PRESENTATION 3 Q 1 9 | R E S U L T S ISA CTEEP ISA CTEEP in - - PowerPoint PPT Presentation

INSTITUTIONAL PRESENTATION

3 Q 1 9 | R E S U L T S

ISA CTEEP in the Transmission Sector Sustainable Value Financial Highlights ISA CTEEP

WHY INVEST IN

ISA CTEEP?

No demand risk and low default risk

Strong Cash Generation

Minimum payout of 75% (regulatory net income)

Dividends

Reference Company in quality and O&M

Benchmark Valuation

Attractive valuation Fitch: AAA(bra)

Investment Grade

Sustainable value creation

Profitability

Opportunities in retrofitting, greenfield projects and M&A

Growth

51%

IE Madeira

Revenue²: BRL 260 million

100%

IENNE

Revenue² : BRL 46 million

ISA CTEEP

Revenue² : BRL 2,579 million

IE Serra do Japi

100%

Revenue² : BRL 58 million

100%

IE Pinheiros

Revenue² : BRL 57 million

100%

Evrecy

Revenue² : BRL 10 million

100%

IE Sul

Revenue² : BRL 18 million

51%

IE Garanhuns

Revenue² : BRL 46 million

100%

IEMG

Revenue²: BRL 19 million

Largest publicly traded pure transmission utility in Brazil

▪

Transmission of ~25% of Brazil’s power generation

▪

Transmission of ~100% of the power generated in the State of São Paulo

▪

Benchmark player in costs and quality

18.6 thousand km of transmission lines 126 substations 65.9 thousand MVA of transformation capacity

▪

RAP ISA CTEEP2019/2020 cycle: BRL 3.1 billion¹

Notes: ¹ Operational assetsL ² 2019/2020 Revenue Cycle proportional to ISA CTEEP’s participation

IE Itapura Bauru

Revenue² : BRL 12 million

100%

100%

IE Itaúnas

Revenue²: BRL 52 million

100%

IE Biguaçú

Revenue²: BRL 40 million

50%

IE Paraguaçu

Revenue²: BRL 59 million

Largest publicly traded pure transmission utility in Brazil

▪

Sustainable growth

Notes: ¹ ISA CTEEP’s investments in 10 projects acquired in 2016, 2017 and 2018

• auctions. CAPEX and 2019/2020 Revenue

adjusted to ISA CTEEP’s participation ² Considers 2019/2020 Revenue Cycle adjusted to ISA CTEEP’s participation

Organic growth: CapEx of around BRL 180 million/year Greenfield Projects¹: Revenue (RAP) cycle 2019/2020: BRL 479 million/year

50%

IE Aimorés

Revenue² : BRL 40 million

50%

IE Ivaí

Revenue²: BRL 147 million

100%

IE Tibagi

Revenue²: BRL 20 million

100%

IE Itapura Lorena

Revenue²: BRL 11 million

100%

IE Aguapeí

100%

IE Itaquerê

Revenue²: BRL 51 million Revenue²: BRL 59 million

A successful story of growth, resilience and performance

1999 2013 2001 2012 2006 2007 2017 2016

‘000 km¹ of transmission lines Consolidated regulatory EBITDA ICVM 527 in BRL billion

0.1 0.7 1.1 1.6 0.2 0.7 1.6 11.5 12.3 15.4 17.7 18.6

Transmissão Paulista merger with EPTE CESP spin off creates Transmissão Paulista Set up of RBSE compensation (Ordinance 120 Ministry of Mining and Energy) Winner bid for 3 lots in October auction Expansion to 17 Brazilian states through greenfield projects and acquisitions ISA acquires CTEEP and becomes the controlling shareholder Winner bid for 5 lots in April auction Extension of Main Concession Contract (059/2001) for 30 years Winner bid for 2 lots in June auction

2018

18.6 2.5 2.2 18.6

2019²

Note: ¹ Information considers 100% of the projects ² Last 12 months ending on 09/30/2019

IE Itapura (Bauru) startup

▪ Tickers: TRPL3¹ and TRPL4² ▪ Corporate Governance: Level 1 at B3 ▪ Average daily volume in 9M19:

BRL 33 million

▪ Market cap³: BRL 17 billion ▪ Distribution of capital:

53% of foreign investors 47% of Brazilian investors

▪ ADRs: “CTPTY” and “CTPZY” ▪ Coverage of 12 institutions:

67% Hold 33% Sell

Common shares: 89.5% Preferred shares: 1.3%

ISA 35.8%

Common shares: 10.5% Preferred shares: 98.7%

Free Float 64.2%

Common shares: 9.8% Preferred shares: 51.9%

Eletrobras 35.4%

Common shares: 0.7% Preferred shares: 46.8%

Others 28.8%

Common shares: 257,937,732 Preferred shares: 400,945,572 Total: 658,883,304

CONTROLLED BY ISA FREE FLOAT OF 64%

ISA CTEEP

Notes: ¹ Common share l ² Preferred share l ³On 09/30/2019

Shareholder Structure on 09/30/2019

Notes: ¹ On 09/30/2019

Central America Brazil

20% of participation in the Transmission market in 2018

Bolivia Argentina Peru

70% of participation in the Transmission market in 2018

Colombia

70% of participation in the Transmission market in 2018

Chile

5% of participation in the Transmission market in 2018

▪ Largest high-tension electric

transmission network in Latin America

ISA

INTERCONEXIÓN ELÉCTRICA, S.A.E.S.P .

A multilatina company focused in transmission with growth

• pportunities in Brazil

Solid Presence in Latin America: 7 countries, 3 sectors, 43 companies

▪ Businesses in:

Operational:

▪ 46,280 km of transmission lines ▪ 91,880 MVA in power capacity

▪ Controlled by the Colombian

government (51% of shares)

▪ Market cap: USD 5 billion¹

▪ Energy transmission ▪ Highway concessions ▪ Information Technology/Telecom

Under construction:

▪ 5,869 km of transmission lines ▪ 13,232 MVA in power capacity

CORPORATE STRUCTURE

ISA CTEEP and its subsidiaries Assured Annual Revenue (RAP) 2019/2020 Cycle of BRL 4.1 billion

RAP ISA CTEEP Cycle 2019/2020

(BRL million)

ISA CTEEP Operational São Paulo 2,579 2,579 Real Profit ISA CTEEP 100% Fully consolidated IE Madeira Operational Rondônia / SP 511 260 Real Profit ISA CTEEP 51% / Furnas 24,5% / Chesf 24,5% Equity method IE Ivaí Under construction Paraná 294 147 Real Profit ISA CTEEP 50% / TAESA 50% Equity method IE Paraguaçu Under construction Bahia / MG 118 59 Real Profit ISA CTEEP 50% / TAESA 50% Equity method IE Garanhuns Operational Pernambuco 91 46 Real Profit ISA CTEEP 51% / Chesf 49% Equity method IE Aimorés Under construction Minas Gerais 79 40 Real Profit ISA CTEEP 50% / TAESA 50% Equity method IE Pinheiros Operational São Paulo 57 57 Presumed Profit ISA CTEEP 100% Fully consolidated IE Serra do Japi Operational São Paulo 58 58 Presumed Profit ISA CTEEP 100% Fully consolidated IE Aguapeí Under construction São Paulo 59 59 Presumed Profit ISA CTEEP 100% Fully consolidated IE Itaúnas Under construction Espírito Santo 52 52 Presumed Profit ISA CTEEP 100% Fully consolidated IE Itaquerê Under construction São Paulo 51 51 Presumed Profit ISA CTEEP 100% Fully consolidated IENNE Operational Tocantins 46 46 Presumed Profit ISA CTEEP 100% Fully consolidated IE Biguaçu Under construction Santa Catarina 40 40 Presumed Profit ISA CTEEP 100% Fully consolidated IE Tibagi Under construction SP / Paraná 20 20 Presumed Profit ISA CTEEP 100% Fully consolidated IE Sul Operational Rio Grande do Sul 18 18 Real Profit ISA CTEEP 100% Fully consolidated IEMG Operational Minas Gerais 19 19 Presumed Profit ISA CTEEP 100% Fully consolidated Evrecy Operational Espírito Santo 10 10 Presumed Profit ISA CTEEP 100% Fully consolidated IE Itapura - Bauru Operational São Paulo 12 12 Presumed Profit ISA CTEEP 100% Fully consolidated IE Itapura - Lorena Under construction São Paulo 11 11 Presumed Profit ISA CTEEP 100% Fully consolidated Total 4,127 3,587

¹ 2019/2020 cycle RAP with PA, net of PIS and COFINS ² Presumed profit: a presumed profit of 8% of operational revenue is calculated, with a retainment of 25% of income tax rate on the presumed amount. For the Social Contribution of Net Profit (CSLL), 12% of operational revenue is calculated, with a retainment of 9% of CSLL on presumed profit. Real Profit: 34% of income tax + CSLL on real taxable profit

Consolidation Location RAP Cycle 2019/2020¹

(BRL million)

Share (%) Profit Regime²

Corporate Governance Structure

Human Resources Committee Audit Committee CFO and IRO COO Institutional Relations Department Alessandro Gregori Filho Carlos Ribeiro Rafael Noda Project Director Weberson Abreu Board of Auditors

8 effective members, of which 2 are independent and one is elected by the employees 5 effective members and 5 substitute members

Board of Directors César Ramirez CEO

Ethics and Transparency recognized at ISA and at ISA CTEEP levels Experienced Management team focused

• n value

creation 2019 Transparency Trophy from ANEFAC

Shareholders

CONNECTIONS THAT CREATE VALUE THROUGH

▪ Forest projects that reduce the

impact of greenhouse gases

▪ Climate change mitigation ▪ Conservation of biodiversity in

jaguar’s habitat

JAGUAR CONNECTION:

▪ ~BRL 15 million in investments in 2018 ▪ Projects related to Youth Leadership,

Local Development, and the Environment

▪ Educational Focus

SOCIAL RESPONSIBILITY: Sponsorship with tax benefit

ACTIONS CONEXIONS THAT INSPIRE

C O N N E C T I O N S T O G E N E R A T E S U S T A I N A B L E V A L U E

Digitalization Real Estate Opportunities Energy Storage

Operational safety optimization with cost reduction through substation teleassistance and retrofitting

Ancillary Services

NEW BUSINESSES EFFICIENCY

Sustainable Value Financial Highlights ISA CTEEP in the Transmission Sector ISA CTEEP

6 7 13 19 65

State Grid Alupar TAESA ISA CTEEP Eletrobras

2018 Mark et Share (tho us a nd km o f lines ) Transmission Revenues ¹ (2019/ 2020 cycle)

Total: BRL 37 billion

IS THE PURE TRANSMISSION COMPANY IN THE SECTOR IN BRAZIL

Transmission companies are remunerated by the availability of its assets

Notes: ¹ Considers auctions held until December of 2018 | ² Interconnected National System| ³ National Electric Energy Agency | 4 National Operator of the Electric System

SIN² is composed of 135 thousand km of transmission lines and serves 98% of the market The transmission sector is regulated and monitored by ANEEL³ and coordinated and controlled by ONS4 Transmission companies are remunerated by the availability of its

• assets. There is no demand risk and

no default risk.

36% 10% 7% 9% 34% 4%

TAESA Eletrobras ISA CTEEP State Grid Alupar Others

Source: ANEEL

Concessions prior to 1998 Concessions between 1999 and 2006 Concessions after 2008

Note: ¹ Regulatory Asset Base

THE COMPANY’S MAIN IS IN

▪ Revenue (RAP) annually adjusted by IPCA ▪ Contracts renewed in 2013

(Provisional Measure 579/2012)

▪ Tariff Reset every 5 years (O&M, WACC

and RAB¹)

▪ RAP annually adjusted by IGP-M ▪ 50% RAP reduction on the 16th year of

• peration

▪ No tariff reset ▪ Reset of reinforcements and improvements,

starting in July 2019 every 5 years

▪ RAP annually adjusted by IPCA ▪ 30-year-contract, with 3 tariff resets (cost of

debt applied at WACC)

▪ Reset of reinforcements and improvements

every 5 years RAP in

• peration:

72% RAP in

• peration:

1% RAP in

• peration:

13% RAP under construction: 14%

DEMAND DOES NOT IMPACT TRANSCO’S REVENUE

Annual Costs of Electric Assets (CAAE) O&M Revenue (AOM)

Gross Investment x %O&M

+

Gross Investment x Depreciation Rate Net Investment x Regulatory WACC

Annual Allowed Revenue (RAP) Breakdown

PV RBSE (CAEE) O&M (AOM) NI (CAAE & AOM) PA

PV

OTHERS¹

Note: ¹Other revenues consider bilateral and sharing contracts

▪ Revenue (RAP) approved by ANEEL with periodic

tariff reset (“PTR”)

▪ RBSE

Receivables related to the non depreciated assets in operation in May/2000 (Contract 059/2001)

▪ O&M

Part of revenues that reimburses operational costs

• f concessionaires partially or fully. Defined in the

PTR process and annually adjusted by inflation

▪ New Investments (NI)

Organic growth with execution of authorized reinforcements and improvements

▪ Variable Parcel (PV)

Revenue reduction due to unavailability

▪ Adjustment Parcel (PA)

Compensates excess or deficit of revenues in the previews tariff cycle

ISA CTEEP

ISA CTEEP in the Transmission Sector Financial Highlights Sustainable Value ISA CTEEP

P E S S O A S

Regulação Valor Justo Jurídico Gestão de Litígios Crescimento Disciplina de Capital Integração Subsidiárias Projetos Crescimento Orgânico Operação e Manutenção Eficiência, Qualidade, Segurança

REMUNERATION FROM ASSET AVAILABILITY

Note:

¹ Considers revenue proportional to ISA CTEEP’s participation in assets with partnerships

R$ 3,585 million RAP Composition

• f Contract

059

Contract 059 Subsidiaries in Operation Subsidiaries in Constructio RBSE O&M New Investments

Assured Annual Revenue (RAP) - 2019/2020 Cycle¹

Focus in cost efficiency, service quality and

• perational safety to maximize results

0.51 0.23 0.14 0.1 0.05 0.1

ISA CTEEP South Southeast/ Midwest SIN Northeast North

FREQ (times)

Equivalent Frequency of Interruption

DREQ (minutes)

Equivalent Duration of Interruption

ISA CTEEP South Southeast/ Midwest SIN Northeast North

IENS (%)

Index of Non-Supplied Energy

ISA CTEEP South Southeast/ Midwest SIN Northeast North

Focus in efficiency results in reduc ucti tion

• n of

37% of OPEX, excluding contingencies, going from BRL 915 million in 2006 to BRL 572 million in 20181 DREQ/FREQ indicators, in Sep/19, suggest that for every 8 ye years and 4 months ths, there would be 1 total shutdown of ISA CTEEP’s system of approximately 24 minutes

Note: ¹ Considers controlled and affiliates weighted by the Company’s share Sep/2019 figures

8.92 16.99 6.9 6.86 1.61 2.43 0.0029% 0.0052% 0.0025% 0.0025% 0.007% 0.0013%

IENNE (100%)

TL: 710 km Substation: none Revenue: BRL 46 million

IE Garanhuns (51%)

TL: 633 km Substation: 2,100 MVA Revenue¹: BRL 46 million

IE SUL (100%)

TL: 167 km Substation: 900 MVA Revenue: BRL 18 million

IE Madeira (51%)

TL: 2,385 km Substation: 7,470 MVA Revenue¹: BRL 260 million

IE Pinheiros (100%)

TL: 1 km Substation: 4,200 MVA Revenue: BRL 57 million

IE Serra do Japi (100%)

TL: 137 km Substation: 2,000 MVA Revenue: BRL 58 million

IEMG (100%)

TL: 173 km Substation: none Revenue: BRL 19 million

Evrecy (100%)

TL: 154 km Substation: 450 MVA Revenue: BRL 10 million

MANAGEMENT OF SUBSIDIARIES WITH GOVERNANCE AND INTEGRATION

▪ 9 subsidiaries in operation ▪ 15 concession contracts ▪ 4.4 thousand km of transmission lines ▪ 17 thousand MVA of power

transformation capacity

▪ Revenue (RAP) of BRL 526 million¹

Note:

¹ 2019/2020 RAP Cycle weighted by ISA CTEEP’s participation

Substation Line Entrance Transmission Line (TL) In operation

IE Itapura – Bauru (100%)

1 Static Component (Bauru Substation) Revenue: BRL 12 million

RBSE (BASIC NETWORK OF EXISTING SERVICE) CASH FLOW BOOSTS CASH GENERATION FOR THE NEXT YEARS

▪ RBSE: receivables related to the non

depreciated assets in operation in May/2000

▪ April of 2017 injunction determined

temporary exclusion of Ke

▪ In October of 2019 Bill 4,636/19 was

approved in the House of Mines and Energy Commision, that proposes the exchange of Ke to WACC. This Bill is in discussion at the Finance and Taxation Committee (CFT) and will later follow to the CCJC and then to the Senate

Notes:

¹ Technical Note 170/17 | ² Net of PIS/COFINS

RBSE Receivables Schedule² (BRL million)

837 711 747 747 747 747 347 785 729 750 785 785 785 785 785

2018/2019

1,566

2019/2020 2017/2018 2020/2021 2022/2023 2021/2022 2023/2024 2024/2025

1,461 1,532 1,532 1,532 1,532 1,132 785 246 253 264 264 264 264 264 264

Ke

246 253 264 264 264 264 264 264 246 253 264 264 264 264 264 264

WACC

151 156 163 163 163 163 163 163

Financial Component Economic Component

Note:

¹ Net of PIS/COFINS. Amounts represent what was established for cycles 2017/2018 (REH ANEEL 2,258), 2018/2019 (REH ANEEL 2,408) and 2019/2020 (REH ANEEL 2,565). Premises for future cycle according to REN ANEEL 762/2017 and based on REH ANEEL 2,565. Regulatory WACC of 6.64%, that will be updated in the tariff review. Asset base is subject to write-offs in the tariff review process.

PROCEEDINGS LOWER HOUSE UPPER HOUSE EXECUTIVE CME CFT CCJC COMMITTEES PLENARY SANCTION VETOS

GUARANTEE AN ADEQUATE TARIFF RESET

▪ Transmission concession contracts renewed in 2013 are

subject to a periodic tariff reset (“PTR”) every five years

▪ ANEEL opened Public Hearings 41/2017, 31/2018 and

09/2019 to discuss and improve 2018 PTR rules

▪ PTR was postponed to Cycle 2020/2021, with retroactive

effects to 2018 Regulatory Operational Costs (O&M) Cost of Capital (WACC) Regulatory Asset Base & Regulatory Price Reference Improvements in small scale

GUARANTEE ADEQUATE TARIFF RESET

Regulatory Operational Costs Cost of Capital WACC Regulatory Asset Base & Price Reference

▪ Technical Note (“TN”)

204/2018

▪ Reduction of O&M costs of

17% (vs. 19% TN 141/2018), phased in 5 years

▪ TN subject to approval in

ANEEL board meeting

▪ New Price Reference

approved by Resolution 2,514/2019

▪ Price Reference constructed

based on investments in the sector between 2013 and 2017

▪ Evaluation report of assets

should be presented to ANEEL in mid July of 2019 (ANEEL dispatch 1,140/2019)

▪ Next steps: ANEEL auditing of

the report

▪ Opening of Public Hearing

09/2019 and publication of Technical Note 37/2019

▪ Increase of WACC from

6.64% to 7.32%

▪ Deadline to send contributions

to Public Hearing on 12/02/2019

▪ Technical Note 215/2018 ▪ Fixed revenue throughout

the tariff cycle

▪ ANEEL proposal based on

investments realized in the last years

▪ Annual revenue proposed of

approximately BRL 10 million/year

Minor improvements

9 PROJECTS UNDER CONSTRUCTION WILL ADD BRL 479 MILLION OF REVENUE¹

Note:

¹ 2019/2020 RAP Cycle proportional to ISA CTEEP’s participation ²Considers information of the project (100%)

IE Itaquerê (100%)

3 Synchronous Components (Araraquara Substation) CAPEX ANEEL: BRL 398 million RevenueCycle 19/20: BRL 51 million Deadline ANEEL: Aug/21

IE Aguapeí (100%)

TL: 111 km Substation: 1,400 MVA CAPEX ANEEL: BRL 602 million RevenueCycle 19/20: BRL 59 million Deadline ANEEL: Aug/21

IE Paraguaçu (50%)²

TL: 338 km Substation: none CAPEX ANEEL: BRL 510 million RevenueCycle 19/20: BRL 118 million Deadline ANEEL: Feb/22

IE Itaúnas (100%)

TL: 79 km Substation: 1,200 MVA 1 Static Component CAPEX ANEEL: BRL 298 million RevenueCycle 19/20: BRL 52 million Deadline ANEEL: Feb/22

IE Aimorés (50%)²

TL: 208 km Substation: none CAPEX ANEEL: BRL 341 million RevenueCycle 19/20: BRL 79 million Deadline ANEEL: Feb/22

IE Tibagi (100%)

TL: 18 km in double circuit Substation: 500 MVA CAPEX ANEEL: BRL 135 million RevenueCycle 19/20: BRL 20 million Deadline ANEEL: Aug/21

IE Ivaí (50%)²

TL: 599 km (230/500 kV) in double circuit Substation: 2,988 MVA CAPEX ANEEL: BRL 1,936 million RevenueCycle 19/20: BRL 294 million Deadline ANEEL: Aug/22

Substation Line Entrance Transmission Lines (TL) Under construction

IE Itapura - Lorena (100%)

TL: 6 km in double circuit Substation : 1,200 MVA CAPEX ANEEL: BRL 238 million RevenueCycle 19/20: BRL 11 million Deadline ANEEL : Sep/22

IE Biguaçú (100%)

TL: 57 km Substation: 300 MVA CAPEX ANEEL: BRL 641 million RevenueCycle 19/20: BRL 40 million Deadline ANEEL : Sep/23

GROWTH OPPORTUNITIES TO CREATE VALUE GREENFIELD PROJECTS AND RETROFITTING M&A

Constantly evaluating market

• pportunities for consolidation

2029 Decennial Energy Plan

▪

BRL 104 billion of investments in transmission estimated for 2020-2029

▪

71% of transmission lines

▪

29% of substations

▪

Increase of around 56 thousand km

• f new transmission lines

2019 Auction

▪

December of 2019

▪

13 lots in 12 States

▪

2,380 km of lines

▪

Investment of ~BRL 4 billion

ISA CTEEP in the Transmission Sector Sustainable Value Financial Highlights ISA CTEEP

51% 76% 83% 80%

NET REVENUE (BRL MILLION)

951 2017 9M19 1,778 2016 2018 2,767 2,045 488 2017 2,287 2016 2018 9M19 1,351 1,631 467 509 538 446 2017 2016 2018 9M19 246 635 889 2017 2016 2018 9M19 1,290 REGULATORY RESULTS HIGHLIGHTS

STRONG CASH GENERATION BOOSTED BY RBSE

O&M COSTS¹ (BRL MILLION) EBITDA ICVM 527 (BRL MILLION) NET INCOME (BRL MILLION)

EBITDA Margin

Note:

¹ Costs do not consider depreciation and contingencies Net Revenue and EBITDA include only 100% owned subsidiaries. Shared control companies are accounted as equity shareholder.

SOLID DEBT PROFILE WITH

▪ Debt Amortization Schedule (BRL million)

Debt Breakdown

Debt Profile

• n 09/30/2019

▪

Gross Debt: BRL 3.1 billion

▪

Average cost: 7.1% p.a

▪

Average term: 3.3 years

▪

Net Debt / EBITDA: 0.8x

Investment Grade by Fitch: AAA(bra)

290 246 82 77 389 924 51 2024 2019 2030+ 2025-2029 2010 2021 2022 2023 1,090

18% 48% 28% 6%

BNDES - TJLP Debentures - CDI/IPCA Lei 4,131 Others

Strong cash generation allows higher dividends

(BRL million) Regulatory Payout 91% 136% 101% 92% 154%

▪ Minimum payout of 75% of regulatory net income limited to the financial covenant of

3.0x Net Debt/EBITDA

▪ Proceeds via interest on capital and dividends payments ▪ Dividend yield of 5.5% in 9M19

100% 226 335 247 585

2017

1,985

2015 9M19 2016 2018 2014

887

68 70 72 74 76 78 80 82 84 86

DOES NOT REFLECT ISA CTEEP’S CASH GENERATION

COVERAGE TARGET PRICE (BRL/share) RATING

HBSC 24 Hold Citi 24 Hold XP Investimentos 24 Hold Brasil Plural 23 Sell JP Morgan 23 Sell Itaú BBA 22 Sell Bradesco 21 Hold BTG 20 Hold Safra 19 Hold Merrill Lynch 19 Hold Santander 19 Hold Banco do Brasil 17 Sell Average Target Price BRL 21

TARGET PRICE (BRL)

16 17 18 19 20 21 22 23 24 25

Hold Buy Sell

▪ Merrill Lynch ▪ Safra ▪ Citi ▪ JP Morgan ▪ XP ▪ Santander ▪ Bradesco ▪ Banco do Brasil ▪ HSBC ▪ Brasil Plural ▪ BTG ▪ Itaú BBA

e-mail: ri@cteep.com.br phone: +55 11 3138-7407 www.isacteep.com.br/ir

INVESTOR RELATIONS