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
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 • Malls • Gas
Infrastructures • Urban and Industrial
• Eastern Europe • 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
• 1 Argentina 30 hectares pass./year moorages
• 3 Chil
Chile
• 5 Mexico
•3 Spain
•1 Peru Ranked 7th private transport infrastructure promoters in the world, ranking PWF1.
4,400
4 400 km
(1) PWF = Public Works Financing
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) 2005 2008 1H09 Revenue (Euros M) 2005 2008 1H09
OHL S.A 2,443 100% 4,009 100% 1,969 100% OHL Concessiones 250 100% 542 100% 314 100%
National Construction 1,375 56% 1,786 45% 780 40% Argentina 10 4% 11 2% 5 2%
International Construction 708 29% 1,429 36% 775 39% Brazil 160 64% 273 50% 173 55%
Environment 63 3% 120 3% 59 3% Chile 37 15% 52 10% 30 10%
Developments 47 2% 106 3% 27 1% Spain 12 5% 44 8% 26 8%
Industrial - 0% 26 1% 14 1% Mexico 30 12% 80 15% 32 10%
Concessions 250 10% 542 14% 314 16% Other - 0% 84 15% 48 15%
EBITDA (Euros M) 2005 2008 1H09 EBITDA (Euros M) 2005 2008 1H09
OHL S.A 285 100% 608 100% 304 100% OHL Concessiones 152 100% 340 100% 192 100%
National Construction 75 26% 121 20% 48 16% Argentina 5 3% 1 0% (1) 0%
International Construction 48 17% 111 18% 53 17% Brazil 94 62% 205 60% 109 56%
Environment 13 5% 19 3% 6 2% Chile 21 14% 33 10% 20 11%
Developments (3) -1% 15 2% 6 2% Spain 8 5% 1 0% 14 7%
Industrial - 0% 2 0% (1) 0% Mexico 24 16% 118 35% 55 29%
Concessions 152 53% 340 56% 192 63% Other - 0% (18) -5% (4) -2%
5
6. Company Profile – Investment Criteria
• Geographical Scope:
• Strategic Countries like Brazil, Mexico, Chile, Peru and Spain;
• Selectively in other geographical areas.
• Interest percentage: 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
Euros, 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.
6
7. 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) 1,541 Employees(1) 1,153
Net Revenue (R$ mn) 724 100.0%
100 0%
Net Revenue (R$ mn) 389
EBITDA (R$ mn) 68 Adjusted EBITDA (R$ mn) 494
Net Debt (R$ mn)(1) 471 Net Debt (R$ mn)(1) 901
100.0%
SPR
4.68%
(1) Data from 3Q09.
7
8. Company Profile - OHL Concesiones’s Timeline
Centrovias/
C t i / Brazilian federal Viaducto
Vi d t
Establishment 94% holding in Vianorte and roads
Fumisa Awarding of OHL Brasil IPO Bicentenario
oh OHL Autovias Acquisitions Toluca Acquisitions
Concesiones CONMEX and Intervias Tren Móstoles a Libramiento
Acquisition Amozoc-Perote Awarding of Metro Navalcarnero
(AECSA 45% and I2000 Awarding of Ruta Alicante Port Puebla
9% Autovias 69 and Eje Acquisition Ligero Oeste Autovía
Acquisitions de Aragón Autopista del Norte
Aeropuerto
Strategic Definition Development Consolidation
Mn reais
1.447
Net Revenue - OHL Concesiones (CAGR 01-08 = 34 8%)
34.8%)
EBITDA - OHL Concesiones (CAGR 01-08 = 37.2%)
EBITDA - OHL Brasil (CAGR 01-08 = 48.4%)
1.160
909
908
843
760
93
69
604
524
462
441
430
331
296
62
220
0
236
6
26
2
179
181
128
100
99
68
59
34
33
0
2000 2001 2002 2003 2004 2005 2006 2007 2008
8
9. Company Profile – OHL Brasil’s Concessions
The largest company in Brazil
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 km managed (only
highways under concession);
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.
9
10. 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
10
11. 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 – 3Q09 1,153
1 153
Average Tariff – 3Q09 R$ 6.07
Invest. Estimated – (5 Years) R$ 470 million
Net Debt – 3Q09 (R$ mn) 901.2
901 2
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
11
16. 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 – 3Q09 1,541
Average Tariff – 3Q09 R$ 1 46
1.46
Invest. Estimated – (5 Years) R$ 4,296 million
Net Debt – 3Q09 (R$ mn) 471.6
Revenues, EBITDA and EBITDA Margin (1)
41.1% 40.8%
25.2%
128 127
100
48 52 52
25
-26
-54.7%
1Q09 2Q09 3Q09 4Q09E
Net Revenue (R$mn) EBITDA (R$mn) EBITDA Margin
(1) 4th Quarter is estimated by OHL Brasil
16
17. Portfolio – Autopista Planalto Sul
Planalto Sul Autopista Planalto Sul
OHL Brasil Stake 100 %
Length 413 km
No.
No of toll plazas 5 plazas
Concession Ending Feb/2033
Employees – 3Q09 144
Tariff – 3Q09 R$ 2 70
2.70
Invest. Estimated – (5 Years) R$ 407 million
Net Debt – 3Q09 (R$ mn) 48.1
Main Commitments: Capital Structure – 3Q09
• 25.4 km of highway widening.
• 48.3 km-long 3rd lane. R$ 62.6 mn R$ 25.0 mn
• 10.2 km-long lateral lanes.
• Construction of 7 overpasses. 39.0% 15.6%
• Construction of 9 user service centers.
• Renovation of the entire highway.
45.5%
45 5%
R$ 73.1 mn
Debt Intercompany Loans Capital
17
18. Portfolio – Autopista Fluminense
Fluminense Autopista Fluminense
OHL Brasil Stake 100 %
Length 320 km
No.
No of toll plazas 5 plazas
Concession Ending Feb/2033
Employees – 3Q09 216
Tariff – 3Q09 R$ 2 50
2.50
Invest. Estimated – (5 Years) R$ 640 million
Net Debt – 3Q09 (R$ mn) 58.5
Main Commitments: Capital Structure – 3Q09
• 176 6 km of highway widening
176.6 widening.
R$ 65.7 mn R$ 63.1 mn
• 3.8 km-long lateral lanes.
• 28.3 km alternate roads/loops. 26.5%
• Construction of 17 overpasses. 27.6%
• Construction of 7 user service centers.
• Implementation or renovation of 45.9%
weighing stations.
i hi t ti
• Renovation of the entire highway.
R$ 109.2 mn
Debt Intercompany Loans Capital
18
19. Portfolio – Autopista Fernão Dias
Fernão Dias Autopista Fernão Dias
OHL Brasil Stake 100 %
Length 562 km
No.
No of toll plazas 8 plazas
Concession Ending Feb/2033
Employees – 3Q09 440
Tariff – 3Q09 R$ 1 10
1.10
Invest. Estimated – (5 Years) R$ 765 million
Net Debt – 3Q09 (R$ mn) 142.1
Main Commitments: Capital Structure – 3Q09
• 88 km long 3rd lane
km-long lane.
• 94.16 km-long lateral lanes. R$ 120.2 mn R$ 68.0 mn
• 10.3 km alternate roads/loops.
20.3%
• Construction of 50 overpasses. 35.8%
• Construction of 12 user service centers.
• Implementation or renovation of 43.9%
weighing stations.
i hi t ti
• Renovation of the entire highway.
R$ 147.4 mn
Debt Intercompany Loans Capital
19
20. Portfolio – Autopista Régis Bittencourt
Régis Bittencourt Autopista Régis Bittencourt
OHL Brasil Stake 100 %
Length 402 km
No.
No of toll plazas 6 plazas
Concession Ending Feb/2033
Employees – 3Q09 498
Tariff – 3Q09 R$ 1 50
1.50
Invest. Estimated – (5 Years) R$ 1,474 million
Net Debt – 3Q09 (R$ mn) 111.1
Main Commitments: Capital Structure – 3Q09
• 30.5 km of highway widening.
• 104.9 km-long 3rd lane. R$130.4 mn R$ 84.0mn
• 109.6 km-long lateral lanes.
• 23.6 km alternate roads/loops. 19.7%
30.6%
• Construction of 51 overpasses.
• Construction of 9 user service centers. 49.7%
• Implementation or renovation of
weighing stations.
• Renovation of the entire highway.
R$ 211.3 mn
Debt Intercompany Loans Capital
20
21. Portfolio – Autopista Litoral Sul
Litoral Sul Autopista Litoral Sul
OHL Brasil Stake 100 %
Length 382 km
No.
No of toll plazas 5 plazas
Concession Ending Feb/2033
Employees – 3Q09 243
Tariff – 3Q09 R$ 1 10
1.10
Invest. Estimated – (5 Years) R$ 1,010 million
Net Debt – 3Q09 (R$ mn) 111.9
Main Commitments: Capital Structure – 3Q09
• 30 km long 3rd lane
km-long lane.
• 79.7 km-long lateral lanes. R$ 70.0 mn R$ 51.0 mn
• 94.7 km alternate roads/loops.
• Construction of 39 overpasses. 25.6% 18.6%
• Construction of 8 user service centers.
• Implementation or renovation of
weighing stations.
i hi t ti 55.8%
55 8%
• Renovation of the entire highway
R$ 152.7 mn
Debt Intercompany Loans Capital
21
23. OHL Brasil’s Results – Debt Structure
Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)
Indebtness (R$ million) Leverage Ratio and Net Debt (R$ million)
1,936 2.6x
2.5x 2.4x
1,657
,
1,425 739 1.9x
267
1,012 1,037 922 1.4x
1.3x
1.1x
1.0x
1.1x 1,291 1,325
691 690 1,174
517 518 915
933 935 1,158 1,197
375 355 652
407 399 735 471
456 437 416
316 335
110 119 79 102
3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09
Long Term Short Term Net Debt
N t D bt Net D bt/ Adj t d
N t Debt/ Adjusted EBITDA (LTM)
Debt Cost Breakdown Debt Amortization Schedule (in R$ million)
88.5%
Debt Amortization Schedule (R$ million)
69.0% 735.3
695.5
52.7% CDI
30.7%
30 7%
47.0% TJLP
192.9
11.1%
0.3% 0.3% Other 22.0 11.7
0.4%
3Q08 2Q09 3Q09 Oct/09 to Oct/10 to 2011 2012 2013
Sep/10
S /10 Dec/10
D /10
23
24. OHL Brasil’s Results – Investment
Estimated (1) CapEx – State (R$ million) Estimated (1) CapEx – Federal (R$ million)
1,235 1,233
1,102
528 531
570 194
197 170 (2)
80 60 60 100
110(2)
2008 2009E 2010E 2011E 2012E 2013E 2008 2009E 2010E 2011E 2012E 2013E
State Concessions (2009-2013): R$470 million Federal Concessions (2009-2013): R$4.3 billion
(1) Base September 2009
24 (2) Performed 9M09
25. Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR
Passenger/Light – Vehicles (base 100 = 2002)
160
ABCR SP ABCR BRA OHL States
150
140
130
120
110
100
90
80
Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09
Commercial/Heavy – Vehicles (base 100 = 2002)
160
ABCR SP ABCR BRA OHL States
150
140
130
120
110
100
90
80
Jan 05
Jan-05 Jul 05
Jul-05 Jan 06
Jan-06 Jul 06
Jul-06 Jan 07
Jan-07 Jul 07
Jul-07 Jan 08
Jan-08 Jul 08
Jul-08 Jan 09
Jan-09 Jul 09
Jul-09
- ABCR Data updated until Sep/09;
25 - OHL Brasil Data updated until Oct/09.
26. Traffic – OHL State Concessions x Proxies
Industry Payroll (1) vs Passenger Vehicles (base 100 = 2002)
vs.
160
Ind. Payroll OHL Passenger Vehicles
150
140
130
120
110
100
90
80
Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09
Industry Output (1) vs. Commercial Vehicles (base 100 = 2002)
180
Ind. Output SP Ind. Output BRA OHL Comercial Vehicles
170
160
150
140
130
120
110
100
90
80
Jan-05
J 05 Jul-05
J l 05 Jan-06
J 06 Jul-06
J l 06 Jan-07
J 07 Jul-07
J l 07 Jan-08
J 08 Jul-08
J l 08 Jan-09
J 09 Jul-09
J l 09
- Industry Output updated until Sep/09; Industry Payroll updated until Aug/09;
26 - OHL Brasil data updated until Oct/09
(1) Source: IBGE
27. 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
27
28. 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
28
29. 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
29
30. Federal Concessions - Bidding Process
AUCTION STRUCTURE:
• Brownfield Projects;
• Auction based in the lowest tariff and without Government Fee;
• Concession period = 25 years;
• Maintenance of the economic-financial balance by the proposal’s IRR.
AUCTIONS RESULTS:
Toll Tariffs (R$) and Discount to the cap Project IRR (real)
Total
Lots Winner # Bids CapEx (R$
Winner’s 2nd Player
Maximum Winner 2nd Player 3rd Player MM)
Proposals Estimated
Lot 2 OHL 10 4.188 39.4% 35.2% 27.0% 8.6% 10.1% 735
Lot 4 OHL 8 3.824 41.0% 29.0% 26.0% 8.0% 11.8% 1,056
Lot 5 OHL 15 2.884 65.4% 60.1% 53.2% 8.6% 11.8% 1,345
Lot 6 OHL 13 2.685 49.2% 42.3% 30.8% 8.7% 10.9% 1,902
Lot 7 OHL 17 2.754 62.7% 47.3% 41.5% 8.0% 15.1% 1,378
Lot 1 BRVias 10 4.083 40.0% 27.7% 27.0% 4.1% n/a 715
Lot 3 Acciona 3 4.037 27.2% 4.6% 2.0% 10.0% n/a 524
30
31. Federal Concessions - Background
Before (1990’s) Federal Auction (2007- 08)
Project Real IRR (Proposals) 17% / 24% 4% / 10%
Country Risk 1 825 bp 277 bp
IPCA and IGP-M 1 9.7% and 8.5% 5.3% and 6.3%
GDP 1 2.5% 4.5%
CDI and TJLP 1 32.3% and 14.2% 15.1% and 8.1%
Conditions for BNDES Funding 50-60% CapEx, Tenor: 10 years and
50 60% C E T d 70% C E T
CapEx, Tenor: 12 years and
d
Payment: 6 years Payment: 10 years
First round for toll road concessions More than 10 years of statistics
Sector Risk and Unknown Regulatory and Regulatory Environment
Environment Tested
Political and Economic Risks Global Economic Crisis, Internal
Political and Economic Stability
Political Instability, etc
C dit Rating by S&P and Fitch2
Credit R ti b d Fit h Speculative Grade ‘B+’ (-4) Investment Grade ‘BBB-’ (+1)
31
33. Federal Concessions – Net Revenue Estimative (R$ million)
Year 2 or 2009 Proposal Data(1) Potential - 29 Toll Plazas (2) Perform ed/Estim ated ANTT(1)
Proposal Data(1) 24.6% 55.0% 64.8%
Potential - 29 Toll Plazas (2) -19.7% 24.4% 32.2%
Perform ed/Estim ated -35.5% -19.6% 6.3%
ANTT(1) -39.3%
39 3% -24.4%
24 4% -5.9%
5 9%
156.1 155.6 163.3
148.9
148 9
134.5
127.5 127.6 126.8
117.5 121.1
94.7 100.2 94.4 99.1
90.4
47.8
1Q09 2Q09 3Q09 4Q09
Proposal Data Potential - 29 Toll Plazas Performed/Estimated ANTT
(1) Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002- 2008).
ANTT Revenues: traffic ANTT x current tariffs.
tariffs
(2) Potential data estimated with seasonality index by OHL States Concession (average 2002-2008).
33
34. Federal Concessions – Costs Estimative (R$ million)
Year 2 or 2009 Proposal Data(1) Perform ed/Estim ated ANTT(1)
Proposal Data(1) 19.6% -11.7%
Perform ed/Estim ated -16.4% -26.2%
ANTT(1) 13.3% 35.5%
101.3
101 3 101.3
101 3 101.3
101 3 101.3
101 3
89.5 89.5 89.5 89.5
74.0 75.0 75.1 75.1
1Q09 2Q09 3Q09 4Q09
Proposal Data Performed/Estimated ANTT
(1) Adjusted data with inflation from July/07 to June/09: 11.04%
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.
BNDES1
Long-term financing is estimated to the beginning of 2010.
Federal
Bridge Loan of R$ 1.0 billion with BNDES;
CAPEX
6 years R$ 1 bn R$ 747 million already disbursed to 5 federal concessionaires;
Maturity f
M t it of 18 months and cost l
th d t lower th 10 0% p.y;
than 10.0%
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
(1) BNDES = Brazilian Development Bank, is a federal public company, linked to the Ministry of Development, Industry and Foreign Trade (MDIC).
35
36. New Opportunities
OHL Brasil maintains its aim to grow and develop the Brazilian infrastructure market. We continue to
analyze new opportunities in the sectors.
Federal Highways:
3rd Stage / 1st Phase: BR-040, BR-381 and BR-116 (Minas Gerais State). 2,000 km with 3 lots.
Auction estimated to occur in 2010;
3rd Stage / 2nd Phase: BR-101/ES, BR-101/BA and BR-470/SC. 1,600 km with 3 lots.
No estimate date for the auction
auction.
State Highways:
Minas Gerais: 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in 2010;
São Paulo:
2 lots with approximated 600 km of roads on São Paulo State coast. No estimate date for
the auction;
Rodoanel: South, East and North stretches. No estimate date for the auction.
Airports:
Galeão (Rio de Janeiro) and Viracopos (Campinas-SP): The concessions of these two airports
are expected to privately-owned enterprise.
PPP - Aeroporto Internacional de São Gonçalo do Amarante (Natal/RN). Estimated to occour
first half 2010
2010.
36
37. Company Presentation
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.: (+55 11) 3074-2404
Alessandro Scotoni Levy
IR Manager
Visit our website: alessandro@ohlbrasil.com.br
www.ohlbrasil.com.br/ir Vinicius Romboli Narcizo
Investment Analyst
vinicius@ohlbrasil.com.br
Murilo Tarini
IR Analyst
November, 2009
murilo@ohlbrasil.com.br
37
