The document provides a summary of EDP Energias do Brasil's 4Q08 results. Some key highlights include: - Consolidated net operating revenue increased 9.1% to R$1,189.2 million in 4Q08. - Manageable expenditures before depreciation and amortization decreased 18% compared to 4Q07. - 4Q08 EBITDA reached R$306.0 million, an increase of 96.5% compared to 4Q07. - Net income for 4Q08 was R$119.0 million, 51% higher than 4Q07.

1. 4Q08 Results
1

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. Highlights of 4Q08
█ Consolidated net operating revenue amounted to R$ 1,189.2 million in 4Q08, 9.1% higher
than 4Q07
█ Manageable expenditures before depreciation and amortization down 18% in
comparison with 4Q08, dropping for the fourth quarter in a row
█ 4Q08 EBITDA reached R$ 306.0 million, an increase of 96.5% in comparison with 4Q07
█ EDP Energias do Brasil records Net Income of R$ 119.0 million in 4Q08, 51% higher than
4Q07
█ Dividends/interest on shareholders’ equity totaled R$ 1.66 per share, 30.1% up on 2007
█ Capital expenditures amounted to R$ 577.5 million in 4Q08, 112.3% more than in the same
period last year
3

4. Generation

5. Generation performance reflects the conclusion of the
asset swap operation
Volume of Energy Sold Net Revenue
(GWh) +32.5% (R$ MM)
+15.1%
6.411 791
5.568
+26.2%
597 +21.8%
1.476 1.863 224
184
12M07 12M08 4Q07 4Q08 12M07 12M08 4T07 4T08
EBITDA Net Income*
(R$ MM) (R$ MM)
* Does not consider intra-group eliminations
+28.9%
+28.5%
570
442 288
+14.3%
224 +16.8%
130 148 81 95
12M07 12M08 4Q07 4Q08 12M07 12M08 4Q07 4Q08
5

6. A 63% growth in installed capacity in 2008 and projects
under construction guarantee a 24% growth until 2012
Installed Capacity
(MW) 2.116
25** 360
6* 29
2011
2009 2009
2008
and
653 2010
50 25 Expected Start-up
2008
1.702 1.702
452 1.696
653*
1.043
516
2005 Peixe 4th Engine São João Santa Fé Repowering Pecém 2012
2007 Additional Cenaeel 2008
Angical HPP Mascarenhas SHP Capacityl TPP
Lajeado
Projects concluded since the IPO
Projects under construction
* It corresponds to the EnBr’s 45% stake at EDP Renováveis Brasil
** Mascarenhas, Suíça and Rio Bonito
6

7. Distribution

8. Excluding Enersul’s figures, the Volume of Distributed Energy
to final clients recorded an increase
Volume of Distributed Energy
(GWh)
-2.5% Excluding Enersul's figures:
25,029 Quarter Year
24,408
13% 9% Energy Sold to Final Customers 3.5% 4.9%
Energy in Transit -12.6% -2.2%
34% 35%
-15.9% Distributed Energy -3.0% 2.1%
6,428 The decline in transit volume had no impact on
53% 56% 13% 5,404 TUSD revenue generated by Bandeirante and
34% 38% Escelsa, since this revenue is contractually enshrined
52% 62% in the demand agreement signed with free
customers in line with Aneel Resolution 456
12M07 12M08 4Q07 4Q08
Bandeirante Escelsa Enersul
8

9. ... financial performance in 4Q08 was positively impacted
by tariff readjustments
Net Revenue EBITDA
+1.0% (R$ MM) +17.9% (R$ MM)
3.916 3.955 801
679 16%
18% 15% 1%
-0.5%
31% 33% 37% 34% +449.0%
891 171
886
51% 7% 50% 31 44%
52% 61%
36% 39%
57% 61% 56%
12M07 12M08 4Q07 4Q08 12M07 12M08 4Q07 4Q08
Net Income*
21.0%
(R$ MM) █ In 4Q08, the reduction of
365 manageable expenditures
302
11% improved EBITDA and Net Income
+143.9%
33% █ 4Q07 was negatively affected by
the reduction in Enersul’s RAB
109
56%
56% 44 45%
37% 45%
55%
55%
12M07 12M08 4Q07 4Q08
Bandeirante Escelsa Enersul * Does not consider intra-group eliminations
9

10. The level of commercial losses presents a reduction of 0.4
p.p. in comparison with December 2007
Commercial Losses (%)*
Bandeirante Escelsa -0.4 p.p. ENBR -0.2 p.p.
-0.2 p.p.
5.7 5.5 5.7 6.0 5.6 5.8 5.6 5.2 5.8 5.5 5.7 5.6 5.4
5.7 5.5
Dec07 Mar08 Jun08 Sep08 Dec08 Dec07 Mar08 Jun08 Sep08 Dec08 Dec07 Mar08 Jun08 Sep08 Dec08
Total Energy Losses
12.0% 11.9% 12.1% 12.2% 12.0%
~ 69 thousand inspections undertaken and
5.8% 5.5% 5.7% 5.6% 5.4%
27,2 thousand frauds detected in 4Q08
6.4% 6.6% 6.6%
~ R$ 5,0 MM in recovered revenues
6.2% 6.3%
Dec07 Mar08 Jun08 Sep08 Dec08
* 12-month average. For Bandeirante, historical numbers were restated according
Technical Commercial to Aneel’s new criteria
10

11. Commercialization

12. 4Q08 volume reflects the growth in short term sales and a
different monthly distribution of contracts against 4Q07
Volume of Commercialized Energy
(GWh)
+1.3
7,188 7,282
814 755
+12.6
6,374 6,527 1,706 1,921
37 116
1,669 1,805
12M07 12M08 4Q07 4Q08
Energias do Brasil Group Companies
Others
12

13. Higher volumes and average selling prices improved the
quarter performance
Net Revenue EBITDA
(R$ MM) (R$ MM)
+8.7%
+25.0%
772 51
47
618
+28.9%
+42.6%
153 198 12
8
12M07 12M08 4Q07 4Q08 12M07 12M08 4Q07 4Q08
Net Income
(R$ MM)
+5.5%
34 36
+23.3%
7 9
12M07 12M08 4Q07 4Q08
13

14. Consolidated Financial Performance

15. Consolidated financial was positively impacted by the
performance of all Group businesses
Net Revenue EBITDA
(R$ MM) +21.4% (R$ MM)
+8.3%
4,904 1,363
4,528 1,123
+9.1% +96.5%
1,090 1,189 306
156
12M07 12M08 4Q07 4Q08 12M07 12M08 4Q07 4Q08
Net Income
+15.1% (R$ MM)
518
450
+50.6%
389 118
79
Adjusted by Enersul’s additional goodwill amortization
12M07 12M08 4Q07 4Q08
15

16. Manageable expenditures dropped for the fourth
quarter in a row
Manageable Expenditures (R$ MM)
4T07 4T08 ∆%
Personnel 82.8 50.0 -39.6%
Material 11.3 19.2 70.0%
Third Party Services 100.5 81.6 -18.8%
Provisions 26.9 27.0 0.2%
Others 27.4 26.1 -4.8%
248.9 203.9 -18.1% IGPM: 9.8%
Depreciation and amortization 77.3 75.0 -2.9%
Total 326.2 278.9 -14.5%
Personnel Third Party Services
- R$ 18,1 MM related to reduction in payroll expenses - Reduction in conservation and maintenance,
and overtime working with the elimination of Enersul mainly due to the exclusion of Enersul
- R$ 11,8 MM referring to reversal of a provision in - Effects of operating efficiency programs and
December 2008 at Bandeirante, due to an actuarial support activities
recalculation
- Reduction in business consultancy fees for
strategic projects
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17. Financial result presented increase in the period
Financial Result (R$ MM)
4Q07 4Q08 ∆%
Financial Income 42.7 52.8 23.7%
Financial Expenses (213.1) (251.6) 18.1%
Net Forex Result (4.4) 2.1 n.d.
Foreign Exchange Rate Variation 3.0 (21.9) n.d.
Swap - net result (7.5) 24.0 n.d.
TOTAL (174.8) (196.8) 12.6%
█ Factors contributing to the variation in net financial results were:
- a reduction derived from a monetary adjustment of regulatory assets, due to changes in
Aneel’s calculation methodology to attend tariff recovery besides the divestment of Enersul;
- present value adjustments of long-term accounts receivable installments;
- market to market of financial instruments previously booked according to accounting
principles
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18. The Group has a low leverage and low FX exposure
Net Debt/EBITDA (x) Debt Maturity Schedule
1,088.3
2,345 2,391
1,957 1,680 5
1,879 735.7
2,000 3.0 1,702 4
3 551.5
1,000 2 471.4 469.6
1.9 1.8 1.7 1.8 1 332.5
1.4
0 0
2004 2005 2006 2007 Sep08 Dec08
Net Debt/EBITDA Net Debt Cash and
After
Cash Equiv. 2009 2010 2011 2012
(Dec/08) 2012
Net Debt Evolution Gross Debt Breakdown
Dívida Bruta por Indexador
Dez/08
(R$ MM) (Dec/08)
3,097
6% 6%
(552)
Short-Term
1,088 (155)
38% Floating Rates *
TJLP
Fixed Rates
Long-Term 2,391
2,009 1,680 Dollar
50%
Gross Debt Dec.08 (-) Cash and Marktable (-) Regulatory Asset and Net Debt Dec.08 Net Debt Sep.08 * Includes CDI and IGP-M
Securities Liabilities
18

19. Higher trend to reinforce the Capex to generation projects
Capex without Universalization (R$ MM) Universalization Investimentos - (R$ MM)
989 972
662
106 595 128
679
81 85
556
394 293
12M07 12M08 2008E
12M07 12M08 2008E
Distribution Generation
Estimated Investments - (R$ MM)
1,076 1,180 1,007
4% 1% 0%
5% 2%
6%
25% 31%
45%
30% 38%
8%
38% 39%
31%
2008 R 2009 2010
Pecém Others Distribution Repowering Santa Fé
19

20. 2008 distribution of dividends was adjusted for the additional
amortization of Enersul goodwill
Dividend per share (R$) and Pay-Out
R$1.66
R$1.28
R$1.03 67%* Dividend per share: +30.1%
R$0.92
Dividend yield: 7.3% (1)
40% 46% 50% 50% (1) Reference date: March 02, 2009
2005 2006 2007 2008
Dividend/ interest on equity Payout
* Pay-out over the net income
█ Factors that increased the dividend per share:
- cancellation of shares on treasury referent to the 1st repurchase of shares program
- 2º repurchase of shares program
- withdrawal rights
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21. Stock Performance in the twelve months of 2008
Market Capitalization: R$ 3.7 billion*
ENBR3 x Indexes Performance
Base 100: 2008
130 100,000
120
110 80,000
100
60,000
90
80
40,000
70
60 20,000
50
40 0
Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
ENBR3 = -18.2% IBOV = -41.2% IEE = -11.6%
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22. From 2004 to 2008, Group delivered EBITDA average annual
growth 14% and equalize its assets portfolio de ativos with growth
in generation
EBITDA EBITDA Breakdown
(R$ MM) (R$ MM)
Adjusted CAGR
+14.0% 5% 4%
1.363 15%
1123 40%
956 974
808 56%
80%
2004 2008
Generation Distribution Commercialization
2004 2005 2006 2007 2008
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23. Investor Relations
Phone: 55 11 2185-5907
ri@enbr.com.br
www.edpbr.com.br