Apres Citi V4

2nd Annual Citi Brazil Equity Conference2nd Annual Citi Brazil Equity Conference

Intercontinental Hotel - São PauloIntercontinental Hotel São Paulo

Wednesday, June 24, 2009 - Friday, June 26, 2009

Company Presentation

1June 24, 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.

2

Agenda

Company Profile

P tf liPortfolio

OHL Brasil’s Results

Traffic

Federal Concessions

New Opportunities

3

Business Structure

Company Profile – OHL Group

NATIONAL INTERNATIONAL ENVIRONMENTAL DEVELOPMENTSCONCESSIONS INDUSTRIALNATIONAL

CONSTRUCTION

• Civil Projects

• Buildings Construction

• Urban Services and

INTERNATIONAL

CONSTRUCTION

• Latin America

• USA and Canada

• Central Europe

ENVIRONMENTAL

• Sea and brackish water Desalination

DEVELOPMENTS

• Tourist Complexes

• Malls

CONCESSIONS INDUSTRIAL

• Refinery

• GasUrban Services and Infrastructures

p

• Eastern Europe • Urban and Industrial Water Purification

• Potable water treatment

Malls • Gas

• Petrochemical

• Energy

• Lands Movements

• Fire protection

TOLL ROADS

• 9

RAILWAYS

• 2 Spain

COMMERCIAL PORTS

AIRPORTS

• 1 Mexico

MARINAS

• 4 SpainPARKING FACILITIES

psystems

• 1 Argentina

• 3 Chile

• 5 Mexico

3 Spain

• 1 Spainp

• 1 Brazil

4

• 3 Spain

• 1 Peru

OHL G OHL C i

Company Profile – OHL Group

International Group of construction, concessions and services, listed in the Madrid Stock Exchange since 1991;Founded over 98 years ago and established in 16 countries;

Strategic position in Latin America: Brazil, México e Chile;Global operator of infrastructures: roads, ports, airports and railways;

OHL Group OHL Concesiones

Portfolio of € 59 bn (+55%) in 2008;Unique Spanish builder with financial rating;Compromised with the maintenance of the "Investment Grade" obtained in 2001.

Expertise in Brazil through OHL Brasil;Broad international experience in the developing of efficient capital structure for projects.

Revenue (Euros M) 2007 2008 Var. Revenue (Euros M) 2007 2008 Var.OHL S A 3 764 100% 4 009 100% 6% OHL Concessiones 436 100% 542 100% 25%

Summary of results: Summary of results:

OHL S.A 3,764 100% 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%Industrial 0% 26 1% n/a Mexico 115 26% 80 15% 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%National Construction 118 22% 121 20% 2% Argentina 3 1% 1 0% 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

Company Profile – Corporate Structure

100.0%

100.0%

Participes en Brasil S.L.

40 0%

60.0%SPAIN

BRAZIL

40.0%

SAO PAULO STATE TOLL ROADSFEDERAL TOLL ROADS OTHER BUSINESS

100.0%100.0%

100.0%

100 0%

Year - 2008 TotalTotal extension (km) 1,147Toll Plazas 23Vehicle-Equivalents (mn) 141Employees* 1,179

Estimated 2009 TotalTotal extension (km) 2,079Toll Plazas 29Vehicle-Equivalents (mn) 285Employees* 1,216

100.0%

100.0%

SPR

Net Revenue (R$ mn) 724Adjusted EBITDA (R$ mn) 494

Net Debt (R$ mn)* 949

Net Revenue (R$ mn) 389EBITDA (R$ mn) 50Net Debt (R$ mn)* 236

6

4.68%

* Data from 1Q09

Company Profile - OHL Brasil’s Timeline

Beginning of Activities

Base Formation

94% Autovias

Strategic Positioning Expansion

100% Autovias

IPO OHL Brasil

100%

ANTT’s Auction

100%

9% to 24% Autovias

100% Centrovias

100% Intervias

100% Autovias

Centrovias Intervias Vianorte

100% Litoral Sul Planato Sul Fluminense

Régis Bittencourt Fernão Dias

1997 1998 to 2000 2001 2002 2003 2004 2005 2006 2007 2008 …

389 1430.3

615.8

R$

mm

)

CAGR = 55.7%

725.0

268.3

92.7158.8

389.1

et R

even

ues

(R 1999: Merger in Spain between OH and Lain

Business feasibility analysis

Acquisitions and privileged location

Current portfolio, Public Auctions and future growth

32.7Ne

7

analysis privileged location Auctions and future growth

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 operateThe states in which we operate hold more than 2/3 of the Brazilian fleet of vehicles.

8

Company Profile – Terms of the Concessions

Portfolio Life: The average remaining term of our concessions’ portfolio is 18 years.

1924 24 24 24 24

9 10 9

11 11 9 111 1 1 1 1

Years pending Years elapsed

9

Portfolio – São Paulo State Concessions

State ConcessionsState Concessions State ConcessionsState ConcessionsOHL Brasil Stake 100 %Length 1,147 kmNo of toll plazas 23 plazasNo. of toll plazas 23 plazasPortfolio Average Life 11.8 yearsEqv. Vehicles - 2008 (mn) 141.1Employees 1Q09 1 179Employees – 1Q09 1,179Average Tariff – 1Q09 R$ 5.89Invest. Estimated – (5 Year) R$ 470 millionNet Debt – 1Q09 (R$ mn) 949 5Net Debt – 1Q09 (R$ mn) 949.5

Revenues, Adjusted EBITDA and Adjusted EBITDA Margin

68 2%

51.6% 50.7%

57.1%59.5%

61.9%64.0%

68.2%

310 360465 507 546

617724

160 183266 302 338

395494

2002 2003 2004 2005 2006 2007 2008

10

2002 2003 2004 2005 2006 2007 2008

Net Revenue (R$mn) Adjusted EBITDA (R$mn) Adjusted EBITDA Margin

Portfolio – Autovias

AutoviasAutovias S A AutoviasAutovias S.A.OHL Brasil Stake 100 %Length 316 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Aug/2018Eqv. Vehicles - 2008 (mn) 38.0Employees 1Q09 185Employees – 1Q09 185Average Tariff – 1Q09 R$ 5.51Invest. Estimated – (5 Year) R$ 110 millionNet Debt – 1Q09 (R$ mn) 289 0Net Debt – 1Q09 (R$ mn) 289.0


60.9% 60.3%62.2% 62.0%

66.2%68.8%

71.4%

66 7995 107 121

150183

40 48 59 66 80103

131

2002 2003 2004 2005 2006 2007 2008

11

2002 2003 2004 2005 2006 2007 2008


Centrovias

Portfolio – Centrovias

Centrovias S A CentroviasCentrovias S.A.OHL Brasil Stake 100 %Length 218 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Jun/2019Eqv. Vehicles - 2008 (mn) 22.2Employees 1Q09 174Employees – 1Q09 174Average Tariff – 1Q09 R$ 8.86Invest. Estimated – (5 Year) R$ 99 millionNet Debt – 1Q09 (R$ mn) 251 7


Net Debt – 1Q09 (R$ mn) 251.7

71 4%

56.9%

60.1%

65.2%62.8%

64.9% 66.0%

71.4%

70 81108 121 127 140

170

40 4970 76 82 92

121

2002 2003 2004 2005 2006 2007 2008

12

2002 2003 2004 2005 2006 2007 2008


Intervias

Portfolio – Intervias

Intervias S A InterviasIntervias S.A.OHL Brasil Stake 100 %Length 376 kmNo of toll plazas 9 plazasNo. of toll plazas 9 plazasConcession Ending Jan/2029Eqv. Vehicles - 2008 (mn) 51.8Employees 1Q09 566Employees – 1Q09 566Average Tariff – 1Q09 R$ 4.53Invest. Estimated – (5 Year) R$ 130 millionNet Debt – 1Q09 (R$ mn) 350 4


Net Debt – 1Q09 (R$ mn) 350.4

71 5%

207

56.3%

49.0%

63.2%68.0% 68.6% 68.4%

71.5%

102 113144

162 172 184207

58 5691

110 118 126148

2002 2003 2004 2005 2006 2007 2008

13

2002 2003 2004 2005 2006 2007 2008


Vianorte

Portfolio – Vianorte

Vianorte S A VianorteVianorte S.A.OHL Brasil Stake 100 %Length 237 kmNo of toll plazas 4 plazasNo. of toll plazas 4 plazasConcession Ending Mar/2018Eqv. Vehicles - 2008 (mn) 29.1Employees 1Q09 254Employees – 1Q09 254Average Tariff – 1Q09 R$ 6.44Invest. Estimated – (5 Year) R$ 131 millionNet Debt – 1Q09 (R$ mn) 58 4Net Debt – 1Q09 (R$ mn) 58.4

Revenues, Adjusted EBITDA and Adjusted EBITDA Margin57.3%

31.3%35.4%

38.3%42.1%

45.7%51.5%

72 87118 117 126

143164

23 3145 49 58

7494

2002 2003 2004 2005 2006 2007 2008

14

2002 2003 2004 2005 2006 2007 2008


Portfolio – Federal Concessions

Federal ConcessionsFederal Concessions Federal ConcessionsFederal Concessions OHL Brasil Stake 100 %Length 2,079 kmNo of toll plazas 29 plazasNo. of toll plazas 29 plazasPortfolio Average Life 24 yearsEmployees – 1Q09 1,216Tariff 1Q09 R$ 1 54Tariff – 1Q09 R$ 1.54Invest. Estimated – (5 Year) R$ 4,296 millionNet Debt – 1Q09 (R$ mn) 236.5

Revenues, EBITDA and EBITDA Margin

25.8% 30.0%

96119 126

7.6%

48

96

-26

731 38

-54.8%1Q09 E2Q09* E3Q09* E4Q09*

15

1Q09 E2Q09 E3Q09 E4Q09


* 2º Quarter, 3º Quarter and 4º Quarter are estimates of the Company

Portfolio – Autopista Planalto Sul

Autopista Planalto SulPlanalto Sul S A Autopista Planalto SulPlanalto Sul S.A.OHL Brasil Stake 100 %Length 413 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 1Q09 109Tariff 1Q09 R$ 2 70Tariff – 1Q09 R$ 2.70Invest. Estimated – (5 Year) R$ 407 millionNet Debt – 1Q09 (R$ mn) 22.1

Capital Structure – 1Q09

• 25.4 km of highway widening.

Main Commitments:

43.0%40.7%

16.2%

25.4 km of highway widening.• 48.3 km-long 3rd lane.• 10.2 km-long lateral lanes.• Construction of 7 overpasses.• Construction of 9 user service centers.• Renovation of the entire highway.

R$ 66.2 mnR$ 25.0 mn

Debt Intercompany Loans Capital

R$ 62.7 mn

16

p y p

Portfolio – Autopista Fluminense

Autopista FluminenseFluminense S A Autopista FluminenseFluminense S.A.OHL Brasil Stake 100 %Length 320 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 1Q09 170Tariff 1Q09 R$ 2 50Tariff – 1Q09 R$ 2.50Invest. Estimated – (5 Year) R$ 640 millionNet Debt – 1Q09 (R$ mn) 33.2


• 176 6 km of highway widening

Main Commitments:

32.7%

42 4%

24.9%

• 176.6 km of highway widening.• 3.8 km-long lateral lanes.• 28.3 km alternate roads/loops.• Construction of 17 overpasses.• Construction of 7 user service centers.• Implementation or renovation of

i hi t ti

R$ 48.4 mnR$ 37.0 mn

42.4%


weighing stations.• Renovation of the entire highway.

R$ 62.9 mn

17

p y p

Portfolio – Autopista Fernão Dias

Autopista Fernão DiasFernão Dias S A Autopista Fernão DiasFernão Dias S.A.OHL Brasil Stake 100 %Length 562 kmNo of toll plazas 8 plazasNo. of toll plazas 8 plazasConcession Ending Feb/2033Employees – 1Q09 378Tariff 1Q09 R$ 1 10Tariff – 1Q09 R$ 1.10Invest. Estimated – (5 Year) R$ 765 millionNet Debt – 1Q09 (R$ mn) 66.9


• 88 km-long 3rd lane

Main Commitments:

37.9%

40.1%

22.0%

88 km long 3rd lane.• 94.16 km-long lateral lanes.• 10.3 km alternate roads/loops.• Construction of 50 overpasses.• Construction of 12 user service centers.• Implementation or renovation of

i hi t ti

R$ 108.7 mnR$ 63.0 mn


weighing stations.• Renovation of the entire highway.

R$ 115.5 mn

18


Portfolio – Autopista Régis Bittencourt

Autopista Régis BittencourtRégis Bittencourt S A Autopista Régis BittencourtRégis Bittencourt S.A.OHL Brasil Stake 100 %Length 402 kmNo of toll plazas 6 plazasNo. of toll plazas 6 plazasConcession Ending Feb/2033Employees – 1Q09 394Tariff 1Q09 R$ 1 50Tariff – 1Q09 R$ 1.50Invest. Estimated – (5 Year) R$ 1,474 millionNet Debt – 1Q09 (R$ mn) 66.1


• 30.5 km of highway widening.

Main Commitments:

34.8%

45.5%

19.7%

30.5 km of highway widening.• 104.9 km-long 3rd lane.• 109.6 km-long lateral lanes.• 23.6 km alternate roads/loops.• Construction of 51 overpasses.• Construction of 9 user service centers.

Implementation or renovation of

R$ 95.3 mnR$ 54.0 mn


• Implementation or renovation of weighing stations.• Renovation of the entire highway.

R$ 124.6 mn

19

p y p

Portfolio – Autopista Litoral Sul

Autopista Litoral SulLitoral Sul S A Autopista Litoral SulLitoral Sul S.A.OHL Brasil Stake 100 %Length 382 kmNo of toll plazas 5 plazasNo. of toll plazas 5 plazasConcession Ending Feb/2033Employees – 1Q09 165Tariff 1Q09 R$ 1 10Tariff – 1Q09 R$ 1.10Invest. Estimated – (5 Year) R$ 1,010 millionNet Debt – 1Q09 (R$ mn) 48.2

• 30 km-long 3rd lane

Capital Structure – 1Q09 Main Commitments:

45.6%31.5%

22.9%

30 km long 3rd lane.• 79.7 km-long lateral lanes.• 94.7 km alternate roads/loops.• Construction of 39 overpasses.• Construction of 8 user service centers.• Implementation or renovation of

i hi t ti

R$ 101.2 mnR$ 51.0 mn


weighing stations.• Renovation of the entire highway

R$ 70.0 mn

20

OHL Brasil’s Results

Net Revenue (in R$ million)Consolidated Traffic Evolution (MN Equiv. Veihc.) Net Revenue (in R$ million)

616725

Consolidated Traffic Evolution (MN Equiv. Veihc.)

CAGR 02-08 = 4.30% 120

129

93159

268

389 430

218

39.7%100 99 105 108111

101.6%

3464

93

2002 2003 2004 2005 2006 2007 2008

156

1Q092002 2003 2004 2005 2006 2007 2008

3132

1Q09

34

Federal Concessions State Concessions

Margin and Adjusted EBITDA (in R$ million) Net Income (in R$ million)

9962 8% 63.4%64.5%

62 3%105

474

65.4%

7799

75

247277

38458.8% 57.8%

62.8% 62.3% 474

-57.2%37.4%

63.3%*

(8)

3

25

5592

168

247

49

8193

108*

21

2002 2003 2004 2005 2006 2007 20082002 2003 2004 2005 2006 2007 2008 1Q091Q09

* Adjusted EBITDA and Adjusted EBITDA Margin Excluding the Federal Concessions.

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)

2671 012 1,037

1,425

2.5x

1158250 246

375 355 933 935585 537 517 518

691 690

1,012 1,037

9151174

1.4x 1.5x 1.3x 1.1x 1.0x 1.1x1.4x

1.9x

335 291110 119

316 33579 102

246407 399

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

416 467 456 437 416 471652

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09Net Debt Net Debt/Adjusted EBITDA (12 months)Long -Term Short - Term

Debt Cost Breakdown

Net Debt Net Debt/Adjusted EBITDA (12 months)

Debt Amortization Schedule (in R$ million)

CDI88 7% 91.4%

1,158.3

39.6%

59.6%

88.7%

TJLP

Other

209.525.3 20.8 11.4

apr/09 to apr/10 to 2011 2012 2013

11.3% 8.2%0,7%

0.0%0.4%

1Q08 4Q08 1Q09

22

apr/09 to mar/10

apr/10 to dec/10

2011 2012 20131Q08 4Q08 1Q09

Investments

Estimated* CapEx – State (R$ million) Estimated* CapEx – Federal (R$ million)

1,235 1,2331,102

1,235 1,233

197 170

528 531

194 197 170 80 60 60 100

2008 2009E 2010E 2011E 2012E 2013E

27

2008 2009E 2010E 2011E 2012E 2013E

223

State Concessions: R$470 million Federal Concessions: R$4.3 billion

23 * Base March/2009

Traffic – Comparison Passenger and Commercial Vehicles – OHL x ABCR

Passenger/Light – Vehicles (adjusted series* base 100 = 2002)Passenger/Light Vehicles (adjusted series base 100 2002)

140

150

160ABCR SP OHL States ABCR BRA

100

110

120

130

80

90

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)

150

160ABCR SP OHL States ABCR BRA

110

120

130

140

150

80

90

100

110


24 *Adjusted historic series due the split of São Simão toll plaza in Autovias.

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

Traffic – OHL State Concessions x Proxies

Industry Payroll** v s Passenger Vehicles (adjusted series* base 100 = 2002)Industry Payroll v.s. Passenger Vehicles (adjusted series base 100 = 2002)

140

150

160Ind. Brazil OHL Passenger Vehicles

100

110

120

130

80

90

00


Industry Output ** v.s. Commercial Vehicles (adjusted series* base 100 = 2002)

160170180

Ind. Bra. Ind. SP OHL Comercial Vehicles

120130140150160

8090

100110

J 05 M 05 S 05 J 06 M 06 S 06 J 07 M 07 S 07 J 08 M 08 S 08 J 09 M 09

25 *Adjusted historic series due the split of São Simão toll plaza in Autovias. **Source: IBGE


Traffic – Seasonality: Total Vehicles

1,20 ABCR BRA

1,10

1,15

ABCR BRAOHL StatesABCR SPQuarterly Average OHL States

1,00

1,05

,

0 90

0,95

1,00

0,85

0,90

jan feb mar apr may jun jul aug sep oct nov decj p y j j g p

26

Traffic – Seasonality: Passenger / Light Vehicles

1,20ABCR BRA

1,10

1,15ABCR BRAOHL StatesABCR SPQuarterly Average OHL States

1,00

1,05

0 90

0,95

1,00

0,85

0,90

jan feb mar apr may jun jul aug sep oct nov decj y j j g

27

Traffic – Seasonality: Commercial / Heavy Vehicles

1,20 ABCR BRA

1,10

1,15ABCR BRAOHL StatesABCR SPQuarterly Average OHL States

1,00

1,05

,

0 90

0,95

1,00

0,85

0,90

jan feb mar apr may jun jul aug sep oct nov dec

28

Federal Concessions – Toll Plazas

O ti T ll Pl 2009Operating Toll Plazas 2009:UNTIL 06/23/2009

Concessionaire Opening - 2008

Opening - Jan/2009

Opening - Feb/2009

Opening - Mar/2009

Opening - May/2009

Opening - June/2009

Toll Plazas - Operating

Total Toll Plazas

Planalto Sul 1 1 3 5 5Fluminense 3 1 4 5

Fernão Dias 2 1 1 3 7 8

Ré i Bitt t 2 1 2 1 6 6Régis Bittencourt 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 TotalConcessionaire July/09 Oct/09 Total

Planalto Sul -Fluminense 1 1

Fernão Dias 1 1Fernão Dias 1 1

Régis Bittencourt -

Litoral Sul -Total 1 1 2

29

Federal Concessions - Traffic and Tariff

Traffic – Federal Concessions 1Q09:

Vehicle-Equivalents 1Q09 4Q08 1Q08 %1Q09/ 4Q08

%1Q09/ 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 12 078 667 230 922 n r n aRégis Bittencourt 12,078,667 230,922 - n.r. n.a.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 ofthe IPCA from June 2007 to the month prior of the initiation of the toll charge at the first toll plaza ofeach concession.

A T ll T iffAverage Toll Tariff (in R$/Equiv-Vehicles) 1Q09

Planalto Sul 2.70

Fluminense 2.50

Fernão Dias 1.10

Régis Bittencourt 1.50

Litoral Sul 1.10

30

Average - Federal Concessions: 1.54

Federal Concessions - EBITDA

1Q081Q09 Var %.

OHL Brasil - Ex-Federal (1)

Federal Concessions

(2)

Consolidated (3)

OHL Brasil (4) (1)/(4) (3)/(4)

NET SERVICE REVENUE 170,114 47,805 217,919 156,012 9.0% 39.7%

Ajusted EBITDA (R$ thousand)

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' Compensation (2 476) (102) (2 578) (1 963) 26 1% 31 3% Directors Compensation (2,476) (102) (2,578) (1,963) 26.1% 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% -54 7% 43 4% 67 4%EBITDA Margin (%) 71.0% -54.7% 43.4% 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%

On that period, the booking of all costs and expenses, including the pre-operating costsand expenses, were posted directly to the Subsidiaries, and the Company Financial

The negative federal concessions’ EBITDA in 1Q09 is due to following factors:

p p y p yStatements (due to the extinction of deferred expenses, including the pre-operatingcosts 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

31

( p ), g pcollection throughout the quarter.

Federal Concessions – Estimative Net Revenue (R$ million)

Year 2 or 2009 Proposal Data* Potential - 29 Toll Plazas Performed/Estimated ANTT*Proposal Data* 26.2% 60.5% 64.8%Potential - 29 Toll Plazas -20.8% 27.2% 30.5%Performed/Estimated -37 7% -21 4% 2 6%Performed/Estimated -37.7% -21.4% 2.6%ANTT* -39.3% -23.4% -2.6%

156.1 148.9 155.6 163.3

117.5 121.1 127.5 128.0 119.0 126.2

47.8

95.6 94.7 90.4 94.4 99.1

1Q09 2Q09 3Q09 4Q09

Proposal Data* Potential - 29 Toll Plazas Performed/Estimated ANTT*

* Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002-2008)

p

32

Proposal and ANTT data adjusted with seasonality index by ABCR (average 2002-2008). ANTT Revenues: traffic ANTT x current tariffs.

Federal Concessions – Estimative Costs (R$ million)

Year 2 or 2009 Proposal Data Performed/Estimated ANTTProposal Data 5.6% -11.7%Performed/Estimated -5.3% -16.4%Performed/Estimated 5.3% 16.4%ANTT 13.3% 19.7%

101 3 101 3 101 3 101 3

89.5 89.5 89.5 89.5

74.0

88.3 88.3 88.3

101.3 101.3 101.3 101.3

1Q09 2Q09 3Q09 4Q09

Proposal Data Performed/Estimated ANTT

33

Adjusted data with inflation from July/07 to June/09: 11.04%

Federal Concessions – Indebtedness

I f R$400 illi f P i N t

In 1Q09 the federal concessions issued R$400 through Promissory Notes;

Issuance of R$400 million of 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-lloan.

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 RégisBittencourt S.A, R$204.0 million to Autopista Fernão Dias S.A and R$220.6 million toAutopista Litoral Sul S.A;

The approval of the funds to Planalto Sul and Fluminense are expected to occur inJune 2009 and the total limit available for the 5 concessions through this bridge-loanwill reach R$1 0 billion;will reach R$1.0 billion;

This bridge-loan will have the maturity of 18 months and precedes the long-term loan,also with BNDES.

34

Federal Concessions – Financing Plan

Financing the Cape for the first 6 earsR$ 4.8 bn Financing the Capex for the first 6 years;Around 69% of the CapexGrace period of 2 years;Repayment period in 10 years;

R$ 2.3 bn

BN

DES

p y p yCost: TJLP + 200-300 bps margin.Long-term financing is estimated to the beginning of 2010.

Federal CAPEX 6 years R$ 1 bn

Bridge Loan of approximately R$ 1 billion with BNDES;R$756 million already approved by BNDES management;R$244 million remaining to be approved by BNDES;

R$830 mn

Maturity of 18 months and cost lower than 10.0% p.y;

Cash generation of federal and state concessions;

R$670 mn

OH

L Leverage in State Concessions;

Financing through CCB’s in State Concessions;Currently Leverage Ratio low than 3x (Net Debt/EBITDA);Currently Leverage Ratio low than 3x (Net Debt/EBITDA);

Possibility to increase the leverage ratio;Additional leverage capacity on State concessions due to annualEBITDA th

R$ ???

35

EBITDA growth.

New Opportunities

OHL Brasil maintains its aim to grow and develop the Brazilian market of infrastructureconcessions. 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

Company Presentation

2nd Annual Citi Brazil Equity Conference

Contacts OHL Brasil S.A.:

Francisco Leonardo Moura da CostaCFO and IR Director

Rua Joaquim Floriano, 913 – 6º andarItaim Bibi – São Paulo – SP CFO and IR Director

[email protected]

Alessandro Scotoni LevyIR Manageralessandro@ohlbrasil com br

Itaim Bibi – São Paulo – SPCEP 04534-013Fone.: (5511) 3074-2404

Visit our new website: [email protected]

Vinicius Romboli NarcizoInvestment [email protected]

Visit our new website:

www.ohlbrasil.com.br

37

Murilo TariniIR [email protected]

June 24 , 2009

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