August, 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 (37.1%)
42.9% 20.0%
Other
ENEVA Participaes
ENEVA/E.ON
Joint Venture
50%
50%
BNDES
8.6%
Eike
Batista
Controlling Block
28.5%
Solar Tau
ENEVA 100%
Solar - 1MW
Note: 1) Ownership structure assumes future ENEVA Participaes (JV ENEVA/E.ON) 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
Higher unavailability offset lower operating costs
1Q14 2Q14
2Q14/
1Q14
Operating Costs
1
(R$ million) 121.0 115.5 -4.5%
Gross Energy Generated (GWh) 583 462 -20.7%
Operating Costs per Gross
Energy Generated (R$/MWh)
207.7 249.9 20.3%
NOTE: 1) Does not include Depreciation & Amortization.
63%
83% 84%
87%
75%
62%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
Availability reduction in 2Q14 due to mainly fan equipment and
emissions control systems
36.1
-22.1
5.5
0.6
20.1
EBITDA 1Q14 Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
261
232
144
159
128
149
112
141
108
103
115
121
126 129
118
127 124
107 106 103 102 102 100 104 108 107
113 116 119 120
112 108 106 103
Variable Cost Gross Variable Revenue
10
Operational Performance (Parnaba I)
EBITDA (R$MM)
Availability Variable Revenue X Variable Cost (R$/MWh)
Sources: ONS & Company
OBS: Dispatch margin captured by Parnaba Gs Natural
Operating costs per MWh followed Henry Hub prices decrease and reflected lower unavailability
costs
NOTE: 1) Does not include Depreciation & Amortization.
Operating Costs
1Q14 2Q14
2Q14/
1Q14
Operating Costs
1
(R$ million) 221.9 196.6 -11.4%
Gross Energy Generated (GWh) 1,411 1,412 -
Operating Costs per Gross
Energy Generated (R$/MWh)
157.2 139.3 -11.4%
N.A.
91%
97% 96%
99%
98%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
44.8
-20.6
25.3
0.7
50.3
EBITDA 1Q14 Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
77 74
65
75
80
68
77 78 74
79
90
77 79 77
83
73 70
80 82
94
99 100 96 93
99
95 92
104
121
152
134
124 125
120
Variable Cost Gross Variable Revenue
Operating Costs
11
Operational Performance (Pecm I)
Availability
NOTES: 1) Figures consider 100% of Pecm I; 2) Does not include Depreciation & Amortization; 3) 1Q14 unavailability figure considers ONS review (previously 71%).
Variable Revenue X Variable Cost (R$/MWh)
Lower Operating Costs per MWh mainly offset by higher fuel and unavailability costs
Sources: ONS & Company
1Q14 2Q14
2Q14/
1Q14
Operating Costs
2
(R$ million) 230.2 256.3 11.3%
Gross Energy Generated (GWh) 1,014 1,186 17.0%
Operating Costs per Gross
Energy Generated (R$/MWh)
227.1 216.1 -4.8%
EBITDA
1
(R$MM)
72%
41%
66%
51%
83%
3

77%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
48.8
9.6
-26.1
0.3
32.5
EBITDA 1Q14 Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
71%

151
127
118
136
154
117
139 138
109
119
107
134
106
107 110
95 93
108
111
105 104
100 99 99 97
102 105 106
110
114
117
118
110
105
102
100
Variable Cost Gross Variable Revenue
12
Operational Performance (Pecm II)
Variable Revenue X Variable Cost (R$/MWh) Availability
Sources: ONS & Company
EBITDA negatively impacted by higher outsourced services and unavailability costs
EBITDA (R$MM) Operating Costs
1Q14 2Q14
2Q14/
1Q14
Operating Costs (R$ million) 99.4 105.4 6.0%
Gross Energy Generated (GWh) 720.8 736.7 2.2%
Operating Costs per Gross
Energy Generated (R$/MWh)
137.9 143.1 3.8%
N.A. N.A. N.A.
85%
97% 96%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
46.3
-7.1
-6.0
0.3
33.5
EBITDA 1Q14 Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
NOTES: 1) Figures consider 100% of Pecm II; 2) Does not include Depreciation & Amortization.
92
99
111
99
106
101 101
88
99
114
118
122 125 125
118
113 111 108
Variable Cost Gross Variable Revenue
Operating Costs
13
Operational Performance (Parnaba III)
NOTES: 1) Figures consider 100% of Parnaba III; 2) Does not include Depreciation & Amortization.
Availability Variable Revenue X Variable Cost (R$/MWh)
Sources: ONS & Company
OBS: Dispatch margin captured by Parnaba Gs Natural
Operational dispatch adjustment impacted Operating Costs
1Q14 2Q14
2Q14/
1Q14
Operating Costs
2
(R$ million) 61.9 65.1 5.3%
Gross Energy Generated (GWh) 344 266 -22.9%
Operating Costs per Gross
Energy Generated (R$/MWh)
179.6 245.1 36.5%
EBITDA
1
(R$MM)
N.A. N.A. N.A.
100% 99%
77%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14
14.4
-19.6
-3.3
0.04
-8.4
EBITDA 1Q14 Net Operating
Revenues
Operating
Costs
Operating
Expenses
EBITDA 2Q14
75 71 69 69
61
73
58
66
161 161 161 161 161 161 161 161
Variable Cost Gross Variable Revenue
Regulatory Update
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

Adjusted proposal presented to Aneel, consisting in:
o Completion of the construction of Parnaba II until Dec, 2014;
o Postponement of PPAs start date to Jul, 2016, or to Plants COD,
whichever occurs first;
o Penalty amounting to approx. R$310MM, paid for in installments over
the term of Plants PPAs, through the reduction in annual fixed
revenues; and
o Renewal of execution guarantees of R$60MM until July 2016
ENEVA proposed to Aneel to run a gas optimization of the
Parnaba Thermoelectric Complex by temporally substituting
Parnaba III and 2 gas turbines from Parnaba I by generation
from Parnaba II, as soon as it becomes available




Additionally, ENEVA commits to close the cycle of Parnaba I in
up to 5 years, subject to certain conditions precedent, including:
o Sale of energy in the regulated market through an auction process;
and
o Availability of long-term financing for the project.
ENEVA Proposal to Aneel
Ongoing Regulatory Discussions (1)
Parnaba II Delay
15

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.
16
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
18
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
19
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
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4
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8
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4
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e
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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
20
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