1

Conference Call

May 16, 2008

1Q08 Earnings Results

2

Overview

Controlling shareholder broad experience. OHL Concesiones;

Consistent cash generation and financial strength. Strong Adjusted EBITDA growth andlow indebtedness level;

Potential for Growth. High potential for expansion through Public Auction and Acquisitionsin the Secondary Market;

NOVO MERCADO. Corporate governance best practices (Bovespa’s Novo Mercado –OHLB3, with a 40% free float).

OHL Brasil is the largest road operator in the country in terms of managed kilometers,with 3,226 km. OHL Brasil manages 25% of the total Brazilian toll roads currently underconcession in Brazil.

3

New Portfolio

High Market-Share. After the our performance in the last Federal Roads Auction, we haveincreased our market share from 9% to 25% in terms of managed kms;

Privileged Location. OHL Brasil consolidated its participation in the main economic axesof the country;

Large Population. We have incremented our participation in a region with high populationdensity, 77 hab./km² against 22 hab./km² in the national average. There are approximately35 million people living close to our highways. If we considering the States in which weoperate they are 90 million people or 50% of the Brazilian population;

Fleet of Vehicles. The States in which we operate hold more than 2/3 of the Brazilian fleetof vehicles, according to Anfavea.

The 5 toll roads won by OHL Brasil in the last auction promoted by ANTT added 2,078kilometers of highways in the portfolio managed by the Company, which became with3,226 km under management.

4

Traffic Performance

Traffic Performance (in ‘000 equiv.-vehicle) Traffic Performance (in ‘000 equiv.-vehicle) – “Autovias adjust.”

Autovias Adjustment: Traffic’s Average in São Simão and Sta. Rita toll plazas in 4Q07 and 1Q08

Vianorte

Intervias

Autovias

Centrovias

8,7239,2735,036

5,2384,940

11,75912,833

11,384

6,6397,064

6,257

5,553

32,35934,724

27,617

1Q084Q071Q07

17.2%

- 6.8%

5,8846,2165,036

5,2384,940

11,75912,83311,384

6,6397,0646,257

5,553

29,52031,667

27,617

1Q084Q071Q07

6.9%

- 6.8%

5

Toll Tariff Performance

Average Toll Tariff (R$) Average Toll Tariff (R$) – “Autovias adjust”

- 3.8%

0.4%

5.40

5.20 5.22

0.3%

5.9%

5.40

5.70 5.72

1Q084Q071Q07 1Q084Q071Q07

Autovias Adjustment: Traffic’s Average in São Simão and Sta. Rita toll plazas in 4Q07 and 1Q08

6

Net Revenue Performance

31,964 42,096 39,769

32,71438,289 36,326

41,15648,312 44,364

31,831

37,98335,553

137,666

166,680156,012

13.3%

- 6.4%

Vianorte

Intervias

Autovias

Centrovias

Net Revenue (in R$ thousand)

Electronic Toll - AVI (% Toll Revenue)

1Q084Q071Q07

25%

23%

29%

23%

Net Revenue per Concessionaire

46,9%46,4%44,6%

49,7%49,1%46,3%

46,7%45,6%44,2%

45,1%45,4%41,4%

47,1%46,5%44,2%

1Q084Q071Q07

46.9%46.4%44.6%

49.7%49.1%46.3%

46.7%45.6%44.2%

45.1%45.4%41.4%

47.1%46.5%44.2%

7

Adjusted EBITDA and Margin

Adjusted EBITDA (in R$ thousand)

79,847

104,36793,027

58.0%

62.6%

59.6%

1Q07 4Q07 1Q08

16.5%

- 10.9%

8

Financial Result

IGP-M (FGV)

1.11%

3.54%

2.38%

1Q07 4Q07 1Q08

50.3%

23.4%23.2% BNDES/CEF

26.6%

26.3%

40.5% Other financial expenses

30.6%

17.4%

36.3% Monetary correction of fixed concession charge

1Q07 4Q07 1Q08

Financial Expenses Breakdown (% total of the financial expenses)

Financial revenues 5,030 2,209 2,190 (0.9%) (56.5%)Financial expenses (24,360) (33,851) (32,652) (3.5%) 34.0% BNDES/CEF (8,700) (7,933) (7,587) (4.4%) (12.8%)Other financial expenses (9,991) (8,891) (13,217) 48.7% 32.3% Monetary Correction of Fixed Concession Charge (5,669) (17,027) (11,848) (30.4%) 109.0% Net Exchange Variation 26 (119) (21) (82.4%) (180.8%)Net Financial Result (19,304) (31,761) (30,483) (4.0%) 57.9% % Net Revenue 14.0% 19.1% 19.5%

Var % 1Q08/4Q07

Var % 1Q08/1Q07Financial Result (in R$ thousand) 1Q084Q071Q07

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Net Income

Results Evolution (in R$ thousand)

9,152

18,346 -2,763-3,798

-11,179

-56 -824 8,878

Net Income 1Q07

Net Income

1Q08

Net. Revenue

Costs Expenses.G&A

Financ..Result.

NonOper.Result.

IT/SC

- 3.0%

10

Debt Structure

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

Debt Cost Breakdown Amortization Schedule (in R$ million)

215 199 186263 250 246

110 116316

52 75 76

327 335 291407 394

375266 274 262

590 585 537 517 511

691

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

Short Term Long Term

103 200 204

429 420 467 456 429 416

0.4x

0.8x 0.8x

1.4x 1.5x1.3x

1.1x 1.1x

1.5x

1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08

Net Debt Net Debt / Adj. EBITDA (LTM)

56.5%53.5%

42.4%45.1%

0.7% Other1.1%1.4%

39.6% TJLP

59.6% CDI

1Q084Q071Q07

316

71

260

24 14 6

apr/08 tomar/09

apr/09 todec/09

2010 2011 2012 2013

11

CapEx

CapEx Breakdown 1Q08

R$ 49.6 million

Federals

Other

188

250

210

118

7050 47

2006 2007 2008/E 2009/E 2010/E 2011/E 2012/E

Estimated CapEx – STATE (in R$ thousand)

776

1,196986

831

368

YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5

Estimated CapEx* - FEDERAL (in R$ thousand)

* Estimated CapEx in our proposals (date based jul/07)

23%

33%

11%

16%

15%

2%

Initial work of road recovery

12

Share Performance – OHLB3

116.3

110.2

70

80

90

100

110

120

01/17/08 02/06/08 02/26/08 03/17/08 04/06/08 04/26/08 05/12/08

145.3

272.3

100

150

200

250

300

oct-05 jan-06 apr-06 jul-06 oct-06 jan-07 apr-07 jul-07 oct-07 jan-08 apr-08

OHLB3Ibovespa

10

30

50

70

oct-05 jan-06 apr-06 jul-06 oct-06 jan-07 apr-07 jul-07 oct-07 jan-08 apr-080100

300

500

700

Daily Volume TradedVolume Traded MA 90 traded Shares Traded MA 90 trades

Dat

e ba

sed

07/1

5/05

= 1

00

In R

$ m

illion

Thou

sand

Sha

res

Dat

e ba

sed

12/2

8/07

= 1

00

Until 05/12/2008

Performance Share in 2008

Performance Share since IPO Volume Traded x Shares Traded

Federal Auction

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2nd Round of São Paulo State Concessions. 5 lots, totaling 1,500 kms. Estimated tooccur even in 2008. The roads are Ayrton Senna/Carvalho Pinto, Dom Pedro I, RaposoTavares, Marechal Rondon (Leste e Oeste);

3rd Round of Federal Concessions. Totaling 4,059 km. Estimated to occur even in 2008;

Minas Gerais State. 16 lots with 7,000 kms. Estimated to occur in 1H09;

Federal Concessions in Bahia State . 637 km. Estimated to occur in 2H08;

PPP’s (Public and Private Partnerships);

Secondary Market.

OHL Brasil maintains its aim to grow and develop the Brazilian market of toll roadconcessions. To do this we continue to analyze new opportunities in the sector.

New Opportunities

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This presentation contains forward-looking statements relating to the prospects of thebusiness, estimates for operating and financial results, and those related to growthprospects of OHL Brasil. These are merely projections and, as such, are basedexclusively on the expectations of OHL Brasil’s management concerning the future ofthe business and its continued access to capital to fund the Company’s business plan.

Such forward-looking statements depend, substantially, on changes in marketconditions, government regulations, competitive pressures, the performance of theBrazilian economy and the industry and are, therefore, subject to change without priornotice.

Notice