Thermes Participações SAJune 2009

A privately held firm headquartered in Rio de Janeiro, Brazil that invests in power generation. The firm develops power plants and sells them when operational.

Thermes has amassed considerable expertise in the the greenfield phase of project development. Our ability to manage and reduce risks during this phase is a significant asset and a source of competitive advantage.

project development critical path

2

Cash Flow Modeling

develop robust financial models based on realistic assumptions tested by experience and validated by outside experts.

4

Partner Selection

selecting sponsors so as to guarantee project success, requires extensive knowledge of the strengths and weaknesses of players in the energy sector.

5

Project Finance

navigate regulatory hurdles and requirements of federal and state financial institutions that provide long term funding at below market cost.

3

Contract Negotiation

negotiate major contracts such as Engineering, Procurement, and Construction, Fuel Supply, and Power Purchasing Agreements, Equipment Supply and Civil Works.

1

Origination

continuously vet and generate ideas that are candidates for new projects both internally and through an extensive network of collaborators.

The firm is widely recognized as one of Brazil’s leading developers of thermal power plants.

Taken together, current engagements and completed projects total 1,700MW gross capacity of power plants throughout Brazil.

StartingProject Location Date Share.

MW Hydro %94 UHE Energética Corumbá III Luziânia, GO Mar-09 5

115 UHE Murta Energética Coronel Murta, MG Jan-12 33209 Total

Thermal 166 UTE BREITENER Maracanaú, CE Oct-02 2483 UTE Tambaqui Manaus, AM Dec-05 2483 UTE Jaraqui Manaus, AM Mar-05 24

169 UTE Borborema Fortaleza, CE Jan-10 50164 UTE Maracanaú Fortaleza, CE Jan-10 50300 UTE Geraldo Rola Pecém, CE Jan-11 3870 UTE Lambari Fortaleza, CE Jan-12 50

337 UTE Escolha Linhares, ES Jan-13 38127 UTE Cacimbaes Linhares, ES Jan-13 38

1,499 Total

1,708 TOTAL 37

Completed Projects and Under Development

Thermes played a decisive role in all of the critical stages of each individual project. Other players were brought in subsequently to diversify risk and limit balance sheet exposure.

The Investment Opportunity

Thermes has an enviable track record of developing new projects and obtaining PPAs through competitive bids at auction.

2002 2005 2007 2008

166MW

204MW

396MW764MW

1,580

2009

PPAs Obtained Per Annum

Our expansion plans offer investors willing to take on greenfield risk an excellent choice of sector or energy specific strategies and vehicles.

Wind Par. Hydro Par. Alternative Par.Thermes Par.

Newco Energia Participações SA

SPE TambaquiSPE JaraquiSPE BorboremaSPE MaracanaúSPE LambariSPE Geraldo RolaSPE Capixabas

CGE Ventos de Zumby 09CGE Marcos Porto 09CGE Ventos do Atlântico 09

CGE Acaraú 09CGE São Francisco 09CGE Galinhos 10CGE Parazinho 10

SPE ECIIISPE MurtaAlto Corumbá 10Rio Parnaíba 10

Campina Grande 09Maracanaú 09Pacatuba 09Conesud 09Rio Grande 09Pelotas 09Passo Fundo 09

Thermes is able to maintain a lean managment team by developing power plants through SPVs (special purpose vehicles). Each SPV is endowed with an executive management team that reports to a board of directors. Each board, in turn, is comprised of members elected by Thermes and other shareholders.

5-Year Cash Flow Projections and Equity Requirements

EBITDA

EQUITY

Thermal HFO (Heavy Fuel Oil)

UTE BREITENER 166MW

Located in Maracanaú, CE.PPA from 2002 to 2004Annual Revenues R$240mm EBITDA R$80mmCap X R$300mm.

Gen set MAN 8 x 18V 48/60 + 2 x 16V 32/40Transmission line 69kV x 3.5 km. Grid connection at SE DID II – Coelce.

UTE BREITENER 166MW

Orteng6%

Enerconsult6%

Petrobras35%

SKANSKA I&D30%

Thermes24%

UTE Tambaqui 83MW

Located in Manaus, AZ.PPA from 2005 to 20025Annual Revenues R$62mm EBITDA R$35mmCap X R$75mm.

Gen set MAN 4 x 18V 48/60 + 1 x 16V 32/40Transmission line 69kV x 8 km. Grid connection at SE MESA.

UTE Tambaqui 83MW

Orteng6%

Enerconsult6%

Petrobras35%

SKANSKA I&D30%

Thermes24%

UTE Jaraqui 83MW

Located in Manaus, AZ.PPA from 2005 a 2025Annual Revenues R$60mm EBITDA R$35mmCap X R$150mm.

Gen set MAN 4 x 18V 48/60 + 1 x 16V 32/40Transmission line 69kV x 3 km. Grid connection at SE MESA.

UTE Jaraqui 83MW

Orteng6%

Enerconsult6%

Petrobras35%

SKANSKA I&D30%

Thermes24%

BORBOREMA Energética 169MW

Located in Campina Grande, PB.PPA from 2010 to 2024Annual Revenues R$64.9mm EBITDA R$48mmCap X R$325mm.

Gen set Wärtsilä 20 x 20V 32Transmission line 230kV x 3,5km. Grid connection at SE Campina Grande II- CHESF.

BORBOREMA Energética 169MW

Consórcio Infra-Estrutura BERTIN EQUIPAV50%

Thermes50%

Maracanaú Geradora de Energia 162MW

Located in Maracanaú, CE.PPA from 2010 to 2024Annual Revenues R$ 65.4mm EBITDA R$50,6mmCap X R$340mm.

Gen set Wärtsilä 8 x 20V 46Transmission line 69kV x 8,5 km. Grid connection at SE DID II – Coelce.

Maracanaú Geradora de Energia 162MW

Consórcio Infra-Estrutura BERTIN EQUIPAV50%

Thermes50%

Lambari Geradora de Energia 70MW

Located in Maracanaú, CE.PPA from 2012 to 2026Annual Revenues R$27.2mm EBITDA R$8mmCap X R$120mm.

Gen set Wärtsilä 4 x 20V 46Transmission line 69kV x 8,5 km. Grid connection at SE DID II – COELCE.

Lambari Geradora de Energia 70MW

Consórcio Infra-Estrutura BERTIN EQUIPAV50%

Thermes50%

Thermal LNG (Liquid Natural Gas)

Geraldo Rola 300MW

Located in Pecém, CE.PPA from 2011 a 2025Annual Revenues R$87mm EBITDA R$46mmCap X R$380mm.

Gen set Wärtsilä 36 x 20V 34 SGTransmission line 230kV x 4,5 km. Grid connection at SE Cauipe.

Geraldo Rola 300MW

Petrobras49%

Agroenergia13%

Thermes38%

Escolha 337MW

Located in Linhares, ES.PPA from 2013 a 2027Annual Revenues R$123.7mm EBITDA R$92mmCap X R$420mm.

Turbine GE x 2 + CC x 1Transmission line 345 KV x 3 km. conexão no seccionamento da Transmission line .

Escolha 337MW

Cobrapar5%

Spectrum8%

Petrobras49%

Thermes38%

Cacimbaes 127MW

Located in Linhares, ES.PPA from 2013 a 2027Annual Revenues R$120mm EBITDA R$41.4mmCap X R$158mm.

Turbine GE x 1 + CC x 1Transmission line 138 KV x 3.5 km. conexão no seccionamento da Transmission line .

Cacimbaes 127MW

Cobrapar5%

Spectrum8%

Petrobras49%

Thermes38%

Hydro

Energética Corumbá III 94 MW

Located in Luziânia, GO.PPA from 2009 to 2042Annual Revenues R$120mm EBITDA R$68,5mmCap X R$420mm.

Turbine Energomach 47 x 2Transmission line 138kV x 120 km. Grid connection at SE Santa Maria CEB.

Energética Corumbá III 94 MW

Neoenergia60%

CEB15%

Celg15%

Energpower5%

Thermes5%

Murta Energética 115MW

Located at the Jequitinhonha river in Coronel Murta, MG.PPA Requested environamental license

Murta Energética 115MW

Logos34%

Eptisa33%

Thermes33%

We are in the process of studying Rio Parnaiba which appears to have a 1,000MW potential in Hydro plants, that will be the object of government auctions during 2009 and 2010. We are also studying Rio Corumba, to establish its potential for run of river projects.

Hydro Pipeline

Wind

We have confirmed wind measurements, and obtained land use rights to locations representing aproximately 1,300MW of wind farm potential in Northeastern Brazil. In 2009, we expect to win 580MW at auction under 20 year PPAs, and an additional 620MW in 2010. We have reason to believe that we have identified sites representing an aditional 1GW of that will be developed in 2011.

Wind Pipeline

Expected starting date 2010. 237 hectares in Rio do Fogo, RN. Cap X R$ 225mm.Annual revenues R$29.9mm x 20 yrs..

CGE Ventos de ZUMBY 45MW

ACNI3%

Thermes97%

Turbine 1.5MW GE SLE a 80m.Efficiency factor 38%.Average wind speed 7.8 m/s at 80 m.Transmission line 69kV x 1 km. Grid connection at linha Iberdrola.

CGE Ventos de ZUMBY 45MW

Expected starting date 2010. 1.320 hectares in Timbau - Grossos, RN. Cap X R$1.050mm.Annual revenues R$132.8mm x 20 yrs..

CGE Marcos Porto 210MW

ACNI3%

Thermes97%

Turbine 1.5MW GE SLE a 80m.Efficiency factor 36%.Average wind speed 7.2 m/s at 80 m.Transmission line 230kV x45 km. Grid connection at SE Mossoro II.

CGE Marcos Porto 210MW

Expected starting date 2010. 1.250 hectares in Areia Branca, RN. Cap X R$930mm.Annual revenues R$136.8mm x 20 yrs..

CGE Ventos do Atlântico 186MW

ACNI3%

Thermes97%

Turbine 1.5MW GE SLE a 80m.Efficiency factor 42%.Average wind speed 8.5 m/s at 80 m.Transmission line 230kV x 100 km. Grid connection at SE Mossoro III.

CGE Ventos do Atlântico 186MW

Expected starting date 2010. 322 hectares in Acarau, RN. Cap X R$275mm.Annual revenues R$38.5mm x 20 yrs..

CGE São Francisco 55MW

ACNI3%

Thermes97%

Turbine 2.5MW Fuhrlander 2500 a 80m.Efficiency factor 40%.Average wind speed 8.2 m/s at 80 m.Transmission line 230kV x 95 km. Grid connection at SE Sobral III.

CGE São Francisco 55MW

Expected starting date 2010. 398 hectares in Acarau, CE. Cap X R$375mm.Annual revenues R$52.5mm x 20 yrs..

CGE Acaraú 75MW

ACNI3%

Thermes97%

Turbine 2.5MW Fuhrlander 2500 a 80m.Efficiency factor 40%.Average wind speed 8.2 m/s at 80 m.Transmission line 230kV x 95 km. Grid connection at SE Sobral III.

CGE Acarau 75MW

Renewable

After identifying an enormous repressed demand for solutions to solid urban waste, we developed on a proprietary basis and using exclusively national technology a commercially viable and scalable project for transforming waste into energy. During 2009 we will begin the roll out of this technology in the following pilot municipalities: Campina Grande, Marcanau, Pacatau, totaling 87MW.

Municipal Waste-to-Energy Pipeline

Thermes Participações SAJune 2009