Corporate Presentation

Sep, 2013

Disclaimer

The material that follows is a presentation of general background information about ENEVA S.A. and its subsidiaries (collectively, ENEVA or the Company) as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information. This presentation may contain certain forward-looking statements and information relating to ENEVA that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like may , plan , believe , anticipate , expect, envisages, will likely result, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company, any of its affiliates, directors, officers, agents or employees nor any of the placement agents shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard. The market and competitive position data, including market forecasts, used throughout this presentation were obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications. ENEVA, the placement agents and the underwriters do not make any representation as to the accuracy of such information. This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without ENEVAs prior written consent.

01
Exposure to Brazils Growing Energy Demand

Brazil is highly dependent on hydro generation

Newer hydropower predominantly run-of-the-river, leading to faster depletion of reservoirs

Brazils Generation Capacity: 131 GW (Breakdown by source - 2012)

16.0%

Southeast Reservoirs (~70% of total storage capacity)

100%
1.6% 1.6% 2.2%

76%
75%

67%
9.9%

50% 46%
68.7%

62% 54%

56%

25%

38%

Dry season

29%

0%
Hydro Gas Coal Nuclear Wind Others

Jan Feb Mar Apr May Jun Average 2007-2011

Jul Aug Sep Oct Nov Dec 2012 2013

4

Source: ANEEL

Water storage capacity has stagnated, leading to decreased system autonomy

New thermal plants are necessary to guarantee a reliable power supply

Storage Capacity (Southeast = 70% total capacity)

Autonomy = Storage Capacity / (Load Thermal Generation)

GW/month

Current reservoir autonomy ~ 5 months

Storage capacity stagnation

Source: ONS

Economic growth will boost power demand leading to a supply deficit in 2016
Default and delays in greenfield projects might further increase need for new capacity

90.0
ENERGY DEMAND 85.0 80.0 GWavg 75.0 70.0 PHYSICAL GUARANTEE (with signed PPAs)

86.5

78.1

65.2
65.0

2016-on: new generation required ~8 GWavg required until 2020

64.7
60.0 2013
Sources: ONS, ANEEL

2014

2015

2016

2017

2018

2019

2020
6

02
ENEVA at a Glance

A unique investment case in Brazils energy market

Steady cash flows and differentiated competitive positioning

Demand: significant growth in energy consumption expected in the coming years Supply: risk of delays in start-up of relevant projects
Relevant Sector Opportunities

Steady revenue stream: Tax-advantaged thermal power plants coming on-line in 2012/13
Company Operating since 2012

Onshore gas assets: High operating margins and fast payback on investment

Energy Matrix: concentrated

in hydropower

Team: prepared and aligned with the interests of shareholders

Qualified and committed Management

Robust portfolio of projects

Thermal projects: to meet the needs of Brazil Diversified company: ancillary business

Management: highly-qualified and aligned

with the companys perpetuation

in power generation and natural Gas E&P.

ENEVA currently operates over 1.7 GW

Operating power plants will generate annual revenues of at least R$ 878 million

Capacity

(100% of project)

1,756 MW

Annual Capacity Payments

(adjusted for ownership %)

R$ 878.2 million

PECM I
Energy Source Ownership after transaction Total Capacity (MW) Capacity Payments (R$ MM/year) Start up Coal

ITAQUI
Coal 100% 360 299.8 Feb/13

PARNABA I
Gas OCGT ENEVA 70%/Petra 30% 676 421.2 Apr/13
9

ENEVA 50% / EDP 50%

720 567.2 May/13

Note : Annual Payments are indexed to the IPCA inflation index (Figures as of November, 2012)

Additional 1.1 GW will come on stream in 2013

Minimum annual revenues of R$ 620 million will come from assets under construction

Capacity

(100% of projetct)

1,114 MW

Annual Capacity Payments1

(adjusted for ownership %)

R$ 619.6 million

PECM II2
Coal 100% 365 269.2 3Q13

PARNABA II
Gas CCGT 100% 517 353.1 1Q14

PARNABA III Nova Vencia

Gas OCGT ENEVA 70%/Petra 30% 176 93.5 4Q13

PARNABA IV Free Market

Gas ENEVA 70%/Petra 30% 56 54.0 4Q13

Energy Source ENEVA Stake after transaction Total Capacity (MW) Capacity Payments (R$ MM/year) Start up

Note : 1 - Annual Payments are indexed to the IPCA inflation index (Figures as of November, 2012. Parnaba IV as of January, 2013 ). 2 - Pecm II was synchronized to Brazils National Interconnected System on June 2, electrical tests required by ONS were completed on June 29 and on July 2 the unit demonstrated full design capacity. Declaration for commercial operation (DCO) is now conditioned to the availability of the new 500kV substation/transmission line under construction by Chesf/TDG.

10

ENEVA holds a robust portfolio of greenfield assets

Over 10 GW in licensed base-load and wind power generation projects

GAS

COAL

WIND

Maranho

Rio de Janeiro

Rio de Janeiro

Rio Grande do Sul

Rio Grande do Norte

Parnaba Expansion: 2.3 GW

Key competitive advantage through the integration of natural gas production and power generation in a tax-advantaged region

Au Coal: 2.1 GW Sul + Seival: 1.3 GW

Integrated to the Seival Mine: Operating License granted and 152 MM tons in proven reserves

Ventos Wind: up to 1.2 GW

High-quality greenfield assets in one of Brazils best wind resource areas Capacity: up to 600 MW (321 MW with environmental license) Estimated Load Factor: 48% (P50) Grid connection 30 km from project location All land rights secured Option to acquire projects expansion (+600 MW) 11

Au CCGT: 3.3 GW
Located 150km from natural gas

accumulations discovered in the Campos

Basin at a port with a license to build a regasification terminal

03
Natural Gas E&P

Integrated onshore gas fields supply ENEVA power plants in the Parnaba Basin
Strong competitive position in gas-fired generation

MA

MA

33.3% stake in OGX Maranho, owner and operator of 8 onshore gas fields
FAZENDA CHICOTE SANTA ISABEL GAVIO BRANCO GAVIO REAL

3 rigs operating simultaneously: 2 focused on exploration and 1 completion rig on the production development GAVIO REAL Beginning of commercial production in Jan/13 Current gas production: 4.1 million m3/day GAVIO BRANCO Declaration of commerciality presented to ANP

SO RAIMUNDO

OGX Maranho Blocks Total area: 24,500 km Discovery Fields Parnaba Power Generation

Total estimated volume in place between 0.2 and 0.5 Tcf

13

With attractive opportunities to monetize new discoveries

Unique competitive position in gas-fired generation
EXPLORATION In 2Q13, 5 new wells drilled by OGX, 3 of them are wildcats*: Fazenda Alencar prospect (OGX-112): 22 meters of net pay of gas discovered Fazenda Sossego prospect (OGX-114): 14 meters of net pay of gas discovered Fazenda Havana prospect (OGX-115): In progress

Gas Field

GTU Power Generation

Additionally, 2 wildcat adjacent wells commenced to be drilled: SE Bom Jesus (OGX-111), adjacent to Bom Jesus (OGX-88): 20 meters of net pay of gas discovered NW Fazenda Chicote (OGX-113), adjacent to Fazenda Chicote (OGX-107): Gas shows were found
*A wildcat well is the first well drilled on a new prospect.

14

04
Financial Highlights

Debt
Consolidated gross debt profile (R$ million)
Total: R$ 5,733 MM Project 1,121 Long Term Short Term Debt (R$ million) 2,651

2,651 3,082
54% 46%

Holding 1,530

Short Term

Paid-off by capital increase

Project debentures

LT debentures at holding

Short Term Debt (2Q13): R$ 1,121.5 million at project level: R$ 845.2 million refer to outstanding bridge-loans to Parnaba I & II power plants to be paid-off with draw down from long-term financing. R$ 276.2 million refer to current portion of the project finance debts of Pecm II, Itaqui and Parnaba I

100

350

1,080

ENEVA holding plans to eliminate outstanding intercompany loans with its subsidiaries through the issue of LT taxadvantaged infrastructure debentures at project level with subsequent use of funds to pay-off loans The remaining short-term debt balance at the holding level will be replaced by a long-term debenture, with an estimated 5 to 7-year maturity 16

05
Joint-control with E.ON

ENEVA current ownership structure

FREE FLOAT

EIKE BATISTA 50%

38%

24%

38%

50%

Joint-Venture MPX E.ON (JV)

50% Pecm I TPP 70% Parnaba I OCGT

100% Pecm II TPP 100% Parnaba II CCGT

100% Itaqui TPP

51% Amapari Energia 70% Seival Coal Mine 35% 35% Parnaba (expansion) 50%

100% Supply & Trading

100% Ventos Wind

100% Tau Solar

33% OGX Maranho

70% Natural gas exploratory blocks in the Parnaba Basin

50%

Au TPPs

50% Sul & Seival 50% TPPs 50% 50%

Castilla TPP

18

Share Capital Increase

A R$ 800 million private capital increase was approved by the Board of Directors on July 03; 81,235,437 newly-issued common shares, equivalent to approximately R$ 524 million, were subscribed and paid-in during the Initial Preemptive Right Period, which ended on Aug 8;

The First Additional Subscription Period begins on Aug 14 and will end on Aug 16.

ENEVA Shareholding Structure as of June 30, 2012

ENEVA Indicative Shareholding Structure after the Capital Increase

EIKE BATISTA 36.2% 29.0%

FREE FLOAT 34.8% ~38%

EIKE BATISTA ~24%

FREE FLOAT ~38%

Obs: Assuming no subscription by Eike Batista and R$ 366.7 million by E.ON

19

ENEVA is well-positioned to capture market opportunities

Stronger capital structure and enhanced execution capabilities to develop robust pipeline of licensed greenfield thermo generation projects

OPPORTUNITIES
Robust pipeline of thermal projects to meet Brazils need for a more reliable electric system Deficit in the demand-supply balance Energy matrix concentrated in hydropower Attractive monetization of natural gas resources E.ON to join control group further supporting development of strong portfolio of energy assets Experienced management team to execute on strategic vision

Stagnated storage capacity

Reservoirs at levels similar to those of 2001s energy rationing Spot prices (PLD) at historical highs for the last 10 years

Need to increase the base generation capacity

INVESTMENT HIGHLIGHTS

20

06
Appendix - Images

PORTO DO PECM I & II TPP

22

ITAQUI TPP

23

PARNABA I & II TPP

24

PARNABA: E&P NATURAL GAS

25

Thank you.
www.eneva.com.br