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Well Planned Past. Proven Track Record. Ready for the Future. Achieving a Higher Level November 27, 2009

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Page 1: CCR Day 5 Presentation

Well Planned Past. Proven Track Record. Ready for the Future.

Achieving a Higher Level

November 27, 2009

Page 2: CCR Day 5 Presentation

Disclaimer

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.

Page 3: CCR Day 5 Presentation

TOPIC SPEAKER TOPIC TIME

Registration and Breakfast - -

Welcome Renato Vale Welcome

Retrospective and Strategic Vision Márcio Batista Strategic Position

Brazil’s Macro Scenario Eduardo Loyo Future Macro Scenario

COFFEE BREAK - -

Growth Strategy – Current Portfolio Italo Roppa Current Portfolio

Growth Strategy – New Businessess Leonardo Vianna New Businesses

Financial Strategy Arthur Piotto Financial

Q&A - -

CLOSING LUNCH - -

AGENDA

8:30 am – 9:00 am

9:00 am – 9:10 am

9:10 am – 9:30 am

9:30 am – 10:15 am

10:15 am – 10:30 am

10:30 am – 11:10 am

11:10 am – 11:30 am

11:30 am – 12:00 am

12:00 pm – 12:30 pm

12:30 pm – 12:50 pm

1:00 pm – 3:00 pm

Q&A - -

Page 4: CCR Day 5 Presentation

Retrospective and Strategic Vision

Márcio Batista

Page 5: CCR Day 5 Presentation

Our PastWe Overcame Challenges, Consolidated our Structure and

Strengthened our Corporate Governance

CCR’s Evolution

1998

19992000

2001

2002

20032004

2005

Operational

Startup

Corporate

Restructuring

Follow-on

R$ 334 mn

1998-2005

EBITDA: R$ 1.1 bn

EBITDA Margin: 56.4%

Average ROE 4 Years:

33.2%

• Company’s Incorporation

• Strategic Partner

• Corporate Restructuring

• Tapping of Capital Markets

Page 6: CCR Day 5 Presentation

CCR’s Evolution

1998-2005

Past

Our PresentWith Capital Discipline and a Focus on Profitability, We Have

Prepared the Company for a New Level

2006

20072008

2009

Follow-on

R$ 1,235 mn

2006-2009

EBITDA: ~R$ 2 bn

Margin ~64%

Average ROE 4 years:

38.9%

• Consolidation Efforts

• Portfolio Diversification

• Preparation for Future

Average ROE 4 years: 33.2%

EBITDA: R$1.1 bn

EBITDA Margin: 56.4%

Page 7: CCR Day 5 Presentation

CCR’s Evolution

Our FutureUnique Moment for CCR, with Favorable Competitive and

Macroeconomic Environments

2014 World Cup

2016 Olympics

Infrastructure Deficit

Various Opportunities

Secondary Market

Metro

Logistics

Urban Mobility

Next 5 Years

Potential Development of Current Portfolio

• Reduce Escape Routes

• Maximize Ancillary Revenue

• Contractual Addendums

• Growth in Collection Base

• Expand Current portfolio capacity

Present

Average ROE 4 years: 38.9%

EBITDA: ~R$ 2 bn

EBITDA Margin: ~ 64%

Past

Average ROE 4 years: 33.2%

EBITDA: R$ 1.1 bn

EBITDA Margin: 56.4%

EBITDA: R$ 3.5 – R$ 4.5 bn

2006-20091998-2005

Page 8: CCR Day 5 Presentation

Strategic Guidelines for 2010-2014

...Achieving a Higher Level

Strengthen strategic planning as a fundamental tool for growth while preserving the values

and beliefs of the CCR Group

Train and develop people, seeking to continue the Group’s growth process by supporting

employees:

• Develop organizational skills

• Develop individual skills

• Delegate responsibilities

Increase the remaining average term of the CCR Group’s contracts with the objective of

perpetuating the business on a sustainable basis

Implement strategy focused on maximizing profitability for new investments

Maintain the commitment to dividend distribution

Page 9: CCR Day 5 Presentation

Well Planned Past. Proven Track Record. Ready for the Future.

Achieving a Higher Level

Page 10: CCR Day 5 Presentation

Presentation

Eduardo Loyo – BTG Pactual

Page 11: CCR Day 5 Presentation

Well Planned Past. Proven Track Record. Ready for the Future.

Achieving a Higher Level

Page 12: CCR Day 5 Presentation

Current Portfolio

Development Potential

Italo Roppa

Page 13: CCR Day 5 Presentation

Current Portfolio Still Presents High Unexplored Potential:

Current Portfolio

Traffic Growth11.1. Low per-capita vehicle density

in Brazil

1.2. Traffic already reflecting

economic recovery

1.3. Record high traffic on our toll

roads in Oct/09

Contractual Addendums22.1. Additional Investments in current

portfolio

2.2. Improvements in access

2.3. Expansion in highway capacity

Page 14: CCR Day 5 Presentation

Consolidated* 2009 (YoY)

-4.0%

-3.1%

0.9%0.4% 0.6%

-4.1%

-0.5% -0.4%

2.3%3.6%

-1.4%

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV*

Historical Elasticity*:

1.4x GDP

Strong and consistent

recovery in commercial

traffic

*Excludes Renovias and RodoAnel.

Real traffic through Nov/24/09.

3Q08 vs. 3Q09: peak of economic cycle

versus end of crisis

Highlights

1. Consolidated Traffic:

Economic recovery: Oct/09 registered

record high traffic

Preliminary figures for Nov/09 point to

new records

2. RodoAnel: recovery with stronger effects due

to traffic profile of concessionaire

3. NovaDutra: frank recovery even without

bidirectional plazas

2009 Traffic

Page 15: CCR Day 5 Presentation

RodoAnel 2009 – Monthly VEQ (thousand)

2009 Traffic - RodoAnel

Global crisis impacted traffic levels

projected in the proposal

Ramp-up effect still very

apparent

Positive expectations for impacts from

inauguration of southern stretch

Projections by independent consultants

suggest convergence to data in proposal

6,600

7,200

7,800

8,400

9,000

9,600

Page 16: CCR Day 5 Presentation

2009 Traffic - NovaDutra

NovaDutra 2009 (YoY)

Recovery in traffic even without the

effects of the bidirectional addendum

With the bidirectional addendum, the

competitive toll scenario generates a

positive bias for NovaDutra

Recovery in economic growth already

reflected by the higher commercial

vehicle flows

-7.2%

-5.5%

0.2%

-1.6%

-2.8%

-7.1%

-6.1%

-5.3%

-2.7%

-0.2%

-4.2%

JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV*

*Real traffic through Nov/24/09.

Page 17: CCR Day 5 Presentation

NovaDutra and AS/CP – WITHOUT BIDIRECTIONAL

Contractual Addendums - NovaDutra

NovaDutra and AS/CP – WITH BIDIRECTIONAL

Ta

mo

ios

Do

m P

ed

ro I

inte

rch

ange

Air

po

rt

R$ 2.30

Vehicle/Truck Toll

AS/CP

R$ 3.90

R$ 2.20 R$ 2.20 R$ 1.70

SP

03

5

R$ 2.10 R$ 2.10

R$ 2.30 R$ 2.20 R$ 2.20 R$ 1.70

R$ 3.90R$ 2.10 R$ 2.10

Ta

mo

ios

Dom

Pe

dro

I

inte

rch

an

ge

Air

po

rt

R$ 4.60

São Paulo

AS/CP

R$ 4.30 R$ 3.90

R$ 3.90

R$ 4.40

R$ 4.40

R$ 3.40

SP

03

5 R$ 4.30

Vehicle Toll

São Paulo

Page 18: CCR Day 5 Presentation

São

Paulo

Origin

Light Vehicle

Tolls

DestinationNova

Dutra AS/CP

Cost

Difference

vs.

NovaDutra

Additional

distanceAS/CP

Cost

Difference

vs.

NovaDutra

ovaDutra

Toll + Estimated

Additional Fuel Cost*

Bidirectional toll collection makes Dutra more attractive than competitors – Light Vehicles

Bidirectional Tolls on NovaDutra and AS/CP

Taubaté R$ 8.10 R$ 8.40 +3.7% +10 KM R$ 10.80 +33%

SJC R$ 8.10 R$ 6.70 -17.3% +19 KM R$ 11.26 +39%

Guararema R$ 4.20 R$ 4.50 +7.1% +7 KM R$ 6.18 +47%

Arujá R$ 2.10 R$ 2.30 +9.5% +14 KM R$ 5.66 +170%

* Additional fuel costs are based on light vehicle fuel consumption of 10.0km/l and gasoline

price per liter of R$ 2.40.

Page 19: CCR Day 5 Presentation

São

Paulo

Origin

Commercial

Vehicle Tolls

DestinationNova

Dutra AS/CP

Cost

Difference

vs.

NovaDutra

Additional

Distance AS/CP

Cost Dif. with

Impact of

Longer

Distance

Distância

Toll + Estimated

Additional Fuel Cost*

Bidirectional toll collection makes Dutra more attractive than competitors – Commercial Vehicles

Bidirectional Tolls on NovaDutra and AS/CP

Taubaté R$ 24.30 R$ 25.20 +3.7% +10 KM R$ 30.20 +24%

SJC R$ 24.30 R$ 20.10 -17.3% +19 KM R$ 29.60 +22%

Guararema R$ 12.60 R$ 13.50 +7.1% +7 KM R$ 17.00 +35%

Arujá R$ 6.30 R$ 6.90 +9.5% +14 KM R$ 13.90 +121%

* Additional fuel costs are based on fuel consumption of 3.5km/l for commercial vehicles with 3

axles and diesel liter price of R$ 1.75.

Page 20: CCR Day 5 Presentation

Works on Bidirectional Plazas

Contract Addendums - NovaDutra

Parateí Norte (bound for Rio de Janeiro)

Page 21: CCR Day 5 Presentation

Approved Contract Addendums in Progress

NovaDutra

R$ 200 mn

Investments in

expressways in São

José dos Campos,

Rio de Janeiro and

São Paulo

AutoBan

R$ 94 mn

Anhanguera

Complex:

Complement to

1st Phase

AutoBAn

R$ 110 mn

Improved access

to Marginal Tietê

expressway

ViaOeste

R$ 250 mn

Cebolão Project

and Itapevi/Jandira

Interchange

...in line with contract rules.

Various adjustments to contracts already approved...

Contract Addendums

Page 22: CCR Day 5 Presentation

AfterBefore

Expressways in Rio de Janeiro: Baixada Fluminense - S. J. de Meriti

Contract Addendums - NovaDutra

Page 23: CCR Day 5 Presentation

AfterBefore

Expressways in São Paulo: Greater São Paulo (Guarulhos)

Contract Addendums - NovaDutra

Page 24: CCR Day 5 Presentation

Expressways in São José dos Campos, São Paulo

Contract Addendums - NovaDutra

AfterBefore

Page 25: CCR Day 5 Presentation

Anhanguera Complex – Interchange with Marginal Tietê expressway

Contract Addendums - AutoBAn

Page 26: CCR Day 5 Presentation

Anhanguera Complex – Interchange with Marginal Tietê expressway

Contract Addendums - AutoBAn

Page 27: CCR Day 5 Presentation

Anhanguera Complex –Interchange with Marginal Tietê expressway

Contract Addendums - AutoBAn

Page 28: CCR Day 5 Presentation

Approved Contract Addendums in Progress

NovaDutra

R$ 200 mn

Investments in

expressways in São

José dos Campos,

Rio de Janeiro and

São Paulo

AutoBan

R$ 94 mn

Anhanguera

Complex:

Complement to

1st Phase

AutoBAn

R$ 110 mn

Improved access

to Marginal Tietê

expressway

ViaOeste

R$ 250 mn

Cebolão Project

and Itapevi/Jandira

Interchange

...in line with contract rules.

Various adjustments to contracts already approved...

Contract Addendums

Page 29: CCR Day 5 Presentation

Cebolão Project

Contract Addendums - ViaOeste

Before In Progress

Page 30: CCR Day 5 Presentation

Jandira/Itapevi Interchange

Contract Addendums - ViaOeste

Before In Progress

Page 31: CCR Day 5 Presentation

Expansion of Toll Plazas

Contract Addendums - ViaOeste

Page 32: CCR Day 5 Presentation

Addendums under Negotiation

And many contract addendums are still in the negotiation phase:

Contract Addendums

Ponte

R$205 mn

Connection with Linha

Vermelha (Rio de Janeiro),

Access in Niterói

NovaDutra

R$600 mn

Implementation of new lane

in Serra das Araras,

Complementary roads and

environmental aspects

NovaDutra

R$700 mn

Additional investments in

improvements, such as road

improvements, additional

safety works, additional

lanes, lighting

Page 33: CCR Day 5 Presentation

Bridge

Linha

Vermelha

Bridge-Linha

Vermelha

Connection

Rio-Niterói

Bridge

Page 34: CCR Day 5 Presentation

NovaDutra – Serra Das Araras

Contract Addendums - NovaDutra

Current

Descending Road

(to be closed)

Ascending Road

(to be expanded)

Page 35: CCR Day 5 Presentation

Addendums under Negotiation

And many contract addendums are still in the negotiation phase:

Contract Addendums

Ponte

R$205 mn

Connection with Linha

Vermelha (Rio de Janeiro),

Access in Niterói

NovaDutra

R$600 mn

Implementation of new lane

in Serra das Araras,

Complementary roads and

environmental aspects

NovaDutra

R$700 mn

Additional investments in

improvements, such as road

improvements, additional

safety works, additional

lanes, lighting

Page 36: CCR Day 5 Presentation

Diversification

Current Portfolio Diversification

STP

Leader in electronic

collection technology for

toll plazas and parking lots

ViaQuatro

Line 4 of the

São Paulo Subway

Controlar

Environmental Vehicle

Inspection

in São Paulo city

Page 37: CCR Day 5 Presentation

Highlights

Leader in electronic payment technology for toll

plazas and parking lots

Present in 6 states: SP, RJ, MG, PR, SC and RS

Coverage of more than 86% of the tolled

network (11,000 km of highways)

Present in 47 parking lots (shopping malls, airports,

etc)

Accounts for 70% of traffic at some toll plazas

Accounts for 38% of toll traffic

More than 27 million electronic transactions/month

Transaction volume over R$4 bn

More than 1.6 million vehicles with equipment installed

STP – Serviços e Tecnologia de Pagamentos

(Electronic Toll System)

Present in 6 States

Page 38: CCR Day 5 Presentation

Number of TAG’s Installed (mn)Gross Revenue (R$ mn)

66

90

112

155

240

2005 2006 2007 2008 2009 *

539

740

909

1,303

1,799

2005 2006 2007 2008 2009 *

* Actual to October and trend for Nov and Dec 2009.

STP – Serviços e Tecnologia de Pagamentos

(Electronic Toll System)

Page 39: CCR Day 5 Presentation

Organizational Evolution and Contract Management

ViaQuatro Project on schedule...

ViaQuatro

Contracting

of LT

Financing

Supply

ContractingContract

Signing

Receipt of

1st Train

Nov/06

Aug/07

Nov/07

May/08

Oct/08

May/06

Mar/10

Nov/09

Dec/09

Operational

Tests

Bidding

Serv. Order

Project

Serv. Order

Production

Commercial

Operation

Shipment

of 1st Train

1st Phase 2nd Phase 3rd Phase

Page 40: CCR Day 5 Presentation

ViaQuatro

Page 41: CCR Day 5 Presentation

ViaQuatro

Shipment of a Subway Train

Page 42: CCR Day 5 Presentation

Highlights

The Vehicle Emissions Control Program was

launched in 2008 for diesel vehicles

As of 2009, inspection became mandatory for all

diesel vehicles and motorcycles, as well as for Otto

cycle vehicles (gasoline, ethanol and VNG)

manufactured as of 2003 and registered in the city of

São Paulo

Today, 14 centers are in operation and by the end of

the year another 7 will be inaugurated

Vehicle inspection is a regular procedure in other

countries: Australia, United States, Canada, EU

countries, Argentina, Mexico, Chile and Japan

Target fleet in 2010 = 4.4 million vehicles:

• 2.3 times the 2009 fleet

• Estimated revenue for 2010: R$ 250 mn

Controlar

Barra Funda Inspection Center

Anchieta Inspection Center

Page 43: CCR Day 5 Presentation

Other Projects and Prospects

Expands mandatory vehicle inspection nationwide

CONAMA Resolution (already passed by congress and awaiting enactment)

Makes vehicle inspection mandatory statewide

Draft bill sent by the State Environmental Secretariat to the São Paulo

State Legislature on Nov/18/09:

Allows execution under the concession model

Municipalities of Santo André, São Bernardo do Campo, São Caetano

do Sul, Diadema, Mauá, Ribeirão Pires and Rio Grande da Serra are

already forming a consortium for the Program’s implementation.

Page 44: CCR Day 5 Presentation

Vehicle Inspection Centers

Pirituba

Casa Verde Vila Medeiros

São Miguel

Extra

Penha

Pq S. Jorge

Itaquera

Pq. do Carmo

AricanduvaAnchieta

Pq. do Estado

Cidade Dutra

Extra Morumbi

Morumbi

Raposo TavaresJaguaré

Barra Funda

OPERATING

UNDER CONSTRUCTION

TEMPORARY INSPECTION SITE

CONTRACTED

Controlar

Page 45: CCR Day 5 Presentation

Well Planned Past. Proven Track Record. Ready for the Future.

Achieving a Higher Level

Page 46: CCR Day 5 Presentation

Growth Strategy

New Businesses

Leonardo Vianna

Page 47: CCR Day 5 Presentation

Consolidation

(Secondary Market)Opportunities to acquire selected existing road concessions

Ring Road Auction of southern and eastern sections of ring road

São Paulo State

Concessions3rd round of auctions for concessions in São Paulo state

Urban TransportationMultiple projects throughout country, including subways

and trains in cities of Curitiba, Brasília and Porto Alegre

Related Businesses Parking lots, vehicle inspection, logistics, etc.

Minas Gerais State

ConcessionsAuction of concessions in Minas Gerais state

Federal Concession

Program 3rd and 4th rounds expected in 2010 / 2011

TrainsSão Paulo Airport Expressway and High Speed Train

(Campinas – São Paulo – Rio de Janeiro), etc.

Multiple Investment Opportunities

Page 48: CCR Day 5 Presentation

…given CCR’s potential synergies with the western section it currently operates

CCR is the best player for winning concessions for the remaining ring road sections…

Ring Road: Landmark Highway Hub in Brazil

Dutra

Ayrton Senna

Fernão Dias

Anhangüera/

Bandeirantes

Castello Branco

Raposo Tavares

Régis Bittencourt

Imigrantes

Anchieta

Western Section

Southern Section

Northern + Eastern

section

CCR concession

Government-supported initiative to reduce traffic in

São Paulo metro area

CCR already manages the concession for the

western section, the only one in operation to date

CCR is uniquely positioned since it not only operates

the western section but also 4 connecting roads

Remaining sections expected to be auctioned in

2009/2010

ProjectTotal Investment

(R$ mn)

Concession Fees

(R$ mn)

Concession

Term

Bidding

Documentation

Southern Ring Road 752 800 35 years 2009

Eastern Ring Road 903 (1) 1,000 35 years 2011

Total 1,655 1,800

(1) Assuming the state government is responsible for construction works

Page 49: CCR Day 5 Presentation

São Paulo State Concession Program

…while taking advantage of heavy traffic from both passenger and commercial vehicles

Investment opportunity with significant potential to capture operating

synergies with NovaDutra…

São Paulo State Concession Program

BR116

MiracatuPedro de Toledo

Itariri

Peruibe

SP055

ItanhaémMongaguá

State accounts for 34% of national GDP (1)

Bidding documentation expected in early 2010

Two coastal highways with combined investment

of R$ 5.1 bn

Potential synergies with CCR’s existing toll road

concessions

Santos

Bertioga

Guarujá

Sâo Sebastiâo

Illhabela

Caraguatatuba

Sâo Luisdo Paraitinga

Ubatuba

Dutra

To be auctioned

(1)IBGE data (2007)

Page 50: CCR Day 5 Presentation

…and capture the economic growth projected for Minas Gerais and neighboring states

Minas Gerais program includes 17 highways totaling 5,777 km for auction in 2010

Minas Gerais State Concession Program

Program developed in conjunction with private sector suggests better bidding process

/Investments expected to total R$8.9 bn plus R$1.2 bn in concession fees

Federal government to resume its Highway Concession Program

3rd and 4th round expected to be auctioned in 2010/2011

Federal Concession Program

Opportunity to expand national footprint...

Federal and Minas Gerais Concession Programs

(1) Estimated revenue over entire concession term adjusted for inflation

Federal

Highways

Federal

Highway

Revenue

(R$ mn)1

Investment

(R$ mn)

Concession

Term

Bidding

Documentation

1 BR 116 / MG 8,813 3,933 25 years 2010/2011

2 BR 040 / MG 9,582 3,067 25 years 2010/2011

3 BR 381 / MG 6,147 2,208 25 years 2010/2011

Total 24,541 9,208

3rdro

un

d

Page 51: CCR Day 5 Presentation

Estimated Infrastructure Investments

for 2014 World Cup (R$ bn)

Cuiabá: 3.0

Manaus: 1.5

Fortaleza: 9.4

Brasília: 3.5

Belo Horizonte: 1.5

São Paulo: 33.4

Salvador: 5.0

Recife: 5.0

Natal: 3.5

Rio de Janeiro: 11.0

Curitiba: 4.5

Porto Alegre: 5.0

2016 Olympics in Rio de Janeiro:

Initial estimates indicate investment

requirements of US$ 14.4 bn

R$ 86 bn

Source: federal / state governments

Brasília Subway: R$ 1 bn

Main Urban Transportation Projects

Porto Alegre Subway: R$ 2.5 bn

Curitiba Subway: R$2 bn + R$ 200 mn (urban

transportation)

Light Rail Transport in Fortaleza: R$ 565 mn

Natal: R$ 878 mn (Light Rail Transport)

Parking lots, vehicle inspection in metropolitan

areas, other concessions

Related Businesses

International Airport Express (Guarulhos)

Express Trains

High Speed Train (Campinas – São Paulo – Rio de

Janeiro)

… driven by 2014 World Cup and 2016 Olympics.

Heavy investment requirements in urban transportation and related businesses...

2014 World Cup and 2016 Olympics

Page 52: CCR Day 5 Presentation

New Businessess

20032004

2005

2006

2007

2008

2009

Follow on

R$ 334 mn

Follow on

R$ 1,235 mn

Page 53: CCR Day 5 Presentation

Well Planned Past. Proven Track Record. Ready for the Future.

Achieving a Higher Level

Page 54: CCR Day 5 Presentation

Financial Strategy

Arthur Piotto

Page 55: CCR Day 5 Presentation

Successful Capital Increase with Diversified Demand1

Greater Financial Flexibility after Capital Increase2

Lower Average Cost of Debt3

Long Term Financing of Western Section of Ring Road in Final Phase4

Long Term Debt Profile and Renewed Guarantee Structure5

Stronger Investment Capacity6

Commitment to Pay at Least 50% of Net Income in Dividends7

Company well positioned to benefit from large project pipeline.

Adequate financial structure and solid balance sheet

Financial Strategy

Page 56: CCR Day 5 Presentation

Offering SummaryPre-Offering Ownership Structure (%)

Allocation by RegionPost- Offering Ownership Structure (%)

• Offering structure: public primary share offering

• Shares offered: 33,300,000 common shares (Novo

Mercado listing segment)

• Greenshoe: 4,995,000 shares

• Final price: R$ 33.00/share

• Net Offering volume: R$ 1,235 mn

• Use of proceeds: Provide funds to explore new growth

opportunities through bids or acquisition of existing

businesses

Europe, 15%

Brazil, 34%

Asia, 3%

United States,

48%

17.9%

17.9%

17.9%

17.7%

Free Float

28.6%

Free Float

34.8%

16.3%

16.3%

16.3%

16.2%

Financial Strategy

Page 57: CCR Day 5 Presentation

Gross Debt

1,4671,774 1,932

2,914

4,655

3Q05 3Q06 3Q07 3Q08 3Q09

Leverage ratios include investments in new assets, ViaQuatro, RodoAnel, Controlar...

Net Debt

3Q05 3Q06 3Q07 3Q08 3Q09Includes funds

from capital

increase

1,2131,276

2,338

3,938

1,277

1.20 0.91 1.43 2.06 1.410.91

2,703

Net Debt/EBITDA LTM

3Q09

...but still do not fully consider the additional cash generation.

Financial Strategy

Page 58: CCR Day 5 Presentation

Debt by Index – 3Q09

Financial Strategy

Lower interest rates and Brazil obtaining investment grade....

2009 Average Debt Cost Evolution*

...contribute to continuous reductions in debt costs

13.39%

13.45%

12.04%11.61%

12.49%

9.90%

9.42%

9.43% 9.19%

9.16%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct

CDI

60%

IPCA3%

Fixed11%

Foreign

Currency6%

BNDES7%

IGPM

13%

* In R$ in nominal terms

Page 59: CCR Day 5 Presentation

Characteristics of Long Term Financing

• R$750 mn (subordinated, 3-year) – already disbursed

• US$500 mn (senior) – IDB, JBIC and B-Lender disbursements slated for Dec/09

• Approximate cost LIBOR + 3.5%

• Senior debt term: 13-15 years

• Specific hedge policy

• Long term financing structure for

Ring Road

Long Term Disbursement

Dec/09

• Financing of initial concession payment

• Financing of short term investments

• Negotiation of long-term loan conditions

Bridge Loans

May/08

Long term financing of Ring Road in final phase

Ring Road Financing Structure

Page 60: CCR Day 5 Presentation

Financing Status

October 2009:

Issue

Debentures R$750 mn

3-years – 117.5% of CDI

Ring Road

Concession: R$2 bn

(10% cash + 24x)

6 installments

outstanding

November 2009:

Issue

Promissory Notes R$500 mn

180 days

Final Disbursement

December 2009:

U$500 mn

Long Term: 13-15 years

Dec-09Nov-09Oct-09

Amortization

Promissory Notes due in

Oct/09

Refinancing

Promissory Notes due in Nov/09

Amortization

Promissory Notes due in Nov/09

Resolved

Ring Road Financing Structure

5-year at LIBOR

Hedge Characteristics – Rolling

SWAPs for FX exposure of Cash Flow maturing in next 24 months

Page 61: CCR Day 5 Presentation

Disbursement of long term loan for Ring Road, combined with...

Expected Debt Amortization Schedule

200

400

600

800

1,000

1,200

1,400

1,600

124

560468

549 558 538

323 346 343 346

908

3Q09 Debt Amortization Schedule

1,482

914

392

712

219 193 143216 190 185

51200

400

600

800

1,000

1,200

1,400

1,600

Renewal of Guarantee Insurance Package

CCR renewed its facility this month under the following conditions:

• Capacity offered by reinsurers of R$ 3.1 bn

• R$ 2.2 bn contracted

• R$ 1.4 bn used as of Sep/09

• Remaining balance of R$ 800 mn for growth

… renewal of guarantee facility prepares CCR for a change in level

Amortization Schedule

09 10 11 12 13 14 15 16 17 18 19-23mn R$09 10 11 12 13 14 15 16 17 18 19mn R$

Page 62: CCR Day 5 Presentation

Positive macro scenario and Brazil obtaining investment grade

could allow higher leverage levels in the future

CURRENT Situation

~ R$4.1 bn

Investment Capacity

Pre-Offering Situation

R$1 bn

Investment Capacity

• Financial covenants limit debt to 3.0x Net Debt/EBITDA

• Target structure of 70% for New Projects while always seeking Project Finance

CCR has high capacity to benefit from this unique moment in Brazil

Investment Capacity

R$1,235 mn

Capital Increase

(1) The EBITDA used in calculations was market consensus of R$2,000 mn for 2009 and the market’s average growth expectation of 13.5%

Situation marked by

easing

of covenant

conditions

Assuming 100%

interests

in future projects

Investment

Capacity

~ R$6.3 bn

Page 63: CCR Day 5 Presentation

We reiterate our commitment to a minimum dividend payment of 50% of net income

Dividend Yield Accrual Payout

Dividends

* Market Consensus

2.5%

4.5%

5.2%

4.2% 4.2%

5.5% 5.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

2003 2004 2005 2006 2007 2008 2009

Average historical payout above 60%

Since 2004, average payout of 80%

* Based on cash dividend

8.2%

27.4%

76.6%

60.4%

83.2%91.2%

70.6%83.0%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2002 2003 2004 2005 2006 2007 2008 2009*

Page 64: CCR Day 5 Presentation

Well Planned Past. Proven Track Record. Ready for the Future.

Achieving a Higher Level

Page 65: CCR Day 5 Presentation

Final Remarks

Page 66: CCR Day 5 Presentation

CCR has a proven track record in acquisitions, diversification and new bids

Proven Track Record

Milestone Concession Awarded Acquisition Concession Extension

IPO

(2002)STP

(2003)Follow-on

(April 2004)ViaOeste

(October 2004)RodoNorte

(2005)

AutoBAn +

ViaOeste

Concession

Extension (2006)

Multiple Growth

Opportunities

ViaQuatro

(2006)

USA

(2007)

(2008)

RenoVias

RodoAnel

(2008)Controlar

(2009)Follow-on

(2009)Upcoming

Projects…

Page 67: CCR Day 5 Presentation

Well Planned Past. Proven Track Record. Ready for the Future.

Achieving a Higher Level

Page 68: CCR Day 5 Presentation

Thank you.