- Tegma presented its 3Q08 results, reporting net revenue growth of 44% and adjusted EBITDAR growth of 22.2% compared to 3Q07. For the first nine months of 2008, net revenue increased 44.5% and adjusted EBITDAR rose 19.8% year-over-year. - The results were driven by growth in both the automotive and other sectors. The automotive sector experienced a 42.7% increase in net revenue in 3Q08 and 44.7% growth for the first nine months. - For full-year 2008, Tegma estimates net revenue between R$1,000-1,050 million and adjusted EBITD

1. Results Presentation
3Q08
November 13, 2008

2. 2
Results from the 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.
3Q08 results include September 2008 results of Nortev.
Results Presentation
3Q08

3. Agenda
• Recent Events
• Financial Highlights
• Financial Results
• Guidance
3

4. Recent Events
• On October 8,2008, the Company concluded its share buyback program.
• The company acquired 2,547,145 common shares for future sale and/or
cancellation.
4
Conclusion of the Share Buyback Program
CTV’s Operations Acquisition
• On September 1st ,2008 , Tegma concluded CTV’s Operations Acquisition.
• The transaction involved the transfer of CTV’s business (contracts, personnel
and assets) to Nortev, which was later acquired by Tegma.
• The amount paid for the transaction was R$ 147 million.

5. 5
Financial Highlights
• Net Revenue totaled R$ 287.6 million in 3Q08, growing by 44.0% on 3Q07.
• In 3Q08, Adjusted EBITDAR rose 22.2% to R$ 40.3 million, from R$32.9 million in 3Q07.
• Net Revenue in the nine months ended September 30, 2008 (9M08) was R$ 751.8 million, an increase
of 44.5% in relation to 9M07.
• Year-to-date Adjusted EBITDAR was R$ 100.2 million, up 19.8% against 9M07.
• Net Income, excluding nonrecurring expenses, was R$ 20.9 million in 3Q08, 26.3% up on the
same period in 2007.
• Year-to-date Net Income was R$ 48.0 million, growing by 42.5% over 9M07.
Net Income
Adjusted EBITDAR
Net Revenue

6. 6
Financial Results – Automotive Sector
Net Revenue increased 42.7% in the 3Q08 due to :
• Increase of 15.5% in the volume of transported vehicles;
• Growth of 6.9% in average km;
• Increase of R$ 23.6 million in Gross Revenue from auto parts transportation.
9M08
3Q08
Adjusted EBITDAR rose by 16.4% in the period. In relation to Net Revenue,
Adjusted EBITDAR margin was 13.9%, 3.1 p.p. down year-on-year due to :
(i) Higher revenue from auto parts transportation, logistics services and
Catlog Division.
(ii ) Changes in the vehicle makers’ and market mix
(iii) Change in the fixed cost structure,with the construction of two new yards and
renewal of the other.
Net Revenue increased 44.7% in relation to 9M07, mainly due to :
• Increase of 24.1% in the volume of transported vehicles;
• Growth of 3.9% in average km;
• Increase of R$ 70.1 million in Gross Revenue from auto parts transportation.
Adjusted EBITDAR grew 18.0% over 9M07. In relation to Net Revenue,
Adjusted EBITDAR margin was 13.4%, 3.0 p.p. down year-on-year, due to the
same factors as above.
166.2
237.2
28.2 32.9
NET REVENUE Adjusted EBITDAR
3Q07 3Q08
42.7% 16.4%
426.9
617.6
70.2 82.8
NET REVENUE Adjusted EBITDAR
9M07 9M08
44.7%
18.0%

7. 7
Financial Results – Other Sectors
3Q08
9M08
Growth of 50.5% in Net Revenue over 3Q07, mainly due to:
(i) The 93.5% increase in gross revenue from other transportation
segments, especially fuel, orange juice, and pulp and paper.
(ii) 2.7% increase in revenues from logistics services.
Adjusted EBITDAR grew by 56.9% in relation to 3Q07, reaching
R$ 7.4 million. Adjusted EBITDAR margin in relation to
Net Revenue was 14.7%, 0.6 p.p. up on 3Q07, mainly due to:
(i) Renegotiation of contracts.
(ii) Implementation of productivity projects.
(iii) Reduction of costs.
The Company will continue these initiatives in the coming quarters.
Net Revenue grew 43.5% million in the first half of 2008, led by:
(i) The 70.5% increase in Gross Revenue from transportation revenues.
(ii) A 13.6% growth in Gross Revenue from logistics services.
Year-to-date Adjusted EBITDAR came to R$ 17.4 million, 29.4% higher
than in 9M07. In relation to Net Revenue, Adjusted EBITDAR margin was
13.0%, 1.4 p.p. lower year-on-year.
33.5
50.4
4.7
7.4
NET REVENUE Adjusted EBITDAR
3Q07 3Q08
56.9%
50.5%
56.9%
93.5
134.2
13.5 17.4
NET REVENUE Adjusted EBITDAR
9M07 9M08
43.5%
29.4%

8. 8
Financial Results – Consolidated Net Revenue
• Consolidated Net Revenue grew by 44.0% in comparison with 3Q07, given that the
Automotive Sector grew by 42.7% and Other Sectors by 50.5% .
• In 9M08, Consolidated Net Revenue stood at R$751.8 million, up 44.5% on 9M07. The
Automotive Sector grew by 44.7% and Other Sectors by 43.5%.
520.5
751.8
199.7
287.6
9M07 9M08 3Q07 3Q08
44.5%
44.0%

9. 9
Financial Results – Consolidated Adjusted EBITDAR
• In 3Q08, Consolidated Adjusted EBITDAR rose 22.2% over 3Q07, totaling R$ 40.3 million.
• In 9M08, Adjusted EBITDAR totaled R$ 100.2 million, up 19.8% on 9M07.
83.6
100.2
32.9
40.3
9M07 9M08 3Q07 3Q08
19.8%
22.2%

10. 10
Financial Results – Consolidated Net Income
• Consolidated Net Income stood at R$ 20.9 million in 3Q08, representing 7.3% of the
Net Revenue. Including non-recurring expenses, Net Income totaled R$ 20.1 million.
• In 9M08, Consolidated Net Income totaled R$ 48.0 million, excluding non-recurring expenses,
an increment of 42.5% over 9M07.
33.7
48.0
16.6
20.9
9M07 9M08 3Q07 3Q08
42.5%
26.3%

11. 55.0
69.8
76.9
87.6
104.6
INDEBTNESS (INCLUDES LEASE FINANCING )
sep-07 dec-07 mar-08 jun-08 sep-08
0.53x
0.58x
0.62x
0.76x
0.67x
Financial Results – Cash Balance and Debt
11
Cash BalanceIndebtness
x EBTIDAR 12 months
• Lower cash due to the acquisition of CTV (payment of 60% of the
transaction amount) and the share buyback program.
245.3
235.0
203.0
176.0
72.7
CASH BALANCE
sep-07 dec-07 mar-08 jun-08 sep-08

12. Guidance
12
2008
R$ million Min. Max.
Net Revenue 1,000 1,050
Adjusted EBITDAR 135 145
Investments 90 100

13. IR Contact
Alexandre Brandão
+55 (11) 4346-2532
alexandre.brandao@tegma.com.br
Hugo Zierth
+55 (11) 4397-9370
hugo.zierth@tegma.com.br
13
www.tegma.com.br/ir

14. 14
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 currently
available 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 Executive
Officers.
The reservations concerning forward-looking statements also apply to information on our
possible or presumed operating results, as well as declarations preceded by, including or
followed by such words as "believe", "may", "will", "continue", "expect", "foresee", "intend",
"plan", "estimate" and other similar expressions.
Forward-looking statements do not constitute a guarantee of performance. Since they refer to
the future, they depend on circumstances that may or may not occur and are therefore subject
to risks, uncertainties and assumptions. Future results and creation of shareholder value may
differ 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.