The net financial result for 2010 was R$199.5 million, a 14.4% increase by comparison with the R$174.3 million registered in 2009. The main variations in relation to the financial expenses were as follows:

» Interest on loans, which were positively affected due to the decrease in the cost of the debt, on account of the issue of promissory notes by Ecopistas, which were renewed in December 2010;

» Monetary variation of debentures, which was primarily affected by the issue of debentures by EcoRodovias Concessões e Serviços pegged to the IPCA (Broad Consumer Price Index), as well as by the variation in the IGP-M (General Index of Market Prices) in the same period, an index used for the restating Ecovias dos Imigrantes' debentures;

» Expenses with monetary variation of the Concession Right relate to adjustments to present value applied to the outstanding balance of the price of the service concession to Ecovias dos Imigrantes and Ecopistas, in accordance with the accounting standards established by Law No. 11,638/07 and by the adjustment of these same balances according to the contractual indices.