ENEVA Corporate Presentation ? December 2015

Corporate presentationDecember 2015

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 ENEVA’s prior

written consent.

Disclaimer

ENEVA Overview

1

Investment thesis and introduction

4

• World-class assets operating in coal and gas

• PPAs secured in the captive market for 15/20 years, all inflation hedged

One of the largest private power players in Brazil with 2.2GW fleet fully operational

• Only power player in Brazil with access to equity gas, which directly

supplies +1.4GW Parnaíba Complex

Pioneer in the “gas-to-wire” tech implementation in Brazil with +1.4GW already running

• HoldCo debt cut by R$1.4B and remaining part re-profiled inline with

projected projects cash flows

• All OpCos loans re-profiled

Capital structure fully rebalanced as JR process completed

• Significant reduction of ~30% in HoldCo headcount in the last year

• HoldCo operating expenses reduced by app. 40% in the last 12mo.

Organizational streamlining successfully concluded

• Favorable outcome in regulatory claims with +R$130MM recovered and

+R$2.4B avoided in the last 18mo.

• Turnaround plan delivered

Seasoned team with proven track history ready for additional value creation

• Parnaíba I OCGT bottoming to be completed in the next 5 years¹

• Renewable platform / attractive 600 MW potential

> 4 GW of projects ready for deployment

1

2

3

4

5

6

Note: (1) Renewable for more 5 years, as provided for in the agreement with Aneel to postpone Parnaíba II CCGT start of operations. Depends on the implementation of certain conditions precedent.

A Brazilian thermal generator with asset exposure to energy fossil fuels (natural gas and coal)

ENEVA at a glance

2.2GW inflation-protected long-term PPAs

Long-term PPAs guarantee R$1.7 billion in annual inflation-

adjusted capacity payments

PPAs provide hedge against commodity price exposure

Integrated gas E&P assets supply ENEVA’s power plants

Competitive portfolio of licensed greenfield wind, coal and gas

fired capacity

Company description Geographic footprint

Amapari – 23MWDiesel-run in partnership with Eletronorte to supply mine pit (Currently under negotiation)

Itaqui – 360MWCoal-fired plant, strategically located in port area capturing logistics advantages

Natural Gas Exploratory

blocksOperated by PGN

(Cambuhy PE, ENEVA and E.ON partnership)

Contracted productionof 8.4MM m3/day

Pecém II – 365MWCoal plant exploring site synergies with Pecém I (EDP)

Parnaíba Complex – 1.4GW4 gas-fired plants inaugurated the gas-to-wire concept in Brazil

Solar Tauá – 1MW1st commercial solar plant in Brazil

5

Current shareholding structure

BTG Pactual

12.25%49.57%

Itaú Unibanco

11.65%

Ice CanyonLLC

6.80%

Others(< 5% ea.)

13.21%

E.ON Bullseye

6.53%

Judicial Recovery process

2

7

Judicial Recovery processA fundamental path concluded to prepare ENEVA for a new phase

Implementation of JR Plan measures

o JR plan approved by 99% of creditors and 81.5% of total credits held by creditors that attended

Creditor Meeting held on 30/Apr

o Holding indebtedness fully allocated in the long-term and reduced by R$1.4Bln (remaining balance

of approx. R$983MM)

o Contribution of strategic and cash generators assets

Capital increase completed on 05/Nov with the contribution of R$2.3Bi

o Strengthening ENEVA with the contribution of R$1.3Bln in assets which are cash generating and

aligned to the Company’s business strategy

o Holding's debt reduction of approx. R$2.4Bln to R$983MM (fully allocated in the long-term)

o Additional funds raised from the minority shareholders contribution (R$9.1MM)

All stages of the JR Plan fully met

New ownership structure comprised by diversified and relevant shareholders

New shareholding structure

Diversified and comprised

by relevant shareholders

BTG

Pactual

49,57%

E.ON

12,25%

Itaú

Unibanco

11,65%

ICE

Canyon

6,80%

Bullseye

6,53%

Others

13,21%

Assets overview

3

Assets snapshot - Coal725MW of installed capacity in full operation

9Note: (1) Fixed revenues are indexed to inflation index – IPCA (Database: Nov 2014)

Operational data

Capacity: 360MW

Auction: A-5/2007

COD: Feb 2013

Revenues

Fixed Rev.¹: R$336 MM/year

Variable Rev.: R$120/MWh

Economics and Financial Facts

EBITDA (9M15): R$107MM

Net Debt (3Q15): R$1.2B

Debt profile (3Q15): Project finance (99.5% LT)

Itaqui

Operational data

Capacity: 365MW

Auction: A-5/2008

COD: Oct 2013

Revenues

Fixed Rev.¹: R$302MM/year

Variable Rev: R$126/MWh



Net Debt (3Q15): R$1.1B

Debt profile (3Q15): Project finance (98.2% LT)

Pecém II

Assets snapshot – Natural gasA unique case in Brazil power generation sector with 910MW already in operation

10Note: (1) Fixed revenues are indexed to inflation index – IPCA (Database: Nov 2014)

Operational data

Capacity: 676MW

Auction: A-5/2008

COD: Apr 2013

Revenues





Net Debt (3Q15): R$655MM

Debt profile (3Q15): PF (82% LT)

Parnaíba I

Operational data

Capacity: 178MW

Auction: A-5/2008

COD: Dec 2013

Revenues






Debt profile (3Q15): PF (0% LT)

Parnaíba III

Operational data

Capacity: 56MW

Free market

COD: Dec 2013

Revenues


Variable Rev.: N.A.



Net Debt (3Q15): Interco. loan

Debt profile (3Q15): N.A.

Parnaíba IV

Operational data

Capacity: 518MW

Auction: A-3/2011

COD: Dec 2014

Revenues




EBITDA (9M15): N.A.


Debt profile: 24% reprofiled in LT

(R$225.3MM w/ Itaú); outstanding ST

balance to be negotiated

Parnaíba II

Assets snapshot – Upstream (1)Exposure to gas businesses upgraded to 49% with the end of capital increase

11Note: (1) Adjusted by Company’s intereset. Full contracted capacity expected to be reached by June 2016

Operational data

Contracted capacity¹: 5.9MM m³/day

Before capital increase: 18%

Current stake: 27%


Revenues: R$582 MM

EBITDA (2014): R$396 MM

Net Debt (2014): R$634 MM

Debt profile (2014): Debentures (96% LT)

Operational data

Contracted capacity¹: 2.5MM m³/day

Before capital increase: 0%

Current stake: 100%


Revenues: R$250 MM

EBITDA (2014): R$164 MM

Net Debt (2014): R$(21) MM

Debt profile (2014): R$ - MM

Assets snapshot – Upstream (2)Move in ANP’s recent bidding round in order to increase knowledge of existing resources of the

Parnaíba Basin

12

Relevant participation in the ANP’s 13th Bidding Round

o Winning bid for the Block PN-T-84 (Signing bonus: R$2.1MM)

Investment through a consortium of subsidiaries fully-owned by ENEVA (70% Parnaíba

Participações and 30% BPMB)

3,065Km² area, located at north of the Parnaíba Basin

Exploratory campaign to be held over the next 4 years

Investment in order to increase knowledge of existing resources in the region of the Parnaíba

Basin

o Acquisition, directly or through subsidiaries, of participation in other 6 blocks, out of a total of 35

onshore blocks:

PN-T-69 e PN-T-87: 49,1% ENEVA (30% BPMB and 70% PGN)

PN-T-146 e PN-T-163: 27,3% ENEVA (100% PGN)

PN-T-101 e PN-T-103: 17,7% ENEVA (65% PGN and 35% others)

All blocks are located in the Parnaíba Basin

ComplexoParnaíba

Blocks offered in the ANP’s 13th

Bidding Round (Parnaíba Basin)

Assets overview summaryFocusing and strengthening after JR’s capital increase conclusion

13Notes: (1) Resulting indirect ownership in the Parnaíba gas blocks based on ENEVA’s share in PGN and BPMB; (2) Parnaíba II is not in commercial operation; (3) Proportionate to ENEVA’s stake in each asset; (4) Proportionate ENEVA share post capital increase, based on 2014 closing numbers

• Parnaíba I • Parnaíba II2

• Parnaíba III • Parnaíba IVTOTAL

• Parnaíba I• Parnaíba II2

• Parnaíba III • Parnaíba IV TOTAL

• Pecém I • Pecém II • ItaquiTOTAL

• Pecém I• Pecém II• ItaquiTOTAL

• Closing Cycle (gas)• Seival (coal)• Açu (gas)• Ventos (wind)• Tauá (solar)

• Closing Cycle (gas)• Seival (coal)• Açu (gas)• Ventos (wind)• Tauá (solar)

• PGN• BPMB• Parnaíba Blocks1

• PGN• BPMB• Parnaíba Blocks1

GasUpstream

GasPower Plants

CoalPower Plants

Greenfield & Brownfield Projects

Prior to Capital Increase Post Capital Increase

18%0%

13%

70%100%53%53%

50%50%

100%

50%75%75%50%50%

27%100%49%

100%100%100%100%

0%50%

100%

100%100%100%100%100%

Asset Stake(R$ MM)

Net Rev.4 StakeAsset

105-

96111

13027

1,129

577284564

1,425

-----

157250

-284564848

1,37311

24550

1,679

-----

Size4

473 MW518 MW94 MW30 MW

1,115 MW

360 MW183 MW360 MW903 MW

180 MW450 MW

2,475 MW300 MW25 MW

360 MW600 MW

3,300 MW600 MW49 MW

-183 MW360 MW543 MW

676 MW518 MW178 MW56 MW

1,428 MW

Operational

DevelopmentTOTAL 2,554 2,527TOTAL2,018 MW 1,971 MW

TOTAL TOTAL3,430 MW 4,909 MW

(R$ MM)

Net Rev.4Size4

TOTAL 105 407TOTAL

Greenfield portfolio

4

ParnaíbaComplex

Integrated to natural gas resources

Located in a tax-advantaged region

Ventos Wind Complex

Located in one Brazil’s best wind resource areas

Attractive load factor

Just 30km from grid connection

Land ownership assured

Açu (Coal + Gas)

Located at a port with a regasification terminal buildlicense

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 Mton)

Low operation costs

Power

supply-demand

unbalanced

Hydropower

concentrated

matrix

Spot prices at

historical highs

Demand for base-

load generation

Opportunities

for ENEVA’s

growth2 3 4 51

Sul727MW

ParnaíbaComplex2,166MW

Seival600MW

Açu2,100MW – Coal3,300MW – Natural Gas

Solar Tauá1MW

Ventos Wind Complex600MW

Seival MineLicense granted 152Mton in proven reserves

ENEVA’s greenfield portfolioAttractive licensed greenfield projects in various development stages

15

Part of Parnaíba II Agreement settled with Aneel in Nov 2014

Bottoming of open cycle gas turbines from Parnaiba I power

plant provides extra 360MW

Competitive project as no additional gas needed¹

Installation Environmental License issued

Plug and Play: 500kV electrical substation and water supply

already built

Known technology, original design of Parnaiba Generation

Complex done to enable modular expansion, leading to

efficient implementation and operation

o ENEVA recent experience in Parnaíba II combined-cycle plant at

neighboring site

Cost sharing efficiency (O&M, administrative, HSSE, spare

parts etc.) with Parnaíba Generation Complex make the project

even more competitive

Highlights Parnaíba Site

Bottoming #1 Bottoming #2

Note: (1) To enable expansion additional fuel mainly for PPA/contract harmonization and internal consumption

Parnaíba I: Closing of the cycleHighly competitive expansion to existing site

16

Annex I – Financial and operating performance

5

-95,3

-31,3 -5,9

24,2 36,1 20,1

112,1

-28,7

15,2 47,2 45,0

-20,3%

-6,2%

16,1%

22,7%

14,7%

82,9%

-21,6%

9,8%

39,5%28,8%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

EBITDA Mg. EBITDA

-10,7 -6,1 -8,3

55,4

46,3

33,5

45,8

54,9

45,8

38,2

47,3

31,5%

23,9%

36,1% 35,8%32,8% 33,4% 33,3%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

EBITDA Mg. EBITDA

Itaqui

18

EBITDA and EBITDA Mg.

Pecém II


Availability¹ Availability¹

COD: Feb/13 COD: Oct/13

Note: (1) Based on Company and ONS data

63%

83% 84%87%

74%77%

87%

73%

88%

74%

90%

56%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Oct-15

N.A. N.A. N.A.

80%

99%96%

77%

99%

89%

54%

90%94%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 Oct-15

Financial and operating performance (1)Coal-fired portfolio

Parnaíba I

19


Parnaíba III


Parnaíba IV


Not applicable due to energy trading structure

(Parnaíba IV – asset; and Parnaíba

Comercializadora – energy trading)

Availability¹ Availability¹ Availability¹

COD: Apr/13 COD: Oct/13

Note: (1) Based on Company and ONS data

96% 95% 97% 98% 99% 98%94%

86%81%

87%83%

95%

N.A. N.A. N.A.

100%100%

80% 82%

69%

96%

89%

80%

91%

N.A. N.A. N.A. N.A.

99%

63%

91% 91%

68%

94%

87% 87%

-5,9

28,2

58,8

32,044,8 50,3

20,3

65,6

48,254,4

46,9

27,7%

74,6%

16,7%20,3%

9,6%

28,1%

21,8%

28,5%

22,4%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

EBITDA Mg. EBITDA

-30,9-20,0 -3,9

32,014,4

-8,4 -8,8

12,7 15,2 10,4 28,3

18,8%

-14,8%-15,9%

22,7%18,7%

21,1%

44,3%

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

EBITDA Mg. EBITDA

Financial and operating performance (2)Coal-fired portfolio

Thank you.www.eneva.com.brThank you.www.eneva.com.br

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ENEVA Corporate Presentation ? December 2015