January 2009

090113

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

� Portfolio of opportunities for future growth

� 2,100 MW already licensed

� Over 4,800 MW under development

� Coal assets in Brazil and Colombia

� 3 projects contracted – 1,100 MW of capacity sold

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

� Lump-sum/turn-key EPC contracts secured

� Returns way above average electrical sector

4

High liquidity and financial strength, yet trading below cash

Current Price

R$ 140/share

Avg. Target Price *

R$ 400 / share

186%potential upside

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

MPX Projected Cash Position (R$ MM)Financial strength and liquidity

� R$ 1.8 billion in cash

� Equity requirements from 3

projects ~ R$ 0.9 billion

Cash

R$ 265/share

Cash excluding equity requirements

R$ 132/share

0

400

800

1.200

1.600

2.000

2008 2009 2010 2011 2012 2013

5

720 MW

Coal

50% MPX

50% EDP

Pecém I Pecém II

360 MW

Coal

360 MW

Coal

100%

Capacity

Fuel

Partnership

23 MW

Diesel

51% MPX

49% Eletronorte

Capacity

Fuel

Partnership

Capacity

Fuel

Partnership 100%

SERRA DO NAVIO TPPAmapá

IN OPERATION

Brasília

Brazil

PECÉM I & IICeará

ITAQUI TPPMaranhão

AUGUST 2011

SEIVAL MINERio Grande do Sul

MINING RIGHTSGuajira

JUL-OCT/11 & JUN/12

Bogotá

Colômbia

By 2012, the company will have over 1,100 MW in installed capacity

6

MPX´s projects will start generating operating cash flows in 2011

Guaranteed Capacity Payments (R$ million) **

15-yr PPAs

207

221*

234

455

662

Pecém IItaqui Pecém II

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

Obs: Excluding Serra do Navio TPP** In real terms, as of September 2008

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

2012 2013

0

200

400

600

800

1000

1200

1400

2011 2012 2013 2014 2015

314

1,1471,216 1,199 1,208

7

Porto do Pecém TPP is already under construction

• 720 MW (coal)

• Installation License(construction underway)

• Start-up: Jul/11 e Oct/11

• Partnership 50/50: MPX/EDP

• 15-yr PPA Secured(starting in 2012)

• Full pass-through of fuelcosts

• 360 MW (coal)

• Installation License

• Start-up: Jun/12

• 100% MPX

• 15-y PPA Secured(starting in 2013)

• Full pass-through of fuelcosts

Pecé

mI

Pecé

mII

Construction

Pecem Port

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And works in Porto de Itaqui TPP should start soon

• 360 MW (coal)

• State (SEMA) and Federal (IBAMA) Preliminary Licenses

• Start-up: Aug/11

• 100% MPX

• 15-yr PPA Secured (starting in 2012)

• Full pass-through of fuel costsPor

to d

e Ita

qui

9

Cash balance is above equity requirements and final approval oflong term financing is expected soon

EquityEquity

(R$ 1.2 B)(R$ 1.2 B)

InvestmentsInvestments

(R$ 4.6 B)(R$ 4.6 B)

SG&ASG&A

(R$ 0.4 B)(R$ 0.4 B)

Sources of Capital Use of proceeds

Equity

Note: 1- Estimated based on Company’s projections and assumptions on pre-operational Phase2- Figures in real terms

ECA/MLA

Interest Income and Operating Cash

Estimated Investment includes:

Cumulative equity disbursement up to 2012;

Pecém I and Itaqui with eligibility for IDB;

Due Diligence concluded for both projects;

Board approval expected in Jan-09

Term sheet completed with IDB/B-lenders

Cash Generation of Pecém I and Itaqui starts in

2011

MPX SG&A

CAPEX necessary to develop Pecém I TPP,

Itaqui TPP and Pecém II TPP;

Includes IDC, capitalized interest and

financing fees;

Working Capital;

Estimated investments in Colombian

exploratory phase and development phase;

ECA/MLAECA/MLA

(R$ 0.7 B)(R$ 0.7 B)

BNDES (Projects included in the PAC)

Pecém I and Itaqui with eligibility for BNDES

and long term financing on domestic content.

Due diligence concluded for both projects.

Board approval expected in Jan-09;

Pecém II with BNDES eligibility for the totality

of the long term financing;

BNDESBNDES

(R$ 2.7 B)(R$ 2.7 B)

Cumulative SG&A up to 2012;

Cash Cash

GenerationGeneration

(R$ 0.6 B)(R$ 0.6 B)

Cash Cash

AvailabilityAvailability

(R$ 0.8 B)(R$ 0.8 B)MPX S.A. Cash availability by 2012

New New

ProjectsProjects

3- Financing Includes the capitalized interest portion4- Equity already includes the Interest During Construction paid

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MPX has already identified coal resources in Colombia

Mining Rights in Colombia

• Cerrejon Sur Sur region – 60 thousand hectars

• Drilling campaign underway – mineral resources already identified

• New areas being analyzed

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Negotiations are underway to secure logistics to bring coal from

Colombia to Brazil at competitive costs

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Additionally, MPX controls a coal mine in Brazil with proven reserves

Seival Mine

• Partnership 70/30: MPX / Copelmi

• Proven resources of 152 MM tons of coal (above the

supply needs of a 600 MW thermal plant for 20 years)

• Operating License granted

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MPX currently has over 4,800 MW under development, which will

allow it to benefit from high future energy prices

Licensing process for 2,100 MW (coal) initiated

Licensing process for 600 MW (domestic coal) initiated

Preliminary license for 2,100 MW (coal) obtained

SERRA DO NAVIO TPPAmapá

MINING RIGHTSGuajira

ITAQUI TPPMaranhão

PECÉM I & IICeará

PORTO DO AÇURio de Janeiro

SEIVAL MINERio Grande do Sul

MPX SUL TPPRio Grande do Sul

CASTILLA TPPIII Region - Atacama

Santiago

Chile

Brasília

Brazil

Bogotá

Colômbia

14

Additional Information

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EPC (Engineering, Procurement and Construction)*

MPX has signed lump-sum/turn-key contracts, ensuring startup of

operations in advance of beginning of energy supply contracts

• MABE: Maire Tecnimont and EFACEC

• Incentive mechanisms for anticipation of start-up

• Boilers from Doosan Babcock and turbines from

Siemens

• Contract Guarantees:

Lump-sum/Turn-key contract

Delay Damages

Performance Liquidated Damages

Performance Bond

Advance Payment Bond

Parent Company Guarantee

• Coal Berth defined

* Valid for Pecém I, Itaqui and Pecém II

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Capex

And USD-denominated equity disbursements have been fullyhedged

Porto do Pecém I TPP

• Capex ~ R$ 3,300 / kW

• Considering 65% R$ / 35% US$

• Hedged @ spot rate of 1.81 R$ / US$

Porto do Pecém II TPP

• Capex ~ R$ 3,300 / kW

• Considering 57% R$ / 43% US$

• Hedged @ spot rate of 1.92 R$ / US$

Porto de Itaqui TPP

• Capex ~ R$ 4,000 / kW

• Considering 65% R$ / 35% US$

• Hedged @ spot rate of 1.81 R$ / US$

DisbursementCurve

DisbursementCurve

DisbursementCurve

25%

54%

16%

6%

2009 2010 2011 2012

2%

32%

23%

5%

38%

2007 2008 2009 2010 2011

3%

28%

41%

19%

10%

2007 2008 2009 2010 2011