Apresentação ri arteris ingles dez13

1. Company
Presentation
January 2013
arteris

2. Disclaimer
This presentation contains forward-looking statements concerning the business
prospects, estimates of operating and financial results and growth outlook of
arteris Brasil, 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 OHL Brasil, and are subject to
change without prior notice.

3. arteris
and the toll-road industry
Centrovias (SP)

4. History and profile

Largest company in Brazil’s toll-road industry in
kilometers managed: 3,226 km in operation














Presence in 5 states that concentrate:
–65% of the country’s GDP
–43% of the country’s population
–2/3 of the country’s vehicle fleet

21% market share of total kilometers of highway
operated under concession
16% market share of total toll plazas revenues of
highway operated under concession
Traffic: 669.4 million vehicles in 2011
ANTT’s Auction
616
2,712
430
1,195
2007 2011
Net Revenue – R$ million
Adjusted EBITDA – R$ million
CAGR 07-11
44.87%
CAGR 07-11
29.14%

IPO
Vianorte Acquisition
2
nd
Round of the
Federal Highway
Concession
Program
1997
Launch of
operations in
Brazil
Acquisition of
6% of Autovias
Autovias
Acquisition
Centrovias Acquisition
Launches
operations of
Litoral Sul, Planalto
Sul, Fluminense,
Régis Bittencourt
and Fernão Dias
1998
2001
2002
2004
2005
2006
2007
2008
Intervias Acquisition
State
Federal
4

5. Post Deal Structure Pre Deal Structure
New structure with Abertis and Brookfield

Abertis and Brookfield offer 10% of Abertis´s
shares in exchange for 100% of Partícipes
Brasil

Abertis and Brookfield take R$ 1.230 millions
in debts from Particícipes Brasil

Abertis and Brookfield pay OHL. S.A. € 10.7
million in cash

 OHL S.A. becomes a reference
shareholder of Abertis

Abertis now holds 51% of arteris and
Brookfield 49%

5
Minority
shareholders
Minority
shareholders

6. Abertis – World Leader in the management of transportation and
telecom infrastructure
Highways 3.700 km of highways concessions in Europe and Latin America
Airports Presence in 29 airports in Europe, North America ans Latin America
Telecom 3.300 transmission towers in Spain and major shareholder in the Spanish satellite operations

Geographic Presence
48
%
37
%
5%
5%
4%
Highways
Global Revenues
8%
79%
13%
Global EBITDA
Total 2011: € 3.9 billion Total 2011: € 2.5 billion
3%
88
%
9%
Airports
Telecom
Spain
France
UK
Chile
Rest of the world
Airports
Telecom
Highways
UK
Chile
Rest of
the
world
Spain
France
51%
39%
5%
3%
2%
12 countrys
3 sectors
11,000 employees
6

7. Abertis and Brookfield
Strategy for arteris
Long term investments in Brazil looking for new opportunities
Value generation
Strong and recurrent cash generation

 Recurrent and sustainable distribution of dividends

 Conservative capital structure to facilitate new investments and supporting the dividend policy of
arteris

 Reference partner to the local authorities

 Maintain the company listed at BM&Fbovespa increasing liquidity
Efficiencies and Opportunities
Management focused on improving margins and delivery of projects according to scheduled scope,
and budget

Efficient planning using best practices and experiences of Abertis and Brookfield, folowing the
contractual obligations

 Search opportunities for acquisitions of highway concessions and participation in future new
concessions

 Improvement in financial management reducing the cost of capital of the company, optimizing its
capital structure
7

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”
Dramatic
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
1997/8
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


8

9. Concessions in Brazil
1,473.5 km
BR 040 RJ-MGRio de Janeiro - Juiz de Fora 179.7 km
BR 116 RJ Rio de Janeiro - Teresópolis - Além Paraíba142.5 km
BR 101 RJ Ponte Rio-Niterói 13.2 km
BR 116 RJ-SPRio de Janeiro - São Paulo 402 km
BR 290 RS Osório - Porto Alegre 112.3 km
BR 116-293-392 RS Pólo de Pelotas 623.8 km
Second round 2,620.8 km
BR 116 SP-PRSão Paulo - Curitiba 401.6 km
BR 381 M G-SPBelo Horizonte - São Paulo 562.1 km
BR 116-376 + BR 101PR + SCCuritiba - Florianópolis 382.3 km
BR 101 RJ Rio de Janeiro - Espírito Santo 320.1 km
BR 153 SP São Paulo - Paraná 321.6 km
BR 116 SC Curitiba (SC and RS) 412.7 km
BR 393 RJ-MGMinas Gerais - Rio de Janeiro 220.4 km
Second round 680.6 km
BR 116 / 324 BA BR 116 - Feira de Santana 554.1 km
BR 324 - Salv ador - Feria 113.2 km
BR 526 - BR 324 - BA 528 9.3 km
BR 528 - BA 526 - Aratu 4.0 km
Phase 1
Phase 2
First round Third round 2,046.0 km
BR 040 DF-M GBrasília - Junction BR 135 590.0 km
BR 040 MG Junction BR 262/381 (BH) - BR 135 109.0 km
BR 040 MG Junction BR 356 (BH) - Juiz de Fora 230.0 km
BR 116 MG BA-MG / MG-RJ 817.0 km
BR 381 MG Junction M G 020 (BH) - Gov . Valadares 301.0 km
Third round 1.993.0 km
BR 060 DF-GOJunction DF 001 (Brasília) - BR 153 126.0 km
BR 153 GO Junction BR 060 - GO/M G Border 260.0 km
BR 101 ES RJ-ES / ES-BA 458.0 km
BR 101 BA ES-BA - Junction BR 324 791.0 km
BR 470 SC Nav egantes - SC/RS 359.0 km
Phase 1
Phase 2
Highways - Federal
In operation Projected
Airports
State PAX / year
RN São G. Amarante 2.3 million*
SP Guarulhos 30 million
SP Viracopos 7.5 million
DF Brasília 15 million
Airport State PAX / year
RJ Galeão 15 million
MG Confins 9.3 million
NE / N TB D n.a.
Airport
In operation
Highways - State, Municipal and PPPs
State Contracts 10,054 km
SP 18 5,299 km
RS / PR 13 4,270 km
RJ / BA / ES 4 485 km
PPPs Contracts 377 km
MG 1 371 km
PE 1 6 km
Municipal Contracts 35 km
RJ 1 35 km
Projected
(4)
* Estimated. Airport under construction
9

10. The Sector in numbers
Freight transport matrix National vehicle fleet – MM
Public Highways Concession Highways
Source: CNT 2011 Highway Survey and Denatran
General conditions of Brazil’s highways
61%
21%
14%
4%
0.4%
Highway
Rail
Waterway
Pipeline
Air
45%
42%
12%
1%
3%
25%
32%
20%
9%
Excellent
Good
Fair
Poor
Very poor
Good
Excellent
Poor
Fair
Intervias (SP)
39.6
10.6
18.2
1.6
Light Commercial Motorcycle Other
10

11. 86% 14%
93%
7%
34%
16%
12%
7%
31%
São Paulo: 19
Paraná: 6
R.G. do Sul: 7
PE/BA/ES/MG/RJ: 9
Federais: 14
The Sector in numbers
Source: ABCR
Brazil’s Road Network Paved
R$ 8.3 bi
Taxes R$14 bi
Investments
27,000 Km
Paving and
Resurfacing
47,000
Jobs
+R$35 MM
Social
Responsibility
Paved
Unpaved
Key figures in the private sector (2007-2011)
No
Concession
Under
Concession
55
Concessionaires
15,500 Km
Granted
R$1.5 bi
Vehicles
2011
Under Concession
15,473 Km 1.6 MM Km 214,413 Km
Concessionaires
11

12. 17%
17%
19%
15%
3%
5%
7%
12%
6%
14%
14%
16%
13%
4%
7%
11%
13%
8%
arteris
Current Portfolio
Key financial data for concessions – R$ MM
State
Federal
Toll Plaza
Revenue 2011 EBITDA 2011
Federal
State
* Excludes revenue from construction

* Excludes revenue from construction

360
465
507
546
617
724
776
896
996
811
218
305
344
383
441
544
578
690
780
640
60.5%
65.6%
67.9%
70.2% 71.5%
75.1% 74.5%
77.0%
78.4% 78.9%
2003200420052006200720082009201020119M12
Net Revenue Adjusted EBITDA Adjusted EBITDA Margin
48
100
128
138 138 140
152
170
180 182
188
196
204
197
208
25
53
61 58 60
70
79
88 88
101 97
104
95
103
25.0%
41.4%
44.2%
42.0% 42.9%
46.1% 46.5%
48.8% 48.3%
53.6%
49.4%
50.8%
48.1%
49.6%
1Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12
Net Revenue Adjusted EBITDA Adjusted EBITDA Margin
Autovias
Centrovias
Intervias
Vianorte
Litoral Sul
Régis
Fernão
Dias
Fluminense
Planalto
Sul
Vianorte
Planalto
Sul
Fluminense
Fernão
Dias
Régis
Litoral Sul
Autovias
Centrovias
Intervias
12

13. arteris
Current Portfolio: State Concessions (2011)
Length
316.6 km

Toll Plazas
5

Duration
August 2018

Vehicle Equivalents
42.9 MM

Net Revenue
R$ 252 MM

Adjusted EBITDA
R$ 193 MM
Length
218.2 km

Toll Plazas
5

Duration
June 2018 2019

Vehicle Equivalents
47.6 MM

Net Revenue
R$ 254 MM

Adjusted EBITDA
R$ 194 MM
Length
375.7 km

Toll Plazas
9

Duration
January 2028

Vehicle Equivalents
58.5 MM

Net Revenue
R$ 291 MM

Adjusted EBITDA
R$ 215 MM
Length
236.6 km

Toll Plazas
4

Duration
March 2018

Vehicle Equivalents
33.1 MM

Net Revenue
R$ 231 MM

Adjusted EBITDA
R$ 178 MM
Centrovias
Vianorte Intervias
Autovias
13

14. Length
401.6 km

Toll Plazas
6

Duration
February 2033

Vehicle Equivalents
143.7 MM

Net Revenue
R$ 490 MM

Adjusted EBITDA
R$ 133 MM
Lengtth
382 .3 km

Toll Prazas
5

Duration
February 2033

Vehicle Equivalents
115.6 MM

Net Revenue
R$ 313 MM

Adjusted EBITDA
R$ 67 MM
Length
412.7 km

Toll Plazas
5

Duration
February 2033

Vehicle Equivalents
27.9 MM

Net Revenue
R$ 200 MM

Adjusted EBITDA
R$ 32 MM
Length
320.1 km

Toll Plazas
5

Duration
February 2033

Vehicle Equivalents
46.8 MM

Net Revenue
R$ 215 MM

Adjusted EBITDA
R$ 61 MM
Length
562.1 km

Toll Plazas
8

Duration
February 2033

Vehicle Equivalents
153.2 MM

Net Revenue
R$ 392 MM

Adjusted EBITDA
R$ 81 MM
arteris
Current Portfolio: Federal Concessions (2011)
Planalto Sul Régis Bittencourt
Fluminense Litoral Sul
Fernão Dias
14

15. Marginal IRR
Discussion to
determine IRRs
applied to the
contract
addendums in
force
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
Airport Bids
Guarulhos / Viracopos / Brasília
arteris – Federal
Concessions
arteris – State Concessions
Profitability achieved
despite low tolls
tariffs and capex
execution
Evolution of the real interest rate*
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%
25.04%
15.93%
18.26%
26.36%
14.78%
10.71%
8.86%
5.75%
12.69%
7.90%
12.59%
11.53%
7.00%
6.06%
5.30%
3.59%
4.79%
1.73% 1.76%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E2013E
* CDI annual – IPCA annual (sources: CETIP e IPEA)
Concessions in Brazil
Rate of return on projects and the new market reality

15

16. Highlights
Operating and Financial
16

17. Tolled Traffic
62.8% growth at Centrovias in 2011 compared to
2010 due to the implementation of bidirectional toll
collection at the four toll plazas

Growth of 25.9% at Autopista Fernão Dias in 2011
compared to 2010 due to the inauguration of its last
toll plaza in September 2010


Elasticity
Last 12 months
6%
7%
9%
5%
4%
7%
23%
21%
18%
Toll Plaza– Autopista Fernão Dias (MG)
13.50%
6.72%
3.02%
2.33%
6.60%
6.19%
-0.34%
11.01%
3.88%
3.16%
3.96%
6.09%
5.17%
-0.33%
7.53%
2.73%
2005 2006 2007 2008 2009 2010 2011
Federal State GDP
2011
Var.
2010x2011
9M12
Var.
9M12 x 9M11
3Q12
State 182,180 14.3% 139,908 3.3% 50,351
Autov ias 42,931 2.6% 32,629 1.9% 11,656
Centrovias 47,642 62.8% 37,189 5.4% 13,446
Intervias 58,534 2.9% 44,686 2.6% 16,069
Vianorte 33,073 5.1% 25,405 3.4% 9,180
Federal 487,193 11.5% 375,646 4.5% 128,053
Planalto 27,969 4.8% 20,838 -0.2% 7,029
Fluminense 46,778 7.6% 36,497 5.2% 12,183
Fernao 153,191 25.9% 119,060 5.1% 41,253
Regis 143,705 5.5% 108,547 2.1% 37,100
Litoral 115,550 6.0% 90,704 7.3% 30,488
Total 669,372 12.3% 515,554 4.1% 178,404
Centrovias
Intervias
Vianorte
Litoral Sul
Régis
Fernão
Dias
Fluminense
Planalto
Sul
Autovias
17

18. Tolled Traffic
State
Federal
Commercial vs. Light - % Vehic. Equivalents Electronic Toll Collection (AVI) - % Vehic. Equivalents
58.4%
61.4%
62.3%
61.1%
60.0%
62.9% 63.3%
61.1%
60.1%
62.3%
64.0%
61.7%
60.1%
61.5%
63.6%
41.6%
38.6%
37.7%
38.9%
40.0%
37.1% 36.7%
38.9%
39.9%
37.7%
36.0%
38.3%
39.9%
38.5%
36.4%
1Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12
Commercial Light
74.0%
76.3%
75.4%
73.3%
72.0%
76.5% 76.4%
73.6%
72.6%
76.1% 76.3%
74.3%
72.1%
75.4% 74.8%
26.0%
23.7%
24.6%
26.7%
28.0%
23.5% 23.6%
26.4%
27.4%
23.9% 23.7%
25.7%
27.9%
24.6% 25.2%
1Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12
Commercial Light
50.7%
53.0%
53.7% 53.8% 53.9%
56.0%
56.7% 57.3% 58.0%
60.0%
61.7% 61.2% 60.8%
62.4% 62.9%
25.0%
27.5%
29.6% 30.2%
31.6%
35.4%
36.9%
38.1%
39.8%
42.5%
44.2% 44.3% 44.8%
46.9% 47.0%
1Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12
State Federal
18

19. 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 IGP-M index.

On federal highways the adjustments are implemented each year 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)
3Q122Q12 3Q11
Var
3Q12/2Q12
Var.
3Q12/3Q11
State 6.466.21 6.19 4.1% 4.5%
Autovias 6.766.57 6.52 2.8% 3.6%
Centrovias 6.165.92 5.91 4.2% 4.3%
Intervias 5.625.36 5.35 4.8% 5.0%
Vianorte 8.017.65 7.66 4.7% 4.6%
Federal 1.791.79 1.69 0.0% 5.9%
Planalto Sul 3.303.30 3.10 0.0% 6.5%
Fluminense 3.103.10 2.80 0.0% 10.7%
Fernão Dias 1.401.40 1.30 0.0% 7.7%
Régis Bittencourt 1.801.80 1.70 0.0% 5.7%
Litoral Sul 1.421.42 1.40 0.0% 1.3%
Total 3.113.00 2.96 3.5% 5.0%
19

20. Financial Highlights
Traffic – MM vehicle equivalent units
Adjusted EBITDA and Margin* –
R$ MM / %
Gross Revenue – R$ MM

Net Income –
R$ MM

Toll Plaza - Autovias (SP)
* Excludes revenue from construction

596
669
495
516
171 178
2010 2011 9M11 9M12 3Q11 3Q12
304
404
300 297
138
103
2010 2011 9M11 9M12 3Q11 3Q12
1,631
1,899
1,395
1,550
507 554
618
896
597
823
256
298
94
105
80
80
25
25
2010 2011 9M11 9M12 3Q11 3Q12
Others
Construction
Toll
980
1.195
892
965
339 358
62,6%
65,8% 66,7% 65,4% 70,5% 68,3%
2010 2011 9M11 9M12 3Q11 3Q12
20

21. R$ thousand
Costs and Expenses
Cash costs as % Net Revenue (ex. construction)
Cash Costs - 2Q12
(594) (621)
(142) (166)
(618)
(896)
(256)
(298)
(146)
(183)
(43)
(72)
(175)
(204)
(51)
(65)
(1,533)
(1,905)
(493)
(602)
2010 2011 3Q11 3Q12
Cash Cost
Cost of Construction Services
Provision for highway Maintenance
Depreciation and Amortization
28%
28%
14%
5%
6%
3%
2%
1%
1%
12%
Third party services
Personnel
Conservation
Inspection fee
Costs with granting authority
Insurance and Guarantees
Management compensation
Civil, labor and Tax risks
Tax expenses
Other
37.4% 34.2%
29.5% 31.7%
2010 2011 3Q11 3Q12
21

22. Indebtedness
Gross Debt – R$ MM
Debt Composition (3Q12) Leverage Ratio and Net Debt – R$ MM

Amortization Schedule –
R$ MM

TJLP + 2.2%
up to 2.6%
IPCA + 8%
CDI +
1.5%
up to
1.7%
BNDES
Other
Debentures
Federal
Other
State
58.6% 28.7%
12.7%
58.6%
41.3%
0.2%
57.9%
41.6%
0.5%
143
383
452
414
236 246
143 154 167
180
194
209
194
73
13
201220132014201520162017201820192020202120222023202420252026
1,158 1,197
735
947
1,784
1,186 1,281 1,234
873 908
552
426 414 432 453
267
739
922
847
37
1,287
1,223
1,554
1,882
1,862
2,411
2,672
2,690
2,713
2,747
1,425
1,936
1,657
1,794 1,822
2,474 2,504
2,789 2,754 2,770
2,963
3,098 3,104 3,145
3,200
1Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12
Short term Long term
1,174
1,291 1,325 1,346 1,354
1,450 1,455
1,523
1,453
1,575 1,611
1,797
1,883
2,139
2,237
2.5 2.6
2.4
2.0
1.7 1.7
1.6 1.6
1.5 1.5 1.5
1.6 1.6
1.8
1.9
1Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12
Net Debt Net Debt/Adjusted EBITDA - Fixed Concession Charge (last 12 months)
22

23. INVESTMENTS
and construction timetable
Autopista Fernão Dias: Improvements on the highway
Autopista Fernão Dias: Improvements on the highway

24. 5%
11%
19%
22%
23%
20%
13%
28%
10%
48%
Investments
Total – R$ ‘000 Highway Maintenance
Intangible / Fixed Assets
State
679,527
750,787
598,281
876,712
1,114,893
246,198
275,838
77,997
127,192
131,188
144,676
31,370
48,978
679,527
828,784
725,473
1,007,900
1,259,569
277,568
324,816
2008 2009 2010 2011 12M 3Q11 3Q12
Intangible and fixed assets Maintenance
Autovias
Centrovias
Intervias
Vianorte
Litoral Sul
Régis
Bitencourt
Fernão
Dias
Fluminense
Planalto
Sul
24

25. Investments
Main works completed and ongoing projects
Repaving
Before After
Grass cutting
Before After
Drainage
Before After
Signage
Before After
Ongoing projects - Federal
Duplication of 59.6 km of the BR 101/RJ between the cities of
Macaé and Campos de Goytacazes, which was begun in the
3Q11, as soon as the construction license was obtained from
IBAMA. Approximately R$ 200 million will be invested in this first
phase. Altogether the project includes the duplication of176.6
km
Construction of the second phase of Betim (MG) belt, a 9 km
bypass. Connecting the two extremities of the highway will make
it possible to create an alternative route for long-distance
through traffic. Expected investment in the project is around
R$40 million. Construction began in October 2011.
Construction of the initial and final stretches of the second lane
on Serra do Cafezal Highway (BR 116/SP), on 11 km of road near
the cities of Juquitiba and Miracatu. In all, 30 km of highway will
be expanded. The license for the central stretch was approved
in late December 2012 by the environmental agency. In all, R$
700 million should be invested in this project.
Duplication of 25 km of Highway BR-116, between Curitiba and
Mandirituba, which was begun in October 2011. The project will
require investments of approximately R$ 70 million.
Construction of a total of 12.2 km of side streets in municipalities
of Camburiú (SC), Tijucas (SC), Itapema (SC) e Itajaí (SC).
Completion of a traffic interchange in the industrial district of São
José dos Pinhais (PR), and a traffic interchange at the junction of
the Contorno Leste Curitiba. Completion of the structural
reinforcement and extension of two (2) viaducts and
construction of two (2) walkways and one (1) operational base in
Biguaçu (SC).
Fluminense
Fernão Dias
Régis
Litoral Sul
Planalto Sul
25

26. OPPORTUNITIES

27. Opportunities
Highways
Next Federal Highways
Antes
BR-116/MG (25 years)
BR-040 (DF/GO/MG) (25 years)
•Strech of Highway BR-116 in the state of
Minas Gerais between Além Paraíba and
Divida Alegre. Connects the strech of BR-
393 RJ and BR-116 BA already granted, for
a total of 817 km
•8 toll plazas
•Toll Tariff: R$ 6.41 (Per Plaza)
• Revenue: R$ 13.6 billion
•Estimated Capex: R$ 5.07 billion
• Term: 25 years
•Auction: January/2013

•Strech of Highway BR-040 starting in the
Federal District, at the interchange with
Highway BR 251, and ending in Juiz de
Fora (MG) at the start of the strech
granted to the operator CONCER, for a
total of 937 km in
•11 toll plazas
•Toll Tariff: R$ 4.22 (Per Plaza)
• Revenue: R$ 16.0 billion
•Estimated Capex: R$ 6.63 billion
• Term: 25 years
•Auction: Janeiro/2013

Source: ANTT, Federal Government and Internal Studies (Base Date: Jan/12)
Programed Federal Highways
27

28. Appendices

29. Capital Markets
Stock Performance (Basis 100)
Stock Liquidity
Composition of Free Float

Analyst Coverage
Number of trades (daily average)
Financial Trading Volume (daily average) –
R$ MM
Dividends
Institutional
Brazilian
Individuals
Year Div. / Share Payout
2010 R$ 0.99 25%
2011 R$ 2.83 52%
Institutional Foreign
ARTR3
Shares: 344,444,440
Free Float: 40%
 Ágora
 Banco do Brasil
 Barclays
 Citigroup
 Coinvalores
 Credit Suisse
 Fator Corretora
 Goldman Sachs

 Planner
JP Morgan
 Merrill Lynch
 Morgan Stanley
 UBS
 Santander
 Votorantim
 Itaú


Total: 16 institutions
59,175 (+4,3%)
R$ 18.60 (+52,5%)
Market Cap
R$ 6.41 billions









/12/2011 28/01/2012 27/02/2012 28/03/2012 27/04/2012 27/05/2012 26/06/2012 26/07/2012 25/08/2012 24/09/2012
56.4%
41.3%
2.3%
2.5 2.7
5.8
3.4 3.3
5.9 6.1 5.7 5.5 5.6
7.2
15.5
22.7
3Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12
155 173 214 143 150 225 241 299 283 260 294
1,714
2,390
3Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q12
29

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

2.7
1.1
5.7
3.2
4.0
6.1
5.2
-0.6
7.5
2.7
1.5
3.9
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012E 2013E
25.3
8.7
12.4
1.2
3.8
7.8
9.8
.-1,7
11.3
5.1
7.6
5.1
12.5
9.3
7.6
5.7
3.1
4.5
5.9
4.3
5.9
6.5
5.4
5.4
20022003200420052006200720082009201020112012E2013E
IGP-M IPCA
Macroeconomic Scenario
GDP (%)
Interest Rates (%)

Inflation (%)
24.9
16.3
17.8 18.1
13.2
11.2
13.7
8.7
10.7
11.6
7.3 7.3
10.0
11.0
9.8 9.8
6.9
6.3 6.3 6.0 6.0 6.0
5.5 5.5
20022003200420052006200720082009201020112012E2013E
CDI TJLP
30

31. Planalto Amount Cost Term
Max. %
Fi nanced
Subcredit A 184.057 TJLP + 2.58% a.a. 144 months
Subcredit B 90.007 TJLP + 2.58% p.a. 138 months
Subcredit C 57.280 TJLP + 2.58% p.a. 120 months
Total 331.344 68%
Fernão Amount Cost Term
Max. %
Fi nanced
Subcredit A 493.382 TJLP + 2.21% p.a. 144 months
Subcredit B 159.300 TJLP + 2.21% p.a. 138 months
Subcredit C 50.072 TJLP + 2.21% p.a. 123 months
Total 702.754 70%
Régi s Amount Cost Term
Max. %
Fi nanced
Subcredit A 446.395 TJLP + 2.21% p.a. 144 months
Subcredit B 623.100 TJLP + 2.21% p.a. 126 months
Total 1.069.495 65%
Li toral Amount Cost Term
Max. %
Fi nanced
Subcredit A 508.122 TJLP + 2.32% p.a. 144 months
Subcredit B 297.964 TJLP + 2.32% p.a. 120 months
Subcredit C ¹ 4.051 TJLP 120 months
Total 810.137 68%
Fluminense Amount Cost Term
Max. %
Fi nanced
Subcredit A 403.712 TJLP + 2.45% p.a. 144 months
Subcredit B 373.204 TJLP + 2.45% p.a. 125 months
Subcredit C ¹ 3.903 TJLP 125 months
Total 780.819 70%
General Total 3.694.549
Autovi as Issue Cost Due
1
st
Series 285.000 CDI + 1.6% p.a. March-15
2
nd
Series 120.000 IPCA + 8% p.a. March-17
2
nd
Issue 100.000 CDI + 1.7% p.a. Nov em ber-15
Total 505.000 NationalGlobal
Centrovi as Issue Cost Due
1
st
Series 286.131 CDI + 1.7% p.a. March-15
2
nd
Series 120.000 IPCA + 8% p.a. March-17
Total 406.131 NationalGlobal
Intervi as Issue Cost Due
1
st
Issue 307.947 CDI + 1.5% p.a. March-15
2
nd
Issue 300.000 CDI + 1.7% p.a. Nov em ber-15
Total 607.947 NationalGlobal
Vi anorte Issue Cost Due
1
st
Series 153.776 CDI + 1.7% p.a. March-15
2
nd
Series 100.000 IPCA + 8% p.a. March-17
Total 253.776 NationalGlobal
General Total 1.772.854
Aa1.br Baa3
Aa3.br Ba2
Rating Moody's
Rating Moody's
Rating Moody's
Aa2.br Ba1
Rating Moody's
Aa2.br Ba2
Financing
BNDES – R$ ‘000 Debentures – R$ ‘000

¹ Resources destinated to social investments
31

32. Ownership Structure
60.0%
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
32

33. Term of the Concessions
Average duration of concessions in our portfolio is 15.9 years


13 13
12
13
4 4 4 4 4
7
8
16
7
21 21 21 21 21
Years elapsed Years pending
Federal Concessions State Concessions
33

34. Investor Relations

R. Joaquim Floriano, 913 – 6º andar
Itaim Bibi – São Paulo – SP
CEP 04534- 013
Tel: [phone]

Visit our website:
www.arteris.com.br/ir