AES Andres-Itabo 3Q11 by AES Dominicana

Third Quarter 2011 Relevant Results

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

Santo Domingo, Dominican Republic November 18th, 2011

3Q11 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$41.8 million in the third quarter 2011 Santo Domingo, Dominican Republic, November 18th, 2011 – Andres-DPP and Itabo announced today results for the third quarter 2011. All operating and financial information, except where otherwise specified, is expressed in the International Financial Reporting Standards, as of any date of determination, or “IFRS”. These figures are not audited. For Andres-DPP the Revenues increased 18.7% to US$124.5 million in the third quarter 2011 compared to the same period of 2010. Meanwhile in nine-month period ended in September 2011, Revenues increased 17.2% compared to the same period of the previous year. Net Income was US$41.8 million for the third quarter of 2011 and the accumulated Net Income was US$83.7 million against US$53.1 million for the same period 2010. 3Q11

3Q10

(Millions of US$)

9M11

9M10

124.5 71.5 53.0

104.9 Revenues 61.8 Operating costs and expenses 43.1 Operating income

331.7 195.8 135.9

282.9 177.6 105.3

42.6%

41.1% Operating income margin

41.0%

37.2%

83.7

53.1

External Factors

52.9

54.7

Analysis of Andres-DPP Financial Results

41.8 29.8

28.4 Net Income (*) Net Cash Provided by (used in) 2.3 Operating Activities

* Net Income includes interest expenses of US$9.6 million in 3Q11 and 3Q10 and US$28.6 million in 9M11 and 9M10, 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.

Itabo Net Loss decreased to US$8.2 million in the third quarter 2011. For Itabo, the Revenues increased 26.7% in the third quarter 2011 compared to the same period of 2010 and in the accumulated results for the period ending in September 2011 increased 19.7% compared to the same period of the previous year. Net Loss was US$8.2 million for the third quarter of 2011 and the accumulated Net Loss decreased to US$2.6 million from a Net Loss of US$28.0 million for the same period 2010. 3Q11 63.6 72.6 (9.0) -14.2% (8.2)

(13.8)

3Q10*

(Millions of US$)

9M11

9M10*

50.2 Revenues 67.4 Operating costs and expenses (17.2) Operating (Loss) income

178.2 179.1 (0.9)

148.9 176.3 (27.4)

-34.3% Operating (Loss) income margin

-0.5%

-18.4%

(2.6)

(28.0)

(18.2)

17.3

(15.2) Net (loss) Income Net Cash Provided by Operating (6.5) Activities

Inside this report: Page

Analysis of ITABO Financial Results

Financial Debt Summary

Dividends

Liquidity

Operational Results

Operational Developments

Safety Indicators

Environmental Matters

Financial Statements

Glossary of Key Terms

* Amounts revised for 2010 due to the change in the accounting principles from USGAAP to IFRS.

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 Relevant Results External Factors1

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

Dominican Republic’s GDP grew 4.00% in first semester 2011.

Inflation stood at 7.51% at the end of September 2011.

Average Nymex Henry Hub natural gas prices were US$4.10 per MMBtu for the third quarter 2011, with a peak of US$4.94 per MMBtu and a 2 low of US$3.70 per MMBtu. Average Coal prices were US$4.56 per MMBtu for the third quarter 2011, with a peak of US$4.66 per MMBtu and a low of US$4.41 per MMBtu.

14 12 US$/MMBTU

The exchange rate as of September 30th, 2011 was RD$38.21 per US dollar (Ask) and RD$38.15 per US dollar (Bid).

14.74

Fuel-Oil #6

13.16

10 8

9.98 Natural Gas

4.23

4.56

4.20

4.10

4 2

3.19

Coal

0 3Q10

4Q10

1Q11

2Q11

3Q11

Total electricity demand as of September 30th, 2011 reached 9,259 GWh, an increase of 2.7 % versus the same period 2010. Analysis of Andres-DPP Combined3 Financial Results (In IFRS) For Andres-DPP the Revenues increased 18.7% to US$124.5 million in the third quarter 2011 compared to the same period of 2010. This result was mainly driven by: i) higher spot sales by US$25.2 million derived of higher volume, prices and energy production, partially offset by US$7.6 million of lower contract sales, basically due to in 2010 we had a contract with EDENorte that expired in March 2011; and, ii) the other sales increased around US$2.0 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. As of September 30th, 2011, Revenues totaled US$331.7 million, an increase of 17.2% compared to the same period of 2010. This increase was mainly a net result of: (i) higher spot sales by US$52.7 million, due to higher energy volume and spot prices; (ii) lower contracted energy sales by US$16.0 million; and, (ii) higher other sales by US$12.1 million mainly from sales of natural gas. Andres-DPP’s Revenues consist of the following:

3Q11 78.3 42.4 3.8 124.5

3Q10* 85.9 17.2 1.8 104.9

Var%

(Millions of US$)

(8.8) Electricity sales – Contracts 146.5 Electricity sales – spot market 111.1 Natural Gas Sales & Other Sales 18.7 Total Revenues

9M11 206.8 108.6 16.3 331.7

9M10* 222.8 55.9 4.2 282.9

Var% (7.2) 94.3 288.1 17.2

* Amounts revised for 2010 due to the change in the accounting principles from USGAAP to IFRS

For Andres-DPP the Operating Costs and Expenses increased 15.7%, in the third quarter of 2011 compared to the same period 2010, from US$61.8 million to US$71.5 million. This variance was principally a net result of: (i) higher cost of sales by US$8.9 million due to higher fuel cost derived by fuel prices and higher sale of natural gas, partially offset by lower electricity purchases; and, (ii) higher Operating, maintenance and general expenses by US$0.8 million. Operating Costs and Expenses as of September 30th, 2011, increased 10.2% to US$195.8 million compared to the same period in 2010. This variance was mainly caused by: (i) higher cost of sales by US$15.5 million derived from higher generation, the related increase in LNG consumption (DPP was generating as base load power plant and the natural gas market has been growing) combined with higher LNG prices that were partially offset by lower electricity purchases; and, (ii) higher Operating, maintenance and general expenses by US$2.7 million.

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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3Q11 Relevant Results Andres-DPP’s operating costs and expenses consist of the following: 3Q11 56.9 14.6 71.5

3Q10* 48.0 13.8 61.8

Var%

(Millions of US$)

18.5 Cost of electricity sales- fuel & electricity purchases 5.8 Operating, maintenance and general expenses 15.7 Total Operating Cost and Expenses

9M11 150.0 45.8 195.8

9M10* 134.5 43.1 177.6

Var% 11.5 6.3 10.2

* Amounts revised for 2010 due to the change in the accounting principles from USGAAP to IFRS

Andres- DPP Total Other Income was US$1.2 million in the third quarter 2011 compared to Total Other Expenses of US$13.1 million in the same period of 2010. This positive result was mainly a net function of: (i) higher other income by US$12.6 million from a tax recognition that will be reimbursement according to the “Termination Agreement” signed in 2002 between DPP and CDEEE; (ii) higher net commercial interest income by US$1.5 million derived from higher accounts receivables; (iii) lower net financial interest expenses by US$0.5 million; and, (iv) higher foreign currency loss by US$0.2 million. As of September 30th, 2011, Total Other Expenses decreased to US$23.1 million, as compared to Total Other Expenses in the same period of 2010 of US$36.8 million. This decrease was mainly a net function of: (i) higher Other income by US$12.6 million; (ii) higher Net commercial interest income by US$1.3 million derived to the reversal of 18% interest payable on spot purchases (accrued from Jan09 to Dec10) according to the agreement signed on January 2011 by CDEEE and several energy companies; (iii) lower net financial interest expenses by US$0.5 million due to lower debt and interest rate when compared with 2010; and, (ii) higher foreign currency loss by US$0.6 million. Andres- DPP Other (Expenses) Income consists of the following: 3Q11 (4.1) 3.4 (9.7) 11.7 (0.1) 1.2

3Q10

Var%

(4.6) (10.9) 1.9 78.9 (9.6) 1.0 (0.9) n/a 0.1 (200.0) (13.1) n/a

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

9M11 (12.8) 7.5 (28.6) 11.1 (0.3) (23.1)

9M10

Var%

(13.3) (3.8) 6.2 21.0 (28.5) 0.4 (1.5) n/a 0.3 (200.0) (36.8) (37.2)

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

and

For Andres-DPP, Net Cash Provided by Operating Activities was US$29.8 million for the third quarter 2011, compared to a Net Cash Provided by Operating Activities of US$2.3 million in the same period of 2010. This variation was mainly a net result of the following: (i) negative impact from lower account payables by US$14.6 million; (ii) positive impact of higher net income by US$13.5 million; (iii) positive impact as result of lower account receivables by US$10.9 million; (iv) US$10.8 million of positive impact from income tax expenses since the company booked the taxes to be paid to the Government for the agreement signed in September 2011; and, (v) positive adjustment by US$6.9 million from reconciling net income to net cash provided by operations. Net Cash Provided by Operating Activities as of September 30th, 2011 was US$52.9 million compared to a Net Cash Provided by Operating Activities of US$54.7 million for the same period in 2010. This negative variation was primarily the net result of: (i) negative impact due to higher account receivables by US$44.1 million, basically due to higher Days Outstanding; (ii) positive impact of higher net income by US$30.6 million; (iii) higher net interest paid by US$19.5 million, basically from the intercompany loan, since during 2011 the company paid both, the second semester 2010 and the first semester 2011, meanwhile during the same period 2010, only paid the first semester 2010; (iv) positive impact from higher income tax expenses by US$13.6 million; (v) US$10.8 million higher positive reconciling adjustments, reconciling net income to net cash provided by operations; and, (vi) positive impact due to higher accounts payable by US$6.7 million. Free Cash Flow (a non-IFRS 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 US$26.2 million for the third quarter 2011. In addition to the net cash provided by Operating Activities of US$29.8 million, during this period, there were additions to property, plant and equipment and advances to suppliers of US$3.6 million. As of September 30th, 2011, the Free Cash Flow was US$29.4 million. In addition to the net cash provided by operating activities of US$52.9 million, there were additions to property, plant and equipment and advances to suppliers by US$23.5 million.

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 Relevant Results Analysis of Itabo’s Consolidated4 Financial Results (In IFRS) For Itabo the Revenues increased 26.7% to US$63.6 million in the third quarter 2011 compared to the same period of 2010. This result was mainly driven by US$13.4 million of higher electricity sales that resulted from higher contract prices that were indexed by higher average coal market prices. As of September 30th, 2011, Revenues totaled US$178.2 million, an increase of 19.7% compared to the same period of 2010. This increase was mainly a result of higher electricity sales by US$29.6 million due to higher contracted prices. Itabo’s Revenues consist of the following: 3Q11

3Q10

Var%

63.3 0.3 63.6

49.9 0.3 50.2

26.9 0.0 26.7

(Millions of US$) Electricity sales Other revenues Total Revenues

9M11

9M10

177.6 0.6 178.2

Var%

148.0 0.9 148.9

20.0 (33.3) 19.7

For Itabo the Operating Costs and Expenses increased 7.7% in the third quarter of 2011 compared to the same period 2010, from US$67.4 million to US$72.6 million. This variance was principally a net result of: (i) higher coal cost by US$13.5 million due to higher generation and average coal prices; partially offset by: (ii) US$4.6 million of lower electricity purchases due to higher generation; and, (iii) lower operating, maintenance and general expenses by US$3.7 million, basically because during the 3Q10 were performed major maintenances in both units. As of September 30th, 2011, Operating Costs and Expenses increased 1.6% to US$179.1 million compared to same period of 2010. This variation was mainly caused by the net effect of: (i) higher fuel cost by US$16.8 million basically due to higher coal prices in the international markets and higher generation; (ii) lower electricity purchase by US$10.9 million, derived of higher generation; and, (iii) lower operation maintenance and general expenses cost by US$3.1 million, basically from lower maintenances cost. Itabo’s Operating Costs and Expenses consist of the following: 3Q11

3Q10 *

58.2 14.3 0.1 72.6

49.3 18.0 0.1 67.4

Var%

(Millions of US$)

18.1 Cost of Revenues (20.6) Operating, maintenance and general expenses 0.0 Amortization of contracts 7.7 Total Operating Cost and Expenses

9M11

9M10 *

139.7 39.1 0.3 179.1

133.8 42.2 0.3 176.3

Var% 4.4 (7.3) 0.0 1.6

* Amounts revised for 2010 due to the change in the accounting principles from USGAAP to IFRS

For Itabo the Total Other Expenses were US$7.7 million in the third quarter 2011 compared to a total other expenses of US$5.4 million in the same period of 2010. This variation was primarily attributable to the net effect of: (i) higher other expenses by US$2.2 million basically from fixed assets disposal during the major maintenance; (ii) lower net commercial interest income by US$0.5 million; (iii) US$0.2 million of higher foreign currency income; and, (iv) lower financial interest expenses by US$0.2 million. As of September 30th, 2011, Total Other Expenses decreased to US$8.9 million from US$9.1 million in the same period of 2010. This variance was the net result of: (i) higher other expenses by US$2.6 million; (ii) lower net financial interest expenses by US$1.7 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%); (iii) higher net commercial interest income by US$0.8 million; and, (iv) lower foreign currency loss by US$0.2 million. Itabo’s Other (Expenses) Income consists of the following: 3Q11 (3.0) 1.0 (5.8) 0.1 (7.7)

3Q10 * (3.2) 1.5 (3.6) (0.1) (5.4)

Var% (6.3) (33.3) 61.1 n/a 42.6

(Millions of US$) Interest (expenses)- financial- net Interest income- commercial- net Other (expense) - net Foreign Currency (loss) Total Other (Expenses)

9M11 (8.9) 6.1 (6.1) 0.0 (8.9)

9M10 * (10.6) 5.2 (3.5) (0.2) (9.1)

Var% (16.0) 17.3 74.3 n/a (2.2)

* Amounts revised for 2010 due to the change in the accounting principles from USGAAP to IFRS

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

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3Q11 Relevant Results For Itabo the Net Cash Used in Operating Activities was US$13.8 million for the third quarter 2011 compared to a Net Cash Used in Operating Activities of US$6.5 million in the same period of 2010, resulting in a negative variation of US$7.3 million. This negative variance was mainly a net result of: (i) negative impact due to lower account payables by US$8.0 million, basically due to energy transactions payments; (ii) positive impact due to lower net loss by US$7.0 million; (iii) an impact of US$4.4 million from negative adjustments reconciling net loss to net cash used in operation activities; and, (iv) negative impact due to higher accounts receivables by US$1.9 million. As of September 30th, 2011, the Net Cash Used in Operating Activities was US$18.2 million against a Net Cash Provided by operating activities of US$17.4 million in the same period of 2010. This variation was primarily the net result of: (i) negative impact due to higher accounts receivables by US$52.5 million due to higher day sales outstanding (DSO); (ii) positive impact due to higher net income by US$25.3 million; (iii) lower accounts payables US$8.7 million; and, (iv) US$0.2 million of positive reconciling adjustments, reconciling net income to net cash used in operating 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 US$21.4 million for the third quarter 2011. During this period, in addition to the net cash used of US$13.8 million, there were additions to property, plant and equipment and advances to suppliers by US$7.6 million. As September 30th, 2011, the Free Cash Flow was US$33.9 million. In addition to the net cash used in operating activities of US$18.2 million, there were additions to property, plant and equipment and advances to suppliers in purchases advances to suppliers of PP&E by US$15.7 million.

Financial Debt Summary Â&#x192; The following tables show composition of financial debt:

Andres-DPP Financial Debt

Itabo Sep-11

Dec-10

Fina ncia l D ebt

Se p-11

D ec -10

(e x pre sse d in m ill ions of U S$)

(expressed in millions of US$)

Local Currency

Loca l C urrenc y

Foreign Currency

168

Total Debt

168

F ore ign Curre ncy To tal Debt

131 131

100%

10 0%

Fixed Rate

F ixed R a te

100%

Variable Rate

V ariable Rate

Short Term

100% 10.56%

100% 10.21%

10 0% 10.21%

9.2

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

Long Te rm F inancing Cost (*) A vera ge Life (ye ars)

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

Rating Agency Fitch Ratings (Andres-DPP)

Senior Notes 2020

Rating B

Outlook Positive

Fitch Ratings (Itabo)

Senior Notes 2020

Positive

Standard & Poor's (Andres-DPP)

Senior Notes 2020

B-

Positive

B-

Negative

Standard & Poor's (Itabo)

Senior Notes 2020

Fitch Dominicana (Itabo)

Corporate Bonds 2013

A- (dom)

Dividends Â&#x192; On September, Itabo made dividends payments to the minority shareholders for a net amount of US$1.2 million.

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 Relevant Results Liquidity Collections

Average Collections Rate

During the third quarter 2011 the average collection rate for Andres- DPP was 83% against 69% in the same period of 2010 and for Itabo 76% against 60%. The increase is related to the higher collection received on July 2011 since DPP and Itabo received extraordinary collections of late receivables from the Distros for US$15.0 milion and US$20.8 million respectively. YTD September 30th, 2011, the average collection rate for Andres-DPP was 87% against 96% in the same period 2010 and for Itabo 78% against 101%, as of September 2010; although the DR Government has been made an effort to comply with the IMF agreement guidelines. As of September 2011, Andres accounts receivables had 56 days sales outstanding (DSO), 107 DSO for DPP and 121 DSO for Itabo compared to 24, 63 and 66 DSO, respectively in December 2010. Although these DSO levels are not according to the FMI guidelines, in October 2011, the companies collected in cash from Distros US$47.9 million of late receivables (Andres & DPP: US$19.1 million and Itabo: US$28.8 million), improving these levels.

Andres - DPP

Itabo

142%

111%

131%

69%

83%

70% 104%

60%

50%

3Q10

4Q10

76%

1Q11

2Q11

3Q11

Days Sales Outstanding (DSO) 181 147

121 111 107

107

24 2008

2009 AES Andres

2010 Itabo

Sept. 11 DPP

Operational Results Andres-DPP: In the third quarter of 2011, the Combined Net Generation decreased 0.8% relative to the third quarter of 2010, from 901 GWh in 3Q10 to 894 GWh in 3Q11. Total Energy Sold during 3Q11 was 894 GWh, equivalent to the total net produced during the period. During the third quarter 2011, Andres’ EAF improved to 98.3% from 97.0 % and the EFOR was 0.3%. The Firm Capacity increased 6.8% to 281MW. DPP’s Firm Capacity increased to 66 MW (187%), during the third quarter 2011, as a result of higher availability since the operational improvements performed on its units. Besides the EAF has increased to 98.2% since its units has been working as based load plants since 2010. As of September 30th, 2011, Combined Net Generation was 2,486 GWh, an increase of 2.4% compared to the same period of 2010. The Combined Energy Sold increased 2.1% to 2,492 GWh, basically due higher generation and higher demand from UNR and EDEEste contract. Andres’ Firm Capacity increased 10.2% to 281MW, the EAF decreased to 90.6% from 95.7% and the EFOR decreased to 0.4%. DPP’s Firm Capacity increased to an average of 51MW, as of September 30th 2011, as a result of higher availability since the operational improvements performed on its units. Besides the EAF has increased to 93.3% since its units has been working as based load plants since 2010 and although Los Mina V and VI were put out of service due to major maintenances. The EFOR improved to 0.2, a reduction of 50%. The following table presents selected operational information for each of the periods indicated: As of Sept. 30th, 2011 Installed capacity (MW)

Andres 319

DPP 236

Aggregate 555

Power Generation Units Effective capacity (MW)

1 304

2 236

3 540

Contracted capacity (MW)

194

210

404

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 Relevant Results

3Q11

3Q10 Var.%

Operating Data

907 (13)

915 (14)

(0.9) Gross generation (7.1) Internal consumption

894

901

(0.8) Net Generation

894 281 7,667 98.3 0.3

901 263 7,636 97.0 0.1

(0.8) 6.8 0.4 1.3 200.0

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

9M11 GWh GWh

9M10

Var.%

2,522 (36)

2,465 (38)

GWh

2,486

2,427

2.4

GWh MW Btu/KWh % %

2,492 281 7,741 90.6 0.4

2,440 255 7,626 95.7 0.0

2.1 10.2 1.5 (5.3) n/a

187.0 DPP's Firm Capacity

2.3 (5.3)

131.8

98.2

98.0

0.2 DPP EAF

93.3

79.7

17.1

0.4

0.1

300.0 DPP EFOR

0.20

0.4

(50.0)

Itabo: During the third quarter 2011, the Net Generation was 303 GWh, an increase of 47.8% with respect to the same period of 2010 since during this period the company performed planned maintenances for both units (Unit I- 16 days & Unit II- 60 days), meanwhile in 2011 it only had planned maintenance for the Unit I (52 days). The Energy Sold decreased 0.9% to 435 GWh compared to the same period of the previous year. The Heat Rate decreased 6.1% basically due to during 2010 the Unit I had technical limitation, solved during this 2011. The EAF increased to 67.6% due to lower maintenance days and the EFOR improved to 0.6% from 4%. As of September 30th 2011, the Net Generation was 1,102 GWh, an increase of 13.7% against the same period 2010 primarily due to lower maintenance days during 2011 (2010- 76 days and 2011- 52 days). The Energy Sold decreased 2.4% when compared to the same period of the previous year due to mainly to lower spot sales (2010- 109GWh Vs 2011-76GWh). The Itabo’s Heat Rate decreased 0.4%, and the EFOR increased to 4.3% from 2% as of September, 2010. The following table presents selected operational information for each of the periods indicated: As of Sept. 30th, 2011

3Q11

3Q10

334 (31) 303 435 226 11,186 67.6 0.6

231 (26) 205 439 226 11,912 44 4

Installed capacity (MW)

260

Power Generation Units Effective capacity (MW)

2 260

Var.% 44.6 19.2 47.8 (0.9) 0.0 (6.1) 53.6 (85.0)

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

GWh GWh GWh GWh MW Btu/KWh % %

9M11

9M10

Var.%

1,212 (110) 1,102 1,316 226 11,208 72 4.3

1,076 (107) 969 1,349 226 11,158 72 2

12.6 2.8 13.7 (2.4) 0.0 0.4 115.0

(*) Amount reviewed

Operational Developments During the third quarter 2011, Andres received three vessels with 9.1 TBtu of natural gas and Itabo received four coal vessels containing 165,980 MT. Itabo I was out of service to major maintenance from August 8th to August 14th. An amendment to the Linea Clave’s contract was signed in August for 1TBtu and due date March 2015.

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 Relevant Results In September, the first increase of 35MW of the agreement between Andres and EDEEste started. The agreement signed in July will increase gradually the original capacity contracted up to 150 MW. On October 1st, Itabo II was place out of service for major maintenance 2011.

Safety Indicators During the quarter, Andres and DPP did not have Lost Time Incidents (LTI) or fatalities. As of September 30th, this represents 622,889.00 AES people and contractors’ incidents free hours. Itabo had a Lost Time Incident (LTI) during Unit I major maintenance. As part of the Safety Program, the companies continue with the training in safety matters, among all employees and contractors. At Itabo, we performed an audit to Lock Out Tag Out (LOTO) System, in order to detect opportunities for improvement in the process. Employees from Itabo, DPP and Andres received training in OSHA Construction Standard. Emergency plans were revised to comply with AES Corp Safety Standard No. 8 Emergency Plans.

Environmental Matters During the third quarter 2011, Andres, DPP and Itabo have complied with all environmental requirements. Itabo received an inspection from the Environmental Ministry, only a few minor recommendations arose from this inspection.

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 Relevant Results

AES Andres B. V. and subsidiaries, and Dominican Power Partners and subsidiary (Indirect Wholly-Owned Subsidiaries of The AES Corporation) UNAUDITED COMBINED STATEMENTS OF INCOME (Expressed in thousandsUS$) 3Q11

3Q10

9M11

9M10

REVENUES 78,326 42,442 3,735 13 124,517

85,857 17,203 1,802 12 104,874

(42,305) (14,573) (14,614)

(46,410) (1,637) (13,754)

(71,491)

(61,801)

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

206,840 108,577 16,218 39 331,674

222,789 55,940 4,174 0 39 282,942

(135,364) (14,573) (45,862)

(132,955) (1,637) (42,968)

(195,799)

(177,560)

135,875

105,382

(5,325) (28,618) 11,149 (255)

(7,085) (28,589) (1,462) 331

OPERATING COSTS AND EXPENSES

53,025

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 Total operating costs and expenses

43,073 OPERATING INCOME OTHER INCOME (LOSS)

(673) (9,663) 11,741 (145)

(2,649) (9,634) (929) 121

54,285

29,982 INCOME BEFORE TAXES

112,826

68,577

Income tax

(29,097)

(15,456)

83,729

53,121

(12,407) 41,878

(1,573)

Interest expense – net Intercompany loan interest expense (*) Other (expense) income Exchenge gain (loss)

28,409 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$9.6 million in 3Q11 and 3Q10 and US$28.6 million in 9M11 and 9M10, 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

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3Q11 Relevant Results AES Andres B. V. and subsidiaries, and Dominican Power Partners and subsidiary (Indirect Wholly-Owned Subsidiaries of The AES Corporation) UNAUDITED COMBINED STATEMENTS OF FINANCIAL POSITION (Expressed in thousands US$)

Sep. 30th, 2011

Dec. 31st, 2010

152,859 5,000 10,220 109,431 43,715 14,196 2,728 20,200 5,343 363,692

119,652 73,631 39,503 2,016 3,343 19,269 18,338 6,095 281,847

15,784 702,424 (199,689) 518,519

15,784 688,335 (186,548) 517,571

OTHER ASSETS Accounts receivables non curent Debt service reserves Contractual assets Other assets Restricted cash Total ther assets

20,447 7,959 18,019 6,270 158 52,853

22,465 7,959 20,508 2,997 9 53,938

TOTAL ASSETS

935,064

853,356

5,772 6,368 9,634 6,158 32,615 1,959 9,878 72,384

10,198 5,955 19,269 2,289 9,112 11,910 58,733

54,154 413,153 163,950 1,221 64 281 632,823

69,428 413,153 163,773 860 82 1,287 648,583

15,019 109,229 640 (35) 36,852 68,152 229,857

15,019 109,204 579 (37) 36,852 (15,577) 146,040

935,064

853,356

ASSETS CURRENT ASSETS Cash and cash equivalents Restricted cash Short term investment Customer Related parties Other receivables Other - related parties Intercompany loan Inventories Prepaid expenses Total current assets PROPERTY, PLANT AND EQUIPMENT Land Property, plant and equipment Less accumulated depreciation Total Property, plant and equipment

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

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 Relevant Results AES Andres B. V. and subsidiary, and Dominican Power Partners and Subsidiaries (Indirect Wholly-Owned Subsidiaries of The AES Corporation) UNAUDITED COMBINED STATEMENTS OF CASH FLOWS (Expressed in thousands US$) 3Q11

3Q10

9M11

9M10

CASH FLOW FROM OPERATING ACTIVITIES: 41,878

28,408

6,915 184 12,407 2,223 (39) 128 10,336 324

6,356 (1,083) 1,573 1,334 70 12,282 (136)

(28,267) (5,928) (1,889) (7) 4,193 (3,981) (3,279) (7,317) 446 28,328

(32,193) (14,172) 299 (885) (94) (1,101) 616 9,024 (5,020) 175 5,452

4,715 623 (3,892) 29,774

0 798 (3,920) 2,330

(5,202) 1,633 (5,002) (13) 0 (8,584)

(5,099) 46 (5,053)

Net income Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization Derivative instruments Income tax expense Loss on asset disposal Gain o sale of investments Long term compensation Interest expense – net Foreign exchange gain (Increase) decrease in accounts receivable Decrease in accounts receivable – related parties (Increase) decrease in other receivable Decrease in other receivable – related parties (Increase) decrease in inventories Decrease (increase) in prepaid insurance Increase in deferred tax assets (Decrease) increase in accounts payable and accrued liabilities (Decrease) in accounts payable – related parties (Decrease) increase in accrued and other liabilities Cash generated from operations Interest received Interest paid Income taxes paid Net cash from operating activities

83,729

53,121

19,444 3,714 29,097 2,820 (39) 570 33,942 118

19,067 283 15,456 2,369 292 35,674 (439)

(51,903) 7,449 (2,930) 522 (1,769) (3,116) (7,062) (11,248) 94 103,432

(21,291) 17,326 1,686 (475) 523 (4,200) (783) 17,445 (42,420) 1,749 95,384

14,147 (45,477) (19,267) 52,835

7,611 (25,939) (22,335) 54,721

(23,530) (5,148) 359 (10,579) 19,269 (19,629)

(11,176) (788) 1,200 (10,764)

(5,000) (5,000)

CASH FLOW FROM INVESTING ACTIVITIES: Additions to property, plant and equipment Advances to suppliers in purchase of PP&E Decrease (increase) in restricted cash Decrease (increase) in short term investment Purchase of short term investment Loans made to other parties Net cash (used) provided by investing activities CASH FLOW FROM FINANCING ACTIVITIES: -

Principal payments – notes payable Net cash (used in) provided by financing activities

21,189 131,669

(2,722) NET INCREASE IN CASH 103,510 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

33,207 119,652

38,957 61,831

152,858

100,788 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

152,858

100,788

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 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) 3Q11

3Q10

63,248 304

49,936 261

63,552

50,197

(58,158)

(49,283)

(14,280) (118)

(18,027) (118)

(72,556)

(67,428)

(9,004)

(17,231)

REVENUES Electricity sales Other revenues Total revenues OPERATING COSTS AND EXPENSES Cost of revenues Operating, maintenance and general expenses Amortization of contracts Total operating costs and expenses OPERATING INCOME

9M11

9M10

177,605 576

148,019 854

178,181

148,873

(139,687)

(133,726)

(39,084) (353)

(42,233) (353)

(179,124)

(176,312)

(943)

(27,439)

(2,842) (6,059) 35

(5,432) (3,514) (199)

(9,809)

(36,584)

7,134

8,582

(2,675)

(28,002)

Other income (expense) (2,048) (5,804) 106

(1,662) (3,568) (114)

(16,750)

(22,575)

8,507

7,341

(8,243)

(15,234)

Interest income (expense), net Other expenses – net Exchange gain (loss), net INCOME BEFORE INCOME TAX Income tax expense NET (LOSS)

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 Relevant Results E M PR ES A G EN ER A D O R A D E EL EC T R IC ID A D ITA B O , S. A . A N D S U B SID IA R Y (A n in dir ec tly s u bs id ia r y o f T h e A ES C or po ra tion ) C O N SO L ID AT ED B A L AN C E SH E ET S (A m o un ts e x p re s se d in tho u sa n ds o f U S do llar s ) Se p . 3 0 th, 2 0 11

D e c. 3 1 s t, 2 0 10

A SSET S C U R R E N T ASSE T S C a sh a nd ca sh e qu iva le nts S ho rt te rm in vestm e n t

3 6 ,20 2

7 1 ,4 82

32 7

2 67

A cco un ts rec eiva b le : C u sto m e r R e late d pa rtie s

2 ,58 1

3 ,4 22

1 0 3 ,01 9

5 6 ,5 73

O th e r

134

O th e r re ce iva b les – rel ate d pa rtie s

55 4

51 1 ,4 56

In ve nto rie s

2 5 ,40 2

2 2 ,1 85

P re p a id in co m e tax P re p a id e xp e ns es

2 0 ,89 6 1 ,3 65

2 0 ,8 88 6 88

19 0 ,4 80

17 7 ,0 12

T ota l cu rre n t as sets PR O P ER T Y, PL AN T AN D E Q U IPM EN T P ro p e rty, pla n t an d e qu ip m e n t

5 6 5 ,72 3

56 6 ,1 59

L e ss a ccu m ula te d de p recia tio n

(25 4 ,9 41 )

(24 5 ,6 18 )

C o n struc tio n in pro g re ss L a nd T ota l p rop e rty, p lan t a n d e q u ipm e n t

1 5 ,91 2

1 1 ,5 47

1 6 ,9 53

34 3 ,6 47

34 9 ,0 41

O T H ER AS SET S A cco un t rece iva b le re la ted p a rtie s

2 9 ,71 8

3 2 ,6 90

O th e r

1 4 ,22 0

1 4 ,5 50

T ota l o the r a sse ts

4 3 ,9 38

4 7 ,2 40

T O TA L AS SET S

57 8 ,0 65

57 3 ,2 93

L IA B IL ITIE S AN D ST O C K H O L D ER ´S EQ U IT Y C U R R E N T LIA BILIT IES A cco un ts p aya b le: Su p plie rs

2 7 ,60 0

1 9 ,0 11

R e la te d p artie s

4 9 ,58 4

4 2 ,8 93

7 ,32 8

6 ,8 20

8 4 ,51 2

6 8 ,7 24

1 2 8 ,73 3

12 8 ,5 64

3 2 ,94 2

4 0 ,3 01

1 6 1 ,74 8

16 8 ,8 81

3 5 5 ,55 6

35 5 ,5 56

D ivid e n d p a yab le A ccru e d ex pe n se s an d o the r lia bilitie s T ota l cu rre n t lia bilitie s L O N G TE R M L IAB ILIT IES N o te s p aya bl e D e fe rre d in co m e ta x O th e r n o n -cu rren t lia b ilities T ota l lo n g te rm liab ilitie s SH A R EH O L D ER S' E Q U ITY C o m m o n stock , R D $ 10 0 p ar va lue ; 5 6 ,3 5 5 ,55 6 sh a res is sue d a nd o u ts ta n d in g A dd itio n al p a id in ca p ita l A ccu m ula te d d e ficit R e stricte d re tai ne d e arn in gs

22 3 (11 6 ,7 23 )

2 07 (11 2 ,8 24 )

9 2 ,74 9

9 2 ,7 49

T ota l sh a re h o ld ers' e qu ity

3 3 1 ,80 5

33 5 ,6 88

T O TA L LIA B ILIT IES A N D SH AR E H O LD ER S' EQ U IT Y

57 8 ,0 65

57 3 ,2 93

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 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) 3Q11

3Q10

9M11

9M10

CASH FLOWS FORM OPERATING ACTIVITIES: (8,243)

(15,234)

Net loss

(2,675)

(28,002)

Depreciation and amortization Amortization of contracts

16,805 353

17,249 353

Income tax

(7,134)

(8,582)

Adjustments to reconcile net income to net cash (used in) provided by operating activities: 5,534 118

5,750 118

(8,507)

(7,341)

(35)

Long-term compensation

5,809

Loss on asset disposal

2,048

1,662

Interest expense – net

(3,235)

(15,081)

(3)

6,009

2,842

5,432

16,216

(13,553)

Changes in assets and liabilities: 388

(179)

(18,861)

(15,521)

(25)

1,289

1,198 (293)

(999) 841

(Increase) decrease accounts receivable

(5,335)

(13,495)

(46,446)

12,901

(Increase) decrease other receivables

(83)

1,472

(Increase) decrease other receivables - related parties

902

(Increase) decrease accounts receivable - related parties

(Increase) decrease inventories

(3,217)

(1,792)

1,169

Decrease (increase) prepaid expenses

4,569

(1,129)

Increase (decrease) accounts payable suppliers

6,875

964

901 2,734

14,643 3,635 0

Increase accounts payable - related parties Increase accrued expenses and other liabilities

6,691 4,866

21,287 3,096

(14,415)

(11,332)

(20,217)

13,538

1,092

Cash (used in) provided by operating activities

1,476

Interest received

(513)

3,371

Interest paid

(13,837)

(6,485)

(12,742)

(5,905)

Net cash (used in) provided by operating activities

(685)

654 9,403 (9,191)

9,148

9,481

(7,199)

(5,630)

(18,268)

17,389

(17,420)

(8,071)

1,692

(3,721)

CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property, plant and equipment

5,097

(996)

Advances to suppliers in purchase of PP&E

(739)

Change in restricted cash

(7,643)

(7,640)

(1,224)

Net cash (used in) investing activities

(60)

(734)

(15,788)

(12,526)

(1,224)

(33,774)

(1,224)

(33,774)

(35,280)

(28,910)

CASH FLOW FROM FINANCING ACTIVITIES:

(22,705)

Dividends paid Net cash (used in) financing activities

(14,124) NET DECREASE IN CASH

58,907

64,087 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

71,482

78,874

36,202

49,963 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

36,202

49,963

Andres Dominicana and Itabo Dominicana, Earning Release

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3Q11 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 September 30th, 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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3Q11 Relevant Results Glossary of key terms Btu:

CDEEE:

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.

Coordinating Body:

“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.

Deregulated Users (NRU):

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.

EAF: Effective Capacity: EFOR: Firm Capacity: FX:

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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