Eletropaulo reported higher operational and financial results in 1Q10 compared to 1Q09. Key highlights include a 5.2% increase in captive market consumption, lower commercial losses, and a 6.8% increase in net income. Cash generation was 113% higher due to consumption growth and a tariff readjustment. Standard & Poor's raised Eletropaulo's credit ratings. The company issued R$800 million in debentures to refinance debt and fund investments. Overall, 1Q10 results showed improved performance driven by higher consumption and tariff increases.

1. 1Q10 Results
May, 2010

2. 1Q10 main highlights
Operational
• Captive and total market consumption 5.2% and 6.7% higher than 1Q09 respectively
• Losses: commercial losses 30 b.p. lower than 1Q09
• Collection rates of 102.5% x 99.8% on 1Q09
• Ebitda totalized R$370 millions, 3.9% higher than 1Q09
• Cash generation of R$ 572 millions, 113% higher than 1Q09
Financial
• Net income of R$157 millions on 1Q10, 6.8% higher than 1Q09
• Eletropaulo's ratings raised to AA + and BB +, national and international scales
respectively, by Standard & Poor's
Regulatory • On February, 2010, Aneel approved a proposal for the amendment of Concessionaire
Distribution Contract, aiming the neutrality of Parcel A sector charges with financial
effect of R$ 1.9 million
2

3. Consumption
• Market growth due to 153 thousand new clients in residential sector, considerable
new commercial ventures and the positive effects of economic recovery on
industrial and commercial market consumption
Consumption Evolution - (GWh)1 1Q09 1Q10
+4.4 % +9.2 % +5.5 % +0.7 % +5.2% +14.4% +6.7%
9,691 10,344
8,118 8,544
3,494 3,646
2,657 2,804 1,573 1,801
1,327 1,449 641 645
Residential Industrial Commercial Public Captive Market Free Clients Total Market
Sector and
Others
1 – Own consumption not considered
3

4. Operational indicators
• Collection rate and losses reflect the continuous improvement on regularization of
fraud, illegal connections and bad debtors
Collection rate – % over gross revenue Losses – % last 12 months
102.5
101.1 99.8
99.5 11.6 11.8 11.8
98.5 11.5 11.5
5.0 5.1 5.3 5,3
5.3 5.0
6.5 6.5 6.5
6,5 66.5
6,5 6.5
2007 20081 20091 1Q09 1Q10 2007 2008 2009 1Q09 1Q10
Commercial Losses Technical Losses2
4
1 – Collection rate following the new methodology of calculation 2 - Current Technical Losses used retroactively as reference

5. Operational Indicators
• SAIDI and SAIFI affected by rainfall volume 42% higher than 1st quarter 2009
SAIDI1 SAIFI2
8.49
11.34 8.41
10.92 10.09 7.87
8.90 9.20 11.86 10.20 13.50
5.64 5.20 6.17 5.46 6.74
2007 2008 2009 1Q09 1Q10 2007 2008 2009 1T09 1Q10
3o 5o 1o 1o
SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target
► 2010 SAIDI ANEEL Target: 9.32 horas ► 2010 SAIFI ANEEL Target: 7.39 times
ABRADEE ranking position among the 28 utilities with more than 500 thousand customers
5
1 – System Average interruption Duration Index 2 – System Average Interruption Frequency Index Source: ANEEL, AES Eletropaulo and ABRADEE

6. Investments
• Investment of R$ 46 million in customer service and system expansion, highlighting
the 45.6 thousand new customers added in the quarter
CAPEX – R$ million Investments 1Q10
Paid by customers 2%
2%
10%
Capex 691
54 15% 47%
516
37
457 24%
433
47
69
101
98
478 9
637 10
Customer service / Maintenance
410
364 System expansion
92
88 Losses recovery IT
Paid by the clients Other
2007 2008 2009 2010(e) 1Q09 1Q10
6

7. Gross revenue and operating expenses
• Higher captive consumption (+ 5.2%) and Tariff Readjustment (+14.88%)
contributed to gross revenue growth
Gross Revenue - R$ million Operating Costs and Expenses1 - R$ million
+12.9 % +17.7 %
3,274 1,747
2,900 1,485
1,143 341
1,050 288
+15.2 % +17.5 %
2,131 1,406
1,197
1,850
1Q09 1Q10 1Q09 1Q10
Net Revenue Deductions to Gross revenue Energy Supply and Transmission Charges PMS² and Other Expenses
1 - Depreciation not included 2 - Personnel, Material and Services
7

8. Operating expenses evolution
• Higher contingency volume and negative effect on ADA and write-offs due to unusual
level registered on 1Q09
Operating Expenses – R$ million
17 (4)
10 9
22
341
341
288
1Q09 Provisions and ADA1 and FCesp Personnel Materials, 1Q10
Contingencies write-offs services
and other
1 - Allowance for doubtful accounts
8

9. Variation of Ebitda
• Ebitda affected by higher captive consumption (+ 5.2%) and lower FCESP expenses
Ebitda – R$ milllion
281 (209) 4
(22) (17) (10) (14)
370
356
1Q09 Net Energy Provisions FCesp ADA and Personnel Others1 1Q10
revenue Supply and and write-offs and taxes
Transm. Conting
Charges
1 - Materials, Services and outros
9

10. Financial result and net income
• Net Income positively impacted by Tariff Readjustment and captive market growth
of 5.2%
Financial Result - R$ million Net Income - R$ million
6.2%
1Q09 1Q10 157
147
(34)
(38)
-9.6 %
1Q09 1Q10
10

11. Cash flow generation
• Operating cash flow generation 113.4% higher as a consequence of market growth
and tariff readjustment
Managerial Cash Flow – R$ million
1Q09 2Q09 3Q09 4Q09 1Q10
Inicial Cash 1,536 1,258 989 1,143 1,249
Operating Cash Flow 268 426 779 765 572
Investiments (104) (113) (116) (148) (135)
Net Financial Expenses (80) (23) (79) (16) (81)
Net Amortizations (184) (54) (35) (47) (14)
CESP Foundation (58) (56) (53) (57) (48)
Income Tax (119) (83) (45) (61) (73)
Free Cash Flow (278) (97) 452 436 221
Dividends - (366) (297) (330) -
Final Cash 1,258 989 1,143 1,249 1,470
11

12. Debentures Issuance
• R$ 800 million debentures issued to meet bond amortization and part of 2010
investments
- 12th Issuance: R$ 400 million; 4 years; CDI + 1.25% pa; non convertible; CVM 400
- 13th Issuance: R$ 400 million; 10 years; CDI + 1.5% pa; non convertible; CVM 476
Amortization Schedule – Principal1 – R$ million
1,919
1,365
580 602
56 316 341 368 74 417 313
70 302
66 65 84 89 554
524 79
250 276 298 528 224
223 333
2010 2011 2012 2013 2014 2015 2016 2017 2018-2028
Local Currency (ex FCesp) FCESP2
1 – Including 12th and 13th debentures issuance and bond payment of R$ 474 millions in 2010 2 - FCesp = Pension Fund 12

13. Debt profile
• Debenture issuance positively contributed to the company average cost and average
term
Net Debt Average Cost and Average Term (Principal)
1.8x 1.8x 1.7x 7.4
1.5x 1.6x 7.1 7.0 7.1 6.9
6.8
3.2 123.9%
121.8% 120.5%
3.0 2.9
2.7 110.5% 108.7%
2.5
87.1%
Post
2007 2008 2009 1Q09 1Q10 2007 2008 2009 IQ09 1Q10 Debentures
Net Debt (R$ billion)
Net Debt / EBITDA Adjusted1 with FCesp CDI2 Average Term - Years Effective Rate
13
1 – Last 12 months of EBITDA Adjusted 2 - Brazil’s Interbank Interest Rate

14. Capital Market
AES Eletropaulo1 X Ibovespa X IEE Average Daily Volume3 - R$ thousand
Last 12 months¹
26,066
180 72.0% 25,677 24,538
160 21,960
44.7%
140
120 9.7%
100
80
60
Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 2007 2008 2009 1Q10
120 1Q10²
110 9.2%
ELPL6
2.6%
100 -0.4% IEE
IBOV
90
Dec-09 Jan-10 Feb-10 Mar-10
14
1 – Index: 03/31/09 = 100 2 – index: 12/30/09 = 100 3 – Preferred shares class B

15. 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.
.