Corporate Presentation

Corporate Presentation November 2014

Executive Summary

Heavy Construction Real Estate Rental Mills - Business Units 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: 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: 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 2

Mills 3Q14LTM¹ Financial highlights per business unit In R$ million 822.3 EBITDA margin ROIC 217.1 26% Heavy Construction 46.9% 13.3% 221.2 27% Real Estate 27.6% 2.1% 382.4 384.0 47% 101.9 61.1 27% 16% Rental 57.2% 14.5% 219.5 57% 46.5% 9.4% Receita Líquida EBITDA 3 ¹ Excluding the Industrial Services business unit.

Geographic Presence Branches location Estamos presentes em 16 estados no Brasil As of September com 56 30. unidades 2014 Roraima Amapá Amazonas Pará Maranhão Ceará Rio Grande do Norte Acre Rondônia Mato Grosso Tocantins Distrito Federal Piaui Bahia Paraiba Pernambuco Alagoas Sergipe Heavy Construction Goias Minas Gerais Real Estate Rental Mato Grosso do Sul São Paulo Espirito Santo States with Mills' presence Parana Rio de Janeiro (headquarters) Santa Catarina Rio Grande do Sul 4

Brazil presents a low level of productivity compared to other developing countries Productivity growth is essential for higher sustainable GDP growth GDP per person employed. % of U.S. 2013 34.0% 28.2% 34.5% 31.4% 17.2% 17.1% 8.1% Brazil Russia India China South Africa Chile Mexico 5 Source: The Conference Board Total Economy Database, January 2014

The potential penetration of our services for increasing productivity enables us to grow more than the overall economy 70% Mills revenue 1 versus GDP yoy variation (%) 60% 60% 50% 44% 40% 30% 35% 31% 25% 20% 10% 0% 2009 2010 2011 2012 2013-10% Mills GDP Industrial GDP Civil Construction GDP 6 Source: Mills and Bacen ¹ Excluding the Industrial Services business.

Financial Performance 3 In R$ million 50.8% 222.0 211.8 210.1 207.8 213.0 188.4 191.5 191.5 46.7% 47.8% 48.7% 51.7% 49.7% 41.3% 34.8% 106.1 95.7 98.9 102.4 107.5 105.9 79.0 66.7 14.7% 14.8% 14.4% 14.1% 13.8% 48.1 39.3 39.6 45.6 12.3% 33.9 33.4 9.4% 9.9% 11.3 3.2 50.9% 47.5% 47.0% 665.5 462.8 354.5 339.0 21.0% 14.7% 217.4 168.4 12.3% 151.5 103.3 92.2 832.3 822.3 822.3 48.4% 46.5% 48.0% 403.1 382.4 394.8 14.1% 172.6 9.4% 116.1 9.9% 124.1 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 3Q14¹ 2010 2011 2012 2013 LTM3Q14 LTM3Q14¹ Net revenue EBITDA Net earnings EBITDA margin (%) ROIC² 3Q14¹/3Q13 3Q14¹/2Q14 LTM3Q14¹/LTM3Q13 CAGR 10-13 Net revenue -14% -10% 2% 33% EBITDA -26% -25% 3% 34% Net earnings -72% -66% -26% 19% ¹ Excluding Easy-set effect. ² 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. ³ Reclassified excluding the Industrial Services business unit, for comparison 7

Mills invested R$ 155.3 million in rental equipment in 9M14, of which R$ 13.8 million in 3Q14 Capex ¹ In R$ million 499 36 Rental equipment 413 18 Realized 9M14 / 2014 Capex budget (%) 324 15 163 292 20 267 Rental 62% 131 Real Estate 60% 104 185 161 60 90 177 21 105 Heavy Construction 96% Total 76% 74 47 51 106 15 35 2010 2011 2012 2013 9M14 8 ¹ Reclassified excluding Industrial Services business unit, for comparison.

Positive cash flow of R$ 74 million in 3Q14 100 50 - (50) Free cash flow 1 (31) (13) 74 11 2010 2011 2012 2013 1Q14 2Q14 3Q14 (100) (150) (200) (250) (300) (219) (154) (350) (400) (340) 1 Net cash generated by the operating activities minus net cash applied in investment activities 9

Business Units

Rental Castelão stadium Fortaleza. CE

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 12 Source: Mills

Growth drivers in the motorized access equipment market: low penetration Modest rental penetration of 15% in Brazil. Rental penetration is approximately 50% in the USA, 60% in Japan and 80% in England. Rental penetration in the USA increased to approximately 50% in 2014 from 5% in 1993: 20 years of continuous penetration growth. 60% Rental penetration in the USA 50% 40% 35% 40% 43% 20% 20% 0% 1993 1998 2004 2009 2011 2014E -20% 13 Source: Goldman Sachs and United Rentals

Growth drivers in the motorized access equipment market: low penetration Penetration of use has enabled the branches opened prior to the IPO to have an average annual growth of 22% in the last four years¹. 30% 28% 25% 24% 20% 21% 15% 13% 10% 5% 0% 14 2010 2011 2012 2013 ¹ Growth rates considering only branches which were opened until 2010

Growth drivers in the motorized access equipment market: geographic expansion Revenue Breakdown 31% New branches¹ 58% 62% 69% 69% 42% 38% 31% Established branches 2009 2010 2011 2012 2013 15 1 Branches opened since January 2010

Construction sector is the major user of motorized access in Brazil Revenues per type of use 17% 8% 11% 5% 18% 25% 23% 16% 35% 19% Others Spot 58% 69% 73% 60% 63% Industry Construction Brazilian Market Mills United Rentals (pre-merger RSC) United Rentals (post-merger RSC) Ramirent 16 Source: Mills 2013. United Rental 2011 and Ramirent 1Q14

Rental Financial Performance In R$ million 57.3% 76.1 43.6 18.0% 60.1% 57.7% 55.8% 54.7% 55.7% 97.2 97.3 98.6 93.9 90.1 56.0 58.4 52.3 55.1 49.3 18.5% 18.1% 18.2% 17.8% 16.2% 54.9% 91.0 50.0 14.5% 53.6% 53.4% 55.7% 357.3 56.3% 253.5 201.2 175.4 19.2% 141.2 16.5% 18.2% 18.2% 95.1 93.6 384.0 57.2% 219.5 14.5% 51.0 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 2010 2011 2012 2013 LMT3Q14 Net revenue EBITDA EBITDA margin (%) ROIC¹ 3Q14/3Q13 3Q14/2Q14 LTM3Q14/LMT3Q13 CAGR 10-13 Net revenue -3% -8% 15% 55% EBITDA -4% -9% 21% 58% 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. 17

Heavy Construction Cinta costeira - Panamá

Brazil is behind other BRIC countries 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 0,50 1,00 1.00-0.50 0,50 1,00 1.00-0,50 0.50 1,00 1.00-0,50 0.50 1.00 1,00 19 Source: World Economic Forum. The Global Competitiveness Report 2012-2013

Investments in infrastructure and industry in Brazil should amount R$ 1.7 trillion in the 2014-2017 period, with 32% growth compared to the 2009-2012 period Oil and Gas Mining Steel Chemical Pulp and Paper Others Total Industry Eletricity Telecom Sanitation Roads Railways Ports Airoirts 1 Total Logistics Total Infrastructure Investiment per sector In 2013 R$ billion 1.153 2009-2012 2014-2017 880 318 488 435 543 426 575 50 54 38 16 21 26 1826 176 192 95 123 89 49 63 57 55 29 15 41 7 10 171 106 53% 8% -58% 24% 44% 25% 31% 9% 29% 82% 15% 97% 173% 43% 61% 35% 2014-2017 / 2009-2012 Growth rate(%) 20 Source: BNDES May 2014 1 Logistics is the sum of roads. Railways, ports and airports

New logistic investment program Highways In R$ billion Railways In R$ billion Ports In R$ billion Total In R$ billion In the first 5 years 23.5 Colunas2 Colunas3 56.0 In the first 5 54.2 years 133.7 Up to 20 years 18.5 Colunas3 35.0 Colunas2 Up to 20 years 53.5-20 40 60-20 40 60-20 40 60-30 60 90 120 150 Total: R$ 42 billion (7,500 km) Total: R$ 91 billion (10,000 km) Total: R$ 54 billion Total: R$ 187 billion 21 Source: Programa de investimento em Logística, August 2012 and O Globo newspaper

Concessions should invest R$ 300 billion from 2015 to 2017, of which R$ 92 billion in logistics and R$ 88 billion in power generation 120,0 Infrastructure investments from concessions in R$ billlion 100,0 80,0 69.6 74.0 86.6 28.2 93.3 29.3 102.1 104.0 30.5 31.7 Telecom 2011-2017 CAGR (%) 5.6% 60,0 40,0 54.1 22.8 25.8 26.6 35.6 36.4 40.3 39.5 Energy Logistics 9.0% 27.0% 30.8 31.8 Total 11.5% 20,0-23.5 27.6 31.3 32.8 22.8 13.0 15.6 7.8 2011 2012 2013 2014 2015 2016 2017 22 Source: Valor newspaper, June 24.2014, using data from BNDES, ministries and public agencies. Do not include railways that are part of the Programa de Investimentos em Logística (Logistic Investment Program).

Of the R$ 104 billion investments planned, approximately R$ 74 billion have been successfully auctioned Salvador subway line 2 BR 050 (MG/GO) BR 262 (MG/ES) São Paulo subway line 6 Galeão airport Confins airport Goiânia VLT BR 163 (MT) BR 060/153/262 (DF/GO/MG) BR 163/267/262 (MS) BR 040 (DF-MG) BR 153 (GO/TO) São Paulo subway line 18 Tamoios highway BR 101 (BA) Investiments In R$ billlion 2013 BR 116 (MG) BR 262 (MG/ES) 2014 Ports - 1th stage - 31 contracts Ports - 2th stage - 18 contracts Curitiba subway Lucas do Rio Verde railroad 23 Presentation of 3Q14 Results 11/06/2014 Source: Mills, Goldman Sachs and Credit Suisse

Evolution of revenue generation (Basis 100= Maximum monthly revenue in the life of construction) Important contracts per stage 1 in the evolution of monthly revenue from projects New contracts* Contracts with growing volume of equipment Contracts with high volume of equipment Contracts in the process of demobilization Cafezal mountain Tamoios highway outline Fortaleza subway Joá Elevated road duplication - RJ Comperj refinery* Transoceânica highway - BA Sanitation projects CE BR-040 highway MG/MT/GO BR- 163 highway MT Gerdau expansion MG BR-381 highway duplication MG Belo Monte hydroelectric power plant Jirau hydroelectric power plant* Vale s S11D project Transnordestina railroad Oeste-Leste railroad North beltway Subway line 5 SP Salvador subway Olympic Park Reduc-Comperj Pipeline Silver monorail line - SP Colíder and Teles Pires hydroelectric power plants Comperj refinery Companhia Siderúrgica do Pecém steel mill Norte-Sul railroad Transposition of the São Francisco river Vale projects Gold monorail line- SP Subway line 4 RJ Olympic Park Subway line 4 SP Cuiabá light rail Paraguaçu shipyard Jirau hydroelectric power plant Viracopos airport. Goiânia airport. BRT Transcarioca Metropolitan Arch RJ Vale projects Pulp mill expansion- RS Length of time of Mills participation in the construction work average cycle is 24 months 1 In 3Q14 * New stretches 24 Presentation of 3Q14 Results 11/06/2014

Characteristics of the major projects in progress Source of funds¹ Per sector¹ Others 8% Public 31% Industry 36% Private 54% PPP 15% Infrastructure 56% 25 1 in 3Q14

Heavy Construction Financial Performance In R$ million 51.3% 47.5 52.8% 50.6% 55.1 55.7 45.5% 55.7 58.6 49.9% 50.2% 55.5 51.0 46.2% 51.9 41.2% 47.7% 154.3 43.9% 131.6 217.0 217.1 48.5% 49.8% 46.9% 174.1 29.4 28.2 29.3 24.3 25.1 17.8% 17.7% 18.1% 18.1% 19.2% 25.6 25.6 17.9% 16.3% 21.4 13.3% 73.6 57.8 84.3 108.1 19.2% 101.9 13.3% 1Q13 2Q13 3Q13 3Q13* 4Q13 1Q14 2Q14 3Q14 2010 2011 2012 2013 LTM3Q14 Net Revenue EBITDA EBITDA Margin (%) ROIC¹ 3Q14/3Q13 3Q14/2Q14 LTM3Q14/LTM3Q13 CAGR 10-13 Net Revenues -7% -7% 0% +12% EBITDA -27% -17% -6% +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. 26

Real Estate Mast climbing platform

Growth drivers of the residential market: housing financing UK¹ Housing financing relative to GDP (%) 83.7% Housing financing relative to GDP (%) in Brazil 7.4% USA¹ 76.1% 6.8% Germany¹ 45.3% 5.4% South Africa¹ China¹ Chile² 24.0% 14.4% 11.5% 3.1% 4.1% Brazil³ 7.4% India¹ 3.5% Russia¹ 2.6% 2009 2010 2011 2012 2013 28 ¹ In 2011; ² In 2010; ³ In 2013. Source: Valor Econômico Newspaper, with data from Abecip and Secovi

Growth drivers of the residential market: higher purchasing power % of families per social class Number of families per income range In million families 6.0 5.7 6.2 8.1 9.8 11.7 Class A 60.4 37.0 49.7 Class B +33.2 million families with income between R$ 1,000 to 8,000 < R$ 1,000 Growth rate (%. p.a.) -0.4% 58.4 Class C 31.7 27.2 29.1 38.2 Class D >= R$ 1,000 and <= R$ 8,000 +3.9% 28.0 10.7 20.1 6.8 3.6 Class E 1.4 5.9 > R$ 8,000 +7.1% 2002 2009 2014E 2007 2030E 29 Source: IBGE and FGV

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 30 Source: Sondagem Especial Construção Civil. April 2011. CBIC. CNI. and Mills

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 required 1 30 people 20 people 12 people 10 people 31 1 Approximately 800 m 2 Source: Téchne Magazine. June 2012 and Mills

Var. (%) Lauunches (In R$ million Var. (%) Sales (In R$ million) Launches and sales declined 5.4% and 13.9% respectively in 9M14 Total launches 1 in R$ billion Total sales 1 in R$ billion 100% 25 100% 25 80% 60% 17.9 21.6 20 80% 60% 18.2 19.9 16.7 16.8 20 40% 20% 0% 20.2% 13.8 13.8 0.2% 13.1 15 10 40% 20% 0% 9.3% 0.7% 14.5 15 10-20% -5.4% 5-20% -15.8% -13.9% 5-40% -36.0% -40% -60% 9M10 9M11 9M12 9M13 9M14 0-60% 9M10 9M11 9M12 9M13 9M14 0 1 PDG, Cyrela, MRV, EVEN, Helbor, Eztec, Direcional, Rodobens, Gafisa and Tecnisa 32 Source: Operational reports from companies and Mills

Actions to improve Real Estate result Merge of Real Estate and Heavy Construction maintenance activitivities Sale of used equipment Transfer of equipment to Heavy Construction Expand presence in markets less exploited. such as the light industrial and sanitation markets 33

Real Estate Financial Performance In R$ million 64.9 42.8% 27.7 15.0% 72.4 66.5 59.5 58.8 54.2 42.8% 39.4% 37.0% 33.7% 31.5% 24.6 24.4 23.5 25.2 17.1 13.4% 10.6% 8.1% 6.7% 6.5% 48.6 48.6 15.8% 7.7 3.8% 2.1% 238.0 47.7% 41.7% 42.4% 155.8 23.5% 113.4 105.1 14.3% 15.7% 66.0 43.9 258.0 36.4% 93.8 8.1% 221.2 221.2 33,2% 27.6% 73.4 61.1 2.1% 2.1% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 3Q14¹ 2010 2011 2012 2013 LTM3Q14 LTM3Q14¹ -4.7-9.6% Net revenue EBITDA EBITDA margin (%) ROIC² 3Q14¹/3Q13 3Q14¹/2Q14 LTM3T14¹/LMT3T13 CAGR 10-13 Receita Líquida -33% -17% -18% 35% EBITDA -69% -70% -29% 29% ¹ Excluding Easy Set effect. ² 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. 34

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