1. Speech – 3Q11
Good afternoon, everyone.
It is with the utmost satisfaction that we announce in this conference call, the results of Triunfo
Participações e Investimentos in the third quarter of 2011.
I will present our results and with me to answer your questions is Mrs. Sandro Lima, Chief
Financial Officer.
I would like to mention a few important points before we move on to the numbers.
This quarter, we have changed the way we present the numbers in the earnings release.
Henceforth, the analyses will be made by segment. Despite the change, we will provide the
consolidated numbers in the conference call presentation, commenting on the segments when
the impact on the accounting items is significant.
The quarterly results presented here reflect the effects of the International Financial Reporting
Standards, except in the calculation of EBITDA and margin, where these effects were eliminated.
Though the subsidiary Rio Verde is classified in our financial statements as “Holding for Sale" we
the financial data presented here includes its results.
First, I would like to point out a few operating highlights in the period. Please move on to slide 5.
In the toll road segment, traffic volume increased 7.2% in 3Q11 over 3Q10, for a total of almost
19 million equivalent vehicles. Individual traffic volume of our concessionaires Concer, Concepa
and Econorte increased by 9.5%, 7.3% and 2.8%, respectively, over the same period last year.
Gross revenue from the segment came to R$134.8 million in the quarter, an increase of 14.4%
over 3Q10.
In the port segment, Portonave handled a total of 137,935 TEUs. The 10.2% drop in handling
volume in comparison with 2010 was due to the heavy rains that hit the Vale do Itajaí region. The
terminal’s operations were suspended for four (4) days in August and seven (7) days in
September. Offsetting these adversities, gross revenue from the port segment increased 30.8%

2. Speech – 3Q11
over the same period the previous year to reach R$47 million. It is important to point out that 35%
of the port operation revenue comes from Iceport’s own cargo.
Power generation in 3Q11 generated gross revenue of R$26.1 million, an increase of 11.1% over
3Q10. The volume of energy generated in the period was 131,733 MW, for growth of 32.6% over
the same period the previous year.
In 3Q11, Maestra handled 2,474 TEUs, operating just one vessel till August when Maestra
Mediterrâneo went operational.
Please move on to slide 6.
On August 22nd, Rio Verde Energia increased its assured energy by 4MW.
On October 3rd, Triunfo purchased all the shares of Santa Rita and now holds 100% interest, with
the purpose of implementing a port project.
On October 6th, Maestra acquired the fourth ship, which will enable it to provide better customer
service, with weekly stopovers at the terminals where it operates.
Maestra issued non-convertible debentures amounting to R$80 million, with monetary
restatement based on the variation of the Interbank Rate (DI) + 2.55% p.a., maturing in July
2015. The proceeds will be used to finance the Company’s strategy of operating four vessels.
On October 3rd, Triunfo purchased all the shares of Santa Rita and now holds 100% interest, with
the purpose of implementing a port project.
On October 28th, Triunfo signed a Memorandum of Understanding with the Japanese shipping
company Nippon Yusen Kabushiki Kaisha (“NYK”) outlining the key terms and conditions for
establishing a joint venture in Maestra.
Maestra Pacífico vessel, the third vessel of Maestra, began operations in November 2011.

3. Speech – 3Q11
Let’s go now to the next slides.
On slides 8, 9, 10 and 11 we present the vehicle traffic, container handling and energy
generation numbers, which have already been mentioned previously.
The following slides will present the Company’s financial performance.
Slide 12 presents gross operating revenue. The 20.5% gain on 3Q10 is the result due to the: (i) a
4.7% increase in the average effective tariff and 7.2% increase in traffic; (ii) 97.0% increase in
revenue from handling own cargo, at Iceport, mainly due to the increase in imports; (iii) the 11.1%
increase in revenues from Rio Verde in comparison with 3Q10; and (iv) the start-up of cabotage
operations.
Slide 13 presents operating costs, excluding depreciation, in 3Q11, which totaled R$81,702,
26,8% higher than in the 3Q10, mainly due to the: (i) construction costs, which increased 27.1%
between the quarters. Bear in mind that this cost represents only an adjustment of the accounting
standard to IFRS and does not affect the Company’s results; (ii) port operation costs, which
increased R$8,138 between the quarters, mainly due to the expansion in Iceport’s trading
operations; and (iv) the cabotage operation that resulted in a cost of R$ 3,335, with the start-up of
operation in April 2011.
Slide 14 presents operating costs, excluding depreciation, which totaled R$43,556 in 3Q11, a
107,4% increase on the R$20,997 posted in 3Q10.
General and administrative expenses in 3Q11 were 49.0% higher than in 3Q10, mainly due to
(i) a non-recurring expense of R$3.3 million at Econorte, relating to the advisory services
contracted to provide data for extension of the concession agreement.; and (ii) insurance taken
out by Rio Canoas Energia in the amount of 1.4 million.
The 25.7% increase in management compensation is due to the management structuring at Rio
Canoas and to the wage increases in the 2T11.

4. Speech – 3Q11
Port operations personnel expenses increased by 19.5% due to the increase in staff. Cabotage
operations personnel expenses increased due to the start-up in April 2011. The parent company's
personnel expenses increased due to the wage increase also in 2Q11.
On slide 15, we present Adjusted EBITDA, which totaled R$73,381 million in 3Q11, down 15.7%
on the same period last year.
We should note here that due to startup of Maestra, EBITDA was negatively affected by 16.8
million. Excluding this effect, adjusted EBITDA was R$ 90.2 million, 3.6% higher than in 3Q10.
Moreover, the construction of the Rio Canoas an expense of R$2.9 million, negatively affecting
EBITDA.
Financial result in 3Q11, presented on slide 17, was a net financial expense of R$52.4 million,
mainly due to the increase in the average debt from Triunfo’s 2nd and 3rd Issue of Debentures,
Econorte's 2nd Issue of Debentures and the Bank Credit Note and the 1st issue of debentures by
Maestra.
The Financial Result was also affected for the increase in the exchange loss variation in 3Q11,
lower than in 2Q11, resulting from Portonave’s debt with GE Capital, pegged to the U.S. dollar,
which appreciated in the quarter, from R$ 1.5611 on June 30 to R$ 1.8544 on September 30.
No slide 18, the Company posted a net loss of R$14.8 million in 3Q11, versus a R$13.9 million
profit in 3Q10, explained by the exchange loss in Portonave's debt, the start-up of Maestra and
the implementation stage of Rio Canoas. It is important to note that, despite the net loss, our
dividend calculation base increased was R$2.5 million.
Consolidated net debt, shown on slide 19, reached R$1 billion, a 27.7% increase over 2Q11.
Net debt/EBITDA ratio stood at 3.32x in 2Q11, up from 2.88x in 2Q11. Funds raised through the
new issues will be used to strengthen the company’s cash position and be prepared for new
business opportunities.

5. Speech – 3Q11
On slide 20 we present the investments made in 3Q11. The highway segment has already made
substantial investments in intangible assets and its future investments will be diluted until the end
of the concession, as defined in the physical and financial timetables of the concession
agreements. Investments in Rio Canoas corresponded to 33.9% of the total investments in 3Q11
and investments in Maestra represented 21.4%, mainly due to the acquisition of the 4th ship.
I would now like to open the conference call for questions from shareholders and analysts. Thank
you very much for your attention.
Closing remarks:
And to conclude, we are pleased to invite you to our 2nd annual Triunfo Day, which will be held at
Concepa on November 30, 2011. For more information, please contact our IR team.
Over the next several months we intend to participate responsibly in the upcoming auctions both
for highway concessions as well as the airport sector. We will continue to thoroughly analyze and
model all available infrastructure opportunities to build our Company, as well as make selective
investments in new businesses based on stringent return-on-investment criteria.
We ended another quarter reinforcing our commitment to achieving the positive results expected
from our business.