1. 1Q13 Results
May, 2013

2. 1Q13 Highlights
 Energy generation 2% higher than the physical guarantee and 17% lower than in 1Q12
Operational
 Physical guarantee reduction by 10% in 1Q13, resulting in a purchase in the spot market of 309 GWh at a cost of
R$ 115 million
 Investments of R$ 27 million in the period, mainly allocated to the preventive maintenance and modernization of
Água Vermelha, Ibitinga e Nova Avanhandava power plants
 Portfolio of bilateral contracts in the free market of 307 MWm, being 143 MWm sold for 2016 onwards
 Net revenue of R$ 598 million in 1Q13, an increase of 11% compared to 1Q12
Financial
 Compared to 1Q12, higher operating costs and expenses (excluding depreciation and amortization) of R$ 147
million, mainly with energy purchased for resale. Excluding this effect and the reduction of connection and
transmission charges, operating costs and expenses would be reduced by 13%, totaling R$ 84 million
 Higher energy purchased in the spot market, reduced EBITDA and net profit by 21% and 25%, respectively.
EBITDA margin reached 56% in 1Q13.
 1st promissory notes issuance in the amount of R$ 498 million, with cost of CDI + 0.79% and tenor up to 180 days.
The 2nd debentures issuance to be held by the Company will take out such commercial papers.
2

3. 1Q13 Highlights
2013 perspective
 The Company is expecting the physical guarantee to be reduced by an annual average percentage that may vary
from 4% to 9% in 2013 and thermal dispatch from 9.5 GW to 13 GW, respectively. According to this scenario, the
Company would have to purchase 663 GWh to 1,163 GWh of energy in the short term market to cover the exposure
caused by such reduction in an associated cost of R$ 231 million to R$ 441 million.
 Dividends distribution in the amount of R$ 204 million, R$ 0.51 per common share and R$ 0.56 per preferred share.
Dividends
Payment will occur on May 27, 2013. Dividend yield of 2,8% for preferred shares
 No accidents with own employees in the period and 100% adherence to safety lectures
Social
 No accidents in the Company’s reservoirs involving population.
 Development and Communities Valorization: 18.6 thousand people benefited by the company social projects in 1Q13
Environmental
 86% of the waste generated by the Company during the period were intended for recycling or reuse in other
production processes
3

4. Generation above physical guarantee
Brazilian reservoirs level – historical data (%)
Energy generated (MW average2)
100
90
80
Max (%)
70
62
55
60
125%
46
50
124%
127%
130%
38
40
30
102%
20
10
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2001
Historical Data Since 2001
Sep
Oct
2012
Nov
Dec
2013
Reservoirs level of main AES Tietê’s power plants1 (%)
98%
94%
96%
94%
61%
1 – As of 03/31/2012.
1,599
1,582
2011
2012
Generation - Mwavg
A. Vermelha
B. Bonita
1Q12
1Q13
1,480
98%
93%
78%
Caconde
1,753
1,629
2013
1Q12
1Q13
Generation/Physical guarantee
Promissão
2 – Generated energy divided by the amount of hours in the period
4

5. System physical guarantee reduction resulted in
a 10% exposure to the spot market
Spot prince submarket SE/CO – Monthly Average (R$/MWh)
Physical guarantee allocation (MW avg)
414
375
93
340
320
161
89
77
76
376
*
280
72
215
-21
-42
12
-31
-32
183
181
193
-85
-108
125
118
119
91
-308
48
29
51
23
jan
Secondery energy
260
33
Physical guarantee reduction
1 – Total energy purchase cost in the spot market
feb
26
mar
32
12
17
apr
may
2011
23
20
21
jul
aug
sep
37
46
44
2012
Série1
jun
2013
oct
nov
dec
Spot cost (R$ million)
* Spot price April: Spot price1 + ΔSpot price = Spot priceF (final Spot price).
5

6. Changes in the PLD calculating methodology:
uptrend of the free market prices
Previous
Regulation
CNPE Resolution # 3/2013
 Resolution CNPE #3/2013:
Transitory regulation
(April to July, 2013)
Charged
from:
• Discos
• Free cust.
ESS
ESS²
Spot
Price
Other 50%
for:
• Agents
with
exposure
to spot
prices
ESS
Spot
Price
From August, 2013 on
Charged from
all market
agents:1
• Discos
• Free cust.
• Generators
• Traders
- Methodology for adequacy of risk aversion
mechanisms for the formation of spot prices
ESS
Spot
Price
Includes out-of-themerit-order thermal
dispatch
1 - Proportional to average commercialized energy of the last 12 months.
2 - ESS (Service System Charges), which pays for the out-of-the-merit-order thermal dispatch
- Service System Charges (“ESS”): prorated
among all market players (including generators)
- Risk aversion mechanisms built into pricing
models – Risk Aversion Curve of 5 years
(starting from August2013)
- Uptrend in spot prices, which should influence
prices in energy contracts representing an opportunity
to AES Tietê
6

7. Investments in 1Q13 mainly directed to the modernization
of Água Vermelha, Nova Avanhandava e Ibitinga plants
Título do Gráfico
Investments in 1Q13
Investments (R$ million)
12%
175
19
139
4
88%
213
156
135
28%
21
17
2011
2012
Investments
1- Small Hydro Power Plants
2013 (e)
3
1Q12
27
1Q13
Equipment and Maintenance
IT Projects
New SHPPs¹
7

8. 16.728
15.126
554
Billed Energy (GWh)
Lower volume of energy sold in 1Q13 due
to lower sales volume in the CCEE1
615
1.141
1.524
3.834
1.942
14%
4,869
4,182
11.108
11.138
1,256
163
571
207
600
332
4.008
482
42
3.696
194
58
1Q12
2011
AES Eletropaulo
1 - Electric Energy Trading Chamber
2.579
4T11
3,058
864
3.063
2,879
403
4T12
1Q13
2012
Energy Reallocation Mechanism
Spot Market
Other Bilateral Contracts
8

9. Higher volume and price of energy sold to AES
Eletropaulo and increased energy sold through other
bilateral contracts have favored the net income
Net Income (R$ million)
11%
598
540
50
15
18
46
533
477
1Q12
AES Eletropaulo
1Q13
Spot/MRE
Other bilateral
9

10. Energy costs pushed the costs and
operating expenses in the 1Q13
Operating costs and expenses¹ (R$ million)
2
8
282
271
4
3
165
117
electric energy
purchased for resale
264
117
1Q12
267
1 - Not including depreciation and amortization
operat. Provisions and personnel, material and
Other Exp.
third party services
transmission and
Conection
financ. comp. for use of
wat. resources
1Q13
10

11. Higher costs with energy purchased have
resulted in the decline in Ebitda and margin
Ebitda (R$ million)
78%
 1T13 Ebitda mainly influenced by the
56%
21%
423
higher costs of energy purchased for
resale
 Excluding the effect of exposure to the
334
1Q12
1Q13
Ebitda
spot market, the 1T13 Ebitda would be
of R$ 449 million, with a margin of 75%
Ebitda Margin (%)
11

12. Stable financial results between the quarters
213
Financial Result (R$ million)
21
17
2013 (e)
3
27
1Q12
1Q13
 1st debentures issuance with maturity in
2015 and rate of CDI + 1.20% p.a.
New SHPPs¹
 1st promissory notes issuance with
(10)
(47)
(11)
maturity of up to 180 days and rate of
CDI + 0.79% p.a.
3%
12

13. Net profit drop mainly due to the
exposure to the spot market in the quarter
Net Profit (R$ million)
107%
110%
2.9%
2.8%
-25%

Dividends distribution of R$ 204 million in
1Q13
- R$ 0.50 per common share
- R$ 0.56 per preferred share
- Payment date : 05/27/2013
246
186
1Q12
Net Profit
1Q13
Payout
Yield Preferred Shares
13

14. Lower cash generation in 1Q13 mainly reflects
the increased costs of energy purchase
Operating Cash Flow (R$ million)
Final Cash Balance (R$ million)
-13%
63%
676
382
333
413
1Q12
1Q13
1Q12
1Q13
14

15. Increase in debt balance due to
1st promissory notes issuance
Net Debt (R$ billion)
0.6
0.6
1.0
1.0
Debt Amortization Schedule – 1st debenture issuance (R$ million)
0.5
0.5
0.3
0.3
300
0.5
0.5
1Q12
1Q12
300
2013
2014
2015
0.76
0.76
1Q13
1Q13
Debt amortization flow
Net Debt
Net Debt
Net Debt/Adjusted Ebitda
Net Debt/Adjusted Ebitda
Gross Debt/ Adjusted Ebitda
Gross Debt/ Adjusted Ebitda
Covenants
300

Net debt / Adjusted Ebitda =< 3,5x

Adjusted Ebitda / Financial Expenses => 1,75x
Debt Cost
1T13
 Average Cost (% CDI)1 115%
Gross debt / Adjusted Ebitda =< 2,5x

1T12
121%
 Average Term (years)
2.0
0.8
 Effective Rate
11.3%
9.8%
1 – Percentage of CDI (Interbank Deposit Certificate)
15

16. 1Q13 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.