year-over-year growth in 2Q15. Stronger performance through this channel is primarily the result of the addition of a dedicated team to focus on independent agents. Moreover, the depreciation of the Brazilian Real has resulted in tailwinds for domestic travel within Brazil an area where independent agents are particularly strong. Following the stabilization of the new online platform, online bookings grew 27.7% in 2Q15, as the conversion rate continues to improve, reaching 0.22% in 2Q15.

3 Earnings Release 2Q15 Online Performance: Conversation Rate and Bookings Growth YoY Stabilization of new platform 27.7% 17.5% 8.4% 4Q14 1Q15 2Q15 Conversion Rate 0.14% 0.18% 0.22% To strengthen our presence in the online channel, we have signed a quota purchase agreement for the acquisition of 100% of the capital stock of B2W Viagens, the entity responsible for the online travel agency activities of B2W, and the license of certain "Submarino Viagens" trademarks and domain names to B2W Viagens. The acquisition will cement CVC s position as one of the leading players in the online segment in Brazil, adding critical online marketing and customer relationship management capabilities, in addition to giving CVC access to a broader customer base and creating opportunities to gain scale and reduce costs. Moreover, the acquisition is in line with our strategy to position CVC as the first Omni-channel company in the tourism sector in Brazil, giving CVC the ability to serve customers seamlessly across all distribution channels. The current environment increased the demand for travel within Brazil as domestic packages have become more attractive versus international. Therefore, we have launched additional marketing materials and have increased the presence of domestic destinations in shop windows.

4 Earnings Release 2Q15 We recently signed a commercial agreement with Expedia Affiliate Network in order to gain access to their international portfolio of hotels (+200 thousand hotels worldwide), which will help to increase our competitiveness in the international travel segment. Finally, we have bolstered our presence in the Events segment through a long-term franchisee agreement with Silvia Paes Leme, a very experienced executive in the space.

5 Earnings Release 2Q15 Overall Results R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Operating Results Total Bookings 1, , % 2, , % Exclusive Stores % 1, , % Same Store Sales - growth 6.8% -8.1% 6.6% 1.6% Independent Agents % % Online Bookings % % Exclusive Stores (units) Consumed Bookings % 2, , % Financial Results Net Revenue % % Net Revenue Margin % 15.6% 0.3 p.p. 15.1% 14.8% 0.3 p.p. EBITDA % % EBITDA Margin % 32.5% 2.6 p.p. 44.7% 44.3% 0.4 p.p. Adjusted EBITDA % % Adjusted EBITDA Margin % 37.2% 0.9 p.p. 48.1% 47.2% 0.9 p.p. Net Income % % Net Income Margin 2 6.9% 6.3% 0.6 p.p. 17.0% 15.0% 2.0 p.p. Adjusted Net Income % % Adjusted Net Income Margin % 11.7% -0.1 p.p. 21.1% 19.1% 2.0 p.p. ROIC % 33.7% 2.6 p.p. 36.3% 33.7% 2.6 p.p. * Figures in R$ millions, except when indicated otherwise 1 Percentage of consumed bookings 2 Percentage of net revenue 3 Adjusted EBITDA excludes non-cash and non-recurring expenses (see EBITDA and Adjusted EBITDA section) 4 Adjusted net income excludes non-cash and non-recurring expenses (see Net Income section) 5 LTM return on invested capital Operating and Financial Results Bookings R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Total Bookings 1, , % 2, , % Exclusive Stores % 1, , % Same Store Sales - growth 6.8% -8.1% 6.6% 1.6% Independent Agents % % Online Bookings % % Exclusive Stores (units) * Figures in R$ millions, except when indicated otherwise Bookings totaled R$1,242.6 million in 2Q15, representing 12.9% growth versus 2Q14. As noted above, bookings growth was strong across all of CVC s channels. Bookings totaled R$2,511.3 million in 1H15, representing 12.1% growth versus 1H14.

6 Earnings Release 2Q15 Boardings and Boarded Passengers R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Consumed Bookings % 2, , % Boarded Passengers - 000s % 1, , % *Figures in R$ millions, except when indicated otherwise Boardings grew 12.0% year-over-year during 2Q15 and 14.3% during 1H15. Growth was driven by promotional programs implemented by suppliers and by various sales and marketing initiatives executed by CVC. The average gap between the date of booking and the date of travel decreased to 78 days in 2Q15 from 89 days in 2Q14. This change in consumer behavior has been driven by the decline in overall consumer confidence, leading customers to purchase travel packages closer to the time of travel. Last-minute promotions (Mega Promos) offered by suppliers have facilitated this change. Furthermore, these figures were affected by a higher percentage of sales in the domestic segment in 2Q15 versus the previous year, as consumers typically purchase domestic travel closer to the boarding date (as compared to international and sea cruise travel). Revenue R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Gross revenue % % Taxes and deductions (9.6) (9.1) 6.3% (24.1) (20.8) 15.9% Net revenue % % Margin % 15.6% 0.3 p.p. 15.1% 14.8% 0.3 p.p. * Figures in R$ millions, except when indicated otherwise 1 Net revenue as a percentage of consumed bookings Net revenue was R$149.3 million in 2Q15 and R$369.4 million in 1H15, representing increases of 14.2% and 16.8%, respectively, from the comparable periods in Net revenue as a percentage of consumed bookings was 15.9% in 2Q15 and 15.1% in 1H15, representing increases of 0.3 p.p. when compared with 2Q14 and 1H14, driven principally by a higher-margin product mix.

7 Earnings Release 2Q15 Operating Expenses R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Operating Expenses (105.3) (95.0) 10.8% (219.6) (190.1) 15.5% (-) Non-Recurring Itens % % Recurring Operating Expenses (100.8) (88.9) 13.4% (207.2) (180.9) 14.5% Selling (38.6) (33.4) 15.4% (84.4) (70.7) 19.3% General and administrative (49.0) (43.8) 12.0% (96.9) (88.0) 10.1% Depreciation and Amortization (8.4) (6.8) 24.1% (15.4) (13.8) 11.4% Other operating expenses (4.8) (4.9) -2.0% (10.6) (8.5) 25.0% * Figures in R$ millions, except when indicated otherwise Recurring operating expenses increased 13.4% in 2Q15 from 2Q14 primarily due to an increase in selling expenses (advertising, credit card fees and allowance for bad debts). Additionally, general and administrative expenses grew 12.0%, primarily due to an annual salary increase (negotiated through collective bargaining) and the new hirings related to the new revenue streams (i.e., international student travel courses, business hotels and car rental). Depreciation and amortization increased R$1.6 million year-over-over, which is related to the exercise of an early termination clause with three master franchisees. Non-recurring expenses decreased to R$4.5 million in 2Q15 from R$6.1 million in 2Q14 and were related to one-time events that are not part of the ordinary course of business (principally stock-based compensation expense). In 1H15, recurring operating expenses increased 14.5%. Non-recurring expenses in the 1H15 totaled R$12.4 million, a 35.3% increase when compared with the same period in 2014 due to M&A expenses in 1Q15. The year-over-year comparison was impacted by lower stock-based compensation expense in 1Q14 as a result of the cancellation of options previously granted to executives who left the Company during the quarter. For additional detail on adjustments, please see the EBITDA and Adjusted EBITDA section of this earnings release.

8 Earnings Release 2Q15 EBITDA and Adjusted EBITDA R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Net income % % (+) Financial expenses % % (+) Income tax and social contribution % % (+) Depreciation and amortization % % EBITDA % % (+) Stock options (+) M&A expenses (+) Extraordinary bonuses Adjusted EBITDA % % Net revenue % % Margin % 37.2% 0.9 p.p. 48.1% 47.2% 0.9 p.p. * Figures in R$ millions, except when indicated otherwise 1 Stock options: Non-cash expenses related to stock options which are granted to key executives 2 M&A expenses: Expenses with legal advisors and auditing firms. 3 Extraordinary bonuses: Comprises retention bonuses, sign-on bonuses and non-compete payments 4 Represents Adjusted EBITDA as a percentage of net revenue As a result of the items mentioned above, EBITDA totaled R$52.4 million in 2Q15, 23.4% higher than 2Q14. Adjusted EBITDA was R$56.9 million in 2Q15, an increase of 17.1% as compared to 2Q14. As a percentage of net revenue, Adjusted EBITDA was 38.1%, a 0.9 p.p. increase versus 1Q15. EBITDA and Adjusted EBITDA totaled R$165.2 million and R$177.6 million during 1H15, respectively, representing increases of 18.0% and 19.0%, respectively, from 1H14. As percentage of net revenue, Adjusted EBITDA reached 48.1%, 0.9 p.p. above 1H14. Financial Expenses R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Total financial expenses (26.9) (22.0) 22.3% (55.2) (49.4) 11.8% Financial Expenses 1 (25.8) (21.1) 22.2% (53.0) (47.7) 11.1% Other 2 (1.1) (0.9) 25.9% (2.3) (1.7) 30.2% Total financial income % % Exchange variation (0.7) (1.0) 1.0 (3.9) Financial Expenses (net) (25.9) (21.6) 19.9% (49.8) (50.7) -1.8% * Figures in R$ millions, except when indicated otherwise 1 Primarily related to interest expense accrued under the account payable to FIP GJP, bank loans and financial services fees, including interest expense from credit card factoring. 2 Primarily related to the tax on financial transactions (IOF) and bank expenses Financial expenses increased 22.3%, principally as a result of growth in bookings (and consequently growth in financial expenses related to bank slips and checks) and a higher base interest rate (CDI).

9 Earnings Release 2Q15 Furthermore, the year-over-year comparison was impacted by a negative adjustment to the earn-out owed to the founding shareholder in 2Q14 (R$102.2 million), as IGP-M was negative in that period. Net financial expenses increased 19.9%, as higher financial income partially offset the financial expense increase described above. Net financial expenses totaled R$49.8 million in 1H15, representing a 1.8% decrease versus 1H14, as financial income and gains on exchange variation offset financial expenses. Net Income As a result of the items mentioned above, Net Income totaled R$10.3 million in 2Q15, a 25.2% increase versus 2Q14, while Adjusted Net Income increased 12.5% in the same period. Net Income and Adjusted Net Income in 1H15 totaled R$62.6 million and R$78.1 million, respectively, representing increases of 31.7% and 29.4%, respectively, versus the same period in the prior year. R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Net income % % (+) Stock options (+) M&A expenses 1.3 (+) Extraordinary bonuses and Earn-out (+) Franchisee agremement Amortization Adjusted Net Income % % * Figures in R$ million, except when indicated otherwise Investments As a result of CVC s asset-light business model, we do not own significant travel-related assets (such as aircrafts and hotels) or make significant investments in fixed assets. Our investments are mainly related to software and IT systems required to support our sales. Investments totaled R$8.7 million in 2Q15 and R$4.7 million in 2Q14, representing 0.7% and 0.4% of bookings, respectively. Investments in 1H15 totaled R$17.1 million, corresponding to 0.7% of bookings in the period. Additionally, we signed a new franchisee contract with a seasoned executive in the Events space during 2Q15, granting CVC exclusivity for 10 years.

10 Earnings Release 2Q15 Cash Flow 1 (R$MM) 2Q15 2Q14 1H15 1H14 Net Income Deferred income tax and social contribution Provision for earn-out (0.1) 2.4 Interests Share-based payment expenses Franchisee contract amortization (B&M) Depreciation & amortization Other (Increase) / decrease in working capital (188.6) (95.3) Cash flow from operations (38.8) 15.2 Capex (8.7) (4.7) (17.1) (9.4) Cash flow from operations, net of capex (55.9) 5.9 Franchisee contract payment (B&M) (2.0) (3.8) (2.0) (17.0) Cash flow from Investing activities (10.6) (8.5) (19.1) (26.4) Payment of debt to shareholders (11.0) (103.4) (22.0) Payment of interest (4.0) (8.1) Loans Stock Capital Increase Dividends Paid (83.0) (14.8) (83.0) (14.8) Increase / (decrease) in receivables anticipation (76.2) (47.9) (33.4) 60.3 Cash flow hedge effect (13.7) (1.5) (3.3) (6.8) Cash flow from financing activities (155.2) (67.8) Cash flow from the period (54.9) (0.4) (3.3) 8.9 Cash balance in the beginning of the period Cash balance in the end of the period * Figures in R$ millions, except when indicated otherwise 1 Exclusively for managerial purposes, CVC adds factored receivables to accounts receivable and considers factored receivables as debt to cover its capital needs Cash flow generated by operating activities, net of capex, increased to R$102.3 million in 2Q15 from R$71.2 million in 2Q14, driven mainly by improvement in working capital efficiency quarter-overquarter (to 34 days in 2Q15 from 39 days in 1Q15 compared to 35 days in 2Q14 and 36 days in 1Q14).

11 Earnings Release 2Q15 Return on Invested Capital (ROIC) Return on invested capital was 36.3% in the LTM period ended, 2.6 p.p. higher than in the LTM period ended June 30, This growth was attributable to growth in EBIT and a reduction in PP&E (including intangible assets). R$ mm* 1H15 1H14 Chg. EBIT % Tax rate (34%) (127.2) (108.9) 16.8% Goodwill tax benefit % NOPAT % Net PP&E % Net Working Capital % Invested Capital % ROIC 36.3% 33.7% 2.6 p.p. *Figures in R$ millions, except when indicated otherwise 1 Managerial LTM EBIT, adjusted for non-recurring items 2 Non-current assets (excluding the deferred taxes related to the FIP GJP earn-out) minus non-current liabilities (excluding debt) 3 Current assets minus current liabilities, excluding debt and cash and equivalents Net indebtedness (R$ million) Net Debt Factored Receivables Q14 2Q x Adj. EBITDA Multiple (LTM) 0.65x The net debt balances (net of cash and equivalents) at and June 30, 2014 were R$222.9 million and R$171.0 million, respectively. Taking factored receivables into account, net debt was R$260.5 million at and R$353.4 million at June 30, 2014, representing 0.65x and 1.02x LTM EBITDA, respectively. Debt in 2015 was obtained in foreign currency and is fully-hedged through swaps, resulting in interest rates in R$ of 104.5% of CDI.

12 Earnings Release 2Q15 Appendix Balance Sheet R$ mm* Statutory Managerial R$ mm* Statutory Managerial Assets Current Assets June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Liabilities and Shareholder s Equity Current Liabilities June 30, 2015 December 31, 2014 June 30, 2015 December 31, 2014 Cash & Cash Equivalents Factored receivables ** Derivative Instruments Loans and financing Accounts Receivable** 1, , , ,467.2 Suppliers Advances to Suppliers Related Party Prepaid Expenses Advanced sales of travel packages 1, , , ,235.4 Other Salaries & Social Charges Total Current Assets 2, , , ,067.0 Taxes Payable and Contribution Dividends payable Other Total Current Liabilities 1, , , ,889.6 Non-Current Assets Non-Current Liabilities Related Party Loans and financings Deferred Taxes Provision for Legal Claims Fixed Assets Total Non-Current Liabilities Intangible Assets Other Total Non-Current Assets Shareholders' Equity Capital Stock Capital Reserve Profit reserve Other Comprehensive Income (loss) Additional dividend proposal Retained earnings Total Shareholders' Equity Total Assets 2, , , ,367.3 TotalLiabilities and Shareholders' Equity 2, , , ,367.3 * Figures in R$ million, except when indicated otherwise ** Exclusively for managerial purposes, CVC adds factored receivables to accounts receivable and considers factored receivables as debt to cover its capital needs Income Statement R$ mm* 2Q15 2Q14 Chg. 1H15 1H14 Chg. Gross revenue % % Taxes and deductions (9.6) (9.1) 6.3% (24.1) (20.8) 15.9% Net revenue % % Selling (38.6) (33.4) 15.4% (84.4) (70.7) 19.3% General and administrative (53.5) (49.9) 7.3% (109.3) (97.2) 12.5% Depreciation and Amortization (8.4) (6.8) 24.1% (15.4) (13.8) 11.4% Other operating expenses (4.8) (4.9) -2.0% (10.6) (8.5) 25.0% Income before financial results % % Financial income, net (25.9) (21.6) 19.9% (49.8) (50.7) -1.8% Income before tax and social contribution % % Income before tax and social contribution - current % (3.4) (6.3) -47.0% Income before tax and social contribution - deferred (13.1) (8.4) 56.4% (34.0) (21.6) 57.3% Net Income % % * Figures in R$ million, except when indicated otherwise

13 Earnings Release 2Q15 Cash Flow R$ mm* 1H15 1H14 Net income for the period 62,6 47,5 Deferred income tax and social contribution 34,0 21,6 Depreciation and amortization 15,4 13,8 Provision for earn-out 2,4 Share-based payment expenses 9,7 7,0 Allowance for doubtful accounts 7,9 3,7 Interest 10,5 8,0 Other 9,7 6,4 149,8 110,5 Decrease (increase) in assets Trade accounts receivable (31,7) 100,8 Advance to suppliers (94,0) (79,2) Prepaid expenses (18,1) (15,0) Other (9,1) (5,2) Decrease (increase) in liabilities Suppliers (96,2) (111,4) Accounts payable related parties (6,0) (5,0) Advance sales of travel packages 64,8 90,0 Salaries and social charges (3,4) 1,1 Taxes payable and contributions (17,7) (15,2) Other (10,7) 4,2 Net cash generated from (used in) operating activities (72,2) 75,6 Intangible assets (19,1) (26,4) Cash flow from investing activities (19,1) (26,4) Stock Capital Increase 17,7 11,3 Payments of debt to shareholders (75,0) (22,0) Payments of interest (28,4) (8,1) Loans 260,0 Dividends paid (83,0) (14,8) Cash flow from financing activities 91,3 (33,5) Cash flow hedge effect (3,3) (6,8) Increase (decrease) in cash and cash equivalents (3,3) 8,9 Cash and cash equivalents at the beginning of the period 50,5 44,7 Cash and cash equivalents at the end of the period 47,2 53,5 * Figures in R$ million, except when indicated otherwise

14 Interim Financial Information (unaudited) CVC Brasil Operadora e Agência de Viagens S.A. and Subsidiary

15 and Subsidiary Interim Financial Information (unaudited) Contents Report on review of interim financial statements... 2 Interim Financial Information Balance sheets... 4 Statements of income... 6 Statements of comprehensive income... 7 Statements of changes in shareholders equity... 8 Statements of cash flows... 9 Statements of value added.10 Notes to Interim Financial Information... 11

16 Convenience translation into English from the original previously issued in Portuguese. Report on review of interim financial statements The Shareholders, Board of Directors and Management CVC Brasil Operadora e Agência de Viagens S.A. Santo André - SP Introduction We have reviewed the accompanying interim individual and consolidated financial statements of CVC Brasil Operadora e Agência de Viagens S.A., which comprise the balance sheet as of and the related statements of income and comprehensive income, statements of changes in shareholders equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation and fair presentation of these interim individual financial statements in accordance with CPC 21(R1) - Interim Financial Statement and with International Financial Reporting Standard IAS 34 - Interim Financial Reporting. Our responsibility is to express a conclusion on these interim financial statements based on our review. Scope of review We conducted our review in accordance with Brazilian and International Standards on Review Engagements (NBC TR Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE Review of Interim Financial Information Performed by the Independent Auditor of the Entity). A review of interim financial information consists of making inquiries, primarily of those persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion on the interim financial statements Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements mentioned above is not prepared, in all material respects, in accordance with CPC 21 (R1) and IAS 34. 2

17 Other matters Statements of value added We also reviewed the individual and consolidated statements of value added for the six-month period ended, prepared under the Company s management responsibility, which presentation in the interim financial statements is considered supplementary information for IFRS, which does not require presentation of this statement. These statements have been subject to the same review procedures described above and, based on our review, nothing has come to our attention that causes us to believe that these are not fairly presented, in all material respects, in relation to the overall accompanying interim individual and consolidated financial statements. São Paulo, August 5, 2015 ERNST & YOUNG Auditores Independentes S.S. CRC-2SP015199/O-6 Anderson Pascoal Constantino Accountant CRC-1SP190451/O-5 Rafael Doratioto Oliveira Accountant CRC-1SP291026/O-3 3

18 Balance sheets (unaudited) and December 31, 2014 (In thousands of reais) June 30, 2015 Company December 31, 2014 June 30, 2015 Consolidated December 31, 2014 Notes Assets Current assets Cash and cash equivalents 4 45,808 50,206 47,163 50,499 Derivative instruments 3.5 / 3.6 6,990 3,017 6,990 3,017 Accounts receivable 5 1,414,195 1,388,418 1,419,958 1,396,119 Advances to suppliers 6 449, , , ,000 Prepaid expenses 184, , , ,016 Other 34,126 21,855 35,656 22,215 Total current assets 2,135,338 1,983,924 2,145,811 1,995,866 Noncurrent assets Accounts receivable - related parties 15 3,864 13,577 3,864 4,534 Deferred tax assets , , , ,197 Fixed assets 7,850 8,577 8,910 9,865 Intangible assets 8 136, , , ,113 Investments 7 12,861 3, Other 12,774 12,469 12,968 12,655 Total noncurrent assets 279, , , ,364 Total assets 2,414,589 2,288,511 2,418,174 2,296,230 4

19 June 30, 2015 Company December 31, 2014 June 30, 2015 Consolidated December 31, 2014 Notes Liabilities and shareholders equity Current Loans and financing 9 146, ,182 - Suppliers 268, , , ,591 Accounts payable - related parties 15 11, ,074 2, ,922 Advance sales of travel packages 16 1,298,028 1,231,025 1,300,163 1,235,371 Salaries and social charges 22,337 25,544 28,636 31,988 Taxes payable and contributions 3,029 18,467 3,596 21,325 Dividends payable - 20,116-20,116 Other 28,267 29,796 30,150 31,154 Total current liabilities 1,778,006 1,810,748 1,781,591 1,818,467 Noncurrent Loans and financing 9 132, ,290 - Provision for legal claims 11 20,531 18,937 20,531 18,937 Total noncurrent liabilities 152,821 18, ,821 18,937 Shareholders equity Capital stock 13.a 159,419 94, ,419 94,026 Capital reserve 171, , , ,335 Profit reserve 88,734 88,734 88,734 88,734 Additional dividend proposal - 62,884-62,884 Other comprehensive income 1,647 3,847 1,647 3,847 Retained earnings 62,632-62,632 - Total shareholders equity 483, , , ,826 Total liabilities and shareholders equity 2,414,589 2,288,511 2,418,174 2,296,230 See accompanying notes. 5

20 Statements of income (unaudited) Three and Six-month periods ended and 2014 (In thousands of reais, except per share data) Company Consolidated Company Consolidated Three-month period ended June 30, Three-month period ended June 30, Six-month perod ended June 30, Six-month period ended June 30, Notes Gross revenue , , , , , , , ,135 Taxes and deductions from gross revenue (8,397) (8,386) (9,626) (9,056) (20,892) (18,993) (24,070) (20,767) Net revenue 133, , , , , , , ,368 Operating expenses Selling expenses 18 (38,537) (33,366) (38,571) (33,432) (84,382) (70,533) (84,403) (70,730) General and administrative expenses 18 (39,917) (37,809) (53,521) (49,902) (82,397) (73,333) (109,290) (97,159) Depreciation and amortization 18 (8,197) (6,575) (8,427) (6,790) (14,887) (13,339) (15,351) (13,774) Equity results 7 1,529 (2,271) - - 9,747 (547) - - Other operating expenses (4,783) (4,872) (4,798) (4,897) (10,530) (8,376) (10,567) (8,454) Income before financial results 43,134 36,789 43,963 35, , , , ,251 Financial expenses, net 14 (25,869) (21,577) (25,910) (21,613) (49,742) (50,678) (49,819) (50,736) Income before income tax and social contribution 12 17,265 15,212 18,053 14,052 94,998 75, ,016 75,515 Income tax and social contribution 12 (6,947) (6,968) (7,735) (5,808) (32,366) (28,231) (37,384) (27,966) Current 5,892 2,117 5,388 2,581 - (6,335) (3,356) (6,335) Deferred (12,839) (9,085) (13,123) (8,389) (32,366) (21,896) (34,028) (21,631) Net income 10,318 8, ,244 62,632 47,549 62,632 47,549 Earnings per share - basic (R$) Earnings per share - diluted (R$) See accompanying notes. 6

21 Statements of comprehensive income (unaudited) Three and Six-month periods ended and 2014 (In thousands of reais, except per share data) Company and Consolidated Company and Consolidated Six-month period ended June Three-month period ended June 30, 30, Net income 10,318 8,244 62,632 47,549 Change in fair value of cash flow hedges (13,703) (1,462) (3,334) (6,802) Deferred tax effect 4, ,134 2,312 Comprehensive income to be classified into income statement in the subsequent year (9,044) (963) (2,200) (4,490) Total comprehensive income 1,274 7,281 60,432 43,059 See accompanying notes. 7

22 Statements of changes in shareholders equity Six-month periods ended and 2014 (In thousands of reais) Capital reserve Profit reserve Notes Capital stock Share-based payment reserve Goodwill reserve Legal reserve Working capital reserve Expansion reserve Reserve of retained earnings Additional dividend proposal Retained earnings (accumulated losses) Other comprehensive income Total Balances on December 31, ,728 33, ,828 3,105 11,062 11,062 15, , ,281 Capital increase 11, ,298 Stock options granted 13.b - 7, ,022 Cash flow hedge effect, net (4,490) (4,490) Net income for the perod 47,549-47,549 Balances on June 30, ,026 40, ,828 3,105 11,062 11,062 15,263-47,549 (3,474) 377,660 Balances on December 31, ,026 50, ,828 10,392 11,062 11,062 56,218 62,884-3, ,826 Capital Stock increase 13.a 17, ,734 Goodwill capital increase 13.a 47,659 - (47,659) Stock options granted 13.b - 9, ,654 Cash flow hedge effect, net (2,200) (2,200) Additional dividend proposal paid (62,884) - - (62,884) Net income for the period ,632-62,632 Balances on June 30, ,419 60, ,169 10,392 11,062 11,062 56,218-62,632 1, ,762 See accompanying notes. 8

23 Statements of cash flows (unaudited) Six-month periods ended and 2014 (In thousands of reais) Company Consolidated Six-month period ended Six-month period ended June 30, June 30, Cash flows from operating activities Net income for the period 62,632 47,549 62,632 47,549 Adjustments to reconcile net income for the period with cash generated in operating activities: Deferred income tax and social contribution 32,366 21,896 34,028 21,631 Depreciation and amortization 14,887 13,339 15,351 13,774 Provision for earn-out - 2,442-2,442 Allowance for doubtful accounts 7,901 3,723 7,901 3,723 Share-based payment expenses 9,654 7,022 9,654 7,022 Interest 10,543 7,978 10,543 7,978 Equity results (9,747) Other 9,736 6,421 9,735 6, , , , ,540 Decrease/(increase) in assets Trade accounts receivable (33,677) 101,397 (31,740) 100,830 Advance to suppliers (93,982) (79,256) (93,977) (79,188) Prepaid expenses (19,809) (16,271) (18,051) (15,021) Other 1,094 (2,123) (9,128) (5,226) Increase/(decrease) in liabilities Suppliers (95,771) (111,169) (96,180) (111,360) Accounts payable - related parties (6,439) (8,697) (6,042) (5,046) Advance sales of travel packages 67,003 91,119 64,792 90,026 Salaries and social charges (3,207) 415 (3,352) 1,067 Taxes payable and contributions (15,438) (14,959) (17,729) (15,237) Other (11,190) 3,690 (10,671) 4,173 Net cash generated from (used in) operating activities (73,444) 75,063 (72,234) 75,558 Cash flow from investing activities Fixed assets (39) (18) (39) (44) Intangible assets (18,888) (26,204) (19,036) (26,310) Net cash used in investing activities (18,927) (26,222) (19,075) (26,354) Cash flow from financing activities Stock Capital increase 17,734 11,298 17,734 11,298 Loans 260, ,000 - Payments of debt to shareholders (75,000) (22,000) (75,000) (22,000) Payments of interest (28,427) (8,092) (28,427) (8,092) Dividends paid (83,000) (14,750) (83,000) (14,750) Net cash used in financing activities 91,307 (33,544) 91,307 (33,544) Cash flow hedge effect (3,334) (6,802) (3,334) (6,802) Increase (decrease) in cash and cash equivalents (4,398) 8,495 (3,336) 8,858 Cash and cash equivalents at the beginning of the period 50,206 44,449 50,499 44,660 Cash and cash equivalents at the end of the period 45,808 52,944 47,163 53,518 See accompanying notes. 9

24 Statements of value added (unaudited) Six-month periods ended and 2014 (In thousands of reais) Company Consolidated Six-month period ended June 30, Six-month period ended June 30, Revenue 340, , , ,412 Revenue from rendering services 348, , , ,135 Allowance for doubtful accounts (7,901) (3,723) (7,901) (3,723) 2. Inputs acquired from third parties (78,748) (72,085) (80,524) (73,946) Third-party services and other (78,748) (72,085) (80,524) (73,946) Gross value added 261, , , , Depreciation and amortization (14,887) (13,339) (15,351) (13,774) 4. Net value added produced by the entity 246, , , ,692 Equity results 9,747 (547) Value added received in transfer 256, , , ,692 Financial income 4,418 2,530 4,420 2,544 Total value added to be distributed 260, , , ,236 Total value added distributed (260,710) (224,415) (294,160) (248,236) 6. Distribution of value added Personnel (55,888) (46,425) (72,809) (61,654) Direct compensation (39,581) (32,413) (52,620) (45,667) Stock option (9,654) (7,022) (9,654) (7,022) Benefits (4,178) (4,700) (6,901) (5,748) Social security charges (2,475) (2,290) (3,634) (3,217) Taxes, fees and contributions (62,491) (54,619) (73,847) (58,806) Federal (54,971) (47,760) (64,774) (51,014) Local (7,520) (6,859) (9,073) (7,792) Interest and rent (79,699) (75,822) (84,872) (80,227) Interest (53,853) (52,400) (53,933) (52,472) Credit card fee (22,370) (20,029) (22,370) (20,029) Other (3,476) (3,393) (8,569) (7,726) 7. Return on own capital (62,632) (47,549) (62,632) (47,549) Retained earnings (62,632) (47,549) (62,632) (47,549) See accompanying notes. 10

25 Notes to the interim financial statements 1. General information CVC Brasil Operadora e Agência de Viagens S.A. ("CVC" or the "Company ") is a publicly-held corporation, based in Santo André, São Paulo, listed on the BM&FBOVESPA - Securities, Commodities and Futures Exchange under CVCB3 code. CVC and its subsidiary, CVC Serviços Agência de Turismo Ltda. ("CVC Serviços"), are mainly engaged in providing tourism services and in selling, either individually or in an aggregate manner (tour packages), airline tickets, ground transportation, hotel reservations, cruiseline tickets and others. As of, CVC owned 35 stores (through CVC Serviços), 899 CVC exclusive branded stores and had commercial relationships with approximately 6,400 registered travel agents to sell CVC-branded products and services throughout Brazil. CVC also has agreements with local representatives to sell CVC-branded products and services in Argentina and Uruguay. The tourism services rendered by CVC are offered directly to customers by independent service providers and based on terms and conditions agreed to between CVC and its customers. CVC s business model is organized and supported under the Brazilian Tourism Law (Law 11,771/08). On December 23, 2009, The Carlyle Group ( Carlyle ), a Washington, D.C.-based global alternative asset management firm, purchased 63.6% of the shares of CVC Brasil Operadora e Agência de Viagens S.A.. The issuance of the Company and Consolidated Interim Financial Information was authorized by the Board of Directors on August 05,

26 2. Summary of significant accounting policies The interim financial information was prepared in accordance with regulation CVM 673/11, which establishes the minimum content of an interim financial information and the principles for recognition and measurement for demonstrations complete or condensed interim period. The interim financial information, in this case, interim information, aims to provide update based on the latest full financial statements. As such, it focus on new activities, events and circumstances and do not duplicate previously disclosed information, unless Management deems relevant to maintain it. The financial statements presented herein were prepared based on the policies accounting estimates and calculation methods adopted in preparing the annual financial statements for the year ended December 31, 2014 (Notes 2 and 3). There was no change of any kind with respect to such policies and estimates calculation methods. As allowed by CVM Resolution 673/11, the Administration chose not to disclose details again in the accounting policies of the Company. Thus, it is necessary to read these financial statements in conjunction with the annual financial statements for the year ended December 31, 2014 to allow users to extend their understanding of the financial condition and the Company's liquidity and ability to generate profits and cash flows Statement of compliance and basis of preparation The individual and consolidated interim financial statements were prepared and are presented in accordance with CPC 21 (R1) - Interim Financial Reporting and the international accounting standard IAS 34 - Interim Financial Reporting issued by the International Accounting Standards Board - IASB, and in conformity with the standards issued by the Brazilian Securities Commission CVM, applicable to the preparation of interim financial information New pronouncements published During the six months period ended, the Company was not required to adopt new accounting standards or pronouncements. 12

27 3. Financial risk management 3.1. Financial risk factors The Company's activities expose it to various financial risks: market risk (including currency risk, interest rate risk of fair value, interest rate risk of cash flow and price risk), credit risk and liquidity risk. The risk management program of the Company focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company's financial performance. Risk management is undertaken by the Company's Treasury, according to the policies approved by the Board. The Treasury identifies, evaluates and protects the Company against potential financial risks in cooperation with the Company's operational units. The Board of Directors provides principles for risk management, as well as for specific areas such as foreign exchange risk, interest rate risk, credit risk, use of derivative and nonderivatives financial instruments and investment of cash surpluses. a) Market risk (i) Foreign exchange risk The foreign exchange risk refers to risk of changes in fair value of future cash flows of financial instruments due to changes in foreign exchange rates. The Company s risk of change in exchange rates is primarily applicable to current accounts in foreign currency and foreign trade accounts payable denominated in foreign currencies other than the Company s functional currency. 13

28 3. Financial risk management (Continued) 3.1. Financial risk factors (Continued) a) Market risk (Continued) (i) Foreign exchange risk (Continued) The exchange rate risk could significantly impact future revenue, since the anticipated sales of travel packages include provisions for future payments to the respective suppliers of travel packages, including international suppliers, and revenue. To manage this foreign exchange risk, the Company uses foreign currency purchase agreements with financial institutions and non-deliverable forward (NDF) contracts. Additionally, the Company also protects itself from foreign exchange risk through the advanced payments to suppliers linked to foreign currencies. (ii) Cash flow risk or fair value associated with interest rate risk Interest rate risk refers to risk of changes in fair value of future cash flows of financial instruments due to changes in interest rates of the market. The Company's exposure to risk of changes in interest rates of the market is primarily applicable to the group of cash equivalents adjusted based on CDI and LIBOR, which may affect the Company s results and cash flows. (iii) Sensitivity analysis As an attempt to check the sensitivity of the index for the financial investments the Company was exposed to on, three different scenarios were created. Based on the forecast by financial institutions, we arrived at a 12-month forecast for Interbank Deposit Certificates (CDI) for each of these transactions and this was defined as the most probable scenario (scenario 1); from this rate, the Company assessed variations from 25% (scenario 2) and 50% (scenario 3). For each of these scenarios, the gross financial revenue was estimated and taxes on investment returns were not included. The reference date for the portfolio was with a one-year projection to check the CDI s sensitivity to each scenario. 14

29 3. Financial risk management (Continued) 3.1. Financial risk factors (Continued) iii) Sensitivity analysis (Continued) Balance at Market projections Operations Risk June 30, 2015 Scenario 1 Scenario 2 Scenario 3 Current account in foreign currency - USD (Note 5) Decline in USD 34,797 35,524 26,643 17,762 Current account in foreign currency - EUR (Note 5) Decline in EUR 4,918 5,023 3,767 2,511 Current account in foreign currency - GBP (Note 5) Decline in GBP Current account in foreign currency - CAD (Note 5) Decline in CAD Cash equivalents (Note 5) Decline in CDI 1,965 1,970 1,968 1,967 Non-deliverable forward (Note 4.4) Decline in USD/EUR (1,464) (1,419) (2,630) (3,804) SWAP Increase CDI 270, , , ,282 b) Credit risk Credit risk refers to the risk of the other party failing to fulfill its obligations under a financial instrument or agreement with the customer, causing a financial loss. The Company is primarily exposed to credit risk relating to cash and cash equivalents and trade accounts receivable. Credit risk is minimized through the following policies: Cash and cash equivalents: The Company has adopted methods that restricts the values that can be allocated to a single financial institution, and takes into account monetary limits and credit ratings of the financial institutions with which it operates, which are updated on a regular basis. Trade accounts receivable: The Company enters into transactions associated with credit cards and financial institutions since the credit risk is transferred entirely to those parties. Direct sales to individual customers through post-dated checks are limited and represent approximately 6.7% and 5.2% of the revenue in the periods ended on June 30, 2015 and 2014, respectively. Advances to suppliers: The Company performs an analysis of the financial and asset healthy of its suppliers, and monitors outstanding balances on an ongoing basis. 15

30 3. Financial risk management (Continued) 3.1. Financial risk factors (Continued) c) Liquidity risk (Continued) Liquidity risk arises from the possibility that the Company cannot meet its obligations on their due dates due to restrictions on market liquidity. The excess cash is managed by the Company s Treasury, which invests its excess cash in bank accounts bearing interest, term deposits, short-term deposits and foreign currency purchase agreement, choosing appropriate instruments with maturities and sufficient liquidity as determined by the cash flow forecast. The tables below show the maturity of the main liabilities as of and December 31, Consolidated Less than 3 3 to 12 1 to 5 Months months years Total As of Suppliers 269, ,411 Accounts payable - related parties 2, ,453 Loans and financing - 146, , ,472 Other accounts payable 30, , , , , ,486 Consolidated Less than 3 3 to 12 months months Total As of December 31, 2014 Suppliers 366, ,591 Accounts payable - related parties 111, ,922 Other accounts payable 31,154-31, , ,667 16

31 3.2. Capital management In order to maintain or adjust the capital structure, the Company may review its policies regarding the factoring of receivables, payment of dividends, return of capital to shareholders, or issuance of new shares to reduce, for example, the level of indebtedness. Capital is not managed at the Company level but rather at the consolidated level, as shown below: Consolidated June 30, 2015 December 31, 2014 Loans and financing 278,472 - SWAP (Note 3.6) (8,454) - Accounts payable FIP GJP (Note17) - 103,427 (-) Cash and cash equivalents (47,163) (50,499) (=) Net debt 222,855 52,928 (+) Equity 483, ,826 (=) Equity and net debt 706, ,754 17

32 3. Financial risk management (Continued) 3.3. Fair value The following is a comparison between book value and fair value, by class, of the Company s financial instruments as presented in the Interim Financial Informaton: Company Book value Fair Value June 30, December 31, June 30, December 31, Financial assets Cash and cash equivalents 45,808 50,206 45,808 50,206 Derivative instruments 6,990 3,017 6,990 3,017 Trade accounts receivable 1,414,195 1,388,418 1,414,195 1,388,418 Accounts receivable - related parties 3,864 13,577 3,864 13,577 Total 1,470,857 1,455,218 1,470,857 1,455,218 Financial liabilities Loans and financing 278, ,472 - Suppliers 268, , , ,726 Accounts payable - related parties 11, ,074 11, ,074 Total 558, , , ,800 Consolidated Book value Fair Value June 30, December 31, June 30, December 31, Financial assets Cash and cash equivalents 47,163 50,499 47,163 50,499 Derivative instruments 6,990 3,017 6,990 3,017 Trade accounts receivable 1,419,958 1,396,119 1,419,958 1,396,119 Accounts receivable - related parties 3,864 4,534 3,864 4,534 Total 1,477,975 1,454,169 1,477,975 1,454,169 Financial liabilities Loans and financing 278, ,472 - Suppliers 270, , , ,591 Accounts payable - related parties 2, ,922 2, ,922 Total 551, , , ,513 Fair value of financial assets and liabilities is based on the value of respective financial instruments in a current transaction between parties willing to negotiate, provided it does not involve forced sale or settlement. The following methods and assumptions were used to assess fair value. Fair value of cash and cash equivalents, trade accounts receivable and accounts payable to suppliers and related parties is similar to book value, mainly due to shortterm maturities. 18

33 3. Financial risk management (Continued) 3.3. Fair value (Continued) Long-term receivables at fixed and variable rates are assessed by the Company based on certain parameters, such as interest rate risk and counterparty risk. At, and December 31, 2014, the book values of such receivables were similar to their fair values. Fair value of non-negotiable instruments, loans and financing and other financial debts, obligations under financial lease agreements, as well as other non-current financial liabilities, is estimated by using future cash flows discounted at rates currently available for debts of similar maturity. The Company adopted CPC 40 / IFRS 7 for financial instruments measured in the balance sheet at fair value, which requires disclosure of fair value for the next level of the hierarchy of measurement at fair value. The fair value of financial instruments traded in active markets (such as held for trading and available for sale) is based on market prices, quoted on the balance sheet date. The quoted market price used for financial assets held by the Company is the current bid price. The fair value of financial instruments that are not traded in an active market (eg OTC derivatives ) is determined using valuation techniques Hedge accounting The Company has formally assigned its hedge accounting transactions to its derivative financial instruments hedging against cash flows for future payment in foreign currency to foreign suppliers and local suppliers with payments which are denominated in foreign currency. The hedge accounting documentation prepared by the Company s management mainly comprises (i) the Company s risk management strategy and its objective for entering into the hedge; (ii) the identification of the financial instrument used and/or assigned; (iii) the hedged item or transaction; (iv) the nature of the risk subject to the hedge; and (v) the retrospective and prospective calculation of hedge effectiveness. The Company records gains and losses considered effective for hedge accounting purposes in other comprehensive income, until the hedged item affects the income statement upon hedged transaction-related passengers' boarding, which is when such gain or loss for each assigned instrument affects the income statement in the same account as that of the hedged item (revenue from sales). At, and December 31, 2014, fair value related to transactions involving hedging financial instruments was measured at fair value through factors subject to observation, such as quoted prices in active markets or discounted cash flows based on market curves, and it is stated in the table below. In addition, the Company does not carry out transactions with derivative financial instruments considered exotic. 19