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1Q07 Earnings May 16, 2007

Apimec – 1 q07 results

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Page 1: Apimec – 1 q07 results

1Q07 Earnings

May 16, 2007

Page 2: Apimec – 1 q07 results

2

Forward Looking Statement

This presentation contains certain statements that are neither reported financial results or other historical information. They are forward-looking statements.

Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond CCR’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of governmental regulators, the Company's ability to continue to obtain sufficient financing to meet its liquidity needs; and changes in the political, social and regulatory framework in which the Company operates or in economic or technological trends or conditions, inflation and consumer confidence, on a global, regional or national basis.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. CCR does not undertake any obligation to publicly release any revisions to these forward looking statements to reflect events or circumstances after the date of this presentation.

Page 3: Apimec – 1 q07 results

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Highlights

Results

Outlook

Agenda

Page 4: Apimec – 1 q07 results

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Highlights

Operating

4.6% traffic increase in 1Q07.

Gross revenue totaled R$ 545.9 million (+6.1%).

Net Income reached R$ 146.8 million (+27.3%).

35.0% increase in AVI users, totaling 771 users.

Page 5: Apimec – 1 q07 results

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Highlights

Corporate

On April 10, 2007, CCR complemented the payment of dividends of R$ 0.50 per share for the fiscal year 2006, or R$ 201.6 million, added to R$ 254.0 million paid in September 2006, it represents a total payment of R$ 455.6 million for the fiscal year 2006, totaling a payout of 83.2% over the total dividend paid for the fiscal year.

On April 11, 2007, CCR informed its shareholders and the market that the Board of Directors of the “Northwest Parkway Public Highway Authority” elected the consortium formed by CCR (10%) and Brisa (90%) the preferred bidder for the concession of the “Northwest Parkway” highway.

Page 6: Apimec – 1 q07 results

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Results

…traffic and reduction of operating costs

1Q07’s results reflect a combination of factors...

(1) Total Cost + Administrative Expenses(2) Includes prepaid expenses

R$ MillionFinancial Highlights 1Q06 1Q07 Var %Net Revenues 514.5 545.9 6.1%Total Cost (1) (301.2) (285.4) -5.3%EBIT 213.3 260.5 22.2%EBIT Mg. 41.5% 47.7% +6.2 p.p.Depreciation and Amortization (2) 85.3 80.3 -5.8%EBITDA 298.6 340.9 14.2%EBITDA Mg. 58.0% 62.4% +4.4 p.p.Financial Result, net (40.2) (43.2) 7.4%Net Income 115.4 146.8 27.3%

Page 7: Apimec – 1 q07 results

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Operating Margin Evolution

(*) Pro forma figures, excluding concession fee

EBITDA x EBITDA Margin

R$

mill

ion

Adjusted* EBITDA andmargin

R$

mill

ion

218276

362 382

66% 67%70% 70%

1Q04 1Q05 1Q06 1Q07

174224

299341

52%54%

58%62%

1Q04 1Q05 1Q06 1Q07

Page 8: Apimec – 1 q07 results

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Revenues

Toll96,2%

STP 1.7% Other 2.1%

Revenue Breakdown

96,2%

Toll Payment Method

Concession Breakdown

69.,4% 63.0% 55.7% 52.6%

30.6% 37.0% 44.3% 47.4%

1Q04 1Q05 1Q06 1Q07

ElectronicCash

AutoBAn36%

NovaDutra

27%

ViaOeste 16%

Rodonorte12%

Ponte4%

Via Lagos

3%

Outras2%

Page 9: Apimec – 1 q07 results

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Traffic - Quarterly Evolution

5.8%

1.7%

7.3%

0.6%

6.8%

-0.1%

AutoBAn NovaDutra Rodonorte Ponte Via Lagos ViaOeste

125131

10794

1Q04 1Q05 1Q06 1Q07

+ 4.6%

1Q07 x 1Q06 – Concession Breakdown(Equivalent Vehicles )

Quarterly Historical Evolution(Equivalent Vehicles – million)

Page 10: Apimec – 1 q07 results

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...continuous focus for CCR‘s management.

Operating efficiency is a ...R

$ (m

illio

n)

331 411

514 546

1Q04 1Q05 1Q06 1Q07

64%

61%

59%

52%

213252

301 285

Net Revenue & Total Costs

Other: insurance, rent, routine maintenance, marketing, travel and electronic payment.

Third-Party Services: auditing, consulting and shared services.

D&A

Third-Party

Concession Fee

Payroll

Other

Net Revenue

27%

27%

22%

12%12%

27%

30%

15%

14%

14%

24%

22%10%16%

28%

25%

31%

22%

10%12%

Page 11: Apimec – 1 q07 results

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Gross Debt

Indebtedness

Net Debt

(R$

(mill

ion) 1.039

1.1331.116

983

0.950.79

1.401.70

1Q04 1Q05 1Q06 1Q07

Short Term Long Term In R$

1,703

1Q04 1Q05 1Q06 1Q07

67%

1,237

(R$

(mill

ion)

1,332 1,396

87%

69%

100%

Net Debt Net Debt / EBITDA

100% In Local currency

...allows great flexibility to participate in new bids.

Current unleveraged balance sheet...

Page 12: Apimec – 1 q07 results

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Indebtedness

Source of Funding Debt Amortization

(R$

(mill

ion)

IGP-M + 9.5%-11%

28%

103.3%-105% CDI

27%

104.%-106.4% CDI

24%

TJLP + 4.5%-5.0%

21%

OtherBNDES

Debentures Debentures

284

183

627

269200

8554

2007 2008 2009 2010 2011 2012 After 2012

...to the Company’s growth nor to refinancing its current portfolio.

Sources of funding are neither a growth boundary...

Page 13: Apimec – 1 q07 results

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Capital Expenditures

CAPEX Schedule

CAPEX (R$ MM) 1Q06 1Q07 2007(E) 2008 (E)AutoBAn 41 28 287 235NovaDutra 16 20 154 139ViaOeste 36 43 193 33Rodonorte 10 9 42 63Ponte 5 2 32 7Via Lagos 2 1 5 3ViaQuatro 0 76 59Other 1 1 2 9 9Consolidated 110 105 799 547(1) Includes CCR, Actua, Engelog, Parques and STP

Page 14: Apimec – 1 q07 results

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New Businesses

São Paulo Concessions

Mexico and United States

Federal Concessions

Secondary Market

Correlated Businesses

PPP`s

Brazil is still the main growth driver.

Page 15: Apimec – 1 q07 results

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Social and Cultural Responsibility Policy

Tela Brasil Cinema 236,000Roda Brasil Circus 74,000

Culture

Road to Citizenship 539,000 childrenI Use de Pedestrian Crossing 20,000 children, youngsters and adultsWays to Life Institute 1,200 students

Road to Health 25,000 truckersHumanized Childbirth 21,000 peopleRodoPac 20,000 driversTrucker’s Health 1,700 drivers

Health

Back Home

Social

Quality Gincane Received more than 291 tonnes of food

Odontological Trailler 5,000 drivers

Life Volunteers 453 blood donatorsI am “Sangue Bom” 800 blood donators

Education

People in 2006

Page 16: Apimec – 1 q07 results

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Ricardo Froes – CFO [email protected]: 55 (11) 3048-5921

Arthur Piotto Filho – [email protected]: 55 (11) 3048-5932

BOVESPA: CCRO3Bloomberg: CCRO3 BZ

Reuters: CCRO3.SA

[email protected] www.ccrnet.com.br/ir

Investor Relations

Page 17: Apimec – 1 q07 results