1

4Q08 Results

2

Disclaimer

This presentation may include forward-looking statements of future events or results according to regulations of the Brazilian and international securities and exchange commissions. These statements are based on certain assumptions and analysis by the company that reflect its experience, the economic environment and future market conditions and expected events, many of which are beyond the control of the company. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the company’s business strategy, Brazilian and international economic conditions, technology, financial strategy, public service industry developments, hydrological conditions, financial market conditions, uncertainty of the results of future operations, plans, objectives, expectations and intentions, among others. Considering these factors, the actual results of the company may be significantly different from those shown or implicit in the statement of expectations about future events or results.

The information and opinions contained in this presentation should not be understood as a recommendation to potential investors and no investment decision is to be based on the veracity, current events or completeness of this information or these opinions. No advisors to the company or parties related to them or their representatives shall have any responsibility for whatever losses that may result from the use or contents of this presentation.

This material includes forward-looking statements subject to risks and uncertainties, which are based on current expectations and projections about future events and trends that may affect the company’s business. These statements include projections of economic growth and energy demand and supply, as well as information about the competitive position, the regulatory environment, potential opportunities for growth and other matters. Several factors may adversely affect the estimates and assumptions on which these statements are based.

3

Highlights of 4Q08

█ Consolidated net operating revenue amounted to R$ 1,189.2 million in 4Q08, 9.1% higher than 4Q07

█ Manageable expenditures before depreciation and amortization down 18% in comparison with 4Q08, dropping for the fourth quarter in a row

█ 4Q08 EBITDA reached R$ 306.0 million, an increase of 96.5% in comparison with 4Q07

█ EDP Energias do Brasil records Net Income of R$ 119.0 million in 4Q08, 51% higher than 4Q07

█ Dividends/interest on shareholders’ equity totaled R$ 1.66 per share, 30.1% up on 2007

█ Capital expenditures amounted to R$ 577.5 million in 4Q08, 112.3% more than in the same period last year

Generation

5

6.411

1.476 1.863

5.568

12M07 12M08 4Q07 4Q08

EBITDA

(R$ MM)

Net Income*

(R$ MM)

Net Revenue

(R$ MM)

597

791

184 224

12M07 12M08 4T07 4T08

442570

130 148

12M07 12M08 4Q07 4Q08

224

288

81 95

12M07 12M08 4Q07 4Q08

+21.8%

+32.5%

+28.9%

+14.3%

+28.5%

Generation performance reflects the conclusion of the asset swap operation

* D

oe

s n

ot

co

nsid

er i

ntr

a-g

roup

elim

ina

tion

s

+15.1%

+26.2%

Volume of Energy Sold

(GWh)

+16.8%

6

Installed Capacity

(MW)

Projects concluded since the IPO

Projects under construction

50 25

29 25** 360

2.116

516

452

1.043

2009 2009and2010

2011

Expected Start-up

2005 PeixeAngical HPP

4th Engine Mascarenhas

São João SHP

2007 Santa Fé Repowering PecémTPP

2012Additional CapacitylLajeado

* It corresponds to the EnBr’s 45% stake at EDP Renováveis Brasil** Mascarenhas, Suíça and Rio Bonito

2008

Cenaeel

1.6961.702 1.702

2008

653*

653

6*

2008

A 63% growth in installed capacity in 2008 and projects under construction guarantee a 24% growth until 2012

Distribution

8

Excluding Enersul’s figures, the Volume of Distributed Energy to final clients recorded an increase

Volume of Distributed Energy

(GWh)

Bandeirante EnersulEscelsa

12M07 12M08 4Q07 4Q08

25,029

6,42853%

13%

52%

34%

34%

24,408

5,40456%

9%

35%

62%

38%

-2.5%

-15.9%

13%

Quarter Year

Energy Sold to Final Customers 3.5% 4.9%

Energy in Transit -12.6% -2.2%

Distributed Energy -3.0% 2.1%

Excluding Enersul's figures:

The decline in transit volume had no impact on TUSD revenue generated by Bandeirante and Escelsa, since this revenue is contractually enshrined in the demand agreement signed with free customers in line with Aneel Resolution 456

9

... financial performance in 4Q08 was positively impacted by tariff readjustments

Net Revenue

(R$ MM)

EBITDA

(R$ MM)

Net Income*

(R$ MM) █ In 4Q08, the reduction of manageable expenditures improved EBITDA and Net Income

█ 4Q07 was negatively affected by the reduction in Enersul’s RAB

37%

12M07 12M08 4Q07 4Q08

3.916

51%

31%

18%

3.955

891 886

52%

33%

15%

57%36%

7%

61%39%

+1.0%

56%

55%

45%

* Does not consider intra-group eliminations

-0.5%

37%

302 365

44

10956%

33%

11%

55%

45%

+143.9%

21.0%

12M07 12M08 4Q07 4Q08Bandeirante EnersulEscelsa

679

3161%

37%

1%

50%

34%

16%801

171

56%

44%

+449.0%

+17.9%

12M07 12M08 4Q07 4Q08

10

~ 69 thousand inspections undertaken and 27,2 thousand frauds detected in 4Q08

~ R$ 5,0 MM in recovered revenues

The level of commercial losses presents a reduction of 0.4 p.p. in comparison with December 2007

Commercial Losses (%)*

Total Energy Losses

EscelsaBandeirante ENBR

5.25.65.85.66.0 5.45.65.75.55.85.55.75.55.7 5.7

6.3% 6.4% 6.6% 6.6%

5.6% 5.4%

6.2%

5.5%5.8% 5.7%

12.0% 12.1%

Technical Commercial* 12-month average. For Bandeirante, historical numbers were restated accordingto Aneel’s new criteria

11.9% 12.2%

Sep08Jun08Mar08Dec07 Dec08

Sep08Jun08Mar08Dec07 Dec08

12.0%

Sep08Jun08Mar08Dec07 Dec08 Sep08Jun08Mar08Dec07 Dec08

-0.2 p.p. -0.2 p.p.-0.4 p.p.

Commercialization

12

4Q08 volume reflects the growth in short term sales and a different monthly distribution of contracts against 4Q07

Energias do Brasil Group Companies

Others

Volume of Commercialized Energy

(GWh)

6,527

1,669 1,805

6,374

11637

814 755

7,188

1,706

12M07 4Q0812M08 4Q07

7,282

1,921

+12.6

+1.3

13

618772

153 198

12M07 12M08 4Q07 4Q08

Higher volumes and average selling prices improved the quarter performance

Net Revenue

(R$ MM)

+28.9%

EBITDA

(R$ MM)

Net Income

(R$ MM)

47 51

8 12

12M07 12M08 4Q07 4Q08

34 36

7 9

12M07 12M08 4Q07 4Q08

+25.0%+8.7%

+5.5%

+23.3%

+42.6%

Consolidated Financial Performance

15

4,528 4,904

1,090 1,189

12M07 12M08 4Q07 4Q08

Consolidated financial was positively impacted by the performance of all Group businesses

Net Revenue

(R$ MM)

EBITDA

(R$ MM)

1,1231,363

156306

12M07 12M08 4Q07 4Q08

+8.3% +21.4%

+96.5%

450

79118

12M07 12M08 4Q07 4Q08

Net Income

(R$ MM)+15.1%

389

Adjusted by Enersul’s additional goodwill amortization

518

+50.6%

+9.1%

16

Manageable expenditures dropped for the fourth quarter in a row

4T07 4T08 ∆%

Personnel 82.8 50.0 -39.6%

Material 11.3 19.2 70.0%

Third Party Services 100.5 81.6 -18.8%

Provisions 26.9 27.0 0.2%

Others 27.4 26.1 -4.8%

248.9 203.9 -18.1%

Depreciation and amortization 77.3 75.0 -2.9%

Total 326.2 278.9 -14.5%

Manageable Expenditures (R$ MM)

Third Party Services

- Reduction in conservation and maintenance, mainly due to the exclusion of Enersul

- Effects of operating efficiency programs and support activities

- Reduction in business consultancy fees for strategic projects

Personnel

- R$ 18,1 MM related to reduction in payroll expenses and overtime working with the elimination of Enersul

- R$ 11,8 MM referring to reversal of a provision in December 2008 at Bandeirante, due to an actuarial recalculation

IGPM: 9.8%

17

Financial result presented increase in the period

█ Factors contributing to the variation in net financial results were:

- a reduction derived from a monetary adjustment of regulatory assets, due to changes in

Aneel’s calculation methodology to attend tariff recovery besides the divestment of Enersul;

- present value adjustments of long-term accounts receivable installments;

- market to market of financial instruments previously booked according to accounting principles

Financial Result (R$ MM)

4Q07 4Q08 ∆ %

Financial Income 42.7 52.8 23.7%

Financial Expenses (213.1) (251.6) 18.1%

Net Forex Result (4.4) 2.1 n.d.

Foreign Exchange Rate Variation 3.0 (21.9) n.d.

Swap - net result (7.5) 24.0 n.d.

TOTAL (174.8) (196.8) 12.6%

18

Dívida Bruta por Indexador Dez/08

The Group has a low leverage and low FX exposure

2,3911,6801,9571,879

1,702

2,345

1.81.4

1.71.8

3.0

1.9

0

1,000

2,000

012345

Net Debt/EBITDA (x)

Net Debt Evolution

(R$ MM)

200620052004 2007

Net DebtNet Debt/EBITDA

Debt Maturity Schedule

551.5471.4 469.6

332.5

735.7

1,088.3

Cash andCash Equiv.

(Dec/08)

2009 2010 20122011 After2012

Sep08

Gross Debt Breakdown

(Dec/08)

TJLP

6%

Dec08

6%

50%

Dollar

* Includes CDI and IGP-M

Floating Rates *

Fixed RatesLong-Term

2,009 1,680

2,391

Short-Term

1,088

(552)

(155)

Gross Debt Dec.08 (-) Cash and Marktable Securities

(-) Regulatory Asset and Liabilities

Net Debt Dec.08 Net Debt Sep.08

38%

3,097

19

Estimated Investments - (R$ MM)

Higher trend to reinforce the Capex to generation projects

Capex without Universalization (R$ MM) Universalization Investimentos - (R$ MM)

556293394

106679

595

2008E12M08Distribution Generation

989 972

12M07

662

81 85

128

12M07 12M08 2008E

39% 31%38%

30% 38%

8%

31%

45%

25%

5% 2%6%

4% 1% 0%

2008 R 2009 2010

Pecém Others Distribution Repowering Santa Fé

1,076 1,0071,180

39% 31%38%

30% 38%

8%

31%

45%

25%

5% 2%6%

4% 1% 0%

2008 R 2009 2010

Pecém Others Distribution Repowering Santa Fé

1,076 1,0071,180

20

R$1.66

R$0.92 R$1.03

R$1.28

50%50%46%40%

2005 2006 2007 2008Dividend/ interest on equity Payout

2008 distribution of dividends was adjusted for the additional amortization of Enersul goodwill

Dividend per share (R$) and Pay-Out

Dividend per share: +30.1%

Dividend yield: 7.3% (1)

(1) Reference date: March 02, 2009

█ Factors that increased the dividend per share:

- cancellation of shares on treasury referent to the 1st repurchase of shares program

- 2º repurchase of shares program

- withdrawal rights

67%*

* Pay-out over the net income

21

Stock Performance in the twelve months of 2008

Market Capitalization: R$ 3.7 billion*

IBOV = -41.2% IEE = -11.6%ENBR3 = -18.2%

ENBR3 x Indexes Performance Base 100: 2008

40

50

60

70

80

90

100

110

120

130

Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08

0

20,000

40,000

60,000

80,000

100,000

22

From 2004 to 2008, Group delivered EBITDA average annual growth 14% and equalize its assets portfolio de ativos with growth in generation

808956 974

1123

2004 2005 2006 2007 2008

EBITDA

(R$ MM)

Adjusted CAGR +14.0% 4%

EBITDA Breakdown

(R$ MM)

80%

5%

15%

56%

40%

2004 2008

DistributionGeneration Commercialization

1.363

Investor RelationsPhone: 55 11 2185-5907

ri@enbr.com.brwww.edpbr.com.br