- AES Eletropaulo reported financial results for the third quarter of 2009, with key highlights including: - EBITDA increased 15.5% year-over-year to R$445 million. - Net income increased 58.7% to R$235 million, driven by a 14.88% tariff increase and an agreement with the municipality of Sao Paulo. - Dividends of R$297 million were paid in the third quarter.

1. 3Q09 Results
November, 2009

2. 3Q09 main highlights
• 3rd Trimester 2009
– 1.2% increase in captive market consumption
– Ebitda totalized R$ 445 million, 15.5% above previous year
– Net earning totalized R$ 235 million, 58.7% above the 3Q08
– Aneel authorized a +14.88% average tariff readjustment, applicable from July,4 2009 on
– First installment of the agreement with São Paulo’s municipality amounting R$ 117.8 million, on August, 10 2009
• Subsequent Events
– Application to the Tax debt refinancing program (“REFIS”) with a P&L benefit of approximately R$ 250 million in 4Q09
– Award from Carta Capital magazine for most admired electric distributor in Brazil
– National Quality Award (PNQ), Company recognized as a reference in management by National Quality Foundation
– AES Brasil was chosen as one of the 20 model-companies by the Guia Exame the Sustentabilidade (Exame’s magazine
Sustainability Guide)
– AES Eletropaulo is among the three finalist of the IASC 2009 Prize (Aneel’s Index of Clients’ Satisfaction) in the
category of companies above 400,000 consumption units in the Southeast region

3. Captive market grew 1.2% on 3Q09
Consumption Evolution - (GWh)1 3Q08 3Q09
+7.8% -10.9% +1.0% -2.5% +1.2% -7.6% -0.3%
10,50910,473
8,635 8,742
3,691 3,978
1,735 1,545 2,541 2,567 1,874 1,731
668 651
Residential Industrial Commercial Public Sector Captive Market Free Clients Total Market
and Others
Average Tariff of Sold Energy2 – R$ / MWh 3Q08 3Q09
+9.2% +5.5% +4.7% +6.0% +7.3% +22.0%
301 286
275 276 289
267
254 268
221 235
78
64
Residential Industrial Commercial Others Captive Market TUSD
1 – Own consumption not considered 2 – Captive market + Tusd
3

4. Most important consumption classes
Residential - (GWh) Commercial - (GWh)
+4.7% +3.2%
3,978 11,214 7,850
3,742
10,708 2,657 2,625 7,603
3,494 2,567
1Q09 2Q09 3Q09 9M08 9M09 1Q09 2Q09 3Q09 9M08 9M09
Industrial - (GWh) Captive Market¹ - (GWh)
-11.1% +1.0%
+1.9%
4,878 25,353
4,337 25,104
1,546 8,742
1,465 8,493
1,327 8,118
1Q09 2Q09 3Q09 9M08 9M09 1Q09 2Q09 3Q09 9M08 9M09
1 – Own consumption not considered 4

5. 3
5
7
9
11
13
15
1-Jan
10
15
20
25
30
19-Jan
1-Jan
6-Feb
24-Feb 19-Jan
14-Mar 6-Feb
1-Apr 24-Feb
19-Apr
14-Mar
7-May
1-Apr
25-May
12-Jun 19-Apr
Metallurgical
30-Jun 7-May
18-Jul
25-May
Participation: 4.0%
5-Aug
12-Jun
23-Aug
30-Jun
10-Sep
28-Sep 18-Jul
Auto Sector
5-Aug
0
2
4
6
8
10
1-Jan 23-Aug
Participation: 8.0%
19-Jan
10-Sep
6-Feb
28-Sep
24-Feb
14-Mar
1-Apr
19-Apr
7-May
Previous year
25-May
12-Jun
30-Jun
18-Jul
Rubber & Plastic
10
14
18
22
26
30
5-Aug
23-Aug
1-Jan
Participation: 2.6%
10-Sep 19-Jan
Actual Year
28-Sep 6-Feb
0
2
4
6
8
10
24-Feb
1-Jan
14-Mar
19-Jan
1-Apr
6-Feb
19-Apr
24-Feb
14-Mar 7-May
Chemical
1-Apr 25-May
19-Apr
12-Jun
7-May
30-Jun
25-May
Participation: 7.1%
18-Jul
12-Jun
Metal
30-Jun 5-Aug
18-Jul 23-Aug
5-Aug 10-Sep
Participation: 2.3%
23-Aug
28-Sep
10-Sep
Industrial Sector
5
28-Sep

6. Collection rate and energy losses
Collection Rate – % over Gross Revenue Losses – % last 12 months
101.3 12.0 11.8
11.6 11.6
99.1 99.5 11.5
97.8 97.4
5.5 5.0 5.1 5.2 5.3
6.5 6.5 6.5 6.5 6.5
2006 2007 2008 3Q082 3Q092 2006 2007 2008 3Q08 3Q09
Commercial Losses Technical Losses1
• Collection rate (LTM): 97.9% (3Q08) x 101.4% (3Q09) • Fraud and Illegal Connections (3Q09)
• Cuts and Reconnection – Monthly Average (3Q08 X – 78,000 inspections and 10,000 frauds
3Q09) detected
– Cuts: increase from 34,000 to 86,000 – 25,000 illegal connections regularized
– Reconnections: increase from 33,000 to 57,000
• Past due bill Credit Report (3Q09 Average): 427,000
1 - Current Technical Losses used retroactively as reference 2 – Collection rate following the new methodology of calculation 6

7. SAIDI & SAIFI
SAIDI¹ SAIFI2
11.81
11.34 10.92
8.61 8.49 8.41
9.19 11.01
8.90 9.20
7.87
5.52 5.64 5.36 5.78
5.20
2006 2007 2008 3Q08³ 3Q09³ 2006 2007 2008 3Q08³ 3Q09³
3o 3o 5º 3o 1o 1o
SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target
• SAIDI Aneel Target 2009: 10.09 hours • SAIFI Aneel Target 2009: 7.87 times
1 – System Average interruption Duration Index ABRADEE ranking position among the 28
2 – System Average Interruption Frequency Index utilities with more than 500 thousand
3 - LTM Source: ANEEL, AES Eletropaulo and ABRADEE customers
7

8. Investments
CAPEX – R$ million Investments 9M09
Paid by customers 8%
4%
4%
Capex
16% 45%
509
457 54
433
47 22%
378 69
305 324
77
455 26
36
410
364 Customer service / Maintenance
301 269 298 System expansion
Losses recovery IT
Paid by the clients Others
2006 2007 2008 2009e 9M08 9M09
8

9. Gross Revenue
Gross Revenue - R$ million
9,184
+6.4% +9.0%
8,629
3,329 3,340
3,065
3,089
1,228
1,104
+5.7% +7.7%
5,540 5,855 1,961 2,112
9M08 9M09 3Q08 3Q09
Net Revenue Deductions to Gross Revenue
• Market comparison (3Q09 x 3Q08)
– +14.88% tariff readjustment from 07/04/2009
– Higher captive consumption between periods (+1.2%)
9

10. Operating expenses
Operating Costs and Expenses1 - R$ million
4,678
+6.8%
+8,0% +4.6%
4,380
1,652
919 1,580
901
264
340
3,479 3,760 1,240 1,388
9M08 9M09 3Q08 3Q09
Energy Supply and Transmission Charges PMS2 and Other Expenses
• Price per MWh Var. % (3Q09 x 3Q08)
Tietê: 3Q08: R$ 149 3Q09: R$ 152 1.53%
Itaipu: 3Q08: R$ 89 3Q09: R$ 92 3.37%
Auctions: 3Q08: R$ 72 3Q09: R$ 87 20.83%
Total Average
Tariff: 3Q08: R$ 100 3Q09: R$ 108 8.00%
1 - Depreciation not included 2 - Personnel, Material and Services 10

11. Operating expenses evolution
PMS1 and Other Expenses - R$ million Personnel - R$ million Other Expenses - R$ million
-27.9% +11.5% -95.9%
340 97
175
264
157
97 32
4 55 4
85 58 31
86 46 15
24
35
33
175 75 74
157
(43)
3Q08 3Q09 3Q08 3Q09 3Q08 3Q09
Material and Third Party Services Pension Fund
Others2
Other Expenses Labor Lawsuits
Provisions and Contingencies
Personnel and Pension Fund Personnel
ADA3 and Write-Off
1 – Personnel, Material and Services 2 - Indemnification, Losses, Publicity, Banking Fees, IPTU, among others
3 – Allowance for doubtful accounts 11

12. Operating expenses evolution
Operating Expenses – R$ million
-22.3%
(77)
(1) (19) 22 (2) 1
340 264
3Q08 Agreement ADA1 Provisions and
Pension
Material Others2 3Q09
PMSP Contingencies and
And Fund
Services
Write-
Off
1 - Allowance for doubtful accounts
2 - Leasing and Rents, indemnifications, Losses, Publicity, Banking Fees, IPTU, among others 12

13. Variation of Ebitda
Ebitda – R$ million
+15.5%
151 (148)
77 (17)
20 (22)
385 445
3Q08 Net Energy Provisions Pension Agreement Others² 3Q09
Revenue Supply and and Fund PMSP¹
Transmission Contingencies
Charges
1 - Agreement with the municipality of São Paulo
2 - Personnel, Material, Third Party Services, ADA, Losses, among others 13

14. 3Q09 x 3Q08 results
Financial Result - R$ million
8
(39)
(67)
(102)
9M08 9M09 3Q08 3Q09
• Average Selic:
– 12.9% (3Q08) x 8.8% (3Q09)
• Average balance of cash investments:
– R$1,432 million (3Q08) x R$ 1,082 million (3Q09)
• R$ 39.7 million financial income from part of the agreement with the municipality
of São Paulo 14

15. 3Q09 x 3Q08 results
Net Income - R$ million
+8.5% +58.7%
538
496
235
148
9M08 9M09 3T08 3T09
• Tariff readjustment of 14.88% in July, 2009
• Positive effect of R$ 76.6 million from the agreement with the municipality of São Paulo
• Dividends distribution of R$ 322.7 million regarding the first half of 2009
• Second installment of the 2008 complementary dividends to be paid in December 10,
2009 in the amount of R$ 307.3 million
15

16. R$ 297 million paid as dividends in 3Q09
Managerial Cash Flow – R$ million
3Q08 4Q08 1Q09 2Q09 3Q09
Initial Cash 1,454 1,373 1,536 1,258 989
Operating Cash Flow 613 491 301 448 798
Investments (107) (126) (104) (113) (116)
Net Financial Expenses (107) (37) (113) (45) (98)
Net Amortizations (21) (40) (184) (54) (35)
CESP Foundation (32) (46) (58) (56) (53)
Income Tax (68) (80) (119) (83) (45)
Dividends (359) - - (366) (297)
Free Cash Flow (81) 162 (278) (269) 155
Final Cash 1,373 1,536 1,258 989 1,143
• The Company keeps its cash invested on Certificates of Deposit (CDs) and Government Notes,
with average profitability of 102.6% of CDI on 3Q09
16

17. Debt Profile
Net Debt Average Cost2 and Average Term (Principal)
7.3
6.8 7.1 7.1
2.1x
1.5x 1.4x 5.7
1.3x 1.2x
3.7
3.0 2.9
2.7
2.5 121.8% 123.9%
116.5%
103.4%
93.2%
2006 2007 2008 3Q08 3Q09 2006 2007 2008 3Q08 3Q09
Net Debt (R$ billion) Net Debt/Adjusted Ebitda¹ 14.1% 14.7% 15.4% 14.8% 13.9%
CDI² Average Term - Years Effective Rate
1 - Accumulated 12 Months Adjusted EBITDA 2 – Brazil’s Interbank Interest Rate
17

18. Sustainable amortization schedule
Amortization Schedule – Principal – R$ million
Local Currency (ex FCESP)
FCESP1
Foreign Currency² 1,532
78
10 62 66 70
524
41 75 80 375
250 250 250
50 125
3
2009 2010 2011 2012 2013 2014 2015 2016-2028
• 99.7% of total debt in local currency
• 0.3% of total debt in foreign currency (R$ 10 million): 98% protected by hedge
1 - FCesp = Pension Fund
2 – Exchange rate on 09/30/2009 – US$ 1.00 = R$ 1.7781 18

19. Capital market
AES Eletropaulo2 X Ibovespa X IEE Average Daily Volume2 - R$ thousand
9M09 26,066
170 63.9% 25,677
C 63.8%
21,187
150 B
46.0%
A
130 7,508
110
90
2006 2007 2008 9M09
dec-081 jan-09 feb-09 mar-09 apr-09 may-09 jun-09 jul-09 aug-09 sep-09
ELPL6 IEE IBOV
• A) 02/25/2009 – Finsocial and São Paulo municipality
agreement
• B) 04/16/2009 – Public Consultation of Tariff Reset
• C) 06/16/2009 – Second Periodic Tariff Reset Revision
1- Index –12/30/08 = 100 2 - Preferred shares class B adjusted by the dividends declared in the related period 19

20. 3Q09 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.
.