The purpose of América Latina Logística S.A. (Holding) is the interest in other companies, as shareholder or partner, and it develops, through its subsidiaries, activities related to cargo transportation and logistics. Its main subsidiaries are ALL do Brasil, Southern Rail Network concessionaire of RFFSA (Federal Railway System) and the southern portion of São Paulo rail network, Brasil Ferrovias and Novoeste Brasil, holding companies that control railroad concessionaires in the States of São Paulo, Mato Grosso do Sul and Mato Grosso, ALL Argentina, which controls ALL Central and ALL Mesopotâmica in Argentina, and ALL Intermodal, a logistics company which explores cargo intermodal transportation services and activities related to the road transportation services and logistics operations. The consolidated results, unless otherwise indicated, exclude results coming from our stake in Santa Fé Vagões, in which ALL holds a 40% interest, as well as the results of Brasil Ferrovias S.A. (a wholly-owned subsidiary) and Novoeste Brasil S.A. (a whollyowned subsidiary), acquired in May 2006. In this report, the termBrasil Ferrovias”, except when differently indicated, refers to both companies Brasil Ferrovias and Novoeste Brasil.