1. APIMEC
3Q06 Earnings Results
November 2006
1

2. Notice
Potential forward-looking statements in this presentation related to the Company’s
business prospects, projections, and operating and financial results are based on
Management beliefs and assumptions, as well as the information currently available
to the Company.
Forward-looking statements and information are not a guarantee of performance.
They involve risks, uncertainties and assumptions since they refer to future events,
and therefore depend on situations that may or not occur.
Future results and shareholder value creation may differ significantly from those
stated or suggested by the forward-looking statements. Many of the factors that will
determine these results and values are beyond OHL Brazil’s control and prediction
capacity.
2

3. Agenda
Company Overview
3Q06 Highlights
3Q06 Results
New Concessionaire
Other Information
Outlook
3

4. Company Overview
4

5. Ownership Structure
100.0%
FREE FLOAT
52,.% 40.0%
7.9%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 4.68%
Latina Paulista OHL
SPR STP
Manutenção Infra-estrutura Participações
4.86%
We are waiting for BNDES’s authorization to conclude the acquisition of Vianorte.
5

6. OHL Concesiones and OHL Group
Share Length OHL Group
Toll Road Concessions
(%) (Km)
Autovia M - 45 100% 8,3 International construction,
Spain concession and service group
Autopista Nuevo Aeropuerto Barajas 100% 8,2
Intervias 60% 371,2
Operational for more than 90
years
Autovias 60% 316,5
Present in 16 counties
Centrovias 60% 219,5
Listed in Spain since 1991
Mexico Vianorte 60% 236,6
Ranked among Spain’s 6 most
Autopista del Sol 60% 140,0 transparent companies in 2005
Autopista Los Libertadores 58% 82,0 Two independent core
businesses: Construction and
Camino Internacional Ruta 60 100% 92,4 Concessions.
Sistema Carretero del Oriente 77% 51,7 Net revenue in 2005: € 2.4bn; and
Autopista Amozoc Perote 67% 123,0 2005 EBITDA: € 285.4mm
Brazil
Autopista Ezeiza - Cañuelas 70% 60,1 1995-2006 CAGR Revenue of 32%
Chile
Port Concessions Present in the Brazilian market
Argentina through OHL Concesiones
Muelle Inflamables Barcelona 20%
Puerto de Alicante 50%
Airports:
Aeropuerto Internacional de México 50%
The Brazilian operation is important for OHL Concesiones growing strategy.
6

7. Location
... to the Northwest of the city of São Paulo...
The state of São Paulo accounts for around 22% of the Brazilian population and 35% of its GDP.
Operating Area: Map:
• Population of 4 million
inhabitants
• One of the main agribusiness
center in Brazil
• Responsible for 32% of fuel
ethanol and for 70% of the
orange juice export
The toll roads operated by OHL Brasil
are the main routes from the
production areas to:
São Paulo: the main consumption
center
Santos Port: the main export corridor
in Brazil
... which allows OHL Brasil to capture the impact of industrial and agribusiness expansion.
7

8. Corporate Governance
Novo Mercado – Bovespa
Strategic support and commitment from OHL Group.
Transparency and protection to minority shareholders’ interest.
100% tag-along rights.
Capital structure with 100% of voting shares (equal rights for minority
shareholders).
40% Free Float.
Board of Directors with 7 members, being 1 independent.
8

9. 3Q06 Highlights
9

10. 3Q06 Highlights
Traffic grew 2.8% in 3Q06 versus 3Q05.
Net services revenue went up 7.7% when comparing 3Q06 with
2Q06.
Adjusted EBITDA of R$73.2 million and Adjusted EBITDA
margin of 66.9%.
First SPR Promissory Note issue.
Net income grows 52.3% year-on-year.
Acquisition of the Concessionaire Vianorte – at the final stage.
53.89% share appreciation until October 31, 2006.
10

11. 3Q06 Results
11

12. Consolidated Traffic
Traffic Breakdown – 3Q06 Traffic Performance (in thousand Vehicle-Equiv.)
Intervias
Centrovias
2.8%
25,000 8.6% Autovias
20,000
21.6%
12,262 12,580
15,000 11,535
56.2%
22.3% 10,000
4,864 4,473 4,986
5,000
4,661 4,617 4,830
0
3Q05 2Q06 3Q06
12

13. Traffic vs. GDP
Year-on-year comparison:
OHL Traffic
GDP
6.7% 6.6%
4.9%
4.7%
4.0%
3.4%
3.0% 2.8% 2.8%
2.3%
1.4%
1.0%1.0%
0.5% 0.7% 0.5%
0.2%
2003 2004 2005 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06
2T06 3Q06
-
-1.8% -
-1.9%
-3.28
- 1.35 1.30 1.67 1.65 1.00 0.11 0.21 -3.84 ???
Period elasticity
13

14. Net Revenue
Revenue Breakdown – 3Q06 Net Revenue Performance (R$ thousand)
Intervias
Centrovias
Autovias
3,7%
120,000
7.7%
28.2% 100,000
44,739 45,550
41.6% 80,000 42,509
60,000
30.1% 32,091 29,542 32,986
40.000
20,000 30,881
28,659 29,523
0
3Q05 2Q06 3Q06
Electronic toll collection corresponded to 45.70% of the total collection in 3Q06
14

15. Adjusted EBITDA
Var % Var % Var %
EBITDA Ajustado (R$ mil) 3T06 2T06 3T05 9M06 9M05
3T/2T06 3T/3T05 9M06/9M05
Receita Líquida de Serviços 109.418 101.574 105.489 7,7% 3,7% 308.129 285.308 8,0%
Custos dos Serviços Prestados (51.634) (51.319) (47.210) 0,6% 9,4% (153.499) (135.908) 12,9%
Amortização e Depreciação 31.741 28.424 23.301 11,7% 36,2% 87.542 65.180 34,3%
Outras Receitas 0 58 0 -100,0% - 168 0 -
(Despesas) Receitas Operacionais (12.261) (9.779) (8.435) 25,4% 45,4% (29.611) (23.034) 28,6%
EBITDA 77.264 68.958 73.145 12,0% 5,6% 212.729 191.546 11,1%
Ônus Fixo pago (4.066) (4.079) (4.080) -0,3% -0,3% (12.224) (11.568) 5,7%
EBITDA Ajustado 73.198 64.879 69.065 12,8% 6,0% 200.505 179.978 11,4%
% EBITDA Ajustado S/ Rec. Líquida 66,9% 63,9% 65,5% 65,1% 63,1%
Adjusted EBITDA (R$ million) Adjusted EBITDA Margin (%)
73.2 66.9
69.1 65.5
66.8 64.9 64.4 64.3
62.4 62.9 63.9
60.4
58.7
52.2
1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06
15

16. Financial Result
Var % Var % Var %
Resultado Financeiro (R$ mil) 3T06 2T06 3T05 9M06 9M05
3T/2T06 3T/3T05 9M06/9M05
Receitas Financeiras 2.146 5.204 8.010 -58,8% -73,2% 13.659 13.841 -1,3%
Despesas Financeiras (10.814) (12.043) (8.147) -10,2% 32,7% (33.590) (37.628) -10,7%
BNDES/CEF (7.428) (7.560) (10.387) -1,7% -28,5% (22.556) (28.347) -20,4%
Outras Despesas Financeiras (1.828) (3.178) (1.081) -42,5% 69,1% (6.762) (7.688) -12,0%
Atualização Monetária (1.558) (1.305) 3.321 19,4% -146,9% (4.272) (1.593) 168,2%
Resultado Financeiro Líquido (8.668) (6.839) (137) 26,7% 6227,0% (19.931) (23.787) -16,2%
% Receita Líquida 7,9% 6,7% 0,1% 6,5% 8,3%
Financial Result Breakdown (% of total) IGP-M Performance (%)
3Q06 2Q06
0.80
0.70
Fixed concession charges Fixed concession charges
10.8%
14.4%
Other Fin. 16.9% 26.4%
Other Fin. 62.8%
68.7%
BNDES/CEF
BNDES/CEF
2Q06 3Q06
16

17. Indebtedness
Total debt (R$ million) Net debt (R$ million)
303.7
290.0
283.4 276.3 273.7
266.3 236.6
261.9
207.6 204.4
236.0 224.0 216.0 200.3
225.3 199,2 199,2
186.2
214.7 199.2 118.2
91.7 103.0
1.2x
0.9x 0.8x 0.8x
0.5x 0.4x
75.7 0.4x
67.7 66.0 67.4 74.5
74,5 74,5
51.0 51.6
1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06
Short Term Debt Long Term Debt Net debt / Adjusted EBITDA (LTM)
Amortization Schedule (R$ million) Charges (September 2006)
77.6 2,8%
56.5 57.5 9,6% TJLP
47.8 CDI
Outros
14.9 86,9%
7.5
Oct/Dec 2007 2008 2009 2010 2011
2006
17

18. Net Income
Net Income Performance (R$ thousand)
52.3%
- 5.8%
80,986
- 44.6%
53,173
40,812
23,989 22,608
3Q05 2Q06 3Q06 9M05 9M06
18

19. Capex
CAPEX (Real and Estimated) CAPEX Breakdown – 3Q06
200.0
191.8 Total in the period between
2007 and 2009 25.2%
23.9%
169.1 255.0*
127.4 50.9%
120.0
80.0
9M06 55.0 Schedule
Autovias and Intervias are repairing
paving and remodeling certain
facilities at the toll roads.
Centrovias continue with the
duplication of SP-225, expected to be
2004 2005 2006E 2007E 2008E 2009E
concluded in 2007.
*Capex outlook for Autovias, Centrovias and Intervias.
19

20. New Concessionaire
20

21. New Concessionaire: Vianorte
Toll road network map:
Beginning of concession:
1998
End of concession: 2018
Total length: 236,6 Km
Toll Plazas: 4
21

22. New Concessionaire: Vianorte
Traffic Performance (in thousand Vehicle Equiv.) Revenue Breakdown – 9M06*
Year
9 Months
CAGR 3.7%
24,267 24,977
23,762
22,853 22.2%
21,595 23.2%
18,494 19,044
17,677 18,021
16,987
15,907
23.0%
31.6%
* pro forma, considering the acquisition of Vianorte
since January 1st, 2006.
2001 2002 2003 2004 2005 2006
22

23. New Concessionaire: Vianorte
Destaques Vianorte (R$ Mil) 9M06 9M05 Var % 2005 2004 Var %
Receita Líquida de Serviços 92.623 85.367 8,5% 116.681 107.640 8,4%
EBITDA 42.230 35.026 20,6% 49.206 45.179 8,9%
Margem EBITDA 45,6% 41,0% 42,2% 42,0%
EBIT 19.217 8.011 139,9% 15.831 19.852 -20,3%
Margem EBIT 20,7% 9,4% 13,6% 18,4%
Resultado antes de IR e CS 8.510 (2.867) -396,8% 206 7.932 -97,4%
Lucro Líquido 8.510 (450) -1991,2% 166 5.121 -96,8%
Margem líquida 9,2% -0,5% 0,1% 4,8%
Patrimonio Líquido: 119.230 107.193 11,2% 110.719 91.731 20,7%
Dívida Líquida: 97.736 91.034 7,4% 99.758 77.496 28,7%
EBITDA Margin (%) Capex (Real and Estimated)
45.6%
(R$ Thousand)
42.0% 42.2% 41.1% 60.0
40.6%
37.7% 55.0
33.7% 50.0
48.5
9M06
15.0
2001 2002 2003 2004 2005 9M05 9M06 2006 (E) 2007 (E) 2008 (E) 2009 (E)
23

24. Other Information
24

25. Promissory Note Issue - SPR
SPR – Sociedade para Participações em Rodovias S.A.
Issuer Wholly-owned subsidiary of OHL Brasil and controller of
Vianorte
Total issue R$ 220 MM in 200 notes of R$ 1MM each
Term 180 days + 180 days (new issue, optional)
Remuneration 102.75% of CDI
Guarantee OHL Brasil S.A.
Target investors Qualified investors
Payment of Vianorte (estimated amount: R$ 100 million)
Use of proceeds
Working capital
25

26. 103,00
113,00
123,00
133,00
143,00
153,00
163,00
173,00
183,00
93,00
18/7 14/7
27/7
1/8
5/8
16/8 17/8
25/8
5/9 2/9
15/9
26/9
21/9
5/10
7/10
17/10
26/10 26/10
7/11
OHL – 53.89%
17/11 14/11
BOVESPA – 51.85%
28/11
1/12
7/12
16/12 19/12
27/12
6/1 5/1
17/1
23/1
27/1
7/2 9/2
16/2
1/3 1/3
26
Pricing
10/3
21/3 17/3
Traded Volume
30/3
4/4
(Base 100 on July 13, 2005)
10/4
Number of shares traded
20/4 24/4
3/5
Share Appreciation until October 31, 2006
12/5 11/5
23/5
29/5
1/6
12/6 14/6
22/6
3/7 3/7
12/7
19/7
21/7
1/8
4/8
10/8
22/8 23/8
31/8
12/9
11/9
21/9
27/9
2/10
11/10 16/10
23/10
0
200
400
600
800
1.000
1.200
1.400

27. Social Responsibility
Quantitative summary of projects until September 2006
Students Teachers
Concessionaire Schools Served
Benefited Monitored
Education Autovias 94 88,000 721
Centrovias 107 32,721 1,030
Intervias 186 172,069 7,085
Total 431 292,790 8,836
Quantitative summary of projects until September 2006
Concessionaire Name of Project Campaigns Attendance
Autovias Saúde na Estrada 16 10,028
Mais Saúde na
Health Centrovias Estrada 15 4,503
Intervias Saúde na Boléia 21 41,749
Posto do
Intervias Caminhoneiro 1 13,131
Total 53 69,411
# of seedlings
Concessionaire # of seedlings planted
to be planted
Autovias 243,000 150,000
Environment
Centrovias 189,238 66,362
Intervias 145,000 0
Total 577,238 216,362
Culture Magazine # of editions Periodicity # of Impression
(OHL Brasil) Porta-luvas 2 Quarterly 300,000
27

28. Outlook
28

29. New Biddings: Federal, State and PPP
Federal Lots: 07 PPP
Highway corridors are essential in connecting
Brazil’s richest areas
Road Length # of Plazas
Lot 1 BR 153/ SP - Divisa MG/SP 321.7 Km 04 plazas
Lot 2 BR 116/PR/SC - Curitiba - Divisa SC/RS 406.5 Km 05 plazas
Lot 3 BR 393/RJ - Divisa MG/RJ (Via Dutra) 200.5 Km 03 plazas
Lot 4 BR 101 - Divisa RJ/ES (Ponte Rio Niterói) 320.8 Km 05 plazas
Lot 5 BR 381- Belo Horizonte - São Paulo 561.5 Km 08 plazas
PPP
Lot 6 BR 116/SP/PR - São Paulo - Curitiba 401.7 Km 06 plazas
Lot 7 BR 376 - Curitiba - Florianópolis 367.6 Km 05 plazas
2580.3 Km 36 plazas
State Lots (SP): 02
Potential export corridor through the Port of São
Sebastião
Road Length # of Plazas
Lot A SP 65 - Rodovia D. Pedro I 167.5 Km 02 plazas
Lot B SP 70 - Rodovia A.Senna/Carvalho Pinto 118.5 Km 04 plazas
286.0 Km 6 plazas
PPPs : 03
PPP projects are a great opportunity for OHL
Brazil growth.
Road Length # of Plazas
PPP
PPP MG 050 - Betin - Divisa SP 372.0 Km 06 plazas
PPP BR 116/BA e BR 324/BA 637.0 Km 07 plazas
PPP SP 099 - Tamoios 111.0 Km 01 plaza
1120.0 Km 14 plazas
29

30. Investor Relations
OHL Brasil S.A. Contacts: Address:
Francisco Leonardo Moura da Costa Rua Joaquim Floriano, 913 – 6º andar
Chief Financial and Investor Relations Officer Itaim Bibi – São Paulo – SP
francisco.leonardo@ohlbrasil.com.br CEP 04534-013
Phone: (5511) 3074-2404
Alessandro Scotoni Levy
Financial and Investor Relations Manager
alessandro@ohlbrasil.com.br www.ohlbrasil.com.br
OBRASCON HUARTE LAIN BRASIL S.A.
30