Rio de Janeiro | March, 2012

2011 Earnings Release

DISCLAIMER

The material that follows is a presentation of general background information about MPX Energia S.A. and its subsidiaries (collectively, “MPX” 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 MPX 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.

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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. MPX, 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 MPX’s prior written consent.

2

MPX/E.ON partnership: accelerated growth to build a more sizable and profitable power business in

Brazil.

Competitive advantage in gas-fired power generation confirmed: long-term PPAs secured for an

additional 1,553 MW. Total contracted capacity reached 3,000 MW.

Declaration of commerciality for 2 gas fields in the Parnaíba Basin: available capacity expected to reach

6 million m3 per day in 2013. 3 rigs currently operating in the Basin to identify additional potential.

Funding for growth secured:

R$1.4 billion raised through convertible debentures

R$ 1.0 billion capital increase as part of the E.ON transaction

R$ 825 million bridge-loan + R$ 1.6 billion long-term financing for TPP Parnaíba

R$ 600 million bridge-loan for gas production development

Significant progress in Colombia: over 30,000 meters drilled, confirming existence of multiple coal

seams, up to 14 m thick:

Pre-feasibility study on San Juan mine expected in 1H12

2011 HIGHLIGHTS & SUBSEQUENT EVENTS

3

The boilers first firing has already taken place;

Plant in commissioning phase: all peripheral systems

tested and are ready to support testing of main

components and systems (boiler, steam turbine and

electric generator);

Electrical system and connection to CHESF’s electrical

substation fully operational;

570,000 tons of coal unloaded from 5 ships: full fuel

supply secured;

In January 2012, ANEEL approved a postponement of 60

days for the commercial operation date (COD) of Pecém I

first turbine (360 MW) and 150 days for the second one

(360 MW).

TPP PECÉM I

4

TPP PECÉM I – MARCH 2012

Main equipments in final stage of construction and

assembly: (i) Welding of pressure parts of boiler finalized,

(ii) coverage of metal structure in turbine building and

assembly of surface condenser near completion;

Main metal structure, hoppers and bag filter panels of Flue

Gas Desulfurizer (FGD) are being assembled;

Coal yard and final coal silo supply system under

construction.

TPP PECÉM II

5

TPP PECÉM II – MARCH 2012

Hot commissioning stage in process and first firing of

boiler carried out;

Power substation and transmission line, intake water

pipeline and coal conveyor belt finalized;

Performance tests initiated;

In January 2012, ANEEL approved a postponement of 90

days for the COD.

TPP ITAQUI

6

TPP ITAQUI – MARCH 2012

1,553 MW contracted in 2011

EPC contracts (Engineering, Procurement and Construction) signed

with Spanish companies Duro Felguera and Initec Energia S.A to

build Phases I and II, respectively

Timely equipment supply secured by partnership with GE

• 3 turbines and 3 electrical generators have already been shipped to

Brazil and a 4th is currently undergoing testing

Implementation initiated and site preparation advanced

Installation license granted for further 2.2 GW

R$ 825 million bridge-loan disbursed to fund Parnaíba – Phase I (R$

600 million in December 2011)

TPP PARNAÍBA

7

TPP PARNAÍBA– 3D PERSPECTIVE

On schedule to start production at Gavião Real and Gavião

Azul in 2H2012

Estimated available capacity in 2013 of 6 MM m³/day

5 development wells concluded and 1 in progress

Construction of Gas Treatment Unit initiated

Exploratory campaign already identified 4 accumulations

2 drill-rigs in operation and 3 seismic crews in the region

3rd onshore rig already being mobilized

R$ 600 million bridge-loan to fund production development

disbursed in January 2012.

NATURAL GAS E&P AT PARNAÍBA BASIN

8

27,714 m completed in 2011 and an additional 10,536 m

since beginning of 2012

38 positive boreholes drilled in 2011: multiple coal seams,

including seams of up to 14 meters thick

Pre-feasibility Study on San Juan mine expected in 1H2012

Geological model for certification process finalized by AMEC Americas

15 engineers from Golder Associates working on mine planning and

reserve certification

Drilling campaign expanded southwards to assess full

potential concessions in Southern Guajira

6 drill rigs operating on 24/7 basis

MPX COLOMBIA (CCX) - DRILLING

9

DRILLING MPX COLOMBIA

Process of public consultation on licensing for port formally initiated in Feb, 2012

Meeting with 4 leading native communities schedule to May, 2012

5 teams currently negotiating rights of ways in railroad and mine areas

Licensing for San Juan underground mine will be initiated upon completion of the

mine plan and reserves certification in 1H2012

MPX COLOMBIA (CCX) – LICENSING

10

Creation one of the largest private energy solutions provider in Brazil, with

the goal of reaching 20 GW

E.ON will acquire a 10% stake at MPX through a R$1.0 billion capital

increase

Potential financing by E.ON of MPX’s equity proportion at the JV to

accelerate the implementation of its pipeline of projects

Colombian coal assets will be spun-off and become an independent

company, listed at the BM&FBovespa Novo Mercado, with a cash position of

up to R$ 814 million

MPX/E.ON JOINT-VENTURE

11

Eike Batista Free Float

MPX

Current Thermal Power

Pipeline

Power Generation(with PPA)

Supply & Trading

E.ON

MPX- E.ON JV50/50

Current Renewable

Pipeline

Natural Resources

~10.0%

100% 100%

50%

50%

100%100%50%

50% NewGeneration Projects

100%

NEW MPX OWNERSHIP STRUCTURE AFTER CCX SPIN-OFF

Energia Pecém (365 MW)Pecém II (365 MW)Itaqui(365 MW)TPP Parnaíba (1,087 MW)Amapari(12 MW)

Seival

OGX Maranhão

12

TPP Parnaíba (1,534 MW) Açu – Natural Gas (3,300 MW)Açu – Coal(2,100 MW)Castilla - Coal (2,100 MW)Sul and Seival - Coal (1,327 MW)

MPX Power and Fuel Trading

Solar Tauá (1 MW)

PARTNERSHIP WITH E.ON

13

Signing of definitive documents expected to end of Mar, 2012

Organizational structure of JV defined

Estimated timetable of the transaction:

D + 0

D + 20

D + 85

Extraordinary General Shareholders’

Meeting

Signing of Definitive

Documents

Conclusion of MPX Capital

Increase

Debenture HoldersGeneral Meeting

D + 30

D + 80

Conclusion of CCX Spin-Off - listed at the BM&FBOVESPANovo Mercado

MPX Holding SG&A

FINANCIAL PERFORMANCE

14

Personnel and management: 21.3% decrease as

compared to 2010

(-R$ 19.6 million) - Reduced payroll expenses

resulting from the transfer of employees to the

Company’s projects.

(-R$13.4 million) - Lower expenses related to

outstanding stock options plans.

Operating expenses2011 2010 % Var

(In R$ thousands)

Personnel and managers

(92,592) (117,583) -21.3%

Outsourced services (46,683) (33,679) 38.6%

Leases and Rentals (7,803) (7,187) 8.6%

Other expenses (8,107) (8,527) -4.9%

Total (155,185) (166,976) -7.1%

Depreciation and amortization

(1,120) (66) 68.2%

Total (156,305) (167,642) -6.8%

Consolidated SG&A

FINANCIAL PERFORMANCE

15

Operating expenses2011 2010 % Var

(In R$ thousands)

Personnel and managers

(148,690) (131,278) 13.3%

Outsourced services (93,516) (66,694) 40.2%

Leases and Rentals (13,856) (11,263) 23.0%

Other expenses (12,053) (10,010) 20.4%

Total (274,576) (224,150) 22.5%

 Depreciation and amortization

(3,358) (2,017) 66.5%

Total (277,934) (226,167) 22.9%

Increase in the number of employees at Parnaíba e Castilla, following

recent advances in the projects, and at Itaqui, given the approach of

start-up.

Colombia (+R$ 9.4 million): engineering, geology, environmental

and legal consultancies.

Chile (+R$ 6.5 million): environmental, legal and communication

consultancies.

Parnaíba (+ R$ 4.4 million): start of construction works.

Consolidated Net Financial Results (as December, 2011)

FINANCIAL PERFORMANCE

16

Increased financial expenses as a result of the impact of

the outstanding convertible debentures (R$ 115.9 million):

Fair Value: R$ 62.0 million

Interest: R$ 50.8 million

Cost: R$ 3.0 million

Financial Result

(In R$ thousands) 2011 2010 % Var

Derivatives (Hedge) (62,197) (98,272) -36.7%

Fair Value - Debentures (62,003) - -

Interest - Debentures (50,857) - -

Cost - Debentures (3,018) - -

Other financial expenses (24,310) 55,527 -146.3%

Net Financial Result (202,385) (45,745) 342.4%

Debt Maturity Profile*

(R$ million)

DEBT (as of Dec 31, 2011)

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Total Consolidated Gross Debt: R$ 4,359.4 million

Short term: R$ 1,020.2 million

R$ 600 million bridge loan to Parnaíba => to be paid-off

with draw down from long-term financing expected for

2H2012

R$ 279.7 million allocated at MPX Colombia => to be spun-

off as part of the E.ON transaction

Long term: R$ 3,339.2 million

Average amortization: 14 years

Average cost of debt: 8.9%

Average tenure: 6.7 years

Debt (R$ million)

1,020.223%

3,339.277%

Short Term Long Term

Cash & Cash Equivalents

2012 2013 2014 2015 and until the maturity

1,451.9

672.9910.8

242.0

2516.0

From 2015 on

Capital Expenditures in Power Generation

FINANCIAL PERFORMANCE

18

Projects2010 2011 4Q11

(R$ milliion)

Pecém I 455.0 295.5 78.8

Pecém II 406.4 462.4 80.3

Itaqui 615.3 571.8 147.2

Parnaíba – Phase I 6.7 423.1 120.5

Parnaíba – Phase II - 22.4 22.4

Total 1,483.5 1,775.2 449.2

In 2011, MPX invested a total of R$ 1,775.2

million (R$ 449.2 million in 4Q11) in the

construction of TPPs.

These values exclude Capitalized Interest, which

amounted to R$ R$ 480.2 million on December 31,

2011.

Including capital expenditures in Colombia, the total

investment in 2011 would amount to R$ 2,091.3

million

CAPITAL MARKETS

19

Best performing stock in the

Bovespa in 2011: up 90.2%

Daily average traded volume in

2011: R$ 15.2 million -> 30%

higher than in 2010

56,754

R$ 24.50

R$ 46.50

32,613

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MPXE3(R$) Performance 201112/31/2010 = 100

IBOV MPXE3 IEEX