1. 3Q10 Results
November, 2010

2. FinancialFinancial
OperationalOperational
 Dividend distribution in the amount of R$ 216
million related to 3Q10 results, representing R$
0,54 for common shares and R$ 0,60 preferred
shares
DividendsDividends
 Energy Generation 12% higher than physical guarantee in 3Q10
 Net revenues totaled R$ 471 million, an increase of 6% over the
same period of the last year
 Ebitda reached R$ 357 million, with margin of 76%, in 3Q10
 Net income of R$ 216 million in 3Q10
 Annual adjustment of bilateral contract with AES Eletropaulo by
IGP-M at 5.17% in July

3. 3
• MDL Project: Reforestation methodology of APPs1
in the border of the power
plants’ reservoirs
• APPs area: 12 thousand hectares
• Purpose: Promote the generation and sale of carbon credits
• Carbon credits generated may be purchased by countries that signed the Kyoto
Protocol and have targets to reduce greenhouse gases emission
 Contract signed with the World Bank for the sale of carbon credits
1 – Permanent Preservation Area
Brazilian government issued
the approval letter for MDL
project
MDL Project was approved at
the Company’s Board of
Directors meeting
Contract signed with the
World Bank:
Volume expected: 400k tons
Reforested area: 2001 – 2010:
2,672 hectares
Contract value: USD 1.75
million (estimated)
Aug, 2010 Sep, 2010 Oct, 2010

4. 4
 La Niña effect has contributed to low water inflow and higher thermal dispatch on 3Q10
Reservoirs Level - (%)
Water inflow1 - % LT Average
1 – Energy that can be generated from the natural water flow of a river to a hydropower plant's reservoir.
Hydroelectric and Thermal generation - SIN
Hydroelectric Thermal
6%
94%
14%
86%
3Q10
3Q09
Southeast South Northeast North
3Q09
3Q08
3Q10
3Q07
Southeast South Northeast North
100%100%
79%79%
83%83%
66%66%
107%107%
74%74%
69%69%
74%74%
151%151%
182%182%
96%96%
111%111%
89%89%
88%88%
61%61%
64%64%
71%71%
68%68%
63%63%
64%64%
66%66%
57%57%
63%63%
64%64%
73%73%
82%82%
68%68%
77%77%
58%58%
78%78%
61%61%
56%56%

5. 5
Reservoirs level of AES Tietê’s power plants – MW Avg
3Q07 3Q08 3Q09 3Q10
52%
45%
78%
43%
 Average level of AES Tietê’s reservoirs closed 3Q10 slightly bellow 3Q07 e 3Q08

6. 6
 Maintaining high operational availability with generated energy 29% higher than
physical guarantee in 9M10
1 – Generated energy divided by the amount of period hours
Energy Generation – MW Avg.1
Generation – MW Avg. generation / Physical Guarantee
130%
1,425
1,545 1,512
112%
121% 119%
1,665
2006 2007 2008 2009
133%
112%
1,979
1,640
1,495
143%
1Q10 2Q10 3Q10

7. 7
Billed Energy – GWh
 Billed energy was 5% higher in 9M10 due to a higher amount anticipated for 1Q10
9M10
5 %
3Q10
3,602
- 5 %
5,653
11,451
184
8,578
1,146
949
1,154
1,135
22
3Q09
3,782
238
535
2, 987 2,925
187
408 83
9M09
28
10,890
8,521
1,640
701MRE1
AES Eletropaulo
Spot Market
Other Bilateral Contracts
1 – Energy Reallocation Mechanism

8. 8
Investments – R$ million
 Investments of R$ 24 million in maintenance and modernization of power plants and
R$ 5 million in Jaguari Mirim SHPPs1 in 3Q10
Investments 3Q10
82%
16%
2%
1%
Equip. and Maint.
ITEnvironment
New SHPPs
New SHPPs1
Investments
1 – Small Hydro Power Plants
2007 2008
8
51
59
3943
20
2009
13
57
44
3Q09
14
29
2010 (e)
12
93
81
3Q10
5
9
24
5

9. 9
 Higher price of bilateral contract with AES Eletropaulo and higher energy sold through
other bilateral contracts contributed to the 6% increase in net revenues
Net revenues – R$ million
9M109M09
4%
3Q103Q09
4716%
1,2651,224
7
26
1,333
47
1,278 42
433 445
445
10
2
10
16
AES Eletropaulo Other Bilateral Contracts CCEE / MRE

10. 10
9M109M09
159
174
249
293
18%
3Q103Q09
71
41
83
114
37%107
2
12
51
32
89
1
Costs and operational expenses1 – R$ million
Energy Purchase, Transmission
and Connection Charges,
and Water Resources
Other Costs and Expenses2
Operational Provisions
1 – Do not include depreciation and amortization 2 - Personnel, Material, Third Party Services and Other Costs and Expenses
 Costs were impacted by an increase on energy purchased for resale and material and
third party services

11. 11
 1% reduction on Ebitda, with 76% margin
9M109M09
1,040
1,028
81% 78%
1%
3Q103Q09
357
362
81%
76%
- 1%
Ebitda – R$ million
Ebitda Margin

12. 12
 Unusual behavior of IGP-M decreased financial charges of debt with Eletrobrás in 3Q09
(10)
9M09 9M10
(41)
(14)
3Q09 3Q10
195%
(14)
44%
Financial Result – R$ million

13. 13
Pay-out
9M109M09
216
221
100% 100%
- 1%
3Q103Q09
628
636
- 2%
100% 100%
Net Income – R$ million
 Company recorded a net income of R$ 216 million in 3Q10 and will distribute 100% of
the result

14. 14
Net Debt 3Q10
 Low debt with Net Debt/ Ebitda ratio stable at 0.3x
Debentures
3Q102008 2009
0.40.4
0.3x0.3x
3Q09
0.40.4
0.3x0.3x
Net Debt/ EbitdaNet Debt
 Amount: R$ 945 million
 Period of 5 years
 CDI + 1.20% p.a.
 Biannual basis interest payment
 Annual amortization and equal installments in the
3rd, 4th and 5th years

15. 15
 Positive impact due to Eletrobrás debt replacement by 1st debenture issuance,
whose amortization will begin only in 2013
3Q102Q103Q09
641.4 573.8 454.5
316.4 345.8 321.9
(14.8) (16.1) (29.5)
(15.0) (3.5) (7.1)
(57.5) (34.3) (0.0)
(18.9) (32.5) (20.2)
210.1 259.4 265.1
(199.0) (378.6) (172.2)
652.4 454.5 547.4
Initial Cash
Operational Cash Generation
Investments
Net Financial Expenses
Net Amortization
Income Tax
Free Cash Flow
Dividends and Interest on Equity
Final Cash
Consolidated Managerial Cash Flow – R$ million

16. 3Q10 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.
.