1

APIMEC3Q06 Earnings Results

November 2006

2

Notice

Potential forward-looking statements in this presentation related to the Company’s business prospects, projections, and operating and financial results are based on Management beliefs and assumptions, as well as the information currently available to the Company.

Forward-looking statements and information are not a guarantee of performance. They involve risks, uncertainties and assumptions since they refer to future events,and therefore depend on situations that may or not occur.

Future results and shareholder value creation may differ significantly from those stated or suggested by the forward-looking statements. Many of the factors that will determine these results and values are beyond OHL Brazil’s control and prediction capacity.

3

New Concessionaire

Company Overview

3Q06 Results

3Q06 Highlights

Agenda

Outlook

Other Information

4

Company Overview

5

Ownership Structure

We are waiting for BNDES’s authorization to conclude the acquisition of Vianorte.

52,.%

FREE FLOAT

7.9%

100.0%

40.0%

Latina Manutenção

100.0% 100.0% 100.0%Paulista

Infra-estrutura SPR OHLParticipações STP

100.0% 100.0% 100.0% 4.68%100.0%

4.86%

6

OHL Concesiones and OHL Group

Mexico

Argentina

ChileBrazil

Spain

The Brazilian operation is important for OHL Concesiones growing strategy.

140,060%Autopista del Sol

20%Muelle Inflamables Barcelona

50%Puerto de

(Km)(%)Toll Road Concessions

8,3100%Autovia M - 45

8,2100%Autopista Nuevo Aeropuerto Barajas

50%

70%

77%

100%

58%

60%

60%

60%

Port Concessions

60,1Autopista Ezeiza - Cañuelas

51,7Sistema Carretero del Oriente

92,4Camino Internacional Ruta 60

82,0Autopista Los Libertadores

219,5Centrovias

316,5Autovias

371,2Intervias

60%Autopista del Sol

20%Muelle Inflamables Barcelona

50%Puerto de Alicante

Airports:

Length Share (%)

8,3100%

8,2100%Autopista Nuevo Aeropuerto Barajas

50%

100%

58%

Aeropuerto Internacional de México

60,1

51,7Sistema Carretero del Oriente

92,4Camino Internacional Ruta 60

82,0

219,5Centrovias

316,5Autovias

371,2Intervias

67% 123,0Autopista Amozoc Perote

International construction, concession and service group

Operational for more than 90 years

Present in 16 countiesListed in Spain since 1991Ranked among Spain’s 6 most

transparent companies in 2005Two independent core

businesses: Construction and Concessions.

Net revenue in 2005: € 2.4bn; and 2005 EBITDA: € 285.4mm

1995-2006 CAGR Revenue of 32%Present in the Brazilian market

through OHL Concesiones

OHL Group

60% 236,6Vianorte

7

• Population of 4 million inhabitants

• One of the main agribusiness center in Brazil

• Responsible for 32% of fuel ethanol and for 70% of the orange juice export

Location

The state of São Paulo accounts for around 22% of the Brazilian population and 35% of its GDP.... to the Northwest of the city of São Paulo...

Operating Area: Map:

The toll roads operated by OHL Brasilare the main routes from the production areas to:

São Paulo: the main consumption center

Santos Port: the main export corridor in Brazil

... which allows OHL Brasil to capture the impact of industrial and agribusiness expansion.

8

Corporate Governance

Novo Mercado – Bovespa

Strategic support and commitment from OHL Group.

Transparency and protection to minority shareholders’ interest.

100% tag-along rights.

Capital structure with 100% of voting shares (equal rights for minority shareholders).

40% Free Float.

Board of Directors with 7 members, being 1 independent.

9

3Q06 Highlights

10

3Q06 Highlights

Traffic grew 2.8% in 3Q06 versus 3Q05.

Net services revenue went up 7.7% when comparing 3Q06 with 2Q06.

Adjusted EBITDA of R$73.2 million and Adjusted EBITDA margin of 66.9%.

First SPR Promissory Note issue.

Net income grows 52.3% year-on-year.

Acquisition of the Concessionaire Vianorte – at the final stage.

53.89% share appreciation until October 31, 2006.

11

3Q06 Results

12

Consolidated Traffic

Traffic Breakdown – 3Q06 Traffic Performance (in thousand Vehicle-Equiv.)

4,661 4,617 4,830

4,864 4,473 4,986

12,262 11,53512,580

0

5,000

10,000

15,000

20,000

25,000

3Q05 2Q06 3Q06

2.8%8.6%

21.6%

56.2%22.3%

Intervias

Centrovias

Autovias

13

Traffic vs. GDP

Year-on-year comparison:

Period elasticity

OHL Traffic

GDP

-3.28 1.35 1.30 1.67 1.65 1.00 0.11

-1.8%

6.7%

3.0%

4.7%

6.6%

1.0%

0.2%0.5%

4.9%

2.8%

1.0%

2.3%

4.0%

2003 2004 2005 1Q05

1.4%

0.7%

3.4%

-1.9%

2T06

-

-

2003 2004 2005 2Q05 3Q05 4Q05 1Q06

-

2Q06

0.21

0.5%

-3.84

2.8%

3Q06

???

14

Net Revenue

Revenue Breakdown – 3Q06 Net Revenue Performance (R$ thousand)

Electronic toll collection corresponded to 45.70% of the total collection in 3Q06

41.6%

30.1%

28.2%

Intervias

Centrovias

Autovias

3,7%

7.7%

28,659 29,523 30,881

32,091 29,542 32,986

44,739 42,50945,550

0

20,000

40.000

60,000

80,000

100,000

120,000

3Q05 2Q06 3Q06

15

Adjusted EBITDA

Adjusted EBITDA Margin (%)Adjusted EBITDA (R$ million)

64.364.465.5

60.4

1Q05 2Q05 3Q05 4Q05 1Q06

62.962.466.869.1

52.2

1Q05 2Q05 3Q05 4Q05 1Q06

58.7

64.9

2Q06

63.9

2Q06

73.2

3Q06

66.9

3Q06

Receita Líquida de Serviços 109.418 101.574 105.489 7,7% 3,7% 308.129 285.308 8,0%Custos dos Serviços Prestados (51.634) (51.319) (47.210) 0,6% 9,4% (153.499) (135.908) 12,9%Amortização e Depreciação 31.741 28.424 23.301 11,7% 36,2% 87.542 65.180 34,3%Outras Receitas 0 58 0 -100,0% - 168 0 -(Despesas) Receitas Operacionais (12.261) (9.779) (8.435) 25,4% 45,4% (29.611) (23.034) 28,6%EBITDA 77.264 68.958 73.145 12,0% 5,6% 212.729 191.546 11,1%Ônus Fixo pago (4.066) (4.079) (4.080) -0,3% -0,3% (12.224) (11.568) 5,7%EBITDA Ajustado 73.198 64.879 69.065 12,8% 6,0% 200.505 179.978 11,4%% EBITDA Ajustado S/ Rec. Líquida 66,9% 63,9% 65,5% 65,1% 63,1%

EBITDA Ajustado (R$ mil) 3T06 2T06 3T05 Var % 3T/2T06

Var % 3T/3T05 9M06 9M05 Var %

9M06/9M05

16

2Q06

Financial Result

Financial Result Breakdown (% of total) IGP-M Performance (%)

3Q06

10.8%

26.4%62.8%

Fixed concession charges

Other Fin.

BNDES/CEF

2Q060.70

16.9%

14.4%

68.7%

Other Fin.

BNDES/CEF3Q06

0.80

Receitas Financeiras 2.146 5.204 8.010 -58,8% -73,2% 13.659 13.841 -1,3%Despesas Financeiras (10.814) (12.043) (8.147) -10,2% 32,7% (33.590) (37.628) -10,7%BNDES/CEF (7.428) (7.560) (10.387) -1,7% -28,5% (22.556) (28.347) -20,4%Outras Despesas Financeiras (1.828) (3.178) (1.081) -42,5% 69,1% (6.762) (7.688) -12,0%Atualização Monetária (1.558) (1.305) 3.321 19,4% -146,9% (4.272) (1.593) 168,2%Resultado Financeiro Líquido (8.668) (6.839) (137) 26,7% 6227,0% (19.931) (23.787) -16,2%% Receita Líquida 7,9% 6,7% 0,1% 6,5% 8,3%

Var % 9M06/9M05

Var % 3T/2T06

Var % 3T/3T05 9M06 9M05Resultado Financeiro (R$ mil) 3T06 2T06 3T05

Fixed concession charges

17

Indebtedness

51.0 51.667.7

214.7236.0

276.3 266.3303.7

4Q05 1Q061Q05

Short Term Debt

66.0

224.0

290.0

2Q05

67.4

216.0

283.4

3Q05

225.3

74,5

199,2

273.7

2Q06

74.5

199.2

Charges (September 2006)Amortization Schedule (R$ million)

Total debt (R$ million) Net debt (R$ million)

74,5

199,2

261.9

3Q06

75.7

186.2

236.6

207.6

91.7

1Q05 2Q05 3Q05 4Q05

1.2x0.9x

0.4x

1Q06

200.3

2Q06

0.8x0.5x 0.4x

118.2 103.0

204.4

3Q06

0.8x

Net debt / Adjusted EBITDA (LTM)

7.5

47.857.556.5

77.6

14.9

Oct/Dec2006

2007 2008 2009 2010 2011

2,8%

86,9%

TJLPCDIOutros

9,6%

Long Term Debt

18

Net Income

23,989

40,812

22,608

53,173

80,986

3Q05 2Q06 3Q06 9M05 9M06

52.3%- 5.8%

- 44.6%

Net Income Performance (R$ thousand)

19

Capex

Autovias and Intervias are repairing paving and remodeling certain facilities at the toll roads.

Centrovias continue with the duplication of SP-225, expected to be concluded in 2007.

Schedule

CAPEX Breakdown – 3Q06CAPEX (Real and Estimated)

169.1

191.8200.0

120.0

80.0

55.0

2004 2005 2006E 2007E 2008E 2009E

Total in the period between2007 and 2009

255.0*

127.4

9M06

*Capex outlook for Autovias, Centrovias and Intervias.

25.2%

50.9%

23.9%

20

New Concessionaire

21

New Concessionaire: Vianorte

Beginning of concession: 1998

End of concession: 2018

Total length: 236,6 KmToll Plazas: 4

Toll road network map:

22

Year 9 Months

New Concessionaire: Vianorte

Revenue Breakdown – 9M06*

31.6%23.0%

23.2% 22.2%

Traffic Performance (in thousand Vehicle Equiv.)

15,907 16,987 17,677 18,021 18,494 19,044

24,97724,26723,76222,85321,595

2001 2002 2003 2004 2005 2006

CAGR 3.7%

* pro forma, considering the acquisition of Vianortesince January 1st, 2006.

23

New Concessionaire: Vianorte

EBITDA Margin (%)

Receita Líquida de Serviços 92.623 85.367 8,5% 116.681 107.640 8,4%EBITDA 42.230 35.026 20,6% 49.206 45.179 8,9%

Margem EBITDA 45,6% 41,0% 42,2% 42,0%EBIT 19.217 8.011 139,9% 15.831 19.852 -20,3%

Margem EBIT 20,7% 9,4% 13,6% 18,4%Resultado antes de IR e CS 8.510 (2.867) -396,8% 206 7.932 -97,4%Lucro Líquido 8.510 (450) -1991,2% 166 5.121 -96,8%

Margem líquida 9,2% -0,5% 0,1% 4,8%Patrimonio Líquido: 119.230 107.193 11,2% 110.719 91.731 20,7%Dívida Líquida: 97.736 91.034 7,4% 99.758 77.496 28,7%

Destaques Vianorte (R$ Mil) 9M06 9M05 2005 2004 Var % Var %

42.2%42.0%40.6%37.7%

33.7%

41.1%

45.6%

20052004200320022001 9M05 9M06

15.0

50.055.0

60.0

2006 (E) 2007 (E) 2008 (E) 2009 (E)

48.5

Capex (Real and Estimated)(R$ Thousand)

9M06

24

Other Information

25

Promissory Note Issue - SPR

180 days + 180 days (new issue, optional)

102.75% of CDI

Qualified investors

R$ 220 MM in 200 notes of R$ 1MM eachTotal issue

Payment of Vianorte (estimated amount: R$ 100 million)Working capital

OHL Brasil S.A.

Term

Remuneration

Guarantee

Target investors

Use of proceeds

SPR – Sociedade para Participações em Rodovias S.A.Issuer Wholly-owned subsidiary of OHL Brasil and controller of

Vianorte

26

Share Appreciation until October 31, 2006Pricing

(Base 100 on July 13, 2005)

16/1

0

27/9

11/9

23/84/8

19/73/7

14/6

29/5

11/5

24/44/4

17/31/3

9/2

23/15/1

19/1

2

1/12

14/1

1

26/1

0

7/10

21/92/9

17/81/8

14/7

93,00

103,00

113,00

123,00

133,00

143,00

153,00

163,00

173,00

183,00

OHL – 53.89%BOVESPA – 51.85%

Traded VolumeNumber of shares traded

0

200

400

600

800

1.000

1.200

1.400

23/1

011

/10

2/10

21/9

12/9

31/8

22/8

10/81/8

21/7

12/73/7

22/6

12/61/6

23/5

12/53/5

20/4

10/4

30/3

21/3

10/31/3

16/27/2

27/1

17/16/1

27/1

216

/12

7/12

28/1

117

/11

7/11

26/1

017

/10

5/10

26/9

15/95/9

25/8

16/85/8

27/7

18/7

27

Social Responsibility

Name of Project Campaigns Attendance

Autovias Saúde na Estrada 16 10,028

Centrovias Mais Saúde na

Estrada 15 4,503Intervias Saúde na Boléia 21 41,749

Intervias Posto do

Caminhoneiro 1 13,131

Total 53 69,411

Health

Concessionaire Schools Served Students Benefited

Teachers Monitored

Autovias 94 88,000 721Centrovias 107 32,721 1,030Intervias 186 172,069 7,085

Total 431 292,790 8,836

Quantitative summary of projects until September 2006

Education

# of seedlings to be planted

Autovias 150,000Centrovias 66,362Intervias 0

Total 216,362577,238

Environment

# of seedlings planted

243,000189,238145,000

Magazine # of editions Periodicity # of Impression

Porta-luvas 2 Quarterly 300,000

Culture (OHL Brasil)

Quantitative summary of projects until September 2006

Concessionaire

Concessionaire

28

Outlook

29

New Biddings: Federal, State and PPP

Federal Lots:Highway corridors are essential in connecting Brazil’s richest areas

State Lots (SP):Potential export corridor through the Port of SãoSebastião

02

07

Lot ASP 70 - Rodovia A.Senna/Carvalho Pinto

167.5 Km 02 plazasLot B

SP 65 - Rodovia D. Pedro I118.5 Km 04 plazas

286.0 Km 6 plazas

Road Length # of Plazas

Lot 1 BR 153/ SP - Divisa MG/SP 321.7 Km 04 plazasLot 2 BR 116/PR/SC - Curitiba - Divisa SC/RS 406.5 Km 05 plazasLot 3 BR 393/RJ - Divisa MG/RJ (Via Dutra) 200.5 Km 03 plazasLot 4 BR 101 - Divisa RJ/ES (Ponte Rio Niterói) 320.8 Km 05 plazasLot 5 BR 381- Belo Horizonte - São Paulo 561.5 Km 08 plazasLot 6 BR 116/SP/PR - São Paulo - Curitiba 401.7 Km 06 plazasLot 7 BR 376 - Curitiba - Florianópolis 367.6 Km 05 plazas

2580.3 Km 36 plazas

PPPs :PPP projects are a great opportunity for OHL Brazil growth.

03

PPP 372.0 Km 06 plazasMG 050 - Betin - Divisa SPPPP 637.0 Km 07 plazasBR 116/BA e BR 324/BAPPP 111.0 Km 01 plazaSP 099 - Tamoios

1120.0 Km 14 plazas

PPP

PPP

PPP

Road Length # of Plazas

Road Length # of Plazas

30

Investor Relations

OBRASCON HUARTE LAIN BRASIL S.A.

OHL Brasil S.A. Contacts: Address:

Francisco Leonardo Francisco Leonardo MouraMoura dada CostaCostaChief Financial and Investor Relations Officerfrancisco.leonardo@ohlbrasil.com.br

Alessandro Alessandro ScotoniScotoni LevyLevyFinancial and Investor Relations Manageralessandro@ohlbrasil.com.br

Rua Joaquim Floriano, 913 – 6º andarItaim Bibi – São Paulo – SPCEP 04534-013Phone: (5511) 3074-2404

www.ohlbrasil.com.br