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Apresentação Conference Call 1Q12

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1) AES Tietê reported strong financial results in 1Q12, with net revenue increasing 30% and EBITDA margin reaching 78%. Investments during the quarter focused on modernizing power plants. 2) Energy generation was 30% higher than the physical guarantee due to high reservoir levels and operational availability. 3) The company paid out dividends of R$264 million related to 1Q12 results and continues to pursue growth opportunities and expand its client portfolio.

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1Q12 Results May, 2012

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1Q12 Highlights  Investments totaled R$ 21 million, mainly in the modernization of Nova Avanhandava (347 MW) and Ibitinga (132 MW) power plants Operational  Energy generation 30% higher than physical guarantee and 10% greater than the total generated in 1Q11  Net revenue of R$ 540 million, 30% greater than 1Q11  R$ 20 million increase in expenses with energy purchased for resale and biannual locks maintenance and R$ 19 million increase in costs and operational expenses Financial  Ebitda reached R$ 423 million, with margin of 78%  Net income of R$ 246 million, an increase of 27% comparing to 1Q11  Dividends distribution of R$ 264 million, related to 1Q12 results, corresponding to R$ 0.66 per Dividends common share and R$ 0.73 per preferred share. Payment will occur on May 25, 2012. 2

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Despite the comfortable reservoir levels in SIN1 , lower rainfall in February, March and April pushed prices in the spot market Reservoirs Level inSIN1 PLD2 – Monthly Average (R$/MWh) 99% 99% 193 92% 83% 82% 79% 76% 125 35% 48 46 51 37 29 32 23 20 21 44 23 26 12 17 jan feb mar apr may jun jul aug sep oct nov dec Southeast/ South Northeast North 2010 2011 2012 Middle-West 1Q11 1Q12 1- Interconnected National System 2- Spot Market Average Price 3

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High level of Company’s reservoirs and operational availability Reservoirs level of AES Tietê’s power plants1 Energy generation (MW average3) 136% 130% 130% 125% 124% 96% 100% 98% 99% 94% 99% 90% 78% 1,753 1,665 1,599 1,582 1,612 A. Vermelha2 A. Vermelha Promissão2 Promissão B. Bonita2 B. Bonita Caconde 2 Caconde 2009 2010 2011 1Q11 1Q12 (11 km3) (8.1km3) (3.6km3) (0.6km 3) 1Q11 1Q12 Generation - Mwavg Generation/Physical guarantee Average: 98% 89% 1 – As of 03/31/2012 3 – Generated energy divided by the amount of period hours 2 – Reservoirs volume 4

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Investments in 1Q12 mainly oriented to the modernization of Nova Avanhandava and Ibitinga power plants Investments (R$ million) Investments in 1Q12 175 19 86% 82 174 12 156 38 11% 4 21 3% 70 2 34 19 2010 2011 2012(e) 1Q11 1Q12 Equipment and Maintenance Investments New SHPPs 1 New SHPPs IT Projects 1 - Small Hydro Power Plants 5

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Growth Opportunities and Capacity Expansion Obligation Termo-SP Project - Gas unavailability for A-5 in 2011 and A-3 Energy Auction in 2012 - Project registered in A-5 in 2012: term to present gas contract expires on June 1st, 2012 - Injunction suspending the Environmental License. AES Tietê presented its defense on April 27th - Fullfillment of conditions to obtain the installation license Termo Araraquara Project - Acquisition of a purchase option in March, 2012 - Combined cycle, gas-fired power plant, with 579 MW of installed capacity - The project has a high sinergy potential with Termo SP and is equally registered in A-5 auction in 2012 Expansion Obligation - April 26th: Presentation of the plan to extent the Company’s capacity 6

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Higher energy volume sold in 1Q12 due to the seasonality of the bilateral contract with AES Eletropaulo, besides the energy sold in ERM* Billed Energy (GWh) +34% 4,867 3,645 162 570 108 424 1,256 587 2,526 2,879 1Q11 1Q12 AES Eletropaulo Energy Reallocation Mechanism* Spot Market Other Bilateral Contracts 7 *ERM – Energy Reallocation Mechanism

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Strategy for energy contracting in 2016: client portfolio creation Clients portfolio evolution • Goals: - Expand and diversify client portfolio by Assured Energy (1,282 MW avg) 2015 - Allocate most of the assured energy to the free market Consolidated - Opportunity to negotiate the energy New client portfolio from projects that the Company will portfolio develop in coming years 2012 2016 2020

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Changes in the seasonality and 8.65% readjustment in AES Eletropaulo’s contract contributed for the net revenue expansion Net revenue (R$ million) +30% 540 46 416 18 17 14 477 385 1Q11 1Q12 AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts 9

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Increase in expenses with energy purchased and biannual locks maintenance, besides the increase in operational costs and expenses Operational costs and expenses¹ (R$ million) 4 3 5 7 9 11 114 117 78 1Q11 Energy Purchased Locks Operational Personnel, Transmission and Financ. Comp. For 1Q12 for Resale Maintenance Provisions and Material and Connection Use of Water Res. Other Expenses Third-party services² 1 – Do not include depreciation and amortization 10 2 – Personnel, Material and Third-party services

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Ebitda margin reached 78% in 1Q12 Ebitda (R$ million) 81% 78% 423 338 1Q11 1Q12 EBITDA EBITDA Margin (%) 11

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CDI* variation and lower average cash balance impacted financial result Financial Result (R$ million) 1Q11 1Q12 (11) (10) *CDI - Interbank Deposit Certificate 12

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Net income 27% higher in 1Q12, reflecting the good performance of revenues Net Income (R$ million) 118% 107% 2.9%  Distribution of R$ 264 million in dividends related 2.5% to 1Q12: - R$0.66 per common share - R$0.73 per preferred share - Ex-dividends: May 04, 2012 - Date of Payment: May 25, 2012 246 193 1Q11 1Q12 Payout Yield Preferred Shares Net Profit 13

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Cash flow reflects higher revenues from the bilateral contract Operating Cash Flow (R$ million) Final Cash Balance (R$ million) +28% -17% 382 499 299 413 1Q11 1Q12 1Q11 1Q12 14

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Low leverage with net debt/Ebitda of 0.3 times Net Debt (R$ billion) Average Cost and Average Term (Principal) 3.01 0.4x 2.01 0.3x 0.54 114% 115% 0.45 1Q11 1Q12 1Q11 1Q12 14.0% Effective rate 11.3% Net Debt Net Debt/EBITDA 1 1 – Percentage of CDI (Interbank Deposit Certificate) 15

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1Q12 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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Apresentação Conference Call 1Q12

  • 2. 1Q12 Highlights  Investments totaled R$ 21 million, mainly in the modernization of Nova Avanhandava (347 MW) and Ibitinga (132 MW) power plants Operational  Energy generation 30% higher than physical guarantee and 10% greater than the total generated in 1Q11  Net revenue of R$ 540 million, 30% greater than 1Q11  R$ 20 million increase in expenses with energy purchased for resale and biannual locks maintenance and R$ 19 million increase in costs and operational expenses Financial  Ebitda reached R$ 423 million, with margin of 78%  Net income of R$ 246 million, an increase of 27% comparing to 1Q11  Dividends distribution of R$ 264 million, related to 1Q12 results, corresponding to R$ 0.66 per Dividends common share and R$ 0.73 per preferred share. Payment will occur on May 25, 2012. 2
  • 3. Despite the comfortable reservoir levels in SIN1 , lower rainfall in February, March and April pushed prices in the spot market Reservoirs Level inSIN1 PLD2 – Monthly Average (R$/MWh) 99% 99% 193 92% 83% 82% 79% 76% 125 35% 48 46 51 37 29 32 23 20 21 44 23 26 12 17 jan feb mar apr may jun jul aug sep oct nov dec Southeast/ South Northeast North 2010 2011 2012 Middle-West 1Q11 1Q12 1- Interconnected National System 2- Spot Market Average Price 3
  • 4. High level of Company’s reservoirs and operational availability Reservoirs level of AES Tietê’s power plants1 Energy generation (MW average3) 136% 130% 130% 125% 124% 96% 100% 98% 99% 94% 99% 90% 78% 1,753 1,665 1,599 1,582 1,612 A. Vermelha2 A. Vermelha Promissão2 Promissão B. Bonita2 B. Bonita Caconde 2 Caconde 2009 2010 2011 1Q11 1Q12 (11 km3) (8.1km3) (3.6km3) (0.6km 3) 1Q11 1Q12 Generation - Mwavg Generation/Physical guarantee Average: 98% 89% 1 – As of 03/31/2012 3 – Generated energy divided by the amount of period hours 2 – Reservoirs volume 4
  • 5. Investments in 1Q12 mainly oriented to the modernization of Nova Avanhandava and Ibitinga power plants Investments (R$ million) Investments in 1Q12 175 19 86% 82 174 12 156 38 11% 4 21 3% 70 2 34 19 2010 2011 2012(e) 1Q11 1Q12 Equipment and Maintenance Investments New SHPPs 1 New SHPPs IT Projects 1 - Small Hydro Power Plants 5
  • 6. Growth Opportunities and Capacity Expansion Obligation Termo-SP Project - Gas unavailability for A-5 in 2011 and A-3 Energy Auction in 2012 - Project registered in A-5 in 2012: term to present gas contract expires on June 1st, 2012 - Injunction suspending the Environmental License. AES Tietê presented its defense on April 27th - Fullfillment of conditions to obtain the installation license Termo Araraquara Project - Acquisition of a purchase option in March, 2012 - Combined cycle, gas-fired power plant, with 579 MW of installed capacity - The project has a high sinergy potential with Termo SP and is equally registered in A-5 auction in 2012 Expansion Obligation - April 26th: Presentation of the plan to extent the Company’s capacity 6
  • 7. Higher energy volume sold in 1Q12 due to the seasonality of the bilateral contract with AES Eletropaulo, besides the energy sold in ERM* Billed Energy (GWh) +34% 4,867 3,645 162 570 108 424 1,256 587 2,526 2,879 1Q11 1Q12 AES Eletropaulo Energy Reallocation Mechanism* Spot Market Other Bilateral Contracts 7 *ERM – Energy Reallocation Mechanism
  • 8. Strategy for energy contracting in 2016: client portfolio creation Clients portfolio evolution • Goals: - Expand and diversify client portfolio by Assured Energy (1,282 MW avg) 2015 - Allocate most of the assured energy to the free market Consolidated - Opportunity to negotiate the energy New client portfolio from projects that the Company will portfolio develop in coming years 2012 2016 2020
  • 9. Changes in the seasonality and 8.65% readjustment in AES Eletropaulo’s contract contributed for the net revenue expansion Net revenue (R$ million) +30% 540 46 416 18 17 14 477 385 1Q11 1Q12 AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts 9
  • 10. Increase in expenses with energy purchased and biannual locks maintenance, besides the increase in operational costs and expenses Operational costs and expenses¹ (R$ million) 4 3 5 7 9 11 114 117 78 1Q11 Energy Purchased Locks Operational Personnel, Transmission and Financ. Comp. For 1Q12 for Resale Maintenance Provisions and Material and Connection Use of Water Res. Other Expenses Third-party services² 1 – Do not include depreciation and amortization 10 2 – Personnel, Material and Third-party services
  • 11. Ebitda margin reached 78% in 1Q12 Ebitda (R$ million) 81% 78% 423 338 1Q11 1Q12 EBITDA EBITDA Margin (%) 11
  • 12. CDI* variation and lower average cash balance impacted financial result Financial Result (R$ million) 1Q11 1Q12 (11) (10) *CDI - Interbank Deposit Certificate 12
  • 13. Net income 27% higher in 1Q12, reflecting the good performance of revenues Net Income (R$ million) 118% 107% 2.9%  Distribution of R$ 264 million in dividends related 2.5% to 1Q12: - R$0.66 per common share - R$0.73 per preferred share - Ex-dividends: May 04, 2012 - Date of Payment: May 25, 2012 246 193 1Q11 1Q12 Payout Yield Preferred Shares Net Profit 13
  • 14. Cash flow reflects higher revenues from the bilateral contract Operating Cash Flow (R$ million) Final Cash Balance (R$ million) +28% -17% 382 499 299 413 1Q11 1Q12 1Q11 1Q12 14
  • 15. Low leverage with net debt/Ebitda of 0.3 times Net Debt (R$ billion) Average Cost and Average Term (Principal) 3.01 0.4x 2.01 0.3x 0.54 114% 115% 0.45 1Q11 1Q12 1Q11 1Q12 14.0% Effective rate 11.3% Net Debt Net Debt/EBITDA 1 1 – Percentage of CDI (Interbank Deposit Certificate) 15
  • 16. 1Q12 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.