July, 2014

Company Overview
1
One of the largest private sector power generators in Brazil
ENEVA currently operates 2.4GW in coal and gas-fired power plants (2.9 GW until the end of year)
Integrated energy platform, with privileged access to natural resources
Only private power generator in Brazil with access to onshore gas
Ongoing restructuring initiatives
- Reorganization of the companys structure and continuous TPPs operation stabilization
- Strengthening of the companys capital structure
Competitive greenfield portfolio
Licensed coal, gas and wind power generation projects
3
Company Overview
A Brazilian thermal generator with asset exposure to energy fossil fuels (natural gas and coal)
ENEVA at a Glance

2.9GW inflation-protected, long-term PPAs
o 2.4GW in operation
o 517MW under construction
Long-term PPAs guarantee R$2.2 billion in annual inflation-adjusted
capacity payments
PPAs provide hedge against commodity price exposure
Integrated gas E&P assets supply up to 8.4MM m/day to ENEVAs power
plants
Competitive portfolio of licensed greenfield wind, coal and gas fired
capacity

Company Description
4
ENEVA ownership structure
Geographic Footprint
Parnaba I
ENEVA 70% / Petra 30%
Natural Gas - 676MW
Amapari Energia
ENEVA 51% / Eletronorte 49%
Diesel - 23MW
Itaqui
ENEVA 100%
Coal - 360MW
Natural Gas
Exploratory
blocks
Contracted production
of 8.4MM m
3
/day
Pecm I
ENEVA 50% / EDP 50%
Coal - 720MW
Pecm II
ENEVA 100%
Coal - 365MW
Parnaba II
ENEVA 100%
Natural Gas - 517MW
Parnaba III
ENEVA 70% / Petra 30%
Natural Gas - 176MW
Parnaba IV
ENEVA 70% / Petra 30%
Natural Gas - 56MW
Free Float (38.2%)
37.9% 23.9%
Other
MPX / E.ON
Partipaes
Joint Venture
50%
50%
BNDES
10.3%
Eike
Batista
Controlling Block
27.9%
Solar Tau
ENEVA 100%
Solar - 1MW
Note: 1) Ownership structure assumes future MPX / E.ON Participaes JV incorporation, as disclosed on the Material Fact Notice as of July 3, 2013
Pecm I
Capacity: 720MW
Fix. Rev.: R$600.3MM /year
CVU: R$99/MWh
Auction: A-5/2007
COD: Dec, 2012
Capacity: 360MW
Fix. Rev.: R$317.3MM/year
CVU: R$103/MWh
Auction: A-5/2007
COD: Feb, 2013
Itaqui
Note: (1) Fixed revenues are indexed to inflation index IPCA (Database: Nov, 2013)
Capacity: 365MW
Fix. Rev.: R$284.9MM /year
CVU: R$108/MWh
Auction: A-5/2008
COD: Oct, 2013
Pecm II
Coal Generation Portfolio Overview
1.4 GW of installed capacity in full operation
5
Gas
Treatment
Unit
Parnaba II
2 GE GTs x 168,8MW
+ 1 GE ST x 181MW
Parnaba I
4 GE GTs x 168,8MW
Parnaba III
1 GE GT x 168,8MW
+ 1 Wrtsil GM x 7,3MW
Parnaba IV
3 Wrtsil GMs x 18MW

Capacity: 56MW
46% efficiency
Fix. Rev: R$54MM/year
CVU: R$69/MWh
Free market
COD: Dec, 2013

Capacity: 178MW
38% efficiency
Fix. Rev: R$98MM/year
CVU: R$160/MWh
Auction: A-5/2008
COD: Dec, 2013

Capacity: 676MW
37% efficiency
Fix. Rev: R$443MM/year
CVU: R$114/MWh
Auction: A-5/2008
COD: Apr, 2013

Capacity: 517MW
51% efficiency
Fix. Rev: R$374MM/year
CVU: R$59/MWh
Auction: A-3/2011
Completion: est. 4Q14
Parnaba IV
Parnaba III Parnaba I Parnaba II
Notes: (1) Bertin project developed by ENEVA; (2) Fixed revenues indexed to inflation index IPCA (Database: Nov, 2013)
Parnaba Complex Overview
A unique case in Brazil power generation sector with 910MW already in operation
6





Outstanding management capabilities
Financial strength and discipline
Sector know-how: E.ON E&P looks at a volume delivery of +170k
barrels/day and +60 licenses in GB and Norway
Tried and tested Parnaba experience, know-how of Parnaba Complex
rooted within PGN

Strong Shareholders

All Parnaba gas-fired power plants are supplied by Parnaba Gs Natural,
owner and operator of 8 onshore exploration blocks
ENEVA has a direct interest in PGN as key supplier of its TPPs
Declaration of commerciality with Development Plan for 3 gas fields:
Gavio Real, Gavio Branco and Gavio Azul
Gas supply agreements secured for 8.4MM m/day
R$250 million capital injection concluded in Feb, 2014

Highlights
7
Integrated Natural Gas E&P
Strong competitive position in gas-fired generation
Parnaba Gs Natural
18.2% 9.1% 72.7%
Geographic Footprint
Note: 1) Ownership structure after execution of the sale and purchase agreement between OGP and Cambuhy, subject to approval by OGPs creditors, under its judicial recovery procedure, and authorization by ANP
Operating & Financial Performance of Power Plants
2
Operating Costs
9
Operational Performance (Itaqui)
EBITDA (R$MM)
Availability Variable Revenue X Variable Cost (R$/MWh)
Sources: ONS & Company
Positive EBITDA driven by improved operational performance and reduced operating cost/MWh
COD:
Feb 5, 2013
24.2
36.1
4Q13 1Q14
63%
83% 84%
87%
75%
1Q13 2Q13 3Q13 4Q13 1Q14
4Q13 1Q14
1Q14/
4Q13
Operating Costs
1
(R$ 000) 125,668 121,005 -3.7%
Gross Energy Generated (GWh) 660 583 -12%
Operating Costs per Gross
Energy Generated (R$/MWh)
190.5 207.7 9.0%
NOTE: 1) Does not include Depreciation & Amortization.
261
232
144
159
128
149
112
141
108
103
115
121
126 129
107 106 103 102 102 100 104 108 107
113 116 119 120
112
Variable Cost Variable Revenue
Availability reduction in 1Q14 due to mainly maintenance in coal
mils, fan equipment and emissions control systems
10
Operational Performance (Pecm II)
Variable Revenue X Variable Cost (R$/MWh) Availability
Sources: ONS & Company
EBITDA positively impacted by high availability and recurring positive margin on dispatch
EBITDA (R$MM)
COD:
Oct 18, 2013
N.A. N.A. N.A.
85%
97%
1Q13 2Q13 3Q13 4Q13 1Q14
55.4
46.3
4Q13 1Q14
92
99
111
99
106 101
114 118 122 125 125
118
Variable Cost Variable Revenue
NOTE: 1) Does not include Depreciation & Amortization.
Operating Costs
4Q13 1Q14
1Q14/
4Q13
Operating Costs
1
(R$ 000) 92,446 99,414 7.5%
Gross Energy Generated (GWh) 558.1 720.8 29%
Operating Costs per Gross
Energy Generated (R$/MWh)
165.7 137.9 -17%
11
Operational Performance (Parnaba I)
EBITDA (R$MM)
Availability Variable Revenue X Variable Cost (R$/MWh)
Sources: ONS & Company
OBS: Dispatch margin captured by Parnaba Gs Natural
Growth in operating costs per MWh justified by increase in Henry Hub prices and offset by
increase in variable revenues
COD:
Feb 1
st
, 2013 to
Apr 12, 2013
96%
91%
96% 96%
99%
1Q13 2Q13 3Q13 4Q13 1Q14
32.0
44.8
4Q13 1Q14
77 74
65
75
80
68
77 78 74
79
90
77 79 77
80 82
94
99 100 96 93
99
95 92
104
121
152
134
Variable Cost Variable Revenue
NOTE: 1) Does not include Depreciation & Amortization.
Operating Costs
4Q13 1Q14
1Q14/
4Q13
Operating Costs
1
(R$ 000) 183,576 221,902 21%
Gross Energy Generated (GWh) 1,370 1,411 3.0%
Operating Costs per Gross
Energy Generated (R$/MWh)
134.0 157.2 17%
Operating Costs
12
Operational Performance (Pecm I)
Availability
NOTES: 1) Figures consider 100% of Pecm I; 2) Does not include Depreciation & Amortization.
Variable Revenue X Variable Cost (R$/MWh)
EBITDA negatively impacted by high unavailability costs due to outage of Turbine #1
Sources: ONS & Company
In Jan, 14, Turbine #1 was 744 hours unavailable primarily due to
shaft maintenance and hydrogen seal replacement, started in
4Q13
COD:
Dec 1
st
, 2012
May 10, 2013
72%
41%
66%
51%
71%
1Q13 2Q13 3Q13 4Q13 1Q14
61.7
48.8
4Q13 1Q14
151
127
118
318
154
117
139 138
109
119
107
134
106
107
110
111
105 104 100 99 99 97
102 105 106 110 114
117
118
110
Variable Cost Variable Revenue
4Q13 1Q14
1Q14/
4Q13
Operating Costs
2
(R$ 000) 265,301 230,220 -13%
Gross Energy Generated (GWh) 693 1,014 46%
Operating Costs per Gross
Energy Generated (R$/MWh)
382.7 227.1 -41%
EBITDA
1
(R$MM)
Operating Costs
13
Operational Performance (Parnaba III)
NOTES: 1) Figures consider 100% of Parnaba III; 2) Does not include Depreciation & Amortization.
Availability Variable Revenue X Variable Cost (R$/MWh)
Sources: ONS & Company
OBS: Dispatch margin captured by Parnaba Gs Natural
EBITDA margins negatively impacted by energy acquisition costs as full capacity was reached
only in February 2014
COD:
Oct 22, 2013
N.A. N.A. N.A.
100%
96%
1Q13 2Q13 3Q13 4Q13 1Q14
1.1
14.4
4Q13 1Q14
75
71 69 69
61
161 161 161 161 161
Jan-13...Out-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14
Variable Cost Variable Revenue
4Q13 1Q14
1Q14/
4Q13
Operating Costs
2
(R$ 000) 124,329 61,880 -50%
Gross Energy Generated (GWh) 0 344 -
Operating Costs per Gross
Energy Generated (R$/MWh)
- 179.6 -
EBITDA
1
(R$MM)
Ongoing Restructuring Initiatives
3
Financial Stabilization
3.1
May 12, 2014 May 20, 2014 Jun 30, 2014
Signing of term-sheet with banks for:
R$1.5Bi capital increase
o Phase I: R$316.5MM cash-only (in place); and
o Phase II: R$1.5Bi minus funds raised on Phase I
(cash or asset capitalization or debt conversion)
HoldCo. Debt renegotiation
o R$600-700MM debt drop-down to ENEVAs
subsidiaries/projects
o 5-year maturity extension of remaining HoldCo.
debt (approx. R$1.5Bi), with amortization starting
only in Jun, 2017
Sale of Pecm II
o Backstop guarantee by E.ON of up to R$400MM
for 50% of the asset
R$100MM short-term
bridge financing from
lending banks disbursed
R$120MM from E.ON
subscription commitment
on 1
st
Capital Increase
R$150MM of fresh cash expected to
be raised during Initial Preemptive
Right Period
o R$120MM by E.ON (already disbursed);
o R$30MM by minorities; and
o Additional funds might be raised during
preemptive right periods
Indicative shareholding structure:
44.0% 20.4%
Free
Float
Eike
Batista
Controlling Block
35.6%
Financial Stabilization on Course
16


Selected key achievements
ICB Online for Pecm II
Progress with Aneel on Parnaiba II (deadline: July 18)
Launch of Capital Increase I and E.ON subscription

Remaining key steps
o Waivers from BNDES for Pecm II closing and disbursement
of funds (E.ON) and LT finance (banks)
o Final solution on Parnaiba II
o Implementation of Capital Increase II and potential asset
contributions
Main recent achievements / Critical points
ENEVA working alongside following priorities:
1. Pecm II sale / Backstop execution
2. Solution for Parnaiba II and key regulatory challenges
(e.g. final ADOMP agreement)
3. Implementation of the stabilization plan, most
importantly
o Capital increases;
o Pecm II long term finance;
o Debt dropdown; and
o Extension of HoldCo debt maturity
Process update
Process and Roadmap of Stabilization (1)
17
Conclusion of sale of Pecm II
o Payment of at least R$400M (50% of Pecm II)
Parnaiba II Aneels final decision
Pecm II long term finance
o Agreement on final documentation
o Disbursement of funds
Shareholders meeting
o Authorization of capital increase
o Authorization of asset contribution
Board of Directors approve Capital Increase II
Beginning of Capital Increase II
Agreement of main terms of debt drop down
Execution / Effective of Debt Drop Down/Roll over
July, 2014 August-October, 2014
Process and Roadmap of Stabilization (2)
18
Cost Reduction Strategy
3.2
Cost reduction strategy based upon top-down (target of
R$80MM) and bottom-up (optimal organizational design),
supported by external consultants
Cost reduction program will build upon three key drivers:
o Implementation of quick wins
o Streamlining the organization
o Outsourcing and relocation of specific functions
125MM
65%
35%
FY2014 Streamlining
the
organization
Relocation
& outsourcing
Target
2015
Quick
wins
80MM
10%
45MM
Elements of Cost Reduction (R$)
Cost reduction of 35%40% is achievable by 2015
Key elements of ENEVA cost reduction strategy
Three key drivers to maintain cost control
20
Office layout and services
o Change of office layout and reduction from 6 to 3 rented floors
o Reduction of office services
Travel policies
o Implementation of restrictive travel policy
o Restriction of flights change to videoconferences
Administrative
o Reduction of consultancy services
o Reduction of company events
o Streamlining of ongoing corporate projects



4.5MM
1MM
1MM
2MM
Quick
wins
Office &
Services
Travel
Expenses
Administration Other
0.5MM
Quick wins as lighthouse projects to drive the change
Several measures addressed for quick improvement
21
Quick Wins Overview (R$)
Rethinking organizational size and reduction of
duplications & inefficiencies
Restructuring responsibilities, reportings and
processes
Clear targets for 2014
o Reduction of personnel cost by R$30MM
o Reduction of headcount by minimum 65 employees
o Reduction of hierarchies and thereby reduction of
number of middle-managers


Today Tomorrow
2 EC members and
7 Directors

Up to 6 levels of
hierarchy

175 employees end
of 2013
2 EC members and
4 Directors

Max 4 levels of
hierarchy

<110 employees by
2014 YE
Key cornerstones are streamlining & structural changes
22
Optimizing HoldCo Functions
Only HoldCo functions with clear control tasks must be
located in Rio de Janeiro
Clearly defining and differentiating between Control and
Support Functions
Action plan for support functions
o Implementation of shared service centers bundling certain
activities
o Centralization of key functions (e.g. procurement)
o Relocation to lower cost locations (e.g. operations)
o Outsourcing (e.g. IT)
Current
HoldCo
Functions
Control
Functions
Support
Functions
Bundle, create
shared service
center and
relocate
Bundle and
Outsource
Clear
HoldCo
tasks
Increasing efficiency by outsourcing & relocation
Focusing on real HoldCo functions
23
Optimizing HoldCo Functions





Schematic
Ramp-up
Phase I
Structure program
+ realize quick
wins
Phase II
Implement
streamlining +
structural changes
Phase III
Increasing
efficiency by
outsourcing and
relocation
Phase IV
Continuous cost
control and
improvement
Quick wins
Streamlining &
Structural changes
Efficiency by
Outsourcing &
Relocation
R$45MM
2Q14 3Q14 4Q14 2015
Full effect on cost reduction realized beginning of 2015
Main part of savings realized in 3Q14 and 4Q14
24
One time costs associated with cost reduction program
Regulatory Update
3.3

Part of 1.4GW Parnaba Thermoelectric Complex, a unique gas
to wire case in Brazil
450MWavg sold in the 2011 A-3 Auction. PPA started in March,
2013
Lowest variable cost (R$59/MWh) among gas-fired projects in
Brazil
Investments of up to R$1.4 billion
All gas turbines already commissioned. Steam turbine to be fully
tested on the coming 4 months
Plants construction and gas supply infrastructure delayed
o Lack of LT financing due to PPA signature difficulties
o OGX Maranho restricted financial capabilities before rescue plan
captained by Cambuhy Investimentos and E.ON
Project Overview

Discussion with Aneel over the last 2 months to reach a balanced
solution for Parnaba II
o Regulatory penalties related to COD delay
o PPA termination cost
Proposal presented to Aneel on Jun 18, 2014, consisting in:
o Parnaba II construction conclusion until Dec, 2014
o Temporary suspension of start dates of the PPA until Dec, 2015
Parnaba II steam turbine (154MWavg) online since Dec, 2014,
partially complying with the PPA










o Reduction of the Plants fixed annual revenue for the remaining term
of the PPA
o Letter of commitment to close the cycle of Parnaba I, adding 360MW
of installed capacity, upon certain conditions
Aneel suspended payments of penalties until Jul 18, 2014
ENEVA Proposal to Aneel
Ongoing Regulatory Discussions (1)
Parnaba II Delay
26

Filed in Jan, 2014 a lawsuit against Aneel questioning
hourly-based unavailability charges
On Jan 24, 2014, a Federal Court granted an injunction
halting unavailability charges as measured, establishing
the methodology provided for in PPAs (60-month rolling
average)
The lawsuit also claims the reimbursement of amounts
paid since PPAs beginning
Petition for revision of ADOMP methodology presented to
Aneel
o A technical note has already been released considering
Companys contractual understanding
Itaqui and Pecm I

On Jun 26, 2014 filed a request for an injunction with a
Federal Court aiming to get the same methodology
presented to Aneel
Pecm II and Parnaba I & III
Plant 100%
Ownership
adjusted
Itaqui R$105.2MM R$105.2MM
Pecm I R$250.2MM R$125.1MM
Pecm II R$38.9MM R$38.9MM
Parnaba I R$52.2MM R$36.5MM
Parnaba III R$6.9MM R$4.8MM
Total R$453.3MM R$310.5MM
+R$310MM already paid for unavailability costs
Ongoing Regulatory Discussions (2)
ADOMP / Unavailability Charges
Notes: 1) Consider hourly-based methodology for unavailability charges until June, 2014; 2) Does not consider amounts paid since injunction effectiveness.
27
Brazilian Power Market and Greenfield Portfolio
4
Southeast Reservoirs
~70% of total storage capacity
Source: ANEEL
Brazils Generation Capacity: 136 GW
Breakdown by source April, 2014
Brazil is highly dependent on hydro generation with increasingly faster depletion of reservoirs
Brazilian Energy Matrix
29
63.5%
10.5%
2.5%
1.5%
2.2%
19.8%
Hydro Gas Coal Nuclear Wind Others
Dry Season
67%
56%
76%
29%
38%
43%
40%
35%
36%
39%
20%
30%
40%
50%
60%
70%
80%
90%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average 2007-2011 2012 2013 2014
Source: ONS
Autonomy = Storage Capacity / (Load Thermal Generation)
Economic growth will boost power demand
leading to a supply deficit in 2016
Water storage capacity has stagnated,
leading to decreased system autonomy
65
86
65
78
60
65
70
75
80
85
90
2013 2014 2015 2016 2017 2018 2019 2020
G
W
a
v
g

ENERGY DEMAND
PHYSICAL GUARANTEE
(with signed PPAs)
2016-on: New generation required
~8 GWavg required until 2020
30
Electric System Reliability
New thermal plants are necessary to guarantee reliable power supply
0
5
10
15
20
25
30
1
9
7
0
1
9
7
2
1
9
7
4
1
9
7
6
1
9
7
8
1
9
8
0
1
9
8
2
1
9
8
4
1
9
8
6
1
9
8
8
1
9
9
0
1
9
9
2
1
9
9
4
1
9
9
6
1
9
9
8
2
0
0
0
2
0
0
2
2
0
0
4
2
0
0
6
2
0
0
8
2
0
1
0
2
0
1
2
R
e
s
e
r
v
o
i
r
s

A
u
t
o
n
o
m
y

(
M
o
n
t
h
s
)

2
0
1
3

Current reservoir
autonomy ~6 months
Parnaba
Complex
Integrated to natural gas resources
Located in a tax-advantaged region

Ventos Wind
Complex
Located in one Brazils best wind resource areas
Attractive load factor
Just 30km from grid connection
Land ownership assured
Au
(Coal + Gas)

Located at a port with a regasification terminal build
license
150km from Campos Basin natural gas accumulations
Environmental licensed to both coal and gas operations
Sul & Seival
Integrated to the Seival Mine (proven reserves: 152 M ton)
Low operation costs
Power
supply-demand
unbalanced
Hydropower
concentrated
matrix
Spot prices at
historical highs
Demand for base-
load generation
Opportunities
for ENEVAs
growth
2 3 4 5 1
Sul
727 MW
Parnaba
Complex
2,166 MW
Seival
600 MW
Au
2,100 MW Coal
3,300 MW Natural Gas
Solar Tau
1 MW
Ventos Wind
Complex
600 MW
Seival Mine
License granted
152 M ton in proven reserves
ENEVAs Greenfield Portfolio
31
Attractive licensed greenfield projects in various development stages
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.
Thank you.
www.eneva.com.br