1

Presentation of Results 1Q15

São Paulo, 30 April 2015

2

Highlights 1Q15

Net Revenue : increase of 12.6%

Decline of 34.2% in Financial Results

Net Income: decrease of 1.3%

Increase of 3.2% in EBITDA

Reduce of 1.9% in Gross Debt

Rise of 89.1% in total negociated of TRPL4

3

Breakdown of Gross Operating Revenue

Growth of 13.2%

Construction: Increase of 19.7% reflecting the

realization of reinforcements on the subsidiary IE

Pinheiros at lot H.

O&M: Growth of 12.0%:

i. variation on the shared surplus of R$ 12.0 MM ;

ii. positive variation of 6.9% based on IGPM/IPCA of

the RAP's cicle, amounting R$ 8.4 MM ;

iii. acknowledgement of PA and PV negative values of

R$ 2.3 MM;

iv. increase on the regulatory charges transfer (CDE

and Proinfa) in a amount of R$ 0.5 MM; and

v. start-up the RBNI's operation of R$ 0.4 MM.

Financial: increase of 13.5% against the same

period in 2014 when this item reported R$ 38.2

million, reflecting the increase of the financial

assets forecast for the realization of construction

and indemnity values and the revision of the

financial cash flow due to the change in tax regime

for calculating PIS/COFINS charges (Real to

Presumed Profit) at the IEPinheiros subsidiary.

252.3

8.0

20.1

5.1

0.11

285.7

1T14

Construction

Operation andMaintenance

Financial

Others

1T15

Company Subsidiaries

13.2%

(R$ millions)

4

Operating Deductions and Revenue

Growth of 12.6% in Net Operating Revenue

Deductions: The variation reflects

mainly the increase of 21.9% in taxes on

revenue which track the variation in

operating revenue.

252.3

-27.0

225.3

285.7

-32.1

253.6

Gross Revenue

Deduction 1T14

Net Revenue

Gross Revenue

Deduction 1T15

Net Revenue

Company Subsidiaries

(R$ millions)

5

Breakdown of Costs and Expenses

Growth of 15.5%

Personnel: increased by R$ 8.1MM:

i. agreement of 7%

ii. increase in medical and dental expenses by

approximately R $ 1.6 million

iii. increase in holiday provisions and 13th salary

in the amount of R $ 3.9 million due to the

adjustment of the average overtime.

Others: Increased by R$ 7.1 MM, especially for

contingencies expenses arising :

i. increase in executions paid to legal

agreements, interim plays amended definitive

ii. increase in provisions due to the revision of

labor processes where CTEEP is co-

responsible of approximately R $ 8.0 million

100.5

9.3

8.8

0.1

7.1

116.1

1T14

Personnel

Material

Services

Others

1T15

Company Subsidiaries

15.5%

(R$ millions)

6

Equity Income

Growth of 6.6% in 2014

IEMadeira: Consolidation of the operational

period Substation (Lot F) in May 2014 and

consequent recognition of financial expenses;

IEGaranhuns: Highest (R $ 2.8mm), mainly

due to the increase of R $ 10.8 MM in interest

income;

IENNE: negative resulting from the first

periodic review defined by Ratifying

Resolution No. 1540, June 2013, which

reduced the RAP subsidiary at 8.9% for the

2013/2014 cycle.

12.29.6

3.56.3

-0.6

0.1 0.3

1Q14 1Q15

Madeira Garanhuns IENNE IESUL

15.2 16.2

(R$ millions)

7

Financial Result

Decreased of 34,2%

Applications / Interest Assets: Reduction of

7.8% due to lower cash balance in 1T15

(average of R $ 349.1 million) compared to 1T14

(average of R $ 487.8 million), partially offset by

higher Selic 10.6% (average 1T14) to 12.4%

(average 1T15);

Monetary Variation: 5.6% decrease (R $ 17.6

MM in 1T15 and 1T14 in R18,6 MM) on the

update IPCA accounts receivable reversible

active RBNI - Law No. 12,783

9.9

-1.0

-0.4

-0.1

6.5

1T14

InterestReceivable

Monetary (net)

Interest and expenses on loans

Hedge adjustments and others

1T15

Consolidado Controladas

-1.9

(R$ millions)

8

Breakdown of Net Income

Earnings per share was R$ 0.5233

85.5 84.4

1Q14 1Q15

(R$ millions)

9

Ebitda ICVM 527

Growth of R $ 3.4 MM (3.2%)

Financial Result: Increased R $ 3.4 MM

due to lower cash balance in 1T15

(average of R $ 349.1 million) compared

to 1T14 (average of R $ 487.8 million),

partially offset by higher Selic 10.6%

(average 1T14) to 12.4% (average

1T15);

(R$ millions)

105.6

-1,2

1.2

3,4

0.0

109,0

1Q14

Net Income

Income tax and socialcontribuition

Financial Results

Depreciation andAmortization

1Q15

Controladora Controladas

10

Net Debt

Principal events:

Monthly payment of principal and interest on the BNDES in the amount of R $ 41.9 MM

Delay the last six installments (oct/14-mar/15) of accounts receivable Law No. 12,783

(RBNI) of R $ 309,9MM.

22,8%

49,5%

5,3%

22,4%

TJLP CDI IPCA Outros

45,0%

0,1%

54,8%

BNDES Outros Debêntures

22,8%

49,5%

5,3%

22,4%

TJLP CDI IPCA Outros

45,0%

0,1%

54,8%

BNDES Outros Debêntures

Hiring of

debt 1T15Index of

debt 1T15

Debt 1,191.88 1,169.3 -1.9%

Short-term Debt 215.896 203.7 -5.6%

Long-term Debt 975.979 965.5 -1.1%

Cash* 484.297 432.5 -10.7%

Net Debt 707.58 736.8 4.1%

2014Debt

(R$ million)1Q15 Δ%

11

Debt amortization

Cash and Financial Investments on 03/31/15 : R$ 432.5 MM

.

159.7 208.22

207.8 188.2

21.9 19.8

85.0

40.7

28.5

29.4 26.5 26.5

26.5

58.9

15.3

188.2

237.6 234.3214.7

48.4 46.3

143.9

2015 2016 2017 2018 2019 2020 2021 a 2025 2026 a 2030

Company Subsidiaries

(R$ millions)

12

Aggregate Debt at the Subsidiaries

1.245,1

101,257,9 18,9

Madeira Garanhuns IENNE IESUL

CTEEP’s participation

2014 1Q15

Total: R$ 1,507.7 MM Total: R$ 1,483.5 MM

1.242,2

184,8

56,3 17,4

1.230,3

180,9

55,3 17,0

60.2% of the debt of the jointly in 1T15 are linked to TJLP

There was no new funding in the 1T15

(R$ millions)

13

Capital Markets Performance

TRPL4 reported a closing price of R$ 40,0 in 1T15

Principal events:

Market value of CTEEP, ending March 2015 to R$6.483MM;

Average trading volume of R$ 16.2 mm, which represents an increase of 89.1% compared

to the 1T14

51.9% increase in the total number of transactions in relation to 1Q14

In 100% of the sessions

-35

-30

-25

-20

-15

-10

-5

0

5

10

Jan-15 Feb-15 Mar-15

TRPL3 TRPL4 IBOVESPA IEE

1.26%

2.29%

-3.61%

-7.95%

14

Disclaimer

The statements in this report with respect to the outlook for the

Company’s businesses, the projections and results and potential

for growth constitute mere forecasts and were based on

management’s expectations in relation to the future of the

Company. These expectations are highly contingent on changes in

the market, on the general economic performance of the country,

the sector and the international markets, being subject to change.

15

Investor Relations

Tel: +55 11 3138-7557

ri@cteep.com.br

www.cteep.com.br/ri