1. Institutional
March, 2010

2. AES Brasil Group
7 million clients ... with a 2009 result:
Market Share 6 thousand AES People
R$ 3.2 billion (Ebitda)
R$ 1.9 billion (net income)
Discos
14.6%
85.4%
Gencos
3.0%
97.0% Investments 1998-2009:
R$ 5.8 billion after privatization
AES Brasil Disco Genco
Trading Co. Telecom
Others
2

3. Shareholding structure
AES Corp BNDES
C 50.00% + 1 share C 50.00% - 1 share C = Common Shares
P 0.00% P 100%
T 46.15% T 53.85%
P = Preferred Shares
T = Total
Cia. Brasiliana de
Energia
C 76.46% C 71.35%
C 99.99% C 100.00% C 98.26% P 7.43% P 32.34% C 99.99 %
T 99.76% T 99.99% T 100.00% T 98.26% T 34.80% T 52.55% T 99.99 %
AES AES AES AES AES AES AES EP
Sul Infoenergy Uruguaiana Com RJ Eletropaulo Tietê Telecom
3

4. Shareholding composition
Federal
Government or Free Float
Eletrobras1
16.1% 19.2% 8.0% 56.2%
24.2% 28.3% 7.9% 39.5%
1 – Federal Government and Eletrobrás correspond to AES Eletropaulo and AES Tietê, respectively 4

5. Energy sector agents in Brazil
Ministry of Mines and
Energy (MME)
(Set Guidelines and Policies)
National Council of
Energy Policy (CNPE)
(Formulates Policies)
Electricity Sector Brazilian Electricity
Energy Research
Surveillance Regulatory Agency
Enterprise (EPE)
Committee (CMSE) (ANEEL)
(Monitors energy supply) (Ruling, Inspection & Auditing, (Generation & Transmission
Monitoring, and Mediation) Planning)
Distribution
companies
Electric Energy Transmission System Operator
Commercialization companies (ONS)
Chamber (CCEE)
Generation Generator resources
Pricing and clearing of scheduling and dispatch
energy transactions companies
Trading
companies
5

6. Energy sector in Brazil
(Contracting Environment)
Regulated Market Free Market
Auctions Spot Market PPAs1
Distribution Companies Trading Companies Trading Companies
Free Clients Free Clients
• Main auctions (reverse auctions):
Distribution
– New Energy (A-5): Delivery in 5 years, 15-30 Companies
years regulated PPA
– 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
6
1 – Power Purchase Agreement

7. Discos regulatory methodology
(Tariff Reset and Readjustment)
Tariff Reset and Readjustment
• Tariff Reset is applied each 3 to 5 years • Parcel A Costs
− AES Eletropaulo: each 4 years − Non-manageable costs that totally
Energy pass- through to the tariff
− AES Sul: each 5 years
Purchase − Losses reduction improve the pass-
− Parcel A costs pass trough the tariff
Transmission through effectiveness
− Parcel B costs are set by ANEEL Sector Charges
• Tariff Readjustment: annually Reference • Reference Company:
− Parcel A costs pass trough the tariff Company
– Efficient cost structure, determined by
(PMSO)
− Parcel B cost are adjusted by IGPM +/- X(1) Factor ANEEL (National Electricity Agency)
X WACC Investment
Remuneration
• Remuneration Asset Base:
Remuneration
Asset – Applicable investments used to
Base calculate the Investment Remuneration
X Depreciation Depreciation
(applying WACC) and Depreciation
Regulatory Parcel A Non-Manageable Costs
Ebitda
(1) X Factor: index that capture productivity gains Parcel B Manageable Costs 7

9. AES Eletropaulo overview
Concession Area
• Largest electricity distribution company in Latin America
• Serving 24 municipalities in the São Paulo Metropolitan area
São Paulo Metropolitan Area
• Concession area with the highest GDP in Brazil:
– 17.1% of the Brazilian GDP and 50.3% of São Paulo’s state GDP
• 46 thousand kilometers of lines
• 4,526 km2 of concession area
• 1.1 million electricity poles
• 4,360 employees
Regional West Regional North
Regional South Regional ABC • 5.9 million of consumption units
Regional East
• Total distributed volume of 41 TWh in 2009
Note – Data as of Dec. 2009, except GDP which is 2006 9

10. Ranking¹ for energy distributors
8.000
7.000 Net Revenue - R$ million
6.000
5.000
2007 2008 4.000
3.000
2.000
Net Revenue 1st 1st 1.000
CPFL PAULISTA
BANDEIRANTE
PIRATININGA
ELETROPAULO
AMPLA
COELBA
ELEKTRO
COELCE
CELESC
COPEL
CELPE
CEMIG
CELG
LIGHT
CPFL
AES
1.800
1.600
Ebitda - R$ million
1.400
1.200
1.000
800
Ebitda 2nd 1st 600
400
200
CPFL PAULISTA
ELETROPAULO
PIRATININGA
AMAZONAS
COELBA
ELEKTRO
AMPLA
CEMAR
COELCE
COPEL
CEMIG
CELPE
LIGHT
RGE
CPFL
AES
10
1 – Source: ABRADEE (Brazilian Association of Energy Distributors); research among 48 energy distributors in Brazil.

11. Consumption evolution
Total Market - (GWh)1 2009 Consumption Share - (GWh)1
+ 8% 6%
17%
41,243 41,269 36%
39,932
38,183 7,383 6,832
7,355 15%
6,527
410
26%
31,656 32,577 33,860 34,436
Residential
2006 2007 2008 2009 Commercial
Free Clients Captive market Free Clients
Industrial
Others
1 – Own consumption not considered 11

12. Most important consumption classes
Residential - (GWh) Commercial - (GWh)
+4,1% +4.4%
3,978 15,015 2,902 10,752
3,742 3,801
14,427 2,657 2,625 10,301
2,567
3,494
1Q09 2Q09 3Q09 4Q09 2008 2009 1Q09 2Q09 3Q09 4Q09 2008 2009
Industrial - (GWh) Captive Market¹ - (GWh)
- 8.0 % +1.7%
6,559
1,695 34,436
6,032 9,084 33,860
1,546 8,742
1,465 8,493
1,327 8,118
1Q09 2Q09 3Q09 4Q09 2008 2009 1Q09 2Q09 3Q09 4Q09 2008 2009
1 – Own consumption not considered 12

13. Investments amounted up to
R$ 516 million in 2009
Investments Breakdown – R$ million Investments 2009
691 7%
6%
54 5%
516
37 15% 44%
457
433
47
69
478 637 23%
410
364
Customer Service and Maintenance
System Expansion
Customer Financed IT
2007 2008 2009 2010(e)
Loss Recovery Others
Capex Paid by customers
13

14. SAIDI & SAIFI
SAIDI - System Average Interruption Duration Index SAIFI - System Average Interruption Frequency Index
11.81 8.61 8.49
11.34 10.92 8.41 7.87
10.09
7.87 8.90 9.20 11.86
5.52 5.64 5.20 6.17
2006 2007 2008 2009 2006 2007 2008 2009
3o 3o 5o 3o 1o 1o
SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target
ABRADEE ranking position between 28 distributors with
over 500 thousand consumers
Source: ABRADEE, ANEEL e AES Eletropaulo
14

15. Operational indexes
Collection Rate – % over gross revenue Losses – %
2.0 p.p.
- 0.2 p.p.
101.1
99.1 99.5
97.8
12.0 11.8
11.5 11.6
5.5 5.0 5.1 5.3
6.5 6.5 6.5 6.5
2006 2007 2008 2009 2006 2007 2008 2009
Commercial Losses Technical Losses¹
• Disconnections and Reconnection – Monthly Average (2008 X • Fraud and Illegal Connections (2009)
2009) – 336,000 inspections e 41,800 frauds detected
– Disconnections: increase from 33 thousand to 80 thousand
– 80,200 illegal connections regularized
– Reconnection: increase from 32 thousand to 56 thousand
• Past due bill credit report (2009 average): 190 thousand
1 - Current Technical Losses used retroactively as reference 15

16. Net revenue of R$ 8.0 billion in 2009
Net Revenue – R$ million Ebitda – R$ million
2003 2007
EMBI+ BR 4.63% 2.21%
Regulatory WACC (%) Selic target 16.50% 11.25%
+ 17.5%
17.1
8,050 15.1
7,529
7,193
6,852 1,766
1,696 1,573
1,566
2006 2007 2008 2009 2006 2007 2008 2009
16

17. Net income of R$ 1,1 billion in 2009
Net Income – R$ million Dividend payout1 – R$ million
Dividends Pay-out Yield PNB
+ 185%
1,063 100.3% 101.5% 101.5%
1,027
34.9% 20.4%
14.4% 20.3%
713
3.2%
1,080
1,043
373
715
130
2006 2007 2008 2009 2006 2007 2008 2009
• 25% of minimum pay-out according to bylaw
• Practice on semi-annual basis of maximum permitted
dividend distribution, since 2006 results
1 – Gross amount 17

18. R$ 993 million paid as dividends in 2009
Managerial Cash Flow – R$ million
2008 2009
Initial Cash 1,334 1,536
Operating Cash Flow 2,019 2,332
Investments (374) (482)
Net Financial Expenses (285) (291)
Net Amortizations (94) (320)
CESP Foundation (192) (224)
Income Tax (295) (309)
Dividends (577) (993)
Free Cash Flow 201 (286)
Final Cash 1,536 1,249
18

19. Debt profile
Net Debt Amortization Schedule – R$ million
1.8x 1.8x 1.8x
1,714
1.5x
3.7
3.0 3.2 1,360
2.5
609
85 340 347 377
311
262
65 69 182 84 233
61
524 79
74 89 354
250 275 278 293
108 183 144
2010 2011 2012 2013 2014 2015 2016 2017 2018-2028
2006 2007 2008 2009
Net Debt (R$ billion) Local Currency (ex FCesp) FCesp1
Net Debt / EBITDA Adjusted with FCesp
• December, 2009:
– Average debt cost is 87.1% of CDI² per year which means an effective rate of 8.7% per year
– Average debt maturity is 10.4 years
1 - FCesp = Pension Fund 2 - Brazil’s Interbank Interest Rate 19

20. Capital market
AES Eletropaulo1 X Ibovespa X IEE Average Daily Volume3 - R$ thousand
2009 D
83%
180 26,066
25,677
C 60%
160 B 21,960
59%
140 A
120 7,508
100
80
Dec-082 Mar-09 Jun-09 Sep-09 Dec-09 2006 2007 2008 2009
ELPL6 IEE IBOV
• A) 02/25/2009 – Finsocial and São Paulo municipality agreement
• B) 04/16/2009 – Public Consultation of Tariff Reset
• C) 06/16/2009 – Second Periodic Tariff Reset Revision
• D) 10/18/2009 – Parcel A discussion on media
1 – Preferred shares class B adjusted by the dividends declared in the related period 2 – Index: 12/30/08 = 100 3 – Preferred shares class B
20

22. AES Tietê overview
Concession Area
• 30 year concession, expires in 2029, renewable for
another 30 years
• 10 hydroelectric plants in the State of São Paulo at Tietê,
Pardo and Mogi Guaçu rivers
Atlantic Ocean • Installed capacity of 2,657 MW, with physical guarantee1
of 1,280 MW
Name and Installed Capacity of AES Tietê’s Plants:
Água Vermelha (1,396 MW) Ibitinga (132 MW) • 100% of physical guarantee contracted with AES
Nova Avanhandava (347 MW) Euclides da Cunha (109 MW) Eletropaulo until the end of 2015
Promissão (264 MW) Caconde (80 MW)
Barra Bonita (141 MW) Limoeiro (32 MW) • 315 employees
Bariri (143 MW) Mogi-Guaçu (7 MW)
1 - Amount of energy allowed to be long term contracted 22

23. Operational Performance
Energy Generation – MW average Billed Energy – GWh
2010 Prices (R$ / MWh)
130% AES Eletropaulo 152.00
121% 118% MRE 8.51
112% Spot (2009 avg.) 38.74
1,662
1,543 1,510 13,421 14,436
1,424 13,148
12,774 956
573 330
536
1,740 1,680 2,372
1,130
11,108 11,138
11,108 11,108
2006 2007 2008 2009 2006 2007 2008 2009
Generation – MW Avg. Generation / Physical Guarantee1 AES Eletropaulo MRE2 Spot Market
1 - Generated energy divided by the amount of period hours 2 - Energy Reallocation Mechanism 23

24. Investments
Investments – R$ million 2009 Investments
New SHPPs1
Investments
68 24%
1
59 57
51 54%
47 20%
8 20 13
12
2%
67
35 43 44
39
Equip. and Maint. New SHPPs
2006 2007 2008 2009 2010(e) IT Environment
1- Small Hydro Power Plants Jaguari Mirim and Piabanha 24

25. 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
• Popular law action against Federal Government, Aneel, AES Tietê, and Duke
– Status: Defense filed on first instance in October 2008 by AES Tietê. In December, 2008, the author replied AES
Tietê defense and, since this, both parties are waiting judge movement about the necessity of proves production
• On July 27, 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 25

26. Projects -
expansion requirement
AES Tietê has been seeking opportunities to increase its installed capacity to comply with the 15%
increase requirement in the State of São Paulo
• 6MW of co-generation by biomass contracted for 15 years (initiating in 2010)
Concluded
Concluded
(PPA1))
(PPA1
• 7 MW of hydropower generation through SHPPs2 in Jaguari Mirim river
In Progress
In Progress – SHPP São José (4 MW) is expected to begin the operation in 2H10
– SHPP São Joaquim (3 MW) is expected to begin the operation in 2H10
Under
Under • 500 MW of natural gas fired thermo plant
Evaluation
Evaluation – Location has been defined
– Initiation of the environmental licensing process, with entry on CETESB in March, 2010
• 32 MW of hydropower generation through SHPPs under technical and economic viability study
26
1 - Power Purchase Agreement 2 - Small Hydro Power Plant

27. Net revenue of
R$ 1.7 billion in 2009
Net Revenue – R$ million Ebitda – R$ million
+ 20% + 15%
1,670
1,605 1,260
1,449 1,254
1,387
1,097 1,099
2006 2007 2008 2009 2006 2007 2008 2009
27

28. Sustainable profitability and dividend payment
Net Income – R$ million Dividend Payout1 – R$ million
Dividends Pay-out Yield PN
+ 27% 100 % 100 % 100 % 100 %
11%
12% 10% 12%
780 780
692 692
614 609 614 609
2006 2007 2008 2009 2006 2007 2008 2009
• 25% of minimum pay-out according to bylaw
• Practice on quarterly basis of maximum permitted
dividend distribution, since 2006 results
1 - Gross amount 28

29. Strong cash flow
Managerial Cash Flow – R$ million
2008 2009
Initial Cash 634 836
Operating Cash Flow 1.219 1.241
Investments (52) (55)
Net Financial Expenses (49) (48)
Net Amortization (194) (224)
Income Tax (67) (308)
Dividends and Interest on Equity (656) (829)
Free Cash Flow 202 (223)
Final Cash – Parent Company 836 613
Final Cash of Subs. And Assoc. Comp. 5 2
Final Cash 840 615
29

30. Debt
Net Debt
0.7x 0.6x • Eletrobras Debt
0.6x
0.3x 0.3x
– Balance: R$ 969 million
0.7 0.7 0.7 – Monthly amortization
0.4 0.4 – Maturity: May 15, 2013
– Interest of 10% p.a. and monetary adjustment
of IGP-M
2005 2006 2007 2008 2009
Net Debt (R$ billion)
Net Debt / Ebitda
30

31. Capital market
AES Tietê1 X Ibovespa X IEE Daily Average Volume - R$ thousand
10,187
20092 9,067
8,160
190 + 83%
8,086
170 5,760
+ 59% 5,531
150 5,468
+ 41%
130
4,188
110 3,566 2,692 2,101
90 1,572
70
Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 2006 2007 2008 2009
GETI4 IBOV IEE Preferred Common
(GETI4) (GETI3)
1 – Shares were adjusted by declared dividend of the period under analysis 2 – Data Base: 12/30/08 = 100 31

32. Social Responsibility and
Environmental Actions

33. Social responsibility
Volunteering Program
distributing Acting to Enterprising in
Energy of Transform the Community
Good
Specific social mobilization or Opportunities for volunteering in Acknowledgement and
emergency campaign. social organizations, which are support of projects for the
partners of AES Brazil development of social
organizations.
Winter clothes, Christmas Co-workers can enroll in
campaign, among others. volunteer activities available at Volunteers may submit
AES Brazil volunteering portal projects to help other
since September/09 organizations develop. Launch
www.energiadobem.com.br scheduled for January/10.
• Launched in December, 2008;
• Objective: to get the co-workers committed to the transformation of low income communities and development of
non-governmental institutions;
• 1,137 volunteers 33

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$ 14 million in 2009
• 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
• 6 units operating
“Centros Educacionais Infantis Luz e Lápis” - Project
• 302 benefited children between 1 and 6 years old
• Own investments amounting R$ 1.5 million in 2009
• Units: Santo Amaro and Guarapiranga
34

35. Environmental actions
• Carbon Credit
– Clean Development Methodology (CDM) approved by United Nations Framework Convention on Climate Change
(UNFCCC), allows up to 10,000 hectare reforestation on reservoir borders
– AES Tietê is seeking for good business opportunities, and has not transacted credits so far
• Reforestation
– One million of seedlings production in seed-plot of Promissão hydroelectric power plant
– Donation of seedlings to the society, rural producers, city halls, and non-governmental organizations
• Fish Farming
– Reproduction of 2.5 million fishes in 10 reservoirs of AES Tiete's plants
• Archeological Park
– Community involvement into archeological artifacts conservation and better understanding of its scientific
importance
– Social access to the archeological history of the reservoir area
35

36. Contacts:
ri.eletropaulo@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.