Earnings Results 2Q15 August 14, 2015 The material that follows is a presentation of general background information about ENEVA S.A. and its subsidiaries (collectively, ENEVA 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. Thispresentationmaycontaincertainforward-lookingstatementsandinformationrelatingtoENEVAthatreflectthecurrentviewsand/orexpectationsofthe Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement thatmaypredict,forecast,indicateorimplyfutureresults,performanceorachievements,andmaycontainwordslikemay,plan,believe,anticipate, expect, envisages, willlikely 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 andintentionsexpressedinthispresentation.Innoevent,neithertheCompany,anyofitsaffiliates,directors,officers,agentsoremployeesnoranyofthe placementagentsshallbeliablebeforeanythirdparty(includinginvestors)foranyinvestmentorbusinessdecisionmadeoractiontakeninrelianceonthe 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. Themarketandcompetitivepositiondata,includingmarketforecasts,usedthroughoutthispresentationwereobtainedfrominternalsurveys,marketresearch, 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. ENEVA, the placement agents and the underwriters do not make any representation as to the accuracy of such information. ThispresentationanditscontentsareproprietaryinformationandmaynotbereproducedorotherwisedisseminatedinwholeorinpartwithoutENEVAsprior written consent. Disclaimer Recent highlights 14 Recent highlights (1) Sale of ENEVA's interest on Pecm I (R$300MM) closed on May 15 o Build-up of an important cash cushion to withstand the Judicial Recovery Process Successful achievement of the first steps of the Judicial Recovery Plan already in 2Q15 o Payment to creditors of 50% of credits up to R$250k, totaling R$4.2MM o Exercise of the mandatory 20% debt haircut on the JR debt (R$489MM) o Reprofile of the remaining debt (R$985MM) The proceeds of the sale of Pecm I and the implementation of the first steps of the JR Plan have already reduced ENEVA's leverage Maturity: 0 (outstanding debts) / Average cost: 14.0% p.a. HoldCo debt profile on 12/31/2014HoldCo debt profile on 06/30/2015Maturity: ~11 years; Average cost: 14.3% p.a. 2.199 92% 183 8% Short Term Long Term2.199 11666 00 2015 2016 2017 2018 +20191.974 100% Short Term Long Term0000 1.974 2015 2016 2017 2018 +20195 Recent highlights (2) Implementation of the next steps of the JR Plan o Meeting the conditions precedent to launch the capital increase provided for in the JR Plan, such as the rollover of Parnaba IIs debt o Holding the shareholders meeting on August 26 to resolve on the capital increase launch Capital increase amounting up to R$3.6Bi, comprised by: Debt-to-equity conversion of 40% of the JR debt (R$979MM); Important assets contribution by certain stakeholders (R$1.3Bi); and Eventual cash contribution from minority shareholders o Payment to creditors of the outstanding 50% installment of credits up to R$250k Continuation of the effective HoldCo expenses management o Consistent expenses decrease over the last 4 quarters (10% reduction QoQ in 2015) Growing average availability of the Parnaba Complexo Successful strategy of optimizing natural gas resources by partially substituting Parnaba I by Parnaba II Important achievements on regulatory claims o Review of plants long-term consumption, contributing to reduce ballast exposure (FID) and downtime costs (ADOMP) o Reduction of Itaquis ADOMP cost, now calculated based on the capacity declared in its PPAs (350MW). Other plants of ENEVA may benefit in the future Reduction of spot prices aids reduce financial exposure associated with FID and ADOMP costs Economic and financial data 2 7 Requests by the ONS throughout 2Q15 for generation interruptions or load reductions decreased operating income by R$82,2MM, mostly impacting Parnaba I ( = -R$68.5MM). Operating costs were positively impacted Non-recurring services related to financial restructuring and JR process increased operating expenses by R$3.1MM Half-year comparable profitability increased 10% over the last 12 months due to the improvement of plant's operating performance and the advancement of the HoldCo's cost saving program Main indicators The proceeds of the sale of Pecm I and the implementation of the first steps of the JR Plan have already reduced ENEVA's leverage Note: "Pro-forma" indicators exclude the consolidation effect of Pecm II Main Indicators 2Q15 2Q142Q15/ 1H15 1H141H15/ (R$ million)Pro-forma2Q14 PFPro-forma1H14 PF Net Operating Revenue310.4 392.6 -20.9%687.6 832.2 -17.4% Operating Costs (267.3) (353.4)-24.4% (601.0) (737.9)-18.5% Operating Expenses (22.4) (17.5)28.2% (48.4) (52.8)-8.3% EBITDA64.5 58.5 10.4%123.9 116.1 6.8% EBITDA (Adjusted)50.9 58.5 -13.0%127.9 116.1 10.1% Net Income371.2(103.9)-242.6(175.5)- Net Income (Adjusted) (92.4) (103.9)-11.1% (221.0) (175.5)26.0% Net Debt4,466.3 5,003.8 -10.7%4,466.3 5,003.8 -10.7% Total Gen. Energy Sales (GWh)1,670.8 1,681.5 -0.6%3,323.2 3,957.9 -16.0% 8 EBITDA development Consolidated EBITDA (R$MM) Adjusted EBITDA shrank due to the following factors: o Revenues: Reflected the reduced dispatch of power plants by the ONS, forced maintenance in Itaqui and accounting adjustment in Parnaba II o Operating costs: Reduction largely driven by lower generation in the period, impacting fuel and GTU's lease costso Operating expenses: Decrease due to lower expenses posted by HoldCo personnel and management in the period Unavailability adjustment o Regulatory: Change in the ADOMP calculation led Itaqui and Parnaba I to higher unavailability or undue costs \ Reduction of 33.9% due to the reduction of plants dispatch and adjustments in Parnaba II 59,4 17,6 77,0 (63.4) 33,6 3,6 50,9 13.7 64,51Q15 EBITDA UnavailabilityAdjustments1Q15 ajust.EBITDA Net Operating Revenues Operating Costs Operating Expenses 2Q15 ajust.EBITDAUnavailabilityAdjustments2Q15 EBITDA9 Operating costs development Note: 1) Does not include Depreciation & Amortization. 2Q15 Operating costs impacted by: o ReductioninOperatingcostsinR$63,1MM,mainlyduetothe reductioninfuel(R$42.1MM)andunavailability/ADOMP (R$33.5MM) costs o Declineinconsolidatedgrossgenerationin2Q15(-24.6%)asa result of forced maintenances and generation restrictions byONS hit fuel and leases and rentals costs: FuelcostfellbyR$34.0MMandR$8.2MMinItaquiandParnabaI, respectively Leases and rentals cost lowered in Parnaba I by R$21.8MMo Spotpricesretractionof42.9%QoQreducedinR$7.0MMballast acquisition cost o Decrease in R$33.5MM in ADOMP cost PositiveimpactofR$17.3MMinItaquiduetoareimbursementfrom regulatory decisions (calculation of ADOMP based on the FID calculated usingthedeclaredinstalledcapacityprovidedforinthePPAsand revision of plant's firm energy) OverstatementofR$3.7MMinParnabaIasaresultofchangeinthe ADOMP calculation methodology 2Q15 (Adj.) excludes unavailability costs undue (R$13.7MM) 1Q15 (Adj.) excludes unavailability costs undue (R$17.9MM) 2Q15 2Q15 (Adj) 1Q15 1Q15 (Adj) 2Q15 (Adj)/ 1Q15(Adj) Operating Costs1 (R$ million)224.3238.0289.2271.3-12.3% Gross Energy Generated (GWh)1,450.51,450.51,923.91,923.9-24.6% Operating Costs per Gross Energy Generated (R$/MWh) 154.7164.1150.3141.016.3% 27,929,1 46,9 20,4 18,3 10,0 2Q14 3Q14 4Q14 1Q15 2Q1510 HoldCo expenses development HoldCo operating expenses1/2/3 TotalreductionofR$3.6MMmainlyattributabletolower HoldCo personnel expenses, in particular: o A 6.9% headcount reduction, leading to savings of -R$1.2MM o Increaseinthesharedexpensesreimbursedbysubsidiaries(-R$1.2MM) o Accountingadjustmentforperformancebonusesoverstatedin previous periods for (-R$7.0MM) o Increase of +R$6.3MM in management compensation Headcount3 Notes: 1) Does not include depreciation & amortization; 2) Does not include stock options cost; 3) Holding costs comprised by ENEVA and ENEVA Participaes Non-cash events: R$10.0MM Consistent headcount reduction trend: -29% in 12 months 57.6 153 148 130 116 108 2Q14 3Q14 4Q14 1Q15 2Q1511 Consolidated cash position Strengthened cash position allows crossing the remaining period of the Judicial Recovery process 180,9 300,0 392,1(312.3) (55.9) (53.1) (22.0) (11.2) 418,5Cash and CashEquivalents(1Q15)Sale of Pecm I Revenues Operating Costsand ExpensesCAPEX IntercompanyLoans andContributions toSubsidiariesDebt Service DSRA/Others Cash and CashEquivalents(2Q15)5.006,4 4.466,3 157,3 418,5 4Q14 2Q15Net Debt Cash and Cash EquivalentsConsolidated debt (2Q15) Net debt reduction as a result of achieving the first steps of the JR Plan Consolidated debt (R$MM) 2Q15 Total Gross Debt R$4,885MM Consolidated debt profile (R$MM) -10,8% (net debt) 2Q15 Short Term Gross Debt R$1,053MM Consolidated short-term debt (R$MM) 12 ByimplementingthefirststagesoftheJRPlan,HoldCodebthada20% haircut (R$489MM) and had been reprofiled (term and cost) OncethecapitalincreaseprovidedforintheJRPlaniscompleted,the40% debt-to-equity conversion (R$979MM) will be effective The short-term debt is allocated to the projects, as follows: o R$137.9MM: Current portion of the short-term debt of Itaqui and Parnaba I; o R$914.7MM: Bridge loans to Parnaba II Debt of Parnaba II under negotiation with the financial backers of the project in order to postpone its maturity to 1H16 end 4Q14 Total Gross Debt R$5,164MM 4Q14 Short Term Gross Debt R$3,289MM 2.19967% 1.09033% Hold Co. Project Related 1.053100% Hold Co. Project Related3.289 64% 1.875 36% Short Term Long Term1.053 22% 3.832 78% Short Term Long TermOperational highlights 3 Operating costs 14 Operating performance (Itaqui) EBITDA (R$MM) Increased profitability due to better operating costs management Note: 1) Does not include Depreciation & Amortization. Availability Sources: ONS and theCompany +21.8% Lower generation in 2Q15 due to unscheduled maintenance on the boiler and coal mills, as well as operating restrictions by ONS o Variable revenue reduction of R$21.9MM o Decrease by R$34.0MM in purchase of coal and other fuel supplies Reduction of 42.9% in spot priced in the period led to a decrease in R$8.1MM of power purchase costs from the annual ballast review (FID) DowntimecostoverstatedbyR$17.3MMduetoregulatorychanges,already challenged by the Company 9,3(0,0) 15,2 24,6(36.0) 41.4 29,9 17,3 47,2EBITDA1Q151Q15Unavai.Adjust.Ajust.EBITDA1Q15 Net Oper. Ver. Oper. Costs Oper. Expenses Ajust.EBITDA2Q152Q15Unavai.Adjust.EBITDA2Q152Q15 (Adj.) excludes unavailability costs undue (R$17.3MM) 1Q15 (Adj.) excludes unavailability costs undue (R$9.3MM) 2Q15 2Q15 (Adj) 1Q15 1Q15 (Adj) 2Q15 (Adj)/ 1Q15(Adj) Operating Costs1 (R$ million)69.987.2138.0128.6-32.2% Gross Energy Generated (GWh)427.3427.3682.4682.4-37.4% Operating Costs per Gross Energy Generated (R$/MWh) 163.6204.1202.2188.58.3% 77% 87%90%88% 94% 67% 60% 74% 2Q14 3Q14 4Q14 1Q15 Apr-15 May-15 Jun-15 2Q15EBITDA (R$MM) -16.2% Operational performance (Pecm II) Availability Sources: ONS and the Company Maintenance shutdown for an extended period impacted the profitability of the plant Notes: 1) Includes 100% of Pecm II; 2) Does not include Depreciation & Amortization Operating costs 15 Maintenancetoremoveashfromtheboilerandanticipationofthetwo-yearlyshutdown(38days)impactedthegenerationandavailabilityinthe period o Variable revenue reduction of R$24.6MM o Decrease by R$24.6MM in purchase of coal and other fuel supplies o Increase in R$4.0MM in materials and outsourced services costs Downtime cost overstated by R$7.3MM due to regulatory changes, already challenged by the Company 96% 77% 99% 89% 41% 29% 89% 53% 2Q14 3Q14 4Q14 1Q15 Apr-15 May-15 Jun-15 2Q15 2Q15 2Q15 (Adj) 1Q15 1Q15 (Adj) 2Q15 (Adj)/ 1Q15(Adj) Operating Costs (R$ million)73.666.392.183.7-20.8% Gross Energy Generated (GWh)424.0424.0696.7696.7-39.1% Operating Costs per Gross Energy Generated (R$/MWh) 173.6156.4132.3120.130.2% 2Q15 (Adj.) excludes unavailability costs undue (R$7.3MM) 1Q15 (Adj.) excludes unavailability costs undue (R$8.5MM) 45,8 8.5 54,3 (25.5) 17,4 (0.8) 45,5 (7.3) 38,2EBITDA1Q151Q15Unavai.Adjust.Ajust.EBITDA1Q15 Net Oper. Ver. Oper. Costs Ajust. Oper. Expenses Ajust.EBITDA2Q152Q15Unavai.Adjust.EBITDA2Q1598%94% 86% 81%85% 98%100% 94% 2Q14 3Q14 4Q14 1Q15 Apr-15 May-15 Jun-15 2Q152.3% 16 Operational performance (Parnaba I) EBITDA (R$MM) Availability Sources: ONS and the Company Gas optimization process in the Parnaba Complex and agreement with PGN/BPMB helped profitability maintenance Operating costs Notes: 1) Does not include Depreciation & Amortization NaturalgasoptimizationprocedurewithParnabaIIoperatinginpartial substitutionofParnabaIhavecontributedresuminghighavailability rates Best availability since COD achieved in Jun/15: 100% ReduceddispatchoftheplantbytheONSintheperiod(-17.7%ofnet generation), resulting in: o Reduction in R$30.3MM of net income o Decrease in natural gas and GTU lease costs, totaling R$30.3MM Overstated in previous periods, leases and rentals grew by R$9.7MM Downtime cost overstated by R$3.7MM due to regulatory changes, already challenged by the Company 2Q15 2Q15 (Adj) 1Q15 1Q15 (Adj) 2Q15 (Adj)/ 1Q15(Adj) Operating Costs (R$ million)134.6130.9171.8163.3-19.8% Gross Energy Generated (GWh)1,023.21,023.21,241.61,241.6-17.6% Operating Costs per Gross Energy Generated (R$/MWh) 131.5127.9138.4131.5-2.7% 2Q15 (Adj.) excludes unavailability costs undue (R$3.7MM) 1Q15 (Adj.) excludes unavailability costs undue (R$8.5MM) 48,2 8,5 56,8 (30.3) 32,4 (0.8) 58,1 (3.7) 54,4EBITDA1Q151Q15Unavai.Adjust.Ajust.EBITDA1Q15 Net Oper. Ver. Oper. Costs Oper. Expenses Ajust.EBITDA2Q152Q15Unavai.Adjust.EBITDA2Q1580%82% 67% 96%100% 69% 98% 89% 2Q14 3Q14 4Q14 1Q15 Apr-15 May-15 Jun-15 2Q15-34.5% Operating costs 17Notes: 1) Includes 100% of Parnaba III; 2) Does not include Depreciation & AmortizationAvailability Sources: ONS and the Company EBITDA1 (R$MM) Operational performance (Parnaba III) Reduced dispatch in the period was accompanied by unbalanced revenue/cost behavior Best availability since COD achieved in Apr/15: 100%ReduceddispatchoftheplantbytheONSintheperiod(-26.7%ofnet generation), resulting in: o Variable revenue reduction of R$32.3MM o Decrease in natural gas and GTU lease costs, totaling R$29.7MM Reductionof42.9%inspotpricedintheperiodledtoadecreasein R$1.4MM of power purchase costs from the annual ballast review (FID) Availability recorded by the plant: 99.1% 2Q15 2Q15 (Adj) 1Q15 1Q15 (Adj) 2Q15 (Adj)/ 1Q15(Adj) Operating Costs (R$ million)37.536.865.664.0-42.5% Gross Energy Generated (GWh)169.0169.0361.5361.5-53.3% Operating Costs per Gross Energy Generated (R$/MWh) 221.7218.1181.5177.123.1% 2Q15 (Adj.) excludes unavailability costs undue (R$0.6MM) 1Q15 (Adj.) excludes unavailability costs undue (R$1.6MM) 15,2 1,6 16,7 (32.3) 27.2(0.7) 11,0(0.6) 10,4EBITDA1Q151Q15Unavai.Adjust.Ajust.EBITDA1Q15 Net Oper. Ver. Oper. Costs Oper. Expenses Ajust.EBITDA2Q152Q15Unavai.Adjust.EBITDA2Q15Availability increases to 99.1% when adj. by May 15 figure Thank you. www.eneva.com.br