presentation ccr day 8

Disclaimer

2

This presentation may contain certain forward-looking projections and trends that neither

represent realized financial results nor historical information.

These forward-looking projections and trends are subject to risk and uncertainty, and

future results may differ materially from the projections. Many of these risks and

uncertainties are related to factors that are beyond CCR’s ability to control or to estimate,

such as market conditions, currency swings, the behavior of other market participants, the

actions of regulatory agencies, the ability of the company to continue to obtain financing,

changes in the political and social context in which CCR operates or economic trends or

conditions, including changes in the rate of inflation and changes in consumer confidence

on a global, national or regional scale.

Readers are advised not to fully trust these projections and trends. CCR is not obliged to

publish any revision of these projections and trends that should reflect new events or

circumstances after the realization of this presentation.

“Invest, diversify and grow: CCR 2020”

CCR Day Agenda

Highlights of current operations

• ARTESP, ViaQuatro and STP

concessions | Italo Roppa

• ANTT, Rio de Janeiro, Paraná, SAMM

and Controlar concessions | José Braz

• Sustainability: Responsible social

investment | Francisco Bulhões

12 pm

1 pm Performance and the Company’s

future | Arthur Piotto

1:30 pm Closing remarks, Q&A session and

lunch | Renato Vale

8 am

9 am

9:15 am

Registration and breakfast.

Opening and welcome (video) | Renato Vale

Opportunities and challenges for the city of Rio

de Janeiro| Eduardo Paes

• Infrastructure for the 2014 World Cup, 2016

Olympics and the legacy for the city.

10:15 am Q&A session and coffee break

11 am Overview of high-quality growth for CCR Group:

• Airport, toll road, urban mobility and logistics

markets | Leonardo Vianna

Opening and welcome


Renato Vale

Back in 2009...We had overcome challenges, developed the

company’s structure and strengthened our corporate governance

Our past

1998

1999 2000

2001

2002

2003 2004

2005

1998-2005

Corporate

Restructuring Def. initial

operations

R$ 334 mn

Follow-on

Offering

• Company’s incorporation;

• Strategic partner;

• Corporate restructuring;

• Access to capital markets. 4-year Average ROE: 33.2%

EBITDA: R$ 1.1 bn

EBITDA Margin: 56.4%

With capital discipline and a strong focus on profitability,

we prepared the company for a new level of operations

Our present

1998 1999

2000 2001

2002 2003

2004 2005

Corporate

Restructuring Def.

initial

operations

Fol

lo

w

on

R$

33

4m

2006

2007 2008

2009

R$ 1,235 mn

Follow-on

Offering

Past 4-year Average ROE: 38.9%

• 4-year Average ROE: 33.2%;

• EBITDA: R$ 1.1 bn;

• EBITDA Margin: 56.4%.

• Pursuit of consolidation

• Portfolio diversification;

• Preparation for future.

1998-2005 2006-2009

EBITDA: ~ R$ 2 bn

Margin ~ 64%

Unique moment for CCR, with favorable

competitive and macroeconomic environments.

Our future

Past

• 4-year Average ROE: 33.2%;

• EBITDA: R$ 1.1 bn;

• EBITDA Margin: 56.4%.

1998-2005 2006-2009

Past

• 4-year Average ROE : 38.9%;

• EBITDA: ~R$ 2 bn;

• EBITDA Margin: ~ 64%.

New Opportunities

• 2014 World Cup;

• 2016 Olympic Games;

• Infrastructure Deficit;

• Various opportunities.

Develop potential of

current portfolio

• Reduce escape routes;

• Maximize ancillary revenues;

• Contractual addenda;

• Increase collection base;

• Expand capacity of current portfolio.

• Secondary market;

• Metro;

• Logistics;

• Urban mobility.

Next 5 years

EBITDA

2016E

R$ 5.5 to 6.5 bn

R$ 3.3 bn

Doubling EBITDA

Our goal is to double EBITDA

by 2016, considering only

the current portfolio

EBITDA

2012E

R$ 3.3 bn

EBITDA 2012E¹ Yesterday’s

average price EV/EBITDA

R$ 3.3 bn R$ 17.70

share 11.7 X

EBITDA 2016 Price 2016

? R$ 5.5 bn

to 6.5 bn

With 1.8x Net Debt/EBITDA

and Same Multiple...

Thinking boldly and considering only our current portfolio…

General overview of high-quality growth for the CCR Group

Airport, toll road, urban mobility

and logistics markets.


Leonardo Vianna

Airports in Portugal ANA

Depart. + Arriv. 285,041

Airports 10

PAX (‘000) 30,089

Cargo [ton] 158,542

ANA GROUP

State Privpublic

31.44%

70% 100%

Lisbon

Airport

Porto

Airport

Faro

Airport

Açores

Airport

Beja*

Airport

Funchal and

Porto Santo

Airports

10%

68.56%

20%

Autonomous

Madeira

Region

Structure of ANA & TAP Group

TAP

TAP

Maintenance

TAP Maintenance

Brazil

Handling

100%

Operating Structure 2011

ANA Airports in Portugal

Depart. + Arriv. 285,041

Airports 10

PAX (‘000) 30,089

Cargo [ton] 158,542

ANA Group

ANA Airports in Portugal

State Privpublic

31.44%

70% 100%

Lisbon

Airport

Porto

Airport

Faro

Airport

Açores

Airports

Beja*

Airport

Funchal and

Porto Santo

Airports

10%

68.56%

20%

Autonomous

Madeira

Region

TAP

TAP

Manutenção

TAP Manutenção

Brasil

Handling

100%

ANA & TAP Group Structure

Process characteristics

Estimated timetable

Concession term: 50 years

Schedule September October November December

Process /

Bids

Financial indicators 2011 for ANA Group

10 Airports

Considered -

4.6%

21.6%

6.6 p.p.

37.6%

-10%

44.9%

Gross

Revenue € 424.9 mn

€ 199.8 mn EBITDA

47.0% EBITDA Margin

€ 76.5 mn Net Income

1.8 Debt Ratio

€ 39.5 mn Dividends paid

Δ 2011/2010

Payroll Outsourcing Other

2006 2007 2008 2009 2010 2011

213

237

259 240

254 239

104 109 122 114 121 108

97

111 121 116 116 111

Operating expense [€ million]

+2%

EBITDA [€ million]

+12%

Source: Accounting Management Report of the ANA Group 2011

Air Force

Security and PMR’s

Commercial

Total revenue [in million €]

Retail

Property develop.

Parking

Car Rental

Advertising

Other

48%

3%

16%

16%

13%

4%

30%

57%

13%

High-speed rail project São Paulo - Rio

SP RJ

New operations Rio de Janeiro – Campinas HSR Project


Campinas

São Paulo

Rio de Janeiro


Source: EPL

Concession auction, maintenance of HSR system and supply of permanent rail infrastructure, systems and rolling stock.

1

Total investment:

• By concessionaire: R$ 8.7 bn + R$ 5 bn*;

• By government: R$ 26.9 bn.

Executive project prepared by government in accordance with the technology parameters offered. 2

Construction of rail infrastructure and associated facilities and buildings. 3

Urban mobility Light Rail Transit in Rio de Janeiro

SP RJ

Urban mobility LRT Rio Project

RJ

Urban mobility LRT Rio Project

Investment: R$ 1.2 bn.

Source: public hearing

• Length of basic line: 28km;

• No. of stations and stops: 46;

• Fleet: 32.

Concession term: 30 years from start order.

Urban mobility

Sources R$ mn %

PAC Program 532 46%

Municipal Gvt. 38 3%

Concessionaire 587 51%

LRT Rio Project

Urban mobility Metro Systems

Urban mobility Metro Line 3 - Niterói

RJ

Rio de Janeiro Niterói


Project Phase: Declaration of Private Interest (MIP) - ongoing.

No. of Stations:

• 14.

Length:

• 23 km.

Estimated Initial Demand:

• 350,000 pax/day;


Total Investment: R$ 3 bn

Guaxindiba

Araribóia

Metro in Salvador and Lauro de Freitas

Salvador - BA


Funding sources (R$ 3.5 bn) • Federal Budget PAC Large City Mobility:

R$ 1.0 bn;

• PAC Financing – Large City Mobility: R$ 600 million;

• Current balance of Agreement for Line 1: R$ 250 million;

• Investment by Private Partner: To be defined in the bidding process;

• Investment by Government: To be defined in the bidding process.


Concession objective

Implementation and Operation of the Urban Intercity Public Transportation System (Salvador and Lauro de

Freitas Metro Systems)

Model Sponsored Public-Private Partnership (PPP)

(Investment by Government)

Concession term

30 years: 3 construction projects + 27 operations Estimated startup of partial operations (18 months)

Bid process Presentation of Economic Proposals in Writing,

followed by open-outcry bidding on BM&FBOVESPA

Selection criteria

Lowest amount of investment by Government

Investments Estimated at R$ 3.5 bn

Lauro de

Freitas

Pirajá

Lapa

Urban mobility Brasília Metro

Length:

• Asa Norte: 1 km;

• Ceilândia: 2 km;

• Samambaia: 3 km.

Asa Sul and Guará Stations:

• 104 Sul;

• 106 Sul;

• 110 Sul;

• Estrada Parque;

• Onoyama.

Scheduled investments - GDF

Renovation of trains:

• 80 old cars: modernized;

• 48 new cars: air conditioning.

New trains:

• 160 new trains with air conditioning.

Infrastructure:

• Electricity;

• Telecom systems;

• Integration terminals;

• Station surroundings;

• Various operational improvements.

Scheduled investments – Concessionaire

Urban mobility

Total Investment: R$ 2.3 bn

Central Ceilândia

Samambaia

Brasília Metro

Urban mobility São Paulo Metro – Line 6

São Paulo


Project Phase: Public Hearing

No. of Stations:

• 15.

Length:

• 15.3km.

Estimated Initial Demand

• 633,000 pax/day;



Patio Morro Grande

Bela Vista

Urban mobility Curitiba Metro

Curitiba


Project Phase: Public Hearing. Study being reformulated due to MP 575.

No. of Stations:

• 13.

Length:

• 14.2km.


• 475,000 pax/day;


Rua das Flores Patio CIC Sul


Urban mobility Porto Alegre Metro

São Paulo

Curitiba

Porto Alegre


Project Phase: Request by the Government for Declaration of Interest.

No. of Stations:

• 13.

Length:

• 14.8km.


• 302,000 pax/day;



Intermodal Terminal

Rua da Praia

Intermodal Terminal

Fiergs

Urban mobility Belo Horizonte Metro

São Paulo

Curitiba

Belo Horizonte


Public Investment: R$ 1.7 bn


Private Investment: R$ 1.2 bn


Government

Adm. Center

Barreiro

Novo Eldorado

Savassi

Urban mobility North Stretch of Belo Horizonte Beltway

São Paulo Belo Horizonte

Urban mobility Northern Stretch of Belo Horizonte Beltway

Procedure for declaring interest March 2012

• Objective: Structuring of the Project for the Northern Stretch of the Beltway for the Belo Horizonte Metropolitan Area, a 67-km stretch connecting the cities of Sabará, Santa Luzia, Vespasiano, São José da Lapa, Pedro Leopoldo, Ribeirão das Neves, Contagem and Betim;

• The proposed Beltway consists of a highway connecting the southern and northern stretches of Fernão Dias Highway (BR 381);

• Interested companies must conduct studies and prepare proposals for construction, paving, operation, maintenance, conservation and improvements during the 35-year concession period;

Urban mobility Northern Stretch of Belo Horizonte Beltway

Estimated date of conclusion of studies: March 15, 2013.

Urban mobility Connecting Florianópolis with continental Santa Catarina

São Paulo

Santa Catarina Florianópolis

Urban mobility PMI – Greater Florianópolis

Declaration of Interest Procedure (PMI) for receiving proposals for recertification and construction of structural works to improve the transportation system, urban mobility and access to the island region of Florianópolis from Highway BR-101.

Urban mobility PMI – Greater Florianópolis

Integrated solutions

Maritime passenger and vehicle transportation using boats and ferry-boats.

Air passenger transport via cable car.

Investment of R$ 650 million.

PAC for highway concessions Federal program

BR – 101 BA

BR – 262 ES/MG

BR – 153 TO/GO

BR – 050 GO/MG

BR – 163 MS

BR – 262 MS

BR – 267 MS

BR – 163 MT

BR – 060 DF/GO

BR – 153 GO/MG

BR – 262 MG

BR – 116 MG

BR – 040 GF/GO/MG

1

2

3

4

5

6

7

8

9

PAC projects for concessions New investments in highways

Port of Santarém Port of Itaqui

Port of Pecém

Port of Salvador

Port of Vitória

Port of Rio de Janeiro

Port of Itaguaí Port of

Santos Port of

Paranaguá

Port of Rio Grande

Port of

Suape

1

2

3

4

5

6 7 8

9

PAC in execution

Current network

R$ 3.87

R$ 1.90

R$ 3.99

R$ 2.58

R$ n/a

R$ 5.94

R$ 6.63

R$ 4.84

R$ 5.99

772.3 Km

376.9 Km

743.3 Km

425.8 Km

821.6 Km

1,423.3 Km

732.9Km

821.6 Km

443.6 Km R$ In billions

Concession for Highway BR 040/DF/GO/MG

3rd Stage – Phase 1

Concession for Highway BR 116/MG

Toll plazas: 8 (BR 116) and 11 (BR 040).

Max. toll: R$ 6.25406 (BR 116)

and R$ 3.74680 (BR 116).

Concession term: 25 years.

National Road Transport Agency (ANTT)

3rd stage of highway concessions Phase 1

Public Hearings (AP 125, 127, 128) were held in August and September 2012 and the period for submitting contributions and suggestions to the Drafts of the Bid Notice and Concession Contract, as well as the PER and Feasibility Studies of the ANTT, expired on Sept. 25, 2012.

1

The Official Bid Notices should be made available on Nov. 26, 2012 with the auctions on the BOVESPA slated for Jan. 26, 2013.

2



3rd stage of highway concessions Phase 1


3rd stage of highway concessions


BR 116/MG

• Stretch in state of Minas Gerais between Além Paraíba and Divisa Alegre;

• Connects the stretch of BR-116 RJ already granted (CRT) and BR-116 BA also already granted (ViaBahia);

• Length: 816.7 km.

BR-040 /DF/GO/MG

• Begins in Federal District at the intersection with Highway BR 251 and ends in Juiz de Fora(MG) at the start of the stretch granted to CONCER;

• Length: 936.8 km.

Phase 1

PAC for railroad concessions Federal program

Railroad program

Financing compatible with project sizes

• Interest Rate: TJLP + 1%;

• 5-year grace period;

• Amortization in up to 25 years;

• Higher leveraging: up to 80% of total.

Total investments: R$ 10 bn

• 2013 – 2017: R$ 56 bn;

• 2018 – 2039: R$ 35 bn.

Railroads Federal plan for logistics investments

Operators with own cargo

Independent rail operators

Rail transportation concessionaires

Federal Government

Investment

Permanent way concessionaire

Built, maintained and operated by private sector

State-owned company acquires full rail transportation capacity.

VALEC State-owned company conducts public bid for capacity.


Main stretches under analysis

Total of

10,000 km Launch of bid notice + drafting of proposals:

Mar/Apr 2013

Port of Itaguaí

1 3 2

Port of Santos

Port of Paranaguá

Port of Rio Grande

Port of Rio de Janeiro

11

5

6

Port of Vitória

Port of Ilhéus

Port of Salvador

Port

of Suape

Port of Pecém

Port of Itaqui

Port of Vila do Conde

Port of Santarém

Port of Marabá Açailandia

Uruaçu

Port of Porto Velho

Lucas R. Verde

Estrela D’Oeste

Maracajú

Belo

Horizonte

Corinto

Panaroma

Mafra

10

9

4

12

7

8

SP Rail Beltway Northern Segment

SP Rail Beltway Southern Segment

Access to Port of Santos

Lucas do Rio Verde Uruaçu

Uruaçu – Corinto – Campos

Rio de Janeiro – Campos – Vitória

Belo Horizonte – Salvador

Salvador – Recife

Estrela do Oeste – Panorama – Maracaju

Maracaju – Mafra

São Paulo – Mafra – Rio Grande

Açailândia – Vila do Conde

1

2

3

4

5

6

7

8

9

10

11

12


CCR Airports Acquisitions


Leonardo Vianna

Costa Rica

Quito

Curaçao

International Airport of Costa Rica

• International airport of San José (Juan Santamaria International Airport)

is located in the province of Alajuela, some 20 km from the center of

San José;

• Term of Interested Management Contract: ends in May 2026;

• Around 70% of traffic is international.

International Airport of Curacao

• The international airport of Curacao is located on the northern coast

of the island, some 15 km from center of the capital, Willemstad;

• Concession Term: 30 years, ending in August 2033;


International Airport of Quito

• Mariscal Sucre International Airport is located in Quito and will

continue operating until the inauguration of the city’s new

international airport;

• Concession Term: 30 years, ending in January 2041;


Source: company data

Location of airports

Source: Company reports, 2011

Ownership structure:

• 15 airlines;

• 302 employees (62 Quiport + 240 ADC&HAS);

• 23 destinations;

• 68,000 arrivals and departures.

Overview: Acquisition: May 2012.

• CCR – 45.5%;

• AECON – 45.5%;

• ADC – 9%.

Mariscal Sucre, UIO International Airport in Quito, Ecuador

Revenue 2011: US$ 84 mn


5.4 million passengers.

NQIA

MSIA

Flight range

Mariscal Sucre, UIO International Airport in Quito, Ecuador

Current

New



• 15 airlines;

• 132 employees;


• 32,000 arrivals and departures (ATM’s).

Overview Acquisition: September 2012.

• CCR – 48.75%;

• ADC & HAS – 48.75%;

• Local Partners – 2.5%.

Juan Santamaria, CRT International Airport in San Jose, Costa Rica



3.5 million passengers



• 28 airlines;

• 198 employees;


• 26,000 arrivals and departures.

Overview: Acquisition: October 2012.

• Aport S.A. – 51% (CCR 40.8% ; Zurich 10.2%);

• Jansen de Jong – 49%.

Hato International, CUR Airport in Curacao, Netherlands Antilles



1.6 million passengers

ARTESP, ViaQuatro and STP concessions


Italo Roppa

Current operations CCR AutoBAn

Potential of current portfolio Various investment gaps were identified...

Revenue and EBITDA growth (R$ million)

Revenue

Source: financial statements of the business unit


CCR AutoBAn: R$ 350 mn



Revenue

Current operations CCR ViaOeste



Revenue



CCR ViaOeste: R$ 600 mn



Revenue

Current operations ViaQuatro


ViaQuatro: R$ 200 mn


EBITDA

200

Revenue

350

2012(E)

Current operations CCR SPVias

Potential of current portfolio


Revenue





Revenue

Current operations Renovias



Revenue


Current operations CCR RodoAnel



Revenue


Current operations STP



Revenue



José Braz

Highlights of current operations Concessions: ANTT, Rio de Janeiro, Paraná and Controlar SP.

Current operations CCR RodoNorte



Revenue


CCR RodoNorte: R$ 1 bn

• Campo Largo Bypass: R$ 100 mn;

• Expansion to four lanes and access road at

376 and 277 between Curitiba and Apucarana: R$ 900 million.

Crescimento de receita e EBITDA – em R$ milhão



Revenue


Current operations Controlar

Projected revenue 2016: R$ 640 mn.

Unilateral reduction of inspection fee: 33%.

Material facts:

• Administrative negotiations;

• Lawsuits.


Current operations SAMM

Projected revenue 2016E: R$ 154 mn.

Region’s potential:

• 34% of Brazil’s GDP;

• Strong revenue growth in 4 years;

• 4G – HDTV;

• Broadband;

• Events (2014 World Cup, 2016 Olympics).


Current operations CCR NovaDutra



Revenue


CCR NovaDutra: R$ 2 bn

• Serra das Araras;

• Expressways in Rio, São Paulo and São José dos Campos;

• Other safety works.



Revenue


Current operations CCR Ponte



Revenue


CCR Ponte: R$ 305 mn

• Connecting the bridge to Linha Vermelha;

• Niterói Tunnel (Mergulhão).




Revenue


Current operations ViaLagos



Revenue


CCR ViaLagos: R$120 mn

• Reduction in tolls;

• Contractual rebalancing: 15 years.




Revenue


Current operations TransOlímpica

Concession term: 35 years.

Total investment: R$ 1.8 bn.

Revenue 1st year of operations:

R$ 148 mn.


Current operations Barcas

Acquisition: R$ 72 mn | 80% of capital.

Rebalanced tariff: R$ 4.50.

Subsidy: 31%.

Committed investments: State government:

• 9 vessels: R$ 300 mn;

• 2 new stations: R$ 300 mn.

Concessionaire:

• 2 vessels.

• 8 vessels younger than 60 years;

• 6 vessels younger than 22 years;

• 4 vessels younger than 6 years.


Rebalancing of the contract by lengthening the term.

Investment opportunities:

• Immediate recovery of existing stations: R$ 30 mn;

• 2 new stations: 300 mn.


Araribóia – Niterói

Praça Araibóia Station Niterói

Potential investment Barcas: R$ 600 mn

Synergy with other projects

CCR Ponte CCR NovaDutra

LRT TransOlímpica Metro Line 3

Sustainability Responsible social investment


Francisco Bulhões

Reasons for the Sustainability Project

Protect Value | Reputation

Economic Capital

Human Capital

Social Capital

Natural Capital

Value Creation

2012

Data from the last Image and Satisfaction survey conducted by Datafolha in 2012.

General assessment of the concessionaire’s work (in %) (Excellent + Good) Respondents: car and truck drivers.

Protect Value

General assessment of work

Structuring reporting initiatives at the CCR Group.

• Support GRI 2011 reporting and structuring GRI 2012 reporting;

• Monitoring of final analysis of evidence by FGV;

• Process management and analysis of evidence for ISE index;

• Support for other reporting initiatives (Global Compact, ICO2, Guia

Exame);

• Discussion of proposal for GRI 2012.

Objective:

Activities:

Current status:

Value Creation| Economic Capital

Reporting initiatives - investors

Value Creation| Human Capital Educational campaigns

Value Creation | Social Capital The UN has declared 2011-2020 the

Decade of Action for Road Safety

Great opportunity

to transform our

main initiatives into

a model to be

replicated

Partnership with IADB:

• Road Digitalization for Citizenship;

• Pilot Project CCR ViaOeste (Highway+).

Value Creation | Social Capital The UN has declared 2011-2020 the

Decade of Action for Road Safety

Direct investment

Investment through incentives

970

1695

3771

3654

7519

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

5166

4676

9491

5144

12899

4969

14352

6590

Social investment by CCR of R$ 80 mn over 9 years,

with another R$ 165 mn expected over the next 5 years.

Over

R$165 million

Value Creation | Social Capital CCR private social investment

Consolidated with and without tax incentives

Value Creation | Social Capital

Road to Citizenship

11 million indirect participants

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

10,000 15,000 45,000 45,000 112,00 132,00 135,00 140,00 140,00 145,00 350,000 450,000

400 500 2,200 2,600 3,800 4,000 4,500 6,000 6,000 6,500 13,300 14,000

600,000

1.5 million students since start of program

Students Teachers Drivers

More than 1,600 people served each

month by our structure.

260m² of rest area for truckers.

600 people served/month.

190m² of rest area for truckers.

400 people served/month.

Value Creation | Social Capital

Road to health

• Maturity;

• Mapping of public

interest;

• Vision.

2011 2010 2012

• External factors;

• Accident front;

• Waste front;

• Emissions front;

• ISE;

• Sustainability committee.

• Executive support;

• Unit support;

• ISE;

• GRI and other reporting

initiatives;

• Selection of SW.

1. Sustainability in the

Value Chain

2. ROADMAP 3. CCR’s Sustainability

Project

Sustainability project Timeline

Reasons for the Sustainability Project

Protect Value | Reputation

Economic Capital

Human Capital

Social Capital

Natural Capital

Value Creation

• 55% of Brazil’s GDP;

• 402 km;

• 130 million users annually;

• 115 large manufacturers and retailers;

• 36 surrounding cities;

• 23 million people;

• 160 service stations.

Presidente Dutra Highway

Sustainable Highway Project

Creating a reference for sustainable development for Brazilian highways through

the joint efforts of multiple stakeholders;

Developing green solutions and technology by creating business models that are self-

sustainable over the long term;

Creating visibility for companies’ positioning through a unique communications

strategy.

The transformations required by sustainable development

depend on the actions of various players.

Project Motivation Sustainable Highway

Creating Value!

Overview of high-quality growth for the CCR Group

The company’s performance, strategy and future


Arthur Piotto

IPO

Portfolio

2.0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

R$ billion

EBITDA Growth

IPO

Portfolio

2.2

2.0

EBITDA Growth

STP

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

R$ billion

2.2

2.0

2.7

STP

EBITDA Growth

IPO

Portfolio

STP

ViaOeste

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

R$ billion

2.2

2.0

2.7

3.0 ViaOeste

STP

EBITDA Growth

IPO

Portfolio

STP

ViaQuatro

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

R$ billion

2.2

2.0

2.7

3.0

2.9 ViaOeste

ViaQuatro

STP

EBITDA Growth

IPO

Portfolio

STP

RodoAnel,

Renovias

and Controlar

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

R$ billion

2.2

2.0

2.7

3.0

2.9

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

ViaOeste

ViaQuatro

3.3 SPVias

and SAMM RodoAnel,

Renovias

e Controlar

EBITDA Growth

IPO

Portfolio

STP

R$ billion

2.2

2.0

2.7

3.0 2.9

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

3.3

+ 62% of EBITDA added

through new

businesses

Adding value through new operations

R$ billion

R$1.3 bn of EBITDA added

through 2012E

Perception of market capitalization

+23%

2003

571

2006 (Consensus in 2003)

900

1,206

2006

306

R$ million

+23%

2003

571

2006 (Consensus em

2003)

900

1.206

2006

306

+12%

2006

1,206


1,712

206

2009

1,918


R$ million

+12%

2006

1,206


1,712

206

2009

1918


2009

1,918

2012 (E) (Consensus

in 2009)

2,737

623

2012 (E) (Consensus

of current market)

3,360

+23% R$ million

EBITDA Growth

But in what scenario was this achieved?


Arthur Piotto

No project 2002

No project 2003

MG-50 2004

No project 2005

São Paulo Metro Yellow Line 2006

7 federal highways 2007

6 state highways 2008

BR116/BR324 in Bahia 2009

BA093 and southern and eastern stretches of Sao Paulo Beltway

2010

MT130 and PE060* 1 Airport 2011

R$ 0

Amounts in million

R$ 0

R$ 645

R$ 0

R$ 1,000

R$ 19,500

R$ 10,795

R$ 1,900

R$ 5,805

R$ 900

Project Track Record

Project Track Record

Total:

20 Projects

Total investments:

~R$ 40 bn

Average:

R$ 4 bn per year

• Won 2 Projects;

• Acquired 5 companies;

• Created 1 company;

And what did CCR do?

R$ 4.8 bn re-invested

EBITDA Added R$ 1.3 bn

• BR 101 /ES;

• 3 Airports;

• Transolímpica/RJ.

2012 R$ 21 bn

• We won TransOlímpica;

• We acquired 4 companies.

R$ 800 mn re-invested

EBITDA added

R$ 150 mn

And what is the outlook?


Arthur Piotto

Considering the outlook...

Railroads R$ 91,000

Federal Highways R$ 42,000

5 Airports in Brazil R$ 25,000 E

Urban Mobility R$ 27,000

Additional Investments R$ 5,000 E

Projects outside Brazil R$ ?

Total: 33 projects over the next 5 years

Total estimated investments: ~R$ 190 bn

Average: R$ 40 bn per year

10x more than

in the past

And how much will CCR be able to add based on its

execution track record?

in ‘000

Arthur Piotto

And how will we support our growth?

Investment capacity Financial strategy

Maximum

Net Debt/EBITDA Ratio

of 3.0x.

Company’s growth to be

financed through leverage.

Commitment to pay out

at least 50% of net income

as dividends.

2012 (E) 2013 (E) 2014 (E) 2015 (E) 2016 (E) 2017 (E) 2018 (E)

onwards

1,673

2,394

1,195 1,094 1,063

56 130

Schedule of debt amortization

Re-financings contracted or authorized...

... will increase CCR’s investment capacity.

418

1,017

1,315

1,589 1,436

856 972

R$ million

Investment capacity

In times

Net Debt ND/EBITDA

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

1.2 1.1 0.6

1.2 1.2 1.1

2.6 2.9

5.6 6.2

7.5

2.6

2.0

0.8 1.1 0.9 0.8

1.5

2.5

1.5

2.1 2.2

R$ billion


Maximum


of 3.0x.





as dividends.

R$ million

Investment capacity

2002

179

2003

586

2004

1,656

2005

2,147

2006

2,479

2007

3,113

2008

2,565

2009

2,849

1,143

2010

2,648

2011

2,565

2012 (E)

Investment capacity

Current investment capacity ~R$ 3 bn,

increasing to ~R$ 13 bn by 2016.

Investment capacity

CCR’s investment capacity considering a maximum

Net Debt/EBITDA ratio of 3.0x.

R$ million

2002

179

2003

586

2004

1,656

2005

2,147

2006

2,479

2007

3,113

2008

2,565

2009

2,849

1,143

2010

2,648

2011

2,565

2012 (E)

Investment capacity

Current investment capacity ~R$ 3 bn,

increasing to ~R$ 13 bn by 2016. In times

Net Debt ND/EBITDA

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 (E)

1.2 1.1 0.6

1.2 1.2 1.1

2.6 2.9

5.6 6.2

7.5

2.6

2.0

0.8 1.1 0.9 0.8

1.5

2.5

1.5

2.1 2.2


Maximum


of 3.0x.





as dividends.

183

263

500 547

580

714 709 672

899

2003 2004 2005 2006 2007 2008 2009 2010 2011

30

152

307 355

532

605 603

852 807

1,128

1,054

Dividends

Since its IPO, CCR has distributed on average 77% of net income as dividends

CAGR

48.7% 127%

Net Income Net Income (Market Consensus) Dividends Payout

58%

61% 65% 92%

85% 85%

16%

90%

93%

2012 (E)

R$ million

Wrap Up

R$ 40 bn per year in projects.

How much will be added??

Stock price in this scenario?

R$ 4 bn per year in projects.

67% of EBITDA added after

IPO.

R$ 17.70 per share.

Yesterday Tomorrow

Conclusions


Renato Vale

Clearly defined and public strategy, with profitability first, followed by expansion;

Competent and highly qualified professionals with a continuous process to prepare leaders,

supporting the perpetuity of the business;

Base scenario indicates the potential for significant upside, with limited downside;

Cash generation of the current portfolio supports a strong dividend policy and high

quality growth;

Actions focused on the sustainable development of new markets and opportunities;

Highly competitive access to capital markets;

Solid financial situation that supports future growth.

Why CCRO3?

With capital

discipline...

...That’s how

we’ll get there!

Why CCRO3?

in projects per year

With R$ 40 bn invested

Discussion, questions and answers


Renato Vale and Officers

presentation ccr day 8

Documents