1October 2008

081003

2

Disclaimer

The material that follows is a presentation of general background information about MPX Energia S.A. and its subsidiaries (collectively, “MPX” or the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information.

This presentation may contain certain forward-looking statements and information relating to MPX that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “may”, “plan”, “believe”, “anticipate”, “expect”, “envisages”, “will likely result”, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, neither the Company, any of its affiliates, directors, officers, agents or employees nor any of the placement agents shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.

The market and competitive position data, including market forecasts, used throughout this presentation were obtained from internal surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties or by industry or other publications. MPX, the placement agents and the underwriters do not make any representation as to the accuracy of such information.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without MPX’s prior written consent.

3

MPX Overview

AmapariEnergia

MPX Sul Porto do Açu

Pecém IEnergy

Trading Co

Castilla

Seival MineItaqui

51% MPX / 49% Eletronorte

100% 100%

50% MPX / 50% EdB

100%

100%

Power GenerationPower Generation Coal SupplyCoal SupplyPower TradingPower Trading

Eike Batista &Management

Free Float

75.9% 24.1%

Pecém II MPX Colombia

100%

70% MPX / 30% Copelmi

100%

Drilling campaign underway

4

Investment Case

5

Why MPX?

� Brazil and Chile need to increase installed capacity for electric energy generation

� Commodity risk in Brazilian free market can be eliminated through verticalization

of supply

� Thermal plants are needed to increase capacity and also reliability of Brazilian

energy matrix

� Delays in environmental licensing and lack of feasibility studies for new hydro projects

� Matrix is 85% Hydro: highly dependable on rainfall

� PPAs for thermal capacity in Brazilian regulated market and Chilean free market

allow full pass-trough of fuel costs, eliminating commodity risk

6

MPX Today

7

2011 2012

MPX Generation Ramp-Up (installed capacity MW)

Itaqui

Pecém I

Pecém II

Pecém I

Itaqui

360 MW*

360 MW

360 MW

720 MW

1,080 MW

* Considering the 50/50 partnership with Energias do Brasil in Pecém I

+ 50%

MPX has secured contracts for 1,080 MW of capacity

360 MW*

360 MW

8

2012 2013

Total energy contracted amounts to 899 average MW

MPX Energy Contracted (average MW)

Itaqui

Pecém I

Pecém II

Pecém I

Pecém I

Itaqui

308 MW*

315 MW

276 MW

623 avg MW

899 avg MW

* Considering the 50/50 partnership with Energias do Brasil in Pecém I

+ 44%

308 MW*

315 MW

9

MPX is the private listed company with the highest generation growth

Growth in Total Assured Energy from 2008 to 2013 (average MW)

Source: ANEEL, CCEE and company website

872

324

218

147

52

220

MPX

ENERGIAS DO BRASIL

CPFL

TRACTEBEL

LIGHT

AES TIETÊ

10

2012 2013

Total guaranteed fixed revenues amount to R$ 662 million

MPX Guaranteed Fixed Revenue (R$ million) *

Itaqui

Pecém I

Pecém II

Pecém I

Pecém I

Itaqui

R$ 221.27 MM

R$ 233.95 MM

R$ 206.98 MMR$ 455.2 MM

R$ 662.20 MM

* As of September 2008, escalated by IPCA

+ 45%

R$ 221.27 MM

R$ 233.95 MM

11

MPX has been able to keep a comfortable cash position since its IPO

MPX Total Cash and Cash Equivalents (R$ million)

* As released

Dec/07 Mar/08 Jun/08

1,832 1,815 1,710

12

Construction in Pecém I started in late June 2008

1,832 1,710Site Preparation

Coal Storage AreaTemporary Facilities

Site Preparation

13

2008 A-5 New Energy Auction

14

2008 A-5 Auction at a glance

Sugar Cane

Biomass

1%

Hydro

4%

Fuel Oil

64%

LNG Open

Cycle

22%Imported Coal

9%

Energy contracted / type of fuel

Energy contracted / submarket

64%

4%

32%

Northeast

Southeast

South

Total energy contracted: 3,125 average MW

15

A-5 Auction Highlights

� An auction for Long Term contracts dominated by typically peak plants (oil

plants and open cycle LNG plants)

� MPX was the only typical “base plant” to win the auction

� Limited participation of large energy players in the auction

� Power system operation in bad hydrological periods will have much higher costs

for the system:

� A-5 auction (2008) = 1,990 Avg MW of oil

� A-3 auction (2008) = 811 Avg MW of oil

16

Porto do Pecém II TPP

17

Pecém II Thermal Power Plant

UTE Porto do Pecém II

Location:

Shareholders:

Fuel:

Pecém Port, State of Ceará

100%

Coal (imported)

Environmental Process: Installation License issued

Guaranteed Completion Schedule: April 2012

Pecém II TPP project is similar to Pecém I

and Itaqui TPPs projects, resulting in

significant capex and opex synergies

Energy sold in the auction: Jan 2013 – 2027 (15 years)

18

Revenues, Costs & Capex

Auction Price (ICB): 140 R$/MWh

COP/CEC: 54.39 R$/MWh Fixed Revenue: R$ 206.98 MM/year1

(85.61 R$/MWh x 276 avg MW x 365 x 24)1Escalated yearly by IPCA

Gross output = 360 MW

Average Capex = US$ 1,600 /kW

38%42%

18%

2%

2009 2010 2011 2012

Average MWs sold = 276 avg. MW

(100% sold to Regulated Market with full pass-through of fuel costs)

19

Financing & Taxes

Financing Structure: 29% Equity, 71% Debt

- Bridge Loan: R$ 305MM (Citi, for 15 months)

- Long Term Financing

- BNDES direct: 67%, indexed by TJLP

- BNDES indirect: 33%, indexed by IPCA

Tax Advantages:

- Project is part of PAC (Brazilian Infrastructure growth plan)

- PIS/Cofins tax exemption (9.25%) of EPC costs

- 15% income tax (ADENE region/NE for 10 years)

- 59% ICMS deferral on coal imports

20

Porto do Açu TPP

21

Why did MPX decide not to bid the Açu project ?

� USD appreciation ~15% (from 1.70 to 1.96 R$/US$): ~ 65% of capex is USD

denominated -- > Project cost in R$ increased ~10%

� Equipment prices and schedules at a peak

� Higher hedging costs

22

MPX Portfolio

23

MPX Portfolio

Size (MW) MPX (MW)

Coal 5,900 5,540

Natural Gas 3,300 3,300

Hydro 30 15

Diesel 23 12

9,253 8,867¹

UTE Porto de Itaqui (Maranhão)Phase I: 360 MWPhase II: 360 MW

UTE Porto do Pecém (Ceará)Phase I: 720 MWPhase II: 360 MW

UTE Porto do Açu (Rio de Janeiro)Phase I: 2,100 MWPhase II: 3,300 MWUTE Castilla (Chile)

Phase I: 700 MW Phase II: 700 MW

UTE MPX Sul(Rio Grande do Sul)

600 MW

UTE Serra do Navio (Amapá)23 MWPCH Capivara (Amapá)

30 MW

¹ Already considering 100% of UTE Açu and UTE Castilla, according to the relevant fact released on February 20, 2008

Coal mining rights in

Colombia

Seival Coal Mine(Rio Grande do Sul)

24

Uses and Sources

25

Uses and Sources up to 2013

Note:

Figures assume sale of 50% of Itaqui, Açu and Castilla (under analysis)

TBD – to be defined

Total US$ M

Sources of Capital (US$ million)Use of Proceeds (US$ million)

~9,356

IPO Proceeds~244

~364

~8,749

~6,562

~1,100

~645

TBD

Debt

Cash Flow

Equity Partnerships &

Customer Advances

Pre-op Capex and Working Capital

Financial Expenses

Capex

TBD

26

Next Steps

27

Next steps 2008/2009

� Continue implementation of Porto de Açu I Thermal Power Plant

� Environmental licensing for MPX Sul Thermal Power Plant (supplied by MPX’s

Seival coal mine)

� Environmental licensing and PPAs for Castilla Thermal Power Plant

� Reassessment of timing for placement of Açu’s natural gas phase

� Updated Business Plan to be released before year end

28October 2008