Minutes of the 299th Meeting of the Board of Directors

CTEEP – Companhia de Transmissão de Energia Elétrica Paulista
A Publicly Held Company
CNPJ/MF 02.998.611/0001-04
NIRE 35300170571
Minutes of the 299th Meeting of the Board of Directors
Date, Time and Place: Held on May 20 (twenty), 2016 at 2:00 p.m. via conference
call as permitted under Article 21 of the Corporate Bylaws of CTEEP – Companhia de
Transmissão de Energia Elétrica Paulista (“Company”).
Convening: Called by the Chairman of the Board of Directors pursuant to the
Company’s Corporate Bylaws.
Attendance: The undersigned members of the Company’s Board of Directors.
Chair: Bernardo Vargas Gibsone: Chairman. Fabio Luis Pereira Barboza: Secretary.
Agenda of the Day:
(i) Approval of the renewal of the sureties in favor of Interligação Elétrica
Norte e Nordeste S.A. The Board approved on a unanimous vote of the directors in
attendance that CTEEP – Companhia de Transmissão de Energia Elétrica Paulista
should render sureties in the form of a corporate guarantee, limited to its stake in the
company of 25% (twenty-five per cent) in favor of Interligação Elétrica Norte e
Nordeste S.A. (IENNE), pursuant to the bank guarantee agreements, namely: (a) 4th
Surety Renewal with the Banco do Brasil in the amount of up to R$ 110,000,000.00
(one hundred and ten million reais) with its final term expiring on June 2, 2017; and
(b) 1st Renewal of a Surety with BTG Pactual in the amount of up to R$
110,000,000.00 (one hundred and ten million reais) with its final term expiring on
June 2, 2017; and a nominal guaranteed amount proportional to CTEEP’s corporate
stake, that is of an amount of up to R$ 27.5 million in the case of the Banco do Brasil
and of an amount of up to R$ 27.5 million in the case of BTG Pactual.
(ii) Approval of the renewal of the sureties in favor of Interligação Elétrica do
Madeira S.A. The Board approved on a unanimous vote of the directors in attendance:
(I) That CTEEP – Companhia de Transmissão de Energia Elétrica Paulista should render
sureties in favor of Interligação Elétrica do Madeira S.A. in the form of a corporate
guarantee or aval, for the renewal of the Bank Guarantees of Interligação Elétrica do
Madeira S.A. to the Brazilian Development Bank (“BNDES”) and the Banco do
Amazonas (“BASA”) which adhere proportionally to the amount of its stake in
Interligação Elétrica do Madeira S.A. and the outstanding debit balance of the latter
with the BNDES and BASA, as follows:
a) Renewal of the Bank Guarantee issued by Banco Itaú BBA S/A in the original
amount of R$503,602,000,00 (five hundred and three million, six hundred and
two thousand reais), which restated on April 30, 2016 according to the
contractual rules of the Agreement with the BNDES, amounts to approximately
R$447,000,000.00 (four hundred and forty-seven million reais), with a
commission cost of 1.80% p.a. and maturity on June 30, 2017;
b) Renewal of the Bank Guarantee issued by Banco Bradesco S/A in the original
amount of R$134,830,000.00 (one hundred and thirty-four million, eight
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hundred and thirty thousand reais), which restated on April 30, 2016 according
to the contractual rules of the Agreement with the BNDES, amounts to
approximately R$120,000,000.00 (one hundred and twenty million reais) with a
commission cost of 1.80% p.a. and maturity on June 30, 2017;
c) Renewal of the Bank Guarantee issued by Banco Safra S/A in the original
amount of R$18,462,000.00 (eighteen million, four hundred and sixty-two
thousand reais), which restated on April 30, 2016 according to the contractual
rules of the Agreement with the BNDES, amounts to approximately
R$17,000,000.00 (seventeen million reais) with a commission cost of 1.80%
p.a. and maturity on June 30, 2017; and
d) Renewal of the Bank Guarantee issued by Banco Bradesco S/A in the original
amount of R$136,170,000.00 (one hundred and thirty-six million, one hundred
and seventy thousand reais), which restated on April 30, 2016 according to the
contractual rules of the Agreement with BASA, amounts to approximately
R$161,000,000.00 (one hundred and sixty-one million reais) with a commission
cost of 1.80% p.a. and maturity on April 30, 2017.
Conclusion: With no further matters on the agenda, the meeting was declared
concluded with the drafting of these minutes, which having been read and found to be
in conformity, were signed by the Secretary and by the Directors present. Bernardo
Vargas Gibsone, Fernando Augusto Rojas Pinto, César Augusto Ramírez Rojas, Carlos
Alberto Rodríguez López, Henry Medina Gonzalez, Marcos Simas Parentoni and Samuel
Elias de Souza.
An exact copy of the original
Fabio Luis Pereira Barboza
Secretary
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