Choosing New PathsWinning New Challenges

São Paulo, November 18, 2005

AgendaRegistration and Breakfast 08:30-09:00 am

Welcome and Agenda Presentation 09:00-09:10 amRenato Vale – CEO

Scenario of the Toll Road Concession Industry 09:10-09:50 am

Dario Rais Lopes – Secretary of Transportation for the State of São PauloJosé Alexandre N. Resende – General Director of the National Agency for Land Transportation

Corporate Positioning 09:50-10:20 amRenato Vale – CEO

Coffee break 10:20-10:40 am

Agenda (cont.)

View on Current Businesses 10:40-11:10 amItalo Roppa – Management Vice-President

New Businesses 11:10-11:40 amMarcio Batista – Executive Vice-President

Financial Strategy 11:40 am-12:20 pmRicardo Froes – CFO and IR Officer

Questions and Answers 12:20-1:00 pm

Closing Lunch 1:00 pm

Scenario of the Toll Road Concession Sector

Dario Rais Lopes and José Alexandre N. Resende

Corporate Positioning

CCR SystemCCR – Strategic Holding of the Corporate System

Service Companies100% 100% 38.25%

Interest

100%100%

100% 74.24%

100%

100%

Ownership Breakdown

Andrade Gutierrez

17.4%Serveng -Civilsan17.9%

Camargo Corrêa17.9%

Brisa17.9% Novo

Mercado28,9%28.9%

Corporate Convergence

• Partners share objectives and views;

• There is not an exclusive controlling shareholder;

• Shared management;

• Board members are extremely dedicated and have profound knowledge

of the business;

• The company’s interests are above those of its controlling shareholders;

• Permanent guidance towards building capacity and improving results;

• Participative style – intense dialogue;

Transparency

• Because it is a public service concessionaire, CCR is bound to provide all relevant information to the Regulatory Agencies, which publicly disseminate it;

• Because its long term debt is funded by multilateral institutions (IFC and BID) and BNDES, in the Project Finance model, the concessionaires are constantly under auditing from these institutions

• All information will are treated with great transparency:

Financial Statements reconciled to meet US GAAP requirements;

Novo Mercado

• CCR made its IPO as a Novo Mercado company:

Respect for minority shareholders’ rights

All shares are common;

Tag Along.

Information transparency;

Responsible accountability;

Transparency towards stakeholders.

Novo Mercado (cont.)

• Direct disclosure of all relevant facts;Open Conference Calls;Publications;Providing requested information:

to Minority Shareholders;to Market Analysts;to the Press;

Periodic non-deal road shows in Brazil and abroad;Personalized visits to the main minority shareholders;Site on the internet with updated information.

Corporate Governance

• Creation of CCR Center for Corporate Governance with Fundação Dom Cabral

• Discussion of CCR Governance Case in the academic environment

Governance Components

• Board of Directors

Defines strategic guidelines and general objectives;

Follows the Company’s performance and results;

Sends issues to the Committees;

Makes decisions requested by the Executive Officers;

Proposes initiatives to Executive Officers.

Governance Components (cont.)

• Committees

Each committee has a specific scope;

They do not take executive actions;

They make a profound study of the matters within their scope;

They issue opinions for the decisions of the Board of Directors.

• Executive Officers

Manages the Company;

Proposes decisions to the Board of Directors;

Maintains the Board of Directors informed.

Social Responsibility and Policy

Social Responsibility

Environmentprotection projects

VidaBAn – “BAnLife”SorrisoBAn “BAnSmile”RodopacSaúde do Caminhoneiro -

“Truckers Health”Parto Humanizado

“Humanized Delivery”

Instituto Caminhos para Vida• “Road of Life Institute”

Estrada para a Cidadania• “Road to Citizenship”

Sou 10 no Trânsito•“ I am a “A” grade driver”

EDUCATION

ENVIRONMENT

Health

Main Highlights

• First company to be listed at Novo Mercado

• Gross Revenues (LTM) ~ R$ 2 billion

• Market value (11/16/2005): ~R$ 6.3 billion

• Roads extension: 1,452 km

• Total daily users: > 1.5 million

• Capital expenditures + conservation expenses since the beginning of the concession:

R$ 7.9 billion (base value 2005)

CCR System Business

To make possible investment solutions and services in

Roads Infrastructure, contributing for the social-economic

development

Corporate Strategy

Focus: Growth, profitability and liquidity

• To be a key player in the toll roads concession market in Latin America, extending this role to the whole continent

• To emphasize correlated businesses that brings advantages and significantly contributes for the CCR’s MVA, without compromising its focus on its core business: toll roads concessions.

• To make CCR shares known in the Brazilian and international capital markets through its solid and wide track record of growth, profitability, dividends payment and to be recognized by the quality of managing and services rendered.

Business Strategy

Focus: Quality Relationship

• To be distinguished among the main audiences by the competence of our institutional relationship.

Source: CCR

Evolução natural na estrutura organizacional e na governança

Def. inicial operaçõesDefDef. inicial . inicial operaçõesoperações

IPOe

Reorganiza-ção

IPOIPOee

ReorganizaReorganiza--çãoção

Busca sócio estratégicoBusca sócio Busca sócio estratégicoestratégico

Início das atividadesInício das Início das atividadesatividades

Sócio estratégicoSócio Sócio estratégicoestratégico

Novo Posicionamento

de Gestão

Planej.Integrado

Proj. Crescer

PDE

Proj. Ousar

Novo Posicionamento

de Gestão

Planej.Integrado

Proj. Crescer

PDE

Proj. Ousar

NewNewManagementManagement

PositioningPositioning

PDE

Evolução natural na estrutura organizacional e na governança

. inicial operações

. inicial . inicial operaçõesoperações

Reorganiza-ReorganizaReorganiza--

Busca sócio estratégicoBusca sócio Busca sócio estratégicoestratégico

Início das atividadesInício das Início das atividadesatividades

Sócio estratégicoSócio Sócio estratégicoestratégico

---

Startup

Aprimora-mento

PermanenteNovos

Desafios

• Oferta Pública

• Imp. Modelo Gestão

• Consolidação Crescer -Ousar

• Efetivar Crescimento

• Iniciar Novo Ciclo de Planejamento

19981999

20002001

20022003

2004 / 2005

19981999

20002001

20022003

2004 / 2005

19981999

20002001

20022003

2004 / 2005

2005…

2004

•New Chalenges

• to effectgrowth

• New strategicpositioning

New Public Offering and

ViaOesteAcquisition

Phase 1 Phase 2 Phase 3

CCR Historical Evolution

Seeking for strategicpartner

Strategicpartner

IPO andRe-organization

Natural evolution of corporate governance and organizational structure

integrated plan

Growth Project

“Venture”Project

StartupStartupDefinitionDefinition

New Strategic Positioning

• New CCR evolution phase imposes growth challenges towards 4 strategic paths:

value creation in the current portfolio;

value creation from new concessions in Brazil and new opportunities in existing contracts;

value creation in operations abroad

value creation from related businesses

Marketing and Communication

InstitutionalRelations

CEO

Vice-Presidente de Desenvolvimento

de Negócios

Vice-President

Business Management

New Business Officer

LegalOfficer

CFO and IRO Corporate Development

Officer

Planning and Controlling

Officer

..

Engelog

CEO

Actua

CEO

Concessionaires

CEO and Officer

Other Businesses STP

Strategic ManagementVice – President

Officer (*)

Vice-President for Business

Development (**)

(*) working as a co-manager in the business strategic management(**) Works with focus and responsibility in the development and conquering of businesses

Same officer with a double role

Renato Vale

Marcio Batista

Marcio Batista Ítalo Roppa

Business Unit

Leonardo Vianna Massami Uyeda Ricardo Froes Francisco Mendes Antonio Linhares

Corporate Positioning: Focus on Growth

• Leader in the toll road concessions industry in Latin America

• Well positioned for a consolidation in the industry

• Organizational structure is prepared for quality growth

• Resilient to economic fluctuations

• Strong cash flow generation

• Committed controlling shareholders

• Strong commitment to corporate governance standards

• Well known in the market

Current Portfolio Overview

Process SupportProcess Support

Process Leadership

Process Leadership

Process Leadership

Business Management

New Businesses

Officer

Legal

Officer

CFO and Investor

Relations Officer

Corporate Development

Officer

Planning and Controlling

Officer

New Businesses

Officer

Legal

Officer

CFO and Investor

Relations Officer

Corporate Development

Officer

Planning and Controlling

Officer

New Businesses

Officer

Legal

Officer

CFO and Investor

Relations Officer

Corporate Development

Officer

Planning and Controlling

Officer

Vice-President of Business

Development

Vice-President of Business

Development

Marketing and Communication

Institutional Relations

CEO

Vice-President Business

Management

Engelog

CEO

Actua

CEO

Other Businesses

Conquered

STP ConcessionairesCEO

Officer

Marketing and Communication

Institutional Relations

CEO

Vice-President Business

Management

Engelog

CEO

Actua

CEO

Other Businesses

Conquered

STP ConcessionairesCEO

Officer

Marketing and Communication

Institutional Relations

CEO

Vice-President Business

Management

Engelog

CEO

Actua

CEO

Other Businesses

Conquered

STP ConcessionairesCEO

Officer

CCR Organizational Structure

Concessionaires

Role in the Business:

• To integrate the many audiences involved in the business, becoming known by the clients and by all related audiences as the best option for transportation of people, assets and benefits generated.

Strategy:

• To provide security, comfort, fluidity and orientation by means of rendering standardized services to our users, as well as additional services to segments that are sufficiently wide and homogeneous,guaranteeing a favorable cost/benefit relation

CCR Concessionaires

Apucarana

Ponta Grossa

Sorocaba

Limeira

Campinas

S. José dos Campos

Buzios

Current Concessions

CCR System

Concessionaires

AutoBAn - 317 km(Apr / 2018)

NovaDutra - 402 km(Feb / 2021)

ViaOeste - 162 km(Apr / 2018)

Rodonorte - 488 km(Dec / 2021)

Ponte - 23 km(May / 2015)

Toll Revenues3Q05

40.4%

26.0%

10.8%

3.8%

Via Lagos - 60 km(Nov / 2021) 1.7%

17.3%

Current Concessions

Concessionaires – Relevant Information• Roads Extension: 1,452 km

• Toll payer vehicles volume: 743,910 vehicle equivalents/day

• Number of users assisted

Medical assistance: 108 assistances/day

Mechanical assistance: 1.150 assistances/day

• Death toll reduction: 50% (1st year x 2004)

• Accidents reductions: 10% (1st year x 2004)

• User satisfaction index (DATAFOLHA): 86% average approval

• Job generation (direct + indirect): 10,440 jobs

• Taxes paid: R$ 81.8 million / year

• Number of bordering cities: 95 cities

• Population in the bordering cities 36.4 million people

• Region GDP (SP, RJ and PR states) 50% of Brazil’s GDP

Concessionaires – Relevant Information• Safer Roads: NovaDutra – 49.7% Death Toll Reduction

-49.7%

481

239

0

100

200

300

400

500

600

1997 1998 1999 2000 2001 2002 2003 2004

Totalannual

Concessionaires – Relevant Information

• Safer Roads: AutoBAn - 56,6% Death toll decrease

5

7

9

11

13

15

17

19

21

1997 1998 1999 2000 2001 2002 2003 2004 2005

Obs.1997

DERSA+

DER

- 56.6%

19.8

8.6

Monthlyaverage

Concessionaires – Increasing value of current contracts

• Reduction of escaping routesIdentify and reduce the number of escaping routes from the toll plazas

• Increase collecting toll baseBroaden coverage areas, with more toll charging justice

• Incorporation of adjacent sectionsInclude in contract, sections/closer roads, which if isolated are not economically viable

• Maximize other revenues

Develop and broaden other revenues generation and/or related projects (e.g. weight control, advertisement spaces in domain areas)

• To promote traffic

Attract and ease the implementation of traffic generating poles in strategic position to the concessionaires

• Migration to close/mixed system

Reformulate roads to a closed/mixed toll collecting system, reducing escapes and maximizing the toll base

Concessionaires – Increasing value of current contracts

Engelog and Actua

Business Role

• ENGELOG: Add value to business, creating distinguished road engineering solutions

• ACTUA: Add value to business, by creating distinguished administrative services.

Engelog and Actua

Strategy

• ENGELOG: Guarantee that services are rendered with standardized quality and with the best cost/benefit relation for CCR companies

• ACTUA: Guarantee that services are rendered with patronized quality and with the best cost/benefit relation for CCR companies

Engelog and Actua – Growth Drivers

• Management Quality Improvement:

Results optimization

Dissemination of best practices

Concessionaires are able to focus in their own businesses

• Allows more competitiveness

• Ready for growth

ENGELOG – Operating Performance

-

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

AutoBan Rodonorte Ponte/Lagos

2004

2005

Contracts 2004 x 2005 – up to 30/September(R$ x 1.000 current)

12,71135,855

89,38078,622

-

216,568

12,168

85,451

37,481

95,186

172,672

402,958

AutoBan NovaDutra Rodonorte Viaoeste Ponte/Lagos Total

ENGELOG – Hired Companies

1,347

1,114

284

661 599

0

200

400

600

800

1,000

1,200

1,400

AutoBAn NovaDutra Ponte/Lagos Rodonorte Via Oeste

Summary – Current Businesses Overview

• Current Porfolio

Great investments made

Track record of good results

Rigorously following all contractual obligations

High user satisfaction levels

Recognition from different audiences

• Potential contract growth

• Potential increase in operation regions

• Growth opportunities in related business (e.g. Advertisement)

New Businesses

ProcessSupport

Process Leadership

Communicationand

Marketing

InstitutionalRelations

Business DevelopmentVice-President

New Businesses

Officer

President

Legal OfficerCFO andInvestor

Relations Officer

Business Development

Officer

Control andPlanningOfficer

Development andBusiness Growth

Engelog

CEO

Actua

CEO

Concessionaires

CEO - Officer

Other New

Businesses

STP

Operations Vice-President

CCR SystemOrganizationalStructure

Strategic Position

BRASIL – Road Concession

• Main Market

Maintain the leadership in road concessions

Maintain high user satisfaction levels

Maintain the recognition from the several audiences of the benefits generated

• Strategic Attitude

Focus and pro-activity in the development of qualified contracts

BRASIL – Road Concession• Main Opportunities

Federal – 2nd Phase – approx. 3,059 Km

Federal. – 3rd Phase – approx. 4,747 Km

State of São Paulo– 2nd Phase (partial) – 495 km

Porto Alegre Metropolitan Pole – 202 km

Secondary Market

• Expansion of the Road Concession Market in BrazilUrban Concessions:- Large Metropolis

São Paulo’s Rodoanel

Other State Programs

PPP’s

Strategic Position

CCR System

CCR Concessionaires – and Federal Program

CCR’s Current Concessions

2nd Phase - Federal

3rd Phase - Federal

Porto Alegre’s PoleSource: DNER / ARTESP

Total 8,008

Programs Extension (km)

2nd phase - Federal 3,0593rd phase - Federal 4,747Porto Alegre’s Pole 202

CCR Concessionaires, 2nd phase program

Sorocaba

Limeira

Campinas

S. José dos Campos

Source: Transportation Secretary / SP

Total 494.9

Sections Programs ExtensionSP (km)

Section 01 Dom Pedro I 262.7 Section 02 A. Senna / C. Pinto 127.5Section 03 Tamoios e Contornos 104.7

Strategic Position

BRASIL – Related Businesses

• Complementary Market

Expand current expertise in highly attractive correlated business which complement CCR’s portfolio

Be one of the major players in the market of related businesses

Strategic Attitude

Act as promoter of businesses by developing strategic partnerships

• Main Opportunities

ITV – Technical Vehicle Inspection

TAG Additional Uses

Strategic Position

LATIN AMERICA

• Focus (short-term)

Establish strong presence in Chilean and Mexican markets

• Strategic Attitude

Focus and pro-activity in the development of opportunities in primary and secondary markets

Strategic Position

LATIN AMERICA• Main Opportunities

Chile:

Country with the greatest economic stability in Latin America

Regulatory milestone and favorable government position - sharingrisks and results

EBITDA margins among 60% and 70% in road concessions

Urban integrated concessions with 100% automatic toll collection.

Traffic Law makes possible to implement the automatic tollcollection

Chile (cont)

Average GDP growth in the last 14 years = 6%, outlook for 5% growth for the next 5 years;

Cargo transportation: 83% per road

Fleet growth (+/- 80% of GDP in the last 15 years).

Inflation under control, with average interest rate of 5% per year

One of the 4 investment grade countries in the Americas

Risk sharing / results

Minimum revenue garanteed

Superior revenue

Variable term, preserving revenue’s NPV

Strategic Position

LATIN AMERICA• Main Opportunities

Mexico:

Potencial to increase private concession penetration beyond thecurrent 10%

PPS

Reprivatization of the concessions operated by public companieswould represent annual revenues of US$2 billion

One of the 4 investment grade countries in the Americas

Strategic Position

Original Program’s Major Problems

Source: SCT, WorldBank, Tem analysis

Bidding Process

•

•

•

•

Consequences

AmbienteinstitucionalInstitutional Environment

•

•

•

CriseeconômicaEconomic Crisis

••

•

•

•

••

••

The original model had a series oftechnicalandmanagementproblemsworsened bythe economicand politicalscenario of themid-90’s

•Shorter concession periodas a selection criterion

•Little technical rigor in the definition of theexecutive project andlicense obtainment

Limited technical andadministrative experienceof the agencies responsiblefor the programPublic agencies withdefficient personnelstructureLow liquidity in the capital market

Inflationary pressureSharp increase of the basicinterest rate to controlinflationStrong economicrecession

Main Points

High user rates, leading to the useof the toll-free via

Very optmistic traffic estimatesof the grantorConstruction cost higher than theestimatesDelay in the acquisition of the road’s rights and environmental licensescompromise the beginning ofoperationsThe control mechanisms necessary to guarantee the develoment of 50 projects in the short-term were neverappropriately implemented

Use of short-term financing subject toeconomic fluctuations

Debt servicing becomes unfeasibleOperating costs beyond what wasplannedDisproportionate rate increaseTraffic much lower than expected

New Concessions ProgramMain Points

ProjetoProject••

DuraçãoTerm•

––

Critérios de licitaçãoBidding criteria

•–––

TarifasRates•

•

Resoluçãode conflitosConflict Solving

•

Financia-mentoFinancing

Proposals lowerthan 15% of thebase budgets

Source: SCT, CCR checklistand team analysis

SCT develops and provides a complete projectThe project is revised before the bidding and mayincorporate the participants’ comments and suggestions

SCT establishes an average maximum rate, which will beupdated according to the inflationConcessionaires may distribute rates the best possible wayamong classes, as long as the average is not higher than themaximum limit establish

Criteria to define the winner in the following orderLower demand for public fundsLower construction costsHigher risk capital inflow

Up to the maximum limit allowed by law:Greenfield Projects – maximum of 30 yearsBrownfield Projects – maximum of 20 years

Technical/ economic issues are solved by a committee ofExperts approved by both parties, in case there is no agreement, the parties may appeal to arbitration

• Since the beginning, projects receive finacing from the federal government, bank credit and risk capital

– Minimum risk inflow of 25% of the total investment

The new concessionprogram wentthrough deepchanges tocorrect themistakes made

NORTH AMERICA• Focus (medium term)

Analyze the potential and attractiveness of USA and Canadian markets

• Strategic AttitudeDevelopment of opportunities in primary and secondary markets

Strategic Position

NORTH AMERICA • Recent Examples

USA:Extensive road network and beginning of a trend towards private concessions, for example:

Trans Texas Highway may represent an investment of more thanUS$ 130 billion in a 30-year period

Chicago Skyway – privatization of the existing highway – winningoffer US$ 1.8 billion

Canada:Government trend towards expanding PPP projects, benefitting thepublic tender of road concessions

ETR-407

Strategic Position

Summary – New Businesses

• Focus on markets with high qualified growth potential:

Brazil:

Toll Roads Concessions

Related Businesses

Chile and Mexico;

Analisys of US and Canadian markets

• Technical, commercial and financial qualification;

Financial Strategy

Long Term Financial Policy

Goals:

• maximize cash flows to shareholders (NPV dividends);

• Maximize average cost of capital (optimal capital structure);

• guarantee comfortable debt coverage ratios and credit quality

Long Term Financial Policy

Main guidelines:

• To finance growth, at first, by means of issuing new debt (Net Debt/EBITDA = 2.5X);

• Re-leveraging of current concessions up to the maximum adequate level

• Acquisitions made outside Brazil are preferably financed through the local markets (possibility to work in a higher leverage level);

• Dividends policy: minimum payout of 50%

• Hedge policy (up to 1 year protection)

New Projects financing

• Modality: Project Finance;

• Structure: 60% debt• 20% cash flow generation• 20% capital increase

• Access to new long term credit lines;

• Preferably in R$

• Correlation between costs and revenues

Past, Present and Future

Historical consistency in delivering results and cost optimization…

… as well as a lower leverage ratio

Before Reorganization Before Operating and Financial Reorganization

EBITDA (R$mm)

2.42.7

3.2

2.82.5

2.32.1

1.91.7

1.1 1.00.8

1.41.2 1.2

108 107

130 128 122 119

161170 174

151

216 218 224

259

310

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05

46%46%

49% 47% 48% 47%

53%51% 52%

44%

55% 55% 54%

55%

59.71%

192% EBITDA Growth

Net Debt / EBITDA

Interest Coverage 4.7 7.7 8.6

Consolidated debt as of September 30 R$ 1,467.4 million:

(in R$ MM) 12/31/01 12/31/02 12/31/03 12/31/04 09/30/05

Short Term 251.7 323.4 304.8% Total 17.9% 21.4% 24.9% 20.1%Long Term 1,153.7 1,185.1 919.6 907.8% Total 82.1% 78.6% 75.1% 79.9%

Total Debt 1,405.5 1,508.5 1,224.5 1,135.8

In Reais 822.4 730.8 720.4 834.6% Total 58.5% 48.4% 58.8% 73.5%In Foreign Currency 583.0 777.7 504.1 301.2% Total 41.5% 51.6% 41.2% 26.5%

Besides small, its mostly a long term debt

269.818.4%1,197.681.6%

1,467.5

1,181.880.5%285.619.5%

228.0

Debt repayment schedule

R$

(mill

ion)

*Last quarter of 2005

61

242

406

282246

161

67

050

100150200250300350400450

2005* 2006 2007 2008 2009 2010 After2010

R$

(milh

ões)

Debt

Gross Debt Net Debt

R$

(mill

ion)

R$

(mill

ion)

81%

59% 59%48%

73%

0200400600800

1,0001,2001,4001,600

2001 2002 2003 2004 9M05

Short Term Long Term In R$

1,405 1,5081,224 1,136

1,4671,338 1,322

1,127

623

1,213.6

1.200.82

1.97

2.803.03

0200400600800

1,0001,2001,4001,600

2001 2002 2003 2004 9M05

Net Consolidated DebtNet Consolidated Debt / EBITDA-LTM

Source of Funding

(IGP-M + 9.5% - 11%)

BID e IFC (Libor + 4.5%)

Debentures

BNDES (TJLP + 5.0%)

Debentures(105% CDI)

Other(102.8% CDI)

19%

22%36%

10%

13%

Net Income Evolution

A Consequence of efficient management

... a historical of growing results

2002

44%

32%

(120)

183263

348

(200)

(100)

0

100

200

300

400

2002 2003 2004 9M05

Initial Analysis

Investment Analysis - General Overview

BoardDecision

PreliminaryAnalysis

0

Initial analysis and elimination of non-attractive projects

Context and

parameters evaluation

1

Understanding of the project context and studies to define the important variables are carried out

Scenario Definition

2

Construction of alternate scenarios, using probability

Funding analysis

3

Project Finance probability analysis

Hurdle rate

definition

4

Cost of capital estimate, including shareholder’s spread and definition of the strategic alignment

Análisedo

impactodo projetona CCR

6

Financial impact study or inclusion of the project in CCR portfolio

Competiveness

analysis

7

Analysis of the Competitiveness environment and recommendation for improving competitiveness

Decision is approved, revised or rejected

Final Recomendation

8

Management proposal, related to commercial conditions are taken to Board’s decision

BoardDecision

0Project

Financial and

Economics Analysis

5

Calculation and interpretation of the project indicators, are separated considered

Analysis of the

impact of the new project in

CCR

6

Competitive

analysis

7

Final recommen

dation

8

Shareholders’Spread

Hurdlerate

Project orshareholders’ TIR

Adjustment can be positive or negative, but never higher than WACC

Portfolioadjustmets

WeightedCost ofCapital (WACC/ Ke)

TIRSpread

Requirement level can vary according to the risk of each project

• Autostrade

EV/EBITDA*

* Analysts estimates median: Base date: 10/19/2005Source: Analyst research, team analysis

9.9

10.2

14.3

14.3• Abertis

10.9

10.8• ASF

13.5

13.8• Brisa

7.2

6.1• CCR

Despite the strong performance CCR is traded with lower multiples, when compared to European companies

• 2005E• 2006E

Concluding

Focus:

Keep on creating value to shareholders

Keeping:• Tax discipline

• Conservative profile

• Dividend policy

Thank You!