1

Operating

and Financial

Results

1Q08

2

Highlights

Operating Results

Financial Results

Agenda

3

Operating Highlights

• Billed energy volume amounted to 6,939 GWh in the 1Q08, 0.6% down year-on-year*. Billed

volume in CEMAR’s concession increased 6.8% year-on-year to 774 GWh.

• CEMAR’s LTM energy losses recorded a year-on-year decline of 1.8 p.p. Light, after recording

an upturn in recent quarters, closed the 1Q08 with LTM losses 0.1p.p. less than at the close

of the 4Q07.

On April 7, Equatorial Energia converted all its preferred shares into common shares. On April

23, it was listed on the Novo Mercado trading segment of the São Paulo Stock Exchange

(BOVESPA), which contains only those companies with the highest standards of corporate

governance.

* Pro-forma figures considering Equatorial’s current interest in RME and RME’s

interest in Light.

4

Financial Highlights

Consolidated net operating revenues totaled R$560.5 million, 6.4% up on the 1Q07,reflecting CEMAR’s substantial 18.7% upturn and Light’s 0.8% decline.

Consolidated EBITDA stood at R$165.1 million, a 3.8% improvement over the 1Q07.

Consolidated net income totaled R$71.7 million, 62.0% up year-on-year.

In February, CEMAR raised R$135.1 million from the IFC over 8 years at 102.99% of the CDI(interbank lending rate).

CEMAR’s investments (excluding those in the PLPT program) amounted to R$38.8 million,23.2% more than in the 1Q07. The PLPT absorbed investments of R$31.3 million, equivalentto around 3,500 new connections.

Light’s first-quarter investments came to R$93.2 million, 63.8% higher than in the 1Q07.

5

Highlights

Operating Results

Financial Results

Agenda

6

CEMAR

• Year-on-year growth of 6.8% in billed energy volume in the 1Q08

Distribution – Electricity Market

725 774

1Q07 1Q08

Captive Market

6.8%

Energy Consumption per Segment

CONSUMPTION SEGMENT

(GWh)1Q07 1Q08 % Chg.

Residential 310 341 9.8%

Industrial 95 104 9.2%

Commercial 144 151 4.4%

Others 176 179 1.9%

TOTAL 725 774 6.8%

Energy Consumption (GWh)

7

Distribution – Energy Balance and Losses

Energy Balance

ENERGY BALANCE (GWh) 1Q07 1Q08 % Chg.

Required Energy (*) 1,051.1 1,083.8 3.1%

Sales (**) 726.3 775.4 6.8%

Losses (***) 324.8 308.4 -5.0%

(*) Includes own generation

(**) Includes energy sales to consumer segments, own consumption and supply

to CEPISA

(***) Excludes basic network losses

Energy Losses (*)

(LTM)

CEMAR

• Losses down 1.8 p.p. over the 1Q07

28.1%

29.9%

28.7%28.9%

29.5%

1Q07 2Q07 3Q07 4Q07 1Q08

* Energy losses over required energy

8

Distribution – Electricity Market

Energy Consumption per Segment

CONSUMPTION SEGMENT

(GWh)1Q07 1Q08 % Chg.

Residential 2,060 2,027 -1.6%

Industrial 509 451 -11.3%

Commercial 1,533 1,533 0.0%

Others 800 810 1.3%

TOTAL 4,902 4,822 -1.6%

Energy Consumption (GWh) &

Total Market (Captive + Free)

Light SESA

• 1.5% year-on-year reduction in billed energy volume due to

lower-than-average temperatures and slight decrease in industrial consumption.

9

Distribution – Energy Balance and Losses

Energy Balance

ENERGY BALANCE (GWh) 1Q07 1Q08 % Chg

Required Energy 6,891.2 6,741.0 -2.2%

Sales 4,901.7 4,821.8 -1.6%

Losses (*) 1,989.4 1,919.1 -3.5%

(*) Excludes basic network losses

Energy Losses*

(LTM)

Light SESA

• 0.1 p.p. quarter-on-quarter reduction in losses

* Energy losses over wire load (required energy + free market)

20.5%20.6%

20.2%

19.8%

19.5%

1Q07 2Q07 3Q07 4Q07 1Q08

10

Distribution – DEC and FEC

Light SESACEMAR

DEC (hours)

FEC (times)

DEC (hours)

FEC (times)

54.1

37.027.1

1Q06 1Q07 1Q08

-26.9%

31.0

22.918.5

1Q06 1Q07 1Q08

-19.4%

8.97.2

11.0

1Q06 1Q07 1Q08

52.8%

6.95.7

7.0

1Q06 1Q07 1Q08

22.8%

11

Generation – Light Energia

• Electricity sold in the free (ACR) and regulated (ACL) contracting markets totaled 1,171 GWh, primarily pushed by the 104.1% increase in Light ESCO’s ACL sale.

• CCEE spot market sales are estimated at 40 GWh in 1Q08, 69.5% down on the 130 GWh recorded in the same period last year.

Generation – Light Energia (GWh) 1Q07 1Q08 % Chg.

Regulated Market Sales 1,073 1,059 -1.3%

Free Market Sales 54 111 104.1%

Spot Market Sales (CCEE) 130 40 -69.5%

TOTAL 1,258 1,211 -3.8%

12

Energy Trading – Light ESCO

• In the 1Q08, Light ESCO recorded direct sales of 132 GWh to a portfolio of 33 customers, 145%

up on the 1Q07.

• The portfolio benefited from the addition of new clients, notably Johnson & Johnson, International Paper and Pilkington.

• Light ESCO also operated as a consultant and broker for free customers with the CCEE.

Volume (GWh) 1Q07 1Q08 Chg.%

Trading 43 132 207.0%

Broker 282 322 14.2%

TOTAL 325 454 39.7%

13

Agenda

Highlights

Operating Results

Financial Results

14

Consolidated Performance

NOR (R$MM) EBITDA (R$MM) Net Income (R$MM)

526.8560.5

1Q07 1Q08

6.4%

159.0 165.1

1Q07 1Q08

3.8%

44.2

71.7

1Q07 1Q08

62.0%

15

Consolidated Performance

NOR – 1Q08 EBITDA – 1Q08 Net Income – 1Q08

Contribution per Segment

1.3%3.8%

94.9%

Distribution

Generation

Energy Trading

0.8%9.1%

90.1%

Distribution

Generation

Energy Trading

5.3%1.3%

12.3%

81.1%

Distribution

Generation

Energy Trading

Holdings

16

Consolidated Performance

Contribution per Company

NOR – 1Q08 EBITDA – 1Q08 Net Income* – 1Q08

* Excludes R$18.4 million in 1Q08 equity income from RME in PCP Energia in November and December 2007.

63.0% 58.7%

41.3%37.0%

1Q07 1Q08

CEMAR Light

51.0%45.5%

54.5%49.0%

1Q07 1Q08

CEMAR Light

27.9%25.5%

8.90% 7.40%

67.3%63.5%

1Q07 1Q08

CEMAR Light Holdings

17

Distribution – CEMAR and Light SESA*

• Net operating revenues from distribution totaled R$1,465.5 million in the 1Q08, 0.4% less than in the 1Q07, pulled down by the reductions recorded by Light.

• In the 1Q08, EBITDA stood at R$329.9 million, 11.3% down on the 1Q07. CEMAR’s EBITDA moved up 15.3%, with a margin of 39.3, while Light’s fell by 18.5%, chiefly due to lower consumption in its concession

area.

• Distributors posted a 1Q08 net income of R$118.3 million, 4.1% down on the 1Q07

NOR (R$MM) EBITDA (R$MM) Net Income (R$MM)

* 100% of CEMAR’s results + 100% of Light SESA’s results

1,465.51,471.3

1Q07 1Q08

-0.4%

329.9371.9

1Q07 1Q08

-11.3%

118.3123.4

1Q07 1Q08

-4.1%

18

Generation – Light Energia

• Net operating revenues in 1Q08 totaled R$85.7 million, 38.9% up on the 1Q07 due to the 104% upturn in free market sales.

•64% EBITDA growth , thanks to the high spot market prices at the beginning of the year.

• The strong net income growth represents a year-on-year net margin increase of 14.2 p.p.

NOR (R$MM) EBITDA (R$MM) Net Income (R$MM)

85.7

61.7

1Q07 1Q08

38.9%

60.7

37.1

1Q07 1Q08

63.8%28.8

12.0

1Q07 1Q08

141.0%

19

NOR (R$MM) EBITDA (R$MM) Net Income (R$MM)

Energy Trading – Light ESCO

• Net operating revenue in 1Q08 totaled R$ 29.8 million, a hefty 417.0% increase over the 1Q07 . The net revenue share of resold energy has been growing continuously, reaching 93.0% in the quarter, versus 75.4% in the FY07.

• Light ESCO’s EBITDA totaled R$5.4 million in the 1Q08 compared to R$0.7 million in the 1Q07, equivalent to a 691.0 % increase.

•Light ESCO posted a 1Q08 net income of R$3.1 million, a massive 633% up year-on-year. The net margin widened by 4.2 p.p. in the same period.

29.8

5.8

1Q07 1Q08

417.0% 5.4

0.7

1Q07 1Q08

691.0% 3.1

0.4

1Q07 1Q08

632.7%

20

Net Debt (Consolidated)

Net Debt (R$MM)(*) and Net Debt/ EBITDA (LTM) Reconciliation of Consolidated Net Debt (R$MM)

(*) Excluding debts with Braslight

(**) Pro-forma

100% CEMAR + 25% Light

582.0700.4 505.5456.7466.9

0.70.6

0.80.9

1.3

1Q07 (**) 2Q07 (**) 3Q07 (**) 4Q07 (**) 1Q08

183.3

652.8

582.0

1,418.2

Gro ss D ebt N et

R egulato ry

A ssets

C ash and

C ash

Equivalents

N et D ebt

21

Net Debt (Adjusted for Equatorial’s Interests)

(*) Excluding debts with Braslight

(**) Pro-forma

Net Debt (R$MM)(*) and Net Debt/ EBITDA (LTM) Reconciliation of Consolidated Net Debt (R$MM)

65.22% CEMAR + 13.06% Light

208.6 202.0 224.8322.3 263.1

0.5 0.50.6

0.7

1.0

1Q07 (**) 2Q07 (**) 3Q07 (**) 4Q07 (**) 1Q08

108.5

490.2

263.1

861.9

Gro ss D ebt N et

R egulato ry

A ssets

C ash and

C ash

Equivalents

N et D ebt

22

CAPEX

Investments (R$MM) 1Q07 1Q08 % Chg.

CEMAR

Own (*) 31.5 38.8 23.0%

PLPT 35.4 31.3 -11.7%

TOTAL 66.9 70.1 4.6%

Light

Distribution 49.1 86.9 77.0%

Generation 1.9 2.2 13.4%

Energy Trading 0.2 0.1 -50.0%

Administration 5.6 4.0 -29.1%

TOTAL 59.6 93.2 63.9%

(*) Includes indirect investments in the PLPT

• CEMAR invested R$70.1 million in the 1Q08 while Light invested R$93.2 million in the same period.

23

Corporate Restructuring

SHAREHOLDER TOTAL (ON) %

BRASIL ENERGIA 20,343,560 19.26

PCP FUND 38,328,002 36.29

MINORITIES 46,940,078 44.45

TOTAL 105,611,641 100.00

• Concentration of shareholding control in Equatorial: 12/21/07

• Merger of PCP Energia by Equatorial : 02/12/08

• Conversion of preferred shares into common shares: 04/07/08

• Listing on the Novo Mercado: 04/23/08

Shareholding Position on April 30, 2008

24

New Projects - Geranorte

• The BOD on 04/15, approved the proposal to acquire 25% of Geranorte

• The acquisition requires an authorization by ANEEL

• Geranorte is responsible for implanting and operating the Tocantinópolis and Nova Olinda

thermoelectric plants (HFO), located in Maranhão

• The plants have an annual fixed revenue of R$136 MM

• The energy of the plants were contracted at the last A-3 auction

• Geranorte’s plants will be flexible and will only operate once they are dispatched

• The plants are expected to start operations on January 1st, 2010

GERANORTE TOTAL CAPACITYCONTRACTED

CAPACITY

UTE TOCANTINÓPOLIS 165 MW 120 MW

UHE NOVA OLINDA 165 MW 120 MW

TOTAL 330 MW 240 MW

25

Contact

Carlos Piani

CEO

Leonardo Dias

CFO and IRO

Phone 1: +0 XX (98) 3217-2198

Phone 2: +0 XX (98) 3217-2123

E-mail: ri@equatorialenergia.com.br

Website: http://www.equatorialenergia.com.br/ir

26

Disclaimer

This presentation may contain forward-looking statements, which are subject to risks and uncertainties, as they

were based on the expectations of Company’s management and on available information. These prospects include

statements concerning the Company’s current intensions or expectations for our clients; this presentation will also

be available on our website www.equatorialenergia.com.br/ir and also in the IPE system at the Brazilian Security

Exchange Commission – CVM.

Forward-looking statements refer to future events which may or may not occur. Our future financial situation,

operating results, market share and competitive positioning may differ substantially from those expressed or

suggested by said forward-looking statements. Many factors and values that can establish these results are outside

Company’s control or expectation. The reader/investor is prevented not to completely rely on the information

above.

The words “believe", “can", “predict", “estimate", “continue", “anticipate", “intend", “forecast" and similar words, are

intended to identify affirmations. Such estimates refer only to the date in which they were expressed, therefore

Company has no obligation to update said statements.

This presentation does not consist of offering, invitation or request of subscription offer or purchase of any

marketable securities. And, this statement or any other information herein, does not consist of a contract base or

commitment of any kind.