1. 3Q11 R
Results
lt
November, 2011

2. 3Q11 Highlights
 R$ 46 million invested, mainly, in the modernization of Nova Avanhandava (347 MW), Ibitinga (132
MW) and Caconde (80 MW) power plants
Operational
 Energy generation higher 5% in 3Q11 and 26% in 9M11 than physical guarantee
 Net revenue of R$ 519 million, 10% higher than 3Q10
 1% decrease in costs and operational expenses
Finance
 Ebitda reached R$ 405 million, with margin of 78%
 Net income of R$ 228 million increased 15% comparing to 3Q10
million,
Subsequent  Dividends distribution on 25th November 2011, corresponding to 108.3% of 3Q11 net income
Events
 Emission of environmental license to Project Termo SP, valid for 5 years, as of October 20th, 2011
 Winner of 13º Prêmio Abrasca, for best annual report, within companies with revenues up to R$ 2
13
billion
2

3. High level of AES Tietê’s reservoirs
even in the dry period
yp
Reservoirs level of AES Tietê’s power plants1
92%
75%
69%
66%
67%
62%
60%
58%
58%
52%
5
40%
26%
Caconde A. Vermelha B. Bonita Promissão
3Q09 3Q10 3Q11
Barra Bonita HPP
1 – As of 09/30/2011 3

4. Operational availability with energy generation 26% higher
than physical guarantee in 9M11
Energy Generation (MW Avg.1)
129%
126%
112%
105%
1,703
1,550 1,495
, 1,438
1 438
9M10 9M11 3Q10 3Q11
Generation - Mwavg Generation/Physical guarantee
1 – Generated energy divided by the amount of period hours
4

5. Energy generated by other AES Tietê’s power plants offset the
8% reduction in generation of Água Vermelha
Energy Generation (GWh)
3Q10 3Q11
4% 4%
9% 8%
Água Vermelha
7%
Bariri 10%
Barra Bonita 4%
Euclides da Cunha 3% 5%
Ibitinga 4% 65% 3%
Nova Avanhandava 4% 4% 62%
Promissão A 4%
*
Other Power Plants*
3,302 GWh 3,174 GWh
* Caconde, Limoeiro, Mogi, SHPPs 5

6. Investments in the modernization of Nova Avanhandava,
Ibitinga and Caconde power plants
Investments (R$ million) 3Q11 Investments
169
18 89%
82
56 12 151 46
29 3% 8%
13 4
70 4
43 42
25
2009 2010 2011 (e) 3Q10 3Q11
Equipment and Modernization
Investments
I t t New SHPP' *
N SHPP's* New SHPPs*
SHPPs
IT projects
* Small Hydro Power Plants 6

7. Termo São Paulo project
Perspectives
• Project features
- Combined cycle using natural gas
- Estimated investment of R$ 1.1 billion
- Natural gas consumption: 2.5 million m3/day
• Updates
- Environmental license obtained on October, 20th 2011
(valid for 5 years)
- Gas unavailability for A-5 Energy Auction in 2011
• Next events
- Obtain installation license
- Participate in A-3 Auction expected to be realized in
March 2012
- Evaluate sell energy in free market 7

8. Higher energy volume sold to AES Eletropaulo, spot market
and other bilateral contracts in 3Q11 with reduction in billed
energy in ERM*
Billed Energy (GWh)
- 3%
11,483 11,114
215 346
1,135
1 135
1,188
1,554
1,535
+ 0.1%
8,578
3,602 83 3,607 145
8,045 187 341
408 110
2,925 3,011
9M10 9M11 3Q10 3Q11
AES Eletropaulo Energy Reallocation Mechanism Spot Market Other Bilateral Contracts
*ERM – Energy Reallocation Mechanism 8

9. 3Q11 growth in net revenue reflecting higher volume and
8.65% readjustment in AES Eletropaulo’s contract
j p
Net revenue (R$ million)
+1%
1,334 1,344
26 40
42 39
+10%
519
1,265 1,265 471 14
10
7
16
445 498
9M10 9M11 3Q10 3Q11
AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts
9

10. Lower energy purchased for resale and provisions
contributed for the good costs p
g performance
Costs and operational expenses1 (R$ million)
3
6
5
3
115 113
3Q10 Personnel, Financ. Comp. for Energy Purchased Operational 3Q11
Material and Use of Water Res. for Resale Provisions
Outsourced and Transmission and Other
Services and Connection Operating Exp
p g p
1 – Do not include depreciation and amortization 2 – PMS = Personnel, Material and Outsourced Services 10

11. 3Q11 Ebitda margin reached 78%
Ebitda (R$ million)
78%
78%
76% 78%
1,035 1,048
357 405
9M10 9M11 3Q10 3Q11
EBITDA EBITDA Margin
11

12. Lower financial revenues from cash investments
impacting financial result
Financial Result * (R$ million)
9M10 9M11 3Q10 3Q11
(14)
(18)
+32%
(42) (42)
+0.3%
* Excluding non-recurring effect of R$ 42.6 million related to FURNAS in 9M10, the financial results would be R$ 84.7 million
12

13. Net income favored by revenue growth
Net Income (R$ million)
110% 110%
9% 7%
 Distribution of R$ 247 million in dividends
109% 108% related to 3Q11:
- R$0.62 p common share
$ per
3% 3%
- R$0.68 per preferred share
570 582 - Ex-dividends: November 11th, 2011
- Date of payment: November 25nd, 2011
199 228
1 1
9M10 9M11 3Q10 3Q11
Pay-out
Yield Preferred Shares Net income
161
151
354
371
1 – Pay-out referred to dividends paid in the 3Q10 in relation to the net income adjusted by the IFRS 13

14. Final cash balance reflects higher revenues from
AES Eletropaulo s contract
Eletropaulo’s
Operating Cash Flow (R$ million) Final Cash Balance (R$ million)
+10%
- 29%
351 547
319
387
3Q10 3Q11 3Q10 3Q11
14

15. Stable Net Debt/EBITDA in 0.3 times
Net Debt (R$ billion) Average Cost and Average Term (Principal)
0,8
0,7
0,6 3.5
0,5
0,3 0,3 2.5
0,4
0,3
0,2
0,1
‐
06
0,6
0,4 110% 115%
3Q10 3Q11
3Q10 3Q11
Net debt Net debt / EBITDA
13.1% Effective rate 12.7%
1
Average Term - Years CDI
1 – Percentage of CDI 15

16. 3Q11 R
Results
lt
The statements contained in this document with regard to the
business prospects projected operating and financial results
prospects, 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.