1. Institutional
July, 2011
1

2. AES Brasil Group
• Presence in Brazil since 1997
• Comprised of seven companies in the sectors
of energy generation, distribution, trade and
telecommunications
• 7.6 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: 100%* of net income on
semi-annually basis
* 95% of net income until the end of 2010 2

3. AES Brasil widely recognized in 2009-2010
 Quality and safety
(AES Eletropaulo) (AES Sul) (AES Eletropaulo) (AES Eletropaulo)
 Management excellence
(AES Eletropaulo) (AES Tietê) (AES Eletropaulo) (AES Tietê) (AES Tietê)
 Environmental concern
(AES Tietê)
(AES Brasil)
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% C 98.25% C 99.99 %
T 99.70% T 99.99% T 99.00% T 52.55% T 34.87% T 98.25% T 99.99 %
AES AES AES AES AES AES Eletropaulo
AES Sul
Infoenergy Uruguaiana Tietê Eletropaulo Com Rio¹ Telecom¹
C = Common Shares
P = Preferred Shares 1 – AES Atimus
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
1
Net Income – 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
Others COPEL
36% 4%  10 largest gencos correspond to 64% of the total
PETROBRÁS
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
7% – Santo Antonio and Jirau (Madeira River): 7 GW
ELETRONORTE
CHESF 8%
9% FURNAS
– Belo Monte (Xingu River): 11 GW
8%
Total Installed Capacity: 114 GW
7
Source: ANEEL (Regulator) – BIG (May, 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
Concession Area
 16 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 2,657 MW, with physical guarantee1 of
1,280 MW
 All 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
 328 employees
10
1 - Amount of energy allowed to be long term contracted

11. Energy sector in Brazil:
supply perspectives
Installed Energy Capacity in Brazil
 Total installed capacity is expected to reach 167 GW by 2019
 Brazilian energy matrix is not expected to materially change over the next 10 years
2010: 112 GW* 2019: 167 GW
1
SHPP: 4%
th: 4.5% p.a.
Annual Grow Natural gas: 7%
1
SHPP: 4% Biomass: 5%
Natural gas: 8%
Biomass: 5% Oil: 5%
Oil: 3%
Nuclear: 2%
Nuclear: 2% Others: 14% Coal: 2%
Others: 9% Hydro: 70%
Hydro: 74% Coal: 1% Diesel: 1%
Diesel: 1% Wind: 4%
Wind: 1% Steam: 0%
Steam: 1%
11
1 - Small Hydro Power Plant * Source: EPE (Energetic Research Company, May/2010)

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):
Distribution
– New Energy (A-5): Delivery in 5 years, 15-
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)
143%
136%
130% 14,706 14,729
125% 13,148 117 301
1,150 1,340
118% 331
1,680 2,331 1,980
1,979 4,276
1,665 1,599 1,612 11,138 11,108 11,108 3,645
1,512 52
643 108
566 424
587
3,015 2,526
2
2008 2009 2010 1Q10 1Q11 2008 2009 2010 1Q10 1Q11
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
Investments1 (R$ million) 2011 Investments
158 89%
6
82
57 12
5% 6%
13 152 35
70 4
8
43
30
1
7 Equipment and Modernization
2009 2010 2011 (e) 1Q10 1Q11
2 New SHPPs
Investments New SHPPs
1 - Do not include capitalization of interests during plants modernization and development of projects IT projects
2 - Small Hydro Power Plants 14

15. Expansion of 550 MW of installed capacity
Plant localization (Canas/SP) through the Termo SP Project
• Project objectives
- Expansion of installed capacity in the State of São Paulo
ve r - Offering competitively energy prices
l Ri
Su
a do
aí b 7.5 Km
Pa r
ta k
e • Project features
te r In
Wa

r
- Combined cycle using natural gas
ve
RJ
Ri
as
- 2 gas turbines, 2 heat recovery boilers and 1 steam turbine
n
ay
Ca
w
Ca na s Hi
gh - Estimated investment of R$ 1.1 billion
line tra
te r
P i pe Du - Natural gas consumption: 2.5 million m3/day
Wa ne
n Li - Supply of gas pipeline: Campos Basin, Santos Basin or Bolivia
sio
is
sm 00 m
an 2
Tr
• Expected Timetable
Pa
u lo - May 26, 2011: Public hearing
o
SP Sã
 rm
o - July/11: Expectation of issuance of environmental license
Te
(expected)
- 2nd half of 2011: Power auction (A-5) realization (expected)
e
Km e lin
3. Pip
as
0
Project Website: www.aestiete.com.br/termosaopaulo
G
15

16. Financial highlights*
Net Revenue (R$ million) Ebitda (R$ million)
: 3%
CAGR
: 5%
CAGR
1,254 1,255 1,320
1,670 1,754 9
1,605
1,309 1,311 378 338
460 416
(54)
2008 2009 2010 1Q10 1Q11 2008 2009 2010 1T10 1T11
78% 75% 75% 82% 81%
(*) 2009 and 2010 numbers in IFRS Recurring Non-recurring Margin Ebitda 16

17. Practice of 100% pay-out
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 %
60% 737
706 8 , 0 %
692
37
6 , 0 %
40%
816 778
4 , 0 %
239 19 193
20% 28
192
2 , 0 %
0% (74) (78) 0 , 0 %
(36)
2008 2009 2010 1Q10 1Q11
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)
0.4x
0.3x 0.3x 0.3x 0.3x
300 300 300
0.5
0.4 0.4 0.4 0.4
2013 2014 2015
2008 2009 2010 1Q10 1Q11
Net debt Net debt / EBITDA
• March, 2011:
– Average debt cost in 1Q11 was 114% of CDI1 p.a. or 14% p.a.
– Average debt maturity of 3.1 years
– Net debt: R$ 0.5 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)
120 1Q111
110 +10%
13,922
+3%
13,253
100
10,187
-1% 8,160 4,239 3,274
2,101
90 2,692
8,086 9,683 9,979
5,468
80
Dec-10 Jan-11 Feb-11 Mar-11
2008 2009 2010 1Q11
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 – Index: 12/31/2010 = 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
 5,629 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
Reference
− Parcel B cost are adjusted by IGPM +/- X(1) Factor • Reference Company:
Company
(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
Depreciation (applying WACC) and 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
GDP - Annual growth
EPE’s1 Assumptions:
2004-2008 2010-2015 2015-2020
World 4.6 4.2 4.0 • Emerging markets – especially China –
Brazil 4.7 5.2 5.0 will grow faster than developed
economies, positively affecting industrial
Brazilian Consumption Evolution (TWh)
sector in Brazil;
4.6% p.a
659
• Oil exploration in the Pre-Salt is a
4.4% p.a. differential for Brazil;
• Income elasticity of energy demand (2010-
419 441
393 389 2019): 0.96
358 378
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) 1Q11 Consumption Share1 (GWh)
CAGR: 2% 6%
36%
43,345 14%
45,000 41,243 41,269
6% 36%
40,000 7,911
7,383 6,832
35,000
18%
30,000 13% 27%
25,000 26%
20,000 18%
33,860 34,436 35,434
15,000 10,357 11,119
10,000 1,813 2,041
5,000 8,544 9,078
Residential
0
2008 2009 2010 1Q10 1Q11 Commercial
Captive Market Free Clients Free Clients
Industrial
Others 24
1 – Net of own consumption

25. Investments amounted
R$ 156 million in 1Q11
Investments Breakdown (R$ million) Investments 1Q11 (R$ million)
800
57
720
682 3
700 36
28 5
600 8 37
516
500 37 9
37
400
654 684
300
478 156
200
98 5
Maitenance
100 10 152
88 Customer Service
0
2009 2010 2011(e) 1Q10 1Q11 System Expansion
Losses Recovery
Capex Paid by Customers
IT
Paid by the Clients
Others 25

26. 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 12.66 9.91
5.20 6.17 5.43 6.29 5.44
2008 2009 2010 1Q10 1Q11 2008 2009 2010 1Q10 1Q11
5th 8th 7th 1st 7th 3rd
SAIDI (hours) SAIDI Aneel Reference SAIFI (times) SAIFI Aneel Reference
► 2011 SAIDI ANEEL Reference: 8.68 hours ► 2011 SAIFI ANEEL Reference: 6.93 times
ABRADEE ranking position among the 28 utilities with more than 500 thousand customers
26
Sources: ANEEL, AES Eletropaulo and ABRADEE

27. Operational Indexes
Losses (%) Collection rate (% over Gross Revenues)
102.4 102.5
11.6 11.8 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
Technical Losses ¹ Commercial Losses
27
1 – Current technical losses used retroactively as a reference

28. Financial Highlights*
Net Revenues (R$ million) Ebitda (R$ million)
5 %
R: 1
% CAG 2,413
R: 9
CAG
9,697
10,000
8,786 426
9,000 1,775
1,696
7,530 357
8,000 87
7,000
89
- 202
6,000
5,000
4,000
2,423 1,607 1,630 498 549
3,000
2,260 1,486
103 134
2,000
1,000 395 415
0
2008 2009 2010 1Q10 1Q11 2008 2009 2010 1Q10 1Q11
Recurring IFRS Non-recurring
28
(*) 2009 and 2010 numbers in IFRS

29. Practice of 95% pay-out
on semi-annually basis*
Net Income and Dividend Payout1 (R$ million)
120.0% 114.4% 35.0%
101.5%
93.4% 28.6% 30.0%
100.0%
25.0%
80.0% 20.3% 20.4%
1,348 20.0%
60.0%
1,156
1,027 350 15.0%
40.0%
374 162 10.0%
285
20.0% 93
5.0%
836 282
0.0% 742 689 0.0% 223
70 92
153 190
2008 2009 2010 1Q10 1Q11
Recurring IFRS Non-recurring
Pay-out Yield Preferred
29
1 – Gross amount (*) 2009 and 2010 numbers in IFRS

30. Debt Profile
Net Debt (R$ billion) Amortization Schedule – Principal (R$ million)
1.5x
1.4x
1.1x
0.9x 0.9x
1,105
2.7 578
442 926
53 391
2.5 309 319 343 277 286 69
2.4 2.4 2.4 49 60
64 46 526 56 64
273 294 331 373
244 221 222 179
2008 2009 2010 1Q10 1Q11 2011 2012 2013 2014 2015 2016 2017 2018 from
Net Debt/Ebitda Adjusted with Fcesp 2019 to
Net Debt (R$ billion) Local Currency (ex FCesp) Fcesp² 2028
• March, 2011:
– Average debt cost in 1Q11 was 108% of CDI1 or 13.9% p.a.
– Average debt maturity of 6.9 years
– Net debt: R$ 2.4 billion
– Net debt/EBITDA of 0.9x adjusted with Pension Fund
30
1 – Brazilian Interbank Interest Rate 2 – Pension Fund

31. Capital Markets
AES Eletropaulo X Ibovespa X IEE Average Daily Volume (R$ thousand)
115 1Q11 ¹ 0 25,677
24,496
+12% 0
110 23,009
+ 10% 0 21,960
105
0
100 0
- 1%
0
95
0
90 2008 2009 2010 1Q11
Dec-10 Jan-11 Feb-11 Mar-11
Ibovespa IEE AES Eletropaulo Pref erred
• Common shares and preferred shares listed on BM&FBOVESPA under the
tickers ELPL3 and ELPL4
• ADRs at US OTC Market under the tickers EPUMY and ELPSY
31
1 – Index: 12/31/2010 = 100

32. Social Responsibility

33. 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
33

34. 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 34

35. Attachments

36. Costs and Expenses
Costs and operational expenses1 (R$ million)
415 433
351
187
201
112
246 82 78
239 214
34 29
48 49
2008 2009 2010 1Q10 1Q11
Energy Purchase, Transmission and Connection Charges, and Water Resources
2
Other Costs and Expenses
1 – Do not include depreciation and amortization 2 - Personnel, Material, Third Party Services and Other Costs and Expenses 36

37. Costs and Expenses
Costs and operational expenses1 (R$ million) PMS and Other Expenses (R$ million)
1,306
1,255
1,193
6,745
6,431 254 165
5,893
1,255 379
1,306
1,193 352 443
329
5,125 5,490 342 348
4,700 1,665 1,707 700 647 104 70
342 348 485
89 127
1,323 1,359
149 151
2008 2009 2010 1Q10 1Q11 2008 2009 2010 1T10 1T11
Energy Supply and Transmission Charges PMS and Others Expenses² 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 37

38. 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 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
• 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)
38

39. Eletrobras Lawsuit
State-owned Eletrobras
Eletropaulo was requested the
spun-off into four Eletrobras, after beginning of the
companies and, winning the appraisal
according to our Eletrobras and Eletrobras
Stated-owned interest procedure, which is
understanding CTEEP appealed requested the 1st
Eletropaulo calculation under 5th Civil
based on the to the Superior level of court
borrowed money discussion, filed Court analysis.
spin-off Court of Justice judge to appoint
from Eletrobras an Execution Suit Until March 31st
agreement, the (SCJ) an expert
to collect the due 2011, AES
discussion was amount Eletropaulo and
transferred to CTEEP had not yet
CTEEP been notified
Next Steps:
1 - The auditing
procedure will be
Nov/86 Dec/88 Jan/98 Apr/98 Sep/01 Sep/03 Oct/05 Jun/06 May/09 Feb/10 Dec/10 concluded in at
least 6 months
2 - After
conclusion of the
expert work, the 1st
level of court
decision will be
released
State-owned The 2nd level of
Eletropaulo and Privatization 3 - Appealing to
court excluded The SCJ decided The Judge
Eletrobras event . State- AES Eletropaulo the 2nd level of
to send the appointed the
disagreed on how owned court
from the Execution Suit expert who will
to calculate Eletropaulo discussion based back to the 1st indicate the amount 4 - Appealing to
interest over that became AES on the spin-off level of court and the debtor the 3rd level of
loan and a lawsuit Eletropaulo agreement court
was started
39

40. 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
40

41. 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
41

42. 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.