UBS WARBURG2003 Brazil CEO Conference

CCR’s Unique Characteristics

• Leader in the Brazilian Toll Road Industry

• Well positioned for industry consolidation

• Excellent in Corporate Governance standards – tag along rights

• Proven track record

• Strong cash flow generation

• Low capex requirements for existing concessions

The Brazilian Toll Road Industry

• 39 Concessionaires

• There is no productivity factor into industry’s contracts

• Only 6% of paved Brazilian highways under concession private contracts

• 2001 Rvenues market share by player •CCR – 35.2 %•2nd – 11.4 %•3th – 9.5 %•4th – 6.5 %•Others – 37.4 %

• Proven Legal framework

New Concessions Programs

Existing CCR Concessions

Polão

2nd phase of the Federal Concession Program

3rd phase of the Federal Concession Program

State of São Paulo Concession Program

Source: ABCR - Brazilian Highway Concession Association

Distance Program (km)

2nd phase 2,583

3rd phase 5,205

São Paulo 2,755

Total 10,543 Source: DNER

What is CCR?

100% 100%100% 100% 100% 100%74%1

ConcessionairesAutoBAn - Sistema Anhangüera - Bandeirantes

Main Characteristics

• A major highway system of State ofSão Paulo, linking the capital to the most industrialized section of the state

• 43% of CCR’s net revenues

• Concession term 20 years, untill April 2018

• Average daily traffic 210,000 vehicle equivalent

• Drivers: •GDP

•Active management measures

São Paulo

Campinas

Limeira

ConcessionairesNova Dutra Main Characteristics

• Linking two of the most important industrial centers in the country:São Paulo and Rio de Janeiro

• 34% of CCR’s net revenues

• Concession term 25 years, until February 2021

• Average daily traffic 208,000 vehicle equivalent

• Drivers: •Long traffic

•Comercial traffic

ConcessionairesRodonorte

Main Characteristics

• Most important toll road concession of Paraná State –used to transport agricultural exports

• 15% of CCR’s net revenues

• Concession term 24 years, until November 2021

• Average daily traffic 126,000 vehicle equivalent

• Drivers: •Agricultural harvest

•Commercial traffic

Curitiba

Ponta Grossa

Jaguariaíva

Apucarana

ConcessionairesPonte Rio - Niterói

Main Characteristics

• Linking Rio de Janeiro andNiterói

• 5% of CCR’s net revenues

• Concession term 20 years, until May 2015

• Daily commuters represent 70% of traffic

• Average daily traffic 73,000 vehicle equivalent

• Drivers:•GDP

ConcessionairesVia Lagos

Main Characteristics

• Linking the Lakes region, an important tourist destination in the State of Rio de Janeiro

• 3% of CCR’s net revenues

• Concession term 25 years,untill December 2021

• Average daily traffic 13,000 vehicle equivalent

• Drivers:•Leisure travel

2002 Highlights

•First dividend payment:•25% pay-out ratio, R$ 0.35 per share•4.9% dividend yield

•Change in accounting practice for concession fees at AutoBAn and Via Lagos•Similar to operational leases•Waiting for final decision from the CVM•Investor friendly

•Hedging Policy•39% of our US$ denominated debt is now hedged •Represents 100% of principal and interest payments due through 2004

•Reestructuring has prepared the Company for growth•Created a shared service center•Developed an engineering center

2002 Performance

Consolidated - (R$ thousands) 4Q02 4Q011 2002 20011

Gross Revenues 292,610 269,467 1,074,436 931,664Net Revenues 270,916 253,249 1,000,337 870,295Cost of Services Rendered (154,183) (121,284) (575,183) (468,542)Administrative Expenses (37,081) (30,464) (138,531) (100,850)EBITDA 128,456 138,343 472,242 441,242EBIT 79,652 101,501 286,623 300,903Net Financial Expenses 28,129 31,032 (463,585) (299,968)Net Income (Loss) 88,939 86,131 (119,526) (13,523)

Notes:1. Pro-forma, under new concession fee accounting treatment

Toll Revenues

AutoBAn 122,831 103,098 19.1% 450,162 371,827 21.1%NovaDutra 99,061 87,949 12.6% 353,779 314,399 12.5%Rodonorte 37,932 33,521 13.2% 150,569 131,331 14.6%Ponte 15,381 13,212 16.4% 55,221 47,920 15.2%Via Lagos 7,538 6,985 7.9% 27,661 26,089 6.0%Consolidated 282,743 244,765 15.5% 1,037,392 891,566 16.4%% Total revenues 96.6% 90.8% 96.6% 95.7%

Revenues by concessionarie - 2002

AutoBAn42%

Rodonorte15%

NovaDutra34%

Ponte6%

Via Lagos3%

Traffic x Tariff

CAGR (98-02): 10,6%

Vehicle Equivalents (thousands) 4Q02 4Q01 var. % 2002 2001 var. %AutoBAn 20,218 18,147 11.4% 76,704 69,189 10.9%NovaDutra 20,253 19,411 4.3% 75,873 72,280 5.0%Rodonorte 11,493 10,806 6.4% 45,992 43,418 5.9%Ponte 6,991 6,603 5.9% 26,789 25,519 5.0%Via Lagos 1,201 1,135 5.8% 4,553 4,604 -1.1%Consolidado 60,157 56,102 7.2% 229,912 215,009 6.9%

Tariff (R$) 4Q02 4Q01 var. % 2002 2001 var. %AutoBAn 6.08 5.68 7.0% 5.87 5.37 9.2%NovaDutra 4.89 4.53 7.9% 4.66 4.35 7.2%Rodonorte 3.30 3.10 6.5% 3.27 3.02 8.2%Ponte 2.20 2.00 10.0% 2.06 1.88 9.8%Via Lagos 6.28 6.15 2.1% 6.07 5.67 7.2%Consolidated 4.70 4.36 7.8% 4.51 4.15 8.8%

Capex Requirements

2.001 2.002 2003 (E) 2004 (E)

AutoBAn NovaDutra Rodonorte Ponte Via Lagos

527

318263

148

(R$ million)

Note: 2003(E) and 2004(E) figures based on inflation assumptions of 14% and 8%, respectively.

Sources of Funding

Currency breakdown, as of Dec/02

US$ - 51.6%

R$ - 48.4%

Total debt - 1,508,5 million

Average spreads:

BNDES – TJLP + 5% p.a.

IDB / IFC – Libor (6m) + 4.5% p.a.

IDB e IFC (Libor)50,0%

Debentures (CDI)2,2%

BNDES (TJLP)36%

Debentures (IGP-M)

8,2%

Others (CDI, TJLP)

3,4%

Adequate debt structure: Low cost and long term

Debt repayment quarterly schedule – R$ million

0

20

40

60

80

100

120

1 2 3 4 1 2 3 4 1 2 3 4

SWAP COVERAGE – 2003 AND 2004

1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2

% pa

% acum. 99.5% 100.0%19.3% 36.1% 49.3% 61.8% 72.2% 82.3% 89.1% 95.8%

3.6% 0.5%10.4% 10.1% 6.8% 6.7%19.3% 16.8% 13.2% 12.5%

2009 2010 2011 20122005 2006 2007 20082003 2004

Corporate Governance

• Listed on the Novo Mercado•Only one type of share: common shares with voting rights •Shareholders have Board representation•Tag-along rights

• Any Board member may request an independent appraisal for any related party transaction

•Veto right for 25% of votes, three Board members

• Dividend Policy: maximum pay-out after business plan needs are met

• Management benefits based on EVA

• Committed to Novo Mercado Arbitrage chamber

• Non competion clause with controlling shareholders

Growth Strategy - Existing Concessions

Operational level• Toll collection improvement

•Repositioning toll plazas

•Bi-directional collection

• Cost officiencies coming from reetructuring undertaken in 2002

•Centralize administrative functions

•Leverage economies of scale

Electronic Toll Collection• CCR views this as a strategic business, focused on:

•Minimizing the time it takes to stop and pay tolls

•Improving traffic conditions

Growth Strategy

Acquisition• Sinergies with actual CCR concessionaries

• Opportunities to merge operations

• Seeks for controlling position

New Concessions• Decision making factors:

•Funding basic structure•60% debt at the operating company level

•20% cash from the concession itself

•20% equity from CCR

•IRR attractiveness standards:•18%~20% p.a. Unleverage

•25% p.a. leverage

•Immediately add value on an NPV basis

CCR vs. Internationally Listed Toll Roads

(€ millions) Mkt Cap1 2002 Net Revenues Prc/Sales Prc/Book Prc/EBITDA EV/EBITDA

CCR 199 270 0.6 1.7 1.3 4.2Acesa 4,198 762 4.8 1.8 7.9 14.6AUREA 1,901 321 5.9 1.8 8.5 11.7Autostrade 13,805 2,345 5.8 5.1 10.2 11.5Brisa 2,818 487 5.7 2.1 7.3 13.4Auto To-Mi 854 235 3.6 1.8 6.1 8.7Autoroute de Sur 5,775 1,930 2.7 - - 12.2

Source: BloombergNote:1. Pro-forma, under new concession fee accounting treatment