CCR reported financial results for the third quarter of 2014, with consolidated traffic falling 1.3% compared to the prior year. Revenue increased 5.9% to R$1.458 billion while adjusted EBITDA rose 5.3% to R$977.6 million on a same-basis excluding new projects. Net income on the same basis totaled R$366.2 million, an 8.1% reduction. The company maintained its disciplined approach to costs. CCR remains committed to paying at least 50% of net income as dividends and announced an interim dividend of R$0.7359 per share.

1. EarningsResults3Q14
October, 2014

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Disclaimer
Thispresentationmaycontaincertainforward-lookingprojectionsandtrendsthatneitherrepresentrealizedfinancialresultsnorhistoricalinformation.
Theseforward-lookingprojectionsandtrendsaresubjecttoriskanduncertainty,andfutureresultsmaydiffermateriallyfromtheprojections.ManyoftheserisksanduncertaintiesarerelatedtofactorsthatarebeyondCCR’sabilitytocontrolortoestimate, suchasmarketconditions,currencyswings,thebehaviorofothermarketparticipants,theactionsofregulatoryagencies,theabilityofthecompanytocontinuetoobtainfinancing, changesinthepoliticalandsocialcontextinwhichCCRoperatesoreconomictrendsorconditions,includingchangesintherateofinflationandchangesinconsumerconfidenceonaglobal,nationalorregionalscale.
Readersareadvisednottofullytrusttheseprojectionsandtrends.CCRisnotobligedtopublishanyrevisionoftheseprojectionsandtrendsthatshouldreflectneweventsorcircumstancesaftertherealizationofthispresentation.
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3Q14and9M14Highlights
TRAFFIC:
Proformaconsolidatedtrafficfellby1.3%in3Q14.
TOLLSCOLLECTEDBYELECTRONICMEANS:
ThenumberofSTPusersincreasedby12.5%overSeptember2013,reaching4,618,000activetags.
ADJUSTEDEBITDA:
Same-basis1adjustedproformaEBITDAincreasedby5.3%,withanmarginof67.4%(+0.7p.p.).In9M14,same-basis1adjustedproformaEBITDAclimbedby8.5%,withanmarginof65.7%(+0.9p.p.).
NETINCOME:
Same-basis1netincometotaledR$366.2million,a8.1%reductionin3Q14andR$1,017.1million,andecreaseof2.5%in9M14.
DIVIDENDS:
AsofOctober31,2014,wewillbeginthepaymentofinterimdividendscorrespondingtoR$0.7359percommonshare
1 Adjustment excluding New Businesses, which are not operating yet (MSViaand MetrôBahia), BH Airport, besides Controlar, which has been discontinued since January 2014.
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FinancialHighlights–3Q14
1-Net revenue excludes construction revenue.
2-The Adjusted EBIT and EBITDA margins were calculated by dividing EBIT and EBITDA by net revenue, excluding construction revenue,as required by IFRS, whose counter-entry of the same amount impacts total costs.
3-Adjustment excluding New Businesses, which are not operating yet (MSViaand MetrôBahia), BH Airport), besides Controlar, which has been discontinued since January 2014.
4-Calculated excluding non-cash expenses: depreciation and amortization, the provision for maintenance and the recognition of prepaid concession expenses.
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Financial Indicators (R$ MM)3Q133Q14Chg %3Q133Q14Chg % Net Revenues11,377.11,458.75.9%1,594.41,663.94.4% EBIT723.0700.6-3.1%814.8796.2-2.3% Adjusted EBIT Mg.252.5%48.0%-4.5 p.p.51.1%47.9%-3.2 p.p. EBIT on the same basis3723.0729.10.8%814.8824.81.2% EBIT Mg. on the same basis352.5%50.9%-1.6 p.p.51.8%50.3%-1.5 p.p. Adjusted EBITDA4928.5951.02.4%1,056.91,077.41.9% Adjusted EBITDA Mg.67.4%65.2%-2.2 p.p.66.3%64.8%-1.5 p.p. Adjusted EBITDA on the same basis3928.5977.65.3%1,048.11,104.15.3% Adjusted EBITDA Mg. on the same basis367.4%68.2%+0.8 p.p.66.7%67.4%+0.7 p.p. Net Income403.5346.1-14.2%403.5346.1-14.2% IFRSProforma

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3Q09 3Q10 3Q11 3Q12 3Q13 3Q14
178,663
224,970
248,936 256,560
275,606 271,966
Traffic – Quarter Change (Proforma)
Consolidated – Equivalent Vehicle
Revenue and traffic 3Q14 X 3Q13 (%)
* Information including Renovias which is contemplated in the proforma method.
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AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias2 RodoAnel SPVias
-2.3 -2.9 -3.2
-1.4
-2.8
-0.1
3.7
0.3
-0.5
3.9
2.7 2.5 2.7
4.4
6.1
12.5
7.0 6.4
Traffic Toll Revenues

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AutoBan
28.4%
NovaDutra
16.4%
ViaOeste
13.5%
RodoNorte
8.9%
SPVias
8.0%
Airports
5.6%
STP
3.6%
ViaQuatro
3.3%
RodoAnel
3.2%
Ponte
2.3%
Barcas
2.3%
Renovias
2.3%
ViaLagos
1.3%
Others
0.9%
3Q11 3Q12 3Q13 3Q14
66% 68% 70% 71%
34% 32% 30% 29%
Electronic Cash
Revenue Analysis (Proforma)
Payment Means
Gross Operating Revenues Gross Revenue Breakdown
* Including the proportional results of jointly-owned subsidiaries.
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3Q11 3Q12 3Q13 3Q14
91% 87% 83% 83%
9% 13% 17% 17%
Toll Others

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3Q13 Depreciation
and
Amortization
Third-party
Services
Granting
Power and
Advanced
Expenses
Personnel
Costs
Construction
Costs
Maintenance
Provision
Other
Costs
3Q14 Ex New
Business
3Q14
Ex New
Business
919.7
1,233.7
36 947.4
30 2
34
208 9 (4) (286)
Costs Evolution (3Q14 X 3Q13)
Same Basis
Cash Cost:
+1.5%
Total Costs (R$ MM)
New
Projects
Performed Work
and
New Projects
Construction of Service
Roads, Additional Lanes and
Collection System
New Projects
and
Wage Increase
8
19%
24%
78% 34%
25% 3%
22%
2%
-5%
Additional
provision on
RodoNorte

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3Q13
Proforma
EBITDA
3Q14
Proforma
EBITDA
Ex
New
Projects
3Q14
Proforma
EBITDA
Excluding
New Projects
1,056.9 1,077.4 1,104.1 27
Proforma EBITDA
66.3%
of Mg.
64.8%
of Mg.
67.4%
of Mg.
Expansion of Proforma EBITDA excluding new projects ...
... reinforces cost control discipline.
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FinancialResults
Changein thequarterfinancial resultsreflects...
...theincreasein theaverageSELIC rate beyondthehigher debt stock.
35%
10
•Chg. ofaverageSelic3Q14 X 3Q13 = +3.4 p.p.
•Gross Debt= R$ 9.3 B (+25.5%)
3Q13 NetFinancial ResultIncome fromHedge OperationMonetary variation on loans, financing and debentures and Liabilities related to the Granting PowerExchange Rate Variation on Loans, Financing and DebenturesPresent Value Adjustment of Maintenance Provision and Liabilities related to the Granting PowerInterest on Loans, Financing and DebenturesInterest and Investment Income and Other IncomeFair Value ofHedge OperationOthers3Q14 NetFinancial Result(162.1) (219.1) 25.1(4.9) (10.8)(6.8) (87.0) 43.2(15.1) (0,7)

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3Q13
Net
Income
3Q14
Net
Income
Ex
New
Projects
3Q14
Net Income
Excluding
New Projects
403.5
346.1 20 366.2
Same Basis Income1
1- Adjustment excluding New Businesses, which are not operating yet (MSVia and Metrô Bahia), BH Airport, besides Controlar, which has been discontinued
since January 2014. 11

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CDI
88.3%
IPCA
6.9%
TJLP
2.1%
USD
1.9% Others
0.8%
Debt in September 30, 2014
Gross debt by indexer
Amortization Schedule (R$ ‘000)
• Total Gross Debt: R$ 9.3 B
(R$ 10.3 B proforma)
• Net Debt / EBITDA: 2.0x...
12
2014 2015 2016 2017 From
2018
979
2,356
3,229
1,660
10
5
147
9
10
CDI USD Others
506
1,849
3,371
2,569
1,017

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5,893
6,330 6,344
7,212 7,018 6,944 6,600
7,609 7,620 7,859 8,080
7,247 7,341
1.9 2.0 1.9
2.2 2.1 2.0
1.8
2.0 1.9 2.0 2.0 2.0 2.0
-2,5
-1,5
-0,5
0,5
1,5
2,5
0
2.000
4.000
6.000
8.000
10.000
12.000
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 2Q14 3Q14
Net Debt (R$ MM) Net Debt/EBITDA (x)
Debt
Company presents a comfortable leverage ratio in order to realize the investments in business recently
conquered ...
... and follow with it’s qualified growth.
Net Debt / EBITDA LTM
Proforma Data IFRS10 and 11
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RealizedInvestmentsandMaintenance
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3Q149M143Q149M143Q149M143Q149M14AutoBAn51.8176.57.612.859.4189.30.00.90.00.0NovaDutra56.7149.84.610.261.3160.016.049.00.00.0ViaOeste 16.846.13.410.520.356.710.423.50.00.0RodoNorte (100%)30.569.81.44.131.973.817.140.60.00.0Ponte-1.20.00.00.3-1.20.31.02.30.00.0ViaLagos22.971.80.31.023.372.80.42.90.00.0SPVias66.5169.02.87.469.3176.420.845.90.00.0ViaQuatro (58%)47.348.80.82.448.151.10.00.02.029.6Renovias (40%)1.71.70.91.82.63.41.83.00.00.0RodoAnel (100%)3.911.71.52.45.414.10.00.00.00.0Controlar (45%)0.71.1-0.30.00.41.10.00.00.00.0SAMM2.24.66.421.98.526.50.00.00.00.0ViaRio (33.33%)48.062.00.10.248.162.20.00.00.00.0Quito9.017.70.91.49.819.00.00.00.00.0San José5.78.10.10.15.88.20.00.00.00.0Curaçao9.111.90.00.09.111.90.00.00.00.0Barcas2.17.23.78.55.715.80.00.00.00.0VLT (24.88%)2-2.50.30.20.5-2.30.80.00.070.193.1Metrô Bahia130.3251.46.311.5136.6262.90.00.086.2252.7BH Airport0.00.11.52.41.52.50.00.00.00.0MSVia40.158.916.634.456.793.20.00.00.00.0STP (34.24%)2.27.016.139.818.346.80.00.00.00.0Other30.60.65.120.15.720.70.00.00.00.0Consolidated544.31,176.079.9193.5624.41,369.667.5168.0158.4375.41 - The investments made, which will be received by the granting authority as monetary consideration or contribution, compose the financial assets2 - The amounts consider reclassification in the quarter and accumulated for the financial asset. 3 - Includes CCR, MTH, CPC, SPCP and EliminationsR$ MMPerformed InvestmentsPerformed maintenance ImprovementsEquipments and OthersTotalMaintenance CostProforma Financial Asset13Q149M14

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2014 Dividends
0.06
0.74
Dividends (Cash)
Commitment to pay at least 50% of net income as dividends to shareholders.
1 Considers the average share price in the year.
Interim
Complementary
2014 Cash dividends
paid per share
15
2%
4%
5%
4% 4%
5%
5% 5%
4%
16%
58% 61% 65%
92%
85% 85%
127%
90%
-70%
-20%
30%
80%
130%
2%
3%
4%
5%
6%
7%
1 2 3 4 5 6 7 8 9
Div. Yield Payout
1
2.2%
4.2%
4.8%
3.8% 3.9%
5.0%
4.6% 4.7%
3.9%
3.7%
3.9%
16%
58% 61% 65%
92%
85% 85%
127%
90% 90%
96%
-70%
-20%
30%
80%
130%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
1 2 3 4 5 6 7 8 9 10 11
Div. Yield Payout
2,2%
4,2%
4,8%
3,8% 3,9%
5,0%
4,6% 4,7%
3,9%
3,7%
16%
58% 61% 65%
92%
85% 85%
127%
90% 90%
-70%
-20%
30%
80%
130%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
1 2 3 4 5 6 7 8 9 10
Div. Yield Payout
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
183
263
500
547
580
714 709 672
899
1,177
1,351
Net Income

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Track Record
Milestone Concession Awarded Acquisition Concession Extension
IPO
(2002)
STP
(2003)
Follow-on
(April 2004)
ViaOeste
(October 2004)
RodoNorte
(2005)
AutoBAn +
ViaOeste
Concession
ViaQuatro Extension (2006)
(2006)
USA
(2007)
(2008)
Renovias
RodoAnel
(2008)
Controlar
(2009)
Follow-on
(2009)
SP VIAS
(2010)
CCR Track Record: diversification and new bids
Via Lagos
Concession
Extension
(2011)
• Airports: Quito, San
José and Curaçao
•Barcas
(2012)
Increase in
Curaçao stake
(2013)
• VLT
• Metrô Bahia
• BH Airport
• MSVia
(2013)
16
ViaRio
(2012)

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