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Disclaimer 1
1. Disclaimer This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond CCR’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CCR does not undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this presentation. 2
2. São Paulo, October 21, 2011 Infrastructrure: It’s from here that Brazil will arrive there......
3. Agenda Introduction and Welcome | Renato Vale Opportunities in Rio de Janeiro | Luiz Fernando de Souza Pezão - Vice-Governor of RJ Registration and Breakfast 8:00 8:30 1 8:45 2 9:45 3 10:40 4 Ground Transport Infrastructure in Brazil | Bernardo Figueiredo - Diretor Geral of the ANTT Coffee Break 11:10 5 Opportunities and Accomplishents of Current Business | Italo Roppa and José Bráz Overview of New Business and Qualified Growth - New opportunities | Leonardo Vianna -Financial Strategy | Arthur Piotto 11:55 6 13:25 7 13:35 8 Conclusions and Closing Message Questions and Answers Lunch 13:50 9
5. With Simple Assumptions… Looking back... * Without SPVias and ViaQuatro EBITDA 2010EFY Market Consensus R$ 2,350 mi EBITDA 2009 R$ 1,960 mi +20% Ebitda 1.5x PIB de 5% = +7.5% Traffic per year Growth of Traffic 5% per year Expected Inflation Growth 40% 2% Gain of Margin Operational Leveraging EBITDA 2013 E* R$ 3,3 bi R$ 3.5 bi
6. * Without SPVias and ViaQuatro R$ 3.0 bi EBITDA 2011E With Simple Assumptions… Looking back... EBITDA 2011E Market Consensus R$ 2,350 mi EBITDA 2009 R$ 1,960 mi +20% Ebitda We have the potential to add up to 60% EBITDA by 2013 without any new project or acquisition + R$ 350 M SPVias + R$ 150 M ViaQuatro EBITDA 2013E R$ 3.8 bi EBITDA 2013 E* R$ 3.3 bi R$ 3.5 bi
7. ... and what’s more, with new opportunities... With Simple Assumptions… Looking back... Urban Mobility Highway concessions World Cup / Olympics EBITDA 201E Market Consensus R$ 2,350 mi EBITDA 2009 R$ 1,960 mi +20% Ebitda We have the potential to add up to 60% EBITDA by 2013 without any new project or acquisition + R$ 350 M SPVias + R$ 150 M ViaQuatro EBITDA 2013 FY R$ 3.8 bi EBITDA 2013 FY* R$ 3,3 bi R$ 3.5 bi EBITDA 2013E* R$ 3.0 bi
8. Aeroportos Qualified growth bass People Sustainability + R$ 350 M ViaQuatro + R$ 150 M ... and what’s more, with new opportunities... With Simple Assumptions… Looking back... EBITDA 201E Market Consensus R$ 2,350 mi EBITDA 2009 R$ 1,960 mi +20% Ebitda We have the potential to add up to 60% EBITDA by 2013 without any new project or acquisition SPVias EBITDA 2013 FY R$ 3.8 bi EBITDA 2013 FY* R$ 3,3 bi R$ 3.5 bi EBITDA 2013E* R$ 3.0 bi Urban Mobility Highway concessions World Cup / Olympics
9. People Leadership Development Program (PDL) Received award as largest international association of highway concessionaires. Its main objective is to develop leaders for the competencies of the CCR Group, preparing them for the challenges of qualified growth, ensuring a balance of interests and agreed upon results, preserving business security. 215 participants With a large presence of more than 95% of the audience. More than 320 hours of training Workshops on Corporate Governance, Organization and People, Corporate Management: Finance, Business Administration: Planning and Oversight.
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12. CCR Investment with all the Laws of Incentive . CCR Investment per year 2003 970 R$ (million) R$ Thousand 2004 1.695 2005 3.771 2006 +ISS 3.654 2007 + Law of sport 5.166 2008 + FUMCAD 7.519 2009 9.491 2010 14.181 CAGR 46.7% a.a.
13. CCR Private Social Investment without Incentive Laws . CCR Investment per year (without incentive) Investments reached more than R$ 17 million in 4 years R$ (thousand) 2007 + 2.420 2008 4.676 2009 5.144 2010 5.658
14. CCR Private Social Investment Consolidated – with and without Incentive Laws CCR Investment per year (Consolidated) Company’s social investment reachedc more than R$ 64 million in 8 years
15. Opportunities in Rio de Janeiro. Luiz Fernando de Souza Pezão – Vice-Governor of RJ 2
36. New investments added Investments Appended to Contract (base July/2009) R$ 125 million Total investment – R$ 185 million R$ 48 million R$ 12 million Reconfiguration of Cloverleaf Complex (Stage 1): Cloverleaf for Access to Jandira and Itapevi Improvements in Marginal do Tietê
40. CCR ViaOeste Projects under Consideration Detail of Arrival from Raposo Tavares into the City of São Paulo Today Rodovia Castello Branco Rodovia Raposo Tavares
42. CCR AutoBAn Projects under Consideration Phase 1 Phase 2 Phase 3 R$ 185 million R$ 155 million R$ 170 million Total Investment – R$ 510 million Jundiai Project Nova Jundiaí SP-330 km 56 to 62
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44. ViaQuatro Projects under Consideration – Taboão da Serra Operation of 6 Stations between Butantã and Luz – in service Operation of 11 Stations between Vila Sonia and Luz – start of implementation – scheduled 2014 Operation of extension from Vila Sonia to Taboão da Serra: by bus or rail (extension of tunnel with two stations) – development of conceptual plan 480,000 Passengers per business day October 20 Implementation of YELLOW LINE 4
49. Line 4 – Yellow Phase 3 Characteristics of project. Taboão da Serra Jardim Jussara Vila Sônia São Paulo- Morumbi Butantã Pinheiros Faria Lima Fradique Coutinho Oscar Freire Paulista Higienópolis- Mackenzie República Luz Pátio Vila Sônia
56. Rio de Janeiro Service Roads CCR NovaDutra Accomplishments
57. São José dos Campos Service Roads CCR NovaDutra Accomplishments
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62. Multiple Opportunities for Investment. Consolidation (Secondary Market) Urban Mobility Highway Concessions in various States Federal Concession Program Related Business
64. Multiple Opportunities for Investment. Consolidation (Secondary Market) Urban Mobility Highway Concessions in various States Federal Concession Program Related Business
65. Multiple Opportunities for Investment. BR 101 – Bidding in Nov/11 BR-116/BR-040/BR-381(MG) in 2012 Federal Concession Program
66. Multiple Opportunities for Investment. VLT – Porto Maravilha Subways in State Capitals | World Cup Urban Mobility
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69. BR 101 / ES / BA Key Data. BR- 040 (DF/GO/MG) Juiz de Fora - Brasília BR- 116 (MG) - Além Paraíba - Divisa MG / BA BR- 101 (ES) / Mucuri (BA) Extension (km) Total Investment 936.8 R$ 3.3 bi Extension (km) Total Investment 817.0 R$ 4.2 bi Extension (km) Total Investment 301.0 R$ 2.5 bi
70. Multiple Opportunities for Investment. Consolidation (Secondary Market) Urban Mobility Highway Concessions in various States Federal Concession Program Related Business
71. Multiple Opportunities for Investment. VLT – Porto Maravilha Subways in State Capitals | World Cup Urban Mobility
73. VLT Network Rio de Janeiro. Network at a Glance Extension Single Line 28 km Nº de Stations and Stops 42 Fleet 32 Average Distance between Stations 400 m Data in 2016 Average daily demand 150,000 Average annual revenue R$ 150 million Total Investment Investment R$1,200 million
77. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz –Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
78. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Braz –Cecap Station Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
80. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
82. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
84. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
86. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
88. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
89. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
91. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
93. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
94. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
96. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
97. Jundiaí Train - São Paulo - Jundiaí Multiple Opportunities for Investment.
98. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
100. Multiple Opportunities for Investment. Other urban transit projects in São Paulo São Paulo Subway CPTM Line 17 (Monorail) Jabaquara - Morumbi Gold Line 02 (Monorail) Vila Prudente - Cidade Tiradentes Green Line 15 (Monorail) Vila Prudente - Ticoatira Line 20 (Monorail) Lapa - Agua Espraiada Line 06 Orange Jundiaí Train São Paulo - Jundiaí Express ABC Line 14 (Airport Express) Estação Luz - Cumbica Line 13 (Guarulhos Train) Estação Braz -Cecap Bandeirantes Express Campinas - São Paulo -SJC Line 05 Purple
102. PAC Urban Mobility. Federal Government announces start of October investments of R$ 30 billion within Big Cities Urban Mobility PAC. The program will improve urban mobility in the big Brazilian cities via integrated investments in mass transit systems. The main focus of the investments should be on subways, but also included in the package are exclusive bus lanes and VLTs. Investments have already been announced in Belo Horizonte, Curitiba and Porto Alegre. In the coming weeks, other cities will announce their projects, such as Salvador and Brasília.
103. Multiple Opportunities for Investment. Consolidation (Secondary Market) Urban Mobility Highway Concessions in various States Federal Concession Program Related Business
104. Multiple Opportunities for Investment. Program for: São Paulo/Minas Gerais/Goiás/ Santa Catarina/R.G.Sul/etc. Highway Concessions in various States
105. Historical Overview of Results Projection Oct-Dec/11 Base de Tags (#Thousand) CAGR 01-11 43.6% Net Revenues (R$ Thousand) CAGR 01-11 56.1% EBTDA (R$ thousand) 80.1 %
107. STP contracted advisor to set up process. Seeking partnerships Objective: seek partner to add value and chiefly to bring expertise in administration of credit. Open the possibility of giving a minority share to the new partner. Various proposals were received. The process is still under way. 1 2 3 4
119. Key Characteristics: About the Auction Source: Presentation by Civil Aviation Secretariat Airports Total Passengers Estimate for 2011 Amount of Fixed Grant Amount of Variable Grant % Gross Revenues Duration of Concession Total Investment (in duration of concession) 30.8 million 5.4 million 16.2 million R$ 2,293 Million R$ 521 million R$ 75 Million 10 % 5 % 2 % 20 years 30 years 25 years R$ 6,241 million R$ 11,489 million R$ 3,535 million Guarulhos Viracopos Brasília Investment until 2014 R$ 2,074 million R$ 2,131 million R$ 876 million
120. Overview of New Business and Qualified Growth. Financial Strategy . Arthur Piotto 6
121. Investment Capacity Financial Strategy Maximum Indebtedness of 3.0x Net Debt / EBITDA Commitment to pay at least 50% of Net Profits as Dividends Growth of Company will be financed by Leveraging
123. Gross Indebtedness 2Q11 R$MM The leveraging indexes incorporate investments in portfolio expansion ViaQuatro, RodoAnel, Controlar, SPVias... Gross Indebtedness (R$ bi) Net Indebtedness (R$ bi) ...but still do not fully consider the additional generation of cash
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125. Gross Indebtedness 2Q11 R$MM Debt by Index - 2Q11 Evolution of Average Consolidated Cost per Year * Em R$ nominais
126. Estimated impact of fall in interest rates in DRE Reduction of Selic (CDI) Simulation Selic (CDI) by year Savings in Financial Income) 12.0% 11.5% 11.0% 10.5% 10.0% 19.4 38.9 58.3 77.8 97.2 In 2Q11. consolidated debt, expressed in CDI, came to R$ 5.2 billion, while available cash showed R$ 1.2 billion, invested in CDI.
134. CCR In Brazil Bloomberg: 19/10/2011 CCR price quote: R$ 47.90 Local currency change Local exchange rate change against the Real for the year USD: 1,7761