ISA CTEEP Investment and Infrastructure Update

↓ MARKET VALUE DOES NOT REFLECT ISA CTEEP'S CASH GENERATION TARGET PRICE (BRL) isa CTEEP COVERAGE TARGET PRICE RATING DATE OF UPDATE Banco do Brasil BRL 73.00 Hold Feb/18 86 BofA-Merrill Lynch BRL 75.00 Hold Oct/17 ■ Eleven Financial 84 Bradesco BRL 82.00 Hold Nov/17 ■ Goldman Sachs Brasil Plural BRL 77.60 Buy May/18 82 ■ Bradesco BTG Pactual BRL 71.00 Buy Jun/18 88 80 Citi BRL 71.20 Hold May/18 Credit Suisse BRL 77.00 Hold Dec/17 78 Eleven Financial BRL 84.00 Buy Feb/18 ■ Credit Suisse 76 Goldman Sachs BRL 81.00 Buy Jul/18 HSBC BRL 75.00 Buy Jul/18 74 ■ Safra Itaú BBA BRL 77.00 Buy Jun/18 72 JP Morgan BRL 71.00 Hold Apr/18 ■ JP Morgan ■ Citi Merrill Lynch ■ Brasil Plural ■ Itau ■ HSBC ■ Santander ■ UBS ■ BTG Pactual Safra BRL 73.40 Hold Feb/18 70 Santander BRL 72.17 Buy Jul/18 68 UBS BRL 72.00 Buy Apr/18 Sell Hold Buy Average Target Price BRL 75.49 TRPL4 2Q18 BRL 60.64 Average

View entire presentation