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ENEVA Investor Day July 3, 2014
Agenda
Agenda
9:00
9:10 1
10:00
11:00 3
Introduction and Management Presentation
Fabio Bicudo, CEO / Frank Possmeier, Executive Vice President
Operations
Roel van der Stok, COO / Frank Possmeier, Executive Vice President
Financial Stabilization and Cost Reduction Strategy
Ricardo Levy, CFO / Frank Possmeier, Executive Vice President
Closing Remarks & Growth Opportunities
Fabio Bicudo, CEO / Frank Possmeier, Executive Vice President
Coffee break
9:10
10:00 2
Regulatory Update
Fabio Bicudo, CEO
11:30
12:30 pm 4
11:00 to 11:30
3
12:30
1:00 5
Introduction and Management Presentation
1
5
Frank Possmeier, Executive Vice President
o Former CFO and Deputy CEO of E.ON International Energy.
Also served as Senior VP and Global Head of M&A at E.ON
group
o Holds a Masters degree and a PhD in business and economics
Fabio Bicudo, CEO
o Former Co-head of investment banking at Goldman Sachs and
responsible for Brazilian utilities sector coverage. Prior was MD
at Citi investment banking.
o Holds an MBA from Columbia Business School with prior
studies at HEC in Paris and FGV in So Paulo
Ricardo Levy, CFO
o Former CFO of BHG and held executive positions at Light
o B.A. in economics and in business administration by PUC-Rio
and holds an MBA from Coppead/UFRJ
Michael Moser, Chief Development & Compliance Officer
o Worked at E.ON as VP and Global Head of Legal M&A. Also
part of Baker & McKenzie and Agio Invest AG
o Holds master degrees in business, economics and law and
also a PhD in law
Alexandre Americano, Chief Legal & Regulatory Officer
o Previously worked as Legal Manager of Brasil Ecodiesel and of
BBM Bank and BBM Holding
o Graduated in law by PUC-Rio and holds an MBA in Finance
and Capital Markets and a specialization in Corporate Law,
both from FGV
Roel van der Stok, Chief Operating Officer
o Former COO of E.ON Anlagenservice. Also served for E.ON as
power plant group manager in Germany and head of asset
management in Benelux
o Holds a MsC in Engineering as well as an MBA
Management Team
6
Management Structure
Chief Executive Officer Investors Relations Officer
Fabio Bicudo
Executive Vice President Chief Administrative Officer
Frank Possmeier
Chief Development and Compliance Officer
Michael Moser
Director of Engineering & Construction
Matthias Fricke
Director of Business Development
Pedro Litsek
Chief Legal and Regulatory Officer
Alexandre Americano
Chief Operating Officer
Roel van der Stok
Chief Financial Officer
Ricardo Levy
o Investors Relations
o Human Resources
o Communication
o Institutional Relations
o Internal Audit
o HSSE
o Treasury
o Accounting
o Planning & Reporting
o Capital Markets
o E&F Trading
o Information Technology
o Legal
o Regulatory
o Licensing
o Engineering & Construction
o Asset Management
o Operations
o M&A
o Business Development
o Compliance
o Tax
o Procurement
Regulatory Update
2
8
Ongoing Regulatory Discussions (1) Parnaba II Delay
Average CVU (ENEVA without Parnaba II): R$ 111/MWh
Average CVU (ENEVA with Parnaba II): R$ 101/MWh
0
50
100
150
200
250
300
350A
verag
e C
VU
(R
$/M
Wh)
SIN wo/ ENEVA SIN w/ ENEVA
Avg. CVU Reduction: R$12/MWh
Parnaba II CVU: R$59/MWh
ENEVA w/ Parnaba: R$101/MWh
Part of 1.4GW Parnaba Thermoelectric Complex, a unique gas
to wire case in Brazil
450MWavg sold in the 2011 A-3 Auction. PPA started in March,
2013
Lowest variable cost (R$59/MWh) among gas-fired projects in
Brazil
Investments of up to R$1.4 billion
All gas turbines already commissioned. Steam turbine to be fully
tested on the coming 4 months
Plants construction and gas supply infrastructure delayed
o Lack of LT financing due to PPA signature difficulties
o OGX Maranho restricted financial capabilities before rescue plan
captained by Cambuhy Investimentos and E.ON
Project Overview Discussion with Aneel over the last 2 months to reach a balanced
solution for Parnaba II
o Regulatory penalties related to COD delay
o PPA termination cost
Proposal presented to Aneel on Jun 18, 2014, consisting in:
o Parnaba II construction conclusion until Dec, 2014
o Temporary suspension of start dates of the PPA until Dec, 2015
Parnaba II steam turbine (154MWavg) online since Dec, 2014,
partially complying with the PPA
o Reduction of the Plants fixed annual revenue for the remaining term
of the PPA
o Letter of commitment to close the cycle of Parnaba I, adding 360MW
of installed capacity, upon certain conditions
Aneel suspended payments of penalties until Jul 18, 2014
ENEVA Proposal to Aneel
Ongoing Regulatory Discussions (2) Parnaba II Delay
9
Filed in Jan, 2014 a lawsuit against Aneel questioning
hourly-based unavailability charges
On Jan 24, 2014, a Federal Court granted an injunction
halting unavailability charges as measured, establishing
the methodology provided for in PPAs (60-month rolling
average)
The lawsuit also claims the reimbursement of amounts
paid since PPAs beginning
Petition for revision of ADOMP methodology presented to
Aneel
o A technical note has already been released considering
Companys contractual understanding
Itaqui and Pecm I
On Jun 26, 2014 filed a request for an injunction with a
Federal Court aiming to get the same methodology
presented to Aneel
Pecm II and Parnaba I & III
Plant 100% Ownership adjusted
Itaqui R$105.2MM R$105.2MM
Pecm I R$250.2MM R$125.1MM
Pecm II R$38.9MM R$38.9MM
Parnaba I R$52.2MM R$36.5MM
Parnaba III R$6.9MM R$4.8MM
Total R$453.3MM R$310.5MM
+R$310MM already paid for unavailability costs
Ongoing Regulatory Discussions (3) ADOMP / Unavailability Charges
Notes: 1) Consider hourly-based methodology for unavailability charges until June, 2014; 2) Does not consider amounts paid since injunction effectiveness.
10
Applicability
Dispatch > 80% (during at least 6
consecutive months) 1
Installed capacity > 100MW 2
Variable cost below R$200/MWh 3
Differentiated treatment to thermal plants with low variable cost and significant impact on reservoir levels
Similar to the MRE, which was created to mitigate hydrological risks
Terms of the request
Additional Regulatory Studies Potential discussion to restructure PPA
11
Coal: [up to 3 months/year]
Gas: [up to 1 month/year]
Additional Maintenance
5 years duration; or
Full duration of the PPA
Temporary reduction of contractual
volume
PPA extension; and/or
Reduction of fixed revenue Compensation
Operations
3
Parnaba Gs Natural
3.1
Cambuhy/E.ON Investment in Parnaba Gs Natural Securing ENEVAs power plants gas supply
In 2H2013, ENEVA and E.ON led efforts to rescue PGN from
OGPs judicial recovery process and secure the gas supply for
ENEVAs power plants
o Cambuhy Investimentos was brought onboard to replace OGP in
the shareholding structure of PGN
o Reinforcing its commitment to Brazil, E.ON agreed to join the
control group of PGN
In Feb, 2014, Cambuhy and E.ON carried out a Capital
Increase at PGN amounting to R$250MM, guaranteeing funds
to cover PGNs capex needs in 2014
o Additional R$750MM in LT financing were secured
Cambuhy also entered into a share purchase agreement to
buy OGPs remaining stake at PGN for R$200MM
o This last step of the transaction will be completed as part of
OGPs judicial recovery process
ENEVA and E.ON have the right for a 2-year term to increase
their joint participation at PGN to 33.3%
After execution of the sale and purchase agreement
18.2%
Parnaba Gs Natural
9.1% 72.7%
Controlling Block (100%)
18.2%
PGN
36.3% 9.1% 36.4%
Controlling Block (63.7%)
Current
OGP
Successful rescue plan of PGN
Gas blocks
70%
BTG 30%
Shareholding Structure
14
Only part of Parnaba Basin is yet licensed and explored
Declaration of commerciality for 3 gas fields: Gavio Real, Gavio
Azul and Gavio Branco
o Santa Vitria discovery in Jan, 2014 (well OGX-121)
New management team led by Pedro Zinner (ex-BG director)
o New COO Hubert Mainitz (E.ON E&P)
Challenges
o High dispatch scenario increases draw on existing wells, requiring
analysis on optimization of reservoir management
o Additional investment may be required to keep production levels
Overview
Parnaba Gs Natural (PGN) 3 commercial gas fields fully committed to supply ENEVA power plants
15
Parnaba Generation
3.2
Gas Treatment
Unit
Parnaba II 2 GE GTs x 168,8MW + 1 GE ST x 181MW
Parnaba I 4 GE GTs x 168,8MW
Parnaba III 1 GE GT x 168,8MW
+ 1 Wrtsil GM x 7,3MW Parnaba IV
3 Wrtsil GMs x 18MW
Capacity: 56MW
46% efficiency
Fix. Rev: R$54MM/year
CVU: R$69/MWh
Free market
COD: Dec, 2013
Capacity: 178MW
38% efficiency
Fix. Rev: R$98MM/year
CVU: R$160/MWh
Auction: A-5/2008
COD: Dec, 2013
Capacity: 676MW
37% efficiency
Fix. Rev: R$443MM/year
CVU: R$114/MWh
Auction: A-5/2008
COD: Apr, 2013
Capacity: 517MW
51% efficiency
Fix. Rev: R$374MM/year
CVU: R$59/MWh
Auction: A-3/2011
Completion: est. 4Q14
Parnaba IV Parnaba III Parnaba I Parnaba II
Notes: (1) Bertin project developed by ENEVA; (2) Fixed revenues indexed to inflation index IPCA (Database: Nov, 2013)
Parnaba Complex Overview A unique case in Brazil power generation sector with 910MW already in operation
17
All gas turbines in continuous operation for over 10,000 hours with high availability
o Parnaba I historical avg. availability: 96%
o Parnaba III historical avg. availability: 91%
First inspections executed by GE with no major findings
Maintenance interval extended from 16,000 hours to 32,000 hours
o Maintenance costs savings of approx. R$25MM for the duration of the PPA (100% dispatch)
Ongoing project to improve the reliability of Parnaba IV Wrtsil engines
o Implementation concluded by 2014YE, depending on assessment results
Overview of gas plants operations
18
Coal Fleet Itaqui, Pecm I and Pecm II
3.3
Pecm I
Capacity: 720MW
Fix. Rev.: R$600.3MM /year
CVU: R$99/MWh
Auction: A-5/2007
COD: Dec, 2012
Capacity: 360MW
Fix. Rev.: R$317.3MM/year
CVU: R$103/MWh
Auction: A-5/2007
COD: Feb, 2013
Itaqui
Note: (1) Fixed revenues are indexed to inflation index IPCA (Database: Nov, 2013)
Capacity: 365MW
Fix. Rev.: R$284.9MM /year
CVU: R$108/MWh
Auction: A-5/2008
COD: Oct, 2013
Pecm II
Coal generation portfolio overview 1.4 GW of installed capacity in full operation
20
Availability Main issues and action plan
Equipment Cause Action Plan Status
Boiler fans bearing Manufacturing problems
Exchanged
Mills Wear Design modification and executing overhauls
FGD system (desulphurization)
Clogging Installation improved and online cleaning procedure developed
Auxiliary equipment Design and installation
Replacement, modifications
1
2
3
4
Technical improvements and additional spares totaling up
to an estimated R$40MM will allow for reduced downtime
Maintenance shut down planned for 3Q14
Itaqui (1)
Note: (1) Based on Company and ONS data.
21
78% 80%
74%
00%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-
13
Aug-1
3
Sep-1
3
Oct-
13
Nov-1
3
Dec-1
3
Jan-1
4
Feb-1
4
Mar-
14
Apr-
14
May-1
4
Jun-1
4
Monthly Energy Availability Historical Avg.
1-year Avg. Last 6 Months Avg.
1 2
3
4 Declared: 95%
Variable Cost x Variable Revenue
(R$/MWh) Problem Consequence Action Plan
Coal conveyor design problems
Higher truck transportation costs of approx. R$15/MWh
Simplify engineering by splitting the very long belt into several sections
Status: New engineering project underway
Time estimate: 6-12 months
Cost: claim will be presented to manufacturer (Technometal) to cover costs
Itaqui Port coal berth draft
Ship capacity restriction with higher freight cost of ~US$5/ton / R$5/MWh
Increase berth draft to allow use of Panamax ships (75k ton), instead of the current Supramax ships (35-40k ton)
Status: Local government finalizing tender phase
Time estimate: 2014YE
Variable generation cost inflated by high coal logistics cost
Variable costs should be reduced to match variable
revenue with improved coal logistics
Itaqui (2)
261
232
144
159
128
149
112
141
108
103
115 121
126 129
118 127 124
107 106 103 102 102 100 104
108 107
113
116 119 120
112 108 106 103
Variable Cost Variable Revenue
22 Note: (1) Preliminary data for Jun, 2014.
Availability Main issues and action plan
Equipment Cause Action Plan Status
Turbine fire Oil leakage Oil pipes improved, fire extinguisher system commissioned
Hydrogen seal Material failure Exchanged
Boiler leakage Construction failure Repaired
Electrical air fan motor
Construction failure New motor installed, old motor under repair for spare
Auxiliary equipment Design and installation
Replacement, modifications
1
2
3
4
5
Technical improvements and additional spares totaling up
to an estimated R$30MM will allow for reduced downtime
Pecm I (Unit #1)
Note: (1) Based on Company and ONS data.
23
59%
52%
75%
00%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Jan-1
3
Feb-1
3
Mar-
13
Apr-
13
May-1
3
Jun-1
3
Jul-
13
Aug-1
3
Sep-1
3
Oct-
13
Nov-1
3
Dec-1
3
Jan-1
4
Feb-1
4
Mar-
14
Apr-
14
May-1
4
Jun-1
4
Monthly Energy Availability Historical Avg.
1-year Avg. Last 6 Months Avg.
1
2
3
5
4
Declared: 90%
Availability Main issues and action plan
Equipment Cause Action Plan Status
Generator cooling fan Assembly failure Reassembled
Bag filters Cleaning system Valves exchanged
Turbine control valve Oil leakage Repaired
Auxiliary equipment Design and installation
Replacement, modifications
1
2
3
4
Technical improvements and additional spares totaling up
to an estimated R$30MM will allow for reduced downtime
Maintenance shut down planned for 3Q14
Pecm I (Unit #2)
Note: (1) Based on Company and ONS data.
24
76% 74%
85%
00%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Monthly Energy Availability Historical Avg.
1-year Avg. Last 6 Months Avg.
1
2 3
4 Declared: 90%
Variable generation cost already at recurring levels with positive margin on dispatch
Variable generation cost already at recurring levels
o Diesel costs reduced by ~50% with more stable
operations after Jan, 2014 maintenance outage
o Coal inventory costs in line with values declared as basis
to determine variable revenues
Pecm I
151
127 118
136
154
117
139 138
109 119
107
134
106 107
110
95 93
108
111 105 104 100 99 99 97 102
105 106 110 114
117 118
110
105 102 100
Variable Cost Variable Revenue
25 Note: (1) Preliminary data for Jun, 2014.
Variable Cost x Variable Revenue (R$/MWh)
Improved commissioning resulted in more stable operations,
incorporating lessons learned from other plants
Monitoring of auxiliary equipment to keep good performance
Variable Cost x Variable Revenue (R$/MWh) Availability
Pecm II
93%
96%
00%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Monthly Energy Availability Historical Avg. Last 6 Months Avg.
92 99
111 99
106 101 101 88
99
114 118 122 125 125 118 113 111 108
Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14
Variable Cost Variable Revenue
Note: (1) Based on Company and ONS data.
26
Declared: 95%
Main remaining risks
o Continued high dispatch scenario with reduced maintenance time
o Auxiliary equipment design and installation
Improvement plan for coal plants
o Optimization of organizational structures to reduce costs and improve team performance
o Experience exchange between power plants and with E.ON and EDP
o Implementation of asset management processes (risk management, failure analysis)
o Technical improvements (approx. R$60MM over 3 years, mainly focused on Itaqui and Pecm I)
o Contractors: establishing a network of reliable providers of critical goods and services
o Spare parts: acquire strategic spare parts (approx. R$40MM over 3 years for spare parts pool)
Summary of coal operations improvements
27
Financial Stabilization and Cost Reduction Strategy
4
Financial Stabilization
4.1
May 12, 2014 May 20, 2014 Jun 30, 2014
Signing of term-sheet with banks for:
R$1.5Bi capital increase
o Phase I: R$316.5MM cash-only (in place); and
o Phase II: R$1.5Bi minus funds raised on Phase I
(cash or asset capitalization or debt conversion)
HoldCo. Debt renegotiation
o R$600-700MM debt drop-down to ENEVAs
subsidiaries/projects
o 5-year maturity extension of remaining HoldCo.
debt (approx. R$1.5Bi), with amortization starting
only in Jun, 2017
Sale of Pecm II
o Backstop guarantee by E.ON of up to R$400MM
for 50% of the asset
R$100MM short-term
bridge financing from
lending banks disbursed
R$120MM from E.ON
subscription commitment
on 1st Capital Increase
R$150MM of fresh cash expected to
be raised during Initial Preemptive
Right Period
o R$120MM by E.ON (already disbursed);
o R$30MM by minorities; and
o Additional funds might be raised during
preemptive right periods
Indicative shareholding structure:
44.0% 20.4%
Free Float
Eike Batista
Controlling Block
35.6%
Financial Stabilization on Course
30
Selected key achievements
ICB Online for Pecm II
Progress with Aneel on Parnaiba II (deadline: July 18)
Launch of Capital Increase I and E.ON subscription
Remaining key steps
o Waivers from BNDES for Pecm II closing and disbursement
of funds (E.ON) and LT finance (banks)
o Final solution on Parnaiba II
o Implementation of Capital Increase II and potential asset
contributions
Main recent achievements / Critical points
ENEVA working alongside following priorities:
1. Pecm II sale / Backstop execution
2. Solution for Parnaiba II and key regulatory challenges
(e.g. final ADOMP agreement)
3. Implementation of the stabilization plan, most
importantly
o Capital increases;
o Pecm II long term finance;
o Debt dropdown; and
o Extension of HoldCo debt maturity
Process update
Process and Roadmap of Stabilization (1)
31
Conclusion of sale of Pecm II
o Payment of at least R$400M (50% of Pecm II)
Parnaiba II Aneels final decision
Pecm II long term finance
o Agreement on final documentation
o Disbursement of funds
Shareholders meeting
o Authorization of capital increase
o Authorization of asset contribution
Board of Directors approve Capital Increase II
Beginning of Capital Increase II
Agreement of main terms of debt drop down
Execution / Effective of Debt Drop Down/Roll over
July, 2014 August-October, 2014
Process and Roadmap of Stabilization (2)
32
Cost Reduction Strategy
4.2
Cost reduction strategy based upon top-down (target of
R$80MM) and bottom-up (optimal organizational design),
supported by external consultants
Cost reduction program will build upon three key drivers:
o Implementation of quick wins
o Streamlining the organization
o Outsourcing and relocation of specific functions
125MM
65%
35%
FY2014 Streamlining the
organization
Relocation & outsourcing
Target 2015
Quick wins
80MM
10%
45MM
Elements of Cost Reduction (R$)
Cost reduction of 35%40% is achievable by 2015
Key elements of ENEVA cost reduction strategy Three key drivers to maintain cost control
34
Office layout and services
o Change of office layout and reduction from 6 to 3 rented floors
o Reduction of office services
Travel policies
o Implementation of restrictive travel policy
o Restriction of flights change to videoconferences
Administrative
o Reduction of consultancy services
o Reduction of company events
o Streamlining of ongoing corporate projects
4.5MM
1MM
1MM
2MM
Quick wins
Office & Services
Travel Expenses
Administration Other
0.5MM
Quick wins as lighthouse projects to drive the change Several measures addressed for quick improvement
35
Quick Wins Overview (R$)
Rethinking organizational size and reduction of
duplications & inefficiencies
Restructuring responsibilities, reportings and
processes
Clear targets for 2014
o Reduction of personnel cost by R$30MM
o Reduction of headcount by minimum 65 employees
o Reduction of hierarchies and thereby reduction of
number of middle-managers
Today Tomorrow
2 EC members and 7 Directors Up to 6 levels of hierarchy 175 employees end of 2013
2 EC members and 4 Directors Max 4 levels of hierarchy
Only HoldCo functions with clear control tasks must be
located in Rio de Janeiro
Clearly defining and differentiating between Control and
Support Functions
Action plan for support functions
o Implementation of shared service centers bundling certain
activities
o Centralization of key functions (e.g. procurement)
o Relocation to lower cost locations (e.g. operations)
o Outsourcing (e.g. IT)
Current HoldCo
Functions
Control Functions
Support Functions
Bundle, create shared service
center and relocate
Bundle and Outsource
Clear HoldCo tasks
Increasing efficiency by outsourcing & relocation Focusing on real HoldCo functions
37
Optimizing HoldCo Functions
Schematic
Ramp-up
Phase I
Structure program + realize quick
wins
Phase II
Implement streamlining +
structural changes
Phase III
Increasing efficiency by
outsourcing and relocation
Phase IV
Continuous cost control and
improvement
Quick wins
Streamlining & Structural changes
Efficiency by Outsourcing & Relocation
R$45MM
2Q14 3Q14 4Q14 2015
Full effect on cost reduction realized beginning of 2015 Main part of savings realized in 3Q14 and 4Q14
38
One time costs associated with cost reduction program
Closing Remarks and Growth Opportunities
5
Bottoming of open cycle gas turbines from Parnaiba I
power plant provides extra 360MW
Competitive project as no additional gas needed
Installation Environmental License issued
Plug and Play: 500kV electrical substation and water
supply already built
Known technology, original design of Parnaiba
Generation Complex done to enable modular expansion,
leading to efficient implementation and operation
o ENEVA recent experience in Parnaba II combined-cycle
plant at neighboring site
Cost sharing efficiency (O&M, administrative, HSSE,
spare parts etc.) with Parnaba Generation Complex
make the project even more competitive
Highlights Parnaba Site
Bottoming #1 Bottoming #2
Note: (1) To enable expansion additional fuel mainly for PPA/contract harmonization and internal consumption
Parnaba I: Closing of the cycle (1) Highly competitive expansion to existing site
40
Net power output: 352,8 MW
Plants upside efficiency: 51% (previously 37%)
Additional gas consumption: zero
Contractor: TBD (first phase performed by Duro Felguera)
Implementation schedule: 36 months
CAPEX: approx. R$1.75 billion
Target capital structure: 70/30, with BNDES financing
Target IRR: 15% real
Main equipment/delivery time
o Steam Turbine + Generator: 18 months
o Heat Recovery Steam Generator (boilers): 14 months
o Cooling Tower: 13 months
o Pumps (feed water, condensate, cooling water): 13 months
Existing facilities
New equipment
Parnaba I: Closing of the cycle (2) Highly competitive expansion to existing site
41
The material that follows is a presentation of general background information about ENEVA S.A. and its subsidiaries (collectively, ENEVA 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 ENEVA 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. ENEVA, 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 ENEVAs prior written consent.
Disclaimer
Thank you. www.eneva.com.br
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