This document summarizes the 4Q10 earnings results presentation of TPI - Triunfo Participações e Investimentos S.A. It highlights that total traffic, container volumes, and electricity revenue all grew compared to 4Q09. Gross revenue increased 38.2% and EBITDA grew 30.8% while net income rose 40.4%. It also outlines subsequent events including environmental licenses and toll increases. Financial results are presented on traffic, revenue, costs, EBITDA, debt, and capital expenditures for the quarter.

1. 1

2. 2
4Q10 Earnings
Results Presentation
03/29/2011

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

4. 4
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I - Highlights

5. 5
I - Highlights
Total traffic volume on our toll road concessions grew 9.2% in 4Q10 in relation to 4Q09,
reaching 18,880,000 equivalent vehicles.
Handled container volume climbed by 8.2% in 4Q10 over 4Q09, totaling 155,404 TEUs.
Electricity output in 4Q10 generated revenue of R$21,291.
Gross Revenue increased by 38.2% in 4Q10, over the same period last year, reaching
R$168.037 million.
EBITDA grew by 30.8% to R$87.111 million in 4Q10.

6. 6
I - Highlights
Net income increased by 40.4% to R$17.122 million.
On October 1, the decision of the Brazilian Electricity Regulatory Agency (ANEEL) to award
the Garibaldi hydroelectric plant concession to Triunfo was published in the Federal Gazette.
On October 14, Concepa announced that the National Ground Transportation Agency (ANTT)
had authorized an average toll increase of 6.67%.
On November 29, Econorte announced that it received an authorization through a preliminary
decision handed down by the 5th Federal Court of the City of Curitiba, State of Paraná to
increase its tolls. The average increase was 5.20%.
On December 14, the Agreement for exploration of the Garibaldi Hydroelectric Plan was
executed.

7. 7
I – Subsequent Events
On February 3, Rio Canoas S.A. obtained environmental license for construction of the
Garibaldi hydroelectric plant.
On February 14, Iceport resumed operations, which had been suspended since November
12, 2009.
On March 4, Econorte announced that the Federal Supreme Court rejected the request from
the Federal Prosecution Office and the State of Paraná to reconsider the decision to exempt
the users from toll collection.

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II – 4Q10 Results

9. 9
17,290
18,880
14.000
14.500
15.000
15.500
16.000
16.500
17.000
17.500
18.000
18.500
19.000
4Q09 4Q10
Traffic– Equivalent Vehicles (‘000)
II – 4Q10 Results
9.2%

10. 10
3,304
3,674
6,536
6,911
7,450
8,296
-
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
4Q09 4Q10 4Q09 4Q10 4Q09 4Q10
Traffic– Equivalent vehicles in the concessionaries (‘000)
II – 4Q10 Results
ECONORTE CONCER CONCEPA
11.2%
5.7%
11.4%

11. 11
143,626
155,404
136.000
138.000
140.000
142.000
144.000
146.000
148.000
150.000
152.000
154.000
156.000
158.000
4Q09 4Q10
Container Handling - TEUs (‘000)
II – 4Q10 Results
8.2%

12. 12
121,629
168,037
-
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
180.000
4Q09 4Q10
Gross Revenue from Operations (R$ ‘000)
II – 4Q10 Results
38.2%

13. 13
26,246
45,033
-
5.000
10.000
15.000
20.000
25.000
30.000
35.000
40.000
45.000
50.000
4Q09 4Q10
Operating Costs (R$ ‘000)
Net – Depreciation / Amortization
II – 4Q10 Results
71.6%

14. 14
19,706
22,115
18.500
19.000
19.500
20.000
20.500
21.000
21.500
22.000
22.500
4Q09 4Q10
Operating Expenses (R$ ‘000)
Net – Depreciation / Amortization
II – 4Q10 Results
12.2%

15. 15
66,582
87,111
-
10.000
20.000
30.000
40.000
50.000
60.000
70.000
80.000
90.000
100.000
4Q09 4Q10
Adjusted EBITDA (R$ ‘000)
II – 4Q10 Results
30.8%

16. 16
60.2%
55.7%
50,0%
52,0%
54,0%
56,0%
58,0%
60,0%
4Q09 4Q10
EBITDA Margin (%)
II – 4Q10 Results
-4.5p.p

17. 17
(12,948)
(29,826)
(35.000)
(30.000)
(25.000)
(20.000)
(15.000)
(10.000)
(5.000)
-
4Q09 4Q10
Net Financial Results (R$ ‘000)
II – 4Q10 Results
-130.4%

18. 18
12,192
17,122
-
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
4Q09 4Q10
Net Profit
(R$ ‘000)
II – 4Q10 Results
40.4%

19. 19
834,950
867,567
2.93 x
2.80 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
3Q10 4Q10
Net Debt (R$ ‘000) & Net Debt / EBITDA
III – Debt
3.9%

20. 20
IV – Capex
Balance of Investments in Fixed Assets
Total D
Triunfo 53,021 2.5%
Concer 404,316 19.0%
Concepa 326,638 15.3%
Econorte 238,496 11.2%
Portonave 814,715 38.1%
TPI-Log7
118,861 5.6%
Santa Rita8
9,347 0.4%
TBP9
72,231 3.4%
NTL10
35,904 1.7%
Vessel-Log11
32,157 1.5%
Other investments 30,181 1.4%
2,135,867 100.0%

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IV – Capex
Investment in Fixed Assets
4Q10 D
Triunfo 4,903 5.6%
Concer 13,557 15.4%
Concepa 20,282 23.0%
Econorte 18,632 21.1%
Portonave 7,753 8.8%
TPI-Log - 0.0%
Santa Rita 2,102 2.4%
Vessel-Log 10,720 12.2%
NTL 9,994 11.3%
Other investments 281 0.3%
88,224 100.0%
Rio Verde 6,393 7.2%
Capex with Rio Verde 94,617

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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