J.P.

Morgan Latam Small & Mid Cap Conference

London - June 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 forecast by Mills, please consult the reports filed with the Brazilian Comisso de Valores Mobilirios (CVM).

Agenda

Executive Summary Mills divisions

Financial performance

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

Agenda

Executive Summary Mills divisions

Financial performance

Growth plan

Heavy Construction Division

Octvio Frias de Oliveira Bridge So Paulo, SP

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)

Heavy Construction market outlook

Unparalleled infrastructure investments are expected for the next few years reinforced by major world events. Investments in Brazil should amount R$ 1.6 trillion in the 2011-2014 period, with a growth of 63% compared to the 2006-2009 period Industry: R$ 614 billion, growth of 59% compared to the 2006-2009 period Infrastructure: R$ 380 billion, growth of 54% compared to the 2006-2009 period Housing plus world sports events: R$ 607 billion, growth of 72% compared to the 2006-2009 period
Industry investments 2011-2014 R$ 614 billion
Others 74 Pulp & Paper 28 Chemical 40

Infrastructure investments 2011-2014 R$ 380 billion Ports 18 Roads 51 Oil & Gas 378
Energy 139

Steel 33
Mining 62
Source: BNDES, February 25, 2011

Railroads 60

Sanitation 41

Telecom 72

Investments for sporting events in Brazil should peak in 2013

Planned investment for sporting events In R$ billion
11.9

9.4 8.9

3.0 1.7 0.8 0.6

Source: Mills and Valor

Several construction jobs have already begun, but are in the initial phase, with low demand for equipment
Example of construction work where we have been supplying equipment

Construction work Subway line 4 (RJ) Transoeste (RJ) Transcarioca (RJ) COMPERJ refinery (RJ) Monorail (SP) 5 stadiums for the 2014 World Cup Mine expansion/ railroad/port Carajs Salobo 2

Investment R$ 5.0 billion R$ 0.7 billion R$ 1.3 billion R$ 19.2 billion R$ 3.0 billion R$ 3.0 billion US$ 5.5 billion US$ 1.0 billion

Estimated deadline 2015 2012 2013 2015 2013 2013 2012 2013

Source: Mills, Exame Magazine Anurio Infraestrutura and Vale

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Increased demand for equipment is expected in the next months in line with progress of work
Evolution of monthly revenues on a heavy construction work
(Basis 100= Maximum monthly income in life of construction)

Revenue Index

Source: Mills

Months 11

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 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

New 700,000 units per year are required to couple with the demographic growth of the Brazilian families 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 2009, the Brazilian total housing financing/GDP was 3%, compared to 77% in England, 68% in USA, 28% in France and 20% in Chile. In 2010, the Brazilian total housing financing/GDP was 4% and it is expected to reach 11% by 2014. Government program for low income housing, Minha Casa Minha Vida, targets investments of R$ 278 billion in the 2011-2014 period. Lack of labor, higher labor costs and need to shorten construction cycle will demand more industrialized

processes in the Brazilian residential and commercial construction market.

Source: Brazilian Central Bank , ABECIP Associao Brasileira das Entidades de Crdito Imobilirio e Poupana and PAC2 Report

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Real estate launches presented yoy growth of 42% indicating continuous strong demand in the residential and commercial construction market in 2011

Launches
In R$ billions

Sales
In R$ billions

6.5
5.9

6.4 6.3 6.2 6.1 6

6.3

6 5.5 5 4.5 4 3.5 3 1Q10 1Q11

4.2

5.9 5.8 5.7 5.6 5.5 5.4 5.3 1Q10 1Q11

5.7

Source: reports from eight public real estate companies and Mills analysis

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Real estate credit continues to expand at an average annual growth rate of 50%, supporting the growth in the residential construction market

Real Estate Credit

160.000 Real Estate Credit (R$ million) 7,0% 6,0% 5,0% 4,0% 80.000 3,0% 60.000 40.000 20.000 0 2,0% 1,0% 0,0%

140.000
120.000 100.000

Monthly growth rate (%)

* Preliminary figures Source: Bacen, on June 3, 2011

16

Industrial Services Division

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

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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

18

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 Considering the pre-salt discoveries, Brazil oil & gas reserves increased by more than 3x, from 15 to 51 billion boe, becoming the 9th country with the highest proven reserves in the world Total investment in Oil & Gas in Brazil is expected to be R$ 378 billion in the period 2011-2014, of which R$ 303 billion, or 80%, from Petrobras Fixed investments in Brazil is expect to range from 19% to 22% of GDP in the next 3 years
25%

Investments in Brazil, as % of GDP

22,4% 21,4%

20,3%
19,4%

20%
17,3%

18,7%

18,9%

16,8%

15% 2007 2008 2009 2010 2011 2012 2013 2014

Source: Department of Energy of the US, Petrobras, ANP and BNDES

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Petrobras revised its pre-salt investment plan upward to US$ 54 billion in the 2011-2015 period from US$ 33 billion in the 2010-2014 period
Petrobras total investment plan for the 2010-2014 period: US$ 224.0 billion US$ 108.2 billion will be invested in E&P in Brazil, with the aim of increasing domestic oil production from 2.1 million bpd in 2010 to 3.0 million bpd in 2014, with 0.2 million bpd related to pre-salt Critical resources needed up till 2013: 26 drilling rigs 53 production platforms 465 special support vessels US$ 73.6 billion will be invested in refining, of which 50% to expand the refining facilities, the major refinery projects being Abreu e Lima (PE), Comperj (RJ) and Premium I (MA)

Source: Petrobras 2010-2014 Business Plan and 2011-2015 Plansal

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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

21

21

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

22

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; less than
2% 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 and Mills

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In 2010, the Brazilian fleet of motorized access equipment grew 40.6% compared to 2009
Motorized access equipment fleet
in thousand of units

Fleet profile Brazil - 2010 Total: 11,250

30 25 +22.1%p.a. 20
Telescopic Telescopic handlers handlers

25

9%

15

+40.6% 11.3
10 8
Manipuladores Telescopic Telescopic telescpicos handlers handlers 22%

Aerial work platforms 91%

USA - 2009 Total: 721,000

0
2009
Source: Mills and Terex

2010

Colunas1

2014E

Aerial work platforms 78%

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Agenda

Executive Summary Mills divisions

Financial performance

Growth plan

25

Mills Financial performance

Mills has excellent financial track record with average revenue growth of 42% per year and average EBITDA growth of 87% per year in the last four years.
Net Revenues (R$ million) EBITDA (R$ million) and EBITDA Margin (%)

CAGR 07-10: 42%

579

CAGR 07-10: 87%

550
16% 30% 39% 35% 35%

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

404

195 158

205

Entrance of PE Funds

299

192

90

30

2007
11Q11

2008

2009

2010

1Q11 LTM

2007

2008

2009

2010

1Q11 LTM

LTM Last twelve months ended March 31, 2011

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Mills Financial performance

Net earnings had an average annual growth of 114% a.a. in the last four years.

Net earnings (R$ millions)

103.3
106.8

Net debt (R$ millions) e Net debt/EBITDA

Net debt/EBITDA

CAGR 07-10: 114%

1.0x

2.1x

1.2x

-0.1x

0.7x

187.7
68.4

182.4

141.6

30.6

10.5

31.3

-9.7
2007
11Q11

2008

2009

2010

1Q11 LTM

2007

2008

2009

2010

1Q11

LTM Last twelve months ended March 31, 2011

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Mills Financial performance per division

1Q11 LTM1 Financial highlights per division
R$ million

700

% Total

600
500 400

579

EBITDA Margin (%)

ROIC2 (%) 17.3%

112

19%

Rental

53.9%

206 300

35%

Industrial Services

12.6%

13.0%

205

% Total 29%

200
100 0

112

19%

150

26%

60 26 46
73

Jahu - Residential and Commercial Heavy Construction

41.1%

19.1%

13%
22% 36% 48.4% 20.3%

Net Revenue
11Q11 2

EBITDA

LTM Last twelve months ended March 31, 2011 ROIC was calculated considering a theoretical 30% income tax rate

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1Q11 Highlights 1Q11/1Q10 Net revenues: R$ 145.0 million +25.5%

Revenues from the 21 new branches2 contributed 21% of the total revenues EBITDA: R$ 52.8 million Net earnings: R$ 22.2 million ROIC1: 13.8% Capex: R$ 184.6 million +23.6% +18.8% -935 bps +214.5%

1 1

ROIC: Return on Invested Capital Branches which opened since November 2009

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Recovery in 1Q11 of EBITDA and EBITDA margin

EBITDA (R$ millions) and EBITDA margin (%)

80 70 60 40.9% 38.4%

45%

38.8% 36.7% 37.0%

38.4%

37.6% 55.9

40%

36.4% 29.4% 45.4 30% 52.8 35%

50.5

50
42.8

43.7 37.7

42.8

40 31.6 30 20 10 1Q09 2Q09

25%

20%

15% 3Q09 4Q09 EBITDA 1Q10 2Q10 EBITDA Margin

30

3Q10

4Q10

1Q11

Agenda

Executive Summary Mills divisions

Financial performance

Growth plan

31

In January 2011, we acquired a 25% stake in Rohr

Rohrs profile: Privately held company specialized in access engineering and solutions for civil construction.

45 years of experience in this market

Sectors served : heavy construction, residential and commercial construction, industrial maintenance and events. Rohrs financial results in 2010: Net operational revenues: R$ 180 million EBITDA: R$ 48 million Net earnings: R$ 20 million Acquisition highlights: Price: R$ 90 million; implicit EV/EBITDA 2010 = 6.3x Objective: increase exposure to their sector of activity
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In May 2011, we acquired 100% of GP Sul

GP Suls profile: Privately held company, located in Porto Alegre, in the state of Rio Grande do Sul

One of the largest players in the suspended scaffold rental market to residential and
commercial construction in the state of Rio Grande do Sul GP Suls 2010 financial results: Net revenues: R$ 2.0 million EBITDA: R$ 1.4 million Acquisition highlights: Price: R$ 5.5 million; implicit EV/EBITDA 2010 = 3.9x Objective: leadership in the suspended scaffold rental market in the state of Rio Grande do Sul and increase exposure to the residential and commercial construction market in the South region, in line with the geographic expansion plan of Jahu Residential and Commercial

Construction division
33

We will invest R$ 433 million in 2011, as part of our investment plan of R$ 1.1 billion in the 2010-2012 period
Capex
in R$ millions
500 450 400

2011 Capex Budget(%) 433 Corporate 1.7%

349
350 300

Rental 161 Industrial Services

37.3%

5.7%

131
250 200 150

25 Jahu - Residential and Commercial Construction 200 95 42 2 37 8 2011 Realized 34 Heavy Construction 46.1%

25

104
100 50

9.2%

74 2010

40 2011 Budget

Our geographic expansion plan has been successful

Jahu division
1Q11 Revenues: R$ 29.2 million

Rental division
1Q11 Revenues: R$ 33.7 million

9 branches opened in November 2009 onwards 30%

4 branches opened prior to 2010 52%

10 branches opened in 2010 48%

5 branches opened prior to November 2009 70%

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We will open nine new branches in 2011, continuing our geographic expansion plan

# branches per division

as of year end

61 55 49 40

Industrial Services

7 27 Rental 23 19

6
14
20

4 4 6 6 2009

14

17

19

21

Jahu - Residential and Commercial Construction

6 2010

6 2011E

6 2012E

6 2013E

Heavy Construction

36

We operate in the Brazilian states with the highest expected investments in infrastructure
Branches locations
As of year end 2010 and 2011E

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

2010

Parana

Rio de Janeiro

(sede)

2011E
Santa Catarina

Between R$ 20-50 billion Between R$ 5-20 billion Below R$ 5 billion

Rio Grande do Sul

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In 1Q11, we issued debentures totaling R$ 270 million to finance our investment plan
Term: 5 years
Moodys Rating: Aa3.br

Offer value: R$ 270 million Remuneration: 112.5% of the CDI

Debt profile after issuance

Debt amortization schedule (in R$ millions)

91.9 91.3

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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