1Q12 Results May, 2012

Financial Gross revenue totaled R$ 3,835 million, 2,7% higher than 1Q11

Ebitda of R$ 318 million, reduction of 42.0% when compared to the same period of the last year

Net Income of R$ 110 million, 60.9% lower than 1Q11

.

1Q12 Highlights

Operational Increase of 0.2% in energy consumption within Company’s concession area, totaling 11,146GWh

Implementation of the Action Plan in 2011 resulted in a reduction of 3.4% in SAIDI and 6.4% in SAIFI in 1Q12 and a decrease of 7.6% in SAIDI and 7.2% in SAIFI when compared to the end of 2011

Investments of R$ 184 million in 2011, 10.8% higher than 1Q11

2

Regulatory The Company’s best estimative for the possible impact in Ebitda arising from the postponing of the tariff review of AES Eletropaulo is R$ 636 million, R$ 212 million for the 1Q12 and R$424 for the 2S11. Considering the IGP-M adjustement, this value totalizes R$ 642 million

In 10th April, 2012, Aneel opened public hearing for AES Eletropaulo’s tariff review. The period for the Company and the society to send contribuitons is between April, 12 2012 and May,11 2012

AES Eletropaulo will submit its contributions to Aneel at the level of the public hearing by May 11th and will keep the conversations with the regulator seeking to improve the preliminary proposal made by Aneel

3

Performance of residential and commercial clients offset the drop in industrial class

Consumption evolution (GWh)¹

Residential Industrial Commercial Public Sector and Others

Captive Market Free Clientes Total Market

3,999

1,422

2,967

690

9,078

2,040

11,119

4,106

1,384

3,042

707

9,239

1,906

11,146

1Q11 1Q12

+2.7% -2.6% +2.5% +2.4% +1.8% -6.6% +0.2%

1 – Own consumption not considered

11.90

12.4512.74 12.66 12.72

12.39 12.22 12.0911.79 11.65

11.2510.84

10.6010.13 10.30

9.91 9.90 9.88

10.40 10.3710.59

10.3010.62

10.42 10.369.87

9.169.57

10.09

9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32 9.32

8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.68 8.67 8.67 8.67

AES Eletropaulo Aneel Reference - AES Eletropaulo4

SAIDI reduction in the last 12 months as a result of the Action Plan initiatives

Source: ANEEL and AES Eletropaulo

SAIDI – System Average Interruption Duration Index

-7.6%

6.176.34 6.41 6.29 6.29 6.16 6.12 6.12

5.96 5.855.61 5.52 5.42 5.29

5.57 5.44 5.51 5.51 5.48 5.48 5.595.42 5.54 5.47 5.45 5.37

4.945.09

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 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.93 6.87 6.87 6.87

AES Eletropaulo Aneel Reference - AES Eletropaulo

5

SAIFI remains below the regulatory limit

Source: ANEEL and AES Eletropaulo

SAIFI – System Average Interruption Frequency Index

-7,2%

6

Investments of R$ 184 million in 1Q12, 11% higher than 1Q11

+10,8%

Investments (R$ million) 1Q12 Investments (R$ million)

44

46

53

6 7 7

22

Maintenance

Client Service

System Expansion

Losses Recovery

IT

Paid by the Clients

Others

0

100

200

300

400

500

600

700

800

2010 2011 2012(e) 1Q11 1Q12

654 717794

161 177

2822

46

5 7

682739 841

166 184

Capex Paid by Customers

7

Revenues increased by 3% due to residential and commercial classes expansion

+2,7%

Gross Revenues (R$ million)

1Q11 1Q12

2,260 2,286164 186

1,310 1,362

3,733 3,835

Net revenue ex-construction revenue

Construction revenues

Deduction to Gross Revenue

1Q11 1Q12

1,359 1,535

348401

1,7071,937

Energy Supply and Transmission Charges

PMS² and Others Expenses

8

Cost of energy purchased impacted by higher volume and average price

+13,5%

+13,0%

+15,3%

Operating Costs and Expenses ¹ (R$ million)

1 - Depreciation and other operating income and expenses are not included 2 - Personnel, Material and Services

1Q11 Personnel and Payroll

Fcesp Material and Third part

Others Action plan 2011 - 20112/SAIDI & SAIFI project

2011

1Q12

348 348 365 378 378 392 401

17 16 (4) 14 10

9

Higher PMSO due to wage increases, pension plan expenses, Action Plan and higher client default

1 – Fcesp is the pension plan 2– Others: ADA, other contingencies provision, losses and agreements and other operational expenses

1

PMS and other expenses (R$ million)

2

10

Higher Parcel A and PMSO costs more than offset market growth

Ebitda (R$ million)

1Q11 Net Revenue Parcel A costs PMSO and others revenues

and expenses

Action plan 2011 - 2012 /SAID & SAIFI project 2011

1Q12

549 549 421

328 318 318

49 (177)

(94)

(10)

11

Financial results negatively impacted by provisions constitution

(27) (2)

Financial Results (R$ million)

0

1Q11 1Q12

12

Net income variation impacted by an increase in Parcel A costs

Net Income - Ex regulatory assets and liabilities

Regulatory assets and liabilities

Net Income (R$ million)

1Q11 1Q12

190

13

92

98

282

110

1 - The amount of regulatory assets and liabilities of 1Q12 does not consider the adjustment in the provision regarding the possible impacts of tariff review related to the 2H11 (R$ 69,7 million)

1

13

-35%

Lower cash generation due to higher Parcel A costs

+11%

Operational Cash Generation (R$ million) Final Cash Balance (R$ million)

1Q11 1Q12

463

299

1Q11 1Q12

1,748 1,946

1Q11 1Q12

108.2% 112.2%

% of CDI

6.9 6.4

Net Debt/Ebitda Adjusted with Fcesp

14

Debt kept at comfortable level

13.9% 11.9%

1.4x 1.6x

Gross Debt/Ebitda Adjusted with Fcesp

1Q11 1Q12

2.4 2.4

Net Debt (R$ billion)

0.9x 0.9x

Net Debt/Ebitda Adjusted with Fcesp

1 - Adjusted Ebitda for the expenses related to liabilities with pension plan in the last 12 months

Net Debt

Effective rate

Average Cost and Average Term (Principal)

1

1

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.

1Q12 Results