1. Company Presentation
January 2011
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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
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,
government regulations, competitive pressures, the performance of the Brazilian economy and
the industry and are, therefore, subject to change without prior notice.
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3. Agenda
 Company Profile
 Portfolio
 Traffic
 OHL Brasil’s Performance
 Financing Plan
 Analysts Coverage
 New Opportunities
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4. Company Profile – OHL Group
NATIONAL INTERNATIONAL CONCESSIONS ENVIRONMENTAL DEVELOPMENTS INDUSTRIAL
CONSTRUCTION CONSTRUCTION
• Civil Projects • USA
• Buildings Construction • Mexico, Chile and Peru • Sea and brackish water • Tourist Complexes • Refinery
Desalination
• Urban Services and • Central Europe • Malls • Gas
Infrastructures • Urban and Industrial
• Qatar and Argelia • Petrochemical
Water Purification
• Potable water treatment • Energy
• Lands Movements
• Fire protection
systems
TOLL ROADS RAILWAYS COMMERCIAL AIRPORTS MARINAS PARKING FACILITIES
PORTS
•9 • 2 Spain • 1 Mexico • 4 Spain • 1 Brazil
• 1 Spain
37 km 4 million 2,431 berths
• 1 Argentina • 1 India pass./year
• 3 Chile 80 hectares
• 6 Mexico
• 3 Spain
• 1 Peru
4,414 km
(1) PWF = Public Works Financing
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5. Company Profile – OHL Concesiones – Geographical Presence
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6. Company Profile – OHL Group
OHL Group OHL Concesiones
 International Group of construction, concessions and  Strategic position in Latin America: Brazil, México and 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 21countries; railways;
 Portfolio of € 81 bn (3Q10);  Expertise in Brazil through OHL Brasil;
 Unique Spanish builder with financial rating (Ba1 / BB-).  Broad international experience in the developing of efficient
capital structure for projects.
 Summary of results:  Summary of results:
Revenue (Euros M) 2008 2009 9M10 Revenue (Euros M) 2008 2009 9M10
OHL S.A 4,009 100% 4,390 100% 3,343 100% OHL Concessiones 542 100% 743 100% 786 100%
National Construction 1,786 45% 1,604 37% 937 28% Argentina 11 2% 10 1% 10 1%
International Construction 1,429 36% 1,830 42% 1,401 42% Brazil 273 50% 432 58% 467 59%
Others Activities 251 6% 213 5% 220 7% Chile 52 10% 59 8% 51 6%
Concessions 542 14% 743 17% 786 24% Spain 44 8% 49 7% 55 7%
Mexico 80 15% 65 9% 63 8%
Other 84 15% 129 17% 140 18%
EBITDA (Euros M) 2008 2009 9M10
OHL S.A 608 100% 747 100% 656 100% EBITDA (Euros M) 2008 2009 9M10
National Construction 121 20% 105 14% 61 9%
OHL Concessiones 340 100% 456 100% 476 100%
International Construction 111 18% 173 23% 113 17%
Argentina 1 0% (3) -1% (2) 0%
Others Activities 36 6% 13 2% 6 1%
Brazil 205 60% 277 61% 305 64%
Concessions 340 56% 456 61% 476 73%
Chile 33 10% 40 9% 36 8%
Spain 1 0% 26 6% 28 6%
Mexico 118 35% 118 26% 127 27%
Other (18) -5% (1) 0% (18) -4%
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7. Company Profile – Investment Criteria
 Geographical Scope:
 Strategic Countries like Brazil, Mexico, Chile, Peru and Spain;
 Selectively in other geographical areas.
 Level of Ownership: We favor majority holdings that confer decision-taking and control
powers in each concession.
 Profitability: A 15% target in Euros, taking into account the effect of possible parity changes,
estimated as inflation differential.
 Equity: Financed with cash flow put up by the Group.
 Debt: Non-recourse and in local currency, free from exchange rate risk.
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8. Company Profile – Corporate Structure
100.0%
100.0%
Participes en Brasil S.L.
SPAIN 60.0%
BRAZIL
40.0%
FEDERAL TOLL ROADS SAO PAULO STATE TOLL ROADS OTHER BUSINESS
100.0% 100.0%
100.0%
100.0%
100.0%
SPR
4.68%
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9. Company Profile – OHL Brasil’s Concessions
 One of the largest company in
Brazil in the sector of toll roads
concessions in terms of
kilometers under management,
with 3,226 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
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10. Company Profile – Terms of the Concessions
 Portfolio Life: The average remaining term of our concessions’ portfolio is 17.5 years.
23 23 23 23 23
18
8 9 8
2 2 2 2 2
12 12 10 12
Years pending Years elapsed
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11. Portfolio – São Paulo State Concessions
State Concessions State Concessions
OHL Brasil Stake 100%
Length 1,147 km
No. of Toll Plazas 23
Portfolio Average Life 10.8 years
Eqv. Vehicles – 3Q10 (mn) 42.4
Employees – 3Q10 1,276
Average Tariff – 3Q10 R$ 6.24
Invest. Estimated – (5 Years) R$ 598.0 million
Net Debt – 3Q10 R$ 954.6 million
Net revenue, margin and EBITDA – fixed c. charge paid
70.9%
900 68.2% 67.7%
61.9% 64.0% 70,0%
800 57.0% 59.4%
51.1% 60,0%
700
600 50,0%
500 40,0%
400 776
724
659
30,0%
300 617
507 546 525
465 494 467 20,0%
200 360 338 395
265 301 10,0%
100 184
- 0,0%
2003 2004 2005 2006 2007 2008 2009 9M10
Net revenue (R$ mn) EBITDA Fixed c. charge (R$ mn)
- EBITDA margin(%)
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12. Portfolio – Federal Concessions
Federal Concessions Federal Concessions
OHL Brasil Stake 100 %
Length 2,079 km
No. of toll plazas 29
Portfolio Average Life 23 years
Employees – 3Q10 1,700
Average Tariff – 3Q10 R$ 1.51
Invest. Estimated – (5 Years) R$ 3,780 million
Net Debt – 3Q10 R$ 672.3 million
Net revenue, margin and EBITDA
44.2% 41.7% 42.6% 46.2%
41.4%
25.1% 40,0%
141
152 20,0%
100 138 139
128 0,0%
100
48 53 61 58 60 70 -20,0%
25
- -40,0%
(26)
-60,0%
(100) -54.7% -80,0%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
Net revenue (R$ mn) EBITDA (R$ mn) EBITDA margin (%)
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13. Traffic – OHL State Concessions x Proxies
Industry Payroll (1) vs. Passenger Vehicles (base 100 = 2002)
180
Ind. Payroll OHL Passenger Vehicles
170
160
150
140
130
120
110
100
90
80
Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10
Industry Output (1) vs. Commercial Vehicles (base 100 = 2002)
180
Ind. Output SP Ind. Output BRA OHL States - Comercial Vehicles
170
160
150
140
130
120
110
100
90
Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10
- Industry Output and Industry Payroll updated until Oct/10
13 - OHL Brasil data updated until Oct/10
(1) Source: IBGE

14. Seasonality of traffic – State and Federal Concessions
State Concessions - Total Average 2002-2010 Federal Concessions - Total Average 2010
1.20 1.20 ABCR BRA
ABCR BRA
OHL State OHL Federal
1.15 1.15 ABCR SP
ABCR SP
AverageTrim. OHL Federal
Average Trim. OHL State 1.10
1.10
1.05 1.05
1.00 1.00
0.95 0.95
0.90 0.90
0.85 0.85
jan feb mar apr may jun jul aug sep oct nov dec jan feb mar apr may jun jul aug sep oct nov dec
Source: IBGE; ABCR SP – Brazilian Association of Highway Concessionaires – São Paulo; ABCR BRA – Brazilian Association of Highway Concessionaires – Brazil
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15. Traffic – Commercial vs. Passenger 3Q10 (Equivalent Vehicles)
State Concessions Federal Concessions
23.6%
36.7%
63.3%
76.3%
Commercial Passenger
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16. Traffic – Electronic Toll Collection – (Equivalent Vehicles)
60,0%
50,0%
40,0%
30,0% 56.7%
53.7% 53.8% 53.9% 56.0%
51.7% 51.4% 50.7% 53.0%
47.1% 49.7%
44.2%
35.4% 36.9%
29.6% 30.2% 31.6%
25.0% 27.5%
10,0%
0,0% 0,0% 0,0% 0,0%
0,0%
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
State Concessions Federal Concessions
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17. OHL Brasil’s Performance
Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million)
1,189
446
725
616
428 1,090
430
142 389 840 550
127
105 108 111 306 268 505
100 99
159
93
2002 2003 2004 2005 2006 2007 2008 2009 9M10 2002 2003 2004 2005 2006 2007 2008 2009 9M10
Margin and EBITDA – fixed c. charge paid (in R$ million) ¹ Net Income (in R$ million)
62.8% 63.4% 64.5% 62.3% 65.4%
58.7% 57.8% 59.2%
52.4%
176
624
70
474 99 105
384 77 205
75
247 277 645
25 106
168 3
92 422
55
-8
2002 2003 2004 2005 2006 2007 2008 2009 9M10
2002 2003 2004 2005 2006 2007 2008 2009 9M10
(1 ) EBITDA margin excluding federal concessions
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18. Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)
2,473 2,504
2,5x 2,6x
2,4x
1,936 2,2x 1,9x
1,794 1,821 1,9x 1,8x
1,223 1,7x
1,657 1,287 1,4x
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1,425 739
267 847
1,012 1,037 922
1,784 1,450 1,455
1,291 1,325 1,346 1,354
933 935 1,158 1,197 1,186 1,281 1,174
947 915
735 652
79 102
3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10
Long Term Short Term Net Debt Net Debt/ (EBITDA Fixed Concession Charge Paid) (LTM)
-
Debt Cost Breakdown Debt Amortization Schedule (in R$ million)
1,281.3
420.0
Bridge 861.3
BNDES
245.3 237.7 232.7
104.4 173.9 114.3 114.4
oct/10- oct/11- 2012 2013 2014 2015 2016 2017
sep/11 dec/11
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19. OHL Brasil’s Investments
Estimated (1) CapEx – State (R$ million) Estimated (1) CapEx – Federal (R$ million)
910 930
880
683
620
528
440
197 182 371(2)
136 147
85 79 105
137(2)
2008 2009 2010E 2011E 2012E 2013E 2014E 2008 2009 2010E 2011E 2012E 2013E 2014E
 State Concessions (2010-2014): R$598 million  Federal Concessions (2010-2014): R$3,8 billion
(1) Base December 2010
19 (2) 9M10

20. Financing Plan for Federal Concessions
R$ 2,3 bn  Financing the Capex for the first 8 years
 Around 69% of the Capex
BNDES1
Federal  Grace period of 2 years
CAPEX  Repayment period in 12 years
Next 5 years  Cost: TJLP + 200-300 bps margin
R$ 3,4 bn  It will be concluded in 2011
R$143 mn
 Bridge Loan of R$ 1 billion with BNDES
 R$ 857 million already disbursed to 5 federal concessionaires until sep/10
R$857 mn
 Maturity of 18 months and cost lower than 10.0% p.y
R$241 mn
OHL
R$620 mn  Cash generation of federal and state concessions
 Additional financing through debentures in state Concessions
R$1,582 mn
 Currently leverage Ratio low than 3.5x (Net Debt/EBITDA)
R$839 mn
Performed / Disbursed (until Sep/2010) Not Disbursed Credit Expected Amount to be Performed
(1) BNDES = Brazilian Development Bank, is a federal public company, linked to the Ministry of Development, Industry and Foreign Trade (MDIC).
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21. Analysts Coverage – Target Prices and Recommendations
83,00
80,30 80,00
73,00 72,70
Average TP:
70,00 R$ 69.96
68,00
67,00 66,00
65,00 64,00
61,00 59,50
BB Safra Citi
73,00 Credit Suisse Votorantim
72,70 Santander Banco Fator UBS Barclays Merrill Lynch J.P. Morgan HSBC Itaú
Investimentos 70,00
Corretora Capital Securities
67,00
Buy Buy Hold Buy Buy Hold 65,00
Hold Buy Hold Buy Hold Sell Buy
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22. New Opportunities
Federal Government – BR 101/ES/BA
 Coverage: 475.9 km (BA-698 – ES, km 458.4)
 Terms of Concession: 25 years
 Conditions: the lowest tariff
 Investments: about R$ 2,35 billion (R$ 893 million in the first
five years)
 Operation Costs (25 years): R$ 1,64 billion
 Toll Plazas: 7
 Toll Tariff: R$ 6.80 per 100 Km
 Estimated Revenue (25 years): R$ 6,7 billion
Source: ANTT - Jan/2010
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23. New Opportunities
Federal Government – BR-381/MG
 Coverage: 301 km (between Belo Horizonte’s Beltway
and the highway BR 116 - Governador Valadares)
 Terms of Concession: 25 years
 Conditions: the lowest tariff
 Investments: about R$ 1,99 billion (R$ 1,13 billion in
the first five years)
 Operation Costs (25 years): R$ 835 million
 Toll Plazas: 4
 Toll Tariff: R$ 5.70 per 100 Km
Source: ANTT - Jan/2007
 Estimated Revenue (25 years): R$ 5,9 billion
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24. New Opportunities
Federal Government – BR-040 (DF/GO/MG)
 Coverage: 937 km (Federal District – Juiz de Fora)
 Terms of Concession: 25 years
 Conditions: the lowest tariff
 Investments: about R$ 2,77 billion (R$ 1,29 billion in
the first five years)
 Operation Costs (25 years): 2,02 billion
 Toll Plazas: 12
 Toll Tariff: R$ 3.43 per 100 Km
Source: ANTT - Jan/2007
 Estimated Revenue (25 years): R$ 8,76 billion
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25. New Opportunities
Federal Government – BR-116/MG
 Coverage: 817 km (BR-393 RJ – BR-116 BA)
 Terms of Concession: 25 years
 Conditions: the lowest tariff
 Investments: about R$ 3,55 billion (R$ 870 million in
the first five years)
 Operation Costs (25 years): R$ 1,73 billion
 Toll Plazas: 8
 Toll Tariff: R$ 4.80 per 100 Km
Source: ANTT - Jan/2007
 Estimated Revenue (25 years): R$ 8,51 billion
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26. New Opportunities
Minas Gerais Government – PPP/MG
 Coverage: 17 lots with 7,000 km
No estimate date for the auction.
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27. New Opportunities
Rio Grande do Norte Government
Construction and Operation of the São Gonçalo do Amarante Airport (ASGA)
 Terms of Concession: 28 years (airport construction in
3 years and 25 years in operation)
 Conditions: the highest Government Fee – (Minimum: R$
3,7 million)
 Investments (year 1–15): about R$ 650 million (R$ 429
million in the first six years)
 Operation Costs (year 4–28): R$ 1,07 billion
Source: ANAC - Dec/2009
 Estimated Revenue (35 years): R$ 3,24 billion
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28. New Opportunities
 Galeão (Rio de Janeiro) and Viracopos (Campinas-SP): The concessions of these two airports are
expected to privately-owned enterprise.
Photos from Toluca International Airport, airport concession of OHL Concesiones.
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29. Contacts OHL Brasil S.A.:
Rua Joaquim Floriano, 913 – 5º andar Francisco Leonardo Moura da Costa
Itaim Bibi – São Paulo – SP CFO and IR Director
CEP 04534-013 francisco.leonardo@ohlbrasil.com.br
Phone.: (+55 11) 3074-2404
Alessandro Scotoni Levy
Financial Planning and IR Manager
Visit our website: alessandro@ohlbrasil.com.br
www.ohlbrasil.com.br/ir
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