1

Results 2004

2

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, including currency fluctuations, 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 these materials.

Disclaimer

3

Content

4Q Results

What is next ?

4

Highlights

2004• Sucessful Secondary Offering

• Traffic Increase & Margins improvement

• Corporate Governance Nucleous – Dom Crabral Foundation

• Financial PolicyDividends: R$2,00/share(Sept-04+Apr-05), pay-out of 76% 04 Net Profit

4Q• Resumption of bidding process for federal roads

• Acquisition of ViaOeste concesionaire

5

Financials

Net Revenues x

Total Costs / Net. Rev.

EBITDA & margin

8701.000

1.139

1.463

331398

64%

68%71%

60%65%65%

0

200

400

600

800

1.000

1.200

1.400

1.600

2001 2002 2003 2004 4Q03 4Q04

441472

571

759

170219

52%50%

47%

55%51%51%

0

100

200

300

400

500

600

700

800

2001 2002 2003 2004 4Q03 4Q04

R$

mill

ion

R$

mill

ion

CAGR 18.9%

CAGR 19.8%

20.3%28.8%

Total Cost = Cost of Services Rendered + Administratives Expenses

6

EBIT & margin Net Income

(119)

183

263

5797

(13)

(150)(100)

(50)

050

100150

200250300

2001 2002 2003 2004 4Q03 4Q04

301 287360

531

115160

35%29%

32% 36% 35%40%

0

100

200

300

400

500

600

2001 2002 2003 2004 4Q03 4Q04

R$m

illio

n

R$

mill

ion

CAGR 20.8%

39.3%

Financials

7

Revenues Performance & Breakdown

Operating Revenues

Toll CollectionRevenues by Concession

96%96%

64.4%73.4%

35.6%26.6%

2004 2003

Cash

Eletronic

Via Lagos2%

Ponte5%

NovaDutra34%

Rodonorte12%

AutoBAn47%

-

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2001 2002 2003 2004 4Q03 4Q04

Ancillary

STP

Toll

R$

mill

ion

9321.074

1.230

1.568

357428

8

Traffic – Vehicle Equivalent

Evolution annual/quarterly

10.6%

6.3%

-3.5%

-1.2%

14.9%

AutoBAn NovaDutra

Rodonorte Ponte

Via Lagos

4Q

215230 233

251

61 64

0

50

100

150

200

250

300

2001 2002 2003 2004 4Q03 4Q04

R$

mill

ion

CAGR 5.3%

5.0%

9

Tariffs

Tariffs – 4Q04

13.8%

10.4%

15.9%

7.4% 7.9%

AutoBAn NovaDutra Rodonorte Ponte Via Lagos

4Q

Rodonorte’s 04 annual readjustment, due on December 1, was effective by January 31, supported by an injunction ruled by the Regional Federal Court of the Porto Alegre city.

Consolidated average toll tariff (toll revenues / vehicle equivalent) was up 14.1

percent.

10

Total Costs Breakdown

71.4% 68.4% 59.8%65.2%63.7%

25% 26% 24% 24% 24%

19% 20% 21% 20% 21%

33% 30% 33% 29% 31%

11% 10% 10% 9% 10%

12% 14% 13% 17% 15%

2002 2003 2004 4Q03 4Q04

D&A Concession Costs Third-party Services Personnel Others

Total Costs as a percentage of Net Revenues

11

Capex

Note: Figure for ficasl year 2005(E) and 2006(E) includes inflation adjustment of 8.0% for 2005 and 7.0% for 2006 (CCR`s internal assumption).

Current portfolio requirements

526

318

222190

383

304

257%

399%

148%84%

0

100

200

300

400

500

600

2001 2002 2003 2004 2005 (E) 2006 (E)0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

Capex Ebitda/Capex

R$

mill

ion

12

IndebtnessDe-leveraging Trend

Gross Debt Net Debt

US$ denominated debt: 36.3% hedged

1.405

R$

mill

ion

73%

48%59%59%

0200400600800

1.0001.2001.4001.600

2001 2002 2003 2004

Short-term Long-term R$ denominated

1.508

1.2241.136

1.338 1.3221.127

622

0,82

1,97

2,803,03

0200400600800

1.0001.2001.4001.600

2001 2002 2003 2004

Net Consolidated Debt

Net Consolidated Debt / EBITDA-LTM

R$

mill

ion

13

228

188 186 183

150 147

53

0

50

100

150

200

250

2005 2006 2007 2008 2009 2010 After 2010

R$

mill

ion

Debt Amortization Schedule

14

Debt ProfieSource of Funds

3%

42%

29%

26%

Others (106.75% CDI)

Debêntures(IGP-M + 11%)(IGP-M + 9.5%)

BID e IFC (Libor + 4.45%)

BNDES (TJLP + 5.0%)

15

Stock Performance

ADT Volume R$ 6 million – last 90 trading days

Ibovespa 106.9%

CCRO3 221.9%

feb/02 -feb/05

0

5.000

10.000

15.000

20.000

25.000

1/2/

0219

/3/0

22/

5/02

14/6

/02

29/7

/02

9/9/

0221

/10/

023/

12/0

220

/1/0

35/

3/03

16/4

/03

2/6/

0316

/7/0

327

/8/0

38/

10/0

319

/11/

036/

1/04

17/2

/04

1/4/

0417

/5/0

429

/6/0

411

/8/0

423

/9/0

48/

11/0

421

/12/

0404

/02/

05

Vol

ume

R$

(000

)

-100,00%

-50,00%

0,00%

50,00%

100,00%

150,00%

200,00%

250,00%

300,00%

2004

CCRO3 111.3%

Ibovespa 16.7%

16

Rodonorte – Judicial Proceedings Current Status

Political Driven Issues

Termination by Public Interest – Granting Authority audit process to

calculate the concessionaire indemnification amount, was interrupted by a

Regional Federal Court injunction

Expropriation – The State Government decree was suspended by the

Regional Federal Court of Brasilia

Annual Toll Reajustment2003 – due in December 1, it was effective in July 3, supported by Superior

Court of Justice decision. Concessionaire will seek contract rebalancing

2004 – due in December 1, it was effective in January 31, supported by na

injunction ruled by Regional Federal Court of Porto Alegre

Administrative – fine

17

What is next ?

Growth opportunities

18

Key Factors

• ROE not lower than Ke

• Majority shareholder stake

• Location in densely populated areas

• Basic financing structure – 60% debt, 20% own cash generation and a 20% capital increase from CCR

Growth Perspectives

19

New Business – Federal Highways

Source: DNER

7,785km to be privatized

DistanceProgram (km)

2nd phase - Federal 3,038 3rd phase - Federal 4,747

Total 7,785

Brazil

RecifePernambuco

Mato Grosso

Goiás

Espírito Santo

Rio de Janeiro

Paraná

SantaCatarina

Rio Grandedo Sul

Vitória

Rio de JaneiroSão Paulo

Curitiba

Florianópolis

CuiabáBrasília

Uberlândia

São Paulo

Mato Grossodo Sul

Minas Gerais

Campo Grande

Source : ABCR (Brazilian Association of Highway Concessionaires)

Existing CCR Concessions

2nd phase - Federal

3th phase - Federal

Porto Alegre

Belo Horizonte

Goiânia

20

7 Roads Lenght (km)

Dom Pedro I 200,94

Ayrton Senna / Carvalho Pinto 127,52

Marechal Rondon - Leste 363,46

Marechal Rondon - Oeste 252,44

Raposo Tavares - Leste 181,00

Raposo Tavares - Oeste 206,73

João Ribeiro de Barros 339,67

Euclides da Cunha 186,06

TOTAL 1.857,82

São paulo State Toll Road Concession Program

New Business – São Paulo Highways

1,857km to be privatized

Investor Relationsinvest@ccrnet.com.br

Ricardo Froes – CFOricardo.froes@ccrnet.com.brTel: 55 (11) 3048-5930

Arthur Piotto Filho - IRarthur.piotto@ccrnet.com.brTel: 55 (11) 3048-5932

Adress: Av. Chedid Jafet 222 bloco B – 5º floor

Zip Code 04551-065 São Paulo – SP Brazil

www.ccrnet.com.br

BOVESPA: CCRO3Bloomberg: CCRO3 BZ

Reuters: CCRO3.SA