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					Institutional Presentation
JSL: Track Record and Actual Moment

       IPO                                                              Brazil’s Largest Portfolio of Logistics Services
       Perpetuity
       and growth
       support                                                                                              • R$ 2.3 billion of gross revenues
                                    Start of Urban                                                                    in 2010 and CAGR of 27.3% in the
                                    Distribution                                                                      last 10 years
                                                                       RR              AP

                                     2009: Incorporation
        Acquisitions:                      of CS Brasil           AM                                                  CE
                                                                                                                                                  •    Largest buyer
                                                                                           PA          MA                             RN              of heavy
       Lubiani (2007)
   Grande ABC (2008)                                                                                        PI         PE
                                                                                                                                       PB             vehicles in the
                                                             AC   RO                                                                 AL               Brazilian market
                                                                                                 TO
                                                                                                                      BA        SE
                                                                               MT
                                                                                                  DF
                                                                                           GO
                                                                                 MS
                                                                                                       MG                                   •   Important buyer of
                                                                                                                       ES                       tires and fuel
                             Start of Dedicated Services -                                       SP
                             automotive and forestry                                                             RJ
                                                                                            PR
                                                                                            SC
                                                                                      RS
                                                                                                                            •   Around 24 thousand
                                                                                                                                assets in operation¹
Concessions for
Passenger
Transportation

                         Car rental and Chartering                          Present in all regions of Brazil:

                                                                            » 119 branches in 15 states
                                                                            » 11 used vehicle dealerships
                                                                            » Around 13,000 employees
                        1956: Foundation - Transport
                        of general cargo
                                                                   ¹Data Base: 01/31/2011                                                                            2
                               Complete Portfolio of Services
                                                        Leading company focused on high value-added businesses

                                                                 Participation in the Gross
                                                                 Revenue from Services*




                                                                               53% Dedicated Supply Chain Services
Greater Logistic Integration


                                 Maior Valor Agregado




                                                                               21% Fleet Management and Outsourcing




                                                                               13% Passenger Transportation




                                                                               10% General Cargo Transportation

                                                                                              Data Base :2010 (the remaining 3% is related to other activities)
                                                                                                                                                                  3
Dedicated Logistics Services
                        High added value with integrated, flexible and customized solutions



           53%             Expertise in Various Economic
                                                                                        Complete Solutions in Logistics
of gross revenue from                  Sectors
Services in 2010



                          Market leadership


                           The most complete portfolio of services
                                                                                       Inbound             Internal logistics        Outbound
                                                                                                           and warehousing
                          Greater integration with supply chain / customer
                          distribution
                                                                                                       Gross Revenue from Services

                          Cross selling opportunities/ entrance of new              (R$ million)

                          customers and sectors
                                                                                                                                             1,002

                          Predictable revenues:                                                                              743
                                                                                                               673
                            - Contracts from 3 to 8 years
                            - Minimum volume ensured by contracts                           413                                     +24.4%
                                                                                                                                             901
                            - Annual adjustments and cancellation fees
                                                                                                                             724
                            - Around 80 customers

                          High client loyalty: Solid history of contract renewals
                                                                                           2007               2008          2009        2010
                                                                                                                             + R$ 259 million
                                                                                                   RSC – Revenue from the Same Contracts             4
 Dedicated Logistics Services: Cross-selling
 started with Passenger Transportation
Example: Automotive




                   Auto parts.                                                                          Internal handling and
               2   Milk run.                                                                            assembly of kits
                                                               Transportation
                                                           1   of employees




              Fleet management and
              outsourcing

                                                                                                             Shipping.
                                                                                                         5   Outbound
                                         Delivery of raw                        Inventory
                                     3   materials.                         4   maintenance and
                                         Inbound                                management




                                                                                                                    Electronic
                                                                                            Invoicing          registration of
                                                                                                                    inventory



                                                                                                                                 5
Fleet Management and Outsourcing
                        Solutions that range from fleet sizing to full-service management


                                                                               Penetration of the Fleet Outsourcing Market
           21%                                                        % of total fleet                                             58.3%
of gross revenue from
Services in 2010           Trucks, cars, machines and                                                                  46.9%
                           equipments
                                                                                                               37.4%


                           Differentiated services with                                               24.5%
                           value-added:                                                  16.5%
                           - driver, information, management,
                                                                              5.4%
                            assistance 24 hours a day, among others

                                                                              Brazil     Germany      France   Spain    United   Netherlands
                                                                                                                       Kingdom
                           Guarantee of vehicle availability to       Source: DataMonitor, Unidas

                           the client                                                    Gross Revenue from Services
                                                                      (R$ million)

                           High scale in aquisitions
                                                                                                                                 388
                                                                                                                 323
                                                                                                    278
                           Strong growth prospect:                               216
                                                                                                                       +7.2%     332
                            - High potencial compared to other                                                   310
                             countries

                                                                                2007                2008        2009        2010
                                                                                                                 + R$ 65 million
                                                                          RSC – Revenue from the Same Contracts                                6
Passenger and General Cargo Transportation
                    Passenger Transportation                                            General Cargo Transportation



            13%           Correlated strategic diversification                        10%           Mode for assisting customers with
                                                                                                    large daily volume change
of gross revenue from                                                     of gross revenue from
Services in 2010                                                          Services in 2010
                              Urban Public Transportation                                           Asset light: Around 90% transported by
                                                                                                    independent contractors and third
                                                                                                    parties
                          •   Resilient revenue and long-term contracts
                                - 4 municipal and
                                 1 inter-municipal contracts                                        Know-how in the hiring of third parties
                                                                                                    and independent tractor owners

                              Chartering
                                                                                                    Entry for many customers
                          •   Entry for customers


                     Gross Revenue from Services                                              Gross Revenue from Services

     (R$ million)                                                              (R$ million)

                                           246         251
                          208                                                           202         195                         196
            159                                                                                                   159




           2007           2008          2009        2010                               2007        2008          2009        2010
                                          + R$ 5 million                                                         + R$ 37 million              7
Strong-Growth Track Record and Absolute
Leadership in the Sector

                    Total Net Revenue (in R$ Million)                                                       Significant Contribution of Logistics to Brazil’s Growth,
                                                                                                                        but with low penetration of LSP¹

    Primarily organic growth                                                                                    Brazil’s GDP in 2008                     Logistics spending in 2008
                                                                                                                 100% = R$2.9trn                                100% = R$576bn

                                                                                     2,028                                                                                   (1)
                                                                                                                                                                           LSP
                                                                                                                                                                           6%
                                                         1,478 1,477                                                          Logistics,
                                                                                                                Others,
                                                                                                                 80%             20%
                                            965
                              727                                                                                                                                   Others,
                                                                                                                                                                      94%

  181
                                                                                                         Source: World Bank

  2000                        2006          2007          2008          2009           2010
                                                                           Source: Company


                 revenues
     Ranking by revenues in in troad sector in 2009²2009²
      Ranking by            the he road sector in                                                                   LSP penetration in logistics services
                                                                                                                     LSP¹ penetration in logistic services


     JSL                                                                          1º
                                                                                                    Part of
         2nd
          2ª                                        764                                              JSL
                                                                                                   Portfolio

         3th
          3ª                                    660
                                                                                                                        28%           21%          16%             16%                 15%
         4th
          4ª                                   639                                                                 In-House                        Supply of                      Value-Added
                                                                                                                 Movimentação e Transport
                                                                                                                                   Gestão de                   Gestão de
                                                                                                                                                Abastecimento Inventory            Serviços de
                                                                                                                 Handling and in Management
                                                                                                                 armazenagem      transportes    Production Management
                                                                                                                                                   de linhas    estoques             Storage
                                                                                                                                                                                 Valor Agregado
                                                                                                                      house
                                                                                                                    Storage                       produtivas
                                                                                                                                                     Lines                           armazéns
                                                                                                                                                                                  emServices
         5th
         5ª                         373
                                                                                                                                                                                             8
  ²Source: Transporte Moderno Magazine (1990, 1994, 1996, 2000 – 2010, Road sector) – by revenue   Source: ASLOG 2010                                         ¹
                                                                                                                                                            (1) Logistics Service Provider
Excellent Reputation and Market Recognition
                                                 Solid relations with clients and diversified revenue


           JSL has been building relationships with its
           clients for over 50 years

                                                                                                  Breakdown of
           Around 250 clients
                                                                                                  Gross Revenue
                                                                                                  from Services
           40 largest clients represent less than
                                                                                                  by Sector (2010)
           60% of the gross revenue in 2010




        Pulp & Paper                               Automotive                            Metal & Mining                     Oil & chemicals           Others
                                   1º                                       2º                                      1º                           2º
                     54 years                                 15 years                                 26 years                      8 years               16 years
                     8 services                               6 services                                1 service                    1 service             4 services

                     32 years                                 15 years                                26 years                       4 years               8 years
                     9 services                               5 services                               6 services                    1 service             2 services

                     20 years                                 14 years                                  9 years                      5 years               3 years
                     3 services                                1 service                               6 services                    1 service             3 services

                     7 years                                  14 years                                  1 year                        1 year                1 year
                    11 services                                1 service                                1 service                …   1 service             1 service




                                                                                                                                                       …
               …




                                                        …




                                                                                                 …




 Source: JSL and ILOS 2010
                                                                                                                                                                        9
¹Beverage and food: 2,5%; Capital Goods: 2,0%; Laboratory and Pharmaceutical: 1,0%; Electrical Energy: 1,0%; Others: 2,9%
Market Opportunities

                               Market Context                                        JSL

      More selective clients seeking for commercial            Development of solid fundamentals to accompany
      partnerships that provide the best cost-benefit,         the market’s development:
      prioritizing:
                                                                Governance / Recognition
       Quality / efficiency / agility                          Increasing scale gains
       Financial solidity / legal security                     “Understand to Serve” (Entender para Atender)
       Capacity to invest in the short and long terms          Support from financial institutions
       Sustainability / corporate governance

                                                               Service platform validated by clients and aligned
                                                               with the market’s needs
      Higher propensity of clients to focus their
      operations on a few LSPs¹ and sign contracts for
      longer terms
                                                               Higher demand from existing contracts



       More opportunities for outsourcing logistics services   Opportunities for signing new contracts with existing
       in sectors such as urban distribution and               clients and in new sectors
       agribusiness



¹Logistics Services Provider
                                                                                                                   10
New contracts worth R$ 2.5 billion in 2010, R$ 1.3 billion
of which in 4Q10

    65% from cross selling and 35% from new clients

    82% allocated to Fleet Management and Outsourcing and Dedicated Services

   Estimated annual distribution of revenues                                                                     By Sector
   from the new contracts negotiated in 2010
                                                                                                  Steel Sector
                                                                                                                  Others
                                                                                                       5%
                                                                                                                   9%
                                                                                                                                  Mining
                                                                                                         Public
                                                                                                                                   33%
                                                                                                          10%
     Total amount of new contracts: R$ 2.5 billion
                                                                                                           Eletric
                                                                                                           Energy
                                                                                                            18%        Agribusiness
   (R$ million)                                                                 490                                        25%
                                468
                  383                        364
                                179
                   70                                   305
     279
                                                                    225
                                                                                                       By Business Line
                                             176
                                                         175
                  312           289                                  175                                           Passenger
                                             189                                                                 Transportation
                                                         130
                                                                         50                                            18%
                                                                                                                               Dedicated
                                                                                                                                Services
     2010         2011         2012          2013       2014        2015       2016 to                                           27%
      R            (E)          (E)           (E)        (E)         (E)      2021 (E)
                                                                                                            Fleet Management
                                                                                                            and Outsourcing*
                        Negotiated in 9M10          Negotiated in 4Q10                                             55%




                                                                                         *Includes 6% from equipment rental contracts booked at
                                                                                         present value in 3Q10, in accordance with CPC06
                                                                                                                                                  11
Business Model

             Business model of JSL                                            Free Cash Flow (illustrative)


                                                                                      IRR=~15%; NPV=~BRL14,000


      1 –New Contract             2 – Funding                                                                                 Segment of    5
         Service                                                                                                              Asset Sale
                                                                                     4      Segment of Services               + BRL72,000
                                                                               +Net Revenue from Services = BRL165,000/year
                 The asset sale at
                 the the contract                        year
                 expiration is vital                            0             1                      2                    3            4
                to the JSL business                                                - Operating Costs = BRL 137,000/year
 5 – Asset            model
                                          3 – Asset                                             - (+/-) Taxes 34%
      sale                                purchase
                                                         3 -BRL100,000
                                                             Asset Acquisition

                                                                        Purchase of JSL’s Assets (illustrative)
                  4 – Services                        Market
                   Rendering                            Price
                                                      Without         BRL125,000
                                                      discount




   Greater scale and purchasing recurrence:
   strong bargaining power
                                                                                               BRL86,000
   Discount on acquisition price in relation to            BRL100,000
                                                                                                                     BRL79,900
   market and lower costs with depreciation             JSL acquires the
                                                       asset with discount                                                              BRL72,000


   Structure for reselling own assets
                                                                Acquisition              Market Price         Market Price        Market Pice
                                                                   Price                 after 2 years        after 3 years       after 4 years
                                                                                                                                                  12
Financial Results (R$ million)

               Total Gross Revenue                                      “EBITDA-Added” (EBITDA-A)
       (Services Provided + Sales of Assets)

                                                                                                                           553


                                                                                                                            223
                                                                                                        368
                                                                              308
                                                          285                                            134
                                                                               87
                                                           97
                                               2,226
                                                          18,3%
                 1,604         1,651                                                                    15.8%             16.3%
    1,115                                                                    14.9%

                                                           188                 220                       234                330


   2007
   2007          2008
                 2008          2009
                               2009            2010
                                               2010      2007
                                                          2007               2008
                                                                              2008                      2009
                                                                                                         2009             2010
                                                                                                                           2010

                                                                  EBITDA       Cost of Sale of Assets           EBITDA margin
                                                               EBITDA        CUSTO CONTÁBIL ATIVO VENDIDO          Margem EBITDA



                Total Net Revenue                                                   Net Income
       (Services Provided + Sales of Assets)




                                                                                                                         93
                                                 2,028    74
                                                                                                        61
                  1,478         1,478                                        53
    1,028


    2007
    2007          2008
                  2008          2009
                                2009             2010
                                                 2010    2007
                                                         2007               2008
                                                                            2008                   2009
                                                                                                   2009                 2010
                                                                                                                        2010
                                                                                                                                   13
 Indebtedness
(R$ million)


                                                  1,556                          488
                                                                                                                                                             R$ 250 million Debenture Issue in December 2010,
                                                                                                                                                                  with amortizations in 2014, 2015 and 2016
    Net Debt Breakdown




                                                  560
                                                 Other
                                                 Loans
                                                                                                                1,068                                                                                                              Average term (years)¹
                                                                                                                                                                                                                             Before
                                                                                                                                                                                                                                       After Debenture
                                                                                                                                                                                                                           Debenture
                                                                                                                  871                                          Debt                                                                        Issue in
                                                  996                                                                                                                                                                       Issue in
                                                                                                              TJLP/FIXED                                                                                                               December 2010
                                          Operating Loans
                                                                                                                                                                                                                         December 2010
                                          (Assets Acquisition)
                                                                                                                                                               Operating Loans (Assets Acquisition)                                2.0                        2.0
                                                                                                                  197
                                                                                                            CDI Exposure                                       Other Loans                                                         2.1                        4.0
                                          Total of Gross Debt          Cash and Equivalents                     Net Debt
                                                                                                                                                               Total                                                               2.0                        2.7
                         12/31/2010
                                                                                                                                                              ¹ Includes settlements made in January 2011

                                                                       4Q09            1Q10            2Q10           3Q10           4Q10

                          Net Debt¹/ EBITDA-A²                          2.4             2.7             2.2             1.9            1.9
   Leverage Indicators




                          Net Debt¹/EBITDA²                             3.8             4.0             3.0             3.3           3.2

                          EBITDA-A²/ Net Interests²                     4.0             3.9             4.1             5.7            5.8
                                                                                                                                                                               Improvement in all indicators
                          EBITDA²/ Net Interests²                       2.6             2.6              2.9            3.4            3.5

                          Fixed Assets³/ Net Debt¹                      1.3             1.3              1.8            1.7            1.7
                          Cash and Equivalents¹
                                                                        0.3             0.4             1.1             0.9            1.3
                          / Gross Debt – Short Term¹
                         ¹End of period
                         ²Last 12 months
                         ³Fixed assets + Receivables “credit sales” (Sale of Assets with Management/CPC 06) + Used Vehicles
                         EBITDA Added (“EBITDA-A”) represents EBITDA plus the residual accounting cost of sales of assets, which is non-cash, since it represents merely an accounting entry at the time of demobilization of the assets. The Company's management
                         believes that EBITDA-A is a better measure of the financial performance of the business than EBITDA, since it enables the calculation of the company’s ability to meet its financial obligations.
                                                                                                                                                                                                                                                                     14
Investments (R$ million)

                              Capex Trends                                                       2010 Capex Breakdown

                                                                                   By Type
                                                                                                                                 Renewal
                                                                            800                                                   19.2%




                            496
                                                                                                Expansion
    371                                                                                           80.8%
                                                   256




                                                                                   By Business                Others
    2007                   2008                    2009                     2010                               4.4%


                                                                                                                             Dedicated
                            2011 Estimates                                                   Management                       Services
                                                                                                and                            38.8%
                                                                                             Outsourcing
                                 +44.9%                                                        56.8%
                                                   710

                                                    200
                  490

                                                    250                            By Category                    Bus
                  320                                                                                            5.1%   Others
                                                                                                                         3.8%
                                                                                                   Light
                                                    260                                          Vehicles
                  170                                                                             29.7%

                                                                                                                                 Trucks
             2011                                  2011
                                                   2011                                                                          44.6%
             Prior
            Anterior                              Current
                                                   Atual
                                                                                              Machinery and
                                                                                               Equipment
      Renovação         Expansão - contratos já    Expansão - contratos a                        16.8%
                        negociados                 negociar                                                                                15
Final Considerations


                                        Thank you!
 Some statements in this presentation are based on assumptions and the current outlook of the Company’s
 management and are subject to material variations in results, performance and future events. Actual results,
 performance and events may differ significantly from those expressed or implied by these statements due to various
 factors, such as general and economic conditions in Brazil and abroad; interest, inflation and exchange rate levels;
 amendments to laws and regulations; and general competitive factors (at the global, regional or national levels).


                                                  JSL S.A.
                                             Investor Relations
                                           Tel: +55 (11) 4795.7178
                                            e-mail: ri@jsl.com.br
                                              www.jsl.com.br/ir




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