EDP Energias do Brasil

Novembro de 2009

EDP Energias do Brasil

This presentation may include forward-looking statements of future events or results according to regulations of theBrazilian and international securities and exchange commissions. These statements are based on certain assumptionsand analysis by the company that reflect its experience, the economic environment and future market conditions andexpected events, many of which are beyond the control of the company. Important factors that may lead to significantdifferences between the actual results and the statements of expectations about future events or results include thecompany’s business strategy, Brazilian and international economic conditions, technology, financial strategy, publicservice industry developments, hydrological conditions, financial market conditions, uncertainty of the results of futureoperations, plans, objectives, expectations and intentions, among others. Considering these factors, the actual resultsof the company may be significantly different from those shown or implicit in the statement of expectations about futureevents or results.

Disclaimer

2

events or results.

The information and opinions contained in this presentation should not be understood as a recommendation to potentialinvestors and no investment decision is to be based on the veracity, current events or completeness of this informationor these opinions. No advisors to the company or parties related to them or their representatives shall have anyresponsibility for whatever losses that may result from the use or contents of this presentation.

This material includes forward-looking statements subject to risks and uncertainties, which are based on currentexpectations and projections about future events and trends that may affect the company’s business. These statementsinclude projections of economic growth and energy demand and supply, as well as information about the competitiveposition, the regulatory environment, potential opportunities for growth and other matters. Several factors mayadversely affect the estimates and assumptions on which these statements are based.

.

Commercialization

Net Revenue 2008¹(R$ million)

791 3,955 773 4,904

DistributionGenerationConsolidated

EDP: Successful Story in the Brazilian Power Sector

3

(R$ million)

Adjusted EBITDA 2008¹(R$ million)

570 801 51 1,363

Participation in EBITDA 2008¹

40% 56% 4% 100%

5th largest private generator by installed capacity

Important partnership with EDP Renováveis –4th largest operator of wind generation projects in the world

4th largest private distributor in the Brazilian power sector in terms of energy sold

3rd largest private trading company in the Brazilian power sector in terms of electricity traded

Source: Emerging Energy Consulting and CCEE reports. Note: (1) Segment values in Reais and percentages do not consider intra-group eliminations.

69.5

85.692.5

69.8

102.1

Power Consumption (Total Market)(GWh)

Power Consumption (Free Market)(GWh)

334.6 348.3378.4

320.8

392.8 2004 – 2008 CAGR: 10.0%

2004 – 2008 CAGR: 5.2%% TotalMarket:

22% 24% 24% 26%21%

Power Sector in Brazil: a Growth Story

4

Thermal12.5%

Hydroelectric86.5%

Nuclear1.0%

Thermal23.5%

Wind0.5%

Hydroelectric74.1%

Nuclear1.9%

2004 2005 2006 2007 2008

68.2

105.5

144.8

52.1

1989 1999 2009¹ 2016 ProjectionMME²

Installed Capacity by Generation Source (2009)

2004 2005 2006 2007 2008

Generation Installed Capacity - Brazil(GW)

CAGR: 89-99: 2.7% 99-09: 4.5% 09-16: 4.6% 1999 = 68.2 GW 2009 = 105.5 GW

Source: ANEEL. Note: (1) As of September, 2009; (2) According to a ten-year expansion

plan approved by the MME in 2008.

Source: ANEEL and EPE.

Source: EPE.Source: EPE.

Genera

tion and Tra

ding

� Investment in Lajeado

� Acquisition of Peixe Angical (partnership with Furnas)

� 4th turbine of Mascarenhas initiated operation

� SHPs São João and Santa Fé initiated operations

� Creation of EDPR BR and acquisition of CENAEEL

In 1997, EDP initiated investments that resulted today in the EDP - Energias do Brasil platform. The company executed on its strategy for international expansion and participated actively in the privatization process for distribution companies and public tenders for generation projects in Brazil.

EDP History in Brazil

5

1997 1997 -- 20022002 2003 2003 -- 20042004 2005 2005 -- 20092009

Genera

tion and Tra

ding

Distribution

Gro

up

� Acquisition of Bandeirante

� Acquisition of Iven (Escelsa and Enersul)

� Creation of EDP Brasil

� Acquisition of control of Escelsa and Enersul

� Corporate reorganization and new governance model of the Group

� ReceivedInvestment Grade from Moody´s

IPO

� A-5 auctionTPP Pecém

� Unbundling of distribution and generation activities

� Asset swap (Enersul for Lajeado)

� Spin-off of Bandeirante

Independent

President

Board of Directors

Controlling

ShareholderIndependentAudit Committee

Independent

President

Controlling

ShareholderIndependent

Sustainability and

Corporate Governance

Committee

Corporate Governance, Social and Environmental Resp onsibility

6

Code of Ethics

Transparency

Policy of minimum dividend payment of 50% of net income

EDP Institute

Social, cultural and environmental activities

8 members(4 independent)

Chairman of the

Board of Directors

Controlling

ShareholderIndependent

Compensation

Committee

Strong concentration in the residential and industrial segments, covering 98 cities, being 28 in São Paulo and 70 in Espírito Santo

Attractive growth profile

2.6 million clients (total concession area with a population of approx. 8 million)

Total concession area of 50.9 thousand km2

Distribution Companies in Attractive Areas

• Located in São Paulo, main economic center of Brazil with Residential

Energy Distributed by Segment

7

• Located in São Paulo, main economic center of Brazil with

high industrial concentration

� 1st economy of the country with ~33% of national GDP

� 1.4 million clients in a total area of 9.6 thousand km2

� Concession period: 30 years, until 2028

• Located in Espírito Santo, an exporter-centric state with

strong economic activity:

� 11th largest economy in the country with 2.3% ofnational GDP

� 1.1 million clients in a total area of 41.2 thousand km2

� Concession period: 30 years, until 2025

Commercial13%

Others7%

Industrial 22%

Residential23%Free

Customers35%

Free Customers32%

Residential22%

Industrial12%

Others20%

Commercial14%

Commercial21%

Others²15%

Residential35%

4,130 4,402

4,052 4,018 4,156 3,908

2,342 2,523 2,642 2,7361,834 1,939 2,024 2,02912,137 12,610 13,226 13,298

4,6263,908

Energy Sold by Segment (Captive Clients)1(MWh)

Others

Commercial

Industrial

Residential

Distribution Companies with Diversified Client Base

8

7.2%

5.4%

5.1%

10.4%

12.3%

5.0%

Bandeirante Escelsa

Industrial 29%

Tariffs / Adjustments

2006 2007 2008 LTM³

Notes: (1) Data refers only to Bandeirante and Escelsa; (2) Others include: rural, public power, public illumination and public service; (3) Last 12 months, as of September 2009; (4)

Tariff revision.

Energy Losses

Bandeirante 20074 2008 2009

Tariff Adjustment - % -13.46 14.48 5.46

Next Tariff Revision Oct 11

Escelsa 20074 2008 2009

Tariff Adjustment - % -2.16 12.17 15.12

Next Tariff Revision Aug 10

BANDEIRANTE ANEEL TARGET ESCELSA

5.1%

5.7% 5.9%

10.9% 11.0%

5.2%

3Q08 3Q09

8.8%

5.6% 5.9%

14.2% 14.7%

8.7%

3Q08 3Q09

EDP - Energias do Brasil installed capacity increased by more than three times since the IPO (from 530MW to 1,731MW in 2009)1.

Pantanal Energética52.2 MW

Concession: 2029

HPP Lajeado902.5 MW

Concession: 2032

HPP Peixe Angical452 MW

Concession: 2036

CESA61.9 MW

Concession: until 2025

Significant Generation Business

9Note: (1) 100% supported by PPAs; (2) Represents EDP’s proportional stake.

CENAEEL6.2 MW2

Concession: 2032

Energest212.1 MW

Concession: until 2025

SHP Santa Fé29.0 MW

Concession: 2031

Costa Rica16 MW

Concession: until 2031

Projects Under Construction and Near Term Development Development Pipeline

Attractive Generation Projects

Under Construction: Thermal coal-fired – Pecém

Auction A-5 from 2007

Start Year 2012

Installed Capacity 720 MW (615 average MW)

Ownership 50% EDP / 50% MPX

Small and Medium Hydro Plants (SHPs)

Wind farmsOwnership: 55% EDPR / 45% EDP Energias do Brasil

Thermal Gas-Fired Combined-Cycle Plant - RJ

360 MW(1) 500 MW

240 MW(1)

500 MW

10

Ownership 50% EDP / 50% MPX

Financing 75% Debt / 25% Equity

� BNDES R$1.4 billion approved

R$700 million disbursed

Tenor: 17 years

� IDB US$327 million approved

US$260 million disbursed

Tenor: 13 and 17 years

Near-term Development: Wind farm

Wind farm in Rio Grande do Sul

Ownership55% EDPR / 45% EDP Energias do Brasil

Thermal Gas-Fired Combined-Cycle Plant - RJ

Total

31.5MW(1)

500 MW

1,240 MW

Note: (1) Represents EDP’s proportional stake.

Main Accomplishments Main Accomplishments and Strategy

Our Commitments

Expand generation business

− Installed capacity increased by 227%

1

����

Improve operating efficiency

− Productivity increased by 40%

2

����

Installed capacity(MW)

1,731

530

2004 Current

+227%1

Distribution productivity(clients/employee)¹

1,294

927

2 Resu

lts (2004 vs C

urre

nt)

Our Accomplishments Since the 2005 IPO

12

� Trading Business

� Distributed Energy

� Installed Capacity

Our Commitments

− Productivity increased by 40%

Develop trading business

− Traded energy increased by 68%

3

����

Consolidate position in the Brazilian power

sector

− Distinguished position in several rankings

4

����

2004 Current

12-month energy sold(GWh)

8,164

4,849

2004 Current

+68%

3

Ranking among private capital companies4

3rd

5th

4th

Note: (1) Data refers to Bandeirante and Escelsa.

Resu

lts (2004 vs C

urre

nt)

Growth in Installed Capacity(MW)

Expansion of Generation Business

516

1,043

1,7312,116

452

65350 25

6 29 25 360

Expectation of New Operation

2008

2009 2009 2009and2010

2011

13

5,5686,411

7,660

4,758

2006 2007 2008 LTM¹

Generation Investments Energy Sold from Generation Plants(GWh)

� Pre-IPO (1997 - 2004)

� Cumulative Investment: R$1.3 billion

� Post-IPO (2005 - Current)

� Cumulative Investment: R$2.0 billion

� Asset Swap: Exchange stake in Enersul to increase direct and indirect stake in UHE Lajeado

− Investment: R$753 million

Note: (1) Last 12 months, as of September 2009. (2) UTE Pecém will be finished in 2011, and will start to operate in the beginning of 2012.

2006 – LTM CAGR: +19%

2005 HPP PeixeAngical

4th turbineMascarenhas

SHP SãoJoão

2007 AdditionalCapac.Lajeado

Cenaeel SHP SantaFé

2009 PowerUpgrades

TPP Pecém 20112

Productivity – Distribution(Clients - thousands / Employee)

Productivity – Distribution(GWh Distributed / Employee)

0.80

1.34

1.111.06

Bandeirante Escelsa

5.83

12.24

8.20

10.14

Bandeirante Escelsa

Improvement in Operational Efficiency

14

Project “Vencer”

Bandeirante Escelsa

2004 Current

Manageable Costs Evolution1 (Opex)(R$ million, Bandeirante + Escelsa)

Initiated in the first quarter of 2009

Main accomplishments:

Reduction of organizational layers from 5 to 3

40% reduction in number of managerial positions

Reduction in the average age of managerial positions

Reduction in personnel expenses

Note: (1) Manageable costs include: personnel, material, third-party services, provisions, depreciation and amortization costs for distribution companies Bandeirante and Escelsa.

Inflation in the period (06 – Sep/09): 17.8%%

484 466

165 158 165

123 125

47 88 50

38 54

700 730681

500 525

339 346489

45.0% 46.1%43.2% 42.7% 41.7%

2006 2007 2008 9M08 9M09

Opex D&A Provision % Gross Margin

Bandeirante Escelsa

2004 Current

1,193

3,8125,509 6,374 6,527

7,461

6,379 6,7027,188 7,282

8,164

2,567

Energy Traded(GWh)

60%

40%

91%

2005 – LTM CAGR: +7%

2008 Energy Consumption

Development of Trading Business

15

495

618

773

431

796

2005 2006 2007 2008 LTM¹

Net Operating Revenue - Trading Business(R$ million)

1,193 814 7552,567

703

2005 2006 2007 2008 LTM¹

Intra-Grup Third Part ies

40%9%

2005 – LTM CAGR: +18%

Note: (1) Last 12 months, as of September 2009.

Captive Market74%

Free Market26%

Since the IPO, in 2005, EDP distributed to its shareholders R$765 million and:

At the same time, EDP - Energias do Brasil invested approximately R$4.2 billion in CAPEX

Company leverage ratio remains at a comfortable level (1.9x Net Debt / LTM EBITDA)

Dividends/Interest on Equity since IPO(R$ / Share)

Payout since IPO(% Net Income)

Consistent Track Record of Dividend Payments

16Source: Company, BOVESPA and Bloomberg.

Dividend Policy: Minimum of 50% of Adjusted Net Income

1.03

1.26

1.66

0.92

2005 2006 2007 2008

46.5%50.0%

67.5%

40.0%

2005 2006 2007 2008

2005 – 2008 CAGR: +22%

EDP

Policy

Solid Growth Strategy

Generation Business

Expansion

• Continue to develop growth opportunities in the generation business, focused on:

― New projects with adequate rate of return

Decision Making Rules:

1. Control of the asset acquired or developed

2. Rate of return above the cost of capital

3. To maintain an adequate risk profile and debt level

17

Expansion ― New projects with adequate rate of return

� Besides Pecém (360 MW) under construction, there are 1,240 MW in generation projects currently being studied

― Partnerships with other companies, with EDP retaining control

� Focus on partners with complementary experience, with the objective of minimizing risk and maximizing probability of success

― Acquire established generation assets

Continue to Develop the

Trading Business

• Capture growth in the free market

• Optimize risk management in the integrated generation and distribution business

• Provide value-added energy solutions

– Strategy to attract and retain clients

Solid Growth Strategy

Maintain Investments in

Distribution

• Organic Growth

– Bandeirante: 11.2% growth in GWh over the 2004-2008 period

– Escelsa: 20.5% growth in GWh over the 2004-2008 period

• Maximize operational efficiency

• Pro-active management of the regulatory process

18

Consolidate Position in the

Brazilian Power Market

• EDP is prepared to capture consolidation opportunities to leverage the company's

strategy in its different segments

• Consistent criteria for minimum return required andmanagement of integration risk

Financial HighlightsFinancial Highlights

Net Revenue(R$ million)

EBITDA and EBITDA Margin(R$ million, %)

1,123

1,363

1,057 1,0491,074

26.9%24.8%

27.8%30.3% 30.7%

4,5284,904

3,4923,985

3,416

Financial Highlights – EDP Consolidated

20

EBITDA Breakdown – 9M09(%)

Net Income(R$ million)

2006 2007 2008 9M08 9M09

Distribution50%

Trading2%

Generation48%

2006 2007 2008 9M08 9M09

Note: (1) Includes R$129 mm impact from goodwill amortization; (2) Includes R$120 mm from the sale of ESC 90.

450

389

288

394450

2006 2007 2008 9M08 9M091 1 2

CDI54%

TJLP37%

US$5%

Fixed Rate4%

Total Debt Breakdown (Sep - 2009)(%)

Net Debt1 and Net Debt / EBITDA²(R$ million)

Adequate debt management of EDP - Energias do Brasil prompted a rating upgrade by Moody’s in 2009; EDP holding is rated Ba1 – stable on a global scale, whereas Bandeirante and Escelsa are rated Baa3 - stable

2,5622,093

2,546 2,518

2.4x 1.9x 1.9x 1.9x

Comfortable Debt Profile

21

107

763479 353

757175

457 255

610

260

AdjustedCash

2009 2010 2011 2012 After2012

54%37%

Debt Amortization Schedule³(R$ million)

Pecém

Note: (1) Net debt = gross debt – cash and cash equivalents; (2) LTM EBITDA; (3) Consider principal, interest and hedge operations.

Approved Credit Lines(R$ million)

622

Dec-06 Dec-07 Dec-08 Sep-09

Instrument ApprovedAvailability

Through

Tenor – up to (years

BNDES 900 2013 10

BNDES – IDB(Porto Pecém)

2,000 2011 17

BEI 270 2010 10

BNDES(SHP Santa Fé)

76 2009 14

Total 3,246