Informa??es de Companhias em Recupera??o Judicial Ou Extrajudicial

Anexo 2.1.
13
Laudo de Avaliao dos Ativos Petra
56
STRICTLY PRIVATE AND CONFIDENTIAL
Eneva
Valuation
Analysis MEMORANDUM
PROJECT
36 INFORMATION
PREPARED
[INVESTOR]
March
31,TO:
2015
DATE: [X]
Table of Contents
Section I.
Executive Summary
Section II.
Valuation - Parnaba I, III and IV
Appendix I.
Multiple Database
Appendix II.
Parnaba I, III and IV Overview
Contacts
I
Executive Summary
Executive Summary
Introduction (1/2)
March 27, 2015
Eneva S.A
Praia do Flamengo, 66 9th floor
22210030 Rio de Janeiro RJ Brazil
Dear Sirs,
We understand that Eneva S.A. (Company or Eneva) is entertaining the possibility of acquiring the stake currently owned directly and/or indirectly
by Petra Energia S.A. (Petra) in UTE Parnaba I, UTE Parnaba III and UTE Parnaba IV (collectively referred to herein as UTEs), equivalent to
30% of the capital stock in each of such UTEs (Petra UTE Shares).
For the purposes of the foregoing, Eneva have asked G5 Consultoria e Assessoria Ltda. (G5 Evercore) to provide the Company with a valuation of
Petra UTE Shares.
In connection with the required analysis by G5 Evercore, please be advised that we have based our work on the information provided by or on
behalf of the Company and also endeavored the following specific reviews and discussions:
I.
Reviewed certain non-public internal financial statements, other non-public financial and operating data relating to Parnaba I, III and IV,
that were prepared and provided to us by the management of the Company;
II.
Reviewed certain financial projections relating to Parnaba I, III and IV, that were provided to us by the management of the Company;
III.
Discussed the past and current operations, financial projections, current financial condition and prospects of Parnaba I, III and IV with
certain members of senior management of the Company;
IV. Reviewed existing agreement between Petra and Eneva related to Parnaba I, III and IV, including existing shareholders agreements
and capital increase operations that occurred in the past;
V.
Reviewed the financial terms of certain publicly available transactions that we deemed to be relevant; and
VI. Discussed with management of the Company, but have not discussed with legal advisors of the Company, the potential impact of
certain ongoing litigations.
With respect to the financial projections of Parnaba I, III and IV which were provided to us, we have assumed that such financial projections have
been reasonably prepared by the Company on bases reflecting the best currently available estimates and good faith judgments of the future
competitive, operating and regulatory environments and related financial performance of Parnaba I, III and IV.
Furthermore, we were informed by the Company that Petra failed to contribute its share on capital increases of UTE Parnaba I, UTE Parnaba III
and UTE Parnaba IV duly approved in the past years. The amount due by Petra, sums R$ 70,9 MM, however, with penalties and interests applied,
the current total amount outstanding is R$ 93,0 MM.
Executive Summary
Introduction (2/2)
Notwithstanding our review of certain set of information provided by or on behalf of the Company, we have not made, nor assumed any
responsibility for making, any technical audit of the Companys operation nor carried out any independent valuation or appraisal of specific assets or
liabilities (contingent or otherwise) of the UTEs, nor have we been provided with any such appraisals, nor have we evaluated the solvency or fair
value of each of the UTEs under any state or federal laws relating to bankruptcy, insolvency or similar matters. Our valuation analysis is necessarily
based on economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. It is understood
that subsequent developments may affect this analysis and that we do not have any obligation to update, revise or reaffirm this assessment.
Likewise, we have not been asked to pass upon, nor express opinion with respect to any matter other than the valuation of the UTEs as of the date
hereof, to the holders of the Company. Our valuation analysis does not address the relative merits of the acquisition of Petra UTE Shares as
compared to other business or financial strategies that might be available to the Company, nor does it address the underlying business decision of
the Company to engage in such a transaction. We are not legal, regulatory, accounting or tax experts and have assumed the accuracy and
completeness of assessments by the Company and its advisors with respect to legal, regulatory, accounting and tax matters.
Furthermore, no representation or warranty, express or implied, is hereby made by G5 Evercore and/or its affiliates, managers, employees,
consultants, agents or representatives, as to the accuracy or completeness of the information provided to G5 Evercore and nothing contained herein
is, or shall be relied upon as, a representation, whether as to the past, the present or the future.
Finally, please be also advised that we have been engaged as financial advisor to the Company solely for the purpose of performing this valuation
analysis and will receive a fee in connection with the delivery of this analysis. In addition, the Company has agreed to reimburse certain of our
expenses and to indemnify us against certain liabilities arising out of our engagement. In addition, we and our affiliates may have in the past
provided, may be currently providing and in the future may provide, financial advisory services to the Company, or their respective affiliates, for
which we have received, and would expect to receive, compensation.
Based upon and subject to the foregoing, as of the date hereof, we present in this presentation a summary of the valuation analysis of Petra UTE
Shares.
Very truly yours,

G5 Consultoria e Assessoria Ltda (G5 EVERCORE)
By:
Corrado Varoli
Co-Founder & CEO
5
Executive Summary
Parnaba I, Parnaba III e Parnaba IV Valuation Summary
Petras stake in Parnaba I, Parnaba III and Parnaba IV equity were valued by G5 Evercore according to different methodologies, detailed
below.
Valuation Methodologies
Methodology
Range
Discounted Cash Flow methodology
Discounted Cash Flow to Equity
-15% / +15%
Valuation based on cash flow

projections for Parnaba I, III and IV.
G5 valued Petras stake in Parnaiba
I, III and IV to R$ 425 MM (Parnaba
I R$ 352MM, Parnaba III
R$
165MM and Parnaba IV R$ 1MM)1
Petra Stake Equity Value (R$ MM)
489
Cost of Capital:
Parnaba I
13,08%
Parnaba III
11,61%
Parnaba IV
28,10%
361
Market Comparable Multiples:
485
Trading EV/EBITDA Multiples
2015
396
8,0x 9,0x
Valuation based on trading multiples

of energy generation companies in
Brazil estimates provided by
Capital IQ on March 23, 2015
Valuation based on transaction

multiples of fossil fuel electricity
generation assets and companies in
the world numbers provided by
Capital IQ on March 23, 2015
326
Trading EV/EBITDA Multiples

2016
6,5x 7,5x
Transaction EV/EBITDA
Multiples
8,0x 10,0x
Note [1]: Discounted by R$ 93 MM owed by Petra under the shareholders agreement regulation, due
to failure in contribution its share in capital increases occurred in the past
240
574
396
II

Main Working Assumptions
Assets Description
Main Asset Features
The Company provided G5 Evercore with financial projections

for the following assets individually :
E.ON
Petra
42,9%
Parnaba I
Parnaba III
Parnaba IV
The projections can be separated in 2 stages: for years 2015

to 2016 the numbers are based on the updated 2 years
business plan of Eneva, for years 2017 to 2050 they are
based on project fundamentals and long term pricing curves,
both provided by Eneva and/or provided by sector consultants
50,0%
ENEVA / E.ON
Joint Venture (JV)
The assets were evaluated individually, and no synergies,

gains, or other post-transaction adjustments were considered
in the assessment of value
Parnaba I
70% Eneva
30% Petra
35% Eneva
Parnaba III
35% JV
30% Petra
Macroeconomic assumptions were based on projections

available in the Brazilian Central Bank website and in the
International Monetary Fund (IMF) website
35% Eneva
Parnaba IV
35% JV
30% Petra
Base Date
The Discounted Cash Flow methodologys considers all cash

flows after December 31st, 2015, as a hypothetical closing
date.
Long term PLD forecasts were provided by specialty

consultant PSR
The multiple analysis considers 2015 and 2016 EBITDA. Net

debt considered is as of December 31st, 2015
Long term Henry Hub price curves were provided by E.on

The companies currently benefit from an income tax break
equivalent to 75% of income taxes
Source: Eneva
50,0%
Valuation - Eneva
Cost of Equity Calculation Methodology
CAPM Model
Cost of Equity
(Nominal R$)
Cost of Equity
Cost of Equity
Risk Free Rate
Inflation
Differential
(Nominal USD)
Levered Beta
Market Risk Premium
Country Risk
Risk Free Rate

(Nominal USD)
Unlevered Beta
Levered Beta
Marginal Tax Rate
Risk Premium
Debt to Equity
Ratio
Country Risk
Long-Term
Long-Term
US Inflation
Brazil Inflation

Parnaba I
Main Operating Assumptions
Overview
Parnaba I plant is a the largest UTE in the Parnaba complex,

and comprises of four thermo generation turbines
Energy Source
Gas
Power Plant Capacity
The asset has a 15 year PPA to supply energy for the

regulated market in the A-5/2008 auctions
675,2 MW
Commercial Operation Date
Parnaba I derives fixed revenues from the regulated market

and variable revenues, established in the auctions according
to their yearly dispatch orders from the government
Parnaba I has a long term supply contract with PGN to supply
gas to the thermo plants which entails three distinct costs:
feb-13
Capacity Declared
660,0 MW
Capacity Sold in ACR
450 MWm
PPA Length
15 years
Inflexibility
0%
Base Fixed Revenue
Gas (raw material) Price established at the contract

signature and adjusted according to Brazilian official
inflation index (IPCA)
112,50 R$/MWh
Fuel Consumption
10,89 MMBtu/MWh
Fuel Costs
Fixed Lease Payments Adjusted yearly according to

past results and future projected cash flow to adjust
the UTEs returns to 15%
Yes same conditions
PPA Renovation
Economic Life
Variable Lease Payments calculated as the

difference between net variable revenues and variable
costs
30 years
Financing Assumptions
Debt Amount (as of December, 2014)
Other costs of the UTE are O&M, overhauling, R&D,

regulatory fees, and costs related to energy unavailability
Interest
Amortization Period
Amortization Start Year
Source: Eneva
6,10 R$/MMBtu
10
R$720MM
69% of Debt: TJLP + 2%
31% of Debt : IPCA + 5%
13 years
2015

Parnaba I
Operating Metrics
Spot Market Price

ANEEL Fee
CCEE Contrivution
TUST
Fixed O&M
Variable O&M
Overhauling
ACR - Fixed Revenues
ACR - Ccomb (Fuel Index)
ACR - Co&m
ACL - Free Market Price
Fuel - CIF Plant Costs
Fuel - Fixed Lease Payments
Fuel - Variable Lease Payments
Insurance Cost
PLD Dispatching
Unit
R$/MWh
R$/KW - year
R$/KW - year
R$/KW - month
R$ MM
R$/MWh
R$ MM
R$/MWh
US$/MMBtu
R$/MWh
R$/MWh
R$/MMBtu
R$ MM
R$ MM
R$ MM
R$/MWh
2015
44,39
1,95
0,11
3,31
48,82
5,55
12,47
121,13
3,93
10,97
20,00
6,49
169,86
220,41
9,89
333,39
2016
47,47
2,09
0,12
3,54
47,72
5,99
12,91
130,06
4,41
11,77
21,58
7,01
183,31
233,95
10,52
305,51
2017
50,36
2,21
0,12
3,75
50,41
6,32
183,50
137,71
4,76
12,47
22,80
7,40
193,63
220,59
11,11
285,89
2018
53,01
2,33
0,13
3,95
53,03
6,65
13,74
144,92
5,27
13,12
23,98
7,79
203,70
176,91
11,69
258,05
2019
55,71
2,45
0,14
4,15
55,72
6,99
14,45
152,30
5,19
13,79
25,20
8,18
214,03
100,99
12,28
258,60
2020
58,54
2,57
0,14
4,36
58,55
7,35
15,19
160,02
4,96
14,49
26,48
8,60
224,88
91,87
12,91
274,07
2021
61,51
2,70
0,15
4,58
61,51
7,72
15,96
168,13
5,37
15,22
27,82
9,03
236,28
161,63
13,56
260,22
2022
64,63
2,84
0,16
4,81
64,63
8,11
16,76
176,65
5,64
15,99
29,23
9,49
248,26
217,91
14,25
299,96
2023
67,90
2,98
0,17
5,06
67,91
8,52
17,61
185,61
5,90
16,80
30,71
9,97
260,85
238,04
14,97
319,89
2024
71,34
3,13
0,17
5,31
71,35
8,95
39,92
195,02
6,20
17,65
32,27
10,48
274,07
239,58
15,73
343,79
2025
74,96
3,29
0,18
5,58
74,97
9,41
19,45
204,91
6,45
18,55
33,91
11,01
287,97
303,29
16,53
339,32
2026
78,76
3,46
0,19
5,87
78,77
9,88
20,43
215,30
6,72
19,49
35,63
11,57
302,57
339,06
17,36
352,93
2027
82,76
3,64
0,20
6,16
82,77
10,38
21,47
226,21
7,00
20,48
37,43
12,16
317,91
339,10
18,25
410,62
2028
86,95
3,82
0,21
6,48
86,96
10,91
22,56
237,68
7,26
21,52
39,33
12,77
334,03
343,18
19,17
425,90
2029
91,36
4,01
0,22
6,81
91,37
11,46
23,70
249,73
7,63
22,61
41,32
13,42
350,96
404,50
20,14
455,78
2030
95,99
4,22
0,23
7,15
96,00
12,04
24,90
262,39
8,12
23,75
43,42
14,10
368,76
446,75
21,16
472,56
2029
12
675,20
94%
1%
3%
1%
96%
45%
466,60
449,79
6,86
450,00
-7,07
100%
2.519.274
2.428.536
(61.891)
2.442.286
2030
12
675,20
94%
1%
3%
1%
97%
44%
466,60
449,79
1,69
450,00
-1,90
100%
2.449.088
2.360.878
(16.628)
2.376.948
Energy Generation Metrics
Months in Operation
Avg. Installed Capacity
Availability
Real Internal Consumption
Grid Losses
Average Internal Consumption
Average Availability
Expected Dispatch
Physical Guarantee
Net Physical Guarantee
Net FID
Energy Traded in ACR
Energy Traded in ACL
Spot energy sold in ACR
Total Energy Dispatch
Energy Demanded in ACR
Energy sold/(bought) in ACL
ADOMP
Unit
2015
months
12
MWm
675,20
%
88%
%
1%
%
3%
% - 60 months
1%
% - 60 months
97%
%
100%
MWm
466,60
MWm
451,67
MWm
0,00
MWm
450,00
MWm
1,67
%
100%
MWh
5.231.601
MWh
5.024.485
MWh
14.661
MWh
5.387.239
Source: Eneva and third party consultants
2016
12
675,20
90%
1%
3%
1%
92%
100%
466,60
451,28
21,48
450,00
-20,21
100%
5.316.456
5.110.490
(177.497)
5.406.770
2017
12
675,20
95%
1%
3%
1%
91%
69%
466,60
450,94
28,84
450,00
-27,90
100%
3.863.196
3.716.285
(244.373)
3.711.995
2018
12
675,20
95%
1%
3%
1%
91%
46%
466,60
450,37
29,26
450,00
-28,89
100%
2.585.286
2.490.137
(253.115)
2.489.819
2019
12
675,20
95%
1%
3%
1%
91%
28%
466,60
449,79
26,71
450,00
-26,92
100%
1.591.026
1.533.721
(235.807)
1.534.314
2020
12
675,20
91%
1%
3%
1%
94%
30%
466,60
449,79
13,32
450,00
-13,53
100%
1.629.928
1.571.222
(118.504)
1.635.701
2021
12
675,20
95%
1%
3%
1%
95%
40%
466,60
449,79
7,56
450,00
-7,77
100%
2.260.623
2.179.201
(68.051)
2.183.187
11
2022
12
675,20
95%
1%
3%
1%
97%
48%
466,60
449,79
-0,05
450,00
-0,16
100%
2.676.014
2.579.630
(1.399)
2.586.480
2023
12
675,20
94%
1%
3%
1%
97%
47%
466,60
449,79
-0,87
450,00
0,66
100%
2.635.725
2.540.793
5.804
2.550.431
2024
12
675,20
89%
1%
3%
1%
97%
45%
466,60
449,79
-0,65
450,00
0,45
100%
2.385.555
2.299.633
3.931
2.451.298
2025
12
675,20
94%
1%
3%
1%
96%
49%
466,60
449,79
5,53
450,00
-5,74
100%
2.738.302
2.639.675
(50.250)
2.654.071
2026
12
675,20
95%
1%
3%
1%
96%
50%
466,60
449,79
3,14
450,00
-3,34
100%
2.783.776
2.683.512
(29.284)
2.687.866
2027
12
675,20
95%
1%
3%
1%
96%
46%
466,60
449,79
3,59
450,00
-3,80
100%
2.553.484
2.461.514
(33.252)
2.469.322
2028
12
675,20
91%
1%
3%
1%
96%
44%
466,60
449,79
3,50
450,00
-3,71
100%
2.387.363
2.301.376
(32.479)
2.403.984

Parnaba I
Net Revenues (R$ MM)
1.479
1.095
2015
1.221
2016
1.126
2017
989
2018
1.065
849
881
2019
2020
2021
1.219
1.286
1.311
2022
2023
2024
2025
1.582
1.610
1.652
2026
2027
2028
1.806
2029
1.910
2030
EBITDA (R$ MM)
356
211
236
245
261
2018
2019
2020
283
305
322
317
2022
2023
2024
377
394
413
436
463
199
62
2015
Source: Eneva
2016
2017
2021
12
2025
2026
2027
2028
2029
2030

Parnaba I
Cash Flows (R$ MM)
EBT
Income Tax Paid
Depreciation and Amortization
Changes in Working Capital
Other Non-Cash Items
Capex
Debt Raised
Debt Paid
Total
2015
99
(2)
46
(4)
0
(13)
0
(57)
70
2016
97
(2)
46
3
0
(2)
0
(57)
86
Discount Rate
Cost of Equity
Risk Free Rate
Unlevered Beta
Levered Beta
Risk Premium
Country Risk
Debt (Target)
Equity / (Debt + Equity)
Debt / (Debt + Equity)
Inflation
Brazil
USA
Cost of Capital
Ke - US$
Ke - R$ Nominal
Source: Eneva
2017
(34)
0
46
17
0
(1)
0
(57)
-28
2018
145
(5)
46
(26)
0
(0)
0
(57)
103
2019
158
(6)
47
(3)
0
(0)
0
(57)
138
2020
179
(7)
47
(2)
0
0
0
(57)
159
2021
206
(9)
47
(1)
0
0
0
(57)
186
2022
232
(14)
47
(1)
0
0
0
(57)
207
2023
254
(17)
47
(1)
0
0
0
(57)
225
2024
254
(102)
47
1
0
0
0
(57)
143
2025
297
(117)
47
(3)
0
0
0
(57)
167
Source
9,76%
2,37%
0,33x
0,72x
6,96%
2,38%
US Treasury - 10 Years, Avg. Last Twelve Months

Comparables 2 Year Unlevered Beta
Ibbotson Yearbook 2014

EMBI + Brazil, Last Twelve Months
2026
323
(126)
47
(2)
0
0
0
(57)
185
2027
345
(133)
47
(2)
0
0
0
(33)
223
2028
366
(140)
47
(2)
0
0
0
0
270
Date
12/03/2015
15/03/2015
15/03/2015
04/03/2015
41,78% Estimate Year End 2015

3,02%
5,07% Brazilian Central Bank Estimate
1,99% IMF Estimate
9,76%
13,08%
13
16/03/2015
16/03/2015
2029
389
(148)
47
(1)
0
0
0
0
286
2030
417
(158)
47
(2)
0
0
0
0
303

Parnaba III
Sources
Parnaba III plant comprises of 2 thermo generation turbines
Energy Source
The asset has a 15 year PPA to supply energy for the

regulated market in the A-5/2008 auctions
Gas
176,0 MW
Parnaba III derives fixed revenues from the regulated market

and variable revenues, established in the auctions according
to their yearly dispatch orders from the government
Parnaba III has a long term supply contract with PGN to
supply gas to the thermo plants which entails three distinct
costs:
out-13
Capacity Declared
176,0 MW
98 MWm
PPA Length
15 years
Inflexibility
0%
Base Fixed Revenue

114,71 R$/MWh
Fuel Consumption
8,84 MMBtu/MWh
Fuel Costs
Fixed Lease Payments Adjusted yearly according to

past results and future projected cash flow to adjust
the UTEs returns to 15%
Economic Life
Debt Amount (as of December, 2014)1
R$122MM
Interest
CDI + 3%
Amortization Period
10 years
Net Intercompany Credit, as of December 2014, of R$ 34MM is not considered in the total
debt amount
30 years

Yes same conditions
PPA Renovation
Variable Lease Payments calculated as the

difference between net variable revenues and variable
costs
Source: Eneva
6,10 R$/MMBtu
14
2015

Parnaba III
Operating Metrics
Spot Market Price

ANEEL Fee
CCEE Contrivution
TUST
Fixed O&M
Variable O&M
Overhauling
ACR - Co&m
Fuel - Fixed Lease Payments
Fuel - Variable Lease Payments
Insurance Cost
PLD Dispatching
Unit
R$/MWh
R$/KW - year
R$/KW - year
R$/KW - month
R$ MM
R$/MWh
R$ MM
R$/MWh
US$/MMBtu
R$/MWh
R$/MWh
R$/MMBtu
R$ MM
R$ MM
R$ MM
R$/MWh
2015
63,06
1,95
0,11
4,60
2,88
5,38
3,45
123,50
3,93
172,96
20,00
6,48
20,91
123,18
2,45
346,32
2016
67,45
2,09
0,12
4,92
3,05
5,81
3,57
132,61
4,41
185,71
21,58
6,87
22,57
137,80
2,61
325,59
2017
71,54
2,21
0,12
5,21
3,22
6,14
3,64
140,40
4,76
196,63
22,80
7,40
23,84
73,71
2,76
315,02
2018
75,31
2,33
0,13
5,49
3,39
6,46
3,80
147,76
5,27
206,94
23,98
7,79
25,08
45,37
2,90
297,91
2019
79,15
2,45
0,14
5,77
3,56
6,78
3,99
155,28
5,19
217,47
25,20
8,18
26,35
26,05
3,05
305,16
2020
83,17
2,57
0,14
6,06
3,75
7,13
4,20
163,15
4,96
228,49
26,48
8,60
27,69
27,02
3,20
340,09
2021
87,38
2,70
0,15
6,37
3,93
7,49
16,78
171,42
5,37
240,08
27,82
9,03
29,09
36,91
3,37
307,78
2022
91,81
2,84
0,16
6,69
4,13
7,87
4,63
180,11
5,64
252,25
29,23
9,49
30,57
56,91
3,54
340,61
2023
96,47
2,98
0,17
7,03
4,34
8,27
4,87
189,24
5,90
265,04
30,71
9,97
32,12
54,94
3,72
373,10
2024
101,36
3,13
0,17
7,39
4,56
8,69
5,12
198,84
6,20
278,47
32,27
10,48
33,74
55,41
3,90
396,20
2025
106,50
3,29
0,18
7,76
4,80
9,13
5,37
208,92
6,45
292,59
33,91
11,01
35,46
53,54
4,10
410,84
2026
111,90
3,46
0,19
8,16
5,04
9,59
5,65
219,51
6,72
307,43
35,63
11,57
37,25
63,74
4,31
408,40
2027
117,57
3,64
0,20
8,57
5,29
10,08
5,93
230,64
7,00
323,01
37,43
12,16
39,14
70,90
4,53
463,75
2028
123,53
3,82
0,21
9,00
5,56
10,59
6,23
242,34
7,26
339,39
39,33
12,77
41,13
69,65
4,76
492,84
2029
129,80
4,01
0,22
9,46
5,84
11,13
6,55
254,62
7,63
356,60
41,32
13,42
43,21
77,15
5,00
522,52
2030
136,38
4,22
0,23
9,94
6,14
11,69
6,88
267,53
8,12
374,68
43,42
14,10
45,40
67,74
5,25
551,63
Months in Operation
Availability
Grid Losses
Expected Dispatch
Physical Guarantee
Net FID
Energy Traded in ACR
ADOMP
Unit
2015
months
12
MWm
176,00
%
92%
%
1%
%
3%
% - 60 months
1%
% - 60 months
96%
%
100%
MWm
101,80
MWm
98,70
MWm
1,53
MWm
98,00
MWm
-0,83
%
99%
MWh
1.414.045
MWh
1.355.167
MWh
(7.236)
MWh
1.433.533
2016
12
176,00
95%
1%
3%
1%
91%
100%
101,80
98,46
6,47
98,00
-6,02
100%
1.470.405
1.412.728
(52.854)
1.441.079
2017
12
176,00
90%
1%
3%
1%
90%
56%
101,80
98,26
7,21
98,00
-6,94
100%
767.882
739.218
(60.821)
800.989
2018
12
176,00
95%
1%
3%
1%
89%
32%
101,80
98,26
8,30
98,00
-8,04
100%
461.012
443.804
(70.390)
453.594
2019
12
176,00
95%
1%
3%
1%
89%
18%
101,80
98,26
8,12
98,00
-7,86
100%
264.519
254.645
(68.820)
260.396
2020
12
176,00
95%
1%
3%
1%
95%
18%
101,80
98,26
1,86
98,00
-1,59
100%
261.391
251.634
(13.972)
257.396
2021
12
176,00
95%
1%
3%
1%
97%
23%
101,80
98,26
0,37
98,00
-0,10
100%
331.900
319.511
(907)
326.995
15
2022
12
176,00
95%
1%
3%
1%
97%
32%
101,80
98,26
-0,39
98,00
0,65
100%
474.062
456.366
5.672
467.393
2023
12
176,00
95%
1%
3%
1%
99%
30%
101,80
98,26
-1,73
98,00
2,00
100%
437.842
421.498
17.494
431.994
2024
12
176,00
91%
1%
3%
1%
99%
30%
101,80
98,26
-1,73
98,00
2,00
100%
421.459
405.727
17.489
432.594
2025
12
176,00
95%
1%
3%
1%
98%
27%
101,80
98,26
-0,83
98,00
1,09
100%
389.967
375.410
9.571
385.195
2026
12
176,00
95%
1%
3%
1%
98%
30%
101,80
98,26
-0,72
98,00
0,98
100%
438.380
422.016
8.620
433.194
2027
12
176,00
94%
1%
3%
1%
98%
32%
101,80
98,26
-0,63
98,00
0,89
100%
462.380
445.120
7.789
457.194
2028
12
176,00
94%
1%
3%
1%
98%
30%
101,80
98,26
-0,62
98,00
0,88
100%
434.198
417.991
7.701
429.594
2029
12
176,00
94%
1%
3%
1%
98%
31%
101,80
98,26
-0,60
98,00
0,87
100%
456.353
439.318
7.578
451.794
2030
12
176,00
89%
1%
3%
1%
98%
28%
101,80
98,26
-1,33
98,00
1,60
100%
385.957
371.550
13.989
405.594

Parnaba III
360
327
301
253
2016
2017
2018
260
2022
2023
2024
274
2025
331
2027
2028
356
349
2029
2030
213
207
2015
256
269
324
178
186
2019
2020
2021
2026
EBITDA (R$ MM)
71
70
71
74
77
2015
2016
2017
2018
2019
Source: Eneva
83
2020
95
100
105
109
2022
2023
2024
2025
115
122
127
134
140
78
2021
16
2026
2027
2028
2029
2030

Parnaba III
Projected Cash Flows (R$ MM)
EBT
Income Tax Paid
Capex
Debt Raised
Debt Paid
Total
2015
50
(3)
6
8
0
(6)
0
(3)
53
2016
51
(3)
6
1
0
(0)
0
(14)
41
Discount Rate
Cost of Equity
Risk Free Rate
Unlevered Beta
Levered Beta
Risk Premium
Country Risk
Debt (Target)
Inflation
Brazil
USA
Cost of Capital
Ke - US$
Ke - R$ Nominal
Source: Eneva
2017
55
(3)
6
(2)
0
(0)
0
(14)
43
2018
60
(4)
6
(1)
0
0
0
4
65
2019
62
(6)
6
(1)
0
0
0
3
64
2020
69
(7)
6
(1)
0
0
0
(14)
53
2021
65
(7)
6
1
0
0
0
(14)
52
2022
84
(10)
6
(2)
0
0
0
(14)
65
2023
91
(11)
6
(1)
0
0
0
(14)
72
2024
97
(35)
6
(1)
0
0
0
(10)
58
2025
103
(37)
6
(1)
0
0
0
0
72
Source
8,34%
2,37%
0,33x
0,51x
6,96%
2,38%


2026
109
(39)
6
(0)
0
0
0
0
76
2027
116
(41)
6
(1)
0
0
0
0
80
2028
121
(43)
6
(1)
0
0
0
0
83
Date
12/03/2015
15/03/2015
15/03/2015
04/03/2015

3,02%
1,99% IMF Estimate
8,34%
11,61%
17
16/03/2015
16/03/2015
2029
128
(46)
6
(1)
0
0
0
0
88
2030
134
(48)
6
(1)
0
0
0
0
92

Parnaba IV
Sources
Energy Source
Parnaba IV plant comprises of 3 thermo generation turbines
Gas
Parnaba IV sells energy in the free market, and curretly sells

all of its energy for private company Kinross
56,3 MW
Parnaba IV has a long term supply contract with PGN to

supply gas to the thermo plants which entails the following
cost:
jan-14
Capacity Declared
53,4 MW
0 MWm
PPA Length
NA
Inflexibility
NA
Base Fixed Revenue
NA
Fuel Consumption

7,57 MMBtu/MWh
Fuel Costs
7,52 R$/MMBtu
Yes same conditions
PPA Renovation
Economic Life
30 years
Debt Amount (as of December, 2014)
R$153MM
Interest
104% CDI
Amortization Period
Source: Eneva
Note[1]: Intercompany Debt
18
8 years
2018

Parnaba IV
Operating Metrics
Unit
Spot Market Price
R$/MWh
ANEEL Fee
R$/KW - year
CCEE Contrivution
R$/KW - year
TUST
R$/KW - month
Fixed O&M
R$ MM
Variable O&M
R$/MWh
Overhauling
R$ MM
R$/MWh
US$/MMBtu
ACR - Co&m
R$/MWh
R$/MWh
R$/MMBtu
Fuel - Fixed Lease Payments R$ MM
Fuel - Variable Lease PaymentsR$ MM
Insurance Cost
R$ MM
PLD Dispatching
R$/MWh
2015
38,95
2,24
0,12
4,94
4,10
4,39
7,71
0,00
3,93
10,27
148,06
8,61
0,00
0,00
1,32
314,07
2016
42,03
2,42
0,13
5,33
4,30
4,71
7,72
0,00
4,41
11,08
159,79
9,23
0,00
0,00
1,40
275,47
2017
44,40
2,56
0,14
5,63
4,55
4,99
4,95
0,00
4,76
11,70
168,79
9,78
0,00
0,00
1,48
260,43
2018
46,71
2,69
0,15
5,92
4,79
5,25
5,49
0,00
5,27
12,31
177,56
10,30
0,00
0,00
1,56
218,07
2019
49,07
2,83
0,16
6,22
5,03
5,52
5,08
0,00
5,19
12,94
186,57
10,82
0,00
0,00
1,64
201,63
2020
51,56
2,97
0,16
6,54
5,29
5,80
5,36
0,00
4,96
13,59
196,02
11,37
0,00
0,00
1,72
217,72
2021
54,18
3,12
0,17
6,87
5,56
6,09
6,05
0,00
5,37
14,28
205,96
11,95
0,00
0,00
1,81
223,05
2022
56,92
3,28
0,18
7,22
5,84
6,40
6,67
0,00
5,64
15,01
216,41
12,55
0,00
0,00
1,90
257,22
2023
59,81
3,44
0,19
7,58
6,14
6,72
6,95
0,00
5,90
15,77
227,38
13,19
0,00
0,00
2,00
275,91
2024
62,84
3,62
0,20
7,97
6,45
7,07
7,34
0,00
6,20
16,57
238,90
13,86
0,00
0,00
2,10
291,03
2025
66,03
3,80
0,21
8,37
6,77
7,42
7,72
0,00
6,45
17,41
251,02
14,56
0,00
0,00
2,21
296,68
2026
69,37
4,00
0,22
8,80
7,12
7,80
8,17
0,00
6,72
18,29
263,74
15,30
0,00
0,00
2,32
312,73
2027
72,89
4,20
0,23
9,24
7,48
8,20
8,63
0,00
7,00
19,22
277,12
16,07
0,00
0,00
2,44
340,10
2028
76,59
4,41
0,24
9,71
7,86
8,61
8,97
0,00
7,26
20,19
291,17
16,89
0,00
0,00
2,56
354,20
2029
80,47
4,63
0,26
10,20
8,26
9,05
9,35
0,00
7,63
21,22
305,93
17,75
0,00
0,00
2,69
381,83
2030
84,55
4,87
0,27
10,72
8,67
9,51
9,68
0,00
8,12
22,29
321,44
18,65
0,00
0,00
2,83
398,29
2023
12
56,28
87%
3%
3%
3%
88%
66%
51,78
45,48
-0,52
46,00
-1%
280.447
(4.545)
402.960
(3.080)
2024
12
56,28
89%
3%
3%
3%
87%
65%
51,78
45,21
-0,79
46,00
-2%
283.629
(6.940)
402.960
(4.644)
2025
12
56,28
85%
3%
3%
3%
87%
68%
51,78
45,16
-0,84
46,00
-2%
283.546
(7.329)
402.960
(5.108)
2026
12
56,28
87%
3%
3%
3%
86%
67%
51,78
44,87
-1,13
46,00
-2%
287.834
(9.895)
402.960
(6.850)
2027
12
56,28
87%
3%
3%
3%
87%
68%
51,78
44,90
-1,10
46,00
-2%
291.284
(9.666)
402.960
(6.778)
2028
12
56,28
87%
3%
3%
3%
87%
67%
51,78
45,05
-0,95
46,00
-2%
285.097
(8.312)
402.960
(5.707)
2029
12
56,28
87%
3%
3%
3%
87%
66%
51,78
45,08
-0,92
46,00
-2%
280.259
(8.058)
402.960
(5.447)
2030
12
56,28
87%
3%
3%
3%
87%
64%
51,78
44,88
-1,12
46,00
-2%
271.368
(9.826)
402.960
(6.439)
Months in Operation
Availability
Grid Losses
Expected Dispatch
Physical Guarantee
Net FID
ADOMP
Unit
months
MWm
%
%
%
% - 60 months
% - 60 months
%
MWm
MWm
MWm
MWm
%
MWh
MWh
MWh
MWh
2015
12
56,28
87%
3%
3%
3%
91%
100%
51,78
47,07
1,07
46,00
2%
428.489
9.345
402.960
9.637
2016
12
56,28
88%
3%
3%
3%
90%
100%
51,78
46,57
0,57
46,00
1%
432.762
5.011
402.960
5.168
2017
12
56,28
89%
3%
3%
3%
89%
81%
51,78
46,37
0,37
46,00
1%
355.301
3.198
402.960
2.676
2018
12
56,28
89%
3%
3%
3%
88%
65%
51,78
45,74
-0,26
46,00
-1%
287.336
(2.296)
402.960
(1.547)
2019
12
56,28
89%
3%
3%
3%
87%
49%
51,78
45,15
-0,85
46,00
-2%
216.722
(7.453)
402.960
(3.792)
2020
12
56,28
88%
3%
3%
3%
88%
50%
51,78
45,84
-0,16
46,00
0%
218.179
(1.378)
402.960
(715)
2021
12
56,28
87%
3%
3%
3%
89%
60%
51,78
45,95
-0,05
46,00
0%
257.247
(460)
402.960
(285)
19
2022
12
56,28
85%
3%
3%
3%
88%
68%
51,78
45,84
-0,16
46,00
0%
285.412
(1.419)
402.960
(992)

Parnaba IV
63
2015
72
74
77
68
2016
2017
2018
2019
91
95
99
82
87
2020
2021
2022
2023
2024
104
2025
109
2026
115
2027
121
2028
127
2029
133
2030
EBITDA (R$ MM)
15
2015
Source: Eneva
23
24
2017
2018
27
29
29
30
31
32
2020
2021
2022
2023
2024
34
35
37
2025
2026
2027
39
41
44
17
2016
2019
20
2028
2029
2030

Parnaba IV
Projected Cash Flows (R$ MM)
EBT
Income Tax Paid
Capex
Debt Raised
Debt Paid
Total
2015
(12)
0
7
6
0
(2)
0
0
-1
2017
(1)
0
7
(1)
0
(0)
0
(0)
5
2018
2
0
7
(0)
0
0
0
(18)
-10
2019
6
0
7
(0)
0
0
0
(18)
-6
2020
10
(0)
7
(0)
0
0
0
(16)
0
2021
12
(0)
7
(0)
0
0
0
(19)
0
2022
15
(0)
7
(0)
0
0
0
(21)
0
Discount Rate
Cost of Equity
Risk Free Rate
Unlevered Beta
Levered Beta
Risk Premium
Country Risk
24,34%
2,37%
0,33x
2,81x
6,96%
2,38%
Debt (Target)

Inflation
Brazil
USA
Cost of Capital
Ke - US$
Ke - R$ Nominal
Source: Eneva
2016
(7)
0
7
(0)
0
(0)
0
0
-1
2023
18
(1)
7
(0)
0
0
0
(24)
0
2024
22
(3)
7
(0)
0
0
0
(25)
0
2025
26
(8)
7
(0)
0
0
0
(12)
13
Source
3,02%
1,99% IMF Estimate
24,34%
28,10%
21
2026
29
(8)
7
(0)
0
0
0
(0)
27
2027
30
(9)
7
(0)
0
0
0
(0)
28
2028
33
(9)
7
(0)
0
0
0
(0)
30
Date
12/03/2015
15/03/2015
15/03/2015
04/03/2015
16/03/2015
16/03/2015
2029
35
(12)
7
(0)
0
0
0
0
29
2030
37
(15)
7
(0)
0
0
0
0
29

Valuation Summary
Discounted Cash Flow
(93)
165
489
High range
425
Mid range
361
Low range
352
Parnaba I
Parnaba III
Parnaba IV
Non Contributed Capital

Increase
Total
Market Comparable Multiples
Parnaiba I, III and IV
Multiple Range
EV
Equity Value
Equity Value Adjusted by Capital

Increase
2015 EBITDA (Trading Multiple)
8,00x
9,00x
713
803
489
578
396
485
2016 EBITDA (Trading Multiple)
6,50x
7,50x
558
643
333
419
240
326
2015 EBITDA (Transaction Multiple)
8,00x
10,00x
713
892
489
667
396
574
Source: Eneva
Note [1]: Parnaba IV Projected Cash Flows discounted by Parnaba I Cost of Equity (13.08%) result in
an equity value of Petra stake of R$16,23 MM
22
Annex I
Multiples Database
Multiples Database
Comparable Trading Statistics
Company
March, 23rd/ 2015
# Total Shares Share Price Market Cap

Net Debt Enterprise Value
Debt/Equity
(MM)
(US$)
(US$ MM)
(US$ MM)
(US$ MM)
EBITDA
2015
AES Tiet S.A.
EV/EBITDA
2016
2015
2016
381
4,7
1.798,3
118,9
573,1
2.371,4
411,1
341,9
5,8x
6,9x
1.258
3,9
4.893,6
74,8
3.867,9
8.761,5
1.155,6
1.092,0
7,6x
8,0x
CPFL Energia S.A.
962
6,0
5.800,9
189,4
5.279,0
11.079,9
1.243,7
1.386,6
8,9x
8,0x
CPFL Energias Renovveis S.A.
503
3,8
1.921,5
133,2
1.649,1
3.570,6
315,8
357,6
11,3x
10,0x
EDP - Energias do Brasil S.A.
476
3,2
1.513,7
51,1
952,4
2.466,1
499,0
574,6
4,9x
4,3x
Equatorial Energia S.A.
198
9,4
1.851,3
127,0
907,2
2.758,5
294,0
372,5
9,4x
7,4x
Renova Energia S.A.
106
8,4
889,3
113,4
846,5
1.735,9
117,7
159,7
14,8x
10,9x
Tractebel Energia S.A.
653
11,0
7.202,6
65,2
1.116,5
8.319,1
938,7
1.176,5
8,9x
7,1x
Eneva S.A.
840
0,1
50,4
241,6
1.973,4
2.023,8
326,6
0,0
6,2x
0,0x
Copel
274
10,8
2.961,9
35,1
1.826,6
4.471,0
892,6
1.057,4
Cemig S.A.
5,4x
5,3x
Average Local GenCo's
115,0
8,3x
6,8x
Medium Local GenCo's
116,2
8,2x
7,2x
Source: Capital IQ
24
Multiples Database
Comparable Transaction Statistics
All Transactions
Announced Date
Buyers/Investors
Target/Issuer
Total Transaction Value (US$

MM, Historical rate)
Percent Sought
Im plied Enterprise
Value/EBITDA
Country of Target
6.611,0
54%
9,0x
Chile
413,0
39%
6,0x
Peru
12,0x
Chile
1.317,1
50%
Berkshire Hathaway Energy
Compaa General de
Electricidad S.A. (SNSE:CGE)
Generandes Peru SA
Empresa Electrica Guacolda
S.A.
NV Energy, Inc.
10.688,8
100%
8,9x
United States
Toplofikatzia Pleven EAD
Toplofikatsia Rousse EAD
69,4
100%
12,5x
Bulgaria
out-14
Gas Natural SDG SA (CATS:GAS)
abr-14
Enersis S.A. (SNSE:ENERSIS)
mar-14
AES Gener S.A.
mai-13
dez-12
abr-11
The AES Corporation
DPL Inc.
4.798,7
100%
7,7x
United States
jan-11
Duke Energy Corporation

Capstone Infrastructure
Corporation; Macquarie
Infrastructure and Real Assets
(Europe) Limited
Progress Energy Inc.
26.627,3
100%
8,3x
United States
Heat Operations and Heat

Production Facilities
308,9
100%
7,4x
Sweeden
91,9
42%
5,0x
Barbados
9.291,0
100%
7,5x
United States
736,6
80%
7,2x
Australia
1.226,8
64%
7,5x
Colombia
Senoko Energy Pte Ltd
2.769,0
100%
16,2x
Singapore
Unin Fenosa, S.A.
11.810,5
45%
11,0x
Spain
Average
5.482,8
77%
9,0x
Median
2.043,0
90%
8,0x
dez-10
nov-10
Emera Incorporated
fev-10
FirstEnergy Corp.
nov-09
Pacific Equity Partners
out-09
Grupo Argos S.A. ; Celsia SA ESP
set-08
jul-08
Source: Capital IQ
The Kansai Electric Power

Company, Incorporated ;
Marubeni Corporation; Kyushu
Electric Power Company,
Incorporated; GDF SUEZ S.A.;
Japan Bank For International
Cooperation, Investment Arm
Gas Natural SDG AS
Light & Power Holdings

Limited
Allegheny Energy, Inc.
Energy Developments Ltd.
Empresa de Energia del
Pacifico S.A.
25
Annex II

Parnaba Complex Overview
The Parnaba Complex, located in Santo Antnio dos Lopes, Maranho, is one of the largest thermal energy generation complexes in Brazil
The Complex is formed by the thermal power plants Parnaba I, Parnaba II, Parnaba III and Parnaba IV
Currently in operation, Parnaba I (676 MW), Parnaba III (178 MW) and Parnaba IV (56 MW) are the energy suppliers to the National Grid (SIN)
Using gas produced by Parnaba Gs Natural, ENEVA is able to generate energy at low costs due to privileged logistics, to the enterprises large scale
and easy access to mains
The Parnaba Complex is certified to reach up to 3,722 MW
Parnaba I
Parnaba III
Capacity: 676 MW
Capacity: 178 MW
Efficiency: 37%
Efficiency: 38%
Fixed Revenues: R$443 MM/year
Unitary Variable Cost: R$114/MWH
Auction: A-5/2008
Auction: A-5/2008
Parnaba II
Parnaba IV
Capacity: 517 MW
Capacity: 56 MW
Efficiency: 51%
Efficiency: 46%
Fixed Revenues: R$374MM/year
Auction: A-3/2011
Free Market
Source: Eneva
27

Parnaba I Income Statement
R$ thousand
2012
2013
2014
682.815
960.759
(594.048)
(824.570)
88.767
136.190
(15.736)
(11.997)
(18.770)
(14.807)
(10.320)
(5.844)
(929)
(1.677)
(12.926)
(15.736)
76.771
117.420
(984)
(71.334)
(75.854)
Financial revenues
3.100
6.010
Financial expenses
(985)
(74.434)
(81.864)
(16.720)
5.436
41.566
5.716
(5.284)
(5.604)
(11.004)
152
35.962
Net Revenues
Costs
Gross profit
Operating Expenses
SG&A
Other expenses
EBIT
Net financial revenues (expenses)
EBT
Taxes
Net income (loss)
Source: Eneva
28

Parnaba I Balance Sheet
R$ thousand
2012
2013
2014
85.229
158.288
206.355
83.250
32.034
38.121
Suppliers
Accounts receivable
110.113
141.072
Loans and financing
Inventory
4.236
7.480
Taxes recoverable
7.455
14.722
Prepaid expenses
1.706
4.086
4.960
272
364
1.084.889
1.264.731
1.179.035
5.141
520
1.323
Current Assets
Cash and cash equivalents
Other credits
R$ thousand
2012
2013
2014
162.381
265.826
199.312
3.020
85.787
30.028
150.759
149.663
142.438
413
9.431
6.603
5.157
2.328
2.252
Energy reimbursement
15.739
Other accounts payable
3.032
2.878
17.991
677.593
910.569
715.373
677.593
657.588
577.981
Deferred taxes and social

contribution
4.187
7.117
Accounts payable to related

parties
107.223
130.275
Advances for future capital

increase
141.571
330.144
246.624
470.705
Current Liabilities
Taxes and contributions payable

Wages and vacations payable
Non current liabilities

Non Current Assets
Loans and financing

Taxes recoverable
contribution
11.359
Prepaid expenses
1.844
257
1.356
Linked deposit
34.044
24.648
Related parties
1.906
1.344
Fixed assets
882.788
1.035.111
971.709
Capital
354.465
263.619
263.619
Intangible
183.758
178.887
166.647
Accumulated losses
(24.321)
(16.995)
207.087
Total Assets
1.170.118
1.423.019
1.385.390
1.170.118
1.423.019
1.385.390
Source: Eneva
14.006
12.009
Equity
Total Liabilitites + Equity
29

Parnaba III Income Statement
R$ thousand
2012
2013
2014
198.299
244.861
(221.912)
(239.403)
(23.613)
5.458
(294)
(483)
(10.070)
(294)
(483)
(10.070)
(294)
(24.096)
(4.612)
(4.790)
(10.660)
Financial revenues
3.811
9.021
Financial expenses
(8.601)
(19.681)
(294)
(28.886)
(15.272)
9.821
5.109
(294)
(19.065)
(10.163)
Net Revenues
Costs
Gross profit
Operating Expenses
Administrative
EBIT
EBT
Taxes
Net income (loss)
Source: Eneva
30

Parnaba III Balance Sheet
R$ thousand
2012
2013
2014
67
162.075
71.320
62.796
14.104
Suppliers
Accounts receivable
83.494
42.230
Taxes recoverable
10.528
Prepaid expenses
67
Derivative transactions
Other credits
2012
2013
2014
13
149.710
164.106
13
28.253
33.716
Loans and financing
120.636
121.568
9.873
Taxes and contributions

payable
39
1.269
1.157
Research & Development
549
1.380
Other accounts payable
233
8.822
2.609
3.956
38.591
38.001
Non Current Assets
166.267
267.864
38.591
38.001
Taxes recoverable
249
111
47
140.040
137.077

contribution
9.821
86.218
Capital
1.213
160.271
160.271
Fixed assets
156.197
181.535
Accumulated losses
(1.166)
(20.231)
(23.194)
67
328.341
339.184
67
328.341
339.184
Current Assets
Total Assets
Source: Eneva
R$ thousand
Current Liabilities

Related parties
Equity
31

Parnaba IV
R$ thousand
2012
2013
2014
5.825
50.022
(3.244)
(32.549)
2.581
17.473
(632)
(1.311)
(632)
(1.311)
1.949
16.162
12
3.416
(21.280)
Financial revenues
19
8.928
325
Financial expenses
(7)
(5.512)
(21.605)
(12)
5.365
(5.118)
(1.800)
2.783
(12)
3.565
(2.335)
Net Revenues
Costs
Gross profit
Operating Expenses
Administrative
EBIT
EBT
Taxes
Net income (loss)
Source: Eneva
32

Parnaba IV Balance Sheet
R$ thousand
2012
2013
2014
Current Assets
1.596
29.035
14.270
Accounts receivable
1.596
5.074
331
8.999
2.412
R$ thousand
2012
2013
2014
Current Liabilities
1.532
83.602
5.658
Suppliers
7.888
1.797
Labour obligations
129
73
23
437
3.718
75.131
1.509
17
70
44.271
174.877

contributions
1.048
1.580
Transactions with related

parties
43.223
173.297
15.228
19.514
17.178
15.216
15.936
15.936
12
3.578
1.242
16.760
147.387
197.713
Tax obligations
Loans and financing
Taxes recoverable
11.755
10.698
Derivative transactions
3.105
Other credits
102
829
Transactions with related

parties
Other liabilities
Non Current Assets
Taxes recoverable
Fixed assets
15.164
118.352
183.443
74
22.200
15.161
118.278
161.243
Equity
Capital
Earnings reserve
Total Assets
Source: Eneva
16.760
147.387
197.713
33
Contacts
Corrado Varoli
cvaroli@g5evercore.com
+55 11 3014 6868
Marcelo Lajchter
malajchter@g5evercore.com
+55 21 3205 9180
Arthur Horta
ahorta@g5evercore.com
+55 11 3165 4600
Graciema Bertoletti
graciema.bertoletti@g5evercore.com
+55 11 3014 6846
Manuela Albuquerque Silveira

msilveira@g5evercore.com
+55 11 3165 7005
Sao Paulo
Rio de Janeiro
Av. Brigadeiro Faria Lima, 3311 10th Floor
Av. Borges de Medeiros, 633 Room 202
04538 133 - Itaim Bibi
22430 042 - Leblon
+55 11 3014 6868
+55 21 3205 9180
www.g5evercore.com
34

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Anexo 2.1.

STRICTLY PRIVATE AND CONFIDENTIAL

STRICTLY PRIVATE AND CONFIDENTIAL

Valuation - Parnaba I, III and IV

Parnaba I, III and IV Overview

STRICTLY PRIVATE AND CONFIDENTIAL

March 27, 2015

STRICTLY PRIVATE AND CONFIDENTIAL

Very truly yours,

STRICTLY PRIVATE AND CONFIDENTIAL

Discounted Cash Flow methodology

Discounted Cash Flow to Equity

Valuation based on cash flow

Petra Stake Equity Value (R$ MM)

Market Comparable Multiples:

Valuation based on trading multiples

Valuation based on transaction

Trading EV/EBITDA Multiples

STRICTLY PRIVATE AND CONFIDENTIAL

Valuation - Parnaba I, III and IV

Main Asset Features

The Company provided G5 Evercore with financial projections

The projections can be separated in 2 stages: for years 2015

The assets were evaluated individually, and no synergies,

Macroeconomic assumptions were based on projections

The Discounted Cash Flow methodologys considers all cash

Long term PLD forecasts were provided by specialty

The multiple analysis considers 2015 and 2016 EBITDA. Net

Long term Henry Hub price curves were provided by E.on

STRICTLY PRIVATE AND CONFIDENTIAL

Risk Free Rate

Marginal Tax Rate

STRICTLY PRIVATE AND CONFIDENTIAL

Valuation - Parnaba I, III and IV

Parnaba I plant is a the largest UTE in the Parnaba complex,

Power Plant Capacity

The asset has a 15 year PPA to supply energy for the

Commercial Operation Date

Parnaba I derives fixed revenues from the regulated market

Capacity Sold in ACR

Base Fixed Revenue

Gas (raw material) Price established at the contract

Fixed Lease Payments Adjusted yearly according to

Yes same conditions

Variable Lease Payments calculated as the

Other costs of the UTE are O&M, overhauling, R&D,

STRICTLY PRIVATE AND CONFIDENTIAL

Valuation - Parnaba I, III and IV

Spot Market Price

Energy Generation Metrics

Source: Eneva and third party consultants

STRICTLY PRIVATE AND CONFIDENTIAL

Valuation - Parnaba I, III and IV

EBITDA (R$ MM)

STRICTLY PRIVATE AND CONFIDENTIAL

Valuation - Parnaba I, III and IV

US Treasury - 10 Years, Avg. Last Twelve Months

Ibbotson Yearbook 2014

41,78% Estimate Year End 2015

STRICTLY PRIVATE AND CONFIDENTIAL

Valuation - Parnaba I, III and IV

Parnaba III plant comprises of 2 thermo generation turbines