Andres Itabo 1mer Trimestre 2012 by AES Dominicana

First Quarter 2012 Relevant Results

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

Santo Domingo, Dominican Republic May 15th, 2012

1Q12 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$6.5 million in the first quarter 2012 Santo Domingo, Dominican Republic, May 15th, 2012 – Andres-DPP and Itabo announced today results for the first quarter 2012. All operating and financial information, except where otherwise specified, are expressed in accordance with International Financial Reporting Standards, as of any date of determination, or “IFRS”. These figures are not audited. For Andres-DPP the revenues increased 18.1% in the first quarter 2012 compared to the same period of 2011. Net Income was US$6.5 million for the first quarter of 2012. (Millions of US$)

1Q12 110.7 90.6 20.1

93.7 62.8 30.9

Operating income margin

18.2%

33.0%

Net Cash Provided by Operating Activities

Page

1Q11 *

Revenues Operating costs and expenses Operating income

Net Income (**)

Inside this report:

6.5

13.8

9.2

26.6

(*) Amounts revised for 2011 due to the change in the accounting principles from USGAAP to IFRS. (**) Net Income includes interest expenses of US$9.5 million and US$9.4 million in 1Q12 and 1Q11, 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.

External Factors

Analysis of Andres-DPP Combined Financial Results

Analysis of Itabo’s Consolidated Financial Results

Financial Debt Summary

Liquidity

Operational Results

Operational Highlights

Other Relevant Information

Safety Indicators

Environmental Matters

Itabo Net Income was US$9.5 million in the first quarter 2012

Financial Statements

For Itabo, the revenues increased 13.7% in the first quarter 2012 compared to the same period of 2011. Net Income increased to US$9.5 million for the first quarter of 2012.

Glossary of Key Terms

(Millions of US$) Revenues Operating costs and expenses Operating Income Operating Income margin Net Income Net Cash Used in Operating Activities

1Q12

1Q11*

66.4 49.4 17.0

58.4 53.6 4.8

25.6%

8.2%

9.5

6.7

(5.4)

(7.7)

(*) Amounts revised for 2011 due to the change in the accounting principles from USGAAP to IFRS.

External Factors

Dominican Republic’s GDP grew 4.5% during the year 2011. The accumulated inflation for the first quarter 2012 was 0.94%.

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

Andres Dominicana and Itabo Dominicana, Earning Release

-1-

1Q12 Relevant Results Coal, Natural Gas and Fuel-Oil #6 Price Evolution

The exchange rate as of March 31 , 2012 was RD$39.07 per US dollar (Ask) and RD$38.99 per US dollar (Bid).

Average Coal prices were US$3.65 per MMBtu for the first quarter 2012, with a peak of US$3.94 per MMBtu and a low of US$3.51 per MMBtu. Total electricity demand for the first quarter 2012 reached 2,951GWh, an increase of 4.3% versus the same period 2011.

16.17

Fuel-Oil #6

16 14

US$/MMBTU

Average Nymex Henry Hub natural gas prices were US$2.50 per MMBtu for the first quarter 2012, with a peak of US$3.10 per MMBtu and a low of US$2.13 per 2 MMBtu.

14.74

13.16

10 8 Coal

4.56

3.65

4 4.20

Natural Gas

4.10 2.50

0 1Q11

2Q11

3Q11

4Q11

1Q12

Analysis of Andres-DPP Combined Financial Results (In IFRS) For Andres-DPP, the Revenues increased 18.1% to US$110.7 million in the first quarter 2012 compared to the same period of 2011. This result was a net effect of: i) higher other sales by US$18.3 million due to the increment in natural gas sales, basically for higher prices and quantity (the contracts with the LNG distribution companies were renewed in December 2011 and the sales prices were indexed to the international LNG spot prices); (ii) lower spot sales by US$4.7 million, derived of lower generation and higher contracted sales; and, (iii) US$3.4 million of higher contracted sales, basically to EDEEste (since its contracted capacity increased from 50MW to 85MW since September, 2011) and to Falconbridge, partially offset for the expiration of short-term contract with EDESur and lower contracted prices due to the decrease of the natural gas prices in the NYMEX. Andres-DPP’s Revenues consist of the following: (Millions of US$)

1Q12

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

65.2 21.5 24.0 110.7

1Q11* 61.8 26.2 5.7 93.7

Var% 5.5 (17.9) 321.1 18.1

(*) Amounts revised for 2011 due to the change in the accounting principles from USGAAP to IFRS.

For Andres-DPP the Operating Costs and Expenses increased 44.3%, in the first quarter of 2012 compared to the same period 2011, from US$62.8 million to US$90.6 million. This variance was principally because (i) higher cost of sales by US$26.4 million due to higher spot electricity purchases at higher prices and higher LNG cost due to third parties sales; (ii) higher operating, maintenance and general expenses by US$0.6 million; and, (iii) higher depreciation by US$0.8 million. Andres-DPP’s operating costs and expenses consist of the following: (Millions of US$) Cost of electricity sales- fuel & electricity purchases Operating, maintenance and general expenses Depreciation Total Operating Cost and Expenses

1Q12 73.2 10.6 6.8 90.6

1Q11* 46.8 10.0 6.0 62.8

Var% 56.4 6.0 13.3 44.3

(*) Amounts revised for 2011 due to the change in the accounting principles from USGAAP to IFRS

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

-2-

1Q12 Relevant Results Andres- DPP total Other Expenses decreased a 35.6% to US$8.5 million in the first quarter 2012 from US$13.2 million in the same period of 2011. This positive result was mainly a net function of: (i) higher interest income by US$4.7 million due to in 2012 the companies accounted the commercial interests earned from spot market transactions while in 2011 the companies signed a sector agreement eliminating the outstanding interest receivables from these transactions until December 2011; this agreement ended in December 2011; (ii) lower net financial expenses by US$0.6 million, basically due to higher financial income; and, (iii) higher foreign currency loss by US$0.4 million. Andres-DPP Other (Expenses) Income consists of the following: 1Q12

(Millions of US$) Interest (expense) – financial - net Interest income – commercial and others-net Subordinated intercompany loan interest expense (**) Other (expenses) Foreign currency gain (loss) Total Other (Expenses)

(4.0) 5.9 (9.5) (0.6) (0.3) (8.5)

1Q11* (4.6) 1.2 (9.4) (0.5) 0.1 (13.2)

Var% (13.0) 391.7 1.1 20.0 n/a (35.6)

(*) Amounts revised for 2011 due to the change in the accounting principles from USGAAP to IFRS. (**) 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$9.2 million for the first quarter 2012, compared to a Net Cash Provided by Operating Activities of US$26.6 million in the same period of 2011. This negative variation was mainly a net result of the following: (i) negative impact due to the increase of other assets by US$35.1 million due to in March 2012 th Andres prepaid US$35.4 million in order to cover a LNG spot cargo received in April 5 , according to the conditions defined in the purchase agreements entered in 2011 for the additional LNG cargos; (ii) positive impact from higher account payables by US$33.4 million basically due to deposit received from a client in order to cover LNG contract signed in 2011 and higher spot market purchases; (iii) negative impact as result of higher account receivables by US$15.0 million; (iv) lower net income by US$7.3 million; and, (v) positive adjustments by US$6.6 million, reconciling net income to net cash provided by operations. Free Cash Flow (a non-IFRS 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 provided by US$3.0 million for the first quarter 2012. During this period there were additions to property, plant and equipment and advances to suppliers by US$6.2 million.

Analysis of Itabo’s Consolidated Financial Results (In IFRS) For Itabo the Revenues increased 13.7% to US$66.4 million in the first quarter 2012 compared to the same period of 2011. This result was mainly driven by: (i) US$7.6 million of higher electricity sales that resulted from higher contract prices that were indexed by higher average coal market prices and higher spot energy sales quantity and prices; and, (ii) higher other revenues by US$0.4 million, basically from port services. Itabo’s Revenues consist of the following: (Millions of US$)

1Q12

Electricity sales Other revenues Total Revenues

66.0 0.4 66.4

1Q11 58.4 0.0 58.4

Var% 13.0 100.0 13.7

For Itabo the Operating Costs and Expenses decreased 7.8% to US$49.4 million in the first quarter of 2012 compared to the same period of 2011. This variance was principally a result of: (i) lower electricity purchases by US$9.6 million derived from higher generation and lower contracted sales quantity; (ii) higher coal consumption by US$4.7 million due to higher generation; and, (iii) higher operating, maintenance and general expenses by US$0.6 million.

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

Andres Dominicana and Itabo Dominicana, Earning Release

-3-

1Q12 Relevant Results Itabo’s Operating Costs and Expenses consist of the following (Millions of US$) Cost of Revenues Operating, maintenance and general expenses Depreciation Amortization of contracts Total Operating Cost and Expenses

1Q12

1Q11*

36.3 7.2 5.8 0.1 49.4

41.2 6.6 5.7 0.1 53.6

Var% (11.9) 9.1 1.8 0.0 (7.8)

(*) Amounts revised for 2011 due to the change in the accounting principles from USGAAP to IFRS.

For Itabo the total Other Expenses was US$2.9 million in the first quarter 2012 compared to a total Other Income by US$1.5 million in the same period of 2011. This negative variation was primarily attributable to: (i) higher commercial interest expenses by US$4.8 million, basically due during 2011, Itabo signed a sector agreement that eliminated the outstanding interest payables that ended in December 2011; (ii) lower other expenses by US$0.3 million; (iii) lower financial interest expenses by US$0.2 million; and, (iv) lower foreign currency income by US$0.1 million. Itabo’s Other Expenses consists of the following: (Millions of US$) Interest (expenses)- financial- net Interest income (expenses)- commercial- net Other (expense) - net Foreign Currency Income Total Other Income (Expenses)

1Q12 (2.7) (0.3) 0.0 0.1 (2.9)

1Q11* (2.9) 4.5 (0.3) 0.2 1.5

Var% (6.9) n/a (100.0) (50.0) n/a

(*) Amounts revised for 2011 due to the change in the accounting principles from USGAAP to IFRS.

For Itabo the Net Cash Used in Operating Activities was US$5.4 million for the first quarter 2012 compared to a Net Cash Used in Operating Activities of US$7.7 million in the same period of 2011, resulting in a positive variation of US$2.3 million. This positive variance was mainly a net result of: (i) negative impact from lower accounts payable by US$20.7 million basically from energy purchases in the spot market; (ii) positive impact by US$10.7 million from the inventory, due to in the end of 1Q11 Itabo received a vessel from the Glencore contract with higher cost; (iii) positive impact by US$8.3 million from account receivables; and, (iv) an impact of US$4.0 million from positive adjustments reconciling net income to net cash used in operation activities. Free Cash Flow (a non-IFRS 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 by US$8.7 million for the first quarter 2012. During this period there were additions to property, plant and equipment and advances to suppliers by US$3.3 million.

Financial Debt Summary On January 20th, Fitch Ratings affirmed the International ratings for AES Andres Dominicana and Itabo Dominicana in "B" outlook "positive". The national ratings were affirmed “A- (dom)” in Andres and Itabo. On March 21st, Andres and DPP signed a Hedge Contract with Citibank to protect a portion of the Frequency Regulation margin for April-December period. Andres contracted with Banco BHD, the renewal of the Stand by Letter of Credit (SBLC) for US$15.0 million in favor of BP to cover LNG shipments, with an option to be cancelled at any time.

Andres Dominicana and Itabo Dominicana, Earning Release

-4-

1Q12 Relevant Results The following tables show composition of financial debt:

Andres-DPP Financial Debt

Itabo

Mar-12

Dec-11

Financial Debt

(expressed in millions of US$)

Mar-12

Dec-11

(expressed in millions of US$)

Local Currency

Foreign Currency

168

Foreign Currency

131

Total Debt

168

Total Debt

131

100%

Fixed Rate

100%

Variable Rate

Short Term

100% 10.56%

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

Fixed Rate

Long Term Financing Cost (*)

100% 10.21%

Average Life (years)

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

Rating Agency

Market

Fitch Ratings (Andres-DPP) Fitch Ratings (Itabo)

International International

Senior Notes 2020 Senior Notes 2020

Standard & Poor's (Andres-DPP)

International

Senior Notes 2020

Stable

Standard & Poor's (Itabo)

International

Senior Notes 2020

B-

Stable

Fitch Dominicana (Itabo)

Local

Corporate Bonds 2013

Liquidity During the first quarter 2012 the average collection rate for Andres- DPP was 58% against 70% in the same period of 2011 and for Itabo 57% against 50%.

Outlook

B B

Positive Positive

A- (dom)

Average Collection Rate Andres - DPP

Collections

Rating

Itabo

146% 111%

83%

70% 104%

50% 1Q11

144%

58% 57%

76%

2Q11

3Q11

4Q11

1Q12

Note: The average collection rate is calculated using the total collected vs. the total billed during the quarter.

Currently Andres accounts receivables have 20 days sales outstanding (DSO), 125 DSO for DPP and 106 DSO for Itabo compared to 33, 61 and 72 DSO, st respectively as of December 31 , 2011.

181

Days Sales Outstanding (DSO)

147 125

111 107 69

72 61

24 2008

2009

2010

AES Andres

106

2011 Itabo

20 1Q12

DPP st

Note: The DSO was calculated using the current account receivables as of March 31 , 2012, divided by the average month sales from January to March, 2012. It assumes 30 days in a month.

Andres Dominicana and Itabo Dominicana, Earning Release

-5-

1Q12 Relevant Results Operational Results Andres-DPP: In the first quarter of 2011, the Combined Net Generation decreased 3.2% relative to the first quarter of 2011, from 750 GWh in 1Q11 to 726 GWh in 1Q12, because Los Mina VI was out of service for 21 days for LNG inventory management purposes. Total Energy Sold during 1Q12 was 771 GWh, equal to 1Q11. The EAF of Andres increased to 81.8%, basically due to lower maintenance hours during 1Q12. DPPâ&#x20AC;&#x2122;s Firm Capacity increased to an average of 90MW (136.8%), during the first quarter 2012, as a result of higher availability since the operational improvements performed on its units. The EAF increased to 96.6% due to lower maintenance hours during this period and its EFOR was 0.7% for this quarter. The following table presents selected operational information for each of the periods indicated: As of Mar. 31st, 2012 Installed capacity (MW)

Andres DPP 319 236

Aggregate 555

Power Generation Units Effective capacity (MW)

1 304

2 236

3 540

Contracted capacity (MW)

209

210

419

1Q12

1Q11

Operating Data

Var.%

Gross generation

GWh

742

760

(2.4)

Internal consumption

GWh

(16)

(10)

60.0

GWh 726 0 GWh 771 MW 281 Btu/KWh 7,748 % 81.8 % 0.0 MW 90

750

(3.2)

771 281 7,831 77.3 0.0 38

0.0 0.0 (1.1) 5.8 0.0 136.8

Net Generation Total Energy Sold (*) Andres' Firm Capacity Andres Heat Rate Andres EAF(*) Andres EFOR DPP's Firm Capacity DPP EAF (*)

96.6

92.2

4.8

DPP EFOR

0.7

0.0

100.0

(*) Amount revised for 2011.

Itabo: During the first quarter 2012, the Net Generation was 452 GWh, an increase of 18.3% with respect to the same period of the previous year due to the major maintenances performed in 2011 that has improved the EAF to 85.7% and the EFOR to 3.2%. The Heat Rate increased a 4% to 11,267 Btu/KWh, basically due to coal humidity and several start up at Unit I. The following table presents selected operational information for each of the periods indicated: As of March 31st, 2012 Installed capacity (MW)

260

Power Generation Units Effective capacity (MW)

2 260 1Q12

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

GWh GWh GWh GWh MW Btu/KWh % %

494

1Q11 420

(42) (38) 452 382 452 452 226 226 11,267 10,836 85.7 74.6 3.2 7.6

Var.% 17.6 10.5 18.3 0.0 0.0 4.0 14.9 (57.9)

(*) Amount revised for 2011.

Andres Dominicana and Itabo Dominicana, Earning Release

-6-

1Q12 Relevant Results Operational Highlights During the first quarter 2012, Andres received three vessels with 8.9TBtu of natural gas. Itabo received four coal vessels containing 190,212 MT. In February, Itabo received a CEMEX’s Petcoke cargo with 59,000 MT, as part of the port services and storage contract with this company. On March 18th, the Interconnected Electric System (SENI) had a disturbance causing forced outages to several power plants, including AES units. On March 29th, San Lorenzo Unit was put on service in a test mode. Scheduled Maintenances: - Andres, since January 17th, 2012 to February 3rd, 2012. - Los Mina V, since January 27th, 2012 to February 3rd, 2012. - Los Mina VI, since February 20th (21 days of corrective maintenance, during the LNG inventory management period). - Itabo I, since March 31st to April 7th, 2012.

Other Relevant Information AES Dominicana for the third year in a row has been awarded with the 1st place of the companies most admired in the energy according to Mercado Magazine. Likewise, AES Dominicana reached the 5th position in the ranking of the Greatest Places to Work in the Dominican Republic and at the same time, reached the 8th position in this ranking for the Caribbean Region, according to Great Place Institute.

Safety Indicators During the first quarter 2012, Andres and DPP did not have Lost Time Incidents (LTI) or fatalities. Itabo had a Lost Time Incident (LTI). During first quarter 2012, 4,729 man hours were invested in safety training, including AES people and contractors. Besides, there were performed 316 safety walks during the medium and high risk works, for AES people and contractors.

Environmental Matters During the first quarter 2012, Andres, DPP and Itabo have complied with all environmental requirements of AES Corporation and the Dominican laws. Andres obtained a certification as implementers of Cleaner Production in the “National Award of Cleaner Production” granted by the Ministry of Environment for the project “Use of Evaporative Gas of the LNG Storage Tank for Power Generation”. Itabo Renewed and modified its environmental permit, including the San Lorenzo turbogas.

Andres Dominicana and Itabo Dominicana, Earning Release

-7-

1Q12 Relevant Results

AES Andres B. V. and subsidiary, and Dominican Power Partners and subsidiary (Indirect Wholly-Owned Subsidiaries of The AES Corporation) UNAUDITED COMBINED STATEMENTS OF INCOME (Expressed in thousandsUS$) 1Q12

1Q11*

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

65,182 21,544 22,935 1,010 110,671

61,801 26,175 5,717 13 93,706

(62,192) (10,987) (10,578) (6,833)

(42,727) (4,068) (10,022) (5,980)

(90,590)

(62,797)

20,081

30,909

1,914 (9,530) (588) (317)

(3,428) (9,425) (517) 139

11,560

17,678

(5,084)

(3,907)

6,476

13,771

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 Depreciation Total operating costs and expenses OPERATING INCOME OTHER INCOME (LOSS) Interest income (expense) – net Intercompany loan interest (expense) ** Other (expense) Exchenge gain (loss) INCOME BEFORE TAXES Income tax NET INCOME ***

(*) The 1Q11 amounts were revised due to the change in the accounting principles from USGAAP to IFRS. (**) 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$9.5 million and US$9.4 million in 1Q12 and 1Q11, 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 results presented in this report have not been audited and were prepared in Dollars in conformity with the International Financial Reporting Standards, as of any date of determination, or “IFRS.”

Andres Dominicana and Itabo Dominicana, Earning Release

-8-

1Q12 Relevant Results

AES Andres B. V. and subsidiary, and Dominican Power Partners and subsidiary (Indirect Wholly-Owned Subsidiaries of The AES Corporation) UNAUDITED COMBINED STATEMENTS OF FINANCIAL POSITION (Expressed in thousands US$) March. 31st, 2012

Dec. 31st, 2011

ASSETS CURRENT ASSETS Cash and cash equivalents Accounts receivables Accounts receivable – related parties Inventories Other financial assets Other assets Derivative asset Total Total current current assets assets PROPERTY, PLANT AND EQUIPMENT Land Property, plant and equipment Less accumulated depreciation Property, Total plant Property, and equipment plant and equipment OTHER ASSETS Accounts receivables non curent Debt service reserves Other financial assets Other assets Total ther assets TOTAL ASSETS

127,703 123,955 84,513 16,750 5,000 14,952 131 373,004

131,130 92,254 52,670 19,326 5,000 11,708 312,088

15,784 713,820 (212,926) 516,678

15,784 706,689 (206,310) 516,163

19,101 7,959 17,953 880 45,893 935,575

19,774 7,959 22,685 1,736 52,154 880,405

39,181 19,994 9,530 6,158 16,453 485 91,801

18,113 5,303 2,136 22,963 1,063 49,578

63,100 413,153 164,076 4,121 178 644,628

57,682 413,153 164,012 3,148 170 638,165

15,019 109,243 664 (36) 36,852 37,404 199,146 935,575

15,019 109,236 662 (36) 36,852 30,929 192,662 880,405

LIABILITIES AND SHAREHOLDER'S EQUITY CURRENT LIABILITIES Accounts payable Related parties Interest related parties Interest payable Income tax payable Derivative current TotalTotal current current liabilities liabilities LONG TERM LIABILITIES Deferred income tax Intercompany loan Notes payable Derivative non current Other non current liabilities TotalTotal longlong termterm liabilities liabilities SHAREHOLDER'S EQUITY Common stock Contributed capital Additional paid–in capital Accumulated other comprehensive loss Restricted retained earnings Accumulated (deficit) earnings TotalTotal shareholder's shareholder's equity equity TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY

The results presented in this report have not been audited and were prepared in Dollars in conformity with the International Financial Reporting Standards, as of any date of determination, or “IFRS.”

Andres Dominicana and Itabo Dominicana, Earning Release

-9-

1Q12 Relevant Results AES Andres B. V. and subsidiary, and Dominican Power Partners and Subsidiary (Indirect Wholly-Owned Subsidiaries of The AES Corporation) UNAUDITED COMBINED STATEMENTS OF CASH FLOWS (Expressed in thousands US$) 1Q12

1Q11*

CASH FLOW FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Derivative instruments Income tax expense Loss on asset disposal Loss on sale of investments Long term compensation Subordinated intercompany loan interest expense Interest expense – net Foreign exchange loss (gain) (Increase) in accounts receivable Decrease in accounts receivable – related parties (Increase) in other receivable – related parties Decrease (increase) in inventories (Increase) decrease in other assets Increase in accounts payable and accrued liabilities Increase (decrease) in accounts payable – related parties (Decrease) in accrued and other liabilities Cash generated from operations Interest received Interest paid Income taxes paid Net cash from operating activities

6,476

13,771

6,833 1,083 5,084 687 (2) 24 9,530 292 318 (32,140) 5,954 7,124 (33,630) 29,607 4,556 (609) 11,187

5,980 2,124 3,907 595 67 9,425 3,428 (139) (21,001) 10,863 (1,044) (4,880) 1,544 5,244 (4,433) (125) 25,325

149 2,119 (4,302) 9,153

6,105 (948) (3,846) 26,636

(6,193) (6,500) 108 39 2 (12,544)

(5,068) (150) (5,218)

CASH FLOW FROM INVESTING ACTIVITIES: Additions to property, plant and equipment (Increase) decrease in restricted cash Purchase of short term investment Debt service reserve and other assets Decrease in other assets long term Proceeds from the sales of assets (+) Net cash (used) provided by investing activities CASH FLOW FROM FINANCING ACTIVITIES: Financing costs payments Repayments of capital lease obligations Net cash (used in) provided by financing activities NET (DECREASE) INCREASE IN CASH CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

(31) (5) (36) (3,427) 131,130 127,703

21,418 119,652 141,070

(*) The 1Q11 report was revised due to the change in the accounting principles from USGAAP to IFRS. The results presented in this report have not been audited and were prepared in Dollars in conformity with the International Financial Reporting Standards, as of any date of determination, or “IFRS.”

Andres Dominicana and Itabo Dominicana, Earning Release

- 10 -

1Q12 Relevant Results

EMPRESA GENERADORA DE ELECTRICIDAD ITABO, S. A. AND SUBSIDIARY (An indirectly subsidiary of The AES Corporation) CONSOLIDATED STATEMENTS OF INCOME (Amounts expressed in thousands of US dollars) 1Q12 Revenues

1Q11*

66,351

58,439

Operating costs and expenses Cost of revenues

(36,336)

(41,180)

Operating, maintenance and general expenses

(7,224)

(6,566)

Depreciation Amortization of contracts

(5,776) (118)

(5,775) (118)

(49,454)

(53,639)

16,897

4,800

(2,983)

1,568

Total operating costs and expenses Operating Income Other income (expense) Interest income (expense), net Other income (expenses) – net Exchange gain net

1 47

Income before income taxes

13,962

Income tax income (expense)

(4,514)

Net Income

9,448

(290) 180 6,258 420 6,678

Andres Dominicana and Itabo Dominicana, Earning Release

- 11 -

1Q12 Relevant Results EMPRESA GENERADORA DE ELECTRICIDAD ITABO, S. A. AND SUBSIDIARY (An indirectly subsidiary of The AES Corporation) CONSOLIDATED BALANCE SHEETS (Amounts expressed in thousands of US dollars) Mar. 31st, 2012

Dec. 31st, 2011

Assets Current Assets Cash and cash equivalents Accounts receivable Accounts receivable - Related parties Inventories Prepaid income tax Other non financial assets

44,436 8,485 100,425 24,217 15,634 714

52,892 8,068 71,509 27,028 19,180 1,365

Total current assets

193,911

180,042

Non Current assets Property, plant and equipment Account receivable related parties

346,598 27,737

349,142 28,727

Long term investment Other assets

5,531

323 5,531

Other non financial assets

6,164

6,146

Total non current assets

386,030

389,869

Total Assets

579,941

569,911

Current Liabilities Accounts payable Accounts payable - Related parties Accrued expenses and other liabilities

20,967 51,478 6,145

23,788 51,597 3,838

Total current liabilities

78,590

79,223

128,852 35,001

128,792 33,855

163,876

162,666

355,556 234 (111,064)

355,556 229 (120,512)

Liabilities and Equity

Non Current Liabilitites Notes payable Deferred income tax Other non-current liabilities Total non current liabilities Equity Common stock, RD$100 par value; 56,355,556 Additional paid in capital Accumulated deficit

92,749

Total shareholders' equity

Restricted retained earnings

337,475

328,022

Total Liabilities and Equity

579,941

569,911

Andres Dominicana and Itabo Dominicana, Earning Release

- 12 -

1Q12 Relevant Results EMPRESA GENERADORA DE ELECTRICIDAD ITABO, S. A. AND SUBSIDIARY (An indirectly subsidiary of The AES Corporation) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts expressed in thousands of US dollars) 1Q12

1Q11*

CASH FLOWS FORM OPERATING ACTIVITIES: Net Income

9,448

6,678

5,776

5,775

118

Adjustments to reconcile net income to net cash (used in) operating activities: Depreciation Amortization of contracts Amortization Of Deferred Financing Costs Provision for deferred taxes Loss on asset disposal Loss(gain) unrealized foreign currency

1,147 (2)

(419) 366

(46)

(180)

Long-term compensation

Debt premium (+)/discount amortization (-)

(2)

Interest expenses, net

2,933

(1,626)

Changes in assets and liabilities: (Increase) decrease accounts receivable Decrease (Increase) accounts receivable - related parties

(522)

(8,924)

(28,916)

(27,821)

Decrease (Increase) other receivables

(47)

Decrease (Increase) other receivables - related parties

(989)

(Increase) decrease inventories

2,874

Income Tax Receivable - Foreign

3,733

Decrease (Increase) prepaid expenses (Decrease) Increase accounts payable suppliers (Decrease) Increase accounts payable - related parties (Decrease) Increase accrued expenses and other liabilities Cash (used in) provided by operating activities Interest received Interest paid Net cash (used in) operating activities

651

(7,783) 1,378

(2,677)

10,948

(119)

6,950

(169)

963

(5,716)

(14,549)

1,002 (644)

7,003 (187)

(5,357)

(7,733)

CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property, plant and equipment Proceeds from sales of property, plant and equipment Long term investment Net cash (used in) investing activities

(3,286)

(2,074)

(136)

(1,880)

323

(63)

(3,099)

(4,017)

NET DECREASE IN CASH

(8,456)

(11,750)

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

52,892

71,482

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

44,436

59,732

Andres Dominicana and Itabo Dominicana, Earning Release

- 13 -

1Q12 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 18.7% 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 and for Itabo has been prepared in accordance with International Financial Reporting Standards (IFRS) as established in the Offering Memorandum of the USD$284 million notes units. 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, 2012 and 2011 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 200 global power company. We provide affordable, sustainable energy to 27 countries through our diverse portfolio of distribution businesses as well as thermal and renewable generation facilities. Our workforce of 27,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2011 revenues were $17 billion and we own and manage $45 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: inversoraescac@aes.com

Andres Dominicana and Itabo Dominicana, Earning Release

- 14 -

1Q12 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

- 15 -