Operational highlights include energy generation 55% higher than guaranteed levels and an 8% raise in billed energy. Financially, EBITDA reached R$378 million with an 82% margin and net income was R$239 million, an 11% increase over 1Q09. Subsequent events included a R$900 million debenture issuance and debt repayment. Reservoir levels closed at 97% of capacity and above risk thresholds.

1. 1Q10 Results
May, 2010

2. 1Q10 Main highlights
Operational
Operational  Energy generation 55% higher than physical guarantee
 Raise of 8% on billed energy with AES Eletropaulo due to bilateral contract seasonality,
to be offset throughout this year
Financial
Financial  Ebitda reached R$ 378 million, with margin of 82%
 Decision favorable to the Company on legal dispute with Furnas created a positive impact
of R$ 43 million in financial result
 Net income of R$ 239 million, presenting an increase of 11% compared to 1Q09 (R$ 211
million without considering the non-recurring event abovementioned)
Subsequent
Subsequent  1st debenture issuance of the Company, amounting R$ 900 million and pre-payment of the
Event
Event only existing debt on May, 4th 2010
2

3. Reservoirs level and CAR1
• AES Tietê reservoirs levels closed the quarter with an average of 97% and the stored
energy in the Southeast Submarket stayed well above the CAR¹ throughout 1Q10
Reservoirs Level - (%) Risk Aversion Curve – Southeast Submarket
80
% of Maximum Stored Energy
60
98.9
97.2
92.0
92.4
85.3
83.0
40
80.8
72.9
65.5
72.6
54.5
47.3
20
-
Southeast South Northeast North Jan Apr Jul Oct
2009 2010 CAR
2009 1Q09 1Q10
1 – Risk Aversion Curve Source: National Electric System Operator – ONS 3

4. Operational availability
• Maintaining high operational availability with a level of generated energy 55% higher
than the physical guarantee
Energy Generation – MW Avg.1
155%
130%
121% 119%
115% 1,979
112%
1,665
1,545 1,512
1,467 1,425
2005 2006 2007 2008 2009 1Q10
Generation – MW Avg. Generation / Physical Guarantee
1- Generated energy divided by the amount of period hours 4

5. Billed energy
 Billed energy was 12% higher due to seasonality of bilateral contract with AES
Eletropaulo and greater volume of secondary energy in 1Q10
Billed Energy – GWh1
Spot Market2 12 %
4,164
3,705 589
MRE2
335 511
49
563
Other Bilateral Contracts 19
2,787 3,015
AES Eletropaulo
1Q09 1Q10
1 - Including energy purchased 2 – Considers the difference between the sale and purchase volume 5

6. Investments
 Investments of R$ 6 million in maintenance and modernization of power plants and
R$ 1 million in environmental projects in 1Q10
Investments – R$ million Investments 1Q10
New SHPPs
67
Investments 6% 2%
9
59 57 18%
20 13
75%
58
44
39
1 1 Equip. and Maint. New SHPPs
8 7
IT Environment
2008 2009 2010(e) 1Q09 1Q10
6

7. Projects to comply with the expansion obligation
 Opportunities to increase installed capacity
Concluded
Concluded  6 MW of co-generation through biomass, contracted for 15 years (as of 2010)
(PPA1)
(PPA1)
Under  7 MW of hydro generation through SHPPs2 in Jaguari Mirim River
Under
Construction
Construction – São José SHPP (4 MW) has an estimated start-up in 2H10
– São Joaquim SHPP (3 MW) has an estimated start-up in 2H10
Under
Under  500 MW of thermo generation through natural gas
Development
Development – Location has been defined in Nov/2009
– Initiation of the environmental licensing process, with entry on CETESB in March/2010
 22 MW of hydro generation through SHPPs, in stage of technical and economic feasibility
studies
1 – Power Purchase Agreement 2 – Small Hydro Power Plant 7

8. Net Revenue
 Increase of 8% in volume and 1.53% in the energy price sold to AES Eletropaulo
contributed to raise of 10%in net revenue
Net Revenue – R$ million
460
10%
417
1Q09 1Q10
8

9. Costs and expenses
 Costs were impacted by biannual lock maintenance, increase in head counting and
salary, and a complement on the provision regarding lawsuit with AES Sul
Depreciation and Amortization - 7% 98
92 16
Operational Provisions
16 5
Other Costs and Expenses1 27 30
Energy Purchase, Transmission 48 48
and Connection Charges,
and Water Resources
1Q09 1Q10
1 - Personnel, Material, Third Party Services and Other Costs and Expenses 9

10. Ebitda change
 11% raise in Ebitda, with 82% of margin
Ebitda – R$ million
82% 82%
11%
Ebitda Margin
378
342
1Q09 1Q10
10

11. Financial result
 Positive impact of R$ 43 million in financial result due to Company’s favorable
decision in a lawsuit with Furnas and a negative impact of the IGP-M of R$ 39 million
in the Company’s debt
Financial Result – R$ million
- 66%
3
1
1Q09 1Q10
11

12. Net income
 Company registered a net income of R$ 239 million in 1Q10 and will distribute 100% of
the result
100 % 100 %
11 % 239
Pay-out 215
1Q09 1Q10
12

13. Cash flow generation
 Growth of 24% in operating cash flow generation
Consolidated Managerial Cash Flow – R$ million
1Q09 4Q09 1Q10
Initial Cash 840 652 615
Operational Cash Generation 297 297 368
Investments (11) (24) (8)
Net Financial Expenses (6) (14) (12)
Net Amortization (53) (59) (60)
Income Tax (253) (18) (328)
Free Cash Flow (25) (183) (41)
Dividends and Interest on Equity 0 221 0
Final Cash 814 615 574
13

14. Debt
 Reduction of the debt cost from IGP-M + 10% p.a. to CDI + 1.20% p.a.
Net Debt – R$ billion Overlook on the 1st debenture issuance
 R$ 900 million
0.3x 0.3x 0.3x 0.3x
 5 years term
 CDI + 1.20% a.a.
 Payment on semiannual basis
0.4 0.4 0.4
0.3  Fixed amortization on the 3rd, 4th, and 5th years
 Objective: pre-payment of Eletrobras debt
2008 2009 1Q09 1Q10
Net Debt Net Debt / Ebitda
14

15. Capital market
 37% growth in daily average volume traded in 1Q10
AES Tietê X Ibovespa X IEE Daily Avg. Volume - R$ thousand
Last 12 Months 13,708
10,187
190
170 + 72% 8,160
150 + 45% 8,086 9,756
130 + 10%
110 5,468
90
70
2,692 3,952
Mar-092 Jun-09 Sep-09 Dec-09 Mar-10 2,101
1Q10
110 2008 2009 1Q10
+ 3% Preferred Common
100 0%
- 3% GETI4
90 IBOV
IEE
Dec-093 Jan-10 Feb -10 Mar-10
15
1 – Index: 03/31/09= 100 2 - Index: 12/31/09 =100

16. 1Q10 Results
The statements contained in this document with regard to
the business prospects, projected operating and financial
results, and growth potential are merely forecasts based on
the expectations of the Company’s Management in relation
to its future performance.
Such estimates are highly dependent on market behavior
and on the conditions affecting Brazil’s macroeconomic
performance as well as the electric sector and international
market, and they are therefore subject to changes.
.