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Company Presentation 3Q14

Investor Relations

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.

index

3 Investor Relations

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

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4 Investor Relations

Arteris and the Toll Road Industry

Arteris and the toll road industry

Centrovias (SP)

1

1. Arteris and the Toll Road Industry 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: 717.1 million vehicles in 2013

Average remaining term of contracts of 14 years

Total employees: 6,632 (September 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

Autovias Acquisition

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 07-13 32.80%

CAGR 07-13 22.17%

5

616

3,377

430

1,429

2007 2013

Net Revenue – R$ million

Adjusted EBITDA – R$ million

Thousand vehicles/day

concessionaires

KM under management

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 Arteris Evolution in a Nutshell

6

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

1997/8 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

2013 Resolution of Artesp and ANTT about the marginal cash flow to enable new investments on the existing concession contracts

1. Arteris and the Toll Road Industry Concessions in Brazil

7

8

Federal Highways

In operation

State Highways

In Operation

(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 - Feria 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 ES – between RJ and BA limits 475,9 km

First round

Phase 1

Phase 2

Phase 2


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

State Contracts 8.935 km

SP 18 5.390 km

PR 6 2.474 km

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

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9

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

São Paulo State


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STATE CONCESSIONS

FEDERAL CONCESSIONS


10 *Updated on 2012

Freight transport matrix National vehicle fleet – MM

Public Highways Concession Highways

Source: CNT 2014 Highway Survey and Denatran

General conditions of Brazil’s highways

61%

21% 14%

4% 0.4%

Rail

Excellent

Good

Fair

Poor

Very poor

Good

Excellent

Poor

Fair

Intervias (SP)

1. Arteris and the Toll Road Industry The Sector in Numbers

11

Road

Waterway

Air

Pipeline

45.4

14.1

21.4

0.7

Light Commercial Motorcycle Other

86% 14%

91%

9%

28%

13% 6%

53%

São Paulo: 18

Paraná: 6

PE/BA/ES/MG/RJ: 8

Federais: 21

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 The Sector in Numbers

12

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

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%

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

13

1. Arteris and the Toll Road Industry Concessions in Brazil: Project´s Rate of Return

1. Arteris and the Toll Road Industry Current Portfolio

14

17%

18%

19% 16%

3% 5%

7%

10% 6% 14%

15%

16%

13% 4%

7%

10%

12%

9%

Key financial data for concessions – R$ MM State

Federal

Toll Plaza Revenue 2013 EBITDA 2013

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

Centrovias

Intervias

Vianorte

Litoral Sul

Régis

Fernão Dias

Fluminense

Planalto Sul

Vianorte

Planalto Sul

Fluminense

Fernão Dias

Régis

Litoral Sul

Autovias

Centrovias

Intervias

1. Arteris and the Toll Road Industry Current Portfolio

15

* ** * **

Average duration of concessions in our portfolio is 14 years

Federal Concessions State Concessions

1. Arteris and the Toll Road Industry Term of the Concessions

16

15 15 14 15

6 6 6 6 6

5 6

14

5

19 19 19 19 19

Years elapsed Years pending


Investor Relations

Highlights Operating and Financial

Highlights Operating and Financial

18

2. Highlights – Operating and Financial 3Q14 Highlights

Growth of 2.3% of tolled traffic in 3Q14.

Growth of 21.6% of net revenues compared to 3Q13 and 21% against 9M13.

Increase of 12.3% in the adjusted EBITDA in the quarter and 6.1% YTD.

Expansion of 1.9 p.p. in the margin for the quarter.

Investments of R$ 489.4 million in 3Q14, reaching R$ 1.3 billion YTD.

Signature of a contract ammendmet in Autovias with extension of the

concession term

The Federal concessions signed with ANTT a new TAC to settle contractual fines

Opening of the new toll plaza (P5) in Litoral Sul in July

Elasticity

Toll Plaza– Autopista Fernão Dias (MG)

2. Highlights – Operating and Financial Tolled Traffic

19

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

3Q13 3Q14Var.

3Q13/3Q14

Comparable

Basis*9M13 9M14

Var.

9M13/9M14

Comparable

Basis**

State 55,916 54,833 -1.9% -1.9% 151,755 158,969 4.8% 4.8%

Autovias 12,787 12,525 -2.0% -2.0% 34,938 36,527 4.5% 4.5%

Centrovias 15,044 14,949 -0.6% -0.6% 41,001 43,401 5.9% 5.9%

Intervias 17,861 17,231 -3.5% -3.5% 48,167 49,997 3.8% 3.8%

Vianorte 10,224 10,127 -0.9% -0.9% 27,649 29,044 5.0% 5.0%

Federal 126,650 131,892 4.1% 0.5% 380,361 377,278 -0.8% 1.1%

Planalto 7,244 8,321 14.9% 14.9% 21,293 22,613 6.2% 6.2%

Fluminense 12,305 12,471 1.4% 1.4% 35,926 35,679 -0.7% 2.8%

Fernão 42,285 41,620 -1.6% -1.6% 122,587 121,835 -0.6% -0.6%

Regis 38,214 37,177 -2.7% -2.7% 111,236 109,707 -1.4% -1.4%

Litoral 26,602 32,302 21.4% 4.3% 89,320 87,445 -2.1% 5.0%

Total 182,567 186,724 2.3% -0.2% 532,116 536,247 0.8% 2.2%

2. Highlights – Operating and Financial Tolled Traffic

State

Federal

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

20

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.

2. Highlights – Operating and Financial Average toll tariff

21

Avg Toll Tariff

(R$ / Vehicles

Equivalents)

3Q14 2Q14 3Q13Var.

3Q14/2Q14

Var.

3Q14/3Q139M14 9M13

Var.

9M14/9M13

State 6.83 6.50 6.47 5.1% 5.6% 6.60 6.47 2.0%

Autovias 7.16 6.86 6.75 4.4% 6.1% 6.95 6.78 2.4%

Centrovias 6.52 6.18 6.15 5.5% 5.9% 6.28 6.17 1.9%

Intervias 5.89 5.62 5.62 4.7% 4.7% 5.72 5.62 1.7%

Vianorte 8.46 8.01 8.05 5.7% 5.2% 8.17 8.02 1.9%

Federal 1.98 1.97 1.89 0.5% 4.7% 1.97 1.88 4.9%

Planalto Sul 3.80 3.80 3.60 0.0% 5.6% 3.80 3.60 5.6%

Fluminense 3.40 3.40 3.30 -0.1% 3.0% 3.39 3.28 3.4%

Fernão Dias 1.50 1.50 1.40 0.0% 7.1% 1.50 1.40 7.2%

Régis Bittencourt 1.80 1.80 1.80 0.0% 0.0% 1.80 1.80 0.0%

Litoral Sul 1.80 1.80 1.70 0.0% 5.9% 1.78 1.66 7.6%

Total 3.41 3.34 3.30 1.9% 3.4% 3.34 3.19 4.8%

Adjusted EBITDA and Margin* – R$ MM / %

Gross Revenue – R$ MM

Net Income – R$ MM

Toll Plaza - Autovias (SP)

* Excludes revenue from construction

2. Highlights – Operating and Financial Main Figures

22

Traffic – MM vehicle equivalent units

2. Highlights – Operating and Financial Costs and Expenses

R$ MM

Cash costs as % Net Revenue (ex. construction)

Cash Costs – 9M14

23

26%

29% 15%

5%

3% 4% 2% 0% 1%

15%

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

Gross Debt – R$ MM

Debt Composition (3Q14) Leverage Ratio and Net Debt – R$ MM

Amortization Schedule – R$ MM

TJLP + 2.2% up to 2.6%

IPCA + 8%

CDI + 0.8% up to 1.4%

BNDES

Other

Debentures

Federal

Other

State

2. Highlights – Operating and Financial Indebtedness

24


Investor Relations

Strategic Priorities

Strategy

Capex delivery as top priority

3

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

3. Strategic Priorities

26

Arteris LONG TERM strategy focused on three axes


3.1 Strategic Priorities Investments

Since 2008 Arteris invested more than R$ 7.0 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:

3.1 Investments Capex Delivery

28

0.7

0.8

0.7

1.0

1.2 1.3 1.3

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;

- New penalties rules will have a direct impact on tariffs: reduction factors from 0,9% up to 1,5%;

- Possibility to recover deadlines within the plan;

* Not considering new contractual amendments.

Capex until the end of all concessions terms (by 2033) are expected to reach around R$ 6.7 billion* including maintenance

Full commitment to accomplish the schedule of federal investments


29

0.5

1.6

0.9 0.8

2.9

In previous years elasticity has been much higher than the market expectations

Traffic Elasticity x GDP

• In many of our roads, major construction works will remove logistic bottlenecks and boost traffic:

• Autopista Régis Bittencourt (Serra do Cafezal duplication).

• Autopista Litoral Sul and Autopista Planalto Sul, as extensions of Autopista Régis Bittencourt, should also be indirectly benefited by Serra do Cafezal duplication.

• Autopista Fluminense (duplication of BR-101)

• In all roads, improvements contribute to addition of new users

Consensus forecasts for traffic don´t take into account ramp-ups


30

0.9 x 0.6 x 1.1 x 1.2 x (1.0) x

1.8 x 2.5 x 4.6 x

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

Federais Estaduais PIB

1.5 x 1.4 x 4.6 x 4.0 x

1.5 x

State

Federal

The year of 2013 in the federal concessions was affected by the closing of toll plaza P5 (Palhoça) of Litoral Sul. The growth number presented for 2013 uses comparable basis with 2012, excluding the effects of the referred plaza.

Federal State GDP

Recovery works at federal concessions

31

Repaving

Grass cutting

Signage

Before After


31



32

Drainage

Recovery of guardrails

Before After

Embankment


32

Total – R$ ´000

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 São Paulo

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

3.1 Investments Capex Delivery – Serra do Cafezal duplication

Autopista Régis Bittencourt

33

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

Km

were c

om

ple

ted

in

20

14

34

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

3.1 Investments Main works

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

35

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

20 km have already been concluded and were opened to traffic on February 2014

13 additional kilometers concluded on July of 2014

Completed stretches:

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


36

Campos Beltway – Autopista Fluminense

37

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

38

North Stretch

Intermediate Stretch

South Stretch

38 - - - Tunnels

(6 units)


38

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.

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

39

General View Concluded stretch

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

3.1. Investiments Main works

40

Concluded Concluded

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.


Betim Beltway (Autopista Fernão Dias)

41

Original Access Construction works in progress

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

3.1 Investments New investments - Amendment

Main access to Ribeirão Preto – Autovias e Vianorte

42

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

3.1 Investments New Investments - Amendment

42

Duplication of SP – 318 (Autovias)


Strategic Priorities Efficient operations

Centrovias (SP)

3.2

• 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 Main initiatives

44

3.2 Efficient Operations Centralized Purchasing (Electronic Auctions)

Corporate Health Insurance Purchase

Technology provided by abertis

Multiple Real Time Bids

Instant Savings

Real example on how the electronic auctions can save OPEX

Several players bidding

45

46

3.2. Efficient Operations Focus on security

46

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

47

3.2 Efficient Operations Focus on Security

47

Área_de_Escapa_recorte_.wmv


Estrategic Priorities Strengthening of Corporate Image 3.3

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 Strengthening of Corporate Image

49

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

17

3.3 Strengthening of Corporate Image Social Responsability

50

51

3.3 Strengthening of Corporate image Campaigns

51


Investor Relations

Appendix

Appendix

4

• 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 Contractual Amendments

53

• Autopista Fernão Dias: Betim beltway

• Autopista Régis Bittencourt: Duplication of final 19 kilometers of Serra do Cafezal

• Autopista Fluminense: Campos dos Goytacazes ring road

• Autopista Litoral Sul: Florianópolis ring road

• Autopista Planalto Sul: Duplication of 25 kilometers of Highway BR-116 between Curitiba and Mandirituba

Federal Concessions

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

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

State Concessions

4. Appendix Contractual Amendments

Pipeline (up to now)

54

• The federal government announced in August 2012 a new round of toll roads concessions to take place during 2013-2014

• The State of São Paulo also plans to 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 New Projects

55

• In November 2012 the government announced the bidding process of BR-116 and BR-040 (within the pipeline of toll roads released in August). The auction in January 2013 was postponed, since there wasn´t enough bidders

• The failure of the first attempt was due to unfavorable conditions:

- Huge investments to execute with aggressive

deadlines (all the capex to be delivery in the

first 5 years)

- Start of toll collection only after 10% of the

total investments is completed

- Estimated toll tariff based on low project IRR

(5.5% real unlevered) and aggressive assumptions

• The government took a step back revised the feasibility studies, increased the cap tariff (using a 7.2% IRR), increased the concession terms, offered better financing conditions and stated that will mitigate environmental and execution risks

• On September 2013, the government auctioned BR-050 (Winner: Planalto Consortium) and failure to auction BR-262 due lack of proposals

• On November 2013, the government auctioned BR-163 Mato Grosso strecht (Winner: Odebrecht).

• On December 2013, three more lots were auctioned: BRs 060-153-262 (Triunfo), BR-163 (CCR) e BR-040 (Invepar).

• On May 2014, the government auctioned BR -153 (TO-GO) (Winner: Galvão Engenharia).

Highways

Programed Federal Concessions 2012

The market will continue to generate new opportunities


56

• 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

57

BNDES – R$ thousand

4. Appendix Capital Structure

Debentures – R$ thousand

58

Autovias Issue Cost DueRating

Moody's

1st Issue/Serie2 120,000 IPCA+8,00% March-17 Aa1.br Baa3

3rd Issue 300,000 CDI + 0,83% p.a. August-17

Total 420,000 National Global

Centrovias Issue Cost DueRating

Moody's

1st Issue/Serie2 120,000 IPCA+8,00% March-17 Aa1.br Ba1

2nd Issue 400,000 CDI + 0,99% p.a. June-18


Intervias Issue Cost DueRating

Moody's

3rd Issue 600,000 CDI + 1,09% p.a. September-18 Aa1.br Baa3

4th Issue/Serie1 150,000 CDI + 1,10% p.a. October-19

4th Issue/Serie1 225,000 CDI + 5,96% p.a. October-19


Vianorte Issue Cost DueRating

Moody's

1st Issue/Serie2 100,000 IPCA + 8,00% March-17 Aa1.br Ba1

2nd Issue 150,000 CDI + 0,86% a.a. March-17


Fernão Dias Issue Cost DueRating

Moody's

1st Issue 33,700 CDI + 1,40% p.a. July-15 N/D N/D


Fluminense Issue Cost DueRating

Moody's



Litoral Sul Issue Cost DueRating

Moody's



Planalto Sul Issue Cost DueRating

Moody's



Régis Bittencourt Issue Cost DueRating

Moody's



Arteris Issue Cost DueRating

Moody's

1st Issue 200,000 CDI + 1,40% a.a. July-15 Aa1.br Ba1

2nd Issue 300,000 CDI + 1,28% a.a. October-19


General Total 2,800,600

BNDES

Planalto Amount Cost Term

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

Fernão Amount Cost Term


Régis Amount Cost Term

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

Litoral Amount Cost Term


Fluminense Amount Cost Term


General Total 3.694.549

54.116 (7,5%)

R$ 15,70 (-16,6%)

Stock Performance (Basis 100 Jan- Set/2014)

Stock Liquidity

Shareholder Base (Free Float) – Base Date 6/30/14

Analyst Coverage

Number of trades (daily average)

Financial Trading Volume (daily average) – R$ MM

Institutional Brazilian

Individuals

Institutional Foreign

ARTR3

Shares: 344,444,44

Total: 19 institutions

4. Appendix Capital Markets

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

59

4. Appendix 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

60

53%

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

3.0% 3.2% Div. Yeld* 5.1%

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

Dividends

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

4. Appendix Ownership Structure

61

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

GDP (%)

Interest Rates (%)

Inflation (%)

62

4. Appendix Macroeconomic Scenario

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

Investor Relations

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