INSTITUTIONAL

PRESENTATION

June, 2012

2

Agenda

►Financial Performance

►Portfolio Overview

►Value Creation

►Company Profile

3

►Financial Performance

►Portfolio Overview

►Value Creation

►Company Profile

Agenda

4

Equatorial Overview

� Holding company with investments in the energy sector, focused on distribution and generation

� Differentiated experience in operating and financial restructuring of companies in the Brazilian energy

sector

� Controlled by PCP Fund, investment vehicle owned by former partners of Banco Pactual

and managed by Vinci Partners.

� Current investments:

• Distribution company in the State of

Maranhão

• 2nd largest distribution company in the

Northeast of Brazil, in terms of

concession area*

• 4th largest distribution company in the

Northeast of Brazil, in terms of billed

energy*

• Annual gross revenues of R$2.6 billion in

2011.

• Company responsible for implementing

and operating the Tocantinópolis and

Nova Olinda thermoelectric plants in the

State of Maranhão

• Fuel: high-viscosity heavy oil.

• Joint installed capacity of 331 MW

• 240 MW of energy sold at the A-3 auction

in 2007.

• Start-up: January 2010

*Source: ABRADEE

RS

SC

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PEAL

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PEAL

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• Electricity trading company and

developer of new products and services

• Broker the purchase and sale of energy

without physical delivery

• Custom of solutions to

satisfy consumers’ specific

needs (consumers and generators)

• Experienced executives and well-

recognized in the trading market

Aug. 2011

Equatorial acquires 51% of

Sol Energias,

energy trader

CEMAR’s acquistion

PCP Fund acquires a controlling stake of

Equatorial

Equatorial’s IPO

Control concentratedin PCP Fund

Incorporation of a controlling stake of

Light

Equatorial migrates to the “Novo Mercado”

Acquisition of 25% of Geramar

FIP PCP sells its indirect stake in

Light

Equatorial’s spin off

Equatorial’s History

May. 2004 Mar. 2006 Abr. 2008 Out. 2008Abr. 2010

Dez. 2009 Abr. 2010 Ago. 2011Apr. 2006 Dec. 2007 Feb. 2008 Abr. 2008 Oct. 2008 Dec. 2009 Apr. 2010 Aug. 2011 Feb. 2012

Equatorial acquires 50% of

Vila Velha

Termoelétricas, a

pre-operationalcompany

6

Ownership Structure – Current

• Total no. of shares:

• Share price*:

• Free float:

• ADTV90:

109,611,778

R$ 15.00

46.5% / R$764 MM

R$ 3.579 MM

*On 30/06/12ADTV90 represents the average volume traded in the past 90 days

Vila Velha Termoelétricas

EquatorialEnergia

Other ProjectsGeramarCEMAR

PCP Latin America Power

53.5%

65.1% 25%

Equatorial Soluções

Minorities

46.5%

100%

51%

Sol Energias

50%

7

Corporate Strategy

CEMAR

� Increased returns through outstanding financial andoperating performance

Consolidation ofdistributors in Brazil and

Latin America

� Acquistion of full or shared control

� Added value through financial and operational restructuring, synergygains and loss reduction

Geramar and otherinvestments in generation

� Brazil’s investment needs in generation over the next few years willcreate growth opportunities for Equatorial.

� Geramar thermal plants present an above average rate of return

8

Firmino Sampaio

CEO

• CEO of Eletrobrás (1996-2001), CEO and CFO of COELBA (1984-1996)

• Former member of the boards of directors of Furnas, Itaipu Binacional, CHESF, Eletrosul, Gerasul, CEMIG, ENERSUL, CEMAT and Light

• Degree in Economics at the Federal University of Bahia and postgraduate degree in Industrial Planning at SUDENE/IPEA/FGV

Management

• CEO of Equatorial from March, 2007 until April, 2010. CFO of CEMAR (2004-2006) and CEO of CEMAR (2007-2010). Currently, he is a partner of Vinci Partners.

• Worked for 6 years at Banco Pactual in the Principal Investments and Corporate Finance divisions

• Degree in Computer Science at PUC-RJ and in Business Administration at IBMEC. CFA chartered by CFA Institute in 2003. Concluded the Owner andPresident Management Program of Harvard Business School in 2008

Carlos Piani

Chairman of the Board ofDirectors

Eduardo Haiama

CFO & IRO

Tinn Amado

Regulatory AffairsOfficer

Management is composed by professionals with substantial experience in the financial, operational and regulatory areas

• CFO and IRO of Equatorial since 2008. IRO of CEMAR since 2008.

• Between 2004 and 2008, Mr. Haiama worked at Banco UBS Pactual on the equities’ research team as senior analyst of the utilities segment.

• Degree in Electric Engineering at USP – University of São Paulo (Escola Politécnica) and MBA at Duke University. CFA chartered by CFA Institute in 2004

• Regulatory Affairs Officer of Equatorial since April 2008 and of CEMAR since August 2006

• Consulting partner of Amado Consultoria, providing advisory services in economic regulation, also worked at ANEEL for 3 years as an analyst for the Distribution Service Regulation Department

• Degree in Electrical Engineering at the Federal University of Itajubá (UNIFEI) and a Master’s degree in Regulation and Protection of Fair Trading at Brasília University (UnB)

Ana Marta Horta Veloso

Officer

• Officer of Equatorial since November 2008.

• Worked as an executive at Banco UBS Pactual S.A., from 2006 untill 2008 . Before joining Pactual, she worked for 12 years at the Brazilian Development

Bank (BNDES), where she held several executive positions, mostly in the capital market area.

• Degree in Economics at the Federal University of Minas Gerais (UFMG) and Master’s degree in Industrial Economics at the Federal University of Rio de Janeiro (UFRJ).

9

Vinci Partners

PRIVATE EQUITY PUBLIC EQUITIES MULTIMARKET

• In 2001, Banco Pactual created a Principal Investment Unit to manage the partnership’s excess capital and diversify its investments;

• In 2006, with the sale of Banco Pactual to UBS, part of the proceeds from the sale was reinvested in the Principal Investment Unit, which was renamed PCP;

• In 2009, with the sale of Pactual to BTG, Vinci Partners was created, an independent asset management, composed by Pactual’s ex-partners;

• Today, Vinci has almost US$ 3.0 billion under management (75% own capital), investing in Private Equity, Public Equities and Multimarket Funds.

History

PCP Fund

LONG TERM MEDIUM TERM SHORT TERM

10

Agenda

►Financial Performance

►Portfolio Overview

►Value Creation

►Company Profile

11

Since 2004, Equatorial has been presenting an excellent financial performance.

Net Operating RevenuesR$ million

EBITDA (R$ million)

Financial Performance

(*) As from 2010, all values are according to IFRS

526 629810 879 999 1,148

1,756 1,912

524 545

1,358 1,347

2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12 2Q12

CEMAR Light Geramar Equatorial Soluções

2,346 2,506

36

1,799

1,981

39

571

11-S10-G 10-G

16-S

546

85189

341 379 416 470 500 482

130 119

287368

2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12 2Q12

CEMAR Light Geramar

784 757

504 24

510 29

1333 7 125

2004 2005 2006 2007 2008 2009 2010 (*) 2011 1Q12 2Q12

Net Revenue 526 629 810 879 2,346 2,506 1,799 1,981 546 571

EBITDA 85 189 341 379 784 757 510 504 133 125 % EBITDA 16% 30% 42% 43% 33% 30% 28% 25% 24% 22%

12

Distributions to Shareholders/Net IncomeR$ million

Financial Performance

* 2008 figure includes R$82 million in Capital Reduction

(*) The dividends for the fiscal year 2011 were submitted to AEGM to be held on March 19, 2012.

2004 2005 2006 2007 2008 2009 2010 2011

Payout 0% 24% 90% 99% 95% 25% 104% 32%

Dividend Yield N/A N/A 10% 13% 27% 3% 18% 4%

-

108

151

50 - -

123

229

119

153

189160

48 48

284

197

54

51

207

300

2004 2005 2006 2007 2008 2009 2010 2011 1T12 2T12

Dividends Net Income

51

2004 2005 2006 2007 2008 2009 2010 2011 1Q12 2Q12

Consolidated Dividends (R$ MM) - 54 108 151 284 51 197 50 - -

CEMAR - 54 108 112 91 58 200 94 (*) - -

Light - - - 27 111 56 - - - -

Capital Reduction (holding) - - - - 82 - - - - -

Net Income (R$ MM) 123 229 119 153 300 207 189 160 48 48

CEMAR (31) 234 116 117 148 129 279 248 48 43

Geramar - - - - - - 6 11 0.1 3.5

Equatorial Soluções - - - - - - (1) - - 1

Light - - - - 130 79 - - - -

13

Consolidated Net Debt and Net Debt/EBITDA (*)R$ million / Times

Improved operating performance and financial restructuring led to a significant reduction in leverage,

Financial Performance

(*) Consolidated (65.1% CEMAR, 25.0% Geramar and 13.03% Light). Light is no longer consolidated as from 2010.

751

5

749684

499689

77

402

198221

2.12.1

1.41.51.6

0.90.30.0

1.6

4.0

2004 2005 2006 2007 2008 2009 2010 2011 1Q12 2Q12

14

Financial Performance

made a longer debt amortization schedule possible…

Debt Amortization Schedule - R$ MM

1,538.5

401.6

118.2

165.5

158.7

141.1

553.2

103.3

-

-

-

-

103.3

Gross Debt Shor t Term 2013 2014 2015 2016 After 2016

CEMAR

Geramar

Short Term 2013 2014 2015 2016 After 2016 Total

CEMAR 1,539 402 118 166 159 141 2,524

Geramar 103 - - - - 103 207

Total 1,642 402 118 166 159 244 2,730

15

Investments

Investments - R$ MM

and a significant increase in investments.

2004 2005 2006 2007 2008 2009 2010 2011 1Q12

CEMAR 70 232 306 394 465 419 399 497 118

Light - - - - 137 141 - - -Geramar - - - - 24 107 16 0.4 0.2

Total 70 232 306 394 626 667 415 497 119

306

394

465

118 138

137141

232

419

399497

70

24 107

16

0.4

0.2

2004 2005 2006 2007 2008 2009 2010 2011 1Q12 2Q12

CEMAR Light Geramar

16

Agenda

►Financial Performance

►Portfolio Overview

►Value Creation

►Company Profile

17

47%

20%

23%

10%

88%

5%

7%

0.5%

Residential Commercial Industrial Others

CEMAR: Highlights

MA

� Distribution company in the State of Maranhão

� 1.9 million clients (4th largest in the Northeast region)*

� Billed energy (2011): 4,372 GWh (5th largest in the

Northeast)*

� Annual gross revenues of R$ 2.6 billion in 2011.

Energy Sales (2011)

Clients (2011)

1.9 million

4,372 GWh

*Source: ABRADEE

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18

CEMAR: History

CEMAR under control ofEquatorial

1958-Jun. 2000

Aug.2000-Aug.2002

Aug.2002-May2004

May 2004-Present

State owned

CEMAR under PPL Global’scontrol

ANEEL’s intervention

CEMAR under control ofEquatorial

19

CEMAR: Ownership Structure

CEMAR

OthersEquatorial EnergiaEletrobras

65.1% 1.3%33.6%

20

Tariff Review Results

CEMAR 2005 2009

Gross RAB 1,756 2,247

Net RAB 836 1,121

Reference Company 217 265

Regu latory Depreciation 68 102

Regu latory EBITDA 157 271

Regu latory Losses 28.0% 25.6%

Deliquency Rate 0.5% 0.9%

X Factor 1.19% 1.06%

*All values are nominal and in R$ million.

21

CEMAR: Distribution

• 1.9 million clients in 217 municipalities, covering

the whole state of Maranhão (total area 333,000

km²)

• Energy sales reached 1,201 GWh in 2Q12,

12.5% higher than in 2Q11.

• In 2Q12, energy losses represented 20.4% of

required energy, 0.3 p.p. less than the 20.7%

recorded in 1Q12.

• Service quality has been presenting positive

evolution. Since 2004, DEC and FEC indices

have dropped 65.8% and 70.5%, respectively.

• More than 307.3 thousand clients connected by

the Light for All Program.

2004 2005 2006 2007 2008 2009 2010 (***) 2011 (***) 1Q12 2Q12

Energy Sold GWh 2,593 2,793 2,917 3,223 3,347 3,566 4,146 4,372 1,119 1,201

Net Revenues R$ MM 495 665 810 879 999 1,148 1,756 1,912 524 545

PMSO R$ MM 127 126 129 126 139 171 245 299 78 80

PDA + Contingencies R$ MM 47 20 14 30 32 33 68 42 14 15

EBITDA R$ MM 93 189 341 379 415 470 500 482 130 119

Net Income R$ MM (31) 359 177 222 227 198 279 248 79 66

Dividends R$ MM - 85 165 172 140 58 200 94 - -

Net Debt R$ MM 362 305 291 421 673 768 759 919 996 1,024

Net Debt / EBITDA times 3.9 1.6 0.8 1.1 1.6 1.6 1.5 2.0 2.0 2.0

Clients '000 1,161 1,254 1,349 1,438 1,535 1,688 1,822 1,939 1,968 1,985

PMSO/Client R$/Client 109 101 95 88 90 101 134 154 40 40

EBITDA/Client R$/Client 80 150 253 264 270 278 274 249 66 60

DEC (*) Hours/Year/Client 63.4 54.6 42.6 28.7 27.3 23.6 21.8 21.4 23.7 21.7

FEC (*) Times/Year/Client 39.3 32.9 24.6 19.8 16.8 15.2 14.1 11.6 12.1 11.6

Total Losses (*) % 29.9% 29.5% 29.8% 28.7% 28.9% 25.2% 22.0% 21.0% 20.7% 20.4%

CAPEX R$ MM 45 103 137 199 278 239 197 322 74 138

PLPT (**) R$ MM 25 129 169 195 187 180 202 175 45 37

(*) Last 12 months

(**) Light For All Program

(***) Values according to IFRS

22

CEMAR: Energy Losses

Non-technical Losses over Low-Voltage Market

(last 12 months)

30.4%29.0%

30.6% 29.9% 30.0%28.7%

27.3%

15.7% 15.2% 15.4% 15.3% 15.3% 15.2% 14.9%

23.7%

21.5%

19.5%

15.7%15.9%

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Non-technical Losses

18.9%

Regulatory Target

(from Aug-11 until Jul-12)

Total Losses over Required Energy

(last 12 months)

28.7%28.1%

28.9% 28.6% 28.9% 28.5% 28.1%

22.2% 22.0%21.6% 21.4% 21.2% 21.0% 20.7% 20.4%

26.4%

25.2%24.2%

22.2%

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

Total Losses

23.1%

Regulatory Target

(from Aug-11 until Jul-12)

23

CEMAR: DEC/FEC 2011 Evolution Comparison

Bet

ter

DEC (hours)

10064

5546

424242

382929

27242323222221

1716161515

129

CELPACEMAR 2004CEMAR 2005ELETROACRCEMAR 2006

CELTINSCEPISACERONCEMAT

CEMAR 2007CEMAR 2008CEMAR 2009

COELBACEALCELG

CEMAR 2010CEMAR 2011

CELPECEB

CHESPSULGIPECOSERN

ENERSULCOELCE

FEC (times)

5345

4039

3330

2926

2521

2019

1717

151414

1312

109

87

6

CELPAELETROACR

CHESPCEMAR 2004CEMAR 2005

CEPISACERON

CELTINSCEMAR 2006

CEMATCEMAR 2007

CELGCEMAR 2008

CEALCEMAR 2009

SULGIPECEMAR 2010

CEBCEMAR 2011

COELBACOSERN

ENERSULCELPE

COELCE

24

CEMAR: Accident Index – Total Workforce 2010

Bet

ter

Severity Index

35

46

53

65126

153

159

189

322

635

646

693

703

894

1.010

1.069

1.230

1.343

1.487

1.698

1.842

1.985

2.065

2.086

2.099

2.159

2.204

2.207

2.510

2.5342.794

2.918

3.329

3.379

4.591

ENERGISA SECOELCEAMPLAELEKTROCEBRGECOSERNCEEEELETROPAULOCELGCEMAR 2007CEMAR 2008LIGHTCEMIGESCELSACEMAR 2005COELBACPFLCEMAR 2009BANDEIRANTECOPELCPFLCELESCENERGISA PBAMAZONASCEMATENERSULCEMAR 2010CEMAR 2004CEPISACELPECEMAR 2003CELTINSCELPACEMAR 2006

Frequency Index

1,0

1,1

1,2

1,2

1,4

1,8

1,9

2,0

2,1

2,2

2,5

2,8

2,9

3,5

3,9

4,2

4,3

4,3

4,4

4,6

4,7

4,7

5,0

5,0

5,6

5,7

6,0

6,2

7,3

7,6

8,0

9,1

12,2

12,6

15,7

CEMAR 2007CEMAR 2009CEMAR 2008ELEKTROCEMAR 2010CEMAR 2005CEMAR 2006AMPLACPFL PIRAT.CEEEELETROPAULOCEMIGCOELBAESCELSALIGHTBANDEIRANTECOELCECEMAR 2004COPELCPFL PAUL.AMAZONASCEPISACEBRGECELPEENERGISA SEENERSULCELGCOSERNCEMAR 2003ENERGISA PBCELESCCELPACELTINSCEMAT

25

Geramar: Ownership Structure

GNP

Geramar

Ligna

50%

25%

Servtech

EquatorialEnergia

Fundo de Investimento em

Participações Brasil

50%

25%50%

26

Geramar: Highlights

• Two thermoelectric power plants fueled by high-viscosity heavy oil.

• Location: Miranda do Norte, Maranhão.

• Joint installed capacity of 331 MW.

• 240 MW of energy sold at the A-3 auction in 2007.

• Total fixed annual revenue (for both plants) of R$ 136 million* (in R$ of 2007), during 15 years.*Revenues adjusted by inflation (IPCA)

• Start-up: January of 2010

• Total CAPEX: R$ 550 million.

• Equatorial’s share of CAPEX (25%): R$137 million. Equity = approximately R$45 million.

27

Agenda

►Financial Performance

►Portfolio Overview

►Value Creation

►Company Profile

28

Financial strength and solid management team with turnaround experience

Growth prospects and consolidation opportunities

Result-oriented management model

High level of

Corporate Governance

Agenda

29

Firmino SampaioCEO

Eduardo HaiamaCFO and IRO

Thomas NewlandsIR Analyst

Phone 1: 55 21 3206-6635Phone 2: 55 21 3206-6607

E-mail: ir@equatorialenergia.com.br

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

Contacts

30

► 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.

► 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 estimates. Such estimates refer only to the date in which they were expressed, therefore the 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.

Disclaimer