GRI 1.1

In the past 10 years, the Brazilian economy recorded significant advances and, despite the international financial crisis of 2008, the Country continued to progress amidst the global scenario. Oil findings in the pre-salt layer; the appointment of the Country to host the 2014 FIFA World Cup and the 2016 Olympic Games; foreign investments in Brazilian companies; and monetary and fiscal measures contributed to the current economic scenario.

EcoRodovias intends to expand its business by taking advantage of the recent events occurring in Brazil. For this purpose, we will continue to cooperate with the public sector, investing in concessions that may result in earnings for the Company. In the cargo transportation segment, we will seek opportunities in ports and airports. In the highway sector, we will invest in concession projects and participate in bids to operate import and export corridors. In order to expand our strategic actions, we will maintain logistics systems that integrate all services, allowing more growth opportunities for the Group.

The presence of the Group in the Novo Mercado of the BM&FBovespa with a free float of 25.8% was one of the main events for the Company in 2010. In April, the Initial Public Offering (IPO) raised R$1,368 million on the market, of which R$872 million corresponded to the primary offering, an outcome that ratifies the Group's growth potential.

Just as the Brazilian economy, the sector in which we operate started the year registering growth trends. The traffic of vehicles increased by 52.5% against 2009, positively affecting our financial income. Revenues grew by 26.6%, to R$1,427.6 million; EBITDA rose 56.9% to R$812.1 million; and shareholders' equity amounted to R$594,0 million, up by 176.1% against 2009. The International Financial Reporting Standards (IFRS) were used in the preparation of our consolidated financial statements and statements of income for the year.

All of EcoRodovias' business are present in the principal corridors of tourism, exports, imports and circulation of consumer goods in the domestic market in the States of São Paulo, Paraná and Rio Grande do Sul. Incorporated in 2009, Ecopistas is currently one of the principal highway concessions in the Group, being responsible for managing the Ayrton Senna-Carvalho Pinto corridor, which connects São Paulo to the industrial region of the Paraíba Valley and providing access to the beaches of the State's northern coast and the port of São Sebastião. At the end of the year, the Company purchased Armazéns Columbia and EADI Sul Cargo Terminal, which in coming years will carry out intermodal logistics operations through storage, import and export, distribution and management of inventories, reverse logistics, and container and cargo transportation, among other services.

In the year, Ecopátios handled 61,845 containers, up by 301.9% against 2009.

Additionally, we are also concerned about maintaining qualified and motivated teams by investing in the safety of all concessionaries and employees. As a result, EcoRodovias was included in the ranking of the "150 Best Companies to Work for in Brazil", and stands among the three best companies in the Transportation Sector.

Investments to improve users' assistance were also a priority in 2010. The satisfaction survey, which has been conducted on a yearly basis since 2002, showed positive results through an analysis that measured the quality and safety of our highways, as well as of the various support services supplied. 75% to 90% of the respondents pointed to a positive evaluation of the concessionaries.

In the period, we also maintained our commitment to the environment. We invested in the maintenance of protected areas and developed ecological technologies so as to improve highway maintenance. Similarly, we maintained our commitment to social practices by organizing programs and actions that allowed for the improvement of the quality of life of neighboring communities.

Ecoviver was once again successful. The project was developed to promote and stimulate the environmental awareness in communities and among Elementary and Junior High School students. In 2010, the project involved some 1,000 teachers and more than 24,000 students. Another important action was the Company's participation in the Biodiversity Corridor through the Ecocataratas concessionaire.

Aware of its vocation for the provision of public services and social and environmental responsibilities, EcoRodovias started 2011 with sound economic and financial conditions, maintaining its commitment to ongoing qualified and sustainable growth. I would like to thank our employees, users, clients, community, financial institutions, suppliers, the government, NGOs, shareholders and investors, peer companies, associations, unions and the press, which helped us achieve the good results shown in 2010.

Marcelino Rafart de Seras
Chief Executive Officer