Presentation of 4Q08 and 2008 Results

March 31, 2009

Presentation of4Q08 and 2008 Results

22

Results of 2007, unless otherwise indicated, are presented on a pro-forma basis, combining Tegma, Bonifácio Logística e Transportes Ltda, Coimex Logística Integrada S.A. (C.L.I.) and P.D.I Comércio

Indústria e Serviços Ltda (P.D.I) as if the acquisitions of Boni, C.L.I, and P.D.I had taken place on January 1, 2007.

Results of 2008 include Nortev’s results from September 1, 2008.

4Q08 and 2008 Results

Agenda

• Recent Events

• Change in Lei das S/As• Change in Lei das S/As

• Financial Highlights

• Financial Results

33

Recent Events

• On December 22, 2008, the Company’s Share Buyback Program for the acquisition of up to 2,278,211 common shares was approved. These shares will be held in treasury for future sale or cancellation.

• On March 18, 2009, interim dividends were paid in the amount of R$ 12,000,000.00, relating to the fiscal year 2008. Earnings per share

came to R$ 0.19.

44

Changes in Lei das S/As

• Leasing agreements.

Law 11.638/07 and Provisional Measure (MP) 449/08

55

• Adjustment to present value of assets and liabilities.

• Reclassification of goodwill.

Financial Highlights

• Net revenue in 4Q08 was R$227.1 million, 1.2% up on 4Q07.

•

• Net revenue in 2008 was R$978.9 million, 31.4% up on 2007.

Adjusted EBITDAR

Net Revenue

66

• Adjusted EBITDAR fell 37.5% in 4Q08, from R$39.9 million in 4Q07 to R$ 23.1 million in 4Q08.

• Adjusted EBITDAR in 2008 was R$123.3 million, 2.3% up on 2007.

• Net Income in 4Q08 was R$ 6.0 million, a 66.8% from 4Q07.

• Net Income in 2008 was R$ 53.0 million, a 31.4% increase over 2007.

Net Income

188.0177.1

32.016.0

NET REVENUE Adjusted EBITDAR

-5.8% -50.1

Financial Results – Automotive Sector

5.8% decrease in Net Revenue in relation to 4Q07, due to:

• 23.3% reduction in the volume of vehicles transported caused by the fall in demand for

new vehicles.

• 5.4% decline in Gross Revenue from auto parts transportation.

• R$ 1.8 million decrease in Gross Revenue from Logistics Services.

• 11.2% increase in average distance.

4Q08

50.1% decrease in no Adjusted EBITDAR. In relation to Net Revenue, Adjusted EBITDAR margin was 9.0%, an 8.0 p.p. decrease from 4Q07, due to:

• Reduction in the volume of vehicles transported, representing a lower NET REVENUE Adjusted EBITDAR

4Q07 4Q08

77

2008

• Reduction in the volume of vehicles transported, representing a lower dilution of fixed costs.

29.2% growth in Net Revenue compared to 2007, the highlights being:

• 9.9% growth in the number of vehicles transported.

• 5.3% increase in average distance.

• R$ 68.8 million growth in Gross Revenue from auto parts transportation.

3.3% decline in Adjusted EBITDAR. In relation to Net Revenue, Adjusted EBITDAR margin was 12.4% , a 4.2 p.p. decrease from 2007, due to:

• Strong decline in margin in 4Q08, due to the reduction in demand.

• Increase in the share in revenue of auto parts transportation, logistics

services and the Catlog division, which have lower margins;

• Change in the structure of fixed costs, with the construction of two new yards and the renewal of another;

614.9

794.8

102.1 98.8

NET REVENUE Adjusted EBITDAR

2007 2008

29.2%

-3.3%%

36.5

50.0

4.9

7.156.9%

37.0%

43.8%

Financial Results – Other Sectors

4Q0837.0% growth in Net Revenue over 4Q07, due to:

(i) The 76.4% growth in Gross Revenue from transportation services,

led by the Pulp and Paper, Fuels and Orange Juice segments.

(ii) 9.7% growth in Gross Revenue from Logistics Services.

43.8% growth in Adjusted EBITDAR over 4Q07 to reach R$ 7.1 million. In relation to Net Revenue, Adjusted EBITDAR margin was 14.2%,representing an 0.7 p.p increase year on year, due to:

(i) Renegotiation of contracts.

(ii) Implementation of productivity projects.

(iii) Reduction of costs.

NET REVENUE Adjusted EBITDAR

4Q07 4Q08

88

2008

(iii) Reduction of costs.

The Company will continue these initiatives in upcoming quarters in order to increase its margins.

41.6% growth in Net Revenue in 2008, the highlights being:

(i) 72.2% growth in Gross Revenue from Transportation.

(ii) 12.6% growth in Gross Revenue from Logistics Services.

Adjusted EBITDAR was R$ 24.5 million in the period, a 33.3% increase

over 2007. In relation to Net Revenue, Adjusted EBITDAR Margin was 13.3%, a 0.8 p.p. decrease from the previous year.

130.0

184.2

18.424.5

NET REVENUE Adjusted EBITDAR

2007 2008

41.6%

33.3%

Financial Results – Consolidated Net Revenue

744.9

978.9

1.2%

99

• Consolidated Net Revenue grew by 1.2% over 4Q07, with the Automotive sector recording a 5.8% decline, whereas Other Sectors posted a 37.0% growth.

• Consolidated Net Revenue in 2008 was R$ 978.9 million, a 31.4% increase over 2007. The Automotive sector grew by 29.2%, while revenue from Other Sectors grew by 41.6% in the period.

224.5 227.1

2007 2008 4Q07 4Q08

31.4%

Financial Results – Consolidated Adjusted EBITDAR

120.5 123.3

2.3% -37.5%

1010

• Consolidated Adjusted EBITDAR in 4Q08 was R$ 23.1 million, a 37.5% decrease from 4Q07.

• Adjusted EBITDAR in 2008 was R$ 123.3 million, a 2.3% increase over 2007.

36.9

23.1

2007 2008 4Q07 4Q08

Financial Results – Consolidated Net Income

40.5

53.0

18.1

-66.8%

1111

• Consolidated Net Income was R$ 6.0 million in 4Q08, representing a 66.8% decline from 4T07.

• Consolidated Net Income was R$ 53.0 million in 2008, a 31.4% growth over 2007.

18.1

6.0

2007 2008 4Q07 4Q08

31.4%

235.0

203.0

176.0

87.6

134.0 141.6

1.16x

0.76x

Financial Results – Cash and Debt Balances

Cash – R$ millionDebt – R$ million

x EBITDAR 12 months

R$ 47.7

Acquisition of CTV

72.7 68.7

CASH BALANCE

dec-07 mar-08 jun-08 sep-08 dec-08

69.8 76.9

87.6

INDEBTNESS

dec-07 mar-08 jun-08 sep-08 dec-08

0.58x

0.62x0.67x

0.76x

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• Net debt on December 31, 2008 was R$ 72.9 million, representing 0.59x of EBITDAR in 2008.

Acquisition of CTV

R$ 93.9

FINAME + Leasing

IR Contact

Alexandre Brandão

+55 (11) 4346-2532

alexandre.brandao@tegma.com.br

Hugo Zierth

+55 (11) 4397-9370 hugo.zierth@tegma.com.br

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www.tegma.com.br/ri

The forward-looking statements contained in this report are subject to risks and uncertainties,and are based on beliefs and assumptions of our management and information currentlyavailable to the Company. Such statements include information about our current intentions,beliefs or expectations, as well as those of our Board of Directors and Board of ExecutiveOfficers.

The reservations concerning forward-looking statements also apply to information on ourpossible or presumed operating results, as well as declarations preceded by, including orfollowed by such words as "believe", "may", "will", "continue", "expect", "foresee", "intend","plan", "estimate" and other similar expressions.

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"plan", "estimate" and other similar expressions.

Forward-looking statements do not constitute a guarantee of performance. Since they refer tothe future, they depend on circumstances that may or may not occur and are therefore subjectto risks, uncertainties and assumptions. Future results and creation of shareholder value maydiffer substantially from those expressed or suggested by the forward-looking statements.These results and values depend on many factors beyond TEGMA’s control or expectations.