01/27/2012 1 Mergent, Inc.

Aes Tiete S.A.

General Company Information

AddressRua Lourenco Marques 158, 1 Andar

Vila Olimpia

Sao Paulo, 04547-100 Brazil

Phone: (55) 11 2195 2304

Fax: (55) 11 2195 2501

CountryBrazil

TickerAESA Y

Date of Incorporation1999 , Brazil

Number of Employees318 (Year End Average Staff as of 12/31/2008)

Company Websitewww.aestiete.com.br

Mergent Dividend AchieverNo

Closing Price As of 01/26/2012 : 12.55

Business Description

IndustryElectric Utilities

NAICS

Aes Tiete S.A.

01/27/2012 2 Mergent, Inc.

NAICSPrimary NAICS:

221122 - Electric Power Distribution

SICPrimary SIC:

4931 - Electric and other services combined

Secondary SIC:4911 - Electric services

Business DescriptionAES Tiete is engaged in the production, distribution and sale of electric energy under a 30 year concession agreement set by the National Agency for Electric Energy (Aneel), a regulatory agency linked to the Ministry of Mines and Energy of Brazil. Co. operates in four business segments: AES Rio Grande, AES Torib Tiete, AES Alto Tiete, and AES Pardo.

Geographic Analysis No information found under this company.

Business Summary

AES Tiete is engaged in the production, distribution and sale of electric energy under a 30 year concession agreement set by the National Agency for Electric Energy (Aneel), a regulatory agency linked to the Ministry of Mines and Energy of Brazil. As of Dec 31 2008Alexandre Cesar Innecco, Co. sold 11,138,100 megawatts (MWh) of energy and operated in four business segments: AES Rio Grande, AES Torib Tiete, AES Alto Tiete, and AES Pardo.

Dividends

Abbreviation DescriptionPreferred non-redeemable nominative preferredCommon voting commonADR Preferred American Depositary ReceiptsADR Common American Depositary ReceiptsADR (Sponsored) ADR (Sponsored)ADR (Sponsored) Repstg 3000 Pfd Shs ADR (Sponsored) Repstg 3000 Pfd ShsOrd OrdPfd Shs Pfd Shs

Abbreviation Structure Type ExchangePreferred Preferred SAOCommon Common SAOADR American Depositary Receipt OTCADR American Depositary Receipt OTCADR (Sponsored) American Depositary Receipt NBBADR (Sponsored) Repstg 3000 Pfd Shs American Depositary Receipt NBBOrd Ordinary NLPfd Shs Preferred NL

Abbreviation Ticker Market Cap

Aes Tiete S.A.

01/27/2012 3 Mergent, Inc.

Abbreviation Ticker Market CapPreferred GETI4Common GETI3ADR AESYYADR AESAYADR (Sponsored) AESA Y 0ADR (Sponsored) Repstg 3000 Pfd Shs AESY Y 0OrdPfd Shs

non-redeemable nominative preferred (SAO: GETI4)Ticker Listed Outstanding Date OutstandingGETI4 Sao Paulo 12/31/2008 183,792,000 Shares

voting common (SAO: GETI3)Ticker Listed Outstanding Date OutstandingGETI3 Sao Paulo 12/31/2008 197,461,000 Shares

Preferred American Depositary Receipts (OTC: AESYY)Ticker Listed Outstanding DateAESYY Over-the-Counter 12/31/2008

Common American Depositary Receipts (OTC: AESAY)Ticker Listed Outstanding DateAESAY Over-the-Counter 12/31/2008

ADR (Sponsored) (NBB: AESA Y)Ticker ListedAESA Y Other-OTC

Stock Splits Split Date1100% 04/07/2008

Recent DividendsAmount Record Date ExDiv Date Pay Date0.04 12/15/20110.32 11/22/2011 12/05/20110.23 08/18/2011 10/03/20110.33 06/02/2011 06/13/20110.04 12/15/2010 05/31/20110.29 05/02/2011 05/27/20110.32 11/15/2010 12/17/20100.25 08/18/2010 09/27/20100.30 05/26/2010 06/18/20100.15 05/03/2010 06/02/20100.03 12/22/2009 06/01/2010

Aes Tiete S.A.

01/27/2012 4 Mergent, Inc.

Amount Record Date ExDiv Date Pay Date0.31 11/17/2009 12/21/20090.25 08/18/2009 09/25/20090.25 05/27/2009 06/08/20090.18 04/28/2009 05/19/20090.03 12/24/2008 05/18/20090.18 11/19/2008 12/08/20080.19 08/18/2008 09/08/20080.24 05/23/2008 06/09/20080.18 05/01/2008 05/19/20080.44 01/03/2008 05/14/20082.33 11/23/2007 12/10/20072.14 08/27/2007 09/13/20072.42 05/29/2007 06/18/20072.42 04/10/2007 05/14/2007

ADR (Sponsored) Repstg 3000 Pfd Shs (NBB: AESY Y)Ticker ListedAESY Y Other-OTC

Stock Splits Split Date1100% 04/07/2008

Recent DividendsAmount Record Date ExDiv Date Pay Date0.04 12/15/20110.36 11/22/2011 12/05/20110.26 08/18/2011 10/03/20110.36 06/02/2011 06/13/20110.04 12/15/2010 05/31/20110.32 05/02/2011 05/27/2011

Aes Tiete S.A.

01/27/2012 5 Mergent, Inc.

Amount Record Date ExDiv Date Pay Date0.35 11/15/2010 12/17/20100.28 08/18/2010 09/27/20100.33 05/26/2010 06/18/20100.17 05/03/2010 06/02/20100.04 12/22/2009 06/01/20100.34 11/17/2009 12/21/20090.28 08/18/2009 09/25/20090.28 05/27/2009 06/08/20090.20 04/28/2009 05/19/20090.03 12/24/2008 05/18/20090.20 11/19/2008 12/08/20080.21 08/18/2008 09/08/20080.27 05/23/2008 06/09/20080.20 05/01/2008 05/19/20080.48 01/03/2008 05/14/20082.56 11/23/2007 12/10/20072.35 08/27/2007 09/13/20072.66 05/29/2007 06/18/20072.66 04/10/2007 05/14/2007

Ord (NL: )ListedNot Listed

Stock Splits Split Date4-for-1000 04/01/2008

Recent DividendsAmount Record Date ExDiv Date Pay Date0.62 11/25/2011

Aes Tiete S.A.

01/27/2012 6 Mergent, Inc.

Amount Record Date ExDiv Date Pay Date0.45 09/22/20110.53 05/26/20110.51 05/17/20110.08 05/17/20110.54 12/07/20100.43 09/15/20100.28 05/19/20100.08 05/19/20100.55 12/10/20090.50 09/15/20090.54 05/29/20090.42 05/07/20090.08 05/07/20090.47 11/27/20080.34 08/28/20080.43 05/29/20080.00 05/08/20080.34 05/08/20080.00 11/30/20070.00 09/03/20070.00 06/06/20070.00 05/03/2007

No Share Price chart available

Pfd Shs (NL: )ListedNot Listed

Stock Splits Split Date4-for-1000 04/01/2008

Recent DividendsAmount Record Date ExDiv Date Pay Date0.68 11/25/20110.49 09/22/20110.58 05/26/20110.56 05/17/20110.08 05/17/20110.60 12/07/20100.47 09/15/20100.66 06/08/20100.31 05/19/20100.08 05/19/20100.61 12/10/20090.55 09/15/20090.59 05/29/20090.46 05/07/20090.09 05/07/20090.52 11/27/2008

Aes Tiete S.A.

01/27/2012 7 Mergent, Inc.

Amount Record Date ExDiv Date Pay Date0.37 08/28/20080.48 05/29/20080.00 05/08/20080.37 05/08/20080.00 11/30/20070.00 09/03/20070.00 06/06/20070.00 05/03/2007

No Share Price chart available

Long Term Debt

Dec. 31, 2008, R$1,215,527,000 (including current portion of R$228,015,000 and finance charges of R$4,819,000) local currency loans payable to Centrais Eletricas Brasileiras - Eletrobras, with an adjustment for inflation based on the General Market Price Index (IGP-M) plus 10%, payable monthly, due May 15, 2013.

Subsidiaries

SUBSIDIARY NAME PERCENT OWNED COUNTRYSubsidiarySubsidiaryAES Minas PCH Ltda. 99.99% -

Property

Co.'s head office is located in Sao Paulo, SP. As of Dec. 31, 2008, Co. owned 10 hydroelectric power plants located in areas central and nortwest of the State of Sao Paulo, of which five of them (Barra Bonita, Bariri, Ibitinga, Promissao and Nova Avanhandava) are in the Tiete river with 1,100km of extension.

Head OfficeRua Lourenco Marques 158, 1 AndarVila OlimpiaSao PauloBrazil

Competitors (INTL)Company Name Revenues Gross Margin Net IncomeE.ON AG 125,181,977,271 - 7,833,493,130Enel Societa Per Azioni 98,205,744,991 - 5,875,454,441Electricite de France 87,215,031,581 60.07 1,365,139,756RWE AG 68,151,256,398 - 4,427,335,601Tokyo Electric Power Co. Inc. 64,832,266,038 - (15,063,398,546)(The) (Japan)SSE PLC 45,588,983,461 11.25 2,420,700,977CESC Ltd 44,214,139,000 43.23 -

Aes Tiete S.A.

01/27/2012 8 Mergent, Inc.

Company Name Revenues Gross Margin Net IncomeIberdrola SA 40,728,053,270 38.27 3,842,365,186Endesa S.A. 37,011,112,622 43.65 4,941,153,522Korea Electric Power Corp 35,161,648,166 8.22 (64,351,607)Centrica Plc 34,814,844,702 26.33 3,004,358,226Kansai Electric Power Co., 33,448,841,234 - 1,487,116,737Inc. (Kansai Denryoku K. K.)(Japan)Vattenfall AB 31,849,872,760 25.51 1,938,235,332Chubu Electric Power Co., 28,148,632,219 - 1,021,634,211Inc.Hutchison Whampoa Ltd. 26,912,630,237 62.56 2,578,044,195Gas Natural SDG, S.A. 26,272,248,445 - 1,607,385,144National Grid plc 23,077,510,209 71.53 3,473,774,283China Shenhua Energy Co., Ltd. 23,069,210,099 59.38 5,784,938,608Tohoku Electric Power Co., 20,635,228,601 - (407,057,192)Inc. (Japan)RAG AG (Germany, Fed. Rep.) 19,507,015,227 - 1,519,871,172EDP Energias de Portugal S.A. 18,965,728,705 38.14 1,444,003,345Exelon Corp. 18,644,000,000 40.81 2,563,000,000Kyushu Electric Power Co., 17,946,443,576 - 346,941,172Inc.Hindalco Industries Ltd. 16,263,031,565 100.51 645,811,427Centrais Eletricas 16,114,096,827 48.47 1,354,164,394Brasileiras S.A.-ELETROBRAS(Brazil)Company Name EBITDA Total Assets Total LiabilitiesE.ON AG - 204,611,697,125 148,864,475,297Enel Societa Per Azioni 19,114,633,331 224,916,143,440 174,244,029,411Electricite de France 15,832,944,427 321,957,504,521 280,043,698,889RWE AG 13,359,632,398 124,571,679,498 102,712,044,559Tokyo Electric Power Co. Inc. (10,617,240,372) 178,613,331,548 159,796,944,667(The) (Japan)SSE PLC 3,773,526,089 34,513,130,098 26,145,179,523CESC Ltd - 113,274,828,000 67,952,871,000Iberdrola SA 8,715,289,095 125,406,759,577 86,488,500,188Endesa S.A. 11,187,463,048 86,715,083,460 66,214,338,337Korea Electric Power Corp - 88,836,537,352 52,255,166,414Centrica Plc 5,115,948,503 29,927,134,265 20,892,322,629Kansai Electric Power Co., 1,790,281,176 88,280,194,989 66,411,815,081Inc. (Kansai Denryoku K. K.)(Japan)Vattenfall AB 4,156,237,493 80,743,450,958 61,848,154,392Chubu Electric Power Co., 1,240,397,110 64,390,634,284 44,342,339,960Inc.Hutchison Whampoa Ltd. 4,592,052,770 92,785,017,384 52,965,826,637Gas Natural SDG, S.A. 4,810,110,082 60,685,815,652 45,449,785,275National Grid plc 8,266,907,025 74,656,381,072 60,079,079,078China Shenhua Energy Co., Ltd. 10,574,519,453 51,711,270,686 21,623,733,988Tohoku Electric Power Co., (944,442,246) 48,653,895,249 38,659,564,570

Aes Tiete S.A.

01/27/2012 9 Mergent, Inc.

Company Name EBITDA Total Assets Total LiabilitiesInc. (Japan)RAG AG (Germany, Fed. Rep.) 701,793,749 27,775,167,198 22,073,439,462EDP Energias de Portugal S.A. 4,128,993,676 54,189,159,719 43,676,836,784Exelon Corp. 8,986,000,000 52,240,000,000 38,593,000,000Kyushu Electric Power Co., 217,132,593 50,545,038,016 37,714,421,896Inc.Hindalco Industries Ltd. - 18,924,711,731 12,415,057,700Centrais Eletricas 4,785,701,580 88,494,574,119 46,142,700,222Brasileiras S.A.-ELETROBRAS(Brazil)Company Name PE Ratio Market Cap Employees Share PriceE.ON AG - 41,702 M 83,105 21.32Enel Societa Per Azioni - 38,272 M 78,313 4.07Electricite de France - 8,428 M 158,842 4.56RWE AG - 20,955 M 70,856 37.32Tokyo Electric Power Co. Inc. - 3,788 M 52,970 2.80(The) (Japan)SSE PLC - 18,045 M 20,249 19.26CESC Ltd - - 0Iberdrola SA - 131,338 M 0 23.95Endesa S.A. - 21,175 M 26,305 20.00Korea Electric Power Corp - 15,411 M 19,927 12.04Centrica Plc - 16,584 M 0 18.33Kansai Electric Power Co., - 7,056 M 32,418 7.90Inc. (Kansai Denryoku K. K.)(Japan)Vattenfall AB - - 38,179Chubu Electric Power Co., - 10,381 M 29,583 13.70Inc.Hutchison Whampoa Ltd. - 80,706 M 240,000 18.93Gas Natural SDG, S.A. - 14,748 M 17,347 16.00National Grid plc 76.6824 26,476 M 27,089 48.77China Shenhua Energy Co., Ltd. - 24,894 M 65,154 46.10Tohoku Electric Power Co., - 4,701 M 22,692 9.43Inc. (Japan)RAG AG (Germany, Fed. Rep.) - - 0EDP Energias de Portugal S.A. - 8,730 M 12,096 29.10Exelon Corp. 11.0165 26,514 M 19,214 39.99Kyushu Electric Power Co., - 10,540 M 19,768 22.31Inc.Hindalco Industries Ltd. - 116 M 19,341 2.60Centrais Eletricas - 9,014 M 28,105 9.96Brasileiras S.A.-ELETROBRAS(Brazil)

Financial Highlights

Financial Highlights as of 12/31/2008 in BRL

Aes Tiete S.A.

01/27/2012 10 Mergent, Inc.

Income Statement (In Thousands)Total Revenue 1,621,172Net Income 692,462Share Outstanding 381,253Earnings per Share - Basic 1.82Balance Sheet (In Thousands)Total Assets 2,514,576Current Assets 1,086,425Total Liabilities 2,013,539Long Term Debt 982,693Stockholders' Equity 501,037Current Liabilities 960,776Net Assets per Share 1.31Cash Flow Statement (In Thousands)Cash from Operations 1,117,298Cash from Investing (61,070)Cash from Financing (854,440)Cash & Cash Equivalents, Beginning of Year 638,309Cash & Cash Equivalents, End of Year 840,097Stock Price and Valuation (Data as of 01/26/2012)Share Outstanding(000's) 197,461Dividend Per Share(TTM) 1.2126Last Closing Price 12.55Previous Trading Day Range 12.50 - 12.6752 Week Range 11.20 - 14.957 Day Average Closing Price 12.6130 Day Average Closing Price 12.50200 Day Average Closing Price 12.63High Price Last 3 Mos. 12.90Low Price Last 3 Mos. 11.20Avg Daily Volume Last 3 Mos. 15,559.18

Management EffectivenessROA % (Net) 27.52ROE % (Net) 137.83Profitability RatiosCalculated Tax Rate % 32.76Profit Margin (TTM) 42.71Valuation RatiosPrice/Earnings (TTM) 7.74Price/Book (TTM) 10.66Asset ManagementTotal Asset Turnover 0.64Receivables Turnover 79.29Inventory Turnover 1,903.17Property Plant & Equip Turnover 1.33Debt ManagementLong Term Debt/Equity 1.96Long Term Debt as % of Invested Capital 66.23Total Debt/Equity 1.96Accounts Payable Turnover 10.30

Aes Tiete S.A.

01/27/2012 11 Mergent, Inc.

Liquidity IndicatorsQuick Ratio 0.01Current Ratio 1.13Net Current Assets as % of Total Assets 5.00Revenue to Assets 0.64

15 yr As Reported Annuals Income Statement

Exchange rate used is that of the Year End reported dateAs Reported Annual Income StatementReport Date 12/31/2008 12/31/2007 12/31/2006Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsGross operating income 1,690,411 1,530,613 1,526,464Supply of electrical energy to consumer 1,690,331 1,530,212 1,525,235Other operating income 80 401 1,229Total deductions from sales (PIS & 69,239 66,733 139,507COFINS)Other deductions from sales 69,239 66,733 139,507Net operating income (loss) 1,621,172 1,463,880 1,386,957Total operating expenses 380,762 380,673 316,684Personnel expenses 28,394 19,575 19,137Material expenses 4,277 2,934 2,601Third party service 20,476 15,224 14,864Financial comp on use of water 53,501 52,450 46,984resourcesElectric energy purchased for resale 186,282 228,933 102,951Depreciation 64,542 64,778 64,116Operation related provisions - (27,991) 34,728Fiscalization fees - - -Insurance expenses 4,656 6,272 7,731Research & development expenses 16,024 15,045 20,839Other expenses 2,610 3,453 2,733Gross profit (loss) from services 1,240,410 1,083,207 1,070,273Total other operating revenues & (209,625) (169,465) (150,876)expensesGeneral & administrative expenses 36,226 42,575 34,053Total financial revenues & expenses (159,350) (119,871) (110,598)Total financial revenue 94,897 72,322 88,825Total financial expenses 254,247 192,193 199,423Financial expenses 124,825 147,665 158,030Changes in foreign exchange results, 129,422 44,528 41,393netOther operating expenses 14,049 7,019 6,225Operating profit (loss) 1,030,785 913,742 919,397Total non-operating revenues & (898) (47) (106)expensesTotal non-operating revenues 586 37 526Total non-operating expenses 1,484 84 632

Aes Tiete S.A.

01/27/2012 12 Mergent, Inc.

Report Date 12/31/2008 12/31/2007 12/31/2006Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsOther non-operating expenses - - -Income (loss) before income tax payable 1,029,887 913,695 919,291Total provision for income tax & 309,348 269,520 297,482mandatory employee benefitsIncome tax 225,382 194,806 213,358Mandatory employee benefits 83,966 74,714 84,124Total deferred taxes 28,077 35,065 7,682Deferred income tax (20,726) (27,630) (5,649)Deferred mandatory employee benefits (7,351) (7,435) (2,033)payableNet income (loss) for the year 692,462 609,110 614,127Year-end shares outstanding 381,253.492 381,253.492 381,253.492Earnings (loss) per share 1.816 1.598 1.61Report Date 12/31/2005 12/31/2004 12/31/2003Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsGross operating income 1,345,002 1,050,304 815,486Supply of electrical energy to consumer 1,332,666 1,048,304 813,850Other operating income 12,336 2,000 1,636Total deductions from sales (PIS & 124,929 69,490 36,494COFINS)Other deductions from sales 124,929 69,490 36,494Net operating income (loss) 1,220,073 980,814 778,992Total operating expenses 311,975 235,255 231,427Personnel expenses 18,575 16,187 25,421Material expenses 2,311 1,899 2,150Third party service 13,199 11,717 17,561Financial comp on use of water 45,563 35,535 32,438resourcesElectric energy purchased for resale 79,439 77,752 57,951Depreciation 63,589 63,300 64,193Operation related provisions 76,557 - 2,200Fiscalization fees - - 4,125Insurance expenses 7,447 5,834 3,142Research & development expenses - - -Other expenses 5,295 23,031 22,246Gross profit (loss) from services 908,098 745,559 547,565Total other operating revenues & (97,167) (325,813) (251,155)expensesGeneral & administrative expenses 27,196 27,062 -Total financial revenues & expenses (64,219) (293,214) (251,155)Total financial revenue 102,040 35,199 16,048Total financial expenses 166,259 328,413 267,203

Aes Tiete S.A.

01/27/2012 13 Mergent, Inc.

Report Date 12/31/2005 12/31/2004 12/31/2003Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsFinancial expenses 160,191 157,604 142,198Changes in foreign exchange results, 6,068 170,809 125,005netOther operating expenses 5,752 5,537 -Operating profit (loss) 810,931 419,746 296,410Total non-operating revenues & (1,638) 13 (23,689)expensesTotal non-operating revenues 520 59 403Total non-operating expenses 2,158 46 24,092Other non-operating expenses - - 24,092Income (loss) before income tax payable 809,293 419,759 272,721Total provision for income tax & 211,613 85,209 25,250mandatory employee benefitsIncome tax 160,075 62,302 18,933Mandatory employee benefits 51,538 22,907 6,317Total deferred taxes 41,628 43,038 52,100Deferred income tax (25,201) (31,335) (37,901)Deferred mandatory employee benefits (16,427) (11,703) (14,199)payableNet income (loss) for the year 556,052 291,512 195,371Year-end shares outstanding 381,253.492 374,793.048 374,793.048Earnings (loss) per share 1.458 0.778 0.523Report Date 12/31/2002 12/31/2001 12/31/2000Currency BRL BRL BRLAudit Status Not Qualified Qualified QualifiedConsolidated Yes No NoScale Thousands Thousands ThousandsGross operating income 596,085 765,405 522,346Supply of electrical energy to consumer 595,248 764,574 521,978Other operating income 837 831 368Total deductions from sales (PIS & 25,997 27,106 19,807COFINS)Other deductions from sales 25,997 - -Net operating income (loss) 570,088 738,299 502,539Total operating expenses 194,276 416,554 181,202Personnel expenses 17,808 16,667 22,063Material expenses 2,457 3,001 4,872Third party service 20,404 20,856 23,315Financial comp on use of water 24,183 18,007 16,201resourcesElectric energy purchased for resale 43,502 272,805 31,470Depreciation 63,285 62,843 62,888Operation related provisions 5,531 6,920 2,371Fiscalization fees - - -Insurance expenses - - -

Aes Tiete S.A.

01/27/2012 14 Mergent, Inc.

Report Date 12/31/2002 12/31/2001 12/31/2000Currency BRL BRL BRLAudit Status Not Qualified Qualified QualifiedConsolidated Yes No NoScale Thousands Thousands ThousandsResearch & development expenses - - -Other expenses 17,106 15,455 18,022Gross profit (loss) from services 375,812 321,745 321,337Total other operating revenues & (379,898) - -expensesGeneral & administrative expenses - - -Total financial revenues & expenses (379,898) (223,607) (227,665)Total financial revenue 45,706 28,382 19,692Total financial expenses 425,604 - -Financial expenses 131,159 123,054 131,502Changes in foreign exchange results, 294,445 128,935 115,855netOther operating expenses - - -Operating profit (loss) (4,086) 98,138 93,672Total non-operating revenues & 284 (2,407) 16expensesTotal non-operating revenues 672 803 1,004Total non-operating expenses 388 3,210 988Other non-operating expenses 388 - -Income (loss) before income tax payable (3,802) 95,731 93,688Total provision for income tax & - - -mandatory employee benefitsIncome tax - - -Mandatory employee benefits - - -Total deferred taxes (1,280) 18,781 40,685Deferred income tax 945 (13,810) (23,448)Deferred mandatory employee benefits 335 (4,971) (17,237)payableNet income (loss) for the year (2,522) 76,950 53,003Year-end shares outstanding 374,793.048 374,793.048 -Earnings (loss) per share - - -

15 yr As Reported Annuals Balance Sheet

Exchange rate used is that of the Year End reported dateAs Reported Annual Balance SheetReport Date 12/31/2008 12/31/2007 12/31/2006Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsTotal assets 2,514,576 2,503,448 2,392,945Total current assets 1,086,425 1,059,830 925,133Total cash & cash equivalents & 840,097 638,309 690,334short-term investmentsCash & banks 307 - -

Aes Tiete S.A.

01/27/2012 15 Mergent, Inc.

Report Date 12/31/2008 12/31/2007 12/31/2006Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsShort-term investments 839,790 638,309 690,334Total receivables 199,789 191,591 208,106Reseller accounts receivable 11,331 29,451 37,004Accounts receivable from related parties 188,458 162,140 171,102Inventories 530 1,169 1,169Total other current assets 46,009 228,761 25,524Deferred taxes & mandatory employee 4,360 19,074 2,032benefitsTaxes & mandatory employee benefits 24,548 187,031 2,599Recoverable taxes 12,687 13,168 11,758Other current assets 3,025 7,826 6,592Prepaid expenses 1,389 1,662 2,543Total non-current assets 1,428,151 1,443,618 1,467,812Total long-term assets 198,083 209,304 218,432Total sundry receivables 141,204 155,471 190,340Deferred taxes & mandatory employee 2,307 2,734 42,562benefitsRecoverable taxes 137,363 149,818 137,889Reseller accounts receivable 1,534 2,919 9,889Total accounts receivable from related - - -partiesAccounts receivable from associated - - -companiesTotal other long-term assets 56,879 53,833 28,092Guarantees & deposits - related 55,474 53,406 27,882Other long-term assets 1,405 427 210Total permanent assets 1,230,068 1,234,314 1,249,380Total investments 2,099 2,099 2,099Other investments 2,099 2,099 2,099Property, plant & equipment, net 1,227,969 1,207,770 1,225,093Property, plant & equipment in 1,114,916 1,152,217 1,225,093serviceProperty, plant & equipment in 112,344 55,553 -progressIntangibles - 1,000 -Intangibles, net 709 - -Deferred expenses - 23,445 22,188Total liabilities & 2,514,576 2,503,448 2,392,945stockholders' equityTotal current liabilities 960,776 797,840 676,600Total loans & financing 232,834 192,590 164,261Loans & financing 228,015 187,528 158,769Financial charges on debt 4,819 5,062 5,492Accounts payable to suppliers 202,793 95,613 73,584Taxes, fees & contributions payable 254,757 184,211 218,718Dividends payable 195,372 167,138 166,381

Aes Tiete S.A.

01/27/2012 16 Mergent, Inc.

Report Date 12/31/2008 12/31/2007 12/31/2006Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsTotal provisions 67,681 53,172 45,534Salaries payable 2,138 1,789 1,159Estimated liabilities 12,798 11,109 10,571Provision for research & development 34,966 29,211 21,663Provision for litigations & 17,779 11,063 12,141contingenciesAccounts payable to related companies - 96,414 -Total other current liabilities 7,339 8,702 8,122Obligations payable to Cesp Foundation - 616 993Consumer charges payable 7,339 8,086 7,129Total non-current liabilities 1,052,763 1,204,571 1,240,926Total long-term liabilities 1,052,763 1,204,571 1,240,926Total loans & financing 982,693 1,105,983 1,206,974Obligations payable to Cesp Foundation - 1,764 6,396Loans & financing 982,693 1,104,219 1,200,578Total provisions 47,705 44,559 33,952Provision for contingencies 47,705 44,559 33,952Estimated liabilities - - -Total long-term liabilities before - - -special liabilitiesTotal other long-term liabilities 22,365 54,029 -Special liabilities - - -Accounts payable to suppliers 22,365 54,029 -Total stockholders' equity 501,037 501,037 475,419Corrected & revalued capital 207,227 207,227 207,227Total capital reserves 252,364 252,364 226,746Donations & investment subsidies 2,204 2,204 2,204Own capital compensation 17,613 17,613 17,613Special reserve for goodwill 232,547 232,547 206,929Total income reserve 41,446 41,446 41,446Legal reserve 41,446 41,446 41,446Income reserve - - -

Report Date 12/31/2005 12/31/2004 12/31/2003Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsTotal assets 2,548,340 2,333,895 2,236,971Total current assets 1,030,541 743,198 568,487Total cash & cash equivalents & 795,246 - -short-term investmentsCash & banks 687 489,463 266,305Short-term investments 794,559 - -Total receivables 208,683 166,977 200,337Reseller accounts receivable 67,530 76,419 105,420

Aes Tiete S.A.

01/27/2012 17 Mergent, Inc.

Report Date 12/31/2005 12/31/2004 12/31/2003Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsAccounts receivable from related parties 141,153 90,558 94,917Inventories 1,169 1,185 957Total other current assets 25,443 85,573 100,888Deferred taxes & mandatory employee 2,849 65,512 62,592benefitsTaxes & mandatory employee benefits - - -Recoverable taxes 12,290 11,427 29,922Other current assets 8,238 6,311 6,865Prepaid expenses 2,066 2,323 1,509Total non-current assets - - -Total long-term assets 247,790 282,295 318,140Total sundry receivables 214,792 256,339 293,831Deferred taxes & mandatory employee 38,857 4,724 53,843benefitsRecoverable taxes 149,648 161,938 153,371Reseller accounts receivable 26,287 89,677 86,617Total accounts receivable from related 4,535 - 19,132partiesAccounts receivable from associated 4,535 - 19,132companiesTotal other long-term assets 28,463 25,956 5,177Guarantees & deposits - related 27,640 7,868 3,985Other long-term assets 823 18,088 1,192Total permanent assets 1,270,009 1,308,402 1,350,344Total investments 2,099 1,520 1,520Other investments 2,099 1,520 1,520Property, plant & equipment, net 1,244,928 1,282,729 1,328,031Property, plant & equipment in 1,219,575 1,255,609 1,313,202serviceProperty, plant & equipment in 25,353 27,120 14,829progressIntangibles - - -Intangibles, net - - -Deferred expenses 22,982 24,153 20,793Total liabilities & 2,548,340 2,333,895 2,236,971stockholders' equityTotal current liabilities 673,808 347,585 280,729Total loans & financing 144,958 129,552 105,854Loans & financing 138,863 123,481 99,774Financial charges on debt 6,095 6,071 6,080Accounts payable to suppliers 56,999 47,413 45,837Taxes, fees & contributions payable 143,215 47,986 5,293Dividends payable 295,799 77,945 87,668Total provisions 24,359 30,908 24,471Salaries payable 957 1,115 400Estimated liabilities 8,466 10,817 4,793

Aes Tiete S.A.

01/27/2012 18 Mergent, Inc.

Report Date 12/31/2005 12/31/2004 12/31/2003Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsProvision for research & development - - -Provision for litigations & 14,936 18,976 19,278contingenciesAccounts payable to related companies - - -Total other current liabilities 8,478 13,781 11,606Obligations payable to Cesp Foundation 1,426 6,241 5,230Consumer charges payable 7,052 7,540 6,376Total non-current liabilities - - -Total long-term liabilities 1,399,113 1,527,990 1,512,500Total loans & financing 1,325,333 1,449,930 1,408,758Obligations payable to Cesp Foundation 15,774 18,914 25,850Loans & financing 1,309,559 1,431,016 1,382,908Total provisions 34,826 16,268 14,423Provision for contingencies 34,826 16,193 12,829Estimated liabilities - 75 1,594Total long-term liabilities before - - -special liabilitiesTotal other long-term liabilities 38,954 61,792 89,319Special liabilities - - -Accounts payable to suppliers 38,954 61,792 89,319Total stockholders' equity 475,419 458,320 443,742Corrected & revalued capital 207,227 147,416 147,416Total capital reserves 226,746 286,557 286,557Donations & investment subsidies 2,204 2,204 2,204Own capital compensation 17,613 17,613 17,613Special reserve for goodwill 206,929 266,740 266,740Total income reserve 41,446 24,347 9,769Legal reserve 41,446 24,347 9,769Income reserve - - -

Report Date 12/31/2002 12/31/2001 12/31/2000Currency BRL BRL BRLAudit Status Not Qualified Qualified QualifiedConsolidated Yes No NoScale Thousands Thousands ThousandsTotal assets 2,247,897 2,314,827 2,090,878Total current assets 288,037 435,530 273,998Total cash & cash equivalents & - - -short-term investmentsCash & banks 72,674 2,156 2,377Short-term investments - 171,957 158,432Total receivables 153,896 - -Reseller accounts receivable 126,443 190,563 57,598Accounts receivable from related parties 27,453 19,038 20,259Inventories 1,138 1,059 1,093Total other current assets 60,329 - -

Aes Tiete S.A.

01/27/2012 19 Mergent, Inc.

Report Date 12/31/2002 12/31/2001 12/31/2000Currency BRL BRL BRLAudit Status Not Qualified Qualified QualifiedConsolidated Yes No NoScale Thousands Thousands ThousandsDeferred taxes & mandatory employee 28,211 22,822 11,709benefitsTaxes & mandatory employee benefits - - -Recoverable taxes 25,468 22,153 20,864Other current assets 6,553 5,782 1,440Prepaid expenses 97 - 226Total non-current assets - - -Total long-term assets 534,080 420,566 328,490Total sundry receivables 438,000 - -Deferred taxes & mandatory employee 123,852 90,457 87,590benefitsRecoverable taxes 184,066 210,205 232,352Reseller accounts receivable 130,082 104,693 -Total accounts receivable from related 67,628 - -partiesAccounts receivable from associated 67,628 - -companiesTotal other long-term assets 28,452 - -Guarantees & deposits - related 21,882 15,211 8,548Other long-term assets 6,570 - -Total permanent assets 1,425,780 1,458,731 1,488,390Total investments 1,798 1,798 -Other investments 1,798 - -Property, plant & equipment, net 1,406,387 1,444,706 1,486,406Property, plant & equipment in 1,372,594 - -serviceProperty, plant & equipment in 33,793 - -progressIntangibles - - -Intangibles, net - - -Deferred expenses 17,595 12,227 1,984Total liabilities & 2,247,897 2,314,827 2,090,878stockholders' equityTotal current liabilities 384,159 415,071 213,272Total loans & financing 81,817 - -Loans & financing 76,912 58,228 155,377Financial charges on debt 4,905 5,057 11,750Accounts payable to suppliers 268,629 246,349 13,678Taxes, fees & contributions payable 4,757 7,158 2,912Dividends payable 163 74,768 11,278Total provisions 19,084 - -Salaries payable 3,202 3,310 3,274Estimated liabilities 15,882 12,268 8,949Provision for research & development - - -Provision for litigations & - - -contingencies

Aes Tiete S.A.

01/27/2012 20 Mergent, Inc.

Report Date 12/31/2002 12/31/2001 12/31/2000Currency BRL BRL BRLAudit Status Not Qualified Qualified QualifiedConsolidated Yes No NoScale Thousands Thousands ThousandsAccounts payable to related companies - - -Total other current liabilities 9,709 - -Obligations payable to Cesp Foundation 4,932 4,087 2,462Consumer charges payable 4,777 3,846 3,592Total non-current liabilities - - -Total long-term liabilities 1,429,765 1,231,731 1,179,592Total loans & financing 1,391,708 - -Obligations payable to Cesp Foundation 27,428 29,286 32,959Loans & financing 1,364,280 1,155,151 1,101,051Total provisions 33,276 - -Provision for contingencies 27,772 26,084 16,163Estimated liabilities 5,504 16,429 24,638Total long-term liabilities before - 1,226,950 1,174,811special liabilitiesTotal other long-term liabilities 4,781 - -Special liabilities 4,781 4,781 4,781Accounts payable to suppliers - - -Total stockholders' equity 433,973 668,025 698,014Corrected & revalued capital 147,416 100,001 100,001Total capital reserves 286,557 561,803 561,803Donations & investment subsidies 2,204 - -Own capital compensation 17,613 - -Special reserve for goodwill 266,740 - -Total income reserve - - -Legal reserve - - -Income reserve - 6,221 36,210

15 yr As Reported Annuals Cash Flows

Exchange rate used is that of the Year End reported dateAs Reported Annual Cash FlowReport Date 12/31/2008 12/31/2007 12/31/2006Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsNet cash flows from operating activities 1,117,298 - 822,825Total net income adjustments 962,534 - -Net income (loss) for the year 692,462 - 614,127Depreciation & amortization 64,378 - 66,828Inflation adjustments 129,422 - 51,511Provision for litigations & 2,433 - (874)contingenciesLoss (gain) on sale of assets & 1,351 - 771rightsProvision for realization of assets 46,849 - 19,754

Aes Tiete S.A.

01/27/2012 21 Mergent, Inc.

Report Date 12/31/2008 12/31/2007 12/31/2006Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsProvision for realization of assets - - - -free energyActuarial gain unrealized (2,438) - (13,778)Equity results - - -Deferred taxes & mandatory employee 28,077 - 7,683benefitsTotal variation in assets & 154,764 - -liabilitiesAccounts receivable from resellers (52,855) - (1,581)Accounts receivable from related parties - - -Taxes & mandatory employee benefits (43,991) - (878)receivableInventory - - -Guaranteed deposits & other 8,319 - 5,353receivablesPrepaid expenses 271 - (478)Accounts payable to suppliers 58,125 - 16,585Salaries payable 30 - 202Taxes & mandatory employee benefits - - 75,434payableEstimated liabilities 185,612 - (17,910)Consumer charges payable (747) - 76Net cash flows from investing activities (61,070) - (46,969)Acquisition of property, plant & (59,743) - (46,521)equipmentIncrease of investments (1,327) - -Increase of deferred assets - - (448)Net cash flows from financing activities (854,440) - (880,768)Dividends, capital reduction & (664,228) - (743,548)interest on own capitalLoans from related parties - - -Payments of loans (190,212) - (137,220)Net increase (decrease) in cash & 201,788 - (104,912)cash equivalentsCash & cash equivalents, beginning 638,309 - 795,246of yearCash & cash equivalents, end of year 840,097 - 690,334Interest expense paid - - 140,284Income taxes paid - - 223,631

Report Date 12/31/2005 12/31/2004 12/31/2003Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsNet cash flows from operating activities 784,972 624,793 352,312

Aes Tiete S.A.

01/27/2012 22 Mergent, Inc.

Report Date 12/31/2005 12/31/2004 12/31/2003Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsTotal net income adjustments - - -Net income (loss) for the year 556,052 291,512 195,371Depreciation & amortization 63,830 63,449 64,117Inflation adjustments 2,494 177,003 108,104Provision for litigations & (887) 5,326 2,761contingenciesLoss (gain) on sale of assets & 646 74 23,583rightsProvision for realization of assets 17,728 - -Provision for realization of assets - 58,829 - -free energyActuarial gain unrealized - - -Equity results (487) 1,121 510Deferred taxes & mandatory employee 46,484 43,038 52,100benefitsTotal variation in assets & - - -liabilitiesAccounts receivable from resellers 34,288 25,941 64,403Accounts receivable from related parties (41,043) 4,530 (37,702)Taxes & mandatory employee benefits (6,525) 13,090 9,773receivableInventory 16 (228) 181Guaranteed deposits & other (252) (20,032) (1,428)receivablesPrepaid expenses 257 (814) (1,412)Accounts payable to suppliers 9,557 (28,261) (133,477)Salaries payable (162) 714 (187)Taxes & mandatory employee benefits 90,278 42,695 544payableEstimated liabilities (45,643) 4,471 3,472Consumer charges payable (488) 1,164 1,599Net cash flows from investing activities (27,486) (22,734) (12,637)Acquisition of property, plant & (25,185) (17,668) (8,923)equipmentIncrease of investments (200) (1,010) (273)Increase of deferred assets (2,101) (4,056) (3,441)Net cash flows from financing activities (451,961) (378,823) (146,051)Dividends, capital reduction & (321,095) (286,660) (98,097)interest on own capitalLoans from related parties - 18,960 34,300Payments of loans (130,866) (111,123) (82,254)Net increase (decrease) in cash & 305,525 223,236 193,624cash equivalentsCash & cash equivalents, beginning 489,419 266,183 72,559of yearCash & cash equivalents, end of year 794,944 489,419 266,183

Aes Tiete S.A.

01/27/2012 23 Mergent, Inc.

Report Date 12/31/2005 12/31/2004 12/31/2003Currency BRL BRL BRLAudit Status Not Qualified Not Qualified Not QualifiedConsolidated Yes Yes YesScale Thousands Thousands ThousandsInterest expense paid 148,555 148,710 135,985Income taxes paid 117,054 23,455 25,250

10 yr As Reported Quarters Income StatementExchange rate used is that of the Year End reported dateThere is no As Reported Quarterly financial information available for this company at present.

10 yr As Reported Quarters Balance SheetExchange rate used is that of the Year End reported dateThere is no As Reported Quarterly financial information available for this company at present.

10 yr As Reported Quarters Cash FlowsExchange rate used is that of the Year End reported dateThere is no As Reported Quarterly financial information available for this company at present.

2,3,5 yr Analysis - Income Statement

12/31/2008 12/31/2007 Variance No Interim DataItem BRL BRL BRL %Revenues 1,621,172,000 1,463,880,000 157,292,000 10.74 -Taxation 337,425,000 304,585,000 32,840,000 10.78 -Net Income 692,462,000 609,110,000 83,352,000 13.68 -EPS Net Basic 1.82 1.6 0.22 13.75 -

Compound Annual Growth RateItem 3 Year 5 YearRevenues 0.05 0.11Taxation 0.03 0.21Net Income 0.04 0.19EPS Net Basic 0.04 0.18

2,3,5 yr Analysis - Balance Sheet

12/31/2008 12/31/2007 VarianceItem BRL BRL BRL %Cash & Equivalents 307,000 - - -Receivables (ST) 11,331,000 29,451,000 (18,120,000) (61.53)Inventories 530,000 1,169,000 (639,000) (54.66)Current Assets 1,086,425,000 1,059,830,000 26,595,000 2.51Long Term Investments 2,099,000 2,099,000 0.00 0.00Net Property Plant & Equip 1,227,969,000 1,207,770,000 20,199,000 1.67Total Assets 2,514,576,000 2,503,448,000 11,128,000 0.44Accounts Payable 210,132,000 103,699,000 106,433,000 102.64

Aes Tiete S.A.

01/27/2012 24 Mergent, Inc.

12/31/2008 12/31/2007 VarianceItem BRL BRL BRL %Current Liabilities 960,776,000 797,840,000 162,936,000 20.42LT Debt & Leases 982,693,000 1,105,983,000 (123,290,000) (11.15)Total Liabilities 2,013,539,000 2,002,411,000 11,128,000 0.56Total Equity 501,037,000 501,037,000 0.00 0.00

No Interim Data Compound Annual Growth RateItem 3 Year 5 YearCash & Equivalents - - -Receivables (ST) - (0.33) (0.32)Inventories - (0.23) (0.15)Current Assets - 0.06 0.08Long Term Investments - 0.00 0.07Net Property Plant & Equip - 0.00 (0.01)Total Assets - 0.02 0.02Accounts Payable - 0.38 0.31Current Liabilities - 0.12 0.23LT Debt & Leases - (0.07) (0.07)Total Liabilities - 0.02 0.01Total Equity - 0.02 0.02

2,3,5 yr Analysis - Ratio Analysis

12/31/2008 12/31/2007 Variance No Interim DataItem BRL BRL BRL %ROA % (Net) 27.52 24.88 2.64 10.61 -ROE % (Net) 137.83 124.76 13.07 10.48 -Quick Ratio 0.01 0.03 (0.02) (66.67) -Current Ratio 1.13 1.33 (0.20) (15.04) -Net Current Assets % TA 5 10.47 (5.47) (52.24) -LT Debt to Equity 1.96 2.21 (0.25) (11.31) -Total Debt to Equity 1.96 2.21 (0.25) (11.31) -Total Asset Turnover 0.64 0.6 0.04 6.67 -

Compound Annual Growth RateItem 3 Year 5 YearROA % (Net) 0.03 0.17ROE % (Net) 0.02 0.16Quick Ratio (0.37) (0.64)Current Ratio (0.06) (0.12)Net Current Assets % TA (0.22) (0.22)LT Debt to Equity (0.08) (0.09)Total Debt to Equity (0.08) (0.09)Total Asset Turnover 0.05 0.08

10 yr Business Analysis

No information found under this company.

General Company InformationBusiness DescriptionBusiness SummaryDividendsLong Term DebtSubsidiariesPropertyCompetitors (INTL)Financial Highlights15 yr As Reported Annuals Income Statement15 yr As Reported Annuals Balance Sheet15 yr As Reported Annuals Cash Flows10 yr As Reported Quarters Income Statement10 yr As Reported Quarters Balance Sheet10 yr As Reported Quarters Cash Flows2,3,5 yr Analysis - Income Statement2,3,5 yr Analysis - Balance Sheet2,3,5 yr Analysis - Ratio Analysis10 yr Business Analysis