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138
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. Disclaimer 2

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Page 1: Disclaimer 1

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.

Disclaimer

22

Page 2: Disclaimer 1

São Paulo, October 21, 2011São Paulo, October 21, 2011

Infrastructrure: It’s from here that Brazil will arrive there......

Page 3: Disclaimer 1

Agenda

Introduction and Welcome | Renato Vale

Opportunities in Rio de Janeiro | Luiz Fernando de Souza Pezão - Vice-Governor of RJ

Registration and Breakfast8:00

8:301

8:452

9:45310:404

Ground Transport Infrastructure in Brazil| Bernardo Figueiredo - Diretor Geral of the ANTT

Coffee Break

11:105Opportunities and Accomplishents of Current Business

| Italo Roppa and José Bráz

Overview of New Business and Qualified Growth-New opportunities | Leonardo Vianna

-Financial Strategy | Arthur Piotto 11:55613:25713:358

Conclusions and Closing Message

Questions and Answers

Lunch 13:509

Page 4: Disclaimer 1

Introduction and Welcome.

Renato Vale

1

Page 5: Disclaimer 1

With Simple Assumptions…Looking back...

EBITDA 2010EFYMarket ConsensusEBITDA 2010EFY

Market Consensus

R$

2,3

50

mi

R$

2,3

50

mi

EBITDA2009

EBITDA2009

R$

1,9

60

mi

R$

1,9

60

mi

+20%

Ebitda+20%

Ebitda

1.5x PIB de 5% =

+7.5% Traffic per year

1.5x PIB de 5% =

+7.5% Traffic per year

Growth of TrafficGrowth of Traffic

5% peryear

5% peryear

Expected InflationExpected Inflation

Growth 40%

Growth 40%

2% Gain

of Margin

2% Gain

of Margin

Operational LeveragingOperational Leveraging

EBITDA2013 E*EBITDA2013 E*

R$

3,3

bi

R$

3,3

bi

R$ 3.5 biR$ 3.5 bi

* Without SPVias and ViaQuatro

Page 6: Disclaimer 1

With Simple Assumptions…Looking back...

EBITDA 2011EMarket Consensus

EBITDA 2011EMarket Consensus

R$

2,3

50

mi

R$

2,3

50

mi

EBITDA2009

EBITDA2009

R$

1,9

60

mi

R$

1,9

60

mi

+20%

Ebitda+20%

Ebitda

* Without SPVias and ViaQuatro

We have the potential to add up to 60% EBITDA by 2013 without any new project or acquisition+ R$ 350 M

SPVias

+ R$ 150 M ViaQuatro

EBITDA

2013E

EBITDA

2013ER

$ 3

.8 b

iR

$ 3

.8 b

i

EBITDA2013 E*EBITDA2013 E*

R$

3.3

bi

R$

3.3

bi

R$ 3.5 biR$ 3.5 bi

R$

3.0

b

iR

$ 3

.0

bi

EBITDA

2011E

EBITDA

2011E

Page 7: Disclaimer 1

With Simple Assumptions…Looking back...

Urban Mobility

Highway concessions

World Cup / Olympics

... and what’s more, with new opportunities...

EBITDA 201EMarket

Consensus

EBITDA 201EMarket

Consensus

R$

2,3

50

mi

R$

2,3

50

mi

EBITDA2009

EBITDA2009

R$

1,9

60

mi

R$

1,9

60

mi +20%

Ebitda+20%

Ebitda

We have the potential to add up to 60% EBITDA by 2013 without any new project or acquisition

+ R$ 350 M

SPVias

+ R$ 150 M ViaQuatro

EBITDA

2013 FY

EBITDA

2013 FY

R$

3.8

bi

R$

3.8

bi

EBITDA2013 FY*EBITDA2013 FY*

R$

3,3

bi

R$

3,3

bi

R$ 3.5 biR$ 3.5 bi

EBITDA2013E*

EBITDA2013E*

R$

3.0

b

iR

$ 3

.0

bi

Page 8: Disclaimer 1

AeroportosAeroportos

With Simple Assumptions…Looking back...

Qualified growth bass

People Sustainability

EBITDA 201E

Market Consensus

EBITDA 201E

Market Consensus

R$

2,3

50

m

iR

$ 2

,35

0

mi

EBITDA2009

EBITDA2009

R$

1

,96

0

mi

R$

1

,96

0

mi

+20%

Ebitda+20%

Ebitda

We have the potential to add up to 60% EBITDA by 2013 without any new

project or acquisition

SPVias

EBITDA

2013 FY

EBITDA

2013 FY

R$

3.8

b

iR

$ 3

.8

bi

EBITDA

2013 FY*EBITDA

2013 FY*

R$

3,3

b

iR

$ 3

,3

bi

R$ 3.5 biR$ 3.5 bi

EBITDA

2013E*EBITDA

2013E*

R$

3.0

b

iR

$ 3

.0

bi+ R$ 350 M

ViaQuatro+ R$ 150 M

... and what’s more, with new opportunities...

Urban Mobility

Highway concessionsWorld Cup / Olympics

Page 9: Disclaimer 1

People

Leadership Development Program (PDL)

Received award as largest international association of highway concessionaires. Its main objective is to develop leaders for the competencies of the CCR Group, preparing them for the challenges of qualified growth, ensuring a balance of interests and agreed upon results, preserving business security.

215participantsWith a large presence of more than 95% of the audience.

More than320 hours of training

Workshops on Corporate Governance, Organization and People, Corporate Management: Finance, Business Administration: Planning and Oversight.

Page 10: Disclaimer 1

Objective: Identify young recent graduates with high

development potential to work in the company’s business units;

5 editions of the program completed since 2006; More than 15 thousand applications; 65 professionals already taken on as staff members

ReconhecimentoIBTTA AWARDS 2011

Professional Training Program – Trainees

Program 2011-2012More than 6,500 registrations to hire 22 new employees. Areas of training: Business Administration, Accounting Sciences, Computing Economics, Engineering and Systems Analysis.

Page 11: Disclaimer 1

Sustainability

Insertion of the Sustainability subject into the company’s strategy

2010 Annual and Sustainability Report

In Portuguese and English, published June 30; Following GRI guidelines; Reporting the IBASE social balance sheet Simplfied format for employees, opinionmakers,

fleet owners, etc.

•Strategy and Sustainability subject;•Detailed inventory of emissions 2010;•Mapping and waste management;•Target: accident reduction;•Target: return to the Business Sustainability Index

Implementation, dissemination and promotion of the 10 principles of the Global Compact

Joining the Global Compact

Page 12: Disclaimer 1

CCR Investment with all the Laws of Incentive.

CCR Investment per year

20032003

97

09

70

R$ (million)R$ (million)

R$ ThousandR$ Thousand

20042004

1.6

95

1.6

95

20052005

3.7

71

3.7

71

2006+ISS2006+ISS

3.6

54

3.6

54

2007+

Law of sport

2007+

Law of sport

5.1

66

5.1

66

2008+

FUMCAD

2008+

FUMCAD

7.5

19

7.5

19

20092009

9.4

91

9.4

91

20102010

14

.18

11

4.1

81CAGR 46.7% a.a.

CAGR 46.7% a.a.

Page 13: Disclaimer 1

R$ (thousand)R$ (thousand)

2007+

2007+

2.4

20

2.4

20

20082008

4.6

76

4.6

76

20092009

5.1

44

5.1

44

20102010

5.6

58

5.6

58

CCR Private Social Investment without Incentive Laws.

CCR Investment per year (without incentive) Investments reached more than R$ 17 million in 4 years

Page 14: Disclaimer 1

CCR Private Social InvestmentConsolidated – with and without Incentive Laws

CCR Investment per year (Consolidated)

Company’s social investment reachedc more

than R$ 64 million in 8 years

Page 15: Disclaimer 1

2 Opportunities in Rio de Janeiro.

Luiz Fernando de Souza Pezão – Vice-Governor of RJ

Page 16: Disclaimer 1

Ground Transport Infrastructure in Brazil.

Bernardo Figueiredo – ANTT General Manager

3

Page 17: Disclaimer 1

Questions and Answers

Page 18: Disclaimer 1

Coffee Break4

Page 19: Disclaimer 1

History of Traffic and Trends4

Marcus Vinícius

Page 20: Disclaimer 1

Comparable Monthly Traffic

Growth YoY - %

Jan/10

Jan/10

Fev/10

Fev/10

Mar/10

Mar/10

Abr/10

Abr/10

Mai/10

Mai/10

Jun/10

Jun/10

Jul/10

Jul/10

Ago/10

Ago/10

Set/10

Set/10

Out/10

Out/10

Nov/10

Nov/10

Dez/10

Dez/10

Jan/11

Jan/11

Fev/11

Fev/11

Mar/11

Mar/11

Abr/11

Abr/11

Mai/11

Mai/11

Jun/11

Jun/11

Jul/11

Jul/11

Ago/11

Ago/11

Set/11

Set/11

Jan/09

Jan/09

Fev/09

Fev/09

Mar/09

Mar/09

Abr/09

Abr/09

Mai/09

Mai/09

Jun/09

Jun/09

Jul/09

Jul/09

Ago/09

Ago/09

Set/09

Set/09

Out/09

Out/09

Nov/09

Nov/09

Dez/09

Dez/09

13.2

%13

.2%

15.2

%15

.2% 20

,5%

20,5

%

19.6

%19

.6%

11.2

%11

.2% 16

.0%

16.0

%

19.4

%19

.4%

22.0

%22

.0%

17.3

%17

.3%

13.9

%13

.9%

23.5

%23

.5%

24.5

%24

.5%

27.2

%27

.2%

30,6

%30

,6%

28.3

%28

.3%

18.4

%18

.4%

11.7

%11

.7%

10,5

%10

,5% 14

.0%

14.0

%

10,8

%10

,8%

9.1%

9.1%

14.6

%14

.6%

16.3

%16

.3% 21

.6%

21.6

% 24.5

%24

.5%

26.1

%26

.1%

12.1

%12

.1%

12.4

%12

.4%

22.4

%22

.4%

23.3

%23

.3%

22.2

%22

.2%

20,1

%20

,1%

20,0

%20

,0%

Page 21: Disclaimer 1

Comparable Monthly Traffic

1.5 X GDP

Page 22: Disclaimer 1

Amounts in %

Comparable Monthly Traffic

Page 23: Disclaimer 1

Accomplishments and Opportunities

Italo Roppa

5

Page 24: Disclaimer 1

CCR AutoBAn

Anhanguera Complex

Page 25: Disclaimer 1

AutoBAnAnhanguera Complex

At the request of ARTESP, the 1st Phase of the Anhanguera Complex was supplemented with additional investments to the contract in the amount of R$ 99 million (base July/2010). The Rebalancing was carried out through retention of the fixed and variable grant, which was started in September /2010.

CCR AutoBAn

Marginal Tietê Incorporation

Total investment : R$ 209 million;

Set of construction projects that reorganized traffic, improving flow and safety of movement, reducing travel time;

Page 26: Disclaimer 1

AutoBAnAnhanguera Complex

Page 27: Disclaimer 1

AutoBAnAnhanguera Complex

Page 28: Disclaimer 1

AutoBAnAnhanguera Complex

Merge of km 12+000 - Av. do Anastácio

Page 29: Disclaimer 1

AutoBAnAnhanguera Complex

Improvements of Banks of the Tietê under the Atílio Fontana Bridge

Page 30: Disclaimer 1

AutoBAnAnhanguera Complex

Phase 1 Anhangüera Complex – Finished Construction

Page 31: Disclaimer 1

CCR ViaOeste

CLOVERLEAF PROJECT - JANDIRA CLOVERLEAF

Page 32: Disclaimer 1

CCR ViaOesteAccomplishments

A total of R$ 185 million (base July/2009) in additional investments to the contract were made. The Rebalancing was carried out through retention of fixed and variable grant, which started in December/2010.

CCR ViaOeste

New investments seeking improvements in traffic flow, with addition of segment, balanced by Internal Rate of Return (TIR) of contract.

Expansion of Capacity at arrival of Castello at Marginal Tietê and Marginal Pinheiros, with incorporation of initial segments;

Expansion of Capacity at Jandira/Itapevi Cloverleaf

Reordering of flows between express route and marginal route

Cloverleaf and Marg. TietêApproved Plan

Page 33: Disclaimer 1

CCR ViaOesteCloverleaf Project

Jandira Cloverleaf – Approved Plan

Page 34: Disclaimer 1

CCR ViaOesteCloverleaf Project

Page 35: Disclaimer 1

CCR ViaOesteCloverleaf Project

Page 36: Disclaimer 1

New investments added

Investments Appended to Contract (base July/2009)

Reconfiguration of Cloverleaf Complex (Stage 1): R$ 125 million

Total investment – R$ 185 million

Cloverleaf for Access to Jandira and Itapevi R$ 48 million

Improvements in Marginal do Tietê R$ 12 million

Page 37: Disclaimer 1

CCR ViaOesteProject Cloverleaf

Page 38: Disclaimer 1

Rebalancing compensated by retaining concession award.

CCR ViaOesteProject Cloverleaf

Page 39: Disclaimer 1

Opportunities under Consideration

Page 40: Disclaimer 1

Rodovia Castello Branco

Rodovia Raposo Tavares

CCR ViaOesteProjects under Consideration

Detail of Arrival from Raposo Tavares into the City of São Paulo Today

Page 41: Disclaimer 1

Raposo Project Video

CCR ViaOeste

Projects under Consideration.

Page 42: Disclaimer 1

CCR AutoBAn

Projects under Consideration

Nova JundiaíSP-330 km 56 to 62

Phase 1 Phase 2Phase 3

R$ 185 million R$ 155 million R$ 170 million

Total Investment – R$ 510 million

Jundiai Project

Page 43: Disclaimer 1
Page 44: Disclaimer 1

ViaQuatroProjects under Consideration – Taboão da Serra

Implementation of YELLOW LINE 4

Operation of 6 Stations between Butantã and Luz – in service

Operation of 11 Stations between Vila Sonia and Luz – start of implementation – scheduled 2014

Operation of extension from Vila Sonia to Taboão da Serra: by bus or rail (extension of tunnel with two stations) – development of conceptual plan

480,000Passengers per business dayOctober 20

Page 45: Disclaimer 1

BuildingYELLOW LINE 4 -

Line 4 Extension Taboão da Serra

Page 46: Disclaimer 1

Line 4 Extension Taboão da Serra

Extension by rail from Vila Sonia to Taboão da Serra

• 3.0 km of Connecting Tunnel to Taboão da Serra

• 02 additional stations: Jardim Jussara and Taboão da Serra

• Purchase of Rolling Stock + additional Systems adicionais

• Civil Construction• Fixed Systems• Rolling Stock• Signal Systems

• Via Financial Offering of Concession Contract

R$ 1.635 million

Page 47: Disclaimer 1

ViaQuatroProjects under Consideration - Taboão da Serra

Page 48: Disclaimer 1

Transportation Network MapMetropolitanos de São Paulo.

Page 49: Disclaimer 1

Line 4 – Yellow Phase 3Characteristics of project.

Taboão da Serra

Jard

im Ju

ssara

Vila S

ônia

São Paulo-

Morumbi

Butantã

Pinheiros

Faria Lim

a

Fradique C

outinho

Oscar F

reire

Paulista

Higienópolis-

Mackenzie

República

Luz

PátioVila Sônia

Page 50: Disclaimer 1

Accomplishment s and Opportunities

José Bráz

5

Page 51: Disclaimer 1

CCR NovaDutra

Page 52: Disclaimer 1

250 million for aproximately 20 km of service roads in São Paulo and Rio de Janeiro balanced in the contract flow through Bidirectionals, among others;

110 million for aproximately 10 km of service roads in São José dos Campos, balanced in the the contract’s cash flow, among others.

Contractual Amendments Signed by the Concessionaire in 2010 and 2011:

Current PortfolioAccomplishments.

CCR NovaDutra

Page 53: Disclaimer 1

Ser

Service road construction work/Work underwayS. João do Meriti/Nova Iguaçu

Accomplishments

CCR NovaDutra

Page 54: Disclaimer 1

s

Pindamonhanghaba Cloverleaf

CCR NovaDutraAccomplishments

Page 55: Disclaimer 1

Baixada Fluminense Service Roads

CCR NovaDutraAccomplishments

Page 56: Disclaimer 1

Rio de Janeiro Service Roads

CCR NovaDutraAccomplishments

Page 57: Disclaimer 1

São José dos Campos Service Roads

CCR NovaDutraAccomplishments

Page 58: Disclaimer 1
Page 59: Disclaimer 1
Page 60: Disclaimer 1

Current PortfolioOpportunities under Consideration.

Current Status

Contracting of Executive Projects balanced in the Contract Flow;

ANTT Resolution nº 3651 of April 7, 2011 – Marginal Cash Flow;

Recommendation of SEFID – TCU.

Public Hearing to determine Internal Rate of Return (TIR) of Marginal Cash Flow;

R$ 1.5 biCCR NovaDutra New ascent of the Serra das Araras and

Service Roads in São Paulo, Rio and São José.

R$ 205MCCR Ponte Direct link of Bridge with the Red Line, with

extension of approximately 2.3 Km.

Page 61: Disclaimer 1

BR 101 / ES / BA Key Data.

BR 101 / ES / BA Concession, Divisa ES / RJ Segment – Junction BA-698; Extension of 475.9 km - Period of 25 years.

Purpose

Page 62: Disclaimer 1

Multiple Opportunitiesfor Investment.

Consolidation (Secondary Market)

Urban Mobility

Highway Concessionsin various States

Federal Concession Program

Related Business

Page 63: Disclaimer 1

Múltiplas Oportunidadesde Investimento.

Consolidation (Secondary Market)

Alguns Projetos em Negociação

Page 64: Disclaimer 1

Multiple Opportunitiesfor Investment.

Consolidation (Secondary Market)

Urban Mobility

Highway Concessionsin various States

Federal Concession Program

Related Business

Page 65: Disclaimer 1

Multiple Opportunitiesfor Investment.

Federal Concession Program

BR 101 – Bidding in Nov/11BR-116/BR-040/BR-381(MG) in 2012

Page 66: Disclaimer 1

Multiple Opportunitiesfor Investment.

Urban Mobility

VLT – Porto MaravilhaSubways in State Capitals | World Cup

Page 67: Disclaimer 1

BR 101 / ES / BA Key Data.

BR 101 / ES / BA Concession, Divisa ES / RJ Segment – Junction BA-698; Extension of 475.9 km - Period of 25 years.

Purpose

Page 68: Disclaimer 1

BR 101 / ES / BA Key Data.

BOVESPA Auction, with inversion of phases – Projected Date: 17/11/2011; Judgment Criterion: lowest rate per kilometer; Maximum rate per kilometer = R$ 0.06237 (base January / 2009).

Procedure

Estimated value of Contract: R$ 6,928,359,033.92; Investment: R$ 2.293.000.000,00; Toll Plazas : 7 units.; Duplications: the segment will be completely duplicated by the 23rd year of the

concession.

Data from ANTT viability study (base Jan / 2009)

Page 69: Disclaimer 1

BR 101 / ES / BA Key Data.

BR- 040 (DF/GO/MG) Juiz de Fora - Brasília

BR- 116 (MG) - Além Paraíba - Divisa MG / BA

BR- 101 (ES) /Mucuri (BA)

Extension (km)

Total Investment

936.8

R$ 3.3 bi

Extension (km)

Total Investment

817.0

R$ 4.2 bi

Extension (km)

Total Investment

301.0

R$ 2.5 bi

Page 70: Disclaimer 1

Multiple Opportunitiesfor Investment.

Consolidation (Secondary Market)

Urban Mobility

Highway Concessionsin various States

Federal Concession Program

Related Business

Page 71: Disclaimer 1

Multiple Opportunitiesfor Investment.

Urban Mobility

VLT – Porto MaravilhaSubways in State Capitals | World Cup

Page 72: Disclaimer 1

VLT NetworkRio de Janeiro.

Page 73: Disclaimer 1

VLT Network Rio de Janeiro.

Network at a Glance

Extension Single Line 28 km

Nº de Stations and Stops 42

Fleet 32

Average Distance between Stations 400 m

Data in 2016

Average daily demand 150,000Average annual revenue R$ 150 million

Total Investment

Investment R$1,200 million

Page 74: Disclaimer 1

VLT Network Rio de Janeiro.

VLT Video

Page 75: Disclaimer 1

Transolimpica

Page 76: Disclaimer 1

Segment between Avenida Brasil and Avenida Salvador Allende, in city of RJ

TransolimpicaKey Data.

Investment

Bidding projection of R$ 1,598,802,304.58 with Subsidies from the PMRJ of R$ 1,177,534,518.12.

35-year concession with 4 years at start for implementation of the Route (start projected for 1st half of 2012)Date of Bidding: 09/11/2011

Key Data of Route

13 km in length; 3 lanes for travel in each direction 3.5 m wide, with: 1 lane reserved for BRT (Bus Rapid Transit) and breakdown lane of 0.60 m 14 overpasses; 14 Bridges; 2 Tunnels: Engenho Velho – length 1,318.50 meters; Boiúna – length 266.26 meters.

Page 77: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz –Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 78: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Braz –Cecap Station

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 79: Disclaimer 1

Multiple Opportunitiesfor Investment.

Page 80: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 81: Disclaimer 1

Multiple Opportunitiesfor Investment.

Line 06 - OrangeLine 06 - Orange

Page 82: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 83: Disclaimer 1

Multiple Opportunitiesfor Investment.

Line 17 – Gold – Jabaquara - Morumbi

Page 84: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 85: Disclaimer 1

Multiple Opportunitiesfor Investment.

Line 02 – Green – Vila Prudente – Cidade TiradentesLine 02 – Green – Vila Prudente – Cidade Tiradentes

Page 86: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 87: Disclaimer 1

Multiple Opportunitiesfor Investment.

Page 88: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 89: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 90: Disclaimer 1

Multiple Opportunitiesfor Investment.

Page 91: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 92: Disclaimer 1

Multiple Opportunitiesfor Investment.

Page 93: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 94: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 95: Disclaimer 1

Multiple Opportunitiesfor Investment.

Page 96: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 97: Disclaimer 1

Jundiaí Train - São Paulo - Jundiaí

Multiple Opportunitiesfor Investment.

Page 98: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 99: Disclaimer 1

Multiple Opportunitiesfor Investment.

ABC - Express

Page 100: Disclaimer 1

Multiple Opportunitiesfor Investment.

Other urban transit projects in São Paulo

São Paulo Subway

Line 17 (Monorail)

Jabaquara - Morumbi

Gold

Line 02 (Monorail)

Vila Prudente - Cidade TiradentesGreen

Line 15 (Monorail)

Vila Prudente - Ticoatira

Line 20 (Monorail)

Lapa - Agua Espraiada

Line 06

Orange

CPTM

Jundiaí Train

São Paulo - Jundiaí

Express

ABC

Line 14(Airport

Express)

Estação Luz - Cumbica

Line 13(Guarulhos

Train)

Estação Braz -Cecap

Bandeirantes Express

Campinas - São Paulo -

SJC

Line 05

Purple

Page 101: Disclaimer 1

Multiple Opportunitiesfor Investment.

Page 102: Disclaimer 1

Federal Government announces start of October investments of R$ 30 billion within Big Cities Urban Mobility PAC.

PACUrban Mobility.

The program will improve urban mobility in the big Brazilian cities via integrated investments in mass transit systems.

The main focus of the investments should be on subways, but also included in the package are exclusive bus lanes and VLTs.

Investments have already been announced in Belo Horizonte, Curitiba and Porto Alegre. In the coming weeks, other cities will announce their projects, such as Salvador and Brasília.

Page 103: Disclaimer 1

Multiple Opportunitiesfor Investment.

Consolidation (Secondary Market)

Urban Mobility

Highway Concessionsin various States

Federal Concession Program

Related Business

Page 104: Disclaimer 1

Multiple Opportunitiesfor Investment.

Highway Concessionsin various States

Program for:São Paulo/Minas Gerais/Goiás/ Santa Catarina/R.G.Sul/etc.

Page 105: Disclaimer 1

Historical Overview of Results

Projection Oct-Dec/11

0,5 3,1 -

9,7 20,2 24,2 37,1

62,8

88,9

133,4

179,9

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

0,5 3,1 -

9,7 20,2 24,2 37,1

62,8

88,9

133,4

179,9

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

87 194 285

407 550 740

909

1.303

1.858

2.562

3.239

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Base de Tags (#Thousand)CAGR 01-11 43.6%

Net Revenues (R$ Thousand)

CAGR 01-11 56.1%

EBTDA (R$ thousand)

80.1 %

Page 106: Disclaimer 1

Busca de Parceria

Page 107: Disclaimer 1

STP contracted advisor to set up process.

Seeking partnerships

Objective: seek partner to add value and chiefly to bring expertise in administration of credit.

Open the possibility of giving a minority share to the new partner.

Various proposals were received. The process is still under way.

1

2

3

4

Page 108: Disclaimer 1
Page 109: Disclaimer 1

Multiple Opportunitiesfor Investment.

Considering only some of the expected opportunities, the pipeline for the next few years is as follows :

Projects for Investment estimated at R$ 5 bi.

Urban Transportation

Projects for Investment estimated at R$ 20 bi.

Concessions in São Paulo

Projects for Investment estimated at R$ 10 bi.

Concessions in Minas Gerais

Projects for Investment estimated at R$ 9.5 bi.

Federal Concession Program

Expected projects we are pursuing that should require more than R$ 50 billion reais in coming years.

Page 110: Disclaimer 1

Airports

Leonardo Vianna

6

Page 111: Disclaimer 1

CCR Material Fact

Page 112: Disclaimer 1

Studies and Acquisitions

Page 113: Disclaimer 1

Quito Airport

Overview of Mariscal Sucre International Airport, “MSIA,” currently the airport of Quito (2010 data):

5.2 million passengers per year;

83,800 aircraft movements annually (ATMs);

77% domestic traffic;

24 airlines in operation;

Concession ends on January 31, 2041:

A period of 30 years, with start scheduled for October 2012;

AGC participation: 45.5%;

Estimated revenues for 2011: US$ 84.3 million.

20

09

A2

00

9A

4.84.8

40

E4

0E

14

.01

4.0

10

A1

0A

5.25.2

11

E1

1E

5.45.4

12

E1

2E

5.75.7

13

E1

3E

6.16.1

14

E1

4E

6.46.4

15

E1

5E

6.66.6

20

E2

0E

7.97.9

30

E3

0E

10

.51

0.5

25

E2

5E

9.19.1

35

E3

5E

12

.11

2.1

CAGR 09-40:3.5%CAGR 09-40:3.5%

Total Volume of PAX(million)

Page 114: Disclaimer 1

San Jose Airport

The International Airport of San José (Juan Santamaría) is located in the capital of Costa Rica, San José.

Overview of airport Juan Santamaría (2010 data):

3.5 million passengers per year;

32,400 aircraft movements annually (ATMs);

Traffic nearly 100% International;

11 airlines in operation.

Concession ends on May 5, 2026:

A period of 25 years (Start in May 2001);

AGC participation: 48.75%;

Estimated revenues for 2011: US$ 78 million.

20

09

A2

00

9A

3.33.3

40

E4

0E

8.78.7

12

E1

2E

3.53.5

13

E1

3E

3.63.6

14

E1

4E

4.44.4

15

E1

5E

5.15.1

20

E2

0E

5.85.8

30

E3

0E

7.27.2

25

E2

5E

6.56.5

35

E3

5E

8.08.0

CAGR 09-25:6.2%CAGR 09-25:6.2%

Total Volume of PAX(million)

Page 115: Disclaimer 1

Curaçao Airport

Overview of airport:

1.6 million passengers per year;

25,900 aircraft movements annually (ATMs);

70% international traffic (domestic traffic to islands of Aruba, Bonairee St. Martin).

28 airlines in operation

Concession ends on July 31, 2033:

A period of 30 years (Start in August of 2003).

A-port participation: 40.8%;

Estimated revenues for 2011: US$ 30.1 million.

Total Volume of PAX(million)

20

09

A2

00

9A

1.61.6

20

32

E2

03

2E

2.92.9

10

E1

0E

1.61.6

11

E1

1E

1.71.7

13

E1

3E

1.71.7

14

E1

4E

1.81.8

15

E1

5E

1.91.9

25

E2

5E

2.52.5

20

E2

0E

2.22.2

30

E3

0E

2.82.8

12

E1

2E

1.71.7

CAGR 09-32:2.7%CAGR 09-32:2.7%

Page 116: Disclaimer 1

New Airport of São Paulo - NASP

It will be located between the Anhanguera and Bandeirantes highways, 16km from the Tietê and Pinheiros highways, in the municipalities of Caieiras and Cajamar;

Overview of airport:

Initial capacity 16 million PAX (2017);

146,000 aircraft movements (ATMs);

Solution for growth in demand for Brazilian airports in coming years;

Studies indicate that NASP would capture 30% of the demand of the Metropolitan Region of São Paulo (not including Viracopos).

20

17

E2

01

7E

10.5

10.5

5.8

5.8

20

46

E2

04

6E

28

.12

8.1

11

.21

1.2

39.439.439.439.439.439.434.034.0

27.927.924.624.6

19.319.318.118.117.417.416.316.3

20

18

E2

01

8E

11.2

11.2

6.2

6.2

20

19

E2

01

9E

11.6

11.6

6.6

6.6

20

20

E2

02

0E

12.5

12.5

6.8

6.8

20

25

E2

02

5E

16

.81

6.8

7.97.9

20

30

E2

03

0E

19

.11

9.1

8.88.8

20

40

E2

04

0E

28

.92

8.9

10

.51

0.5

20

35

E2

03

5E

24

.42

4.4

9.79.7

20

45

E2

04

5E

28

.22

8.2

11

.11

1.1

CAGR 17-46:3.1%CAGR 17-46:3.1%

Total Volume of PAX(million)

International Domestic

Page 117: Disclaimer 1

Bidding for Airports in BrazilAirports of Cumbica, Viracopos, Brasília

Page 118: Disclaimer 1

About the Auction

Concession of Public Services for Expansion, Maintenance and Operation of the Airport Infrastructrure at the Airport Complex of Guarulhos, Brasília and Viracopos Airports.

Purpose

It is only possible to win one of the three airports;

Infraero will have a 49% share in the stock of SPE;

Auction Date: December 22, 2011;

Judgment Criterion: Greatest overall value of the Concession;

Initial timetable of Investments for 18 months, considering the World Cup in 2014.

Page 119: Disclaimer 1

Key Characteristics:

About the Auction

Airports

Total PassengersEstimate for 2011

Amount of Fixed Grant

Amount of Variable Grant% Gross Revenues

Duration of Concession

Total Investment(in duration of concession)

30.8 million

5.4 million

16.2 million

R$ 2,293 Million

R$ 521 million

R$ 75 Million

10 % 5 % 2 %

20 years 30 years 25 years

R$ 6,241 million

R$ 11,489 million

R$ 3,535 million

Guarulhos Viracopos Brasília

Investment until 2014

R$ 2,074 million

R$ 2,131 million

R$ 876 million

Source: Presentation by Civil Aviation Secretariat

Page 120: Disclaimer 1

Overview of New Businessand Qualified Growth.Financial Strategy.

Arthur Piotto

6

Page 121: Disclaimer 1

Maximum Indebtedness of 3.0x Net Debt / EBITDA

Investment CapacityFinancial Strategy

Commitment to pay at least 50% of Net Profits

as Dividends

Growth of Company will be financed by

Leveraging

Page 122: Disclaimer 1

Indebtedness

Page 123: Disclaimer 1

The leveraging indexes incorporate investments in portfolio expansion

ViaQuatro, RodoAnel, Controlar, SPVias...

Gross Indebtedness 2Q11 R$MM

Gross Indebtedness (R$ bi) Net Indebtedness (R$ bi)

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

Page 124: Disclaimer 1
Page 125: Disclaimer 1

Debt by Index - 2Q11 Evolution of Average Consolidated Cost per Year

* Em R$ nominais

Gross Indebtedness 2Q11 R$MM

Page 126: Disclaimer 1

In 2Q11. consolidated debt, expressed in CDI, came to R$ 5.2 billion, while available cash showed R$ 1.2 billion, invested in CDI.

Estimated impact of fall in interest rates in DRE

Reduction of Selic (CDI) Simulation

Selic (CDI) by year Savings in Financial Income)

12.0%

11.5%

11.0%

10.5%

10.0%

19.4

38.9

58.3

77.8

97.2

Page 127: Disclaimer 1

Investment Capacity

Page 128: Disclaimer 1

The generation of cash in the current portfolio offers sufficient financial autonomy to CCR to develop multiple projects

Investment Capacity

Market Consensus 2011 2012 2013

EBITDA 2,870 3,473 4,019

(-) Investments 1,169 920 805

(-) Taxes 444 578 756

(+) Funds captured - Amortizations 200 88 -20

Shareholder Cash Flow 1,457 2,063 2,438

(-) Dividends 800 828 1.047

Surplus Cash 657 1,234 1,391

Net Debt / Ebitda 2.0 1.6 1.2

Investment Capacithy at 3.0x Net Debt / Ebitda 2.774 4.978 7.234

Source: Industry analysis

Page 129: Disclaimer 1

Dividends

Page 130: Disclaimer 1

We reiterate our commitment to pay out at least 50% of net profits in dividends.

Dividends

Dividends Received

• To Sept/11: R$ 455 million• Projected for 2011: R$ 1.522 million

Dividend Yield*

Payout (Caixa)

* Considerando dividendo caixa

Page 131: Disclaimer 1

Indebtedness

Adequate investment capacity

Agressive dividend payment

practice

Page 132: Disclaimer 1

Closing 7

Page 133: Disclaimer 1

CCR In the Global Context

R$ Milhões - 2011 E MARKET CAP DIVIDEND YIELD EBITDA EV/EBITDA NET DEBT/EBITDA P/E ROE Revenues EV YTD*

ABERTIS INFRAESTRUCTURAS SA 22,894 10.9 6,087 10.2 5.5 13.3 17.1 9,813 61,867 1.8

CCR S.A. 21,146 3.0 2,880 9.6 1.9 23.1 28.0 4,838 27,582 2.1

ATLANTIA SPA 17,927 6.6 5,785 7.6 3.9 9.7 22.9 9,667 44,161 -19.9

FERROVIAL SA 16,903 4.5 5,430 14.1 9.2 100.1 3.4 25,696 76,442 27.0

TRANSURBAN GROUP 14,245 5.3 1,135 19.4 7.2 111.3 2.5 1,658 22,055 5.7

SOCIETE DES AUTOROUTES PARIS 14,016 7.1 3,547 8.6 4.6 12.1 - 5,116 30,623 -1.4

PLUS EXPRESSWAYS BHD 12,542 4.7 1,953 6.4 2.4 11.9 26.8 2,359 12,574 -2.9

JIANGSU EXPRESS CO LTD-H 7,474 7.5 1,273 7.2 1.0 9.6 15.9 1,973 9,145 -31.3

BRISA 3,579 12.5 1,174 12.0 4.7 10.9 7.2 1,679 14,131 -53.2

Page 134: Disclaimer 1

R$ Milhões - 2011 E MARKET CAP DIVIDEND YIELD EBITDA EV/EBITDA NET DEBT/EBITDA P/E ROE Revenues EV YTD*

CCR S.A. 21,146 3.0 2,880 9.6 1.9 23.1 28.0 4,838 27,582 2.1

CPFL ENERGIA SA 20,205 7.4 3,708 7.9 2.4 12.8 26.4 12,556 29,481 1.9

CIA ENERGETICA MINAS GER-PRF 17,030 6.0 5,094 5.6 2.2 9.0 16.7 14,623 28,556 1.4

CIA SANEAMENTO BASICO DE SP 10,407 3.7 3,190 5.4 2.3 8.1 12.0 9,314 17,166 7.2

ALL AMERICA LATINA LOGISTICA 5,536 1.8 1,531 7.0 2.9 20.7 7.0 3,146 10,682 -46.5

ECORODOVIAS INFRA E LOG SA 7,450 2.5 995 8.6 1.0 18.7 21.3 1,805 8,557 4.3

GOL LINHAS AEREAS - PREF 3,403 2.4 754 7.7 5.1 - -25.8 7,377 5,776 -49.9

TAM SA-PREF 4,711 0.3 1,102 10.3 5.3 20.7 14.9 12,536 11,316 -22.4

LIGHT SA 5,204 6.6 1,373 5.9 2.0 11.0 14.9 6,584 8,106 0.3

OBRASCON HUARTE LAIN BRASIL 3,980 2.0 1,050 5.5 2.1 10.7 32.3 2,372 5,798 -3.7

CCR In Brazil

Bloomberg: 19/10/2011 CCR price quote: R$ 47.90 Local currency changeLocal exchange rate change against the Real for the year USD: 1,7761

Page 135: Disclaimer 1

• Clear strategy, defined and public, profitability first, after expansion of business;

• Base scenario indictes possibility of significant potential for up-side, and reduced down-side;

• Cash generation of current portfolio allows for strong dividend policy and qualified growth;

• Efforts geared towards development of new markets and opportunities;

• Differentiated access to capital markets;

• Solid financial situation allows for growth;

• Consolidated regulatory framework makes possible constractual adjustments to realities of the concessionaires.

WITHCAPITAL DISCIPLINE

It’s from here that we get there!

Why CCRO3 ?

Reflection

Page 136: Disclaimer 1

Questions and Answers8

Page 137: Disclaimer 1

Lunch9

Page 138: Disclaimer 1

São Paulo, October 21, 2011São Paulo, October 21, 2011

Infrastructure: It’s from here that Brazil will arrive there......