3Q13 Earnings Release

3Q13 Earnings Release

ENEVA Announces Third Quarter 2013 Results

Rio de Janeiro, November 13, 2013 - ENEVA S.A. (BM&FBOVESPA: ENEV3, GDR I: ENEVY) announces today the results for the third quarter ended September 30, 2013 (3Q13). The information below is presented on a consolidated basis in accordance with the accounting practices adopted in Brazil, except when stated otherwise.

3Q13 Highlights & Subsequent Events

The volume of energy sold in 3Q13 was 1,719 GWh, excluding the volumes sold by Pecm I and ENEVAs trading arm, in accordance to the IFRS 11 consolidation standards; Net revenues reached R$ 317.3 million; Operating expenses reached R$ 47.8 million, a decrease of R$ 6.0 million in relation to 3Q12. Holding company expenses reached R$ 33.6 million, down 14.0% in relation to 3Q12; Positive EBITDA of R$ 11.0 million; Consolidated cash capex in the quarter totaled R$ 230.6 million; In August, the board of Aneel approved a postponement of the start date of the Regulated Market Power Purchase Agreements of Pecm II until the beginning of commercial operations of Pecm II substation. The substation was completed in October and the plant was granted authorization for commercial operation in October 18, 2013;

In September, the Companys corporate denomination was changed to ENEVA S.A. from MPX Energia S.A. Also in September, an R$ 800 million private capital increase was concluded and 124,031,007 new shares were issued; Pecm II and Parnaba III thermo power plants were authorized by ANEEL to start commercial operation, on October 18 and October 22, 2013; On October 21, ENEVA's shares started trading on the BM&FBOVESPA and the U.S. OTC market under the new ticker symbols ENEV3 and ENEVY, respectively.

3Q13 Earnings Release

Ongoing Regulatory Claims

Pass-through Criteria for spot market power purchase in case of startup delay According to the regulation currently in place, a power plant that holds a regulated market PPA and faces startup delays must purchase power in the free market in order to fulfill its contractual obligations. Currently, the passthrough criteria establishes that this cost is reimbursed based on the cost-benefit index (ICB) of the power plant (i.e. estimated average cost of the plant to the grid) at the time of the auction in which power was sold. The company is currently discussing with Aneel a change in the ICB Criteria, so as to establish a pass-through based on the online cost of the plant to the system ( ICB online). The Company understands that pass-through revenues should be calculated based on what would be the current (online) cost of the plant to the grid in case it was operating commercially. Compensation for downtime/Unavailability Charges (ADOMP) ENEVAs power plants are being charged on an hourly basis for any differences between the net declared power generation capacity and the actual generation. The Company is challenging these charges as it understands that while the PPA provides for an annual revision of plants firm energy based on a 60 -month rolling average of its availability, it does not foresee charges on an hourly basis.

Economic and Financial Performance

The new accounting standards set forth by IFRS 11, which became effective for annual periods beginning on or after January 1, 2013, eliminated proportionate consolidation as a method to account for jointly controlled entities (JCE). According to the new standards, JCEs fall within the definition of joint venture and should be accounted for under the equity method. These standards were applied retroactively to joint ventures held on the date of initial application. Pecm I and MPX E.ON Participaes are now recognized under the equity method. For comparison purposes, we also present the 3Q12 statements in accordance with IFRS 11.

1. Net Operating Revenues

In 3Q13, ENEVA recorded consolidated Net Operating Revenues of R$ 317.3 million, comprised largely by the revenues from the Regulated Market Power Purchase Agreements (PPA) of Itaqui and Parnaba I, which reached, respectively, R$ 95.2 million and R$ 212.5 million in the period. The breakdown of operating revenues for 3Q13 is as follows:
Net Operating Revenues (R$ million) Gross Revenue Fixed Revenue Variable Revenue Adjustments from previous months Deductions from Operating Revenues Net Operating Revenues Consolidated 353.5 184.6 180.0 (11.2) (36.3) 317.3 Itaqui 106.1 73.4 44.7 (12.1) (11.0) 95.1 Parnaba I 236.5 103.9 131.8 0.9 (24.0) 212.5 Amapari 10.8 7.4 3.5 (1.1) 9.7

3Q13 Earnings Release

2. Operating Costs

Operating Costs (R$ thousand) Personnel and Management Fuel Outsourced Services Leases and Rentals Energy Acquired for Resale Other Costs
Transmission Charges Compensation for Downtime

3Q13 (11,954) (156,393) (28,777) (43,867) 14,410 (32,573)

(15,208) (23,283)

3Q12 (796) (17,945) (631) (1,093) 14,654

-

% 1402.3% 771.5% 4462.8% 3914.0% -322.3%

-

Total Depreciation and Amortization Total Operating Costs

(259,153) (44,667) (303,821)

(5,810) (1,500) (7,310)

4360.3% 2877.6% 4056.1%

Operating Costs totaled R$ 303.8 million in 3Q13, impacted mainly by an increase of R$ 138.4 million in fuel costs relative to the same period of the preceding year, due to the beginning of commercial operations of two power plants (Itaqui and Parnaba I), which were dispatched by the ONS the full 3Q13. The cost of R$ 156.4 million recorded in the quarter is divided into R$ 63.2 million incurred by Itaqui, R$ 75.3 million incurred by Parnaba I and R$ 17.9 million by Amapari. The beginning of commercial operations of these plants also impacted the Outsourced Services account, which reached R$ 28.8 million in 3Q13, mainly due to higher costs with utilities, machinery and equipment repair and mechanical maintenance service. The positive R$ 14.4 million recorded in the Energy Acquired for Resale account refers mostly to accounting adjustments to the amounts recorded in 2Q13 for Itaqui (+R$ 13.3 million) and Pecm II (+R$ 1.4 million). The Other Costs account, which totaled R$ 29.6 million in 3Q13, is mainly composed by transmission charges (TUST) and compensation for downtime of the power plants (unavailability charges), which are listed in the chart above. Downtime charges are measured on an hourly basis and calculated based on the difference between the actual production of the generating units and the authorized capacity discounting forced and programmed stoppage rates, internal consumption of the units and grid losses. Itaqui and Parnaba I had to reimburse discos for the energy not delivered by the difference between their declared variable cost per MWh (CVU) and the spot price (PLD). In 3Q13, these costs amounted to R$ 21.7 million and R$ 1.6 million for Itaqui and Parnaba I, respectively.

3Q13 Earnings Release

3. Operating Expenses
In the quarter, Operating Expenses, excluding Depreciation & Amortization, amounted to R$ 47.1 million, an 11.7% reduction when compared to 3Q12. In the same period, the holding company posted Operating Expenses, excluding Depreciation & Amortization, of R$ 33.1 million, compared to the R$ 38.7 million recorded in 3Q12. During the period, the IPCA inflation index rose by 5.71%.
Operating Expenses (R$ thousand) Personnel and Management Outsourced Services Leases and Rentals Other Expenses Total Depreciation and Amortization Total Operating Expenses 3Q13 (22,162) (16,979) (2,770) (5,209) (47,120) (686) (47,806) Consolidated 3Q12 (25,939) (21,143) (2,474) (3,790) (53,345) (504) (53,849) % -14.6% -19.7% 12.0% 37.4% -11.7% 36.1% -11.2% 3Q13 (17,681) (10,920) (1,927) (2,565) (33,092) (466) (33,558) Holding 3Q12 (20,540) (13,817) (2,037) (2,269) (38,663) (349) (39,012) % -13.9% -21.0% -5.4% 13.0% -14.4% 33.4% -14.0%

The main changes are as follows:

Personnel: Personnel expenses totaled R$ 22.2 million in 3Q13, compared to R$ 25.9 million reported in the same period of the preceding year. The highlights is:

Reduction in stock option-related expenses resulting mainly from the decrease in stock price since 3Q12 (-R$ 8.0 million).

Outsourced services: Expenses with outsourced services in 3Q13 totaled R$ 17.0 million, down 19.7% in relation to 3Q12. The highlights are:

Decrease in expenses with shared services in the holding company, resulting from the reduction of EBXs service structure (-R$ 2.3 million); Decrease in expenses with technical and legal consulting services at the holding company (-R$ 2.1 million);

4. EBITDA
In 3Q13, ENEVA reported a positive EBITDA of R$ 11.0 million, resulting mainly from: Parnaba I: EBITDA amounted to R$ 58.8 million, with the plants four generating units fully operational during the entire 3Q13. EBITDA margin reached 27.7%. Itaqui: EBITDA amounted to negative R$ 5.9 million, impacted by high operating costs mostly attributable to unavailability charges and high fuel costs (coal, diesel and quicklime). ENEVA holding: Operating expenses amounted to R$ 33.6 million resulting in a negative EBITDA of R$ 33.1 million.

3Q13 Earnings Release

5. Net Financial Result

Financial Result (R$ thousand) Fx Rate Fluctuations Marking-to-market derivatives Derivatives Liquidation Interest Revenue Debt Service Other Net Financial Result 3Q13 (1,118) 102,630 (105,031) 9,545 (86,744) (17,960) (98,679) 3Q12 (2,287) (20,526) 13,636 21,911 (11,308) (12,482) (11,056) % -51.1% -600.0% -870.2% -56.4% 667.1% 43.9% 792.5%

In 3Q13, ENEVA recorded net financial expenses of R$ 98.7 million, compared to net expenses of R$ 11.1 million in 3Q12, impacted mainly by the increase in interest expenses in the holding company (+R$ 29.8 million), Itaqui (+R$ 38.1 million); Pecm II (+R$ 6.4 million) and Parnaba I (+R$ 16.0 million). Given the end of the grace period for interest payments on the Itaqui, Pecm II and Parnaba I long-term debts, interest due, which until then was mostly capitalized, started being expensed. Higher interest expenses at the holding level are related to the growth in debt motivated by increased cash needs in the subsidiaries resulting from energy acquisition costs due to delays in the startup of the power plants. Other financial expenses were impacted by structuring fees related to the R$ 800 million capital increase concluded in September (+R$ 16.9 million).

6. Equity Income
The company reported a negative equity income of R$ 22.8 million, mainly impacted by losses incurred by Pecm I. The following analysis considers 100% of the projects. ENEVA holds an interest of 50.0% in Pecm I and 33.3% in OGX Maranho.

6.1. Pecm I (Income Statement available on page 19) In 3Q13, Pecm I reported net revenues of R$ 217.2 million. A breakdown of Operating Revenues for Pecm I is presented below:
Operating Revenues (R$ million) Gross Revenue Fixed Revenues Variable Revenues Adjustments from previous months Deductions from Revenues Net Revenue Pecm I 244.5 142.8 96.2 5.5 (27.3) 217.2

3Q13 Earnings Release

Operating Costs, excluding depreciation and amortization, totaled R$ 174.9 million, an increase of 16.9% compared to the same period of last year. Fuel costs reached R$ 109.3 million, split mainly between coal (R$ 86.4 million) and diesel oil (R$ 14.0 million) costs. Fuel costs in the quarter were inflated due to the process of shutting down and restarting of the plant during stoppages in the period. Operating costs in 3Q13 were also impacted by costs associated with downtime (unavailability charges), in the amount of R$ 27.7 million. Downtime charges are measured on an hourly basis and calculated based on the difference between the actual production of the generating units and the authorized capacity discounting forced and programmed stoppage rates, internal consumption of the units and grid losses. Pecm I had to reimburse discos for the energy not delivered by the difference between their declared variable cost per MWh (CVU) and the spot price (PLD). 3Q13 was the first quarter in which Pecm I recorded a positive EBITDA, with the plants two generating units fully operational and without the cost burden of power purchases. Pecm I reported a positive EBITDA of R$ 40.1 million in the quarter. Net financial expenses amounted to R$ 71.4 million, compared to R$ 21.9 million in 3Q12, impacted mainly by increased interest expenses related to the end of the grace period of the long-term project loans, in July 2012 and higher losses on currency hedging derivatives. Pecm I reported a net loss of R$ 43.0 million in 3Q13.

6.2. OGX Maranho OGX Maranhos net revenues in 3Q13 amounted to R$ 91.0 million, with a cumulative production of 283.4 million m3 of gas in the period. EBITDA in the quarter reached R$ 83.3 million, a 104.0% increase as compared to the figure reported last quarter. OGX Maranho recorded a net profit of R$ 22.3 million in 3Q13.
Income Statement
(R$ thousand)
1

OGX Maranho 1Q13 2Q13 92 days 252.4 95,439 (11,515) 83,924 (35,816) 2,446 (16,697) 7,006 40,863 4,871 (16,544) (18,257) 182 3Q13 92 days 283.4 103,595 (12,588) 91,007 25,698 (22,117) 1,080 (12,325) 83,343 (37,054) (1,157) (10,864) 265 6

Operating Period

(2)

65 days 83.5 39,279 (4,522) 34,757 (3,597) (2,718) (6,317) (5,010) 17,115 (5,667) (32,345) (5,134) 1,729

Gas Production - in MMm3 (3) Gross Operating Revenues Deductions from Gross Revenue Net Operating Revenues Production costs Royalties, Special Part. And Government Part. SG&A Exploration Expenses EBITDA Depreciation and Amortization Write-off of wells Net Financial Income Financial Income

3Q13 Earnings Release

Financial Expenses Foreign Exchange Derivatives Earnings Before Taxes IR CSLL Net Income
(1) (2) (3)

(5,148) 3,717 (5,432) (26,031) 6,306 2,271 (17,454)

(12,121) (26,604) 20,286 10,933 (2,933) (1,056) 6,944

(8,835) (929) (1,365) 34,268 (8,766) (3,156) 22,346

Preliminary and not audited figures. Date of closing for book values: 25th day of the month. Gas production related to OGX Maranhos participation in the blocks (70%).

7. Net Income
In 3Q13, ENEVA reported a net loss of R$ 178.0 million, impacted mainly by unavailability charges resulting from downtime of the coal thermal power plants in start-up operation and interest expenses related to the end of the grace period of the long-term project loans and higher leverage at the holding company.
Income Statement (R$ million) Net Operating Revenues Operating Costs Operating Expenses Net Financial Result Equity Income Other Revenues/Expenses Earnings Before Taxes Taxes Payable and Deferred Minority Interest NET INCOME EBITDA 3Q13 317.3 (303.8) (47.8) (98.7) (22.8) (1.5) (157.3) (15.4) (5.3) (178.0) 11.0 3Q12 9.9 (7.3) (53.8) (11.1) (30.9) (1.8) (95.0) 8.2 0.1 (86.7) (49.3) % 3115.3% 4056.1% -11.2% 792.5% -26.3% -16.0% 65.6% -286.7% -5810.4% 105.4% -122.3%

8. Debt
As of September 30, 2013, consolidated gross debt amounted to R$ 5,551.3 million, a 3.2% decrease in relation to the amount recorded as of June 30, 2013. Consolidated debt profile (R$ million)

3,023 54%

2,528 46%

1,554 28% 3,998 72%

Short Term

Long Term

Working Capital

Project Finance 7

3Q13 Earnings Release

The balance of short-term debt at the end of September 2013 was R$ 2,527.8 million, or R$ 123.3 million lower than the amount recorded as of June 30, 2013. R$ 1,085.8 million out of the total balance of short-term debt is allocated in the projects, as follows: R$ 268.1 million refer to the current portion of the long-term debts of Pecm II, Itaqui and Parnaba I; R$ 113.2 million refer to bridge loans to Parnaba I, which after the closing of 3Q13 were rolled over until December 2014. The outstanding balance will be paid-off in 15 monthly installments, starting in October 2013; R$ 704.4 million refer to bridge loans to Parnaba II, which should be paid-off until the end of 2013 with the disbursement of the long-term financing packages. The remaining balance of short-term debt, R$ 1,442.1 million, is allocated in the holding company. During 3Q13, ENEVA holding paid-off R$ 102.2 million (principal + accrued interest) of its short-term debt with proceeds from the capital increase concluded in September, 2013. According to the new IFRS standards, Pecm I is no longer included in consolidated statements. As of September 30, 2013, the gross debt of Pecm I (50%) amounted to R$ 1,082.6 million. In September, 2013, the average cost of debt was 9.3% p.a. and the average maturity was 4.5 years. Debt Maturity Profile* (R$ million)

2,482.9

1,442.1

Working Capital

356.6

1,085.8

Project Finance 65.8 235.0

2015

239.7
2016 From 2017 on

Cash & Cash Equivalents

2013

2014

*Values incorporate principal + capitalized interest + charges and exclude outstanding convertible debentures.

Net debt in 3Q13 amounted to R$ 5,194.7 million, 7.0% lower than the value reported on June 30, 2013. Consolidated Cash and Cash Equivalents totaled R$ 356.6 million at the end of September, 2013, an increase of R$ 207.0 million as compared to the balance in June 30, 2013. However, 3Q13 cash revenues for Itaqui were inflated by R$ 72.3 million due to an overstatement made by CCEE. The amount was recorded under other current liabilities and will be deducted from future revenues. The adjusted consolidated cash balance at the end of the quarter, excluding the impact of CCEEs overstatement, would thus be R$ 284.3 million.

3Q13 Earnings Release

Consolidated Cash and Cash Equivalents (R$ million)

74 488 390

277 800 94 193 54 357

Capital Increase Revenues Holding Itaqui Parnaba I Parnaba II Pecm II Others

150
Cash and Cash Equivalents (2Q13)

284

Cash and Cash Adjusted Cash Equivalents and Cash (3Q13) Equivalents (3Q13)

9. Capital Expenditures (accounting view)

The fifth turbine of Parnaba I was spun-off and transferred to Parnaba III during 3Q13. Parnaba III is held by MPX E.ON Participaes, ENEVAs joint-venture with E.ON, and thus is accounted for under the equity method. Excluding the impact of the spin-off (-R$303.0 million), capital expenditures at Parnaba I in 3Q13 would amount to R$ 51.7 million. Additionally, ENEVA invested a total of R$ 164.8 million in the construction of Pecm II, Itaqui and Parnaba II, excluding capitalized interest in the projects of R$ 45.1 million. Capital Expenditures (R$ million)
3Q13 Capex Itaqui Pecm II Parnaba I (adjusted) Parnaba II 8.8 72.2 51.7 83.8 Interest Capitalized 23.0 22.1 Capex 54.9 71.0 233.9 192.5 2Q13 Interest Capitalized 23.8 16.5

In 3Q13, ENEVA invested through OGX Maranho R$ 25.3 million in the exploration campaign in the Parnaba Basin and in the development of the Gavio Real and Gavio Branco fields, compared to the R$ 28.2 million invested in 2Q13. ENEVAs investment in Pecm I (50% of the project) amounted to R$ 1.4 million in the period.

3Q13 Earnings Release

Installed Generation Capacity and Status of Projects under Construction

ENEVAs gross installed capacity reached 2,313 MW with the start of commercial operations of Pecm II on October 18, 2013 and Parnaba III on October 22, 2013.
Installed Capacity (MW) Amapari Pecm I Itaqui Parnaba I Pecm II Parnaba III Total 23 720 360 676 365 169 2,313 ENEVA Ownership 51% 50% 100% 70% 100% 52.5% Declaration of Commercial Operation June, 2008 May 10, 2013 Feb 05, 2013 Apr 12, 2013 Oct 18, 2013 Oct 22, 2013

Additionally, ENEVA is currently building two gas-fired power plants, Parnaba II and IV, totaling 573 MW. Furthermore, an engine of 7 MW is being installed in Parnaba III, in order to increase the plant s capacity to 176 MW. Parnaba II Civil Works at Parnaba II are in line with the regulatory schedule. Electromechanical equipment and the steam turbine are currently under assembly. Commissioning of the first generating unit (169 MW) is expected to 2,893 December, 2013. Parnaba IV
1,779 517 2,313 7 56

Construction works at Parnaba IV are advanced. Assembly of the plants generators and power substation has been completed as well as the interconnection for gas supply. A request for the operating license was already presented to environmental authorities. Installed Capacity (MW)
Parnaba IV Parnaba II

3Q13

Current

Parnaba III (Engine)

2014

517 2,313 1,779 7 56

2,893

3Q13

Current

Parnaba III Parnaba IV Parnaba II (Engine)

2014

10

3Q13 Earnings Release

Natural Gas E&P in the Parnaba Basin In 3Q13, OGX Maranho began and completed the drilling of three wildcat wells . In two, out of these three
1

wells, gas shows were found: Prospect Fazenda Havana (OGX-115) and the Prospect So Lus do Vale (OGX118). In the third well, Morada Nova (OGX-117), a new gas accumulation was discovered with two intervals containing 18 and 47 meters of net pay in the formation Poti. Additionally, the drilling rig started moving to drill the first well and commitment on the block PNT-T-102, corresponding to the project Fazenda Araguana (OGX119).

Gavio Real Field Development In 3Q13, OGX Maranho operated in order to supply the four turbines of Parnaba I, reaching daily volumes of natural gas production of approximately 4.5 million m in Gavio Real field2. The monthly production was in line with average production of approximately 4.5 million m. The onshore production in 3Q13 totaled 409.8 million m of natural gas. In 4Q13 the Gas Treatment Unit (GTU) reached its current nominal capacity (6.6 million m/day), allowing the start of Parnaba III operations. The production collection system received the production of four additional wells, located in a third production cluster. By year end, three others wells will be connected, totaling for this phase sixteen wells. By setting into production of all these wells, will be possible to achieve a better management of gas deposits exploitation.

Capital Markets
Private Capital Increase On September 16, 2013, ENEVAs Board of Directors confirmed an increase in the Companys share capital in the amount of R$ 799,999,995.15, which thus reached R$ 4,536,568,316.00. Among the shareholders who share the control of the Company, E.ON now holds 37.9% of ENEVAs capital, while Mr. Eike Batistas stake was reduced to 23.9%. The Shareholders Agreement between E.ON and Mr. Eike Batista remain in force. ENEVAs current ownership structure
Free Float 38.2% Eike Batista 23.9% 37.9%

1
2

A wildcat well is the first well drilled on a new prospect. Total production of the Gavio Real field. OGX Maranho owns 70% of the exploration rights. 11

3Q13 Earnings Release

Stock Price Performance ENEVAs capital on September 30, 2013 was constituted by 702,510,969 ordinary shares, of which 38.2% were free float. ENEVAs share price at the end of the third quarter of 2013 was R$ 5. 25, compared to R$ 7.55 on June 30, 2013, representing a drop of 30.5% in the quarter. In the same period, the Bovespa Index (Ibovespa) advanced 11.6% and the Electrical Utilities Sector Index (IEE) advanced 6.4%. In the last 12 months, ENEVAs shares fell 51.4%, the Ibovespa 11.6% and the IEE 10.1%. The Companys market capitalization at the end of the quarter reached R$ 3.7 billion. Average daily traded volume in 3Q13 was R$ 8.9 million.

120 115 110 105 100 95 90 85 80 75 70 65 60

3Q13 Capital Markets Performance 06/28/2013 = 100

52,338

R$ 7.55

27,038

R$ 5.25

115 110 105 100 95 90 85 80 75 70 65 60 55 50 45 40

12m Capital Markets Performance 09/28/2012 = 100

R$ 10.80 27,038

52,338 R$ 5.25

IBOV

ENEV3

IEEX

IBOV

ENEV3

IEEX

Free Float Profile (as of September 30, 2013)

33,0% 5,3% 67,0% 94,7%

Brazil

International

Individuals

Institutional Investors

12

3Q13 Earnings Release

3Q13 Conference Call Thursday, November 14, 2013 10:00 am (Brasilia Time) / 07:00 am (US EST) Access numbers Brazil: +55 11 4706-0951 +55 11 2104-8901 Access numbers US: +1 855 281-6021 +1 786 924-6977 Password: ENEVA Webcast in Portuguese: www.ccall.com.br/eneva/3q13.htm Webcast in English: www.ccall.com.br/eneva/3q13.htm

ENEVA Contacts Investor Relations: Flavia Heller Rodrigo Vilela Luiza Santoro +55 21 2163-4459
ri@eneva.com.br ir.eneva.com.br

Press: Carla Assemany +55 21 2163-7356 / +55 21 9953 7255 Isabella Paschuini +55 21 2163-6114 / +55 21 9847-0955

13

3Q13 Earnings Release

ANNEX

I.

Balance Sheet Assets

Holding
(R$ thousand) Current Assets Cash and Cash Equivalents Accounts Receivable Gain on Derivatives CCC Subsidy Inventories Escrow Accounts Prepaid Expenses Non-current Assets Long-term Asset Accounts Receivable Advances for Future Capital Increase (AFAC) Escrow Accounts Deferred Taxes (IR/CSLL) Prepaid Expenses - R&D Fixed Assets Equity Interest Property, Plant and Equipment Intangible Assets Deferred Assets TOTAL ASSETS 1,422,236 918,738 388,202 114,400 895 2,572,251 2,549,681 19,827 2,744 4,331,717 1,170,868 533,073 419,426 102,649 114,400 1,320 2,237,371 2,215,108 19,343 2,920 3,642,481

Consolidated dec-12
234,243 206,263 22,886 5,058 35 -

sep-13
337,230 302,324 24,378 10,491 37 -

sep-13
786,624 356,552 277,676 10,521 18,724 93,330 37 29,783

dec-12
1,100,727 593,910 262,010 3,021 17,561 211,718 4,237 8,270

787,456 208,412 365 152,458 398,121 28,100 7,632,114 933,543 6,483,301 215,269 9,206,194

675,016 47,375 137,718 456,123 33,801 7,675,436 62,956 7,362,815 249,665 (0) 9,451,179

14

3Q13 Earnings Release

II.

Balance Sheet - Liabilities

Parent
(R$ thousand) Current Liabilities Accounts Payable Personnel Charges on Debts Taxes Payable Short Term Debt Losses on Derivatives Other Non-current Liabilities Long term Liabilities Accounts Payable Deferred Taxes (IR/CSLL) Long-Term Debt Intercompany Loan Provision for Losses Others Minority Interests Shareholder's Equity Common Stock Capital Reserve Reserve Valuation Adjustments Profit Reserve Advance for Future Capital Increase AFAC Translation Adjustments Accumulated Profit or Losses Net Earnings TOTAL LIABILITIES

sep-13
1.458.679 3.587 5.208 53.115 231 1.388.953 7.585 131.058 111.500 705 13.698 5.155 2.741.980 4.532.274 (46.110) 346.044

dec-12
947.340 3.848 3.288 15.400 402 908.953 15.450 125.547 102.175 18.418 4.954 2.569.594 3.731.734 (55.424) 321.904

Consolidated sep-13 dec-12

3.170.392 384.195 14.916 166.405 43.566 2.361.442 199.868 3.202.666 (31.233) 3.054.646 151.403 17.291 10.560 110.033 2.723.102 4.532.274 (46.110) 346.044 2.407.159 228.638 12.980 105.620 11.375 1.809.781 39.506 199.259 4.339.445 (21.788) 4.173.735 215 171.899 15.385 154.975 2.549.600 3.731.734 (55.424) 321.904

(63.069) (1.364.978) (662.181) 4.331.717

(63.643) (929.777) (435.201) 3.642.481

(63.069) (1.383.856) (662.181) 9.206.194

(63.643) (949.770) (435.201) 9.451.179

15

3Q13 Earnings Release

III.

Income Statement
Holding
(R$ thousand) Gross Operating Revenues Energy Supply Energy Commercialization Deductions from Gross Revenue Net Operating Revenues Operating Costs Personnel Material Fuel Outsourced Services Depreciation and Amortization Leases and Rentals CCC Subsidy Energy Acquired for Resale Other costs Operating Expenses Personnel Material Outsourced Services Depreciation and Amortization Leases and Rentals Other Expenses Net Financial Income Other Revenues/ Expenses Equity Income Earnings Before Taxes CSLL/IR Deferred Taxes Provision (IR/CSLL) Minority Interest NET INCOME

3Q13
(33,558) (17,681) (46) (10,920) (466) (1,927) (2,518) (44,701) (1,577) (98,195) (178,031) (178,031)

3Q12
(39,012) (20,540) (97) (13,817) (349) (2,037) (2,172) 911 (2,079) (47,992) (88,173) 1,479 (86,694)

Consolidated 3Q13 3Q12

353,520 353,520 (36,253) 317,267 (303,821) (11,954) (2,977) (156,393) (28,777) (44,667) (43,867) 14,138 14,410 (43,734) (47,806) (22,162) (309) (16,979) (686) (2,770) (4,900) (98,679) (1,535) (22,753) (157,325) (5,481) (9,899) (5,325) (178,031) 10,983 10,983 (1,116) 9,867 (7,310) (796) (275) (17,945) (631) (1,500) (1,093) 15,177 (249) (53,849) (25,939) (402) (21,143) (504) (2,474) (3,387) (11,056) (1,826) (30,852) (95,026) (214) 8,454 93 (86,694)

16

3Q13 Earnings Release

Relatrio de Resultados
IV. Project Balance Sheet Assets
Pecm I (100%)
(R$ thousand) Current Assets Cash and Cash Equivalents Accounts Receivable Gain on Derivatives CCC Subsidy Inventories Escrow Accounts Prepaid Expenses Non-current Assets Long-term Asset Accounts Receivable Advances for Future Capital Increase (AFAC) Escrow Accounts Deferred Taxes (IR/CSLL) Prepaid Expenses - R&D Fixed Assets Equity Interest Property, Plant and Equipment Intangible Assets Deferred Assets TOTAL ASSETS 428,960 18,122 410,838 3,435,496 3,433,846 1,399 251 4,119,006 304,425 16,515 287,910 3,412,035 3,410,324 1,460 251 4,158,526 258,016 1,162 63,667 192,127 1,060 2,644,803 2,633,013 11,081 708 3,036,791 131,767 1,671 10,853 117,207 2,035 2,501,726 2,489,105 11,913 708 2,770,357 147,316 241 63,324 83,037 715 1,891,089 1,890,728 357 4 2,108,559 86,273 1,252 22,145 62,161 715 1,623,221 1,622,873 344 4 1,755,829 26,953 2,268 68 24,617 68,426 65,155 181 3,090 137,353 26,861 2,244 24,617 72,062 67,568 288 4,206 146,120 31,245 824 25,398 4,766 257 1,116,517 934,556 181,961 1,345,269 18,344 5,141 11,359 1,844 1,066,546 882,788 183,758 1,170,117 9,242 4,953 3,790 499 942,540 939,063 3,476 957,010 7,189 3,708 421 3,060 488,698 488,155 543 713,021 14,580 13,672 215 587 105 183,062 142,552 15,777 24,733 395,743 14,458 7,909 1,380 4,747 422 100,468 62,559 37,909 0 342,505

Itaqui sep-13
133,972 15,730 67,342 47,297 3,603

Pecm II sep-13
70,154 345 31,062 33,203 5,544

Amapari sep-13
41,974 3,375 9,427 30 18,724 10,413 5

Parnaba I sep-13
197,507 33,888 145,119 2,417 16,083

Parnaba II sep-13
5,228 352 329 4,548

sep-13
254,551 47,845 145,565 58,382 298 2,462

dec-12
442,065 727 303,345 136,350 1,298 346

dec-12
136,865 7,334 36,577 92,098 855

dec-12
46,335 1,073 4,386 40,723 153

dec-12
47,197 10,514 9,173 17,561 9,865 84

dec-12
85,228 83,249 272 1,706

dec-12
217,134 213,352 684 3,098

MPX/E.ON Participaes sep-13 dec-12

198,101 65,873 132,226 2 (0) 227,579 134,705 84,343 2 2 7,106 1,421

17

3Q13 Earnings Release

Relatrio de Resultados
V. Project Balance Sheet - Liabilities
Pecm I (100%)
(R$ thousand) Current Liabilities Accounts Payable Personnel Charges on Debts Taxes Payable Short Term Debt Losses on Derivatives Other Non-current Liabilities Long term Liabilities Accounts Payable Deferred Taxes (IR/CSLL) Long-Term Debt Intercompany Loan Provision for Losses Others Minority Interests Shareholder's Equity Common Stock Capital Reserve Reserve Valuation Adjustments Profit Reserve Advance for Future Capital Increase AFAC Translation Adjustments Accumulated Profit or Losses Net Earnings TOTAL LIABILITIES

Itaqui sep-13
442.302 208.036 3.176 5.640 14.304 90.093 121.052 1.612.793 (15.380) 1.232.408 395.764 981.695 1.225.760 198.600 (228.021) (214.643) 3.036.791

Pecm II sep-13
167.456 22.939 1.197 44.189 6.059 66.496 26.578 1.349.536 (11.330) 1.036.520 318.769 2.220 3.357 591.567 702.881 51.000 (121.716) (40.598) 2.108.559

Amapari sep-13
30.241 27.299 663 848 1.431 107.112 84.761 6.529 11.978 3.844 137.353

Parnaba I sep-13
254.839 48.993 2.044 9.026 16.923 165.900 11.952 808.200 (4.524) 674.217 138.507 282.231 215.619 93.000 (17.146) (9.242) 1.345.269

Parnaba II sep-13
816.657 73.337 2.593 54.436 5.187 650.000 31.104 2.310 2.310 138.044 86.001 59.500 (747) (6.711) 957.010

sep-13
552.021 247.508 4.029 8.810 24.564 161.303 34.952 70.854 2.400.493 (27.284) 2.022.432 322.342 83.004 1.166.492 1.871.672 (92.220) 71.312 (427.019) (257.253) 4.119.006

dec-12
471.408 135.855 2.652 2.777 6.748 156.055 33.109 134.213 2.464.001 (30.462) 2.078.696 266.978 148.789 1.223.117 1.689.672 (110.848) 71.312 (220.020) (206.999) 4.158.526

dec-12
246.786 58.340 2.952 34.910 4.758 89.101 22.951 33.774 1.746.493 (16.067) 1.298.009 369.755 94.797 777.078 764.100 241.000 (186.785) (41.236) 2.770.357

dec-12
94.118 11.853 926 5.828 254 25.075 50.182 1.045.646 13.706 1.029.391 187.287 2.118 616.065 571.781 166.000 (98.963) (22.753) 1.755.829

dec-12
42.449 35.544 370 967 5.569 430 103.671 84.761 4.718 9.174 (4.000) 9.018 146.120

dec-12
162.380 3.020 1.657 7.484 413 143.276 6.530 677.593 (4.196) 681.789 330.144 354.465 (13.007) (11.314) 1.170.117

dec-12
627.767 2.744 675 39.948 441 550.000 33.958 85.254 86.001 (0) (746) 713.021

MPX/E.ON Participaes sep-13 dec-12

119.805 68.395 4.476 6.153 40.781 27.547 27.588 (41) 248.391 266.758 62.000 (98) (44.578) (35.691) 395.743 123.373 87.399 2.946 442 1.211 10.233 21.143 22.015 15.349 1.077 5.589 194.831 174.588 62.000 19 (482) (10.904) (30.389) 342.505

18

3Q13 Earnings Release

Relatrio de Resultados
VI. Project Income Statement
Pecm I (100%)
(R$ thousand) Gross Operating Revenues Energy Supply Energy Commercialization Deductions from Gross Revenue Net Operating Revenues Operating Costs Personnel Material Fuel Outsourced Services Depreciation and Amortization Leases and Rentals CCC Subsidy Energy Acquired for Resale Other costs Operating Expenses Personnel Material Outsourced Services Depreciation and Amortization Leases and Rentals Other Expenses EBITDA EBIT Net Financial Income Other Revenues/ Expenses Equity Income Earnings Before Taxes CSLL/IR Deferred Taxes Provision (IR/CSLL) Minority Interest NET INCOME

Itaqui 3Q13
106,093 106,093 (10,958) 95,135 (123,417) (6,172) (2,232) (63,210) (8,821) (25,499) (1,203) 12,980 (29,259) (3,220) (1,263) (120) (1,344) (103) (308) (82) (5,900) (31,502) (37,614) 9 (69,107) (69,107)

Pecm II 3Q13
104 104 (174) (70) (5,133) (9) 1,431 (6,555) (3,177) (532) (17) (1,421) (22) (129) (1,055) (8,348) (8,379) (14,076) (22,455) 7,616 (14,839)

Amapari 3Q13
10,809 10,809 (1,098) 9,711 (7,103) (1,058) (302) (17,880) (660) (1,239) (75) 14,138 (27) (268) (133) (1) (96) (8) (9) (21) 3,587 2,341 266 2,607 (451) 2,157

Parnaba I 3Q13
236,513 236,513 (24,023) 212,491 (167,932) (4,725) (444) (75,303) (19,257) (17,917) (42,443) (7,844) (3,726) (260) (81) (2,011) (66) (269) (1,040) 58,814 40,832 (2,581) 0 38,252 (5,030) (18,769) 14,453

Parnaba II 3Q13
(4) 0 (0) 0 (4) (0) (3,832) (2,275) (44) (1,182) (21) (128) (182) (3,811) (3,836) 30 (3,806) 1,253 (2,553)

3Q13
244,468 244,655 (187) (27,311) 217,157 (208,704) (6,831) (1,768) (109,281) (6,358) (33,853) (912) (2,626) (47,074) (2,259) (1,805) (34) (2,675) (41) (84) 2,379 40,088 6,193 (71,400) (65,207) 17,055 5,115 (43,036)

3Q12
113,765 113,765 (10,591) 103,175 (149,673) (137) (162) (76) (254) (149,013) (30) (3,609) (1,152) (29) (1,614) (30) (60) (723) (50,001) (50,107) (21,900) (72,007) 24,794 (47,213)

3Q12
(72) (72) (4,757) (2,043) (198) (1,922) (86) (154) (353) (4,671) (4,829) (5,229) 122 (9,936) 1,637 (8,299)

3Q12
(926) (109) (90) 334 (7) (922) (131) (4,220) (1,085) (20) (2,540) (17) (65) (493) (5,121) (5,146) (5,766) 3 (10,909) 3,709 (7,200)

3Q12
10,983 10,983 (1,116) 9,867 (6,124) (796) (165) (17,855) (935) (1,406) (32) 15,177 (112) (1,105) (203) (13) (859) (7) (10) (14) 4,050 2,638 (740) 128 2,026 (214) 1,811

3Q12
(15) (0) (15) (4,300) (1,980) (75) (1,660) (38) (208) (340) (4,262) (4,315) (239) (4,554) 1,533 (3,021)

3Q12
(445) (92) (332) (6) (0) (15) (439) (445) (2) (447) 96 (351)

MPX/E.ON Participaes 3Q13 3Q12

202,040 202,040 (18,593) 183,447 (176,167) (552) (0) 8,560 (86) (86) (182,758) (1,246) (13,008) (8,428) (20) (2,694) (12) (1,343) (511) (5,630) (5,728) 3,009 (1,539) (11,210) (15,468) (148) 99 (15,517) 155,766 75 155,691 (13,657) 142,109 (143,493) (254) (1) (137) (90) (275) (142,665) (70) (17,726) (13,185) (27) (2,610) (62) (562) (1,280) (18,957) (19,110) 6,592 349 (2) (12,171) (506) 81 (12,596)

19

3Q13 Earnings Release

Relatrio de Resultados
VII. OGX Maranho Balance Sheet*

(R$ thousand) Current Assets Cash and Cash Equivalents Accounts Receivable from third parties Accounts Receivable - Intercompany Taxes Recoverable Gain on Derivatives Inventories - Oil Other Non-current Assets Materials Inventories Deferred Taxes (IR/CSLL) Deferred Taxes (IR/CSLL) - Retained Earnings Property, Plant and Equipment Intangible Assets Total Assets Current Liabilities Accounts Payable Taxes Payable Personnel Accounts Payable to Related Parties Others Short Term Debt Short Term Debt - Intercompany Non-current Liabilities Long-Term Debt Deferred Taxes (IR/CSLL) Accounts Payable Intercompany - OGX P&G Provision for Losses Shareholder's Equity Common Stock Retained Earnings Total Liabilities
* Preliminary and not audited figures.

mar-13 160,499 29,388 28,852 0 4,076 22,857 0 75,326 917,320 14,341 121,870 11,584 757,205 12,320 1,077,819 163,698 117,965 10,294 675 0 8,492 6,256 20,016 835,987 624,379 7,333 154,106 50,169 78,134 321,118 (242,984) 1,077,819

jun-13 247,877 1,346 86,870 0 1,555 43,142 0 114,964 1,002,328 12,834 118,745 15,896 841,954 12,899 1,250,205 879,740 182,358 10,747 456 0 68 665,738 20,373 258,836 0 12,508 175,395 70,933 111,629 347,668 (236,039) 1,250,205

sep-13 300,229 12,822 74,356 6,194 1,577 46,289 0 158,991 1,080,362 25,953 115,620 8,650 917,891 12,248 1,380,591 951,190 269,600 9,074 5,378 968 7,922 658,248 0 274,501 0 14,060 196,274 64,167 154,900 368,593 (213,693) 1,380,591

20