1. 2Q12 Results
August, 2012

2. 2Q12 Highlights
 Energy generation 36% higher than physical guarantee and 8% greater than the total generated in 2Q11
Operational
 Investments totaled R$ 17 million in the modernization of Nova Avanhandava (347 MW) and Ibitinga (132
MW) power plants
 Portfolio of other bilateral contracts (2012-2016) closed the quarter with 101 MWavg, an increase of 197%
compared to 2Q11
Financial  Net revenue of R$ 535 million, 31% greater than 2Q11
 Ebitda reached R$ 404 million, with margin of 76%
 Net income of R$ 229 million, an increase of 43% when compared with 2Q11
 Bilateral contract with AES Eletropaulo adjusted from R$ 173.68/MWh to R$ 182.61/MWh.
Subsequent
Events  Dividends distribution of R$ 250.7 million, related to 2Q12 results, corresponding to R$ 0.63 per common
share and R$ 0.69 per preferred share. Payment will occur on August 27, 2012.
 In July 2012, the Company sold 138 MWavg through bilateral contracts, totaling a 239 MWavg portfolio, of
which 200MWavg were sold in 2012.
2

3. Higher PLD price in the quarter favored
revenue in the spot market
Reservoirs Level inSIN1 PLD2 – Monthly Average (R$/MWh)
93% 94%
85% 86%
73%
68% 68% 66%
Southeast/ South Northeast North
Middle-West
2Q11 2Q12
1- Interconnected National System
2- Spot Market Average Price 3

4. Operational availability of the plants remains high, even with the
reduction in the level of reservoirs
Reservoirs level of AES Tietê’s power plants1 Energy generation (MW average3)
130% 141%
130% 141% 136%
125% 124% 136%
125% 124%
95%
97%
94%
95%
97%
95%
97%
89%
70% 94%
95%
97%
65% 89%
70%
65%
1,665
1,665 1,731 1,731
1,599
1,599 1,582
1,582 1,6041,604
Vermelha Promissão B. Bonita Caconde
A. Vermelha Promissão B. Bonita Caconde 2009
2009 2010
2010 20112011 2Q112Q11 2Q12 2Q12
A. Vermelha Promissão B. Bonita Caconde
(11.0 km 2) (8.1 km 2) (3.6km 2) (0.6 km 2)
Generation - Mwavg
Generation - Mwavg Generation/Physical guarantee
2Q11 2Q12 Generation/Physical guara
2Q11 2Q12
Average: 93% 81%
1 – As of 06/30/2012
3 – Generated energy divided by the amount of hours in the period 4
2 – Reservoirs volume

5. Investments in 1Q12 mainly allocated to the modernization of
Nova Avanhandava and Ibitinga power plants
Investments (R$ million) Investments in 2Q12
175
19 88%
86%
82
174
12 156
34 3%
11%
6 20 3%9%
70
1
28 19
2010 2011 2012(e) 2Q11 2Q12
Equipment and Maintenance
Equipamentos e Manutenção
1
Investments New SHPPs New SHPPs
Novas PCHs
IT Projects
1 - Small Hydro Power Plants Projetos de TI 5

6. Expansion Obligation
“TermoSP” Project (550 MW)
- Project will not participate in 2012 auctions (A-3 and A-5 due to
gas unavailability
- Environmental License was restored after the decision of São Paulo State
Court of Justice
- Next steps: Obtainment of the installation license
“Termo Araraquara” Project (579 MW)
- Project will not participate in 2012 auctions (A-3 and A-5 due to
gas unavailability
- Next steps: Obtainment of the installation license
6

7. Higher energy volume sold in 2Q12 due to the seasonality of
the bilateral contract with AES Eletropaulo and energy sold in
ERM¹
Billed Energy (GWh)
+21%
9,061
7,510
297
201 +15%
911
851 2,182
1,425 3,865 4,192
93 135
426 339
5,672 838 925
5,034
2,508 2,793
1H11 1H12 2Q11 2Q12
1
AES Eletropaulo Energy Reallocation Mechanism Spot Market Other Bilateral Contracts
7
1- ERM – Energy Reallocation Mechanism 4,276

8. Change in seasonality and readjustment in bilateral contract,
besides the higher spot prices contributed
for the net revenue expansion
Net revenue (R$ million)
+30% +31%
1075
66
826 74
26
32
535
409
20
936 12 56
768 15
382 459
1H11 1H12 2Q11 2Q12
AES Eletropaulo Spot/Energy Reallocation Mechanism Other bilateral contracts
8

9. Increase in expenses with energy purchased, transmission
and connection charges and non-recurring event of
equipments write-off
Operational costs and expenses¹ (R$ million)
3
55
44 43 3
5 2 1
7 3
99 57 73
9
12
11
11 11
114
114 117
117
114 117
131
105
78
Energy Purchased Energy Purchased
2Q11
1Q11 Locks
Energy Purchased Energia Elétrica
2T11 Locks Operational
Baixa de Ativos
Operational
Locks
Assets Personnel,Material Transmission and Financ. Comp.and Financ.1Q12 For
Personnel,
Pessoal, Material
Personnel,
Operational Transmission e Transmission For
Transmissão and Financ. Comp. For Manutenção das
Personnel, Comp. Financ. Locks Maintenance
1Q12
Comp. 2T12
2Q12
1Q12
for Resale
for Resale Maintenance
Comprada para
Maintenance
for Resale Provisions and
Maintenance and
Provisions
write -off Material and
e
andMaterialand
Third-party
Provisions and Connection
Conexão
Connection
Material and Use ofof Rec.Híd. Use ofOther Outras
Use Water Res.
Utiliz. Water Res. and Water Operational
Connection Eclusas e Res.
Revenda Other Expenses Serv de Terc²
Third-party
services
Other Expenses Other Expenses
Third-party Third-party Depesas
Expenses
services² Operacionais
services² services²
1 – Do not include depreciation and amortization 9

10. Ebitda 33% higher, with margin of 76% in 2Q12
Ebitda (R$ million)
78%
77%
76%
74%
827
643
404
304
1H11 1H12 2Q11 2Q12
EBITDA EBITDA Margin (%)
10

11. Financial result influenced by the increase in net debt
impacted by the reduction in cash balance
Financial Result (R$ million)
1H11 1H12 2Q11 2Q12
-13
-15
-24
-26
+17%
+7%
11

12. Net income 43% higher in 2Q12, reflecting the good
performance of revenues
Net Income (R$ million)
111% 118% 112%
108% 109%
107%
5.3%
4.4%  Distribution of R$ 251 million in dividends related
2.9%
2.5% to 2Q12:
2.5%
2.0%
- R$0.63 per common share
- R$0.69 per preferred share
- Ex-dividends: August 06, 2012
- Payment date: August 27, 2012
476
354
246
193
229
161
1H11 1H12 2Q11 2Q12
1Q11 1Q12
Payout
Yield Preferred Shares Net Profit 12

13. Cash flow generation reflects higher revenues from the
bilateral contract
Operating Cash Flow (R$ million) Final Cash Balance (R$ million)
-5%
+56%
286 271
464
297
2Q11 2Q12 2Q11 2Q12
13

14. Low leverage with net debt/Ebitda ratio of 0.4
Net Debt (R$ billion) Average Cost and Average Term (Principal)
2.76
0.5x
0.5x 3.1
0.4x 1.76
0.4x 3.1
1.8 2.6
114%
124.8% 115%
113% 113.9%
120%
0.64 0.65
0,64 0,65
1Q10 1Q11
2010 2011
2Q11
2Q11 2Q12
2Q12 2Q11 2Q12
Effective rate
14.3% Effective rate 10.1%
13.98% 12.06%
Net Debt
Net Debt Net Debt/EBITDA
Net Debt/EBITDA
1
Average Term
Average Term - Years CDI
Prazo Médio - Anos CDI
1 – Percentage of CDI (Interbank Deposit Certificate) 14
1 – Percentage of CDI

15. 2Q12 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.