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Conference Call

May 16, 2011

1Q11 Earnings Results

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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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IFRS – MAIN CHANGES IN ACCOUNTING STANDARDS

PAST PRESENT

Permanent Assets Intangible AssetsClassification

Maintenances Expenses

Revenues

Amortization

Useful lives of assets/term

contractTerm Contract/Curve

Traffic

Results Toll Results Construction

and Tolls

Fixed assets and

depreciation

Results (provision)

* Others assets of the company remain the same.

* The differences between the tax bases and accounting bases should generate new effects related to deferred taxes (temporary differences).

* Revenue from construction is determined by the fair value of their service, without margin.

* The provision for maintenance is recognized by the present value.

From 2010, the Company shall submit financial statements in accordance with accounting standards

established by the International Accounting Standards Board - IASB (known as International Financial

Reporting Standards - IFRS) and reflected by CVM Instruction 457, July 13 2007 and amendments thereto.

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TRAFFIC

Traffic Growth

The volume of toll-paying traffic of state and federal concessions presented, respectively, 20.3% and 18.5% increases in

1Q11 compared to 1Q10. These increases were mainly influenced by the performance of the Brazilian economy, the toll

collection starts at the Mairiporã’s toll plaza in Fernão Dias’ highway, in September 2010, and the implementation of

bidirectional collection in four toll plazas in Centrovias concessionaire, located at the municipality of Brotas, Dois

Córregos, Itirapina and Rio Claro, in July and November 2010.

Vehicle-Equivalents 1Q11 4Q10 1Q10Var%

1Q11/4Q10

Var%

1Q11/1Q10

State Concessions 42,004,545 43,368,736 34,922,349 -3.1% 20.3%

Autovias 9,949,949 10,804,999 9,369,499 -7.9% 6.2%

Centrovias 11,064,688 9,740,527 5,903,316 13.6% 87.4%

Intervias 13,367,517 14,627,675 12,615,450 -8.6% 6.0%

Vianorte 7,622,391 8,195,535 7,034,084 -7.0% 8.4%

Federal Concessions 118,876,822 124,803,543 100,353,676 -4.7% 18.5%

Planalto Sul 7,094,193 6,969,184 6,233,449 1.8% 13.8%

Fluminense 11,549,643 12,195,769 10,462,909 -5.3% 10.4%

Fernão Dias 36,433,486 37,998,784 25,499,092 -4.1% 42.9%

Régis Bittencourt 34,831,167 36,507,333 32,024,667 -4.6% 8.8%

Litoral Sul 28,968,333 31,132,473 26,133,559 -7.0% 10.8%

Total 160,881,367 168,172,279 135,276,025 -4.3% 18.9%

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TOLL TARIFF

Var% Var%

Total 2,73 2,89 -5,5%

State Concessions

The increase of average toll tariffs of the Autovias, Intervias and Vianorte concessionaires is explained by the contractual

adjustment based on the IGP-M. At Centrovias, despite the contract adjustment, average toll tariff dropped 41.2% due to

the fact that toll collection switched to bidirectional (both side directions) in four plazas, and toll tariff were reduced by

50%.

Federal Concessions

In the months of December 2010 and February 2011, the toll tariffs charged by federal concessionaires were adjusted

according to (i) the criterion for rounding the first decimal place, and the cumulative variation of the IPCA in the 12 months

prior to adjustments. The result of this adjustment increased the average tariff applied by federal concessionaires, which rose

from R$ 1.51 to R$ 1.66 (+9.7%).

Average Toll Tariff (R$ / Vehicle-Equivalents) 1Q11 4Q10 1Q10Var%

1Q11/4Q10

Var%

1Q11/1Q10

State Concessions 5.65 5.92 6.14 -4.6% -8.0%

Autovias 5.96 5.94 5.75 0.4% 3.8%

Centrovias 5.38 6.55 9.15 -17.8% -41.2%

Intervias 4.88 4.88 4.70 0.1% 3.9%

Vianorte 6.98 7.01 6.73 -0.4% 3.8%

Federal Concessions 1.66 1.50 1.51 10.6% 9.7%

Planalto Sul 3.10 2.93 2.90 5.9% 6.9%

Fluminense 2.73 2.60 2.56 4.9% 6.4%

Fernão Dias 1.30 1.13 1.10 15.1% 18.2%

Régis Bittencourt 1.70 1.50 1.50 13.3% 13.3%

Litoral Sul 1.28 1.20 1.17 6.4% 8.8%

Total 2.70 2.64 2.71 2.3% -0.2%

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GROSS SERVICE REVENUE

State

The state concessionaires accounted for 54.6% of the total amount collected from tolls, closing the first quarter of 2011 with

R$ 237.3 million (+10.7%). The main reason was the tolled traffic growth of Centrovias, reflecting the implementation of

bidirectional charging the toll plazas in the towns of Brotas, Dois Córregos, Itirapina and Rio Claro.

Federal

The federal concessionaires reported in 1Q11 revenue of R$ 197,1 million (+29.9%), R$ 45.4 million more than 1Q10. The

main reasons for the revenue growth were: the opening of the toll plaza of Mairiporã (SP), located at Fernão Dias, which

accounts approximately 21.3% of all traffic tolled the concessionaire, adjustment of the basic rates charged by Planalto Sul,

Fernão Dias, Régis Bittencourt, Fluminense and Litoral Sul.

GROSS SERVICE REVENUE 1Q11 4Q10 1Q10Var%

1Q11/4Q10

Var%

1Q11/1Q10

GROSS SERVICE REVENUE 601,596 627,534 504,169 -4.1% 19.3%

Toll plazas revenue 434,400 443,856 366,141 -2.1% 18.6%

State 237,332 256,730 214,485 -7.6% 10.7%

Autovias 59,337 64,148 53,837 -7.5% 10.2%

Centrovias 59,521 63,775 54,024 -6.7% 10.2%

Intervias 65,239 71,326 59,279 -8.5% 10.1%

Vianorte 53,235 57,481 47,345 -7.4% 12.4%

Federal 197,068 187,126 151,656 5.3% 29.9%

Planalto Sul 21,992 20,393 18,078 7.8% 21.7%

Fluminense 31,509 31,709 26,825 -0.6% 17.5%

Fernão Dias 47,364 42,904 28,049 10.4% 68.9%

Régis Bittencourt 59,213 54,761 48,037 8.1% 23.3%

Litoral Sul 36,990 37,359 30,667 -1.0% 20.6%

Others 24,163 25,093 16,701 -3.7% 44.7%

Construction services 143,033 158,585 121,327 -9.8% 17.9%

DEDUCTIONS FROM REVENUE (42,258) (42,985) (34,626) -1.7% 22.0%

NET SERVICE REVENUE 559,338 584,549 469,543 -4.3% 19.1%

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ELETRONIC PAYMENT SYSTEMS (AVI)

50.7%

53.0%53.7% 53.8% 53.9%

56.0%56.7%

57.3%58.0%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

AVI State Concessions

25.0%27.5% 29.6% 30.2% 31.6%

35.4% 36.9% 38.1% 39.8%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

AVI Federal Concessions

Eletronic Collection

The revenue from the electronic payment systems (AVI System) at state concessionaires’ toll plazas accounted for 58.0% of

total revenue in 1Q11 against 53.9% recorded in 1Q10. In the federal concessionaires the average percentage of revenue

from electronic billing was 39.8% versus 31.6% in 1Q10.

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EBITDA and Adjusted EBITDA

EBITDA

The operating income as measured by EBITDA amounted to R$ 212.8 million in 1Q11, showing an increase of 15.9% in

comparison with 1Q10. The increase of R$ 29.3 million reflects growth of R$ 89.8 million (+19.1%) on the net revenue and

the increased costs and expenses for the period.

Adjusted EBITDA

Adjusted EBITDA for 1Q11 totaled R$ 251.2 million, indicating growth of 23.8% compared to 1Q10. As a consequence, the

margin increased 1.7 percentage point.

1Q11 4Q10 1Q10Var%

1Q11/4Q10

Var%

1Q11/1Q10

NET REVENUE 559,338 584,549 469,543 -4.3% 19.1%

Cost and expenses (excl. depreciation and amortization) (346,502) (374,992) (285,968) -7.6% 21.2%

EBITDA 212,836 209,558 183,575 1.6% 15.9%

EBITDA Margin 38.1% 35.8% 39.1%

(+) Provision for maintenance in highways 49,371 57,581 25,217 -14.3% 95.8%

(-) Consolidation Adjustments (11,050) (11,670) (5,856) -5.3% 88.7%

Adjusted EBITDA (before IFRS) 251,157 255,469 202,936 -1.7% 23.8%

EBITDA Margin 44.9% 43.7% 43.2%

EBITDA

(In thousands of Brazilian reais)

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8.6%10.7%

11.7%

1Q10 4Q10 1Q11

2.05%

2.21%

2.42%

1Q10 4Q10 1Q11

2.75%

3.15%

2.41%

1Q10 4Q10 1Q11

FINANCIAL RESULT

IGP-M - Quartely

IPCA – Quartely

CDI – Quartely Average

Net Finance Income / Costs (R$ thousand) 1Q11 4Q10 1Q10Var%

1Q11/4Q10

Var%

1Q11/1Q10

Finance Income 37,004 30,680 10,083 20.6% 267.0%

Finance Costs (97,606) (91,767) (58,693) 6.4% 66.3%

Finance charges (80,220) (72,106) (40,656) 11.3% 97.3%

Inflation adjustment of concession fee (12,298) (14,957) (13,625) -17.8% -9.7%

Other expenses (5,088) (4,704) (4,412) 8.2% 15.3%

Net Exchange Variation (63) - (320) - -80.3%

Net Financial Result (60,665) (61,087) (48,930) -0.7% 24.0%

RESULTS

In comparison with 4Q10, the net financial result in 1Q11 decrease of R$ 422 thousand. The

effect was caused primarily by changes in the interest rate of debt and financial applications.

Compared to 1Q10, the net financial result negative increased 24.0% , from R$ 48,9 million to

R$ 60,7 million.

The main factors contributing to such variation include:

Increase of R$ 39.6 million in financial charges generated by the issue of debentures which

were realized by state concessionaires;

Reduction of R$ 1.3 million in "Monetary Correction of Fixed Concession Charge“ caused by

the decrease in the IGP-M inflation index;

Increase of R$ 26.9 million in revenues from financial investments due to the increase of CDI.

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NET INCOME

RESULTS EVOLUTION

Main Factors Leading

In 1Q11, the consolidated net income grew 11.9% over the previous quarter. The main factors leading to the increase were:

star-up of 100% of the toll plazas operation in federal concessions, contractual tariff adjustments, and two-way

charging at the Centrovias toll plazas.

63.3 78.0

70.8

1Q10 4Q10 1Q11

11.9%

11

36.3%

50.5%

13.1%

TJLP CDI IPCA

36.3%

63.0%

0.7%

BNDES Debentures Others

INDEBTNESS

GROSS INDEBTNESS (R$ MN) LEVERAGE RATIO AND NET DEBT (R$ MN)

DEBT COST BREAKDOWN AMORTIZATION SCHEDULE OF DEBENTURES (R$ MN)

1,158 1,197 735

947

1,784

1,186 1,281 1,234 873

267

739

922 847

37 1,287 1,223

1,554 1,882 1,425

1,936

1,657 1,794 1,822

2,474 2,504

2,789 2,754

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Short Term Long Term

1,174 1,291 1,325 1,346 1,354 1,450 1,455 1,523 1,453

2.5 2.6 2.4

2.2 1.9 1.8 1.7 1.7

1.6

(2,0)

(1,5)

(1,0)

(0,5)

-

0,5

1,0

1,5

2,0

2,5

3,0

-

500

1.000

1.500

2.000

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Net Debt Net Debt / Ajusted EBITDA - Fixed Concession Charge (last 12 months)

250.8

335.1 335.8

278.4

118.0 118.1

2012 2013 2014 2015 2016 2017

76.3% of long-term debt consisted of debentures

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INDEBTNESS

BNDES Long Term Loan (Federal Concessions)

On March 31, 2011, two such bridge loan agreements relating to the concessionaires Autopista Régis Bittencourt and

Autopista Planalto Sul were replaced by long-term debt. The following conditions approved:

Until March 31, 2011, R$ 414,3 million were disbursed as long term loans for the concessionaires Autopista Régis Bittencourt

and Autopista Planalto Sul.

The long-term financing from BNDES to concession companies Autopista Fernão Dias, Autopista Litoral Sul and Autopista

Fluminense are being examined by BNDES.

BNDES Bridge Loan (Federal Concessions)

Until March 31, 2011 R$955.4 million already has been disbursed, with R$541.1 million as bridge loans for the

concessionaires Autopista Fluminense, Autopista Litoral Sul and Autopista Fernão Dias.

CREDIT A CREDIT B CREDIT A CREDIT B CREDIT C

R$ 446,395,000 R$ 623,100,00 R$ 184,057,000 R$ 90,007,000 R$ 57,280,000

Amort. 144 months Amort. 126 months Amort. 144 months Amort. 138 months Amort. 120 months

Grace Period: 12 months Grace Period: until 06/15/14 Grace Period: 18 months Grace Period: until 06/15/14 Grace Period: until 12/15/15

Cost TJLP + 2.21% p.a Cost TJLP + 2.21% p.a Cost TJLP + 2.58% p.a Cost TJLP + 2.58% p.a Cost TJLP + 2.58% p.a

RÉGIS BITTENCOURT RÉGIS BITTENCOURT

Total: 1,069,495,000 Total: 331,344,000

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CAPEX AND MAINTENANCE

Intangible and

Property (A)

Maintenance

Realized (B)

Intangible and

Property (A)

Maintenance

Realized (B)

Autovias 5,967 286 5,681 5,140 1,580 3,560

Centrovias 6,451 3,632 2,819 10,240 7,582 2,658

Intervias 16,748 1,868 14,880 6,042 2,963 3,079

Vianorte 8,542 1,896 6,646 9,990 3,245 6,745

State Concessions 37,708 7,682 30,026 31,412 15,370 16,042

Planalto Sul 18,717 18,717 - 13,035 13,035 -

Fluminense 19,115 19,115 - 9,301 9,301 -

Fernão Dias 34,164 34,164 - 26,473 26,473 -

Régis Bittencourt 39,883 39,883 - 27,693 27,693 -

Litoral Sul 25,641 25,641 - 15,192 15,192 -

Federal Concessions 137,520 137,520 - 91,694 91,694 -

Total 175,228 145,202 30,026 123,106 107,064 16,042

Others invest. and consolidation adjustments 2,913 2,913 - 6,281 6,281 -

Total 178,141 148,115 30,026 129,387 113,345 16,042

1Q11 1Q10

IFRSCapex

Cash Flow (R$ Thousand)

Before

IFRS (A + B)

IFRSBefore

IFRS (A + B)

Investments in Intagible Assets

OHL Brazil companies invested about R$ 148.1 million in fixed and intagible assets in 1Q11, a significant portion of that amount

(92.8%) was allocated to projects conducted by federal concessionaires, R$ 137.5 million, standing out duplication of Serra do

Cafezal, implantation of pedestrian crossing, implementation of marginal and recovery of pavement.

Maintenance of Roads

Regarding state concessionaires, it was spent R$ 30,0 million in maintenance work for state highways which, in turn, have

already reached an advanced stage of maturity, investmentwise.