BM&FBOVESPA: MILS3

Mills 1Q12 Results

Mills: EBITDA margin reaches 43.3%, with strong growth

Rio de Janeiro, May 10, 2012 - Mills Estruturas e Servios de Engenharia S.A. (Mills) presented in the first quarter of 2012 (1Q12) record quarterly revenue, EBITDA, net earnings and EBITDA margin; an excellent financial performance consistent with its plan for growth and increasing the profitability of its businesses. Main highlights of Mills 1Q12 performance: Record net revenue of R$ 199.1 million, 37.3% higher than the first quarter of 2011 (1Q11). Record EBITDA of R$ 86.2 million, 63.2% above 1Q11. EBITDA margin of 43.3%, versus 36.4% in 1Q11. Record operational earnings
(c) (b) (a)

of R$ 135.5 million, 52.3% higher than 1Q11.

Net earnings of R$ 32.7 million, 47.2% higher than 1Q11. Capex reached R$ 58.4 million, equivalent to 46.0% of the 2012 capex budget. Annualized return on invested capital (ROIC) of 15.1%, against 13.8% in 1Q11. Leverage reduction, as measured by the net debt/LTM EBITDA, from 1.6x at the end of 2011 to 1.4x at the end of 1Q12. Approval of the distribution of remuneration to shareholders, at the General Shareholders Meeting, in the total gross amount of R$ 25.3 million, in the form of interest on capital and dividends, with payment made on April 30, 2012. Fiscal council set up at the General Shareholders Meeting, on a permanent basis, aiming to maintain the ongoing commitment of the Company to best corporate governance practices, and the appointment of its three members and their respective substitutes. Mills was elected the worlds best company for access in 2011 by the International Awards for Powered Access (IAPA Awards), supported by the main global editor of magazines specialized in machines and equipments, in recognition of its performance in promoting the motorized access market, focusing on excellence in technical assistance and safety.
Table 1 Main financial indicators
(d)

in R$ millions

1Q11 (A) 145.0 52.8 36.4% 22.2 13.8% 184.6

4Q11 (B) 193.5 76.4 39.5% 29.5 14.2% 114.4

1Q12 (C) 199.1 86.2 43.3% 32.7 15.1% 58.4

(C)/(B) % 2.9% 12.8% 10.6% -49.0%

(C)/(A) % 37.3% 63.2% 47.2% -68.4%

Net revenue EBITDA EBITDA margin (%) Net earnings ROIC (%) Capex

The financial and operational information presented in this release, except when otherwise indicated, is in accordance with accounting policies adopted in Brazil, which are in accordance with international accounting standards (International Financial Reporting Standards - IFRS).

Investor com investidores RelaesRelations Alessandra Gadelha Diretora de RI IR Officer Camila Conrado Especialista de RI IR Specialist Carolina Gonalves Analista de RI IR Analyst

Contact: + 55 21 212355 21 2123 3700 Contato: + 3700 ri@mills.com.br ri@mills.com.br

ri@mills.com.br

1Q12 Results Business Perspective

The demand for the heavy construction market is becoming heated, as shown by the optimism of the indicator of business expectations for the construction industry for the next six months, according to research conducted by the National Confederation of Industry (CNI Confederao Nacional da Indstria), which reached a value of 61.1 in April 2012, in which values above 50 indicate a prospect of growth of activity in the industry. Cement sales reached 16.4 million tons in 1Q12, with a year-over-year (yoy) growth rate of 13.9%. The pace of disbursement in the PAC - Growth Acceleration Program increased at the end of 2011. In 2011 R$ 204.4 billion of the rd capex was realized, representing 21% of the R$ 955 billion expected for the 2011-2014 period. According to the 3 PAC 2 Report, 24% of the expected projects were on studying stage or under licensing process on December 31, 2011, 12% under bidding process, 57% under construction work and 7% already concluded. The investments related to the 2014 World Cup and the 2016 Olympics Games are intensifying. We are already present in 10 stadiums that will host the games and in construction work for urban mobility in Rio de Janeiro and So Paulo, such as the Transoeste and Transcarioca highways, subway line 5 and monorail gold line. In 1Q12 the construction work for these events accounted for approximately 17% of the total revenue of the Heavy Construction division, in line with the ratio of 12% between direct investments planned for the events (R$ 47 billion) and the estimated amount of investment in infrastructure in the period 2011-2014 (R$ 401 billion). As for the market for residential and commercial construction, the demand continues to be driven by the expansion of housing credit availability, which presented a 42.0% yoy increase in January 2012, according to the Brazilian Central Bank (Bacen). However, 1 there was a yoy reduction of 20.2% in new building announced for 11 real estate companies , which we believe is a temporary adjustment of these companies, aiming at improving the execution of work in progress and financial performance. We believe that this event will not affect the growth prospects of the Jahu Residential and Commercial Construction division given (i) the high fragmentation of the commercial and residential construction market, (ii) its exposure to new markets with high growth rates, and (iii) the increased penetration of its projects and equipment that enable productivity gains for construction companies. In the Industrial Services division, we have signed important contracts in the oil and gas sector in this quarter, such as maintenance work on several oil platforms and new services in the construction work at the Comperj refinery. On the other hand, some maintenance contracts were terminated, in line with our strategy to increase the profitability of this division.

Revenue
Net revenues reached a new quarterly record in 1Q12, R$ 199.1 million, 37.3% higher yoy and 2.9% above the fourth quarter of 2011 (4Q11), which was impacted by the large volume of sales in the Jahu and Rental divisions. 69.3% of Mills revenues was from equipment rental, while 21.2% was from technical support services, 6.5% from sales and 3.0% from other activities. The volume of sales amounted to R$ 13.0 million in 1Q12, a quarter-over-quarter (qoq) reduction of 32.2%, but 131.4% yoy growth.

Costs and Expenses

The cost of goods and services sold (COGS), excluding depreciation, totaled R$ 63.6 million in 1Q12, with a qoq reduction in its component items. Job execution costs totaled R$ 48.6 million in 1Q12, with a qoq decrease of 8.9%. The main items that contributed to this decrease were personnel (67%), due to the termination of contracts in the Industrial Services division, and material (15%), mainly influenced by the Rental division.
(e)

Cyrela, MRV, Rossi, Brookfield, Even, Helbor, Eztec, Direcional, Trisul, Rodobens and Gafisa

1Q12 Results
General, administrative and operating expenses (G&A) totaled R$ 49.3 million in 1Q12. The qoq increment of R$ 5.9 million mainly reflects the expansion of the allowance for doubtful debts (ADD) of R$ 4.5 million in the Heavy Construction and Rental divisions.

EBITDA
Cash generation, as measured by EBITDA, reached R$ 86.2 million in 1Q12, a new quarterly record, with 63.2% yoy growth and 12.8% qoq growth. The accumulated EBITDA in the last twelve months ended March 31, 2012, LTM EBITDA, totaled R$ 271.5 million. The EBITDA margin was 43.3% in 1Q12, being the highest quarterly EBITDA margin in the last three years. The qoq increment of R$ 9.8 million in EBITDA is explained by the increase of R$ 5.6 million in net revenues, and by the reduction of R$ 10.1 million in COGS, partially offset by the increment of R$ 5.9 million in G&A, all excluding depreciation.

Net Earnings
Net earnings amounted to R$ 32.7 million in 1Q12, with 47.2% yoy and 10.6% qoq expansion. The qoq increase of R$ 3.1 million in net earnings is explained by the rise in EBITDA (R$ 9.8 million), partially offset by the increase in the amount in taxes payable (R$ 3.3 million), depreciation (R$ 1.9 million) and negative net financial result (R$ 1.4 million). The net financial result was a negative R$ 11.3 million in 1Q12, against negative R$ 9.9 million in 4Q11, given the higher net debt in the period.

ROIC
The ROIC reached 15.1% in 1Q12, against 14.2% in 4Q11 and 13.8% in 1Q11. The improvement in ROIC reflects the recovery of the demand in the heavy construction market and the maturing of the new branches opened at the end of 2010 in the Jahu and Rental divisions.

Debt Indicators
As of March 31, 2012, Mills total debt was R$ 414.7 million, against R$ 410.9 million as of December 31, 2011. At the end of the (f) 1Q12 our net debt position was R$ 384.4 million, versus R$ 375.8 million at the end of 4Q11. Our debt is 20% short-term and 80% long-term, with an average maturity of 2.9 years, at an average cost of CDI+1.2%. In terms of currency, 100% of Mills debt is in Brazilian reais. Our leverage, as measured by the net debt/LTM EBITDA, was at 1.4x by March 31, 2012. The total debt/enterprise value 12.5%, while interest coverage, as measured by the LTM EBITDA/LTM interest payments, was 8.9x.
(g)

was

Capex
Mills invested R$ 58.4 million in organic growth in 1Q12. The Rental division was responsible for 44.5% of the capex of 1Q12, Jahu for 26.3%, Heavy Construction for 15.5% and Industrial Services for 5.5%. The 2012 budget includes investments of R$ 127 million, below our medium-term sustainable capex, in order to return our leverage to the target of 1.0x. It is worth noting that, if the scenario is positive, we would be in a position to expand our investments during 2012. For further information, refer to press release Mills to invest R$ 127 million in 2012 of November 29, 2011.

Rohr
In 2011, Rohrs net revenue amounted to R$ 156.2 million, with a 13.1% yoy reduction. Net earnings were R$ 9.6 million, versus R$ 19.8 million in 2010. Cash generation, measured by EBITDA, totaled R$ 30.1 million, a 37.3% yoy reduction, while the EBITDA margin was 19.3% against 27.0% in 2010, both negatively impacted by the weak demand in the heavy construction market, Rohrs main market, as from September, 2010.

1Q12 Results
At Rohr's General Shareholders Meeting, the payment of remuneration to shareholders relating to the fiscal year of 2011 was approved at a gross value of R$ 5.4 million, as interest on capital, 27.5% of which is due to Mills and has already been recorded in Mills 4Q11 results, since this was deliberated, ad-referendum of the General Meeting, on December 22, 2011. It is important to highlight that as we do not have significant influence in the administration of the company, Mills does not record Rohrs results in its financial statements. Only dividends and interest on capital impact Millss earnings in the respective periods of recognition of our right.

Performance of the business segments Heavy Construction

The net revenue of the Heavy Construction division totaled R$ 39.3 million in 1Q12, with an increase of 23.5% yoy and 9.0% qoq, due to the continuing recovery in demand in the heavy construction market. Rental revenue increased by R$ 0.6 million qoq, with prices and mix of equipment causing an increase of R$ 1.4 million. We continue to work with our utilization rate above normal levels given the heavy demand of this market, but it is still below our maximum capacity, due to our strategy to prioritize profitability. Since the last quarter of 2011, we have been obtaining better prices for new contracts and the recovery of our average price will occur as these contracts begin to demand significant volumes of equipment. In this quarter we signed several important construction contracts, such as the Serra Leste mine and the expansion of the Carajs mine, both of these being Vale mines, the Natal and Porto Alegre stadiums, the car dumper at the Sudeste Port, subway line 2 and new stretches of subway line 5, in So Paulo, new stages of the transposition of the So Francisco river and Comperj refinery, and the bridge over the Araguaia river, among others. The main projects in 1Q12, in terms of revenues, were: South and Southeastern regions: the Comperj refinery, Maracan stadium and CSN steel plant in Rio de Janeiro, the datacenter of Banco Santander and the subway line 2 in So Paulo, the Conceio-Itabiritos mine in Minas Gerais and the Grmio stadium in Rio Grande do Sul; Midwest, North and Northeast regions: the Jirau hydroelectric power plant, Transnordestina railway, Abreu e Lima refinery and the Recife stadium, in Pernambuco, the Ponta da Madeira maritime and railway terminals, in Maranho, Itafoz mining, in Tocantins, overpasses in Manaus, in Amaznia, the Fonte Nova stadium in Bahia, the Man Garrincha stadium in Braslia, and the Verdo stadium in Mato Grosso. COGS grew qoq, excluding depreciation, mainly due to higher sales costs given the higher sales volume in the period, partially offset by a slight reduction in job execution costs. G&A was negatively impacted by the ADD in the amount of R$ 2.2 million in this quarter, mostly related to one client in private construction jobs, which failed to honor its payment obligation, and consequently, we requested a legal collection of this liability, recognizing all the total balance of such obligation in our allowance for doubtful debts. Due to the weak demand in the heavy construction market since the first half of 2010, we expanded our exposure to midsized construction companies, which have a higher risk of failing to honor their obligations due to cash flow problems in specific construction jobs. In this respect, the share of our top five clients declined from 55% in the third quarter of 2009 to 36% in 1Q11, but since the third quarter of 2011 it has been close to 50%, showing that we have already reduced our exposure to midsized construction companies. We are still negociating with our clients and we will maintain a conservative approach, only reversing the ADD as the payments occur.

1Q12 Results
EBITDA reached R$ 18.5 million in 1Q12. Excluding the ADD effect, EBITDA would be R$ 21.1 million, versus R$ 19.5 million in 4Q11. The EBITDA margin, ex-ADD, was 53.7% in 1Q12, against 54.0% in 4Q11. ROIC, ex-ADD, was 19.3% in 1Q12, versus 17.5% in 4Q11.

Jahu
The net revenue of the Jahu division totaled R$ 52.5 million in 1Q12, 79.6% higher yoy. Revenue continued at the same level compared to the previous quarter, since the growth of the rental revenue offset the decline in sales revenue, which returned, in this quarter, to its normal level of approximately 10% of the divisions net revenue. Rental revenue reached a new quarterly record, R$ 45.3 million, as a result of the maturing of the investments made in the second half of 2011. Rental revenue increased by R$ 5.0 million qoq, reflecting the rise in rented volumes. The utilization rate remained at the normal level. There was a qoq decrease in COGS, ex-depreciation, due to lower costs of sales as a result of the lower volume of sales in the period, while G&A showed a slight increment, albeit lower than the COGS reduction, enabling the expansion of the divisions EBITDA margin. EBITDA reached R$ 26.3 million in 1Q12, a new quarterly record, with 10.2% qoq growth and more than twice the amount for the same period in the previous year. The EBITDA margin was 50.1%, against 45.5% in 4Q11, being the highest quarterly EBITDA margin in the last two years. The maturing of the new branches and the operational leverage continue to contribute to the expansion of the EBITDA margin of the division. ROIC was 15.6% in 1Q12, versus 16.3% in 4Q11.

Industrial Services
Net revenues for the Industrial Services division amounted to R$ 50.9 million in 1Q12, in line with 4Q11 and 1Q11, reflecting the strategy of improving the profitability of the services offered in this division. The oil and gas and petrochemical industries accounted together for 72% of the revenue for the division in 1Q12. There was a qoq reduction in COGS items, ex-depreciation, while G&A showed an increase, although this was less than the reduction in COGS, enabling the EBITDA margin to expand from 4.7% in 4Q11 to 12.1% in 1Q12, in line with the figure of 12.2% obtained in 1Q11. EBITDA amounted to R$ 6.2 million in 1Q12, against R$ 2.3 million in 4Q11 and R$ 6.1 million in 1Q11. ROIC reached 7.5% in 1Q12, versus a negative 1.2% in the last quarter and 9.6% in 1Q11.

Rental
The net revenue of the Rental division totaled R$ 56.5 million in 1Q12, a new quarterly record, with a 67.4% yoy growth. Between quarters, there was a slight increase in revenue, as rental revenue growth offset the decrease in sales revenue. Rental revenue reached a new quarterly record, R$ 50.5 million, as a result of the maturing of the investments made in the last quarter of 2011. Rental revenue expanded by R$ 3.3 million qoq, with the increase of rented volumes contributing R$ 3.9 million. The utilization rate remained at the normal level. There was a qoq decrease in COGS, ex-depreciation, mainly due to lower volume of sales in the period. G&A showed a slight increase, due to the expansion of ADD in the amount of R$ 2.3 million in 1Q12, mostly related to one client which failed to honor its payment obligation and, consequently, we requested a legal collection of this liability and recognized all the total balance of such obligation in our allowance for doubtful debts.

1Q12 Results
We estimate that, given the fragmented client base, the variety of their sizes, and the geographic expansion process, the allowance for doubtful debts should represent approximately 2% of the net revenue of the Rental division. EBITDA amounted to R$ 34.9 million in 1Q12, a new quarterly record, with 84.6% yoy and 13.5% qoq growth, respectively. The EBITDA margin was 61.8% in 1Q12, being the highest EBITDA margin in the last three years. The maturing of the new branches and the operational leverage continue to contribute to the expansion of the EBITDA margin of this division. ROIC was 20.3% in 1Q12, versus 18.6% in 4Q11.

Teleconference and Webcast

Date: May 11 , 2012, Friday Time: 10:00 (New York time), 11:00 (Rio de Janeiro time) and 15:00 (London time) Teleconference: +1 786 924 6977 or +1 888 700 0802 (toll free), code: Mills Replay: +55 11 4688 6312 / code: 0114508# or www.mills.com.br/ri Webcast: www.mills.com.br/ri
th

1Q12 Results Tables

Table 2 Net revenue per type

1Q11
in R$ millions

4Q11 (B) 132.4 37.6 19.2 4.3 193.5

1Q12 (C) 137.9 42.3 13.0 6.0 199.1

(C)/(B) % 4.1% 12.4% -32.3% 39.7% 2.9%

(C)/(A) % 42.5% 12.4% 131.4% 20.7% 37.3%

(A) 96.8 37.6 5.6 5.0 145.0

Rental Technical support services Sales Others Total net revenue

Table 3 Net revenue per division in R$ millions

1Q11 31.8 29.2 50.2 33.7 145.0

% 22.0% 20.1% 34.6% 23.3% 100.0%

4Q11 36.1 52.5 50.2 54.9 193.5

% 18.6% 27.1% 25.9% 28.3% 100.0%

1Q12 39.3 52.5 50.9 56.5 199.1

% 19.7% 26.4% 25.5% 28.4% 100.0%

Heavy Construction Jahu - Residential and Commercial Construction Industrial Services Rental Total net revenue

Table 4 Cost of goods and services sold (COGS) and general, administrative and operating expenses (G&A) in R$ millions

1Q11 45.9 3.5 1.2 5.4 56.0 36.1 92.1

% 49.8% 3.8% 1.4% 5.8% 60.8% 39.2% 100.0%

4Q11 53.3 11.8 1.4 7.1 73.7 43.4 117.1

% 45.5% 10.1% 1.2% 7.8% 63.0% 37.0% 100.0%

1Q12 48.6 6.2 1.2 7.6 63.6 49.3 112.9

% 43.0% 5.5% 1.1% 6.7% 56.4% 43.6% 100.0%

Costs of job execution Costs of sale of equipment Costs of asset write-offs Equipment storage COGS, ex-depreciation G&A Total COGS, ex-depreciation + G&A

Table 5 EBITDA per division and EBITDA margin in R$ millions

1Q11 15.6 12.3 6.1 18.9 52.8 36.4%

% 29.4% 23.2% 11.6% 35.8% 100.0%

4Q11 19.5 23.9 2.3 30.7 76.4 39.5%

% 25.5% 31.2% 3.1% 40.2% 100.0%

1Q12 18.9 26.3 6.2 34.9 86.2 43.3%

% 21.9% 30.5% 7.2% 40.4% 100.0%

Heavy Construction Jahu - Residential and Commercial Construction Industrial Services Rental Total EBITDA EBITDA margin (%)

1Q12 Results
Table 6 Investment per division

Realized 1Q11
in R$ millions

Budget 1Q12 (A) 9.0 15.4 3.2 26.0 4.8 58.4 58.4 2012 (B) 22 28 7 53 17 127 127 46% (A)/(B) % 41% 55% 46% 49% 28% 46%

4Q11 16.9 56.6 4.1 33.4 3.4 114.4 114.4

Heavy Construction Jahu - Residential and Commercial Construction Industrial Services Rental Corporate Organic growth Acquisition Total capex

8.4 37.0 2.2 42.4 94.7 94.6 90.0 184.6

Table 7 Heavy Construction division financial indicators

1Q11
in R$ millions

4Q11 (B) 32.5 3.5 36.1 19.5 54.0% 17.5% 16.9 222.0 5.6

1Q12 (C) 33.1 6.3 39.3 18.9 48.0% 16.6% 9.0 226.1 5.5

(C)/(B) % 1.7% 76.9% 9.0% -3.1%

(C)/(A) % 32.2% -8.4% 23.5% 21.3%

(A) 25.0 6.8 31.8 15.6 48.9% 14.4% 8.4

(h)

Net revenue Rental Technical support services, sales and others Total net revenue EBITDA EBITDA margin (%) ROIC (%) Capex Invested capital Depreciation

-46.5% 1.9% -1.5%

8.1% 10.9% 7.7%

203.9 5.1

Table 8 Jahu Residential and Commercial Construction division financial indicators

1Q11
in R$ millions

4Q11 (B) 40.3 12.1 52.5 23.9 45.5% 16.3% 56.6 310.8 5.8

1Q12 (C) 45.3 7.2 52.5 26.3 50.1% 15.6% 15.4 345.4 7.1

(C)/(B) % 12.2% 0.0%

(C)/(A) % 74.0% 79.6%

(A) 26.0 3.2 29.2 12.3 42.0% 15.2% 37.0 175.4 2.7

Net revenue Rental Technical support services, sales and others Total net revenue EBITDA EBITDA margin (%) ROIC (%) Capex Invested capital Depreciation -40.3% 125.2%

10.2% 114.5%

-72.8% -58.4% 11.1% 96.9% 21.9% 159.3%

1Q12 Results
Table 9 Industrial Services division financial indicators

1Q11
in R$ millions

4Q11 (B) 39.5 10.7 50.2 2.3 4.7% -1.2% 4.1 133.3 2.9

1Q12 (C) 35.0 15.9 50.9 6.2 12.1% 7.5% 3.2 127.4 2.8

(C)/(B) % -11.4% 48.6% 1.4% 163.4%

(C)/(A) % -7.6% 28.7% 1.3% 0.9%

(A) 37.9 12.3 50.2 6.1 12.2% 9.6% 2.2 108.4 2.4

Net revenue Maintenance New plants Total net revenue EBITDA EBITDA margin (%) ROIC (%) Capex Invested capital Depreciation
. Table 10 Rental division financial indicators

-21.3% -4.4% -5.8%

43.8% 17.5% 15.4%

1Q11
in R$ millions

4Q11 (B) 47.2 7.7 54.9 30.7 56.0% 18.6% 33.4 334.8 8.5

1Q12 (C) 50.5 6.0 56.5 34.9 61.8% 20.3% 26.0 353.2 9.3

(C)/(B) % 7.1% -22.6% 2.9% 13.5%

(C)/(A) % 64.0% 102.9% 67.4% 84.6%

(A) 30.8 2.9 33.7 18.9 56.0% 17.3% 42.4 212.4 5.8

Net revenue Rental Technical support services, sales and others Total net revenue EBITDA EBITDA margin (%) ROIC (%) Capex Invested capital Depreciation

-22.1% 5.5% 10.4%

-38.7% 66.3% 60.8%

1Q12 Results Glossary

(a) EBITDA - EBITDA is a non-accounting measurement which we prepare and which is reconciled with our financial statement in accordance with CVM Instruction 01/2007, when applicable. We have calculated our EBITDA (usually defined as earnings before interest, tax, depreciation and amortization) as net earnings before financial results, the effect of depreciation of assets and equipment used for rental, and the amortization of intangible assets. EBITDA is not a measure recognized under BR GAAP, IFRS or US GAAP. It is not significantly standardized and cannot be compared to measurements with similar names provided by other companies. We have reported EBITDA because we use it to measure our performance. EBITDA should not be considered in isolation or as a substitute for "net income" or "operating income" as indicators of operational performance or cash flow, or for the measurement of liquidity or debt repayment capacity. (b) Operational earnings Net revenue from sales and services less the cost of products sold and services rendered, excluding depreciation. (c) Capex (Capital Expenditure) Acquisition of tangible and intangible goods for non-current assets. (d) ROIC (Return on Invested Capital) - Calculated as Operating Income before financial results and after the payment of income tax and social contribution (theoretical 30% income tax rate) on this income, include remuneration from affiliates, divided by average Invested Capital, as defined below. ROIC is not a measure recognized under BR GAAP, and it is not significantly standardized and cannot be compared to measurements with similar names provided by other companies. Quarterly ROIC: ((Quarterly Operational Income (30% Income Tax Rate) + remuneration from affiliates) / Average Invested Capital of the last four months) * 4 Annual ROIC: (Annual Operational Income (30% Income Tax Rate) + remuneration from affiliates) / Average Invested Capital of the last thirteen months (e) Job execution costs - Job execution costs include: (a) labor costs for erection and dismantling of the equipment rented to our clients, when such tasks are carried out by the Mills workforce; (b) equipment freight costs, when under Mills responsibility; (c) cost of materials used in the execution of our services, such as individual safety equipment (EPIs), paint, insulation material, wood, among others; and (d) cost of materials used in the maintenance of the equipment, when it is returned to our warehouse; and (e) cost of equipment rented from third-parties. (f) Net debt - Gross debt less cash holdings. (g) Enterprise Value (EV) Company value at the end of the period. It is calculated by multiplying the number of outstanding shares by the closing price per share, and adding the net debt. (h) Invested capital For the Company, invested capital is defined as the sum of its own capital (net equity or shareholders equity) and capital from third parties (total loans and other liabilities that carry interest, from banks or not), both being average capital from the beginning to the end of the period considered. By division, it is the average of the capital invested by the company weighted by the average assets of each division (net liquid assets plus PPE Property, Plant and Equipment). The quarter asset base is calculated as the average of the asset base of the last four months and the annual asset base is calculated as the average of the last thirteen months.

10

1Q12 Results Income Statement

in R$ millions

1Q11 145.0 (71.3) 73.7 (36.8) 36.8 (5.1) 2.1 (3.1) 33.8 (11.6) 22.2 125,495 0.18

4Q11 193.5 (95.6) 97.9 (44.2) 53.7 (12.5) 2.7 (9.9) 43.8 (14.3) 29.5 125,657 0.24

1Q12 199.1 (87.4) 111.8 (50.2) 61.6 (12.6) 1.4 (11.3) 50.3 (17.6) 32.7 125,690 0.26

Net revenue from sales and services Cost of products sold and services rendered Gross profit General and administrative expenses Operating profit Financial expense Financial income Financial result Profit before taxation Income tax and social contribution expenses Net income Number of shares at the end of the period (in thousands) Net income per shares at the end of the period (R$)

11

1Q12 Results BALANCE SHEET

in R$ millions

1Q11

4Q11

1Q12

Assets Current Assets Cash and cash equivalents Marketable securities Trade receivables Inventories Recoverable taxes Advances to suppliers Other current assets Total Current Assets Non-Current Assets Trade receivables Recoverable taxes Deferred taxes Deposits in court 3.4 3.9 8.4 7.3 23.1 Investment Property, plant and equipment Intangible assets 90.0 621.2 41.8 753.0 Total Non-Current Assets Total Assets 776.0 952.5 2.6 31.6 16.1 10.9 61.2 87.4 872.9 45.5 1,005.8 1,067.0 1,291.8 2.4 30.9 17.8 11.0 62.2 87.4 897.2 47.2 1,031.7 1,093.9 1,310.2 4.3 11.0 122.6 6.7 19.0 9.1 3.6 176.5 35.2 139.1 11.2 22.1 11.5 3.0 224.9 30.3 140.1 15.1 22.8 3.8 4.2 216.3

12

1Q12 Results

in R$ millions

1Q11

4Q11

1Q12

Liabilities Current Liabilities Suppliers Borrowings and financings Debentures Salaries and payroll charges Income tax and social contribution Tax refinancing program (REFIS) Taxes payable Profit sharing payable Dividends payable Derivative financial instruments Other current liabilities Total Current Liabilities Non-Current Liabilities Borrowings and financings Debentures Provision for tax, civil and labor risks Deferred taxes Tax refinancing program (REFIS) Other non-current liabilities Total Non-Current Liabilities Total Liabilities Stockholders' Equity Capital Earnings reserves Capital reserves Valuation adjustments to equity Retained earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 525.1 144.8 (7.7) (8.6) 22.6 676.2 952.5 527.6 212.0 (5.6) 2.1 736.1 1,291.8 528.0 211.7 (4.7) 0.2 33.0 768.2 1,310.2 78.7 11.3 10.5 0.8 101.3 276.3 71.1 268.4 16.1 11.2 10.5 0.6 378.0 555.7 68.2 268.5 14.7 11.0 10.7 0.5 373.7 542.0 24.3 78.2 26.9 3.3 0.9 3.4 1.4 24.5 12.0 175.0 35.9 65.3 6.1 25.0 2.7 0.4 8.1 7.9 21.9 4.4 177.7 19.8 64.1 13.8 26.3 5.3 0.1 8.1 3.6 21.9 0.1 5.2 168.2

13

1Q12 Results CASH FLOW

in R$ millions Cash flow from operating activities Net income before taxation Adjustments Depreciation and amortization Provision for tax, civil and labor risks Expense on stock options Profit sharing payable Gain on sale of fixed and intangible assets Marketable securities income Interest, monetary and exchange rate variation on loans, contingencies and deposits in court Tax refinancing program (REFIS) Allowance for doubtful debts 16.0 0.2 0.4 1.4 (2.9) (1.6) 4.3 0.5 18.3 Changes in assets and liabilities Trade receivables Inventories Recoverable taxes Deposits in court Other assets Suppliers Salaries and payroll charges Taxes payable Other liabilities (0.7) (1.1) 4.2 0.0 (0.7) (8.4) 5.6 (1.0) 5.1 3.0 Cash from operations Interest paid Income tax and social contribution paid Profit sharing paid Lawsuits settled Net cash provided by operating activities Cash flow from investment activities Marketable securities Acquisitions of investments Acquisitions of fixed and intangible assets Revenue from sale of non current and intangible assets Cash used in investing activities Cash flow from financing activities Capital subscription Dividends and interest on capital invested paid Amortization of borrowings New borrowings / debentures Net cash provided by (used in) financing activities Increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period (3.6) (6.3) 30.7 20.8 (1.9) 6.2 4.3 0.8 3.6 (8.0) 27.8 24.2 (37.1) 72.2 35.2 0.4 (8.7) 3.4 (4.9) (4.9) 35.2 30.3 126.7 (90.0) (94.6) 4.2 (53.8) 0.6 (102.1) 6.6 (94.9) (73.0) 9.7 (63.3) 31.1 33.6 55.0 (4.3) (2.2) (17.5) (11.8) 0.6 4.2 0.1 (3.7) 6.0 (8.3) (5.3) (0.5) (18.5) 58.5 (22.2) (2.7) (7.2) (3.9) 3.4 (0.1) 9.3 (1.5) 1.3 (0.0) (1.0) 0.3 91.4 (2.5) (15.1) (7.9) (2.6) 63.3 22.8 0.2 0.9 3.2 (4.3) 9.9 0.9 (0.3) 33.2 24.7 1.0 0.9 3.6 (7.4) 11.5 0.0 6.4 40.8 33.8 43.8 50.3

1Q11

4Q11

1Q12

14

1Q12 Results

This press release 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 government rules that are subject to change without previous notice. To obtain further information on factors that may give rise to results different from those forecasted by Mills, please consult the reports filed with the Brazilian Comisso de Valores Mobilirios (CVM, equivalent to U.S. SEC).

15