The presentation is on the asset swap which exchanged on the one hand: for Energias do Brasil, of the totality of the corporate stake held in Enersul, and on the other: by Rede Group, of the corporate stakes in the companies Rede Lajeado Energia S.A., Investco S.A. (“Investco”), and Tocantins Energia S.A.

1. Asset Swap - Enersul and Rede Lajeado
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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.
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3. Transaction Summary
The transaction contemplates an asset swap, with no cash payments
Energias do Brasil Grupo Rede
Asset Swap
– Rede Group’s stake in the
following companies:
• Rede Lajeado S/A (“Rede
Lajeado”)
• Investco S/A (“Investco”)
– Alignment with Energias do Brasil’s strategy
• More balanced porfolio, with increasing operations in the generation
business
Transaction – High strategic interest in the asset
Rationale • Energias do Brasil has been participating in the operations since their
begining
• Allows Energias do Brasil to fully consolidate an asset in which it currently
holds a minority stake
• No construction risk
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4. Lajeado – Consortium Overview
Company Overview
– The hydroelectric power plant Usina Hidrelétrica Luis Eduardo Magalhães (“UHE Lajeado”), located in the Brazilian state of Tocantins, is
operated and owned by Investco, having initiated its operations in 2001
– Its concession contract has a 35-year maturity (until December 2032)
– Rede Lajeado, EDP Lajeado, CEB Lajeado and Paulista Lajeado (altogether “Lajeados”) commercialize the energy generated by the plant
• The amount of energy traded is allocated in accordance to each of the Lajeados’ stake in the voting capital
• Each of the “Lajeados” hold independent PPAs with distributors and/or trading companies
– In the consortium scheme, Investco acts as the operator of UHE Lajeado, being responsible, for example, for operating expenses, interest
payment, debt amortization and capex
– In order to meet its cash requirements, Investco receives a “tolling revenue” from the Lajeados, based on a contract established in 2001
– Such payment is established according to the following formula: (Operating Expenses) + (12% of Net Fixed Assets)
Financial Flows in the UHE Lajeado Operation
Distributors / Distributors / Distributors / Distributors /
Trading Companies Trading Companies Trading Companies Trading Companies
Paulista Lajeado
Rede Lajeado EDP Lajeado CEB Lajeado
(CPFL)
Investco PPAs
Renting Revenue
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5. Current Ownership Structure - Rede Lajeado / Investco
After closing, ENBR will hold (i) direct stakes of Rede S/A and Rede Power in Rede Lajeado (approx. 47.2%), (ii) approx.
50.9% of Tocantins Energia, and (iii) PN shares representing 2.2% of Investco’s total capital
Tocantins State
Rede S/A
Government
ON: 49.4% T: 29.6% ON: 100% T: 100%
ON: 30.0% T: 49.1%
Rede Power
ON: 29.4% T: 17.6% ON: 70.0% T: 50.9%
Energias do Brasil Eletrobrás
Eletrobrás
Tocantins Energia
ON: 100.0% T: 59.9% PN: 100.0% T: 40.1%
ON: 21.2% T: 12.7%
EDP Lajeado CEB Lajeado Paulista Lajeado Rede Lajeado Outros
ON: 20,0%
ON: 27.7% T: 23.4% ON: 20.0% T: 17.0% ON: 7.0% T: 5.9% ON: 45.3% T: 38.9% ON: 0% T: 12.6%
ON: 0% T: 2.2%
Investco
UHE Lajeado
Companies involved in the transaction
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6. Stakes Involved in the Transaction
ENBR will hold economic stakes of (i) 45.1% in Rede Lajeado S.A. and (ii) 19.7% in Investco
Acquired Stake in Rede Lajeado Acquired Stake in Investco
(+) Rede S/A Direct (+) Rede Power (+) Tocantins Energia Rede Lajeado Direct (x) Economic Interest
Interest Direct Interest Direct Interest ¹ Interest in Rede Lajeado
29,6% 17,6% 6,5% 38,9% 45,1%
Ownership interest
(=) Total Interest through Rede
Lajeado
53,7% 17,5%
Eletrobrás Economic (+) Rede S/A Direct
Eletrobrás Interest
Interest ² Interest
49,7% 40,1% 2,2%
Economic Interest in Economic
Rede Lajeado ³ Participation in
Investco
45,1%
19,7%
¹ (=) Tocantins Energia's Interest in Rede Lajeado (12.7%) x Rede's stake in Tocantins Energia (50,9%)
² According to Shreholders Agreement
³ (=) 50.3% x 53.7% / 59.9%
Note:
There is a shareholders agreement in Rede Lajeado which determines the following economic participations on the cash flows available to shareholders:
- Eletrobrás: 49.7%
- Rede S/A, Rede Power and Tocantins Energia: 50.3%
With the exclusion of the Tocantins Government stake, considering only the Rede Group’s economic participation, the resulting value is 45.1%
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7. Ownership Structure - Post-Transaction
ENBR starts to consolidate 100% of Rede Lajeado S.A. and Investco
Rede Lajeado / Investco
Energias do Brasil
ON: 70.0% T: 50.9%
Tocantins Energia Eletrobrás
ON: 100.0% T: 59.9% ON: 78.8% T: 47.2% ON: 21.2% T: 12.7% PN: 100.0% T: 40.1%
EDP Lajeado Rede Lajeado CEB Lajeado Paulista Lajeado Other
ON: 27.7% T: 23.4% ON: 45.3% T: 38.9% ON: 20.0% T: 17.0% ON: 7.0% T: 5.9% ON: 0% T: 12.6%
ON: 0% T: 2.2%
Investco
UHE Lajeado
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8. Impact on ENBR’s Operations
The transaction would increase shre of the generation business in the company’s
portfolio, in terms of operations and financials
EBITDA Breakdown Impact on Net Debt - 2007
2007 2007 Consolidated Post-Transaction¹ ²
1,879 603
426 1,703
Generation
39% Distribution
43%
23
Generation
Distribution
57%
61%
EBITDA: R$1,123 MM EBITDA: R$1,139 MM ENBR's Net Enersul EDP Lajeado ENBR Pro-
Debt Lajeado (net Forma
cash)
Operating Highlights
2007 2007 Consolidated Post-Transaction¹
Generation Generation
Installed Capacity (MW) 1,043 Installed Capacity (MW) 1,696
Firm Energy (average MW) 645 Firm Energy (average MW) 1,026
Distribution Distribution
Distributed Energy (GWh) 25,029 Distributed Energy (GWh) 21,756
# Clients ('000) 3,207 # Clients ('000) 2,497
1 Assuming consolidation of 100% of Investco, Rede Lajeado and EDP Lajeado
2 Assuming Enersul’s EBITDA of R$193 MM, excluding extraordinary items
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9. Investor Relations
Phone.: 55 11 2185-5907
ri@enbr.com.br
www.energiasdobrasil.com.br
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