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Pension Fund
Fundação Cesp
March, 2013
How the expense is calculated?



 The expense with Fcesp is calculated in accordance to CVM Resolution 695/2012

 The projected expense of Fcesp for the following year is calculated through the difference

  between the actuarial liabilities and the expected return on plan assets, added by the current

  service costs. The return rate shall be equal to the discount rate




                                                                                                   2
How the cash disbursement
                                                                     is l l t d?
                                                                     i calculated?


 Cash disbursement results from the valuation of FCesp’s actuarial liabilities, prepared by an

  actuary and in accordance to the rules issued by Previc (National Superintendency of

  Pension Funds)

 Actuarial valuation is reviewed on a annual basis at the end of the year
                                              basis,




                                                                                                  3
Calculating the difference of
                                                         expenditure and disbursement
                               ACCOUNTING                                        CASH
                                  EXPENSE                                  DISBURSEMENT

Regulatory Agency                     CVM                                       PREVIC




                    Difference between interest on actuarial
  Determination                                                  Result of the FCesp actuarial valuation
                           liabilities and plan assets



                      Calculated in accordance to market
                                                               Calculated in accordance to a FCesp’s Study
  Discount rate     value (National Treasury Notes/NTN-B)
                                             Notes/NTN B)
                                                                   (Resolution CNPC No. 9): 5.5% p.a.
                           on 12/31/2012: 3.75% p.a.




   Recognition          Company Financial Statements                   FCesp Financial Statements


                                                                                                             4
Main amendments
                                                                                             on accounting rules
                                                                                                         g

                                                          Until 12.31.2012                      From 01.01.2013
                                                          (Res. CVM 600)
                                                                    600)¹                       (Res. CVM 695)

 Expected return on                      Determined by a study of a specialized       Corresponds to the actuarial liabilities
    plan assets                                   company (6.79% for 2012)                discount rate (3.75% for 2013)



                                         Accrued over the years in the "corridor"
    Actuarial Gains                                                                 Fully recognized in the Company's balance
                                             (10% excess of actuarial liabilities
      and losses                                                                    sheet (Liabilities and Shareholders‘ Equity)
                                           recognized in the income statement)



                                            Amortized over the average future
  Corridor over 10%                                                                 There is no impact (fully recognized in the
   of plan liabilities                     service period of active participants
                                                                                          balance sheet of the Company)
                                          and recognized in income statement




1 – Revoked by CVM Resolution 695, on December 13, 2012                                                                            5
Impact on the income statement due to
                                                        changes imposed by CVM
                                                             g     p       y
                         2012                                                                        2013
                       R$ million                                                               R$ milllion

   Service cost           16.3
                          16 3              Discount rate decreases from 5 5% to 3 75%
                                                                         5.5%    3.75%                29.3
                                                                                                      29 3


   Rate costs            916.6              Discount rate decreases from 5.5% to 3.75%               1,018.1

 Expected return
                         (788.6)           Rate of return decreases from 6.79% to 3.75%              (696.5)
  on plan assets

 Amortization
  of actuarial            15.3                   Extinction of the corridor method                      -
gains and losses



Total expenditure        159.7                                                                       350.9



• Increase on expense shall be reversed through equity in the coming years due a grater expected
                p                            g   q y               g y           g        p
  profitability of the plan compared to the expected return on plan assets used in the calculation

• Average return over the last five years on 16% (above the actuarial target period)
                                                                                                               6
Cash impacts with the plan

  Amendments set forth by CVM 695 has no influence on assumptions and on the calculation

    method of the pension plan cash disbursement



                             2012                              +4.4%
                                                                                              2013
                           R$ million                                                       R$ million



  Cash disbursement                     IGP DI
                                        IGP-DI discount rate decreases from +6% to +5.5%,
                                                                             6%     5.5%,
                             271.7                                                            283.6
before and after CVM 695                      offset by marking securities to market




  For 2014 is not expected a significant increase on cash disbursement, since the actuarial

   assumptions were maintened



                                                                                                         7
Company's balance sheet x
                                                                                     FCesp balance sheet
                                                                                          p
                        Balanc e Sheet                        AES Eletropaulo             Fundaç ão
                         (Dec /2012)                      CV M 600       CV M 695           CESP

Actuarial Liabilities                                          12,389
                                                               12 389           12,389
                                                                                12 389             8,319
                                                                                                   8 319
 Total Liabilities                                             12,289           12,289          10,120
 Debt Agreement                                                      -                -        (1,802)
Value of Assets                                                 8,525            8,525             8,365
Defic it / (Surplus)                                            3,963            3,963              (44)   Will be recorded in Other
                                                                                                                b       d d i Oth
                                                                                                           Comprehensive Income,
Losses not recognized in the balance sheet ("corridor")        (2,830)              n/a             n/a
                                                                                                           in the Shareholders‘
Liability rec orded on the balanc e sheet                       1,133            3,963              n/a    Equity

       Company's balance sheet: in accordance to the CVM’s rules

           Calculation of actuarial liabilities in accordance to the market discount rate (NTN-B)

           Assets at market value

           Recognition of the liability and expense that affect the Company's income

   Fundação CESP balance sheet: in accordance to the PREVIC’s rules

           C l l ti
            Calculation of actuarial liabilities according t th di
                         f t     i l li biliti        di   to the discount rate set f th on PREVIC’ rules
                                                                         t t      t forth   PREVIC’s l

           Part of the assets marked on the curve

           Calculation of employer contributions (cash disbursement)                                                              8
Conclusion



 The variation of the liabilities has no correlation with the Company's cash

 disbursement

 Increase on cash disbursement may occur in case of amendments on Fcesp’s

 actuarial assumptions if previously approved by Eletropaulo
           assumptions,

 Amendments on accounting rules do not affect Company’s covenants.




                                                                                9
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 the relation to its future performance. Such estimates are
highly dependent on the 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 fundo de pensão eng final

  • 2. How the expense is calculated?  The expense with Fcesp is calculated in accordance to CVM Resolution 695/2012  The projected expense of Fcesp for the following year is calculated through the difference between the actuarial liabilities and the expected return on plan assets, added by the current service costs. The return rate shall be equal to the discount rate 2
  • 3. How the cash disbursement is l l t d? i calculated?  Cash disbursement results from the valuation of FCesp’s actuarial liabilities, prepared by an actuary and in accordance to the rules issued by Previc (National Superintendency of Pension Funds)  Actuarial valuation is reviewed on a annual basis at the end of the year basis, 3
  • 4. Calculating the difference of expenditure and disbursement ACCOUNTING CASH EXPENSE DISBURSEMENT Regulatory Agency CVM PREVIC Difference between interest on actuarial Determination Result of the FCesp actuarial valuation liabilities and plan assets Calculated in accordance to market Calculated in accordance to a FCesp’s Study Discount rate value (National Treasury Notes/NTN-B) Notes/NTN B) (Resolution CNPC No. 9): 5.5% p.a. on 12/31/2012: 3.75% p.a. Recognition Company Financial Statements FCesp Financial Statements 4
  • 5. Main amendments on accounting rules g Until 12.31.2012 From 01.01.2013 (Res. CVM 600) 600)¹ (Res. CVM 695) Expected return on Determined by a study of a specialized Corresponds to the actuarial liabilities plan assets company (6.79% for 2012) discount rate (3.75% for 2013) Accrued over the years in the "corridor" Actuarial Gains Fully recognized in the Company's balance (10% excess of actuarial liabilities and losses sheet (Liabilities and Shareholders‘ Equity) recognized in the income statement) Amortized over the average future Corridor over 10% There is no impact (fully recognized in the of plan liabilities service period of active participants balance sheet of the Company) and recognized in income statement 1 – Revoked by CVM Resolution 695, on December 13, 2012 5
  • 6. Impact on the income statement due to changes imposed by CVM g p y 2012 2013 R$ million R$ milllion Service cost 16.3 16 3 Discount rate decreases from 5 5% to 3 75% 5.5% 3.75% 29.3 29 3 Rate costs 916.6 Discount rate decreases from 5.5% to 3.75% 1,018.1 Expected return (788.6) Rate of return decreases from 6.79% to 3.75% (696.5) on plan assets Amortization of actuarial 15.3 Extinction of the corridor method - gains and losses Total expenditure 159.7 350.9 • Increase on expense shall be reversed through equity in the coming years due a grater expected p g q y g y g p profitability of the plan compared to the expected return on plan assets used in the calculation • Average return over the last five years on 16% (above the actuarial target period) 6
  • 7. Cash impacts with the plan  Amendments set forth by CVM 695 has no influence on assumptions and on the calculation method of the pension plan cash disbursement 2012 +4.4% 2013 R$ million R$ million Cash disbursement IGP DI IGP-DI discount rate decreases from +6% to +5.5%, 6% 5.5%, 271.7 283.6 before and after CVM 695 offset by marking securities to market  For 2014 is not expected a significant increase on cash disbursement, since the actuarial assumptions were maintened 7
  • 8. Company's balance sheet x FCesp balance sheet p Balanc e Sheet AES Eletropaulo Fundaç ão (Dec /2012) CV M 600 CV M 695 CESP Actuarial Liabilities 12,389 12 389 12,389 12 389 8,319 8 319 Total Liabilities 12,289 12,289 10,120 Debt Agreement - - (1,802) Value of Assets 8,525 8,525 8,365 Defic it / (Surplus) 3,963 3,963 (44) Will be recorded in Other b d d i Oth Comprehensive Income, Losses not recognized in the balance sheet ("corridor") (2,830) n/a n/a in the Shareholders‘ Liability rec orded on the balanc e sheet 1,133 3,963 n/a Equity  Company's balance sheet: in accordance to the CVM’s rules  Calculation of actuarial liabilities in accordance to the market discount rate (NTN-B)  Assets at market value  Recognition of the liability and expense that affect the Company's income  Fundação CESP balance sheet: in accordance to the PREVIC’s rules  C l l ti Calculation of actuarial liabilities according t th di f t i l li biliti di to the discount rate set f th on PREVIC’ rules t t t forth PREVIC’s l  Part of the assets marked on the curve  Calculation of employer contributions (cash disbursement) 8
  • 9. Conclusion  The variation of the liabilities has no correlation with the Company's cash disbursement  Increase on cash disbursement may occur in case of amendments on Fcesp’s actuarial assumptions if previously approved by Eletropaulo assumptions,  Amendments on accounting rules do not affect Company’s covenants. 9
  • 10. 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 the relation to its future performance. Such estimates are highly dependent on the 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.