Conference Call3Q07 Earnings Results

November 5th, 2007

António Martins da CostaChief Executive Officer

Antonio José SellareChief Financial Officer

Flavia HellerInvestor Relations Officer

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.

Operating Performance

4

Distribution

Strong growth in Bandeirante (4.8%) and Enersul (3.3%) concession areas

Growth in the volume of energy in transit (3.9%)

756 780

3,351 3,199

2,017 2,059

6,190 5,972

3Q06 3Q07

Bandeirante Escelsa Enersul

Volume of Energy Distributed (GWh) Energy Distributed by Customer Class (% of total volume distributed)

61% 60%

38% 38%1% 2%5,972 6,190

3Q06 3Q07

End Customers Energy in Transit Other

3.7% 3.7%

5

8.5% 8.8% 9.0% 9.1%

4.1% 3.8% 4.1% 4.4%

12.6% 12.6% 13.1% 13.5%

Jun 2005 Sep 2005 Sep 2006 Sep 2007

Technical Commercial

DistributionProgram for Controlling Losses

In 3Q07, R$22 million were invested in programs to control losses.

Evolution of commercial losses (% of distributed energy - last 12 months)

~ 204 thousand inspections were made in 3T07

~ 76 thousand frauds identified

~ 700 thousand inspections scheduled for 2007

2.3 2.5

Sep/05 Sep/07Jun/05

2.22.5

Sep/06

5.4 5.6

Sep/05 Sep/07

6.0

Jun/05

5.2

Sep/06

5.57.4

Sep/05 Sep/06

5.9

Jun/05

8.2

Sep/07

6

Tariff Reset - EscelsaBreakdown of Tariff Readjustment Index

Financial Adjustments

2006 Financial Adjustments to be excluded

Energy Purchase

Sectorial Charges

Transmission Charges

Return on Investment

Assets Reinstatement

Reference Company

Other Revenues

--2.59%2.59%

Parcel

Tariff Realignment Tariff Realignment RateRate

--1.40%1.40% A

--0.89%0.89%

Average tariff Average tariff readjustmentreadjustment

--6.92%6.92%

--1.07%1.07%

Parcel

--9.62%9.62%

--0.74%0.74%B

0.08%0.08%

Variation in Accounts Variation in Accounts of Financial Natureof Financial Nature

--0.31%0.31%

--2.70%2.70%

4.76%4.76%

7.46%7.46%

X Factor = 1.45%

7

Tariff Reset - BandeiranteBreakdown of Tariff Readjustment Index

Financial Adjustments

2006 Financial Adjustments to be excluded

Energy Purchase

Sectorial Charges

Transmission Charges

Return on Investment

Assets Reinstatement

Reference Company

Other Revenues

--1.83%1.83%

Parcel

Tariff Realignment Tariff Realignment RateRate

--3.54%3.54% A

--0.50%0.50%

Average tariff Average tariff readjustmentreadjustment

--8.80%8.80%

--1.84%1.84%

Parcel

--12.47%12.47%

--0.63%0.63%B

0.12%0.12%

Variation in Accounts Variation in Accounts of Financial Natureof Financial Nature

--0.58%0.58%

--3.67%3.67%

--0.52%0.52%

3.15%3.15%

X Factor = 0.74%

8

Generation

950 939

3Q06 3Q07

Volume of Energy Produced (GWh)

1,340 1,433

3Q06 3Q07

Volume of Energy Sold (GWh)

7.0%-1.1%

Installed Capacity (MW)

1,043

645

399

335

35029

452

2050

2005 UHE Peixe

Angical

4th.

Mascarenhas

Engine

PCH São João Current Capacity PCH Santa Fé Pow er Upgrade UTE Pecém Total Assured

516

1,043

Projects concluded Projects in Course* Includes 2.3 MW of UHE Suiça power upgrade, awaiting for Aneel’s approval

*

2009 2009 2012

Expected Start-Up

25

1,442

980

9

Commercialization

Growth in volume sold to free customers (+23.3%)

1,4061,710

2221961,6291,906

3Q06 3Q07Other ENBR Group companies

Volume of Energy Distributed (GWh)

6772

3Q06 3Q07

Number of customers

7.5%

17.1%

Financial Performance

11

78% 76%

11%11%11%13%

1,0041,166

3Q06 3Q07Distribution Generation Commercialization

114131

3Q06 3Q07

339317

59%74%

36%24% 5%2%

3Q06 3Q07

Distribution Generation Commercialization

Financial Performance

Net Revenues (R$ MM) EBITDA (R$ MM)

Net Income (R$ MM)

16.1% -6.6%

14.6% Eliminating non-recurring effects from 3Q07 and 3Q06, EBITDA would have increased 11.2%

12

Manageable Expenses

R$ million 2007 2006 ∆

Personnel 77.0 66.6 10.4 15.6%

Material 12.1 7.6 4.5 58.9%

Third Party Services 90.2 74.0 16.2 21.9%

Provisions 38.9 15.1 23.9 158.7%

Other 12.8 16.0 -3.2 -20.1%

Total 231.1 179.3 51.8 28.9%

∆ %

3rd

Quarter

Costs and Expenses

Costs and Expenses Breakdown1 - 3Q07

Breakdown of Manageable Expenses

R$ 849.4 millionR$ 849.4 million

Non-manageable

costs

R$ 618.3 million

(73%)

Manageable

costs

R$ 231.1 million

(27%)

Manageable

costs

R$ 231.1 million

(27%)

Note:

1 Depreciation and amortization were excluded

Provisions:

+ R$ 11.4 MM in provisions for bad debt in distribution business

+ R$ 7.7 MM in civil and labor contingencies

+ R$ 3.0 MM in receivables due from Ampla

13

R$ million 3Q07 3Q06 Var.%

Financial Revenue 73.9 66.3 11.5%

Financial Expense (90.6) (136.6) -33.7%

Net Foreign Exchange Result (1.1) (10.6) -89.9%

Net result from SWAP operations (17.0) (15.8) 7.4%

FX gain (loss) 15.9 5.2 203.8%

TOTAL (17.8) (80.9) -78.0%

Reduction in interest rates, positive result from foreign exchange variation and partial reversion of charges over fiscal contingencies booked in 3Q06.

Financial Result

14

Investments and Indebtedness

Long-Term

2,4921,8891,737

Short-Term

365 (759)

(361)

Gross Debt Set.07 (-) Cash and Marktable

Securities *

(-) Regulatory Asset and

Liabilities

Net Debt Set.07 Net Debt Jun.07

39%

57%

2%2%

US$ Fixed Rate

TJLP Floating rates**

Total Debt Index(Sep/07)

** Includes Selic, CDI, IGP-M and INPC

Indebtedness – 3Q07 (R$ Million)Net Debt evolution

* Ratio: Net Debt / EBITDA 12 months

1.5x1.5x**

1.4x1.4x**

Net Debt / Ebitda

Investments* – does not include LFA** (R$ MM) Universalization Program R$MM (includes LFA **)

* Does not include interest capitalization. Includes power upgrades and Pecém **LFA: Light for All

2,857

* includes R$ 11,1 million of deposits related to debt with BNDES

323466 429

33

192

531

9M07 (A) 2007 (E) 2008 (E)Distribution Generation

658

356

960

37

105

166

9M07 (A) 2007 (E) 2008 (E)

15

UTE Pecém – Growth at attractive rates of return

Imported coal-fired plant, located in the state of Ceará

Imported mineral coal: best alternative for expansion of generation capacity in short term. High competitiveness against other fuels

Installed Capacity: 700 MW

Flexibility: 100%

Capacity contracted in A-5 new energy auction: 615 MW

Estimated start-up of operations: end of 2011

Total Capex: US$ 1.3 billion

16

Generation – Creating Growth Opportunities (I)

Small Hydro Plants

Conclusion of Projects

Estimated Date for Issuance of Installation

License

Number of Projects

Installed Capacity (MW)

1H2008 2H2008 6 102

1H2008 1H2009 5 111

1H2008 1H2010 3 66

1H2008 1H2011 2 43

2H2008 1H2010 5 129

1H2009 1H2010 3 87

24 538

17

Generation – Creating Growth Opportunities (II)

Hydro Power Plants

Conclusion of Feasibility Studies

Estimated Date for Issuance of Installation

License

Number of Projects

Installed Capacity (MW)

2H2008 2H2009 2 235

1H2009 1H2010 10 787

12 1,022

18

ENBR3 x Indexes Performance

Base 100: June 29, 2007

65

70

75

80

85

90

95

100

105

110

115

120

6/29/2007 7/6/2007 7/16/2007 7/23/2007 7/30/2007 8/6/2007 8/13/2007 8/20/2007 8/27/2007 9/3/2007 9/11/2007 9/18/2007 9/25/2007

0

20,000

40,000

60,000

80,000

100,000

Volume R$ ENBR3 ENBR3 IBOVESPA IEE IBX

Stock Performance

Market Capitalization: R$5.0 billion

Average daily traded volume (R$ thousand)

3Q07: R$ 16,926

July: R$ 13,783

August: R$ 16,838

September: R$ 20,506

-3.2%

+11.2%

+13.6%

-23.3%

VolumeR$ th

Conference Call

3Q07 Results

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