Conference Call

4Q09 Earnings Results

1March 05th, 2009

Notice

This presentation contains forward-looking statements relating to the prospects of thebusiness, estimates for operating and financial results, and those related to growth prospectsof OHL Brasil, these are merely projections and, as such, are based exclusively on the, y p j , , yexpectations of OHL Brasil’s management concerning the future of the business and itscontinued access to capital to fund the Company’s business plan.

Such forward looking statements depend substantially on changes in market conditionsSuch forward-looking statements depend, substantially, on changes in market conditions,government regulations, competitive pressures, the performance of the Brazilian economy andthe industry and are, therefore, subject to change without prior notice.

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Traffic Performance and Average Toll Tariff – State Concessions

Traffic Performance (in ‘000 equiv.-vehicle) Average Toll Tariff (R$)

+5.1%+1.1%

37 084 37 474+3.9%

+0 3%

13 134 13 751 13 797

7,284 7,580 7,579

37,084 35,640 37,474

Evolução Tarifa Média (R$)

+0.3%

9 536 9 923 9 994

5,686 5,829 6,105

13,134 13,751 13,797

5.866.07 6.09

9,536 9,923 9,994

4Q08 3Q09 4Q09Autovias Centrovias Intervias Vianorte

4Q08 3Q09 4Q09

Tariff Adjustment of 3.64% in July 01, 2009based on the accumulated variation of the IGP-M from June/2008 to May/2009.

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Traffic and Tariff – Federal Concessions

Toll-Paying Traffic – Federal Concessions 4Q09:Toll Paying Traffic Federal Concessions 4Q09:

Equivalent-Vehicles 4Q09 3Q09 4Q08 Var% 4Q09/3Q09

Var% 4Q09/4Q08

Planalto Sul 6,437,879 6,265,555 128,096 2.8% n.r.

Fl i 10 204 164 8 311 200 22 8%Fluminense 10,204,164 8,311,200 - 22.8% n.a.

Fernão Dias 27,066,228 25,123,637 638,639 7.7% n.r.

Régis Bittencourt 32,732,688 31,927,999 230,922 2.5% n.r.

Litoral Sul 26,330,909 23,629,091 - 11.4% n.a.

Tariff Adjustment: In accordance with the contracts for the federal concessions, on December 19,2009, the basic toll for the Planalto Sul concession was increased to R$2.90, based on the criterion ofrounding up the first decimal place and the cumulative variation in the IPCA inflation index from

Total - Federal Concessions: 102,771,868 95,257,482 997,657 7.9% n.r.

rounding up the first decimal place and the cumulative variation in the IPCA inflation index fromDecember 2008 to November 2009 (+4.22%).The tolls at the Fernão Dias and Régis Bittencourt concessions were not increased due to therounding criteria for the basic toll stated in the concession contractsg

Average Toll Tariff (in R$/Equiv-Vehicles) 4Q09 3Q09 4Q08 Var%

4Q09/3Q09 Var%

4Q09/4Q08

Planalto Sul 2.73 2.70 2.70 1.1% 1.1%

Fluminense 2.50 2.50 - 0.0% n.a.Fluminense 2.50 2.50 0.0% n.a.

Fernão Dias 1.10 1.10 1.10 0.0% 0.0%

Régis Bittencourt 1.50 1.50 1.50 0.0% 0.0%

Litoral Sul 1.10 1.10 - 0.0% n.a.

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Average - Federal Concessions: 1.47 1.46 1.40 0.7% 5.0%

Net Revenue – Evolution per ConcessionaireNet Services Revenue 4Q09 3Q09 4Q08 Var% Var% 2009 2008 Var% (R$ thousand)

4Q09 3Q09 4Q084Q09/3Q09 4Q09/4Q08

2009 2008YoY

Autovias 52,608 51,989 48,308 1.2% 8.9% 194,585 183,092 6.3%

Centrovias 51,168 48,962 46,180 4.5% 10.8% 186,635 169,629 10.0%

Intervias 59,984 59,910 55,140 0.1% 8.8% 221,087 206,815 6.9%

Vianorte 46,904 46,843 42,980 0.1% 9.1% 173,315 164,159 5.6%

Total - State Concessions: 210,664 207,704 192,608 1.4% 9.4% 775,622 723,695 7.2%

Planalto Sul 16,024 15,497 319 3.4% n.a. 55,695 319 n.r.

Fluminense 22,819 18,805 - 21.3% n.a. 61,189 - n.a.

Fernão Dias 27,328 25,390 650 7.6% n.a. 87,388 650 n.r.

Régis Bittencourt 44,868 43,700 318 2.7% n.a. 139,800 318 n.r.

Litoral Sul 26,776 24,206 - 10.6% n.a. 69,315 - n.a.

Total - Federal Concessions: 137,815 127,598 1,287 8.0% n.a. 413,387 1,287 n.r.

Total: 348,479 335,302 193,895 3.9% 79.7% 1,189,009 724,982 64.0%

Revenues through electronic collections (AVI System) in the state concession tollplazas in 4Q09 represented 53 8% compared to 53 7% in 3Q09 and 51 4% in 4Q08;

Electronic Toll Collection:

plazas in 4Q09 represented 53.8% compared to 53.7% in 3Q09 and 51.4% in 4Q08;

For the federal concessions the average percentage of electronic collections iscurrently at 30 2% against 29 6% in the 3Q09

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currently at 30.2%, against 29.6% in the 3Q09.

EBITDA and Margin

EBITDAEBITDA (in R$ million)

69 8% 6 4% 70.4%77.8%

72.0%71 0% 70 9%

75.7% 72.8%

209.7 214.8

69.8% 67.4% 70.4%

43.4%

55.0%

62.5% 61.6%71.0% 70.9%

116.3 105.1 120.8158.4 139.6

94.6

157.9

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

EBITDA (R$ thousand) 4Q09 3Q09 4Q08 Var%

4Q09/3Q09 Var%

4Q09/4Q08 2009 2008 Var%

YoY

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

EBITDA EBITDA Margim Consolidated (%) EBITDA Margin Ex-Federal (%)

Net Services Revenue 348,479 335,302 193,895 3.9% 79.7% 1,189,009 724,982 64.0%

Cost and Service Expenses (133,667) (125,642) (54,305) 6.4% 146.1% (512,039) (201,119) 154.6%

EBITDA 214,812 209,660 139,590 2.5% 53.9% 676,970 523,863 29.2%

EBITDA M i (%) 61 6% 62 5% 72 0% 56 9% 72 3%EBITDA Margin (%) 61.6% 62.5% 72.0% 56.9% 72.3%

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EBITDA – Federal Concessions Only

V %EBITDA F d l C i Var% 4Q09/3Q09

Net Services Revenue 137,815 127,598 8.0%

Costs and Service Expenses (76,465) (75,112) 1.8%

Costs of Services (Ex Amort & Depre ) (59 166) (55 311) 7 0%

EBITDA- Federal Concessions (R$ thousand) 3Q094Q09

Costs of Services (Ex. Amort. & Depre.) (59,166) (55,311) 7.0%

Grant Authority Costs (7,000) (8,757) -20.1%

General & Administrative Expenses (Ex. Amort. & Depre.) (10,088) (10,446) -3.4%

Directors' Compensation (725) (677) 7.1%

Tax Expenses 205 (1) n r Tax Expenses 205 (1) n.r.

Other Revenues/ Expenses 309 80 286.3%

EBITDA 61,350 52,486 16.9%

EBITDA Margin (%) 44.5% 41.1%

The following two factors explain the increase of EBITDA in our Federal Concessionsduring this quarter:

Increase in Net Revenues in the period due to the operation of 28 out of the 29 tollplazas throughout the 4Q09.

Increase of 1.8% in Operating Costs and Expenses quarter on quarter, basically due to: (i) the increase of 7.0% in "Operating Costs (Ex Amortization and Depreciation)" due to the higher costs with routine road maintenance; and (ii) the 20.1% reduction in “Expenses with the Concession Authority” due to the lower expenditures in the quarter with “Inspection Funds”.

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with Inspection Funds .

Financial Result

Financial Result (R$ thousand) 4Q09 3Q09 4Q08 Var% 4Q09/3Q09

Var% 4Q09/4Q08

2009 2008 Var% YoY

Financial Revenues 10,260 (2,027) 16,752 n.r. -38.8% 32,996 28,832 14.4%

Financial Expenses (52,061) (53,966) (36,319) -3.5% 43.3% (188,780) (173,043) 9.1%

BNDES (17,547) (12,573) (2,939) 39.6% 497.0% (35,949) (21,078) 70.6%BNDES (17,547) (12,573) (2,939) 39.6% 497.0% (35,949) (21,078) 70.6%

Other Financial Expenses (30,256) (37,915) (23,569) -20.2% 28.4% (140,067) (95,744) 46.3%

Monetary Correction of Fixed C. Charge (4,258) (3,478) (9,811) 22.4% -56.6% (12,764) (56,221) -77.3%

Net Exchange Variation 21 37 (152) -43.2% n.r. 199 (186) n.r.

Net Financial Result (41,780) (55,956) (19,719) -25.3% 111.9% (155,585) (144,397) 7.7%

Financial Expenses Breakdown (% total of the financial expenses)IGP M (Inflation) Quarterly

( , ) ( , ) ( , ) ( , ) ( , )

% Net Services Revenue -12.0% -16.7% -10.2% -13.1% -19.9%

64.9%70.3%

58 1%Other Financial Expenses

-IGP-M (Inflation) – Quarterly

1.2%

23.3%33.7%

58.1%

27.0%

Other Financial Expenses

BNDESCDI (Interest Rate) – Quart. Average

-0.4%

4Q083Q094Q09

-0.1%

13 5%8.1%6.4%8.2%

4Q083Q094Q09

Monetary Correction of Fixed Concession Charge

13.5%

8.7%8.5%

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4Q083Q094Q094Q083Q094Q09

Net Income

Results Evolution (in R$ thousand)

169,322 (14,738)(57,962)

(7,606) (13,794)(17,656)

(6,492) (21,122)(11 319)

46,437

5,553 (11,319)70,623

Net Income4Q08

GrossRevenues

CostsExpenses

G&A Net Income4Q09

IR&SCTaxes

Deductions Deprec. andAmort.

FinancialRevenues

FinancialExpenses

Monetary Correction

of Fixed Concession

Grant AuthorityExpenses

Charge

+52.1%

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Debt Structure

Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)Gross Indebtedness (in R$ million) Leverage Ratio and Net Debt (in R$ million)

2.5x 2.6x 2.4x7391 425

1,9361,657

1,794Indebtness (R$ million)

9151,174 1,291 1,325 1,346

1.1x 1.0x 1.1x1.4x

1.9x 2.2x

1,158 1,197947375 355 933 935

267

739

922847

518691 690

1,012 1,037

1,425

437 416 471652

915

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Net Debt Net Debt/ (EBITDA -Fixed Concession Charge Paid) (LTM)

119 316 33579 102

735 947399

375 355 933

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09Long Term Short Term

88.7%

Debt Cost Breakdown Debt Amortization Schedule (in R$ million)

47.2% 49.5%

52.5% 50.2% CDI

TJLP

946.5 812.2

11.3%

47.2%

0.0% 0.3% 0.3% Other 23.0 11.8

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4Q08 3Q09 4Q09 2010 2011 2012 2013

Indebtedness

BNDES Bridge Loan (Federal Concessions):BNDES Bridge Loan (Federal Concessions):

Credit line totaling R$ 1.0 billion structured with of the "BNDES Bridge Loan" for the federal concessions in June 2009;Until January 31 2009 already had been disbursed R$798 4 millionUntil January 31, 2009 already had been disbursed R$798.4 million.

BNDES Long-Term Loan (Federal Concessions):

Material delivered and beginning of studies;Material delivered and beginning of studies;The first payments of this credit line are expected for 2Q10.

Long-Term Loan (State Concessions):

On February 18, 2010, the state concessions Autovias, Centrovias, Intervias and Vianorte registered at the Brazilian Financial and Capital Markets Associations (ANBIMA) a request for a R$1.1 billion debentures issue by the concessions.

The proceeds from the issue will used primarily: i. to refinance the R$700 million in promissory notes issued in November 2009 and due in April 2010 at the

concessions Autovias, Centrovias and Intervias;

ii. to repay the debt held by Vianorte at the BNDES of approximately R$50 million; and

iii. for additional funds of R$350.0 million for investments and dividend payments at the four state i

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concessions.

CapEx

C E B kd 4Q09 R$138 3 illi *CapEx Breakdown 4Q09 – R$138.3 million*

3.47% 7 10%16 28% 3.47% 7.10%5.84%

1.89%

16.28%

9.16%

21.01%

9.16%

8.58%

26.67%

Estimated investments for the next 5 years (2010 to 2014), as scheduled under theconcession agreements:

St t C i R$598 illiState Concessions: R$598 million;

Federal Concessions: R$3.8 billion.

12 * Not considering investments in other subsidiaries, holding and adjustments of consolidation.

New Opportunities

Federal Highways:

3rd Stage / 1st Phase: BR-040, BR-381 and BR-116 (Minas Gerais State). 2,000 km with 3l t A ti ti t d t i 2010lots. 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. Noestimate date for the auction.

State Highways:

Minas Gerais: 16 lots with 7,000 km. Concessions or PPP’s. Estimated to occur in 2010;, ;

São Paulo: Rodoanel: South and East stretches with Public Hearing on 20/01/10, estimatedbidding to 1Q10. Forecast PPP Tamoios highway.

Airports:

Galeão (Rio de Janeiro) and Viracopos (Campinas SP) Are expected the concession ofGaleão (Rio de Janeiro) and Viracopos (Campinas-SP). Are expected the concession ofthese two airports to privately-owned enterprise.PPP - Aeroporto Internacional de São Gonçalo do Amarante (Natal/RN). Estimated tooccur 2010/2011.

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