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1Q13 Earnings Release

Rio de Janeiro | May, 2013

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.

2

1Q13 HIGHLIGHTS & SUBSEQUENT EVENTS

3

E.ON signs definitive agreements to acquire 24.5% of MPX from Eike Batista at R$10/share

Subsequent R$ 1.2 billion capitalization of the Company through a primary public offering of at least R$1.2 billion

JV MPX-E.ON will be reintegrated to MPX at book value

Capacity in operation reaches 1,396 MW

Volume of energy sold: 1,363 GWh

Consolidated net revenues: R$ 196.1 million in 1Q13 +159.2% in relation to 1Q12

Conclusion of acquisition of TPP MC2 Nova Venécia, with 176 MW, and transfer of the project to Parnaíba

Agreement with Kinross for implementation of 56 MW gas-fired thermal project in the Parnaíba Basin

4

Amapari Energia

Parnaíba I, II, III & IV

Exploratory Blocks

Itaqui

Pecém I & II

Tauá

• Total Capacity: 360 MW• MPX Ownership: 100%• Start-up: 02/05/2013

• Total Capacity: 23 MW• MPX Ownership: 51%• Operating since 2007

• Risked prospective resources: 11 Tcfs

• Current gas production: 4.1 million m3/day

• Total Capacity: 1 MW• First Solar plant in Latin America

• Parnaíba I: 676 MW MPX Ownership : 70% Operating full capacity since april

2013

• Additional capacity under construction:

Parnaíba II: 517 MW Parnaíba III: 176 MW Parnaíba IV: 56 MW

• Pecém I: 720 MW MPX Ownership : 50% Turbine 1 – Start-up: 12/01/12 Turbine 2 – Start-up: 2Q13

• Pecém II: 360 MW MPX Ownership : 100% Start-up: 2Q13

POWER PLANTS IN OPERATION AND UNDER

CONSTRUCTION

DISCOVERIES

Fazenda Chicote accumulation - Net pay: 66 mFazenda

Santa Isabel accumulation – Net pay: 24 m

São Raimundo accumulation – Net pay: 27 m

3 rigs operating simultaneously: 2 focused on exploration

and 1 completion rig on the production development

GAVIÃO REAL

Beginning of commercial production in Jan/13

Current gas production: 4.1 million m3/day

GAVIÃO BRANCO

Declaration of commerciality presented to ANP

Total estimated volume in place between 0.2 and 0.5 Tcf5

PARNAÍBA BASIN: NATURAL GAS E&P

FINANCIAL HIGHLIGHTS

7

NET OPERATING REVENUES

1Q12 1Q13

75.7

196.1

159.2%

Net Revenues (R$ MM) Consolidated Net Operating Revenues : R$ 196.1 MM in 1Q13.

Itaqui: R$ 129.6 MM.

Parnaíba I: R$ 57.5 MM from turbines 1, 2 and 3 as the following

schedule from commercial operation:

Net Operating Revenues - Itaqui

Commercial generation 46.7

Fixed Revenue 29.0

Variable Revenue 17.7

Pass-through of the energy acquisition cost 82.9

Total Net Operating Revenues 129.6

Parnaíba I Commercial Operation

1st turbine 02/01/13

2nd turbine 02/20/2013

3rd turbine 03/29/2013

OPERATING EXPENSES

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Operating Expenses: - 36.9% vs. 1Q12

Personnel: - 24.3%, highlighted by:

Optimization of the corporate structure (-R$ 4.3 MM)

Non-cash expenses related to outstanding stock options plans (-R$

2.3 MM)

Outsourced Services: -45.1%, highlighted by:

Shared services in the parent company (-R$ 2,4 MM)

Legal and technical consulting expenses (-R$ 1.8 MM)

Spin-off of Colombian mining assets (-R$ 6.8 MM)

Leases and Rents: -60.0%, highlighted by:

Real estate rental in the parent company (-R$ 0.9 MM)

Spin-off of Colombian mining assets (-R$ 1.5 MM)

1Q12 1Q13

61.9

39.0

Consolidated Operating Expenses (R$ MM)

- 36.9%

1Q12 1Q13

33.6

23.7

Parent Operating Expenses (R$ MM)

- 29.4%

ITAQUI

Gross generated energy : 267.5 MWh

Energy sold: 227.3 MWh

Itaqui Adjusted EBITDA: R$ 37.3 MM

Exclusion of non-recurring revenues and

expenses

• Fixed Revenue adjusted to reflect the plant’s full

360 MW capacity

• Revenues and costs related to energy acquisition

eliminated

• Consumption of diesel and coal costs adjusted so

as to reflect steady state operational standards

Itaqui Income Statement    

(in million of R$) 1Q13 Adjusted 1Q13

Gross Generated Energy (GWh) 267.5 267.5

Energy Sold (GWh) 227.3 227.3

Gross Revenues 143.7 72.0

Fixed Revenues 32.2 46.4

Variable Revenues 19.6 19.6

Revenues with Pass Through of Energy Acquisition

91.9 -

Deductions from Gross Revenue (14.0) (7.0)

Net Operating Revenue 129.7 65.0

Operating Costs (221.3) (24.0)

Costs with Energy Acquisition (164.9) -

Cost of Coal (19.0) (10.7)

Cost of Diesel Oil (24.7) (0.5)

Other Costs (12.8) (12.8)

Operating Expenses (3.6) (3.6)

EBITDA (95.3) 37.3

EBITDA Margin (%) -73.5% 57.5%

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PECÉM I (50%)

Gross generated energy : 496.4 MWh

Energy sold: 427.1 MWh

Pecém I Adjusted EBITDA: R$ 32.3 MM

Exclusion of non-recurring revenues and expenses

• Fixed Revenue adjusted to reflect only 1 turbine (360

MW)

• Revenues and costs related to energy acquisition

eliminated

• Consumption of diesel and coal costs adjusted steady

state operational standards

Pecém I (50%) Income Statement    

(in million of R$) 1Q13Adjusted

1Q13

Gross Generated Energy (GWh) 496.4 496.4

Energy Sold (GWh) 427.1 427.1

Gross Revenues 116.1 58.9

Fixed Revenues 35.7 35.7

Variable Revenues 23.3 23.3

Revenues with Pass Through of Energy Acquisition

57.2 -

Deductions from Gross Revenue (12.4) (6.3)

Net Operating Revenue 103.8 52.7

Operating Costs (173.6) (18.5)

Costs with Energy Acquisition (135.5) -

Cost of Coal (21.5) (6.5)

Cost of Diesel Oil (5.0) (0.4)

Other Costs (11.5) (11.5)

Operating Expenses (1.9) (1.9)

EBITDA (71.7) 32.3

EBITDA Margin (%) -69.1% 61.3%

Depreciation and Amortization (8.0) (8.0)

EBIT (79.7) 24.3

Net Financial Income (14.4) (14.4)

Other Revenues/ Expenses - -

Current and Deferred Taxes 32.0 32.0

NET INCOME (62.1) 41.9

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OGX MARANHÃOGrowing operating margins

Operations started in Jan/13 at the Gavião Real field, supplying gas for 1st

turbine of Parnaíba I OCGT

EBITDA margin of ~ 49% reflects the asset’s profitability

OGX Maranhão (100%)  

(in thousand of R$) 1Q13 

Operating Period(1) 68 days

Gas Production - in MMm3 (2) 83.5

Gross Revenue(3) 39,279

Deductions from Gross Revenues(4) (4,522)

Net Revenues 34,757

Production Costs (3,597)

Royalties, Special Part. and Government Part. (2,718)

General and Administrative Expenses (6,317)

Exploration Expenses (5,010)

EBITDA 17,115

(1) Date of closing for book values: 25th day of the month.

(2) Gas production related to OGX Maranhão’s participation in the blocks (70%).

(3) Gross revenues comprised of revenues from gas sales and revenues from lease of the GTU.

(4) Deductions from Revenues: taxes such as PIS/COFINS/ICMS.

jan/13 feb/13 mar/13

-

59.2% 60.6%

EBITDA Margin (%)

jan/13 feb/13 mar/13

3.6

35.4

44.5

Average Gas Production (MMm3)

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CAPITAL EXPENDITURES

12

Additionally in 4Q12, MPX invested R$ 9.7 million in the exploratory campaign in the Parnaíba Basin and in the development

of the Gavião Real and Gavião Branco fields.

According to the new accounting standard, the Consolidated Capital Expenditures does not contemplate Pecém I.

(R$ million)  1Q13   4Q12

Project Capex Interest

Capitalized

 Capex

Interest Capitalized

Itaqui 65.7 13.7   99.7 39.7

Pecém II 54.0 24.0   23.2 21.7

Parnaíba I 60.7 6.7   117.5 29.5

Parnaíba II 125.2 13.7   107.1 14.2

Total 305.6 58.1   347.5 105.1

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Debt Maturity Profile (R$ million)

INDEBTEDNESS

Note: Values incorporate principal + capitalized interest + charges and exclude outstanding convertible debentures.

R$ billion Mar/13

Gross Debt (R$ MM) 5.5

Net Debt (R$ MM) 5.1

Average Cost (%) 8.3 

Average Tenure (years) 5.0

Dívida de Curto Prazo (2013):

R$ 740.1 million refer to outstanding bridge-loans to Parnaíba I & II power plants -

> to be paid-off with draw down from long-term financing.

R$ 204.5 million refer to debt amortization for Pecém II, Itaqui and Parnaíba I

Cash & Cash Equivalents

2013 2014 2015 2016 From 2017 on

364.7

2,342.0

208.8 234.2 239.1

2,435.8

1,498(27%)

3,962(73%)

Working Capital Project Finance

For more information, contact:Investor Relations (55 21) 2163-9215

ri.mpx@mpx.com.br