19919510 COMMON SHARES EDP – Energias do Brasil SA

FORWARD-LOOKING STATEMENTS
This offering memorandum includes forward-looking statements that are subject to risks and
uncertainties, in particular in the “Summary,” “Risk Factors,” “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Business” sections. These statements are based on
current expectations and projections about future events and financial trends that affect or may affect our
business. Words such as “believe,” “may,” “can,” “seek,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “plan,” “will,” “could,” “predict,” “project” and other similar words are used in this offering
memorandum to identify forward-looking statements.
While we believe these forward-looking statements are based on reasonable assumptions, they are subject
to risks and uncertainties and rely on information currently available to us and therefore do not constitute
guarantees of future results, which could substantially differ from those results anticipated in our forwardlooking
statements due to several factors, including, but not limited to, the following:
• the impact of the global financial and economic crisis in Brazil;
• economic, political, demographic, hydrological and business conditions generally in Brazil and
particularly in our concession areas;
• increase in interest rates or inflation or changes in the valuation of the real;
• early termination of our concessions by the Brazilian government;
• increase in competition in the Brazilian electricity industry;
• our ability to implement our investment plan, including our ability to acquire new concessions in
auctions carried out by the Brazilian government, to build new generation projects, and to obtain
financing on reasonable terms;
• changes in consumer demand for electricity and an increase in customers’ payment defaults;
• interruption in the supply of electricity;
• our inability to generate sufficient electricity due to water shortages, transmission outages, operating
or technical problems or physical damage to our facilities;
• changes in electricity tariffs and taxes;
• potential interruption or disturbance in our services;
• our ability to control technical and commercial losses of electricity;
• changes in existing and future governmental regulation of the Brazilian electricity sector;
• changes in existing safety, health and environmental regulations;
• our obligations related to pension funds;
• changes in existing and future tax laws;
• unfavorable decisions in connection with administrative and judicial proceedings;
• changes in laws with respect to the acquisition of rural properties by foreigners; and
• other risk factors discussed under “Risk Factors.”
iv