INSTITUTIONAL PRESENTATION 1H11. The company with the broadest portfolio of logistics services of Brazil

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1 INSTITUTIONAL PRESENTATION 1H11 The company with the broadest portfolio of logistics services of Brazil

2 JSL: Track Record and Actual Moment IPO Perpetuity and Growth Support Start of Urban Distribution Brazil s Largest Portfolio of Logistics Services RR AP R$ 2.6 billion of A gross revenues in last A 12 months and CAGR of 27.3% in the last 10 years Acquisitions: Lubiani (2007) Grande ABC (2008) 2009: Incorporation of CS Brasil AC AM RO MT PA TO DF MA PI CE PE BA AL SE RN PB Largest A buyer of heavy vehicles A in the Brazilian market Concessions for Passenger Transportation Start of Dedicated Services - automotive and forestry GO MS SP PR SC RS MG RJ ES Important buyer A of tires and fuel A More than 24 A thousand assets in operation A Car Rental and Chartering Present in all regins of Brazil: 1956: Foundation - Transport of general cargo» 121 branches in 15 states» 12 used vehicle dealerships» More than 14,000 employees Data Base: 06/30/2011 2

3 Greater Logistic Integration Maior Valor Agregado Complete Portfolio of Services Leading company focused on high value-added businesses Participation in the Gross Revenue from Services* 52% Dedicated Supply Chain Services 23% Fleet Management and Outsourcing 13% Passenger Transportation 11% General Cargo Transportation *Data Base: LTM (the remaining 1% is related to other activities) 3

4 Dedicated Logistics Services High added value with integrated, flexible and customized solutions 52% of Gross Revenue from Services* Expertise in Various Economic Sectors Market leadership The most complete portfolio of services Complete Solutions in Logistics Greater integration with supply chain / customer distribution Inbound Internal logistics and warehousing Outbound Cross selling opportunities / entrance of new Gross Revenuenfrom Services customers and sectors (R$ million) Predictable revenues: 1,002 1,065 - Contracts from 3 to 8 years - Minimum volume ensured by contracts Annual adjustments and cancellation fees - More than 70 customers High client loyalty: solid history of contract renewals LTM 1H10 1H11 RSC Revenue from the Same Contracts * In the last 12 months 4

5 Dedicated Logistics Services: Cross-selling started with Passenger Transportation Example: Automotive Auto parts. Milk run. Transportation of employees Internal handling and assembly of kits Fleet management and outsourcing Delivery of raw materials. Inbound Inventory maintenance and management Shipping. Outbound Invoicing Electronic registration of inventory 5

6 Fleet Management and Outsourcing Solutions that range from fleet sizing to full-service management 23% of Gross Revenue from Services* Rental of trucks, cars, machines and equipments Differentiated services with value-added:: - Driver - Information - Management - Assistance 24 hours a day - Among others Penetration of the Fleet Outsourcing Market % of total fleet Soluções completas em logística 58.3% 46.9% 37.4% 24.5% 16.5% 5.4% Brazil Germany France Spain United Netherlands Kingdom Source: DataMonitor, Unidas Gross Revenue from Services Guarantee of vehicle availability to the (R$ million) client High scale in acquisitions Strong growth prospect: - High potencial compared to other countries * In the last 12 months LTM 1H10 1H11 RSC Revenue from the Same Contracts 6

7 Management and Outsourcing of fleets with service Example: Laboratory 2. Transportation of biological materials to hospitals, clinics and laboratories 3. Residential pick-up of medical exams with car and driver 4. Rental of vehicles for sales force 1.Transportation of materials from warehouse to laboratory 5.Transportation of client s operational equipment Tracking of the fleet via satellite 7

8 Passenger and General Cargo Transportation Passenger Transportation General Cargo Transportation 13% Correlated strategic diversification 11% Mode for assisting customers with large daily volume change of Gross Revenue from Services* Urban Public Transportation: Resilient revenue and long-term contracts of Gross Revenue from Services* Asset light: around 90% transported by independent contractors and third parties - 4 municipal contracts - 1 inter-municipal Chartering: Know-how in the hiring of third parties and independent tractor owners Entry for customers Entry for many customers Gross Revenue from Services Gross Revenue from Services (R$ million ) (R$ million) LTM 1H10 1H11 RSC Revenue from the Same Contracts * In the last 12 months LTM 1H10 1H11 RSC Revenue from the Same Contracts 8

9 Strong-Growth Track Record and Absolute Leadership in the Sector Total Net Revenue (R$ million) Low Penetration of LSP² Primarily organic growth Brazil s GDP Logistics Spending % = R$ 2.9 trn 100% = R$ 576 bn LSP 6% Others 80% Logistics 20% Others 94% m Source: World Bank Source: Company Ranking by revenues in the road sector in 2009¹ LSP² penetration in logistic services JSL 1º 2ª 764 3ª 660 4ª 639 5ª 373 ¹ Transporte Moderno Magazine (1900, 1994, 1996, , Road sector) by revenue Part of JSL Portfolio 28% 21% 16% 16% 15% Movimentação In-House e armazenagem Handling and in Storage house ² Logistics Service Provider Gestão Transport de Management transportes Abastecimento Supply of Production de linhas produtivas Lines Gestão Inventory de Management estoques Value-Added Serviços de Valor Storage Agregado em Services armazéns Source: ASLOG

10 Excellent Reputation and Market Recognition Solid relations with clients and diversified revenue JSL has been building relationships with its clients for more than 50 years Around 250 clients 50 largest clients represent around 60% of the gross revenue in the last 12 monsths Breakdown of Gross Revenue from Services by Sector ¹ ¹ Last 12 months Eletric Energy 1.8% Pulp & Paper Automotive Metal & Mining Eletric & Bioenergy Others 55 years 9 services 16 years 5 services 27 years 2 years 4 services 9 years 33 years 12 services 16 years 2 services 27 years 3 services 2 years 17 years 21 years 15 years 9 years 5 services 2 years 2 services 1 year 2 services 8 years 7 services 15 years 5 years 2 services 1 year 4 years 4 years 7 services 15 years 6 services 2 years 1 year 1 year 3 services ² Beverage and Food: 2.0%; Capital Goods: 4.0%; Laboratory and Pharmaceutical: 1.4%; Others: 4.3% 10

11 Maximization of the sale value Understand to Serve JSL s Business Model Pricing: - Asset acquisition price - Depreciation - Return on Capital - Residual Value of asset at the end of the contract - Operational Costs - Apportionment of Expenses - Taxes - Expected margin Structure of contracts: 11 - Contracts of 2 to 10 years - Annual price readjustment - Guaranteed minimum volume - Penalty for cancellation - Specific assets: obligation of sale in case of early termination Used vehicle stores - 12 stores in 7 states Improvement of the buying and selling process 1 4 Pricing and signing of contract Resale of asset at the end of the contract Lower depreciation Expected Returno Capex pegged to contracts Scale gains in acquisition Financing and acquisition of assets Rendering of Services 2 3 Use of specific lines: - BNDES FINAME - Financial Leasing - Trucks - Buses - Machinery and Equipment - Light Vehicles - Imported Equipment - Bank directly pays the supplier Diversification of clients and sectors Dedicated Services General Cargo Security in cash generation Cross Selling Opportunities Management and Outsourcing Passenger Transportation Strong Bargaining Power Broadest Service Portfolio 11

12 Contribuição adicional dos Novos Contratos à Receita já existente Perfil Novos Contratos Receita Bruta de Serviços Contribuição Adicional Anual dos Novos Contratos de 2010 e 5M11 (Base 2010R R$ milhões) Fechados nos 5M11 R$ 1,130 bilhão 88% Cross Selling 79% Serviços Dedicados 20% Gestão e Terceirização Não contempla reajustes anuais e nem crescimento das atividades existentes Adicional versus 2011 Perspectiva de alto índice de renovação Acumulado M11 R$ 3,644 bilhões 78% Cross Selling 43% Serviços Dedicados 44% Gestão e Terceirização Receita de Serviços 2010R Adicional versus 2010 Receita Bruta de Serviços em 2010 Receita Adicional dos Novos Contratos negociados em 2010 Receita Adicional dos Novos Contratos negociados em 2011 Estimativas acima não consideram reajustes anuais de preço e nem potencial crescimento dos contratos já existentes (RMC*) Expectativa de crescimento na ordem de 25% em sua receita no ano de 2011 versus 2010 * Receita com os Mesmos Contratos. 12

13 Example: Mining Sector (Dedicated Services, Management and Outsourcing and Passenger Transportation) Loading of ore Passenger Transportation Rental of vehicle with driver at the client s disposal Highway maintenance Transport of ore Transportation center 24-hour monitoring via satellite and telemetry Waste management Unloading of ore Assets Involved: Light Vehicles 400 Buses 180 Machinery 20 Trucks 50 Employees:

14 Financial Results 1H11 (R$ million) Total Gross Revenue EBITDA-Added (EBITDA-A) (Services provided + Sales of assets) 2,560 2, ,604 1, , ,391 1, ,878 2, , LTM 1H10 1H11 Services Asset Sales Total Net Revenue % % 16.3% % 14.9% % LTM 1H10 1H11 EBITDA Cos of Sale of Assets EBITDA margin Net Income 2,028 2,305 1,478 1, , LTM 1H10 1H LTM 1H10 1H11 14

15 Parâmetros de Alavancagem Composição Dívida Líquida Endividamento Custo Médio 11,0% a.a. Custo Médio 10,8% a.a. Curto prazo Cronograma de Endividamento Longo prazo Base:30/06/2011 Financiamentos Operacionais Dívida Corporativa Dívida Líquida¹/ EBITDA-A² 2T10 3T10 4T10 1T11 2T11 2,2x 1,9x 1,9x 2,0x 2,0x Evolução da Proporção da Dívida Bruta de Curto Prazo x Longo Prazo Dívida Líquida¹/EBITDA² 3,0x 3,3x 3,2x 3,4x 3,4x EBITDA-A²/ Juros Líquidos² 4,1x 5,7x 5,8x 6,3x 6,3x EBITDA²/ Juros Líquidos² 2,9x 3,4x 3,5x 3,7x 3,6x Imobilizado³/ Dív. Líquida¹ 1,8x 1,7x 1,7x 1,6x 1,5x Caixa e aplicações¹/ Dívida Bruta CP¹ 1,1x 0,9x 1,3x 1,2x 1,3x ¹Final do período ²Últimos 12 meses ³Imobilizado + Recebível e Estoques venda a prazo (Venda de Ativos com Gestão/CPC 06) + Seminovos Longo Prazo Curto Prazo EBITDA-A ou EBITDA Adicionado - corresponde ao EBITDA acrescido do custo contábil residual da venda de ativos imobilizados, o qual não representa desembolso operacional de caixa, uma vez que se trata da mera representação contábil da baixa dos ativos no momento de sua alienação. Dessa forma, a Administração da Companhia acredita que o EBITDA-A é a medida prática mais adequada do que o EBITDA tradicional como aproximação da geração de caixa, de modo a aferir a capacidade da companhia de cumprir com suas obrigações financeiras 15

16 Investments (R$ million) Por Negócio Por Categoria Por Natureza Evolução do Capex Composição do Capex Revisando Guidance Renovação Expansão Serviços Dedicados Investimentos atrelados diretamente a projetos já contratados Segurança na futura geração de caixa Receita Bruta da Revenda de Ativos Gestão e Terceirização Transporte de Passageiros Cargas Gerais Outros Caminhões Máquinas e Equipamentos Veículos Leves Ônibus Outros 2T11 12 Meses 16

17 Capital Market Stock Performance JSLG3 x Ibovespa (IPO to 06/30/2011) Free Float Allocation R$ % 3.1% R$ , % Free Float: 27.3% 12.6% 33.6% ASIA USA 69, % LOCAL EUROPE 30.8% OTHERS JSLG3 IBOV Data Base: 06/30/2011 Analyst Coverage Market Recognition IR Brazil Awards 2011 Total of Hold 30% 10 Institutions Buy 70% Top 5 among 222 small & mid caps companies: Grand Prix of best Investor Relations program Best Investor Relations website Most progress in Investor Relations 17

18 Final Considerations Absolute leader in logistic services Solid track record of growth and secure in the generation of cash Relevant scale in the acquisition of assets and inputs Diversified operations in various sectors of the economy Operational flexibility and customization capacity Long term relationship with multiple clients High corporate governance standards with shares listed on the Novo Mercado 18

19 Disclaimer Some of the statements contained herein constitute additional information that has not been audited or reviewed by the auditors and is based on Management s current opinion and prognoses. Consequently, there may be material differences between said statements and the Company s actual future results, performance and events. Actual results, performance and events may differ substantially from those expressed or implied by said statements as a result of various factors, including the general and economic situation in Brazil and other countries; interest, inflation and exchange rates; changes in laws and regulations; and general competitive factors (at global, regional or national level). Consequently, Management accepts no responsibility for the conformity or accuracy of the additional information in this report that has not been audited or reviewed by the auditors. Said information should be examined and interpreted in an independent manner by shareholders and market agents who should carry out their own analyses and reach their own conclusions regarding the results disclosed herein. JSL S.A. Investor Relations Tel: +55 (11) ri@jsl.com.br