Presentation 1Q11

1. 1Q11 Results
May, 2011

2. 1Q11 Highlights
Operational
Operational • Higher energy consumption: captive market 6.3% and free market 12.6%
• Losses: reduction of 0.7 p.p. when compared to 1Q10
• SAIDI was reduced by 22% and SAIFI by 14% in the last 12 months (March basis)
• Investments with own resources of R$ 151.7 million, 72.2% higher than 1Q10
Financial
Financial • Ebitda amounted R$ 549.1 million in 1Q11, 10.2% higher than 1Q10
• Net income amounted R$ 281.9 million in 1Q11, 26.5% higher than 1Q10
Regulatory
Regulatory • Expectation of disclosure of the methodology of the tariff revision should take place after July 4,
2011, with the consequent postponement of the implementation of the 3rd cycle for Eletropaulo
• The new tariff will come into force within 180 days after approval of the methodology of the 3rd
cycle (from December 2011)
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3. Market growth driven by the performance of
residential, commercial and free clients
Consumption Evolution (GWh)¹
+9.7% -1.9% +5.8% +7.0% +6.3% +12.6% +7.4%
11.119
10.357
9.078
8.544
3.999
3.646
2.804 2.967
1.813 2.041
1.449 1.422
645 690
Residential Industrial Commercial Public Sector Captive Market Free Clientes Total Market
and Others
1Q10 1Q11
3
1 – Own Consumption not considered

4. Losses level reflects the continuing efforts of
operational improvements
Losses - (%) Collection rate (% over Gross Revenues)
11.8 102.4 102.5
11.6 11.5 101.1 99.6
10.9 10.8 98.5
5.1 5.3 4.4 5.0 4.3
6.5 6.5 6.5 6.5 6.5
2008 2009 2010 1Q10 1Q11 2008 2009 2010 1Q10 1Q11
Commercial Losses¹ Technical Losses
4
1 – Current technical losses used retroactively as a reference

5. SAIDI downward trend reflects
Company’s continuous investments
SAIDI – System Average Interruption Duration Index
22.00
21.00 21.00 21.00 21.00
20.00
19.00 19.00 19.00 19.00 19.00 19.00
18.70
18.00 18.00
16.63
16.08
12.74 12.66 12.72
12.45 12.39 12.22
11.34 12.09
10.92 11.90 11.79 11.65
11.25
10.84 10.60
10.18 10.30
9.91
10.09
9.20 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32
8.90 8.68 8.68 8.68
Source: ANEEL e AES Eletropaulo AES Eletropaulo Brazil Aneel Target - AES Eletropaulo 5

6. Tree trimming plan contributed
to the good SAIFI performance
SAIFI – System Average Interruption Frequency Index
12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00 12.00
11.72 11.74
11.34
11.00 11.00 11.00 11.00
8.49 8.41
7.87
7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39 7.39
6.93 6.93 6.93
6.34 6.41 6.29 6.29
6.17 6.16 6.12 6.12
5.96 5.85
5.65 5.61 5.52 5.55
5.42 5.30 5.44
5.20
AES Eletropaulo Brazil Aneel Target - AES Eletropaulo
Source: ANEEL and AES Eletropaulo 6

7. 1Q11 Capex of R$ 156 million,
59% higher than 1Q10
CAPEX (R$ million) 1Q11 Investments (R$ million)
800 720 57
682
700 36 3
28
5
600
8 37
457
500 9
47
400 37
654 684
300
156
200 410
98 5
100 10 152 Maitenance
88
0 Customer Service
2009 2010 2011(e) 1Q10 1Q11 System Expansion
Losses Recovery
Capex Paid by Customers IT
Paid by the Clients
Others
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8. Net revenues increase (+9%) due to market growth
(+6,3%) and tariff readjustment (+1,6%)
Gross Revenue (R$ million)
+9% 3,733
3,432
1,310
1,172
109 164
2,151 2,259
1Q10 1Q11
Net Revenue
Construction Revenue
Deduction to Gross Revenue
8

9. Energy purchase cost stable due to
exchange rate and losses reduction
Operating Costs and Expenses ¹ (R$ million)
+3%
1,665 1,707
342 348
1,323 1,359
1Q10 1Q11
Energy Supply and Transmission Charges
PMS² and Others Expenses
9
1 - Depreciation and other operating income and expenses are not included 2 - Personnel, Material and Services

10. Increase on one-off expenses was offset
by lower contingencies expenses
PMS and other expenses(R$ million)
22 (14)
6 (49)
41
351 351 348
342 342
305 305
1Q10 Personnel FCesp Material and ADA and write-off, One-off 1Q11
and payroll third party Prov. and Conting. itens¹
and Other
Expenses
1 – One-off itens: profit sharing adjustment, SAIDI reduction plan, consulting for sinergy gains, IT projects (SAP and collection improvement) and EMTU and SPTrans agreements honoraries.10

11. Market growth and lower contingencies
expenses contributed to Ebitda increase
Ebitda (R$ million)
109 (35) 17 (44)
(31) 39 (17)
14
572 554 593 566 549 549
498 498 540 540
1Q10 Net rev. En. purchase Personnel and Fcesp Provisions and ADA and Material, third Other 1Q11
(ex-constr. and trans. payroll contingencies write-off party and
rev.) usage others
rate exp.
11

12. Higher cash balance and guarantees reduction
positively contributed to the financial result
Financial Results (R$ million)
1Q10 1Q11
(2)
+94%
(33)
12

13. Higher net income as a result of good market and
financial performances and PMSO stability
Net Income (R$ million)
+26%
282
223
1Q10 1Q11
13

14. Operational cash generation reflects collection rate
of 102.5% in 1Q10 and 99.6% in 1Q11
Operational Cash Generation (R$ million) Final Cash Balance (R$ million)
- 19%
+19%
572 1,748
463
1,470
1Q10 1Q11 1Q10 1Q11
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15. Refinancing contributed to debt cost reduction
Net Debt Average Cost and Average Term (Principal)
1.1x
0.9x
6.9 6.9
2.4 2.4
120.5% 108.2%
1Q10 1Q11 1Q10 1Q11
Net Debt (R$ billion)
14,5% Efective rate 13,9%
Net Debt/Ebitda Adjusted with Fcesp1
Average Term - Years
CDI²
15
1 - Last 12 months of EBITDA Adjusted 2 – Brazil’s Interbank Interest Rate percentage

16. 1Q11 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.
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