Curitiba, Brazil, August 12, 2008 – América Latina Logística S.A. – ALL (Bovespa: ALLL11)1, Latin America’s largest independent logistics company, announces its results for the second quarter and first half of 2008 (2Q08 and 1H08). ALL operates 21,300 km of rail tracks, 1,060 locomotives, 31,000 rail cars, 1,000 highway vehicles, distribution centers and warehousing installations. ALL’s rail network serves an area that accounts for approximately 75% of Mercosur’s GDP. The Company serves seven of the most active ports in Brazil and Argentina through which approximately 78% of all South America’s grain exports are shipped annually. We offer a full range of logistics services, including domestic and international rail transportation, intermodal door-to-door transportation, distribution and warehousing. The services are provided in Brazil and Argentina by three business units: agricultural commodities, industrial products and highway services. Comparisons included in this report, unless otherwise stated, refer to the same period of 2007. Financial and operational information, unless otherwise stated, are presented in nominal Reais pursuant to Brazilian Corporate Law. Consolidated results, unless otherwise stated, excludes the results of Santa Fé Vagões (40% owned by ALL).

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Consolidated EBITDAR increased 21.9% in 1H08, from R$508.0 million in 1H07 to R$619.2 million and EBITDA increased 30.9% in the period, to R$ 537.3 million. Yearover- year EBITDAR growth were mainly driven by higher volumes and revenues in Brazil, partially offset by lower volumes in ALL Argentina. EBITDAR increased 25.4% in agricultural commodities, 20.1% in industrial products, 56.8% in highway services and decreased 74.9% in Argentina. Consolidated EBITDAR margin remained flat in 1H08 at 50.9%. In 2Q08, consolidated EBITDAR increased 21.2%, from R$312.7 million in 2Q07 to R$379.1 million, and EBITDAR margin decreased 0.8% from 54.6% in 2Q07 to 53.8% in 2Q08.
Consolidated volume increased 14.7% in 1H08 to 17,814 million RTK. ALL Brasil rail volume increased 18.2%, from 13,516 million RTK in 1H07 to 15,981 million RTK, reflecting strong gains in asset productivity and safety in our rail network. Volume growth was driven by a 20.1% increase in agricultural commodities and 14.0% increase in industrial products, partially offset by a 9.0% volume decrease in ALL Argentina. In 2Q08, consolidated volume increased 15.2% from 8,599 million RTK in 2Q07 to 9,903 million RTK, pushed by a 18.6% growth in ALL Brasil partially offset by a 9.7% reduction in ALL Argentina.
Average yield increased 6.1% and consolidated revenues increased 21.6% in 1H08 to R$1,385 million. The yield increase reflects higher tariffs on negotiated agreements and passthrough of diesel price increase as well as a change in transported freight mix. In 2Q08, revenues increased 23.8%, from R$650.6 million in 2Q07 to R$805.2 million and the average yield rose 7.4%, from R$72.0 /000´RTK to R$77.3 /000´RTK.
ALL Argentina was again impacted by farmers’ traffic interruptions in the quarter. Farmers blocked railroads and highways in the country throughout the months of May and June protesting against increases in export taxes. As a result, transported volumes in our network were very weak during the strike leading to a 9.7% and 9.0% volume decreases in 2Q08 and 1H08, respectively. Senate has recently rejected the tax increase on grain exports making it possible for the situation in Argentina to normalize in the second semester of 2008.
Net income increased 259% from R$35.7 million in 1H07 to R$127.9 million in 1H08. These results reflect a R$111.3 million EBITDA increase, partially offset by higher income taxes. In 2Q08, net income increased from R$55.3 million in 2Q07 to R$105.9 million.

1 Preferred shares (ALLL4) and common shares (ALLL3) are also listed at BOVESPA but with no significant liquidity

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