Equatorial is an energy holding company that has investments in distribution and generation. It acquired controlling stakes in CEMAR, the second largest distributor in Maranhão, and Light, the third largest distributor in Brazil. Since acquiring CEMAR, Equatorial has improved its financial and operating performance through restructuring. The incorporation of Light further increased Equatorial's scale while maintaining a low leverage ratio. Equatorial aims to consolidate other distributors in Brazil and Latin America to increase returns.

1. Institutional
Presentation
October, 2008
1

2. Agenda
►Company Profile
►Financial Performance
►Portfolio Overview
►Value Creation
2

3. Agenda
►Company Profile
►Financial Performance
►Portfolio Overview
►Value Creation
3

4. Equatorial Overview
RR AP
AM MA CE
Holding company with investments in the energy sector, focused on distribution and generation
PA
 PI
RN
PB
PE
AC
TO AL
RO SE
 Differentiated experience in operating and financial restructuring of companies in the Brazilian energy sector MT
BA
GO DF
 Controlled by PCP Fund, investment vehicle owned by former partners of Banco Pactual (sold in 2006 to UBS) MS
MG
ES
SP RJ
Current investments:
PR
 SC
RS
Geranorte
• Distribution company in the State of • Company responsible for implementing • Holding company with investments in
Maranhão and operating the Tocantinópolis and distribution, generation and trading.
Nova Olinda thermoelectric plants in the Located in the State of Rio de Janeiro
• 2nd largest distribution company in the
State of Maranhão
Northeast of Brazil, in terms of • 3rd largest distribution company of Brazil in
concession area* • Fuel: high-viscosity heavy oil. terms of billed energy*
• 4th largest distribution company in the • Joint installed capacity of 331 MW • 4th largest customer base in Brazil*
Northeast of Brazil, in terms of billed
• 240 MW of energy sold at the A-3 auction • 852 MW of installed capacity
energy*
in 2007.
• Annual gross revenues of R$8.1 billion in
• Annual gross revenues of R$1.2 billion in
• Start-up scheduled for January 2010 2007
2007
*Source: ABRADEE
4

5. Equatorial’s History
PCP Fund acquires a
Control concentrated in Equatorial migrates to
controlling stake of
PCP Fund the “Novo Mercado”
Equatorial
May 2004 Mar. 2006 Apr. 2006 Dec. 2007 Feb. 2008 Apr. 2008 Oct. 2008
Incorporation of a Acquisition of 25% of
CEMAR’s acquistion Equatorial’s IPO controlling stake of Geranorte
Light
5

6. Ownership Structure
PCP Latin America
Power S.A. • Total no. of shares: 105,638,030
• Share price*: R$ 11,50
• Free float: 44.4% / R$540 MM
55.5%
• ADTV90: R$2,8 MM
Equatorial Energia
* On 09/30/2008
25.0%
RME
Rio Minas e Energia
Participações SA
52.1% 65.1% 25.0%
Light S.A. CEMAR Geranorte New Projects
6

7. Corporate Strategy
 Increased returns through outstanding financial and
CEMAR and Light operating performance
Consolidation of  Acquistion of full or shared control
distributors in Brazil and
 Added value through financial and operational restructuring, synergy
Latin America
gains and loss reduction
Geranorte and other  Brazil’s investment needs in generation over the next few years will create
investments in growth opportunities for Equatorial.
generation
 Geranorte thermal plants present an above average rate of return
7

8. Management
Management is composed by professionals with substantial experience in the financial, operational and regulatory areas
Firmino Sampaio • CEO of Eletrobrás (1996-2001), CEO and CFO of COELBA (1984-1996)
Chairman of the Board • Member of the boards of directors of Furnas, Itaipu Binacional, CHESF, Eletrosul, Gerasul, CEMIG, ENERSUL, CEMAT and Light
of Directors • Degree in Economics from the Federal University of Bahia and postgraduate degree in Industrial Planning from SUDENE/IPEA/FGV
• CEO of Equatorial since March, 2007. CEO and CFO of CEMAR (2004-2006)
Carlos Piani • Worked for 6 years at Banco Pactual in the Principal Investments and Corporate Finance divisions
CEO • Degree in Computer Science from PUC-RJ and in Business Administration from IBMEC. CFA chartered by CFA Institute in 2003. Concluded the Owner and
President Management Program of Harvard Business School in 2008
• CFO and IRO of Equatorial since 2008. IRO of CEMAR since 2008.
Eduardo Haiama
• Between 2004 and 2008, Mr. Haiama worked at Banco UBS Pactual on the equities’ research team as senior analyst of the utilities segment.
CFO & IRO
• Received a degree in electric engineering at USP – University of São Paulo (Escola Politécnica) and postgraduated at a MBA Course at Duke University.
• Regulatory Affairs Officer of Equatorial since April 2008 and of CEMAR since August 2006
Tinn Amado • Consulting partner of Amado Consultoria, providing advisory services in economic regulation
Regulatory Affairs • Worked at ANEEL for 3 years as an analyst for the Distribution Service Regulation Department
Officer • Degree in Electrical Engineering from the Federal University of Itajubá (UNIFEI) and a Master’s degree in Regulation and Protection of Fair Trading from Brasília
University (UnB)
8

9. PCP Fund
History
• In 2001, Banco Pactual created a Principal
Investment Unit to manage the partnership’s PCP Fund
excess capital and diversify its investments
Long Term Hedge Funds Brazil
• In 2006, with the sale of Banco Pactual to UBS, Fund of Funds (G7)
Investments and EM
part of the proceeds from the sale was reinvested
in the Principal Investment Unit, which was • Fundamental and long-only
renamed UBS Pactual Alternative Investments Public Equities
strategy
• Acquisition of control or shared
• Today, UBS Pactual Alternative Investments control of private and public
Private Equity
manages the capital of Pactual’s former companies (Ex: Iven, Light,
partners through a major fund of funds entitled Equatorial)
PCP, formerly named Pactual Capital Partners
Real Estate • Investments through PCP’s
associated company PDG Realty
• PCP has over US$3 billion under management
with investments in fund of funds, hedge funds,
public equities, private equity and real estate
9

10. Agenda
►Company Profile
►Financial Performance
►Portfolio Overview
►Value Creation
10

11. Financial Performance
Since CEMAR’s acquisition, Equatorial has been presenting an excellent
financial performance
Net Operating Revenues EBITDA and Margin EBITDA
R$ million R$ million / % of NOR
CAGR = 21% CAGR = 42%
43%
42%
879
810
379
629 30% 341
526
423 22%
16% 189
93 85
2003 2004 2005 2006 2007 2003 2004 2005 2006 2007
11

12. Financial Performance
Sustained positive results allowed Equatorial to pay out R$401 million in
dividends
Net Income Declared Dividends
R$ million R$ million
229
165
151
154
123 125
85
2003 2004 2005 2006 2007
2003 2004 2005 2006 2007
(57) Total = R$401million
12

13. Financial Performance
Improved operating performance and financial restructuring led to a
significant reduction in leverage
Consolidated Net Debt and Net
Debt/EBITDA
R$ million / Times
627
6.7
339
305
4.0 225
1.6
105 0.6
0.3
2003 2004 2005 2006 2007
13

14. Financial Performance
Light’s incorporation in the 1Q08 substantially increased Equatorial’s operating result…
Quarterly EBITDA and EBITDA Margin
R$ million/% of Net Revenues
250
48%
45% 45%
Growth
(3Q08/3Q07) 208
= 100% 42% 39% 44%
200 43%
39% 173
165
36%
28% 36%
150 29%
32%
24%
109
24% 104 104
98 93
100 18%
20% 77
68 67 65
47
50 36
31 34
24
-
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
14

15. Financial Performance
…without affecting financial leverage
Consolidated Net Debt and Net Debt /
EBITDA
900
R$ million / Times
3,9 806
800 4,0
2,4 749
1,5 0,6 0,6 1,1
3,3 3,0 0,3 0,7
700 1,6
0,7 0,3 0,5 0,9 1,3
582
600
500
400 382 373 385 360
339 332
305
300 242 244 225
180 176
200
105 105
100
-
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
4Q06
1Q07
2Q07
3Q07
4Q07
1Q08
2Q08
3Q08
15

16. Agenda
►Company Profile
►Financial Performance
►Portfolio Overview
►Value Creation
16

17. CEMAR: Highlights
Energy Sales (2007)
RR
AP
18%
3,219 GWh
40%
AM MA CE 11%
PA RN
PB
PI
AC
TO
PE
AL MA
RO SE
BA
MT
31%
GO DF
MG
MS ES
Residential Commercial Industrial Others
SP RJ
Clients (2007)
PR
5%
7% 1%
SC
RS
1.4 million
 Distribution company in the State of Maranhão
 1.4 million clients (4th largest in the Northeast region)*
 Billed energy (2007): 3,219 GWh (5th largest in the
Northeast)* 87%
 Annual gross revenues of R$1.2 billion in 2007
*Source: ABRADEE Residential Commercial Industrial Others
17

18. CEMAR: History
CEMAR under PPL Global’s CEMAR under control of
control Equatorial
1958- Aug.2000- Aug.2002-May May 2004-
Jun. 2000 Aug.2002 2004 Present
State owned ANEEL’s intervention
18

19. CEMAR: Ownership Structure
Eletrobrás Equatorial Energia
Eletrobrás Equatorial Energia Others
33.6% 65.1% 1.2%
CEMAR
19

20. CEMAR: Distribution
• 1.4 million clients in 217 municipalities, covering the
2005 2006 2007 9M08
whole state of Maranhão (total area 333,000 km²)
Net Revenues R$ MM 665 810 879 721
PMSO R$ MM 126 129 126 105
• Energy sales reached 3,219 GWh in 2007, 10.5%
higher than in 2006. Maranhão presented one of the
EBITDA R$ MM 189 341 379 305
highest growth rates of energy consumption in Brazil
Clients '000 1.254 1.349 1.438 1.511
• Service quality has been presenting positive evolution.
PMSO/Client R$/Client 101 95 88 70
Since 2003, DEC and FEC indices have dropped 58%
EBITDA/Client R$/Client 150 253 264 201
and 49%, respectively
DEC (*) Hours/Year/Client 54.6 42.6 28.7 27.8
• More than 151 thousand clients connected through the
FEC (*) Times/Year/Client 39.3 32.9 24.6 18.6 Light for All Program
Losses (LTM) % 29.5% 29.8% 28.7% 28.6%
• In 12/07, energy losses reached 28.7%, 1.1 pp lower
CAPEX R$ MM 103 137 199 172
than in 2006
PLPT(**) R$ MM 129 169 195 120
(*) Last 12 months • Tariff readjustments occur every August, with next tariff
(**) Light for All Program revision set to 08/09
20

21. Light S.A.: Highlights
Energy Sales (2007)
7,5%
RR
AP
11,0% 18,307 GWh
AM MA CE
40,1%
PA RN
PB
PI
PE
AC
TO AL
RO SE
BA
MT
GO DF
31,4%
MG
MS ES
SP RJ
PR Residential Commercial Industrial Others
SC EBITDA by Segment (2007)
RS 0,3%
15,2%
R$1.1 billion
 Holding company with distribution, generation and trading interests
 3rd largest distributor in Brazil in terms of energy sales*
 4th largest customer base in Brazil*
 Generation plants with 852 MW of installed capacity
 Gross revenues of more than R$8 billion in 2007 84,5%
*Source: ABRADEE and Light
Distribution Generation Trading
21

22. Light S.A.: History
Acquisition by Eletropaulo’s Acquisiton by EDF
Eletrobrás RME acquires
acquistion
control of Light
1905 1979 May 1996 Apr. 1998 Oct.2001 Jan.2002 Jul.2005 Aug. 2006
Light joined
Creation of Light, a Light’s Privatization Split of EDF-AES Bovespa’s Novo
private Company
Mercado
• After a negative result in its 2003 tariff revision process and poor management, Light became insolvent and was forced to renegotiate its debt with creditors
• In March, 2006, a consortium (RME) formed by PCP, Cemig, AG Concessões and Luce Fund won a competitive bidding process for the acquisition of a
controlling stake at Light
• The consortium acquired 79.4% of Light’s total and voting capital for US$320 milllion
• After fulfilling a series of prerequisites, including the approval of regulatory authorities in Brazil and France, the consortium effectively took over the
company in August, 2006
22

23. Light S.A.: Ownership Structure
CEMIG AGC LUCE
Companhia Energètica Andrade Gutierrez
LUCE do Brasil EQTL
Fundo de Investimento Equatorial Energia
de Minas Gerais Concessões
em Participações
25.0% 25.0% 25.0% 25.0%
RME
Rio Minas Energia
Participações S.A
Free Float: 47,8%
52.2% 33.7%
BNDESPAR
LIGHT S.A.
(Holding)
14.1%
MARKET
Light S.E.S.A Light Energia Light EscoLtda Lightger
(Distribution) (Generation) (Trading) (New Projects)
23

24. Light S.A.: Distribution
2005 2006 2007 9M08 • 3.9 million clients in 31 municipalities in Rio de Janeiro,
covering 25% of the state, which represents a 10,970 km² area
Net Revenues R$ MM 4.875 4.743 4.755 3.579
• Energy sales reached 18,307 GWh, accounting for
approximately 72% of all electricity consumed in the State in
PMSO R$ MM 511 533 567 413 2007
EBITDA R$ MM 751 599 938 748
• Service quality among the highest in Brazil. In the 1H08, the
FEC (LTM) index reached 7.8x and the DEC (LTM) index
Clients '000 3.732 3.802 3.881 3.741 11.4 h
• Collection rate improved significantly after the change in
PMSO/Client R$/Client 137 140 146 110 control, increasing from 93% in 2006 to 99.4% in 2007
• Energy losses, which totaled 20.4% in 2Q08, represent a
EBITDA/Client R$/Client 201 158 242 199 challenge in the concession area
DEC (*) Hours/Year/Client 8.8 8.0 9.1 11.5 • The last tariff revision, held in november 2008, Light’s tariff
increased by 1.96%
FEC (*) Times/Year/Client 7.7 6.3 6.3 7.1
Losses % 18.7% 19.8% 20.6% 20.4%
CAPEX R$ MM 277 322 330 405
(*) Last 12 months
24

25. Light S.A.: Generation
2005 2006 2007 9M08 • Light owns and operates 5 hydro power plants
Net Revenues R$ MM 20 249 271 197 and two water pumping stations
PMSO R$ MM 3 55 60 93
EBITDA R$ MM 14 147 169 153 • The 5 plants are located in three generation
Assured Capacity MW 537 537 537 537 regions: Santa Branca, Lajes and Ilha dos
Pombos
EBITDA/Assured Cap. R$'000/MW 26 274 314 284
• Total installed capacity of 852 MW, for assured
energy of 537 MW
• Light Generation has average contract selling
price of R$60/MWh, with the bulk of contracts
expiring in 2012 and 2013
• 3 new hydro power plants currently being
developed: SHP Paracambi (25 MW of
installed capacity) and SHP Lajes (17 MW) in
the Lajes complex and HPP Itaocara on the
Paraíba do Sul River (195 MW)
25

26. Light S.A.: Trading
• Through its subsidiary Light Esco, Light acts as a
trader and broker for free clients
2005 2006 2007 9M08
• In its trading activities, Light has 30 clients with total
energy sales of 90 GWh in 2007 Net Revenues R$ MM - 4 31 24
PMSO R$ MM - 2 9 22
• Clients include Unilever and InBev EBITDA R$ MM - 2 4 2
• As a broker, Light has 10 clients, including TV Globo
and Gerdau Steel and traded 1,200 GWh in 2007
26

27. Geranorte: Ownership Structure
Fundo de
GNP* Equatorial Energia Investimento em
Participações Brasil
50.0% 25.0% 25.0%
Geranorte
*GNP is composed by Servtech (50%) and Grupo Ligna (50%)
27

28. Geranorte: Highlights
• Two thermoelectric power plants fueled by high-viscosity heavy oil
• Location: Miranda do Norte, Maranhão.
• Joint installed capacity of 331 MW
• 240 MW of energy sold at the A-3 auction in 2007
• Total fixed annual revenue (for both plants) of R$ 136.2 million, during 15 years
• Start-up scheduled for January of 2010
• Total CAPEX: Between R$500 million and R$ 550 million
• Equatorial’s share of CAPEX (25%): R$125 million. Equity = approximately R$45 million
28

29. Agenda
►Company Profile
►Financial Performance
►Portfolio Overview
►Value Creation
29

30. Strengths
Financial strength and solid
Growth prospects and management team with
consolidation opportunities turnaround experience
Result-oriented management High level of
model Corporate Governance
30

31. Contacts
Carlos Piani
CEO
Eduardo Haiama
CFO and IRO
Thomas Newlands
IR Analyst
Phone 1: 55 21 3206-6635
Phone 2: 55 21 3206-6607
E-mail: ir@equatorialenergia.com.br
Website: http://www.equatorialenergia.com.br/ir
31

32. Disclaimer
► This presentation may contain forward-looking statements, which are subject to risks and uncertainties, as they
were based on the expectations of Company’s management and on available information. These prospects include
statements concerning the Company’s current intensions or expectations for our clients.
► Forward-looking statements refer to future events which may or may not occur. Our future financial situation,
operating results, market share and competitive positioning may differ substantially from those expressed or
suggested by said forward-looking statements. Many factors and values that can establish these results are
outside Company’s control or expectation. The reader/investor is prevented not to completely rely on the
information above.
► The words “believe", “can", “predict", “estimate", “continue", “anticipate", “intend", “forecast" and similar words, are
intended to identify affirmations. Such estimates refer only to the date in which they were expressed, therefore
Company has no obligation to update said statements.
► This presentation does not consist of offering, invitation or request of subscription offer or purchase of any
marketable securities. And, this statement or any other information herein, does not consist of a contract base or
commitment of any kind.
32