Goldman Sachs Latin America One-on-One Conference

December, 2010

Presentation agenda

Executive Summary

Mills divisions
Growth plan 3Q10 Results

Mills at a Glance
Mills is the premier engineering services provider to the Brazilian infrastructure, real estate and industrial sectors 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 Excellent track-record of performance, having participated in the Brazilian largest projects

over the last 58 years

Superior capacity and scale, scope of services and market coverage Strong brand names - Mills and Jahu - associated with reliability

Mills at a Glance
and is uniquely positioned to benefit from the new wave of investments in Brazil Sectors served by Mills: Infrastructure Real Estate Oil & Gas Petrochemicals, Pulp & Paper, Steel and Others Exposure to the following drivers: Brazilian infrastructure investments, including PAC Brazilian real estate investments Brazilian industry investments, including oil & gas Investments to enable world events 2014 World Cup and 2016 Olympic Games

Mills at a Glance
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. Financial Highlights 9M10 Net revenues: R$ 396 million; 37%yoy Revenue CAGR1 2007-2009 : 45% 9M10 EBITDA: R$ 149 million; 33% yoy EBITDA CAGR1 2007-2009: 128% 9M10 EBITDA Margin: 38% 9M10 ROIC2: 22%
Industrial Ser vices

Business Segments
9M10 Net Revenues R$ 396 million Motorized Access Equipment Rental

16%

Heavy Construction

31%

35%

Residential and Commercial

18%

1Compounded 2Return

Annual Growth Rate over Invested Capital

9M10 Financial Performance per Division

Net revenues (R$ million) EBITDA (R$ million) EBITDA Margin (%) ROIC (%)

Heavy Construction Jahu Residential and Commercial

Industrial Services Rental Total yoy

120.1 72.4

60.3 32.2

50.2% 44.6%

26.2% 24.1%

139.0 64.3 395.7 36.6%

20.3 36.3 149.2 33.1%

14.6% 56.5% 37.7%

16.5% 19.3% 22.0%

Millss shareholder structure

Free float increased to 57.2%, after the auction of the private equities shares

% Total Capital

Staldzene 39.3% Others 55.8% Leblon Management Equities 1.4% 3.5%

Mills share performance

Market Cap
R$ billion

Avg. Daily Trading Volume

R$ million
Nov 22, 2010 2.87

3.50 3.00 2.50 2.00 1.50 1.00 0.50 Apr 14, 2010 1.43

12.0

11.3

Oct 15, 2010 Private Equities Exit

10.0 8.9 8.0

6.0

4.0 2.6 2.0 1.8

3.1

2.7

2.7

0.0 14/04/2010 27/04/2010 7/5/2010 19/05/2010 31/05/2010 11/6/2010 23/06/2010 5/7/2010 16/07/2010 28/7/2010 9/8/2010 19/8/2010 31/8/2010 13/9/2010 23/9/2010 5/10/2010 18/10/2010 28/10/2010 10/11/2010

1Excludes 2

the private equitiesauction held on Oct 15th until Nov. 22th

Presentation agenda

Executive Summary

Mills divisions
Growth plan 3Q10 Results

Heavy Construction Division

Heavy Construction
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)

11

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$ 1.4 trillion in the 2007-2014 period, of which R$ 959 billion in the 20112014 period Major world events, 2014 World Cup and 2016 Olympic Games, will demand over R$ 171 billion investments in infrastruture - stadia, airports and urban infrastructure
Infrastructure investments 2010-2013 R$ billion
Ports 14 Roads 33 Railroads 29 Energy 92

Sanitation 39
Source: BNDES

Telecom 67

12

PAC report shows low execution and conclusion rates

Realized investments by May 2010: R$ 464 million, or 70.7% of the expected for the 2007-2010 period
Realized PAC investments
Until May 27, 2010, Total = R$ 463.9 million
100%
Private sector investment 21% Credit to the public sector 1% 120%

Status of the planned projects by sector

80% 40% 60% 69% 58% 40% 48% 30% 21% Social and urban conditions

Public sector investment (1) 44%

20%

House financing 34%

0% Logistics Energy

% Projects concluded, per value

1States,

OGU/Fiscal and Seguridade, and counterpart of of States and Municipalities Source: Report 10 Balano do PAC

% Projects under schedule, per value

13

Temporary reduced pace of investments due to elections

Election year for the Brazilian states and federal government resulted in the reduction of the

investment pace in the construction sector since 2Q10

Civil construction inputs production
Seasonally Adjusted, Index 100 = 1992

Federal Government Investments for PAC

3 month moving average

160.00

3,000 2,500 2,000 1,500 1,000 500

Jan-2009 Fev-2009 Mar-2009 Abr-2009 Mai-2009 Jun-2009 Jul-2009 Ago-2009 Set-2009 Out-2009 Nov-2009 Dez-2009 Jan-2010 Fev-2010 Mar-2010 Abr-2010 Mai-2010 Jun-2010 Jul-2010 Ago-2010

155.00
150.00 145.00 140.00 135.00 130.00 125.00 120.00

Mar/07 Mai/07 Jul/07 Set/07 Nov/07 Jan/08 Mar/08 Mai/08 Jul/08 Set/08 Nov/08 Jan/09 Mar/09 Mai/09 Jul/09 Set/09 Nov/09 Jan/10 Mar/10 Mai/10 Jul/10 Set/10

Source: BACEN and Brazilian National Treasury

14

Election results guarantee continuity of investments

Election of president Dilma Rousseff and the continuity of the majority state governments guarantee

the continuity of the infrastructure and housing investments

Transportation:
air: 3 new airports (Goiania, Cuiab and Porto Seguro) and extension of 3 (Galeo - Rio de Janeiro, Guarulhos So Paulo and Afonso Pena - Curitiba) railways: high speed train connecting the cities of Rio de Janeiro and So Paulo roads: duplicate and extend federal highways in all regions of the country urban: invest R$ 18 billion in public transportation; do 51 works, such as new highways, more subways and light rail vehicles

Sanitation: invest R$ 34 billion in works of water supply and sanitation

Housing: construction of an addition 2 million houses in the Minha Casa, Minha

Vida program.
Source: O Globo, November 1st, 2010

15

Brazil lags the BRICs on several infrastructure sectors

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

16

Residential and Commercial Division

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

18

Residential e 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 availabity, 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

Source: Brazilian Central Bank,

19

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

140,000 120,000 7.0% 6.0%

Real estate credit (R$ milion)

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 October 27, 2010

20

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

120,000 100,000 80,000 60,000 40,000 20,000 2009

106,770 84,080 67,200 South

2009-2016 CAGR(%) 7.6% Per capita (t)

1.2
South Korea

China

1.0 Southeast 5.4% Midwest 0.8 0.6 0.4 0.2 2010-2014 2012-2016 0

Spain

11.7%

Northeast 7.3% North Total

5.9%
6.8%

Iran Egypt Russia Japan USA Brazil

ndia

100

200

300 1500 21

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

Total per year (million tons)

Industrial Services Division

Industrial Services
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

# 3 position in this segment

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

23

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

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

24

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 and 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
25

Source: 10 Balano do PAC, Prospect of Petrobras Public Offer, Setrans-RJ, Sedeis-RJ, O Globo

Rental Division

Motorized Access Equipment Rental - 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, to lift people or cargo, respectively # 1 position in asset base Business started in 2008 Cross-selling with all other Mills divisions

27

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

28

Presentation agenda

Executive Summary

Mills divisions
Growth plan 3Q10 Results

Growth strategy
Expected investments of R$ 1.1 billion in the next three years: 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
R$ million

1,100 30% 10% 269.7 338.0 30% 30%

Corporate
Rental

Industrial Services
Jahu - Residential e Commercial Heavy construction

9M10

2010 Budget

2010-2012E

30

Geographic expansion plan

In 3Q10, we opened four new branches Eleven new branches are expected to 4Q10 Branches locations 2010 actual and 2010E
Roraima Amap

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

Heavy Construction Jahu Industrial Services Rental

Mato Grosso do Sul

So Paulo

Espirito Santo Rio de Janeiro ( sede )

Parana

Actual Expected to the end of 2010

Santa Catarina Rio Grande do Sul

31

Geographic expansion plan

Due to the strong demand in the markets we serve, we have brought forward from 2012 to the end of 2010 our plan to double the number of branches. # branches per division
as of year end

32

Presentation agenda

Executive Summary

Mills divisions
Growth plan 3Q10 results

3Q10 Records

3Q10/3Q09 Net revenues: R$ 148.9 million 45.0%

Record net revenues in all divisions;

EBITDA : R$ 55.9 million

48.3%

Net earnings: R$ 28.5 million

71.8%

Capex: R$ 121.0 milhes

297.5%
34

Net revenue in 3Q10 reached R$ 148.9 million

Per division Sales

Per type Other

Rental 17%

Heavy Construction 29%

6%

4%

Industrial Services
35%

Jahu- Residential and Commercial Construction 19%

Technical Support Services

28%

Rental

62%

35

3Q10 Financial Performance per Division

Net revenues (R$ million) EBITDA (R$ million) EBITDA Margin (%) ROIC (%)

Heavy Construction Jahu Residential and Commercial

Industrial Services Rental Total yoy

42.7 27.9

22.3 11.9

52.2% 42.8%

25.5% 21.3%

52.5 25.8 148.9 45.0%

7.0 14.6 55.9 48.3%

13.4% 56.6% 37.6%

14.9% 17.3% 20.3%

36

Strong and Solid Financial Performance

Net Revenues (R$ million) EBITDA (R$ million) and EBITDA Margin (%)

CAGR 07-09: 45%

CAGR 07-09: 128%

508
Acquisition of Jahu Start-up Equipment Rental Division Sales of Events Division

EBITDA Margin

16% 404

30%

39%

38% 193

158
Entrance of PE Funds

299

192

90

30

2007

2008

2009

3Q10 LTM

2007

2008

2009

3Q10 LTM

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

37

Strong and Solid Financial Performance

Net Earnings (R$ million) Return on Invested Capital (%)1

CAGR 07-09: 155%

93 24% 22% 68 25% 22%

31

11

2007

2008

2009

3Q10 LTM

2007

2008

2009

9M10

Notes: 1 Calculated as [EBIT * (1-tax)] / [Average Debt + Shareholders Equity]

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

38

Strong and Solid Financial Performance

xxx
Financial Leverage

250 200 150 100 R$ million 50

1.2x

1.2x
206.2 204.4

1.5 1.0
167.6 142.5

183.9 182.4

0.5 -0.3x (0.5)

0 4T09 -50 -100 -150 -200 Total Debt Net debt (Net cash) Net debt / LTM EBITDA 5 1T10 2T10 -0.8x 3T10 -54.4

(1.0)
-134.4

(1.5) (2.0)

Mills: The Best Way to Invest in Brazilian Infrastructure Sector

Strong and Solid Financial Performance

Strong Barriers to Entry

Experienced Management Team

Unprecedented Macro Economic Conditions

Attractive Industry Dynamics in Each Business

Unique Business Model with Solid Competitive Advantages

40

Mills Investor Relations www.mills.com.br/ri

Tel.: + 55 21 2123-3700 E-mail: ri@mills.com.br