- The document summarizes the results of a 2Q13 earnings conference call for Arteris, a toll road operator in Brazil. It reported increased toll revenues and traffic volumes compared to 1Q13 and 2Q12. Adjusted EBITDA and net income were up for the quarter and half year period. Cash costs declined and margins increased. Total investments in road maintenance and infrastructure were lower in 2Q13 compared to prior periods. The company is on track to invest over R$1.3 billion in federal highways and R$140 million in state highways for 2013. Debt levels rose slightly but remained at comfortable ratios to cash flow.

1. Results Conference Call
Second Quarter 2013 (2Q13)
August 09, 2013

2. Tolled Traffic
2Investor Relations 2Q13 Results Conference Call
• Highlighted growth in State Highways driven by heavy vehicles growth
(+11.9%);
• Autopista Litoral Sul interrupted the charges at P5 toll plaza on June 22, 2013,
following ANTT’s resolution.
Vehicle-Equivalents (Thousand) 2Q13 1Q13 2Q12
Var%
2Q13/1Q13
Var%
2Q13/2Q12
1H13 1H12
Var%
1H13/1H12
State Concessions 49,402 46,437 45,513 6.4% 8.5% 95,839 89,558 7.0%
Autovias 11,442 10,709 10,743 6.8% 6.5% 22,151 20,973 5.6%
Centrovias 13,189 12,768 11,877 3.3% 11.0% 25,957 23,743 9.3%
Intervias 15,705 14,601 14,570 7.6% 7.8% 30,306 28,617 5.9%
Vianorte 9,065 8,359 8,323 8.5% 8.9% 17,424 16,225 7.4%
Federal Concessions 126,417 127,294 120,992 -0.7% 4.5% 253,711 247,592 2.5%
Planalto Sul 7,143 6,906 6,886 3.4% 3.7% 14,049 13,809 1.7%
Fluminense 11,576 12,045 11,588 -3.9% -0.1% 23,621 24,314 -2.8%
Fernão Dias 40,823 39,478 38,703 3.4% 5.5% 80,301 77,807 3.2%
Régis Bittencourt 36,946 36,076 35,431 2.4% 4.3% 73,022 71,447 2.2%
Litoral Sul 29,928 32,789 28,384 -8.7% 5.4% 62,717 60,215 4.2%
Total 175,819 173,731 166,505 1.2% 5.6% 349,550 337,150 3.7%

3. Toll Tarriffs
3
• The tariff increases are linked to increases in inflation indexes and contractual rebalances.
• In July 1st the State Government of São Paulo do not authorized the inflation based
contractual readjustments (+6.2%), taking responsibility for all the costs of that measure.
Average Toll Tariff (R$ / Vehicle-Equivalents) 2Q13 1Q13 2Q12
Var%
2Q13/1Q13
Var%
2Q13/2Q12
1H13 1H12
Var%
1H13/1H12
State Concessions 6.48 6.48 6.21 0.0% 4.3% 6.48 6.20 4.4%
Autovias 6.80 6.80 6.57 0.0% 3.5% 6.80 6.57 3.6%
Centrovias 6.18 6.17 5.92 0.1% 4.4% 6.18 5.91 4.5%
Intervias 5.62 5.62 5.36 0.0% 4.8% 5.62 5.35 4.9%
Vianorte 7.99 8.02 7.65 -0.4% 4.5% 8.01 7.66 4.6%
Federal Concessions 1.89 1.85 1.79 1.9% 5.2% 1.87 1.78 5.0%
Planalto Sul 3.60 3.60 3.30 0.0% 9.1% 3.60 3.30 9.1%
Fluminense 3.30 3.23 3.10 2.3% 6.4% 3.26 3.04 7.2%
Fernão Dias 1.40 1.40 1.40 0.0% 0.0% 1.40 1.40 0.0%
Régis Bittencourt 1.80 1.80 1.80 0.0% 0.0% 1.80 1.80 0.0%
Litoral Sul 1.70 1.58 1.42 7.6% 19.8% 1.64 1.39 18.0%
Total 3.18 3.09 3.00 2.9% 5.9% 3.13 2.95 6.0%
Investor Relations 2Q13 Results Conference Call
Federal Concessionaires:
State Concessionaires:

4. 2Q13 Revenues Breakdown
4
Gross Revenue
• Reclassification of revenues that came from works of micro paving in highways that were
being accounted as “other revenue”, but as of 2Q13 started to be registered as
“construction revenue”.
Toll Plazas Revenue
66%
Toll
Others and Const.
34%
57%
43% State
Federal
Investor Relations 2Q13 Results Conference Call
R$ 558.5
million
(+11.8%) R$ 320
million
(+13.2%)
R$ 474.2
million
(+9.9%)
R$ 848.8 million (+6.9%) R$ 558.5 million (+11.8%)

5. Costs and Expenses
5
Costs and Expenses Breakdown (R$ thousand)
• Increase of 4.1% on total
cost
• Reduction of 14.3% on cash
costs (26.5% of total)
• Cash costs now represent
30.5% of net revenue (-6.4
p.p) boosting margins
• Extraordinary variation on
“other expenses” due to
accounting reclassifications
Investor Relations 2Q13 Results Conference Call
(345) (335)
(177) (184) (152)
(734) (762)
(373) (341) (421)
(1,079) (1,098)
(550) (525)
(573)
36.3%
33.3%
36.9%
35.9%
30.5%
20,0%
22,0%
24,0%
26,0%
28,0%
30,0%
32,0%
34,0%
36,0%
38,0%
40,0%(2.500)
(2.000)
(1.500)
(1.000)
(500)
-
1H12 1H13 2Q12 1Q13 2Q13
Cash Costs Non Cash Costs Cash Costs/Net Revenue (ex-construction) 2Q13 Costs and Expenses

6. Operational Performance
6
Adjusted EBITDA and Adjuted EBITDA Margin* (R$ millions)
*Adjusted EBITDA Margin considers the Net Operating Revenue, excluding Construction Revenues
303
328 346
607
673
63.1% 64.1%
69.5%
63.7%
66.7%
62,0%
67,0%
72,0%
77,0%
82,0%
0,0
100,0
200,0
300,0
400,0
500,0
600,0
700,0
800,0
2T12 1T13 2T13 1S12 1S13
Investor Relations 2Q13 Results Conference Call
2Q12 1Q13 2Q13 1H12 1H13
68%
State
Federal
32%
2Q13 Adjusted EBITDA Breakdown

7. Net Income Evolution
7
Net Income (R$ millions)
89 93
107
194 200
-
20,0
40,0
60,0
80,0
100,0
120,0
140,0
160,0
180,0
200,0
2T12 1T13 2T13 1S12 1S13
Investor Relations 2Q13 Results Conference Call
2Q12 1Q13 2Q13 1H12 1H13

8. Debt
8
2,139
2,488
2,706
1.8
2.0 2.1
(2,5)
(1,5)
(0,5)
0,5
1,5
2,5
-
500
1.000
1.500
2.000
2T12 1T13 2T13
Dívida Líquida
Dívida Líquida / EBITDA Ajustado - Ônus Fixo (ult. 12
meses)
Net Debt (R$ thousand)
3,145 3,178 3,141
-
500
1.000
1.500
2.000
2.500
3.000
3.500
2T12 1T13 2T13
Gross Debt (R$ thousand)
Gross Debt Profile
Investor Relations 2Q13 Results Conference Call
2Q12 1Q13 2Q13 2Q12 1Q13 2Q13
65.4%
21.1%
13.4%
TJLP
CDI
IPCA 65.4%
34.4%
0.2%
BNDES
Debentures
Others
Net Debt
Net Debt/Adjusted EBITDA – Fixed charge (last 12
months)
-1.2% 8.8%

9. Investments – Cash Disbursments
9
Intangible and Fixed Assets and Highway Maintenance (R$ thousand)
• For 2013 the company estimates R$ 1.3 billion of investments in federal highways, and R$
140 millions in state highways.
• Until the end of concessions period the company has 7.1 billions forecasted as total
investmente to be made.
35,856 20,708 16,783
56,232 37,491
289,791
245,742
293,173
540,796
539,562
325,647
266,450
309,956
597,028
577,053
4T12 1T13 2T13 1S12 1S13
Manutenção Intangível e Imobilizado
Investor Relations 2Q13 Results Conference Call
Maintenace Intangible and Fixed Assets
4Q12 1Q13 2Q13 1H12 1H13

10. Thank you!
www.arteris.com.br/ir