1. Institutional
November, 2011
1

2. AES Brasil Group
• Presence in Brazil since 1997
• Comprised of four companies in the sectors of
energy generation and distribution
• 7.4 thousand AES Brasil People
• Investments 1998-2010: R$ 6.9 billion
• Good corporate governance practices
• Sustainable practices in businesses
• Safety as a main value
• Strong cash generation capacity
• 25% of minimum pay-out according to bylaws
• Differentiated practice of dividend distribution
since 2006:
– AES Tietê: 100% of net income on quarterly
basis
– AES Eletropaulo: distribution above the
minimum required (25% of net income) on
semi-annually basis
2

3. AES Brasil widely recognized in 2009-2011
 Management excellence  Quality and safety  Environmental
concern
(AES Eletropaulo) (AES Tietê) (AES Tietê)
(AES Eletropaulo) (AES Sul)
(AES Brasil)
(AES Eletropaulo)
(AES Eletropaulo)
(AES Tietê)
(AES Brasil)
(AES Tietê)
(AES Tietê)
(AES Tietê) (AES Eletropaulo) (AES Eletropaulo)
3

4. Shareholding Structure
AES Corp BNDES
C 50.00% + 1 share C 50.00% - 1 share
P 0.00% P 100%
T 46.15% T 53.85%
Cia. Brasiliana
de Energia
C 71.35% C 76.45%
C 99.99% C 99.00% P 32.34% P 7.38%
T 99.70% T 99.99% T 99.00% T 52.55% T 34.87%
AES AES AES AES
AES Sul
Infoenergy Uruguaiana Tietê Eletropaulo
C = Common Shares
P = Preferred Shares
T = Total
4

5. Listed Companies Shareholding Composition
¹ ¹ Free Float Others2
16.1% 19.2% 56.2% 8.5%
24.2% 28.3% 39.5% 8.0%
1 – parent companies, AES Corp and BNDES, have equal voting capital on the Companies: 38.2% on AES Eletropaulo and 35.7% on AES Tietê
2 – includes Federal Government and Eletrobrás shares in AES Eletropaulo and AES Tietê, respectively
5

6. AES Brasil is the second largest group in
Ebitda1 – 2010 (R$ Billion)
electric sector
4.5
4.2
3.4
3.0
2.6
2.0 1.6
1.6
1.5
0.6
CEMIG AES BRASIL CPFL NEOENERGIA TRACTEBEL CESP EDP LIGHT COPEL DUKE
Net Income1 – 2010 (R$ Billion)
2.3 2.2
1.8
1.6
1.2
1.0
0.6 0.6
0.2
0.1
CEMIG AES BRASIL NEOENERGIA CPFL TRACTEBEL COPEL EDP LIGHT DUKE CESP
6
1 – excluding Eletrobrás Source: Companies’ financial reports

7. AES Tietê is an important player among private
energy generators
Generation Installed Capacity (MW) - 2011
Privately held companies
AES TIETÊ
DUKE
2%
2%
TRACTEBEL  AES Tietê is the 2nd largest among private
6%
generation companies and 10th largest overall
COPEL
4%  10 largest gencos correspond to 62% of the total
PETROBRÁS
Others
37%
5% installed capacity
CEMIG
6%  There are three mega hydropower plants under
ITAIPU construction in the North region of Brazil with 18 GW
6%
in installed capacity
CESP
6%
– Santo Antonio and Jirau (Madeira River): 7 GW
CHESF Eletronorte
9% 8%
– Belo Monte (Xingu River): 11 GW
FURNAS
8%
Total Installed Capacity: 115 GW
7
Source: ANEEL (Regulator) – BIG (August, 2011)

8. AES Brasil is the largest distribution group
in Brazil
Consumption (GWh) - 2010
13%
• 64 discos in Brazil distributing 419 TWh
40% 12%
A Brasil
AES • AES Brasil is the largest electricity
distribution group in Brazil:
CPFL Energia
10% – AES Eletropaulo: 43 TWh distributed,
Cemig representing 10.3% of the Brazilian
7%
6% 6%
market
6% Neo Energia
– AES Sul: 9 TWh distributed,
Consumers – Dec/2010
Copel representing 2.2% of the Brazilian
12%
market
30% Light
12%  There is a limited opportunity for
EDP competition in Brazil as discos are
restricted to operate within their
Outros
12% concession areas
5%
7%
7% 16% 8

10. AES Tietê Overview
Generation facilities
 17 hydroelectric plants within the states of São Paulo
and Minas Gerais
 30-year concession valid until 2029; renewable for
another 30 years
 Installed capacity of 2,659 MW, with physical guarantee1
of 1,280 MW
 Almost all the amount of energy that AES Tietê can sell
in the long term is contracted to AES Eletropaulo until
the end of 2015
 As a pure energy generator, AES Tietê can only invest in
its core business
 343 employees
10
1 - Amount of energy allowed to be long term contracted

11. Energy sector in Brazil:
supply perspectives
Installed Energy Capacity in Brazil1
 Total installed capacity is expected to reach 171 GW by 2020
 Brazilian energy matrix is not expected to materially change over the next 10 years
2011: 115 GW 2020: 171 GW
2
SHPP: 4%
Natural gas: 7%
2
SHPP: 4%
Biomass: 5%
Natural gas: 8%
Biomass: 5% Oil: 5%
Oil: 3% Nuclear: 2%
Nuclear: 2% Others: 17% Coal: 2%
Hydro: 67% Diesel: 1%
Others: 10%
Hydro: 73% Coal: 2%
Diesel: 1%
Wind: 7%
Wind: 1%
Steam: 1% Steam: 0%
1- Source: EPE (Energetic Research Company), Ten-year Energy Plan 2020, May/2011 2 - Small Hydro Power Plant
11

12. Energy sector in Brazil:
contracting environment
Regulated Market Free Market
Auctions Spot Market PPAs1
Trading Trading
Distribution Companies Companies Companies
Free Clients Free Clients
• Main auctions (reverse auctions):
– New Energy (A-5): Delivery in 5 years, 15- Distribution
Companies
30 years regulated PPA1
– New Energy (A-3): Delivery in 3 years, 15-
30 years regulated PPA
– Existing Energy (A-1): Delivery in 1 year,
5-15 years PPA
12
1 – Power Purchase Agreement

13. Billed energy growth due to high availability
and bilateral contracts
Energy Generation (MW average1) Billed Energy (GWh)
14,706 14,729
117 -3%
13,148 301
130% 125% 129%
126%
1,150 1,340 11,483
331 11,114
118% 2,331 215
1,680 1,980 346
1,135
1,188
1,554
1,535
11,138 11,108 11,108
1,665 1,703 8,578 8,045
1,599
1,512 1,550
2
2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11
3
Generation - Mwavg Generation/Physical guarantee AES Eletropaulo MRE Spot market Other bilateral contracts
1- Generated energy divided by the amount of hours 2-Leap year 3- Energy Reallocation Mechanism 13

14. Investments in the modernization of Nova
Avanhandava, Ibitinga and Caconde
power plants
Investments (R$ million) 9M11 Investments
84%
169
18 +122%
119
14
82
53 4% 12%
56 12 151
13 7 105
70
43 46
Equipment and Modernization
2009 2010 2011 (e) 9M10 9M11
New SHPPs*
Investments New SHPPs* IT projects
*Small Hydro Power Plants
14

15. Growth opportunities
Perspectives
• Project features
- Combined cycle using natural gas
- Estimated investment of R$ 1.1 billion
- Natural gas consumption: 2.5 million m3/day
- 550 MW of installed capacity
• Updates
- Environmental license obtained on October, 20th 2011
(valid for 5 years)
- Gas unavailability for A-5 Energy Auction in 2011
• Next events
- Obtain installation license
- Participate in A-3 Auction expected to be realized in
March 2012
- Evaluate energy offering in free market
15

16. Financial highlights*
Net Revenue (R$ million) Ebitda (R$ million)
+1%
+1% 1,254 1,255 1,320
1,035 1,048
9
1,605 1,670 1,754
1,334 1,344
1,309 1,311
(54)
2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11
78% 75% 75% 78% 78%
Recurring Non-recurring
Ebitda margin
(*) 2009 and 2010 numbers in IFRS 16

17. Practice of total net income distribution on
quarterly basis*
Net Income and Dividend Pay-out1 (R$ million)
117%
120% 110%
1 6 , 0 %
100%
100% 1 4 , 0 %
12.0%
11.0% 11.0% 1 2 , 0 %
80%
1 0 , 0 %
737
60% 706 8 , 0 %
692
31
+2%
40%
6 , 0 %
570 -5% 582
816 784 4 , 0 %
28
20%
2 , 0 %
542
0% (74) (78) 0 , 0 %
(40)
(36)
2008 2009 2010 9M10 9M11
Pay-out Yield Pref Recurring Non-recurring IFRS Effect
17
1 – Gross amount (*) 2009 and 2010 numbers in IFRS

18. Debt profile
Net Debt (R$ billion) Amortization Schedule – Principal (R$ million)
0.3x 0.3x 0.3x 0.4x
0.3x
300 300 300
0.6
0.4 0.4 0.4 0.5
2008 2009 2010 9M10 9M11 2013 2014 2015
Net debt Net debt / EBITDA
• September, 2011:
– Average debt cost in 9M11 was 115% of CDI1 p.a. or 15% p.a.
– Average debt maturity of 2.8 years
– Net debt: R$ 0.6 billion
– Net debt/EBITDA: 0.4x
18
1 – Brazilian Interbank Interest Rate

19. Capital Markets
AES Tietê X Ibovespa X IEE Daily Avg. Volume (R$ thousand)
YTD2
13,922
12,828
110
10,187
+5% 4,239
+2% 8,160 3,370
-2% 2,101
90
2,692
-25% 9,683 9,458
70 8,086
5,468
50
dez-10 mar-11 jun-11 set-11
2008 2009 2010 9M11
AES TIETÊ PF TSR1 IBOVESPA IEE
Preferred Common
• Common shares and preferred shares listed on BM&FBOVESPA
under the tickers GETI3 and GETI4
• ADRs at US OTC Market under the tickers AESAY and AESYY
19
1 – Total Shareholder Return 2 – Index: 12/30/2010 = 100

21. AES Eletropaulo Overview
Concession Area
 Largest electricity distribution company in Latin America
 Serving 24 municipalities in the São Paulo Metropolitan area
 Concession contract valid until 2028; renewable for another 30
years
 Concession area with the highest GDP in Brazil
 45 thousand kilometers of lines, 1.2 million electricity poles and
6.1 million consumption units in a concession area of 4,526 km2
 Total distributed volume of 43 TWh in 2010
 As a pure energy distributor, AES Eletropaulo can only invest
within its concession area
 5,647 employees
21

22. Energy sector in Brazil:
regulatory methodology
Tariff Reset and Readjustment
• Tariff Reset is applied each 4 years for AES Eletropaulo • Parcel A Costs
− Base date: Jul/2011 − Non-manageable costs that totally
− Parcel A: costs pass trough the tariff Energy pass- through to the tariff
Purchase − Losses reduction improve the pass-
− Parcel B: costs are set by ANEEL Transmission
through effectiveness
Sector Charges
• Tariff Readjustment: annually
− Parcel A costs pass trough the tariff
Regulatory • Regulatory Opex:
− Parcel B cost are adjusted by IGPM +/- X(1) Factor Opex
(PMSO) – Efficient cost structure, determined by
ANEEL (National Electricity Agency)
X WACC Investment
Remuneration
• Remuneration Asset Base:
Remuneration
Asset Base – Applicable investments used to
calculate the Investment Remuneration
X Depreciation (applying WACC) and Depreciation
Depreciation
Regulatory Parcel A - Non-Manageable Costs
Ebitda
Parcel B - Manageable Costs 22
1 – X Factor: index that capture productivity gains

23. Energy sector in Brazil:
demand perspectives
Macroeconomic Scenario
EPE’s1 Assumptions:
GDP - Annual growth
2005-2009 2010 2011-2015 2016-2020 • Emerging markets will grow faster than
World 3.4 4.6 4.5 3.9 developed economies, positively affecting
Brazil 3.6 7.2 5.0 5.0
industrial sector in Brazil;
Brazilian Consumption Evolution (TWh) • Recovery of investment rates, favorable
4.6% p.a credit conditions and labor market growth
659 • Domestic economy growth due to the
4.4% p.a.
World Cup and Olympic Games
419 441 • Income elasticity of energy demand (2010-
393 389
358 378 2020): 0.98
331 346
• Households growth: 2.2% p.a
2004 2005 2006 2007 2008 2009 2010 2011 (e) 2020
23
1 - Source: EPE (Energetic Research Company)

24. Consumption Evolution
Total Market1 (GWh) 9M11 Consumption Share1 (GWh)
36%
6%
14%
43.345 6%
45.000 41.243 41.269 36%
+5%
40.000 7.911
7.383 6.832 33.769 13%
18%
35.000
32.198 26%
30.000 5.846 6.246
26%
25.000 18%
20.000
33.860 34.436 35.434
15.000 27.523
26.352
10.000
Residential
5.000
0
Commercial
2008 2009 2010 9M10 9M11 Free Clients
Captive Market Free Clients Industrial
Others
24
1 – Net of own consumption

25. Investments amounted
R$ 530 million in 9M11
Investments Breakdown (R$ million) Investments 9M11 (R$ million)
166
744
800
682 29 128
700
47
28 +38%
600 516 530 16
383 16 21
500 37 27
125
400 22
715
654
300
478 513
200 362
Maitenance
100
Client Service
0
System Expansion
2009 2010 2011(e) 9M10 9M11
Losses Recovery
Capex Paid by Customers IT
Paid by the Clients
Others 25

26. Action Plan 2011 - 2012:
Action Plan 2011 – 2012: Action Details
In 2011: R$ 48 million in investiments and
R$ 81 million in operational expenses
• Addition of 120 emergency teams, totaling 473 teams
during summer season
Emergency
99 23 122
attendance • Expand capacity on clients attendance:
–increase 38% call center positions (150
Preventive positions)
maintenance¹
42 26 68 – contract 300 positions for call center in stand
by condition
– automated attendance increase from 2
Customer
attendance
35 9 43 thousand call / hour to 54 thousand call hour
– double SMS capacity to 100 thousand day
Tree trimming 7 7 • Deployment of mobile agency and field actions to
receive indemnifications requests
Other process
improvements 2 • Increase on pruning, maintenance and construction
teams (580 electricians)
Operational expenses Investments
26
¹ Equipment purchase, increase in maintenance and construction and prunning teams

27. SAIDI & SAIFI
SAIDI - System Average Interruption Duration Index SAIFI - System Average Interruption Frequency Index
8.41
7.87
7.39
10.92
10.09
9.32
9.20 11.86 10.68 10.30
11.95
6.17 5.43 6.06 5.42
5.20
2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11
5th 8th 7th 1st 7th 3rd
SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target
ABRADEE ranking position among the 28 utilities with more than 500 thousand customers
► 2011 SAIDI ANEEL Reference: 8.68 hours ► 2011 SAIFI ANEEL Reference: 6.93 times
27
Sources: ANEEL, AES Eletropaulo and ABRADEE

28. Operational Indexes
Losses (%) Collection rate (% over Gross Revenues)
11.6 11.8 11.0 102.4 103.0
10.9 10.6 101.1 100.3
98.5
5.1 5.3 4.4 4.5 4.1
6.5 6.5 6.5 6.5 6.5
2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11
Technical Losses ¹ Commercial Losses
28
1 – Current technical losses used retroactively as a reference

29. Financial Highlights*
Net Revenues (R$ million) Ebitda (R$ million)
2,413
9,697 - 8%
10,000 8,786 426
+5% 1,870
9,000 1,775 1,716
7,530 7,371 1,696
8,000 7,046 87 357
-
89 301 58
7,000 202
245 332
6,000
5,000
4,000
1,607 1,486 1,630
3,000 1,325 1,326
2,000
1,000
0
2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11
Recurring
Regulatory assets and liabilities
Non-recurring
29
(*) 2009 and 2010 numbers in IFRS

30. Practice of dividend distribution
on semi-annually basis*
Net Income and Dividend Payout1 (R$ million)
115.4%
120.0% 35.0%
101.5% 93.4% 28.6%
100.0% 30.0%
20.4% 25.0%
80.0% 20.3%
1,348 20.0%
60.0% -15%
15.0%
40.0% 1,156
1,027 350 10.0%
1,037
20.0% 5.0%
374 885
329 162 282
0.0% 0.0% 89
93 214
171
836
698 689
583 582
2008 2009 2010 9M10 9M11
0 Pay-out Yield PN
Q 0 Q
Net Income - ex one-off and regulatory assets and liabilities
Regulatory assets and liabilities
One-off (*) 2009 and 2010 numbers in IFRS 30
1 – Gross amount

31. Debt Profile
Net Debt (R$ billion) Amortization Schedule – Principal (R$ million)
1.5x
1.4x 1.2x
0.9x 1.0x
1,047
579
2.7 2.9 48
847
2.5 2.4 2.6 360 390 437
346 62
277 55 283
80 45
532 51 58
22 281 301 335 375
226 225 180
2008 2009 2010 9M10 9M11 2011 2012 2013 2014 2015 2016 2017 2018 2019 -
2028
Net Debt/Ebitda Adjusted with Fcesp Local Currency (ex FCesp) Fcesp ²
Net Debt (R$ billion)
• September, 2011:
– Average debt cost in 3Q11 was 112% of CDI1 or 12.6% p.a.
– Average debt maturity of 6.9 years
– Net debt: R$ 2.9 billion
– Net debt/EBITDA of 1.2x adjusted with Pension Fund
31
1 – Brazilian Interbank Interest Rate 2 – Pension Fund

32. Capital Markets
AES Eletropaulo X Ibovespa X IEE Average Daily Volume (R$ thousand)
9M11 1 28,500
A 29,000.00
125
B 25,677
115 27,000.00 24,496
+ 11%
25,000.00
105
+ 2% 21,960
23,000.00
95
21,000.00
85 - 11%
19,000.00
75 - 24 %
17,000.00
65
Dec-10 Mar-11 May-11 Jul-11 Sep-11 15,000.00
2008 2009 2010 9M11
Ibovespa IEE AES Eletropaulo PN AES Eletropaulo TSR²
A Ex dividends: 04/30/2011
B Ex dividends: 08/11/2011
• Common shares and preferred shares listed on BM&FBOVESPA under the
tickers ELPL3 and ELPL4
• ADRs at US OTC Market
32
1 – Index: 12/30/2010 = 100 2 – Total Shareholder Return

33. Social Responsibility

34. Social Responsibility
“Casa da Cultura e Cidadania” Project
• Over 5.2 thousand children, teenagers,
and adults have been benefited
• Own and incentive investments:
approximately R$ 17 million in 2010
• Activities of acting, dancing, circus arts, visual arts, music, gymnastics,
courses of income generation, and education of safe use of electrical
power and the right use of natural resources
• 7 operating units
“Centros Educacionais Infantis Luz e Lápis” - Project
• 300 benefited children between 1 and 6 years old
• Own investments amounting R$ 2.1 million in 2010
• Units: Santo Amaro and Guarapiranga
34

35. Social Responsibility
Volunteering Program
Distributing Acting to
Energy of Transform
Good
Specific social mobilization or Opportunities for volunteering in
emergency campaign. social organizations, which are
partners of AES Brazil
Winter clothes, Christmas Co-workers can enroll in
campaign, among others. volunteer activities available at
AES Brazil volunteering portal
since September/09
www.energiadobem.com.br
• Launched in December, 2008;
• Objective: to get the co-workers committed to the transformation of low income communities and development of
non-governmental institutions;
• 1,199 volunteers 35

36. Attachments

37. Costs and Expenses
Costs and operational expenses1 (R$ million)
433
415
351
187 299 296
201
112
125 115
239 246
214
174 181
2008 2009 2010 9M10 9M11
Energy Purchase, Transmission and Connection Charges, and Water Resources
Other Costs and Expenses 2
1 – Do not include depreciation and amortization 2 - Personnel, Material, Third Party Services and Other Costs and Expenses 37

38. Costs and Expenses
Costs and operational expenses1 (R$ million) PMS and Other Expenses (R$ million)
1,306
1,255
1,193
6,745 254 165
6,431
5,893 970 909
1,255 379
1,306 5,006 5,129
1,193 352 443 202 67
970 909
329 368
308
5,125 5,490
4,700 700
4,036 4,220 647
485 461 475
3
2008 2009 2010 9M10 9M11 2008 2009 2010 9M10 9M11
Energy Supply and Transmission Charges PMS² and Others Expenses Personnel and Payroll Material and Third Party Others
1 – Do not include depreciation and amortization
2 - Personnel, Material, Third Party Services and Other Costs and Expenses
3 – In 2009 expenses with Pension Fund increased due to inflation rate (IGP-M) increase and reversal of R$ 63 million in 4Q08 caused by actuarial liability adjustment 38

39. Action Plan: R$ 242 million with increase
of R$ 122 million in emergency teams
 availability of 353 emergency teams
Concluded in  38% increase in call center positions (150 positions)
September 2011  doubling of SMS receipt capacity to 100 thousand / day
 training of 276 maintanance and construction electricians
 hiring of 30 addicional pruning electricians
 training of 240 electricians for emergency attendances in powered grid
 begginig of 276 maintanance and constructions electritcians activities
Concluded until and training conclusion of other 304
November 2011
 300 addicional stand by positions in call center for emergency
situations
 increase of call center service capacity by 27 times from 2 thousand to
54 thousand calls/hours
December to
increase of 120 emergency teams, totaling 473 teams
March
39

40. Expansion Requirement of 15%
 Increase installed capacity in Sao Paulo State by 15% (400 MW), either in greenfield projects or through long term purchase agreement with new plants
 The obligation was supposed to be accomplished by December 2007, however AES Tietê was not able to comply with this requirement due to the following
restrictions:
– Insufficient remaining hydro resources within the State of São Paulo
– Environmental restrictions
– Insufficiency of gas supply / timing issue
– More restricted regulation on energy sale established by the New Model of Electric Sector (Law # 10,848/2004) which eliminated the self dealing
• In August 2008, Aneel informed that the issue is not linked to the concession
• On July 27th, 2009, AES Tietê was notified by the State Government Attorney’s Office to present arguments on compliance with the expansion obligation
– The Company filed a response on July, 29th, which exhausts the procedure for notification. Possible deployment depends on new manifestation of the
Prosecution
• Popular law action against Federal Government, Aneel, AES Tietê, and Duke
– 2008 – In October, defense filed on first instance by AES Tietê; In December, the author replied AES Tietê defense
– 2010 – In September, due to the plaintiffs failure to specify the individuals that should be named as Defendants, a favorable decision was rendered by the
1st Instance Court (but there can be appeals)
• On September 6th, 2011, the Company was summoned to answer a claim filed by the State of São Paulo requesting AES Tietê to fulfill, within 24 months, the
obligation to expand its installed capacity. Due to a a preliminary injunction granted in favor of the State of São Paulo, the Company had to present its plan for the
compliance with the Expansion Requirement by December 12th
– Against the injunction, AES Tietê filed an appeal to the State of São Paulo Court of Appeals, which, on November 3rd, granted a relief order which
suspended the 60-day-period that the company would have to present its plans and stayed the injunction granted by the First Instance Court
• Efforts being made by the Company to meet the obligation:
– Signing of two long-term energy contracts, from sugar cane biomass, totaling 10 MW
– SHPP São Joaquim, which started operating in July, 2011 with 3 MW of installed capacity, in São João da Boa Vista (State of São Paulo)
– SHPP São João, with 4 MW of installed capacity, in São João da Boa Vista (State of São Paulo), to be operational in 2011
– Project development of a 550MW gas fired thermal plant, located in Canas (State of São Paulo)
40

41. Eletrobras Lawsuit
State-owned
Eletropaulo was
spun-off into four Eletrobras, after On July 7, the Next Steps:
companies and, winning the judge determined
Eletrobras and Eletrobras 1 - The auditing
Stated-owned according to our interest Eletropaulo and
CTEEP appealed requested the 1st procedure (AP)
Eletropaulo understanding calculation CTEEP to present
to the Superior level of court is expected to
borrowed money based on the discussion, filed their
Court of Justice judge to appoint begin by the 1st
from Eletrobras spin-off an Execution Suit considerations,
(SCJ) an expert half of 2012
agreement, the to collect the due which occurred in
discussion was amount August 2 – AP is
transferred to expected to be
CTEEP concluded in at
least 6 months
3 - After AP’s
conclusion, a
1st level court
decision will be
Nov/86 Dec/88 Jan/98 Apr/98 Sep/01 Sep/03 Oct/05 Jun/06 May/09 Dec/10 Jul/11 released
4 - Appealing to
the 2nd instance
court
5 - Foreclosure
starts.
Presentation of
State-owned
The 2nd level of Eletrobras guaranty
Eletropaulo and Privatization requested the
court excluded The SCJ decided
Eletrobras event . State- 6 - Request to
AES Eletropaulo to send the beginning of the
disagreed on how owned withdraw the
from the Execution Suit appraisal
to calculate Eletropaulo guaranty
discussion based back to the 1st procedure, which is
interest over that became AES under 1st. instance 7 - Appeals to
on the spin-off level of court
loan and a lawsuit Eletropaulo court analysis the 3rd instance
agreement
was started courts
41

42. Shareholders Agreement
On Dec 2003 AES and BNDES signed a Shareholders’ Agreement to regulate their relationship as shareholders of
Brasiliana and its controlled companies. The Agreement is available at www.aeseletropaulo.com.br/ri
Shareholders can dispose its share at any time, considering the following terms:
Right of 1st  Any party with an intention to dispose its shares should first provide the other party the right to buy
refusal that participation at the same price offered by a third party
Tag along  In the case of change in Brasiliana’s control, tag along rights are triggered for the following
rights companies (only if AES is no longer controlling shareholder):
– AES Eletropaulo: Tag along of 100% in its common and preferred shares
– AES Tietê: Tag along of 80% in its common shares
– AES Elpa: Tag along of 80% in its common shares
Drag along  Once the offering party exercises the Drag Along clause, offered party is obligated to dispose of all
rights its shares at the time, if the Right of 1st Refusal is not exercised by offered party
42

43. Brazilian Main Taxes
AES Tietê
AES Eletropaulo
• Income Tax / Social Contribution:
• Income Tax / Social Contribution:
– 34% over taxable income
– 34% over taxable income
• ICMS (VAT tax) • ICMS: 22% over Revenue (average rate)
– deferred tax – Residential: 25%
• PIS/Cofins (sales tax): – Industrial and Commercial: 18%
– Eletropaulo´s PPA: 3.65% over Revenue – Public Entities: free
– Other bilateral contracts: 9.25% over Revenue • PIS/Cofins:
minus Costs – 9.25% over Revenue minus Costs
43

44. Contacts:
ri.aeseletropaulo@aes.com
ri.aestiete@aes.com
+ 55 11 2195 7048
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.