BTG Pactual XII CEO Conference

February 2011

Disclaimer

This presentation may include declarations about Mills expectations regarding future events or results. All declarations based upon future expectations, rather than

historical facts, are subject to various risks and uncertainties. Mills cannot guarantee that such declarations will prove to be correct. These risks and uncertainties include factors related to the following: the Brazilian economy, capital markets, infrastructure,

real estate and oil & gas sectors, among others, and governmental rules, that are
subject to change without previous notice. To obtain further information on factors that may give rise to results different from those forecasted by Mills, please consult the reports filed with the Brazilian Comisso de Valores Mobilirios (CVM).

Presentation Agenda

Executive Summary Mills divisions

Growth plan

Mills at a Glance
Uncontested market leader in providing temporary concrete formwork and tubular structures in the Brazilian market One of the major players in the industrial services and motorized access equipment Long-term relationship with the major companies in the sector

Superior capacity and scale, scope of services and market coverage

4 divisions: Heavy Construction Industrial Services

Jahu

Rental

Mills Financial performance

Mills has excellent financial track record with average revenue growth of 45% per year in the last 3 years and EBITDA margin of 39% in 2009.
Net Revenues (R$ million) EBITDA (R$ million) and EBITDA Margin (%)

CAGR 07-09: 45%

CAGR 07-09: 128%

Acquisition of Jahu Start-up Equipment Rental Division Sales of Events Division

16%

30%

39%

38%

Entrance of PE Funds

3Q10 LTM = Last 12 months as of September 30, 2010

Mills Financial performance per division

3Q10 LTM1 Financial highlights per division
R$ million 508 % Total 16% EBITDA Margin (%) ROIC (%) 20.6%

600

500

80
400 180

Rental

56.6%

300

35%

Industrial Services

14.6%

18.4%

200

90

193 18%

% Total 23% 14% 22% 41%

100

159
31%

45 26 42 80 EBITDA

Jahu - Residential and Commercial

Heavy Construction

46.2%

27.3%

50.3%

29.6%

0 Net Revenue

13Q10

LTM = Last 12 months as of September 30, 2010

9M10 Financial Performance per Division

Net EBITDA revenues (R$ million) (R$ million) Heavy Construction Jahu Residential and Commercial Industrial Services Rental Total 120.1
13% yoy

EBITDA Margin (%) 50.2% 44.6%

ROIC (%) 26.2% 24.1%

60.3
13% yoy

72.4
65% yoy

32.2
46% yoy

139.0
39% yoy

20.3
40% yoy

14.6%

16.5%

64.3
66% yoy

36.3
64% yoy

56.5%
37.7%

19.3%
22.0%

395.7
37% yoy

149.2
33% yoy

Mills shareholder structure

% Total Capital

Nacht Participaes

39.0
Free float

57.2

Management 3.8

Presentation Agenda

Executive Summary Mills divisions

Growth plan

Heavy Construction Division

Octvio Frias de Oliveira Bridge So Paulo, SP

10

Heavy Construction division

Focus on large and complex infrastructure projects Products: Engineering solutions and equipment rental: formwork and shoring Planning, design, technical supervision, equipment and related services Market leader Extensive track record with 58 years of experience

Critical success factor is reliability

Main clients are the Brazilian largest contractors, such as
So Paulos Subway Yellow Line

Santo Antonio Hydroelectric Power Plant

Dutra Highway Overpass (So Paulo)

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Heavy Construction market outlook

Unparalleled infrastructure investments are expected for the next few years reinforced by major world events. Infrastructure investments in Brazil should amount R$ 274 billion in the 2010-2013 period, with a growth of 37.3% compared to the 2005-2008 period Governmental initiative (PAC Programa de Acelerao de Crescimento) to accelerate the economic growth with investments of R$ 959 billion in the 2011-2014 period Major world events, 2014 World Cup and 2016 Olympic Games, will demand over R$ 171 billion investments in infrastructure - stadia, airports and urban infrastructure

Source: BNDES

PAC 1
Investments realized until October 2010: R$ 559.6 billion, or 85.1% of the expected amount for the 2007-2010 period PAC 1 will continue beyond 2010, with estimated investments of R$ 115.6 billion for 2011 onwards
Realized PAC investments Until october 31, 2010, Total = R$ 559.6 billion

Private sector investment 22%

Credit to the public sector 1%

Public sector investiments 1 44%

Housing loan to individuals 34%

1States,

OGU/Fiscal and Seguridade, and counterpart of of States and Municipalities Source: Report 11 Balano do PAC

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PAC 2
PAC 2 starts in 2011, with estimated investments of R$ 1.5 trillion

PAC 2 Investments
2011-2014 Total: R$ 955 billion
In R$ billion
Logistic Others Roads 12 48 Railroads 44

After 2014 Total: R$ 631 billion

In R$ billion
Energy, exOil and Gas 34 Roads and Railroads 4

Urbanization 58

Sanitation 53 Minha Casa Minha Vida 278

Oil and Gas 282

Energy, exOil and Gas 180

Oil and Gas 593

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2014 World Cup

Estimated investments of R$ 103 billion to prepare the 12 host cities for the 2014 World Cup, 60% of which will be dedicated for improvements in urban mobility

2014 World Cup Investments

Total: R$ 103 billion

Source: Veja, December 29 , 2010

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The investment in cement capacity expansion corroborates with the good expectations for the construction sector for the next years.
Installed capacity of cement will increase 7% per year until 2016 to meet fast growing demand in Brazil

Cement consumption per capita in Brazil is one of the lowest among the 10 largest world consumers
Installed capacity and planned expansions
in thousand tons
Consumption profile of the 10 largest world consumers China

120,000

106,770 84,080 South

2009-2016 CAGR(%) 7.6%

1.2 1.0
Per capita (t)

South Korea
Spain

100,000 80,000
60,000 40,000

67,200

Southeast
Midwest

5.4% 11.7% 7.3% 5.9% 6.8%

0.8

0.6
0.4 0.2 -

Northeast
North

Iran Egypt Russia Japan USA Brazil

India

20,000
2009 2010-2014 2012-2016

Total

100

200

300

Total per year (million tons)

Source: Jornal Valor Econmico, October 13 , 2010 and CIA World Factbook

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Civil construction inputs production returning to 1H10 levels

Civil construction inputs production Seasonally Adjusted, Index 100 = 1992

160.00

Federal Government Investments for PAC

5,000 4,500 4,000 3,500 3,000 2,500 2,000

155.00 150.00
145.00

140.00 135.00

1,500
130.00

1,000
125.00

500
Jan-2009 Feb-2009 Mar-2009 Apr-2009 May-2009 Jun-2009 Jul-2009 Aug-2009 Sept-2009 Oct-2009 Nov-2009 Dec-2009 Jan-2010 Feb-2010 Mar-2010 Apr-2010 May-2010 Jun-2010 Jul-2010 Aug-2010

120.00

Source: Brazilian Central Bank - BACEN and Brazilian Treasury -Tesouro Nacional

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Investments in infrastructure
To ensure its competitiveness in the global scenario and sustainable growth rates, Brazil will have to invest strongly in infrastructure in the coming years
Infrastructure deficit
USA Index = 1.0, average 2008-2009

Roads

Railways

Ports

Infrastructure

China

0.71

China

0.85

China

0.75

China

0.68

India

0.53

India

0.94

India

0.61

India

0.54

Russia

0.41

Russia

0.81

Russia

0.61

Russia

0.56

Brazil

0.47

Brazil

0.38

Brazil

0.46

Brazil

0.58

USA

1.00

USA

1.00

USA

1.00

USA

1.00

0.50

1.00

0.50

1.00

0.50

1.00

0.50

1.00

Source: 2009 World Economic Forum

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Infrastructure indicators

Comparative indicators of infrastructure Road Railway

Average Speed
Brazil 25 km/h USA 80 km/h

Port

Airway
Annual Passanger Population (million)
88.0
66.0

Productivity (thousands of t carried/employee)

Brazilian railway infrastructure (in '000 km) 38.0 29.6

312.3

65.3 21.7

47.7
Atlanta, US London, UK Beijing, Guarulhos, CN BR

387.0 Total movement (in million of t) 33.5

1958

2010

Roterdan Port (Netherland) Paranagu Port (Brazil)

Source: Veja, December 29, 2010 (PricewaterhouseCoopers, Associao Nacional dos Transportes Ferrovirios), Exame Anurio 2010-2011 (Dnit, Infraero and ACI)

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Infrastructure investments
Investments in infrastructure in Brazil are still low compared to other countries

Investment in infrastructure (% GDP)

8.00%
7.30%

7.00%
6.20%

6.00%
5.00% 4.00%

5.63%

5.80%

3.00%
2.20%

2.00%

1.85%

2.11%

2.18%

1.00%
0.00%
2002 2004 2006 2010E India Colombia Chile China

Brazil
Source: Veja, December 29 , 2010

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Residencial and Commercial Division

Diviso Construo

Commercial building in downtown So Paulo, SP

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Residential and Commercial Jahu

Focus on residential and commercial construction Products: Engineering solutions and equipment sales and rental: formwork, scaffolding and shoring Market leader with strong brand name: Jahu Business acquired in 2008 and has recently introduced formwork in its product portfolio Innovative product - Easy-Set aluminum formwork - to serve low income housing construction Main clients are the Brazilian largest real estate companies, such as

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Residential and Commercial market outlook

Governmental programs and the increasing penetration of real estate financing indicate solid growth potential for the residential and commercial real estate segment

Brazilian housing deficit is of at least 7.2 million houses Housing financing has increased 5x in the last five years, driven by credit availability, lower inflation and lower interest rate Housing financing is very small compared to other countries. In 2008, the Brazilian total housing financing/GDP was 3%, compared to 72% in England, 19% in Chile and 12% in Hungary. Minha Casa Minha Vida: government program for low income housing Investments of R$ 34 billion and potential increment by R$ 278 billion with PAC2 Increasing focus on cost reduction and shorter construction cycle, reducing competitiveness of less

efficient developers

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Source: Brazilian Central Bank

The light construction market is driven by the real estate credit availability

Real estate credit availability continues to increase at 3-4% per month rate
Real Estate Credit Availability
140,000
120,000

7.0%
6.0%

Real estate credit (R$ million)

Monthly growth rate (%)

100,000 80,000 60,000 40,000 20,000

-

5.0% 4.0% 3.0% 2.0% 1.0%

0.0%

* Preliminary figures Source: Brazilian Central Bank BACEN, on january 5, 2011

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Industrial Services Division

Paul Wolff Plataform, Estaleiro Mau (shipyard) Niteri, RJ

25

Industrial Services Division

Focus on large industrial plants, both on construction and maintenance phases
Products offered during construction and maintenance: access structures rental and erection/dismantling services industrial painting and surface treatments thermal insulation Cross-selling with Heavy Construction division Recurring and less volatile revenue base Labor intensive, instead of capital intensive, as the other divisions Industries served: oil & gas, petrochemicals, pulp & paper, steel, among others Unique exposure to Brazilian industrial capacity growth and oil & gas industry

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Industrial Services market outlook

Recent oil field discoveries have taken Brazil into a new level within the Oil & Gas scenario, while other basic industries are also due to receive significant new investments After the pre-salt discoveries, Brazil oil & gas proven reserves increased by more than 5x, from 15 to 85 billion boe, becoming the 9th country with the highest proven reserves in the world Fixed investments in Brazil is expect to range from 17% to 21% of GDP in the next 3 years

Direct Foreign Investment should double to US$ 54 billion in 2012, compared to the 2009 level
Total investment in Oil & Gas in Brazil is expected to be R$ 378 billion in the period 2011-2014, of which US$ 303 billion, or 80%, from Petrobras

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Source: Brazilian Central Bank, Ipeadata, BNDES and Banco Ita

Oil & Gas segment will require large investments in exploration, production and refining in the coming years
In September, Petrobras issued a follow-on in the total amount of R$ 115.1 billion to support its US$ 224.0 billion investment plan for the 2010-2014 period

Five refineries (Abreu e Lima - PE, Premium I - MA , Premium II CE, Clara Camaro - RN and
COMPERJ refinery - RJ) should be developed Modernization and expansion of refineries: works in nine refineries in progress Two petrochemicals: Petroqumica Suape (PE), under construction, and COMPERJ petrochemical (RJ) Investments associated to pre-salt: Exploration and production: Petrobras will invest US$ 33 billion in the pre-salt between 2010 and 2014 Ports: investments of up to US$ 20 billion in terminals or port areas for activities, such as offshore operations support, naval activities support, among others Shipyards: R$ 7.4 billion for the construction of ten shipyards and remodeling the existing ones Drilling rigs: construction of 28 drilling rigs, with estimated total cost of US$ 22 billion
Source: Report 10 Balano do PAC, Prospect of Petrobras Public Offer, Setrans-RJ, Sedeis-RJ, O Globo

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Rental Division Motorized Access Equipment

ThyssenKrupp CSA Siderrgica do Atlntico Setrans-RJ, Sedeis-RJ, O Globo, Valor Fonte: 10 Balano do PAC, Prospecto de Oferta Pblica da Petrobras, Baa de Sepetiba, RJ

29

29

Rental division - Motorized Access Equipment Rental

Serves all Mills divisions as well as the automotive, retail and logistics sectors, among others

Products:
Rental and sale of motorized access equipment, such as aerial work platforms and telescopic handlers, to lift people or cargo, respectively

Market leader
Business started in 2008 Cross-selling with all other Mills divisions

30

Motorized Access Equipment Rental market outlook

Current underutilization of motorized access equipment in Brazil and favorable regulation indicate significant growth potential in this market.

The Brazilian aerial platforms and telehandler fleet is very small compared to the US fleet (8,000
units versus 721,000 units in 2009) Modest rental penetration of 15% in Brazil. Rental penetration is approximately 40% in the USA, 60% in Japan and 80% in England Recent regulation obliges the use of aerial platforms to lift people, increasing safety and productivity in the work site Brazilian fleet should increase at average annual rate of 22% in the next few years and reach 25,000

units by 2014

Source: Terex

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Presentation Agenda

Executive Summary Mills divisions

Growth plan

32

2011 Capex budget: R$ 337.2 million

Capex
In R$ milion
338 337

2011 Capex (%)

270 235

2.1% 38.2% 7.4% 40.4% 11.8%

76 55

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Expected investments of R$ 1.1 billion in the 2010-2012 period

Purchase of additional equipment to support the strong market demand Expand sales to existing clients, through cross-selling among the divisions Pursue geographic expansion

Capex
In R$ million
1,100

Capex growth from 2007-2009 to 2010-2012 R$ million 233 % 240%

58
353

112%

247

298%

209

173% 212%

(1)

Total

747

(1) Excludes corporate Capex

34

Due to the strong demand, we have brought forward our geographic expansion plan

# of branches per division

As of year end

61 55 49 40

20

35

We operate in the Brazilian states with the highest expected investments in infrastructure
Branches locations end of 2010

Roraima

Amap

Amazonas Par Maranho Cear Rio Grande do Norte Paraiba Piaui Acre Tocantins Rondnia Mato Grosso Distrito Federal Bahia Sergipe Pernambuco Alagoas

Heavy Construction Jahu Industrial Services Rental

Mato Grosso do Sul So Paulo Espirito Santo Goias Minas Gerais

Expected investments in infrastructure in each state Above R$ 50 billion

Parana

Rio de Janeiro

(sede)

Between R$ 20-50 billion

Santa Catarina

Between R$ 5-20 billion Below R$ 5 billion

Rio Grande do Sul

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Mills: The Best Way to Invest in Brazilian Infrastructure Sector

Forte e Slido Desempenho Strong and Solid Financeiro Financial Performance

Fortes Barreiras Strong De Entrada Barriers to Entry

Equipe de Gesto Experienced Experiente Management Team

Condies Unprecedented Macroeconmicas Macro Economic Incomparveis Conditions

Modelo de Negcio Attractive Dinmica SetorialUnique Business nico com fortes Industry Atraente em todosModel with Solid Vantagens Competitive Dynamics in os Segmentos competitivas Advantages Each Business

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Mills Investor Relations Tel.: + 55 21 2123-3700 E-mail: ri@mills.com.br www.mills.com.br/ri