OHL Brasil is the third largest toll road operator in Brazil, operating 907 km of roads. In Q3 2005: 1) Adjusted EBITDA grew 17.7% over Q2 2005 and 15.4% over the first nine months of 2004. Net income was R$24.0 million in Q3 2005 and R$53.2 million in the first nine months of 2005. 2) Traffic across OHL Brasil's roads increased by 1.0-3.6% compared to the same periods last year. Net revenue grew 12.6% in Q3 2005 and 10.5% in the first nine months of 2005 over the same periods last year.

1. 3Q05 Earnings Results
Conference call
November 22, 2005 1

2. CORPORATE OVERVIEW
OHL Brasil is the third largest Company in the toll road concessions
sector in the country measured by gross service revenue and
kilometers of toll roads, with 907 km operated. OHL Brasil manages toll
roads that jointly represent 9.4% of the total toll road kilometers
currently under concession in Brazil and 8.1% of the total toll road
gross revenues.
• Consistent cash generation capacity and financial solidity: strong Adjusted
EBITDA growth and low indebtedness rate;
• Privileged location: Autovias, Centrovias and Intervias are connected and
located in one of the main Brazilian agribusinesses’ center;
• Strong growth potential: capitalized for acquisitions and for participating in
new toll road privatization processes;
• Controlling shareholder with outstanding experience – OHL Concesiones;
• Corporate Governance best practices (Bovespa’s Novo Mercado – OHLB3,
with a 40% free float).
2

3. HIGHLIGHTS OF THE QUARTER
Adjusted EBITDA grows 17.7% in 3Q05, versus 2Q05, and 15.4% in the
first nine months of the year in comparison to the first nine months of 2004
pro forma
Net income totaled R$24.0 million in 3Q05 and R$53.2 million in 9M05
Conclusion of Cândido Portinari Highway’s duplication, in Autovias
55.8% net debt drop in 3Q05 versus 2Q05
9.07% toll road tariff readjustment as from July 1st, 2005
Intervias is granted with the IBTTA award
3

4. TRAFFIC INCREASE
1.0%
3.6%
12,262,080
12,073,726 11,770,773
4,911,567 4,607,574 4,864,093
4,581,700 4,650,010 4,660,584
3Q04 Pro forma 2Q05 3Q05
(*) Equivalent- Vehicles
4

5. NET REVENUE INCREASE
HISTORICAL R$347.3 MM
CAGR
93.6%
R$158.8 MM
12.6%
R$92.7 MM
R$285.3 MM
R$253.3 MM
2002 2003 2004
Pro forma
R$119.1 MM
R$105.8 MM
10.5%
R$105.5 MM
R$95.5 MM
R$44.7 MM R$88.3 MM
R$77.8 MM
R$40.3 MM
R$32.1 MM
R$30.1 MM
R$69.7 MM R$77.9 MM
R$25.1 MM R$28.7 MM
3Q04 Pro forma 3Q05 9M04 Pro forma 9M05
5

6. ADJUSTED EBITDA AND MARGIN INCREASE
R$214.4 MM
CAGR 15.4%
98.3% R$180.0 MM
R$91.7 MM R$156.0 MM
17.7%
R$54.5 MM R$73.2 MM
61.7% R$54.6 MM 63.1%
65.5%
Margin
Margin Margin
57.7%
58.8% 61.6%
66.6%
2002 2003 2004 3Q04 3Q05 9M04 9M05
Pro forma Pro forma
6

7. NET INCOME INCREASE (R$ thousand)
HISTORICAL R$24.4 MM
663%
R$3.2 MM
2002
2003 2004
Pro forma
170.5% R$ 53,173
-R$8.2 MM 37.4%
R$ 23,989
322.4% R$ 19,655
R$ 17,456
R$ 14,037
R$ 3,323
2Q04 3Q04 2Q05 3Q05 9M04 9M05
7

8. INVESTMENTS AND NET DEBT
Consolidated debt (R$ million) 12/31/02 12/31/03 12/31/04 03/31/05 06/30/05 09/30/05
Short Term 5.3 16.2 52.1 67.7 66.0 67.4
Long Term 150.6 181.9 255.3 236.0 224.0 216.0
Total Debt 155.9 198.1 307.4 303.7 290.0 283.5
Cash from IPO - - - - - -
Cash & Cash Equivalents* 12.7 35.3 56.8 67.1 82.4 191.8
Net Debt 143.2 162.8 250.6 236.6 207.6 91.7
Adjusted EBITDA LTM** 54.5 91.7 214.4 220.6 231.9 236.4
Net Debt/Adjusted EBITDA LTM** 2.63 1.77 1.17 1.07 0.89 0.38
* cash, banks, short-term investments, long-term investments and collateral for agreements.
** LTM – Last 12 months
CAPEX (R$ million) 2Q05 3Q05 9M05 % 2005 (E)
Autovias 8.0 15.2 34.4 25.5% 63.7
Centrovias 5.2 18.8 27.3 20.2% 53.7
Intervias 19.8 38.9 73.4 54.3% 87.6
Total Concessionaries 33.0 72.9 135.1 100.0% 205.0
8

9. 90%
95%
100%
105%
110%
115%
120%
125%
130%
135%
14/7/2005
18/7/2005
20/7/2005
22/7/2005
26/7/2005
28/7/2005
1/8/2005
OHL
3/8/2005
5/8/2005
9/8/2005
11/8/2005
15/8/2005
SHARE APPRECIATION
BOVESPA
17/8/2005
19/8/2005
23/8/2005
25/8/2005
29/8/2005
31/8/2005
2/9/2005
9
6/9/2005
9/9/2005
13/9/2005
15/9/2005
19/9/2005
21/9/2005
23/9/2005
27/9/2005
29/9/2005
3/10/2005
5/10/2005
7/10/2005
11/10/2005
14/10/2005
18/10/2005
20/10/2005
24/10/2005
26/10/2005
28/10/2005
1/11/2005
4/11/2005
116.6%
119.5%

10. Notice
This presentation contains forward-looking statements relating to the prospects of
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.
10