1. 1H06 Earnings Result – Conference Call
July, 2006
António Martins da Costa
CEO
Antonio José Sellare
CFO and Vice President of Investor Relations
Vasco Barcellos
Investor Relations Officer

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. Operating Performance

4. Distribution
Growth in energy distributed and change of mix
Energy Distributed (GWh) Energy Distributed Mix (%)
3.9% 3.9%
11,938 11,938
11,488 11,488
1%
1,556 1%
1,599
2.6% 2.6% 28% 36%
3,775 4,028
5,972 5,819 5,972
5,819
1% 1%
804 763
29% 37% 71%
1,899 1,991 63%
6,114 6,354
70% 62%
3,116 3,218
2Q05 2Q06 1H05 1H06 2Q05 2Q06 1H05 1H06
Bandeirante Escelsa Enersul Final Customers Energy in Transit Others
4

5. Distribution
Program to contain commercial and technical losses
In the 1H06, Energias do Brasil invested R$20.6 million (R$10.5 in Opex and R$10.1 in Capex) 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 commercial losses (% of the electric power distributed in the last 12 months)
6.0 6.3 6.6
5.9
5.2 5.0
2.2 2.4 2.3
Jun/05 Mar/06 Jun/06 Jun/05 Mar/06 Jun/06 Jun/05 Mar/06 Jun/06
Commercial Technical
4.1 • ~ 355 thousand inspections made
3.9 3.8 in the 1H06 from the total of 625 9.3 9.0
thousand scheduled for 2006 8.5
• Consolidated commercial loss
target for Dec/2006: 3.6%
• Technical loss reduction: main
reason is the return of the
measuring point at Enersul
Jun/05 Mar/06 Jun/06 Jun/05 Mar/06 Jun/06
5

6. Generation
Peixe Angical Starts the Operation of the 1st Turbine
100% of contracted 100% contracted
energy through PPA in auctions
– Location: Rio Tocantins
– Installed Capacity: 452 MW (Installed Capacity MW) 50 1,043
1
– Assured annual power supply: 2,374 GWh 25
2006
– Reservoir area: 294 Km2 2006
– Investment: R$1.6 Bi (96% expended)
452 527
2006
516
Current
Current AHE Peixe
AHE Peixe PCH São João
PCH São João 4th
4th Total
Total
Capacity
Capacity Angical
Angical Mascarenhas
Mascarenhas
engine
engine
– 99% of the construction concluded New Project in Generation
– June 06 – start of the 1st turbine - Santa Fé Small Power Plant (ES) – Start-up in 2009
– July 06 – start of the 2nd turbine - Installed Capacity: 30 MW
– October 06 – start of the 3rd turbine
- Assured Energy: 16 MW (R$124.99 / MWh)
6

7. Commercialization
Reduction of self-dealing offset by the increase of customers
Energy Commercialized (GWh) Enertrade – Number of Customers
10.2% 63
75.0%
3,503
3,179
17.2% 749
36
1,846 1,398
1,575
446 2,754
715 54.6%
1,781
62.8% 1,400
860
2Q05 2Q06 1H05 1H06 2Q05 2Q06
Others Energias do Brasil's Discos
7

8. Vanguard Project
Redundancy Plan (RP) concluded
Savings from RP (R$ million/year) * Productivity (Client/Employee)
1,143
1,071
68.4 957
890
838
776 762
654
40.8 585
456 502
28.8 60.0 462
17.2 35.6
151% 91%
24.8 81%
14.8
2.4 4.0 5.2 8.4
Jun/06 Dec/06 Jun/07 Dec/07
Bandeirante Escelsa Enersul
Indirect Personnel Cost Direct Personnel Cost
1998 2001 2005 2Q06
* Current currency
Redundancy Plan
- Recognized cost in june/06: R$ 52 million
- Acceptance of 651 employees
- 19% of the current number of employees
8

9. Financial Performance

10. Net Revenues (R$ million)
Decrease reflects 2005 events and new market profile
Net Revenues (R$MM)
Main Impacts:
-0.1%
- Tariff Readjustment of -8,86% at Bandeirante in
2,182 2,179 Oct/05;
9% 11% - Migration of free customers at Escelsa in 1Q06
2% 5%
-2.6% - R$ 75 million recognized in 1Q05 at Enersul
1,087 (R$ 65 million prior of 2005);
1,059 89% 84%
9% 12%
2% 5%
89%
Excluding Enersul impact, net operating revenue
83%
would have risen around 3.0% between the periods
2Q05 2Q06 1H05 1H06
Distribution Generation Commercialization
10

11. Costs and Expenses (R$ million)
Impacted by Efficiency Programs in Course
Costs and Expenses Breakdown1 – 1H06 Costs and Manageable Expenses Breakdown – 1H06
R$ Million 1H06 1H05 Var.%
Personnel 197 134 47.3%
Material 20 19 5.6%
Non-
Non-
Manageable costs
manageable Third-part Services 136 106 28.8%
costs R$430 million
R$1,304million
R$1,304million (25%) Provisions 37 43 -13.9%
(75%)
Others 40 53 -23.8%
Total 430 354 21.5%
R$1,734 million
Third party Services (Corporate Programs)
- Program to Contain Losses: R$ 8.7 million
- Consultancy: R$ 5.5 million
- RP: R$ 51.6 million
Note:
1 Excludes depreciation and amortization 11

12. EBITDA 1H06 x 1H05 (R$ million)
Variation mainly reflects 2005 events and RP
EBITDA Variation and Analysis (R$ million)
Excluding Enersul’s contribution and the RP
provision, 1H06 EBITDA would have recorded a
518
year-on-year increase of about 10%.
Enersul’s Tariff Revision
65 Effect
-10
-4
-52 +54
-14 +45
-18
453 444
June/05 RP Efficiency R&D* Distribu- Gene- Commer- Others June/06
Program tor Market ration cialization
EBITDA Margin: EBITDA Margin:
23.7% 20.4%
12

13. Financial Result (R$ million)
Exchange rate was favorable in 1H05
Exchange rate variation was 12.9% in 1H05
Financial Result – R$ million
Accumulated
1H06 1H05 Var.%
Financial Revenues 119 134 -10.9%
Financial Expenses (180) (230) -21.9%
Net Foreign Exchange Result (26) 109 n.a.
SWAP - net result (73) (81) -9.1%
Foreign exchange gains (losses) 48 190 -74.8%
TOTAL (86) 13 n.a.
13

14. Net Profit (R$ million)
Non-recurring and exchange rate variation explain decrease
Net profit before the participation of minority
shareholders (R$ million ) Net Profit (R$ million )
231
229
198
128 138
-86.8% 125
-73.5% -40.3% -45.4%
34
26
2Q05 2Q06 1H05 1H06 2Q05 2Q06 1H05 1H06
14

15. Indebtedness
Low leverage level and low currency exposure
Capital structure was strengthened, creating financial capacity for the company’s growth
Indebtedness – 1H06 (R$ million) Gross Debt – Index Breakdown
(Jun/06)
RP, CAPEX e 3%
(447)
Dividends/JSCP
(752) 31%
2.3x*
2.3x
1.9x*
3,122
61%
5%
1,923
1,731
US$ TJLP
**
Fixed rate Floating rates
Gross Debt (-) Cash & (-) Regulatory Net Debt Jun.06 Net Debt Mar.06
Jun.06 Marketable Assets
** Includes Selic, CDI, IGP-M and INPC
IGP-
Securities
* Ratio: Net Debt / EBITDA 12 months
Ratio:
15

16. Indebtedness
Extending maturities at lower costs
Debt Amortization Schedule – Jun/06 (R$ million)
Concluded transactions Benefits from the operations:
– Issuance of debentures:
- Reduction of short-term debt
short-
– Bandeirante (R$250 Million, April/2006)
– Enersul (R$337.5 Million, June/2006) - Extension of the average maturity
- Reduction of the debt average cost
– Escelsa (R$264 Million, July/06)
883
692
552
447
372 351 28%
22% 272
18%
12% 11%
9%
Cash & Jul-Dec/06 2007 2008 2009 2010 After 2010
Marketable
Securities
16

17. Investment Plan
2006 Investment Plan Update
Investment Breakdown – R$ MM
Main Impacts:
- Generation: R$ 30 million – Santa Fé construction;
- Distribution: R$ 22 million – upgrading and expanding
networks;
- Universalization: R$ 51 million – target redefinition
Universalization:
754
651 ∆=103
353
126 177
182 212 62
146
343 365 145
2 0 0 6 E ( Pr evio us) 2 0 0 6 E ( C ur r ent ) 1H06
D is t ribut io n G e ne ra t io n Univ e rs a liza t io n
17

18. ENBR3 Performance
Important recognitions in 1H06
IR Recognitions
2005 Best Listed Company Honorable Mention
Volume
R$th
R$th
230 70,000
210 60,000
190 50,000
170 40,000
+53%
150 30,000
+48%
130 20,000
+48%
110 10,000
+42%
90 0
7/12/2005 8/10/2005 9/9/2005 10/10/2005 11/10/2005 12/12/2005 1/11/2006 2/10/2006 3/15/2006 4/13/2006 5/17/2006 6/16/2006 7/17/2006
Volume R$ ENBR3 ENBR3 Ibovespa IEE IBX
Updated until July 24, 2006
18

19. Conclusion: Important Achievements in 1H06
Total Loss
Reduction
Redudancy
Program
Concluded
Peixe Angical
Start-up and New
Project in
Generation
Business
Market
Recognition
Debentures
Issuance
Concluded
19

20. 1H06 Earnings Result – Conference Call
July, 2006
For further information:
www.energiasdobrasil.com.br