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INSTITUTIONAL PRESENTATION 2 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 no 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 261 million

100% IENNE

Revenue² : BRL 46 million

ISA CTEEP

Revenue² : BRL 2,579 million

IE Serra do Japi 100%


100% IE Pinheiros


100% Evrecy


100% IE Sul


51% IE Garanhuns


100% IEMG

Revenue: 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

Regulatory Net Revenue¹: BRL 2.9 billion

Regulatory EBITDA¹: BRL 2.3 billion (margin of 78%)

Notes: ¹ Last 12 months ending on 06/30/2019. Figures consider IE Madeira and IE Garanhuns proportional results to ISA CTEEP’s participation ² 2019/2020 Revenue Cycle proportional to ISA CTEEP’s participation

100% IE Itaúnas

Revenue³ : BRL 52 million

100% IE Biguaçú


50% IE Paraguaçu

Revenue³: 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 Figures consider 100% of the projects ³ Considers 2019/2020 Revenue Cycle adjusted to ISA CTEEP’s participation

Organic growth: CapEx of around BRL 180

million/year

Greenfield Projects¹: CapEx of BRL 2.9

billion and revenue (RAP) of BRL 490

million/year

+2 thousand km of transmission lines²

+8 thousand MVA of transformation

capacity²

50% IE Aimorés


50% IE Ivaí


100% IE Tibagi


100% IE Itapura Lorena


100% IE Itapura Bauru

100% IE Aguapeí


100% IE Itaquerê



A successful story of growth, resilience and performance

1999 2013 2001 2012 2006 2007 2017 2016

‘000 km¹ of transmission lines

Consolidated regulatory EBITDA²

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 2.3

18.6

2019³

Note: ¹ Information considers 100% of the projects ² Figures consider JV’s proportional results to ISA CTEEP’s participation ³ Last 12 months ending on 06/30/2019

Tickers: TRPL3¹ and TRPL4²

Corporate Governance: Level 1 at B3

Average daily volume in 1H19: BRL 31 million

Market cap³: BRL 17 billion

Distribution of capital: 54% of foreign investors 46% of Brazilian investors

ADRs: “CTPTY” and “CTPZY”

Coverage of 12 institutions: 75% Hold 25% Sell

Common shares: 89.5% Preferred shares: 1.3%

ISA 35.8%


Free Float 64.2%


Eletrobras 35.4%


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 06/30/2019

Shareholder Structure on 06/30/2019

Notes: ¹ Considers 2018 IFRS Results adjusted by participation l ² On 06/30/2019

Central America

Transmission Telecom

Brazil 33% of net income Transmission Telecom

Bolivia Transmission Argentina

Telecom

Peru 15% of net income


Colombia 27% of net income Transmission Telecom Highway concessions Real Time Systems

Chile 25% of net income


Highway concessions

The largest energy transmission company in Colombia and Peru

Business in Highway concessions, Real Time Systems and Telecom

ISA CTEEP represents 36% of ISA’s¹ net income

86% of Net Income in Transmission

Benchmark player in the sector

45,142 km of transmission lines

90,821 MVA of transformation capacity

907 km of highways

Controlled by the Colombian government (51% of shares)

Market Cap: USD 6 billion²

ISA INTERCONEXIÓN ELÉCTRICA, S.A.E.S.P.

A multilatina company focused in transmission with growth opportunities in Brazil

Solid Presence in Latin America: 7 countries, 4 sectors, 43 companies

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 510 260 Real Profit ISA CTEEP 51% / Furnas 24,5% / Chesf 24,5% Equity method

IE Ivaí Under construction Paraná 292 146 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 80 40 Real Profit ISA CTEEP 50% / TAESA 50% Equity method

IE Pinheiros Operational São Paulo 58 58 Presumed Profit ISA CTEEP 100% Fully consolidated

IE Serra do Japi Operational São Paulo 59 59 Presumed Profit ISA CTEEP 100% Fully consolidated

IE Aguapeí Under construction São Paulo 57 57 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 19 19 Real Profit ISA CTEEP 100% Fully consolidated

IEMG Operational Minas Gerais 18 18 Presumed Profit ISA CTEEP 100% Fully consolidated

Evrecy Operational Espírito Santo 12 12 Presumed Profit ISA CTEEP 100% Fully consolidated

IE Itapura - Bauru Under construction São Paulo 10 10 Presumed Profit ISA CTEEP 100% Fully consolidated

IE Itapura - Lorena Under construction São Paulo 10 10 Presumed Profit ISA CTEEP 100% Fully consolidated

Total 4,124 3,584

ConsolidationLocation

RAP Cycle

2019/2020

(BRL million)

Share (%)Profit Regime

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 (temporary)

CEO

Ethics and Transparency recognized at ISA and at ISA CTEEP levels Experienced Management team focused on value creation 2018 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



ISA CTEEP

6

7

13

19

65

State Grid

Alupar

TAESA

ISA CTEEP

Eletrobras

2 0 1 8 M a rk e t S h a re ( t hou s and km o f l i n e s )

T ra n s m is s io n R e v e n u e s ¹ ( 2019 /2020 c y c l e )

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 operation

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 operation: 72%



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 of 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



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

SOLID & SUSTAINABLE RESULTS

O&M Reinforcement Projects

RBSE Receivables

100% JV

Adjusted Net Revenue

874 247 1,378 182 257 2,937

Adjusted EBITDA

340 220 1,378 158 203 2,300

Last 12 months¹

(BRL million)

OPERATIONAL HOLDING SUBSIDIARIES Total

Note: ¹ Regulatory results of the last 12 months ending on 06/30/2019

Focus in cost efficiency, service quality and operational safety to maximize results

0.4

0.15

0.1

0.07

0.05

0.093 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 reduction of 37% of OPEX, excluding contingencies, going from BRL 915 million in 2006 to BRL 572 million in 20181

DREQ/FREQ indicators, in June/19, suggest that for every 8 years and 4 months, there would be 1 total shutdown of ISA CTEEP’s system of approximately 23 minutes

Note: ¹ Considers controlled and affiliates weighted by the Company’s share

June/2019 figures

12.16

7.08

5.81

6.11

1.49

2.29

0.0056%

0.0033%

0.0030%

0.0032%

0.009%

0.0013%

Reinforcements and Improvements CapEx (BRL million)

Average: BRL 180 million/year

ORGANIC

FROM RETROFITTING PROJECTS

Opportunity for organic growth (increase of transmission capacity)

Execution and project selection to guarantee profitability

Reinforcements and Improvements Revenue (BRL million)

Average: BRL 50 million/year

198 214

147

210

144 150

2014 2018 2015 2019e 2016 2017

31

47 41

61 63

2016/2017 2015/2016 2017/2018 2018/2019 2019/2020

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 SUL2 (100%) TL: 167 km Substation: 900 MVA Revenue: BRL 18 million

IE Madeira (51%) TL: 2,385 km Substation: 7,470 MVA Revenue¹: BRL 261 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 59 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

8 subsidiaries fully in operation

14 concession contracts

4.4 thousand km of transmission lines

27 substations

17 thousand MVA of power transformation capacity

Revenue (RAP) of BRL 516 million¹

Notes: ¹ 2019/2020 RAP Cycle weighted by ISA CTEEP’s participation | ² Fully consolidated as of September of 2018

Substation

Line Entrance

Transmission Line (TL)

In operation

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

BRL 12 billion to be received, of which approximately BRL 3 billion were paid in the 2017/2018 and 2018/2019 cycle

April of 2017 injunction determined temporary exclusion of Ke

ANEEL recalculated the RAP for 2018/2019 cycle, excluding Ke¹ and considering the linearization of the Economic Component so that payments will be flat until 2022/2023 cycle (REH 2,408/18)

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

RBSE Receivables Schedule² (BRL million)

Economic Component Financial Component ex-Ke Ke

Assumptions pursuant to RES ANEEL

762/2017

IPCA (Dec/12-Jun/17): 34.45%

WACC: 6.64% p.a.

Cost of Equity (Ke): 10.74% p.a. (1H13) and 10.44% p.a. (from Jul/13 to Jun/17)

Estimated amounts. WACC will be defined in tariff reset and asset base is subject to write-offs.

837 711 747 747 747 747

347

785

729 750

785 785 785 785

785

264

246 253

264 264 264 264

264

2022/2023

1,796

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

1,812 1,714

1,796 1,796 1,796

1,396

1,049

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%

Contributions sent to Public Hearing on 04/22/2019

Contributions are in analysis

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

10 PROJECTS UNDER CONSTRUCTION WILL ADD BRL 490 MILLION OF REVENUE¹

CapEx ISA CTEEP: BRL 2.9 billion²

Extension of lines: +2 thousand km³

Capacity: +8 thousand MVA²

Note: ¹ 2019/2020 RAP Cycle proportional to ISA CTEEP’s participation ²Total CapEx ANEEL of BRL 5.2 billion ³ Considers information of the project (100%)

IE Itaquerê (100%) 3 Synchronous Components (Araraquara Substation) CAPEX ANEEL: BRL 398 million Revenue: BRL 51 million Deadline ANEEL: Aug/21

IE Aguapeí (100%) TL: 111 km Substation: 1,400 MVA CAPEX ANEEL: BRL 602 million Revenue: BRL 59 million Deadline ANEEL: Aug/21

IE Paraguaçu (50%)³ TL: 338 km Substation: none CAPEX ANEEL: BRL 510 million Revenue: BRL 118 million Deadline ANEEL: Feb/22

IE Itaúnas (100%) TL: 79 km Substation: 1,197 MVA 1 Static Component CAPEX ANEEL: BRL 298 million Revenue: BRL 52 million Deadline ANEEL: Feb/22

IE Aimorés (50%)³ TL: 208 km Substation: none CAPEX ANEEL: BRL 342 million Revenue: BRL 80 million Deadline ANEEL: Feb/22

IE Itapura – Bauru (100%) 1 Static Component (Bauru Substation) CAPEX ANEEL: BRL 126 million Revenue: BRL 12 million Deadline ANEEL : Feb/21

IE Tibagi (100%) TL: 36 km Substation: 1000 MVA CAPEX ANEEL: BRL 135 million Revenue: BRL 20 million Deadline ANEEL: Aug/21

IE Ivaí (50%)³ TL: 1,200 km (230/500 kV) Substation: 2,988 MVA CAPEX ANEEL: BRL 1,937 million Revenue: BRL 292 million Deadline ANEEL: Aug/22

Substation

Line Entrance

Transmission Lines (TL)

Under construction

IE Itapura - Lorena (100%) TL: 6 km Substation : 1,200 MVA CAPEX ANEEL: BRL 238 million Revenue: BRL 10 million Deadline ANEEL : Sep/22

IE Biguaçú (100%) TL: 57 km Substation: 300 MVA CAPEX ANEEL: BRL 641 million Revenue: BRL 40 million Deadline ANEEL : Sep/23

GROWTH OPPORTUNITIES

TO CREATE VALUE GREENFIELD PROJECTS AND RETROFITTING

M&A Constantly evaluating market opportunities for consolidation

2027 Decennial Energy Plan

Increase of around 55 thousand km of new transmission lines

Investment in transmission

Organic growth opportunity from BRL 70 billion to BRL 110 billion

BRL 38 billion in auctions

2019 Auction

December of 2019

13 lots in 12 States

2,380 km of lines

Investment of ~BRL 4 billion


Sustainable Value


ISA CTEEP

51% 76% 83% 78%

NET REVENUE (BRL MILLION)

247

747 691

716

758 874

172 135

129

2017 2016

143

1,620

201 188

1,778

2018

1,378

182

LTM¹

955

2,767 2,681

181%

180 177 220

747

220

267

416 340

73

488

157

2018 2016

120 148

1,620

2017

1,378

158

LTM¹

1,351

2,286 2,096

330%

439 472 490

541

2016

22 19 9 15 26

2017

24 24

2018

24

LTM¹

467 509 538

591

27%

246

635

2016 2018 2017 LTM¹

1,290

1,117

354%

RBSE

O&M

Subsidiaries

New Investments

REGULATORY RESULTS HIGHLIGHTS

STRONG CASH GENERATION BOOSTED BY RBSE

O&M COSTS² (BRL MILLION)

EBITDA ICVM 527 (BRL MILLION) NET INCOME (BRL MILLION) EBITDA Margin

Note: ¹ Last 12 months ending on 06/30/2019

² 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

48%

19%

33%

Local bonds - CDI/IPCA BNDES - TJLP Others

Debt Profile on 06/30/2019

Gross Debt: BRL 3.1 billion

Average cost: 7.7% p.a

Average term: 3.5 years

Net Debt / EBITDA: 0.8x

Investment Grade by Fitch: AAA(bra)

270 245

82 77

387

921

51

2019 2025-2029 2010 2030+ 2021 2022 2023 2024

1,062

Note: ¹Net Debt/ EBITDA considering IE Madeira and IE Garanhuns figures reaches 1.2x

Average term considering IE Madeira and IE Garanhuns figures reaches 4.5 years

Note: ¹ The Company registered net loss due to the provision for losses related to Law 4,819/58

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 2.3% in 1H19

79%

226

335

247

585

2017

1,985

2015 1H19 2016 2018 2014

370

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

JP Morgan 23 Sell

Brasil Plural 23 Sell

XP Investimentos 22 Hold

Itaú BBA 21 Hold

Bradesco 21 Hold

BTG 20 Hold

Safra 19 Hold

Merrill Lynch 19 Hold

Santander 18 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

Itaú BBA

Merrill Lynch

Safra

Citi

JP Morgan

XP

Santander

Bradesco

Banco do Brasil

HSBC

Brasil Plural

BTG

e-mail: [email protected] phone: +55 11 3138-7557

www.isacteep.com.br/ir

INVESTOR RELATIONS

mailto:[email protected]

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