All America Latina Logistica SA : Notice to the Market - Sale of Material Interest

Edinburgh, Scotland, January 14, 2013

ALL AMERICA LATINA LOGISTICA S.A.
Rua Emilio Bertolini, 100, sala 02
82920030 - Curitiba/PR
Attn.: Rodrigo Barros de Moura Campos Investors Relationship Officer
Fax: [phone]

Ref: Decrease of significant ownership interest in ALL AMERICA LATINA LOGISTICA S.A.

Dear Sirs,

BAILLIE GIFFORD OVERSEAS LIMITED and its related entities Baillie Gifford & Co., Baillie Gifford & Co Limited, Baillie Gifford Life Limited and Guardian Baillie Gifford Limited ("BAILLIE GIFFORD"), in its capacity as investment manager with clients outside of Brazil, in compliance with the Article 12 of the CVM Instruction No. 358, dated January 3, 2002, as amended ("CVM Instruction 358"), hereby informs that the portfolio of clients under its administration have disposed, through certain transactions on stock exchanges, certain common shares issued by ALL AMERICA LATINA LOGISTICA S.A. ("Company"), thus holding, currently, 29,419,600 (twenty nine million, four hundred and ninety thousand and six hundred) common shares, representing
4.28/ of all common shares issued by the Company.

This is a minority investment that does not involve a change in the composition of corporate control or a change in the management structure of the Company. Currently, BAILLIE GIFFORD does not intend to purchase any additional shares of the Company's common stock for its clients'
Edimburgo, Esc6cia, 14 de janeiro de 2013

ALL AMERICA LATINA LOGISTICA S.A.
Rua Emilio Bertolini, 100, sala 02
82920030 - Curitiba/PR
At.: Rodrigo Barros de Moura Campos Diretor de Relaç5es com Investidores, Fax: [phone]

Ref.: Reduçao de participaçao acionaria relevante na ALL AMERICA LATINA LOGISTICA S.A.

Prezados Senhores,

BAILLIE GIFFORD OVERSEAS LIMITED e suas entidades coligadas Baillie Gifford & Co., Baillie Gifford & Co Limited, Baillie Gifford Life Limited and Guardian Baillie Gifford Limited ("BAILLIE GIFFORD"), na qualidade de administradora de carteiras de clientes fora do Brasil, em cumprimento ao que estabelece o artigo 12 da Instruçao CVM no 358, de 3.1.2002, conforme alterada ("Instruçao CVM 358/02"), vem à presença de V.Sa. informar que carteiras de clientes sob sua administraçao alienaram, em operaç5es realizadas em bolsa de valores, certas aç5es ordinarias de emissao da ALL AMERICA LATINA LOGISTICA S.A. ("Companhia"), que totalizam, atualmente, 29,419,600 (vinte e nove milh5es, quatrocentos e dezenove mil e seiscentas) aç5es ordinarias, representando
4,28/ de todas as aç5es ordinarias emitidas pela Companhia.

Trata-se de um investimento minoritario que nao altera a composiçao do controle ou a estrutura administrativa da Companhia. Atualmente, a BAILLIE GIFFORD nao pretende adquirir, em nome de seus clientes, quaisquer aç5es ordinarias adicionais de emissao da Companhia com a intençao de adquirir o controle da Companhia.

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accounts with the intent to acquire control of the Company. None of the affiliates of BAILLIE GIFFORD hold any interest in the Company. There are no convertible debentures already held, directly or indirectly, by BAILLIE GIFFORD or its affiliates.
Please do not hesitate to contact us should you need any further clarifications. For any matters relating to this letter, please contact our attorneys in Brazil, Mr. Fernando J. Prado Ferreira (phone: [phone]; e-mail: [e-mail]) or Mr. Antonio Augusto S. Bruni (phone: (55 11)
3247-6041; e-mail: [e-mail]).
Nenhuma coligada ou subsidiaria da BAILLIE GIFFORD detém valores mobiliarios de emissao da Companhia. Nao ha debéntures conversiveis em aç5es detidas, direta ou indiretamente, pela BAILLIE GIFFORD ou entidades filiadas.
Permanecemos à disposiçao de V.Sas. para quaisquer esclarecimentos que se façam necessarios, e solicitamos que os contatos de V.Sas. com relaçao à presente correspondéncia, sejam feitos por meio de nossos advogados no Brasil, Sr. Fernando J. Prado Ferreira (fone: (55 11) 3247-8583; e-mail: [e-mail]) ou Sr. Antonio Augusto S. Bruni (fone: (55 11) 3247-6041; e-mail: [e-mail]).
Very truly yours,
Atenciosamente,
BAILLIE GIFFORD OVERSEAS LIMITED
(and related entites/e empresas coligadas)

Head of Legal /Chefe do Juridico

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