Investor Relations

Company Presentation

4Q14

Disclaimer

This presentation contains forward-looking statements concerning the business

prospects, estimates of operating and financial results and growth outlook of Arteris,

which are based exclusively on the expectations of the management of Arteris

concerning the future of its business and its continued access to capital to fund its

business plan.

These forward-looking statements may be affected by on changes in market conditions,

government regulations, industry performance, new highway privatization programs,

the economic scenario and other factors, as well as the risks described in the

disclosure documents filed by Arteris, and are subject to change without prior notice.

Pag. 3

Index Pag. 4

1.Arteris and the Toll Road Industry

2.Highlights: Operating and Financial

3.Strategic Priorities

4.Appendix

3.1 Investiments

3.2 Efficient Operations

3.3 Strengthening of corporate image and social responsability

1. Arteris And The Toll Road Industry

1. Arteris and the Toll Road Industry Pag. 6

History and Profile

Largest company in Brazil’s toll-road industry in kilometers managed: 3,250 km in operation

Presence in 5 states, that concentrates:

- 65% of country’s GDP

- 43% of country’s population

- 2/3 of country’s vehicle fleet

17% market share of total kilometers of highway operated under concession

16% market share of total toll plazas revenues of highway operated under concession

Traffic: 726.3 million vehicles in 2014

Average remaining term of contracts of 13 years

Total employees: 6,499 (December 2014)

ANTT’s Auction

IPO Vianorte

Acquisition

2nd Round of the

Federal Highway

Concession

Program

1997

Launch of

operations in

Brazil

Acquisition of

6% of Autovias

Centrovias Acquisition

Launches

operations of

Litoral Sul,

Planalto Sul,

Fluminense, Régis

Bittencourt and

Fernão Dias

1998

2001 2002

2004

2005

2007

2008

Intervias Acquisition

2006

2012 Abertis and

Brookfield as new

controlling

shareholders

CAGR 07-14

36.70%

CAGR 07-14

23.20%

Thousand

vehicles/day

concessionaires

KM under

management

1. Arteris and the Toll Road Industry Pag. 7

Arteris Evolution in a Nutshell

1997

Consolidation Profitability and value creation

Market Entry Portfolio

Expansion

• Launch of Operations in Brazil

• Regulatory framework being developed, higher execution and country risk

1998 - 2007

• Acquisitions of 4 State Concessions (1998-2005)

• 2nd Round of the Federal Concession Program (2007) – winning of 5 roads

• Arteris breaks the paradigm of high toll tariffs

• Political and economic stability

2007 - 2012

• State concessions became cash cows

• Federal roads in full operation and capex delivery

• Regulatory framework well consolidated

• Brazil reaches investment grade

• Strong competition for new projects

2012 - Today

• Abertis and Brookfield as new controlling shareholders (2012)

• Capex delivery, best practices and synergies plan

• Brazilian government releases a large concessions package on highways and railways

1. Arteris and the Toll Road Industry Pag. 8

Concessions in Brazil

Operation of highways delegated to the

private sector through concession

contracts

Granting of concession preceded by

bidding process

Charging of tolls

Economic and financial equilibrium

Annual toll adjustment based on inflation

Concessionaires assume operational risks

and investments in highways

Public assets returned in good conditions

at the end of the concession period

Basic principles

Reduction in

Accidents

Reduction

in “Brazil

Cost” Significant

increase in service

quality

History of the Regulatory Framework

1993 Passing of Law 8.666 establishing concession contracts and bidding processes

1993 Launch of federal highway concession program

1996

Law 9.277 authorizes federal government to delegate to states and

municipalities the management and operation of certain federal highways

1997 States of São Paulo, Paraná and Rio Grande do Sul conduct their own highway

concession programs

2001 Launch of restructuring process in the transportation sector by the federal

government, creating CONIT, ANTT and DNIT

2002 Creation of São Paulo State Public Transportation Services Regulatory Agency

(ARTESP)

Concession

Authority

Regulatory

Agency

Concessionaire Grant the

right to

operate public

assets

Develop concession

models

Manage contracts and

ensure economic and

financial equilibrium

Supervise and control

compliance with

contractual terms

Responsibilities

User

2003

Dissolution of DNER; DNIT and ANTT assume respectively highway

construction / maintenance projects and the regulation, granting and supervision

of concessions

Improve

transportation

infrastructure

Operate highways

Provide high

quality services

to users

2013 Resolution of Artesp and ANTT about the marginal cash flow to enable new

investments on the existing concession contracts

(4)

1.473,5 km

CONCER RJ BR 040 - Rio de Janeiro - Juiz de Fora 179,7 km

CRT RJ BR 116 - Rio de Janeiro - Teresópolis - Além Paraíba 142,5 km

Ponte RJ BT 101 - Ponte Rio-Niterói 13,2 km

Nova Dutra RJ-SP BR 116 - Rio de Janeiro - São Paulo 402 km

CONCEPA RS BR 290 - Osório - Porto Alegre 112,3 km

Ecosul RS BR 116-293-392 - Pólo de Pelotas 623,8 km

Second Round 2.620,8 km

Régis Bittencourt SP-PR BR 116 - São Paulo - Curitiba 401,6 km

Fernão Dias MG-SP BR 381 - Belo Horizonte - São Paulo 562,1 km

Litoral Sul PR e SC BR 116-376 e BR 101 - Curitiba - Florianópolis 382,3 km

Fluminense RJ BR 101 - Rio de Janeiro - Espírito Santo 320,1 km

Transbrasiliana SP BR 153 - São Paulo - Paraná 321,6 km

Planalto Sul SC BR 116 - Curitiba (SC e RS) 412,7 km

Rodovia do Aço RJ BR 393 - Minas Gerais - Rio de Janeiro 220,4 km

Second Round 680,6 km

Via Bahia BA BR 116 - Feira de Santana 554,1 km

BR 324 - Salvador - Feira 113,2 km

BR 526 - BR 324 - BA 528 9,3 km

BR 528 - BA 526 - Aratu 4,0 km

Third Round 475,9

ECO101 ES BR 101 no ES entre div isas RJ e BA 475,9 km

First Round (90´s)

Phase 1 (2007)

Phase 2 (2009)

Phase 2 (2012)

1. Arteris and the Toll Road Industry Pag. 9

Concessions in Brazil

Federal Highways

In operation

State Highways

In Operation

State Contracts 8.935 km

SP 18 5.390 km

PR 6 2.474 km

RJ / BA / ES/ MG/ PE 6 1.071 km

Consórcio Planalto

Third Round 4.872,8 km

BR 050 GO-MG Limits SP/MG - BR 040 436,6 km

BR 163 MT Limits MT/MS - Sinope 850,9 km

BR 060/153/262 DF/GO/MG Brasília - Uberaba - Betim 1.176,5 km

BR 163 MS Limits MT/MS - Limits MS/PR 847,2 km

BR 040 DF/GO/MG Juíz de Fora - Belo Horizonte - Brasília 936,8 km

BR 153 GO/TO Anápolis/ GO - Aliança do Tocantis/TO 624.8 km

Phase 3 (2013/2014)

1. Arteris and the Toll Road Industry Pag. 10

Concessions in Brazil

State highways (São Paulo State)

In operation

(40%)

aprox. 3.600 km

Autoban SP SP 330 (Anhanguera) - São Paulo - Cordeirópolis 147,1 km

SP 348 (Bandeirantes) - São Paulo Cordeirópolis 158,6 km SP 300 - Dom Gabriel Paulino Couto - Jundiaí 2,6 km SP 102/330 - Adalberto Panzan - Campinas 7,5 km

Autovias SP SP 255 - Ribeirão Preto - Araraquara 80,4 km SP 318 - São Carlos - Rincão 44,6 km SP 330 - Santa Rita do Passa Quatro - Ribeirão Preto 78,0 km SP 334 Ribeirão Preto - Franca 88,0 km SP 345 Itirapuã - Franca 25,5 km

Centrovias SP SP 225 - Itirapina - Bauru 143,6 km

SP 310 - Cordeirópolis - São Carlos 74,5 km

Ecovias SP SP 150 (Anchieta) - São Paulo - Santos 55,9 km SP 160 (Imigrantes) - São Paulo - Praia Grande 58,5 km SP 040/150 Interligação Planalto - São Bernardo do Campo 8,0 km SP 059/150 - Interligação Baixada - Cubatão 1,8 km SP 248/55 (Cônego Domênico Rangoni) - Guarujá - Santos 8,5 km SP 055 (Padre Manoel da Nóbrega) - Santos - Praia Grande 44,1 km

Intervias SP SP 147 - Itapira - Piracicaba 97,5 km SPI 157/340 - Contorno de Mogi Mirim 6,9 km SPI 165/330 - Contorno de Araras 4,7 km SP 191 - Mogi Mirim - Rio Claro 46,9 km SP 215 - Casa Branca - São Carlos 46,0 km SP 330 - Cordeirópolis - Santa Rita do Passa Quatro 82,0 km SP 352 - Itapira - Divisa Minas Gerais 22,6 km

Renovias SP SP 340 - Campinas - Mococa 167,6 km SP 342 - Mogi Guaçu Águas da Prata 79,6 km SP 350 - Casa Branca - SãoJosé do Rio Pardo 33,7 km SP 215 - Vargem Grande - Casa Branca 20,2 km SP 344 - Aguaí - Vargem Grande do Sul 42,5 km

Colinas SP SP 075 - Itu - Campinas 62,6 km

SPI 27 - Rio Claro - Tatuí 98,0 km SP 280 - Itu - Tatauí 50,2 km SP 300 - Jundiaí - Tietê 88,3 km SPI 102/300 - Contorno de Itu 7,9 km

SPVias SP SP 280 (Castello Branco) - Tatuí - Santa Cruz do Rio Pardo 185,4 km

SP 127 - Tatuí - Capão Bonito 97,3 km

SP 270 (Raposo Tavares) - Araçoiaba da Serra - Itapetininga 52,7 km

SP 258 - Capão Bonito - Itararé 119,9 km

SP 255 - Avaré - Itaí 50,4 km

Tebe SP SP 323 - Taquaritinga - Pirangi 44,1 km

SP 326 - Bebedouro - Barretos 47,0 km

SP 351 - Bebedouro - Catanduva 64,8 km

Triângulo do Sol SP SP 310 - São Carlos - Mirassol 226,5 km

SP 326 - Matão - Bebedouro 86,3 km

SP 333 - Sertãozinho - Borborema 129,4 km

Vianorte SP SP 325/322 (Bandeirantes) - Ribeirão Preto - anéis viários 8,6 km

SP 330 (Anhanguera) - Ribeirão Preto - Igarapava 131,2 km

SP 322 - Ribeirão Preto - Sertãozinho 9,7 km

SP 328 - Sertãozinho - Bebedouro 54,9 km

SP 322 - Anel Viário Sul (Ribeirão Preto) 18,3 km

Viaoeste SP SP 270 (Raposo Tavares) 81,5 km

SP 280 (Castelo Branco) 66,0 km

SP 091 6,7 km

SP 075 15,0 km

First Round

aprox. 1.600 km

Via Rondon SP SP 300 - Bauru - Castilho 313,1 km

Cart SP SP 225 - Bauru - Santa Cruz do Rio Pardo 82,7 km

SP 270 (Raposo Tavares) - Ourinhos - Presidente Epitácio 273,0 km

SP 327 - Santa Cruz do Rio Pardo - Ourinhos 32,4 km

Rodovias do Tietê SP SP 300 Tietê - Bauru 177,6 km

SP 209 Itatinga - Botucatu 21,1 km

SP 101 - Campinas - Tietê 71,2 km

SP 113 - Tietê - Rafard 14,4 km

SP 308 - Salto - Piracicaba 59,8 km

Rota das Bandeiras SP SP 065 (Dom Pedro I) - Jacareí - Campinas 145,5 km

SP 083 - Campinas - Valinhos 12,3 km

SP 332 Campinas - Conchal - Mogi Uaçu 77,0 km

SP 360 Itatiba - Jundiaí 19,3 km

SP 063 - Itatiba - Louveira 17,1 km

Ecopistas SP SP 070 (Ayrton Senna e Carvalho Pinto) São Paulo - Taubaté 119,2 km

SP 019 - Guarulhos - Aeroporto de Cumbica 2,4 km

SP 099 - Rodovia dos Tamoios - São José dos Campos 7,0 km

SP Mar SP SP 021 - Rodoanel Mário Covas (South Stretch) 61,4 km

SP 021 - Rodoanel Mário Covas (East Stretch) 43,5 km

Rodoanel SP SP 021 - Rodoanel Mário Covas (West Stretch)) 32 km

Second Round

1. Arteris and the Toll Road Industry Pag. 11

The Sector in Numbers

Source: CNT 2014 Highway Survey and Denatran

Freight transport matrix

Public Highways Concession Highways

General conditions of Brazil’s highways

61%

21%

14%

4% 0.4%

Rail

Excellent

Good

Fair

Poor

Very poor

Good

Poor

Fair

Road

Waterway

Air

Pipeline

45.4

14.1

21.4

0.7

Light Commercial Motorcycle Other

National vehicle fleet – MM

Excellent

1. Arteris and the Toll Road Industry Pag. 12

The Sector in Numbers

Source: ABCR

Brazil’s Road Network Paved

R$ 12.2 bi Taxes R$24 bi Investments

37,200 Km Paving and Resurfacing

47,000 Jobs

+R$35 MM Social

Responsibility

Paved

Unpaved

Key figures in the private sector (2008-2013)

No Concession

Under Concession

53 Concessionaires

19,058 Km Granted

1.6 bi Vehicles 2013

Under Concession

19,058 Km 1.6 MM Km 214,413 Km

Concessionaires

1. Arteris and the Toll Road Industry Pag. 13

Concessions in Brazil: Project´s Rate of Return

Marginal IRR

New Resolution to

determine IRRs for

ammendments to

existing contracts

2000s 1990s New reality

Start of concession program

Unknown regulatory framework

Higher execution risk

Higher country risk

Lower competition for assets

Political and economic stability

BNDES financing up to 70% of

the capex

Regulatory framework well

consolidated

Execution track record

Brazil reaches investment grade

Strong competition for projetcs

Uncertainties among the new

concession programs: execution

risks and fair IRRs discussions

Regulatory framework new test:

Tarriffs readjustments

Arteris – Federal Concessions

Arteris – State Concessions

Profitability achieved

despite low tolls

tariffs and capex

execution

IRR*

17-20%

IRR**

<8%

* Real Project IRRs (contract)

** Estimates based on information from market´s analysts

2007

Arteris breaks the paradigm of high

toll tariffs

IRR*

8-9%

* CDI annual – IPCA annual (sources: CETIP, IPEA and Focus Report )

Evolution of the real interest rate*

1. Arteris and the Toll Road Industry Pag. 14

Current Portfolio

MG

1. Arteris and the Toll Road Industry Pag. 15

Current Portfolio

Intervias

Planalto

Sul

Key financial data for concessions – R$ MM State Federal

Toll Plaza Revenue 2014 EBITDA 2014

Federal

State

* The Adjusted EBITDA does not consider the effects of the Provision for Highway Maintenance as a cost, since it has no cash effect, and only an accounting effect. **Excludes revenue from construction

Autovias

Vianorte

Litoral

Sul

Régis

Fernão

Dias

Fluminense

Vianorte

Planalto

Sul

Fluminense

Fernão

Dias

Régis

Litoral Sul

Autovias

Centrovias

Intervias

* ** * **

Centrovias

1. Arteris and the Toll Road Industry Pag. 16

Term of the Concessions

Average duration of concessions in our portfolio is 13 years

Federal Concessions State Concessions

2. Highlights Operating and Financial

2. Highlights – Operating and Financial Pag. 18

2014 Highlights

Tolled traffic increased by 2.7% in 4Q14 and 1.3% in the full year

Toll Plazas Revenues grew by 5.9% over 4Q13 and 5.7% over 2013

EBITDA climbed by 10.1% in the annual comparison and 8% over 4Q13. The EBITDA margin

widened by 1.0 p.p. year-on-year in the fourth quarter and 1.8 p.p. in 2014 over the year before.

Record investment of R$1.9 billion, 38% up on 2013

Signature of contractual amendments: Autopista Régis Bittencourt - Serra do Cafezal (R$395

million), Autovias (R$91 million) and Autopista Fluminense (R$100 million)

Signature of a Term of Adjustment of Conduct (TAC) with the National Ground Transportation

Agency (ANTT)

Issued of debentures totaling R$1.3 billion in 2014

Continuous implementation of the efficiency plan

Strengthening of the corporate image

2. Highlights – Operating and Financial Pag. 19

Tolled Traffic

Elasticity

13,50%

6,72%

4,10% 3,40%

3,02% 2,33%

6,60% 6,19%

-0,34%

11,01%

3,88%

4,10%

9,10%

3,16% 3,96% 6,09%

5,17%

-0,33%

7,53%

2,73%

0,90%

2,30%

2005 2006 2007 2008 2009 2010 2011 2012 2013*

Federal State GDP

*Comparable basis by adjusting the non-recurring effects of the closure of the toll plaza P5 on Autopista Litoral Sul

** Comparable basis by adjusting the non-recurring effects of the closure of the toll plazas P1 and P2 on Autopista Fluminense and toll plaza P5 on Autopista Litoral Sul

4Q13 4Q14Var.

4Q13/4Q14

Comparable

Basis*2013 2014

Var.

2013/2014

Comparable

Basis**

State 55,109 54,128 -1.8% -1.8% 206,864 213,097 3.0% 3.0%

Autovias 12,484 12,412 -0.6% -0.6% 47,422 48,939 3.2% 3.2%

Centrovias 15,232 14,935 -2.0% -2.0% 56,233 58,336 3.7% 3.7%

Intervias 17,312 16,940 -2.1% -2.1% 65,479 66,937 2.2% 2.2%

Vianorte 10,080 9,841 -2.4% -2.4% 37,729 38,885 3.1% 3.1%

Federal 129,871 135,920 4.7% 1.0% 510,233 513,198 0.6% 1.1%

Planalto 7,411 7,572 2.2% 2.2% 28,704 30,185 5.2% 5.2%

Fluminense 12,496 12,974 3.8% 3.8% 48,422 48,653 0.5% 3.6%

Fernão 42,627 42,440 -0.4% -0.4% 165,213 164,275 -0.6% -0.6%

Regis 38,870 38,556 -0.8% -0.8% 150,105 148,263 -1.2% -1.2%

Litoral 28,468 34,378 20.8% 3.9% 117,787 121,823 3.4% 4.3%

Total 184,980 190,048 2.7% 0.1% 717,096 726,295 1.3% 1.6%

2. Highlights – Operating and Financial Pag. 20

Tolled Traffic

State

Federal

Commercial vs. Light - % Vehic. Equivalents Electronic Toll Collection (AVI) - % Vehic. Equivalents

2. Highlights – Operating and Financial Pag. 21

Average Toll Tariff

The tolls charged by state concessionaires are adjusted annually, on July 1 of each year, by

the annual rate of inflation measured by IPCA index.

On federal highways the adjustments are implemented each year also based on IPCA

inflation in the 12 months as from the previous adjustment, and adopting the criteria of

rounding to the first decimal place. The toll adjustment is implemented in February for

Autopista Fluminense and Autopista Litoral Sul and in December for Autopistas Fernão Dias,

Régis Bittencourt and Planalto Sul.

Avg Toll Tariff

(R$ / Vehicles

Equivalents)

4Q14 3Q14 4Q13Var.

4Q14/3Q14

Var.

4Q14/4Q132014 2013

Var.

2014/2013

State 6.84 6.83 6.48 0.2% 5.6% 6.66 6.48 2.9%

Autovias 7.18 7.16 6.79 0.2% 5.7% 7.01 6.79 3.2%

Centrovias 6.57 6.52 6.17 0.8% 6.5% 6.36 6.17 3.1%

Intervias 5.89 5.89 5.61 0.0% 5.0% 5.76 5.62 2.5%

Vianorte 8.46 8.46 8.04 0.0% 5.2% 8.25 8.03 2.7%

Federal 1.98 1.98 1.90 -0.3% 4.1% 1.97 1.88 4.7%

Planalto Sul 3.84 3.80 3.63 0.9% 5.8% 3.81 3.61 5.6%

Fluminense 3.40 3.40 3.30 0.0% 3.0% 3.39 3.28 3.3%

Fernão Dias 1.51 1.50 1.41 0.8% 7.1% 1.50 1.40 7.1%

Régis Bittencourt 1.81 1.80 1.80 0.2% 0.2% 1.80 1.80 0.1%

Litoral Sul 1.80 1.80 1.70 0.0% 5.9% 1.79 1.67 7.2%

Total 3.36 3.41 3.26 -1.2% 3.0% 3.35 3.21 4.4%

2. Highlights – Operating and Financial Pag. 22

Main Figures

Toll Plaza - Autovias (SP)

Adjusted EBITDA and Margin* – R$ MM / %

Gross Revenue – R$ MM

* Excludes revenue from construction

Traffic – MM vehicle equivalent units

Net Income – R$ MM

2. Highlights – Operating and Financial Pag. 23

Costs and Expenses

R$ MM

Cash costs as % Net Revenue (ex. construction)

Cash Costs – 2014

28%

29%

14%

5%

3%

3% 3% 1% 1%

13%

Third Party Services

Personnel

Conservation

Inspection fee

Costs with granting authority

Insurance and guarantees

Directors' compensation

Civil, labor and tax risks

Tax expenses

Other operating expenses, net

2. Highlights – Operating and Financial Pag. 24

Indebtdness

Gross Debt – R$ MM

Debt Composition (4Q14) Leverage Ratio and Net Debt – R$ MM

Amortization Schedule – R$ MM

TJLP + 2.2% up to 2.6%

IPCA + 8%

BNDES Debentures

Federal

Other

State

Other

CDI + 0.8% up to 1.4%

3. Strategic Priorities

Entrega do capex como prioridade número um.

3. Strategic Priorities Pag. 26

Compliance with Capex delivery

Economic, social and environmental sustainability

Efficient operations:

Compromise on quality of service to users. Comfort and

safety.

Strengthening of corporate image and social responsibility

Arteris LONG TERM strategy focused on three axes

Investments

3.1 Strategic Priorities

3.1 Investments Pag. 28

Capex Delivery

Since 2008 Arteris invested more than R$ 6.3 billion in its federal highways

Consolidated Capex – Arteris highways (R$ million)

• Recovery works at federal

concessions

• Serra do Cafezal duplication

(Autopista Régis Bittencourt)

• Contorno Avenue

(Autopista Fluminense)

• BR-101 highway duplication

(Autopista Fluminense)

• BR-116 highway duplication

(Autopista Planalto Sul)

• Betim beltway

(Autopista Fernão Dias)

Main construction works:

0.7 0.8

0.7

1.0

1.2 1.3

1.8

3.1 Investments Pag. 29

Capex Delivery

Full commitment to accomplish the schedule of federal investments

Scheduled Total* – R$ ´000

• Key challenges in the last 5 years

• Remodeling of old projects to meet the new Brazilian reality

- Difficulties to obtain environmental licenses;

- Expropriations and project approvals deadlines;

• New TAC (Conduct Adjustment Term) and investment schedule to be signed with ANTT

- A more realistic schedule;

- A new monitoring scheme by the ANTT;

- Possibility to recover deadlines within the plan;

Capex until the end of all concessions terms (by 2033) are expected to reach around R$ 7.9 billion* including maintenance

2.00

1.50

0.99 0.77

2.69

The Company is negotiating contractual amendments which should increase the expected capex for the coming years as they are signed.

3.1 Investments Pag. 30

Capex Delivery

Repaving

Grass cutting

Signage

Before After

Recovery works at federal concessions

3.1 Investments Pag. 31

Capex Delivery

Drainage

Recovery of guardrails

Before After

Embankment

3.1 Investments Pag. 32

Capex Delivery – Serra do Cafezal Duplication – Autopista Régis Bittencourt

The construction works were divided into three stages:

Initial stretch: (7.3 km) 1

2 Intermediate stretch: (19 km) – 2.9 km were completed in 2014

3 Final stretch: (4.2 km)

Serra do Cafezal comprises the stretch of 30.5

kilometers between the cities of Juquitiba (SP) and

Miracatu (SP)

Only single lane stretch of the entire highway

Mountain range with challenging geographic

characteristics

Concentration of slow traffic. One of the major

bottlenecks in the connection that links the South and

Southeast of Brazil

Logistics bottleneck with

retention of large volumes

of heavy vehicles

Miracatu km 367.2

Juquitiba km 336.7

30.5 km

Curitiba

Work completed in March 2012

Environmental license issued in January 2013

Start of construction in 2013. Complete job to be delivery in the next 3-4 years

34 bridges and 4 tunnels

Work completed in December 2012

km 344 km 363

4.2 km 19.0 km 7.3 km

Duplication requires care to

preserve important

environmental protection areas

1,4

Km

were c

om

ple

ted

in

20

14

km 361,6 km 349 km 347.5

Tunnel in progress

Tunnel not started 1

,5 K

m w

ere c

om

ple

ted

in

20

14

São Paulo

3.1 Investments Pag. 33

Main works

Tunnel 1 Construction of bridge

Serra do Cafezal comprises the stretch of 30.5 kilometers between the cities of

Juquitiba (SP) and Miracatu (SP) with the construction of 34 bridges and 4 tunnels

Serra do Cafezal duplication – BR-116/SP (Autopista Régis Bittencourt)

3.1 Investments Pag. 34

Main works

General View General View

Works of improvement and extension of Contorno Avenue in Niterói, which will bring

significant improvements to this stretch of highway with the expansion of road capacity.

Contorno Avenue – Autopista Fluminense

3.1 Investments Pag. 35

Main works

Contractual obligation for diverting the long distance traffic out

of the urban perimeter of the City of Campos dos Goytacazes

Long-distance traffic as priority

Benefits for the local community and

regional traffic

Improvement of traffic in the urban

perimeter

Highway with controlled access, not

allowing local access

Project for the west side As requested by ANTT and

the municipality, two projects were studied east

and west side.

It was taken into account:

• Environmental impacts

• Execution deadlines

• Social impacts

• Connection with logistics corridors (Port of Açu)

• Single or double lanes

• After the studies, the project for the west side was approved

Characteristics of the work:

Campos Beltway

Alternative

Campos Beltway – Autopista Fluminense

3.1 Investments Pag. 36

Main works

Pavement General View

The project is one of the major works to be executed by Autopista

Fluminense and will duplicate 176.6 km of highway, between Rio Bonito e

Campos dos Goytacazes.

Duplication of BR-101 – Autopista Fluminense Completed stretches:

13 additional kilometers

concluded on July of 2014

20 km have already been

concluded and were opened to

traffic on February 2014

3.1 Investments Pag. 37

Main works

North Stretch

Intermediate Stretch

South Stretch

- - - Tunnels (6 units)

Florianópolis Beltway – Autopista Litoral Sul

• Divided into three stretches (North, Intermediate and South)

Florianópolis Beltway is the most relevant contractual work of

Autopista Litoral Sul, and includes the construction of a bypass of

50 km approx. in double track as an alternative to heavy traffic that

cross the region, easing traffic of light vehicles in the neighboring

towns to BR – 101.

• Works started in May 2014, shortly after the issuance of the IBAMA

Environmental Installation License for a stretch of 14 Km;

Work started in May 2014.

3.1 Investments Pag. 38

Main works

Duplication of BR-116/PR (Autopista Planalto Sul)

General View Concluded stretch

Duplication of 25 kilometers of BR-116 between Curitiba (PR) and Mandirituba (PR)

3.1 Investments Pag. 39

Main works

Concluded Concluded

Betim Beltway (Autopista Fernão Dias)

The main work at Autopista Fernão Dias was the implementation of the Betim (MG) beltway, enabling the creation of an alternative route to long-distance traffic that currently runs through the city.

3.1 Investments Pag. 40

New investments - Amendment

Original Access Concluded

The remodeling of the main access to the city of Ribeirão Preto with:

8 viaducts - 630 m

20 new access – 11,8 km

Pedestrian walkway - 440 m

Ramps for walkways - 213 m

Total remodeling of the device

Main access to Ribeirão Preto – Autovias e Vianorte

3.1 Investments Pag. 41

New investments - Amendment

Works access:

Technical characteristics: • Duplication of 13.6 kilometers • 1 pedestrian walkway • Remodeling of devices Investments: R$ 91 million Deadline: June/2016 Main benefits: • Increase the security for users • Organization of traffic return and access

devices • Safety of pedestrians in the path of

Varjão neighborhood

Duplication of SP – 318 (Autovias)

Efficient Operations

Centrovias (SP)

3.2 Estrategic Priorities

3.2 Efficient Operations Pag. 43

Main initiatives

• A more efficient and leaner organization

• Redefinition of corporate policies

• Abertis best practices model as a reference

• Cost breakdown focus: manageable costs

• Administrative shared services center

• Centralized purchasing

• Implementation of SAP

• CAPEX and OPEX control

• Toll collection process improvement

• Remuneration based on performance

• Commitment to improve safety:

• Reduction in the number of accidents and deaths at our roads

• Different initiatives

First stage analysis

Potential cash costs reduction up to

R$ 60 million

per year after full implementation of the efficiency plan

3.2 Efficient Operations Pag. 44

Centralized Purchasing (Eletronic Auctions)

Technology provided by abertis

Multiple Real Time Bids

Instant Savings

Several players bidding

Real example on how the electronic auctions can save OPEX

Corporate Health Insurance Purchase

3.2 Efficient Operations Pag. 45

Focus on security

3.2 Efficient Operations Pag. 46

Focus on security

Escape area • BR 376 - km 671,7

• Serves as a refuge for large vehicles that lose their

brakes on the descent of mountain hill

• Comprising cinasita (clay balls)

• It has been used by 80 trucks and 1 bus

• No injuried and minimal damage to trucks

Strengthening of Corporate Image

Centrovias (SP)

3.3 strategic Priorities

3.3 Strengthening of Corporate Image Pag. 48

Strengthening of Corporate Image

What image we want for Arteris?

• Public and institutional relations. Public institutions as our partners.

• Closer and more active relationship with journalists

• Investments in marketing and advertising

• Intense relationship with highway users

• Active social responsibility

Action plan

Investor Relations - Action plan

• Increase the Company´s visibility with the market

• Diversify the shareholder base and increase liquidity

• Increase the sell-side coverage

• Improve the disclosure and the quality of our market releases

• Improve corporate governance

3.3 Strengthening of Corporate Image Pag. 49

Social Responsability

Initiatives that result in improved quality of life of users and the surrounding highways population.

Projects on Education, Health, Environment, Volunteering, Sports and Culture.

Hospital São José de Joinville/SC Helipad

Ballet Bolshoi de Joinville/SC

Ribeirão Preto Orchestra

Viva Saúde Program

3.3 Strengthening of Corporate Image Pag. 50

Campaigns

4. Appendix

Centrovias (SP)

4. Appendix Pag. 52

Contractual Amendments

• Significant opportunity for Value creation:

• Need for new construction works to solve current bottlenecks and improve quality on the roads

• New resolutions on marginal cash flow to enable new investments in existing contracts

• Reinvestment in contracts with attractive returns and lower risks

• New investments compensated with contract extensions in state concessions and tariff increases in federal concessions

New amendments resolutions

ARTESP RESOLUTION (SP-STATE)

• Published on March 2013

• 8.2 – 8.8 % real unleveraged IRR for 2013

• IRR will be revised annually

• No traffic risk

• Compensation through contract extensions

ANTT RESOLUTION (FEDERAL)

• Published on April 2013

• 6.6% up to 8.0% real unleveraged IRR depending on concession maturity

• IRR will be revised every five years

• No traffic risk

• Compensation through tariff increases

4. Appendix Pag. 53

Contractual Amendments

• Autopista Régis Bittencourt: Duplication of final 19 kilometers of Serra do Cafezal (Signed – R$ 395 million)

• Autopista Fluminense: Campos dos Goytacazes ring road

• Autopista Litoral Sul: Florianópolis ring road

• Autopista Planalto Sul: Duplication of the road

Federal Concessions

• Autovias and Vianorte: Ribeirão Preto road intersection and beltway (Signed – R$ 120 million)

• Autovias: Duplication of SP – 318 (Signed – R$ 91 million)

• Centrovias: Side Roads

State Concessions

Pipeline (up to now)

4. Appendix Pag. 54

New Projects

• After the 2013/2014 federal bidding round new assets may be auction this year

• Tender documents for Ponte released – auction date: March 18th

• The State of São Paulo may also launch a new package of road concessions

• Other states lacking infrastructure as opportunities

• Successful track record in bidding processes

A long-term investor with a selective, sustainable and defined growth strategy

Exclusive focus on toll roads

New auctions Secondary market

• 53 toll road concessions (~19,058 kilometers) under private administration in Brazil

• Abertis and Brookfield support with a world-class M&A team – analysis and execution

• Successful track record in M&A (Arteris acquired 4 concessions in the state of São Paulo)

4. Appendix Pag. 55

New Projects

• Definition of hurdle rate according with the project risk

• Capital discipline with standard 9% - 11% real shareholders IRR range

• IRR on base case (project IRR and shareholders IRR) considering downside scenarios

• Modeling and valuation expertise and track record

• Analysis of assumptions (traffic, opex, capex) and financing conditions to create proprietary feasibility studies

Value creation to shareholders is the main driver

The internal rate of return

4. Appendix Pag. 56

Financing

BNDES – R$ thousand Debentures – R$ thousand

BNDES

Planalto Amount Cost Term

Total 331.344 TJLP + 2.58% p.a. Until 144 months

Fernão Amount Cost Term

Total 702.754 TJLP + 2.21% p.a. Until 144 months

Régis Amount Cost Term

Total 1.069.495 TJLP + 2.21% p.a. Until 144 months

Litoral Amount Cost Term

Total 810.137 TJLP + 2.32% p.a. Until 144 months

Fluminense Amount Cost Term

Total 780.819 TJLP + 2.45% p.a. Until 144 months

General Total 3.694.549

Stat

e

Fed

era

l

Autovias Date of issue Issue Cost DueRating

Moody's

1st Issue/Serie2 March - 10 120.000 IPCA+8,00% March-17 Aa1.br Baa3

3rd Issue December - 13 300.000 CDI + 0,83% p.a. August-17

Total 420.000 National Global

Centrovias Date of issue Issue Cost DueRating

Moody's

1st Issue/Serie2 March - 10 120.000 IPCA+8,00% March-17 Aa1.br Ba1

2nd Issue March - 14 400.000 CDI + 0,99% p.a. June-18

Total 520.000 National Global

Intervias Date of issue Issue Cost DueRating

Moody's

3rd Issue September - 13 600.000 CDI + 1,09% p.a. September-18 Aa1.br Baa3

4th Issue/Serie1 October - 14 150.000 CDI + 1,10% p.a. October-19

4th Issue/Serie1 October - 14 225.000 IPCA + 5,96% p.a. October-19

Total 975.000 National Global

Vianorte Date of issue Issue Cost DueRating

Moody's

1st Issue/Serie2 March - 10 100.000 IPCA + 8,00% March-17 Aa1.br Ba1

2nd Issue March - 14 150.000 CDI + 0,86% a.a. March-17

Total 250.000 National Global

Fernão Dias Date of issue Issue Cost DueRating

Moody's

1st Issue October - 13 33.700 CDI + 1,40% p.a. July-15 N/D N/D

2nd Issue December - 14 100.000 CDI + 1,15% p.a. June-16

Total 133.700 National Global

Fluminense Date of issue Issue Cost DueRating

Moody's

1st Issue October - 13 22.500 CDI + 1,40% p.a. July-15 N/D N/D

Total 22.500 National Global

Litoral Sul Date of issue Issue Cost DueRating

Moody's

1st Issue October - 13 26.100 CDI + 1,40% p.a. July-15 N/D N/D

Total 26.100 National Global

Planalto Sul Date of issue Issue Cost DueRating

Moody's

1st Issue October - 13 13.900 CDI + 1,40% p.a. July-15 N/D N/D

Total 13.900 National Global

Régis Bittencourt Date of issue Issue Cost DueRating

Moody's

1st Issue October - 13 39.400 CDI + 1,40% p.a. July-15 N/D N/D

Total 39.400 National Global

Arteris Date of issue Issue Cost DueRating

S&P

1st Issue October - 13 200.000 CDI + 1,40% a.a. July-15

2nd Issue October - 14 300.000 CDI + 1,28% a.a. October-17 AA+

Total 500.000 National Global

General Total 2.900.600

4. Appendix Pag. 57

Capital Markets

50.007 (-0,7%)

R$ 12,40 (-33,2%)

Stock Performance (Basis 100 Jan- Dez/2014)

Stock Liquidity

Shareholder Base (Free Float) – Base Date 12/31/14

Number of trades (daily average)

Financial Trading Volume (daily average) – R$ MM

Institutional Brazilian

Individuals

Institutional Foreign

Total: 19 institutions

Ágora Banco do Brasil Banco Safra Bradesco Brasil Plural Citigroup Coinvalores Credit Suisse Fator Corretora HSBC

Insight Research Itaú JP Morgan Merrill Lynch Morgan Stanley Nau Securities Santander UBS Votorantim

ARTR3

Shares: 344,444,44

4. Appendix Pag. 58

Shareholder Remuneration

Adjusted Net Income (ex. legal reserve) and Proposed Dividens (R$/MM)

50% 50% Payout 25%

Div

ide

nd

s

Ad

just

ed

Net

Inco

me

53%

Div/Share R$ 2.83 R$ 0.54 R$ 0.59

3.0% 3.2% Div. Yeld* 5.1%

Dividends

*Total of dividends per share in the fiscal year/ share price in the last trading day of the year.

4. Appendix Pag. 59

Ownership Structure

69.3%

100.0%

100.0%

4.68%

100% 100%

Participes en Brasil S.L.

Federal Concessions SÃO PAULO - State Concessions Other

51.0% 49.0%

Brookfield Asset

Management Inc

19,0

23,2

16,2

19,1

15,2

11,9 12,3

10,0 9,8

11,6

8,4 8,0

10,8 12,0

10,0 11,0

9,8 9,8

6,9 6,3 6,3 6,0 6,0 6,0 5,5 5,0 5,0 6,0

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

CDI TJLP

25,3

8,7

12,4

1,2

3,8

7,8 9,8

-1,7

11,3

5,1

7,8

5,5 3,7

5,5

12,5

9,3 7,6

5,7

3,1 4,5

5,9

4,3

5,9

6,5

5,8

5,9 6,4 6,4

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

IGP-M IPCA

2,7

1,1

5,7

3,2

4,0

6,1

5,2

-0,3

7,5

2,7

0,9

2,3

0,2 0,5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015E

4. Appendix Pag. 60

Macroeconomic Scenario

* Source: IBGE, FGV, BACEN, CETIP, Focus Report and BNDES

GDP (%)

Interest Rates (%)

Inflation (%)

Investor Relations

Av. Pres. Juscelino Kubitschek, 1455 – 9th floor

Itaim Bibi – São Paulo – SP

Zip Code 04543-011

Tel: +55 11 3074-2410

Visit our website:

ir.arteris.com.br