The document provides highlights and financial results for CTEEP for 1Q15. Net revenue increased 12.6% while net income decreased slightly by 1.3%. EBITDA grew by 3.2% and gross debt was reduced by 1.9%. Revenue growth was driven by increases in the construction, operation and maintenance, and financial sectors. Costs grew mainly due to increases in personnel expenses and contingencies. The financial result declined by 34.2% due to lower cash balances and interest rates.

1. 1
Presentation of Results 1Q15
São Paulo, 30 April 2015

2. 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. 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 and
Maintenance
Financial
Others
1T15
Company Subsidiaries
13.2%
(R$ millions)

4. 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. 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. 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.
12.2
9.6
3.5
6.3
-0.6
0.1 0.3
1Q14 1Q15
Madeira Garanhuns IENNE IESUL
15.2 16.2
(R$ millions)

7. 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
Interest
Receivable
Monetary (net)
Interest and expenses
on loans
Hedge adjustments
and others
1T15
Consolidado Controladas
-1.9
(R$ millions)

8. 8
Breakdown of Net Income
Earnings per share was R$ 0.5233
85.5 84.4
1Q14 1Q15
(R$ millions)

9. 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 social
contribuition
Financial Results
Depreciation and
Amortization
1Q15
Controladora Controladas

10. 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 1T15
Index 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%
2014
Debt
(R$ million)
1Q15 Δ%

11. 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
237.6 234.3
214.7
48.4 46.3
143.9
2015 2016 2017 2018 2019 2020 2021 a 2025 2026 a 2030
Company Subsidiaries
(R$ millions)

12. 12
Aggregate Debt at the Subsidiaries
1.245,1
101,2
57,9 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. 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. 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. 15
Investor Relations
Tel: +55 11 3138-7557
ri@cteep.com.br
www.cteep.com.br/ri