1. 11
– Qualifications –
This document is intended for the shareholders of ALL – América Latina
Logística S.A., Triunfo Participações e Investimentos and Vetorial with a
view to present the same facts and events described in the Material Fact
disclosed on 19/12/2011.
Nothing to be presented in this document constitutes a sale, promise to
sell, offer to sell, invitation to buy or acceptance of a purchase order for
securities (including subscription).
Any statement included in this document, related to the business of ALL,
Triunfo and Vetorial, operating and financial projections, and goals,
constitutes estimates and assumptions made by of the Companies'
managements and are made based on information currently available to
them. Forward-looking statements are no guarantees of performance. They
involve risks and uncertainties and, therefore, may not occur.

2. 2

3. 3
 Opportunity
 Creation of Vetria Mining
 Operational Figures
 Precedent and Subsequent Conditions
 Benefits to ALL and Triunfo
 Q&A
Agenda

4. 4
Agenda
 Opportunity
 Creation of Vetria Mining
 Operational Figures
 Precedent and Subsequent Conditions
 Benefits to ALL and Triunfo
 Q&A

5. 5
Corumbá has large high-quality iron ore reserves
 In Brazil there are 3 regions with significant high content
iron ore reserves: Carajás (PA), Iron Quadrangle (MG) and
Corumbá (MS)
 Corumbá is the only region with no efficient logistic solution
 Corumbá’s ore is known to have a high concentration of
iron (above 62%) and a significant quantity of Lump, which
generate a premium over the price of this ore
 These features minimize the transportation impact in final
product cost
Main Mining Integrated Systems
(Mine – Railway – Port)
Next Slide
Source: DNPM/DIDEM – 2009 (Reference year 2007)
Opportunity

6. 6
Mines in the region are underutilized
 Estimated production of 7 mtpa; potential
extraction capacity of 50 mtpa*
 Several mining companies operate in the region
with production far below the potential
* mtpa – million tons per annumSource: DNPM, MetalData
Previous
Slide
Vetria Processing and Mining
Front
Location of Vetria’s mining rights
Opportunity

7. 7
Logistics is the main bottleneck
Current outlet from Corumbá and ALL Railway
 Current outflow through the Paraguay–Paraná waterway by
barge
 Restricted capacity and low reliability:
• 3 months of low river level during the year
• Draft restrictions along the river and ports of destination
• High transit time (20 days, 2,700 km)
 Capacity expansion is limited
• High investments in expansion
• Environmental restrictions
 Existing railway 1,765 km long connecting the cities of
Corumbá and Santos
• No Port exit at Santos
• Railway infrastructure adaptable for the iron ore transportation
Opportunity

8. 8
Agenda
 Opportunity
 Creation of Vetria Mining
 Operational Figures
 Precedent and Subsequent Conditions
 Benefits to ALL and Triunfo
 Q&A

9. 9
Partnership created an integrated solution (mine-railway-port)
 Brazilian company in the infrastructure
industry, operating in the toll roads, port
concession, cabotage and electric power
generation segments
 Founded in 1999 and listed on the Novo
Mercado segment since 2007
 Controlling company of Portonave, with 1.3
million TEUs/year capacity, and known as
Brazil's most modern cargo port terminal
 Created in 1969, Vetorial Mineração
operates in the mining-steelmaking
industry, more specifically in the production
of pig iron and charcoal
 Know-how in mining, experienced team of
professionals
 One of Brazil's largest pig iron producers
 Largest independent logistics services
company in South America, with integrated
railway and highway modals
 Founded in 1997 and listed on the BM&F
Bovespa since 2004
 Joined the Novo Mercado segment in 2010
33.8% 50.4% 15.8%
Partners
Creation of Vetria Mining

10. 10
Vetria will own the mine, port and railway assets
 Mine: Own mine with estimated ore resources of 1.0 billion tons*
 Railway: Investment and Transport Agreement guarantees rail capacity
 Port: Multi-purpose terminal area in Santos, with preliminary license already in force
Solid logistics solution with railway and port
* Based on current mining front and Vetorial’s geologists knowledge of the region.
Operational Figures of the Deal
Creation of Vetria Mining

11. 11
 Own mine located at the Urucum Massif, in Corumbá/MS
 High-quality ore with current production of 75% Lump and iron content above 62%
 Estimated ore resources of 1.0 billion tons
 Currently, the mine is operational with installed capacity of 1 mtpa
 Low operational cost due to the facility to extract ore
 Agreement with ALL ensures railway transportation capacity and connects Corumbá and Santos
 Locomotives and railcars will be owned by Vetria and operated by ALL
 Railway has access to the mine and port area
 Capacity available to Vetria of 27.5 mtpa of ore after investments
 Private area, located on the left margin of the Port of Santos with a 1.9 km² total area
 Project provides static capacity of 1.3 million tons
 Structure with 2 double car dumpers and a berth of 380 meters
 Draft for 125,000 ton-ships
Mine
Transportation
Port
Mine with integrated logistics
Structure
Creation of Vetria Mining

12. 12
Capital Structure isolated from current shareholders
 CAPEX for the project feasibility will be realized by Vetria
Capital Structure
Creation of Vetria Mining
 Equity from investor to make the project viable
 Financing structure on Vetria´s balance sheet, with development banks loans
 Investment financial support non-recourse to current shareholders
 Mine capacity Expansion
 Railway modernization
 Rolling stock acquisition
 Port construction in Santos

13. 13
Agenda
 Opportunity
 Creation of Vetria Mining
 Operational Figures
 Precedent and Subsequent Conditions
 Benefits to ALL and Triunfo
 Q&A

14. 14
High-quality mine with large-scale mining
Mine Project Details
 Low ore and waste proportion (1/16 ~ 6%)
 Loading terminal 10km far from the mining front
 Operational mine for 1 Mtpa
 Mine with operational licenses in force
 Estimated mining cost of R$22/ton
 Estimated ore resources of 1.0 billion tons
 Mapped mineralized area covers 1,280 hectares
 Certification to be carried out (JORC)
Mine
Operational Figures

15. 15
20 mtpa project possible to expand
(mtpa of ore)
Source: Companies
(% of Fe in the main mining projects - Estimate)
 Vetria’s project initially provides a volume of 20 mtpa
 Logistics infrastructure (railway and port) capacity for
27.5 mtpa
20%
26%
30% 32% 32%
35%
38% 39% 39% 40% 42%
66% 64%
Volume Ramp-up*Iron content higher than the main projects
*Does not include 1mtpa volume to supply Vetorial Siderurgia
 Current level of production helps support volume
ramp-up
 Most assets located in a region that permits flexible
access to new port terminals
...
Vetria Production
Operational Figures
10,0
20,0 20,0 20,0
7,5 7,5
2016 2017 2018 2040
Initial Projected Capacity Additional Volume
7.5 7.5
20.0 20.020.0
10.0
*Current production
*

16. 16
New rail assets and transportation agreement ensuring efficiency and
operational cost
 Full modernization of the railway
- Replacement of tracks, sleepers and yards
- Speed and reliability gains
- Simple environmental process
 Own fleet of 5,600 rail cars and 180 locomotives
 Operational cost guaranteed by agreement (R$45/ton)
 Guaranteed capacity of 27.5 mtpa and operational efficiency
Railway Project Details
Type of Train (10,000 tons)
Basic Design (3 locomotives + 110 railcars)
110 railcars 3 locomotives
Railway
Operational Figures

17. 17
Private Port with efficient unloading structure
Port Project Details
 Private area with 1.9 km²
 Railway network crosses the area
 Preliminary environmental licenses to port operation already in force
 Draft of 15.5m* allowing ships of 125,000 tons
 Installation of a berth of 380m
 Agile unloading with 2 car dumpers (7,000 tons/h each)
 New equipment with low operational cost (R$ 4/ton)
 Static capacity of 1.3 million tons
* After the dredging of the Santos canal, which has been carried out by the government
Port
Operational Figures

18. 18
 High percentage of Lump ore in production
 Premium for this type of ore is higher in Europe/USA/Japan/Korea, focus of Vetria's exports
Focus on the markets that demand better quality ore
(million tons – 2011-2017 variation)
Main importers of overseas market
Commercial Strategy
Operational Figures
Source: Company and Market Analysts
China Europe Others
Overseas Market
Japan TotalKorea
1,217
1,037
1,627

19. 19
Low implementation risk project (brownfield)
Mine Railway Port
 Operational  Operational  Preliminary license in forceStatus
Licenses
Investments
 Environmental and regulatory
licenses already issued
 Licenses for expanding current
capacity:
 Environmental license
 License for expanding mining
(DNPM)
 Expansion of capacity
 Environmental and regulatory
licenses already issued
 Environmental license for expanding
yards is required
 Installation license including iron ore
operation still required
 Port construction Expansion of capacity
Project Highlights
Operational Figures

20. 20
(million tons of accumulated iron ore - Estimate)
Frustrated supply due to delay of greenfield projects
Source: BHP Billiton
Announced projects were delayed or cancelled
 Licenses obtainment
 Government approval
 Greenfield projects technical difficulties and risks of
implementation
 Difficult feasibility of low-content ore
Main delay reasons
 Railway and mine already operational
 Only licenses to expand yards and mine capacity still
required
 Port with preliminary license in force
Lower risk of delay in Vetria
26
125
234
143
179
272
169
304
506
2008 2009 2010
Projetos Anunciados e Não Concluídos (base 2008)
Oferta Realizada
Oferta Realizada
Projetos Anunciados e Não Concluídos (no início de 2008)
Total
Effectively supplied
Announced and non-concluded projects (2008 base)
54%
59%
85%
Iron Ore Market
Operational figures

21. 21
 Mine: already open and operational, open site, with a
high content of iron, mainly Lump
 Railway: Operational Agreement with tariff and
services established under contract
 Port: high efficiency with low operational cost
 Mine: treatment and enrichment are simplified due to
the features of the Ore
 Railway: Same outline and gauge of the Permanent
Way guarantee predictability of costs and duration of
works
 Port: Dredging from terminal to the Santos canal,
foundation, earthwork, equipment etc.
Note: Capex and Opex values are estimates to be confirmed upon conclusion of executive projects
Economic Summary
Operational Figures
Estimated total operational cost of R$ 71/ton
Opex R$/Ton
22
45
4 71
Mine Railway
logistics
Port Total Opex
CAPEX of R$7.6 billion in infrastructure
CAPEX R$ billion
1,1
2,2
2,3
2,0
7,6
Mine Railway Rolling
stock
Port
Capex
Vetria

22. 22
Infrastructure project with attractive sources of funding
 Non-recourse financing for the Company's
shareholders (no funding or guarantee)
 Strategic investor to finance the project's equity
Attractive sources of funding to support CAPEX
Financing structure
Operational Figures
55%
70%
80%
60%
Mine Railway Rolling
Stock
Port
(% of CAPEX per financed type)
 Expected financing of ~70% of total
investment
 Financing from commercial and development
banks

23. 23
Project will boost Brazil´s infrastructure development
 Modernization of Mato Grosso do Sul to Port of Santos connection
 Efficient railway crossing MS state from west to east
 Additional logistics alternative in São Paulo state (south of Tietê river)
 Logistics capacity expansion and bottle necks solutions
Brazil´s infrastructure impact
Operational Figures

24. 24
Executive projects
Mine – Certification and Project
Railway and Port
Regulatory Approvals
Mining Authorization
Events
ANTAQ Authorization
Environmental licenses
Capitalization
Works
Production Expansion
ANTT Authorization
Operations expected to begin in 2016
2012 2014 20152013 2016
Timetable
Operational Figures

25. 25
Vetria is an iron ore project with strong competitive advantages
 Integrated solution mine-railway-port
 High quality iron ore, Lump type, with a current premium of approximately
USD15/Ton
 Iron ore project independent of main sector players
 Low risk Opex and Capex (brownfield and shareholders know-how)
 Logistics solution for Corumbá region mines
Project summary
Operational Figures

26. 26
Agenda
 Opportunity
 Creation of Vetria Mining
 Operational Figures
 Precedent and Subsequent Conditions
 Benefits to ALL and Triunfo
 Q&A

27. 27
Main precedent and subsequent conditions:
 Proven numbers and quality of reserves (JORC)
 Environmental license to operate iron ore in the port
 Regulatory bodies’ approval of operational and transportation agreements
 Obtainment of funding necessary to carry out investments, including equity
 Approval from other regulatory bodies (CADE, CDN, ANTAQ, IBAMA, etc)
Precedent and Subsequent Conditions

28. 28
Agenda
 Opportunity
 Creation of Vetria Mining
 Operational Figures
 Precedent and Subsequent Conditions
 Benefits to ALL and Triunfo
 Q&A

29. 29
Deal aligned with the Company's new business strategy
Railway Surrounding
Separated FocusIsolated Risk
Free Cash
Vetria's project does not have a negative impact
on ALL's cash position
Vetria and ALL capture value and synergy in
the railway surrounding
Vetria's separated structure isolates operating and credit
risks from railway activity
Vetria’s structure is independent from the railway,
ensuring a specific management focus on the new
business
New Bunisses Strategy
Benefits to ALL

30. 30
General cargo transportation capacity increases 4x
 Project increases capacity in the Corumbá - Santos corridor from 2.5 to 10 billion RTK’s
 Significant expansion of general cargo capacity
 Efficiency gain, cost reduction and safety increase
Capacity
Increased capacity for general cargo
transportation
Cost
Improvement in railway quality reduces
operating costs, as Diesel
Safety
Reduction in accident rate due to renovation
of permanent way
Capacidade
Acidentes
Consumo Diesel
Liters/thousand GTK
Accidents/MM.train.km
Billion RTK/Year
-30%
-56%
+4xCapacity
Accidents
Diesel Consumption
Gain to Railway and Its Users
Benefits to ALL

31. 31
Project maximizes Santa Rita’s value
Port
Independent FocusIsolated Risk
Free Cash
The Vetria project does not have a negative
impact on Triunfo’s cash position
Vetria’s structure is separate from the rail network,
allowing the company to focus on management of the
new business
Vetria’s independent structure isolates operating and
credit risks
Project with own cargo and mining project
upside
Benefits for Triunfo

32. 32
Agenda
 Opportunity
 Creation of Vetria Mining
 Operational Figures
 Precedent and Subsequent Conditions
 Benefits to ALL and Triunfo
 Q&A

33. 33
Q & A