ccr day 3 presentation

Forward-Looking Statement

This presentation contains certain statements that are neither reported financial

results or other historical information. They are forward-looking statements.

Because these forward-looking statements are subject to risks and uncertainties,

actual future results may differ materially from those expressed in or implied by the

statements. Many of these risks and uncertainties relate to factors that are beyond

CCR’s ability to control or estimate precisely, such as future market conditions,

currency fluctuations, the behavior of other market participants, the actions of

governmental regulators, the Company's ability to continue to obtain sufficient

financing to meet its liquidity needs; and changes in the political, social and regulatory

framework in which the Company operates or in economic or technological trends or

conditions, inflation and consumer confidence, on a global, regional or national basis.

Readers are cautioned not to place undue reliance on these forward-looking

statements, which speak only as of the date of this document. CCR does not

undertake any obligation to publicly release any revisions to these forward looking

statements to reflect events or circumstances after the date of this presentation.

Agenda

09:00 a.m. Welcome – Renato Vale

09:10 a.m. The Sector Today – Márcio Batista

09:45 a.m. Traffic Trends – Arthur Piotto

10:25 a.m. Coffee Break

10:45 a.m. Evaluation of Current Portfolio – Ricardo Froes

11:20 a.m. Perspectives for CCR – Leonardo Vianna

12:00 p.m. Q&A Session

12:30 p.m. Lunch

The Sector Today

Tolls: Problem or solution?

• Transportation infrastructure sector requires huge investments

• Restrictions on government budgets

• Greater efficiency of private sector

• Funding available from sector players and international investment funds

Global Tendency

GDP

US$ billion

Population

million

Road network

thousands of km

Fleet

million

Source: US Bureau of Economics Analysis, team analysis

1,551California

884Texas

599Florida

336NorthCarolina

329Virginia

35.9

22.5

17.4

8.5

7.5

273

486

194

164

115

29

15

14

6

6

USA

. NC. CA

. X. FL

. VA

Florida

Greenfield ProjectExtension

km

Investments

US$ MM

Libramiento de La Piedad and Access to México –Guadalajara Expressway

50 67

Compostela – Puerto Vallarta 104 324

Libramiento de Chihuahua 41 63

Total 195 454

Mexico – Federal Concession

Short-term – estimated projects

Greenfield ProjectExtension

km

Investments

US$ MM

Entronque Prefiférico Guadalajara – Entronque Ixtlahuacan del Río 30 114

Libramiento de Playa del Carmen 20 45

Libramiento de Ciudad Juárez 15 45

Salamanca - León 85 182

Libramiento de Puerto Vallarta 20 45

Cuapiaxtla - Cuacnopalan 74 132

Libramiento Sur de Puebla 45 91

La Venta – Colegio Mulitar 22 364

Colegio Militar - Chalco 40 318

Indios Verdes – Santa Clara 12 136

Puente Internacional Río Bravo - Donna 0.2 18

Total 363.2 1,490

Mexico – Federal Concession

Midterm - projects in preparation

Upgrade ProjectExtension

km

Investments

US$ MM

Upgrade Maintenance

Mitla – Entronque Tehuantepec 163 364 117

Zacatecas - Saltillo 213 109 386

Total 376 473 503

Mexico – Federal PPS


Upgrade ProjectExtension

km

Investments

US$ MM

Upgrade Maintenance

Apizaco - Calpulalpan 51 109 79

Macuspana – Campeche / Quintana Roo state border

434 129 142

Arriaga – La Ventosa 137 82 106

Salina Cruz - Huatulco 146 200 266

Acayucan – La Ventosa 170 182 260

Total 938 448 853

Mexico – Federal PPS

Mid-term – estimated projects

Greenfield ProjectsExtension

km

Investments

US$ MMExisting Expressway – Sale

• Atizapán - Atlacomulco

• Ampliación Chamapa - Lechería107 455

• Chamapa - Lechería

• Atlacomulco - Maravatío

• Libramiento de Mazatlán

• Libramiento de Culiacán

• Corredor Turístico de Los Cabos

88 300• Culiacán - Mazatlán

• San José – Cabo San Lucas

• Libramiento Sur de Reynosa

• Allende – Juaréz

• Sabinas – Colombia

(8 works)

219 487

• Reynosa – Matamoros

• Puente Int. Reynosa / Pharr

• Puente Los Tomates

• Monterrey – Nuevo Laredo

• Cadereyta – Reynosa

306 km / 2006 revenues of US$ 102 million

Total 414 1,242

Mexico – asset monetization (FARAC)


Ciudad Hidalgo

Salina Cruz

Cancún

Mexicali

La Paz

Guadalajara

Tepic

Tuxtla Gutiérrez

Chetumal

Mérida

Campeche

Culiacán

Durango

Saltillo

CiudadVictoria

ZacatecasAguascalientes

Jalapa

San Luis Potosí

Querétaro

Monterrey

ChilpancingoOaxaca

ColimaVilla Hermosa

Hermosillo Chihuahua

México D.F.PueblaCuernavaca

Tijuana

Nogales Ciudad Juárez

Nuevo Laredo

Matamoros

Piedras Negras

Mazatlán

Manzanillo

Lázaro Cárdenas

Acapulco

TampicoProgreso

Tuxpan

Veracruz

Atlacomulco

Huatulco

Ecuandureo

MoreliaToluca

Torreón

Brownfield: Chamapa – Lechería / Atlacomulco - Maravatío

Construction: Atizapán – Atlacomulco / Ampliación Chamapa - Lechería

Brownfield: Culiacán - Mazatlán

Construction: Libramiento de Mazatlán / Libramiento de Culiacán

Brownfield: San José – Cabo San Lucas

Construction: Corredor Turístico de Los Cabos

Mexico – asset monetization (FARAC 2)

Ciudad Hidalgo

Salina Cruz

Cancún

Mexicali

La Paz

Guadalajara

Tepic

Tuxtla Gutiérrez

Chetumal

Mérida

Campeche

Culiacán

Durango

Saltillo

CiudadVictoria

ZacatecasAguascalientes

Jalapa

San Luis Potosí

Querétaro

Monterrey

ChilpancingoOaxaca

ColimaVilla Hermosa

Hermosillo Chihuahua

México D.F.PueblaCuernavaca

Tijuana

Nogales Ciudad Juárez

Nuevo Laredo

Matamoros

Piedras Negras

Mazatlán

Manzanillo

Lázaro Cárdenas

Acapulco

TampicoProgreso

Tuxpan

Veracruz

Atlacomulco

Huatulco

EcuandureoMorelia

Toluca

Torreón

Mexico – asset monetization (FARAC 3)


km

Investments

US$ MMExisting Expressway - Sale

• Xoxtla - Tlaxcala

• Libramiento de Tlaxcala27 86

• San Martín Texmelucan -Tlaxcala

• Libramiento de Champotón

• Champotón – Entronque Autopista

• Libramiento de Villahermosa

• Ent. Reforma – Ent. Lib. Villahermosa

77 132• Champotón – Campeche

• Agua Dulce - Cárdenas

• Libramiento Poniente de Morelia

• Palmillas – Apaseo

• Libramiento de Uruapan

• Ampliación Pátzcuaro - Uruapan

204 491

• Pátzcuaro – Uruapan

• Uruapan – Nueva Italia

• Nueva Italia – Lázaro Cárdenas

• Libramiento Oriente de Querétaro

• Libramiento Sur de Guadalajara

• Libramiento de Tepic136 364 • Guadalajara - Tepic

Mexico – asset monetization

Mid-term – other estimated projects


km

Investments

US$ MMExisting Expressway - Sale

• Libramiento de Hermosillo

• Libramiento de Ciudad Obregón

• Modernización Estación Don -Nogales

550 364• Estación Don - Nogales

• Cuautla - Alpuyeca

• Libramiento de Cuernavaca

• Libramiento de Chilpancingo

• Libramiento de Acapulco

• Modernización la Pera - Cuautla

158 636• Cuernavaca - Acapulco

• La Pera - Cuautla

• Tuxpam – Tampico y Libs.

• Laguna Verde – Gutiérrez Zamora251 582

• Córdoba - Veracruz

• Gutiérrez Zamora - Tihuatlán

Mexico – asset monetization

Mid-term – other estimated projects

The Sector Today

Main concession models

Greenfield BrownfieldProject without

demand risk

Greater demand riskEasier to estimate traffic

Construction focus

More accelerated cash flow growth

More stable cash flowPayments to the concessionaire

by the granting power

Construction works risk Lower project execution risk

The Sector Today

Leading global players – Market Value US$ billion*

21,987 21,437

12,553

9,118 8,8737,154 6,785 6,293

5,179 4,882 4,686

1,023 570

Autostrade

Abertis

Sacyr Vallehermoso

Cintra

Brisa

CCR

MacquarieInfrGroup

TransurbanGroup

ZhejiangExpressway

PLUS

JiangsuExpressway

OHL Brasil

Bangkok Expressway

* 11/16//2007

• Existing concessionaires: 37, before the federal auction

• Location: states of Rio Grande do Sul, Paraná, Minas Gerais, SãoPaulo, Rio de Janeiro, Espírito Santo, Bahia and Pernambuco.

6% - 9,834 km granted to private enterprise

• Total paved highways: 196,094 km

The Sector Today in Brazil

Maritime 13.7%

Rail 19%

Pipeline 5%

Means of Transportation in Brazil

Rail 1.4% Air 2.4 %

Road 96.2%

Rail 24.0%

Road 59.0%

Maritime 13.0%

Air 0.3%

Pipeline 3.7%

Passenger Transport Cargo Transport

Road 62%

Air 0.3%

Rail 1%

Air 2%

Road 96%

Subway 1%

2000

2006


Source: Ministry of Transport 2006

Source: National Transport Confederation (CNT)


Leading players in Brazil

3,226

1,452993 913

430 367 235

OHL CCR Univias Ecorodovias Civilia Triunfo Encalso

CCR

Others 64%36% *

* Estimated shares after federal highway auction

CCR

Others

58%42%

1,452

1,147993 913

430 367235

CCR OHL Univias Ecorodovias Civilia Triunfo Encalso

Before

After

In km Revenues

Qualified portfolio

The Sector Today

Success factors

• Clearly defined strategy

• Differentiated access to capital market

• Service excellence

• Ability to foresee trends and develop business

Traffic Trends Historical Performance and Current Scenario

Characteristics of the CCR highways

AutoBAn:

• Cars: commuter traffic between 2 major cities (São Paulo and Campinas); weekend tourism traffic (areas of Valinhos, Vinhedo, Campinas, Cabreúva, etc.).

• Commercial vehicles: general bulk cargo, agricultural crops from São Paulo and other states; channel for export outflow (Santos and São Sebastião); automobile makers (Honda, Toyota); distribution centers (VW, C. Bahia, L. Marabrás, M. Luiza, Natura, etc.).

• 3Q07 – 38.4% of total toll revenue.

CCR System Traffic Growth

The great variety of products transported “shields” the concessionaire, making it less vulnerable to sector crises

AutoBAn - Characteristics of the highway• Growth in the last 12 months = 6.9%

• Growth between Jan. and Oct. 2007 = 7.2%

• Growth from Oct. 2006 to Oct. 2007 = 11.2%

• Traffic Mix = 43.7% light vehicles / 56.3% commercial vehicles


Annual Traffic EvolutionAutoBAn

2.2%

20.2%

10.9%

0.5%

6.5% 7.2%

2.6%

9.0%

2000 2001 2002 2003 2004 2005 2006 2007

Monthly Traffic VariationAutoBAn

5.8%6.6%

4.5% 4.7%5.4%

6.1%7.0%

7.7%

5.9%

7.9%

11.2%

8.2%7.3%

Oct/06 Dec/06 Feb/07 Apr/07 Jun/07 Aug/07 Oct/07

Characteristics of CCR highways

ViaOeste:

• Cars: commuter traffic between the regions of Sorocaba, Alphaville and São Paulo; weekend tourism traffic (regions of Itu, Cotia, Ibiúna, Indaiatuba, Cabreúva, AraçoiabaSerra, etc.).

• Commercial vehicles: general bulk cargo, agricultural produce from São Paulo and other states; automobile maker (Toyota); distribution centers (GM, Friboi, Eurofarma, etc.); channel for export outflow (Santos).




ViaOeste - Characteristics of the highway• Growth in the last 12 months = 7.7%





Annual Traffic EvolutionViaOeste

12.0%

14.3%

8.3%

-1.5%

4.1%

7.7%5.3%

5.6%

2000 2001 2002 2004 2005 2006 20072003

Monthly Traffic VariationViaOeste

9.0%9.4%

6.0%

8.0%7.2%

7.6%8.3%

9.6%

4.9%

8.3%

10.7%

7.3%

5.3%




NovaDutra:

• Cars: commuter traffic between 3 major cities (São Paulo, Rio de Janeiro and São José dos Campos); weekend tourism traffic (Campos do Jordão, Serra da Mantiqueira and the coast of São Paulo state)

• Commercial vehicles: general bulk cargo; automobile makers (GM, VW, Citroën/Peugeot) and CSN.




NovaDutra - Characteristics of the highway• Growth in the last 12 months = 4.4%


• Growth between Oct. 2006 / Oct. 2007 = 8.5%


Annual Traffic EvolutionNovaDutra

0.6%

4.9%

-0.3% 0.0%

4.0%

1.6%

9.0%

2000 2001 2002 2004 2005 2006 20072003

0.6%

NovaDutra

4.6%5.0%

2.1%

0.0%

1.4%

2.8% 2.9%

5.1%5.4%

6.5%

8.5%

6.1%

0.8%

Oct/06 Dec/06 Feb/07 Apr/07 Jun/07 Aug/07 Out/07

Monthly Traffic Variation



RodoNorte:

• Cars: commuter traffic between the regions of Curitiba, Ponta Grossa, Apucarana, Londrina, etc.

• Commercial vehicles: agricultural produce from Paraná and other states; channel for export outflow (Paranaguá, S. Francisco do Sul and Itajaí).


The variety of outflowed products is growing, becoming less dependent on the agriculture and livestock industry


RodoNorte - Characteristics of the highway• Growth in the last 12 months = 7.9%




Annual Traffic Evolution

RodoNorte

-7.1%

5.9%6.5%

-2.6%

9.3%

-0.8%

7.1%

2000

2001 2002 2004

2005

2006 20072003

4.8%

Monthly Traffic VariationRodoNorte

2.8%

0.1%

1.9%

11.4%

7.5%

2.0%

4.8%

14.6%

8.6%

14.2%

16.7%

9.8%

3.4%



Ponte:

• Cars: commuter traffic between 2 metropolitan areas: Rio and Niterói; weekend tourism traffic (Lagos region)

• Commercial vehicles: light commercial vehicle traffic for urban distribution



The traffic behavior for this concessionaire shows a moderate growth potential

Rio-Niterói - Characteristics of Ponte• Growth in the last 12 months = 2.1%





-0.8%0.6%

Annual Traffic EvolutionPonte

-2.0%

5.0%

-1.4% -1.3%

2.6%

0.1%

1.0%

2000

2001 2002 20042005

2006 2007

2003

0.5%

Monthly Traffic VariationPonte

Oct/06

-0.7% -2.0%

4.7%

1.7%1.9%

6.3%

1.1%

4.3%5.3%

3.5%

-1.1%

Dec/06 Feb/07

Apr/07 Jun/07 Aug/07 Oct/07

ViaLagos:

• Cars: weekend tourism traffic

• Commercial vehicles: light commercial vehicle traffic to supply the local businesses; heavy commercial vehicle traffic to cater to the oil industry in Macaé region.


The concessionaire's traffic is becoming increasingly less dependent on local tourism, and showing a greater adherence to

the evolution in services and in the oil industry



• Growth in the last 12 months = 0.4%




ViaLagos - Characteristics of the highway


Annual Traffic EvolutionViaLagos

-7.5% -1.1% 0.3%

9.1%

5.0%

-4.5%

7.3%

2000

20012002

2004 2005 2006 20072003

2.1%

Monthly Traffic VariationViaLagos

-7.8% -30.0%-3.8%

21.5%

-11.8%

7.0%

1.5%

8.2%

-1.9%

17.9% 20.3%

5.7%

-7.8%

Oct/06 Dec/06

Feb/07 Apr/07 Jun/07 Aug/07 Oct/07

• Growth in the last 12 months = 6% • Growth between Jan. and Oct. 2007 = 6.5%• Growth from Oct. 2006 to Oct. 2007 = 10.5%• Traffic Mix = 43.5% light vehicles / 56.5% commercial vehicles

CCR Consolidated - Characteristics of CCR highways


Annual Traffic EvolutionCCR

1.8%

7.8%

0.3%

2.9%

6.5%

2.3%

7.1%

2000 2001 2002 2004 2005 2006 20072003

10.2%

Montly Traffic VariationCCR

5.0% 5.0%

3.3%

4.7% 5.1% 5.1%5.7%

8.2%

5.4%

8.0%

10.5%

7.2%

4.0%


Comparison between growth in GDP and Traffic

CCR Consolidated - Historical Evolution & Elasticity

80

90

100

110

120

130

140

150

160

4Q99

2Q00

4Q00

2Q01

4Q01

2Q02

4Q02

2Q03

4Q03

2Q04

4Q04

2Q05

4Q05

2Q06

4Q06

2Q07

GDP TRAFFIC EQUIVALENT VEHICLES


4Q99 = BASE 100

Annual

GDP (1)Year2000 4.3% 1.8%2001 1.3% 10.2%2002 2.7% 7.8%2003 1.2% 0.3%2004 5.7% 7.1%2005 2.9% 2.9%2006 3.7% 2.3%2007 (2) 4.9% 6.5%

Accumulated 29.9% 45.6%

1.5Elasticity

VEQ CCR

(1) IBGE – new methodology

(2) Jan-Oct

Traffic x GDP –Global View

Source: OECD Factbook 2007: Economic, Environmental and Social Statistics - ISBN 92-64-02946-X - © OECD 2007

Traffic Elasticity / GDPCountry 2004Austria 1.7

Belgium 0.8

Czech Republic 2.0

Denmark 0.5

Finland 0.5

France 0.7

Greece 1.6

Italy 1.2

Holland 0.8

Norway 0.7

Spain 1.1

Sweden 0.4

Switzerland 1.3

United Kingdom 0.5

United States 0.6

Traffic Elasticity / GDPConcessionaire 2004APRR (France) 0.5

ASF (France) 1.6

Sanef (France) 1.1

Autostrade (Italy) 1.7

Brisa (Portugal) 1.6

Abertis (Spain) 1.3

Cintra (Spain) 2.5

Motorization Index – Global View

Source: Anfavea

Inhabitants per vehicle

5.8 5.7

1.31.9

1.7

3.2

7.9

1.7 1.51.2

1.7 1.7

4.8

9.4

8

France SouthKorea

MexicoCanadaAustralia USA BrazilArgentina

1.7 1.5

Italy

5.71996

2005

If the same trend observed in other countries reflects in Brazil, traffic x GDP elasticity ratio can increase significantly

9.4

9.19.0 8.9 8.8

8.68.4 8.4 8.2 8.0

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005

Source: Anfavea

Inhabitants per vehicle - Brazil

Motorization Index – Historical Evolution

The higher credit offering for the automobile industry seems to be the main driver for the decrease in this ratio

Domestic Sales

Automobile fleet expansion potential

Source: Ipeadata

1,2991,428

1,032956

1,1541,264 1,245

1,166

1,363 1,4231,565

1,418

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Jan-Sep2007

The number of potential clients are showing strong expansion

• Characteristics of our highways minimize impacts from sector crises.

• Historical traffic elasticity is 1.5x Brazil GDP.

• Current macroeconomic scenario suggests average annual GDP growth of 5%

over the next few years.

• Favorable path in the motorization index could have a strong impact on traffic

indicators.

• Expansion of toll-road sector should generate greater confidence (term and

reach) of highway sector as a whole, including in our concessions.

• Main driver of the recent acceleration in traffic growth is the stronger economic

growth in the regions where our toll roads are located.

Conclusions

Evaluation of the Current Portfolio


How to extract value from our portfolio

1. Traffic

2. Financing

• Overview

• Releveraging

• Cost of capital

3. Operating efficiency

• Operating costs

• Capital expenditure

4. Perpetuity

Traffic

Exercise => What is the value creation when we adopt more optimistic assumptions?

Historical growth: 1.5x GDP

Average market assumption: 1.0x GDP

Alternative Scenario:Future growth = historical elasticity (1.5x GDP)

Traffic

Estimated traffic evolution

* source: Brazilian Central Bank – market estimates 11/16/2008

R$ 3.0 billion

R$ 7.6/share

Base Scenario Alternative Scenario

2008 2009 2010 2011 From 2012

GDP* 4.4% 4.2% 4.2% 4.0% 4.0%

Alternative Scenario 6.5% 6.3% 6.3% 6.1% 6.0%


1. Traffic

2. Financing

• Overview

• Releveraging

• Cost of capital


• Operating costs


4. Perpetuity


Importance of financing

Key factors for value creation:

• To maximize distribution of dividends to shareholders for investment in new projects

• Financial engineering as driver of competitiveness

Government’s Goal Investor’s Goal

To minimize project’s IRR To maximize shareholders’ IRR

To optimize capital structure

• Hiring a financial advisor

• Drawing up the financial structure

� To maximize IRR (value and quality)

� To minimize shareholder commitment

� Payback

� Rating

• Items to be considered:

� Flow diversity

� Ratio: Debt / (Debt + Equity)

� Ratio: Debt / EBITDA

� Coverage Ratios

� Reserve account

� Interest coverage

� Instruments

� Markets

� Currency / Hedge

� Guarantees

Financing process

History of CCR in Project Finance

1996 BNDES/IFC R$ 170 MM and US$ 115 MM

1996 BNDES R$ 38 MM

1999 BNDES/IBD R$ 195 MM and US$ 92 MM

1999 BNDES/IBD R$ 26 MM and US$ 29 MM

2000 BNDES/BID/ IFC R$ 220 MM and US$ 161 MM

2001 BNDES R$ 255 MM

TOTAL R$ 904 MM and US$ 374 MM

Debt Restructuring

2004 180 Debentures

2006 510 Debentures

2007 650 Debentures

Amount (R$ MM)Amount (R$ MM) ModalityModalityIssuerIssuerYearYear

A continuous process...

• Multilateral prepayment

• 100% local currency

• Maturity extension

• Dividend anticipation

ViaQuatro – 2007

• Recently we entered into a Project Finance agreement with IDB for the acquisition of trains and systems – US$250 MM

• The process to choose the lender was very competitive and we received several proposals:

Recent Operations

Lender Modality

BNDES Multilateral

IDB + Commercial Banks Multilateral

HSBC + BEI + NEXI Multilateral / ECA

Deutsche Bank Project Bond in USD

Citibank Debentures in R$ with IDB guarantee

Korea Eximbank + BNP Paribas + COFACE Multilateral / ECA

Korean Development Bank Multilateral

KFW Multilateral

JBIC Multilateral

Farac – Mexico – 2007

Recent Operations

16 years bullet

CCR Goldman / ICA (winning consortium)

Type of Loan Long Term – Capital marketsBridge loan (syndicated with banks) with take-out (bonds – capital markets)

Loan Amount US$ 3.6 Bn US$ 3.4 Bn

� Payment US$ 2.8 Bn US$ 3.1 Bn

� Liquidity US$ 800 MM US$ 283 MM

Take-out 6 months 7 years

Debt Cost M-BONO + 1.75% TIIE + 1.65% (years 1 and 2)

Term 26 years 7 years pre-payable anytime

Currency Pesos Pesos

Grace Period

Current Portfolio Appreciation


1. Traffic

2. Financing

• Overview

• Releveraging

• Cost of capital


• Operating costs

• Capital expenditures

4. Perpetuity

Releveraging: value generation for CCR

It allows an extraordinary distribution of dividends anticipating future cash flows

It generates value for

shareholders with

consequent improvement

of IRR

It provides capital for

investment in new projects

It benefits the project for a possible drop in the interest

rate

Breakdown Debt Amortization

321

174

276

387379338

56

2007 2008 2009 2010 2011 2012 After 2012

CCR’s Debt Breakdown

43%39%

6% 12%

Debentures - IGP-M +(7.6%- 11%)

Debentures - CDI103.3% -105%

Other - CDI104.5% - 107.3% BNDES - TJLP +

(4.5% - 5.5%)

As of 09/30/2007

Current assumptions (market average):

D / EV = 40%

Kd = 12.2% in R$

WACC = 9.1% in US$

Leverage and interest rate: impact on value

Exercise => What is the value creation when we adopt more optimistic assumptions?

Leverage and interest rate: impact on value

Scenario A Scenario B

R$ 650 MMR$ 1.6/share

Selic Kd D / EVValue Added (R$ MM)

Value per share(R$ MM)

Scenario A 11.1% 12.2% 40.0%Scenario B 9.0% 9.7% 40.0% 650 1.61Scenario C 9,0% 9,7% 50,0% 1.353 3,36

Current Porftolio Appreciation


1. Traffic

2. Financing

• Overview

• Releveraging

• Cost of capital


• Operating costs


4. Perpetuity

Evolution of macroeconomic indicators

9%11%

7%5%

8%10%

7%9%

14%

8%5%

4%2%

19%

69%

53%

27%25%

29%

26%

17% 17%19%

23%

16% 15%12%

6%10%

26%23%

16%

10%12%

13%11% 10% 10%

12%10%

8%

2%0%

10%

20%

30%

40%

50%

60%

70%

Jul-Dec 1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Jan - Sep 2007

%(annual average)

SELIC TJLP Brazilian Risk Premium

Evolution of WACC of CCR – US$ nominal

23.6%

16.5%

14.9%

20.6%

13.9% 13.6% 13.8%

12.0%

14.5%

9.4%

13.6%

10.7%

9.1%

0%

5%

10%

15%

20%

25%

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Jan - Sep 2007

What is the limit of this

drop?

CCR among its peers

Source: Industry Analysis 11/16/2007

Autostrade IT 21,987 4,823 3,018 2,443 1,015 62.6% 2.5% 12.3 21.9 4.9

Abertis ES 21,437 5,700 3,678 2,562 1,179 64.5% 2.7% 11.1 18.1 4.6

Sacyr Vallehermoso ES 12,553 8,508 1,788 1,332 1,314 21.0% 1.8% 14.7 9.4 16.2

Cintra ES 9,118 1,644 1,105 734 28 67.2% 0.9% 25.0 477.1 11.8

Brisa PT 8,873 1,047 760 541 321 72.6% 2.9% 13.0 23.9 4.8

CCR BR 7,154 1,366 875 681 376 64.1% 2.5% 8.4 17.9 0.7

Macquarie Infr Group AU 6,785 1,740 1,691 1,648 1,694 97.1% 6.7% 4.6 3.9 0.7

PLUS MY 4,882 705 570 492 361 80.9% 4.8% 11.2 13.5 2.6

Jiangsu Expressway CN 4,686 769 548 433 284 71.3% 5.2% 10.8 16.5 2.0

Bangkok Expressway TH 570 249 197 123 60 79.2% 4.3% 7.1 9.5 3.4

Net Debt/EBITDA

Market CapCountryEBITDA Margin

Dividend yield

EV/EBITDA P/ERevenues EBITDA EBITNet

IncomeUSD million - 2008 E

CCRO3 739%

IGC 571%

Ibovespa 390%

Share Buyback Program (ESM to be held on 11/29/2007)As of: 11/19/2007

Capital Market

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

Feb-02 Apr-02 Jun-02 Sep-02 Nov-02 Feb-03 Apr-03 Jul-03 Sep-03 Nov-03 Feb-04 Apr-04 Jun-04 Sep-04 Nov-04 Fev-05 Abr-05 Jul-05 Sep-05 Nov-05 Feb-06 May-06 Jul-06 Sep-06 Dec-06 Feb-07 May-07 Jul-07 Sep-07

Volume (R$ thousand)

-100%

0%

100%

200%

300%

400%

500%

600%

700%

800%

900%

1000%

R$ 29 MM1,024

10,50059%

Average trading volume in the last 90 daysAverage daily trades in the last 90 daysNumber of shareholders% of the free-float held by foreign investors

New Businesses

Regulatory Framework 1994 x 2007 – Federal Concessions

Legislation

Regulatory Body

Concession Agreement

Jurisprudence

Other events

1994

Federal Public Tender Law 8666 of 1993

DNER – responsible for managing the Concession Agreements. Inspections handled by state DNER branches

1st Federal Concession Agreement signed in 1994

No legal precedent

---

2007

Federal Concession Law 8987 of 1995

Federal PPP Law 11079 of 2004

Regulatory Agency – ANTT – June 2001

----

First legal decisions governing annual tariff adjustments in 1997. First Supreme Court decisions as of 2003, related to the dispute in Paraná, with consolidation of the legal precedent of annual tariff adjustments, risk of the appropriation of voting capital and expropriation

Privatization of CVRD – 1997

Privatization of Telebrás – 1998

NovaDutra

Presidente-Dutra S/A Highway Concessionaire

12.2%

15.1%

16.3%

23.4%

19.2%17.3%17.4%

25.9%

29.0%

25.0%

27.5%

53.4%

68.9%

19.1%

7.9%9.8%

11.5%9.9%9.5%

10.7%

13.2%11.7%

10.1%

16.1%

23.4%

26.0%

9.7%

6.4%

815

873

177

1,102

679

456

829

1,023

734

904

1,409

541

394

232

0%

10%

20%

30%

40%

50%

60%

70%

80%

Jul -Dec 1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Jan - Sep 2007

(annual ave

rage %

)

-

200

400

600

800

1,000

1,200

1,400

1,600

Brazilian Risk Premium (points)

SELIC TJLP Brazilian Risk Premium

Start up

Curren

t Sce

nario

NovaDutra

Presidente-Dutra S/A Road Highway Concessionaire

7.9%

9.8%

11.5%

9.9%9.5%

10.7%

13.2%

11.7%

10.1%

16.1%

23.4%

26.0%

9.7%

6.4%

2.0

3.1

2.9

2.3

1.81.8

1.21.1

1.00.9

0.9

2.9

2.4

2.2

0%

5%

10%

15%

20%

25%

30%

Jul -Dec 1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

Jan - Sep 2007

(annual ave

rage %

)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

R$/U$ (annual ave

rage)

TJLP R$/US$

Finan

cing

Start up

Curren

t Sce

nario

Long-term Project Finance only

available from multilateral agencies at that time

Amortization of loans

Tender Notice 002 – Lot 05 Tariff 2.884

Federal Program - results

Classification Bidder Broker Tariff Discount

1 OHL Ágora 0.997 65.43%

2 Consórcio BR Vias (Aurea, W. Torre, Splice) Santander 1.15 60.12%

3 Consórcio Acciona Brasil / Acciona International Indusval 1.35 53.19%

4 Consórcio OII - CNO Merrill Lynch 1.668 42.16%

5 Consórcio TORC - Flora Brasil Socopa 1.791 37.90%

6 Consórcio Bertin - Equipav Votorantin 1.895 34.29%

7 Consórcio Qualivias (Aterpa, CCI, Funcef, S.Bárbara) Banif 2.186 24.20%

8 CCR UBS Pactual 2.249 22.02%

9 TPI - Triunfo Invest. Participações Credit Suisse 2.251 21.95%

10 Consórcio Isolux - Encalso - Senpar HSBC 2.307 20.01%

11 Consórcio Rodovias Brasil Bradesco 2.387 17.23%

12 Consórcio CEGEMS (Conter Grecca, SEM, Estrutural) Isoldi 2.39 17.13%

13 Consórcio Cowan, CBM, Fidens Mundinvest 2.419 16.12%

14 Consórcio AB Vias (ARG, Polledo do Brasil, Benito Roggio) Finabank 2.509 13.00%

15 Consórcio CRB (Schain, Enterpa, Condotti, Heleno Fonseca) Brascan 2.797 3.02%

Simulation of results – 1st and 2nd placed tariffs

Hypothesis 1 Hypothesis 2%change Tariff 1 Tariff 2 Tariff 1 Tariff 2

Tariff 0.997 1.150 0.997 1.150Traffic 0% 0% 25% 25%Investment 0% 0% -25% -25%Operating Cost 0% 0% -25% -25%IRT (FCFE) N/A N/A 3.42% 7.15%Transfers (R$ ‘000) 1,505,549 1,396,310 713,879 583,708EBITDA Margin -8.1% 6.3% 35.2% 43.8%

What is our positioning in face of this reality?

Blue Ocean Strategy

- Create undisputedmarket space

- Make competitionirrelevant

- Create and capture new demand

- Overcome the value-cost trade-off

- Strategic choice: differentiation AND low

cost

Go where the profit and growth are – where the competition isn’t

Blue Ocean Strategy (W. Chan Kim – R. Mauborgne)

Red Ocean Strategy

- Compete in existingmarket space

- Beat the competition

- Exploit existingdemand

- Make the trade-off between value and

cost

- Strategic choice: differentiation OR low

cost

Avoid predatory Red Ocean competition, strengthening

innovative Blue Oceanoperation

� Differentiated Approach to Business Management;

� Audacity in winning strategic businesses;

� New Markets;

� New Businesses;

Blue Ocean Strategy


innovative Blue Ocean operation



� New Markets;

� New Businesses;

Blue Ocean Strategy

CORRIDORS:

• Corridor Ayrton Senna – Carvalho Pinto......... 127.53 km

• Corridor Dom Pedro I...................................... 251.84 km

• Corridor Rondon Leste................................... 363.46 km

• Corridor Rondon Oeste.................................. 252.44 km

• Corridor Raposo Tavares............................... 387.73 km

• Total................................................................ 1,383.00 km

• Rodoanel (Ring Road)…….............................. 29.3 km

São Paulo Program

BR 116/MG BA/MG Border – Gov. Valadares – Itanhomi 422.1 km

BR 116/MG Itanhomi – Leopoldina – MG/RJ Border 394.6 km

BR 040/MG Juiz de Fora – Belo Horizonte 230.0 km

BR 040/MG Belo Horizonte – Sete Lagoas / BR 135 101.0 km

BR 040/MG Junction BR 135 – Três Marias – MG/GO Border 424.0 km

BR 040/GO MG/GO Border – Cristalina – GO/DF Border 157.3 km

BR 040/DF GO/DF Border – Junction DF-001 Brasília 8.4 km

BR 381/MG Santa Luzia – Governador Valadares 306.4 km

Total 2,043.8 km

Salvador – Feira de Santana – BA/MG Border 680.70 km

CND Resolution 14/07

Federal Program

MG Program

SETOP (State Secretariat for Transport and Public Works) is preparing to

issue a “Manifestation of Interest” to conduct feasibility studies for 17 roads

to be put out for tender in the following regions:

• Itapecerica – Lagoa da Prata

• Juiz de Fora – Ubá – Viçosa

• Pouso Alegre

• Poços de Caldas

• Itajubá

• Caxambu

• Lagoa de Furnas

• Curvelo – Diamantina

• Montes Claros

• Varginha

• Formiga – Oliveira

• São João Del Rei

• Ouro Preto – Ponte Nova

• Patos de Minas

• Uberlândia – Araxá

• Uberaba – Iturama

• Região Metropolitana –

(MG 010 and MG 424)



� New Markets;

� New Businesses;

Blue Ocean Strategy



New Markets

• Mexico

• USA

• Chile

•Central America





� New Markets;

� New Businesses;

Blue Ocean Strategy

Final Remarks

• Clearly defined and publicly-known strategy: profitability first, expansion next;

• Basic scenario indicates substantial up-side potential and reduced down-side;

• Cash flow from current portfolio permit maintenance of current dividend policy;

• Operations geared towards development of new market niches;

• Differentiated access to the capital market;

• Solid financial situation allows growth through increased leverage;

• Consolidated regulatory framework, permitting contractual adjustments to the

current realities of concessions.

Why CCRO3?

ccr day 3 presentation

Documents

revenues of us

reynosa pharr libramiento

mexico federal pps midterm

sector players

sector todaytolls

forwardlooking statements

forward lookingstatements

certain statements