Presentation of 4Q13 Results

Ramon Vazquez, CEO

March 12, 2014

Mills is now Heavy Construction, Real Estate and Rental.

Presentation of 4Q13 Results 03/12/2014

4Q13 and 2013 Results

Mills - Financial Performance

832.3 50.8% 187.5 44.4% 462.8 403.1 95.7 106.1 102.4 354.5 21.0% 217.4 168.4 103.3 12.3% 92.2 339.0 14.7% 151.5 14.1% 172.6 188.4 46.7% 222.0 211.8 47.5% 48.7% 50.9% 47.0% 665.5 48.4%

47.8%

210.1

98.9
14.2% 48.1

83.3
14.5% 41.7 14.9% 39.3 13.9% 39.6 13.4% 45.6

4Q12

1Q13 Net Revenue

2Q13

3Q13 EBITDA

4Q13 Net Earnings

2010

2011 EBITDA Margin

2012

2013 ROIC

4Q13/4Q12 Net Revenue EBITDA Net Earnings +12% +23% +9%

4Q13/3Q13 -5% -4% +15%

2013/2012 +25% +19% +14%

CAGR 10-13 +33% +34% +19%

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.

Presentation of 4Q13 Results 03/12/2014

Net revenues totaled R$ 210.1 million in 4Q13

By business unit

By service category
Others 3% Sales Technical 11% support services 2%

Heavy Construction 28%

Rental 46%

Real Estate 26%

Rental 84%

Presentation of 4Q13 Results 03/12/2014

Heavy Construction Financial Performance

In R$ million 217.0 50.6% 55.7 58.6 49.9% 154.3 131.6 29.4 20.9% 28.2 19.7% 29.3 19.1% 24.1% 84.3 73.6 57.8 12.1% 17.2% 108.1 19.2% 47.7% 43.9% 174.1 48.5% 49.8%

51.3% 55.1 47.3 42.7% 47.5 45.5%

52.8% 55.7

20.2 14.8%

24.3 18.6%

25.1 17.8%

4Q12

1Q13

2Q13 Net Revenue

3Q13

3Q13*

4Q13 EBITDA

2010 EBITDA Margin

2011

2012 ROIC

2013

4Q13/4Q12 Net Revenue +24%

4Q13/3Q13 +5%

2013/2012 +25%

CAGR 10-13 +12%

EBITDA

+45%

-1%

+28%

+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.

Presentation of 4Q13 Results 03/12/2014

Important contracts per stage1 in the evolution of monthly revenue from the heavy construction projects
Evolution of revenue generation (Basis 100= Maximum monthly revenue in the life of construction)
New contracts*
Vales S11D project Subway lines 4 and 5 SP* North beltway* Belo Monte hydroelectric power plant* Norte-Sul railroad* Duplication of BR-163 and MT-364 highways* Pulp mill expansionRS Goinia airport Fortaleza subway Salvador subway Minas-Rio pipeline

Contracts with growing volume of equipment

Belo Monte hydroelectric power plant
Norte-Sul railroad Oeste-Leste railroad Subway lines 4 e 5 SP Companhia Siderrgica do Pecm steel mill

Contracts with high volume of equipment

Contracts in the demobilization process

Jirau e Ferreira Gomes hydroelectric power plants Abreu e Lima refinery Viracopos and Guarulhos airport Braslia airport Metropolitan Arch RJ Silver monorail line- SP Surroundings of Maracan Porto Maravilha

Cais das Artes

Paraguau shipyard Confins airport Jacu-Pssego highway

Colder and Teles Pires hydroelectric power plants Comperj refinery Transposition of the So Francisco river Vale and Gerdau projects East beltway- SP Gold monorail line- SP Subway line 4 RJ BRT Transcarioca Fortaleza airport Natal airport Libra terminal

Length of time of Mills participation in the construction work average cycle duration is 24 months
1

In 4Q13

* New streches

Presentation of 4Q13 Results 03/12/2014

Heavy Construction characteristics of the major projects in progress

Source of Funds

Per Sector
Others 9%
Industry 22%

PublicPrivate Partnership 17%

Private 56%

Public 27%

Infrastructure 69%

In 4Q13

Presentation of 4Q13 Results 03/12/2014

Brazil is behind other BRIC countries in quality of infrastructure

Infrastructure quality ranking for BRIC countries (2011-12)
Index EUA = 1.0

Highways

Railways

Ports

Infrastructure

China

0.62

China

0.99

China

0.73

China

0.62

India

0.48

India

0.97

India

0.51

India

0.48

Russia

0.36

Russia

0.93

Russia

0.38

Russia

0.36

Brazil

0.33

Brazil

0.42

Brazil

0.11

Brazil

0.33

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: World Economic Forum, The Global Competitiveness Report 2012-2013

Presentation of 4Q13 Results 03/12/2014

Higher participation of the private sector in infrastructure investments in recent years

Investments in Infrastructure
6.0
% of GDP

Investments in Infrastructure
Per source of funds

5,4
5.0 0.46 Sewage and Sanitation Energy Telecommunication Transport
Private PPP Public

4.0

2.13

3,6
0.24

39%

47%

52%

3.0 1.47 0.80 2.0 0.43 1.0 2.03 1.48 0.63 0.0 1971-80 1981-89 1990-2000 2001-10 2010 2011 2012
2010 2011 2012

2,3
0.15 0.76

2.4

2,2
0.19 0.67 0.4 0.64 0.62 1.0 1.0

2.1
0.8 0.5

2.2
42%

0.8 0.6

36% 36%

0.73

0.8

0.7

19%

17%

12%

Source: Credit Suisse report The Brazilian Infrastructure: Its now or never , from July, 2013

Presentation of 4Q13 Results 03/12/2014

Of the R$ 106 billion planned, approximately R$ 62 billion has been successfully auctioned, surpassing the projects awarded to the private sector in the past ten years
Investments
In R$ billion
Salvador subway line 2 BR 050 (MG/GO) BR 262 (MG/ES) So Paulo subway line 6 Galeo airport Confins airport VLT Goinia BR 163 (MT) BR 060/153/262 (DF/GO/MG) BR 163/267/262 (MS) BR 040 (DF-MG)

2013

BR 101 (BA)
BR 153 (GO/TO) BR 116 (MG) BR 262 (MG/ES)
2014

Ports - 1st stage - 31 contracts Ports - 2nd stage - 18 contracts Tamoios So Paulo subway line 18 Curitiba subway Campinorte - Lucas do Rio Verde railway

Source: Mills, Goldman Sachs, and Credit Suisse

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Presentation of 4Q13 Results 03/12/2014

Real Estate Financial Performance

In R$ million 42.8% 39.6% 66.0 64.9 72.4

66.5
37.0% 33.7% 54.2 31.5% 41.7% 42.4%

258.0 238.0 47.7% 36.4% 155.8 23.5% 105.1 24.6 24.4 8.2% 17.1 43.9 3.2% 113.4 14.3% 66.0 15.7%

26.1 12.6%

27.7 12.8%

93.8

9.3%

8.1%

4Q12

1Q13

2Q13 Net Revenue

3Q13

4Q13 EBITDA

2010 EBITDA Margin

2011

2012 ROIC

2013

4Q13/4Q12 Net Revenue EBITDA -18% -35%

4Q13/3Q13 -25% -30%

2013/2012 +8% -17%

CAGR 10-13 +35% +29%

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.

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Presentation of 4Q13 Results 03/12/2014

Growth drivers in the residential market: geographic expansion

Revenue Breakdown

15% 39% 51% 55%

New branches

85%

61%
49% 45% Established branches

2009

2010

2011

2012

2013

Branches opened since November 2009

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Presentation of 4Q13 Results 03/12/2014

Launches in 2013 mean construction opportunities in 2014

Total launches1
in R$ billion
100%

Constructed area
in million m2
35.0

35%

50.0

30.6
80% 67.4%

43.1
30.0

45.0 40.0 35.0 Constructed area (in million m2)

30%

38.9
60%

25.5%
Launches (in R$ billion)

23.4
40%

23.3
19.8

25.0

25%

31.0
YoY (%) 20%

YoY (%)

18.3
20%

20.0

28.2
24.6

30.0 25.0

17.6%

15.0

15%

14.6%

0%

20.0 10.2% 10.7% 15.0 10.0

10.0
-20% -23.5% -40% -15.4%

10%

5.0

5% 5.0

-60%

0%

2009

2010

2011

2012

2013

2009

2010

2011

2012

2013

1 Cyrela,

Direcional,Even, Eztec, Gafisa, Helbor, MRV, PDG, Rodobens, Tecnisa and Trisul Source: Operational reports from companies, Criactive and Mills

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Presentation of 4Q13 Results 03/12/2014

Stages of industrialization of the construction process

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 required1

30 people

20 people

12 people

10 people

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Presentation of 4Q13 Results 03/12/2014

Approximately 800 m2 Source: Tchne Magazine, June 2012 and Mills

Rental Financial Performance

In R$ million

57.3% 49.8% 74.2 76.1 90.1 54.7% 93.9 55.7%

53.6% 97.2 57.7%

53.4%

55.7% 357.3

56.3%

253.5 56.0 175.4 19.2% 18.5% 18.1% 17.5% 95.1 51.0 16.5% 93.6 141.2 18.2% 18.2% 201.2

49.3
43.6 36.9 16.9% 19.1%

52.3

4Q12

1Q13

2Q13 Net Revenue

3Q13

4Q13 EBITDA

2010 EBITDA Margin

2011

2012 ROIC

2013

4Q13/4Q12 Net Revenue EBITDA +31% +52%

4Q13/3Q13 +3% +7%

2013/2012 +41% +43%

CAGR 10-13 +55% +58%

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.

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Presentation of 4Q13 Results 03/12/2014

Growth drivers in the motorized access equipment market: geographic expansion

Revenue Breakdown

31% New branches 58% 62% 69%

69% 42% Established branches 38% 31%

2009

2010

2011

2012

2013

Branches opened since January 2010

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Presentation of 4Q13 Results 03/12/2014

In 2013, the Brazilian motorized access equipment fleet grew 40% compared to 2012
35

Motorized access equipment fleet In thousands of units

30

80%

30

70%

25 60% 21 20 16 15 11 10 8 35% 46% 33% 30% 40% 40% 50%

0 2009 2010 Fleet size 2011 2012 YOY (%) 2013

20%

Source: Mills and Yengst Associates

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Presentation of 4Q13 Results 03/12/2014

Growth drivers in the motorized access equipment market: safety and productivity
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

Market penetration through substitution of less secure and efficient access methods

Source: Mills

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Presentation of 4Q13 Results 03/12/2014

Growth Plan

The potential penetration of our services for increasing productivity enables us to grow independently of economic performance
Mills revenue1 versus GDP yoy variation (%)
60% 60%

70%

50% 44% 40% 35% 31%

30% 25%
20%

10%

0%

2009
-10% Mills

2010

2011

2012

2013

GDP

Industrial GDP

Civil Construction GDP

Source: Mills and Bacen Excluding the Industrial Services business unit

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Presentation of 4Q13 Results 03/12/2014

Evolution of the number of branches

+12
39

51

37 34 16

26 Rental 17 Real Estate

14

15 4 5 5 2007 5 6 2008

16 4 6 6 2009 6 2010 6 2011 6 2012 14 15 16

17

Heavy Construction

8 2013

Excluding the Industrial Services business unit branches, for comparison.

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Presentation of 4Q13 Results 03/12/2014

We invested R$ 464 million in rental equipment in 2013

Capex
In R$ million

499 36 2014 Capex Budget (%) 73%

413 18 Rental 267 163 292 20 231 161 185 90 169 Real Estate

324 15

131

11%

Heavy Construction

16%

104

60 106 74
2010

25 37

47
2011

51
2012 2013

2014 Capex Budget

Reclassified excluding the Industrial Services business unit, for comparison.

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Presentation of 4Q13 Results 03/12/2014

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