apres sant

10ª Conferência Anual Santander10 Conferência Anual Santander

Hotel Sofitel Jequitimar Guarujá - GuarujáHotel Sofitel Jequitimar Guarujá Guarujá

Tuesday, August 18 - Thursday, August 20, 2009

Company Presentation

1August 18-20, 2009

Notice

This presentation contains forward-looking statements relating to the prospects of thebusiness, estimates for operating and financial results, and those related to growth prospectsof OHL Brasil, these are merely projections and, as such, are based exclusively on the, y p j , , yexpectations of OHL Brasil’s management concerning the future of the business and itscontinued access to capital to fund the Company’s business plan.

Such forward looking statements depend substantially on changes in market conditionsSuch forward-looking statements depend, substantially, on changes in market conditions,government regulations, competitive pressures, the performance of the Brazilian economy andthe industry and are, therefore, subject to change without prior notice.

2

Agenda

Company Profile

P tf liPortfolio

OHL Brasil’s Results

Traffic

Federal Concessions

New Opportunities

3

Business Structure

Company Profile – OHL Group

NATIONAL INTERNATIONAL ENVIRONMENTAL DEVELOPMENTSCONCESSIONS INDUSTRIALNATIONAL

CONSTRUCTION

• Civil Projects

• Buildings Construction

• Urban Services and

INTERNATIONAL

CONSTRUCTION

• Latin America

• USA and Canada

• Central Europe

ENVIRONMENTAL

• Sea and brackish water Desalination

DEVELOPMENTS

• Tourist Complexes

• Malls

CONCESSIONS INDUSTRIAL

• Refinery

• GasUrban Services and Infrastructures

p

• Eastern Europe • Urban and Industrial Water Purification

• Potable water treatment

Malls • Gas

• Petrochemical

• Energy

• Lands Movements

• Fire protection

TOLL ROADS

• 9

RAILWAYS

• 2 Spain

COMMERCIAL PORTS

AIRPORTS

• 1 Mexico

MARINAS

• 4 SpainPARKING FACILITIES

psystems

• 1 Argentina

• 3 Chile

• 5 Mexico

3 Spain

• 1 Spainp

• 1 Brazil

4

• 3 Spain

• 1 Peru

OHL G OHL C i

Company Profile – OHL Group

International Group of construction, concessions and services, listed in the Madrid Stock Exchange since 1991;Founded over 98 years ago and established in 16 countries;

Strategic position in Latin America: Brazil, México e Chile;Global operator of infrastructures: roads, ports, airports and railways;

OHL Group OHL Concesiones

Portfolio of € 59 bn (+55%) in 2008;Unique Spanish builder with financial rating;Compromised with the maintenance of the "Investment Grade" obtained in 2001.

Expertise in Brazil through OHL Brasil;Broad international experience in the developing of efficient capital structure for projects.

Revenue (Euros M) 2007 2008 Var. Revenue (Euros M) 2007 2008 Var.OHL S A 3 764 100% 4 009 100% 6% OHL Concessiones 436 100% 542 100% 25%

Summary of results: Summary of results:

OHL S.A 3,764 100% 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%Industrial 0% 26 1% n/a Mexico 115 26% 80 15% 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%National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% 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

Company Profile – Corporate Structure

100.0%

100.0%

Participes en Brasil S.L.

40 0%

60.0%SPAIN

BRAZIL

40.0%

SAO PAULO STATE TOLL ROADSFEDERAL TOLL ROADS OTHER BUSINESS

100.0%100.0%

100.0%

100 0%

Year - 2008 TotalTotal extension (km) 1,147Toll Plazas 23Vehicle-Equivalents (mn) 141Employees(1) 1,164

Estimated 2009 TotalTotal extension (km) 2,079Toll Plazas 29Vehicle-Equivalents (mn) 285Employees(1) 1,384

100.0%

100.0%

SPR

Net Revenue (R$ mn) 724Adjusted EBITDA (R$ mn) 494

Net Debt (R$ mn)(1) 944

Net Revenue (R$ mn) 389EBITDA (R$ mn) 68Net Debt (R$ mn)(1) 388

6

4.68%

(1) Data from 2Q09

Company Profile - OHL Brasil’s Timeline

Beginning of Activities

Base Formation

94% Autovias

Strategic Positioning Expansion

100% Autovias

IPO OHL Brasil

100%

ANTT’s Auction

100%

9% to 24% Autovias

100% Centrovias

100% Intervias

100% Autovias

Centrovias Intervias Vianorte

100% Litoral Sul Planato Sul Fluminense

Régis Bittencourt Fernão Dias

1997 1998 to 2000 2001 2002 2003 2004 2005 2006 2007 2008 …

389 1430.3

615.8

R$

mm

)

CAGR = 55.7%

725.0

268.3

92.7158.8

389.1

et R

even

ues

(R 1999: Merger in Spain between OH and Lain

Business feasibility analysis

Acquisitions and privileged location

Current portfolio, Public Auctions and future growth

32.7Ne

7

analysis privileged location Auctions and future growth

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);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

Company Profile – Terms of the Concessions

Portfolio Life: The average remaining term of our concessions’ portfolio is 18 years.

1924 24 24 24 24

9 10 9

11 11 9 111 1 1 1 1

Years pending Years elapsed

9

Portfolio – São Paulo State Concessions

State ConcessionsState Concessions State ConcessionsState ConcessionsOHL Brasil Stake 100 %Length 1,147 kmNo of toll plazas 23 plazasNo. of toll plazas 23 plazasPortfolio Average Life 11.8 yearsEqv. Vehicles - 2008 (mn) 141.1Employees 2Q09 1 164Employees – 2Q09 1,164Average Tariff – 2Q09 R$ 5.88Invest. Estimated – (5 Year) R$ 470 millionNet Debt – 2Q09 (R$ mn) 944 3Net Debt – 2Q09 (R$ mn) 944.3

Revenues, Adjusted EBITDA and Adjusted EBITDA Margin

68 2%

51.6% 50.7%

57.1%59.5%

61.9%64.0%

68.2%

310 360465 507 546

617724

160 183266 302 338

395494

2002 2003 2004 2005 2006 2007 2008

10

2002 2003 2004 2005 2006 2007 2008

Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin

Portfolio – Autovias

AutoviasAutovias AutoviasAutoviasOHL Brasil Stake 100 %Length 316 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Aug/2018Eqv. Vehicles - 2008 (mn) 38.0Employees 2Q09 188Employees – 2Q09 188Average Tariff – 2Q09 R$ 5.50Invest. Estimated – (5 Year) R$ 110 millionNet Debt – 2Q09 (R$ mn) 280 6Net Debt – 2Q09 (R$ mn) 280.6


60.9% 60.3%62.2% 62.0%

66.2%68.8%

71.4%

66 7995 107 121

150183

40 48 59 66 80103

131

2002 2003 2004 2005 2006 2007 2008

11

2002 2003 2004 2005 2006 2007 2008


Centrovias

Portfolio – Centrovias

Centrovias CentroviasCentroviasOHL Brasil Stake 100 %Length 218 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Jun/2019Eqv. Vehicles - 2008 (mn) 22.2Employees 2Q09 174Employees – 2Q09 174Average Tariff – 2Q09 R$ 8.84Invest. Estimated – (5 Year) R$ 99 millionNet Debt – 2Q09 (R$ mn) 252 5


Net Debt – 2Q09 (R$ mn) 252.5

71 4%

56.9%

60.1%

65.2%62.8%

64.9% 66.0%

71.4%

70 81108 121 127 140

170

40 4970 76 82 92

121

2002 2003 2004 2005 2006 2007 2008

12

2002 2003 2004 2005 2006 2007 2008


Intervias

Portfolio – Intervias

Intervias InterviasInterviasOHL Brasil Stake 100 %Length 376 kmNo of toll plazas 9 plazasNo. of toll plazas 9 plazasConcession Ending Jan/2029Eqv. Vehicles - 2008 (mn) 51.8Employees 2Q09 558Employees – 2Q09 558Average Tariff – 2Q09 R$ 4.54Invest. Estimated – (5 Year) R$ 130 millionNet Debt – 2Q09 (R$ mn) 355 8


Net Debt – 2Q09 (R$ mn) 355.8

71 5%

207

56.3%

49.0%

63.2%68.0% 68.6% 68.4%

71.5%

102 113144

162 172 184207

58 5691

110 118 126148

2002 2003 2004 2005 2006 2007 2008

13

2002 2003 2004 2005 2006 2007 2008


Vianorte

Portfolio – Vianorte

Vianorte VianorteVianorteOHL Brasil Stake 100 %Length 237 kmNo of toll plazas 4 plazasNo. of toll plazas 4 plazasConcession Ending Mar/2018Eqv. Vehicles - 2008 (mn) 29.1Employees 2Q09 244Employees – 2Q09 244Average Tariff – 2Q09 R$ 6.48Invest. Estimated – (5 Year) R$ 131 millionNet Debt – 2Q09 (R$ mn) 55 4Net Debt – 2Q09 (R$ mn) 55.4

Revenues, Adjusted EBITDA and Adjusted EBITDA Margin57.3%

31.3%35.4%

38.3%42.1%

45.7%51.5%

72 87118 117 126

143164

23 3145 49 58

7494

2002 2003 2004 2005 2006 2007 2008

14

2002 2003 2004 2005 2006 2007 2008


Portfolio – Federal Concessions

Federal ConcessionsFederal Concessions Federal ConcessionsFederal ConcessionsOHL Brasil Stake 100 %Length 2,079 kmNo of toll plazas 29 plazasNo. of toll plazas 29 plazasPortfolio Average Life 24 yearsEmployees – 2Q09 1,384Average Tariff 2Q09 R$ 1 47Average Tariff – 2Q09 R$ 1.47Invest. Estimated – (5 Year) R$ 4,296 millionNet Debt – 2Q09 (R$ mn) 387.7

Revenues, EBITDA and EBITDA Margin (1)

25.2% 25.8% 30.0%

100119 126

48

-26

25 31 38

-54.7%1Q09 2Q09 3Q09E 4Q09E

15

Q09 Q09 3Q09 Q09

Net Revenue (R$mn) EBITDA (R$mn) EBITDA Margin

(1) 3º Quarter and 4º Quarter are estimates of the Company

Portfolio – Autopista Planalto Sul

Autopista Planalto SulPlanalto Sul Autopista Planalto SulPlanalto SulOHL Brasil Stake 100 %Length 413 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 2Q09 142Tariff 2Q09 R$ 2 70Tariff – 2Q09 R$ 2.70Invest. Estimated – (5 Year) R$ 407 millionNet Debt – 2Q09 (R$ mn) 38.2

Capital Structure – 2Q09

• 25.4 km of highway widening.

Main Commitments:

44.3%

39.6%

16.1%

25.4 km of highway widening.• 48.3 km-long 3rd lane.• 10.2 km-long lateral lanes.• Construction of 7 overpasses.• Construction of 9 user service centers.• Renovation of the entire highway.

R$ 68.7 mnR$ 25.0 mn

Debt Intercompany Loans Capital

R$ 61.3 mn

16

Portfolio – Autopista Fluminense

Autopista FluminenseFluminense Autopista FluminenseFluminenseOHL Brasil Stake 100 %Length 320 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 2Q09 196Tariff 2Q09 R$ 2 50Tariff – 2Q09 R$ 2.50Invest. Estimated – (5 Year) R$ 640 millionNet Debt – 2Q09 (R$ mn) 48.5


• 176 6 km of highway widening

Main Commitments:

29.5%

38 0%

32.5%

• 176.6 km of highway widening.• 3.8 km-long lateral lanes.• 28.3 km alternate roads/loops.• Construction of 17 overpasses.• Construction of 7 user service centers.• Implementation or renovation of

i hi t ti

R$ 49.9 mnR$ 55.0 mn

38.0%


weighing stations.• Renovation of the entire highway.

R$ 64.3 mn

17

Portfolio – Autopista Fernão Dias

Autopista Fernão DiasFernão Dias Autopista Fernão DiasFernão DiasOHL Brasil Stake 100 %Length 562 kmNo of toll plazas 8 plazasNo. of toll plazas 8 plazasConcession Ending Feb/2033Employees – 2Q09 384Tariff 2Q09 R$ 1 10Tariff – 2Q09 R$ 1.10Invest. Estimated – (5 Year) R$ 765 millionNet Debt – 2Q09 (R$ mn) 107.7


• 88 km-long 3rd lane

Main Commitments:

57.6%

26.9%15.5%

88 km long 3rd lane.• 94.16 km-long lateral lanes.• 10.3 km alternate roads/loops.• Construction of 50 overpasses.• Construction of 12 user service centers.• Implementation or renovation of

i hi t ti

R$ 252.1 mn


weighing stations.• Renovation of the entire highway.

R$ 117.7 mnR$ 68.0 mn

18

Portfolio – Autopista Régis Bittencourt

Autopista Régis BittencourtRégis Bittencourt Autopista Régis BittencourtRégis BittencourtOHL Brasil Stake 100 %Length 402 kmNo of toll plazas 6 plazasNo. of toll plazas 6 plazasConcession Ending Feb/2033Employees – 2Q09 444Tariff 2Q09 R$ 1 50Tariff – 2Q09 R$ 1.50Invest. Estimated – (5 Year) R$ 1,474 millionNet Debt – 2Q09 (R$ mn) 96.0


• 30.5 km of highway widening.

Main Commitments:

57.9%

25.4%16.7%

30.5 km of highway widening.• 104.9 km-long 3rd lane.• 109.6 km-long lateral lanes.• 23.6 km alternate roads/loops.• Construction of 51 overpasses.• Construction of 9 user service centers.

Implementation or renovation of

R$ 291.1 mn


• Implementation or renovation of weighing stations.• Renovation of the entire highway. R$ 127.4 mnR$ 84.0 mn

19

Portfolio – Autopista Litoral Sul

Autopista Litoral SulLitoral Sul Autopista Litoral SulLitoral SulOHL Brasil Stake 100 %Length 382 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 2Q09 218Tariff 2Q09 R$ 1 10Tariff – 2Q09 R$ 1.10Invest. Estimated – (5 Year) R$ 1,010 millionNet Debt – 2Q09 (R$ mn) 97.3

• 30 km-long 3rd lane

Capital Structure – 2Q09 Main Commitments:

68.3%

18.2%13.5%

30 km long 3rd lane.• 79.7 km-long lateral lanes.• 94.7 km alternate roads/loops.• Construction of 39 overpasses.• Construction of 8 user service centers.• Implementation or renovation of

i hi t ti

R$ 257.0 mn


weighing stations.• Renovation of the entire highway

R$ 68.5 mnR$ 51.0 mn

20

OHL Brasil’s Results

Net Revenue (in R$ million)Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million)

616725

54.3%

Consolidated Traffic Evolution (MN Equiv. Veihc.)

CAGR 02-08 = 4.30%

129

174

93159

268

389 430 505

327

34100 99 105 108 111120

129108

93

2002 2003 2004 2005 2006 2007 2008

327(2)

1H09

66

2002 2003 2004 2005 2006 2007 2008 1H09

68(2)

Margin and Adjusted EBITDA (in R$ million) Net Income (in R$ million)

9962 8% 63.4%64.5% 105

65.4%63.6%(1)

State ConcessionsFederal Concessions

7799

75

247277

38458.8% 57.8%

62.8% 63.4% 62.3% 474

50

76.2%

44.8%

(8)

3

25

5592

168

247

28(2)

202(2)

226

21

2002 2003 2004 2005 2006 2007 20082002 2003 2004 2005 2006 2007 2008 1H091H09

(1) Adjusted EBITDA Margin Excluding the Federal Concessions.(2) Performed 1H08

Debt Structure

Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)

1,936Indebtness (R$ million)2.5x

2.6xLeverage Ratio and Net Debt (R$ million)

1 158 1 197935

267

739

537 517 518691 690

1,012 1,037

1,425

9151,174 1,291

1.5x1.3x

1.1x 1.0x 1.1x1.4x

1.9x

291 110 119 316 33579 102

1,158 1,197246 407 399

375 355 933 935

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09Long Term Short Term

467 456 437 416 471652

915

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

91.4%

Debt Cost Breakdown Debt Amortization Schedule (in R$ million)

Long Term Short Term Net Debt Net Debt/ Adjusted EBITDA (LTM)

37.5%30.7%

61.9% 69.0% CDI 1,197.2

503 7

Cronograma Financeiro de Amortização (R$ Milhões)

8.2%

30.7%

0.6% 0.4% 0.3%

2Q08 1Q09 2Q09

TJLP

Other202.0

503.7

21.2 11.6 0.1

Jul/09 to Jul/10 to 2011 2012 2013 2014

22

2Q08 1Q09 2Q09 Jun/10 Dec/10

Investments

Estimated (1) CapEx – State (R$ million) Estimated (1) CapEx – Federal (R$ million)

1,235 1,2331,102

1,235 1,233

197 170

528 531

194 446197 170 80 60 60 100

2008 2009E 2010E 2011E 2012E 2013E 2008 2009E 2010E 2011E 2012E 2013E

446(2)

61(2)

State Concessions (2009-2013): R$470 million Federal Concessions (2009-2013): R$4.3 billion

23(1) Base June 2009(2) Performed 1H09

Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR

Passenger/Light – Vehicles (base 100 = 2002)Passenger/Light Vehicles (base 100 2002)

140

150

160ABCR SP ABCR BRA OHL States

110

120

130

140

80

90

100

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)


120

130

140


80

90

100

110

J 05 J l 05 J 06 J l 06 J 07 J l 07 J 08 J l 08 J 09 J l 09

24


Traffic – OHL State Concessions x Proxies

Industry Payroll (1) vs Passenger Vehicles (base 100 = 2002)Industry Payroll (1) vs. Passenger Vehicles (base 100 = 2002)

140

150

160Ind. Payroll OHL Passenger Vehicles

100

110

120

130

80

90


Industry Output (1) vs. Commercial Vehicles (base 100 = 2002)

160

170180 Ind. Output SP Ind. Output BRA OHL Comercial Vehicles

120130

140150160

8090

100110

Jan 05 Jul 05 Jan 06 Jul 06 Jan 07 Jul 07 Jan 08 Jul 08 Jan 09 Jul 09

25


(1) Source: IBGE

Traffic – Seasonality: Total Vehicles

1,20 ABCR BRA

1,10

1,15

ABCR BRAOHL StatesABCR SPQuarterly Average OHL States

1,00

1,05

,

0 90

0,95

1,00

0,85

0,90

jan feb mar apr may jun jul aug sep oct nov decj p y j j g p

26

Traffic – Seasonality: Passenger / Light Vehicles

1,20ABCR BRA

1,10

1,15ABCR BRAOHL StatesABCR SPQuarterly Average OHL States

1,00

1,05

0 90

0,95

1,00

0,85

0,90

jan feb mar apr may jun jul aug sep oct nov decj y j j g

27

Traffic – Seasonality: Commercial / Heavy Vehicles

1,20 ABCR BRA

1,10

1,15ABCR BRAOHL StatesABCR SPQuarterly Average OHL States

1,00

1,05

,

0 90

0,95

1,00

0,85

0,90

jan feb mar apr may jun jul aug sep oct nov dec

28

Federal Concessions – Toll Plazas

O ti T ll PlOperating Toll Plazas:

ConcessionaireOpening -

2008Opening - Jan/2009

Opening - Feb/2009

Opening - Mar/2009

Opening - May/2009

Opening - June/2009

Toll Plazas - Operating Total Toll Plazas

Planalto Sul 1 1 3 5 5Fluminense 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 SulFluminense 1 1Fernão Dias 1 1Régis BittencourtLitoral Sul

Total 1 1 2

29

Toll-Paying Traffic – Federal Concessions 2Q09:

Federal Concessions - Traffic and Tariff

Toll-Paying Traffic – Federal Concessions 2Q09:

Equivalent-Vehicles 2Q09 1Q09 Var% 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%

The toll tariffs offered in the federal auctions in October/07 were adjusted by the variation of the IPCA

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 IPCAfrom June 2007 to the month prior to the initiation of the toll charge at the first toll plaza in eachconcessionaire:

Average Toll Tariff 2Q09 1Q09 Var% (in R$/Equiv-Vehicles) 2Q09 1Q09 2Q09/1Q09

Planalto Sul 2.70 2.70 0.0%

Fluminense 2.50 2.50 0.0%

F ã Di 1 10 1 10 0 0%Fernão Dias 1.10 1.10 0.0%

Régis Bittencourt 1.50 1.50 0.0%

Litoral Sul 1.10 1.10 0.0%

Average Federal Concessions: 1 47 1 54 4 5%

30

Average - Federal Concessions: 1.47 1.54 -4.5%

Var%

Federal Concessions - EBITDA

2Q09 1Q09 Var% 2Q09/1Q09

NET SERVICE REVENUE 100,169 47,805 109.5%

Costs and Service Expenses (75,017) (73,963) 1.4%

C t f S i (E A t d D ) (55 305) (55 028) 0 5%

EBITDA - Federal Concessions (R$ thousand)

Costs of Services (Ex. Amort. and Depre.) (55,305) (55,028) 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 FederalConcessions during the second quarter:

Increase in Net Revenues in the period due to the operation of 22 out of the 29 tollplazas 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 theMaintenance of Operating Costs and Expenses vs. 1Q09 (+1.4%). Despite the “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 t ll l t t h i d th ll ti t b f ll ti l

31

toll plazas start charging users and the collection systems become fully operational.

Federal Concessions – Net Revenue Estimative (R$ million)

Year 2 or 2009 Proposal Data(1) Potential - 29 Toll Plazas(2) Performed/Estimated ANTT(1)

Proposal Data(1) 26.2% 58.6% 64.8%Potential - 29 Toll Plazas(2) -20.8% 25.7% 30.5%Performed/Estimated -37.0% -20.4% 3.9%ANTT(1) -39.3% -23.4% -3.7%

156.1 148.9 155.6 163.3

117.5 121.1 127.5 128.0

100.2

119.0 126.2

94 7 90 4 94 4 99.1

47.8

94.7 90.4 94.4

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

32

ANTT Revenues: traffic ANTT x current tariffs.(2) Potential data estimated with seasonality index by OHL States Concession (average 2002-2008).

Federal Concessions – Costs Estimative (R$ million)

Year 2 or 2009 Proposal Data(1) Performed/Estimated ANTT(1)

Proposal Data(1) 9.9% -11.7%Performed/Estimated -9.0% -19.7%ANTT(1) 13.3% 24.5%

101.3 101.3 101.3 101.3

89.5 89.5 89.5 89.5

74.0 75.0

88.3 88.3

1Q09 2Q09 3Q09E 4Q09E

Proposal Data Performed/Estimated ANTT

33

(1) Adjusted data with inflation from July/07 to June/09: 11.04%

Federal Concessions – Indebtedness

Approved credit line of R$1.0 billion structured with BNDES as a Bridge Loan for FederalConcessions;

At the end of June occurred the first disbursements from BNDES Bridge Loan totalingthe amount of R$ 476.7 million;

Subsequent Events to the Second Quarter:

Payment of Promissory Notes:y yIn July 2009, promissory notes issued in 1Q09 in the amount of R$400 million were paid by the federal concessionaires;

Refinancing: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 y2.5% p.y..

34

Federal Concessions – Financing Plan

Financing the Cape for the first 6 earsR$ 4.8 bn Financing the Capex for the first 6 years;Around 69% of the CapexGrace period of 2 years;Repayment period in 10 years;

R$ 2.3 bn

BN

DES

p y p yCost: TJLP + 200-300 bps margin.Long-term financing is estimated to the beginning of 2010.

Federal CAPEX 6 years R$ 1 bn

Bridge Loan of approximately R$ 1.0 billion with BNDES;R$476.7 million already disbursed to Régis B., Fernão Dias and Litoral Sul;M t it f 18 th d t l th 10 0%

R$830 mn

Maturity of 18 months and cost lower than 10.0% p.y;

Cash generation of federal and state concessions;

R$670 mn

OH

L Leverage in State Concessions;

Financing through CCB’s in State Concessions;Currently Leverage Ratio low than 3x (Net Debt/EBITDA);Currently Leverage Ratio low than 3x (Net Debt/EBITDA);

Possibility to increase the leverage ratio;Additional leverage capacity on State concessions due to annualEBITDA th

R$ ???

35

EBITDA growth.

New Opportunities

OHL Brasil maintains its aim to grow and develop the Brazilian infrastructure market. We continue toanalyze 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;;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.

State Highways: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 forthe 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 airportsare expected to privately-owned enterprise.

36

p p y p

10ª Conferência Anual Santander

Company Presentation

10 Conferência Anual Santander

Contacts OHL Brasil S.A.:

Francisco Leonardo Moura da CostaCFO and IR Director

Rua Joaquim Floriano, 913 – 6º andarItaim Bibi – São Paulo – SP CFO and IR Director

[email protected]

Alessandro Scotoni LevyIR [email protected]

Itaim Bibi – São Paulo – SPCEP 04534-013Fone.: (+55 11) 3074-2404

Visit our website: [email protected]

Vinicius Romboli NarcizoInvestment [email protected]

Visit our website:

www.ohlbrasil.com.br

37

Murilo TariniIR [email protected] 18-20, 2009

apres sant

Business

long lateral

long 3rd lane

long lane

promissory

ohl brasil

leverage ratio

29 toll plazas

state concessions