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January 2011

Company Presentation

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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.

Notice

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Agenda

Company Profile

Portfolio

Traffic

OHL Brasil’s Performance

Financing Plan

Analysts Coverage

New Opportunities

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Company Profile – OHL Group

COMMERCIAL

PORTS

• 1 Spain

• 1 India

NATIONAL

CONSTRUCTION

• Civil Projects

• Buildings Construction

• Urban Services and

Infrastructures

INTERNATIONAL

CONSTRUCTION

• USA

• Mexico, Chile and Peru

• Central Europe

• Qatar and Argelia

ENVIRONMENTAL

• Sea and brackish water

Desalination

• Urban and Industrial

Water Purification

• Potable water treatment

DEVELOPMENTS

• Tourist Complexes

• Malls

CONCESSIONS

TOLL ROADS

• 9

• 1 Argentina

• 3 Chile

• 6 Mexico

• 3 Spain

• 1 Peru

RAILWAYS

• 2 Spain

AIRPORTS

• 1 Mexico

MARINAS

• 4 Spain

PARKING FACILITIES

• 1 Brazil

INDUSTRIAL

• Refinery

• Gas

• Petrochemical

• Energy

• Lands Movements

• Fire protection

systems

4,414 km

37 km

80 hectares

4 million pass./year

2,431 berths

(1) PWF = Public Works Financing

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Company Profile – OHL Concesiones – Geographical Presence

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International Group of construction, concessions and services, listed in the Madrid Stock Exchange since 1991;

Founded over 98 years ago and established in 21countries;

Portfolio of € 81 bn (3Q10);

Unique Spanish builder with financial rating (Ba1 / BB-).

Summary of results:

Strategic position in Latin America: Brazil, México and Chile;

Global operator of infrastructures: roads, ports, airports and railways;

Expertise in Brazil through OHL Brasil;

Broad international experience in the developing of efficient capital structure for projects.

Summary of results:

OHL Group OHL Concesiones

Company Profile – OHL Group

Revenue (Euros M) 2008 2009 9M10

OHL S.A 4,009 100% 4,390 100% 3,343 100%

National Construction 1,786 45% 1,604 37% 937 28%

International Construction 1,429 36% 1,830 42% 1,401 42%

Others Activities 251 6% 213 5% 220 7%

Concessions 542 14% 743 17% 786 24%

EBITDA (Euros M) 2008 2009 9M10

OHL S.A 608 100% 747 100% 656 100%

National Construction 121 20% 105 14% 61 9%

International Construction 111 18% 173 23% 113 17%

Others Activities 36 6% 13 2% 6 1%

Concessions 340 56% 456 61% 476 73%

Revenue (Euros M) 2008 2009 9M10

OHL Concessiones 542 100% 743 100% 786 100%

Argentina 11 2% 10 1% 10 1%

Brazil 273 50% 432 58% 467 59%

Chile 52 10% 59 8% 51 6%

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 Concessiones 340 100% 456 100% 476 100%

Argentina 1 0% (3) -1% (2) 0%

Brazil 205 60% 277 61% 305 64%

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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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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Company Profile – Corporate Structure

100.0%

60.0%

100.0%

100.0%

100.0%

SAO PAULO STATE TOLL ROADSFEDERAL TOLL ROADS OTHER BUSINESS

SPR

4.68%

100.0%

100.0%100.0%

SPAIN

BRAZIL

Participes en Brasil S.L.

40.0%

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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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Portfolio Life: The average remaining term of our concessions’ portfolio is 17.5 years.

Company Profile – Terms of the Concessions

Years pending Years elapsed

8 9

18

8

23 23 23 23 23

12 12 10 122 2 2 2 2

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Portfolio – São Paulo State Concessions

State ConcessionsState 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

Net revenue (R$ mn) EBITDA - Fixed c. charge (R$ mn) EBITDA margin(%)

360 465 507 546

617 724 776

659

184 265 301 338 395

494 525 467

51.1%57.0% 59.4%

61.9% 64.0%68.2% 67.7%

70.9%

0,0%

10,0%

20,0%

30,0%

40,0%

50,0%

60,0%

70,0%

-

100

200

300

400

500

600

700

800

900

2003 2004 2005 2006 2007 2008 2009 9M10

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Portfolio – Federal Concessions

Federal ConcessionsFederal 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

Net revenue (R$ mn) EBITDA (R$ mn) EBITDA margin (%)

48

100 128

138 139 141 152

(26)

25 53 61 58 60 70

-54.7%

25.1%

41.4% 44.2% 41.7% 42.6% 46.2%

-80,0%

-60,0%

-40,0%

-20,0%

0,0%

20,0%

40,0%

(100)

-

100

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

13- Industry Output and Industry Payroll updated until Oct/10

- OHL Brasil data updated until Oct/10

(1) Source: IBGE

Traffic – OHL State Concessions x Proxies

Industry Output (1) vs. Commercial Vehicles (base 100 = 2002)

Industry Payroll (1) vs. Passenger Vehicles (base 100 = 2002)

80

90

100

110

120

130

140

150

160

170

180

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

Ind. Payroll OHL Passenger Vehicles

90

100

110

120

130

140

150

160

170

180

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

Ind. Output SP Ind. Output BRA OHL States - Comercial Vehicles

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Seasonality of traffic – State and Federal Concessions

Source: IBGE; ABCR SP – Brazilian Association of Highway Concessionaires – São Paulo; ABCR BRA – Brazilian Association of Highway Concessionaires – Brazil

State Concessions - Total Average 2002-2010 Federal Concessions - Total Average 2010

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

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

ABCR BRA

OHL State

ABCR SP

Average Trim. OHL State

0.85

0.90

0.95

1.00

1.05

1.10

1.15

1.20

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

ABCR BRA

OHL Federal

ABCR SP

AverageTrim. OHL Federal

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Traffic – Commercial vs. Passenger 3Q10 (Equivalent Vehicles)

State Concessions Federal Concessions

PassengerCommercial

36.7%

63.3%

23.6%

76.3%

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Traffic – Electronic Toll Collection – (Equivalent Vehicles)

44.2%

Federal ConcessionsState Concessions

47.1% 49.7% 51.7% 51.4% 50.7% 53.0% 53.7% 53.8% 53.9% 56.0% 56.7%

0,0% 0,0% 0,0% 0,0%

25.0% 27.5% 29.6% 30.2% 31.6%35.4% 36.9%

0,0%

10,0%

30,0%

40,0%

50,0%

60,0%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

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Net Income (in R$ million)Margin and EBITDA – fixed c. charge paid (in R$ million) ¹

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

OHL Brasil’s Performance

(1 ) EBITDA margin excluding federal concessions

55 92

168

247 277

384

474

422

645

58.7% 57.8%62.8% 63.4% 64.5% 62.3% 65.4%

52.4%

59.2%

2002 2003 2004 2005 2006 2007 2008 2009 9M10

624

446

100 99 105 108 111127

142

306

428

2002 2003 2004 2005 2006 2007 2008 2009 9M10

550505

93

159

268

389430

616

725

840

1,090

2002 2003 2004 2005 2006 2007 2008 2009 9M10

1,189

-8

325

7799

75

105

106

205

70

2002 2003 2004 2005 2006 2007 2008 2009 9M10

176

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

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

Debt Structure

79 102

1,158 1,197

735947

1,784

1,186 1,281933 935

267

739

922847

37 1,287 1,223

1,012 1,037

1,425

1,936

1,6571,794 1,821

2,473 2,504

3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

Long Term Short Term

652915

1,174 1,291 1,325 1,346 1,354 1,450 1,455

1,4x

1,9x

2,5x 2,6x2,4x

2,2x1,9x

1,8x 1,7x

3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10

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

861.3

420.0

104.4

245.3 237.7 232.7 173.9 114.3 114.4

oct/10-sep/11

oct/11-dec/11

2012 2013 2014 2015 2016 2017

1,281.3

Bridge

BNDES

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197 136

182

85 79 105 147

2008 2009 2010E 2011E 2012E 2013E 2014E

137(2)

State Concessions (2010-2014): R$598 million

Estimated (1) CapEx – State (R$ million) Estimated (1) CapEx – Federal (R$ million)

Federal Concessions (2010-2014): R$3,8 billion

OHL Brasil’s Investments

(1) Base December 2010

(2) 9M10

528

683

880 910 930

620

440

2008 2009 2010E 2011E 2012E 2013E 2014E

371(2)

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Federal

CAPEX

Next 5 years

R$ 3,4 bn

R$857 mn

R$839 mn

R$241 mn

R$ 2,3 bn

BN

DE

S1

OH

L

Bridge Loan of R$ 1 billion with BNDES

R$ 857 million already disbursed to 5 federal concessionaires until sep/10

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

Financing Plan for Federal Concessions

Financing the Capex for the first 8 years

Around 69% of the Capex

Grace period of 2 years

Repayment period in 12 years

Cost: TJLP + 200-300 bps margin

It will be concluded in 2011

(1) BNDES = Brazilian Development Bank, is a federal public company, linked to the Ministry of Development, Industry and Foreign Trade (MDIC).

R$620 mn Cash generation of federal and state concessions

Additional financing through debentures in state Concessions

Currently leverage Ratio low than 3.5x (Net Debt/EBITDA)R$1,582 mn

R$143 mn

Performed / Disbursed (until Sep/2010) Not Disbursed Credit Expected Amount to be Performed

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Analysts Coverage – Target Prices and Recommendations

HoldBuy Hold Buy Buy Buy BuyHold Sell BuyHoldHoldBuy

73,00 72,70 70,00

67,00 65,00

83,00 80,30 80,00

73,00 72,70

70,00

68,00 67,00 66,00

65,00 64,00 61,00 59,50

BB

Investimentos

Safra Citi Credit Suisse Votorantim

Corretora

Santander Banco Fator UBS Barclays

Capital

Merrill Lynch J.P. Morgan HSBC Itaú

Securities

Average TP:

R$ 69.96

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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

Federal Government – BR 101/ES/BA

New Opportunities

Source: ANTT - Jan/2010

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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

Estimated Revenue (25 years): R$ 5,9 billion

New Opportunities

Source: ANTT - Jan/2007

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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

Estimated Revenue (25 years): R$ 8,76 billion

Source: ANTT - Jan/2007

New Opportunities

Federal Government – BR-040 (DF/GO/MG)

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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

Estimated Revenue (25 years): R$ 8,51 billion

New Opportunities

Source: ANTT - Jan/2007

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Coverage: 17 lots with 7,000 km

No estimate date for the auction.

Minas Gerais Government – PPP/MG

New Opportunities

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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

Estimated Revenue (35 years): R$ 3,24 billion

New Opportunities

Source: ANAC - Dec/2009

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Galeão (Rio de Janeiro) and Viracopos (Campinas-SP): The concessions of these two airports are

expected to privately-owned enterprise.

New Opportunities

Photos from Toluca International Airport, airport concession of OHL Concesiones.

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Contacts OHL Brasil S.A.:

Francisco Leonardo Moura da Costa

CFO and IR Director

francisco.leonardo@ohlbrasil.com.br

Alessandro Scotoni Levy

Financial Planning and IR Manager

alessandro@ohlbrasil.com.br

Rua Joaquim Floriano, 913 – 5º andar

Itaim Bibi – São Paulo – SP

CEP 04534-013

Phone.: (+55 11) 3074-2404

Visit our website:

www.ohlbrasil.com.br/ir