Eletropaulo reported financial results for 3Q08. Total consumption increased 4.9% compared to 3Q07. Adjusted EBITDA decreased 12.1% to R$493.4 million. Net income decreased 24.9% to R$148.3 million. Gross revenue increased 11.3% due to an 8.01% tariff increase and market growth. Costs increased due to higher energy prices and provisions. The company maintained a strong financial position with net debt decreasing 14.8% and cash availability of R$1.373 billion.

1. 3Q08 Results

2. Highlights
3Q08
– Total consumption in 3Q08 was 4.9% higher than 3Q07, totaling 10,508.8 GWh
– Adjusted EBITDA of R$ 493.4 million, 12.1% below 3Q07
– Net income of R$ 148.3 million, 24.9% lower than 3Q07 (R$ 197.5 million)
– On July 1st, ANEEL authorized an average tariff readjustment index of +8.01% to Eletropaulo,
applicable to the tariff as from July 4th, 2008
– Extension of the Adjustment of Mathematical Reserve’s contract maturity with Fundação Cesp from
2022 to 2028
Subsequent Events:
– Provision of R$ 71.5 million penalty, related to the COFINS rate increase process
– Awarded Eletropaulo as PNQ (National Quality Award) finalist as world reference in business
excellence among top 5 in the country
2

3. Market
Consumption (GWh) and Average Tariff
% Total Market – 3Q08 Average Tariff of Sold Energy R$/ MWh
Captive Consumers 3Q07 3Q08 V%
Residential 280.1 275.3 -1.7%
,
Free Clients Industrial 246.0 254.5 3.5%
80.9%
17.8%
Commercial 275.3 275.5 0.1%
Potentially Free Clients* Others 223.6 221.2 -1.1%
1.3%
TOTAL 267.3 267.0 -0.1%
Consumption Evolution (GWh)**
4.9%
10,509
5.9% 10,020
3Q07 3Q08 8,635
8,150
6.8%
5.7%
3,691 0.2%
3,455 4.9%
2,406 2,542 5.0%
1,870 1,874
1,655 1,735
636 668
Residential Industrial Commercial Public Sector and Free Clients Captive Market Total Market
Others
(*) ANEEL Resolution 247/07 – ANEEL (Conventional Sources)
3
(**) Charts do not consider own consumption

4. Operating Highlights
Collection Rate (% over Gross Revenue) Loss Reduction (%)
- 140 b.p.
+ 50 b.p. - 10 b.p.
- 70 b.p.
12.9
12.0 11.7
11.5 11.6
99.0 99.1 99.5
98.1 97.4 6.4 5.5 5.0 5.2 5.1
6.5 6.5 6.5 6.5 6.5
2005 2006 2007 2Q08 3Q08 2005 2006 2007 2Q08 3Q08
Technical Losses* Commercial Losses
Collection Rate (3Q08) Fraud and Illegal Connections (3Q08)
– Public Sector: 99.7% – 305,600 inspections and 15,700 frauds detected
– Private Sector: 97.2% – 49,300 illegal connections regularized
Cuts and Reconnection – Monthly Average
(3Q08)
– Cuts: 34,000
– Reconnection: 33,000
(*) Current Technical Losses used retroactively as reference. 4

5. Investments
9M08
9M08: R$ 305.3 million
11% 5%
Customer Service and
5%
System Expansion
3Q08: R$ 124.9 million
12% Maintenance
– Customer Service and System Expansion: R$ 64.1 million Self- Financed
Information Technology
• New Clients Connection: R$ 21.4 million 19%
48%
Loss Recovery
• Expansion of transmission lines: R$ 23.7 million
Others
• Resolution 250: R$ 12.2 million
– Maintenance: R$ 21.6 million Investments (R$ Million)
– Loss Recovery: R$ 16.7 million
– Information Technology: R$ 2.2 million
478.9
433.5
403.6 377.7 67.3
48.8 69.2
305.3
76.8
35.7
364.3 411.6
354.8
300.8
269.6
2005 2006 2007 2008 (e) 9M08
Capex Self - Financed 5

6. Tariff Evolution
Tariff Evolution
PIS/COFINS
18.6% Part A
Part B 8.0%
11.7% 11.5%
2.1% IGPM
7.9% 9.9%
16.9% 1.6% 4.3%
3.8% 4.8% 3.7%
1.7% 1.6%
-4.3% -2.2%
-6.2%
2003* 2004 2005 2006 2007 2008
-8.4%
Tariff Adjustment
On July 1st, 2008, Aneel conceived to Eletropaulo a tariff adjustment of 8.01%
2007 Tariff Reset still preliminary. Changed items:
• X Factor was altered from 2.42% to 2.05%
• Unrecoverable Expenses: Altered from 0.5% of Gross Revenue to 0.6%
• Regulatory Depreciation Rate: Altered from 4.31% to 4.32%
(*) Final values without financial impacts, concluded in 2005 6

7. Results
Gross Revenue (R$ million)
2.0%
8,463.4 8,629.1
3,102.8 3,089.1
3.4%
11.3%
2,754.5 3,064.7
5,360.6 5,540.0 11.6% 1,103.8
997.5
1,757.0 1,960.9
9M07 9M08 3Q07 3Q08
Net Revenue Deduction of Gross Revenue
3Q07 x 3Q08
– +8.01% Tariff Readjustment, applied since 07/04/2008, partially offset by the variation of PIS/
COFINS charged from consumers
– Growth on the captive market, 5.9%
– R$ 133.2 million growth in Other Revenues, mostly because of the end of amortization of
Extraordinary Tariff Reset (RTE) and the Free Energy in October 2007 7

8. Results
Costs and Operational Expenses* (R$ million)
12.2% 21.7%
1,579.7
4,380.2
9.0% 339.8
3,904.9
901.1 1,297.9 42.5%
826.9 238.5
13.0% 17.0%
3,479.1 1,239.9
1,059.4
3,078.0
9M07 9M08 3Q07 3Q08
Energy Supply and Transmission Charges PMS and Others**
(*) Depreciation not included
(**) Personnel, Material and Services 8

9. Costs Analysis
Accumulated 9 months (R$ million)
103.3
(52.1) 9.5
13.4
9.0%
826.9 901.1
9M07 Personnel Provisions and PDC and Write-Off Others* 9M08
Contingencies
Quarter (R$ million)
56.2 8.5
34.4
2.2
42.5%
339.8
238.5
3Q07 Personnel Provisions and PDC and Write-Off Others* 3Q08
Contingencies
(*) Materials and Third Party Services, FCESP, Rents, Indemnifications, Losses, Bank Fees, etc 9

10. EBITDA
Adjusted EBITDA* (R$ Million)
203.9 180.5
561.1 101.3
10.2 493.4 12.1%
102.1
112.3
459.0 17.0%
381.1
3Q07 Net Revenue Energy Supply PMS and Others Adjustments 3Q08
and Transmission
Charges
Ebitda Adjustments
3Q07 x 3Q08
– Net Revenue: increase due to tariff readjustment, market growth and greater volume of Other Revenues
– Energy Supply and Transmission Charges: increase in average price of contracts and energy purchased
– PMS and Other Expenses: positive effect of losses reversion in 3Q07 compared to an expense in 3Q08
(*) Adjusted EBITDA of 3Q07 and 9M07 = EBITDA + Pension Fund Expenses + RTE + RTE’s Provision – juducial deposits
(*) Adjusted EBITDA of 3Q08 and 9M08 = EBITDA + Pension Fund Expenses + Part A 10

11. Results
Financial Results (R$ million) Net Income (R$ million)
29.5%
35.3 702.8
495.8
24.9%
(37.8)
(66.6)
197.5
(101.6) 76.1% 148.2
9M07 9M08 3Q07 3Q08 9M07 9M08 3Q07 3Q08
Adjust of Aneel Act # 2,877 3Q07 x 3Q08
– Reclassification of R$ 31.2 million in monetary and
exchange rate variation expenses with effects also – Positive impact related to losses recovery in 3Q07 (R$
in other revenues 34.2 million), compared to losses expenses amounting
– Without effect over net income R$ 31.4 million in 3Q08
– Variation of PIS/ COFINS charged from consumers
partially compensating the tariff readjustment of 8.01%
11

12. Managerial Cash Flow
R$ million 3Q07 4Q07 1Q08 2Q08 3Q08
Initial Cash 1,457 830 1,334 1,478 1,454
Operating Cash Flow 532 584 418 497 613
Investments (106) (112) (80) (60) (107)
Net Financial Expenses (133) (51) (101) (41) (107)
Net Amortizations (225) 197 (4) (30) (21)
CESP Foundation (49) (53) (57) (58) (32)
Income Tax (161) (61) (33) (114) (68)
Dividends (485) (0) (0) (218) (359)
Free Cash Flow (627) 504 144 (24) (81)
Final Cash 830 1,334 1,478 1,454 1,373
Cash Availability of R$ 1,373 million (09/30/2008)
– Average rates of 102.4% of the CDI
– Daily liquidity for 97% of the investments
3Q07 x 3Q08:
– Operating Cash Flow: Tariff Readjustment of +8.01% as of July 4th, 2008
– Dividends: R$ 359 million distributed regarding 1H08 results
12

13. Financial Debt
Short Term X Long Term (R$ million) Debt Highlights – 3Q08
1.5
1.3
4,105 4,164
358
523
3,276
Net Debt:
2,790
– 14.8% decrease (R$ 486.0 million)
3,582 3,890
Fundação CESP:
– Extension of the Adjustment of
3Q07 3Q08 Mathematical Reserve’s contract
Long Term Short Term maturity with Fundação Cesp from
Net Debt Net Debt/ EBITDA* 2022 to 2028
Average Cost and Average Term (Principal)
7.8 7.7
6.2 6.8 6.6
99.3% of the Debt in local
currency (R$)
125.3%
123.3%
120.9%
113.0%
107.8%
3Q07 4Q07 1Q08 2Q08 3Q08
% CDI
Average Term - Years
(*) Adjusted EBITDA 13

14. Financial Debt
Gross Debt – 3Q08
IGP-DI
53.6%
Fixed rate
Pension Fund R$ 2,233 million
12.3% Private Creditors R$ 1,897 million
Libor 0.8% 96% hedged Libor R$ 34 million
CDI/Selic TOTAL R$ 4,164 million
33.3%
Amortization Schedule – R$ Million (Principal)
1,350
121
121 121 121
3 23 9 50
11 524 121 500
62 217 250 250 250
4Q08 2009 2010 2011 2012 2013 2014 2015-28
R$ (w/out FCESP**) FCESP** US$*
* Exchange Rate 09/30/2008 – US$ 1.00 = R$ 1.9143 14
** Pension fund

15. 3Q08 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.