1. 3Q08 Results

2. Disclaimer
This presentation may include forward-looking statements of future events or results according to regulations
of the Brazilian and international securities and exchange commissions. These statements are based on
certain assumptions and analysis by the company that reflect its experience, the economic environment and
future market conditions and expected events, many of which are beyond the control of the company.
Important factors that may lead to significant differences between the actual results and the statements of
expectations about future events or results include the company’s business strategy, Brazilian and
international economic conditions, technology, financial strategy, public service industry developments,
hydrological conditions, financial market conditions, uncertainty of the results of future operations, plans,
objectives, expectations and intentions, among others. Considering these factors, the actual results of the
company may be significantly different from those shown or implicit in the statement of expectations about
future events or results.
The information and opinions contained in this presentation should not be understood as a recommendation
to potential investors and no investment decision is to be based on the veracity, current events or
completeness of this information or these opinions. No advisors to the company or parties related to them or
their representatives shall have any responsibility for whatever losses that may result from the use or contents
of this presentation.
This material includes forward-looking statements subject to risks and uncertainties, which are based on
current expectations and projections about future events and trends that may affect the company’s business.
These statements include projections of economic growth and energy demand and supply, as well as
information about the competitive position, the regulatory environment, potential opportunities for growth
and other matters. Several factors may adversely affect the estimates and assumptions on which these
statements are based.
2

3. Highlights of 3Q08
█ The asset swap transaction between EDP Energias do Brasil and Grupo Rede was concluded in
September, enabling Energias do Brasil to take over the control and management of Investco
█ Net Consolidated Revenue reached R$ 1.226,5 MM in 3Q08, 5,2% more than 3Q07
█ Consolidated EBITDA reached R$ 350,6 MM in 3Q08, a growth of 10,6% compared to 3Q07
█ The consolidated net income of 3Q08 reached R$ 117,6 MM. In 9M08 net income was R$ 269,8
MM. However, it is worth noting that the accumulated nine-month period mainly sweeps up the
negative impact of R$ 129.6 million of additional amortization of Enersul’s goodwill premium
recognized in 2Q08. The result would have been R$ 413.8 million, 11.4% more than 9M07 if this
item is excluded.
█ Energy volumes sold by the generation business in 3Q08 was 1,582 GWh, 10.7% up on 3Q07
█ Distributed energy volume in 3Q08 was 6,273 GWh, 6,0% more than the pro forma volume
registered in 3Q07 (excluding Enersul’s contribution for the month of September).
█ For the third consecutive quarter, ENBR presented significant reduction in consolidated
manageable expenses (-14,1%, excluding depreciation and amortization)
█ Net debt decreases 21.1% (1.4 times EBITDA) compared to June, 2008
3

4. Generation

5. The growth in the volume of energy sold and good financial
performance are consequence of the increase in the Group’s
installed capacity
Volume Energy Sold Net Revenue
(GWh) +37.4% (R$ MM)
+11.1%
567
4,548
4,093 413
+10.7%
+33.2%
1,429 1,582 183
137
9M07 9M08 3Q07 3Q08 9M07 9M08 3Q07 3Q08
* Não considera eliminações de negócios intra-grupo
EBITDA Net Income*
+34.9%
(R$ MM) (R$ MM)
+35.2%
421
312 193
+7.2%
143 -15.5%
119 127
58 49
9M07 9M08 3Q07 3Q08 9M07 9M08 3Q07 3Q08
5

6. New projects already underway will sustain a potential
24% growth in installed capacity until 2011
Installed Capacity
2,116
(MW)
25** 360
6* 29
2011
2009 2009
2008
653 Expected Start-UP
50 25
2008
452 1,702 1,702
1.696
653*
1,043
516
2005 Peixe 4th Engine São João Santa Fé Repowering Pecém 2011
Angical HPP Mascarenhas SHP
2007 Additional Cenaeel 2008 SHP TPP
Capacity
Lajeado
Projects concluded since the IPO
Projects under construction
* Under approval from agencies. It corresponds to the EnBr’s 45% stake at EDP Renováveis Brasil.
** Mascarenhas, Suíça and Rio Bonito
6

7. Distribution

8. In distribution, despite the market growth...
Volume of Distributed Energy Energy Distributed by Customer Class
(GWh) (GWh)
+2.2% +2.2%
19,004 18,601 19,004
18,601
1% 2%
13% 11%
37% 36%
34% 35% +1.3% +1.3%
6,190 6,273 6,190 6,273
13% 9% 61% 62% 2% 2%
53% 54% 38% 38%
33% 36%
54% 55% 60% 60%
9M07 9M08 3Q07 3Q08 9M07 9M08 3Q07 3Q08
Bandeirante Escelsa Enersul End Customers Energy in Transit Other
8

9. ... financial performance in 3Q08 was positively impacted by
Escelsa’s tariff readjustment
Net Revenue EBITDA
+1.4% (R$ MM) -2.8% (R$ MM)
3,069 648 630
3,025
19% 22% 20%
21% +0.3%
+16.0%
30% 31% 31% 32%
1,000 1,003
194 225
21% 14% 13%
49% 28% 33% 16%
50% 47% 48% 25% 34%
51% 53% 59% 53%
9M07 9M08 3Q07 3Q08 9M07 9M08 3Q07 3Q08
Net Income*
-0.3% (R$ MM) █ In August, 2008 12.17% Escelsa’s
258
257 tariff readjustment
16% 14% +8.8%
31% 29% █ In 3Q08, the reduction of
83 90 manageable expenditures
4% 7%
53% 37%
57% 19% 30% improved EBITDA and Net Income
77% 63%
9M07 9M08 3Q07 3Q08
Bandeirante Escelsa Enersul * Does not consider intra-group eliminations
9

10. The level of losses presents reduction of 1.6 p.p. without Enersul
Commercial Losses (%)*
Bandeirante Escelsa ENBR
5.7 5.5 5.7 5.7 6.0 5.8 5.6 6.1 6.0 6.2
5.6
5.8 5.5 5.7 5.6
Dec07 Mar08 Jun08 Sep08 Dec07 Mar08 Jun08 Sep08 Dec07 Mar08 Jun08 Sep08
Including Enersul
Total Energy Losses
-1.6 p.p.
13.5% 13.5% 13.8%
12.0% 11.9% 12.1% 12.2%
~ 48 thousand inspections undertaken and
5.8% 5.5% 5.7% 5.6% 38 thousand frauds detected in 3Q08
~ R$ 5,7 MM in recovered revenues
6.2% 6.3% 6.4% 6.6%
Dec07 Mar08 Jun08 Sep08
* 12-month average. For Bandeirante, historical numbers were restated according
Technical Commercial Including Enersul to Aneel’s new criteria
10

11. Commercialization

12. Despite the decrease in energy commercialized …
Volume of Energy Commercialized
(GWh)
-2.2%
5,482 5,362
777 639
-4.5%
1,866
4,705 4,722 1,783
196 182
1,670 1,601
9M07 9M08 3Q07 3Q08
Energias do Brasil Group Companies
Other
12

13. … the increase of the sales prices was fundamental for the net
revenue growth
Net Revenue EBITDA
(R$ MM) (R$ MM)
+1.5%
+23.7%
575 38 39
464 +12.0%
-26.2%
186 14
166 11
9M07 9M08 3Q07 3Q08 9M07 9M08 3Q07 3Q08
Net Income*
+0.8%
(R$ MM)
27 27
EBITDA and Net Income
-24.8% was negatively impacted
by the increase in the cost
9 of energy purchased to
7
resell
9M07 9M08 3Q07 3Q08
* Does not consider intra-group eliminations
13

14. Consolidated Financial Performance

15. Financial performance was positively impacted by the distribution
segment
Net Revenue EBITDA
(R$ MM) +9.3% (R$ MM)
+8.1%
3,438 3,715 1,057
967
+5.2% +10.6%
1,166 1,227 317 351
9M07 9M08 3Q07 3Q08 9M07 9M08 3Q07 3Q08
Net Income
+11.4% (R$ MM)
414
371
144
-9.9%
131 118
270
Adjusted by Enersul's additional goodwill
amortization and Enerpeixe's subsidy
9M07 9M08 3Q07 3Q08
15

16. Significant reduction on manageable expenses, mainly
provisions and third party services
Manageable expenses (R$ MM)
3Q07 3Q08 ∆%
Personnel 77.0 74.8 -2.9%
Material 12.1 8.3 -32.1%
Third Party Services 90.2 75.9 -15.9%
Provisions 38.9 17.4 -55.4%
Others 12.8 22.3 74.6%
231.1 198.6 -14.1% IGPM: 12,3%
Depreciation and amortization 80.7 79.2 -1.9%
Total 311.8 277.7 -10.9%
Provisions Third Party Services
- R$ 12.2 MM in decline in discos’ bad debt allowances - lower costs of business consultancy
due to the successful combating of delinquency
- reduction in outlays for meter readings and
- R$ 8.2 MM in of the provision for contingencies billings, inspection services, conservation and
maintenance of the electricity system network
and telecommunications
16

17. Financial result presented reduction in the period
Financial Result (R$ MM)
3Q07 3Q08 ∆%
Financial Income 74.1 50.4 -32.0%
Financial Expenses (90.6) (100.0) 10.3%
Net Forex Result (1.2) (6.2) 413.5%
Foreign Exchange Rate Variation 15.9 (17.3) n.a.
Swap - net result (17.1) 11.1 n.a.
TOTAL (17.8) (55.8) 214.0%
█ Other factors contributing to the variation in net financial results were:
- a reduction in the financial income due to lower outstandings of regulatory assets and
the divestment of Enersul;
- net foreign exchange result;
- extinction of the CPMF.
17

18. The Group has an extended debt maturity, low leverage and low
FX exposure
Net Debt/EBITDA (x) Debt Maturity Schedule
942.3
2,345 5
1,879 1,957 1,680 780.0
2,000 3.0 1,702 4
3 610.6
1,000 2 459.8 457.6
1.9 1.8 1.7 1
1.4
0 0 162.6
2004 2005 2006 2007 Set08
Net Debt/EBITDA Net Debt Cash and After
2008 2009 2010 2011
Cash Equiv. 2011
(Sep/08)
Net Debt Gross Debt Breakdown
(R$ MM) (Sep/08)
2,633
2,6332 5%
Short-Term
667 (780)
Floating Rates*
(172)
Long Term Basic
49%
Long-Term
46% Interest Rate (TJLP)
2,131
2,315 1,680 Fixed Rates
Gross Debt Sep.08 (-) Cash and (-) Regulatory Asset Net Debt Sep.08 Net Debt Jun.08
* Includes Selic, CDI, IGP-M and INPC
Marktable Securities and Liabilities
18

19. Higher trend to reinforce the Capex to generation projects
Capex Breakdown* Investments - Universalization
(R$ MM) (R$ MM)
972
128
679
354 426
31 72
138
37
323 288 293
9M07 9M08 2008E
9M07 9M08 2008E
Distribution Generation
Estimated Investments **
(R$ MM)
1,100 1,180
1,008
2008E 2009E 2010E
* Does not include Capex for Universalization Program
** Subject to changes. Includes implementation of SHP projects still in phase of approval by Aneel
19

20. We are working to create new growth opportunities the in
generation business
█ SHP projects under development, with a total installed capacity of 601 MW;
█ 2 CCGT projects, with 500 MW each, in a partnership with Petrobrás;
█ Partnership with Eletronorte, Cemig and engineering companies for the
development of feasibility studies for HPPs (1,439 MW);
█ Partnership with Cemig for the development of wind farms (500 MW); and
█ TPP projects with sugar cane bagasse under development with an installed
capacity of 100 MW, with potential expansion to 350 MW.
20

21. Stock Performance in the nine months of 2008
Market Capitalization: R$ 3.9 bilhões*
ENBR3 x Desempenho dos Índices
Base 100: 2008
130 100.000
120
80.000
110
100 60.000
90 40.000
80
20.000
70
60 0
dez-07 jan-08 mar-08 abr-08 mai-08 jun-08 jul-08 ago-08 set-08
Volume R$ ENBR3 ENBR3 IBOVESPA IEE
ENBR3 = +15,5%
-13.8% IBOV = +1,8%
-22.5% IEE = +10,8%
-5.3%
*Updated until September 30, 2008
21

22. Investor Relations
Tel.: 55 11 2185-5907
ri@enbr.com.br
www.energiasdobrasil.com.br