AES Andres Dominicana-Itabo Dominicana 1Q11 by AES Dominicana

First Quarter 2011 Relevant Results

Contact: Yandery Teran Investor Relations Director (1) (809) 955-2223

Santo Domingo, Dominican Republic May 19th, 2011

1Q11 Relevant Results

inversoraesdom@aes.com

www.aesdominicana.com.do

AES Andres B.V. and Subsidiary and Dominican Power Partners and Subsidiary announced a combined Net Income of US$12.6 million in the first quarter 2011. Santo Domingo, Dominican Republic, May 19th, 2011 â&#x20AC;&#x201C; Andres-DPP and Itabo announced today results for the first quarter 2011. All operating and financial information, except where otherwise specified, is expressed in US dollars in conformity with Generally Accepted Accounting Principles applicable in the United States (USGAAP). These figures are not audited For Andres-DPP the revenues increased 5.4% in the first quarter 2011 compared to the same period of 2010. Net Income was US$12.6 million for the first quarter of 2011.

(Millions of US$) Revenues Operating costs and expenses Operating income

1Q11

1Q10

94.3 61.6 32.7

89.5 56.1 33.4

34.7%

37.3%

Net Income (*)

12.6

14.7

Inside this report:

Net Cash Provided by Operating Activities

29.6

57.6

External Factors

Analysis of Andres-DPP Financial Results

Operating income margin

Page

* Net Income includes interest expenses of US$9.4 million in 1Q11 and 1Q10, related to interest under a subordinated intercompany loan under which AES made its capital injections to finance the development and construction of Andres. AES views this loan as an equity investment and the respective interests are a restricted payment under the indenture.

Analysis of ITABO Financial Results

Financial Debt Summary

Itabo reports an Operating Income of US$6.9 million for the first quarter 2011

Liquidity

Operational Results

For Itabo, the revenues increased 11.2% in the first quarter 2011 compared to the same period of 2010.

Operational Developments

(Millions of US$) Revenues Operating costs and expenses Operating (Loss) income Operating (Loss) income margin Net (loss) Income Net Cash Provided by Operating Activities

Andres Dominicana and Itabo Dominicana, Earning Release

1Q11

1Q10

58.4 51.5 6.9

52.5 49.6 2.9

11.8%

5.5%

0.0

(5.9)

(7.5)

24.3

Regulation

Safety Indicators

Environmental Matters

Financial Statements

Glossary of Key Terms

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1Q11 Relevant Results External Factors1

Coal, Natural Gas and Fuel-Oil #6 Price Evolution

Dominican Republic’s GDP grew 7.8% in 2010. 14

Inflation stood at 3.64% at the end of March 2011.

Average Nymex Henry Hub natural gas prices were US$4.20 per MMBtu for the first quarter 2011, with a peak of US$4.74 per 2 MMBtu and a low of US$3.78 per MMBtu.

12 US$/MMBTU

The exchange rate as of March 31st, 2011 was RD$37.85 per US dollar (Bid) and RD$37.76 per US dollar (Ask).

13.16

Fuel-Oil #6

Average Coal prices were US$4.56 per MMBtu for the first quarter 2011, with a peak of US$4.78 per MMBtu and a low of US$4.36 per MMBtu.

10.83

9.98 Natural Gas

5.03

4.56

4.23

4 2

2.43

4.20

3.19

Coal

0 1Q10

2Q10

3Q10

4Q10

1Q11

Total electricity demand as of March 31st, 2011 reached 2,830 GWh, an increase of 4.8 % versus the same period 2010. Analysis of Andres-DPP Combined3 Financial Results (In USGAAP) For Andres-DPP the Revenues increased 5.4% to US$94.3 million in the first quarter 2011 compared to the same period of 2010. This result was mainly driven by: i) US$6.0 million of higher spot electricity sales due to higher volume and prices; ii) US$3.6 million lower contracted electricity sales; and, iii) other sales increased around US$2.4 million mainly from natural gas sales since in February 2010 Andres started the operation of the liquefied natural gas loading terminal, expanding the use of this fuel in the Dominican Republic. Andres-DPP’s Revenues consist of the following: (Millions of US$)

1Q11

Electricity sales – Contracts Electricity sales – spot market Natural Gas Sales & Other Sales Total Revenues

Var%

1Q10

64.6 26.2 3.5 94.3

68.2 20.2 1.1 89.5

(5.3) 29.7 218.2 5.4

For Andres-DPP the Operating Costs and Expenses increased 9.8%, in the first quarter of 2011 compared to the same period 2010, from US$56.1 million to US$61.6 million. This variance was principally a net result of: (i) higher fuel cost by US$15.5 million due to higher generation; (ii) lower energy purchases by US$12.8 million; (iii) US$2.0 million of higher operating and maintenance expenses; (iv) higher depreciation by US$1.4 million; and (v) higher positive impact from the use of derivatives instruments by US$0.6 million Andres-DPP’s operating costs and expenses consist of the following:

(Millions of US$) Cost of electricity sales- fuel & electricity purchases Operating, maintenance and general expenses Derivatives Instruments Depreciation and amortization of intangible assets Total Operating Cost and Expenses

1Q11 47.5 9.5 (0.8) 5.4 61.6

1Q10 44.8 7.5 (0.2) 4.0 56.1

Var% 6.0 26.7 300.0 35.0 9.8

Source: Dominican Central Bank, Coordinating Body and FOB, 6300 kcal/kg Puerto Bolivar, Platts International Coal Report.

Pricing under the BP Contract is at a premium to the Henry Hub natural gas price per MMbtu on the NYMEX Index.

The accompanying combined financial results include the accounts of Andres, DPP and its subsidiary Andres Dominicana.LTD Intercompany balances and transactions have been eliminated in these combined financial statements.

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results Andres- DPP, total Other Expenses were US$13.2 million in the first quarter 2011 compared to other expenses of US$11.4 million in the same period of 2010. This increase was mainly a net function of: (i) lower net commercial interest income by US$1.1 million, basically due to a new sector agreement eliminated the outstanding interest receivables from the spot market transactions; (ii) higher other expenses by US$0.5 million; (iii) higher net financial interest expenses by US$0.3 million due to the increment of the amount of the international bond outstanding since the new issuance done in November 2010 by US$167.5 million; and, (iv) lower deferred financing cost by US$0.1 million. Andres- DPP Other (Expenses) Income consists of the following:

(Millions of US$)

1Q11

Interest (expense) – financial - net Interest income – commercial and others-net Subordinated intercompany loan interest expense (*) Deferred financing costs amortization Other (expenses) Foreign currency gain Total Other (Expenses)

1Q10

(4.4) 1.2 (9.4) (0.3) (0.5) 0.2 (13.2)

(4.1) 2.3 (9.4) (0.4) 0.0 0.2 (11.4)

Var% 7.3 (47.8) 0.0 (25.0) n/a 0.0 15.8

(*) Interest expenses are those generated by the subordinated intercompany loan under which AES made its capital injections to finance the development and construction of Andres.

For Andres-DPP, Net Cash Provided by Operating Activities was US$29.6 million for the first quarter 2011, a decrease of 48.6% compared to a Net Cash Provided by Operating Activities of US$57.6 million in the same period of 2010, mainly due to the following: (i) Negative impact as result of higher accounts receivables by US$27.9 million basically due to higher sales and due to in March 2010 the account receivables had 60 days sales outstanding; (ii) positive impact due to higher accounts payables by US$11.9 million; (iii) negative impact from inventory by US$7.9 million; (iv) negative adjustment by US$4.1 million from reconciling net income to net cash provided by operations. Free Cash Flow (a non-GAAP financial measure defined as net cash from operating activities less capital expenditure defined in the accompanying financial statement as Additions to Property, Plant and Equipment and advances to suppliers in purchases of PP&E) was net cash provided of US$21.7 million for the first quarter 2011. In addition to the net cash provided by Operating Activities of US$29.6 million, during this period, there were additions to property, plant and equipment of US$7.8 million.

Analysis of Itabo’s Consolidated4 Financial Results (In USGAAP) For Itabo the Revenues increased 11.2% to US$58.4 million in the first quarter 2011 compared to the same period of 2010. This result was mainly driven by US$6.2 million of higher electricity sales that resulted from higher contract prices indexed by higher average coal market prices. Itabo’s Revenues consist of the following: (Millions of US$)

1Q11

1Q10

Electricity sales Other revenues Total Revenues

58.4 0.0 58.4

52.2 0.3 52.5

Var% 11.9 (100.0) 11.2

For Itabo the Operating Costs and Expenses increased 3.8% in the first quarter of 2011 compared to the same period 2010, from US$49.6 million to US$51.5 million. This variance was principally a net result of: (i) higher coal cost by US$4.3 million; (ii) US$1.0 million of lower electricity purchase due to lower sales (in GWh); (iii) lower depreciation by US$1.2 million; (iv) lower operating and maintenance expenses by US$0.6 million; and, (v) higher selling, general and administrative expenses by US$0.4 million.

The accompanying consolidated financial results include the accounts of Itabo, and its subsidiary Itabo Finance, S. A. Intercompany balances and transactions have been eliminated in these consolidated financial statements.

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results Itabo’s Operating Costs and Expenses consist of the following: (Millions of US$)

1Q11

1Q10

41.3 3.2 3.2 3.7 0.1 51.5

38.0 3.8 2.8 4.9 0.1 49.6

Cost of electricity sales Operating and maintenance expenses Selling, general and administrative expenses Depreciation Amortization of contracts Total Operating Cost and Expenses

Var% 8.7 (15.8) 14.3 (24.5) 0.0 3.8

For Itabo the total Other Income were US$1.4 million in the first quarter 2011 compared to a total other expenses of US$1.9 million in the same period of 2010. This variation was primarily attributable to the net effect of: (i) higher net commercial interest income by US$2.5 million due to a new sector agreement that eliminated the outstanding interest payables from the spot market transactions; (ii) lower net financial interest expenses by US$0.8 million due to the reduction of the international debt from US$125 million to US$116.4 million, with a lower interest rate (9.5% Vs 10.875%). Itabo’s Other (Expenses) Income consists of the following: (Millions of US$)

1Q11

Interest (expenses)- financial- net Interest income- commercial- net Amortization of deferred financing cost Other (expenses)- net Remeasurement (loss) income Total Other Income (Expenses)

1Q10

(2.9) 4.5 (0.1) 0.0 (0.1) 1.4

Var%

(3.7) 2.0 (0.1) 0.0 (0.1) (1.9)

(21.6) 125.0 0.0 n/a n/a n/a

For Itabo the Net Cash Used in Operating Activities was US$7.5 million for the first quarter 2011 compared to a Net Cash Provided by Operating Activities of US$24.3 million in the same period of 2010, resulting in a negative variation of US$31.8 million. This negative variance was mainly a net result of: (i) negative impact due to higher accounts receivables by US$52.8 million (In March 2010, Itabo had extraordinary collections that covered account receivables up to January 2010 and it was done according to the Stand-By Agreement with the IMF); (ii) positive impact due to higher account payables by US$10.8 million, basically from energy transactions; (iii) positive impact by US$9.5 million due to lower accrued liabilities payments since in 2010 Itabo paid US$13.8 million of dividends; (iv) an impact of US$6.8 million from positive adjustments, reconciling net income to net cash used in operation activities; and, (v) negative impact due to higher inventory by US$6.1 million. Free Cash Flow (a non-GAAP financial measure defined as net cash from operating activities less capital expenditures defined in the accompanying financial statement as additions to Property, Plant and Equipment and advances to suppliers in purchases of PP&E) was a net cash used of US$11.5 million for the first quarter 2011. During this period, in addition to the net cash used of US$7.5 million, there were additions to property, plant and equipment by US$4.0 million.

Financial Debt Summary In February, Andres signed a hedge contract with Citibank to protect AES Frequency Regulation margins for AprilDecember period. In February 2011, the AES Dominicana Senior Notes were listed in the Luxemburg Stock Exchange. The following tables show composition of financial debt: Andres-DPP Financial Debt

Mar-11

Dec-10

(expressed in millions of US$)

Itabo Financial Debt

Mar-11 Dec-10

(expressed in millions of US$)

Local Currency

Foreign Currency Total Debt

168 168

Foreign Currency Total Debt

131 131

100%

Fixed Rate

100%

Variable Rate

Short Term

100% 10.56%

100% 10.21%

9.2

Long Term Financing Cost (*) Average Life (years)

Andres Dominicana and Itabo Dominicana, Earning Release

Fixed Rate

Long Term Financing Cost (*) Average Life (years)

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1Q11 Relevant Results Rating Agency Fitch Ratings (Andres-DPP)

Senior Notes 2020

Rating B-

Outlook Stable

Fitch Ratings (Itabo) Standard & Poor's (Andres-DPP)

Senior Notes 2020 Senior Notes 2020

BB-

Stable Positive

Standard & Poor's (Itabo)

Senior Notes 2020

B-

Negative

(*) (1) After tax rates. (2) The Notes effective rate includes the interest income accrued by the interest debt reserve.

Liquidity Average Collections Rate

Collections During the first quarter 2011 the average collection rate for Andres- DPP was 70% against 120% in the same period of 2010 and for Itabo 50% against 151%. The reduction is related to the higher collection received on March 2010 as a result of a extrordinary payment received in that date that covered invoiced up to january. This level improved in April 2011 since DPP and Itabo received extraordinary collections of late receivables from the Distros for US$19 milion and US$27 million respectively.

Andres - DPP

Itabo

151%

131% 100% 69%

120% 91% 1Q10

2Q10

70%

142% 60%

50%

3Q10

4Q10

1Q11

Days Sales Outstanding (DSO) 181

As of March 2011, Andres accounts receivables had 36 days sales outstanding (DSO), 106 DSO for DPP and 110 DSO for Itabo compared to 24, 63 and 66 DSO, respectively in December 2010.

147 110

111 107 73

106

66 63

24 2008

2009 AES Andres

2010 Itabo

Mar. 11 DPP

Operational Results Andres-DPP: In the first quarter of 2011, the Combined Net Generation was up by 4.9% relative to the first quarter of 2010, from 715 GWh in 2010 to 750 GWh in 1Q11, primarily a result of DPP operated as a base load power plant since April 2010 and although Los Mina V was put out of service for 20 days due to its major maintenance. Total Energy Sold during 1Q11 was 756 GWh, an increase of 4.4% compared with 1Q10, a function of the higher generation mentioned above and more NRU clients. th th During the first quarter 2011, Andres’ EAF decreased to 77% due to the major maintenance for 18 days (March 9 to 27 ), its Firm Capacity increased 12.9% to 281MW, and the EFOR was 0.

DPP’s Firm Capacity increased to 38MW as a result of higher availability since the operational improvements performed on its units. Besides the EAF has increased to 92% since its units has been working as based load plants since 2010. The following table presents selected operational information for each of the periods indicated: As of March 31st, 2011 Installed capacity (MW) Power Generation Units Effective capacity (MW)

Andres 319 1 304

DPP 236 2 236

Aggregate 555 3 540

Contracted capacity (MW)

186

210

396

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results Operating Data

1Q11

Gross generation Internal consumption

GWh GWh

Net Generation

GWh

Total Energy Sold Andres' Firm Capacity Andres Heat Rate Andres EAF Andres EFOR

GWh MW Btu/KWh % %

DPP's Firm Capacity

1Q10

760 (10)

Var.%

727 (12)

750

715

756 281 7,831 77 0.0

724 249 7,650 91 0.0

4.5 (16.7) 4.9 4.4 12.9 2.4 (15.4) 90.0

DPP EAF

48.4

DPP EFOR

0.0

1.0

(100.0)

Itabo: During the first quarter 2011, the Net Generation was 375 GWh, a decrease of 2.3% with respect to the same period of 2010. The Energy Sold decreased 4.1% compared to the same period of the previous year. The EAF decreased to 77% basically due to the Unit I worked limited until the end of March 2011 and the EFOR worsen from 1% to 7%, basically due to the units had several forced outages during the period (1Q11-149 hours vrs 1Q10-21 hours). The following table presents selected operational information for each of the periods indicated:

As of March 31st, 2011 Installed capacity (MW)

260

Power Generation Units Effective capacity (MW)

2 260

Gross generation Internal consumption Net Generation Total Energy Sold * Firm Capacity Heat Rate EAF EFOR

GWh GWh GWh GWh MW Btu/KWh % %

1Q11

1Q10

413 (38) 375 446 226 10,830 77 7

424 (40) 384 465 226 10,825 90 1

Var.% (2.6) (5.0) (2.3) (4.1) 0.0 0.0 (14.4) 600.0

* Revised data

Operational Developments During the first quarter 2011, Andres received three vessels with 9.0 TBTU of natural gas and Itabo received four coal vessels containing 190,359 MT. On January 24th, Los Mina V was put out of service due to its Annual Major Maintenance for 20 days. The Unit was commercially available on February 10th. Itabo I was out of service by maintenance from February 17th to 20th. On March 27th, Andres was put on service after its annual major maintenance for 18 days (March 9th to 27th). As of March 31st, Andres signed three new contracts with NRUs. It had a total of 44 NRU contracts, totaling 136.1 MW.

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results Regulation In January 2011, the CDEEE and several energy companies (transmission, distribution and generation) signed a sector agreement were eliminated the penalties of 18% for the spot market transactions since January 2009 to December 2011.

Safety Indicators Andres, DPP and Itabo had the AES Corp. Environmental, health and Security audit.

As part of the Safety Program, we initiated the E-learning Program by Costal Company and the Safety Walk Process to indentify unsafe behaviors and conducts and to stimulate positive actions among all employees.

Environmental Matters During the first quarter 2011, Andres, DPP and Itabo have complied with all environmental requirements.

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results

AES Andres B. V. and Subsidiary and Dominican Power Partners and Subsidiary (Indirect Wholly-Owned Subsidiaries of The AES Corporation) UNAUDITED PRO FORMA COMBINED STATEMENTS OF OPERATIONS (Expressed in US$)

1Q11

1Q10

REVENUES Electricity sales – contracts Electricity sales – spot market Natural gas sales Derivative instruments Other sales Total revenues

64,617 26,175 5,717 (2,237) 13 94,285

68,166 20,222 1,069 14 89,472

42,401 5,133 9,522 (818) 5,441

44,070 683 7,491 (144) 4,025

61,679

56,126

32,607

33,346

(3,177) (9,425) (251) (517) 164

(1,814) (9,425) (378) (39) 158

INCOME BEFORE TAXES

19,401

21,847

Income tax expense

(6,755)

(7,128)

12,646

14,719

OPERATING COSTS AND EXPENSES Cost of sales – electricity purchases and fuel costs used for generation Cost of sales – fuel and fuel related costs purchased for resale Operating, maintenance and general expenses Derivative instruments Depreciation Total operating costs and expenses OPERATING INCOME OTHER INCOME (EXPENSES) Interest expense – net (*) Subordinated intercompany loan interest expense Deferred financing costs amortization Other expenses Foreign currency gain

NET INCOME (**)

(*) Interest expenses are those generated by the subordinated intercompany loan under which AES made its capital injections to finance the development and construction of Andres. (**)Net Income includes interest expenses of US$9.4 million in 1Q11 and 1Q10, related to interest under a subordinated intercompany loan under which AES made its capital injections to finance the development and construction of Andres. AES views this loan as an equity investment and the respective interests are a restricted payment under the indenture. The company’s Financial Results were prepared in Dollars in conformity with Generally Accepted Accounting Principles in the United States, as of any date of determination, or “GAAP.” The presentation of certain prior year balances has been reclassified to conform to the current year presentation

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results AES Andres B. V. and Subsidiary and D ominican Power Partners and Subsidiary (Indirect Wholly-Ow ned Subsidiaries of The AES Corporation) U NAUDITED PRO FOR MA COMBINED BALANCE SH EETS (Expressed in US$)

March 31st, 2011

D ec. 31st, 2010

141,073 9 92,485 40,627 202 8,706 23,218 4,549 41 955 311,865

119,652 9 74,421 35,584 165 7,262 18,339 6,094 261,526

10,370 589,522 (138,239) 461,653

10,370 583,681 (139,594) 454,458

3,996 21,792 7,999 4,544 38,332

4,248 22,465 7,959 2,503 37,176

811,849

753,159

45,207 18,984 9,425 10,500 275 2,391 86,782

25,269 5,955 9,473 5,016 45,713

26,102 413,153 167,560 377 98 1,385 608,675

21,379 413,153 167,560 276 82 1,285 603,735

15,019 108,420 1,396 (8,408) (35) 116,392

15,019 108,420 1,362 (21,054) (37) 103,712

811,849

753,159

ASSETS C URRENT ASSETS Cash and cash equivalents Restricted cash Short term investment Accounts receivable Accounts receivable – related parties Other rec eivables Other rec eivables – related parties Inventories Prepaid expenses Deferred income tax Derivative instruments - short term Total current assets PROPER TY, PLANT AND EQUIPMENT Land Plant and electricity generating equipment Les s accumulated depreciation Property, plant and equipment OTHER ASSETS Deferred financing costs – net Long term accounts receivable Debt service reserves Other assets Total other assets TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY C URRENT LIABILITIES Accounts payable and accrued liabilities Accounts payable and accrued liabilities – related parties Intercompany loan interest Notes payable - s hort term Income tax payable Deferred income tax - short term Derivative instrument - short term Total current liabilities LONG TERM LIABILITIES Deferred income tax - long term Intercompany loan Notes payable Derivative instruments - long term Long term compensation Other liabilities Total long term liabilities SHAREHOLD ER'S EQUITY Common stock Contributed capital Additional paid–in capital Accumulated losses Accumulated other comprehensive loss Total shareholder's equity TOTAL

The company’s Financial Results were prepared in Dollars in conformity with Generally Accepted Accounting Principles in the United States, as of any date of determination, or “GAAP.”

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results AES Andres B. V. and Subsidiary and Dominican Power Partners and Subsidiary (Indirect Wholly-Owned Subsidiaries of The AES Corporation) UNAUDITED PRO FORMA COMBINED STATEMENTS OF CASH FLOWS (Expressed in US$)

1Q11

1Q10

OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Derivative instruments Deferred financing costs amortization Loss on asset disposal Foreign currency translation Subordinated intercompany note interest expense Long term incentive compensation Deferred income tax expense (Increase) Decrease in accounts receivable (Increase) in accounts receivable – related parties (Increase) in other receivable (Increase) in other receivable – related parties (Increase) decrease in inventory Decrease (Increase) in prepaid expenses (Increase) in deferred tax asset (Decrease) increase in other deposits and assets Increase in accounts payable and accrued liabilities Increase in accounts payable and accrued liabilities – related parties Increase in income tax payable (Decrease) in deferred tax liability Increase in Other liabilities

12,646

14,719

5,441 1,430 251 552 1 0 56 275 (17,391) (5,043) (37) (1,444) (4,879) 1,545 (41) (2,726) 25,080 13,029 1,027 (293) 94

4,025 (144) 378 (2) 65 1,548 12,041 (6,446) (506) (1,074) 2,974 (237) (677) 3,155 16,797 9,387 2,769 (1,141) 17

29,573

57,650

INVESTING ACTIVITIES: Additions to property, plant and equipment Decrease in restricted cash Decrease in debt service reserves and other assets (Decrease) increase in other deposits

(7,834) 0 (40) -

(1,739) 0 (92)

Net cash (used in) investing activities

(7,873)

(1,830)

(278)

(5,000) (9)

(278)

(5,009)

Net cash provided by operating activities

FINANCING ACTIVITIES: Payments on borrowings Financing costs payments Net cash (used in) financing activities

21,422

50,811

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

119,652

61,831

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

141,073

112,642

NET INCREASE IN CASH

The results presented in this report have not been audited and were prepared in Dollars in conformity with generally accepted accounting principles in the United States, as of any date of determination, or “GAAP.”

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results

EMPRESA GENERADORA DE ELECTRICIDAD ITABO, S. A. (An indirectly subsidiary of The AES Corporation) CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts expressed in thousands of US dollars)

1Q11 REVENUES Electricity sales Other revenues Total revenues

1Q10

58,462 (23) 58,439

52,231 322 52,553

OPERATING COSTS AND EXPENSES Cost of electricity sales Operating, maintenance and general expenses Selling, general and administrative expenses Depreciation Amortization of contracts

(41,262) (3,208) (3,277) (3,651) (118)

(37,981) (3,760) (2,775) (4,920) (118)

Total operating costs and expenses

(51,516)

(49,554)

Operating income

6,923

2,999

Interest income Interest expense Amortization of deferred financing costs Other expense - net Remeasurement gain Total non operational

1,529 96 (58) (48) (90) 1,429

2,925 (4,617) (128) (42) (41) (1,903)

Income before taxes

8,352

1,096

Income tax expense

(8,281)

(6,997)

(5,901)

Net income (loss)

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results EMPRESA GENERADORA DE ELECTRICIDAD ITABO, S. A. (An indirectly subsidiary of The AES Corporation) CONSOLIDATED BALANCE SHEETS (Amounts expressed in thousands of US dollars)

March 31st, 2011

December 31st, 2011

ASSETS CURRENT ASSETS Cash and cash equivalents Restricted cash and cash equivalents Accounts receivable Accounts receivable – related parties, net Other receivable Other receivable – related parties Fuel inventory Materials and supplies inventory - current Income tax receivable Prepaid expenses and other assets Total current assets

59,732 330 6,514 84,394 99 2,445 18,719 11,249 1,359 103 184,944

71,482 267 3,422 56,574 51 1,456 10,724 11,461 1,189 688 157,314

342,406 (135,077) 9,996 8,038 225,363

342,790 (131,774) 8,010 8,038 227,064

Long term assets Long term receivables from customers Income tax receivable LT Debt service reserves Deferred financing costs Intangible - contracts Other assets Total long term assets

31,699 23,900 5,531 2,850 2,510 8,271 74,761

32,690 19,733 5,531 2,902 2,628 6,391 69,875

Total assets

485,068

454,253

30,873 49,828 5,977

18,921 42,893 7,390

Deferred income tax liability Total current liabilities

3,389 90,067

69,204

Notes payable - long term Deferred income tax liability Other long - term liabilities Total long term liabilities

131,463 13,904 19 145,386

131,466 4,029 16 135,511

355,556 213 (106,154) 249,615

355,556 207 (106,225) 249,538

485,068

454,253

Property, plant and equipment Property, plant and equipment Accumulated depreciation and amortization Construction in progress Land Net property, plant and equipment

Liabilities and stockholders' equity Current liabilities Accounts payable Accounts payable - related parties Accrued liabilities

Stockholders' equity Common stock (56,355,556 shares autorized and outstanding) Additional paid-in-capital Accumulated losses Total stockholders' equity Total liabilities and stockholders' equity

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results EMPRESA GENERADORA DE ELECTRICIDAD ITABO, S. A. (An indirectly subsidiary of The AES Corporation) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts expressed in thousands of US dollars) 1Q11

1Q10

Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Amortization of contracts Amortization of deferred financing costs Provision for deferred tax Loss on asset disposal Long term compensation Remeasurement gain (loss) Changes in assets and liabilities: Accounts receivable - trade

(5,901)

3,651

4,920

118 58

118 128

12,888 124

6,994 20

8 376

(117)

(2,101)

(5,128)

(27,820) (48) (989)

27,949 (1,075) 195

Fuel inventory Materials and supplies

(7,995) 212

(1,731) 22

Prepaid taxes Prepaid expense and other assets

(4,337) 585

Accounts payable Accounts payable - related parties

12,157 6,935

1,108 7,150

(1,423) (7,530)

(10,904) 24,288

(3,992) (65)

(1,652) 2

(4,057)

(1,650)

(13,775)

Accounts receivable – related companies Other receivable Other receivable – related parties

Accrued liabilities and other Net cash (used in) provided by operating activities

134 406

Cash flows from investing activities: Additions to property, plant and equipment Change in restricted cash and cash equivalents Net cash used in investing activities Cash flows from financing activities: Dividends payment Payments of deferred financing costs

(163)

(116)

Net cash used in financing activities

(163)

(13,891)

EFFECT OF EXCHANGE RATE CHANGES ON CASH

(16)

(11,750)

8,732

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

71,482

78,874

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

59,732

87,606

NET (DECREASE) INCREASE IN CASH

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results Andres-DPP and Itabo are controlled and managed by subsidiaries of AES. Itabo owns the lowest-cost thermal power generation units in the Dominican Republic. Itabo operates power generation units that in the aggregate have 260 MW of effective and installed capacity. Itabo also has the only loading dock with the capacity to service Panamax vessels and to unload to 60,000 tons of solid fuels in bulk. Andres and DPP, own and operate power generation units that in the aggregate have 555 MW of installed capacity, which represent approximately 21% of the current total installed capacity, in the Dominican Republic. Andres also has the only liquefied natural gas, or LNG, shipment receiving terminal in the Dominican Republic, a degasification facility and a storage facility, or LNG facility, and a natural gas pipeline to Santo Domingo. The unaudited pro forma combined balance sheet and statement of operations presented in this report have not been audited and were derived from the unaudited consolidated financial statements of Andres and the unaudited consolidated financial statements of DPP. The information provided by the consolidated financial statements of Andres and the consolidated financial statements of DPP has been prepared in accordance with USGAAP. Itaboâ&#x20AC;&#x2122;s results have not been audited and were prepared in Dollars in conformity with generally accepted accounting principles in the United States, as of any date of determination, or â&#x20AC;&#x153;GAAP.â&#x20AC;? The unaudited pro forma combined financial information described above is being provided for illustrative purposes only. Andres and DPP may have performed differently if they had actually been combined during the periods presented. This unaudited proforma combined financial information should be read in conjunction with the unaudited consolidated financial statements as of and for the periods ended on March 31st, 2011 and 2010, and notes thereto, of each of Andres and DPP. You should not rely on the pro forma combined financial information as being indicative of the historical results that would have been achieved by Andres and DPP if they had always been combined. The AES Corporation (NYSE: AES) is a Fortune 500 global power company with generation and distribution businesses. Through our diverse portfolio of thermal and renewable fuel sources, we provide affordable and sustainable energy to 29 countries. Our workforce of 27,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2010 revenues were $17 billion and we own and manage $41 billion in total assets. To learn more, please visit www.aes.com. This report may contain forward-looking statements speculative in nature based on the information, operational plans and forecasts currently available about future trends and facts. As such, they are subject to risks and uncertainties. A wide variety of factors may cause future real facts to differ significantly from the issues presented or anticipated in this report, including, among others, changes in general economic, political, government and business conditions. In the event of materializing any of these risks or uncertainties, or if underlying assumptions prove to be mistaken, future real facts may vary significantly. Itabo is not bound to update or correct the information contained in this report.

Please address any questions or comments related to this report to Investor Relations, email address: inversoraesdom@aes.com

Andres Dominicana and Itabo Dominicana, Earning Release

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1Q11 Relevant Results Glossary of key terms Btu:

CDEEE: Coordinating Body:

Deregulated Users (NRU): EAF: Effective Capacity: EFOR: Firm Capacity: FX:

British thermal units of measurement. It is a unit of heat in the English European System. Its equivalence in the International System (IS) is the Calorie. The prices of Natural Gas are usually expressed in US$/MMBtu. 1 Btu is equivalent to 252 calories. Corporación Dominicana de Empresas Eléctricas Estatales. Previously known as CDE. “OC” or Organismo Coordinador. Whose function is to plan and coordinate the economic operations of the power providers with those of the transmission, distribution and commercialization system that form the SENI. The user of the electrical service which monthly demand exceeds the limits established by Superintendence in order to be classified as an unregulated user under the General Electricity Law. Equivalent Availability Factor The currently available capacity, as of any date of determination, for generation of a unit or the amount of MW that a power generation unit can reliably generate. Equivalent Forced Outage Rate The amount of capacity assigned by the Coordinating Body to each power generation unit for being available to cover the demand in peak hours. Foreign exchange, a banking term for changing money from one currency into another.

GDP:

The gross domestic product (GDP) is one of the measures of national income and output for a given country's economy. GDP is defined as the total market value of all final goods and services produced within the country in a given period of time (usually a calendar year).

Henry Hub:

The specific pricing point for natural gas future contracts on the New York Mercantile Exchange, or NYMEX.

Installed capacity:

The amount of MW a turbine is designed to produce upon installment (name-plate capacity).

Liquid Natural Gas (LNG):

Platts:

Natural Gas processed to be transported in liquid form. It is the best alternative for transporting and storage because when transformed into liquid at atmospheric pressure and -163° C, the liquefaction process reduces the volume of gas by 600 times. Is a provider of energy information around the world that has been in business in various forms for more than a century and is now a division of The McGraw-Hill Companies. Products include Platts Energy Economist, industry news and price benchmarks for the oil, natural gas, electricity, nuclear power, coal, petrochemical and metals markets.

PPA:

Power Purchase Agreement.

SENI:

Sistema Eléctrico Nacional Interconectado or the National Interconnected Electrical System.

Andres Dominicana and Itabo Dominicana, Earning Release

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