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Corporate Presentation 2016 03/02 AES Corporation Global Company Natural gas and coal fired thermal plants 36 GW installed capacity Providing services to over 10+ million customers 18.5 thousand employees 25.6 GW of installed capacity Over 8.3 GW of Renewable sources¹ AES Corp is present in 18 countries and 4 continents Distributed energy +60MW of solar PV² projects in operation World leader in Energy Storage Total of 346 MW³ 1 – Includes hydro, wind, solar, energy storage, and biomass 2 - PV – Photovoltaic; 3 - Operating and under construction 1 Leading position in the energy sector in Brazil Generation1 Market Share AES Tietê 2,658 MW Concession ends in 2029 AES Serviços AES Uruguaiana 640 MW Distribution2 Market Share 2% 13% AES Eletropaulo 20m people served 6.9m customers Concession ends in 2028 AES Sul 3.7m people served 1.3m customers Concession ends in 2027 87% 98% AES Brasil 1 – installed capacity as of 2015; 2 – Consumption (GWh) in 2014 (Source: ABRADEE) Other 2 History in Brazil Solid participation in distribution and generation businesses 1995 AES Brasil +20 years presence in Brazil Beginning of AES Uruguaiana construction 1998 AES Corp acquired AES Sul through privatization process 1997 Privatization of AES Eletropaulo by a consortium comprised by AES Corp and other local and international companies 2000 Privatization of AES Tietê 1999 AES Uruguaiana beginning of operation 2003 Incorporation AES Corp of Companhia increases its Brasiliana de interest in AES Energia and Eletropaulo execution of and AES Tietê shareholders agreement with BNDES 2001 2002 AES Tietê was merged into Cia Brasiliana and the corporate name was changed to AES Tietê Energia SA 2016 3 AES Brasil Mission, Vision and Values Mission Vision Values To promote well being and development with the safe, sustainable and reliable provision of energy solutions To be the leading power company in Brazil that safely provides sustainable, reliable and affordable energy • Put safety first •Act with integrity •Honor commitments •Strive for excellence •Have fun through work 4 4 AES Brasil environmental responsibility • Reservoirs repopulation • Reforesting, border and archeological management programs • Water quality monitoring • Recycling and waste disposal programs • Programs aiming to reduce CO2 emissions • Risk Management and identification of opportunities related to climate change 5 5 AES Brasil social responsibility • Access to reliable energy through social development • Education for efficient and safe use of electricity • Program which offer cultural and sports activities simulating citizenship practices • Sustainable partnership – commitment with sustainable development at AES Brasil’s value chain 6 6 INVESTMENT PLAN 2015 - 2019 R$ 3.5 billion R$ 487 million 2015 0.4% 9.4% 90.3% 5.2 billion 2019 Generation R$ 1.2 billion R$ Distribution Services R$ 19 million 7 AES Brasil widely recognized AES Eletropaulo AES Tietê AES Brasil AES Sul 8 National Interconnected System GENERATION Distribution Substation Thermal Plant Hydroelectric and Solar Plant Renewable Energy DISTRIBUTION Substation Transformer Substation Transformer TRANSMISSION COMERCIAL AND INDUSTRIAL CUSTOMERS RESIDENTIAL CUSTOMERS 9 Energy sector in Brazil: businesses segments Generation¹ Transmission² Distribution² • 4,437 power plants • 104 agents • 63 distribution companies • 150 GW of installed capacity • High voltage transmission (>230 kV) • 342 TWh energy distributed • System based on hydro plants (61%) • 116,767 km lines (National • 190 million consumers • Contracting environment: free and regulated markets Integrated System) • Regulated tariff (annually adjusted by inflation) Sources: EPE, ANEEL, ONS, ABRADEE and Instituto Acende Brasil 1 – Refers to 2015 data; 2 – Refers to 2014 data • Annual tariff adjustment • Tariff reset every four or five years • Regulated contracting environment 10 Ownership Structure AES Corp C 50.00% + 1 share P 0.00% + 7 shares T 46.15% C = Common Share P = Preferred Share T = Total BNDES C 50.00% - 1 share P 100.00% - 7 shares T 53.85% Brasiliana Participações T 99.70% AES Sul C 99.99% T 99.99% C 99.99% T 99.70% AES Serviços AES Uruguaiana ¹ C 0.00% P 7.38% T 4.44% T 98.26% AES Elpa ¹ C 77.81% P 0.00% T 30.97% AES Corp BNDES C 61.55% P 0.00 % T 24.25% C 14.36% P 37.35% T 28.29% AES Tietê Energia AES Eletropaulo Free Float Others² Market Cap³ 16.1% 19.2% 56.3% 8.5% US$ 0.41 bi 24.2% 28.3% 39.5% 8.0% US$ 1.4 bi 1 – Parent, AES Corp and BNDES, have similar voting capital on each of the companies: approx 35,9% on AES Eletropaulo and 32,9% on AES Tietê; 2 – Includes Federal Government and Eletrobrás shares in AES Eletropaulo and AES Tietê, respectively; 3 – Base: 02/23/2016. FX rate 3.97 BRL/1 USD 11 ● 3rd largest among private generation companies ● Concession expires in 2029 ● Market Cap: US$ 1.4 billion1 ● 9 hydroelectric plants and 3 SHP³ in São Paulo ● Installed capacity of 2,658 MW, physical guarantee2 of 1,278 MWavg ● Consistent evolution of client portfolio Brazil Água Vermelha (1.396 MW) Nova Avanhandava (347 MW) Promissão (264 MW) Ibitinga(132 MW) Bariri (143 MW) Barra Bonita (141 MW) Euclides de Cunha (109 MW) Caconde (80MW) Limoeiro (32 MW) Mogi-Guaçu (7 MW) São Joaquim (3 MW) São José (4 MW) ● Investment grade (Moody’s): - National: Aa2 - International: Ba2 1 – Base: 02/23/2016. FX rate 3.97 BRL/1 USD; 2 - Amount of energy allowed to be contracted in the long term; 3 – SHP – Small hydroelectric plant (installed capacity<30MW) 12 Brazil Brazil São Paulo ● Largest distribution company in Latin America ● 24 cities attended in São Paulo metropolitan area ● Concession contract expires in 2028 ● Market Cap: US$ 409 million¹ ● 16% of Brazil’s GDP² in its concession area ● 4,526 km2 concession area ● 46 thousand km of distribution and transmission lines ● 6.9 million customers ● 20 million people served ● 44 TWh distributed in 2015 ● 7,165 employees as of December 2015 Investment Grade: West, South, & ABC North & East Fitch S&P Moody’s National A+ A+ A2 International BB BB Ba3 1 – Base: 02/23/2016 FX rate 3.97 BRL/1 USD; 2 - Source: IBGE, 2010. 13 Brazil Rio Grande Do Sul Metropolitan Southern Border Valley Region Central Northern Border 1 – as of February/2015. 2 – 2010-2015 ● SAIDI of 19.11% (hours) and SAIFI of 8.42% (times) ● Operating costs 2% below the regulatory levels¹ ● 118 cities attended in Rio Grande do Sul state ● Concession contract expires in 2027 ● 1.3 million customers ● 8,870 GWh sold in 2015 ● 99,512 km² concession area ● 3.7 million people served ● 2,355 direct employees¹ ● Regional GDP growth of 3.2%² ● R$ 258 million Ebitda in 2015 ● R$ 214 million invested in 2015 ● National investment grade (S&P): BBB- 14 ● ● Beginning of commercial operations in 2000 Located in the State of Rio Grande do Sul – city of Uruguaiana ● ● Operations were suspended in 2008 due to lack of gas supply Initiated arbitration against YPF in Argentina – ICC¹ awarded the merits in favor of AES Uruguaiana in 2013 – Next and final phase refers to the damages calculation ● Emergency operations in 2013, 2014 and 2015 to support reservoirs recovery in Brazil Looking for long-term solution ● Fast Facts Combined cycle gas turbine (CCGT) 1 – International Chamber of Commerce Capacity (MW) 640 MW Authorization expiration 2027 15 • • Customer-focused Company, that provides electrical energy services Focus on offering integrated and high-added-value solutions to the electrical energy agents, industrial and commercial segments, based on AES Brasil strong capabilities and know-how • Main Products - Commercial technical services - Consulting in energy efficiency - Construction and maintenance of substations and transmission lines - Commercial service: face-to-face service and debt collection - Affinities: insurance • • Over 5 years of operation 3 operational bases – cities of Barueri, São Paulo and Itapecerica da Serra 92 vehicles 505 employees • • 16 Corporate governance Key for the investment decision ● Operational and Investment Management Committee: robust capital allocation process ● Corporate policy of Integrated Risk Management¹ monthly assessed by Companies’ Executive Officers and quarterly by Fiscal committee and Board of Directors ● Corporate governance manual; audit committee installed ● High level of commitment, with monthly Board of Directors meetings ● Listed at BM&FBovespa: – ELPL3 and ELPL4: level II – TIET11 (units): level II ● ISE Corporate Sustainability Index portfolio ● Tag along rights 1 – Based on COSO_ERM and Brazilian Corporate Governance Institute models 17 Investment focused on power plants modernization Investment program totaled R$ 168 million in 2015 206 186 168 155 139 93 77 2012 2013 2014 2015 2015(e) 2016(e) 2017(e) 65 62 2018(e) 2019(e) Expected Actual Power plants modernization process, aiming for continuous improvement in operational conditions and ensuring availability in its generation plants 19 Investments and Best Practices in Asset Management, translates into outages reduction Unscheduled outages (%) Best practices in asset management¹: 2.03 1.60 1.59 1.68 ● PAS 55 Certification ● ISO 55001 Certification 1.04 1.31 1.35 0.79 0.35 0.28 0.25 0.25 2012 2013 2014 2015 Unscheduled Outage Rate EFOF² 1 - AES Tietê was the first Latin American company to receive the certification from the British Standards Institute 2 – Equivalent Forced outage Factor - EFOF 20 Energy generation decrease reflects hydrology behavior in the country ● Generated energy (MW average1) ● 127% 109% 1,629 2012 104% 75 67% 71% 848 905 848 2014 2015 4Q14 1,392 2013 Hydropower plants are dispatched by ONS² Dispatch are also related to hydrological conditions: Low hydrology translates into low generation levels 1,169 Generation/Physical guarantee 4Q15 Generation - MWavg 1 – Generated energy divided by the amount of hours; 2 – National System Operator 21 Critical hydrological scenario over the last 2 years 100 90% Reservoirs (%) vs. Thermal Dispatch (GW avg²) Historical Level of Brazilian Reservoirs (%) 80% 75 70% Max (%) 62 46 43 50 62 4638 43 25 55 39 40 38 3921 25 43 40 75 50 60% 61 55 100 43 61 63 43 42 30 30 23 35 37 38 61 3540 4350% 42 55 49 37 36 32 41 3844 29 Jan Jan Fev Mar Fev Abr 2012 Historical data2001 since 2001 Mar Mai Jun 2013 2001 2014 Abr Jul 2015 2012 Mai Ago Set 2013 36 60% 50% 41 43 34 40% 30% 29 34 2310% 0 0 70% 30% 40 20% 55 80% 40 40% 23 21 90% 63 61 Jun 29 28 20 22 18 16 49 44 32 14 43 40 12 10 29 29 28 29 23 20% 20 8 6 22 4 10% 2 0 Out Nov Dez 0% Nov Jul Dez Ago 0% Set Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2014 2015 Out 2011 2011 Average Annual Inflow: 2001 2012 2013 2014 2015¹ 82% 87% 97% 81% 89% 2012 2012 1 – Data base: Jan-Dez/15; 2 – Generated energy divided by the amount of hours. 2013 2013 Thermal dispatch Thermal dispatch 2014 Reservoirs 2015 2014 2015 Reservoirs 22 Energy Reallocation Mechanism (ERM) for hydrological risk sharing ● ● 1) Equilibrium (GE1 = PG2) 2A) Deficit (GE1 < PG2) Buy at MRE3 Buy at MRE3 Buy at Spot 2B) Surplus (GE1 > PG2) Buy at Spot Sell at MRE3 PG2 PG2 PG2 Key drivers for hydrological risk ● Generated Energy MRE Assured Energy Genco A - System GSF = 1.0 - PPA = PG Generated Energy MRE Assured Energy Generated Energy MRE Assured Energy Genco A Genco B - System GSF < 1.0 - PPA = PG - System GSF < 1.0 - PPA = PG 1 – GE: Generated Energy; 2 – PG: Physical Guarantee; 3 – Enough to cover variable O&M costs A physical guarantee (assured energy) is assigned to support contracts Energy dispatch optimized by centralized system operator (ONS) on a tight pool ● Generated Energy (hydro) in the entire system (MRE) influenced by hydrology Spot Price - marginal cost influenced by hydrology and thermal dispatch 23 Tight hydrology and lower system storage capacity requires more flexible generation Thermo São Paulo (503MW) and Thermo Araraquara (579MW) Storage capacity (months) 6.1 6.1 5.9 5.6 5.1 3.4 2001 2005 2009 Actual 2015 2019 2021 Projection Current contracted energy is based on renewable (mainly Wind) and run-of-river hydro projects, which has reduced the energy storage capacity over the recent years. Source: ONS and AES 24 AES Brasil growth perspectives Natural Gas Power Plants ~1.5GW ● 2 natural gas combined cycle power plants ready to go to energy auctions ● of dispatchable source Peak generation: short-term dispatch solution ● Assessing M&A opportunities Renewable Energy Solar and Wind ● 180 MW solar project: ● São Paulo and Minas Gerais state (close to HPP AGV1). To participate in 2016 energy auctions ~150MW solar project: Under development ● Assessing M&A opportunities 1 – Existing AES Tietê hydroelectric power plant on the border of the states of Minas Gerais and São Paulo 25 In 2015, AES Eletropaulo was our main client 2015 (%) – Clients per net revenue +2% Billed energy (GWh) +2% 16.728 16.728 15.797 15.123 15,797 15.797 15.123 15,075 14,485 1,932 545 2,069 1,854 11.138 11.108 11.1082,212 4,075 515 305 37 1.942 11,108 3.834 1.519 554 1.141 2011 2013 2014 2012 Eletropaulo 1% 6% 940 227 11,108 11.108 11.108 583 1,671 3,814 544 1 MRE 545 1.932 3,218 2015 2013 4Q14 Spot 2,799 4Q15 Other Bilateral Contracts 1 – Energy Reallocation Mechanism 7% 471 0 11,108 2.212 615 86% 11.138 554 3.834 2.212 1.519 554 1.141 545 1.932 2011 2012 1.942 Eletropaulo 615 2013 MRE 1 Spot Other Bilateral Contracts 26 Contracting environment and opportunities Regulated Market Existing Energy Auctions Free Market Bilateral contracts 2016 and beyond Spot Market Non contracted energy Via auctions organized by federal government Via bilateral agreements Exposed to Spot Market price Distribution companies Free Consumers¹ CCEE Settlement 1 – Free Consumers (Conventional free consumer - demand above 3MW and connected to a line of 69kV – and incentivized/ special free consumer - demand above 0.5MW) 27 Commercialization strategy post-2015 leveraging cash flow Our goal is to sell the major part of Company’ physical guarantee in the free market • Customized energy with global experience • Focus on long term contracts and off takers with a strong financial background aiming to ensure Company’s cash flow • Practices and policies to ensure an adequate risk-profile assessment • Client relationship actions to promote AES Tietê and identify clients needs (i.e.: workshops, site visits, satisfaction surveys) 28 Free Market Dynamic and competitive market Avg energy price for 2016 (R$/MWh) Price formation methodology Price Expectation Year 2012 2013 Short term 90 110 100 120 Medium Term 230 2014 2015 •Spot price (hidrology and reservoirs) 170 Sep/15 200 250 • Supply and demand 250 1H15 290 Long Term •Marginal Expansion Cost • Regulated Market price 29 Commercialization strategy– Consistent evolution of client portfolio Client portfolio1 (MWavg) Contracting level 100% 100% 100% 95% 88% 60% 26% 12% Average price R$/MWh3 194 206 218 151 152 157 151 149 63 151 498 918 1,268 1,268 1,268 1,181 1,092 1,093 746 326 2013 2014 2015 Energy available for sale2 2016 2017 Own energy already sold 2018 2019 152 2020 AES Eletropaulo PPA 1 – Includes energy contracts firmed until February 23, 2016 ; 2 – Excludes losses and internal consumption; 3 – Average price (based on January/16) 30 Consistent annual results Net revenue (R$ million) Ebitda (R$ million) 65% 3,205 29% 53% -18% 2,626 2,337 1,525 +53% 1,402 918 -28% 887 404 637 2013 2014 2015 4Q14 -37 4Q15 2013 2014 2015 Ebitda Margin 4Q14 4Q15 31 And returns… Net income (R$ millions) ● Minimum of 25% dividend payout of annual net income according to bylaws ● Distribution practice: quarterly basis 881 +62% ● Average payout from 2008 to 2015: 99% 726 ● Average dividends since 2008: R$ 822 million per year¹ 449 233 ● AES Tietê's management decided to propose the payment of R$ 464 million for 4Q15 ● R$ 726 million distributed in divididends in 2015 -76 2013 2014 2015 1 – from 2008 until 2015. 4Q14 4Q15 32 Low leverage level… Debt amortization schedule³ Net debt (R$ billion) 1.2 399 335 261 235 1.1 161 0.5 0.6 4Q14 4Q15 Net Debt/Adjusted Ebitda 2016 Net Debt 2018 2019 2020 Amortization (R$ million) Covenants Debt Cost ● ● ● ● ● Net debt/Adjusted Ebitda2 < 3.5x Adjusted Ebitda²/Financial Expenses > 1.75x 2017 Average cost (% CDI)1 Average term (years) Effective rate 4Q14 4Q15 106% 2.18 13.6% 101% 2.96 16.3% 1 – Brazilian Interbank Interest Rate 2 – Adjusted Ebitda – (i) by the financial expenses/revenues and (ii) by the depreciation and amortization values to improve the reflection of the Company’s operational cash generation 3 – Principal and interest 33 …and consistent cash flow R$ Million Initial Cash 4Q14 4Q15 2014 2015 223 423 457 501 (109) 409 1,187 1,248 Investments (41) (42) (173) (137) Net Financial Expenses (38) (93) (94) (162) Net Amortization 500 67 499 (233) Income Tax (33) (24) (483) (220) Free Cash Flow 279 317 936 496 - - (892) (257) 501 740 501 740 Operating Cash Flow Dividends and IoE FINAL CASH CONSOLIDATED 34 Capital markets AES Tietê x IEE x Ibovespa¹ 130 A B C D E F G H I J 120 A Mar/2012: 4Q11 results above market expectations B Sept/2012: announcement of the Energy Reduction Program, through the PM 5794 C Feb/2013: High thermoelectric dispatch to conserve water in the reservoirs increase spot prices D Aug/2013: 2Q13 results above consensus due to higher-than-expected spot prices E Nov/2013: weak 3Q13 results affected by seasonality strategy 110 100 F 90 80 70 G May/2014: 1Q14 EBITDA above expectation benefited from seasonality strategy H Jan/2015: Hydrology for rainy season worse than expected I Jun/2015: Corporate Restructuring announced J Dez/2015: Corporate Restructuring concluded 60 50 40 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 GETI4 GETI3 IEE IBOV Feb/2014: 4Q13 results slightly below consensus but market show high expectations on 2014 commercialization strategy TSR ● Market cap³: US$ 1.4 billion / R$ 5.5 billion ● BM&FBOVESPA: GETI3 (common shares) and GETI4 (preferred shares) ● ADRs negotiated in US OTC Market: AESAY (common shares) and AESYY (preferred shares) 1 – Base 100: from 01/01/2012 to 31/12/2015; 2 – Total Shareholders’ Return; 3 – Index: 23/02/2016; 4 – Government program to reduce energy tariffs. 35 We have strong capabilities and business governance ● Asset Management - ISO 55001 certification, 1st Generation company in America ● AES Tietê has been included in the ISE since 2007 ● Attractive returns to investors. Strong cash generation; Maximization of payout ● Cost efficiency and optimized capital allocation ● Established risk management capability 36 2015 investments focused on system expansion and customer service Investments (R$ million) 2015 Investments focused on: 3.533 392 831 35 • R$ 262.3 million in system expansion for the addition of new clients and focus on customer satisfaction • R$ 136.3 million in operational reliability through the maintenance of 7,800 km distribution and transmission lines 809 165 583 604 73 82 3.141 68% 796 644 510 2012 2013 Recursos de Terceiros 2014 219 522 2015 20152019 (e) 130 15 19 111 204 4T14 4T15 Recursos Próprios¹ 1 - System Average Interruption Frequency Index (SAIFI) and System Average Interruption Duration Index (SAIDI) R$ 303 million additional investment plan by 2017 seeking the recovery of the Quality Indexes¹ 38 Plan to recover the quality indexes already in place Recovery plan of the quality indicators: – R$ 303 Million of additional investments by the end of 2017 – Hiring of 554 new people, being 273 electricians, 51 electrical technicians and 230 technicians and supervisors 5.28 6.41 SAIFI¹ (times) SAIDI² (hours) -2% -9% 23.4 6.29 13.3 -17% 2014 2015 Jan/16³ 0.70 0.58 Jan/15 Jan/16 Aneel’s Reference - 2014: 6.36 times / 2015: 5.95 2014 -56% 2015 Jan/16³ 3.7 1.6 Jan/15 Jan/16 Aneel’s Reference - 2014: 8.29 hours / 2015: 8.06 1 - System Average Interruption Frequency Index; 2 - System Average Interruption Duration Index 3 - Last twelve months (jan/16 to fev/15) 21.4 39 Efficiency in losses reduction over the last four years 11.5 10.5 10.5 10.2 10.1 10.0 9.7 9.5 9.7 9.4 6.5 6.1 6.1 6.1 5.7 4.0 4.1 3.9 3.6 3.7 2011 2012 2013 2014 2015 Aneel Reference¹ Technical losses² 6.4% reduction in technical losses between the 2014 and 2015 and total losses within regulatory limits Non-technical losses 1 – Aneel benchmark with standardized values for the calendar year; 2 - Values estimated by the Company to Aneel reference for non-technical losses of the low voltage market 40 Large concession area ● AES Eletropaulo concession area consists of a mature market, representing approx. 16% of national GDP2 Total Market1 (GWh) -4.7% 45,557 46,216 46,416 7,987 8,742 8,589 37,570 37,474 37,827 36,179 2012 2013 2014 2015 Free Clients 44,237 8,058 ● State of São Paulo’s GDP average growth of 2.0% p.a. for the last 5 years³ Captive Market 1 – Own consumption not included; 2 – Source: IBGE, 2012; 3 – base date: 2010-2014(e) 41 Consumption expansion is mostly in residential and commercial classes Consumption by class¹ 28% 36% 19% 33% 37% 21% 16% 9% Brazil Residential 1 – 2015 (Own consumption not included) Source: EPE. AES Eletropaulo Commercial Industrial Other 42 Residential Class consumption in line with São Paulo state real income GWh R$ 4,500 2,400 2,300 2,200 4,000 2,100 2,000 3,500 1,900 1,800 3,000 1,700 1,600 2,500 2007 1,500 2008 2009 2010 Real Income (SP) 1 – base date: 2007-2014 2011 2012 2013 Residential Consumption 2014 9M15 Residential consumption per client grew an average of 0.9% in the last 8 years¹ 43 Industrial class consumption tied to the industrial production growth in the state of São Paulo Industrial class X Industrial production in SP¹ 0,2 Economic crisis Economic recovery Economic crisis 0,1 0 Economic crisis ● Industrial consumption impacted by lower industrial production in Brazil ● Consumption focused on more resilient segment (residential and commercial classes) -0,1 -0,2 Industrial Production in SP (% 12 months) Industrial consumption AES Eletropaulo (% 12 months) 1- São Paulo metropolitan area. Information until August 2015. 44 Gross revenue 62% greater in 9M15 mainly due to tariff readjustment and extraordinary tariff resets Gross revenue (R$ million) Costs and Expenses (R$ million) Costs (R$ million) +62% +27% 24,565 2,109 15,314 831 5,355 12,093 611 9,501 8,553 15,158 583 864 12,611 809 3,599 9,128 8,203 2012 2013 10,898 1,670 7,474 2,209 1,621 1,640 3,968 9,884 9,743 10,948 2014¹ 2015¹ Regulatory Assets and Liabilities Deductions to Gross Revenue Construction Revenue Net Revenue (ex-construction revenue) 1- Adjusted by regulatory assets and liabilities 6,883 2012 7,880 5,834 2013 Opex (ex-construction costs) 2014 2015 Energy costs and sector charges 45 23% reduction of the Adjusted Ebitda mainly due to non manageable and non recurrent expenses Adjusted Ebitda1 (R$ million) 575 780 513 Adjusted Net Income (Loss)2 (R$ million) 964 55 198 1,556 (132) 101 402 1,200 1,138 248 758 49 -96 2012 2013 Adjusted Ebitda 2014 Reported Ebitda 2015 2012 2013 Adjusted Net Income (Loss) 2014 2015 Reported Net Income (Loss) 1 - EBITDA adjusted by expenses related to Pension Plan, regulatory assets and liabilities and possibly inexistent asset. 2 – Net income (loss) adjusted by regulatory assets and liabilities 46 Cost management projects generated R$ 1 billion¹ in savings until 2014 1st wave - 2007-2010 2nd wave – 2010-2012 ● Headcount reduction ● Benchmark approach ● Support functions centralization - shared services ● Process review and IT tools to increase performance ● Overhead reduction management and contracts renegotiation ● Development of strategic sourcing capability ● Leadership headcount reduced by 44% from 2008 to 2013 ● Currently operating at the same PMSO level as in 2007 while every quality indicators have improved ● Continuous overhead reduction ● Administrative and operational activities centralized in a new site ● Real Estate Plan: sale of assets and maximization of occupancy rate 1 –Nominal total from 2007 until 2014 FY. Includes recurring and non-recurring reductions and the avoidance of cost increases 3rd wave – 2013-2015 ● Efficiency gains through process transformation and IT tools integration ● Cost management and innovation as part of the Company’s culture ● Consider the total cost of ownership for CAPEX/OPEX allocation decisions ● Sustainability driving value (e.g., ABS initiative with suppliers) 47 Operational cash flow generation Cash Flow - R$ Million 2014 2015 Var. Initial Balance of Cash 974 909 (65) Operating Cash Flow 752 571 (181) (501) (634) (133) (53) (36) 17 Pension Fund Expenses (210) (195) 15 Income Tax (49) (106) (57) Restricted Cash 65 21 (44) Free Cash 4 (378) (382) Dividend and Interest on Own Capital (69) - 69 Final Balance of Cash 909 531 (378) Investments Net Financial Expenses / Net Amortization 48 Leverage level within financial covenants Net debt (R$ billion) 3.00 3.7 2.50 3.4 2.70 3.5 3.00 Amortization Schedule (R$ million) 3.40 3.47 4.3 4.4 3,084 Fundação Cesp - FCesp National currency (w/o Fcesp) 3.8 2,294 1,074 1,084 357 401 1,242 376 859 354 3Q14 4Q14 Net Debt (R$ billion) 1Q15 2Q15 3Q15 Net Debt/Adjusted Ebitda¹ Covenants within the limits: − Net Debt/Adjusted Ebitda < 3.5x − Adjusted Ebitda/Financial Expense > 1.75x 4Q15 716 683 2016 2017 865 2018 Debt Cost Average cost (CDI +) Average term (years) Effective rate² 1 – EBITDA adjusted by expenses related to pension plan and regulatory assets and liabilities; 2 – Average rate during the period 505 2019 790 2020-2028 2014 2015 1.43 % 5.36 13.25% 1.80% 4.63 15.25% 49 Capital markets AES Eletropaulo x IEE x Ibovespa¹ A 120 B C D E F G H I 100 80 A Apr/2012: Aneel announced 3PTRC proposal (tariff cut of 8.81%) B Jul/2012: Aneel announced official 3PTRC (tariff cut of 9.33%) lowering dividend payout expectations C Dec/2012: Court deems Eletropaulo liable for Eletrobras lawsuit. Eletropaulo appealed the decision. D Feb/2013: 4Q12 EPS affected by energy costs and regulatory charges E Jul/2013: Low tariff adjustment due to payment of 2/3 of 3PTRC “Bubble” F Aug/2013: 2Q13 results above expectations. Efficiency in cost reduction. G Jul/2014: Tariff readjustment approved by ANEEL including 50% of “cable” restitution H May/15: 4th Tariff Reset Cycle preliminary numbers released I July/15: 4th Tariff Reset Cycle final numbers released 60 40 20 0 Jan-12Mar-12May-12 Jul-12 Sep-12Nov-12 Jan-13Mar-13May-13 Jul-13 Sep-13Nov-13 Jan-14Mar-14May-14 Jul-14 Sep-14Nov-14 Jan-15Mar-15May-15 Jul-15 Sep-15Nov-15 Jan-16 ELPL4 IEE IBOV TSR ● Market cap³: US$ 0.4 billion/R$ 1.6 billion ● BM&FBOVESPA: ELPL3 (common shares) and ELPL4 (preferred shares) ● ADRs at US OTC Market: EPUMY (preferred shares) 1 – Base 100: from 01/01/2012 to 02/24/2016; 2 – Electric Power Index; 3 – Index: 02/24/2016 50 We have strong capabilities and corporate governance ● AES Corporation and BNDES as major shareholders: long-standing reputation in the market ● Consumption focused on more resilient segment (residential /commercial market) ● First power distribution company in the Americas to obtain ISO 55001 certification of the Asset Management Program ● 2015-2019 investment plan of R$ 3.5 billion mainly focused on customer services and better quality indicators ● Efficiency on recognizing investments on the RAB 51 Brazilian Opportunities and recent events Brazilian Energy Matrix and perspectives Brazilian Energy Matrix¹ Governmental Expansion Plan 206 14% 21% 133 65% 2014 Hydro Renewable³ Thermal ● Energy matrix based on hydropower plants ● Thermal source is responsible for system reliability 172 74 140 7 150 17 25 33 39 133 133 133 133 133 133 2015 2016 2017 2018 2019 2024 Additional Capacity by PDE² ● 165 158 Current Installed Capacity Expansion based mainly on renewable and run-of-river hydropower plants 1 – ANEEL database (11/16/2015). 2 – Energy development plan (PDE 2014-2024) – numbers are under public consultation; 3 – Includes Biomass, Wind and Solar sources 53 Recents events and in course in the energy sector GSF Generation Scaling Factor Tariff Flags 3.0 Third Tariff Reset Cycle 18% of red flag reduction Squeeze Discos’ EBITDA margin MP 579 / Law 12,783 Fourth Tariff Reset Cycle 18% of tariff reduction encouraged consumption Financial sustainability Hydrological challenges Extraordinary tariff review Discos’ cash flow mismatch 23,4% average increase Government funding mechanism Tariff Flags 2.0 83% Red Flag increase Tariff Flags CDE and CCEE Loan Assist with cash flow mismatch 54 Appendix 55 Tariff methodology for distributors ● Energy Purchase Transmission Sector Charges Tariff Reset is applied each 4-5 years − AES Eletropaulo next Tariff Reset: Jul/2019; − AES Sul next Tariff Reset: Apr/2018 − Parcel A: costs are passed on Regulatory Opex (PMSO) through to the tariff − ● Parcel B: costs are set by ANEEL Annual Tariff Adjustment − X WACC Remuneration Asset Base Investment Remuneration Parcel A Costs − Non-manageable costs passed on through to the tariff − Incentives to reduce costs ● Regulatory Opex − ● X Depreciation Parcel A: costs are passed on Parcel B: costs are adjusted by IGPM +/- X Factor¹ Depreciation Remuneration on Special Obligations Regulatory Ebitda 1 – X Factor: index that capture productivity gains Efficient operating cost determined by ANEEL Remuneration Asset Base − through to the tariff − ● ● Prudent investments used to calculate the investment remuneration (applying WACC) and depreciation Special Obligations − Recognition of the opportunity cost of equity capital over third party investments Parcel A - Non-Manageable costs Parcel B - Manageable costs 56 X Factor methodology X Factor = Pd + Q + T Definition Distribution productivity Quality of service Operational expenses trajectory Objective Capture productivity gains Stimulate improvement of service quality Implement operational expenses trajectory Application Defined at Tariff Reset, considers the average productivity of the sector adjusted by market growth and consumption variation Defined at each Tariff Readjustment, considers variation of SAIDI and SAIFI and comparative performance of discos. Includes commercial indexes Defined at Tariff Reset, makes the transitions to operational costs verified in the last 12 months to the one set in the benchmarking models 57 4th Tariff Reset Cycle Parcel A + Financial Components Annual impact R$ million 13.96% R$ 1,936m Parcel B 1.27% R$ 176m Tariff Reset Effect 15.23% R$ 2,112m Energy CVA including FX rate variation associated with Itaipu CDE charge increase (loans and CDE share) Reduction of AES Tietê’s energy participation due to end of contract in Dec/15 Involuntary exposure in 2015 WACC of 8.09% Special Obligations remuneration Opex adjusted to match the concession area’s reality 58 Breaking down the Parcel B Remuneration (RAB) R$ 732m Net RAB of R$ 6.0 billion WACC of 8.09% Depreciation R$ 458m Gross RAB of R$ 12.2 billion Depreciation Rate of 3.75% Special Obligations Annuity (Other Assets) Operational Expenses R$ 39m Remuneration of 3.34% R$ 134m Remuneration and depreciation of IT, vehicles and administrative assets R$ 1,373m Xt Factor of -2.37%; Inclusion of labor liabilities, São Paulo salaries and underground network Bad Debt R$ 198m 0.85% of bad debt, considering Tariff Flag revenues Other Revenues - R$ 88m ~60% of non-distribution revenues Productivity Gains - R$ 33m Xp Factor of 1.13% Parcel B R$ 2,812m 59 Ranking of distribution tariffs in Brazil Tariff excluding tax (R$/KWh) COELBA Boa Vista Ranking (out of 64) 0.389 4 0.407 6 COELCE 0.418 CPFL-Paulista 0.419 ELETROACRE 0.425 11 13 15 ELETROPAULO 0.436 CELESC-DIS 0.444 RGE 0.447 AES-SUL 16 20 22 0.480 36 COPEL-DIS 0.492 BANDEIRANTE 0.500 CEMIG-D 0.509 45 ELEKTRO 0.510 46 CPFL- Piratininga 0.511 CELPA LIGHT Source: Aneel website. Tariffs as of January/2016. 0.525 0.543 40 42 47 51 55 60 Abradee’s¹ Ranking AES Eletropaulo 2007 14º 2008 2009 2010 2011 2012 2013 2014 8º 6º 9º 8º 5º 9º 8º 2008 2009 2010 2011 2012 2013 2014 11º 8º 6º 5º 7º 2º 16º AES Sul 2007 10º 1 – Association of Brazilian electricity distributors 61 Latin America’s most modern distribution and subtransmission operations center allows efficiency gains Modern layout maximizes the dispatch efficiency and decision making during the outage power restoration ● Integration of DOC1 and SOC2 technicians into a modern and collaborative workplace: − enabling to rearrange positions at any time optimizing the use of resources − improving operational efficiency − encouraging a multifunctional profile 1 – Distribution Operating Center; 2 – Subtransmission Operating Center 62 Modern and integrated systems contributes to the best allocation of resources Integrated and automated systems allow the monitoring of sub-transmission and distribution grid and the best allocation of resources for operational efficiency gains ● State of the art in technologies for management of events and teams, providing a global vision of emergency teams location throughout the concession area ● Service orders transmission through data devices, dispatching service teams that are closer to the location, minimizing attendance time ● Innovative technology for forecasting and monitoring of summer rains, strategically located in the Company’s substations anticipating the resources allocation 63 AES Brasil Investor Relations Avenue Dr. Marcos Penteado de Ulhôa Rodrigues, 939 - 7th floor. ZIP Code 06460-040 Barueri - SP - Brazil Websites: http://ri.aeseletropaulo.com.br/ http://ri.aestiete.com.br/ Phone: + 55 11 2195-7048 Fax: + 55 11 2195-1004
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