The company saw a 0.2% increase in energy consumption in 1Q12. Revenues increased 2.7% due to growth in residential and commercial classes, while EBITDA declined 42% due to higher energy purchase costs and expenses related to improving reliability metrics. Net income declined 60.9% due to increased regulatory costs. Operational cash generation declined 35% while debt levels remained comfortable.

1. 1Q12 Results
May, 2012

2. 1Q12 Highlights
 Increase of 0.2% in energy consumption within Company’s concession area, totaling 11,146GWh
Operational
 Implementation of the Action Plan in 2011 resulted in a reduction of 3.4% in SAIDI and 6.4% in SAIFI in
1Q12 and a decrease of 7.6% in SAIDI and 7.2% in SAIFI when compared to the end of 2011
 Investments of R$ 184 million in 2011, 10.8% higher than 1Q11
 Gross revenue totaled R$ 3,835 million, 2,7% higher than 1Q11
Financial
 Ebitda of R$ 318 million, reduction of 42.0% when compared to the same period of the last year
 Net Income of R$ 110 million, 60.9% lower than 1Q11
Regulatory  The Company’s best estimative for the possible impact in Ebitda arising from the postponing of the tariff review
of AES Eletropaulo is R$ 636 million, R$ 212 million for the 1Q12 and R$424 for the 2S11. Considering the IGP-
. M adjustement, this value totalizes R$ 642 million
 In 10th April, 2012, Aneel opened public hearing for AES Eletropaulo’s tariff review. The period for the Company
and the society to send contribuitons is between April, 12 2012 and May,11 2012
 AES Eletropaulo will submit its contributions to Aneel at the level of the public hearing by May 11th and will keep
the conversations with the regulator seeking to improve the preliminary proposal made by Aneel
2

3. Performance of residential and commercial clients
offset the drop in industrial class
Consumption evolution (GWh)¹
+2.7% -2.6% +2.5% +2.4% +1.8% -6.6% +0.2%
11,119 11,146
9,078 9,239
3,999 4,106
2,967 3,042
2,040 1,906
1,422 1,384
690 707
Residential Industrial Commercial Public Sector Captive Market Free Clientes Total Market
and Others
1Q11 1Q12
1 – Own consumption not considered 3

4. SAIDI reduction in the last 12 months 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
11.90 11.79 11.65
-7.6%
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
9.57
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 8.67
AES Eletropaulo Aneel Reference - AES Eletropaulo
Source: ANEEL and AES Eletropaulo 4

5. 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 6.87
6.34 6.41 6.29 6.29 -7,2%
6.17 6.16 6.12 6.12
5.96
5.85
5.61 5.52 5.57 5.59 5.54 5.47 5.45
5.42 5.44 5.51 5.51 5.48 5.48 5.42 5.37
5.29
5.09
4.94
AES Eletropaulo Aneel Reference - AES Eletropaulo
Source: ANEEL and AES Eletropaulo 5

6. Investments of R$ 184 million in 1Q12,
11% higher than 1Q11
Investments (R$ million) 1Q12 Investments (R$ million)
53
841 6
739 46
800 7
682 22
700 46 7
28
600
22
500
400 794 44
717 +10,8%
654
300
166 184
200 7
5 Maintenance
100 161 177
Client Service
0
System Expansion
2010 2011 2012(e) 1Q11 1Q12
Losses Recovery
Capex Paid by Customers IT
Paid by the Clients
6
Others

7. Revenues increased by 3% due to residential and
commercial classes expansion
Gross Revenues (R$ million)
+2,7%
3,733 3,835
1,310 1,362
164 186
2,260 2,286
1Q11 1Q12
Net revenue ex-construction revenue
Construction revenues
Deduction to Gross Revenue
7

8. Cost of energy purchased impacted by higher
volume and average price
Operating Costs and Expenses ¹ (R$ million)
+13,5% 1,937
1,707
401
348 +15,3%
1,359 1,535
+13,0%
1Q11 1Q12
Energy Supply and Transmission Charges
PMS² and Others Expenses
8
1 - Depreciation and other operating income and expenses are not included 2 - Personnel, Material and Services

9. Higher PMSO due to wage increases, pension plan
expenses, Action Plan and higher client default
PMS and other expenses (R$ million)
14 10
16 (4)
17
392 401
365 378 378
348 348
1 2
1Q11 Personnel and Fcesp Material and Others Action plan 2011 1Q12
Payroll Third part - 20112/SAIDI &
SAIFI project
2011
1 – Fcesp is the pension plan
9
2– Others: ADA, other contingencies provision, losses and agreements and other operational expenses

10. Higher Parcel A and PMSO costs more
than offset market growth
Ebitda (R$ million)
49 (177)
(94)
(10)
549 549
421
328 318 318
1Q11 Net Revenue Parcel A costs PMSO and Action plan 1Q12
others revenues 2011 - 2012 /
and expenses SAID & SAIFI
project 2011
10

11. Financial results negatively impacted
by provisions constitution
Financial Results (R$ million)
0
1Q11 1Q12
(2)
(27)
11

12. Net income variation impacted by an
increase in Parcel A costs
Net Income (R$ million)
282
92
110
190
98
13
1
1Q11 1Q12
Net Income - Ex regulatory assets and liabilities
Regulatory assets and liabilities
12
1 - The amount of regulatory assets and liabilities of 1Q12 does not consider the adjustment in the provision regarding the possible impacts of tariff review related to the 2H11 (R$ 69,7 million)

13. Lower cash generation due to
higher Parcel A costs
Operational Cash Generation (R$ million) Final Cash Balance (R$ million)
-35% +11%
463 1,946
1,748
299
1Q11 1Q12 1Q11 1Q12
13

14. Debt kept at comfortable level
Net Debt Average Cost and Average Term (Principal)
1.4x 1.6x 6.9 6.4
0.9x 0.9x
108.2% 112.2%
2.4 2.4
1Q11 1Q12 1Q11 1Q12
13.9% Effective rate 11.9%
Net Debt (R$ billion)
Gross Debt/Ebitda Adjusted with Fcesp1 Net Debt/Ebitda Adjusted with Fcesp
1 % of CDI
Net Debt/Ebitda Adjusted with Fcesp
14
1 - Adjusted Ebitda for the expenses related to liabilities with pension plan in the last 12 months

15. 1Q12 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.