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Earnings Results 1Q14 May, 2014

Presentation 1Q14

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Presentation 1Q14

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Page 1: Presentation 1Q14

Earnings Results 1Q14May, 2014

Page 2: Presentation 1Q14

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Disclaimer

This presentation may contain certain forward-looking projections and trends that neither

represent realized financial results nor historical information.

These forward-looking projections and trends are subject to risk and uncertainty, and

future results may differ materially from the projections. Many of these risks and

uncertainties are related to factors that are beyond CCR’s ability to control or to estimate,

such as market conditions, currency swings, the behavior of other market participants, the

actions of regulatory agencies, the ability of the company to continue to obtain financing,

changes in the political and social context in which CCR operates or economic trends or

conditions, including changes in the rate of inflation and changes in consumer confidence

on a global, national or regional scale.

Readers are advised not to fully trust these projections and trends. CCR is not obliged to

publish any revision of these projections and trends that should reflect new events or

circumstances after the realization of this presentation.

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Agenda

Highlights

Results Analysis

Perspectives

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1Q14 Highlights

TRAFFIC:

Consolidated traffic grew by 9.1% in 1Q14. Considering Renovias, there was an increase of

9.2%.

TOLLS COLLECTED BY ELECTRONIC MEANS:

The number of STP users increased by 14.2% over March 2013, reaching 4,427,000 active

tags.

ADJUSTED EBITDA:

Same basis adjusted EBITDA1 increased by 14.6% in 1Q14, accompanied by same basis

adjusted EBITDA margin1 of 67.6% (+2.6 p.p.).

NET INCOME:

Net income on the same basis1 reached R$ 361.8 million, growth of 7.5%.

1 Adjusted EBITDA excludes Curaçao Airport, MSVia, Metro Bahia and BH Airport. 4

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Subsequent Event

BH Airport:

On April 7, 2014, CCR entered into the Concession Agreement related to the concession for

the expansion, maintenance and exploration of BH Airport. The concession will have 30-year

term and CCR holds a total interest of 38.25% in the concessionaire.

Dividends:

Approval of complementary distribution of dividends in the amount of R$0.0570773 per

share, totaling R$100.8 million, paid as of April 30, 2014.

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Financial Highlights

Revenue growth ...

... reflects the positive traffic performance.

1- Net Operational Revenues excludes Construction Revenues.

2- Adjustment excluding Curaçao Airport, MSVia, Bahia Subway and BH Airport. Additionally, the pro forma excludes VLT.

3- The EBIT and EBITDA adjusted margin was calculated by dividing the EBIT and EBITDA by net revenues, excluding construction

revenues, because this is an IFRS requirement, whose counterpart in the same amount impacts total costs.

4- Calculated without non cash expenses: depreciation and amortization, maintenance provision and settlement of prepaid expenses.

Net Revenues1 1,206.2 1,350.6 12.0% 1,383.5 1,543.2 11.5%

Adjusted Net Revenues on the same basis2 1,206.2 1,327.8 10.1% 1,383.5 1,520.4 9.9%

EBIT 605.6 655.2 8.2% 674.0 745.6 10.6%

Adjusted EBIT Mg.3 50.2% 48.5% -1.7 p.p. 48.7% 48.3% -0.4 p.p.

EBIT on the same basis2 605.6 682.7 12.7% 674.0 774.0 14.8%

EBIT Mg. on the same basis2 50.2% 51.4% +1.2 p.p. 48.7% 50.9% +2.2 p.p.

Adjusted EBITDA4 783.6 874.4 11.6% 882.8 994.8 12.7%

Adjusted EBITDA Mg.3 65.0% 64.7% -0.3 p.p. 63.8% 64.5% +0.7 p.p.

Adjusted EBITDA on the same basis2 783.6 898.2 14.6% 882.8 1,019.1 15.4%

Adjusted EBITDA Mg. on the same basis2 65.0% 67.6% +2.6 p.p. 63.8% 67.0% +3.2 p.p.

Net Income 336.7 343.1 1.9% 336.7 343.1 1.9%

Net Income on the same basis2 336.7 361.8 7.5% 336.7 361.8 7.5%

1Q13 1Q14 Chg %

IFRS Proforma

Financial Indicators (R$ MM) 1Q13 1Q14 Chg %

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Traffic – Quarter Change (Proforma)

Consolidated – Equivalent Vehicle

Revenue and traffic 1Q14 X 1Q13 (%)

* Information including Renovias which is contemplated in the proforma method.

AutoBAn NovaDutra RodoNorte Ponte ViaLagos ViaOeste Renovias RodoAnel SPVias

10.3

3.4

9.7

2.0

12.4 9.9

12.2 14.0

10.6 10.2

4.2

15.8

2.0

18.3

9.6

6.3

14.0

10.8

Traffic Toll Revenues

1Q09 1Q10 1Q11 1Q12 1Q13 1Q14

163,241

194,597

228,120 239,841 244,606

267,039

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Revenue Analysis (Proforma)

1Q11 1Q12 1Q13 1Q14

63% 66% 67% 69%

37% 34% 33% 31%

Electronic Cash

AutoBan28.0%

NovaDutra16.8%

ViaOeste13.4%

RodoNorte10.0%

SPVias8.0%

Airports4.8%

STP3.6%

RodoAnel3.2%

ViaQuatro3.0%

Ponte2.3%

Barcas2.3%

Renovias2.2%

ViaLagos1.9%

Samm0.5%

Payment Means

Gross Operating Revenues Gross Revenue Breakdown

* Including the proportional results of jointly-owned subsidiaries.

1Q11 1Q12 1Q13 1Q14

92% 91% 85% 84%

8% 9% 15% 16%

Toll Others

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Costs Evolution (1Q14 X 1Q13)

1Q13 Depreciationand

Amortization

Third-partyServices

GrantingPower andAdvanced

Expenses

PersonnelCosts

ConstructionCosts

MaintenanceProvision

OtherCosts

1Q14 Ex NewBusiness

1Q14Ex New

Business

704.7

911.7

842,8

2920 (5) 25

11212 14 (69)

Same Basis

Cash Cost:

+1.6%

Total Costs (R$ MM)

NewProjects

Performed Workand

New Projects

AdditionalProvisioning

of RodoNorte

Construction of Service Roads, Additional Lanes, Fiber-Optic

Network and Curaçao

New Projectsand

Wage Increase

13%20%

107%19%

24%-5%

20%36% 30%

NewProjects

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Proforma EBITDA

1Q13Proforma

EBITDA

1Q14Proforma

EBITDA

ExNew

Projects

1Q14Proforma

EBITDAExcluding

New Projects

882.8

994.8 1,019.124.2

63.8%

of Mg.

64.5%

of Mg.67.0%

of Mg.

Expansion of 3.2 p.p. of Proforma EBITDA on the same basis margin ...

... reflects the position of constant gain in efficiency of CCR.

+ 15.4%

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1Q13 NetFinancial Result

Income fromHedge Operation

MonetaryVariation

Exchange Rate Variation on Loans,

Financing and Debentures

Present Value Adjustment of

Maintenance Provision

Interest on Loans, Financing and

Debentures

Interest and Investment Income

and Other Income

Fair Value ofHedge Operation

Others 1Q14 NetFinancial Result

(137.6)

(190.5)

0.8 (7.9) 1.2 (0.5)

(68.3) 23.0

2.5 3,7

Financial Results

Change in the quarter financial results reflects ...

... the increase in the average SELIC rate beyond the higher debt stock.

38%

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Same Basis Income(1)

1Q13Net

Income

1Q14Net

Income

ExNew

Projects

1Q14Net Income

ExcludingNew Projects

336.7 343.1 19 361.8

2%

(1) Same Basis: Excluding Curaçao Airport, MSVia, Metro Bahia and BH Airport.

8%

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Debt in March 31, 2014

CDI88.1%

IPCA8.0%

USD2.0%

TJLP1.9%

Gross debt by indexer

Amortization Schedule (R$ ‘000)

• Total Gross Debt: R$ 8.7 Bi

• Net Debt / EBITDA: 1.9x...

2014 2015 2016 2017 From2018

2,028 1,965

3,229

450

127 188

61

172

484

CDI Outros

484622

3,290

2,1532,155

2014 2015 2016 2017 From2018

2,028 1,965

3,229

450

127 188

61

172

484

CDI Others13

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Debt

6,152 5,8936,330 6,344

7,212 7,018 6,944 6,600

7,609 7.6207,002 6,902

2.11.9 2.0 1.9

2.2 2.1 2.01.8

2.0 1,9 2.0 1.9

-2,5

-1,5

-0,5

0,5

1,5

2,5

0

2.000

4.000

6.000

8.000

10.000

12.000

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 4Q13 1Q14

Net Debt (R$ MM) Net Debt/EBITDA (x)

Company presents a comfortable leverage ratio in order to realize the investments in business recently

conquered ...

... and follow with it’s qualified growth.

Net Debt / EBITDA LTM

IFRS10 and 11Proforma Data

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1Q14 Realized Investments and Maintenance

AutoBAn 59.0 1.9 60.9 0.1

NovaDutra 35.8 1.3 37.0 10.7

ViaOeste 7.2 1.7 8.9 5.5

RodoNorte (100%) 12.5 1.1 13.5 10.3

Ponte 1.0 0.2 1.1 0.5

ViaLagos 20.3 0.4 20.7 1.9

SPVias 37.4 2.2 39.6 9.4

ViaQuatro (58%) 0.5 0.4 0.8 0.0

Renovias (40%) 1.7 0.1 1.9 0.1

RodoAnel (100%) 4.1 0.4 4.5 0.0

Controlar (45%) 0.0 0.5 0.5 0.0

SAMM 1.4 9.1 10.5 0.0

ViaRio (33.33%) -0.4 0.0 -0.3 0.0

Quito 8.4 1.0 9.3 0.0

San José 1.4 0.0 1.4 0.0

Curaçao 1.5 0.0 1.5 0.0

Barcas 0.2 2.9 3.1 0.0

VLT (24.44%) 1.4 0.1 1.5 0.0

Metrô Bahia 4.6 1.1 5.7 0.0

BH Airport 0.0 0.0 0.0 0.0

MSVia 1.2 1.9 3.1 0.0

STP (34.24%) 2.0 6.8 8.7 0.0

Other1 0.0 9.4 9.4 0.0

Consolidated 201.2 42.2 243.4 38.3

1 - Includes CCR and CPC.

Equipments and

OthersTotal Maintenance Cost1Q14 - R$ MM

Performed Investments Performed maintenance

Improvements

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Dividends (Cash)

2.2%

4.2%

4.8%

3.8% 3.9%

5.0%4.6% 4.7%

3.9%3.7%

3.9%

16%

58% 61% 65%

92%85% 85%

127%

90% 90%96%

-70%

-20%

30%

80%

130%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

1 2 3 4 5 6 7 8 9 10 11

Div. Yield Payout

Commitment to pay at least 50% of net income as dividends to shareholders

1 Considers the average share price in the year

2013 Dividends

0.06

0.68 Interim

Complementary

2013 Cash dividends

paid per share

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

183263

500547

580

714 709 672

899

1,177

1,351

Net Income

2,2%

4,2%

4,8%

3,8% 3,9%

5,0%4,6% 4,7%

3,9%3,7%

16%

58% 61% 65%

92%85% 85%

127%

90% 90%

-70%

-20%

30%

80%

130%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

1 2 3 4 5 6 7 8 9 10

Div. Yield Payout

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Track Record

Milestone Concession Awarded Acquisition Concession Extension

IPO

(2002)STP

(2003)Follow-on

(April 2004)ViaOeste

(October 2004)RodoNorte

(2005)

AutoBAn +

ViaOeste

Concession

Extension (2006)ViaQuatro

(2006)USA

(2007)

(2008)

RenoVias

RodoAnel

(2008)Controlar

(2009)

Follow-on

(2009)

SP VIAS

(2010)

CCR Track Record: diversification and new bids

Via Lagos

Concession

Extension (2011)

• Airports: Quito, San

José and Curaçao

•Barcas

•ViaRio

(2012)• Increase in

Curaçao stake

(2013)

• VLT

• Salvador and

Lauro de Freitas

Subway Line

• BH Airport

• BR-163 (MS)

(2013)

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