holdco short-term debt refinancing

8/13/2019 HoldCo Short-term Debt Refinancing

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HoldCo Short-term Debt RefinancingDecember 13, 2013



Operational and regulatory challenges combined have led to increased indebtedness at HoldCo level with approx.R$1.3 billion maturing until Mar, 2014

ENEVA HoldCo Debt Profile Before Refinancing

Gross Consolidated Short Term Debtas of Sep 30, 2013

(R$ million)

Total ST Debt (principal):R$2.4 billion

1,389*59%

97241%

Holding Projects

HoldCo Debt Maturity Profile as of Sep 30, 201

(R$ million)

1,188

100 101

Dec, 13 Mar, 14 Sep, 14

* Does not include R$112 million maturing in Se p, 2017.



Lengthening of HoldCo debt maturity and additional funding give ENEVA headroom for implementation ofdeleveraging measures in 2014 and 2015

* Does not include R$200 million debt related to Parnaíba Gas (formerly, OGX M).

Additional Funding & Extended HoldCo Debt Maturity PostRefinancing

New HoldCo Debt Maturity Prof

(R$ million)

100

1,500

Sep, 14 Dec, 14 Ju

1,150 1,150

350 300

350

300

3Q13 HoldCo Debt New HoldCo Debt

New HoldCo Debt

Pecém II Debenture Bridge

Itaqui Debenture Bridge

ItaquiDeb. Bridge

HoldCo Debt HoldCo Debt Refinanced

Dec, 13

R$1,500 MM

R$2,100 MM



Clear strategy in place to push down debt from HoldCo level to project leveland reduce HoldCo indebtedness

* Does not include R$200 million debt related to Parnaíba Gas (formerly, OGX M).

R$ M

1,500

2,100

850

300

300

400

300

250

300

Exist ing Debt* Pecém IIBridge Loan

AdditionalHoldCo Loan

Debt @12/31/13*

Pecém IIDebentureIssuance

Cash upstreamfrom Parnaíba

Complex

RegulatoryRepayment

OtherMeasures

Debt @12/31/14*

IDeb

ENEVA Indicative Deleveraging Plan



Regulatory IssuesMain ongoing discussions with Aneel

~ R$300MOngoing

Solved

ICB ICB OnlineChange in pass-through criteria for power purchased to fulfill contractual obligations. The reimbursemshould be by the current/online cost to the system (ICB Online).

Pecém II fixed revenueFixed revenue reimbursement request for Pecém II for the month of September, 2013 until it was granteCOD, on October 18, 2013

ADOMPADOMP Criteria: Plant unavailability is measured on an hourly basis

ENEVA is challenging the ADOMP criteria on the basis that it goes against PPA conditions

Pecém II fixed revenue and Pecém II ICB online reimbursementFixed revenue reimbursement request for Pecém II from the moment it was ready to operate, relative the month of July and August, 2013. Additionally ICB online reimbursement request is still pending

~ R$130M



Disclaimer

The material that follows is a presentation of general background information about ENEVA S.A. and its subsidiaries (collectively, “ ENEthe 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 madeconcerning, and no reliance should be p laced on, the accuracy, fairness, or completeness of this information.

This presentation may contain certain forward-looking statements and information relating to ENEVA that reflect the current views and/or expectations of theCompany and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statementthat may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like

“

may ”

,“

p“

expect ”

,“

envisages”

,“

will likely result ”

, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncer tainties anassumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimatesand 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 theinformation 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 b asis 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 advisorsin 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 i ndustry publications. Although we have no reason to believe that any of this information or these reports are inaccurate in anymaterial respect, we have not independently verified the competitive position, market share, market size, market growth or other data provided by third parties orby industry or other publications. ENEVA, 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 ENEVAwritten consent.



Thank you. www.eneva.com.br

holdco short-term debt refinancing

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