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January 2015

Corporate Presentation


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Executive Summary


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Heavy

Cons

truc

tion

Market leader, extensive trackrecord, with more than 60 yearsof experience

Focus on: large and complexinfrastructure projects

Products: engineeringsolutions and rental offormwork and shoring

Services: planning, design,technical supervision,

equipment and related services

Main clients:

Rea

lEs

tate

Market leader; acquired in 2008

Focus on: residential and

commercial constructions

Products: engineering solutionsand rental of formwork, shoringand suspended access

Services: planning. design.technical supervision. equipmentand related services

Clients: real estate companies.such as:

Ren

tal

Market leader; started in2008

Focus on: civil construction.Industry, retail e others

Products: rental and sale ofmotorized accessequipment, such as aerialwork platforms andtelescopic handlers

Cross-selling with all otherMills business units

Elected "Best Company forAccess of the Year" by theInternational Awards forPowered Access (IAPA

Awards) for the year of 2011

Mills - Business Units

2
http://www.pdgrealty.com.br/pdg/Capa.aspxhttp://www.pdgrealty.com.br/pdg/Capa.aspx


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3

Mills 3Q14LTM Financial highlights per business unit

Excluding the Industrial Services business unit.

In R$ million

384.0

219.5

221.2

61.1

217.1

101.9

822.3

382.4

Receita Lquida EBITDA

Heavy Construction

Real Estate

Rental

27%

47%

27%

16%

57%

26%

EBITDA margin ROIC

46.9% 13.3%

27.6% 2.1%

57.2% 14.5%

46.5% 9.4%


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Estamos presentes em 16 estados no Brasil com 56 unidades

Geographic Presence

4

Branches locationAs of September 30. 2014

MinasGerais

Rio Grandedo Sul

Santa Catarina

So Paulo

Mato Grosso

do Sul

Rio deJaneiro

(headquarters)

EspiritoSanto

Bahia

DistritoFederal

Goias

Sergipe

Paraiba

Rio GrandeCear

Piaui

Maranho

Tocantins

Par

Rondnia

Acre

Roraima Amap

Amazonas

Mato Grosso

Parana

Alagoas

States with Mills' presence

Pernambuco

do Norte

Rental

Heavy Construction

Real Estate


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5Source: The Conference Board Total Economy Database, January 2014

Brazil presents a low level of productivity compared to otherdeveloping countries

17.2%

34.0%

8.1%

17.1%

28.2%

34.5%

31.4%

Brazil Russia India China South Africa Chile Mexico

GDP per person employed. % of U.S. 2013

Productivity growth is essential for higher sustainable GDP growth


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The potential penetration of our services for increasingproductivity enables us to grow more than the overalleconomy

60%

35%

31%

44%

25%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

2009 2010 2011 2012 2013

Mills GDP Industrial GDP Civil Construction GDP

Source: Mills and Bacen

Mills revenue1 versus GDPyoy variation (%)

6 Excluding the Industrial Services business.


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354.5

462.8

665.5

832.3 822.3 822.3

168.4217.4

339.0

403.1382.4 394.8

103.3 92.2

151.5172.6

116.1 124.1

47.5% 47.0%50.9%

48.4%46.5%

48.0%

21.0%

12.3%

14.7%14.1%

9.4% 9.9%

2010 2011 2012 2013 LTM3Q14 LTM3Q14

188.4

211.8222.0

210.1 207.8 213.0

191.5 191.5

95.7 98.9106.1 102.4 107.5 105.9

66.779.0

39.348.1

39.6 45.6 33.9 33.4

3.211.3

50.8%

46.7% 47.8% 48.7%51.7%

49.7%

34.8%

41.3%

14.7% 14.8% 14.4% 14.1% 13.8% 12.3%9.4% 9.9%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 3Q14

Net revenue EBITDA Net earnings EBITDA margin (%) ROIC

7

Financial Performance3

Excluding Easy-set effect.

ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering atheoretical 30% income tax rate.

Reclassifiedexcluding the Industrial Services business unit, for comparison

In R$ million

3Q14/3Q13 3Q14/2Q14 LTM3Q14/LTM3Q13 CAGR 10-13

Net revenue -14% -10% 2% 33%

EBITDA -26% -25% 3% 34%

Net earnings -72% -66% -26% 19%


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7447 51

106

35

104

185

60

90

15

131

163

161

267

105

15

18

20

36

21

324

413

292

499

177

2010 2011 2012 2013 9M14

Rental

Real Estate

HeavyConstruction

In R$ million

Capex

Realized 9M14 /2014 Capexbudget (%)

96%

60%

62%

Mills invested R$ 155.3 million in rental equipment in 9M14, ofwhich R$ 13.8 million in 3Q14

8 Reclassified excluding Industrial Services business unit, for comparison.

Total 76%

Rental equipment


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Positive cash flow of R$ 74 million in 3Q14

9

(340)

(219)

(31)

(154)

(13)

11

74

(400)

(350)

(300)

(250)

(200)

(150)

(100)

(50)

-

50

100

2010 2011 2012 2013 1Q14 2Q14 3Q14

Free cash flow1

1 Net cash generated by the operating activities minus net cash applied in investment activities


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72 57 34 38 31 34

134 174

150106 106

31

161

205230

184

144 137

65

Cashposition

2015 2016 2017 2018 2019 2020

Interest Principal

92%

8% Debentures

Borrowings andfinancing

3%

83%

17% TJLP

CDI

IPCA

Debt Profile

Mills total debt was R$ 746.2 million and net debt was R$ 585.1 million in September 30, 2014.Leverage, as measured by net debt/ LTM EBITDA, was 1.5x.

Debt amortization schedule, as of Sep 30, 2014in R$ million

Debt profile (%)

By index

By type

10

Credit lines available As of Sep 30, 2014

Used R$ 62.1 million

Not used R$ 486.9 million

Unsecured overdraft account + Secured bank credit lines


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1,0x

1,6x 1,6x

1,4x

1,3x

1,2x 1,2x 1,2x

1,4x

1,3x

1,5x 1,5x

1,6x

1,5x

2Q113Q114Q11 1Q12 2Q12 3Q12 4Q12 1Q132Q133Q134Q131Q142Q14 3Q14

Debt indicators

11

Net debt-to-EBITDA

Debentures Covenants:

(1) EBITDA-to-net financial result equal to or more than two; and

(2) Net debt-to-EBITDA ratio equal to or less than three.

23,0x

9,6x

7,5x6,8x 6,9x

8,3x

10,4x 9,8x 10,2x 9,6x8,5x

7,6x

5,1x5,9x

2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

EBITDA-to-net financial result


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Business Units


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15/3614

Growth drivers in the motorized access equipment market:safety and productivity

Source: Mills

Market penetrationthroughsubstitution of lesssecure andefficient access

methods

Recent safety standards (NR-18 and NR-35) oblige the use of aerial platforms to lift people,increasing safety and productivity in the work site


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Modest rental penetration of 15% in Brazil. Rental penetration is approximately 50% in the USA,

60% in Japan and 80% in England.

Rental penetration in the USA increased to approximately 50% in 2014 from 5% in 1993: 20

years of continuous penetration growth.

Growth drivers in the motorized access equipment market:low penetration

15Source: Goldman Sachs and United Rentals

20%

35%

40%43%

50%

-20%

0%

20%

40%

60%

1993 1998 2004 2009 2011 2014E

Rental penetration in the USA


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21%

13%

28%

24%

0%

5%

10%

15%

20%

25%

30%

2010 2011 2012 2013

Penetration of use has enabled the branches opened prior to the IPO to have an average annual

growth of 22% in the last four years.

Growth drivers in the motorized access equipment market:low penetration

Growth rates considering only branches which were opened until 2010


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Revenue Breakdown

69%

42%38% 31%

31%

58% 62%

69%

2009 2010 2011 2012 2013

New branches

Established branches

Growth drivers in the motorized access equipment market:geographic expansion

171 Branches opened since January 2010


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Revenues per type of use

Construction sector is the major user of motorized access inBrazil

18Source: Mills 2013. United Rental 2011 and Ramirent 1Q14

58%69% 73%

60% 63%

25%

23% 16%35%

19%

17%8% 11%

5%18%

Brazilian Market Mills United Rentals(pre-merger RSC)

United Rentals(post-merger RSC)

Ramirent

Others

Spot

Industry

Construction


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Rental Financial Performance

19

1 ROIC: Return on Invested Capital. Until 2010. ROIC was calculated considering the effective income tax rate for the period. while from 2011 onwards ROIC was calculated considering atheoretical 30% income tax rate.

In R$ million

3Q14/3Q13 3Q14/2Q14 LTM3Q14/LMT3Q13 CAGR 10-13

Net revenue -3% -8% 15% 55%

EBITDA -4% -9% 21% 58%

95.1

175.4

253.5

357.3384.0

51.0

93.6

141.2

201.2219.5

53.6% 53.4%55.7%

56.3%

57.2%

19.2%16.5% 18.2% 18.2%

14.5%

2010 2011 2012 2013 LMT3Q14

76.1

90.193.9

97.2 97.3 98.6

91.0

43.649.3

52.356.0 58.4 55.1

50.0

57.3%54.7% 55.7%

57.7%60.1%

55.8%54.9%

18.0%18.5% 18.1% 18.2% 17.8% 16.2% 14.5%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

Net revenue EBITDA EBITDA margin (%) ROIC


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Heavy Construction

Cinta costeira - Panam


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1.00

0.33

0.36

0.48

0.62

- 0,50 1,00

USA

Brazil

Russia

India

China

Infrastructure

0.50 1.00

Infrastructure quality ranking for BRIC countries (2011-12)

Index EUA = 1.0

1.00

0.11

0.38

0.51

0.73

- 0,50 1,00

USA

Brazil

Russia

India

China

Ports

0.50 1.00

1.00

0.42

0.93

0.97

0.99

- 0,50 1,00

USA

Brazil

Russia

India

China

Railways

0.50 1.00

1.00

0.33

0.36

0.48

0.62

- 0,50 1,00

USA

Brazil

Russia

India

China

Highways

0.50 1.00

Brazil is behind other BRIC countries quality of infrastructure

Source: World Economic Forum. The Global Competitiveness Report 2012-2013

21

Investments in infrastructure and industry in Brazil should


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Investments in infrastructure and industry in Brazil shouldamount R$ 1.5 trillion in the 2015-2018 period, with 24%growth compared to the 2010-2013 period

22

358

44 20 22 20

303

767

191

10249 62 23 15 11

111

453

509

4012 22 21

307

911

192141

89 8045 36 16

177

599

Oilan

dG

as

Min

ing

Stee

l

Chem

ica

l

Pu

lpan

dPa

per

Oth

ers

To

talIndus

try

Eletricity

Te

lec

om

San

itation

Roa

ds

Ra

ilways

Ports

Airports

To

talLogis

tics

To

talInfras

truc

ture

2010-2013

2015-2018

Investiment per sector

In 2013 R$ billion

2015-2018 / 2010-2013 Growth rate(%)

53% 8% -58% 24% 44% 25% 31% 9% 29% 82% 15% 97% 173% 43% 61% 35%

Source: BNDES November 2014

1

1 Logistics is the sum of roads, railways, ports and airports


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New logistic investment program

23

18.5

23.5

- 20 40 60

Up to 20 years

In the first 5 years

HighwaysIn R$ billion

53.5

133.7

- 30 60 90 120 150

Up to 20 years

In the first 5years

TotalIn R$ billion

Total: R$ 42 billion(7,500 km)

Total: R$ 91 billion(10,000 km)

Total: R$ 187 billion

54.2

- 20 40 60

Colunas2

Colunas3

PortsIn R$ billion

Total: R$ 54 billion

Source: Programa de investimento em Logstica,August 2012 and O Globo newspaper

35.0

56.0

- 20 40 60

Colunas3

Colunas2

RailwaysIn R$ billion


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Of the R$ 104 billion investments planned, approximately R$74 billion have been successfully auctioned

24

Lucas do Rio Verde railroad

Curitiba subway

Ports - 2th stage - 18 contracts

Ports - 1th stage - 31 contracts

BR 262 (MG/ES)

BR 116 (MG)

BR 101 (BA)

Tamoios highway

So Paulo subway line 18

BR 153 (GO/TO)

BR 040 (DF-MG)

BR 163/267/262 (MS)

BR 060/153/262 (DF/GO/MG)

BR 163 (MT)

Goinia VLT

Confins airport

Galeo airport

So Paulo subway line 6

BR 262 (MG/ES)

BR 050 (MG/GO)

Salvador subway line 2

InvestimentsIn R$ billlion

2013

2014

Source: Mills, Goldman Sachs and Credit Suisse

Presentation of 3Q14 Results 11/06/2014


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Cafezalmountain

Tamoios highwayoutline

Fortaleza subway

Jo Elevated roadduplication - RJ

Comperjrefinery*

Transocenica

highway - BA

Sanitation projectsCE

BR-040 highway MG/MT/GO

BR- 163 highwayMT

Gerdau expansionMG

BR-381 highway

duplication MGEv

olution

ofrevenue

generation

(Bas

is100=

Max

imum

mon

thlyrevenuein

the

lifeo

fcons

truc

tion

)

Length of time of Mills participation in the construction work average cycle is 24 months

Belo Monte

hydroelectric powerplant

Jirau hydroelectricpower plant*

Vales S11D project

Transnordestina

railroad

Oeste-Leste railroad

North beltway

Subway line 5 SP

Salvador subway Olympic Park

Reduc-Comperj

Pipeline

Silver monorail line -SP

Colder and Teles Pireshydroelectric power plants

Comperjrefinery Companhia Siderrgica do

Pecm steel mill

Norte-Sulrailroad

Transposition of the SoFrancisco river

Vale projects

Gold monorail line- SP

Subway line 4 RJ

Olympic Park

Subway line 4 SP

Cuiab light rail

Paraguau shipyard

Jirau hydroelectric power plant

Viracopos airport.

Goinia airport.

BRT Transcarioca

Metropolitan Arch RJ

Vale projects

Pulp mill expansion- RS

Newcontracts*

Contracts with growingvolume of equipment

Contracts with high volumeof equipment

Contracts in the process ofdemobilization

* New stretches

Important contracts per stage1 in the evolution of monthlyrevenue from projects

25

1 In 3Q14

Presentation of 3Q14 Results 11/06/2014


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1

in 3Q14

26

Characteristics of the major projects in progress

Private54%

PPP15%

Public31%

Source of funds

Industry36%

Infrastructure56%

Others8%

Per sector


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47.5

55.1 55.7 55.758.6

51.0

55.551.9

24.3 25.1

29.4 28.2 29.325.6 25.6

21.4

51.3%

45.5%

52.8% 50.6%

49.9%50.2%

46.2%41.2%

17.8% 17.7%18.1% 18.1% 19.2% 17.9%

16.3% 13.3%

1Q13 2Q13 3Q13 3Q13* 4Q13 1Q14 2Q14 3Q14

Net Revenue EBITDA EBITDA Margin (%) ROIC

In R$ million

3Q14/3Q13 3Q14/2Q14 LTM3Q14/LTM3Q13 CAGR 10-13

Net Revenues -7% -7% 0% +12%

EBITDA -27% -17% -6% +14%

Heavy Construction Financial Performance

27

* Excluding the positive effect of tax reversal in the amount of R$ 1.5 million in 3Q13.

1 ROIC: Return on Invested Capital. Until 2010.,ROIC was calculated considering the effective income tax rate for the period,while from 2011 onwards ROIC was calculated considering atheoretical 30% income tax rate.

154.3

131.6

174.1

217.0 217.1

73.6

57.8

84.3

108.1101.9

47.7%

43.9%

48.5% 49.8%46.9%

19.2%

13.3%

2010 2011 2012 2013 LTM3Q14


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Real Estate

Mast climbing platform


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Growth drivers of the residential market: housing financing

29

2.6%

3.5%

7.4%

11.5%

14.4%

24.0%

45.3%

76.1%

83.7%

Russia

India

Brazil

Chile

China

South Africa

Germany

USA

UK

Housing financing relative to GDP (%)

3.1%

4.1%

5.4%

6.8%

7.4%

2009 2010 2011 2012 2013

Housing financing relative to GDP (%)in Brazil

In 2011; In 2010; In 2013.

Source: Valor Econmico Newspaper, with data from Abecip and Secovi


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In million families% of families per social class Number of families per income range

Growth drivers of the residential market: higher purchasingpower

30

31.729.1

27.2

60.4

1.45.9

2007 2030E

< R$ 1,000

>= R$ 1,000 and R$ 8,000

-0.4%

+3.9%

+7.1%

+33.2 millionfamilies with income

betweenR$ 1,000 to 8,000

Growth rate(%. p.a.)

10.7 6.8 3.6

38.2

28.0

20.1

37.0

49.7

58.4

8.1 9.8 11.7

6.0 5.7 6.2

2002 2009 2014E

Class A

Class B

Class C

Class D

Class E

Source: IBGE and FGV


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The major challenge for the sector: labor

31Source: Sondagem Especial Construo Civil. April 2011. CBIC. CNI. and Mills

89% of companies from the construction industry stated that

lack of qualified labor is a problem for the company

94% of companies from the construction industry facing

shortages of skilled manpower have difficulty finding workers

for basic construction activities, such as bricklayers and

laborers

Solution: Industrialization of the construction process

Only 7% of companies from the construction industry plan to

deal with the shortage of skilled labor by changing the

building process to an industrial assembly model


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Stages of industrialization of the construction process

32

1Approximately 800 m2

Source: Tchne Magazine. June 2012 and Mills

System Traditional with wood Traditional with steel Deck type Flying table

Cycle betweenconcreting activities

15 days 7-10 days 6-8 days 4-7 days

Labor required1 30 people 20 people 12 people 10 people


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33

17.9

21.6

13.8 13.813.1

20.2%

-36.0%

0.2%

-5.4%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

9M10 9M11 9M12 9M13 9M14

Var.

(%)

Lauunc

hes

(In

R$m

illion

1 PDG, Cyrela, MRV, EVEN, Helbor, Eztec, Direcional, Rodobens, Gafisa and Tecnisa

Source: Operational reports from companies and Mills

Total launches1

in R$ billion

Launches and sales declined 5.4% and 13.9% respectively in9M14

18.2

19.9

16.7 16.8

14.5

9.3%

-15.8%

0.7%

-13.9%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

0

5

10

15

20

25

9M10 9M11 9M12 9M13 9M14

Var.

(%)

Sa

les

(In

R$m

illion)

Total sales1

in R$ billion


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64.9 66.5

72.4

54.2

59.5 58.8

48.6 48.6

27.724.6 24.4

17.1

23.525.2

-4.7

7.7

42.8%

37.0% 33.7% 31.5%

39.4%42.8%

-9.6%

15.8%15.0% 13.4%10.6%

8.1% 6.7% 6.5%

2.1%3.8%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 3Q14

Net revenue EBITDA EBITDA margin (%) ROIC

Real Estate Financial Performance

34

Excluding Easy Seteffect.

ROIC: Return on Invested Capital, Until 2010. ROIC was calculated considering the effective income tax rate for the period. while from 2011 onwards ROIC was calculated considering atheoretical 30% income tax rate.

In R$ million

105.1

155.8

238.0

258.0

221.2 221.2

43.966.0

113.4

93.8

61.1

73.4

41.7% 42.4%47.7%

36.4%

27.6%

33,2%

23.5%

14.3% 15.7%

8.1%

2.1%2.1%

2010 2011 2012 2013 LTM3Q14 LTM3Q14

3Q14/3Q13 3Q14/2Q14 LTM3T14/LMT3T13 CAGR 10-13

Receita Lquida -33% -17% -18% 35%

EBITDA -69% -70% -29% 29%


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Mills Investor Relations

Tel.: +55 21 2123-3700

E-mail: [email protected]

www.mills.com.br/ri

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