Informa??es de Companhias em Recupera??o Judicial ou Extrajudicial

55

Anexo 2.1.12

Laudo de Avaliação do Ativo Parnaíba III

STRICTLY PRIVATE AND CONFIDENTIAL

PROJECT 36 – INFORMATION MEMORANDUM

PREPARED TO: [INVESTOR]

DATE: [X]

Eneva – Valuation Analysis

March 31, 2015


Table of Contents

Section I. Executive Summary

Section II. Valuation - Parnaíba I, III and IV

Appendix I. Multiple Database

Appendix II. Parnaíba I, III and IV Overview

Contacts

2

Executive Summary

I


Executive Summary

4

March 27, 2015

Eneva S.A

Praia do Flamengo, 66 – 9th floor

22210030 Rio de Janeiro – RJ – Brazil

Dear Sirs,

We understand that Eneva S.A. (“Company” or “Eneva”) is entertaining the possibility of acquiring the stake currently owned directly and/or indirectly

by Petra Energia S.A. (“Petra”) in UTE Parnaíba I, UTE Parnaíba III and UTE Parnaíba IV (collectively referred to herein as “UTEs”), equivalent to

30% of the capital stock in each of such UTEs (“Petra UTE Shares”).

For the purposes of the foregoing, Eneva have asked G5 Consultoria e Assessoria Ltda. (“G5 Evercore”) to provide the Company with a valuation of

Petra UTE Shares.

In connection with the required analysis by G5 Evercore, please be advised that we have based our work on the information provided by or on

behalf of the Company and also endeavored the following specific reviews and discussions:

I. Reviewed certain non-public internal financial statements, other non-public financial and operating data relating to Parnaíba I, III and IV,

that were prepared and provided to us by the management of the Company;

II. Reviewed certain financial projections relating to Parnaíba I, III and IV, that were provided to us by the management of the Company;

III. Discussed the past and current operations, financial projections, current financial condition and prospects of Parnaíba I, III and IV with

certain members of senior management of the Company;

IV. Reviewed existing agreement between Petra and Eneva related to Parnaíba I, III and IV, including existing shareholders agreements

and capital increase operations that occurred in the past;

V. Reviewed the financial terms of certain publicly available transactions that we deemed to be relevant; and

VI. Discussed with management of the Company, but have not discussed with legal advisors of the Company, the potential impact of

certain ongoing litigations.

With respect to the financial projections of Parnaíba I, III and IV which were provided to us, we have assumed that such financial projections have

been reasonably prepared by the Company on bases reflecting the best currently available estimates and good faith judgments of the future

competitive, operating and regulatory environments and related financial performance of Parnaíba I, III and IV.

Furthermore, we were informed by the Company that Petra failed to contribute its share on capital increases of UTE Parnaíba I, UTE Parnaíba III

and UTE Parnaíba IV duly approved in the past years. The amount due by Petra, sums R$ 70,9 MM, however, with penalties and interests applied,

the current total amount outstanding is R$ 93,0 MM.

Introduction (1/2)


Executive Summary

5

Notwithstanding our review of certain set of information provided by or on behalf of the Company, we have not made, nor assumed any

responsibility for making, any technical audit of the Company’s operation nor carried out any independent valuation or appraisal of specific assets or

liabilities (contingent or otherwise) of the UTEs, nor have we been provided with any such appraisals, nor have we evaluated the solvency or fair

value of each of the UTEs under any state or federal laws relating to bankruptcy, insolvency or similar matters. Our valuation analysis is necessarily

based on economic, market and other conditions as in effect on, and the information made available to us as of, the date hereof. It is understood

that subsequent developments may affect this analysis and that we do not have any obligation to update, revise or reaffirm this assessment.

Likewise, we have not been asked to pass upon, nor express opinion with respect to any matter other than the valuation of the UTEs as of the date

hereof, to the holders of the Company. Our valuation analysis does not address the relative merits of the acquisition of Petra UTE Shares as

compared to other business or financial strategies that might be available to the Company, nor does it address the underlying business decision of

the Company to engage in such a transaction. We are not legal, regulatory, accounting or tax experts and have assumed the accuracy and

completeness of assessments by the Company and its advisors with respect to legal, regulatory, accounting and tax matters.

Furthermore, no representation or warranty, express or implied, is hereby made by G5 Evercore and/or its affiliates, managers, employees,

consultants, agents or representatives, as to the accuracy or completeness of the information provided to G5 Evercore and nothing contained herein

is, or shall be relied upon as, a representation, whether as to the past, the present or the future.

Finally, please be also advised that we have been engaged as financial advisor to the Company solely for the purpose of performing this valuation

analysis and will receive a fee in connection with the delivery of this analysis. In addition, the Company has agreed to reimburse certain of our

expenses and to indemnify us against certain liabilities arising out of our engagement. In addition, we and our affiliates may have in the past

provided, may be currently providing and in the future may provide, financial advisory services to the Company, or their respective affiliates, for

which we have received, and would expect to receive, compensation.

Based upon and subject to the foregoing, as of the date hereof, we present in this presentation a summary of the valuation analysis of Petra UTE

Shares.

Very truly yours,

G5 Consultoria e Assessoria Ltda (“G5 EVERCORE”)

By:

Corrado Varoli

Co-Founder & CEO

Introduction (2/2)


Methodology Range Petra Stake Equity Value¹ (R$ MM)

Discounted Cash Flow to Equity

Cost of Capital:

Parnaíba I

Parnaíba III

Parnaíba IV

-15% / +15%

13,08%

11,61%

28,10%

Trading EV/EBITDA Multiples

2015 8,0x – 9,0x

Trading EV/EBITDA Multiples

2016 6,5x – 7,5x

Transaction EV/EBITDA

Multiples 8,0x– 10,0x

Executive Summary

6

Valuation Methodologies

Discounted Cash Flow methodology

Valuation based on cash flow

projections for Parnaíba I, III and IV.

G5 valued Petra’s stake in Parnaiba

I, III and IV to R$ 425 MM (Parnaíba

I R$ 352MM, Parnaíba III R$

165MM and Parnaíba IV R$ 1MM)1

Valuation based on transaction

multiples of fossil fuel electricity

generation assets and companies in

the world – numbers provided by

Capital IQ on March 23, 2015

Valuation based on trading multiples

of energy generation companies in

Brazil – estimates provided by

Capital IQ on March 23, 2015

Market Comparable Multiples:

Petra’s stake in Parnaíba I, Parnaíba III and Parnaíba IV equity were valued by G5 Evercore according to different methodologies, detailed

below.

Note [1]: Discounted by R$ 93 MM owed by Petra under the shareholders agreement regulation, due

to failure in contribution its share in capital increases occurred in the past

396

240

396

361

574

326

485

489

Parnaíba I, Parnaíba III e Parnaíba IV Valuation Summary

Valuation - Parnaíba I, III and IV

II



8

Main Working Assumptions

Assets Description

The Company provided G5 Evercore with financial projections

for the following assets individually :

Parnaíba I

Parnaíba III

Parnaíba IV

The projections can be separated in 2 stages: for years 2015

to 2016 the numbers are based on the updated 2 years

business plan of Eneva, for years 2017 to 2050 they are

based on project fundamentals and long term pricing curves,

both provided by Eneva and/or provided by sector consultants

The assets were evaluated individually, and no synergies,

gains, or other post-transaction adjustments were considered

in the assessment of value

Macroeconomic assumptions were based on projections

available in the Brazilian Central Bank website and in the

International Monetary Fund (IMF) website

Long term PLD forecasts were provided by specialty

consultant PSR

Long term Henry Hub price curves were provided by E.on

The companies currently benefit from an income tax break

equivalent to 75% of income taxes

Petra

ENEVA / E.ON

Joint Venture (JV)

E.ON

Parnaíba I Parnaíba III Parnaíba IV

42,9% 50,0%

50,0%

70% Eneva

30% Petra

35% Eneva

35% JV

30% Petra

35% Eneva

35% JV

30% Petra

Main Asset Features

Base Date

The Discounted Cash Flow methodology’s considers all cash

flows after December 31st, 2015, as a hypothetical closing

date.

The multiple analysis considers 2015 and 2016 EBITDA. Net

debt considered is as of December 31st, 2015

Source: Eneva


Valuation - Eneva

9

Cost of Equity Calculation Methodology

CAPM Model

Cost of Equity

(Nominal R$)

Cost of Equity

(Nominal USD)

Inflation

Differential

Long-Term

US Inflation

Long-Term

Brazil Inflation

Risk Free Rate

(Nominal USD) Levered Beta Risk Premium Country Risk

Unlevered Beta Marginal Tax Rate Debt to Equity

Ratio

Cost of Equity

Risk Free Rate

Levered Beta

Market Risk Premium

Country Risk



10

Parnaíba I

Overview

Parnaíba I plant is a the largest UTE in the Parnaíba complex,

and comprises of four thermo generation turbines

The asset has a 15 year PPA to supply energy for the

regulated market in the A-5/2008 auctions

Parnaíba I derives fixed revenues from the regulated market

and variable revenues, established in the auctions according

to their yearly dispatch orders from the government

Parnaíba I has a long term supply contract with PGN to supply

gas to the thermo plants which entails three distinct costs:

Gas (raw material) – Price established at the contract

signature and adjusted according to Brazilian official

inflation index (IPCA)

Fixed Lease Payments – Adjusted yearly according to

past results and future projected cash flow to adjust

the UTE’s returns to 15%

Variable Lease Payments – calculated as the

difference between net variable revenues and variable

costs

Other costs of the UTE are O&M, overhauling, R&D,

regulatory fees, and costs related to energy unavailability

Main Operating Assumptions

Energy Source Gas

Power Plant Capacity 675,2 MW

Commercial Operation Date feb-13

Capacity Declared 660,0 MW

Capacity Sold in ACR 450 MWm

PPA Length 15 years

Inflexibility 0%

Base Fixed Revenue 112,50 R$/MWh

Fuel Consumption 10,89 MMBtu/MWh

Fuel Costs 6,10 R$/MMBtu

PPA Renovation Yes – same conditions

Economic Life 30 years

Source: Eneva

Financing Assumptions

Debt Amount (as of December, 2014) R$720MM

Interest 69% of Debt: TJLP + 2%

31% of Debt : IPCA + 5%

Amortization Period 13 years

Amortization Start Year 2015



11

Parnaíba I

Operating Metrics

Energy Generation Metrics

Source: Eneva and third party consultants

Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Spot Market Price R$/MWh 44,39 47,47 50,36 53,01 55,71 58,54 61,51 64,63 67,90 71,34 74,96 78,76 82,76 86,95 91,36 95,99

ANEEL Fee R$/KW - year 1,95 2,09 2,21 2,33 2,45 2,57 2,70 2,84 2,98 3,13 3,29 3,46 3,64 3,82 4,01 4,22

CCEE Contrivution R$/KW - year 0,11 0,12 0,12 0,13 0,14 0,14 0,15 0,16 0,17 0,17 0,18 0,19 0,20 0,21 0,22 0,23

TUST R$/KW - month 3,31 3,54 3,75 3,95 4,15 4,36 4,58 4,81 5,06 5,31 5,58 5,87 6,16 6,48 6,81 7,15

Fixed O&M R$ MM 48,82 47,72 50,41 53,03 55,72 58,55 61,51 64,63 67,91 71,35 74,97 78,77 82,77 86,96 91,37 96,00

Variable O&M R$/MWh 5,55 5,99 6,32 6,65 6,99 7,35 7,72 8,11 8,52 8,95 9,41 9,88 10,38 10,91 11,46 12,04

Overhauling R$ MM 12,47 12,91 183,50 13,74 14,45 15,19 15,96 16,76 17,61 39,92 19,45 20,43 21,47 22,56 23,70 24,90

ACR - Fixed Revenues R$/MWh 121,13 130,06 137,71 144,92 152,30 160,02 168,13 176,65 185,61 195,02 204,91 215,30 226,21 237,68 249,73 262,39

ACR - Ccomb (Fuel Index) US$/MMBtu 3,93 4,41 4,76 5,27 5,19 4,96 5,37 5,64 5,90 6,20 6,45 6,72 7,00 7,26 7,63 8,12

ACR - Co&m R$/MWh 10,97 11,77 12,47 13,12 13,79 14,49 15,22 15,99 16,80 17,65 18,55 19,49 20,48 21,52 22,61 23,75

ACL - Free Market Price R$/MWh 20,00 21,58 22,80 23,98 25,20 26,48 27,82 29,23 30,71 32,27 33,91 35,63 37,43 39,33 41,32 43,42

Fuel - CIF Plant Costs R$/MMBtu 6,49 7,01 7,40 7,79 8,18 8,60 9,03 9,49 9,97 10,48 11,01 11,57 12,16 12,77 13,42 14,10

Fuel - Fixed Lease Payments R$ MM 169,86 183,31 193,63 203,70 214,03 224,88 236,28 248,26 260,85 274,07 287,97 302,57 317,91 334,03 350,96 368,76

Fuel - Variable Lease Payments R$ MM 220,41 233,95 220,59 176,91 100,99 91,87 161,63 217,91 238,04 239,58 303,29 339,06 339,10 343,18 404,50 446,75

Insurance Cost R$ MM 9,89 10,52 11,11 11,69 12,28 12,91 13,56 14,25 14,97 15,73 16,53 17,36 18,25 19,17 20,14 21,16

PLD Dispatching R$/MWh 333,39 305,51 285,89 258,05 258,60 274,07 260,22 299,96 319,89 343,79 339,32 352,93 410,62 425,90 455,78 472,56

Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Months in Operation months 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12 12

Avg. Installed Capacity MWm 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20 675,20

Availability % 88% 90% 95% 95% 95% 91% 95% 95% 94% 89% 94% 95% 95% 91% 94% 94%

Real Internal Consumption % 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%

Grid Losses % 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%

Average Internal Consumption % - 60 months 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1%

Average Availability % - 60 months 97% 92% 91% 91% 91% 94% 95% 97% 97% 97% 96% 96% 96% 96% 96% 97%

Expected Dispatch % 100% 100% 69% 46% 28% 30% 40% 48% 47% 45% 49% 50% 46% 44% 45% 44%

Physical Guarantee MWm 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60 466,60

Net Physical Guarantee MWm 451,67 451,28 450,94 450,37 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79 449,79

Net FID MWm 0,00 21,48 28,84 29,26 26,71 13,32 7,56 -0,05 -0,87 -0,65 5,53 3,14 3,59 3,50 6,86 1,69

Energy Traded in ACR MWm 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00 450,00

Energy Traded in ACL MWm 1,67 -20,21 -27,90 -28,89 -26,92 -13,53 -7,77 -0,16 0,66 0,45 -5,74 -3,34 -3,80 -3,71 -7,07 -1,90

Spot energy sold in ACR % 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Total Energy Dispatch MWh 5.231.601 5.316.456 3.863.196 2.585.286 1.591.026 1.629.928 2.260.623 2.676.014 2.635.725 2.385.555 2.738.302 2.783.776 2.553.484 2.387.363 2.519.274 2.449.088

Energy Demanded in ACR MWh 5.024.485 5.110.490 3.716.285 2.490.137 1.533.721 1.571.222 2.179.201 2.579.630 2.540.793 2.299.633 2.639.675 2.683.512 2.461.514 2.301.376 2.428.536 2.360.878

Energy sold/(bought) in ACL MWh 14.661 (177.497) (244.373) (253.115) (235.807) (118.504) (68.051) (1.399) 5.804 3.931 (50.250) (29.284) (33.252) (32.479) (61.891) (16.628)

ADOMP MWh 5.387.239 5.406.770 3.711.995 2.489.819 1.534.314 1.635.701 2.183.187 2.586.480 2.550.431 2.451.298 2.654.071 2.687.866 2.469.322 2.403.984 2.442.286 2.376.948



12

Parnaíba I

1.095 1.221

1.126 989

849 881 1.065

1.219 1.286 1.311 1.479

1.582 1.610 1.652 1.806

1.910

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

211 199

62

236 245 261

283 305

322 317 356

377 394

413 436

463

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Net Revenues (R$ MM)

EBITDA (R$ MM)

Source: Eneva



13

Parnaíba I

Cash Flows (R$ MM)

Source: Eneva

Discount Rate Source Date

Cost of Equity 9,76%

Risk Free Rate 2,37% US Treasury - 10 Years, Avg. Last Twelve Months 12/03/2015

Unlevered Beta 0,33x Comparables 2 Year Unlevered Beta 15/03/2015

Levered Beta 0,72x 15/03/2015 Risk Premium 6,96% Ibbotson Yearbook 2014

Country Risk 2,38% EMBI + Brazil, Last Twelve Months 04/03/2015

Debt (Target)

Equity / (Debt + Equity) 41,78% Estimate Year End 2015

Debt / (Debt + Equity) 58,22% Estimate Year End 2015

Inflation 3,02%

Brazil 5,07% Brazilian Central Bank Estimate 16/03/2015

USA 1,99% IMF Estimate 16/03/2015

Cost of Capital

Ke - US$ 9,76%

Ke - R$ Nominal 13,08%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

EBT 99 97 (34) 145 158 179 206 232 254 254 297 323 345 366 389 417

Income Tax Paid (2) (2) 0 (5) (6) (7) (9) (14) (17) (102) (117) (126) (133) (140) (148) (158)

Depreciation and Amortization 46 46 46 46 47 47 47 47 47 47 47 47 47 47 47 47

Changes in Working Capital (4) 3 17 (26) (3) (2) (1) (1) (1) 1 (3) (2) (2) (2) (1) (2)

Other Non-Cash Items 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Capex (13) (2) (1) (0) (0) 0 0 0 0 0 0 0 0 0 0 0

Debt Raised 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Debt Paid (57) (57) (57) (57) (57) (57) (57) (57) (57) (57) (57) (57) (33) 0 0 0

Total 70 86 -28 103 138 159 186 207 225 143 167 185 223 270 286 303



14

Parnaíba III

Sources

Parnaíba III plant comprises of 2 thermo generation turbines

The asset has a 15 year PPA to supply energy for the

regulated market in the A-5/2008 auctions

Parnaíba III derives fixed revenues from the regulated market

and variable revenues, established in the auctions according

to their yearly dispatch orders from the government

Parnaíba III has a long term supply contract with PGN to

supply gas to the thermo plants which entails three distinct

costs:




Fixed Lease Payments – Adjusted yearly according to

past results and future projected cash flow to adjust

the UTE’s returns to 15%

Variable Lease Payments – calculated as the

difference between net variable revenues and variable

costs




Energy Source Gas


Commercial Operation Date out-13



PPA Length 15 years

Inflexibility 0%

Base Fixed Revenue 114,71 R$/MWh





Source: Eneva 1 Net Intercompany Credit, as of December 2014, of R$ 34MM is not considered in the total

debt amount


Debt Amount (as of December, 2014)1 R$122MM

Interest CDI + 3%





15

Parnaíba III

Operating Metrics



Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030




TUST R$/KW - month 4,60 4,92 5,21 5,49 5,77 6,06 6,37 6,69 7,03 7,39 7,76 8,16 8,57 9,00 9,46 9,94

Fixed O&M R$ MM 2,88 3,05 3,22 3,39 3,56 3,75 3,93 4,13 4,34 4,56 4,80 5,04 5,29 5,56 5,84 6,14

Variable O&M R$/MWh 5,38 5,81 6,14 6,46 6,78 7,13 7,49 7,87 8,27 8,69 9,13 9,59 10,08 10,59 11,13 11,69

Overhauling R$ MM 3,45 3,57 3,64 3,80 3,99 4,20 16,78 4,63 4,87 5,12 5,37 5,65 5,93 6,23 6,55 6,88



ACR - Co&m R$/MWh 172,96 185,71 196,63 206,94 217,47 228,49 240,08 252,25 265,04 278,47 292,59 307,43 323,01 339,39 356,60 374,68




Fuel - Variable Lease Payments R$ MM 123,18 137,80 73,71 45,37 26,05 27,02 36,91 56,91 54,94 55,41 53,54 63,74 70,90 69,65 77,15 67,74



Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030



Availability % 92% 95% 90% 95% 95% 95% 95% 95% 95% 91% 95% 95% 94% 94% 94% 89%


Grid Losses % 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%






Net FID MWm 1,53 6,47 7,21 8,30 8,12 1,86 0,37 -0,39 -1,73 -1,73 -0,83 -0,72 -0,63 -0,62 -0,60 -1,33

Energy Traded in ACR MWm 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00 98,00

Energy Traded in ACL MWm -0,83 -6,02 -6,94 -8,04 -7,86 -1,59 -0,10 0,65 2,00 2,00 1,09 0,98 0,89 0,88 0,87 1,60

Spot energy sold in ACR % 99% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Total Energy Dispatch MWh 1.414.045 1.470.405 767.882 461.012 264.519 261.391 331.900 474.062 437.842 421.459 389.967 438.380 462.380 434.198 456.353 385.957

Energy Demanded in ACR MWh 1.355.167 1.412.728 739.218 443.804 254.645 251.634 319.511 456.366 421.498 405.727 375.410 422.016 445.120 417.991 439.318 371.550

Energy sold/(bought) in ACL MWh (7.236) (52.854) (60.821) (70.390) (68.820) (13.972) (907) 5.672 17.494 17.489 9.571 8.620 7.789 7.701 7.578 13.989

ADOMP MWh 1.433.533 1.441.079 800.989 453.594 260.396 257.396 326.995 467.393 431.994 432.594 385.195 433.194 457.194 429.594 451.794 405.594



16

Parnaíba III

327

360

253

207 178 186

213

256 260 269 274 301

324 331 356 349

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

71 70 71 74 77 83

78

95 100 105 109 115

122 127

134 140

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030


EBITDA (R$ MM)

Source: Eneva



17

Parnaíba III

Projected Cash Flows (R$ MM)

Source: Eneva





Levered Beta 0,51x 15/03/2015 Risk Premium 6,96% Ibbotson Yearbook 2014


Debt (Target)



Inflation 3,02%



Cost of Capital

Ke - US$ 8,34%


2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

EBT 50 51 55 60 62 69 65 84 91 97 103 109 116 121 128 134

Income Tax Paid (3) (3) (3) (4) (6) (7) (7) (10) (11) (35) (37) (39) (41) (43) (46) (48)


Changes in Working Capital 8 1 (2) (1) (1) (1) 1 (2) (1) (1) (1) (0) (1) (1) (1) (1)


Capex (6) (0) (0) 0 0 0 0 0 0 0 0 0 0 0 0 0

Debt Raised 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Debt Paid (3) (14) (14) 4 3 (14) (14) (14) (14) (10) 0 0 0 0 0 0

Total 53 41 43 65 64 53 52 65 72 58 72 76 80 83 88 92



18

Parnaíba IV

Sources

Parnaíba IV plant comprises of 3 thermo generation turbines

Parnaíba IV sells energy in the free market, and curretly sells

all of its energy for private company Kinross

Parnaíba IV has a long term supply contract with PGN to

supply gas to the thermo plants which entails the following

cost:







Energy Source Gas


Commercial Operation Date jan-14



PPA Length NA

Inflexibility NA

Base Fixed Revenue NA





Source: Eneva

Note[1]: Intercompany Debt


Debt Amount (as of December, 2014)¹ R$153MM

Interest 104% CDI




Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030



Availability % 87% 88% 89% 89% 89% 88% 87% 85% 87% 89% 85% 87% 87% 87% 87% 87%


Grid Losses % 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%






Net FID MWm 1,07 0,57 0,37 -0,26 -0,85 -0,16 -0,05 -0,16 -0,52 -0,79 -0,84 -1,13 -1,10 -0,95 -0,92 -1,12

Energy Traded in ACL MWm 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00 46,00

Spot energy sold in ACR % 2% 1% 1% -1% -2% 0% 0% 0% -1% -2% -2% -2% -2% -2% -2% -2%

Total Energy Dispatch MWh 428.489 432.762 355.301 287.336 216.722 218.179 257.247 285.412 280.447 283.629 283.546 287.834 291.284 285.097 280.259 271.368

Energy Demanded in ACR MWh 9.345 5.011 3.198 (2.296) (7.453) (1.378) (460) (1.419) (4.545) (6.940) (7.329) (9.895) (9.666) (8.312) (8.058) (9.826)

Energy sold/(bought) in ACL MWh 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960 402.960

ADOMP MWh 9.637 5.168 2.676 (1.547) (3.792) (715) (285) (992) (3.080) (4.644) (5.108) (6.850) (6.778) (5.707) (5.447) (6.439)

Unit 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030




TUST R$/KW - month 4,94 5,33 5,63 5,92 6,22 6,54 6,87 7,22 7,58 7,97 8,37 8,80 9,24 9,71 10,20 10,72

Fixed O&M R$ MM 4,10 4,30 4,55 4,79 5,03 5,29 5,56 5,84 6,14 6,45 6,77 7,12 7,48 7,86 8,26 8,67

Variable O&M R$/MWh 4,39 4,71 4,99 5,25 5,52 5,80 6,09 6,40 6,72 7,07 7,42 7,80 8,20 8,61 9,05 9,51

Overhauling R$ MM 7,71 7,72 4,95 5,49 5,08 5,36 6,05 6,67 6,95 7,34 7,72 8,17 8,63 8,97 9,35 9,68



ACR - Co&m R$/MWh 10,27 11,08 11,70 12,31 12,94 13,59 14,28 15,01 15,77 16,57 17,41 18,29 19,22 20,19 21,22 22,29




Fuel - Variable Lease PaymentsR$ MM 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00 0,00




19

Parnaíba IV

Operating Metrics





20

Parnaíba IV


63 68 72 74 77

82 87 91 95 99

104 109

115 121

127 133

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

EBITDA (R$ MM)

15 17

23 24 27

29 29 30 31 32 34 35

37 39

41 44

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Source: Eneva



21

Parnaíba IV

Projected Cash Flows (R$ MM)

Source: Eneva





Levered Beta 2,81x 15/03/2015

Risk Premium 6,96% Ibbotson Yearbook 2014


Debt (Target)



Inflation 3,02%



Cost of Capital

Ke - US$ 24,34%


2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

EBT (12) (7) (1) 2 6 10 12 15 18 22 26 29 30 33 35 37

Income Tax Paid 0 0 0 0 0 (0) (0) (0) (1) (3) (8) (8) (9) (9) (12) (15)


Changes in Working Capital 6 (0) (1) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0) (0)


Capex (2) (0) (0) 0 0 0 0 0 0 0 0 0 0 0 0 0

Debt Raised 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Debt Paid 0 0 (0) (18) (18) (16) (19) (21) (24) (25) (12) (0) (0) (0) 0 0

Total -1 -1 5 -10 -6 0 0 0 0 0 13 27 28 30 29 29



22

Valuation Summary

Discounted Cash Flow

Source: Eneva

Note [1]: Parnaíba IV Projected Cash Flows discounted by Parnaíba I Cost of Equity (13.08%) result in

an equity value of Petra stake of R$16,23 MM

352

165

1 (93)

425

Parnaíba I Parnaíba III Parnaíba IV Non Contributed Capital Increase

Total

Market Comparable Multiples

361

489 High range

Mid range

Low range

Parnaiba I, III and IV Multiple Range EV Equity Value Equity Value Adjusted by Capital

Increase

2015 EBITDA (Trading Multiple) 8,00x 9,00x 713 803 489 578 396 485

2016 EBITDA (Trading Multiple) 6,50x 7,50x 558 643 333 419 240 326

2015 EBITDA (Transaction Multiple) 8,00x 10,00x 713 892 489 667 396 574

1

Multiples Database

Annex I


Multiples Database

24

Comparable Trading Statistics

Source: Capital IQ

Company

March, 23rd/ 2015

# Total Shares

(MM)

Share Price

(US$)

Market Cap

(US$ MM)Debt/Equity

Net Debt

(US$ MM)

Enterprise Value

(US$ MM)

2015 2016 2015 2016

AES Tietê S.A. 381 4,7 1.798,3 118,9 573,1 2.371,4 411,1 341,9 5,8x 6,9x

Cemig S.A. 1.258 3,9 4.893,6 74,8 3.867,9 8.761,5 1.155,6 1.092,0 7,6x 8,0x

CPFL Energia S.A. 962 6,0 5.800,9 189,4 5.279,0 11.079,9 1.243,7 1.386,6 8,9x 8,0x

CPFL Energias Renováveis S.A. 503 3,8 1.921,5 133,2 1.649,1 3.570,6 315,8 357,6 11,3x 10,0x

EDP - Energias do Brasil S.A. 476 3,2 1.513,7 51,1 952,4 2.466,1 499,0 574,6 4,9x 4,3x

Equatorial Energia S.A. 198 9,4 1.851,3 127,0 907,2 2.758,5 294,0 372,5 9,4x 7,4x

Renova Energia S.A. 106 8,4 889,3 113,4 846,5 1.735,9 117,7 159,7 14,8x 10,9x

Tractebel Energia S.A. 653 11,0 7.202,6 65,2 1.116,5 8.319,1 938,7 1.176,5 8,9x 7,1x

Eneva S.A. 840 0,1 50,4 241,6 1.973,4 2.023,8 326,6 0,0 6,2x 0,0x

Copel 274 10,8 2.961,9 35,1 1.826,6 4.471,0 892,6 1.057,4 5,4x 5,3x

Average Local GenCo's 115,0 8,3x 6,8x

Medium Local GenCo's 116,2 8,2x 7,2x

EBITDA EV/EBITDA


Multiples Database

25

Comparable Transaction Statistics

Source: Capital IQ

All Transactions

Announced DateBuyers/Investors Target/Issuer

Total Transaction Value (US$

MM, Historical rate)Percent Sought

Implied Enterprise

Value/EBITDACountry of Target

out-14 Gas Natural SDG SA (CATS:GAS)Compañía General de

Electricidad S.A. (SNSE:CGE)6.611,0 54% 9,0x Chile

abr-14 Enersis S.A. (SNSE:ENERSIS) Generandes Peru SA 413,0 39% 6,0x Peru

mar-14 AES Gener S.A.Empresa Electrica Guacolda

S.A.1.317,1 50% 12,0x Chile

mai-13 Berkshire Hathaway Energy NV Energy, Inc. 10.688,8 100% 8,9x United States

dez-12 Toplofikatzia Pleven EAD Toplofikatsia Rousse EAD 69,4 100% 12,5x Bulgaria

abr-11 The AES Corporation DPL Inc. 4.798,7 100% 7,7x United States

jan-11 Duke Energy Corporation Progress Energy Inc. 26.627,3 100% 8,3x United States

dez-10

Capstone Infrastructure

Corporation; Macquarie

Infrastructure and Real Assets

(Europe) Limited

Heat Operations and Heat

Production Facilities308,9 100% 7,4x Sweeden

nov-10 Emera IncorporatedLight & Power Holdings

Limited91,9 42% 5,0x Barbados

fev-10 FirstEnergy Corp. Allegheny Energy, Inc. 9.291,0 100% 7,5x United States

nov-09 Pacific Equity Partners Energy Developments Ltd. 736,6 80% 7,2x Australia

out-09 Grupo Argos S.A. ; Celsia SA ESPEmpresa de Energia del

Pacifico S.A.1.226,8 64% 7,5x Colombia

set-08

The Kansai Electric Power

Company, Incorporated ;

Marubeni Corporation; Kyushu

Electric Power Company,

Incorporated; GDF SUEZ S.A.;

Japan Bank For International

Cooperation, Investment Arm

Senoko Energy Pte Ltd 2.769,0 100% 16,2x Singapore

jul-08 Gas Natural SDG AS Unión Fenosa, S.A. 11.810,5 45% 11,0x Spain

Average 5.482,8 77% 9,0x

Median 2.043,0 90% 8,0x

Parnaíba I, III and IV Overview

Annex II



27

Parnaíba Complex Overview

The Parnaíba Complex, located in Santo Antônio dos Lopes, Maranhão, is one of the largest thermal energy generation complexes in Brazil

The Complex is formed by the thermal power plants Parnaíba I, Parnaíba II, Parnaíba III and Parnaíba IV

Currently in operation, Parnaíba I (676 MW), Parnaíba III (178 MW) and Parnaíba IV (56 MW) are the energy suppliers to the National Grid (SIN)

Using gas produced by Parnaíba Gás Natural, ENEVA is able to generate energy at low costs due to privileged logistics, to the enterprise’s large scale

and easy access to mains

The Parnaíba Complex is certified to reach up to 3,722 MW

■ Capacity: 676 MW

■ Efficiency: 37%

■ Fixed Revenues: R$443 MM/year

■ Unitary Variable Cost: R$114/MWH

■ Auction: A-5/2008

Parnaíba I


■ Efficiency: 51%

■ Fixed Revenues: R$374MM/year



Parnaíba II


■ Efficiency: 38%




Parnaíba III

■ Capacity: 56 MW

■ Efficiency: 46%



■ Free Market

Parnaíba IV

Source: Eneva



28

Parnaíba I Income Statement

R$ thousand 2012 2013 2014

Net Revenues - 682.815 960.759

Costs - (594.048) (824.570)

Gross profit - 88.767 136.190

Operating Expenses (15.736) (11.997) (18.770)

SG&A (14.807) (10.320) (5.844)

Other expenses (929) (1.677) (12.926)

EBIT (15.736) 76.771 117.420

Net financial revenues (expenses) (984) (71.334) (75.854)

Financial revenues 1 3.100 6.010

Financial expenses (985) (74.434) (81.864)

EBT (16.720) 5.436 41.566

Taxes 5.716 (5.284) (5.604)

Net income (loss) (11.004) 152 35.962

Source: Eneva



29

Parnaíba I Balance Sheet

R$ thousand 2012 2013 2014

Current Assets 85.229 158.288 206.355

Cash and cash equivalents 83.250 32.034 38.121

Accounts receivable - 110.113 141.072

Inventory - 4.236 7.480

Taxes recoverable - 7.455 14.722

Prepaid expenses 1.706 4.086 4.960

Other credits 272 364 -

Non Current Assets 1.084.889 1.264.731 1.179.035

Taxes recoverable 5.141 520 1.323

Deferred taxes and social

contribution 11.359 14.006 12.009

Prepaid expenses 1.844 257 1.356

Linked deposit - 34.044 24.648

Related parties - 1.906 1.344

Fixed assets 882.788 1.035.111 971.709

Intangible 183.758 178.887 166.647

Total Assets 1.170.118 1.423.019 1.385.390

R$ thousand 2012 2013 2014

Current Liabilities 162.381 265.826 199.312

Suppliers 3.020 85.787 30.028

Loans and financing 150.759 149.663 142.438

Taxes and contributions payable 413 9.431 6.603

Wages and vacations payable 5.157 2.328 2.252

Energy reimbursement - 15.739 -

Other accounts payable 3.032 2.878 17.991

Non current liabilities 677.593 910.569 715.373

Loans and financing 677.593 657.588 577.981


contribution - 4.187 7.117

Accounts payable to related

parties - 107.223 130.275

Advances for future capital

increase - 141.571 -

Equity 330.144 246.624 470.705

Capital 354.465 263.619 263.619

Accumulated losses (24.321) (16.995) 207.087

Total Liabilitites + Equity 1.170.118 1.423.019 1.385.390

Source: Eneva



30

Parnaíba III Income Statement

R$ thousand 2012 2013 2014

Net Revenues - 198.299 244.861

Costs - (221.912) (239.403)

Gross profit - (23.613) 5.458

Operating Expenses (294) (483) (10.070)

Administrative (294) (483) (10.070)

EBIT (294) (24.096) (4.612)

Net financial revenues (expenses) - (4.790) (10.660)

Financial revenues - 3.811 9.021

Financial expenses - (8.601) (19.681)

EBT (294) (28.886) (15.272)

Taxes - 9.821 5.109

Net income (loss) (294) (19.065) (10.163)

Source: Eneva



31

Parnaíba III Balance Sheet

R$ thousand 2012 2013 2014

Current Assets 67 162.075 71.320

Cash and cash equivalents - 62.796 14.104



Prepaid expenses 67 1.269 1.157

Derivative transactions - 1.380 -

Other credits - 2.609 3.956

Non Current Assets - 166.267 267.864

Taxes recoverable - 249 111


contribution - 9.821 86.218

Fixed assets - 156.197 181.535

Total Assets 67 328.341 339.184

R$ thousand 2012 2013 2014

Current Liabilities 13 149.710 164.106

Suppliers 13 28.253 33.716

Loans and financing - 120.636 121.568

Taxes and contributions

payable - 39 -

Research & Development - 549 -

Other accounts payable - 233 8.822

Non current liabilities 7 38.591 38.001

Related parties 7 38.591 38.001

Equity 47 140.040 137.077

Capital 1.213 160.271 160.271

Accumulated losses (1.166) (20.231) (23.194)

Total Liabilitites + Equity 67 328.341 339.184

Source: Eneva



32

Parnaíba IV

R$ thousand 2012 2013 2014

Net Revenues - 5.825 50.022

Costs - (3.244) (32.549)

Gross profit - 2.581 17.473

Operating Expenses - (632) (1.311)

Administrative - (632) (1.311)

EBIT - 1.949 16.162

Net financial revenues (expenses) 12 3.416 (21.280)

Financial revenues 19 8.928 325

Financial expenses (7) (5.512) (21.605)

EBT (12) 5.365 (5.118)

Taxes - (1.800) 2.783

Net income (loss) (12) 3.565 (2.335)

Source: Eneva



33

Parnaíba IV Balance Sheet

R$ thousand 2012 2013 2014

Current Assets 1.596 29.035 14.270

Cash and cash equivalents 1.596 5.074 331



Derivative transactions - 3.105 -

Other credits - 102 829

Non Current Assets 15.164 118.352 183.443

Taxes recoverable 3 74 22.200

Fixed assets 15.161 118.278 161.243

Total Assets 16.760 147.387 197.713

R$ thousand 2012 2013 2014

Current Liabilities 1.532 83.602 5.658

Suppliers - 7.888 1.797

Labour obligations - 129 73

Tax obligations 23 437 3.718

Loans and financing - 75.131 -

Transactions with related

parties 1.509 - 0

Other liabilities - 17 70

Non current liabilities - 44.271 174.877


contributions - 1.048 1.580

Transactions with related

parties - 43.223 173.297

Equity 15.228 19.514 17.178

Capital 15.216 15.936 15.936

Earnings reserve 12 3.578 1.242

Total Liabilitites + Equity 16.760 147.387 197.713

Source: Eneva


Sao Paulo

Av. Brigadeiro Faria Lima, 3311 – 10th Floor

04538 133 - Itaim Bibi

+55 11 3014 6868

Rio de Janeiro

Av. Borges de Medeiros, 633 – Room 202

22430 042 - Leblon

+55 21 3205 9180

www.g5evercore.com

Contacts

34

Corrado Varoli

[email protected]

+55 11 3014 6868

Marcelo Lajchter

[email protected]

+55 21 3205 9180

Graciema Bertoletti

[email protected]

+55 11 3014 6846

Arthur Horta

[email protected]

+55 11 3165 4600

Manuela Albuquerque Silveira

[email protected]

+55 11 3165 7005

Documents

Informa??es de Companhias em Recupera??o Judicial ou Extrajudicial