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                                                          San Francisco San Diego
Investors visited:   58                   Investors visited:            51          Investors visited:        29
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2Q05 Results

  • 1.
  • 2. ! " # $ % % # # % $& % # % ' % ! " % %( # $) % # % $ % % % $* % $ %( % # ( % ' % $ ( % $ % $
  • 3. 0 ) . / ) #1 8 -# /( #1 % %$ - 8 9 2 * 5 # :2 #5 % 823 5 ) ! * '! 07 ! $ 7 3 ! ; 7 , - #1 + /( % " ! $ $ ) 20 )4 % 3 5 $ / $ $ $6 0$ ) 4 * -7 # + ! 0 , 1 ! "# $ % & '! ( % ) *, + ! * -, # . / %
  • 4. =, 1 2 ! 3 ( # ) 4 ' % 5 6 # 2 % <
  • 5. =, 2 > 5 ( %( 3 / % ' 3 ? & 7 ? / 8 7 ? 9 $ : $ ; " 3 ? 9 , 1 7 ? 2 % " % 2! * 5 : % ' $ &9 0
  • 6. 1 7 / 9 5 2 ! <5$ % 6 Offering & 0% 9 ! " 5= > = Structure ? ! ' * / @2 ! 1 * A < 5B $ % 5 =C @ A D B B 5D 5B @ < $ 5B A ) " <D $ C @1C A Offering Size < $ 5 @ CC 5 B A / 3 ( 3 @ # 2! 1 * % A B 8= D = @ < $ 5=D A % # % $ Demand ; D E= % % 5= @F 2 A 5B Lock up period Retail < $ 5== == C ; < 1 5$ D51 @
  • 7. B , ?, ( % 5= ! " F 2 GH I : Cities: São Paulo Cities: New York Boston Cities: London Rotterdam Rio de Janeiro Los Angeles Washington Frankfurt Milan San Francisco San Diego Investors visited: 58 Investors visited: 51 Investors visited: 29 One-on-ones 25 One-on-ones 38 One-on-ones 20 Group meetings 33 Group meetings 13 Group meetings 9 Hit ratio: 52% Hit ratio: 51% Hit ratio: 28% Financial Volume per Country/Region Retail Brazill 3% Brazil USA 38% 45% Europe 14% A
  • 8. 1 7 / 5=1 C % 5 B= $ 6 Share Performance Base 100: 7/13/05 155,00 145,00 &9 2 ! 1 0 * < $ J K 135,00 <5B$ < 5$ B 125,00 115,00 105,00 DD = = CB B D 95,00 85,00 5 5 05 05 05 05 05 05 0 0 05 05 0 0 20 20 0 0 0 0 0 /2 /2 0 /2 /2 /2 /2 /2 3/ 8/ /2 18 26 13 21 29 11 16 8/ 8/ 19 7/ 7/ 7/ 7/ 7/ 8/ 8/ 8/ ENBR3 Ibovespa IEE ; 3 <CC $ 7 = D ; 3 <=1 $ C
  • 9. = -01 # " 7 * " , $ $$ 2 04 ; / @ ' AF @'F A' F . @ @ 'F . 'F . 'F . 'F . 'F 0 # 2 ?( 2 ! 2 . 'F .'F . 'F . 'F 0 )2 ) 1 2 2 - 4 ) " ; % ? F 6 # 3 = . 8 $ / ' .@'F 0 > 0 > L 1D1: $ E
  • 10. 2 ! .
  • 11. 2 ! ! " 1 /N$& % = 4N $ 8 ?, ; 0 * 2 9 ? 0 & 2 * & ?0 * 2M 4) ? ♦ 0 / = ; ♦ 0 /<= ; 2 G > %5 ♦ # = @ 22 F * ? )2 224 * 2 ♦ # =@ . ♦ 0 / = ; ♦ * =A ; 0* * ?2 2 4 & * O ) ♦ 0 /< = ; )9 & ) ♦ 0 / .@ = ; !* 2 *2 ;& 2)? 2 ♦ # = A< .$ ♦ # =.$ . ? 4 ; % ..
  • 12. = ( ) 4 / & =2 ! < C% 1$ 5: 2 & ; ! $ & 5 <$% = 2 &; : ! $ * % ! 2 &; ! ! <$ E F . $ A AA <$ ,I C !) CF F # EF $@< F AF $ A I F , F ) $CE. A F ! @ # $ .F .F .C F AF .EF 5 5 $ $ .C < AF CEF F EF H H .$ C< CAF <F 2, EE 2, $ E F F < F CF F EAF F .$ E F E F .$ CEF E F E<F E F . < .7 < .7 < .7 < .7 4 ) # " 4 ) # " 6 ' .
  • 13. = 4 / & = 2 ! < C 5 $) % <C8 $ * % * < E @F AE . F . AA . A . A. 5 . 5 <C H - 2, H - 2, 2<E5 2 5 2. 5 2@C5 2. 5 2 5 E F 2. 5 2 <E5 2.@E5 2 5 2 5 < .7 < .7 < .7 < .7 .
  • 14. 4 9 % % % ; % 2 @4 A N 0 @ E A ' 'F < .$ #) I !, $E@ .$ E .$ @ < $ .A. .<F . ' <F .$ ' . F .<F AA@ E' .F AEE F C <F <'F A. . ' ' <F F @ < C ..$.. ..$ <CC @ .<F .<F < @ <@ . ' <F < F F F <F ' <F F < .7 < .7 .EEC . < .<
  • 15. 7 /- 4 0 3*2 2? % ! ) ) 22 F * ? ; & && 2 2 * + $& E = 8 1$ : $5: B 2)? 2 ; & && 2 2 * + $& E D11: $ B B $ : !* 2 ;& *2 0 9 && * ? + 9 $; 9 % $& 9 % = 5B B $ : 5 $5: .
  • 16. 4 & 2 ! < 5$ $ D$ 2 @: % 5 A 5 5 5 5 - <' < - CA' - E' @ - 5 5 - .' - E' A - .' @ - 5 1 - 6 - 6 < - 6 .< - = ' E . . @' F ' A @' <' . . ' @ .' A ' . ' . ' . A' A' C A' < A' C A' E C' < G < G < G < G !* 2 ;& *2 2)? 2 22 F * ? 224 * & ; ! 9 & ? .@
  • 17. ) 2 ! 1 /N 5 : $ $$ 2# 4 * 4 ) @ .$ . F / ! .$ A .@ @ < .$ D .E< D / ;5 < C A / ;5 < # @ # . D 20 < 20 . &G #7! # 6 # !B # 7 B K K < 6 ) JK L , # / ! ? 3 3 = 2# . !G > % $ $$ % D # .A
  • 18. ) = ! ? 3 6 , 2# 3 & ) 3< ; 3 $A< ); . = / @ 3 E< M = / @ & 3H , .' =1 4 @ <$ AC / $$ CA G4 $ AC * $ 'F E E G / ' ( @ E !4 C@F ( % F / ( %' / 4 ' .C
  • 19. # " 2 " ! " " % $ $$ 2 + ) / K2# 4 3,500 $ .AE $ .AE . ' .F @' 3,000 520 ..'F ! ,I #) E' @ . ' 2,500 $@ 1,360 C' @ A' A< C' 2,000 @' E< (GWh) 1,101 2) 5 ; 1,500 @' 2,659 1,000 <' 1,819 1,235 500 ' 0 ' Sales 1S04 Sales 1S05 Purchases 1S05 @ A C Others > Lajeado 7 =4 ! $ $$ # .E
  • 20. 0
  • 21. , $ 0 !N 6 0 ! 6 2 &; ! 2 &; ! $ $$ * @ < A 2 &; ! 2 &; ! $ F .E @ $ .C F .C $ .$ C< < < .$ .F F 5 5 H H .$C =: 2, 2, @ F .$ CE .C 1: : . 5: - - 6< 6 .7 < .7 6< 6 .7 < .7 2 &; / ! $ $$ % % # % .
  • 22. 4 7 ( ) $ $$ 2 ; % @4 A N ) " 2 @4 A N .<$ $ 'F < @F $ .AE . $ ..$ <CC $ ..$ .. . $ $ $ @ C$ $ EF <'F ; ; ) .$A@ ) @$ $ C $ AE< .$ .$ < <$ .$ $ 6< 6 .7 < .7 6< 6 .7 < .7 $N $$ # "
  • 23. 4 ? % % ( / % 2 ; % @4 A N * 9 @ < A $F < ..$ <CC ..$ .. .F .F 'F . .F CF $ A F <$F .$ C. EF .F $ C $ AE< F .F .F .F .A' F EF ACF .$<E CEF A.F CE@ E<F F .F EF A@F A F F E<F CEF 2T04 2T05 1S04 1S05 2T04 2T05 1S04 1S05 Captive Power in transit Others Captive Power in transit Others
  • 24. # % ( . / % % ) 2# ! 5 K5 ) / % 2# ! K5 ,. < H 2 AF5 , .E H 2 F5 3 - 4 / % , .$ < H <1D 2ACF5 @ :A 6 > 7 ,< H , EC H 2. F5 2 AF5 1 , @@ H 2.CF5 < D= 5 D <1D 3 = . " <
  • 25. 0 4 ?6 ) % % &9 0 " 2 ' $ $$ & % K5 @ < A * ; % E2 & ; ! 5 1CD ' 2<AE5 + & ' E 2E 5 <' # / 6 ' < 1 = < F A.F 2@A 5 ' ' A 2 5 5 5B= & ' # / .' < AF 7 .' 6 EF ' < .7 ! # ' 01 01 " # 3 01 4 /! 4 " 4 ) " 01 0 7 3 3 # # , 4 3 = . 0 ! 6 . .$ L '
  • 26. 0 4 ?+ # / # # &9 0 " % K # K5 @ < A .$ C .$ @ @ = A B .$ < .$ @55BA 5 .$ 5CD C 2,H @D A C @ 5 D < 18 ) 4 7( B # N O !G 4 # " !G 4 / / / 27 3 5 / " @
  • 27. 0 4 =7 / ! % # % " % % # % / " ' % % A
  • 28. # 0 N <5 5 6 " $ &9 0 E " % ( & ! @2# * 4 0 ( A .$ < .$ .$<E .$ .$ C 5 A. A<@ 2,H @ < E .@ < < C@ C < .<C . @ < @ 4 * " ) C
  • 29. / 2 ! ' / - = 'F < G ; 0 , = /- 4 4 ( > O E
  • 30. 2 ! '
  • 31. M/ 7 / 9 ,) &2 !2 + % 2P 4 ! % ? / 6 # .
  • 32. + % ; % / 5 4 / 6 4 2 ! #7 AF CF @F # 0) 1 F !7 AF .<F # F !7 F <F # +& F 4D 3 < F % AF #+ & F . F 4 % F .F # 2 F # 0) 1 ! & # ..F F @F @F .F 7 =3 & ! 7 =3 & ! 3 = 3 = . % 4 < /
  • 33. 7 /- ) ( # N &( / % $ / " / ! / 4 ) > 2 4 5 ( Q 6 G / > % 3( / !O = -( $ 9 - 4 - " ( " ( /
  • 34. 7 /- 4 / G! 0 I ? / / ,. H / G P8 Q 9 ? & ? " # 0 & ? ? / <
  • 35. 8 G / 3 / / ( $ " / 5
  • 36. 7 /- # " / 2 ! ' % # ) " / 5 = EF 2# # #+ & .CF 1 <AF 2# 1 4 ( @F % 7 =# # 3 = . 4D ( " / 0 4 # 3 0 # " @
  • 37. # =! 0 1 / / ! "' 9 * * % % 4 2# * 9 2 % 6 # ! " ) * / ? @5 : 4 ) 4 ! "A A
  • 38. + % $ % $ $ %