1. NET INCOME REACHES R$ 200.5 MILLION IN 2Q11
São Paulo, August 15 2011 – CTEEP -Companhia de Transmissão de Energia Elétrica Paulista
(“CTEEP” or “Company”) (Bovespa: TRPL3 and TRPL4), the principal private sector electricity
transmission concessionaire in Brazil, announces its results for the second quarter 2011. The
following financial and operating information for the periods shown below is in accordance with
generally accepted Brazilian accounting rules, except where otherwise stated.
HIGHLIGHTS
Net operating revenue reached R$ 690.7 million in 2Q11, an increase of 13.8% against
1Q11 (R$ 607.0 million) and 37.3% compared with 2Q10 (R$ 503.1 million);
EBITDA reached R$ 333.4 million in 2Q11, a growth of 5.1% against 1Q11 (R$ 317.2
million) and 22.2% compared with 2Q10 (R$ 272.8 million);
Paid out in the 2nd quarter 2011 the amount of R$ 247.0 million, corresponding to
R$ 1.63 per share of both types, to shareholders in the form of dividends and interest on
shareholders’ equity;
1st Issue of PNs by the IEMadeira subsidiary: In May 2011, the IEMadeira subsidiary
issued Promissory Notes amounting to R$ 180.0 million, in a single series and maturing in
September 2011 at a cost of CDI + 0.4% per year.
1st Issue of PNs by the Serra do Japi subsidiary: In April 2011, the Serra do Japi subsidiary
issued Promissory Notes in the amount of R$ 70.0 million, in a single series and maturing
in July 2011 at a cost of CDI + 0.3% per year.
Volume of ADRs: The volume of the American Depositary Receipts – ADRs was US$ 68.7
million in 2Q11.
Key Indicators
Change % Change %
(R$'000) 2Q11 1Q11 2Q10 1Q11/1Q10 2Q11/2Q10
Net Revenues 690,735 607,039 503,082 13.8% 37.3%
EBITDA 333,427 317,172 281,248 5.1% 18.6%
EBITDA Margin 48.3% 52.2% 55.9% -4.0 p.p -7.6 p.p
Net Income 200,505 205,844 190,594 -2.6% 5.2%
Net Margin 29.0% 33.9% 37.9% -4.9 p.p -8.9 p.p
Earnings per Share 1.32 1.36 1.26 -2.6% 5.2%
CTEEP – 2Q11 Results 1

2. About CTEEP Common Shares - TRPL3
(42% of the total)
Transmitting electric energy with quality and efficiency: this is the business of CTEEP
ISA Capital do
– Companhia de Transmissão de Energia Elétrica Paulista, the leading private sector
Brasil
concessionaire for electricity transmission in Brazil. 89.40%
Some 30% of the electricity produced in Brazil and 60% consumed in the country’s
Southeast is carried through its network – made up of 12,316 km of transmission
lines, 18,794 km of circuits, 2,488 km of optic fiber cables and 105 substations with
tension up to 550kV.
CTEEP has an installed capacity of 44,431 MVA (Mega Volt Ampere) and with its own Eletrobras
Other 9.85%
assets or through subsidiaries and participations, has a footprint in 12 Brazilian
Shareholders
states: Rio Grande do Sul, Santa Catarina, Paraná, São Paulo, Minas Gerais, Rondônia, 0.75%
Mato Grosso, Mato Grosso do Sul, Goiás, Tocantins, Maranhão and Piauí.
The Company has a stakes in companies established to render an electric energy
transmission public utility service: a 100% stake in the IEMG (Interligação Elétrica de Preferred Shares - TRPL4
Minas Gerais), Pinheiros (Interligação Elétrica Pinheiros) and in Serra do Japi
(58% of the total)
(Interligação Elétrica Serra do Japi); 50% in IESul (Interligação Elétrica Sul), 51% in
IEMadeira (Interligação Elétrica Madeira); and 25% in IENNE (Interligação Elétrica
Other
Norte e Nordeste). Shareholders
Controlled by one of the largest energy transmission groups in Latin America Latina - 35.39%
Grupo Empresarial ISA which holds 89.40% of its common shares -, CTEEP also counts Eletrobras
among its investors Eletrobras - the largest energy group in Brazil, the government of 53.99%
the state of São Paulo and 61 thousand personal and corporate shareholders.
State
CTEEP’s shares are listed on the BM&FBovespa and since 2002, the Company has Government
adhered to Level 1 of BM&FBovespa’s Corporate Governance. Its preferred shares of São Paulo
are a component of the Ibovespa stock index, the most important indicator of the 10.62%
average performance of share prices in the Brazilian stock market. In addition, the
Company has an American Depositary Receipts – ADR Program under SEC Rule 144 A
in the United States.
Total Capital Stock
Investor Relations
Marcio Lopes Almeida
ISA Capital do Eletrobras
Chief Financial and Investor Relations Officer Brasil 35.42%
ri@cteep.com.br 37.60%
Thiago Lopes da Silva
Senior Investor Relations Analyst
State
tlsilva@cteep.com.br Government
Other
Tel: (11) 3138-7557 Sahreholders of São Paulo
20.82% 6.15%
Press Relations:
Mariana Bertolini - CDI Corporate Communications
mariana@cdicom.com.br
CTEEP – 2Q11 Results 2

3. Operational Performance
Operational Excellence
CTEEP’s operating revenue is directly related to the uptime of its assets: transmission lines, reactors
and transformers. Since any asset downtime is susceptible to a discount against its revenues, the
Company operates a continuous program of investing in the upgrading of operational efficiency and
the quality of the operation.
Below are some of the indicators which illustrate the Company’s operating efficiency from 2007 to
1H11:
Transmition Lines
18,795 Km of circuits
Target: 99.75
99.9961% 99.9754% 99.9994%
99,9339%
99.8134%
2007 2008 2009 2010 1H11
Reactors
79 in operation Transformers
Target: 99.55% 542 in operation
99.9948% 99.9860% 99.9941% Target: 99.50%
99.9602% 99.9540%
99.9580% 99.9306% 99.9521% 99.9575% 99.9821%
2007 2008 2009 2010 1H11 2007 2008 2009 2010 1H11
CTEEP – 2Q11 Results 3

4. Effects of the adoption of IFRS and CPC pronouncements
Effect on the financial statements
Below we show the reconciliation between the quarterly information prepared in conformity with current and
previous accounting practices, denominated “BR GAAP (pro-forma)”:
BR GAAP Effect of the IFRS BR GAAP Effect of the IFRS
transition to the transition to
IFRS the IFRS
Assets (R$' 000) June 30, 2011 March 31, 2011
CURRENT ASSETS
Cash and Banks 217,196 - 217,196 54,983 - 54,983
Trade Account Receivable 272,418 1,053,937 1,326,355 244,524 1,179,866 1,424,390
Inventory 47,663 - 47,663 44,791 - 44,791
Amounts Receivable from the State Finance Secretariat 24,360 - 24,360 22,938 - 22,938
Taxes and Contributions to be offset 11,224 - 11,224 11,230 - 11,230
Tax benefit - Goodwill 28,832 (28,832) - 28,832 (28,832) -
Deferred income Tax and Social Contribution 32,039 (32,039) - 32,575 (32,575) -
Prepaid Expenses 7,923 536 8,459 1,876 735 2,611
Others 56,032 - 56,032 35,848 - 46 35,802
697,687 993,602 1,691,289 477,597 1,119,148 1,596,745
NON-CURRENT ASSETS
Long-Term Assets
Trade Account Receivable - 4,804,728 4,804,728 978 4,224,331 4,225,309
Amounts Receivable from the State Finance Secretariat 730,583 - 730,583 681,129 - 681,129
Tax benefit - incorporated goodwill 104,663 28,832 133,495 119,079 28,832 147,911
Deferred income Tax and Social Contribution 62,569 - 16,567 46,002 62,171 - 34,121 28,050
Pledges and Escrow 45,298 - 45,298 42,248 - 42,248
Inventory - 178,940 178,940 - 184,264 184,264
Credits with Associates 8,874 - 8,874 6,624 - 6,624
951,987 4,995,933 5,947,920 912,229 4,403,306 5,315,535
Property, Plant and Equipment 5,676,778 (5,667,833) 8,945 5,254,978 (5,245,784) 9,194
Intangible Assets 74,655 (64,011) 10,644 70,066 (60,122) 9,944
5,751,433 (5,731,844) 19,589 5,325,044 (5,305,906) 19,138
Total Assets 7,401,107 257,691 7,658,798 6,714,870 216,548 6,931,418
Liabilities and Shareholders' Equity June 30, 2011 March 31, 2011
CURRENT LIABILITIES
Loans and Financing 753,729 1,261 754,990 332,413 - 332,413
Debentures 1,966 - 1,966 2,154 - 2,154
Suppliers 97,366 - 97,366 93,964 - 93,964
Taxes, Fees and Contributions 76,806 - 76,806 88,745 - 88,745
Taxes installments - Law 11,941 11,698 - 11,698 10,353 - 10,353
Regulatory Charges 53,244 - 53,244 49,559 - 49,559
Interest on Shareholders' Equity 246,693 0 246,693 193,822 0 193,822
Provisions 22,174 - 22,174 22,662 - 22,662
Amounts Payable - Fundação CESP 5,818 - 5,818 6,503 - 6,503
Deferred income Tax and Social Contribution 233 (233) - 207 (207) -
Others 34,491 - 1,065 33,426 13,874 - 13,874
1,304,218 (37) 1,304,181 814,256 (207) 814,049
NON-CURRENT LIABILITIES
Long-Term Liabilities
Loans and Financing 790,225 - 786 789,439 540,032 - 540,032
Taxes installments - Law 11,941 144,281 - 144,281 144,964 - 144,964
PIS and COFINS - 164,406 164,406 - 117,632 117,632
Deferred income Tax and Social Contribution 19,439 447 19,886 19,539 - 10,187 9,352
Regulatory Charges 2,174 - 2,174 2,174 - 2,174
Provisions for Contingencies 158,893 - 158,893 161,688 - 161,688
Debentures 551,657 0 551,657 553,639 0 553,639
Especial Liabilities - Reversal/Amortization 24,053 - 24,053 24,053 - 24,053
Negative Goodwill 16,060 (16,060) - - 0 -
Others 38
1,706,820 148,007 1,854,827 1,446,089 107,445 1,553,534
SHAREHOLDERS' EQUITY
Paid-up Capital 1,119,911 - 1,119,911 1,119,911 - 1,119,911
Capital Reserves 2,231,113 - 2,231,113 2,231,113 - 2,231,113
Revenue Reserves 903,682 109,300 1,012,982 904,824 109,300 1,014,124
Accumulated profits 145,163 (3,787) 141,376 145,163 (3,787) 141,376
Proposal for distribution of a complementary dividend - - - 198,011 10 198,021
Advance for future capital increase 16,954 - 16,954 666 - 666
4,390,069 109,721 4,499,790 4,454,525 109,310 4,563,835
Total Liabilities and Shareholders' Equity 7,401,107 257,691 7,658,798 6,714,870 216,548 6,931,418
CTEEP – 2Q11 Results 4

5. 2Q11 RESULTS
(in R$' 000) 2Q11 2Q10
Effect of the Effect of the
BR GAAP transition to IFRS BR GAAP transition to IFRS
the IFRS the IFRS
Net operating revenue 447,504 243,231 690,735 409,247 93,835 503,082
Costs of operating services (114,282) (205,837) (320,119) (102,547) (92,307) (194,854)
Gross Revenue 333,222 37,394 370,616 306,700 1,528 308,228
Operational Revenues (Expenses)
General and administrative (38,094) 824 (37,270) (21,926) (4,989) (26,915)
Management fees (1,314) (244) (1,558) (1,195) (340) (1,535)
Financial expenses (42,900) (18,853) (61,753) (35,238) (3,159) (38,397)
Financial income 6,347 1,657 8,004 12,312 293 12,605
Other expenses, net (5,711) (28,490) (34,201) (324) (4,246) (4,570)
Operating profit 251,550 (7,712) 243,838 260,329 (10,913) 249,416
Income tax and social contribuition
Current (54,638) - (54,638) (65,590) - (65,590)
Deferred 2,187 9,118 11,305 2,105 4,663 6,768
Profit before reversal of interest on own capital 199,099 1,406 200,505 196,844 (6,250) 190,594
Net income for the fiscal year 199,099 1,406 200,505 196,844 (6,250) 190,594
The financial asset originates when the operator has the unconditional contractual right to receive cash or another
financial asset from the conceding entity for construction services; the conceding entity has little or no way of avoiding
payment since normally the agreement is enforceable in law. The concessionaire has the unconditional right to receive
cash if the conceding entity guarantees the payment in the agreement in the event (a) of pre-established values or
values that can be determined or (b) insufficiency, if any, of the values received from the users of the public utility
services with respect to the pre-established or determinable values even if the payment is conditional to a guarantee
from the concessionaire that the infrastructure meets the specific quality and efficiency requirements.
1H11 CASH FLOW
(in R$' 000)
1H11 1H10
Effect of the Effect of the
BR GAAP transition to3T09 IFRS BR GAAP transition to IFRS
the IFRS the IFRS
Cash Flow of operating activities 513,906 (477,782) 36,124 710,284 (283,837) 426,447
Cash flow of investment activities (496,660) 479,957 (16,703) (285,443) 283,837 (1,606)
-
Cash flow of financing activities 144,968 (2,175) 142,793 (129,523) - (129,523)
CTEEP – 2Q11 Results 5

6. Description of the adjustments
Below we give a description of the main adjustments arising from the new accounting pronouncements which have
impacted the Company’s financial statements:
Concession agreements (ICPC 01 and OCPC 05)
As from January 1 2010 (effected from the opening balance of January 1 2009 for comparison purposes) the Company
has adopted and used the provisions of the ICPC 01 interpretation issued by CPC (“equivalent to IFRIC12 of the
international accounting standards as issued by the IASB”) for the purposes of classification and measurement of the
concession activities. This interpretation provides guidance to the concessionaires on the modus operandi for booking
public utility concessions to private entities, when:
the conceding entity controls or regulates which services must be rendered, to whom the services must be
rendered and the price which must be charged; and
the conceding entity controls – through ownership, usufruct or any other manner – any significant residual
participation in the infrastructure on maturity of the concession.
For concession agreements which qualify for application of ICPC 01, the infrastructure which has been constructed,
expanded, reinforced or improved by the operator is not recorded as a fixed asset pertaining to the operator because
the concession agreement does not transfer controlling rights to the concessionaire (much less ownership) of the use
of public utility service infrastructure. Only assignment of possession of these assets for the realization of public utility
services is envisaged, such assets reverting to the conceding entity following the termination of the respective
agreement. The concessionaire has the right to operate the infrastructure for rendering a public utility service in the
name of the conceding entity under the conditions provided in the agreement.
Thus, under the terms of the concession agreements in the context of ICPC 01, the concessionaire acts as a service
provider. The concessionaire builds, expands, upgrades or improves the infrastructure (construction services) used to
render the public utility service as well as operating and maintaining this infrastructure (operation and maintenance
services) during a given period. The concessionaire must register and measure the revenue from the services it renders
in accordance with the Technical Pronouncements CPC 17 – Construction Contracts (equivalent to IAS 11, as issued by
the IASB) and CPC 30 – Revenue Recognition (equivalent to IAS 18, as issued by the IASB). Should the concessionaire
undertake more than one service (for example, the services of construction or improvement and operation services)
governed by a single agreement, the remuneration received or receivable must be allocated on the basis of the fair
values relative to the services rendered if the values are identifiable separately. Thus the compensating item for the
construction services or improvements effected to the concession assets is classified as a financial asset, intangible
asset or both.
The financial asset originates when the operator has the unconditional contractual right to receive cash or another
financial asset from the conceding entity for construction services; the conceding entity has little or no way of avoiding
payment since normally the agreement is enforceable in law. The concessionaire has the unconditional right to receive
cash if the conceding entity guarantees the payment in the agreement (a) of pre-established values or values that can
be determined or (b) insufficiency, if any, of the values received from the users of the public utility services with
respect to the pre-established or determinable values even if the payment is conditional to a guarantee from the
concessionaire that the infrastructure meets the specific quality and efficiency requirements. The remuneration
received or receivable must initially be registered at its fair value received or receivable.
The criteria used for the adoption of the interpretation of the concessions held by the Company and the impact of their
initial adoption is described below:
The interpretation of ICPC 01 was considered applicable to all the public-private utility services agreements to which
the Company is a party.
All the concessions were classified according to the financial asset model, the revenues and costs of the work related
to the formation of the financial asset being recognized through the percentage of evolution method. The financial
asset for indemnification is recognized when the construction is finalized and included as remuneration for
construction services.
CTEEP – 2Q11 Results 6

7. The provisions of ICPC 01 were applied retroactively for the concessions of the controlled companies IEMADEIRA,
IESUL, IENNE, IEMG, Serra do Japi and Pinheiros, the effects that the adoption of IFRS had on the opening balance of
January 1 2009 being recalculated (the opening period used for comparative purposes), the accumulated effects being
attributed to the components of shareholders’ equity. Given the impossibility of reliably reconstructing historical data,
the prospective application was adopted for the concession agreements signed by CTEEP.
As set forth in the agreements, the extinguishment of the concession will legally determine the reversion to the
conceding entity of the assets connected to the service, their verification and evaluation, as well as the determination
of the amount of the indemnification due to the concessionaire based on the values and the dates of their
incorporation into the electricity system. The Company believes that the value of the indemnification to which it will
have a right shall correspond to the New Replacement Value adjusted to the accumulated depreciation for each item.
Considering the uncertainties that prevail in the energy market today, the Company has estimated the value of the
indemnification of its assets based on their respective book values, this being the amount that Management
understands as being the minimum guaranteed by the regulations in force. Given that Management constantly
monitors sector regulations, in the event of changes in these regulations which might alter the estimated value of the
indemnity for the assets, the accounting effects of these changes will be treated in a prospective manner in the
Financial Statements. However, Management reiterates it commitment in continuing to defend shareholder interests
in realizing these assets with a view to maximizing the return on capital invested in the concession in accordance with
the legal parameters. This indemnification is part of the remuneration of the construction services and is recognized
immediately upon the work being concluded.
The Company has determined the fair value of the construction services considering that the projects build in a
sufficient margin to cover the costs of construction together with certain expenses during the construction phase. The
effective rate of interest that remunerates the financial asset arising from the construction services was established
considering the expected shareholders return on an asset with these characteristics.
The financial assets were classified as loans and receivables and the financial income recorded on a monthly basis and
registered directly to results.
The revenues with construction and financial revenue calculated on the financial asset arising from construction are
subject to deferral of the cumulative Social Integration Program - PIS and Contribution for the Financing of Social
Security – COFINS charges, registered in the “deferred taxes” account in the long-term liabilities.
Fiscal Benefit – goodwill incorporated from the controlling company (CPC 04)
The fiscal benefit – goodwill incorporated from the controlling company previously shown in the current assets was
reclassified to the long-term assets.
Deferred income tax and social contribution (CPC 32)
Recognized on the temporary differences at the end of each fiscal year between the balances for assets and liabilities
recognized in the financial accounts and the corresponding fiscal base used in the calculation of the taxable profit.
Deferred tax assets and liabilities are measured at the applicable rates in the period when the liability is expected to be
liquidated or the asset realized according to the prevailing rates in the current tax legislation.
Additionally and in line with CPC 26, the deferred taxes, originally shown in the current assets, were reclassified to the
long-term assets.
Booking of the proposal for dividend payment (ICPC 08)
This interpretation clarifies that the declaration of dividends exceeding the mandatory minimum following the
accounting period to which the financial statements refer should not be recognized as a liability, not meeting the
present obligation criteria on the date of the financial statements as set forth in CPC 25 – Provision, Contingent
Liabilities and Contingent Assets.
CTEEP – 2Q11 Results 7

8. Employee benefits - Fundação CESP (CPC 33)
This accounting pronouncement provides guidance on recognition, measurement and evidence of the benefits granted
to the employees.
Since fiscal year 2008, the actuarial calculations for pension and retirement plans sponsored by the Company show a
surplus, which, since the corridor approach is used in these calculations, generate unrecognized gains. However, the
gain recorded does not exceed the restriction limit to the recognition of the asset (“asset ceiling”) established by CPC
33 (IAS 19).
Negative goodwill (ICPC 09)
Represented by negative goodwill recorded at the time of the acquisition of 49% of the common shares of EPTE -
Empresa Paulista de Transmissão de Energia Elétrica S.A. These shares pertained to the Secretaria de Estado dos
Negócios da Fazenda de São Paulo and Companhia Paulista de Administração de Ativos - CPA and were acquired on
March 26 1999 by CESP - Companhia Energética de São Paulo. At the time of CESP’s partial spin-off, these shares and
the negative goodwill were transferred to CTEEP. EPTE was incorporated by the Company on November 10 2001. In
line with ICPC 09, the negative goodwill was recorded in the retained earnings as an advantageous acquisition.
CTEEP – 2Q11 Results 8

9. Economic and Financial Performance
Revenue Recognition
As set forth in ICPC 01, the concessionaires must register and measure the revenue from the services rendered in
compliance with the CPC 17 technical pronouncements – Construction Agreements and CPC 30 – Revenue Recognition
(operation and maintenance services) even when rendered under the umbrella of a single concession agreement.
Gross Operating Revenue
Gross Operating Revenue increased 12.9% to R$ 780.5 million in 2Q11 and 38.0% when compared with 2Q10 due in
large part to the increase of 122.6% in construction revenues, of 38.0% in revenues from operations and maintenance
and 3.6% from financial revenues in the past 12 months.
Gross Operating Revenue
(R$ million)
+ 38.0%
+ 12.9%
780.5
4.0
691.5
4.2
565.4 339.9
3.8
332.2
328.0
138.0
148.7
99.4
298.7
206.4
134.2
2Q10 1Q11 2Q11
Construction Operation and Maintenance Financial Other
Revenue from Construction services and Operation and Maintenance services - The revenue relating to construction
services or improvements under the services concession agreement is recognized based on the stage at which work in
progress has reached. The revenues from the operation and maintenance services are recognized for the period in
which the services are rendered by the Company. When the Company renders more than one service under a services
concession agreement, the remuneration received is allocated according to the respective fair values for the services
delivered.
Construction Revenues totaled R$ 298.7 million in 2Q11, compared with R$ 134.2 million in 2Q10 and R$ 206.4 million
in 1Q11, reflecting progress in work at Serra do Japi and IEMadeira, as well as upgrading and expansion work at CTEEP
itself, compensated by the conclusion of work at IENNE and the partial entry into operation of the controlled
companies IESUL and Pinheiros.
CTEEP – 2Q11 Results 9

10. Operation and maintenance revenues totaled R$ 138 million in 2Q11, compared with R$ 99.4 million in 2Q10 and R$
148.7 million in 1Q11 reflecting the complement to the provision for CTEEP’s second periodic tariff review cycle,
occurring partially in 2Q10.
Financial Revenue – Financial revenue is recognized when it is probable that the future economic benefits will flow to
the Company and revenue value can be reliably measured. Interest revenue is recognized by the linear method based
on the term and the effective interest rate applicable to the outstanding principal. The effective interest rate is the
same as that used to discount future estimated cash receivables during the expected life of the financial asset in
relation to the initial net book value for this asset.
In 2Q11, Financial Revenues amounted to R$ 339.9 million, compared with R$ 328 million in 2Q10 and R$332.2 million
in 1Q11 reflecting the remuneration of the outstanding balance for accounts receivable.
Other Revenue – Other revenue relates to leasing income from a fixed line telephone company and services related
the maintenance and technical analysis conducted for third parties.
Deductions from Operating Revenue
Deductions from Operating Revenue increased 6.3% in the quarter and 43.9% in the past 12 months, reaching R$ 89.7
million in 2Q11 against R$ 84.6 million in 1Q11 and R$ 62.3 million in 1Q10, due to the increase verified in the last 12
months of 22.3% in regulatory charges due principally to an increase in CCC –Fuel Consumption Account combined
with 64.3% tax on revenue reflecting growth in operating revenue.
Net Operating Revenue
Net operating revenue increased 13.8% in the quarter to R$ 690.7 million against R$ 607.0 million in 1Q11 due to the
factors mentioned above. In the past 12 months there was a growth of 37.3% to R$ 503.1 million in 2Q10.
Net Revenue
(R$ million) +37.3%
+13.8%
690.7
607.0
503.1
2Q10 1Q11 2Q11
CTEEP – 2Q11 Results 10

11. Costs of the Operating Services and Operating Expenses
Construction together with operation and maintenance costs posted an increase of 40.4% relative to the first quarter
of 2011 and 60.7% against the same period in 2010, totaling R$ 358.9 million in 2Q11 against R$ 255.7 million in 1Q11
and the R$ 223.3 million in 2Q10. This variation arises largely from the increase of 174% in expenditures with
materials, reflecting the progress made in work at Serra do Japi and IEMadeira in addition to upgrading and expansion
work at CTEEP in the past 12 months.
Other operating expenses refer mainly to the loss arising from the fair revaluation of assets when the acquisition of
control of IEMG (Note 10 (b) of the ITR), the amount of R$ 28.5 million and amortization of goodwill of (Note 8 of the
ITR), the amount of R$ 14.4 million.
EBITDA and EBITDA Margin
In 2Q11, EBITDA margin reached 48.3%, totaling R$ 333.4 million, a growth of 5.1% compared with 1Q11 and 18.6%
against the same period in 2010 when EBITDA reached R$ 317.2 million and R$ 281,2 million, respectively.
Ebitda (R$ million)
and Ebitda Margin (%)
700.0 100%
56% 52%
48%
50%
+18.6% 0%
+5.1% -50%
350.0 317.2 333.4 -100%
281.2
-150%
-200%
-250%
0.0 -300%
2Q10 1Q11 2Q11
Ebitda Ebitda Margin
Financial Result
The financial result was an expense of R$ 53.7 million in 2Q11, corresponding to an increase of 44.2% in relation to
1Q11 and 108.4% against the same period in 2010 when there was an expense of R$ 37.2 million and R$ 25.7 million,
respectively. The impact of interest on shareholders’ equity on financial expenses is excluded for the purposes of
calculating the financial result.
CTEEP – 2Q11 Results 11

12. Income Tax and Social Contribution
Income tax and social contribution overheads fell 26.3% in the past 12 months to R$ 43.3 million in 2Q11 against
R$ 58.8 million for 2Q10 and in relation to 1Q11 the reduction was 34.5%. The effective rate of income tax and social
contribution was 24% in 2Q11 compared with 31.5% in 2Q10 and 32.1% in 1Q11.
Net Income
In the light of the factors already mentioned, net income for 2Q11 was R$ 200.5 million, 2.6 % less than 1Q11 and 5.2%
higher than 2Q10, when the company reported R$ 205.8 million and R$ 190.6 million, respectively.
Basic and diluted earnings per share were R$ 1.26.
Net
700.0 Income
(R$ million)
+5.2%
350.0
-2.6%
190.6 205.8 200.5
0.0
2Q10 1Q11 2Q11
CTEEP – 2Q11 Results 12

13. Capital Structure
Breakdown of Debt in 2Q11 (R$ thousand)
Gross consolidated debt as at June 30 2011 amounted to R$ 2,098.0 million. Out of total consolidated gross
debt, R$ 1,007.1 million (48.0%) represented loan agreements with the National Economic and Social
Development Bank - BNDES.
At the end of 2Q11, net debt was R$ 1,880.8 million.
The net debt to net equity ratio at the end of 2Q11 was 41.8%.
(R$ million)
FUNDING CHARGES MATURITY 2Q11 1Q11
BNDES
TJLP + 2.3% year 6/15/2015 374,596 397,878
CTEEP
TJLP + 1.8% year 6/15/2015 224,767 151,709
IEMG TJLP + 2.4% year 4/15/2023 60,160 61,469
IEMADEIRA TJLP + 2.8% year 1/15/2012 215,791 192,784
IESUL TJLP + 2.4% year 5/15/2025 9,052 9,616
PINHEIROS TJLP + 2.6% year 5/15/2026 122,777 93,350
Comercial Papers
4th Series - CTEEP CDI + 0.4% year 1/12/2012 210,397 204,438
IEMadeira CDI + 0.4% year 9/15/2011 93,079 -
Serra do Japi CDI + 0.3% year 7/27/2011 71,470 -
Debentures
1st Issuance CDI + 1.3% year 12/15/2014 490,496 505,217
2sd Issuance IPCA + 8.1% year 12/15/2017 63,127 68,141
Banks
CTEEP 103.50% of CDI year 4/26/2013 102,631 -
CDI + 2.0% year - 3,317 3,688
IENNE
10.0% year* 5/19/2030 55,000 56,059
Eletrobras - 11/15/2021 418 429
Leasing - - 974 1,451
TOTAL CONSOLIDATED 2,098,052 1,746,229
*Annual cost of the debt is 8.5%. with performance bonus of 1.5%.
Distribuition of debt
burdens
CDI
46.3%
TJLP
48.0%
IPCA
Others 3.0%
2.7%
CTEEP – 2Q11 Results 13

14. Promissory Notes
In May 2011, the IEMadeira subsidiary issued promissory notes worth R$ 180.0 million maturing on
September 15 2011. The nominal annual charges are CDI + 0.4%. The issue costs of these promissory notes
totaled R$ 132 thousand and in line with CPC 08, were registered deducing the funding cost appropriated to
the result over the period of the transaction.
In April 2011, the Serra do Japi subsidiary issued promissory notes worth R$ 70.0 million maturing on July
27 2011. The nominal annual charges are CDI + 0.3%.
Capital Markets
CTEEP’s common and preferred shares (BM&FBovespa: TRPL3 and TRPL4) ended 2Q11 prices at R$ 56.50
and R$ 50.19, respectively, corresponding to a decline of 6.15% and 4.94%. During the period, the Ibovespa
reported a devaluation of 9.91% and the Electric Power Stock Index (IEE) appreciated 0.66%.
During the course of the period, CTEEP’s preferred shares (TRPL4) represented an average daily trading volume
on the BM&FBovespa of R$ 6.7 million with a daily average of 685 transactions.
105
100 - 0.66%
95 - 4.94%
- 6.15%
90 - 9.91%
TRPL4
85 TRPL3
IBOVESPA
Quotation from April to June 2011 (base 100 = 03/31/2011)
IEE
80
April-11 May-11 June-11
At the end of fiscal year 2010, CTEEP’s capital stock was represented by 151,828,980 shares - 63,860,513
common and 87,968,467 preferred shares. Preferred share trading volume in 2Q11 reached 84.2 thousand
transactions and the financial turnover in the quarter was R$ 825.9 million.
CTEEP – 2Q11 Results 14

15. Trading Financial - 2H11
(R$ million)
Total R$ 825.9 million Daily Avarege: R$ 6.7 million
18.00
16.00
14.00
12.00
10.00
8.00
6.00
4.00
2.00
0.00
January-11 February-11 March-11 April-11 May-11 June-11
Trade Volume - 2H11
(units)
Total of trades: 84.243 Daily Avarege: 685
1800
1600
1400
1200
1000
800
600
400
200
0
January-11 February-11 March-11 April-11 May-11 June-11
CTEEP also participates in the sponsored Level 1 American Depositary Receipts (ADR) Program supported by
underlying common and preferred shares of the Company in the ratio of 1 Depositary Receipt for each
share of both types. At the close of 2Q11, CTEEP’s shareholder base was made up of 23,699 ADRs
represented by underlying common shares and a further 2,086,818 ADRs, represented by preferred shares.
$32.82 $33.19 $32.28 $32.93
$31.20 $31.25 $31.15 $31.74 $31.97
$30.48
$27.94 $28.83
$25.83
$66.50 $68.59 $67.25 $66.61 $68.71
$63.69 $64.52 $65.90
$63.00 $62.99
$56.10 $58.00
$51.80
Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11
DR's Market Capitalization (US$ millions)
DR's Month end Price (US$)
CTEEP – 2Q11 Results 15

16. Shareholders’ Remuneration
In 2Q11, CTEEP paid out R$ 65.6 million in interest on shareholders’ capital corresponding to R$ 0.43 per
share of both types and R$ 181.3 million in dividends - equivalent to R$ 1.19 per share of both types.
AUTHORIZED AMOUNT R$
DATE OF
TYPE FISCAL YEAR
PAYMENT
EVENT DATE TOTAL P/SHARE
RCA 3/31/2011 JCP 2011 65,692,755.70 0.432676 4/29/2011
RCA 3/31/2011 Dividends 2010 181,307,244.30 1.194154 4/29/2011
TOTAL OF PAYMENT - 2Q11 247,000,000.00 1.626830
Subsequent Events
Readjustment in Annual Allowed Revenue - RAP
On June 28 2011, Aneel published Ratifying Resolution 1.171 establishing CTEEP’s permitted RAP with
respect to the assets the Company makes available in the form of transmission installations, part of the
Basic Network and the Other Transmission Installations for the 12 month cycle incorporating the period
between July 1 2011 and June 30 2012.
Under the Resolution, CTEEP’s RAP was increased from R$ 1,760.76 million on July 1 2010 to R$ 2,008.28
million in July 1 2011, an increase of R$ 247.52 million, equivalent to 14.1%.
CTEEP’s 5th Promissory Note Issue
On July 11 2011, CTEEP launched its 5th promissory notes issue in the amount of R$ 300.0 million and
maturing July 5 2012. The nominal annual charges correspond to CDI + 0.4%.
CTEEP – 2Q11 Results 16

17. Attachments
Attachment I – Balance Sheet
Assets (R$' 000) 2Q11 1Q11
CURRENT ASSETS
Cash and Banks 562 1,548
Financial Investments 216,634 161,450
Trade Account Receivable 1,326,355 1,377,001
Inventory 47,663 44,247
Amounts Receivable from the State Finance Secretariat 24,360 23,840
Deferred income Tax and Social Contribution 11,224 10,515
Prepaid Expenses 8,459 13,953
Others 56,032 39,307
1,691,289 1,671,861
NON-CURRENT ASSETS
Long-Term Assets
Trade Account Receivable 5,535,311 5,397,918
Amounts Receivable from the State Finance Secretariat - -
Tax benefit - incorporated goodwill 133,495 -
Deferred income Tax and Social Contribution 46,002 29,476
Pledges and Escrow 45,298 -
Credits receivable from controlled companies - -
Inventory 178,940 168,401
Others 8,874 8,453
5,947,920 5,604,248
Property, Plant and Equipment 8,945 9,243
Intangible Assets 10,644 9,318
19,589 18,561
Total Assets 7,658,798 7,294,670
CTEEP – 2Q11 Results 17

18. Liabilities and Shareholders' Equity 2Q11 1Q11
CURRENT LIABILITIES
Loans and Financing 754,990 542,475
Bonds 1,966 16,803
Suppliers 97,366 78,808
Taxes, Fees and Contributions 76,806 86,765
Taxes installments - Law 11,941 11,698 10,517
Regulatory Charges 53,244 50,903
Interest on Shareholders' Equity 246,693 276,357
Provisions 22,174 15,685
Amounts Payable - Fundação CESP 5,818 6,181
Others 33,426 12,856
1,304,181 1,097,350
NON-CURRENT LIABILITIES
Long-Term Liabilities
Loans and Financing 789,439 630,396
Bonds 551,657 556,555
Taxes installments - Law 11,941 144,281 147,262
PIS and COFINS 164,406 139,517
Deferred income Tax and Social Contribution 19,886 14,035
Regulatory Charges 2,174 2,174
Provisions for Contingencies 158,893 160,017
Especial Liabilities - Reversal/Amortization 24,053 24,053
Others 38 -
1,854,827 1,674,009
SHAREHOLDERS' EQUITY
Paid-up Capital 1,119,911 1,119,911
Capital Reserves 2,248,067 2,231,779
Revenue Reserves 1,012,982 1,030,256
Profits / Losses 118,830 141,365
4,499,790 4,523,311
Total Liabilities and Shareholders' Equity 7,658,798 7,294,670
CTEEP – 2Q11 Results 18

19. Attachment II – Income Statement (R$ thousand)
Change % Change %
2Q11 1Q11 2Q10 2Q11x1Q11 2Q11x2Q10
Net operating revenue 690,735 607,039 503,082 13.8% 37.3%
Costs of operating services (320,119) (255,737) (194,854)
Gross Revenue 370,616 351,302 308,228
Operational Revenues (Expenses) (73,029) (42,006) (33,020) 73.9% 121.2%
Management fees (1,558) (1,586) (1,535)
Other General and Administrative Expenses (37,270) (34,068) (26,915)
Other Operating Expenses (35,698) (7,253) (7,208)
Other Operating Income 1,497 901 2,638
Previous to the Net Financial Income and Taxes 297,587 309,296 275,208
Financial Results (53,749) (37,272) (25,792) 44.2% 108.4%
Financial Income 8,004 7,586 12,605
Financial Expenses (61,753) (44,858) (38,397)
Income Before Income Taxes 243,838 272,024 249,416 -10.4% -2.2%
Income tax and social contribuition (43,333) (66,180) (58,822) -34.5% -26.3%
Current (54,638) (63,593) (65,590)
Deferred 11,305 (2,587) 6,768
Net Income from Continuing Operations 200,505 205,844 190,594 -2.6% 5.2%
Profit / Loss of Consolidated Period 200,505 205,844 190,594 -2.6% 5.2%
Awarded to Members of the Parent Company 200,505 205,844 190,594
Assigned to Non-Controlling Partners - - -
Earnings per Share - (R / share) 1.3206 1.3558 1.2553 -2.6% 5.2%
Number of Shares (expressed in units) 151,828 151,828 151,828
CTEEP – 2Q11 Results 19

20. Attachment III – Cash Flow (R$ thousand)
2H11 2H10
Cash Flow of operating activities
Net Cash by operating activities 36,124 426,447
- -
Cash provided by operating 566,885 458,347
Net Income 406,349 397,565
Provision for adjustments inventories 3,152 2,933
Deferred income tax and social contribution (8,718) (23,533)
Provision for contingencies (2,759) (10,077)
Residual value of permanent asset disposals and donations 14 53
Loss on Change in Participation Controlled 28,490 160
PIS and COFINS Deferred 39,316 15,750
Amortization of goodwill 14,416 14,416
Interest and foreign exchange variation on assets and
liabilities 86,625 61,080
- -
Changes in Assets and Liabilities (530,761) (31,900)
Trade accounts receivable (462,028) (107,995)
Inventories 2,428 (34,341)
Amounts receivable - State Finance Department (50,876) (42,580)
Taxes and contributions to offset 224 161,382
Pledges and restricted deposits (3,050) 1,031
Prepaid expenses (5,849) (3,919)
Other 35,235 (18,587)
Suppliers 2,724 10,309
Taxes and social charges payable (11,988) (822)
Regulatory charges payable 3,512 817
Provisions (538) (10,714)
Amounts payable - Cesp (685) (124)
Deferred income tax and social contribution 634 -
Taxes installments - Law 11,941 (3,571) -
Other (36,933) 13,643
Cash flow of investment activities
Purchase of property, plant and equipment (3,594) (1,606)
Increase in deferred charges (13,109) -
- -
Net cash used in investiment activities (16,703) (1,606)
Cash flow of financing activities
News loans 705,562 725,852
Loan payments (including interest) (145,243) (531,533)
Dividends paid (433,814) (351,872)
Payment of capital 16,288 28,030
- -
Net cash provided by (used in) financing activities 142,793 (129,523)
Change in Cash
Increase (Decrease) in Cash 162,214 295,318
Opening Balance of Cash and Cash Equivalents 54,982 43,234
- -
Closing Balance of Cash and Cash Equivalents 217,196 338,552
CTEEP – 2Q11 Results 20