1. 1Q11 Results
Presentation
São Paulo, May 16th 2011
© Todos os direitos reservados para CTEEP

2. Agenda
IFRS – Key Impacts
1Q11 Results
Capital Market Performance
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 2

3. IFRS - Key Impacts
Assets
BR GAAP Effect of the IFRS BR GAAP Effect of the IFRS
transition to the transition to
IFRS the IFRS
Assets (R$' 000) March 31, 2011 December 31, 2010
CURRENT ASSETS
Cash and Banks 162,998 - 162,998 54,983 - 54,983
Trade Account Receivable 265,974 1,111,027 1,377,001 244,524 1,179,866 1,424,390
Inventory 44,247 - 44,247 44,791 - 44,791
Amounts Receivable from the State Finance Secretariat 23,840 - 23,840 22,938 - 22,938
Taxes and Contributions to be offset 10,516 - 10,516 11,230 - 11,230
Tax benefit - Goodwill 28,832 (28,832) - 28,832 (28,832) -
Deferred income Tax and Social Contribution 30,256 (30,256) - 32,575 (32,575) -
Prepaid Expenses 13,311 642 13,953 1,876 735 2,611
Others 39,316 - 10 39,306 35,848 - 46 35,802
619,290 1,052,571 1,671,861 477,597 1,119,148 1,596,745
NON-CURRENT ASSETS
Long-Term Assets
Trade Account Receivable 15 4,507,511 4,507,526 978 4,224,331 4,225,309
Amounts Receivable from the State Finance Secretariat 705,847 - 705,847 681,129 - 681,129
Tax benefit - incorporated goodwill 111,871 28,832 140,703 119,079 28,832 147,911
Deferred income Tax and Social Contribution 60,786 - 31,310 29,476 62,171 (34,121) 28,050
Pledges and Escrow 43,842 - 43,842 42,248 - 42,248
Inventory - 168,401 168,401 - 184,264 184,264
Credits with Associates 8,453 - 8,453 6,624 - 6,624
930,814 4,673,434 5,604,248 912,229 4,403,306 5,315,535
Property, Plant and Equipment 5,445,285 (5,436,042) 9,243 5,254,978 (5,245,784) 9,194
Intangible Assets 71,765 (62,447) 9,318 70,066 (60,122) 9,944
5,517,050 (5,498,489) 18,561 5,325,044 (5,305,906) 19,138
Total Assets 7,067,154 227,516 7,294,670 6,714,870 216,548 6,931,418
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 3

4. IFRS – Key Impacts
Income Statement
1Q11 RESULTS
(in R$' 000) 1Q11 1Q10
Effect of the Effect of the
BR GAAP transition to IFRS BR GAAP transition to IFRS
the IFRS the IFRS
Net operating revenue 452,836 154,203 607,039 388,107 59,295 447,402
Costs of operating services (108,851) (146,886) (255,737) (103,160) (41,584) (144,744)
Gross Revenue 343,985 7,317 351,302 284,947 17,711 302,658
Operational Revenues (Expenses)
General and administrative (29,453) (4,615) (34,068) (26,015) (2,802) (28,817)
Management fees (1,378) (208) (1,586) (2,205) (257) (2,462)
Financial expenses (104,725) (5,826) (110,551) (96,447) (1,814) (98,261)
Financial income 4,817 2,769 7,586 13,632 659 14,291
Other expenses, net (2,024) (4,328) (6,352) (2,076) (4,408) (6,484)
Operating profit 211,222 (4,891) 206,331 171,836 9,089 180,925
Income tax and social contribuition
Current (63,583) (10) (63,593) (52,639) - (52,639)
Deferred (3,690) 1,103 (2,587) 18,957 (2,192) 16,765
Profit before reversal of interest on own capital 143,949 (3,798) 140,151 138,154 6,897 145,051
Reversion of Interest on Shareholders' Equity 65,693 - 65,693 61,920 - 61,920
Net income for the fiscal year 209,642 (3,798) 205,844 200,074 6,897 206,971
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 4

5. Agenda
IFRS – Key Impacts
1Q11 Results
Capital Market Performance
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 5

6. Gross Operating Revenue
(R$ milliion)
Gross Operating Revenue increased 36.2% to R$ 691.5 million in 1Q11, compared with R$ 507.8 million in
1Q10 due to the increase of 118.7% in construction revenues, of 87.7% in revenues from operations and
maintenance and 0.7% from financial revenues.
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 6

7. Net Operating Revenue
(R$ million)
700.0
+35.7% 607.0
447.4
350.0
0.0
1Q10
1T10 1Q11
1T11
Net operating revenue increased 35.7% totaling R$ 607.0 million in 1Q11 against R$ 447.4
million in 1Q10 due to the factors mentioned above.
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 7

8. Costs of the Operating Services and
Operational Expenses
Major changes:
Construction, operational and maintenance costs rose 76.7% to R$ 255.7 million in 1Q11
against R$ 144.7 million in 1Q10. This increase reflects the 108.9% spike in construction costs
together with the rise of 31.5% in operational and maintenance costs;
The increase reported in construction costs was the result of the advance in work at Serra do
Japi and IEMadeira as well as upgrading and expansion work at CTEEP itself, offset by the
conclusion of work at IENNE and the partial startup of operations at the IESUL and Pinheiros
controlled companies;
Growth registered in operation and maintenance costs was the result of the entry into
operation of the IESUL, IENNE and Pinheiros controlled companies.
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 8

9. Ebitda and Ebitda Margin
Ebitda (R$ million)
and Ebitda Margin (%)
700.0
90%
61% 70%
52%
50%
- 16.2% 30%
350.0 317.2
272.8
10%
-10%
-30%
0.0 -50%
1Q10 1Q11
Ebitda Ebitda Margin
In 1Q11, the EBITDA margin was 52.2%, totaling R$ 317.2 million, a growth of 16.2% compared with
1Q10, when the margin reached 61.0% and EBITDA, R$ 272.8 million.
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 9

10. Financial Results
Major changes:
The financial result was an expense of R$ 102.9 million in 1Q10, corresponding to
an increase of 22.6% in relation to the R$ 83.9 million for 1Q10 due to the higher
leverage;
If the impact of interest on shareholders’ equity is excluded on financial
expenses, then the financial result for 1Q11 would have reported a financial
expense of R$ 37.3 million.
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 10

11. Net Income
(R$ million)
350.0
-0.5%
207.0 205.8
0.0
1Q10 1Q11
Earnings per share were R$ 1.36 in 1Q11
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 11

12. Capital Structure
The debt ratio (ratio of net debt and equity), in the end of 1Q11 reached 38.6%.
Funding Charges Maturity 1Q11 1Q10
BNDES
TJLP + 2.3% year 6/15/2015 397,878 421,146
CTEEP
TJLP + 1.8% year 6/15/2015 151,709 160,605
IEMG TJLP + 2.4% year 4/15/2023 61,469 37,630
Distribuition of debt
IEMADEIRA TJLP + 2.8% year 4/15/2011 192,784 185,134 burdens
IESUL TJLP + 2,4% year 5/15/2025 9,616 -
PINHEIROS TJLP + 2,6% year 5/15/2026 93,350 -
Distribuition of debt
Comercial Papers burdens
4th Series CDI + 0,4% year 1/12/2012 204,438 -
Debentures CDI
st
CDI + 1.3% year 12/15/2014 505,217 490,405 40.9%
1 Issuance TJLP
2sd Issuance IPCA + 8.1% year 12/15/2017 68,141 65,388 51.9%
Banks
CDI + 2,0% year - 3,688 1,396
IENNE
10,0% year* 5/19/2030 56,059 56,094
IESUL CDI + 1,5% year 3/11/2011 - 8,297 IPCA
Others
3.9%
Eletrobras - 11/15/2021 429 441 3.3%
Leasing - - 1,451 1,702
Total 1,746,229 1,428,238
*With the bonus of 1.5% due performance of the cost
of debt is 8.5% per year in the second line of IENNE.
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 12

13. Agenda
IFRS – Key Impacts
1Q11 Results
Capital Market Performance
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 13

14. Capital Markets
Trading Financial - 1Q11
(R$ million)
Total R$ 432.9 million Daily Avarege: R$ 7.1 million
16,00
14,00
12,00
10,00
8,00
6,00
4,00
2,00
0,00
January-11 February-11 March-11
115
44.6 thousand trading
110 + 9.73%
transactions in 1Q11 (732
daily average traded).
105
Present on all trade
100 - 1.04%
- 1.47% days;
95 - 5.52%
Component of
90 TRPL4
Ibovespa;
TRPL3
85 TRPL4, IBOV and IEE - January to March
IBOVESPA
2011 (base 100 = 12/31/2010) R$ 8.1 billion market
IEE
80 capitalization.
January-11 February-11 March-11
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 14

15. Capital Markets
American Depositary Receipts - ADRs
$100.00 $32.82 $33.19
$31.20 $31.25 $31.15 $31.74
$30.48
$90.00 $27.94 $28.83
$26.25 $26.93
$80.00 $25.83
$24.11 $68.59
$70.00 $66.50 $64.52 $65.90
$63.00 $63.69 $62.99
$56.10 $58.00
$60.00 $52.39 $53.93 $51.80
$48.54
$50.00
$40.00
$30.00
$20.00
$10.00
$0.00
Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11
DR's Market Capitalization (US$ millions)
DR's Month end Price (US$)
Increase of 20.91% in the price of ADRs against the 1Q10
Financial Volume of ADRs increase 25.78% compared with 1Q10
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 15

16. Shareholder Remuneration
AUTHORIZED AMOUNT R$
TIPO FISCAL YEAR
EVENT DATE TOTAL P/SHARE
RCA 3/31/2011 JCP 2011 63,027,094.35 0.415119
RCA 3/31/2011 Dividendos 2010 112,072,905.60 0.738152
TOTAL OF PAYMENT - 1Q11 175,099,999.95 1.153271
In 1Q11, CTEEP paid out R$ 63.0 million in interest on
shareholders’ capital corresponding to R$ 0.42 per share and
R$ 112.1 million in dividends - equivalent to R$ 0.74 per share.
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 16

17. Disclaimer
All statements contained herein with regard to the Company’s
business prospects, projected results and the potential growth
of its business aremere forecasts, based on local management
expectationsin relation to the Company’s future performance.
Dependent as they are on market shifts and on the overall
performance of the Brazilian economy and the sector
and international markets, such estimates
are subject to changes.
1Q11 Results Presantion © Todos os direitos reservados para CTEEP 17

18. Investor Relations
Phone: +55 11 3138-7557
email: ri@cteep.com.br
www.cteep.com.br/ir
Apresentação de Resultados 2010
2010 Results Presantion © Todos os direitos reservados para CTEEP 18