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  • 1. 10 10ª Conferência Anual Santander Hotel Sofitel Jequitimar Guarujá - Guarujá Tuesday, August 18 - Thursday, August 20, 2009 Company Presentation August 18-20, 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 Business Structure 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 p • Malls • Gas Infrastructures • Urban and Industrial • Eastern Europe • Petrochemical Water Purification • Potable water treatment • Energy • Lands Movements • Fire protection p systems TOLL ROADS RAILWAYS COMMERCIAL AIRPORTS MARINAS PARKING PORTS FACILITIES •9 • 2 Spain • 1 Mexico p • 4 Spain • 1 Spain • 1 Brazil • 1 Argentina • 3 Chile • 5 Mexico • 3 Spain • 1 Peru 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) 2007 2008 Var. Revenue (Euros M) 2007 2008 Var. OHL S.A SA 3,764 3 764 100% 4,009 4 009 100% 6% OHL Concessiones 436 100% 542 100% 25% National Construction 1,974 52% 1,786 45% -9% Argentina 11 2% 11 2% 6% International Construction 1,162 31% 1,429 36% 23% Brazil 232 53% 273 50% 17% Environment 117 3% 120 3% 3% Chile 45 10% 52 10% 16% Developments 76 2% 106 3% 39% Spain 28 7% 44 8% 54% Industrial - 0% 26 1% n/a Mexico 115 26% 80 15% -31% 31% Concessions 436 12% 542 14% 25% Other 5 1% 84 15% 1450% EBITDA (Euros M) 2007 2008 Var. EBITDA (Euros M) 2007 2008 Var. OHL S.A 543 100% 608 100% 12% OHL Concessiones 317 100% 340 100% 7% National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% -79% 79% International Construction 87 16% 111 18% 28% Brazil 166 52% 205 60% 24% Environment 13 2% 19 3% 48% Chile 29 9% 33 10% 16% Developments 8 1% 15 2% 86% Spain 16 5% 1 0% -95% Industrial - 0% 2 0% n/a Mexico 122 39% 118 35% -3% Concessions 317 58% 340 56% 7% Other (19) -6% (18) -5% -6% 5
  • 6. 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) 1,384 Employees(1) 1,164 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) 388 Net Debt (R$ mn)(1) 944 100.0% SPR 4.68% (1) Data from 2Q09 6
  • 7. Company Profile - OHL Brasil’s Timeline Base Formation Strategic Positioning Expansion Beginning of 94% 100% IPO ANTT’s Activities Autovias Autovias OHL Brasil Auction 100% 100% Autovias Litoral Sul 9% to 24% 100% 100% Centrovias Planato Sul Autovias Centrovias Intervias Intervias Fluminense Vianorte Régis Bittencourt Fernão Dias 1997 1998 to 2000 2001 2002 2003 2004 2005 2006 2007 2008 … 725.0 615.8 Ne Revenues (R mm) CAGR = 55.7% 430.3 R$ 1999: Merger in 389.1 389 1 Spain between OH and Lain 268.3 158.8 92.7 et 32.7 Business feasibility Acquisitions and Current portfolio, Public analysis privileged location Auctions and future growth 7
  • 8. 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. 8
  • 9. 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 9
  • 10. 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 – 2Q09 1,164 1 164 Average Tariff – 2Q09 R$ 5.88 Invest. Estimated – (5 Year) R$ 470 million Net Debt – 2Q09 (R$ mn) 944.3 944 3 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 10
  • 11. 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 – 2Q09 188 Average Tariff – 2Q09 R$ 5.50 Invest. Estimated – (5 Year) R$ 110 million Net Debt – 2Q09 (R$ mn) 280.6 280 6 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 11
  • 12. 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 – 2Q09 174 Average Tariff – 2Q09 R$ 8.84 Invest. Estimated – (5 Year) R$ 99 million Net Debt – 2Q09 (R$ mn) 252.5 252 5 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 12
  • 13. 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 – 2Q09 558 Average Tariff – 2Q09 R$ 4.54 Invest. Estimated – (5 Year) R$ 130 million Net Debt – 2Q09 (R$ mn) 355.8 355 8 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 13
  • 14. 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 – 2Q09 244 Average Tariff – 2Q09 R$ 6.48 Invest. Estimated – (5 Year) R$ 131 million Net Debt – 2Q09 (R$ mn) 55.4 55 4 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 14
  • 15. 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 – 2Q09 1,384 Average Tariff – 2Q09 R$ 1 47 1.47 Invest. Estimated – (5 Year) R$ 4,296 million Net Debt – 2Q09 (R$ mn) 387.7 Revenues, EBITDA and EBITDA Margin (1) 30.0% 25.2% 25.8% 119 126 100 48 25 31 38 -26 -54.7% Q09 1Q09 2Q09 Q09 3Q09 3Q09E 4Q09E Q09 Net Revenue (R$mn) EBITDA (R$mn) EBITDA Margin (1) 3º Quarter and 4º Quarter are estimates of the Company 15
  • 16. 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 – 2Q09 142 Tariff – 2Q09 R$ 2 70 2.70 Invest. Estimated – (5 Year) R$ 407 million Net Debt – 2Q09 (R$ mn) 38.2 Main Commitments: Capital Structure – 2Q09 • 25.4 km of highway widening. • 48.3 km-long 3rd lane. R$ 25.0 mn R$ 68.7 mn • 10.2 km-long lateral lanes. • Construction of 7 overpasses. 16.1% • Construction of 9 user service centers. 44.3% • Renovation of the entire highway. 39.6% R$ 61.3 mn Debt Intercompany Loans Capital 16
  • 17. 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 – 2Q09 196 Tariff – 2Q09 R$ 2 50 2.50 Invest. Estimated – (5 Year) R$ 640 million Net Debt – 2Q09 (R$ mn) 48.5 Main Commitments: Capital Structure – 2Q09 • 176 6 km of highway widening 176.6 widening. • 3.8 km-long lateral lanes. R$ 55.0 mn R$ 49.9 mn • 28.3 km alternate roads/loops. • Construction of 17 overpasses. 32.5% 29.5% • Construction of 7 user service centers. • Implementation or renovation of weighing stations. i hi t ti 38.0% 38 0% • Renovation of the entire highway. R$ 64.3 mn Debt Intercompany Loans Capital 17
  • 18. 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 – 2Q09 384 Tariff – 2Q09 R$ 1 10 1.10 Invest. Estimated – (5 Year) R$ 765 million Net Debt – 2Q09 (R$ mn) 107.7 Main Commitments: Capital Structure – 2Q09 • 88 km long 3rd lane km-long lane. • 94.16 km-long lateral lanes. R$ 252.1 mn • 10.3 km alternate roads/loops. 57.6% • Construction of 50 overpasses. • Construction of 12 user service centers. • Implementation or renovation of 15.5% 26.9% weighing stations. i hi t ti • Renovation of the entire highway. R$ 68.0 mn R$ 117.7 mn Debt Intercompany Loans Capital 18
  • 19. 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 – 2Q09 444 Tariff – 2Q09 R$ 1 50 1.50 Invest. Estimated – (5 Year) R$ 1,474 million Net Debt – 2Q09 (R$ mn) 96.0 Main Commitments: Capital Structure – 2Q09 • 30.5 km of highway widening. • 104.9 km-long 3rd lane. R$ 291.1 mn • 109.6 km-long lateral lanes. 57.9% • 23.6 km alternate roads/loops. • Construction of 51 overpasses. • Construction of 9 user service centers. 16.7% 25.4% • Implementation or renovation of weighing stations. • Renovation of the entire highway. R$ 84.0 mn R$ 127.4 mn Debt Intercompany Loans Capital 19
  • 20. 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 – 2Q09 218 Tariff – 2Q09 R$ 1 10 1.10 Invest. Estimated – (5 Year) R$ 1,010 million Net Debt – 2Q09 (R$ mn) 97.3 Main Commitments: Capital Structure – 2Q09 • 30 km long 3rd lane km-long lane. • 79.7 km-long lateral lanes. R$ 257.0 mn • 94.7 km alternate roads/loops. 68.3% • Construction of 39 overpasses. • Construction of 8 user service centers. • Implementation or renovation of 13.5% 18.2% weighing stations. i hi t ti • Renovation of the entire highway R$ 51.0 mn R$ 68.5 mn Debt Intercompany Loans Capital 20
  • 21. OHL Brasil’s Results Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million) 174 CAGR 02-08 = 4.30% 725 54.3% 616 129 505 120 430 108 111 108 389 100 105 34 99 268 159 93 327 (2) 68 (2) 66 2002 2003 2004 2005 2006 2007 2008 1H09 2002 2003 2004 2005 2006 2007 2008 1H09 Federal Concessions State Concessions Margin and Adjusted EBITDA (in R$ million) Net Income (in R$ million) 65.4% 64.5% 63.6%(1) 105 62.8% 62 8% 63.4% 99 62.3% 474 77 76.2% 58.8% 384 75 57.8% 44.8% 50 277 247 226 25 168 28 3 (2) 92 202 55 (2) (8) 2002 2003 2004 2005 2006 2007 2008 1H09 2002 2003 2004 2005 2006 2007 2008 1H09 (1) Adjusted EBITDA Margin Excluding the Federal Concessions. 21 (2) Performed 1H08
  • 22. Debt Structure Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million) 1,936 Leverage Ratio and Net Debt (R$ million) 2.6x Indebtness (R$ million) 2.5x 1,425 739 1.9x 267 1,012 1,037 1.5x 1.3x 1.4x 1,291 691 690 1.1x 1.0x 1.1x 1,174 537 517 518 915 933 935 1,158 1 158 1,197 1 197 375 355 246 652 407 399 467 456 437 471 316 335 416 291 110 119 79 102 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Long Term Short Term Net Debt Net Debt/ Adjusted EBITDA (LTM) Debt Cost Breakdown Debt Amortization Schedule (in R$ million) 91.4% 61.9% 69.0% CDI 1,197.2 Cronograma Financeiro de Amortização (R$ Milhões) 37.5% 30.7% TJLP 503.7 503 7 8.2% 202.0 0.6% 0.3% Other 21.2 11.6 0.4% 0.1 2Q08 1Q09 2Q09 Jul/09 to Jul/10 to 2011 2012 2013 2014 Jun/10 Dec/10 22
  • 23. Investments Estimated (1) CapEx – State (R$ million) Estimated (1) CapEx – Federal (R$ million) 1,235 1,233 1,102 528 531 197 446 194 170 (2) 80 60 60 100 61(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 June 2009 23 (2) Performed 1H09
  • 24. 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 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 24
  • 25. 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 Com ercial Vehicles 170 160 150 140 130 120 110 100 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 (1) Source: IBGE 25
  • 26. 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 26
  • 27. 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 27
  • 28. 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 28
  • 29. Federal Concessions – Toll Plazas Operating T ll Pl O ti Toll Plazas: Opening - Opening - Opening - Opening - Opening - Opening - Toll Plazas - Concessionaire Total Toll Plazas 2008 Jan/2009 Feb/2009 Mar/2009 May/2009 June/2009 Operating Planalto Sul 1 1 3 5 5 Fluminense 3 1 4 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 27 29 Opening Estimation: Concessionaire Aug/09 Nov/09 Total Planalto Sul Fluminense 1 1 Fernão Dias 1 1 Régis Bittencourt Litoral Sul Total 1 1 2 29
  • 30. Federal Concessions - Traffic and Tariff Toll-Paying Traffic – Federal Concessions 2Q09: Var% Equivalent-Vehicles 2Q09 1Q09 2Q09/1Q09 Planalto Sul 5,959,260 , , 3,814,815 , , 56.2% Fluminense 5,774,000 2,792,000 106.8% Fernão Dias 23,039,091 11,297,273 103.9% Régis Bittencourt 25,308,667 12,078,667 109.5% Litoral Sul 14,053,636 3,955,455 255.3% Total - Federal Concessions: 74,134,654 33,938,210 118.4% The toll tariffs offered in the federal auctions in October/07 were adjusted by the variation of the IPCA from June 2007 to the month prior to the initiation of the toll charge at the first toll plaza in each concessionaire: Average Toll Tariff Var% 2Q09 1Q09 (in R$/Equiv-Vehicles) 2Q09/1Q09 Planalto Sul 2.70 2.70 0.0% Fluminense 2.50 2.50 0.0% Fernão Di F ã Dias 1.10 1 10 1.10 1 10 0.0% 0 0% Régis Bittencourt 1.50 1.50 0.0% Litoral Sul 1.10 1.10 0.0% Average - Federal Concessions: 1.47 1 47 1.54 1 54 -4.5% 4 5% 30
  • 31. Federal Concessions - EBITDA Var% EBITDA - Federal Concessions (R$ thousand) 2Q09 1Q09 2Q09/1Q09 NET SERVICE REVENUE 100,169 47,805 109.5% Costs and Service Expenses (75,017) (73,963) 1.4% Costs f S i C t of Services (E A (Ex. Amort. and D t d Depre.) ) (55,305) (55 305) (55,028) (55 028) 0.5% 0 5% Grant Authority Expenses (8,558) (9,364) -8.6% General & Administrative Expenses (Ex. Amort.) (10,292) (9,327) 10.3% Directors' Compensation (680) (102) n.r. Tax Expenses (219) (142) 54.2% Other Revenues/ Expenses 37 - n.d. EBITDA 25,152 (26,158) n.r. EBITDA Margin (%) 25.1% -54.7% The following two factors were relevant to the increase of EBITDA in our Federal Concessions during the second quarter: Increase in Net Revenues in the period due to the operation of 22 out of the 29 toll plazas in 2Q09, in addition to the beginning of collection of 5 additional toll plazas. Maintenance of Operating Costs and Expenses vs. 1Q09 (+1.4%). Despite the vs (+1 4%) “maintenance” of federal concessionaires’ operating costs and expenses in the quarter, these should increase and be in line with the costs and expenses expected in the proposals delivered to ANTT (Brazilian Land Transportation Agency) in 2007, as more toll l t ll plazas start charging users and th collection systems b t t h i d the ll ti t become f ll operational. fully ti l 31
  • 32. 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) 26.2% 58.6% 64.8% Potential - 29 Toll Plazas (2) -20.8% 25.7% 30.5% Perform ed/Estim ated -37.0% -20.4% 3.9% ANTT(1) -39.3% -23.4% -3.7% 163.3 156.1 155.6 148.9 127.5 128.0 126.2 117.5 121.1 119.0 100.2 99.1 94.7 94 7 90.4 90 4 94.4 94 4 47.8 1Q09 2Q09 3Q09E 4Q09E 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). 32
  • 33. Federal Concessions – Costs Estimative (R$ million) Year 2 or 2009 Proposal Data(1) Perform ed/Estim ated ANTT(1) Proposal Data(1) 9.9% -11.7% Perform ed/Estim ated -9.0% -19.7% ANTT(1) 13.3% 24.5% 101.3 101.3 101.3 101.3 89.5 89.5 89.5 88.3 89.5 88.3 74.0 75.0 1Q09 2Q09 3Q09E 4Q09E Proposal Data Performed/Estimated ANTT (1) Adjusted data with inflation from July/07 to June/09: 11.04% 33
  • 34. Federal Concessions – Indebtedness Approved credit line of R$1.0 billion structured with BNDES as a Bridge Loan for Federal Concessions; At the end of June occurred the first disbursements from BNDES Bridge Loan totaling the amount of R$ 476.7 million; Subsequent Events to the Second Quarter: Payment of Promissory Notes: y y In July 2009, promissory notes issued in 1Q09 in the amount of R$400 million were paid by the federal concessionaires; Refinancing: Taking into consideration the BNDES disbursement term, the Company issued new promissory notes on July 22, 2009 for Autopista Planalto Sul and Autopista Fluminense, in the total amount of R$120.0 million, with 60 days maturity and remuneration of CDI + y y 2.5% p.y.. 34
  • 35. Federal Concessions – Financing Plan R$ 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. BNDES Long-term financing is estimated to the beginning of 2010. Federal Bridge Loan of approximately R$ 1.0 billion with BNDES; CAPEX 6 years R$ 1 bn R$476.7 million already disbursed to Régis B., Fernão Dias and Litoral Sul; 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 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 2H09; ; 3 rd 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. State Highways: Minas Gerais: 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in 2009/2010; 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. p p y p 36
  • 37. Company Presentation 10 10ª Conferência Anual Santander 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 Vinicius Romboli Narcizo Investment Analyst vinicius@ohlbrasil.com.br Murilo Tarini IR Analyst August 18-20, 2009 murilo@ohlbrasil.com.br 37