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.

1. 1Q12 Results
May, 2012

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.