corporate presentation april

April 2009

090414

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.

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MPX: A unique electrical bond + potential upside

� 3 projects contracted – 1,440 MW under construction

�15-year PPAs secured, with full pass-through of fuel costs

�IDB Long term financing secured

� Lump-sum/turn-key EPC contracts secured

� Returns way above average electrical sector

� Potential upside from drilling campaign in Colombia

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Financial strength, yet trading below cash

Current Price

R$ 200/share

Target Price Range *

R$ 320 - 400 / share

60% - 100%potential upside

* Considering the DCF value from Credit Suisse, Santander, Itaú, Merrill Lynch and JP Morgan (including only Pecém I, II and Itaqui)

MPX Projected Cash Position (R$ MM)Financial strength

�Cash* = R$ 1.9 billion

�Net cash* = R$ 975.9 million

Net cash/share* ~ R$ 143

�Equity requirements from 3 projects

~ R$ 0.9 billion

* As of Dec, 2008

0

400

800

1.200

1.600

2.000

2008 2009 2010 2011 2012 2013

5

0

200

400

600

800

1000

1200

1400

2012 2013

Positive operating cash flows as of 2011

Guaranteed Capacity Payments (R$ million) **

15-yr PPAs

219

230*

243

474

692

Pecém IItaqui Pecém II

* Considering the 50/50 partnership with EdB in Pecém I

Obs: Excluding Serra do Navio TPP *** In real terms

Gross Revenues (R$ million) ***

PPAs in the Regulated Market start

in Jan 2012 and Jan 2013

Average Dispatch = 65%

0

200

400

600

800

1000

1200

1400

2011 2012 2013 2014 2015

314

1,1471,216 1,199 1,208

** As of December 2008

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Porto do Pecém I TPP (720 MW)

► EPC progress on schedule

► Engineering design with 45% progress

► Site preparation concluded

► Piles for boilers 1 and 2 drilled

► All key equipment secured

► IDB Board approval

� A loan: US$ 147 MM

� B loan: US$ 180 MM (final stage of contracting)

► BNDES Board approval to occur soon

► Estimated Disbursement Curve (%) and Total Capex – (In thousands)

30.9%

15.8%

29.6%

2010E

46.4%

40.5%

10.1%

2008A

18.8%

29.4%

45.5%

2009E

0.8%

2.8%

2.1%

2007A

3.1%

11.4%

12.7%

2011E

1,693,795Real (R$)

351,365Dolar (US$)

101,657Euro (€)

TOTAL

* Porto do Pecém I is a 50/50 partnership between MPX and Energias do Brasil

Pecem Port

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Porto do Pecém II TPP (360 MW)



► Site preparation concluded

► Beginning of pile drilling


► Bridge Loan disbursement completed: R$ 305 million

► Project eligible for BNDES long term financing


6.5%

12.4%

22.1%

2011E

69.3%

37.2%

14.8%

2009E

17.8%

34.1%

57.5%

2010E

6.3%

16.3%

0.0%

2008A

0.0%

0.0%

5.6%

2012E

746,319Real (R$)

135,388Dolar (US$)

76,678Euro (€)

TOTAL

Construction

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Porto de Itaqui TPP (360 MW)

► Ongoing construction work




► IDB Board approval

� A loan: US$ 50 MM

� B loan: US$ 90 MM (under negotiation)

► Project eligible for BNB long term financing (R$ 200 MM)

► BNDES Board approval to occur soon


16.2%

13.1%

25.9%

2010E

46.5%

45.6%

9.3%

2008A

34.0%

31.3%

51.5%

2009E

0.4%

3.2%

1.8%

2007A

2.8%

6.8%

11.6%

2011E

1,067,425Real (R$)

156,508Dolar (US$)

53,691Euro (€)

TOTAL

Itaqui Port

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MPX Colombia: Creating value...

► 64 boreholes done

► Acquisition of new concession areas in La Guajira and Cesar

+ 20,000 ha (total of 78,000 ha)

► Drilling program accelerated (6 rigs)

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MPX’s Concessions

... And working to secure logistics

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MPX also controls a coal mine in Brazil

Seival Mine

• Partnership 70/30: MPX / Copelmi

• Proven resources of 152 MM tons of coal (above

the supply needs of MPX Sul - a 600 MW thermal

plant - for 20 years)

• Operating License granted

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Looking ahead: Opportunities for future growth

2,100 MW already licensed

� Porto do Açu TPP (mineral coal)

Over 6,000 MW under development

� MPX Sul TPP (600 MW)

� Castilla TPP (2,100 MW)

� Porto do Açu TPP (natural gas) (3,300 MW)

Wind power projects under analysis

corporate presentation april

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