This presentation provides an overview of Triunfo Participações e Investimentos S.A.'s 2Q11 earnings results. Key highlights include a 9.9% increase in toll road traffic volume, container handling volume of 137,202 TEUs, and R$22,545 in electricity revenue. The presentation also discusses recent ratings assignments and acquisitions. Financial results for the quarter show increases in revenue, EBITDA, and debt levels compared to 2Q10. Capital expenditures totaled R$124.7 million in 2Q11, with the largest amounts spent on port infrastructure projects.

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2. 2
2Q11 Earnings
Results Presentation
08/12/2011

3. 3
This release contains forward-looking statements relating to the prospects of the business,
estimates for operating and financial results, and those related to growth prospects of TPI –
Triunfo Participações e Investimentos S.A.. These are merely projections and, as such, are
based exclusively on the expectations of the Company’s management concerning the future of
the business. Such forward-looking statements depend substantially on changes in market
conditions, the performance of the Brazilian economy, the sector and the international markets,
and are, therefore, subject to changes without previous notice.
Forward-Looking Statements

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I - Highlights

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I - Highlights
Total traffic volume on our toll road concessions increased 9.9% in 2Q11 compared to 2Q10,
reaching 17,970 thousand equivalent vehicles.
Handled container volume totaled 137,202 TEUs.
Electricity output in 2Q11 generated revenue of R$22,545.
On April 5, 2011, the Brazilian Institute of Environment and Renewable Natural Resources
(IBAMA) issued the preliminary environmental license for the Brites Port Terminal.

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I - Highlights
On May 3, Fitch Ratings assigned the Company the Long-Term National Rating "A+ (bra)"
with a Stable Outlook.
On May 23, Maestra LLP acquired the vessel MV Westerdeich (future Maestra Pacífico) for
US$12.35 million.
On June 17, Triunfo won the Abrasca 2011 Value Creation award in the Transport and
Logistics category.
On June 22, Triunfo announced the issue of 180 debentures at unit face value of R$ 1 million.
The proceeds will be used for investments in the Company and its subsidiaries or affiliates.

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II – 2Q11 Results

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16,358
17,970
14.000
14.500
15.000
15.500
16.000
16.500
17.000
17.500
18.000
18.500
19.000
2Q10 2Q11
Traffic– Equivalent Vehicles (‘000)
II – 2Q11 Results
9.9%

9. 9
3,359
3,563
6,395
7,141
6,604
7,266
-
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
2Q10 2Q11 2Q10 2Q11 2Q10 2Q11
Traffic– Equivalent vehicles in the concessionaries (‘000)
II – 2Q11 Results
ECONORTE CONCER CONCEPA
6.1%
11.7%
10.0%

10. 10
137,631
137,202
136.900
137.000
137.100
137.200
137.300
137.400
137.500
137.600
137.700
2Q10 2Q11
Container Handling - TEUs (‘000)
II – 2Q11 Results
-0.3%

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142,076
178,894
-
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
180.000
200.000
2Q10 2Q11
Gross Revenue from Operations (R$ ‘000)
II – 2Q11 Results
25.9%

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51,372
60,365
46.000
48.000
50.000
52.000
54.000
56.000
58.000
60.000
62.000
2Q10 2Q11
Operating Costs (R$ ‘000)
Net – Depreciation / Amortization
II – 2Q11 Results
17.5%

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20,998
33,568
-
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
2Q10 2Q11
Operating Expenses (R$ ‘000)
Net – Depreciation / Amortization
II – 2Q11 Results
59.9%

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61,768
71,591
56.000
58.000
60.000
62.000
64.000
66.000
68.000
70.000
72.000
74.000
2Q10 2Q11
Adjusted EBITDA (R$ ‘000)
II – 2Q11 Results
15.9%

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52.1%
45.5%
40,0%
42,0%
44,0%
46,0%
48,0%
50,0%
52,0%
54,0%
2Q10 2Q11
EBITDA Margin (%)
II – 2Q11 Results
-6.6p.p

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(23,164)
(30,662)
(35.000)
(30.000)
(25.000)
(20.000)
(15.000)
(10.000)
(5.000)
-
2Q10 2Q11
Net Financial Results (R$ ‘000)
II – 2Q11 Results
32.4%

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(7,259)
(333)
(8.000)
(7.000)
(6.000)
(5.000)
(4.000)
(3.000)
(2.000)
(1.000)
-
2Q10 2Q11
Net Profit
(R$ ‘000)
II – 2Q11 Results
-95.4%

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885,559
966,717
2.66 x 2.88 x
1,50 x
2,00 x
2,50 x
3,00 x
3,50 x
-
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
900.000
1.000.000
1Q11 2Q11
Net Debt (R$ ‘000) & Net Debt / EBITDA
III – Debt
11.4%

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IV – Capex
Balance of Investments in Fixed Assets
Total %
Triunfo 74,307 3.3%
Concer 396,526 17.8%
Concepa 304,495 13.6%
Econorte 234,435 10.5%
Portonave 797,082 35.7%
TPI-Log8 118,861 5.3%
Santa Rita9 10,297 0.5%
TBP10 70,200 3.1%
NTL11 47,522 2.1%
Vessel-Log12 44,382 2.0%
Rio Canoas 125,772 5.6%
Other Investiments 11,629 0.5%
2,235,508 100.0%
BALANCE OF INVESTMENTS IN FIXED ASSETS IN 2011

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IV – Capex
Investment in Fixed Assets
2Q11 %
Triunfo 19,250 15.4%
Concer 1,812 1.5%
Concepa 1,900 1.5%
Econorte 1,757 1.4%
Portonave 2,689 2.2%
Rio Canoas 80,297 64.4%
Santa Rita 0 0.0%
Vessel-Log 7,746 6.2%
NTL 4,786 3.8%
Other Investments 4,499 3.6%
124,736 100.0%
Rio Verde 306 0.5%
Capex com Rio Verde 125,042
INVESTMENTS IN FIXED ASSETS IN 2011

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www.tpisa.com.br
Triunf o São Paulo
RuaOlimpíadas20514ºandarcj.1402
CEP04551-000SãoPauloSPBR
Fone551121693999
Fax551121693969
Rua Olimpíadas 205 14º andar cj. 1402 CEP 04551-000 São Paulo SP BR
Fone 55 11 2169 3999 Fax 55 11 2169 3939
www.triunfo.com