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Conference Call 1Q12

Conference Call 1Q12. Destaques. Reduction of 1.8% in consumption compared to 1Q11, mainly influenced by the residential class, due to lower temperature in the quarter and in the change criteria of treatment of clients with long-time delinquency.

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Conference Call 1Q12

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  1. Conference Call 1Q12

  2. Destaques • Reduction of 1.8% in consumption compared to 1Q11, mainly influenced by the residential class, due to lower temperature in the quarter and in the change criteria of treatment of clients with long-time delinquency. • In march/12, non-technical losses ratio reached 41.3% over the low-voltage market, mainly caused by the change criteria of treatment of clients with long-time delinquency. OPERATING PERFORMANCE RESULTS CAPITAL STRUCTURE • Increase of 4.7% in the net revenue (without construction revenue) that reached R$ 1,766.8 in 1Q12. • Costs of PMSO from Distribution segment reduced 0.5% in the quarter. • EBITDA of R$ 433.8 million in 1T12, decrease of 0.3%, with 24.6% of margin. Considering the effect of regulatory assets and liabilities, EBITDA would be 16.8% higher than 1Q11. • Net Income of R $ 140.1 million in 1Q12, a reduction of 15.8% compared to 1Q11. Considering the effect of regulatory assets and liabilities, net income would be 12.7% higher than 1Q11. • Operating cash flow (after interest payments and taxes) of $ 176.0 million in 1Q12, higher than the operating cash generated of $ 10.1 million in 1Q11. • Net debt of R $ 3,439.2 million, with net debt / EBITDA of 2.8x. 2

  3. Energy Consumption Distribution ELECTRICITY CONSUMPTION¹ TOTAL MARKET (GWh) +3.7% -1.8% 6,291 6,180 6,087 FREE 13% 5,558 OTHERS 14% INDUSTRIAL 7% 28.3ºC 28.0ºC 27.5ºC 26.9ºC COMMERCIAL 28% RESIDENTIAL 38% 1Q09 1Q10 1Q11 1Q12 1Note: To preserve comparability in the market approved by Aneel in the tariff adjustment process, the billed energy of the free customers Valesul, CSN and CSA were excluded in view of these customers’ planned migration to the Basic Network. 3

  4. Total Market ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET – QUARTER -1.8% 6,180 6,291 758 801 -5.6% 2,488 +2.1% 2,348 1,939 1,899 5,533 5,379 -0.4% 191 170 -0.7% 962 966 932 938 47 49 1,748 1,730 541 561 890 892 426 401 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 1Q11 1Q12 TOTAL OTHERS RESIDENTIAL INDUSTRIAL COMMERCIAL FREE CAPTIVE 4

  5. Collection COLLECTION RATE BY SEGMENT QUARTER COLLECTION RATE 12 MONTHS 100.6% 99.2% 98.9% 95.0% 95.1% 94.0% 92.0% 91.5% 97.7% 97.3% Mar/11 Mar/12 PUBLIC SECTOR TOTAL RETAIL LARGE CLIENTS 1Q11 1Q12 5

  6. Loss Prevention ENERGY RECOVERY GWh LOSS (12 MONTHS) 41.6% 41.3% 41.3% 40.7% 40.4% 50.0 -53.8% Reflets the change on treatment's criteria in the approach to long term delinquent customers, based on Aneel Resolution 414. 34.7% 23.1 7,582 7,665 7,543 7,619 7,627 5,247 5,316 5,312 5,326 5,229 1Q12 1Q11 INCORPORATION GWh 2,231 2,293 2,328 2,335 2,349 Mar/11 Jun/11 Sep/11 Dec/11 Mar/12 +12.1% 14.5 13.0 Non-technical losses GWh Technical losses GWh % Non-technical losses/ LV Market % Non-technical losses / LV Market - Regulatory 1Q12 1Q11 6

  7. Net Revenue NET REVENUE BY SEGMENT (1Q12)* NET REVENUE (R$MN) Comercialization 2.7% Generation 5.5% +3.8% Distribution 91.8%** 1,904.3 1,834.7 137.4 147.0 * Eliminations not considered ** Construction revenue not considered 4.7% 1,766.8 NET REVENUE FROM DISTRIBUTION (1Q12) 1,687.6 Others (Captive) 11.7% Network Use (TUSD) 8.7% (Free + Concessionaires) Industrial 6.4% 1Q11 1Q12 Construction Revenue Revenue w/out construction revenue Residential 44.8% Commercial 28.5% 7

  8. Operating Costs and Expenses DISTRIBUTION MANAGEABLE COSTS (R$MN) COSTS (R$MM) 1Q12 +8.2% 329.8 304.7 Manageable (distribution): R$ 329.8 (22.9%) Non manageable (distribution): R$ 1,026.2 (71.3%) 1Q11 1Q12 Generation and Commercialization: R$ 83.2 (5.8%) * Eliminations not considered 8

  9. EBITDA EBITDA BY SEGMENT* 1Q12 CONSOLIDATED EBITDA (R$MN) -0.3% Generation 16.9% (EBITDA Margin: 75.6%) Distribution 79.3% (EBITDA Margin: 22.1%) 434.9 433.8 Commercialization 0.9% (EBITDA Margin: 7.8%) *Eliminations not considered 1Q11 1Q12 9

  10. Net Income NET INCOME 1Q12/1Q11 166 (1) 8 140 (2) (31) 1Q11 EBITDA Financial Result Taxes Others 1Q12 10

  11. Indebtedness NET DEBT AMORTIZATION SCHEDULE* (R$ MILLION) Average Term: 3.9 years 3,439.2 2,134.9 806 784 794 682 2.8 555 1.3 379 Mar/11 Mar/12 2012 2013 2014 2015 2016 After 2016 Net Debt / EBITDA * Principal only COST OF DEBT TJLP 27.6% CDI/Selic 71.7% 11.08% 9.84% 11.01% 10.15% US$/Euro 0.7%* 5.30% 4.91% 4.88% 4.51% 2010 2011 Mar/12 2009 Nominal Cost Real Cost * Considering Hedge 11

  12. Investments CAPEX BREAKDOWN (R$MM) 1Q12 CAPEX (R$MM) 928.6 +32.5% Generation Maintenance 3.4 169.9 700.6 Generation Projects 0.1 Others 15.9 563.8 546.7 181.8 758.7 -3.6% 92.9 116.9 Quality Improvement 28.1 Develop. of Distribution System 58.1 518.8 446.9 142.9 148.2 453.8 17.5 24.1 125.4 124.1 2010 2011 Losses Combat 37.3 2009 1Q11 1Q12 2008 Investments in Electric Assets (Distribution) 12

  13. Important Notice This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and international movable values. These declarations are based on certain assumptions and analyses made by the Company in accordance with its experience, the economic environment, market conditions and future events expected, many of which are out of the Company’s control. Important factors that can lead to significant differences between the real results and the future declarations of expectations on events or business-oriented results include the Company’s strategy, the Brazilian and international economic conditions, technology, financial strategy, developments of the public service industry, hydrological conditions, conditions of the financial market, uncertainty regarding the results of its future operations, plain, goals, expectations and intentions, among others. Because of these factors, the Company’s actual results may significantly differ from those indicated or implicit in the declarations of expectations on events or future results. The information and opinions herein do not have to be understood as recommendation to potential investors, and no investment decision must be based on the veracity, the updated or completeness of this information or opinions. None of the Company’s assessors or parts related to them or its representatives will have any responsibility for any losses that can elapse from the use or the contents of this presentation. This material includes declarations on future events submitted to risks and uncertainties, which are based on current expectations and projections on future events and trends that can affect the Company’s businesses. These declarations include projections of economic growth and demand and supply of energy, in addition to information on competitive position, regulatory environment, potential growth opportunities and other subjects. Various factors can adversely affect the estimates and assumptions on which these declarations are based on. 13

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