1. Conference Call
4Q06 Earnings Results
António Martins da Costa
CEO
Antonio José Sellare
CFO
Vasco Barcellos
Investor Relations Officer
March 01, 2007

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. Distribution
Energy Distributed Volume (GWh)
3.8%
23,061 23,948
3,108 3,126
4.5% 7,639 8,060
5,779 6,038
772 814 12,315 12,763
1,949 2,014
3,058 3,210
4Q05 4Q06 2005 2006
Bandeirante Escelsa Enersul
EBITDA (R$ MM)
3.5%
801 829
42.1%
242
170
• Distributed volume: strong recuperation in the 4Q06
4Q05 4Q06 2005 2006
Losses * • Higher participation of free customers
13.1% 13.2% 12.8% 13.1% 12.9%
3.8% 3.9% 3.8% 4.1% 4.0%
• Non-recurring effects in 2006 and 2005
9.3% 9.3% 9.0% 9.0% 8.9%
• Efficiency programs in progress
Dec Mar Jun Sep Dec
2005 2006 2006 2006 2006
Technical Commercial
* Average of the last 12 months
3

4. Generation
Energy Produced Volume (GWh)
UHE Peixe Angical UHE Mascarenhas
42.6%
3,929
126.6% 2,756
1,494
659
4Q05 4Q06 2005 2006
EBITDA (R$ MM)
170.3%
273
227.3%
88 101
27
4Q05 4Q06 2005 2006
• Peixe Angical and Mascarenhas’ 4th Engine: full
Generation Installed Capacity (MW)
capacity in 4Q06
1,043 29 1,072
452
50 25
2009
•PCH São João’s operational license in feb/07
Expected
516
• Growth strategy: plants’ repowering, new energy
Start-up
auctions, acquisitions and viability studies
2005 UHE Peixe 4º PCH PCH Total
Current
Angical Engine.S. João Sta.Fé
Masc.
Concluded Projects Projects in Progress
4

5. Commercialization
Energy Commercialized Volume (GWh)
5.1%
6,379 6,702
1,193
2,567
-7.1%
1,691 1,571 5,509
3,812
590 222
1,101 1,349
4Q05 4Q06 2005 2006
Others ENBR Group's companies
Number of Customers
13.0%
52
46
4Q05 4Q06
• Lower self-dealing: offset by the growth of free market
EBITDA (R$ MM)
54 -93.7%
• Contract renewal: opportunity to increase customer base
• Extraordinary effect of R$ 40.2 million in 4Q06
8 3
4Q05 4Q06 2005 2006
-32
5

6. Financial Performance
Net Revenues (R$ MM) MAIN 2006 IMPACTS
EBITDA (R$ MM)
5.5%
. RP: - R$ 51,6 MM 17.6%
4,561 . AMPLA provision - R$ 40,2 1,074
4,323
913 0.3%
9% 10%
4% 9% 6% 24,7%
10%
19.1%
48.6%
1,240 87% 81% 290 75%
1,041 84%
8% 195 -10%
10% 10%
4% 4% 29%
86% 82% 13%
83%
83% 81%
4Q05 4Q06 2005 2006 4Q05 4Q06 2005 2006
Distribution Generation Commercialization Distribution Generation Commercialization
Net Income (R$ MM) Net Debt/EBITDA *
-10.3%
KEY 2005 IMPACTS
. Impairment + R$ 89,9 MM
. FX + R$ 60,4 MM
-0.4%
439 3.0x
394
2.3x
1.9x 2.0x 1.8x
155.3 154.8
4Q05 4Q06 2005 2006 Dec/04 Dec/05 Jun/06 Sep/06 Dec/06
* EBITDA of the last 12 months
6

7. Operating Expenditures
Costs and Expenses Breakdown1 – Costs and Manageable Expenses
4Q06 Breakdown
R$ million 2006 2005 Var.%
Personnel 339 268 26.5%
Non- Material 37 36 1.1%
manageable Manageable
costs Costs Third-party 297 239 24.0%
R$2,613 R$875 million
million Provisions 107 69 53.9%
(25%)
(75%) Others 96 107 -10.7%
Total 875 720 21.5%
R$3,488 million MAIN VARIATIONS (R$ million)
. RP: R$ 51.6
. AMPLA provision: R$ 40.2
. Managerial initiatives: R$ 28.6
Manageable Expenses ajusted by . Regulatory demand: R$ 15.6
extraordinary items would have
increased by 8.8%.
Nota: 1 Exclui depreciação e amortização 7

8. Indebtedness and Investment
Gross Debt Index Breakdown(%)
Net Debt (R$ MM) Dec/06
3%
(606)
(673) 32%
3,159
1,997 60%
1.879
5%
Gross Debt (-) Cash (-) Net Debt Net Debt US$ TJLP
Dec/06 and Regulatory Dec/06 Sep/06
Fixed Rate Floating Rates *
Marktable Assets
Securities * Includes Selic, CDI, IGP-M and INPC
Investment* – does not include Light for All Universalization Programs
(R$ MM)
- includes “Light for All” (LFA) -
2007 Investments* (estimated) 177
592 160
577 Distribution: R$ 466 million
212 Generation: R$ 192 million
217
Universalization: R$ 105 million
TOTAL: R$ 763 million
365 375
2006 (E) 2006 (R) 2006 (E) 2006 (R)
Distribution Generation * Does not include interests capitalization and/or new projects
8

9. Vanguard Project
RP - Trend in the capture of accumulated Productivity (Client/Employee)
annualized savings (R$MM/year)*
68.4 182% 111%
1,287 104%
1,071 1,060
40.8 890 943
28.8 31.9 60,0 776 762
19.2 654 585
17.2 35,6 502 462
24,8 27,7 456
14,8 17,2
2,4 2,0 4,0 4,2 5,2 8,4
Jun/06 Accomplished Dec/06 Accomplished Jun/07 Dec/07
till Sep/06 till Dec/06
Indirect Personnel Cost (Estimated) Direct Personnel Cost (Estimated)
Bandeirante Escelsa Enersul
1998 2001 2005 2006
Indirect Personnel Cost (Accomplished) Direct Personnel Cost (Accomplished)
* 2006 Figures Information Technology Projects
Schedule
2005 2006 2007 2008
SIT-Brasil
Integration
9

10. Awards and Recognitions
2005 Best Listed Honorable 1st Place Member in
Finalist
Company Mention Listed Company 2006
Volume
Market Capitalization: R$5.4 billion R$ Mil
190 70,000
180 +83%
60,000
170 +83%
160 50,000
150
+80%
40,000
140 +74%
30,000
130
120 20,000
110
10,000
100
90 0
7/12/2005 8/22/2005 10/3/2005 11/16/2005 12/27/2005 2/8/2006 3/23/2006 5/8/2006 6/19/2006 7/28/2006 9/8/2006 10/20/2006 12/5/2006
Volume R$ ENBR3 ENBR3 Ibovespa IEE IBX
Updated until December 31, 2006
10

11. Main Achievements in 2006
Duplication of the generation installed capacity and feasibility studies for new
hydro power plants
1st Part of Vanguarda Project concluded and development of the Losses
Reduction Program
Indebtedness: debt extension and reduction of the average cost
Adjustment of the customer service network at the three distributors with
unification of the geo-processing system
Sustainability: BOVESPA’s ISE admission and adhesion to the Global Compact
Governance: important recognitions and creation of the Corporate
Governance and Sustainability Committee
11

12. Conference Call
4Q06 Earnings Results
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