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INSTITUTIONAL
PRESENTATION
                March, 2011
Agenda




 ►Company Profile

 ►Financial Performance

 ►Portfolio Overview

 ►Value Creation




                          2
Agenda




 ►Company Profile

 ►Financial Performance


 ►Portfolio Overview

 ►Value Creation




                          3
Equatorial Overview

   Holding company with investments in the energy sector, focused on distribution and generation                        RR         AP



   Differentiated experience in operating and financial restructuring of companies in the Brazilian energy         AM
                                                                                                                                  PA             MA         CE RN

                                                                                                                                                      PI        PB
   sector                                                                                                     AC
                                                                                                                                            TO
                                                                                                                                                                PE
                                                                                                                                                               AL
                                                                                                                                                              SE
                                                                                                                    RO
                                                                                                                                                       BA
                                                                                                                             MT
   Controlled by PCP Fund, investment vehicle owned by former partners of Banco Pactual                                                 GO DF

                                                                                                                                                 MG
   and managed by Vinci Partners.                                                                                             MS                           ES
                                                                                                                                        SP            RJ
                                                                                                                                   PR
   Current investments:                                                                                                                SC
                                                                                                                                  RS




  • Distribution company in the State of        • Company responsible for implementing         • Electricity trading company and
    Maranhão                                      and operating the Tocantinópolis and           developer of new products and services
                                                  Nova Olinda thermoelectric plants in the
  • 2nd largest distribution company in the                                                    • Broker the purchase and sale of energy
                                                  State of Maranhão
    Northeast of Brazil, in terms of                                                             without physical delivery
    concession area*                            • Fuel: high-viscosity heavy oil.
                                                                                               • Custom of solutions to
  • 4th largest distribution company in the     • Joint installed capacity of 331 MW             satisfy consumers’ specific
    Northeast of Brazil, in terms of billed                                                      needs (consumers and generators)
                                                • 240 MW of energy sold at the A-3 auction
    energy*
                                                  in 2007.                                     • Experienced executives and well-
  • Annual gross revenues of R$2.6 billion in                                                    recognized in the trading market
                                                • Start-up: January 2010
    2011.

    *Source: ABRADEE                                                                                                                                   4
Equatorial’s History



                                                                                                                                Equatorial
                                                                                                      FIP PCP sells its       acquires 51% of
                PCP Fund acquires a
                 controlling stake of      Control concentrated      Equatorial migrates to           indirect stake in        Sol Energias,
                     Equatorial               in PCP Fund             the “Novo Mercado”                    Light              energy trader




 May. 2004     Mar. 2006     Apr. 2006     Dec. 2007     Feb. 2008        Apr. 2008     Oct. 2008      Dec. 2009     Apr. 2010     Aug. 2011
                                                                                                              Abr. 2010




CEMAR’s acquistion          Equatorial’s IPO        Incorporation of a                Acquisition of 25%           Equatorial’s
                                                   controlling stake of                  of Geramar                  spin off
                                                          Light
Ownership Structure – Current


                              PCP Latin                                           Free Float
                            America Power

                                53.7%                                                 46.3%

                                                   Equatorial
                                                  Energia S.A.




                        65.1%                 25%                         100%

                                                                Equatorial
                     CEMAR              Geramar                  Soluções                      Other Projects

                                                                          51%



                                                              SOL Energias



                        •     Total no. of shares:           109,226,672
                        •     Share price*:                  R$ 12.67
                        •     Free float:                    46.3% / R$641 MM
                        •     ADTV90:                        R$ 1.805 MM

                                                      *On 30/12/11
                                                       ADTV90 represents the average volume traded in the past 90 days   6
Corporate Strategy



                               Increased returns through outstanding financial and
          CEMAR                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




     Geramar and other         Brazil’s investment needs in generation over the next few years will
      investments in           create growth opportunities for Equatorial.
        generation
                               Geramar thermal plants present an above average rate of return

                                                                                                7
Management
  Management is composed by professionals with substantial experience in the financial, operational and regulatory areas
                           • CEO of Equatorial from March, 2007 until April, 2010. CFO of CEMAR (2004-2006) and CEO of CEMAR (2007-2010). Currently, he is a partner of Vinci
      Carlos Piani           Partners.

Chairman of the Board of   • Worked for 6 years at Banco Pactual in the Principal Investments and Corporate Finance divisions
       Directors           • Degree in Computer Science at PUC-RJ and in Business Administration at IBMEC. CFA chartered by CFA Institute in 2003. Concluded the Owner and
                             President Management Program of Harvard Business School in 2008


                            • CEO of Eletrobrás (1996-2001), CEO and CFO of COELBA (1984-1996)
   Firmino Sampaio
                            • Former member of the boards of directors of Furnas, Itaipu Binacional, CHESF, Eletrosul, Gerasul, CEMIG, ENERSUL, CEMAT and Light
         CEO
                            • Degree in Economics at the Federal University of Bahia and postgraduate degree in Industrial Planning at SUDENE/IPEA/FGV



                           • 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            • Degree in Electric Engineering at USP – University of São Paulo (Escola Politécnica) and MBA at Duke University. CFA chartered by CFA Institute in
                             2004


                           • 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, also worked at ANEEL for 3 years as an analyst for the
   Regulatory Affairs        Distribution Service Regulation Department
        Officer            • Degree in Electrical Engineering at the Federal University of Itajubá (UNIFEI) and a Master’s degree in Regulation and Protection of Fair Trading at
                             Brasília University (UnB)

                           • Officer of Equatorial since November 2008.
Ana Marta Horta Veloso     • Worked as an executive at Banco UBS Pactual S.A., from 2006 untill 2008 . Before joining Pactual, she worked for 12 years at the Brazilian Development
                             Bank (BNDES), where she held several executive positions, mostly in the capital market area.
        Officer
                           • Degree in Economics at the Federal University of Minas Gerais (UFMG) and Master’s degree in Industrial Economics at the Federal University of Rio de
                             Janeiro (UFRJ).
                                                                                                                                                                            8
PCP Fund



                   History
                                                                              Vinci Partners
 •   In 2001, Banco Pactual created a Principal
     Investment Unit to manage the partnership’s excess
     capital and diversify its investments;
                                                            PRIVATE EQUITY   PUBLIC EQUITIES   MULTIMARKET

 •   In 2006, with the sale of Banco Pactual to UBS, part                    MEDIUM TERM
                                                            LONG TERM                          SHORT TERM
     of the proceeds from the sale was reinvested in the
     Principal Investment Unit, which was renamed PCP;

 •   In 2009, with the sale of Pactual to BTG, Vinci
     Partners was created, an independent asset
     management, composed by Pactual’s ex-partners;

 •   Today, Vinci has almost US$ 3.0 billion under
     management (75% own capital), investing in Private
     Equity, Public Equities and Multimarket Funds.




                                                                                                             9
Agenda




►Company Profile

►Financial Performance


►Portfolio Overview

►Value Creation




                         10
Financial Performance

Since 2004, Equatorial has been presenting an excellent financial performance.



                                   Net Operating Revenues                                                                              EBITDA (R$ million)
                                         R$ million
                                                                 2,506
                                                     2,346
                                                                                                                                                      784        757
                                                                                           1,981
                                                                           1,799                   39
                                                                  1,358
                                                         1,347                       36                                                               368        287
                                                                                                                                                                          510           504 29
                                                                                                                                                                                   24

                                                                                           1,912                                                                                        482
                                                                           1,756                                                                      416
                                                         999                                                                            379
                                           879                                                                                341                                470      500
                             810                                  1,148
  526          629                                                                                                  189
                                                                                                           85

 2004         2005          2006         2007            2008    2009     2010 (*)         2011           2004     2005      2006      2007           2008       2009   2010 (*)        2011

                                   CEMAR         Light      Geramar                                                                CEMAR      Light    Geramar




                                                                          2004            2005          2006     2007     2008      2009 2010 (*)            2011
                                   Net Revenue                              526             629           810      879     2.346    2.506  1.799              1.981
                                   EBITDA                                     85            189           341      379       784      757    510                504
                                   % EBITDA                                  16%            30%           42%      43%       33%      30%    28%                25%


(*) As from 2010, all values are according to IFRS                                                                                                                              11
Financial Performance
                                       2004      2005        2006    2007        2008      2009       2010     2011                                                 2004     2005        2006   2007   2008   2009   2010   2011
Consolidated Dividends (R$ MM)           -          54         108     151         284        51        197    50 (*)     Payout                                     0%      24%         90%    99%    95%    25%    104%   32%
  CEMAR                                   -         54        108     112          91            58    200     94 (*)     Dividend Yield                            N/A      N/A         10%    13%    27%     3%    18%     4%
  Light                                   -        -          -        27         111            56    -          -
                                                                                                                              * 2008 figure includes R$82 million in Capital Reduction
  Capital Reduction (holding)             -        -          -       -            82           -      -          -
Net Income (R$ MM)                       123      229         119     153         300           207    189       160
  CEMAR                                   (31)    234         116     117         148           129    279       248
  Geramar                                 -       -           -       -           -             -        6         11
  Light                                   -       -           -       -           130            79    -         -

(*) The dividends for the fiscal year 2011 were submitted to AEGM to be held on March 19, 2012.




                                                                       Distributions to Shareholders/Net Income
                                                                                       R$ million


                                                                                                                              300
                                                                                                                        284

                                                                           229
                                                                                                                                            207     197 189
                                                                                                       151 153                                                         160
                                                             123                               119
                                                                                         108
                                                         -            54                                                               51                         50

                                                         2004          2005              2006           2007            2008            2009         2010         2011

                                                                                                 Dividends        Net Income




                                                                                                                                                                                                                     12
Financial Performance

              Improved operating performance and financial restructuring led to a
                              significant reduction in leverage,




                                                                 Consolidated Net Debt and Net
                                                                        Debt/EBITDA (*)
                                               4.0                            R$ million / Times


                                                                                                                             2.0
                                                             1.6                                          1.6        1.5
                                                                                               0.9                          684
                                                                                   0.3                               499
                                                                        0.0                   402         689
                                               221         198
                                                                        5          77
                                              2004        2005        2006        2007        2008       2009        2010   2011




     (*) Consolidated (65.1% CEMAR, 25.0% Geramar and 13.03% Light). Light is no longer consolidated as from 2010.
                                                                                                                                   13
Financial Performance

                made a longer debt amortization schedule possible…


                                        Debt Amortization Schedule - R$ MM

                              Short Term        2012     2013     2014        2015               After 2015
               CEMAR                 282           384      171      148             400                1.385
               Geramar                 65           -        -        -               43                  107
               Total                 347           384      171      148             442                1.493




                           107                 65

           Geramar                             282


                                                           384


                           1.385                                       171
                                                                                           148
            CEMAR
                                                                                                                   43

                                                                                                                   400


                         Gross Debt         Short Term     2013        2014                2015                 After 2015


                                                                                                                             14
Investments

                  and a significant increase in investments.


                                                        Investments - R$ MM

                                       2004             2005     2006           2007        2008    2009   2010         2011
              CEMAR                      70              232      306            394         465     419     399          497
              Light                   -             -            -              -            137     141   -            -
              Geramar                 -             -            -              -             24     107      16          0.4
              Total                      70              232      306            394         626     667     415          497




                                                                          24              107
                                                                          137
                                                                                          141                     0.4

                                                                          465                       16
                                                                                          419
                                                           394
                                              306                                                          497
                                                                                                   399
                               232


                         70

                        2004   2005       2006            2007       2008                 2009     2010    2011

                                                        CEMAR     Light         Geramar


                                                                                                                                15
Agenda




 ►Company Profile

 ►Financial Performance

 ►Portfolio Overview

 ►Value Creation




                          16
CEMAR: Highlights


                                                                                            Energy Sales (2011)
                   RR
                                    AP

                                                                                                                                   4,372 GWh
                                                                                                23%
            AM                                     MA             CE
                               PA                                       RN
                                                                            PB
                                                        PI
                                                                                                                          47%
 AC
                                              TO
                                                                             PE
                                                                            AL
                                                                                  MA
              RO                                                       SE                   10%
                                                         BA
                         MT

                                         GO DF
                                                                                                     20%
                                                   MG
                          MS                                 ES

                                          SP            RJ

                                    PR

                                         SC
                                                                                                  Clients (2011)
                               RS
                                                                                                     0.5%
                                                                                                            5%                       1.9 million
                                                                                             7%


         Distribution company in the State of Maranhão
         1.9 million clients (4th largest in the Northeast region)*
         Billed energy (2011): 4, 372 GWh (5th largest in the
         Northeast)*
                                                                                                                    88%
         Annual gross revenues of R$ 2.6 billion in 2011.                              Residential     Commercial   Industrial   Others
      *Source: ABRADEE

                                                                                                                                               17
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
CEMAR: Ownership Structure




               Eletrobras    Equatorial Energia   Others


                    33.6%              65.1%         1.3%




                                  CEMAR




                                                            19
Tariff Review Results



                 CEMAR                                        2005    2009
                 Gross RAB                                   1,756   2,247
                 Net RAB                                      836    1,121
                 Reference Company                            217     265
                 Regulatory Depreciation                       68     102
                 Regulatory EBITDA                            157     271
                 Regulatory Losses                           28.0%   25.6%
                 Deliquency Rate                              0.5%    0.9%
                 X Factor                                    1.19%   1.06%
                *All values are nominal and in R$ million.




                                                                             20
CEMAR: Distribution


                                                      2004       2005    2006    2007    2008    2009 2010 (***) 2011 (***)
         Energy Sold                   GWh           2,593      2,793   2,917   3,223   3,347   3,566     4,146      4,372
       Net Revenues                   R$ MM           495        665     810     879     999    1,148     1,756      1,912
            PMSO                      R$ MM           127        126     129     126     139     171       245         299
   PDA + Contingencies                R$ MM                47     20      14      30      32      33        68          42
           EBITDA                     R$ MM                93    189     341     379     415     470       500         482    • 1.9 million clients in 217 municipalities, covering
         Net Income                   R$ MM            (31)      359     177     222     227     198       279         248
                                                                                                                                the whole state of Maranhão (total area 333,000
          Dividends                   R$ MM            -          85     165     172     140      58       200          94
                                                                                                                                km²)
           Net Debt                   R$ MM           362        305     291     421     673     768       759         598
    Net Debt / EBITDA                 times            3.9        1.6     0.8     1.1     1.6     1.6       1.5          2
            Clients                    '000          1,161      1,254   1,349   1,438   1,535   1,688     1,822      1,939    • Energy sales reached 4,372 GWh in 2011, 5.4%
        PMSO/Client                  R$/Client        109        101      95      88      90     101       134         154      higher than in 2010.
       EBITDA/Client                 R$/Client             80    150     253     264     270     278       274         249
            DEC (*)              Hours/Year/Client    63.4       54.6    42.6    28.7    27.3    23.6      21.8         21
                                                                                                                              • In 2011, energy losses represented 21.0% of
            FEC (*)              Times/Year/Client    39.3       32.9    24.6    19.8    16.8    15.2      14.1         12
      Total Losses (*)                  %            29.9%      29.5%   29.8%   28.7%   28.9%   25.2%     22.0%      21.0%
                                                                                                                                required energy, 1.0 p.p. less than the 22.0%
            CAPEX                     R$ MM                45    103     137     199     278     239       197         320
                                                                                                                                recorded in 2010.
          PLPT (**)                   R$ MM                25    129     169     195     187     180       202        175
(*) Last 12 months
                                                                                                                              • Service quality has been presenting positive
(**) Light For All Program
(***) Values according to IFRS                                                                                                  evolution. Since 2003, DEC and FEC indices
                                                                                                                                have dropped 66.2% and 70.4%, respectively.


                                                                                                                              • More than 301 thousand clients connected by
                                                                                                                                the Light for All Program.



                                                                                                                                                                           21
CEMAR: Energy Losses


                                                    Total Losses over Required Energy
                                                             (last 12 months)


             28.7%           28.9% 28.6% 28.9% 28.5%
                     28.1%                           28.1%

                                                                  26.4%
                                                                          25.2%
                                                                                  24.2%
                                                                                                                             23.1%
                                                                                          22.2% 22.2% 22.0%
                                                                                                               21.6% 21.4% 21.2%
                                                                                                                                 21.0%



             4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
                                                                   Regulatory Target
                                      Total Losses             (from Aug-11 until Jul-12)


                                            Non-technical Losses over Low-Voltage Market
                                                           (last 12 months)

             30.4%           30.6% 29.9% 30.0%
                     29.0%                       28.7%
                                                         27.3%

                                                                  23.7%
                                                                          21.5%
                                                                                  19.5%                                       18.9%

                                                                                           15.7% 15.9% 15.7% 15.2% 15.4% 15.3% 15.3%



             4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
                                                                                              Regulatory Target
                                           Non-technical Losses                           (from Aug-11 until Jul-12)
                                                                                                                                         22
CEMAR: DEC/FEC 2009 Evolution Comparison




                                                                                                                         Better
                                  DEC (hours)                                           FEC (times)


     COELCE    8
                10                                            COELCE    6
    ENERSUL
      CHESP      12                                            CELPE     7
                                                              COSERN     7
     COSERN      13
                                                             ENERSUL     7
     SULGIPE      14                                          COELBA         11
        CEB        15                                         SULGIPE          13
      CELPE         17                                     CEMAR 2010           14
       CEAL           21                                        CEAL            14
       CELG           21                                   CEMAR 2009            15
  CEMAR 2010           22                                        CEB             15
  CEMAR 2009            24                                      CELG              16
  CEMAR 2008              27                               CEMAR 2008              17
     COELBA               27                               CEMAR 2007                   20
  CEMAR 2007               29                                  CEMAT                         22
      CEMAT                29                              CEMAR 2006                             25
                                                               CHESP                              25
      CERON                  32
                                                                                                       30
                                                               CERON
      CEPISA                      41                           CEPISA                                    32
  CEMAR 2006                       42                      CEMAR 2005                                     33
 ELETROACRE                         45                        CELTINS                                     33
     CELTINS                         46                    CEMAR 2004                                          39
  CEMAR 2005                              55               ELETROACR                                                44
  CEMAR 2004                                    64             CELPA                                                          53
      CELPA                                          102




                                                                                                                         23
CEMAR: Accident Index – Total Workforce 2009

                   Frequency Index
                                                                                                                                Severity Index
                                                                      CEMAR 2007




                                                                                                                                                                                        Better
                                                            1.0
                                                                1.1   CEMAR 2009
                                                            1.2       CEMAR 2008                                                                               64   CPFL PIRATININGA
                                                                                                                                                               73   AMAZONAS
                                                            1.4       ELEKTRO                                                                                 189   CEB
                                                          1.8         CEMAR 2005                                                                        474         COELCE
                                                          1.9         CEMAR 2006                                                                   599              CEMAT
                                                     2.4              ELETROPAULO                                                                  646              CEMAR 2007
                                                    2.6               CPFL PIRAT.                                                                  656              CELG
                                                    2.8               BANDEIRANTE                                                                 693               CEMAR 2008
                                                    3.1               AMAZONAS                                                                    717               ENERGISA SE
                                                   3.1                COELCE                                                                      736               ELEKTRO
                                              3.9                     COELBA                                                                959                     ELETROPAULO
                                             3.9                      CEEE                                                                  963                     CEMIG
                                             4.2                      CEMIG                                                               1,069                     CEMAR 2005
                                             4.2                      CPFL PAUL.                                                          1,082                     CPFL PAULISTA
                                            4.3                       CEMAR 2004                                                          1,083                     ENERGISA PB
                                            4.5                       CELPE                                                               1 23
                                                                                                                                           ,1                       RGE
                                        4.9                           CELPA                                                             1,208                       LIGHT
                                       5.0                            AMPLA                                                         1,302                           BANDEIRANTE
                                      5.3                             ESCELSA                                                      1,372                            COSERN
                                      5.4                             LIGHT                                                       1,446                             CELPE
                                      5.5                             COPEL                                                      1,487                              CEMAR 2009
                                  5.8                                 ENERGISA PB                                               1,540                               AMPLA
                                  5.8                                 COSERN                                                    1,574                               COPEL
                                 6.0                                  CEB
                                                                                                                                1,589                               CEEE
                                 6.2                                  RGE
                                                                                                                          1,843                                     COELBA
                                6.6                                   ENERGISA SE
                                                                                                                        2,042                                       CELESC
                                                                                                                   2,203                                            CELTINS
                            6.8                                       ENERSUL                                   2,489                                               ENERSUL
                          7.6                                         CELG                                      2,510                                               CEMAR 2004
                          7.6                                         CEMAR 2003                        2,918                                                       CEMAR 2003
                      7.7                                             CEPISA                        3,229                                                           ESCELSA
                    8.7                                               CELESC                4,010                                                                   CELPA
            19.1                                                      CEMAT         4,591                                                                           CEMAR 2006
     20.6                                                             CELTINS
                                                                                                                                                                                       24
Geramar: Ownership Structure




                   Ligna             Servtech

                      50%                 50%


                                                                   Fundo de
                                                Equatorial
                            GNP                               Investimento em
                                                 Energia     Participações Brasil

                               50%                    25%               25%



                                                Geramar




                                                                                    25
Geramar: 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 million* (in R$ of 2007), during 15 years.
      *Revenues adjusted by inflation (IPCA)

    • Start-up: January of 2010

    • Total CAPEX: R$ 550 million.

    • Equatorial’s share of CAPEX (25%): R$137 million. Equity = approximately R$45 million.


                                                                                                          26
SOL Energias – Energy Trader


  •   In November, Equatorial invested R$ 6.0 million into SOL Energias equity (energy trading and
      developer of new products and services), thus retaining 51.0% of its total shares.

  •   The amount invested will be used in the energy trading working capital.



                                                                                Executives



                             51%                                                49%
SOL Energias – Energy Trader




   •   Main Executive-Partners:
        •   Paulo Cezar Tavares (former CPFL’s vice-president of Energy Management).
        •   Roberto Wainstok (former CPFL Brasil’s Executive Officer of Energy Purchase and Sales)
        •   Antonio Pinhel (former Neoenergia Energy Market and Commercial Manager)


   •   Energy Trading Business:
        •   Complex regulation and energy pricing
        •   Potential market:
               • Free customers (representing between 25% and 30% of the brazilian energy market), with more than 980
                  consumers;
               • Captive (government auctions);
        •   Fragmented market: more than 90 active tradings.
        •   Intermediation of energy purchase and sale, without physical delivery;
        •   Solutions customizing to supply specific needs from clients (consumers and generators).
SOL Energias – Energy Trader




       PAULO CEZAR TAVARES (SOL’s CEO)

           • Pioneer in this market and main responsible by the development of CPFL Brasil – biggest brazilian trading
             (aprox. R$200 million in annual net income) and NC Energia (energy trading of the Neoenergia Group);

           • Professional with a huge experience in energy trading, active since 2001;


           • Brief Resumee:

                 •   CPFL Energia: Vice-president of Energy Management (2002-2011)
                 •   Abraceel: Board member of the Brazilian Energy Trading Association since 2003.
                 •   NC Energia (former GCS Energia): CEO (2001-2002)
                 •   Celpe: CEO (1998-2000)
                 •   Grupo Eletrobras: several.
Agenda




►Company Profile

►Financial Performance

►Portfolio Overview

►Value Creation




                         30
Agenda



                                       Financial strength and solid
         Growth prospects and
                                           management team with
         consolidation opportunities        turnaround experience




         Result-oriented management                  High level of
         model                              Corporate Governance


                                                                      31
Contacts



                          Firmino Sampaio
                                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




                                                             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 estimates. Such estimates refer only to the date in which they were expressed, therefore the
  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.



                                                                                                                   33

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Institucional 4 q11 novo padrão en-gx

  • 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 Holding company with investments in the energy sector, focused on distribution and generation RR AP Differentiated experience in operating and financial restructuring of companies in the Brazilian energy AM PA MA CE RN PI PB sector AC TO PE AL SE RO BA MT Controlled by PCP Fund, investment vehicle owned by former partners of Banco Pactual GO DF MG and managed by Vinci Partners. MS ES SP RJ PR Current investments: SC RS • Distribution company in the State of • Company responsible for implementing • Electricity trading company and Maranhão and operating the Tocantinópolis and developer of new products and services Nova Olinda thermoelectric plants in the • 2nd largest distribution company in the • Broker the purchase and sale of energy State of Maranhão Northeast of Brazil, in terms of without physical delivery concession area* • Fuel: high-viscosity heavy oil. • Custom of solutions to • 4th largest distribution company in the • Joint installed capacity of 331 MW satisfy consumers’ specific Northeast of Brazil, in terms of billed needs (consumers and generators) • 240 MW of energy sold at the A-3 auction energy* in 2007. • Experienced executives and well- • Annual gross revenues of R$2.6 billion in recognized in the trading market • Start-up: January 2010 2011. *Source: ABRADEE 4
  • 5. Equatorial’s History Equatorial FIP PCP sells its acquires 51% of PCP Fund acquires a controlling stake of Control concentrated Equatorial migrates to indirect stake in Sol Energias, Equatorial in PCP Fund the “Novo Mercado” Light energy trader May. 2004 Mar. 2006 Apr. 2006 Dec. 2007 Feb. 2008 Apr. 2008 Oct. 2008 Dec. 2009 Apr. 2010 Aug. 2011 Abr. 2010 CEMAR’s acquistion Equatorial’s IPO Incorporation of a Acquisition of 25% Equatorial’s controlling stake of of Geramar spin off Light
  • 6. Ownership Structure – Current PCP Latin Free Float America Power 53.7% 46.3% Equatorial Energia S.A. 65.1% 25% 100% Equatorial CEMAR Geramar Soluções Other Projects 51% SOL Energias • Total no. of shares: 109,226,672 • Share price*: R$ 12.67 • Free float: 46.3% / R$641 MM • ADTV90: R$ 1.805 MM *On 30/12/11 ADTV90 represents the average volume traded in the past 90 days 6
  • 7. Corporate Strategy Increased returns through outstanding financial and CEMAR 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 Geramar and other Brazil’s investment needs in generation over the next few years will investments in create growth opportunities for Equatorial. generation Geramar 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 • CEO of Equatorial from March, 2007 until April, 2010. CFO of CEMAR (2004-2006) and CEO of CEMAR (2007-2010). Currently, he is a partner of Vinci Carlos Piani Partners. Chairman of the Board of • Worked for 6 years at Banco Pactual in the Principal Investments and Corporate Finance divisions Directors • Degree in Computer Science at PUC-RJ and in Business Administration at IBMEC. CFA chartered by CFA Institute in 2003. Concluded the Owner and President Management Program of Harvard Business School in 2008 • CEO of Eletrobrás (1996-2001), CEO and CFO of COELBA (1984-1996) Firmino Sampaio • Former member of the boards of directors of Furnas, Itaipu Binacional, CHESF, Eletrosul, Gerasul, CEMIG, ENERSUL, CEMAT and Light CEO • Degree in Economics at the Federal University of Bahia and postgraduate degree in Industrial Planning at SUDENE/IPEA/FGV • 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 • Degree in Electric Engineering at USP – University of São Paulo (Escola Politécnica) and MBA at Duke University. CFA chartered by CFA Institute in 2004 • 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, also worked at ANEEL for 3 years as an analyst for the Regulatory Affairs Distribution Service Regulation Department Officer • Degree in Electrical Engineering at the Federal University of Itajubá (UNIFEI) and a Master’s degree in Regulation and Protection of Fair Trading at Brasília University (UnB) • Officer of Equatorial since November 2008. Ana Marta Horta Veloso • Worked as an executive at Banco UBS Pactual S.A., from 2006 untill 2008 . Before joining Pactual, she worked for 12 years at the Brazilian Development Bank (BNDES), where she held several executive positions, mostly in the capital market area. Officer • Degree in Economics at the Federal University of Minas Gerais (UFMG) and Master’s degree in Industrial Economics at the Federal University of Rio de Janeiro (UFRJ). 8
  • 9. PCP Fund History Vinci Partners • In 2001, Banco Pactual created a Principal Investment Unit to manage the partnership’s excess capital and diversify its investments; PRIVATE EQUITY PUBLIC EQUITIES MULTIMARKET • In 2006, with the sale of Banco Pactual to UBS, part MEDIUM TERM LONG TERM SHORT TERM of the proceeds from the sale was reinvested in the Principal Investment Unit, which was renamed PCP; • In 2009, with the sale of Pactual to BTG, Vinci Partners was created, an independent asset management, composed by Pactual’s ex-partners; • Today, Vinci has almost US$ 3.0 billion under management (75% own capital), investing in Private Equity, Public Equities and Multimarket Funds. 9
  • 11. Financial Performance Since 2004, Equatorial has been presenting an excellent financial performance. Net Operating Revenues EBITDA (R$ million) R$ million 2,506 2,346 784 757 1,981 1,799 39 1,358 1,347 36 368 287 510 504 29 24 1,912 482 1,756 416 999 379 879 341 470 500 810 1,148 526 629 189 85 2004 2005 2006 2007 2008 2009 2010 (*) 2011 2004 2005 2006 2007 2008 2009 2010 (*) 2011 CEMAR Light Geramar CEMAR Light Geramar 2004 2005 2006 2007 2008 2009 2010 (*) 2011 Net Revenue 526 629 810 879 2.346 2.506 1.799 1.981 EBITDA 85 189 341 379 784 757 510 504 % EBITDA 16% 30% 42% 43% 33% 30% 28% 25% (*) As from 2010, all values are according to IFRS 11
  • 12. Financial Performance 2004 2005 2006 2007 2008 2009 2010 2011 2004 2005 2006 2007 2008 2009 2010 2011 Consolidated Dividends (R$ MM) - 54 108 151 284 51 197 50 (*) Payout 0% 24% 90% 99% 95% 25% 104% 32% CEMAR - 54 108 112 91 58 200 94 (*) Dividend Yield N/A N/A 10% 13% 27% 3% 18% 4% Light - - - 27 111 56 - - * 2008 figure includes R$82 million in Capital Reduction Capital Reduction (holding) - - - - 82 - - - Net Income (R$ MM) 123 229 119 153 300 207 189 160 CEMAR (31) 234 116 117 148 129 279 248 Geramar - - - - - - 6 11 Light - - - - 130 79 - - (*) The dividends for the fiscal year 2011 were submitted to AEGM to be held on March 19, 2012. Distributions to Shareholders/Net Income R$ million 300 284 229 207 197 189 151 153 160 123 119 108 - 54 51 50 2004 2005 2006 2007 2008 2009 2010 2011 Dividends Net Income 12
  • 13. Financial Performance Improved operating performance and financial restructuring led to a significant reduction in leverage, Consolidated Net Debt and Net Debt/EBITDA (*) 4.0 R$ million / Times 2.0 1.6 1.6 1.5 0.9 684 0.3 499 0.0 402 689 221 198 5 77 2004 2005 2006 2007 2008 2009 2010 2011 (*) Consolidated (65.1% CEMAR, 25.0% Geramar and 13.03% Light). Light is no longer consolidated as from 2010. 13
  • 14. Financial Performance made a longer debt amortization schedule possible… Debt Amortization Schedule - R$ MM Short Term 2012 2013 2014 2015 After 2015 CEMAR 282 384 171 148 400 1.385 Geramar 65 - - - 43 107 Total 347 384 171 148 442 1.493 107 65 Geramar 282 384 1.385 171 148 CEMAR 43 400 Gross Debt Short Term 2013 2014 2015 After 2015 14
  • 15. Investments and a significant increase in investments. Investments - R$ MM 2004 2005 2006 2007 2008 2009 2010 2011 CEMAR 70 232 306 394 465 419 399 497 Light - - - - 137 141 - - Geramar - - - - 24 107 16 0.4 Total 70 232 306 394 626 667 415 497 24 107 137 141 0.4 465 16 419 394 306 497 399 232 70 2004 2005 2006 2007 2008 2009 2010 2011 CEMAR Light Geramar 15
  • 16. Agenda ►Company Profile ►Financial Performance ►Portfolio Overview ►Value Creation 16
  • 17. CEMAR: Highlights Energy Sales (2011) RR AP 4,372 GWh 23% AM MA CE PA RN PB PI 47% AC TO PE AL MA RO SE 10% BA MT GO DF 20% MG MS ES SP RJ PR SC Clients (2011) RS 0.5% 5% 1.9 million 7% Distribution company in the State of Maranhão 1.9 million clients (4th largest in the Northeast region)* Billed energy (2011): 4, 372 GWh (5th largest in the Northeast)* 88% Annual gross revenues of R$ 2.6 billion in 2011. Residential Commercial Industrial Others *Source: ABRADEE 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 Eletrobras Equatorial Energia Others 33.6% 65.1% 1.3% CEMAR 19
  • 20. Tariff Review Results CEMAR 2005 2009 Gross RAB 1,756 2,247 Net RAB 836 1,121 Reference Company 217 265 Regulatory Depreciation 68 102 Regulatory EBITDA 157 271 Regulatory Losses 28.0% 25.6% Deliquency Rate 0.5% 0.9% X Factor 1.19% 1.06% *All values are nominal and in R$ million. 20
  • 21. CEMAR: Distribution 2004 2005 2006 2007 2008 2009 2010 (***) 2011 (***) Energy Sold GWh 2,593 2,793 2,917 3,223 3,347 3,566 4,146 4,372 Net Revenues R$ MM 495 665 810 879 999 1,148 1,756 1,912 PMSO R$ MM 127 126 129 126 139 171 245 299 PDA + Contingencies R$ MM 47 20 14 30 32 33 68 42 EBITDA R$ MM 93 189 341 379 415 470 500 482 • 1.9 million clients in 217 municipalities, covering Net Income R$ MM (31) 359 177 222 227 198 279 248 the whole state of Maranhão (total area 333,000 Dividends R$ MM - 85 165 172 140 58 200 94 km²) Net Debt R$ MM 362 305 291 421 673 768 759 598 Net Debt / EBITDA times 3.9 1.6 0.8 1.1 1.6 1.6 1.5 2 Clients '000 1,161 1,254 1,349 1,438 1,535 1,688 1,822 1,939 • Energy sales reached 4,372 GWh in 2011, 5.4% PMSO/Client R$/Client 109 101 95 88 90 101 134 154 higher than in 2010. EBITDA/Client R$/Client 80 150 253 264 270 278 274 249 DEC (*) Hours/Year/Client 63.4 54.6 42.6 28.7 27.3 23.6 21.8 21 • In 2011, energy losses represented 21.0% of FEC (*) Times/Year/Client 39.3 32.9 24.6 19.8 16.8 15.2 14.1 12 Total Losses (*) % 29.9% 29.5% 29.8% 28.7% 28.9% 25.2% 22.0% 21.0% required energy, 1.0 p.p. less than the 22.0% CAPEX R$ MM 45 103 137 199 278 239 197 320 recorded in 2010. PLPT (**) R$ MM 25 129 169 195 187 180 202 175 (*) Last 12 months • Service quality has been presenting positive (**) Light For All Program (***) Values according to IFRS evolution. Since 2003, DEC and FEC indices have dropped 66.2% and 70.4%, respectively. • More than 301 thousand clients connected by the Light for All Program. 21
  • 22. CEMAR: Energy Losses Total Losses over Required Energy (last 12 months) 28.7% 28.9% 28.6% 28.9% 28.5% 28.1% 28.1% 26.4% 25.2% 24.2% 23.1% 22.2% 22.2% 22.0% 21.6% 21.4% 21.2% 21.0% 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Regulatory Target Total Losses (from Aug-11 until Jul-12) Non-technical Losses over Low-Voltage Market (last 12 months) 30.4% 30.6% 29.9% 30.0% 29.0% 28.7% 27.3% 23.7% 21.5% 19.5% 18.9% 15.7% 15.9% 15.7% 15.2% 15.4% 15.3% 15.3% 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Regulatory Target Non-technical Losses (from Aug-11 until Jul-12) 22
  • 23. CEMAR: DEC/FEC 2009 Evolution Comparison Better DEC (hours) FEC (times) COELCE 8 10 COELCE 6 ENERSUL CHESP 12 CELPE 7 COSERN 7 COSERN 13 ENERSUL 7 SULGIPE 14 COELBA 11 CEB 15 SULGIPE 13 CELPE 17 CEMAR 2010 14 CEAL 21 CEAL 14 CELG 21 CEMAR 2009 15 CEMAR 2010 22 CEB 15 CEMAR 2009 24 CELG 16 CEMAR 2008 27 CEMAR 2008 17 COELBA 27 CEMAR 2007 20 CEMAR 2007 29 CEMAT 22 CEMAT 29 CEMAR 2006 25 CHESP 25 CERON 32 30 CERON CEPISA 41 CEPISA 32 CEMAR 2006 42 CEMAR 2005 33 ELETROACRE 45 CELTINS 33 CELTINS 46 CEMAR 2004 39 CEMAR 2005 55 ELETROACR 44 CEMAR 2004 64 CELPA 53 CELPA 102 23
  • 24. CEMAR: Accident Index – Total Workforce 2009 Frequency Index Severity Index CEMAR 2007 Better 1.0 1.1 CEMAR 2009 1.2 CEMAR 2008 64 CPFL PIRATININGA 73 AMAZONAS 1.4 ELEKTRO 189 CEB 1.8 CEMAR 2005 474 COELCE 1.9 CEMAR 2006 599 CEMAT 2.4 ELETROPAULO 646 CEMAR 2007 2.6 CPFL PIRAT. 656 CELG 2.8 BANDEIRANTE 693 CEMAR 2008 3.1 AMAZONAS 717 ENERGISA SE 3.1 COELCE 736 ELEKTRO 3.9 COELBA 959 ELETROPAULO 3.9 CEEE 963 CEMIG 4.2 CEMIG 1,069 CEMAR 2005 4.2 CPFL PAUL. 1,082 CPFL PAULISTA 4.3 CEMAR 2004 1,083 ENERGISA PB 4.5 CELPE 1 23 ,1 RGE 4.9 CELPA 1,208 LIGHT 5.0 AMPLA 1,302 BANDEIRANTE 5.3 ESCELSA 1,372 COSERN 5.4 LIGHT 1,446 CELPE 5.5 COPEL 1,487 CEMAR 2009 5.8 ENERGISA PB 1,540 AMPLA 5.8 COSERN 1,574 COPEL 6.0 CEB 1,589 CEEE 6.2 RGE 1,843 COELBA 6.6 ENERGISA SE 2,042 CELESC 2,203 CELTINS 6.8 ENERSUL 2,489 ENERSUL 7.6 CELG 2,510 CEMAR 2004 7.6 CEMAR 2003 2,918 CEMAR 2003 7.7 CEPISA 3,229 ESCELSA 8.7 CELESC 4,010 CELPA 19.1 CEMAT 4,591 CEMAR 2006 20.6 CELTINS 24
  • 25. Geramar: Ownership Structure Ligna Servtech 50% 50% Fundo de Equatorial GNP Investimento em Energia Participações Brasil 50% 25% 25% Geramar 25
  • 26. Geramar: 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 million* (in R$ of 2007), during 15 years. *Revenues adjusted by inflation (IPCA) • Start-up: January of 2010 • Total CAPEX: R$ 550 million. • Equatorial’s share of CAPEX (25%): R$137 million. Equity = approximately R$45 million. 26
  • 27. SOL Energias – Energy Trader • In November, Equatorial invested R$ 6.0 million into SOL Energias equity (energy trading and developer of new products and services), thus retaining 51.0% of its total shares. • The amount invested will be used in the energy trading working capital. Executives 51% 49%
  • 28. SOL Energias – Energy Trader • Main Executive-Partners: • Paulo Cezar Tavares (former CPFL’s vice-president of Energy Management). • Roberto Wainstok (former CPFL Brasil’s Executive Officer of Energy Purchase and Sales) • Antonio Pinhel (former Neoenergia Energy Market and Commercial Manager) • Energy Trading Business: • Complex regulation and energy pricing • Potential market: • Free customers (representing between 25% and 30% of the brazilian energy market), with more than 980 consumers; • Captive (government auctions); • Fragmented market: more than 90 active tradings. • Intermediation of energy purchase and sale, without physical delivery; • Solutions customizing to supply specific needs from clients (consumers and generators).
  • 29. SOL Energias – Energy Trader PAULO CEZAR TAVARES (SOL’s CEO) • Pioneer in this market and main responsible by the development of CPFL Brasil – biggest brazilian trading (aprox. R$200 million in annual net income) and NC Energia (energy trading of the Neoenergia Group); • Professional with a huge experience in energy trading, active since 2001; • Brief Resumee: • CPFL Energia: Vice-president of Energy Management (2002-2011) • Abraceel: Board member of the Brazilian Energy Trading Association since 2003. • NC Energia (former GCS Energia): CEO (2001-2002) • Celpe: CEO (1998-2000) • Grupo Eletrobras: several.
  • 31. Agenda Financial strength and solid Growth prospects and management team with consolidation opportunities turnaround experience Result-oriented management High level of model Corporate Governance 31
  • 32. Contacts Firmino Sampaio 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 32
  • 33. 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 estimates. Such estimates refer only to the date in which they were expressed, therefore the 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. 33