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  • 1. Company Presentation November, 2009 1
  • 2. Notice This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of OHL Brasil, these are merely projections and, as such, are based exclusively on the , y p j , , y expectations of OHL Brasil’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward looking statements depend substantially on changes in market conditions forward-looking depend, substantially, conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry and are, therefore, subject to change without prior notice. 2
  • 3. Agenda Company Profile Portfolio P tf li OHL Brasil’s Results Traffic Federal Concessions New Opportunities 3
  • 4. Company Profile – OHL Group NATIONAL INTERNATIONAL CONCESSIONS ENVIRONMENTAL DEVELOPMENTS INDUSTRIAL CONSTRUCTION CONSTRUCTION • Civil Projects • Latin America • Buildings Construction • USA and Canada • Sea and brackish water • Tourist Complexes • Refinery Desalination • Urban Services and • Central Europe • Malls • Gas Infrastructures • Urban and Industrial • Eastern Europe • Petrochemical Water Purification • Potable water treatment • Energy • Lands Movements • Fire protection systems TOLL ROADS RAILWAYS COMMERCIAL AIRPORTS MARINAS PARKING FACILITIES PORTS •9 • 2 Spain • 1 Mexico • 4 Spain • 1 Brazil • 1 Spain 37 km 4 million 2,431 • 1 Argentina 30 hectares pass./year moorages • 3 Chil Chile • 5 Mexico •3 Spain •1 Peru Ranked 7th private transport infrastructure promoters in the world, ranking PWF1. 4,400 4 400 km (1) PWF = Public Works Financing 4
  • 5. Company Profile – OHL Group OHL Group G OHL Concesiones C i International Group of construction, concessions and Strategic position in Latin America: Brazil, México e Chile; services, listed in the Madrid Stock Exchange since 1991; Global operator of infrastructures: roads, ports, airports and Founded over 98 years ago and established in 16 countries; railways; Portfolio of € 59 bn (+55%) in 2008; Expertise in Brazil through OHL Brasil; Unique Spanish builder with financial rating; Broad international experience in the developing of efficient Compromised with the maintenance of the "Investment capital structure for projects. Grade" obtained in 2001. Summary of results: Summary of results: Revenue (Euros M) 2005 2008 1H09 Revenue (Euros M) 2005 2008 1H09 OHL S.A 2,443 100% 4,009 100% 1,969 100% OHL Concessiones 250 100% 542 100% 314 100% National Construction 1,375 56% 1,786 45% 780 40% Argentina 10 4% 11 2% 5 2% International Construction 708 29% 1,429 36% 775 39% Brazil 160 64% 273 50% 173 55% Environment 63 3% 120 3% 59 3% Chile 37 15% 52 10% 30 10% Developments 47 2% 106 3% 27 1% Spain 12 5% 44 8% 26 8% Industrial - 0% 26 1% 14 1% Mexico 30 12% 80 15% 32 10% Concessions 250 10% 542 14% 314 16% Other - 0% 84 15% 48 15% EBITDA (Euros M) 2005 2008 1H09 EBITDA (Euros M) 2005 2008 1H09 OHL S.A 285 100% 608 100% 304 100% OHL Concessiones 152 100% 340 100% 192 100% National Construction 75 26% 121 20% 48 16% Argentina 5 3% 1 0% (1) 0% International Construction 48 17% 111 18% 53 17% Brazil 94 62% 205 60% 109 56% Environment 13 5% 19 3% 6 2% Chile 21 14% 33 10% 20 11% Developments (3) -1% 15 2% 6 2% Spain 8 5% 1 0% 14 7% Industrial - 0% 2 0% (1) 0% Mexico 24 16% 118 35% 55 29% Concessions 152 53% 340 56% 192 63% Other - 0% (18) -5% (4) -2% 5
  • 6. Company Profile – Investment Criteria • Geographical Scope: • Strategic Countries like Brazil, Mexico, Chile, Peru and Spain; • Selectively in other geographical areas. • Interest percentage: We favor majority holdings that confer decision-taking and control powers in each concession. • Profitability: A 15% target in Euros taking into account the effect of possible parity changes Euros, changes, estimated as inflation differential. • Equity: Financed with cash flow put up by the Group. • Debt: Non-recourse and in local currency, free from exchange rate risk. 6
  • 7. Company Profile – Corporate Structure 100.0% 100.0% Participes en Brasil S.L. SPAIN 60.0% BRAZIL 40.0% 40 0% FEDERAL TOLL ROADS SAO PAULO STATE TOLL ROADS OTHER BUSINESS 100.0% 100.0% Estimated 2009 Total Year - 2008 Total Total extension (km) 2,079 Total extension (km) 1,147 100.0% Toll Plazas 29 Toll Plazas 23 Vehicle-Equivalents (mn) 285 Vehicle-Equivalents (mn) 141 Employees(1) 1,541 Employees(1) 1,153 Net Revenue (R$ mn) 724 100.0% 100 0% Net Revenue (R$ mn) 389 EBITDA (R$ mn) 68 Adjusted EBITDA (R$ mn) 494 Net Debt (R$ mn)(1) 471 Net Debt (R$ mn)(1) 901 100.0% SPR 4.68% (1) Data from 3Q09. 7
  • 8. Company Profile - OHL Concesiones’s Timeline Centrovias/ C t i / Brazilian federal Viaducto Vi d t Establishment 94% holding in Vianorte and roads Fumisa Awarding of OHL Brasil IPO Bicentenario oh OHL Autovias Acquisitions Toluca Acquisitions Concesiones CONMEX and Intervias Tren Móstoles a Libramiento Acquisition Amozoc-Perote Awarding of Metro Navalcarnero (AECSA 45% and I2000 Awarding of Ruta Alicante Port Puebla 9% Autovias 69 and Eje Acquisition Ligero Oeste Autovía Acquisitions de Aragón Autopista del Norte Aeropuerto Strategic Definition Development Consolidation Mn reais 1.447 Net Revenue - OHL Concesiones (CAGR 01-08 = 34 8%) 34.8%) EBITDA - OHL Concesiones (CAGR 01-08 = 37.2%) EBITDA - OHL Brasil (CAGR 01-08 = 48.4%) 1.160 909 908 843 760 93 69 604 524 462 441 430 331 296 62 220 0 236 6 26 2 179 181 128 100 99 68 59 34 33 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 8
  • 9. Company Profile – OHL Brasil’s Concessions The largest company in Brazil in the sector of toll roads concessions in terms of kilometers under management, g , with 3,226 km; High Market-Share. 22% in terms of km managed (only highways under concession); OHL Brasil consolidated its participation in the main economic axes of the country; There are approximately 35 million people living near our highways; The states in which we operate hold more than 2/3 of the Brazilian fleet of vehicles. 9
  • 10. Company Profile – Terms of the Concessions Portfolio Life: The average remaining term of our concessions’ portfolio is 18 years. 24 24 24 24 24 19 9 10 9 9 1 1 1 1 1 11 11 11 Years pending Years elapsed 10
  • 11. Portfolio – São Paulo State Concessions State Concessions State Concessions OHL Brasil Stake 100 % Length 1,147 km No. No of toll plazas 23 plazas Portfolio Average Life 11.8 years Eqv. Vehicles - 2008 (mn) 141.1 Employees – 3Q09 1,153 1 153 Average Tariff – 3Q09 R$ 6.07 Invest. Estimated – (5 Years) R$ 470 million Net Debt – 3Q09 (R$ mn) 901.2 901 2 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 68.2% 68 2% 64.0% 61.9% 59.5% 57.1% 51.6% 50.7% 724 617 507 546 465 494 360 395 310 302 338 266 160 183 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 11
  • 12. Portfolio – Autovias Autovias Autovias OHL Brasil Stake 100 % Length 316 km No. No of toll plazas 5 plazas Concession Ending Aug/2018 Eqv. Vehicles - 2008 (mn) 38.0 Employees – 3Q09 196 Average Tariff – 3Q09 R$ 5.69 Invest. Estimated – (5 Years) R$ 110 million Net Debt – 3Q09 (R$ mn) 272.5 272 5 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 71.4% 68.8% 66.2% 62.2% 62.0% 60.9% 60.3% 183 150 121 131 107 103 95 79 80 66 59 66 40 48 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 12
  • 13. Portfolio – Centrovias Centrovias Centrovias OHL Brasil Stake 100 % Length 218 km No. No of toll plazas 5 plazas Concession Ending Jun/2019 Eqv. Vehicles - 2008 (mn) 22.2 Employees – 3Q09 173 Average Tariff – 3Q09 R$ 9.11 Invest. Estimated – (5 Years) R$ 99 million Net Debt – 3Q09 (R$ mn) 236.7 236 7 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 71.4% 71 4% 65.2% 66.0% 64.9% 62.8% 60.1% 56.9% 170 140 121 127 121 108 82 92 81 76 70 70 40 49 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 13
  • 14. Portfolio – Intervias Intervias Intervias OHL Brasil Stake 100 % Length 376 km No. No of toll plazas 9 plazas Concession Ending Jan/2029 Eqv. Vehicles - 2008 (mn) 51.8 Employees – 3Q09 542 Average Tariff – 3Q09 R$ 4.70 Invest. Estimated – (5 Years) R$ 130 million Net Debt – 3Q09 (R$ mn) 345.5 345 5 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 71.5% 71 5% 68.0% 68.6% 68.4% 63.2% 56.3% 49.0% 207 184 162 172 144 148 118 126 102 113 110 91 58 56 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 14
  • 15. Portfolio – Vianorte Vianorte Vianorte OHL Brasil Stake 100 % Length 237 km No. No of toll plazas 4 plazas Concession Ending Mar/2018 Eqv. Vehicles - 2008 (mn) 29.1 Employees – 3Q09 242 Average Tariff – 3Q09 R$ 6.73 Invest. Estimated – (5 Years) R$ 131 million Net Debt – 3Q09 (R$ mn) 46.5 46 5 Revenues, Adjusted EBITDA and Adjusted EBITDA Margin 57.3% 51.5% 45.7% 42.1% 38.3% 35.4% 31.3% 164 143 118 117 126 87 94 72 74 49 58 45 23 31 2002 2003 2004 2005 2006 2007 2008 Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin 15
  • 16. Portfolio – Federal Concessions Federal Concessions Federal Concessions OHL Brasil Stake 100 % Length 2,079 km No. No of toll plazas 29 plazas Portfolio Average Life 24 years Employees – 3Q09 1,541 Average Tariff – 3Q09 R$ 1 46 1.46 Invest. Estimated – (5 Years) R$ 4,296 million Net Debt – 3Q09 (R$ mn) 471.6 Revenues, EBITDA and EBITDA Margin (1) 41.1% 40.8% 25.2% 128 127 100 48 52 52 25 -26 -54.7% 1Q09 2Q09 3Q09 4Q09E Net Revenue (R$mn) EBITDA (R$mn) EBITDA Margin (1) 4th Quarter is estimated by OHL Brasil 16
  • 17. Portfolio – Autopista Planalto Sul Planalto Sul Autopista Planalto Sul OHL Brasil Stake 100 % Length 413 km No. No of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 3Q09 144 Tariff – 3Q09 R$ 2 70 2.70 Invest. Estimated – (5 Years) R$ 407 million Net Debt – 3Q09 (R$ mn) 48.1 Main Commitments: Capital Structure – 3Q09 • 25.4 km of highway widening. • 48.3 km-long 3rd lane. R$ 62.6 mn R$ 25.0 mn • 10.2 km-long lateral lanes. • Construction of 7 overpasses. 39.0% 15.6% • Construction of 9 user service centers. • Renovation of the entire highway. 45.5% 45 5% R$ 73.1 mn Debt Intercompany Loans Capital 17
  • 18. Portfolio – Autopista Fluminense Fluminense Autopista Fluminense OHL Brasil Stake 100 % Length 320 km No. No of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 3Q09 216 Tariff – 3Q09 R$ 2 50 2.50 Invest. Estimated – (5 Years) R$ 640 million Net Debt – 3Q09 (R$ mn) 58.5 Main Commitments: Capital Structure – 3Q09 • 176 6 km of highway widening 176.6 widening. R$ 65.7 mn R$ 63.1 mn • 3.8 km-long lateral lanes. • 28.3 km alternate roads/loops. 26.5% • Construction of 17 overpasses. 27.6% • Construction of 7 user service centers. • Implementation or renovation of 45.9% weighing stations. i hi t ti • Renovation of the entire highway. R$ 109.2 mn Debt Intercompany Loans Capital 18
  • 19. Portfolio – Autopista Fernão Dias Fernão Dias Autopista Fernão Dias OHL Brasil Stake 100 % Length 562 km No. No of toll plazas 8 plazas Concession Ending Feb/2033 Employees – 3Q09 440 Tariff – 3Q09 R$ 1 10 1.10 Invest. Estimated – (5 Years) R$ 765 million Net Debt – 3Q09 (R$ mn) 142.1 Main Commitments: Capital Structure – 3Q09 • 88 km long 3rd lane km-long lane. • 94.16 km-long lateral lanes. R$ 120.2 mn R$ 68.0 mn • 10.3 km alternate roads/loops. 20.3% • Construction of 50 overpasses. 35.8% • Construction of 12 user service centers. • Implementation or renovation of 43.9% weighing stations. i hi t ti • Renovation of the entire highway. R$ 147.4 mn Debt Intercompany Loans Capital 19
  • 20. Portfolio – Autopista Régis Bittencourt Régis Bittencourt Autopista Régis Bittencourt OHL Brasil Stake 100 % Length 402 km No. No of toll plazas 6 plazas Concession Ending Feb/2033 Employees – 3Q09 498 Tariff – 3Q09 R$ 1 50 1.50 Invest. Estimated – (5 Years) R$ 1,474 million Net Debt – 3Q09 (R$ mn) 111.1 Main Commitments: Capital Structure – 3Q09 • 30.5 km of highway widening. • 104.9 km-long 3rd lane. R$130.4 mn R$ 84.0mn • 109.6 km-long lateral lanes. • 23.6 km alternate roads/loops. 19.7% 30.6% • Construction of 51 overpasses. • Construction of 9 user service centers. 49.7% • Implementation or renovation of weighing stations. • Renovation of the entire highway. R$ 211.3 mn Debt Intercompany Loans Capital 20
  • 21. Portfolio – Autopista Litoral Sul Litoral Sul Autopista Litoral Sul OHL Brasil Stake 100 % Length 382 km No. No of toll plazas 5 plazas Concession Ending Feb/2033 Employees – 3Q09 243 Tariff – 3Q09 R$ 1 10 1.10 Invest. Estimated – (5 Years) R$ 1,010 million Net Debt – 3Q09 (R$ mn) 111.9 Main Commitments: Capital Structure – 3Q09 • 30 km long 3rd lane km-long lane. • 79.7 km-long lateral lanes. R$ 70.0 mn R$ 51.0 mn • 94.7 km alternate roads/loops. • Construction of 39 overpasses. 25.6% 18.6% • Construction of 8 user service centers. • Implementation or renovation of weighing stations. i hi t ti 55.8% 55 8% • Renovation of the entire highway R$ 152.7 mn Debt Intercompany Loans Capital 21
  • 22. OHL Brasil’s Results Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million) 306 841 CAGR 02-08 = 4.30% 203 725 616 129 58.3% 120 108 111 100 105 430 99 389 34 106 268 531 (2) 103 (2) 159 93 2002 2003 2004 2005 2006 2007 2008 9M09 2002 2003 2004 2005 2006 2007 2008 9 09 9M09 Federal Concessions State Concessions Margin and Adjusted EBITDA (in R$ million) Net Income (in R$ million) 62.8% 63.4% 64.5% 65.4% 65.6%(1) 62.3% 58.7% 57.8% 474 105 106 50.2% 50 2% 99 384 77 79.1% 75 277 247 422 168 348 (2) 25 59 (2) 92 55 3 (8) 2002 2003 2004 2005 2006 2007 2008 9M09 2002 2003 2004 2005 2006 2007 2008 9M09 (1) Adjusted EBITDA Margin Excluding the Federal Concessions. 22 (2) Performed 9M08
  • 23. OHL Brasil’s Results – Debt Structure Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million) Indebtness (R$ million) Leverage Ratio and Net Debt (R$ million) 1,936 2.6x 2.5x 2.4x 1,657 , 1,425 739 1.9x 267 1,012 1,037 922 1.4x 1.3x 1.1x 1.0x 1.1x 1,291 1,325 691 690 1,174 517 518 915 933 935 1,158 1,197 375 355 652 407 399 735 471 456 437 416 316 335 110 119 79 102 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 Long Term Short Term Net Debt N t D bt Net D bt/ Adj t d N t Debt/ Adjusted EBITDA (LTM) Debt Cost Breakdown Debt Amortization Schedule (in R$ million) 88.5% Debt Amortization Schedule (R$ million) 69.0% 735.3 695.5 52.7% CDI 30.7% 30 7% 47.0% TJLP 192.9 11.1% 0.3% 0.3% Other 22.0 11.7 0.4% 3Q08 2Q09 3Q09 Oct/09 to Oct/10 to 2011 2012 2013 Sep/10 S /10 Dec/10 D /10 23
  • 24. OHL Brasil’s Results – Investment Estimated (1) CapEx – State (R$ million) Estimated (1) CapEx – Federal (R$ million) 1,235 1,233 1,102 528 531 570 194 197 170 (2) 80 60 60 100 110(2) 2008 2009E 2010E 2011E 2012E 2013E 2008 2009E 2010E 2011E 2012E 2013E State Concessions (2009-2013): R$470 million Federal Concessions (2009-2013): R$4.3 billion (1) Base September 2009 24 (2) Performed 9M09
  • 25. Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR Passenger/Light – Vehicles (base 100 = 2002) 160 ABCR SP ABCR BRA OHL States 150 140 130 120 110 100 90 80 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Commercial/Heavy – Vehicles (base 100 = 2002) 160 ABCR SP ABCR BRA OHL States 150 140 130 120 110 100 90 80 Jan 05 Jan-05 Jul 05 Jul-05 Jan 06 Jan-06 Jul 06 Jul-06 Jan 07 Jan-07 Jul 07 Jul-07 Jan 08 Jan-08 Jul 08 Jul-08 Jan 09 Jan-09 Jul 09 Jul-09 - ABCR Data updated until Sep/09; 25 - OHL Brasil Data updated until Oct/09.
  • 26. Traffic – OHL State Concessions x Proxies Industry Payroll (1) vs Passenger Vehicles (base 100 = 2002) vs. 160 Ind. Payroll OHL Passenger Vehicles 150 140 130 120 110 100 90 80 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Industry Output (1) vs. Commercial Vehicles (base 100 = 2002) 180 Ind. Output SP Ind. Output BRA OHL Comercial Vehicles 170 160 150 140 130 120 110 100 90 80 Jan-05 J 05 Jul-05 J l 05 Jan-06 J 06 Jul-06 J l 06 Jan-07 J 07 Jul-07 J l 07 Jan-08 J 08 Jul-08 J l 08 Jan-09 J 09 Jul-09 J l 09 - Industry Output updated until Sep/09; Industry Payroll updated until Aug/09; 26 - OHL Brasil data updated until Oct/09 (1) Source: IBGE
  • 27. Traffic – Seasonality: Total Vehicles 1,20 ABCR BRA OHL States 1,15 ABCR SP Quarterly Average OHL States 1,10 , 1,05 1,00 0,95 0,90 0 90 0,85 j jan feb mar apr may jun p y j j jul aug sep oct nov dec g p 27
  • 28. Traffic – Seasonality: Passenger / Light Vehicles 1,20 ABCR BRA OHL States 1,15 ABCR SP Quarterly Average OHL States 1,10 1,05 1,00 0,95 0,90 0 90 0,85 j jan feb mar apr may jun y j j jul aug sep oct nov dec g 28
  • 29. Traffic – Seasonality: Commercial / Heavy Vehicles 1,20 ABCR BRA OHL States 1,15 ABCR SP Quarterly Average OHL States 1,10 , 1,05 1,00 0,95 0,90 0 90 0,85 jan feb mar apr may jun jul aug sep oct nov dec 29
  • 30. Federal Concessions - Bidding Process AUCTION STRUCTURE: • Brownfield Projects; • Auction based in the lowest tariff and without Government Fee; • Concession period = 25 years; • Maintenance of the economic-financial balance by the proposal’s IRR. AUCTIONS RESULTS: Toll Tariffs (R$) and Discount to the cap Project IRR (real) Total Lots Winner # Bids CapEx (R$ Winner’s 2nd Player Maximum Winner 2nd Player 3rd Player MM) Proposals Estimated Lot 2 OHL 10 4.188 39.4% 35.2% 27.0% 8.6% 10.1% 735 Lot 4 OHL 8 3.824 41.0% 29.0% 26.0% 8.0% 11.8% 1,056 Lot 5 OHL 15 2.884 65.4% 60.1% 53.2% 8.6% 11.8% 1,345 Lot 6 OHL 13 2.685 49.2% 42.3% 30.8% 8.7% 10.9% 1,902 Lot 7 OHL 17 2.754 62.7% 47.3% 41.5% 8.0% 15.1% 1,378 Lot 1 BRVias 10 4.083 40.0% 27.7% 27.0% 4.1% n/a 715 Lot 3 Acciona 3 4.037 27.2% 4.6% 2.0% 10.0% n/a 524 30
  • 31. Federal Concessions - Background Before (1990’s) Federal Auction (2007- 08) Project Real IRR (Proposals) 17% / 24% 4% / 10% Country Risk 1 825 bp 277 bp IPCA and IGP-M 1 9.7% and 8.5% 5.3% and 6.3% GDP 1 2.5% 4.5% CDI and TJLP 1 32.3% and 14.2% 15.1% and 8.1% Conditions for BNDES Funding 50-60% CapEx, Tenor: 10 years and 50 60% C E T d 70% C E T CapEx, Tenor: 12 years and d Payment: 6 years Payment: 10 years First round for toll road concessions More than 10 years of statistics Sector Risk and Unknown Regulatory and Regulatory Environment Environment Tested Political and Economic Risks Global Economic Crisis, Internal Political and Economic Stability Political Instability, etc C dit Rating by S&P and Fitch2 Credit R ti b d Fit h Speculative Grade ‘B+’ (-4) Investment Grade ‘BBB-’ (+1) 31
  • 32. Federal Concessions – Toll Plazas Operating Toll Plazas: Opening - Opening - Opening - Opening - Opening - Opening - Opening - Toll Plazas - Total Toll Concessionaire Dec/2008 Jan/2009 Feb/2009 Mar/2009 May/2009 June/2009 Ago/2009 Operating Plazas Planalto Sul 1 1 3 5 5 Fluminense 3 1 1 5 5 Fernão Dias 2 1 1 3 7 8 Régis Bittencourt 2 1 2 1 6 6 Litoral Sul 2 1 2 5 5 Total 5 2 10 5 3 2 1 28 29 - Tariff Adjustment Opening Estimation: Autopista Fernão Dias (P1) – 2Q10 32
  • 33. Federal Concessions – Net Revenue Estimative (R$ million) Year 2 or 2009 Proposal Data(1) Potential - 29 Toll Plazas (2) Perform ed/Estim ated ANTT(1) Proposal Data(1) 24.6% 55.0% 64.8% Potential - 29 Toll Plazas (2) -19.7% 24.4% 32.2% Perform ed/Estim ated -35.5% -19.6% 6.3% ANTT(1) -39.3% 39 3% -24.4% 24 4% -5.9% 5 9% 156.1 155.6 163.3 148.9 148 9 134.5 127.5 127.6 126.8 117.5 121.1 94.7 100.2 94.4 99.1 90.4 47.8 1Q09 2Q09 3Q09 4Q09 Proposal Data Potential - 29 Toll Plazas Performed/Estimated ANTT (1) Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002- 2008). ANTT Revenues: traffic ANTT x current tariffs. tariffs (2) Potential data estimated with seasonality index by OHL States Concession (average 2002-2008). 33
  • 34. Federal Concessions – Costs Estimative (R$ million) Year 2 or 2009 Proposal Data(1) Perform ed/Estim ated ANTT(1) Proposal Data(1) 19.6% -11.7% Perform ed/Estim ated -16.4% -26.2% ANTT(1) 13.3% 35.5% 101.3 101 3 101.3 101 3 101.3 101 3 101.3 101 3 89.5 89.5 89.5 89.5 74.0 75.0 75.1 75.1 1Q09 2Q09 3Q09 4Q09 Proposal Data Performed/Estimated ANTT (1) Adjusted data with inflation from July/07 to June/09: 11.04% 34
  • 35. Federal Concessions – Financing Plan R$ 4.8 bn Financing the Cape for the first 6 years; Capex ears Around 69% of the Capex Grace period of 2 years; Repayment period in 10 years; p y p y R$ 2.3 bn Cost: TJLP + 200-300 bps margin. BNDES1 Long-term financing is estimated to the beginning of 2010. Federal Bridge Loan of R$ 1.0 billion with BNDES; CAPEX 6 years R$ 1 bn R$ 747 million already disbursed to 5 federal concessionaires; Maturity f M t it of 18 months and cost l th d t lower th 10 0% p.y; than 10.0% R$830 mn Cash generation of federal and state concessions; Leverage in State Concessions; OHL R$670 mn Financing through CCB’s in State Concessions; Currently Leverage Ratio low than 3x (Net Debt/EBITDA); Possibility to increase the leverage ratio; R$ ??? Additional leverage capacity on State concessions due to annual EBITDA growth. th (1) BNDES = Brazilian Development Bank, is a federal public company, linked to the Ministry of Development, Industry and Foreign Trade (MDIC). 35
  • 36. New Opportunities OHL Brasil maintains its aim to grow and develop the Brazilian infrastructure market. We continue to analyze new opportunities in the sectors. Federal Highways: 3rd Stage / 1st Phase: BR-040, BR-381 and BR-116 (Minas Gerais State). 2,000 km with 3 lots. Auction estimated to occur in 2010; 3rd Stage / 2nd Phase: BR-101/ES, BR-101/BA and BR-470/SC. 1,600 km with 3 lots. No estimate date for the auction auction. State Highways: Minas Gerais: 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in 2010; São Paulo: 2 lots with approximated 600 km of roads on São Paulo State coast. No estimate date for the auction; Rodoanel: South, East and North stretches. No estimate date for the auction. Airports: Galeão (Rio de Janeiro) and Viracopos (Campinas-SP): The concessions of these two airports are expected to privately-owned enterprise. PPP - Aeroporto Internacional de São Gonçalo do Amarante (Natal/RN). Estimated to occour first half 2010 2010. 36
  • 37. Company Presentation Contacts OHL Brasil S.A.: Rua Joaquim Floriano, 913 – 6º andar Francisco Leonardo Moura da Costa Itaim Bibi – São Paulo – SP CFO and IR Director CEP 04534-013 francisco.leonardo@ohlbrasil.com.br Fone.: (+55 11) 3074-2404 Alessandro Scotoni Levy IR Manager Visit our website: alessandro@ohlbrasil.com.br www.ohlbrasil.com.br/ir Vinicius Romboli Narcizo Investment Analyst vinicius@ohlbrasil.com.br Murilo Tarini IR Analyst November, 2009 murilo@ohlbrasil.com.br 37