Thermes Participações SA is a privately held firm in Rio de Janeiro, Brazil that invests in power generation projects including thermal power plants fueled by oil and gas, as well as hydroelectric and wind power projects. Thermes specializes in developing power projects from origination through construction and often maintains ownership stakes after selling portions to other investors. Thermes has a track record of successfully developing over 1,700 MW of power plants throughout Brazil and has a pipeline of additional projects including hydro, wind and waste-to-energy plants. Thermes utilizes special purpose vehicles to develop each power plant in partnership with other investors while maintaining a lean corporate structure.

1. Thermes Participações SA
June 2009

2. A privately held firm
headquartered in Rio de
Janeiro, Brazil that invests in
power generation. The firm
develops power plants and sells
them when operational.

3. Thermes has amassed
considerable expertise in the
the greenfield phase of project
development. Our ability to
manage and reduce risks
during this phase is a
significant asset and a source
of competitive advantage.

4. project development critical path
1 2 3 4 5
Cash Flow Contract Partner Project
Origination
Modeling Negotiation Selection Finance
continuously vet develop robust negotiate major selecting sponsors navigate regulatory
and generate ideas financial models contracts such as so as to guarantee hurdles and
that are candidates based on realistic Engineering, project success, requirements of
for new projects assumptions tested Procurement, and requires extensive federal and state
both internally and by experience and Construction, Fuel knowledge of the financial
through an validated by Supply, and Power strengths and institutions that
extensive network outside experts. Purchasing weaknesses of provide long term
of collaborators. Agreements, players in the funding at below
Equipment Supply energy sector. market cost.
and Civil Works.

5. The firm is widely recognized
as one of Brazil’s leading
developers of thermal power
plants.
Taken together, current
engagements and completed
projects total 1,700MW gross
capacity of power plants
throughout Brazil.

6. Completed Projects and Project Location
Starting
Date Share.
Under Development MW
94
Hydro
UHE Energética Corumbá III Luziânia, GO Mar-09
%
5
115 UHE Murta Energética Coronel Murta, MG Jan-12 33
209 Total
Thermal
166 UTE BREITENER Maracanaú, CE Oct-02 24
Thermes played a decisive role in all
83 UTE Tambaqui Manaus, AM Dec-05 24
of the critical stages of each 83 UTE Jaraqui Manaus, AM Mar-05 24
individual project. Other players 169 UTE Borborema Fortaleza, CE Jan-10 50
were brought in subsequently to 164 UTE Maracanaú Fortaleza, CE Jan-10 50
diversify risk and limit balance sheet 300 UTE Geraldo Rola Pecém, CE Jan-11 38
exposure. 70 UTE Lambari Fortaleza, CE Jan-12 50
337 UTE Escolha Linhares, ES Jan-13 38
127 UTE Cacimbaes Linhares, ES Jan-13 38
1,499 Total
1,708 TOTAL 37

7. The Investment Opportunity

8. PPAs Obtained Per Annum
1,580
764MW
Thermes has an 396MW
enviable track record of
developing new projects 204MW
and obtaining PPAs
through competitive 166MW
bids at auction.
2002 2005 2007 2008 2009

9. Our expansion plans offer
investors willing to take on
greenfield risk an excellent
choice of sector or energy
specific strategies and vehicles.

10. Newco Energia Participações SA
Thermes Par. Wind Par. Hydro Par. Alternative Par.
SPE Tambaqui CGE Ventos de Zumby 09 SPE ECIII Campina Grande 09
SPE Jaraqui CGE Marcos Porto 09 SPE Murta Maracanaú 09
SPE Borborema CGE Ventos do Atlântico 09 Alto Corumbá 10 Pacatuba 09
SPE Maracanaú CGE Acaraú 09 Rio Parnaíba 10 Conesud 09
SPE Lambari CGE São Francisco 09 Rio Grande 09
SPE Geraldo Rola CGE Galinhos 10 Pelotas 09
SPE Capixabas CGE Parazinho 10 Passo Fundo 09

11. Thermes is able to maintain a
lean managment team by
developing power plants
through SPVs (special purpose
vehicles). Each SPV is endowed
with an executive management
team that reports to a board of
directors. Each board, in turn,
is comprised of members
elected by Thermes and other
shareholders.

12. EBITDA
5-Year Cash Flow
Projections and
EQUITY Equity Requirements

13. Thermal HFO (Heavy Fuel Oil)

14. UTE BREITENER 166MW
Located in Maracanaú, CE.
PPA from 2002 to 2004
Annual Revenues R$240mm
EBITDA R$80mm
Cap X R$300mm.
Gen set MAN 8 x 18V 48/60 + 2 x 16V 32/40
Transmission line 69kV x 3.5 km.
Grid connection at SE DID II – Coelce.

15. UTE BREITENER 166MW
Petrobras
35%
Enerconsult
6%
Orteng
6%
SKANSKA I&D Thermes
30% 24%

16. UTE Tambaqui 83MW
Located in Manaus, AZ.
PPA from 2005 to 20025
Annual Revenues R$62mm
EBITDA R$35mm
Cap X R$75mm.
Gen set MAN 4 x 18V 48/60 + 1 x 16V 32/40
Transmission line 69kV x 8 km.
Grid connection at SE MESA.

17. UTE Tambaqui 83MW
Petrobras
35%
Enerconsult
6%
Orteng
6%
SKANSKA I&D Thermes
30% 24%

18. UTE Jaraqui 83MW
Located in Manaus, AZ.
PPA from 2005 a 2025
Annual Revenues R$60mm
EBITDA R$35mm
Cap X R$150mm.
Gen set MAN 4 x 18V 48/60 + 1 x 16V 32/40
Transmission line 69kV x 3 km.
Grid connection at SE MESA.

19. UTE Jaraqui 83MW
Petrobras
35%
Enerconsult
6%
Orteng
6%
SKANSKA I&D Thermes
30% 24%

20. BORBOREMA Energética 169MW
Located in Campina Grande, PB.
PPA from 2010 to 2024
Annual Revenues R$64.9mm
EBITDA R$48mm
Cap X R$325mm.
Gen set Wärtsilä 20 x 20V 32
Transmission line 230kV x 3,5km.
Grid connection at SE Campina Grande II-
CHESF.

21. BORBOREMA Energética 169MW
Thermes
50%
Consórcio Infra-Estrutura BERTIN EQUIPAV
50%

22. Maracanaú Geradora de Energia 162MW
Located in Maracanaú, CE.
PPA from 2010 to 2024
Annual Revenues R$ 65.4mm
EBITDA R$50,6mm
Cap X R$340mm.
Gen set Wärtsilä 8 x 20V 46
Transmission line 69kV x 8,5 km.
Grid connection at SE DID II – Coelce.

23. Maracanaú Geradora de Energia 162MW
Thermes
50%
Consórcio Infra-Estrutura BERTIN EQUIPAV
50%

24. Lambari Geradora de Energia 70MW
Located in Maracanaú, CE.
PPA from 2012 to 2026
Annual Revenues R$27.2mm
EBITDA R$8mm
Cap X R$120mm.
Gen set Wärtsilä 4 x 20V 46
Transmission line 69kV x 8,5 km.
Grid connection at SE DID II – COELCE.

25. Lambari Geradora de Energia 70MW
Thermes
50%
Consórcio Infra-Estrutura BERTIN EQUIPAV
50%

26. Thermal LNG (Liquid Natural Gas)

27. Geraldo Rola 300MW
Located in Pecém, CE.
PPA from 2011 a 2025
Annual Revenues R$87mm
EBITDA R$46mm
Cap X R$380mm.
Gen set Wärtsilä 36 x 20V 34 SG
Transmission line 230kV x 4,5 km.
Grid connection at SE Cauipe.

28. Geraldo Rola 300MW
Thermes
38%
Agroenergia
13%
Petrobras
49%

29. Escolha 337MW
Located in Linhares, ES.
PPA from 2013 a 2027
Annual Revenues R$123.7mm
EBITDA R$92mm
Cap X R$420mm.
Turbine GE x 2 + CC x 1
Transmission line 345 KV x 3 km.
conexão no seccionamento da Transmission
line .

30. Escolha 337MW
Thermes
38%
Cobrapar
5%
Spectrum
8%
Petrobras
49%

31. Cacimbaes 127MW
Located in Linhares, ES.
PPA from 2013 a 2027
Annual Revenues R$120mm
EBITDA R$41.4mm
Cap X R$158mm.
Turbine GE x 1 + CC x 1
Transmission line 138 KV x 3.5 km.
conexão no seccionamento da Transmission
line .

32. Cacimbaes 127MW
Thermes
38%
Cobrapar
5%
Spectrum
8%
Petrobras
49%

33. Hydro

34. Energética Corumbá III 94 MW
Located in Luziânia, GO.
PPA from 2009 to 2042
Annual Revenues R$120mm
EBITDA R$68,5mm
Cap X R$420mm.
Turbine Energomach 47 x 2
Transmission line 138kV x 120 km.
Grid connection at SE Santa Maria CEB.

35. Energética Corumbá III 94 MW
Neoenergia
60%
Thermes
5%
Energpower
5%
Celg
CEB 15%
15%

36. Murta Energética 115MW
Located at the Jequitinhonha river in
Coronel Murta, MG.
PPA
Requested environamental license

37. Murta Energética 115MW
Thermes
33%
Logos Eptisa
34% 33%

38. Hydro Pipeline
We are in the process of studying Rio
Parnaiba which appears to have a
1,000MW potential in Hydro plants, that
will be the object of government
auctions during 2009 and 2010. We are
also studying Rio Corumba, to establish
its potential for run of river projects.

39. Wind

40. Wind Pipeline
We have confirmed wind measurements,
and obtained land use rights to
locations representing aproximately
1,300MW of wind farm potential in
Northeastern Brazil. In 2009, we expect
to win 580MW at auction under 20 year
PPAs, and an additional 620MW in 2010.
We have reason to believe that we have
identified sites representing an aditional
1GW of that will be developed in 2011.

41. CGE Ventos de ZUMBY 45MW
Thermes
97%
ACNI
3%
Expected starting date 2010.
237 hectares in Rio do Fogo, RN.
Cap X R$ 225mm.
Annual revenues R$29.9mm x 20 yrs..

42. CGE Ventos de ZUMBY 45MW
Turbine 1.5MW GE SLE a 80m.
Efficiency factor 38%.
Average wind speed 7.8 m/s at 80 m.
Transmission line 69kV x 1 km.
Grid connection at linha Iberdrola.

43. CGE Marcos Porto 210MW
Thermes
97%
ACNI
3%
Expected starting date 2010.
1.320 hectares in Timbau - Grossos, RN.
Cap X R$1.050mm.
Annual revenues R$132.8mm x 20 yrs..

44. CGE Marcos Porto 210MW
Turbine 1.5MW GE SLE a 80m.
Efficiency factor 36%.
Average wind speed 7.2 m/s at 80 m.
Transmission line 230kV x45 km.
Grid connection at SE Mossoro II.

45. CGE Ventos do Atlântico 186MW
Thermes
97%
ACNI
3%
Expected starting date 2010.
1.250 hectares in Areia Branca, RN.
Cap X R$930mm.
Annual revenues R$136.8mm x 20 yrs..

46. CGE Ventos do Atlântico 186MW
Turbine 1.5MW GE SLE a 80m.
Efficiency factor 42%.
Average wind speed 8.5 m/s at 80 m.
Transmission line 230kV x 100 km.
Grid connection at SE Mossoro III.

47. CGE São Francisco 55MW
Thermes
97%
ACNI
3%
Expected starting date 2010.
322 hectares in Acarau, RN.
Cap X R$275mm.
Annual revenues R$38.5mm x 20 yrs..

48. CGE São Francisco 55MW
Turbine 2.5MW Fuhrlander 2500 a 80m.
Efficiency factor 40%.
Average wind speed 8.2 m/s at 80 m.
Transmission line 230kV x 95 km.
Grid connection at SE Sobral III.

49. CGE Acaraú 75MW
Thermes
97%
ACNI
3%
Expected starting date 2010.
398 hectares in Acarau, CE.
Cap X R$375mm.
Annual revenues R$52.5mm x 20 yrs..

50. CGE Acarau 75MW
Turbine 2.5MW Fuhrlander 2500 a 80m.
Efficiency factor 40%.
Average wind speed 8.2 m/s at 80 m.
Transmission line 230kV x 95 km.
Grid connection at SE Sobral III.

51. Renewable

52. Municipal Waste-to-Energy
Pipeline
After identifying an enormous repressed
demand for solutions to solid urban
waste, we developed on a proprietary
basis and using exclusively national
technology a commercially viable and
scalable project for transforming waste
into energy. During 2009 we will begin
the roll out of this technology in the
following pilot municipalities: Campina
Grande, Marcanau, Pacatau, totaling
87MW.

53. Thermes Participações SA
June 2009