May 2014

Corporate Presentation
Executive Summary
H
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Market leader, extensive track

record, with more than 60 years
of experience
Focus on: large and complex
infrastructure projects
Products: engineering
solutions and rental of
formwork and shoring
Services: planning, design,
technical supervision,
equipment and related services
Main clients:
R
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Market leader; acquired in 2008

Focus on: residential and
commercial constructions
Products: engineering solutions
and rental of formwork, shoring
and suspended access
Services: planning, design,
technical supervision, equipment
and related services
Clients: real estate companies,
such as:
R
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Market leader; started in
2008
Focus on: civil construction,
industry, retail e others
Products: rental and sale of
motorized access
equipment, such as aerial
work platforms and
telescopic handlers
Cross-selling with all other
Mills business units
Elected "Best Company for
Access of the Year" by the
International Awards for
Powered Access (IAPA
Awards) for the year of 2011
Mills - Business Units
2
378.5
216.1
252.6
89.5
220.5
109.4
851.7
414.9
Net Revenue EBITDA
Heavy
Construction
Real Estate
Rental
3
Mills 1Q14LTM Financial highlights per business unit
EBITDA
Margin
ROIC
49.6% 17.9%
35.4% 6.7%
57.1% 17.8%
48.7% 13.9%
26%
22%
52%
26%
30%
44%
Excluding the Industrial Services business unit.
In R$ million
4
Mills - Financial Performance
Reclassified excluding the Industrial Services business unit, for comparison.
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering a
theoretical 30% income tax rate.
Variation (%) 1Q14/1Q13 1Q14/4Q13 LMT1Q14/2013 CAGR 10-13
Net Revenue +10% -1% +2% +33%
EBITDA +12% +5% +3% +34%
Net Earnings -14% -26% -3% +19%
In R$ million
187.5 188.4
211.8
222.0
210.1
207.8
83.3
95.7
98.9
106.1
102.4
107.5
41.7 39.3
48.1
39.6
45.6
33.9
44.4%
50.8%
46.7%
47.8%
48.7%
51.7%
14.5%
14.9%
14.2% 13.9%
13.4%
11.5%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA Net Earnings EBITDA Margin ROIC
354.5
462.8
665.5
832.3
851.7
168.4
217.4
339.0
403.1
414.9
103.3 92.2
151.5
172.6
167.2
47.5%
47.0%
50.9%
48.4%
48.7%
21.0%
12.3%
14.7%
14.1% 13.9%
2010 2011 2012 2013 LTM1Q14
Estamos presentes em 16 estados no Brasil com 56 unidades
Mills Geographic Presence
5
Branches location
As of March 31, 2014
Minas
Gerais
Rio Grande
do Sul
Santa Catarina
So Paulo
Mato Grosso
do Sul
Rio de
Janeiro
(Headquarter)
Espirito
Santo
Bahia
Distrito
Federal
Goias
Sergipe
Paraiba
Rio Grande
Cear
Piaui
Maranho
Tocantins
Par
Rondnia
Acre
Roraima Amap
Amazonas
Mato Grosso
Parana
Alagoas
States with Mills Presence
Rental
Heavy Construction
Real Estate
Pernambuco
do Norte
We are present in 17 states of Brazil with 51 branches
Heavy Construction
Cinta costeira - Panam
1.00
0.33
0.36
0.48
0.62
- 0.50 1.00
USA
Brazil
Russia
India
China
Infrastructure
Infrastructure quality ranking for BRIC countries (2011-12)
Index EUA = 1.0
1.00
0.11
0.38
0.51
0.73
- 0.50 1.00
USA
Brazil
Russia
India
China
Ports
1.00
0.42
0.93
0.97
0.99
- 0.50 1.00
USA
Brazil
Russia
India
China
Railways
1.00
0.33
0.36
0.48
0.62
- 0.50 1.00
USA
Brazil
Russia
India
China
Highways
Brazil is behind other BRIC countries quality of infrastructure
Source: World Economic Forum, The Global Competitiveness Report 2012-2013
7
8
Oil and Gas
458
Mining
48
Steel
10
Chemical
25
Pulp and Paper
19
Others
540
Industry investments 2014-2017
R$ 1,100 billion
Energy
176
Telecom
125
Sanitation
45
Railways
59
Roads
62
Ports
34
Airports
8
Infrastructure investments 2014-2017
R$ 510 billion
Source: BNDES October 2013
Growth compared to the 2009-2012 period (%)
24% 25%
Investments in infrastructure and industry in Brazil should
amount R$ 1.6 trillion in the 2014-2017 period
2.03
1.48
0.63 0.62
1.0
0.8
0.7
0.80
0.43
0.73
0.64
0.4
0.5
0.6
2.13
1.47
0.76
0.67
1.0
0.8
0.8
0.46
0.24
0.15
0.19
5,4
3,6
2,3
2,2
2.4
2.1
2.2
0.0
1.0
2.0
3.0
4.0
5.0
6.0
1971-80 1981-89 1990-2000 2001-10 2010 2011 2012
Sewage and Sanitation Energy Telecommunication Transport
19%
17%
12%
42%
36%
36%
39%
47%
52%
2010 2011 2012
Private PPP Public
Investments in Infrastructure
% of GDP
Investments in Infrastructure
Per source of funds
Higher participation of the private sector in infrastructure
investments in recent years
9
Source: Credit Suisse report The Brazilian Infrastructure: Its now or never , from July, 2013
New logistic investment program
10
18.5
23.5
- 20 40 60
Up to 20 years
In the first 5 years
Highways
In R$ billion
53.5
133.7
- 30 60 90 120 150
Up to 20 years
In the first 5
years
Total
In R$ billion
Total: R$ 42 billion
(7,500 km)
Total: R$ 91 billion
(10,000 km)
Total: R$ 187 billion
54.2
- 20 40 60
Colunas2
Colunas3
Ports
In R$ billion
Total: R$ 54 billion
Source: Programa de investimento em Logstica, August 2012 and O Globo newspaper
35.0
56.0
- 20 40 60
Colunas3
Colunas2
Railways
In R$ billion
Of the R$ 106 billion planned, approximately R$ 62 billion
have been successfully auctioned, surpassing the projects
awarded to the private sector in the past ten years
11
Campinorte - Lucas do Rio Verde railway
Curitiba subway
So Paulo subway line 18
Ports - 2nd stage - 18 contracts
Ports - 1st stage - 31 contracts
BR 262 (MG/ES)
BR 116 (MG)
BR 101 (BA)
BR 153 (GO/TO)
Tamoios
BR 040 (DF-MG)
BR 163/267/262 (MS)
BR 060/153/262 (DF/GO/MG)
BR 163 (MT)
VLT Goinia
Confins airport
Galeo airport
So Paulo subway line 6
BR 262 (MG/ES)
BR 050 (MG/GO)
Salvador subway line 2
Investments
In R$ billion
2
0
1
3

2
0
1
4

Source: Mills, Goldman Sachs, and Credit Suisse
Transposition of the
So Francisco river*
Comperj refinery*
Subway line 5 SP*
Raposo Tavares
highway
Belo Monte
hydroelectric power
plant*
Norte-Sul railroad*
Jurong shipyard
Olympic park
Silver monorail line-
SP*
Gold monorail line-
SP*
Pulp mill expansion-
RS*
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Length of time of Mills participation in the construction work average cycle is 24 months
Belo Monte hydroelectric
power plant
Vales S11D project
Norte-Sul railroad
Oeste-Leste railroad
North beltway
Subway lines 4 e 5 SP
Companhia Siderrgica
do Pecm steel mill
Paraguau shipyard
Salvador subway
Goinia airport
Confins airport
Pulp mill expansion- RS
Colder and Teles Pires
hydroelectric power plants
Comperj refinery
Transposition of the So Francisco
river
Cais das Artes
Vale projects
East beltway- SP
Gold monorail line- SP
Subway line 4 RJ
BRT Transcarioca
Libra terminal
Cuiab light rail
Jacu-Pssego highway
Jirau hydroelectric power
plant
Abreu e Lima refinery
Natal airport
Fortaleza airport
Viracopos and Guarulhos
airport
Braslia airport
Confins airport
Metropolitan Arch RJ
Surroundings of
Maracan
Gerdau projects
Minas-Rio pipeline
New
contracts*
Contracts with growing
volume of equipment
Contracts with high volume
of equipment
Contracts in the
demobilization process
* New streches
Important contracts per stage
1
in the evolution of monthly
revenue from Heavy Construction projects
12
1
In 1Q14
1
In 4Q13
13
Heavy Construction characteristics of the major projects in
progress
Public-
Private
Partnership
17%
Public
27%
Private
56%
Source of Funds
Industry
22%
Infrastructure
69%
Others
9%
Per Sector
In R$ million
Variation (%) 1Q14/1Q13 1Q14/4Q13 LTM1Q14/2013 CAGR 10-13
Net Revenue +8% -13% +2% +12%
EBITDA +5% -12% +1% +14%
Heavy Construction Financial Performance
14
* Excluding the positive effect of tax reversal in the amount of R$ 1.5 million in 3Q13.
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC was calculated considering a
theoretical 30% income tax rate.
47.3
47.5
55.1
55.7 55.7
58.6
51.0
20.2
24.3
25.1
29.4
28.2 29.3
25.6
42.7%
51.3%
45.5%
52.8%
50.6%
49.9%
50.2%
14.8%
18.6%
17.8%
20.9%
19.7%
19.1%
14.0%
4Q12 1Q13 2Q13 3Q13 3Q13* 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
154.3
131.6
174.1
217.0
220.5
73.6
57.8
84.3
108.1 109.4
47.7%
43.9%
48.5%
49.8%
49.6%
24.1%
12.1%
17.2%
19.2%
17.9%
2010 2011 2012 2013 LTM1Q14
Real Estate
Mast climbing platform
Growth drivers of the residential market: housing financing
16
2.6%
3.5%
7.4%
11.5%
14.4%
24.0%
45.3%
76.1%
83.7%
Russia
India
Brazil
Chile
China
South Africa
Germany
USA
UK
Housing financing relative to GDP (%)
3.1%
4.1%
5.4%
6.8%
7.4%
2009 2010 2011 2012 2013
Housing financing relative to GDP (%)
in Brazil
In 2011; In 2010; In 2013.
Source: Valor Econmico Newspaper, with data from Abecip and Secovi
In million families
% of families per social class Number of families per income range
Growth drivers of the residential market: higher purchasing
power
17
31.7
29.1
27.2
60.4
1.4
5.9
2007 2030E
< R$ 1,000
>= R$ 1,000 and
<= R$ 8,000
> R$ 8,000
-0.4%
+3.9%
+7.1%
+33.2 million
families with income
between
R$ 1,000 to 8,000
Growth rate
(%, p.a.)
10.7
6.8
3.6
38.2
28.0
20.1
37.0
49.7
58.4
8.1
9.8
11.7
6.0 5.7 6.2
2002 2009 2014E
Class A
Class B
Class C
Class D
Class E
Source: IBGE and FGV
Growth drivers of the residential market: industrialization of
the construction process
18
Source: Sondagem Especial Construo Civil, April 2011, CBIC , CNI, and Mills
The major challenge for the sector: labor
89% of companies from the construction industry stated that
lack of qualified labor is a problem for the company
94% of companies from the construction industry facing
shortages of skilled manpower have difficulty finding workers
for basic construction activities, such as bricklayers and
laborers
Solution: Industrialization of the construction process
Only 7% of companies from the construction industry plan to
deal with the shortage of skilled labor by changing the
building process to an industrial assembly model
Stages of industrialization of the construction process
19
1
Approximately 800 m
2
Source: Tchne Magazine, June 2012 and Mills
System Traditional with wood Traditional with steel Deck type Flying table
Cycle between
concreting activities
15 days 7-10 days 6-8 days 4-7 days
Labor required
1
30 people 20 people 12 people 10 people
Revenue Breakdown
Growth drivers in the residential market: geographic expansion
20
85%
61%
49%
45%
15%
39%
51%
55%
2009 2010 2011 2012 2013
New branches
Established branches
1
Branches opened since November 2009
21
18.3
30.6
23.4
19.8
23.3
67.4%
-23.5%
-15.4%
17.6%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
2009 2010 2011 2012 2013
Y
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(
%
)
L
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b
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1
PDG, Cyrela, Direcional,Even, Eztec, Gafisa, Helbor, MRV, Rodobens, Tecnisa and Trisul
Source: Operational reports from companies, Criactive and Mills
Total launches
1
in R$ billion
24.6
28.2
31.0
38.9
43.1
14.6%
10.2%
25.5%
10.7%
0%
5%
10%
15%
20%
25%
30%
35%
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
2009 2010 2011 2012 2013
Y
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(
%
)
C
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Constructed area
in million m
2
Launches in 2013 represent construction opportunities in
2014
Variation (%) 1Q13/1Q14 1Q14/4Q13 LTM1Q14/2013 CAGR 10-13
Net Revenue -8% +10% -2% +35%
EBITDA -15% +37% -5% +29%
Real Estate Financial Performance
22
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC
was calculated considering a theoretical 30% income tax rate.
In R$ million
66.0
64.9
66.5
72.4
54.2
59.5
26.1
27.7
24.6 24.4
17.1
23.5
39.6%
42.8%
37.0%
33.7%
31.5%
39.4%
12.6%
12.8%
9.3%
8.2%
3.2%
6.6%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
105.1
155.8
238.0
258.0
252.6
43.9
66.0
113.4
93.8
89.5
41.7%
42.4%
47.7%
36.4%
35.4%
23.5%
14.3%
15.7%
8.1%
6.7%
2010 2011 2012 2013 LTM1Q14
Castelo stadium Fortaleza, CE
Rental
24
Growth drivers in the motorized access equipment market:
safety and productivity
Source: Mills
Market penetration
through
substitution of less
secure and
efficient access
methods
Recent safety standards (NR-18 and NR-35) oblige the use of aerial platforms to lift people,
increasing safety and productivity in the work site
Aerial work
platforms
95%
Telescopic
handlers
5%
Brazil - 2013
Total: 29,500
Growth drivers in the motorized access equipment market:
low penetration
25
Source: Mills and Yengst Associates
Aerial work
platforms
78%
Telescopic
handlers
22%
USA - 2011
Total: 785,000
Fleet Profile
The Brazilian aerial platforms and telehandler fleet is very small compared to the US fleet; less
than 5%.
Modest rental penetration of 15% in Brazil. Rental penetration is approximately 40% in the USA,
60% in Japan and 80% in England.
Revenue Breakdown
69%
42%
38%
31%
31%
58%
62%
69%
2009 2010 2011 2012 2013
New branches
Established branches
Growth drivers in the motorized access equipment market:
geographic expansion
26
1
Branches opened since January 2010
In the first quarter of this year 1,500 motorized access
equipment units came onto the Brazilian market
27
Motorized access equipment fleet
In thousands of units
Source: Mills
8
11
16
21
30
31
35%
46%
33%
40%
20%
30%
40%
50%
60%
70%
80%
0
5
10
15
20
25
30
35
2009 2010 2011 2012 2013 1Q14
Fleet size YoY Growth (%)
+5% qoq
Rental Recognition of our differentiation
28
2013
Elected IPAF Training Center of the Year
2011
Elected Best Company for Access of the Year
Variation (%) 1Q13/1Q14 1Q14/4Q13 LTM1Q14/2013 CAGR 10-13
Net Revenue +28% +0.1% +6% +55%
EBITDA +34% +4% +7% +58%
Rental Financial Performance
29
1
ROIC: Return on Invested Capital. Until 2010, ROIC was calculated considering the effective income tax rate for the period, while from 2011 onwards ROIC
was calculated considering a theoretical 30% income tax rate.
In R$ million
74.2
76.1
90.1
93.9
97.2 97.3
36.9
43.6
49.3
52.3
56.0
58.4
49.8%
57.3%
54.7%
55.7%
57.7%
60.1%
16.9%
19.1%
18.5% 18.1%
17.5%
17.1%
4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Net Revenue EBITDA EBITDA Margin ROIC
95.1
175.4
253.5
357.3
378.5
51.0
93.6
141.2
201.2
216.1
53.6% 53.4%
55.7%
56.3%
57.1%
19.2%
16.5% 18.2%
18.1% 17.8%
2010 2011 2012 2013 LTM1Q14
Growth Plan
The potential penetration of our services for increasing
productivity enables us to grow independently of economic
performance
60%
35%
31%
44%
25%
-10%
0%
10%
20%
30%
40%
50%
60%
70%
2009 2010 2011 2012 2013
Mills GDP Industrial GDP Civil Construction GDP
Source: Mills and Bacen
Mills revenue
1
versus GDP
yoy variation (%)
31
Excluding the Industrial Services business.
74
47
51
106
15
37
104
185
60
90
4
25
131
163
161
267
73
169
15
18
20
36
10
324
413
292
499
102
231
2010 2011 2012 2013 1Q14 2014E
Rental
Real Estate
Heavy Construction
In R$ million
Capex
Realized 1Q14 /
2014 Capex Budget
for rental equipment
(%)
41%
18%
43%
Mills invested R$ 93 million in rental equipment in 1Q14
32
Reclassified excluding the Industrial Services business unit, for comparison.
Total 40%
Capturing opportunities maintaining the commitment to low
leverage
1
33
Net debt/EBITDA
Net Debt/LTM EBITDA
0.7x
1.0x
1.6x 1.6x
1.4x
1.3x
1.2x 1.2x 1.2x
1.4x
1.3x
1.5x 1.5x
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Target = 1.0x
5
6 6 6 6 6
8
5
6
14
15
16
17
4
4
14
16
17
26
5
15
16
34
37
39
51
2007 2008 2009 2010 2011 2012 2013
Rental
Real Estate
Heavy Construction
Evolution of the number of branches
34
+12
Excluding the Industrial Services business unit branches, for comparison.
Mills Investor Relations
Tel.: +55 21 2123-3700
E-mail: ri@mills.com.br
www.mills.com.br/ri