Apresentacao aes eletropaulo_4_t11_v8_en

4Q11 ResultsMarch, 2012

2011 HighlightsOperational • Increase of 4.1% in energy consumption within Company’s concession area • Implementation of the Action Plan in 2011 resulted in a reduction of 13.6% in SAIDI and 6.6% in SAIFI between January, 2011 and February, 2012 • Investments of R$ 738.7 million in 2011, 8.3% higher than in 2010Financial • Ebitda of R$ 2,847.9 million, increase of 18.0% when compared with 2010 • Net Income of R$ 1,572.1 million, 16.7% higher than in 2010 • Receipt of the compensatory payment from the sale of AES Eletropaulo Telecom to TIM, with a positive impact of R$ 707.3 million in Ebitda and R$ 466.8 milion in Net IncomeDividends • The Administration proposes dividends distribution in the amount of R$ 911 million, representing 50% of 2011 distributable income plus interest on equity, composed of R$ 5.14 per common share and R$ 5.65 per preferred share • The amount of complementary dividends is R$ 547 million, equivalent to R$ 3.08 per common share and R$ 3.39 per preferred share 2

2011 Highlights • In December, 2011, Aneel defined the methodology of tariff reset for the 3rd cycleRegulatory • In February, 7th 2012, Aneel approved the application for the Company of the tariff reset and readjustement jointly on July 4th, 2012 • According to the Material Fact released on 02/27/2012, Company’s best expectation for the possible impact in 2H11 Ebitda arising from the postponing of the 3rd Cycle of Tariff Reset for AES Eletropaulo is R$ 354 million, which adjusted by IGP-M, totalize R$ 357 million • Reversion to “special obligations” of the revenues from exceeded demand and reactive surplus billed in 2H11, which totaled R$ 56.5 millionCorporate • Maintenance of AES Eletropaulo’s shares in the ISE- Corporate Sustainability Index of BM&FBovespa –Governance portfolio for the 7th consecutive year 3

Action Plan: R$ 242 million in 2011-2012  Increase of 212 emergency teams, totalizing 353 teams trained to perform attendances in powered grid  hiring and training of 580 maintanance and construction electricians  hiring of 30 additional prunning electriciansConcluded in 2011  38% increase in call center positions (150 positions)  doubling of SMS receipt capacity to 100 thousand / day  increase of call center service capacity by 27 times from 2 thousand to 54 thousand calls / hour  300 additional stand-by positions in call center for emergency situationsDecember/11 increase of 120 emergency teams, totaling 473 teamsto March/12 4

Market growth driven by residential, commercial and free clients performances Consumption evolution (GWh)¹ +5.5% -2.3% +4.8% +4.8% +3.9% +4.7% +4.1% 15,546 16,408 11,614 35,434 36,817 43,345 45,101 11,081 8,284 7,911 6,137 5,996 2,671 2,799 Residential Industrial Commercial Public Sector Captive Market Free Clientes Total Market and Others 2010 2011 51 – Own consumption not considered

SAIDI reduction since October, 2011 as a result of the Action Plan initiatives SAIDI – System Average Interruption Duration Index 12.74 12.66 12.72 12.45 12.39 12.22 12.09 -13.6% 11.90 11.79 11.65 11.25 10.84 10.60 10.59 10.62 10.30 10.40 10.37 10.30 10.42 10.36 10.13 9.91 9.90 9.88 9.87 10.09 9.16 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.67 8.67 AES Eletropaulo Aneel Reference - AES EletropauloSource: ANEEL and AES Eletropaulo 6

SAIFI remains below the regulatory limit SAIFI – System Average Interruption Frequency Index 7.87 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.87 6.87 6.34 6.41 -6.6% 6.29 6.29 6.17 6.16 6.12 6.12 5.96 5.85 5.61 5.52 5.57 5.51 5.51 5.59 5.54 5.42 5.44 5.48 5.48 5.42 5.47 5.45 5.29 5.37 4.94 AES Eletropaulo Aneel Reference - AES EletropauloSource: ANEEL and AES Eletropaulo 7

Investments of R$ 739 million in 2011 and forecast of R$ 841 million for 2012CAPEX (R$ million) 2011 Investments (R$ million) 227 841 739 46800 682 55 22 172700 28 22600 39500 35 -30% 189400 794 299 717 654300 7 209200 6 292 Maintenance100 203 Customer Service 0 2010 2011 2012(e) 4Q10 4Q11 System Expansion Losses Recovery Capex Paid by Customers IT Paid by the Clients 8 Others

Revenues increased by 4% due to residential, commercial and free clients expansionGross Revenues (R$ million) 14.714 +4% 15.240 5.017 5.405 709 739 -3% 3.975 3.838 8.988 9.097 1.323 1.373 306 206 2.345 2.258 2010 2011 4Q10 4Q11 Net revenues ex-construction revenues Construction revenues Deduction to Gross Revenues 9

Energy purchased cost mainly impacted by the readjustment of the contract with AES Tietê,energy from auctions and tax reversal on commercial losses Operating Costs and Expenses ¹ (R$ million) +3.2% 6,745 6,961 1,255 +1.4% 1,272 +3.6% +5.3% 5,490 5,689 1,739 1,832 +27.2% 285 363 1,454 +1.1% 1,469 2010 2011 4Q10 4Q11 Energy Supply and Transmission Charges PMS² and Others Expenses 101 - Depreciation and other operating income and expenses are not included 2 - Personnel, Material and Services

Recurring PMSO drop due to cost control and lower pension plan expenses PMS and other expenses (R$ million) 160 43 (56) 4 (66) (64) 68 (73) 1,416 1,416 1,403 1,403 1,341 1,341 1,277 1,277 1,272 1,272 1,255 1,255 1 2 3 2010 One-off 2010 Ex Personnel FCesp Material Others 2011 Ex São Paulo Action Plan Tax and 2011 one-off and Payroll and Third one-off Municipality 2011-2012 labor prov. party agreement Reversals1 – São Paulo Municipality agreement and labor reversal2 – Fcesp is the pension plan 113– Others: ADA, other contingencies provision, losses and agreements and other operational expenses

Captive market good performance, costs control and sale of AES Eletropaulo Telecom Ebitda (R$ million) positively impacted the Ebitda 865 (426) 138 (288) 145 2,848 2,413 1,987 1,987 1,987 1,983 1,983 1,838 1,838 2010 One-offs¹ 2010 Net Revenues Parcel A costs PMSO and 2011 One-offs² 2011 ex one-offs others ex one-offs revenues and expenses1 – Sale of AES Eletropaulo Telecom, São Paulo Municipality agreement and labor reversal2 - Compensatory payment from sale of AES Eletropaulo Telecom, tax reversal on commercial losses, Sao Paulo Municipality agreement, tax and labor reversal and ActionPlan 2011-2012 12

Financial results influenced by lower level of non-recurring itemsFinancial Results (R$ million) 103 31 -21 -22 2010 2011 4Q10 4Q11 13

Pay-out of 50% of the distributable income + interest on equity and constitution of special reserveNet Income (R$ million) 1,572 +17% 1,348 2011 Dividends (R$ Million) 652 350 Net income - December 31, 2011 in IFRS 1.572,1 Realization of equity valuation adjustments 95,9 236 Prescribed Dividends and JSCP 8,1 241 687 +121% Legal reserve (5%) - Distribution basis 1.676,1 311 Interim dividends distributed 291,0 762 525 680 Interest on equity applied - 12/31/2011 73,0 81 65 Complementary devidends proposed 547,1 27 165 135 Special Reserve 765,0 2010 2011 4Q10 4Q11 Estimated dates: Ex-dividends: 04/17/12; Payment: 05/15/12 Net Income - ex one-offs and regulatory assets and liabilities Regulatory assets and liabilities One-offs 14

Cash generation mainly impacted by the increase in Parcel A costsOperational Cash Generation (R$ million) Final Cash Balance (R$ million) -10% -16% 2,694 2,416 1,664 1,390 2010 2011 2010 2011 15

Reduction in net debt reflects the amortization of debentures and lower debt with pension planNet Debt Average Cost and Average Term (Principal) 1.6x 1.3x 7.2 6.7 0.9x 0.8x 110.0 110.2 2.4 2.3 2010 2011 2010 2011 13.2% Effective rate 12.1% Net Debt (R$ billion) Net Debt/Ebitda Adjusted with Fcesp Gross Debt/Ebitda Adjusted with Fcesp % of CDI Net Debt/Ebitda Adjusted with Fcesp 161 - Adjusted Ebitda for the expenses related to liabilities with pension plan in the last 12 months

4Q11 ResultsThe statements contained in this document with regard to thebusiness prospects, projected operating and financial results,and growth potential are merely forecasts based on theexpectations of the Company’s Management in relation to itsfuture performance.Such estimates are highly dependent on market behavior andon the conditions affecting Brazil’s macroeconomicperformance as well as the electric sector and internationalmarket, and they are therefore subject to changes.

Apresentacao aes eletropaulo_4_t11_v8_en

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