This presentation from OHL Brasil contains forward-looking statements about the company's prospects that are based on management's expectations and assumptions. These statements depend on factors like market conditions, regulations, competition, and the performance of the Brazilian economy, so they are subject to change. OHL Brasil operates toll road concessions in Brazil through various subsidiaries. It has a portfolio of over 3,200 km of toll roads with approximately 35 million people living near its highways. Traffic on the toll roads increased in the first nine months of 2011 compared to the same period in 2010. The average remaining concession period is around 16 years. OHL Brasil is part of the larger OHL Group, an international construction company.

1. 9M11 Results
21/11/2011

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 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, government
regulations, competitive pressures, the performance of the Brazilian economy and the industry and are,
therefore, subject to change without prior notice.

3. OHL Group
Results
Opportunities

4. Company Profile – OHL Group
NATIONAL INTERNATIONAL CONCESSIONS ENVIRONMENTAL DEVELOPMENTS INDUSTRIAL
CONSTRUCTION CONSTRUCTION
• Civil Projects • EUA
• Buildings Construction • México, Chile and Peru • Sea and brackish water • Tourist Complexes • Refinery
Desalination
• Urban Services and • Central Europe • Malls • Gas
Infrastructures • Urban and Industrial
• Qatar and Argélia • Petrochemical
Water Purification
• Energy
• Potable water treatment
• Lands Movements
• Fire protection systems
TOLL ROADS RAILWAYS COMMERCIAL AIRPORTS MARINAS PARKING FACILITIES
• 9 • 2 Spain PORTS • 1 Mexico • 4 Spain • 1 Brazil
• 1 Argentina 37 km • 1 Spain 2 million 2,431 berths
pass./year
• 3 Chile • 1 India
• 6 Mexico 80 hectares
• 3 Spain
• 1 Peru
4.417 km
1

5. Company Profile – Geographical Presence
2

6. Company Profile – OHL Group
OHL Group OHL Concesiones
 International Group of construction, concessions and services,  Strategic position in Latin America: Brazil, México and Chile
listed in the Madrid Stock Exchange since 1991
 Global operator of infrastructures: roads, ports, airports and railways
 Founded over 98 years ago and established in 21 countries
 Expertise in Brazil through OHL Brasil
 Portfolio of € 78 bn (9M11)
 Broad international experience in the developing of efficient capital
structure for projects
 Summary of results:  Summary of results:
Revenue (Mn Euros) 2009 2010 9M11 Revenue (Mn Euros) 2009 2010 9M11
OHL S.A 4,780 100% 4,910 100% 3,587 100% OHL Concesiones 1,142 100% 1,509 100% 1,252 100%
Construction 3,426 72% 3,071 63% 1,972 55% Argentina 10 1% 14 1% 11 1%
Others Activities 213 4% 330 7% 364 10% Brasil 432 38% 646 43% 555 44%
Concessions 1,142 24% 1,509 31% 1,252 35% Chile 53 5% 68 4% 26 2%
Espanha 57 5% 75 5% 69 6%
EBITDA (Mn Euros) 2009 2010 9M11 México 65 6% 89 6% 81 6%
OHL S.A 763 100% 1,005 100% 838 100% Peru 8 1% 14 1% 14 1%
Construction 310 41% 240 24% 183 22% Outros 518 45% 603 40% 497 40%
Others Activities 18 2% 18 2% 17 2% EBITDA (Mn Euros) 2009 2010 9M11
Concessions 436 57% 747 74% 639 76% OHL Concesiones 436 100% 747 100% 639 100%
Argentina (3) -1% (3) 0% (4) -1%
Brasil 248 57% 356 48% 303 47%
Chile 39 9% 50 7% 20 3%
Espanha 21 5% 26 3% 45 7%
México * 133 31% 284 38% 255 40%
Peru 5 1% 8 1% 10 2%
Outros (8) -2% 27 4% 10 2%
3

7. Company Profile – Investment Criteria
 Geographical Scope:
 Strategic Countries like Brazil, Mexico, Chile, Peru and Spain
 Selectively in other geographical areas
 Level of Ownership: 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,
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.
4

8. Company Profile – Corporate Structure
OHL S.A.
100%
OHL CONCESIONES
60%
STATE FEDERAL OTHER
CONCESSIONS 100% CONCESSIONS 100% BUSINESS
PLANALTO
AUTOVIAS 100%
SUL LATINA
MANUTENÇÃO
FLUMINENSE
CENTROVIAS 100%
LATINA
SINALIZAÇÃO
FERNÃO DIAS
INTERVIAS 100%
PAULISTA
INFRA
RÉGIS
BITTENCOURT
VIANORTE 4,68%
LITORAL SUL
5

9. Company Profile – OHL Brasil’s Concessions
 One of the largest companies in Brazil in the sector of
toll roads concessions in terms of kilometers under
management, with 3,226 km
 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
6

10. Company Profile – Terms of the Concessions
Portfolio Life: The average remaining term of our concessions’ portfolio is 16.6 years.
22 22 22 22 22
17
7 8 7
11 3 3 3 3 3
13 13 13
Years pending Years elapsed
7

11. Portfolio – State Concessions
Description 1.500 Net Revenue, Margin and Adjusted EBITDA * 110,0%
1.400
OHL Brasil Stake 100 % 1.300
1.200
Length 1,147 km 1.100 68.2% 67.7%
70.8% 71.4% 80,0%
1.000 61.9% 64.0%
59.4%
Nº of toll plazas 23 900
51.1% 57.0%
800
Portfolio Average Life 9.8 years 50,0%
700
600
Equiv. Vehicles – 3Q11 (mn) 48.4 500 896
400 776 20,0%
Employees – 3Q11 1,335 300 546
617
724 634 729
465 507 494 525 527
200 360 395
Average Tariff – 3Q11 R$ 6.19 100 184
265 301 338
288
- -10,0%
Estimated Invest. – (2012-2015) R$ 570 million 2003 2004 2005 2006 2007 2008 2009 2010 9M11
Net Debt – 3Q11 R$ 699 million
Net Revenue (R$ mn) Adjusted EBITDA (R$ mn) * Adjusted EBITDA Margin (%)
Notes: Net revenue without revenue from construction services.
Calculated in accordance with BR GAAP (before IFRS). 8
* Excl. Fixed C. Charge

12. Portfolio – Federal Concessions
Description Net Revenue, Margin and Adjusted EBITDA
OHL Brasil Stake 100 % 53,6%
Length 2,079 km 46.5%
48.8% 48.3%
50,0%
46.1%
220 44.2%
42.9%
Nº of toll plazas 29 41.4% 42.0%
Portfolio Average Life 22 years
Equiv. Vehicles – 3Q11 (mn) 122.8 130
25.0%
180 25,0%
Employees – 3Q11 2,161 138 138 140 152
170 182 188
128
Average Tariff – 3Q11 R$ 1.69 40
100
70 79 88 88 101
48 53 61 58 60
Estimated Invest. – (2012-2015) R$ 2.7 billion 25
-26
Net Debt – 3Q11 R$ 925 billion
-50 0,0%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1T11 2T11 3Q11
Net Revenue (R$ mn) Adjusted EBITDA (R$ mn) Adjusted EBITDA Margin (%)
Notes: Net revenue without revenue from construction services.
9
Calculated in accordance with BR GAAP (before IFRS).

13. OHL Group
Results
Opportunities

14. Macroeconomic Scenario
GDP (%) Interest rate – EoP (%)
40,0 CDI TJLP
35,0
7.5 30,0
24.9
6.1 25,0
5.7
5.2 17.8 18.1
20,0 16.3
4.0 3.9 4.1 13.2 13.7 12.5 12.5
15,0 11.0 11.2 10.7
3.2 10.0 9.8 9.8
2.7 8.7
10,0 6.9 6.3 6.3 6.0 6.0 6.0
6.0
1.1 5,0
(0.6)
-
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E
Inflation rate (%) Exchange rate – EoP (R$)
R$ / € R$ / US$
IGP-M IPCA
5,0
25.3 4,5
3.7 3.6 3.6
4,0
3.3
3,5
2.8 2.8
3,0 3.5 2.6 2.5
2.2
12.5 12.4 2,5 2.9
11.3 2.7
9.8 2,0
8.7 9.3 7.8
2.3
2.1
2.3
7.6 1,5 1.8
5.7 5.9 5.9 6.0 6.2 1.7 1.7 1.6 1.7
4.5 4.3 5.0 5.1 1,0
3.8 3.1
1.2 0,5
(1.7)
-
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E
Source: IBGE, FGV, BACEN, CETIP, Relatório Focus (07/01/2011) e BNDES
10

15. Traffic
Var%
Vehicle-Equivalents (Thousand) 9M11 9M10
9M11/9M10
State Concessions 135,432.70 116,071.66 16.7%
Autovias 32,011.46 31,044.58 3.1%
Centrovias 35,278.10 19,524.92 80.7%
Intervias 43,567.20 42,231.23 3.2%
Vianorte 24,575.94 23,270.93 5.6%
Federal Concessions 359,636.87 312,239.98 15.2%
Planalto Sul 20,890.00 19,727.59 5.9%
Fluminense 34,678.68 31,295.99 10.8%
Fernão Dias 113,278.57 83,658.18 35.4%
Régis Bittencourt 106,269.41 99,651.33 6.6%
Litoral Sul 84,520.22 77,906.89 8.5%
Total 495,069.57 428,311.64 15.6%
11

16. Traffic
Centrovias Fernão Dias
 In the second half of 2010, four toll plazas run by Centrovias started  In September 2010, the last toll plaza of the Fernão Dias Highway,
tolling in both directions, reducing the rate by half located in the municipality of Mairiporã, went into operation
 The toll plazas are located at the cities of Brotas, Dois Córregos,  This toll plaza represents about 21% of all traffic toll fees for utility
Itirapina and Rio Claro
Centrovias (MN Equiv. Vehicles) Fernão Dias (MN Equiv. Vehicles)
15,0 50,0
12,0 40,0
9,0 30,0
6,0 20,0
3,0 10,0
- -
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Before event After event
12

17. Traffic
Commercial vs. Passenger (%) Electronic Toll Collection (AVI)
State Concessions AVI State Concessions
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
60.0% 61,7%
56.0% 56.7% 57.3% 58.0%
62% 63% 63% 62% 64% 53.0% 53.7% 53.8% 53.9%
61% 61% 60% 62% 60% 50.7%
58%
42% 40% 40%
39% 38% 39% 37% 38% 38%
37% 36%
Federal Concessions
AVI Federal Concessions
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
74% 76% 75% 73% 77% 76% 75% 76% 76%
72% 73% 44,2%
42.5%
39.8%
36.9% 38.1%
35.4%
30.2% 31.6%
29.6%
27.5%
26% 25% 27% 28% 25% 27% 25.0%
24% 23% 24% 24% 24%
Commercial Passenger
13

18. Average Toll Tariff
Var%
Average Toll Tariff (R$ / Vehicle-Equivalents) 9M11 9M10
9M11/9M10
State Concessions 5.84 6.16 -5.2%
Autovias 6.16 5.79 6.4%
Centrovias 5.57 8.95 -37.8%
Intervias 5.05 4.77 5.9%
Vianorte 7.22 6.83 5.6%
Federal Concessions 1.68 1.51 11.0%
Planalto Sul 3.10 2.90 6.9%
Fluminense 2.78 2.59 7.3%
Fernão Dias 1.30 1.10 18.2%
Régis Bittencourt 1.70 1.50 13.4%
Litoral Sul 1.36 1.19 14.0%
Total 2.82 2.77 1.6%
State Concessions: Federal Concessions:
Tariff readjustment IGPM Tariff readjustment IPCA Tariff readjustment IPCA
fev/12E 6.4%
jul/12E 4.5% jul/12E 5.5%
dez/11E 6.7%
jul/11 9.8% jul/11 6.6%
fev/11 6.0%
jul/10 4.2% jul/10 5.2% dez/10 5.9%
14

19. OHL Brasil’s Performance
Consolidated Traffic Evolution (MN Equiv. Vehicles) Net Revenue (R$ MN) – Excl. Construct ion Revenue
1.497
596
1.189
446
725
616
495 1.279
428 389 430 1.090
108 127 142
100 99 105 111 268
159
93
2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11
Margin and Adjusted EBITDA ¹ (R$ MN) Net Income ² (R$ MN)
1.350 90,0%
1.300
1.250
1.200 80,0% 304
1.150
1.100 65.4%
1.050 62.8% 63.4% 64.5%
62.3% 60.5%
70,0%
1.000 58.7% 59.2%
950 57.8%
900 52.4% 60,0%
850
800
750 50,0% 176
700
650
600 40,0% 300
550 105
500 99 226
450 887 30,0% 77 75
400 624 793
350
300 20,0% 25
250 474 645
200 384 3
150 247 277 10,0%
100 168
50 55 92 -8
- 0,0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11 2002 2003 2004 2005 2006 2007 2008 2009 2010 9M11
Adjusted EBITDA (R$ mn) ¹ Adjusted EBITDA Margin (%)
645
Obs.: Net revenue without construction revenues ¹ Excl. fixed charge
15
Calculated in accordance with BRGAAP (before IFRS). ² 2010, 9M10 and 9M11 Net Income in IFRS

20. Indebtedness
Gross Indebtedness (R$ MN) Leverage Ratio and Net Debt (R$ MN)
Total
2,5 2,6
2,4
Long Term
2,2 2,5
Short Term 2.963 1,9 1,8
2.789 2.754 2.770 2.000 1,7 1,7 1,6
1,6 1,6
2.474 2.504 1,5
1.500
1.936
1.794 1.822 1.554 0,5
1.657 1.287 1.223 1.862
1.882 2.411
37
1.425 739 1.000
847 (0,5)
267 1.611
922 1.523 1.575
1.354 1.450 1.455 1.453
1.291 1.325 1.346
1.784 1.174
500
1.158 1.197 1.186 1.281 1.234 (1,5)
947 873 908
735
552
- (2,5)
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11
Net Debt Net Debt / Ajusted EBITDA - Fixed Concession Charge (last 12 months)
Debt Cost Breakdown (%) Debt Amortization Schedule (R$ MN)
0,3%
13,0%
TJLP BNDES
44,4% 44,4% 408 401 407
CDI Debentures 364
55,3%
256
IPCA Others 194 200
42,6%
115 125 135
91 98 106
63
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
16

21. Performed Investments on Federal Highways
Accumulated Evolution of
Performed Investments (R$ MN)
+ 601
+ 575
+ 592
2.391
1.790
1.215
623
2008 2009 2010 9M11
17

22. Main Projects in Progress
Autopista Fluminense
Duplication of 59.6 km of the BR 101/RJ between the
cities of Macaé and Campos dos Goytacazes, started in
mid-August, shortly after obtaining the construction license
from IBAMA. In this first phase, there will be an investment
of about R$ 200 million. Altogether, the project includes the
duplication of 176.6 km.
Autopista Fernão Dias
Construction of the second stage of the Betim (MG) City
Belt, by about 9 km. The connection of two ends of the
road will enable the creation of an alternative to long
distance traffic. The project foresees a total investment of
R$ 35 million. Work began in October.
18

23. Main Projects in Progress
Autopista Régis Bittencourt
Construction of the initial and final portions of the second
runway of the Serra do Cafezal (BR 116/SP), with 11 km
long, close to Juquitiba and Miracatu cities. Altogether,
there will be 30 km of highway that will be duplicated. The
release of the license related to the central stretch
depends on the conclusion of the analysis performed by
the environmental agency. In total, will be invested
approximately R$ 560 million in this project.
Autopista Planalto Sul
Duplication of 25 km of the BR-116 from Curitiba to
Mandirituba, started in October. There an investment of R$
62 million .
19

24. Financing Plan for Federal Concessions
 Financing the Capex for the first 8 years
R$ 0.5 bn
 Around 68% of the Financed Capex
 Grace period of 2 years
Federal
Federal  Repayment period in 12 years
Federal
BNDES1
CAPEX
CAPEX
Next CAPEX
5 years R$ 2 bn  Cost: TJLP + 200-300 bps margin
Next3,6 5 anos
R$ 5 years
Next. bn  It will be concluded in 2011
R$ 3.5 bn bn
R$ 3.6
R$ 1 bn  Today: Credit line of R$ 3.7 billion with BNDES
 Until September 2011 R$ 1.3 billion had already been disbursed in 5 federal
concessions
R$ 0.9 bn
 Cash generation of federal and state concessions
OHL
R$ 1.9 bn
R$1,7 bn  Additional financing through debentures in state concessions
R$1.7 bi
R$ 1,0 bn  Leverage rate below 3.5x (Net Debt/EBITDA)
Performed / Disbursed (until Mar/2011) Not Disbursed Credit Expected Amount to be Performed
BNDES = Brazilian Development Bank, is a federal public company, linked to the Ministry of Development, Industry and Foreign Trade (MDIC).
20

25. Panorama of loans with BNDES
Planalto Sul Fluminense Fernão Dias Régis Bittencourt Litoral Sul Total
Current contract Long Term Bridge Loan Long Term Long Term Long Term -
Signature of the current contract mar/11 aug/09 jul/11 jan/10 jul/11 -
Expiration date of current contract 12/15/2025 12/15/2011 03/15/2026 12/15/2024 07/15/2026 -
Principal amount taken up to 9/302011 (R$
162 143 350 422 208 1,285
MM)
Limit long-term credit - contracted /
331 781 703 1,069 810 3,694
expected (R$ MM)
Fundable% on CAPEX 68% 66% 70% 65% 68% 68%
Forecasting loan signing long-term Signed dec/11 Signed Signed Signed -
Approved by the
Current phase of the long-term loan Signed Signed Signed Signed -
board of BNDES
21

26. OHL Group
Results
Opportunities

27. New Opportunities
Federal Government – BR 101/ES/BA
 Coverage: 475.9 km (BA-698 – ES, km 458.4)
 Terms of Concession: 25 years
 Conditions: the lowest tariff
 Investments: about R$ 2,35 billion (R$ 893 million in the first five years)
 Operation Costs (25 years): R$ 1,64 billion
 Toll Plazas: 7
 Toll Tariff: R$ 6.28 per 100 Km
 Estimated Revenue (25 years): R$ 6,7 billion
Source: ANTT - Jan/2010
22

28. New Opportunities
Federal Government – BR-116/MG
 Coverage: 817 km (BR-393 RJ – BR-116 BA)
 Terms of Concession: 25 years
 Conditions: the lowest tariff
 Investments: about R$ 3,55 billion (R$ 870 million in the
first five years)
 Operation Costs (25 years): R$ 1,73 billion
 Toll Plazas: 8
 Toll Tariff: R$ 4.80 per 100 Km
 Estimated Revenue (25 years): R$ 8,51 billion
Source: ANTT - Jan/2007
23

29. New Opportunities
Federal Government – BR-040 (DF/GO/MG)
 Coverage: 937 km (Federal District – Juiz de Fora)
 Terms of Concession: 25 years
 Conditions: the lowest tariff
 Investments: about R$ 2,77 billion (R$ 1,29 billion in the
first five years)
 Operation Costs (25 years): 2,02 billion
 Toll Plazas: 12
 Toll Tariff: R$ 3.43 per 100 Km
 Estimated Revenue (25 years): R$ 8,76 billion
Source: ANTT - Jan/2007
24

30. New Opportunities
Tamoios Highway (SP-099)
25

31. New Opportunities – Airports (summary of modeling results)
Guarulhos Viracopos Brasília
NPV Project ¹
(minimum value of the auction, to
be recognized to the FNAC
R$ 2,293 MM R$ 521 MM R$ 75 MM
during the contract)
PV: R$ 4,771 MM PV: R$ 6,274 MM PV: R$ 2,212 MM
Investments ²
Total: R$ 6,241 MM Total: R$ 11,489 MM Total: R$ 3,535 MM
Revenues ³ R$ 18,686 MM R$ 16,169 MM R$ 5,489 MM
Variable Contribution ³ R$ 1,866 MM R$ 808 MM R$ 110 MM
(to be recognized to the FNAC
during the contract) (10% Gross Revenue) (5% Gross Revenue) (2% Gross Revenue)
Note: Values correspond to 100% of the concession.
1. NPV discounted at the rate (real WACC) of 6.46%. Amount to be paid by the Concessionaire - SPE consists of the successful Bidder (51%) and Infraero (49%).
2. PV discounted at the rate (real WACC) of 6.46%. Total amount already includes the effect of REIDI and maintenance investments.
3. PV discounted at the rate (real WACC) of 6.46%. Amount to be paid by the Concessionaire - SPE consists of the successful Bidder (51%) and Infraero (49%).
26

32. New Opportunities – Airports (model assumptions)
 GDP Growth (until 2014): LDO ¹
Projected Demand
 Rate decreasing income elasticity of demand at 0.25% p.a.
 WACC = 6.46% real
Macro Economic
Assumptions  Model in real terms – without inflation
 Connection Tariff: R$ 7.00 (domestic and international)
Tariff Structure  Incorporation of ATAERO: 20.75%
 Viracopos’s tariff adjusted to Category 1
Payment to be made by the Concessionaire during the contract for the
Variable Contribution National Fund for Civil Aviation (FNAC) to the investments in other airports
 Guarulhos: 10% Gross Revenue
 Viracopos: 5% Gross Revenue
 Brasília: 2% Gross Revenue
 Guarulhos: 20 years
Concession Term  Viracopos: 30 years
 Brasília: 25 years
27
¹ Lei de Diretrizes Orçamentárias (Budget Guidelines Law

33. Alessandro Scotoni Levy
IR Officer
ri@ohlbrasil.com.br
R. Joaquim Floriano, 913 – 5º andar
Itaim Bibi – São Paulo – SP
CEP 04534-013
Tel: +55 11 3074-2410
Visit our website:
www.ohlbrasil.com.br/ir