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June, 2010

OSX – Institutional Presentation

DisclaimerDisclaimer

The material that follows is a confidential presentation of general background information about OSX Brasil S.A. and its subsidiaries (collectively, “OSX”) as of

the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made

concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information.

This confidential presentation may contain certain forward-looking statements and information relating to OSX that reflect the current views and/or expectations

of OSX and its management with respect to its business and future events. Forward looking statements include, without limitation, any statement that may

predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “anticipate”, “believe”, “estimate”, “expect”,

“forecast”, “plan”, “predict”, “project”, “target” or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties

and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations,

estimates and intentions expressed in this presentation. In no event, neither OSX nor any of its affiliates, directors, officers, agents or employees, nor any of the

placement agents or underwriters, shall be liable before any third party (including investors) for any investment or business decision made or action taken in

reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

All forward-looking statements in this presentation are based on information and data available as of the date they were made, and OSX undertakes no

obligation to update them in light of new information or future developments. This presentation and its contents are proprietary information and may not be

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obligation to update them in light of new information or future developments. This presentation and its contents are proprietary information and may not be

reproduced or otherwise disseminated in whole or in part without OSX’s prior written consent.

Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the United States Securities Act of 1933,

as amended. Any offering of securities to be made in the United States will be made solely by means of a confidential offering circular that may be obtained from

the placement agents or the underwriters. Such confidential offering circular will contain detailed information about OSX and its business. This presentation

does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained

herein shall form the basis of any contract or commitment whatsoever.

RationaleRationale

The Macro-Drainage Plan for the "Baixada Campista" Region was approved by the Rio de Janeiro’s State

Government on March 31st, 2010.

The Plan comprises the new Campos-Açu Channel, which will flow into the sea through the Açu Superport

Industrial Complex, allowing the implementation of a shipyard along its margin.

The Government of Rio de Janeiro emphasized its invitation for OSX to install its shipyard in the region,

creating up to 10,000 new jobs in the operational stage and 3,500 jobs in the construction stage.

OSX and LLX realized pre-feasibility studies for the implementation of the Açu Shipyard, and the

conceptual layout has already been approved by Hyundai Heavy Industries Co. Ltd.

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conceptual layout has already been approved by Hyundai Heavy Industries Co. Ltd.

OSX has initiated the environmental licensing process for the implementation of the Açu Shipyard at the

competent environmental licensing agency in the Rio de Janeiro State.

The area for the Açu Shipyard has 320 hectares, with initial annual production capacity of approximately

180,000 ton/year of steel plates and 220,000 ton/year of integration.

This alternative does not represent a material budgetary change for OSX and the installation license is

estimated to be issued until April 2011.

The Açu Industrial Complex offers to the Açu Shipyard access to an integrated supply chain, including

steel mills, metal-mechanic companies and other shipbuilding suppliers and service providers.

Macro drainage planMacro drainage plan

Macro drainage execution signed on march 31st 2010

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Shipyard Overall LayoutShipyard Overall Layout

US$ 1.7 bn investment

Steel processing of 180,000 ton/year and assembly of 220,000 ton/year

Up to 3,525 m water front (2,400 m on first phase)

Conceptual design approved by Hyundai Heavy Industries

Atlantic Ocean

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Shipyard Overall Budget (preliminary)Shipyard Overall Budget (preliminary)

USD (MM) Total LLX OSX

Common Infrastructure 448 219 229

Investigation and Engineering 31 15 16

Civil Works 416 204 212

Offshore Dredging (854k m3) 111 55 56

Onshore Dredging (13,000k m3) 41 20 21

Break Water (2,300k m3) 264 129 135

Pre eng. costs + environmental 74 - 74

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Civil works 447 - 447

Onshore Dredging (10,500k m3) 90 - 90

Quay (2,270 m) 262 - 262

Back area embankment (6,000k m3) 21 - 21

Site camp facility and management 74 - 74

Shipyard structure 544 - 544

Buildings 265 - 265

Dry Dock 133 - 133

Roads and Paving 146 - 146

Equipment and others 420 - 420

Total 1,933 219 1,714

Shipyard Licensing Timeline (expected)Shipyard Licensing Timeline (expected)

Reference Term June 2010

EIA filling August 2010

Public hearings November 2010

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Preliminary License December 2010

Installation License April 2011

The EBX WayThe EBX Way

“The largest

order book in

the world” (Luiz Carneiro)

“10 years of

continuous

growth”(Eike Batista)

“The largest

shipyard in the

Americas” (Roberto Monteiro)

“We have

always over

delivered”

“Unique and non

replicable business

model”(Luiz Arthur)

“Insatiable

quest towards

perfection” (Eike Batista)

“A construction

slot in OSX’s

shipyard is

worth more

than gold” (Eduardo Musa)

“We have

billion dollar

project

execution

capability” (Eduardo Musa)

“Our combined

talent pool has

managed more

than 50.000

people” (Luiz Carneiro)

“A unique

sheltered location

along 8.5

thousand km of

coast in Brazil”(Roberto Monteiro)

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“Asian

performance will

be reached in 2

years” (Luiz Carneiro)

“OGX

commitment

with national

content”(Paulo Mendonca)

“We love

transparency!”(Eike Batista)

“Its all about

reality”(Flavio Godinho)

“it’s all about

location,

location,

location”(Eike Batista)

delivered” (Eike Batista)

“OSX 1

accelerates the

beginning of

OGX’s

production”(Paulo Mendonca)

“We made

history in OGX

and will be

making it again

in OSX”(Flavio Godinho)

“Our assets are

made to last one

hundred years”(Alex Caminha)

“Unique business

dynamics” (Leonardo Moretzsohn)

“Synergies

across the EBX

Group will be

always

captured”(Ricardo Fonseca)

“Full alignment

of interests with

100% arm’s

length basis”(Paulo Gouvea)

Thank you !!

and welcome to Brazil !!

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and welcome to Brazil !!