1. 2Q09 Results
August, 2009

2. 2Q09 highlights
► 2nd Quarter of 2009
– 1.7% increase on captive consumption, 0.4% reduction on total market
– Collection rate reached 103.1% on 2Q09
– Ebitda of R$ 342 million
– Net income totalized R$ 155 million
– Distribution in May of R$ 308 million regarding the 1st installment of complementary dividends and R$ 69 million
in interest on equity
– On June 16, 2009 ANEEL concluded the 2007 periodic tariff reset
► Subsequent Events
– On June 30, 2009 ANEEL authorized an average tariff readjustment index of +14.88% to Eletropaulo, applicable
to the tariff as from July 4, 2009, which includes the 2007 tariff reset effects
– Proposal of intermediate dividends distribution: R$ 323 million referred to 1S09 results
• R$ 1.82 / common share
• R$ 2.00 / preferred share
– 3th amendment to the Debt Confession agreement that will extend the final maturity from 2022 to 2028 and
the average term of that debt from 7.2 years to 10.5 years
– Payment held in August 10, 2009 by the São Paulo Municipality regarding the first installment of the agreement
2

3. Captive market growth of 1.7% in the quarter
Consumption Evolution - (GWh)1 2Q08 2Q09
+3.8% -8.9% +4.6% +5.1% +1.7% -9.4% -0.4%
10,250 10,212
8,493
8,351
3,605 3,742
2,510 2,626 1,899 1,720
1,608 1,465
628 660
Residential Industrial Commercial Public Sector Captive Market Free Clients Total Market
and Others
Average Tariff of Sold Energy² – R$ / MWh 2Q08 2Q09
+5.8% +3.2% -0.8% +0.2% +3.0% +12.0%
285 270
270 269 267 262
249 257
218 219
69
62
Residential Industrial Commercial Others Captive Market TUSD
1 - Own consumption not considered 2 – Captive market + Tusd
3

5. Collection rate and energy losses
Collection Rate – % over Gross Revenue Losses – % last 12 months
103.1
100.9 12.0 11.5 11.6 11.7 11.8
99.1 99.5
97.8
5.5 5.0 5.1 5.2 5.3
6.5 6.5 6.5 6.5 6.5
2006 2007 2008 2Q082 2Q092 2006 2007 2008 2Q08 2Q09
Commercial Losses Technical Losses
► Collection rate (LTM): 98.1% (2Q08) x 100.2% (2Q09) ► Fraud and Illegal Connections (2Q09)
► Cuts and Reconnection – Monthly Average (2Q08 X 2Q09) – 89,000 inspections and 10,000 frauds detected
– Cuts: increase from 10,000 to 84,000 – 20,000 illegal connections regularized
– Reconnections: increase from 12,000 to 56,000
► Past due bill Credit Report (2Q09 Average): 230,000
1 - Current Technical Losses used retroactively as reference 2 – Collection rate following the new methodology of calculation
5

6. SAIDI & SAIFI
SAIDI1 SAIFI2
11.81
11.34 10.92
8.61 8.49 8.41
9.20 10.47
8.90 9.20
7.87
5.52 5.64 5.47 5.48
5.20
2006 2007 2008 2Q08³ 2Q09³ 2006 2007 2008 2Q08³ 2Q09³
3o 3o 5º 3o 1o 1o
SAIDI (hours) SAIDI Aneel Target SAIFI (times) SAIFI Aneel Target
► SAIDI Aneel Target 2009: 10.09 hours ► SAIFI Aneel Target 2009: 7.87 times
1 – System Average interruption Duration Index ABRADEE ranking position among the 28 utilities
2 – System Average Interruption Frequency Index with more than 500 thousand customers
3-LTM Source: ANEEL, Eletropaulo and ABRADEE
6

7. Investments
CAPEX – R$ million Investments 2Q09
Paid by customers
3%3% 8%
Capex
14%
50%
542
457 64 23%
433
47
378 69
77
478
410
364 112 Customer service / Maintenance
301 87 System expansion
9
11
76 103 Paid by the clients IT
Losses recovery Other
2006 2007 2008 2009e 2Q08 2Q09
7

8. Final 2007 Tariff Reset in 2009
At Jul/07 prices
Energy Sup.
R$ million and Trans. 4,574
Charges
Part A: 5,420
Xe Factor: 2.00% Sector
846
Charges
Investment: 1,652
Unrecoverable 88
Revenues
Reference
Remuneration Company 786
Basis (PMSO)
Part B: 2,071
Net Basis x WACC (pre-tax) Gross Capital Other Revenues: -43
727
4,822 x 15.08% Remuneration Total: 2,028
Gross Basis x Depreciation Rate
Depreciation1 Revenue Required: 7,491
470
10,880 x 4.32%
1 – Reintegration quota Regulatory Ebitda
8

9. 2009 Tariff Readjustment
Includes the -0.54%
Amounts in R$ million IRT 2009 – 14.88% negative effect of
the 2007 Final Tariff
0.64% Reset
Part A 6,672
8.76%
Part A
Basis Adjustment
54.80% Part B
Part B 2,595 35.80%
Financial Items
CVAs
494
CVAs Part A – 54.80%
Effects of the
CVAs and Financial (50) 13.74%
2007 Tariff Energy Purchased
Effects
Reset
55.78% Sector Charges
30.48%
Other Financial Transmission Charges
Items 171
9

10. Gross revenue
Gross Revenue - R$ million
5,844
+5.7% +4.9%
5,529
2,944
2,101
2,806
1,947
1,051
981
+4.5% +3.7%
3,743 1,893
3,582 1,825
6M08 6M09 2Q08 2Q09
Net Revenue Deductions to Gross Revenue
► Market comparison (2Q09 x 2Q08)
– +8.01 Tariff readjustment since 07/04/08
– Maintenance of revenues from free clients
– Negative effect of R$ 31.2 million referred to 2009 Tariff Readjustment, compensated by other impacts
resulting in a R$ 6.4 million positive effect on net income
10

11. Operating expenses
Operating Costs and Expenses¹ - R$ million
3,026
+8.0%
+8,0% +8.6%
2,802
655 1,541
1,418
561
371
291
2,241 2,371 1,127 1,170
6M08 6M09 2Q08 2Q09
Energy Supply and Transmission Charges PMS2 and Other Expenses
► Price per MWh
Tietê: 2Q08: R$ 132.0 2Q09: R$ 149.7
Itaipu: 2Q08: R$ 92.2 2Q09: R$ 145.5
Leilões: 2Q08: R$ 76.2 2Q09: R$ 83.9
Total Average
Tariff: 2Q08: R$ 94.0 2Q09: R$ 115.3
1 - Depreciation not included 2 - Personnel, Material and Services
11

12. Operating expenses evolution
PMS1 and Other Expenses - R$ million Personnel - R$ million Other Expenses - R$ million
+27.2% +55.2% +1.7%
371 190
291 95
95 93
70
122
93
38
86 27 29
45
76 23
28 17
190
72 75
122
36 40
2Q08 2Q09 2Q08 2Q09 2Q08 2Q09
Material and Third Party Services Pension Fund Provisions and Contingencies
Other Expenses Labor Lawsuits Others2
Personnel and Pension Fund Personnel ADA3 and Write-Off
1 – Personnel, Material and Services 2 - Indemnification, Losses, Publicity, Banking Fees, IPTU, among others
3 – Allowance for doubtful accounts
12

13. Operating expenses evolution
Operating Expenses – R$ million
+27.2%
12
10
22
13 (9) 32
291 371
2Q08 Plano ADA1 Provisions and Pension Material and Others2 2Q09
Cruzado And Contingencies Fund Services
Write- Off
1 - Allowance for doubtful accounts, exclude Plano Cruzado
2 - Leasing and Rents, indemnifications, Losses, Publicity, Banking Fees, IPTU, among others
13

14. Variation of Ebitda
Ebitda – R$ million
-13.3%
68 (43)
(32)
(22)
(23)
394
342
2Q08 Net Energy Provisions and Pension Others1 2Q09
Revenue Supply and Contingencies Fund
Transmission
Charges
1 - Personnel, Material, Third Party Services, ADA, Losses, among others
14

15. 2Q09 x 2Q08 results
Financial Result - R$ million Net Income - R$ million
348
302
(0) 197
155
(10)
(36)
(48)
6M08 6M09 2Q08 2Q09 6M08 6M09 2Q08 2Q09
► Average Selic: ► 2009 tariff reset and tariff readjustment effects
– 11.7% (2Q08) x 10.3% (2Q09) ► Negative impacts from PMSO, mainly labor contingencies
► Average balance of cash investments: ► Proposal of R$ 323 million in dividends
– R$1,430 million (2Q08) x R$ 1,082 million (2Q09) – Ex dividends date: 08/14/2009
– Payment date: 09/24/2009
15

16. R$ 366 million paid as dividends in 2Q09
Managerial Cash Flow – R$ million
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
Initial Cash 1,334 1,478 1,454 1,373 1,536 1,258
Operating Cash Flow 418 497 613 491 301 448
Investments (80) (60) (107) (126) (104) (113)
Net Financial Expenses (101) (41) (107) (37) (113) (45)
Net Amortizations (4) (30) (21) (40) (184) (54)
CESP Foundation (57) (58) (32) (46) (58) (56)
Income Tax (33) (114) (68) (80) (119) (83)
Dividends (0) (218) (359) - - (366)
Free Cash Flow 144 (24) (81) 162 (278) (269)
Final Cash 1,478 1,454 1,373 1,536 1,258 989
► Payment in May of the first installment of the 2S08 dividends and interest on equity
► The Company keeps its cash invested on Certificates of Deposit (CDs) and Government Notes, with
average profitability of 102.3% of CDI on 2Q09
16

17. Debt profile
Net Debt Average Cost and Average Term (Principal)
7.1 6.9
6.8 6.4
2.1x 1.5x 5.7
1.3x 1.2x 1.2x
182.5%
3.7
3.0 3.0
2.7 123.9%
2.5 121.8%
93.2%
91.6%
2006 2007 2008 2Q08 2Q09 2006 2007 2008 2Q08 2Q09
Net Debt (R$ billion) Net Debt/ Adjusted Ebitda¹ 14.1% 14.7% 15.4% 22.2% 9.3%
CDI² Average Term - Years Effective Rate
1 - Accumulated 12 Months Adjusted EBITDA 2 – Brazil’s Interbank Interest Rate
17

18. Sustainable amortization schedule
Amortization Schedule – Principal – R$ million
Local Currency (ex FCESP)
FCESP1
Foreign Currency² 1,109
213
11 111 111 111
524 111
157 111 375
250 250 250
50 125
3
2009 2010 2011 2012 2013 2014 2015 2016-2028
► 99.7% of total debt in local currency
► 0.3% of total debt in foreign currency (R$ 12 million) : 98% protected by hedge
1 - FCesp = Pension Fund
2 – Exchange rate on 06/30/2009 – US$ 1.00 = R$ 1.9516
18

19. Corporate governance
AES Eletropaulo2 X Ibovespa X IEE Average Daily Volume2 - R$ thousand
6M09
145 D
37.1% 26,066 27,689
B 25,677
135 36.2%
33.7%
125 A
115
7,508
105
C
95
dec-081 jan-09 feb-09 mar-09 apr-09 may-09 jun-09 2006 2007 2008 2Q09
ELPL6 IEE IBOV
► A) 02/25/2009 – Finsocial and São Paulo municipality agreement
► B) 04/16/2009 – Public Consultation of Tariff Reset
► C) 04/27/2009 – Dividends declaration
► D) 06/16/2009 – Second Periodic Tariff Reset Revision
1- Index –12/30/08 = 100 2 - Preferred shares class B
19

20. 2Q09 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.