Triunfo Participações e Investimentos S.A. reported its 4Q11 and full year 2011 earnings results. Key highlights included net revenue growth of 37.5% in 4Q11 and 30.7% for 2011. Traffic volume increased 7.8% in 4Q11 and 8.4% for the full year. Adjusted EBITDA grew 38.7% in 4Q11 to R$117 million and increased 13.3% for 2011 to R$352 million. Net income for 4Q11 was R$28.9 million. Capex totaled R$194.2 million in 4Q11 and R$470.2 million for the full year, primarily directed towards the Rio

1. 1
4Q11 Earnings
Results Presentation
27/03/2012

2. 2
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.
The information is presented in proportion to the participation of Triunfo in each subsidiary and
the operational numbers correspond to 100% of the business.
The information includes the performance of the subsidiary Rio Verde.
Forward-Looking Statements

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I - Highlights

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I – Highlights 4Q11 and 2011
Net Revenue grew 37.5% in 4Q11 and 30.7% in 2011, reaching R$238 million and R$787 million,
respectively.
Traffic volume increased 7.8% in 4Q11, totaling 20.3 million equivalent vehicles. Traffic volume in 2011
was 76.9 million equivalent vehicles, up 8.4% over 2010 Equivalent vehicle is a measure based on the
total number of toll-paying vehicles, taking into account their respective toll multiplication factors.
Handled container volume reached 145,793 TEUs and 545,158 TEUs in 4Q11 and 2011, respectively.
Energy generated was 166,192 MWh and 729,843 MWh in 4Q11 and 2011, respectively.
Adjusted EBITDA was R$117 million in 4Q11, increasing 38.7%, for a margin of 58.1%. For full year 2011,
adjusted EBITDA was R$352 million, up 13.3%.
Net Income in 4Q11 totaled R$28,9 million. The Dividend Calculation Base was R$44.3 million for the
quarter and R$88,5 million for the year.

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I - Highlights
Leverage ratio of the highway and port segments is below 1x EBITDA.
Maestra acquired its fourth ship, which will enable it to offer a service with weekly stopovers at the
terminals where it operates.
In October, Triunfo signed a Memorandum of Understanding with the Japanese shipping company
Nippon Yusen Kabushiki Kaisha (“NYK”), regulating the key terms and conditions for a cabotage joint
venture. NYK holds a 10% stake in the cabotage business.
In December, Triunfo joined hands with Vetorial Participações and ALL – América Latina Logistica to
create Vetria Mineração. Vetria will extract, transport and sell iron ore from Maciço do Urucum in
Corumbá (MS) through the Port of Santos (SP).

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II – 4Q11 and 2011 Results

7. 7
427
588
763
64
65
95
2009 2010 2011
Gross Revenue without construction Construction of Assets in Toll Roads
491
653
858
99
168
22323
19
37
4Q09 4Q10 4Q11
Gross Revenue without construction Construction of Assets in Toll Roads
260
187
122
Gross Revenue from Operations
(R$ ‘000)
II – 4Q11 and 2011 Results
39%
CAGR 32.2%
31.5%

8. 8
94,867
110,359
122,654
4Q09 4Q10 4Q11
17,290
18,880
20,354
4Q09 4Q10 4Q11
Traffic – Equivalent Vehicles
(‘000) - corresponds to 100% of the business.
II – 4Q11 and 2011 Results
Toll Roads
7.8%
64,085
70,985
76,940
2009 2010 2011
341,940
398,206
451,196
2009 2010 2011
Revenue – Toll Roads
(‘000) - corresponds to the participation of Triunfo in the
business.
8.4%
11.1%
13.3%
* It does not include revenues of construction

9. 9
74,216
103,553
124,185
5,862
22,681
61,069
2009 2010 2011
Other revenue Own cargo revenue
185,254
126,234
80,078
25,657 27,072
37,0126,428
21,801
4Q09 4Q10 4Q11
Other revenue Own cargo revenue
58,813
33,500
Container Handling
TEUs (‘000) - corresponds to 100% of the
business.
II – 4Q11 Results
Port Administration
Revenue - Port Operation
TEUs (‘000) - corresponds to the participation of Triunfo in
the business.
143,626
155,404
145,793
4Q09 4Q10 4Q11
413,968
582,137
545,158
2009 2010 2011
-6.4%
-6.2%
46.8%
75.6%

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Energy Generated
MWh
II – 4Q11 and 2011 Results
Energy Generatiton
155,443
166,192
4Q10 4Q11
Revenue
MWh
326,047
729,843
2010 2011
23,019
27,180
4Q10 4Q11
58,695
101,526
2010 2011
123.8%
6.9%
18.1%
73.0%

11. 11
68,847
101,923
4Q10 4Q11
230,796
320,602
2010 2011
Operating Expenses (R$ ‘000)
Net of Depreciation / Amortization
II – 4Q11 and 2011 Results
Operating Expenses and Operating Costs
Operating Costs (R$ ‘000)
Net of Depreciation / Amortization
20,945
13,684
4Q10 4Q11
48.0%
38.9%
-34.7%
72,416
114,289
2010 2011
57.8%

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II – 4Q11 and 2011 Results
EBITDA
Adjusted EBITDA (R$ ‘000)
(1) Does not include revenue from construction.
(2) Excludes provision for maintenance of roads, adjusted by recovery insurance and the revenue of toll roads construction.
4Q11 4Q10 D 2011 2010 D
Net Operating Revenue 238,160 173,213 37.5% 786,782 601,925 30.7%
Adjusted Net Operating Revenue (1) 201,359 154,092 30.7% 692,127 536,942 28.9%
Net Income (Loss) 28,942 13,586 113.0% 22,363 33,985 -34.2%
Adjusted EBITDA (2) 116,990 84,369 38.7% 351,951 310,747 13.3%
Adjusted EBITDA Margin 58.1% 54.8% 3,3 p.p. 50.9% 57.9% -7,0 p. p.

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84
117
4Q10 4Q11
Adjusted EBITDA (R$ ‘000) / EBITDA Margin (%)
II – 4Q11 and 2011 Results
38.7%
58.1%
54.8%
311
352
2010 2011
50.9%
57.9%
13.3%
The adjusted EBITDA margin evolution was mainly due to operational improvements in the road segment, power generation and
ports, also non-recurring events in the quarter. The improvements were partially mitigated by the negative impact of the costs of new
projects. Not considering the cabotage operation, that maturity is forecast for the end of 2012, adjusted EBITDA margin would be
stable in 2011 compared to 2010.

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Net Financial Results (R$ ‘000)
II – 4Q11 and 2011 Results
2011 2010 D
Financial Income (151,448) (104,122) 45.5%
 Financial Revenue 16,330 6,945 135.1%
 Financial Expenses (152,425) (114,914) 32.6%
 Exchange Rate Variation (15,353) 3,847 -

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Net Profit
(R$ ‘000)
II – 4Q11 and 2011 Results
Net Profit
13.6
16.9
12.0
4Q10 4Q11
Net Profit Non -recurring
113%
24.3%
28.9
•Excluding the effect of non-recurring events as described, the net income growth would be 24.3% in 4Q11.

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The profit-based dividends in 2010, considers R$ 10 million from prior years, excluding this value, the basis of dividend income in 2011 is
roughly in line with the previous year.
4Q11 4Q10 D 2011 2010 D
Net Income/Loss 28,942 13,586 113.0% 22,363 33,985 -34.2%
Unrecognized Investments 2 (167) - (561) (1,527) -63.3%
Prior Year Adjustments - 10,135 - - 10,135 -
Realization of Revaluation Reserve 16,411 14,687 11.7% 67,818 61,992 9.4%
Creation of Legal Reserve (5%) (1,090) (671) 62.4% (1,090) (1,623) -32.8%
Dividend Basis 44,265 37,570 17.8% 88,530 102,962 -14.0%
DIVIDEND BASIS (in R$ thousands)
II – 4Q11 and 2011 Results
Dividend Basis
Dividend Basis

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III – Net Debt
ROAD
SEGMENT
PORT
COMPANY
ENERGY
CABOTAGE
SEGMENT
SUBTOTAL
PARENT
COMPANY
TOTAL
2012 106.192 21.393 175.951 13.932 317.468 39.870 357.338
2013 97.248 21.385 26.023 38.123 182.779 57.084 239.863
2014 19.121 21.384 26.485 14.723 81.713 57.538 139.251
2015 28.840 21.384 24.837 14.723 89.784 104.719 194.503
2016 35.859 - 22.771 695 59.325 51.612 110.937
After 2016 14.134 - 215.787 7.160 237.081 98.930 336.011
Gross Debt 301.394 85.546 491.854 89.356 968.150 409.753 1.377.903
Net Debt 270.139 59.461 370.916 88.252 788.768 368.986 1.157.754
EBITDA (LTM) 286.022 68.260 63.508 -40.723 377.067 -25.116 351.951
Net Debt / Adjusted EBITDA (LTM) 0,94 x 0,87 x 5,84 x 2,09 x 3,29 x
DEBT AMORTIZATION 4Q11
(in R$ thousands)
* * *
* R$150 million related to the Rio Canoas bridge loan maturing in 2012 will be paid after the release of long-term financing from BNDES.
Low leverage (less than 1x EBITDA) in operating – Ports and road segment
The debt is tied to investments. Funding is long term and hedged in prior sale (Energy).
Leverage consolidated EBITDA greater than 1x justified by new projects.
Short-term debt completely covered, even though EBITDA constant.

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IV – Capex
Investments in Fixed Assets
4Q11
% Capex
4Q11
2011
% Capex
2011
Concer 15,078 7.8% 35,035 7.5%
Concepa 16,740 8.6% 44,395 9.4%
Econorte 4,983 2.6% 15,225 3.2%
Portonave 5,611 2.9% 18,076 3.8%
Rio Canoas 104,864 54.0% 230,355 49.0%
Maestra 28,188 14.5% 78,641 16.7%
Other Investments 4,532 2.3% 33,523 7.1%
Rio Verde 5 0.0% 759 0.2%
Capex with Rio Verde 194,198 100.0% 470,206 100.0%

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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