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  • 1. Corporate PresentationCorporate Presentation X Day: April 14th and 15th,, 2008 X Day: April 14th and 15th 2008 1
  • 2. DisclaimerThe material that follows is a presentation of general background information about MPX Energia S.A. and its subsidiaries (collectively, “MPX” 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 MPX that reflect the current views and/or expectations of theCompany and its management with respect to its performance, business and future events. Forward-looking statements include, without limitation, anystatement 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 oremployees nor any of the placement agents shall be liable before any third party (including investors) for any investment or business decision made oraction 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 presentationnor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe thecontents 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, marketresearch, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports areinaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other dataprovided by third parties or by industry or other publications. MPX, the placement agents and the underwriters do not make any representation as to theaccuracy 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 MPX’sprior written consent. 2
  • 3. Why investing in the power sector ?Brazil is likely to experience a strong growth in energy demand in the near futureSupply & Demand Forecast (Avg. GW) Generation Expansion Alternatives .5% 75 =4 GR • Increasing environmental licensing difficulties CA ar ) nd ye • New projects mainly in the Amazon region 70 m a W Hydro De 3G (~ • Limited reservoirs 65 Avg. GW 60 • Natural gas deficit 55 • Single supplier Natural Gas • High LNG prices 50 • Excessive penalty associated to fuel 45 unavailability 2007 2008 2009 2010 2011 2012 2013 2014 Exis tent / Under Construction Auction for New Energy • Important complementary source MPX Portfolio Energy Demand Alternative • High price Sources Source: PSR Report • Low associated energyDemand Evolution (Volume) 3% 6% • Government projects 15% Nuclear / Structuring 23% 25% 26% • Political risk Projects • Challenges for implementation 97% 94% 85% 77% 75% 74% • Abundant reserves Coal Thermal • Highly traded Plants • Located in areas of relatively low 2002 2003 2004 2005 2006 2007 geopolitical risk Regulated - ACR Free Market - ACL 3
  • 4. Ownership Structure Controlling Shareholder Free Float 76% 24% Market Capitalization1 US$ 3.5 billion Power Generation Power Generation Coal Supply Coal Supply Power Marketing Power Marketing 51.0% 99.9% 100.0% 2 50.0% 67.0% 99.9% 100.0% 2 70.0% 100.0% 99.9% Amapari Colombian Energy Seival II Porto do Açu Pecém Termopantanal Termomaranhão Castilla Seival Mine Energia Mines Trading Co Partners Partners Partners Partners49% Eletronorte 50% EDP 33% Coop. Rural 30% Copelmi de Electrificacion 1 – As of April 10, 2008 2 – According to the material fact released on February 19, 2008 4
  • 5. Main Projects PCH Capivara (Amapá) UTE Serra do Navio (Amapá) (30 MW) (23 MW) UTE Porto de Itaqui (Maranhão) (720 MW) UTE Porto do Pecém (Ceará) (1,080 MW) UTE Termopantanal (Mato Grosso do Su) (44 MW) UTE Porto do Açú (Rio de Janeiro) (5,400 MW) UTE Castilla (Chile) (1,400 MW) UTE Seival II & Seival Coal Mine (Rio Grande do Sul) (600 MW) UHE Baixo Iguacu (Paraná) (350 MW) Size (MW) MPX (MW) Coal 9,200 6,800 Hydro 380 260 Natural Gas 44 29 Diesel 23 12 9,647 7,101* Considering the total stake of UTE Açu and UTE Castilla, according to the relevant fact released on February 20, 2008, the amount owned by MPX would be 9,141 MW 5
  • 6. Strategic Positioning MPX’s business model will evolve towards a stronger role in renewable energy, turning itself into a multi-fuel energy producer Brazil offers competitive advantages to produce energy based on renewable sources (solar, biomass, wind) MPX has already identified some attractive alternatives to be developed in the near future, such as the partnership with Yingli for solar energy projects 2008 Profile with Açu’s 2007 Profile 2nd phase with natural gas 2015 Outlook Hydro Hydro Renewables 4% 4% 10% Hydro 8% Natural GasIGCC/ 35% Coal Coal 41% Coal 52% 55% Coal 61% Natural Gas 30% 6
  • 7. Solar Energy ProjectsA long term strategy that will not require relevant capex in the near future MoU with Yingli: prospective partnership in solar-based power generation projects Evaluate opportunities to implement photovoltaic power plants as well as photovoltaic modules manufacturing units in Brazil and Latin America 0-6 months: business plan (investment, operation, maintenance and energy sale) Initial project: pilot plant (50MW) 50 Equipments to be supplied by Yingli Additional Capacity (MW) Land and interconnection to the Accumulated Capacity (MW) 35 system to be arranged by MPX 20 Fiscal incentives 15 15 10 Local workforce training for 5 construction and operation to be held by MPX 4Q08 3Q09 2Q10 4Q10 7
  • 8. Solar Energy at a glance A new frontier that will become a competitive energy source in the near future Brazil, with its huge and available areas, is uniquely positioned to take advantage of demand growth coupled with low investment requirements in the future Low High Radiation Radiation PV Installed Capacity Forecast (MW) PV Capex Forecast (US$ / Watt) 25.000 12 Germany France 11 20.000 10 Wafer Module Italy Spain 9 ROW 8 Hardware Installation 15.000 7 6 10.000 5 4 5.000 3 2 0 1 0 2007 2008 2009 2010 2011 2012 1990 1995 2000 2005 2010 2015 2020Sources: UBS and Rise (Research Institute for Sustainable Energy) 8
  • 9. Coal Thermal Plants using Clean Coal Technology MPX´s projects will use Clean Coal Technology This technology controls the emissions during the coal combustion: Reduction of NOx using Low NOx Burner and “Over fire Air“ Reduction of SOx through the installation of a FGD Fuel Gas Desulfurization Reduction by 99.99% of particulate material Clean Coal Technology also aim to improve the efficiency of a power plant, leading to reduction in fuel consumption and overall emissions Source: EDP – UTE Edes/POR - CCT 9
  • 10. Social & Environmental Update Even during the pre-operational phase, MPX is already structuring its social and environmental initiatives Governance Structure Strategy and Actions Board of Preservation Initiatives Directors RPPNs: 70 thousand hectares nominated as world natural heritage site by UNESCO Executive Bioatlantica: Rainforest conservation Officers Botanic Garden in Ceará (partnership with Rio de Janeiro’s Botanic Garden): increasing from 20 to 100 hectares Steering Management Committee Recovery of Degraded Areas New projects in São João da Barra (Rio de Communities Public NGOs Partners Janeiro): where UTE Porto do Açu is located Institutions • Ecotrópica • Itaqui • Energias do • Environmental • IHP • Pecém Brasil agencies • IBio* • São João da Barra • Açu clients Renewable Resources • Avina • Eletronorte • Yingli Algaes: partnership with Ceará university and • FBDS Haifa University (Israel) Solar energy projects: MoU with Ceará Government Wind power projects: Rio de Janeiro (110MW) Social and Environmental Responsibility* Supported by The Nature Conservancy, Conservation International and others 10
  • 11. Environmental Excellence“Conciliate economic development with nature preservation” Brazil has unique conditions to support CO2 emissions Land availability Water Climate Conditions EBX has expertise in managing the environment MPX will invest up to US$30 million a year in environment preservation Eliezer Batista Natural Reserve: Eliezer Batista Natural Reserve: 50 thousand acres in the most 50 thousand acres in the most … MMX already excels in … MMX already excels in … and Company already … and Company alreadypreserved area in South Pantanal, … preserved area in SouthPantanal, … Pantanal, reforesting… reforesting… reforesting… envisioning new technologies envisioning new technologies 11
  • 12. Business Plan Update HighlightsThe update of some projects start-up and a more comfortable disbursementschedule enhanced our Business Plan Porto do Açu 700 MW acceleration (MW) Jul/2012 Jan/2013 Jul/2013 Jan/2015 Jan/2016 Jan/2017 Jan/2018 Business Plan 700 700 - 1,000 1,000 1,000 1,000 Update 700 700 700 1,100 1,100 1,100 - Castilla adjustment (MW) Jul/2012 Jan/2013 Jul/2013 Jan/2014 Business Plan 700 - 700 - Update 350 350 350 350 Itaqui ( MW, 2nd phase) Jan/2013 Jan/2014 Business Plan 360 - Update - 360 Capex curve (%) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Business Plan 2% 15% 25% 15% 12% 10% 10% 8% 2% 1% Update 4% 13% 15% 19% 17% 13% 10% 6% 2% - 12
  • 13. Business Plan Comparison The update of some projects start-up1 and a more comfortable disbursement schedule enhanced our Business Plan Projects Start-up (GW) Installed Capacity Ramp-Up (GW) Feasibility study 9.6 9.6 9.6 Feasibility study Revision Revision 8.5 8.6 7.4 7.6 6.6 6.3 5.6 5.0 5.0 2.8 2.8 1.8 1.2 2.6 1.1 0.9 1.0 1.1 1.0 1.1 1.0 1.1 1.0 2.2 0.6 0.6 1.2 1.2 0,0 2011 2012 2013 2014 2015 2016 2017 2018 2011 2012 2013 2014 2015 2016 2017 2018 Annual Capex Disbursement (%) Feasibility study 25% Revision 19% 17% 15% 15% 15% 13% 13% 12% 10% 10%10% 8% 6% 4% 1% 0% 2% 2% 2% 2008 2009 2010 2011 2012 2013 2014 2015 2016 20171 - UTEs Porto do Açu, 2nd phase of Porto de Itaqui and Castilla 13
  • 14. Uses and Sources up to 2012 & DCFThe transfer, to MPX, of Centennial 30% stake in Porto do Açu and Castillaprojects will represent additional cash to the CompanyDemonstrative DCFCentennial contribution Porto do Porto do Porto do Açu Castilla Seival II Other Total IPO Centennial Centennial Updated Pecém Itaqui projects (phase 1 Açu (Açu phase Business and Castilla) 2) PlanUses and SourcesUS$ million 300 10,300 300 1,100 7,400 9,700 600 1,200 Capex Financial Pre-op Total of IPO Debt Cash Flow Customer Equity Sale Expenses Capex and Uses Proceeds Advances Açu and Working Castilla Capital 14
  • 15. Coal Supply UpdateMPX has made significant progress in order to secure coal supply to its plants Colombia ► MPX Colombia branch established ► General Manager of MPX Colombia hired ► 2 concession areas secured ► Additional opportunities under analysis Mozambique Update: feasibility study by AMCI to be concluded in June Alternatives under analysis ► Colombia ► Australia ► South Africa/Mozambique 15
  • 16. MPX Coal Mining Rights in ColombiaPotential geological resources estimated to be greater than 150 million tons Cerrejón (Anglo American/Xstrata/BHP) Cerrejon Sur El Paso La Loma Pribbenow Drummond 16
  • 17. Existing and future infrastructure in Colombia PORT BOLIVAR Brisas Port Project Cienaga Port Project RIOHACHA SANTA MARTA BARRANQUILLA Propuerto Cerrejon North CIENAGA Cerrejon Sur/Sur Cerrejon Central Guaimaral Cerrejon South VALLEDUPAR El Paso La Francia El Descanso El Hatillo Calenturitas La Loma Pribbenow Drummond -Carbones del Caribe La Jagua -Carboandes Magdalena -CMU River TAMALAMEQUE 17
  • 18. MPX Coal RequirementsStrategic goal is to guarantee coal supply and mitigate commodity risk First production to be dedicated to free market plants Eliminate commodity risk Secure upside to the plants with pass through mechanism Million tons 18 16 14 Seival 12 10 Chile 8 Pass through mechanisms 6 Regulated Market 4 2 Free Market - 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 * Figures for 80% average dispatch 18
  • 19. MPX Milestones Roadmap 1H08 2H08 1Q09 UTE Porto do Açu (2.100 1st phase UTE Porto do 1st phase UTE Porto do UTE Porto do Pecém: Long UTE Castilla: Installation MW): Environmental Impact Açu: Preliminary License term financing contract Açu: Installation License License Study filing ( 2,100 MW) ( 2,100 MW) UTE Porto de Itaqui: UTE UTE Porto de Itaqui: UTE Porto de Itaqui: Long Seival II: Preliminary UTE Seival II: Installation Environmental Impact Installation License term financing contract License License Study filing UTE Castilla: financing 2nd phase UTE Porto do UTEs Porto do Açu e UTE Porto do Açu: Long UTE Castilla: Long term Term Sheet Pecém: Installation License Castilla: Bridge loan term financing contract financing contract UTE Porto do Pecém: UTE Porto do Açu: Eligibility 2nd phase UTE Porto do UTE Porto do Açu: NTP for UTE Castilla: “Limited NTP” Pecém: EPC contract EPC and down payment for EPC (down payment for Bridge loan for BNDES long term financing signature long lead items long lead items) UTE Porto de Itaqui: Bridge 2nd phase UTE Porto do UTE Seival II: EPC contract 2nd phase UTE Porto do UTE Castilla: EPC contract Pecém: NTP for EPC and down loan Pecém: MOU for EPC signature signature payment long lead items UTEs Porto de Itaqui and UTE Seival II: NTP for EPC UTE Porto do Açu: UTE Porto do Açu: EPC 1st phase UTE Porto do Pecém: EPC contract and down payment long MOU for EPC contract signature Açu: PPAs signature signature lead items Porto de Itaqui and Pecém: Solar energy pilot plant: NTP for EPC and down Coal mine acquistion in the UTE Castilla: Installation License and UTE Seival II: MOU for payment long lead items international market MOU for EPC construction PPAs ANEEL’s approval to the 1st phase UTE Porto do 1st phase UTE Porto do UTE Castilla: strategic structure of the Açu project Açu: MOU for PPAs Açu: MOU for PPAs partner selection Solar energy pilot plant UTE Porto do Açu and UTE Castilla: PPAs Castilla 30% stake transference UTE Castilla: MOU for PPAs start-up from Centennial to MPX signature Solar energy pilot plant: Solar Energy: Yingli Selection of the site and 1st phase UTE Porto do partnership basic engineering Açu: PPAs signature Participation in the A-5 auction for new energy Legend: Environmental Power Marketing and Licensing Coal Supply UTE Porto do Açu: strategic partner selection Funding Strategic / ExtraordinaryNotes: Engineering and Construction (EPC) Accomplished EventsNTP – Notice to Proceed; EPC – Engineering, Procurement and Construction; MOU – Memorandum of Understanding; PPA – Power Purchase Agreement 19
  • 20. MPX: commitment with value creation Leading power generation company Strategic Superior partnerships power assets Experienced Uniquely positioned management & to capture proven track record market growth 20