1. 2nd Annual Citi Brazil Equity Conference
Intercontinental Hotel - São Paulo
Wednesday, June 24, 2009 - Friday, June 26, 2009
Company Presentation
June 24, 2009
1

2. Notice
This presentation contains forward-looking statements relating to the prospects of the
business, estimates for operating and financial results, and those related to growth prospects
of OHL Brasil, these are merely projections and, as such, are based exclusively on the
, y p j , , y
expectations of OHL Brasil’s management concerning the future of the business and its
continued access to capital to fund the Company’s business plan.
Such forward looking statements depend substantially on changes in market conditions
forward-looking depend, substantially, conditions,
government regulations, competitive pressures, the performance of the Brazilian economy and
the industry and are, therefore, subject to change without prior notice.
2

3. Agenda
Company Profile
Portfolio
P tf li
OHL Brasil’s Results
Traffic
Federal Concessions
New Opportunities
3

4. Company Profile – OHL Group
Business Structure
NATIONAL INTERNATIONAL CONCESSIONS ENVIRONMENTAL DEVELOPMENTS INDUSTRIAL
CONSTRUCTION CONSTRUCTION
• Civil Projects • Latin America
• Buildings Construction • USA and Canada • Sea and brackish water • Tourist Complexes • Refinery
Desalination
• Urban Services and • Central Europe
p • Malls • Gas
Infrastructures • Urban and Industrial
• Eastern Europe • Petrochemical
Water Purification
• Potable water treatment • Energy
• Lands Movements
• Fire protection
p
systems
TOLL ROADS RAILWAYS COMMERCIAL AIRPORTS MARINAS PARKING
PORTS FACILITIES
•9 • 2 Spain • 1 Mexico p
• 4 Spain
• 1 Spain • 1 Brazil
• 1 Argentina
• 3 Chile
• 5 Mexico
• 3 Spain
• 1 Peru
4

5. Company Profile – OHL Group
OHL Group
G OHL Concesiones
C i
International Group of construction, concessions and Strategic position in Latin America: Brazil, México e Chile;
services, listed in the Madrid Stock Exchange since 1991;
Global operator of infrastructures: roads, ports, airports and
Founded over 98 years ago and established in 16 countries; railways;
Portfolio of € 59 bn (+55%) in 2008; Expertise in Brazil through OHL Brasil;
Unique Spanish builder with financial rating; Broad international experience in the developing of efficient
Compromised with the maintenance of the "Investment capital structure for projects.
Grade" obtained in 2001.
Summary of results: Summary of results:
Revenue (Euros M) 2007 2008 Var. Revenue (Euros M) 2007 2008 Var.
OHL S.A
SA 3,764
3 764 100% 4,009
4 009 100% 6% OHL Concessiones 436 100% 542 100% 25%
National Construction 1,974 52% 1,786 45% -9% Argentina 11 2% 11 2% 6%
International Construction 1,162 31% 1,429 36% 23% Brazil 232 53% 273 50% 17%
Environment 117 3% 120 3% 3% Chile 45 10% 52 10% 16%
Developments 76 2% 106 3% 39% Spain 28 7% 44 8% 54%
Industrial - 0% 26 1% n/a Mexico 115 26% 80 15% -31%
31%
Concessions 436 12% 542 14% 25% Other 5 1% 84 15% 1450%
EBITDA (Euros M) 2007 2008 Var. EBITDA (Euros M) 2007 2008 Var.
OHL S.A 543 100% 608 100% 12% OHL Concessiones 317 100% 340 100% 7%
National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% -79%
79%
International Construction 87 16% 111 18% 28% Brazil 166 52% 205 60% 24%
Environment 13 2% 19 3% 48% Chile 29 9% 33 10% 16%
Developments 8 1% 15 2% 86% Spain 16 5% 1 0% -95%
Industrial - 0% 2 0% n/a Mexico 122 39% 118 35% -3%
Concessions 317 58% 340 56% 7% Other (19) -6% (18) -5% -6%
5

6. Company Profile – Corporate Structure
100.0%
100.0%
Participes en Brasil S.L.
SPAIN 60.0%
BRAZIL
40.0%
40 0%
FEDERAL TOLL ROADS SAO PAULO STATE TOLL ROADS OTHER BUSINESS
100.0% 100.0%
Estimated 2009 Total Year - 2008 Total
Total extension (km) 2,079 Total extension (km) 1,147
100.0%
Toll Plazas 29 Toll Plazas 23
Vehicle-Equivalents (mn) 285 Vehicle-Equivalents (mn) 141
Employees* 1,216 Employees* 1,179
Net Revenue (R$ mn) 724 100.0%
100 0%
Net Revenue (R$ mn) 389
EBITDA (R$ mn) 50 Adjusted EBITDA (R$ mn) 494
Net Debt (R$ mn)* 236 Net Debt (R$ mn)* 949
100.0%
SPR
4.68%
* Data from 1Q09
6

7. Company Profile - OHL Brasil’s Timeline
Base Formation Strategic Positioning Expansion
Beginning of 94% 100% IPO ANTT’s
Activities Autovias Autovias OHL Brasil Auction
100% 100%
Autovias Litoral Sul
9% to 24% 100% 100% Centrovias Planato Sul
Autovias Centrovias Intervias Intervias Fluminense
Vianorte Régis Bittencourt
Fernão Dias
1997 1998 to 2000 2001 2002 2003 2004 2005 2006 2007 2008 …
725.0
615.8
Ne Revenues (R mm)
CAGR = 55.7%
430.3
R$
1999: Merger in 389.1
389 1
Spain between
OH and Lain 268.3
158.8
92.7
et
32.7
Business feasibility Acquisitions and Current portfolio, Public
analysis privileged location Auctions and future growth
7

8. Company Profile – OHL Brasil’s Concessions
The largest company in Brazil
active in the sector of toll roads
concessions in terms of
kilometers under management,
g ,
with 3,226 km;
High Market-Share. 22% in terms
of managed km;
OHL Brasil consolidated its
participation in the main
economic axes of the country;
There are approximately 35
million people living near our
highways;
The states in which we operate
hold more than 2/3 of the
Brazilian fleet of vehicles.
8

9. Company Profile – Terms of the Concessions
Portfolio Life: The average remaining term of our concessions’ portfolio is 18 years.
24 24 24 24 24
19
9 10 9
9 1 1 1 1 1
11 11 11
Years pending Years elapsed
9

10. Portfolio – São Paulo State Concessions
State Concessions State Concessions
OHL Brasil Stake 100 %
Length 1,147 km
No.
No of toll plazas 23 plazas
Portfolio Average Life 11.8 years
Eqv. Vehicles - 2008 (mn) 141.1
Employees – 1Q09 1,179
1 179
Average Tariff – 1Q09 R$ 5.89
Invest. Estimated – (5 Year) R$ 470 million
Net Debt – 1Q09 (R$ mn) 949.5
949 5
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
68.2%
68 2%
64.0%
61.9%
59.5%
57.1%
51.6% 50.7%
724
617
507 546
465 494
360 395
310 302 338
266
160 183
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
10

11. Portfolio – Autovias
Autovias S.A.
SA Autovias
OHL Brasil Stake 100 %
Length 316 km
No.
No of toll plazas 5 plazas
Concession Ending Aug/2018
Eqv. Vehicles - 2008 (mn) 38.0
Employees – 1Q09 185
Average Tariff – 1Q09 R$ 5.51
Invest. Estimated – (5 Year) R$ 110 million
Net Debt – 1Q09 (R$ mn) 289.0
289 0
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
71.4%
68.8%
66.2%
62.2% 62.0%
60.9% 60.3%
183
150
121 131
107 103
95
79 80
66 59 66
40 48
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
11

12. Portfolio – Centrovias
Centrovias S.A.
SA Centrovias
OHL Brasil Stake 100 %
Length 218 km
No.
No of toll plazas 5 plazas
Concession Ending Jun/2019
Eqv. Vehicles - 2008 (mn) 22.2
Employees – 1Q09 174
Average Tariff – 1Q09 R$ 8.86
Invest. Estimated – (5 Year) R$ 99 million
Net Debt – 1Q09 (R$ mn) 251.7
251 7
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
71.4%
71 4%
65.2% 66.0%
64.9%
62.8%
60.1%
56.9%
170
140
121 127 121
108
82 92
81 76
70 70
40 49
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
12

13. Portfolio – Intervias
Intervias S A
S.A. Intervias
OHL Brasil Stake 100 %
Length 376 km
No.
No of toll plazas 9 plazas
Concession Ending Jan/2029
Eqv. Vehicles - 2008 (mn) 51.8
Employees – 1Q09 566
Average Tariff – 1Q09 R$ 4.53
Invest. Estimated – (5 Year) R$ 130 million
Net Debt – 1Q09 (R$ mn) 350.4
350 4
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
71.5%
71 5%
68.0% 68.6% 68.4%
63.2%
56.3%
49.0%
207
184
162 172
144 148
118 126
102 113 110
91
58 56
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
13

14. Portfolio – Vianorte
Vianorte S.A.
SA Vianorte
OHL Brasil Stake 100 %
Length 237 km
No.
No of toll plazas 4 plazas
Concession Ending Mar/2018
Eqv. Vehicles - 2008 (mn) 29.1
Employees – 1Q09 254
Average Tariff – 1Q09 R$ 6.44
Invest. Estimated – (5 Year) R$ 131 million
Net Debt – 1Q09 (R$ mn) 58.4
58 4
Revenues, Adjusted EBITDA and Adjusted EBITDA Margin
57.3%
51.5%
45.7%
42.1%
38.3%
35.4%
31.3%
164
143
118 117 126
87 94
72 74
49 58
45
23 31
2002 2003 2004 2005 2006 2007 2008
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
14

15. Portfolio – Federal Concessions
Federal Concessions Federal Concessions
OHL Brasil Stake 100 %
Length 2,079 km
No.
No of toll plazas 29 plazas
Portfolio Average Life 24 years
Employees – 1Q09 1,216
Tariff – 1Q09 R$ 1 54
1.54
Invest. Estimated – (5 Year) R$ 4,296 million
Net Debt – 1Q09 (R$ mn) 236.5
Revenues, EBITDA and EBITDA Margin
30.0%
25.8%
7.6%
119 126
96
48
31 38
7
-26
-54.8%
1Q09 E2Q09
E2Q09* E3Q09
E3Q09* E4Q09
E4Q09*
Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin
* 2º Quarter, 3º Quarter and 4º Quarter are estimates of the Company
15

16. Portfolio – Autopista Planalto Sul
Planalto Sul S.A.
SA Autopista Planalto Sul
OHL Brasil Stake 100 %
Length 413 km
No.
No of toll plazas 5 plazas
Concession Ending Feb/2033
Employees – 1Q09 109
Tariff – 1Q09 R$ 2 70
2.70
Invest. Estimated – (5 Year) R$ 407 million
Net Debt – 1Q09 (R$ mn) 22.1
Main Commitments: Capital Structure – 1Q09
• 25.4 km of highway widening.
• 48.3 km-long 3rd lane. R$ 25.0 mn
R$ 66.2 mn
• 10.2 km-long lateral lanes.
• Construction of 7 overpasses. 16.2%
• Construction of 9 user service centers. 43.0%
• Renovation of the entire highway. 40.7%
R$ 62.7 mn
Debt Intercompany Loans
p y Capital
p
16

17. Portfolio – Autopista Fluminense
Fluminense S.A.
SA Autopista Fluminense
OHL Brasil Stake 100 %
Length 320 km
No.
No of toll plazas 5 plazas
Concession Ending Feb/2033
Employees – 1Q09 170
Tariff – 1Q09 R$ 2 50
2.50
Invest. Estimated – (5 Year) R$ 640 million
Net Debt – 1Q09 (R$ mn) 33.2
Main Commitments: Capital Structure – 1Q09
• 176 6 km of highway widening
176.6 widening.
• 3.8 km-long lateral lanes. R$ 37.0 mn R$ 48.4 mn
• 28.3 km alternate roads/loops.
• Construction of 17 overpasses. 24.9% 32.7%
• Construction of 7 user service centers.
• Implementation or renovation of
weighing stations.
i hi t ti 42.4%
42 4%
• Renovation of the entire highway.
R$ 62.9 mn
Debt Intercompany Loans
p y Capital
p
17

18. Portfolio – Autopista Fernão Dias
Fernão Dias S.A.
SA Autopista Fernão Dias
OHL Brasil Stake 100 %
Length 562 km
No.
No of toll plazas 8 plazas
Concession Ending Feb/2033
Employees – 1Q09 378
Tariff – 1Q09 R$ 1 10
1.10
Invest. Estimated – (5 Year) R$ 765 million
Net Debt – 1Q09 (R$ mn) 66.9
Main Commitments: Capital Structure – 1Q09
• 88 km long 3rd lane
km-long lane.
• 94.16 km-long lateral lanes. R$ 63.0 mn R$ 108.7 mn
• 10.3 km alternate roads/loops.
• Construction of 50 overpasses. 22.0%
• Construction of 12 user service centers. 37.9%
• Implementation or renovation of
40.1%
weighing stations.
i hi t ti
• Renovation of the entire highway.
R$ 115.5 mn
Debt Intercompany Loans Capital
18

19. Portfolio – Autopista Régis Bittencourt
Régis Bittencourt S.A.
SA Autopista Régis Bittencourt
OHL Brasil Stake 100 %
Length 402 km
No.
No of toll plazas 6 plazas
Concession Ending Feb/2033
Employees – 1Q09 394
Tariff – 1Q09 R$ 1 50
1.50
Invest. Estimated – (5 Year) R$ 1,474 million
Net Debt – 1Q09 (R$ mn) 66.1
Main Commitments: Capital Structure – 1Q09
• 30.5 km of highway widening.
• 104.9 km-long 3rd lane. R$ 54.0 mn R$ 95.3 mn
• 109.6 km-long lateral lanes.
• 23.6 km alternate roads/loops. 19.7%
34.8%
• Construction of 51 overpasses.
• Construction of 9 user service centers.
45.5%
• Implementation or renovation of
weighing stations.
• Renovation of the entire highway.
R$ 124.6 mn
Debt Intercompany Loans
p y Capital
p
19

20. Portfolio – Autopista Litoral Sul
Litoral Sul S A
S.A. Autopista Litoral Sul
OHL Brasil Stake 100 %
Length 382 km
No.
No of toll plazas 5 plazas
Concession Ending Feb/2033
Employees – 1Q09 165
Tariff – 1Q09 R$ 1 10
1.10
Invest. Estimated – (5 Year) R$ 1,010 million
Net Debt – 1Q09 (R$ mn) 48.2
Main Commitments: Capital Structure – 1Q09
• 30 km long 3rd lane
km-long lane.
• 79.7 km-long lateral lanes. R$ 51.0 mn R$ 101.2 mn
• 94.7 km alternate roads/loops.
• Construction of 39 overpasses. 22.9%
• Construction of 8 user service centers. 45.6%
• Implementation or renovation of 31.5%
weighing stations.
i hi t ti
• Renovation of the entire highway
R$ 70.0 mn
Debt Intercompany Loans Capital
20

21. OHL Brasil’s Results
Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million)
129
725
CAGR 02-08 = 4.30%
120 616
111
108 101.6% 430
105 389 39.7%
100 99
268
64 218
159
34 93
32 31 156
2002 2003 2004 2005 2006 2007 2008 1Q09 2008 1Q09
2002 2003 2004 2005 2006 2007
Federal Concessions State Concessions
Margin and Adjusted EBITDA (in R$ million) Net Income (in R$ million)
65.4%
64.5% 105
62.8%
62 8% 63.4% 99
62.3%
62 3% 474
63.3%* 77
58.8% 384 75
57.8%
277 37.4%
-57.2%
247
25
168
108* 3 9 4
92
55 93
81 (8)
2002 2003 2004 2005 2006 2007 2008 1Q09 2002 2003 2004 2005 2006 2007 2008 1Q09
* Adjusted EBITDA and Adjusted EBITDA Margin Excluding the Federal Concessions.
21

22. Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)
1,425
267 2.5x
1,012
1 012 1,037
1.9x
1.4x 1.5x 1.4x
691 690 1.3x 1.1x
1.0x 1.1x
585 537 517 518 1174
933 935 1158
250 375 355 915
246
407 399 652
335 291 316 335 416 467 456 437 416 471
110 119 79 102
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Long -Term Short - Term Net Debt Net Debt/Adjusted EBITDA (12 months)
Debt Cost Breakdown Debt Amortization Schedule (in R$ million)
88.7%
88 7% 91.4% CDI
1,158.3
59.6%
39.6%
11.3% 209.5
8.2% TJLP
0,7% 25.3 20.8 11.4
0.0% Other
0.4%
1Q08 4Q08 1Q09 apr/09 to apr/10 to 2011 2012 2013
mar/10 dec/10
22

23. Investments
Estimated* CapEx – State (R$ million) Estimated* CapEx – Federal (R$ million)
1,235 1,233
1,102
528 531
197 194
170
80 60 60 100
27 223
2008 2009E 2010E 2011E 2012E 2013E 2008 2009E 2010E 2011E 2012E 2013E
State Concessions: R$470 million Federal Concessions: R$4.3 billion
* Base March/2009
23

24. Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR
Passenger/Light – Vehicles (adjusted series base 100 = 2002)
series*
160
ABCR SP OHL States ABCR BRA
150
140
130
120
110
100
90
80
Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09
Commercial/Heavy – Vehicles (adjusted series* base 100 = 2002)
160
ABCR SP OHL States ABCR BRA
150
140
130
120
110
100
90
80
Jan 05
Jan-05 May 05
May-05 Sep 05
Sep-05 Jan 06
Jan-06 May 06
May-06 Sep 06
Sep-06 Jan 07
Jan-07 May 07
May-07 Sep 07
Sep-07 Jan 08
Jan-08 May 08
May-08 Sep 08
Sep-08 Jan 09
Jan-09 May 09
May-09
*Adjusted historic series due the split of São Simão toll plaza in Autovias.
24

25. Traffic – OHL State Concessions x Proxies
Industry Payroll v s Passenger Vehicles (adjusted series base 100 = 2002)
Payroll** v.s. series*
160
150 Ind. Brazil OHL Passenger Vehicles
140
130
120
110
100
00
90
80
Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09
Industry Output ** v.s. Commercial Vehicles (adjusted series* base 100 = 2002)
180
Ind. Bra. Ind. SP OHL Comercial Vehicles
170
160
150
140
130
120
110
100
90
80
Jan-05
J 05 May-05
M 05 Sep-05
S 05 Jan-06
J 06 May-06
M 06 Sep-06
S 06 Jan-07
J 07 May-07
M 07 Sep-07
S 07 Jan-08
J 08 May-08
M 08 Sep-08
S 08 Jan-09
J 09 May-09
M 09
*Adjusted historic series due the split of São Simão toll plaza in Autovias. **Source: IBGE
25

26. Traffic – Seasonality: Total Vehicles
1,20 ABCR BRA
OHL States
1,15 ABCR SP
Quarterly Average OHL States
1,10
,
1,05
1,00
0,95
0,90
0 90
0,85
j
jan feb mar apr may jun
p y j j
jul aug sep oct nov dec
g p
26

27. Traffic – Seasonality: Passenger / Light Vehicles
1,20
ABCR BRA
OHL States
1,15 ABCR SP
Quarterly Average OHL States
1,10
1,05
1,00
0,95
0,90
0 90
0,85
j
jan feb mar apr may jun
y j j
jul aug sep oct nov dec
g
27

28. Traffic – Seasonality: Commercial / Heavy Vehicles
1,20 ABCR BRA
OHL States
1,15 ABCR SP
Quarterly Average OHL States
1,10
,
1,05
1,00
0,95
0,90
0 90
0,85
jan feb mar apr may jun jul aug sep oct nov dec
28

29. Federal Concessions – Toll Plazas
Operating T ll Pl
O ti Toll Plazas 2009
2009:
UNTIL 06/23/2009
Opening - Opening - Opening - Opening - Opening - Opening - Toll Plazas -
Concessionaire Total Toll Plazas
2008 Jan/2009 Feb/2009 Mar/2009 May/2009 June/2009 Operating
Planalto Sul 1 1 3 5 5
Fluminense 3 1 4 5
Fernão Dias 2 1 1 3 7 8
Régis Bittencourt
Ré i Bitt t 2 1 2 1 6 6
Litoral Sul 2 1 2 5 5
Total 5 2 10 5 3 2 27 29
Opening Estimation:
Concessionaire July/09 Oct/09 Total
Planalto Sul -
Fluminense 1 1
Fernão Dias 1 1
Régis Bittencourt -
Litoral Sul -
Total 1 1 2
29

30. Federal Concessions - Traffic and Tariff
Traffic – Federal Concessions 1Q09:
%1Q09/ %1Q09/
Vehicle-Equivalents 1Q09 4Q08 1Q08
4Q08 1Q08
Planalto Sul 3,814,815 128,096 - n.r. n.a.
Fluminense 2,792,000 - - n.a. n.a.
Fernão Dias 11,297,273 638,639 - n.r. n.a.
Régis Bittencourt 12,078,667
12 078 667 230,922
230 922 - n.r.
nr n.a.
na
Litoral Sul 3,955,455 - - n.a. n.a.
Total - Federal Concessions: 33,938,210 997,657 - n.r. n.a.
The toll tariffs offered in the federal auctions of October/07 were adjusted based on the variation of
the IPCA from June 2007 to the month prior of the initiation of the toll charge at the first toll plaza of
each concession.
Average T ll Tariff
A Toll T iff
1Q09
(in R$/Equiv-Vehicles)
Planalto Sul 2.70
Fluminense 2.50
Fernão Dias 1.10
Régis Bittencourt 1.50
Litoral Sul 1.10
Average - Federal Concessions: 1.54
30

31. Federal Concessions - EBITDA
1Q09 1Q08 Var %.
Ajusted EBITDA (R$ thousand) Federal
OHL Brasil - Consolidated OHL Brasil
Concessions (1)/(4) (3)/(4)
Ex-Federal (1) (3) (4)
(2)
NET SERVICE REVENUE 170,114 47,805 217,919 156,012 9.0% 39.7%
Costs and Service Expenses (49,340) (73,963) (123,303) (50,906) -3.1% 142.2%
Costs of Services (Ex. Amort. and Depre.) (29,323) (55,028) (84,351) (28,747) 2.0% 193.4%
Grant Authority Expenses (5,765) (9,364) (15,129) (5,319) 8.4% 184.4%
General & Administrative Expenses (Ex. Amort.) (12,125) (9,327) (21,452) (14,888) -18.6% 44.1%
Directors
Directors' Compensation (2,476)
(2 476) (102) (2,578)
(2 578) (1,963)
(1 963) 26.1%
26 1% 31.3%
31 3%
Tax Expenses (797) (142) (939) (323) 146.7% 190.7%
Other Revenues/ Expenses 1,146 - 1,146 334 243.1% 243.1%
EBITDA 120,774 (26,158) 94,616 105,106 14.9% -10.0%
EBITDA Margin (%) 71.0%
71 0% -54.7%
-54 7% 43.4%
43 4% 67.4%
67 4%
(-) Fixed Concession Charge Paid (13,118) - (13,118) (11,760) 11.5% 11.5%
Adjusted EBITDA 107,656 (26,158) 81,498 93,346 15.3% -12.7%
Adjusted EBITDA Margin (%) 63.3% -54.7% 37.4% 59.8%
The negative federal concessions’ EBITDA in 1Q09 is due to following factors:
On that period, the booking of all costs and expenses, including the pre-operating costs
and expenses, were posted directly to the Subsidiaries, and the Company Financial
p p y p y
Statements (due to the extinction of deferred expenses, including the pre-operating
costs and expenses introduced by MP- 449/08 in January, 2009); and
Partial toll collection at the federal concession (22 of 29 plazas), gradual start up
( p ), g p
collection throughout the quarter.
31

32. Federal Concessions – Estimative Net Revenue (R$ million)
Year 2 or 2009 Proposal Data* Potential - 29 Toll Plazas Perform ed/Estim ated ANTT*
Proposal Data* 26.2% 60.5% 64.8%
Potential - 29 Toll Plazas -20.8% 27.2% 30.5%
Perform ed/Estim ated -37.7%
-37 7% -21.4%
-21 4% 2.6%
2 6%
ANTT* -39.3% -23.4% -2.6%
163.3
156.1 155.6
148.9
127.5 128.0 126.2
117.5 121.1 119.0
94.7 95.6 90.4 94.4 99.1
47.8
1Q09 2Q09 3Q09 4Q09
Proposal Data*
p Potential - 29 Toll Plazas Performed/Estimated ANTT*
* Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002-2008)
2002-2008).
ANTT Revenues: traffic ANTT x current tariffs.
32

33. Federal Concessions – Estimative Costs (R$ million)
Year 2 or 2009 Proposal Data Perform ed/Estim ated ANTT
Proposal Data 5.6% -11.7%
Perform ed/Estim ated -5.3%
5.3% -16.4%
16.4%
ANTT 13.3% 19.7%
101.3
101 3 101.3
101 3 101.3
101 3 101.3
101 3
89.5 89.5 88.3 89.5 88.3 89.5 88.3
74.0
1Q09 2Q09 3Q09 4Q09
Proposal Data Performed/Estimated ANTT
Adjusted data with inflation from July/07 to June/09: 11.04%
33

34. Federal Concessions – Indebtedness
Issuance of R$400 million of P
I f illi f Promissory N t
i Notes:
In 1Q09 the federal concessions issued R$400 through Promissory Notes;
This Notes have a cost of CDI + 5% p.y. and a maturity of 180 days;
The payment of these Notes will occur with the 1st disbursement of the BNDES bridge-
loan.
Approval by BNDES of R$756.4 million as part of the R$1 billion bridge-loan:
The BNDES already approved 3 bridge loans: R$331.8 million to Autopista Régis
Bittencourt S.A, R$204.0 million to Autopista Fernão Dias S.A and R$220.6 million to
Autopista Litoral Sul S.A;
The approval of the funds to Planalto Sul and Fluminense are expected to occur in
June 2009 and the total limit available for the 5 concessions through this bridge-loan
will reach R$1 0 billion;
R$1.0
This bridge-loan will have the maturity of 18 months and precedes the long-term loan,
also with BNDES.
34

35. Federal Concessions – Financing Plan
R$ 4.8 bn Financing the Cape for the first 6 years;
Capex ears
Around 69% of the Capex
Grace period of 2 years;
Repayment period in 10 years;
p y p y
R$ 2.3 bn Cost: TJLP + 200-300 bps margin.
BNDES
Long-term financing is estimated to the beginning of 2010.
Bridge Loan of approximately R$ 1 billion with BNDES;
Federal
CAPEX R$756 million already approved by BNDES management;
6 years
R$ 1 bn R$244 million remaining to be approved by BNDES;
Maturity of 18 months and cost lower than 10.0% p.y;
R$830 mn Cash generation of federal and state concessions;
Leverage in State Concessions;
OHL
R$670 mn Financing through CCB’s in State Concessions;
Currently Leverage Ratio low than 3x (Net Debt/EBITDA);
Possibility to increase the leverage ratio;
R$ ??? Additional leverage capacity on State concessions due to annual
EBITDA growth. th
35

36. New Opportunities
OHL Brasil maintains its aim to grow and develop the Brazilian market of infrastructure
concessions. To do this we continue to analyze new opportunities in the sectors.
Federal Highways: BR-040, BR-381 e BR-116 (Minas Gerais State). 2,000 km with 3 lots.
Auction estimated to occur in 2H09;
State Highways in Minas Gerais. 16 lots with 7,000 km. Concessions or PPP’s.
Estimated to occur in 2009;
Airports. Galeão (Rio de Janeiro) and Viracopos (Campinas-SP). According to ANAC,
the Bidding Documents will be announced in 2H09;
Secondary Market.
36

37. Company Presentation
2nd Annual Citi Brazil Equity Conference
Contacts OHL Brasil S.A.:
Rua Joaquim Floriano, 913 – 6º andar Francisco Leonardo Moura da Costa
Itaim Bibi – São Paulo – SP CFO and IR Director
CEP 04534-013 francisco.leonardo@ohlbrasil.com.br
Fone.: (5511) 3074-2404
Alessandro Scotoni Levy
IR Manager
Visit our new website: alessandro@ohlbrasil.com.br
alessandro@ohlbrasil com br
www.ohlbrasil.com.br Vinicius Romboli Narcizo
Investment Analyst
vinicius@ohlbrasil.com.br
Murilo Tarini
June 24 , 2009 IR Analyst
murilo@ohlbrasil.com.br
37