1. 2005 Earnings Result - Conference Call
António Martins da Costa
CEO
Antonio José Sellare
CFO and Vice President of Investor
Relations
Vasco Barcellos
Investor Relations Officer
February, 2006

2. Disclaimer
This presentation may include forward-looking statements of future events or results according to regulations of the
Brazilian and international securities and exchange commissions. These statements are based on certain assumptions
and analysis by the company that reflect its experience, the economic environment and future market conditions and
expected events, many of which are beyond the control of the company. Important factors that may lead to significant
differences between the actual results and the statements of expectations about future events or results include the
company’s business strategy, Brazilian and international economic conditions, technology, financial strategy, public
service industry developments, hydrological conditions, financial market conditions, uncertainty of the results of future
operations, plans, objectives, expectations and intentions, among others. Considering these factors, the actual results of
the company may be significantly different from those shown or implicit in the statement of expectations about future
events or results.
The information and opinions contained in this presentation should not be understood as a recommendation to potential
investors and no investment decision is to be based on the veracity, current events or completeness of this information or
these opinions. No advisors to the company or parties related to them or their representatives shall have any
responsibility 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 current
expectations and projections about future events and trends that may affect the company’s business. These statements
include projections of economic growth and energy demand and supply, as well as information about the competitive
position, the regulatory environment, potential opportunities for growth and other matters. Several factors may
adversely affect the estimates and assumptions on which these statements are based.
2

3. Energias do Brasil: 2005 Highlights
Net Revenues (R$MM) EBITDA (R$MM)
13.4%
CAGR 0%
4,323 R 26.
CAG 913
3,692
3,364 775
(R$ MM)
575
(R$ MM)
2003 2004 2005 2003 2004 2005
Net Profit (R$MM) Net Debt / EBITDA*
3.0x ∆= - 1.1x
439
2.7x
∆= + R$608 MM
1.9x
(R$ MM)
107
-169 2004 Jun/05 Dez/05
2003 2004 2005 * Ebitda of last 12 months 3

4. Energias do Brasil: 2005 Achievements
New Brand and Visual Identity;
Migration of Minority Shareholders
Corporate Restructuring: Optimization
Deverticalization of Assets
IPO + Capitalization The largest IPO of the Year
Optimization of the Capital Structure
Acceptance to High Corporate Governance Standard;
Peixe-Angical: Advance in the 2005 schedule allowed the start of
the flooding process;
Definition of the RABs: Conclusion of the Tariff Revision of the
Concessionaries;
INVESTCO: Agreement with Eletrobrás;
Market Indexes: ENBR3 in the MSCI Brazil Index and IBrX-100;
Indebtness:: Creation of conditions to extend the maturity profile
with lower costs (Debentures)
4

5. Solution of the Redeemable Shares of Investco
Before the After the
Agreement: Agreement:
26,70% Total
5

6. Energias do Brasil: Current Management Focus
Growth with
Debt Maturity Losses Reduction
emphasis on the Vanguard Project
Extension Program
Generation Segment
6

7. Operating Performance
7

8. Distributed and Commercialized Electricity
Consistent growth in the electric power market of our concessionaires in 2005 ...
Eletricity Distributed (GWh) Commercialized Energy (GWh)
3.0%
23,061
22,396
%
3,028 3,108 32
GWh
7,178 7,639
2.5%
GWh
5,779 6,379
5,635 4,849
772 40%
776 12,189 12,315
1,836 1,949
1,691
3,024 3,058 1,211
4Q04 4Q05 2004 2005 4Q04 4Q05 2004 2005
Bandeirante Escelsa Enersul
... with an even higher expansion of our commercialization volumes
8

9. Distribution Business – Market Breakdown
Migration of captive customers to the free customer status has been changing the market profile.
Electricity Distributed (GWh) Net Operating Revenues (R$ MM)
3.0% %
11.7
23,061 4,161
22,396
1% 1% 3,726 1%
1% 10%
23% 30% 6%
2.5% 8.6%
5,779 89%
5,635 978 1,062 93%
76% 69%
1% 2% 1% 1%
25% 33% 7% 12%
74% 65% 92% 87%
4Q04 4Q5 2004 2005 4Q04 4Q5 2004 2005
Final Custormers Energy in Transit Others Final Custormers Energy in Transit Others
9

10. Distribution Business – Quality Indicators
In 2005, Energias do Brasil invested R$20 million in programs geared to contain growth in the
level of technical and commercial losses. These investments are intended to provide a gradual
reduction starting in 2006.
Evolution of total losses (% of the electric power distributed in the last 12 months)
technical commercial
2005 2005 2005 2005
- 61.6 thousand - 258.6 thousand - 156.7 thousand - 476.9 thousand
inspections made inspections made inspections made inspections made
- 2.8 thousand frauds - 34.1 thousand frauds - 5.3 thousand frauds - 42.2 thousand
detected detected detected frauds detected
- Total of 50 thousand - Total of 240 thousand - Total of 214 thousand - Total of 504
inspections scheduled inspections scheduled inspections scheduled
% últimos 12 meses
thousand
for 2005 for 2005 for 2005 inspections
scheduled for 2005
5.9
5.9
6.0 5.1 4.1 3.8
2.2 2.4
15.6
13.0
8.1 8.2 8.5 9.3
7.8 7.8
Jun/05 Dec/05 Jun/05 Dec/05 Jun/05 Dec/05 Jun/05 Dec/05
BANDEIRANTE ESCELSA ENERSUL ENERGIAS DO BRASIL
10

11. Generation Business: Peixe Angical Plant
January 2006: Granted the licence from IBAMA and the start of the filling of the reservoir.
• Location: Rio Tocantins
• Installed Capacity: 452 MW
• Assured annual power supply: 2,374 GWh
• Reservoir area: 294 Km2 • 95% of the construction concluded
• Investment: R$1.6 Bi (85% expended)
• Expected revenue service start-up dates:
• Start of the flooding process in January
1st engine: May 2006
2nd engine: July 2006
3 rd engine: October 2006
11

12. Financial Perfomance
12

13. Revenue & EBITDA
Strong growth in revenues and EBITDA...
Net Revenues (R$ MM) EBITDA (R$MM)
% %
17 18
4,323 913
3,692 775
(R$ MM)
(R$ MM)
4% -15%
1,003 1,041 231
195
4Q04 4Q05 2004 2005 4Q04 4Q05 2004 2005
... which will be further improved by the expansion of our generation business
13

14. Costs and Expenses Breakdown 1
Manageable costs have the potential to be significantly reduced with the recent corporate
restructuring and synergy programs
Costs and Expenses Breakdown1 – 2005 Costs and Manageable Expenses Breakdown –2005
Acum. 12 months
Managed Expenditures Var.
2005 2004
Personnel 268 258 3.7%
Non-manageable Manageable costs
costs R$718 million Material 36 31 15.7%
R$2,693 million (21%) Third-party Services 239 198 20.6%
(79%)
Provisions 69 56 25.0%
Others 105 87 21.3%
Total 718 630 13.9%
Figures in R$ MM
Variation excluding
non-recurring expenses: 6.7%
R$3,411 million
Nota:
1 Excludes depreciation and amortization
14

15. Energias do Brasil: Profitability
In 2005, net profit of Energias do Brasil reached R$439 million. Considering net profit before
the participation of minority shareholders, the figure was R$442 million.
Net profit before the participation of minority
shareholders (R$MM) Net profit (R$MM)
%
59 442 439
%
311
279
(R$ MM)
(R$ MM)
10% %
321
142 156 155
107
37
4Q04 4Q05 2004 2005 4Q04 4Q05 2004 2005
15

16. Indebtedness – Total Position
Current capital structure was strengthened by the IPO and the capitalization of Escelsa’s senior
notes...
Indebtedness – 2005 (R$ MM) Gross Debt – Index Breakdown
Gross debt (Dec/2005): R$3.0 Bi
3%
3% 4%
13%
(588) 4%
1.9x EBITDA1
(728) 2005
(R$ MM)
30%
3,026
1,710
43%
US$ Selic
% CDI TJLP
Gross Debt (-) Cash & (-) Regulatory Assets Net Debt December Fixed Rate INPC and IGP-M
December 2005 Marketable Securites 2005 IGP-M
Notas:
1 Based on the EBITDA of the last 12 months
…creating financial capacity for the company’s growth
16

17. Debt Maturity Extension – Current Amortization Schedule
Energias do Brasil may benefit from opportunities to extend its debt maturity with lower costs.
Debt Amortization Schedule – 2005 (R$ Thousand)
963,343
732,385
663,721 Transactions in progress
587,929
32% Stand-by Facilities (R$700 MM)
24% 294,600 22% Issuance of Debentures by Bandeirante
205,026
166,606 (R$250 MM)
10%
7% 6%
Cash & Mkt. 2006 2007 2008 2009 2010 After 2010
Securities
17

18. Current Investment Plan
We invested R$1,072 million in 2005 and our investment plan for this year is fully equalized.
Investment Breakdown (Excludes New Generation Projects)
1,072
(R$ million)
651
612
182
335 343
125 126*
2005 2006E
Distribution Universalization Generation
* Preliminary
18

19. Energias do Brasil’s Strategy
19

20. Key Elements of our Strategy
Benefit from coming growth opportunities,
VISION with an immediate emphasis on generation, with
due respect to strict return on investment criteria
Focus on operating efficiency and synergy gains,
To be a leading mainly in the distribution segment
company in the
electric power
STRATEGY
industry, focused on
creating value to our Leverage management skills with the support
shareholders of an international group that has a proven
track-record in competitive markets
Maintain a solid financial structure with liquidity
and scale to sustain the expansion plan
20

21. Operational Efficiency – Vanguard Project
Project is being implemented as scheduled.
Steps 2004 2005 2006 2007
1 Strategy Definition
–
2 Organizational & New Structure
–
Design and Implementation
3 Processes Redesigning
–
4 HR Projects Development
–
5 IT Alignment
–
6 Control and Monitoring
–
Alignment
7 Change Management and
–
Implementation
Accomplished Steps
21

22. Share Performance
Base 100: 7/12/05
230 70,000
R$ 32.00
ENBR3 integrates ENBR3
the MSCI Brazil integrates IBrX- 38.246
210 60,000
Index – R$ 26.50 100 – R$ 27.20
ANEEL decision (11/30/05) 01/02/06)
190 Earnings Release about the 50,000
IPO - ENBR3 2Q05 – R$ 21.85 readjustment for
R$ 18.00 (7/29/05) Bandeirante – R$ Earnings Release
170 (7/13/05) 22.70 (10/18/05) 3Q05 – R$ 22.00 40,000
(10/26/05)
150 30,000
130 20,000
110 10,000
90 0
7/12/2005 8/2/2005 8/23/2005 9/14/2005 10/5/2005 10/27/2005 11/21/2005 12/12/2005 1/3/2006 1/24/2006 2/15/2006
Volume R$ ENBR3 ENBR3 Ibovespa IEE
Variation % ENBR3 Ibovespa
July (since 7/13/2005) +21.4% +0.7%
August +13.0% +7.7%
September +5.0% +11.6%
October -13.8% -4.4%
November +18.3% +5.7%
December +3,4 +4.8
Accumulated until 12/30/2005 +52.2% +29.4%
January 2006 +22.3 +14.7
Accumulated until 02/16/2006 +73.3% +49.8%
22

23. 2005 Earnings Result - Conference Call
February, 2006
www.energiasdobrasil.com.br