Convenience Translation into English from the Original Previously Issued in
Portuguese)


ACCOUNTANTS' REVIEW REPORT

To the
Board of Directors and Shareholders of
Espirito Santo Centrais Eletricas S.A. - ESCELSA Vitoria - ES

1.   We have performed a special review of the Quarterly Information (ITR) of
     Espirito Santo Centrais Eletricas S.A. - ESCELSA and subsidiaries (parent
     company and consolidated) for the quarter and the period of six months
     ended June 30, 2003, prepared under the responsibility of the Company's
     management, in accordance with accounting practices adopted in Brazil,
     comprising the balance sheets, the related statements of income and the
     reports on performance.

2.   Our review was performed in accordance with standards established by the
     Brazilian Institute of Independent Auditors - IBRACON, in conjunction with
     the Federal Accounting Council, and consisted principally of (a) inquiries
     and discussions with the Company's management responsible for the
     accounting, financial and operational areas of the Company and its
     subsidiaries, as to the criteria adopted in preparing Quarterly
     Information; and (b) a review of the information and subsequent events that
     had or could have material effects on the financial position and results of
     operations of the Company and its subsidiaries.

3.   Based on our special review, we are not aware of any material modifications
     that should be made to the Quarterly Information referred to in paragraph 1
     in order for it to be in accordance with the accounting practices adopted
     in Brazil, applied according to the standards issued by the Brazilian
     Securities Commission (CVM) specifically applicable to the preparation of
     Quarterly Information.



Espirito Santo Centrais Eletricas S.A. - ESCELSA                               2

4.   We have previously performed a special review of the balance sheets (parent
     company and consolidated) as of March 31, 2003, and issued our accountants'
     review report dated April 11, 2003, containing emphasis paragraph related
     to accounts receivable and payable relating to electric power sales and
     purchases operations conducted in the Electric Power Wholesale Market -
     MAE, recorded based on information released by MAE and/or based on
     management estimates when MAE data was not available. The settlement of
     these amounts was postponed due to new agreement between Brazilian
     Government and energy market participants, and the success of this
     negotiation and settlement of the accounts would depended on the financial
     capacity of energy market participants to settle their obligations. The
     statements of income (parent company and consolidated) for the quarter and
     the period of six months ended June 30, 2002 were reviewed by us, and we
     issued our accountants' review report thereon dated August 14, 2002,
     containing emphasis paragraph related to the accounts receivable and
     payable relating to the electric power sales and purchases transactions
     conducted in the Electric Power Wholesale Market - MAE, which were pending
     approval by MAE.

July 17, 2003