3. %&
, #!
"" $ % * #+
++ $ %
! "" $ %
" #"
! "" $
" #"
--#!
.$
% '
!# $
!/+ #( #
)
% ' %&
2
.!
#1$ % . #0
"" $ %
1.-,
# $ % //# $
-! % /#-$ %
0
. -,
-# $ % "+ $ %
#.

4. 3 4 3
! $
"#%
5
&#
' &
5 $
6 7 -8* * 0
, /8" *, 1
8. "" $
#,
! 80 80
-** ** - ! " 8"
181.! ! -# $
/!
& 4
0 "//.
.8 0 8*
,0 ! ! #.
!" $
9: )
( ;

5. ' =
) &
!"
<* !"
<, . "* . ",
! *. :
/8* ( ! + (
/8-* : -8 - (
-, : +! "(
8, :
6.4%
11.9% 7.2% 12.9%
9.9% 31.7% 7.6% 32.2% 9.9% 31.8% 7.4% 32.3%
27.4% 27.0% 26.3% 26.6%
24.6% 21.3% 24.8% 20.8%
!"
<* !"
<, . "* . ",
>0/ 4
8 >**4
8 >!+4
8 >..4
8
1.3% 3.0% 1.4% 3.5%
7.8% 6.7% 6.5%
40.6% 41.2% 8.0%
30.4% 40.9% 41.1%
30.2% 29.5% 30.0%
19.9% 18.9% 20.2% 18.9%
?&
(

6. + (
,
(:
1#$
* **
#$
,/-/
8
0/$
# ! +
/8-*
,* -
80
@! #$
"!
*1-0*-,
8 8 ,
*. 1
8, ! .+
/8.
0-.
8 -
+ #$
!, @!/$
#
@. #$
"+ .! 1
8* ! !+
18"
!/0
8 . !8 -
,-0
!0
81+
!! !
8.
Residential Industrial Commercial Other TUSD Billed Billed
Consumption Consumption w/
TUSD
1H04 1H05
1H04 1H05
Note: The charts do not take into account AES Eletropaulo’s own consumption.
*

7. Net Revenues w/ TUSD R$ million
78
54
48
38
30
19
1Q04 2Q04 3Q04 4Q04 1Q05 2Q05
#
$ . " 9 ,0 ! : ;
" * 0 8* (
13.3%
81.1%
5.6%
Captive clients Free clients Potentially free clients

8. A
! + @ . " B >.4
+- "*
!"
<, >
!0 ,,
A
00
!0
' !-
!. -
3 /
0. 01"
@ 01
0/
* !* 0"
+
0-
" !,
./* .-! ./
+
!0
!11 !-1
!+
.
!*
*
@ !,
!+ !+ ." ." ." ." ." ! " ."
+- ++ "" "! ". "0 "* < , ",
!+ !+ ." ." ." ." ." ! " ."
+- ++ "" "! ". "0 "* < , ",
9;
9;
!*
*
A @
-

9. & ! "
1#! !#
,/1 !#
,* !#
*// !#
01. ! #/
.,
&
&
! .
-#! ! #0
+* ! #*
!* -#+
+ ! #+
!" -#!
. &
&
-#*
+ -#
-,
!+
+-
!+
+- !+
++
!+
++ ."
""
."
"" ."
"!
."
"! ."
".
."
". ."
"0
."
"0 ."
"*
."
"* !"
<,
!"
<,
C)
C)
=
=
! #+
". ! #1
". ! #.
". ++
#. +*
#. -#,
+
! #+
"! !#
"+ +.
# /#!
, -#
1- 1#!
+ 1#!
* 1#
1*
!+
+-
!+
+- !+
++
!+
++ ."
""
."
"" ."
"!
."
"! ."
".
."
". ."
"0
."
"0 ."
"*
."
"* !"
<,
!"
<,
C)
C)
=
=
' !11 !11 !11 !11 !/
* !"
0
'
'
!1
, !0
0 -1 !"
" !*
! +* +- +*
!+
+-
!+
+- !+
++
!+
++ ."
""
."
"" ."
"!
."
"! ."
".
."
". ."
"0
."
"0 ."
"*
."
"* !"
<,
!"
<,
C)
C)
=
=
% B ! "
< , !. #

10. D
Privatization Review Review
Year " ! . 0 * , 1 / - + !"
Annual Adjustment
(Factor X = 0 in the first 4 years) .! $
#.
Annual Adjustment
(Factor X = 0)
D C
.& /0 & .&
E FE 9( ' F) G
@ ; 9 H I& H ;
+

11. D
! 1$
-#
20% ! 1$
/#
!#
0-$ ! #$
*0
15%
! #$
!! !#
!1$
7.6% 12.1% 16.9%
10% 1#$
*
11.8%
7.5% 7.3%
1.6%
5% D
6.3%
3.7% 4.5% 3.6% 4.8%
2.5% 1.7% .! $
#.
0%
-4.3%
-5%
-10%
1999 2000 2001 2002 2003 2004 2005
Parcel B Parcel A PIS/COFINS IGPM
GJ .* $
#0
++

12. 4
C ."
"0
5 D ! #,
"+ $ !# $
!1,
/ # & & & & 1
I > E
>,. .
8* >*//!
8
! "
/#/$ ! "
/#/$
>-+, >-!* 9 >-!;
( >-8/,
. >+--,
8
& 0+ $
#, *0 $
#!
& >0 /
. >* 1
. >++
K' @ >.* >.*
3 >*.
R$ 42
/0 & & R$ 106.9
+ *2 3 #& & 4(
& 2
& & (1 *2
+

13. (:
!$ .$
/$
!$
,
./$
.$ 4
1"$
.$
!
,$
!
C
L
!$
+
0$
. 0$
. 0$
!
."
"0 ."
"* ."
",
+

14. ( A &
++
8-! 18+
0!
-8 +
1* ,10
8 / !1/.
8
!0 -
8+ !*
8/.
!* +
8*
,,
, *"
"
,,
8/. 0, -
8*
01
0 .-0
8 + *.
! +//
*,
81, /0- /,/
!0
.
1.0 0-
*
** +
80 !.
8/.
0-,
8 ! 52
!/
+ !-1
!"
81"
.*
81.
48
-,*
." +
8! ,/!
."
"0 ."
"* !"
<* !"
<, ."
"0 ."
"* !"
<* !"
<, ."
"0 ."
"* !"
<* !"
<,
& D
A
M3
.* !"
.
9
/-; -1
9, ;
!,
9, ;
*0 48
48
1
9
1;
."
"0 ."
"* !"
<* !"
<, ."
"0 ."
"* !"
<* ! "
<,
+

15. 4
ST vs. LT Evolution of Debt
5,278 5,284 5,256 5,278 5,284 5,256
100%
29% 2,242.5
2,402.7
75% 3,090.8
77% 73%
50% 1,102.0 1,097.0
71% 762.5
25%
1,778.8 1,916.9
23% 27% 1,424.5
0%
2003 2004 2Q05 2003 2004 2Q05
ST LT FCESP CVA/RTE Private Creditors
+(

16. <
,+ .
8" ,.
8/- ,.
8-* ,. 1
8,
!"
"$
!/$ ! $N
.
*$
. 0$
,
-"$
0$
1"$ *$
*$
"
,$
* 1.$ -0$ --$
.$
"
"$
."
". ."
"0 ."
"* . ",
3 <
N"$
!" 4 #
4 # +*

17. 5
!-
+
*-,
!0
"
!0
0
!+
,
!!
"
-0
./"
!.
"
0"
"
1./
,"
! *0
+ *-
, ++
0+
!
.-+
!0
+ !-
,
! "
< , . "
< , ."
"1 ."
"/ ."
"- ."
"+ .!
""
> %& ? >N
56 & *$ $ ( 7 $ 8 2(
'
5 /
5 9& & # : &
++ $ ( 3 # #
$ # & # # & & #& +-(
*$ $ ( 1 + (2 & $-$ ( 1 7' (2
* 3 #( ; # &
+

18. " -@. "
1@. " ,
: & * 2
. & ( & <
< & + 2 (; 22
+ &
< & & 9
&
& & & ."
",
& 9
& & &
I
' ."
"*
= & & &# 3 >
3
&
."
"0
?
@ # #
+-

19. !" C
<, B
+
& ; &
& ; ) ./
@<
! "B
<,
: & & &> 3 # #
.# & # A 2 B & & @ )' # ) ' : &
) 6 & 2
:& # & & &> #& 2
C. , &
<6 & # 6 & D & & & #
& & & @1 @2
( . "B
,
6 .& 3
)? :'6 C '
<$= < :& &@
< # & - 3 # ;3
# &
& & 3# & >2 &
/ # 6 &
3 & # # & & & & &
# & & 2
+

20. .# & & # & #
6 & D & & & &
0 & 3# && &
& # ? & 6 & ! &
& &
# 2 #? &
' & ##
&> # & # & @& D
9
# & # & & &> 2 # &
.
# 0 #& 2