AESAndres-Itabo4Q11 by AES Dominicana

Fourth Quarter 2011 Relevant Results Santo Domingo, Dominican Republic March 16th, 2012

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

4Q11 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$0.7 million in the fourth quarter 2011 Santo Domingo, Dominican Republic, March 16th, 2012 – Andres-DPP and Itabo announced today results for the fourth 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 20.1% to US$112.7 million in the fourth quarter 2011 compared to the same period of 2010. Meanwhile in the period ended in December 2011, Revenues increased 18.0% compared to the same period of the previous year. Net Income was US$0.7 million for the fourth quarter of 2011 and the accumulated Net Income for 2011 was US$84.4 million against US$53.8 million for the same period 2010. 4Q11 112.7 92.6 20.1 17.8% 0.7 9.9

4Q10 *

(Millions of US$)

93.8 Revenues 63.7 Operating costs and expenses 30.1 Operating income 32.1% Operating income margin 0.7 Net Income (**) Net Cash Provided by Operating 38.3 Activities

12M11

12M10 *

444.4 288.4 156.0

376.7 241.3 135.4

35.1%

35.9%

84.4

53.8

External Factors

62.8

93.0

Analysis of Andres-DPP Combined Financial Results

Analysis of Itabo’s Consolidated Financial Results

Financial Debt Summary

Dividends

Liquidity

Operational Results

Operational Developments

Safety Indicators

(*) Amounts revised for 2010 due to the change in the accounting principles from USGAAP to IFRS. (**) Net Income includes interest expenses of US$9.6 million in 4Q11 and 4Q10, 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$3.3 million in the fourth quarter 2011 For Itabo, the revenues increased 37.2% in the fourth quarter 2011 compared to the same period of 2010 and in the accumulated results for the period ending in December 2011 increased 24.1% compared to the same period of the previous year. Net Loss decreased to US$3.3 million for the fourth quarter of 2011 and the accumulated Net loss decreased to US$5.9 million from a Net Loss of US$40.2 million for the same period 2010.

4Q11

4Q10*

(Millions of US$)

12M11

50.6 Revenues 53.1 Operating costs and expenses (2.5) Operating (Loss) income

5.2%

-4.9% Operating (Loss) income margin

1.1%

-15.0%

(3.3)

(12.2) Net (loss) Income

(5.9)

(40.2)

13.2

43.3

Net Cash Provided by Operating 25.9 Activities

Page

Environmental Matters

Financial Statements

Glossary of Key Terms

12M10*

69.4 65.8 3.6

31.4

247.6 244.9 2.7

Inside this report:

199.5 229.4 (29.9)

* 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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4Q11 Relevant Results External Factors1 Dominican Republic’s September 2011.

GDP

grew

4.2%

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

Inflation stood at 7.76% at the end of December 2011.

The exchange rate as of December 31st, 2011 was RD$38.81 per US dollar (Ask) and RD$38.71 per US dollar (Bid).

Average Coal prices were US$4.05 per MMBtu for the fourth quarter 2011, with a peak of US$4.32 per MMBtu and a low of US$3.87 per MMBtu.

14.74

12 US$/MMBTU

Average Nymex Henry Hub natural gas prices were US$3.47 per MMBtu for the fourth quarter 2011, with a peak of US$3.93 per MMBtu and a low of US$2.99 per 2 MMBtu.

14.69

Fuel-Oil #6

10.97

8 6

4.65

3.97

Coal

4.05

4 2

3.73

Natural Gas

4.38

3.47

Total electricity demand as of December 31st, 2011

4Q10

1Q11

2Q11

3Q11

4Q11

reached 12,212.9 GWh, an increase of 2.80% versus the same period 2010.

Analysis of Andres-DPP Combined3 Financial Results (In IFRS) For Andres-DPP, the Revenues increased 20.1% to US$112.7 million in the fourth quarter 2011 compared to the same period of 2010. This result was mainly driven by: i) higher spot sales by US$11.4 million, derived of higher volume, prices and energy production; (ii) the other sales increased around US$5.9 million due to the increment in natural gas sales; and, (iii) US$1.6 million of higher contracted sales, basically to EDEEste (since its contracted capacity increased from 50MW to 75MW since September, 2011) and to Falconbrige, partially offset for the expiration of short-term contracts with DISCOS EDENorte and EDESur that were active during 2010. As of December 31st, 2011, Revenues totaled US$444.4 million, an increase of 18.0% compared to the same period of 2010. This increase was mainly a net result of: (i) higher spot sales by US$64.0 million, due to higher energy volume and spot prices; (ii) lower contracted energy sales by US$14.3 million; and, (ii) higher other sales by US$18.0 million mainly from sales of natural gas 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:

4Q11 72.0 30.8 9.9 112.7

4Q10* 70.4 19.4 4.0 93.8

Var%

(Millions of US$)

2.3 Electricity sales – Contracts 58.8 Electricity sales – spot market 147.5 Natural Gas Sales & Other Sales 20.1 Total Revenues

12M11 278.9 139.3 26.2 444.4

12M10* 293.2 75.3 8.2 376.7

Var% (4.9) 85.0 219.5 18.0

(*) 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 45.4%, in the fourth quarter of 2011 compared to the same period 2010, from US$63.7 million to US$92.6 million. This variance was principally because higher cost of sales by US$28.9 million due to higher generation and the related increase in LNG consumption (with higher LNG average cost) and higher spot capacity prices. Operating Costs and Expenses as of December 31st, 2011, increased 19.5% to US$288.4 million compared to the same period in 2010. This variance was mainly caused by: (i) higher cost of sales by US$44.2 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 1

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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4Q11 Relevant Results growing) combined with higher LNG prices and higher spot capacity prices; and, (ii) higher operating, maintenance and general expenses by US$3.3 million. Andres-DPP’s operating costs and expenses consist of the following: 4Q11 75.7 10.3 6.6 92.6

4Q10* 46.8 9.5 7.4 63.7

Var%

(Millions of US$)

61.8 Cost of electricity sales- fuel & electricity purchases 8.4 Operating, maintenance and general expenses (10.8) Depreciation 45.4 Total Operating Cost and Expenses

12M11

12M10*

225.6 36.7 26.1 288.4

181.4 33.4 26.5 241.3

Var% 24.4 9.9 (1.5) 19.5

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

Andres- DPP total Other Expenses decreased to US$9.4 million in the fourth quarter 2011 from US$24.2 million in the same period of 2010. This positive result was mainly a net function of: (i) higher other income by US$11.7 million since in 2010 the company booked the premium paid to Bondholders due to the prepayment of AES Dominicana Energia Finance Senior Notes for US$156 million; (ii) lower net financial interest expenses by US$5.9 million since in 2010 converged a portion of the US$156 million AES Dominicana Energia Finance Senior Notes due 2015 and the issuance from AES Andres Dominicana of US$167.5 million due 2020, besides in 2010 it was adjusted the deferred financing cost related to the previous bond; (iii) higher foreign currency loss by US$1.8 million; and, (iv) lower net commercial interest income by US$1.0 million. As of December 31st, 2011, Net Other Expenses decreased to US$32.4 million, as compared to total Net Other Expenses in the same period of 2010 of US$61.0 million. This decrease was mainly a net function of: (i) higher other income by US$24.3 million; (ii) lower net financial interest expenses by US$6.4 million due to lower debt and interest rate when compared with 2010, besides in 2010 it was adjusted the deferred financing cost related to the previous bond; and, (iii) higher foreign currency loss by US$2.3 million. Andres-DPP Other (Expenses) Income consists of the following: 4Q11 (3.7) 3.6 (9.6) 1.2 (0.9) (9.4)

4Q10 *

Var%

(9.6) (61.5) 4.6 (21.7) (9.6) 0.0 (10.5) n/a 0.9 (200.0) (24.2) (61.2)

(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 (Expenses)

12M11 (16.5) 11.1 (38.2) 12.3 (1.1) (32.4)

12M10 *

Var%

(22.9) (27.9) 10.8 2.8 (38.1) 0.3 (12.0) n/a 1.2 (191.7) (61.0) (46.9)

(*) Amounts revised for 2010 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$9.9 million for the fourth quarter 2011, compared to a Net Cash Provided by Operating Activities of US$38.3 million in the same period of 2010. This negative variation was mainly a net result of the following: (i) negative impact from interest paid by US$16.2 million, since the intercompany interest corresponding to the last semester of 2010 was paid in the first semester 2011; (ii) negative adjustments by US$15.9 million, reconciling net income to net cash provided by operations; (iii) positive impact as result of lower account receivables by US$9.3 million; (iv) negative impact due to higher other assets by US$3.3 million; and, (v) negative impact from lower account payables by US$2.3 million. Net Cash Provided by Operating Activities as of December 31st, 2011 was US$62.8 million compared to US$93.1 million for the same period in 2010. This negative variation was primarily the result of: (i) higher net interest paid by US$35.7 million, basically from the intercompany loan, since during 2011 the company paid interest corresponding to the second semester 2010 and for the full year 2011, meanwhile during the same period 2010, the company only paid the equivalent amount for the first semester 2010; (ii) negative impact due to higher account receivables by US$34.8 million, basically due to higher Days of Sales Outstanding (DOS) and higher sales; (iii) higher net income by US$30.6 million; (iv) positive impact from higher income tax expenses by US$5.3 million; and, (v) positive impact due to higher account payables by US$4.4 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 net cash provided by US$4.1 million for the fourth quarter 2011. During this period, there were additions to property, plant and equipment and advances to suppliers of US$5.8 million.

Andres Dominicana and Itabo Dominicana, Earning Release

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4Q11 Relevant Results As of December 31st, 2011, the Free Cash Flow was net cash provided of US$33.5 million and there were additions to property, plant and equipment and advances to suppliers by US$29.3 million.

Analysis of Itabo’s Consolidated4 Financial Results (In IFRS) For Itabo the Revenues increased 37.2% to US$69.4 million in the fourth quarter 2011 compared to the same period of 2010. This result was mainly driven by US$18.9 million of higher electricity sales that resulted from higher contract prices that were indexed by higher average coal market prices and higher spot energy prices. As of December 31st, 2011, Revenues totaled US$247.6 million, an increase of 24.1% compared to the same period of 2010. This increase was mainly a result of higher electricity sales by US$48.5 million due to higher contracted prices. Itabo’s Revenues consist of the following:

4Q11

4Q10

69.1 0.3 69.4

50.2 0.4 50.6

(Millions of US$)

12M11

12M10

37.6 Electricity sales (25.0) Other revenues 37.2 Total Revenues

246.7 0.9 247.6

198.2 1.3 199.5

Var%

Var% 24.5 (30.8) 24.1

For Itabo the Operating Costs and Expenses increased 23.9% to US$65.8 million in the fourth quarter of 2011 compared to the same period of 2010. This variance was principally a result of: (i) higher electricity purchases by US$8.5 million derived from higher spot prices; (ii) higher coal cost by US$1.8 million due to higher generation and average coal prices; and, (iii) higher operating, maintenance and general expenses by US$2.5 million, basically from the 28 days major programmed maintenance performed in Unit II. As of December 31st, 2011, Operating Costs and Expenses increased 6.8% to US$244.9 million compared to same period of 2010. This variation was mainly caused by higher fuel cost for US$18.6 million basically due to higher coal cost and higher generation. Itabo’s Operating Costs and Expenses consist of the following 4Q11

4Q10 *

47.5 12.5 5.7 0.1 65.8

37.2 10.0 5.8 0.1 53.1

Var% 27.7 25.0 (1.7) 0.0 23.9

(Millions of US$) Cost of Revenues Operating, maintenance and general expenses Depreciation Amortization of contracts Total Operating Cost and Expenses

12M11 12M10 * 187.2 34.8 22.5 0.4 244.9

171.0 35.0 23.0 0.4 229.4

Var% 9.5 (0.6) (2.2) 0.0 6.8

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

For Itabo the total Other Expenses decreased to US$6.1 million in the fourth quarter 2011 compared to US$13.8 million in the same period of 2010. This variation was primarily attributable to: (i) lower other expenses by US$4.5 million basically due to in 2010 the company booked the premium paid to Bondholders due to the prepayment of Itabo Finance Senior Notes for US$125 million due 2013; and, (ii) lower net financial interest expenses by US$2.4 million basically due to in the 2010 it was included the write-off of the deferred financing cost of the Senior Notes early redeemed. As of December 31st, 2011, Total Other Expenses decreased to US$15.0 million from US$22.9 million in the same period of 2010. This variance was the net result of: (i) lower financial interest expenses by US$4.1 million due to the reduction of the international debt from US$125 million to US$116.4 million with a lower interest rate (10.875% Vs 9.5%); (ii) lower other expenses by US$1.9 million basically due to during 2010 the company paid a premium to Bondholders, partially offset for an increment assets disposal during 2011; and, (iii) higher net commercial interest income by US$1.0 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

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4Q11 Relevant Results Itabo’s Other Expenses consists of the following:

4Q11 (2.7) 0.2 (4.2) 0.6 (6.1)

4Q10 * (5.1) 0.1 (8.7) (0.1) (13.8)

Var% (47.1) 100.0 (51.7) n/a (55.8)

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

12M11 12M10 * (11.6) 6.3 (10.3) 0.6 (15.0)

(15.7) 5.3 (12.2) (0.3) (22.9)

Var% (26.1) 18.9 (15.6) n/a (34.5)

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

For Itabo the Net Cash Provided by Operating Activities was US$31.4 million for the fourth quarter 2011 compared to a Net Cash Provided by Operating Activities of US$25.9 million in the same period of 2010, resulting in a positive variation of US$5.5 million. This positive variance was mainly a net result of: (i) lower net loss by US$8.9 million; (ii) negative impact by US$8.1 million from the premium on redemption of bonds in 2010; (iii) lower interest paid by US$5.2 million; (iv) negative impact from lower account payables by US$4.9 million basically from energy market transactions; (v) positive impact due to lower account receivables by US$3.3 million since the Government paid all the outstanding bills up to October 2011; and, (vi) an impact of US$1.1 million from positive adjustments reconciling net loss to net cash provided by operation activities. As of December 31st, 2011, the Net Cash Provided by Operating Activities was US$13.2 million compared to a Net Cash Provided by Operating Activities of US$43.3 million in the same period of 2010. This negative variation by US$30.1 million was primarily the net result of: (i) negative impact due to higher account receivables by US$49.2 million due to higher Day of Sales Outstanding (2011-72 DOS and 2010- 62 DOS) and higher sales; (ii) lower net loss by US$34.3 million; (iii) negative impact by US$11.8 million due to lower account payables; (iv) US$7.0 million of negative adjustments, reconciling net loss to net cash provided by operating activities; and, (v) positive impact of US$3.6 million from interest paid. 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$17.2 million for the fourth quarter 2011. During this period there were additions to property, plant and equipment and advances to suppliers by US$14.2 million. As December 31st, 2011, the Free Cash Flow was net cash used by US$16.7 million. There were additions to property, plant and equipment by US$29.9 million.

Financial Debt Summary On November 12th, Itabo and Andres paid interests on international bonds dated November 12, 2010 for US$5.5 million and US$8.0 million, respectively. On November 19th, Andres paid interests on its Intercompany loan for US$19.3 million. On Dec. 20th, 2011, Standard & Poor's Ratings Services raised the ratings of AES Andres Dominicana to 'B' from 'B-', with a “stable” outlook and revised the outlook of Empresa Generadora de Electricidad Itabo S.A. (Itabo) to “stable” from “negative”. At the same time, affirmed the 'B-' ratings on the company. 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.

Andres Dominicana and Itabo Dominicana, Earning Release

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4Q11 Relevant Results The following tables show composition of financial debt:

Andres-DPP Financial Debt

Itabo

Dec-11

Dec-10

Financial Debt

(expressed in millions of US$)

Local Currency Foreign Currency Total Debt Fixed Rate

Dec-11

Dec-10

131 131

(expressed in millions of US$)

168 168

Local Currency Foreign Currency Total Debt

100%

Variable Rate

Short Term

100% 10.56%

100% 10.21%

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

Fixed Rate

Long Term Financing Cost (*) 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)

International

Senior Notes 2020

Rating B

Outlook Positive

Fitch Ratings (Itabo)

International

Senior Notes 2020

Positive

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

A- (dom)

Dividends In November, Andres made a dividend payment for a net amount of US$35.9 million.

Liquidity Collections During the fourth quarter 2011 the average collection rate for Andres- DPP was 146% against 131% in the same period of 2010 and for Itabo 144% against 142%. The increase is related to the higher collection received on October by US$47.9 million for late receivables up to July (DPP: US$19.1 million and Itabo: US$28.8 million), and on December by US$91.1 million corresponding to the pending invoices up to October (Itabo US$53.5 million, DPP-US$30.8 million and Andres- US$6.8 million).

Average Collections Rate Andres - DPP 142% 70%

83%

104%

4Q10

Currently Andres accounts receivables have 33 days sales

181

1Q11

144%

76%

50%

147

2Q11

3Q11

4Q11

Days Sales Outstanding (DSO)

111 107 73

72 61

33 24 2008

2009 AES Andres

Andres Dominicana and Itabo Dominicana, Earning Release

146%

111%

131%

YTD December 31st, 2011, the average collection rate for Andres-DPP was 102% against 105% in the same period 2010 and for Itabo 96% against 111%, as of December 2010; the DR Government made efforts to comply with the IMF agreement guidelines. outstanding (DSO), 61 DSO for DPP and 72 DSO for Itabo compared to 24, 63 and 66 DSO, respectively during the same period of 2010.

Itabo

2010 Itabo

2011 DPP

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4Q11 Relevant Results Operational Results Andres-DPP: In the fourth quarter of 2011, the Combined Net Generation increased 2.9% relative to the fourth quarter of 2010, from 868 GWh in 4Q10 to 893 GWh in 4Q11. Total Energy Sold during 4Q11 was 893 GWh, an increase of 2.4% when compared to 4Q10, basically from higher quantity sold in the spot market due to higher generation. DPPâ&#x20AC;&#x2122;s Firm Capacity increased to an average of 55 MW (111.5%), during the fourth quarter 2011, as a result of higher availability since the operational improvements performed on its units. The EAF increased to 100% since its units have been working as based load plants since 2010 and its EFOR was 0 for this quarter. As of December 31st, 2011, Combined Net Generation was 3,379 GWh, an increase of 2.5% compared to the same period of 2010. During both periods, the units have been dispatched as base-load units due to the competitiveness of gas prices. The Combined Energy Sold increased 2.6% to 3,398 GWh, basically due higher generation and higher demand from NRU (including the mining company Falconbridge) and EDEEste contract (the contracted capacity increased to 85MW), partially offset for lower energy sold to EDENorte y EDESUR (during 2010, the companies had energy contracts with those DISCOS). DPPâ&#x20AC;&#x2122;s Firm Capacity increased to an average of 56MW, as of December 31st 2011, from 23MW during 2010, as a result of higher availability since the operational improvements performed on its units. Besides the EAF has increased to 95.0% 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 planned maintenances.

The following table presents selected operational information for each of the periods indicated: As of Dec. 31st, 2011 Installed capacity (MW) Power Generation Units Effective capacity (MW) Contracted capacity (MW) 4Q11

4Q10 Var.%

911 (18)

881 (13)

893

868

893 281 7,663 100.0 0.0 55

872 276 7,764 95.0 1.3 26

100.0

95.0

0.0

DPP 236 2 236

Aggregate 555 3 540

211

210

421

Operating Data

3.4 Gross generation 38.5 Internal consumption 2.9 Net Generation 2.4 1.8 (1.3) 5.3 (100.0) 111.5

Andres 319 1 304

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

12M11 12M10

Var.%

GWh GWh

3,433 (54)

3,346 (51)

2.6 5.9

GWh

3,379

3,295

2.5

GWh MW Btu/KWh % % MW

3,398 281 7,720 93.0 0.3 56

3,312 260 7,660 96.0 0.4 23

2.6 8.1 0.8 (3.1) (25.0) 143.5

5.3 DPP EAF

95.0

13.1

0.0 DPP EFOR

0.12

0.3

(60.0)

Itabo: During the fourth quarter 2011, the Net Generation was 405 GWh, an increase of 1.5% with respect to the same period of 2010. The EAF decreased to 78% due to the major maintenance of the Unit II and the EFOR increased to 3.4% from 2% due to boiler tubes leaks. As of December 31st, 2011, the Net Generation was 1,507 GWh, an increase of 10.1% against the same period 2010 primarily due during the last semester 2010, the Unit I had a technical limitation. The EFOR increased to 4.1% due to boiler tubes leaks.

Andres Dominicana and Itabo Dominicana, Earning Release

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4Q11 Relevant Results The following table presents selected operational information for each of the periods indicated: As of Dec. 31st, 2011

4Q11

4Q10

443 (38) 405 463 226 11,007 78 3.4

439 (40) 399 441 226 10,714 79 2

Installed capacity (MW)

260

Power Generation Units Effective capacity (MW)

2 260

Var.% 0.9 (5.0) 1.5 5.0 0.0 2.7 (1.3) 70.0

12M11 Gross generation Internal consumption Net Generation Total Energy Sold Firm Capacity Heat Rate EAF EFOR

GWh GWh GWh GWh MW Btu/KWh % %

1,655 (148) 1,507 1,780 226 11,154 72 4.1

12M10 1,516 (147) 1,369 1,790 226 10,898 73 2

Var.% 9.2 0.7 10.1 (0.6) 0.0 2.3 (1.4) 105.0

Operational Developments During the fourth quarter 2011, Andres received three vessels with 9.0 TBtu of natural gas, including an additional cargo (from the quantity established in the LNG contract) bought in December. Itabo received four coal vessels containing 180,675 MT. Programmed Maintenances: - Itabo II, since October 1st, 2011 to October 28th, 2011. - Andres, since January 17th, 2012 to February 3rd, 2012. - Los Mina V, since January 27th, 2012 to February 3rd, 2012. On January 28th, the LNG Terminal was put out of service to install a third offloading and re-gasification train, which will increase the terminal’s capacity to cover the current and future natural gas demand. The LNG terminal was put back on service on January 31st. During this period, Los Mina VI was disconnected, to facilitate these works and reconnected on February 1st.

Other Relevant Information On November 30th, AES Dominicana with other large companies in the Dominican Republic was recognized for sending the annual report complying with the 10 principles of the ONU. AES Dominicana for the third year in a row has been awarded with the 1st place of the companies most admired in the energy sector and the fourth best company to work in the country. On January 10th, Jesús Bolinaga was appointed as the new President of AES Dominicana.

Safety Indicators During the fourth quarter, Andres and DPP did not have Lost Time Incidents (LTI) or fatalities. As of December 31st this represents 723,489 AES people and contractors’ incidents free hours. In 2011, Itabo had a Lost Time Incident (LTI) during Unit I major maintenance. During 2011, 14,000 man hours invested in safety training, including AES people and contractors. Safety drills were performed at Itabo, Andres and DPP. During 2011, the Safety and Health Program was certified by the Ministry of Labor, in order to fulfill the requirements of 52206 Regulation.

Andres Dominicana and Itabo Dominicana, Earning Release

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4Q11 Relevant Results During 2011, emergency plans were revised to comply with AES Corp Safety Standards.

Environmental Matters During the fourth quarter 2011, Andres, DPP and Itabo have complied with all environmental requirements of AES Corporation and the Dominican laws. During the quarter, AES Dominicana postulated projects in the National Cleaner Production Prize promoted by the Environmental Ministry.

Andres Dominicana and Itabo Dominicana, Earning Release

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4Q11 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$)

4Q11

4Q10 *

12M11

12M10*

REVENUES 72,018 30,749 9,932 13 112,712

70,364 19,395 4,024 13 93,796

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

(66,630) (9,063) (10,277) (6,624)

(42,298) (4,535) (9,512) (7,419)

(92,594)

(63,764)

20,118

30,032 OPERATING INCOME

(135) (9,606) 1,223 (866)

(5,013) (9,635) (10,473) 944

278,858 139,326 26,150 52 444,386

293,153 75,335 8,198 52 376,738

(201,994) (23,636) (36,695) (26,068)

(175,253) (6,172) (33,413) (26,486)

(288,393)

(241,324)

155,993

135,414

(5,460) (38,224) 12,372 (1,121)

(12,098) (38,224) (11,935) 1,275

123,560

74,432

(39,105)

(20,609)

84,455

53,823

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

OTHER INCOME (LOSS) Interest expense – net Intercompany loan interest expense (**) Investment Asset Impairment Expense Other income (expense) Exchange (loss) gain

10,734

5,855 INCOME BEFORE TAXES

(10,008)

(5,153)

726

Income tax

702 NET INCOME (***)

(*) The 2010 amounts presented in the 4Q10 report 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$9.6 million in 4Q11 and 4Q10, 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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4Q11 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$)

Dec. 31st, 2011

Dec. 31st, 2010

131,130 92,254 52,670 19,326 5,000 11,698 312,078

119,652 75,541 62,115 18,338 6,201 281,847

15,784 706,689 (206,309) 516,164

15,784 688,335 (186,549) 517,570

19,774 7,959 17,297 7,133 52,163 880,405

22,465 7,959 20,508 3,007 53,939 853,356

18,113 5,303 2,136 22,867 1,063 49,482

22,108 5,955 19,269 2,289 9,112 58,733

55,731 413,153 164,012 3,148 171 636,215

69,428 413,153 163,773 860 1,369 648,583

15,019 109,236 662 (36) 36,852 32,975 194,708 880,405

15,019 109,204 579 (37) 36,852 (15,577) 146,040 853,356

ASSETS CURRENT ASSETS Cash and cash equivalents Accounts receivables Accounts receivable – related parties Inventories Other financial assets Other assets Total current assets PROPERTY, PLANT AND EQUIPMENT Land Property, plant and equipment Less accumulated depreciation Total Property, plant and equipment OTHER ASSETS Accounts receivables non curent Debt service reserves Other financial assets Other assets Total other assets TOTAL ASSETS LIABILITIES AND SHAREHOLDER'S EQUITY CURRENT LIABILITIES Accounts payable Related parties Interest related parties Interest payable Income tax payable Derivative current Total current liabilities LONG TERM LIABILITIES Deferred income tax Intercompany loan Notes payable Derivative non current 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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4Q11 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$) 4Q11

4Q10*

12M11

12M10*

CASH FLOW FROM OPERATING ACTIVITIES: 726

702

6,624 6,635 10,008 103 (317) 38,224 (28,482) 304

7,419 1,766 5,153 10,052 (381) (13) 38,224 (23,576) (687)

45,134 (22,259) 2,930 (522) 716

33,968 (16,755) (1,686) 475 431

3,116 (7,899) (16,026) 15,583 (1,393) 53,206

4,200 783 (4,611) (9,021) 10,891 (757) 56,576

(9,611) (28,759) (4,863) 9,974

(1,728) (12,591) (3,918) 38,339

(5,757) 2 10,237 39 4,521

(866) 788 10,920 (1,169) (19,269) (7,959) (17,555)

Net income Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization Derivative instruments Income tax expense Loss (gain) on early extinguishment of debt Loss on asset disposal Gain on sale of investments Long term compensation Subordinated intercompany loan interest expense Interest expense – net Foreign exchange loss (gain) (Increase) decrease in accounts receivable (Increase) decrease in accounts receivable – related parties (Increase) decrease in other receivable Decrease (increase) in other receivable – related parties (Increase) decrease in inventories (Increase) in prepaid insurance Increase in deferred tax assets (Increase) in other assets (Decrease) increase in accounts payable and accrued liabilities Increase (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

84,455

53,823

26,068 10,349 39,105 2,923 (39) 253 38,224 5,460 422

26,486 2,049 20,609 10,052 1,988 279 38,224 12,098 (1,126)

(6,769) (14,810) (1,053)

12,677 571 954

(7,899) (23,088) 4,335 (1,299) 156,638

(4,611) 8,424 (31,529) 992 151,960

4,536 (74,235) (24,130) 62,809

5,883 (38,530) (26,253) 93,060

(29,287) (5,146) 10,596 (10,579) 19,269 39 (15,108)

(12,042) 1,200 10,920 (1,169) (19,269) (7,959) (28,319)

(35,903) (314) (6) (36,223)

167,560 (171,052)

CASH FLOW FROM INVESTING ACTIVITIES: Additions to property, plant and equipment Advances to suppliers in purchase of PP&E (Increase) decrease in restricted cash Sale of short term investment Purchase of short term investment Loans made to related parties Debt service reserve Proceeds from the sales of assets (+) Net cash (used) provided by investing activities CASH FLOW FROM FINANCING ACTIVITIES: (35,903) (314) (6) (36,223) (21,728) 152,858 131,130

167,560 (166,052) (3,428) (1,920) -

New borrowings – credit agreement Principal payments – notes payable Principal payments Dividend payment Financing costs payments Repayments of capital lease obligations Net cash (used in) provided by financing activities EFFECT OF EXCHANGE RATE CHANGES ON CASH

18,864 NET INCREASE IN CASH 100,788 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 119,652 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

11,478 119,652 131,130

(3,428) (6,920) 57,821 61,831 119,652

(*) The 2010 amounts presented in the 4Q10 report were 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

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4Q11 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) 4Q11 69,438

4Q10 *

12M11

50,612 Revenues

12M10*

247,619

199,485

(187,216) (34,799)

(170,896) (35,051)

(22,468) (471)

(22,998) (471)

(244,954)

(229,416)

Operating costs and expenses (47,529) (12,520)

(37,170) (10,067)

(5,663) (118)

(5,749) (118)

(65,830)

(53,104)

3,608

Cost of revenues Operating, maintenance and general expenses Depreciation Amortization of contracts Total operating costs and expenses

(2,492) Operating Income (loss)

2,665

(29,931)

(5,330)

(10,452)

(10,340) 674

(12,233) (284)

(12,331)

(52,900)

6,368

12,661

(5,963)

(40,239)

Other income (expense) (2,488)

(5,020)

Interest (expense), net

(4,281) 639

(8,719) (85)

Other (expenses) – net Exchange gain (loss), net

(2,522) (766) (3,288)

(16,316) (Loss) before income taxes 4,079 Income tax (12,237) Net Loss

Andres Dominicana and Itabo Dominicana, Earning Release

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4Q11 Relevant Results EMPRESA GENERADORA DE ELECTRICIDAD ITABO, S. A. AND SUBSIDIARY (An indirectly subsidiary of The AES Corporation) C ONSOLIDATED BALANC E SHEETS (Amounts expressed in thousands of US dollars)

Dec. 31st, 2011

Dec. 31st, 2010

ASSETS C URRENT ASSETS Cash and cash equivalents Accounts Receivables Accounts Receivables- Related Parties Inventories Prepaid income tax Other non finance assets

52,892 8,068 71,509 27,028 19,179 1,365

71,482 3,473 58,029 22,185 20,888 2,089

Total current assets

180,041

178,146

N on- C urrent Assets Property, plant and equipment Account receivable related parties

349,142 28,727

349,041 32,690

323 5,531 6,146

267 5,531 7,618

Total Non- Current Assets

389,869

395,147

TOTAL ASSETS

569,910

573,293

C urrent Liabilities Accounts payable: Accounts payable- Related Party Accrued expenses and other liabilities

23,788 51,597 3,837

22,527 42,893 3,304

Total current liabilities

79,222

68,724

128,792

128,564

33,855 19

40,301 16

162,666

168,881

355,556 229 (120,512) 92,749

355,556 207 (112,824) 92,749

Total shareholders' equity

328,022

335,688

Total Liabilities and Equity

569,910

573,293

Long-Term Investment Other Finance Assets Other non finance assets

Liabilities and Stockholder's Equity

N on Current Liabilitites Notes payable Deferred income tax Other non-current liabilities Total non current liabilities

Equity Common s tock Additional paid in capital Accumulated deficit Restricted retained earnings

Andres Dominicana and Itabo Dominicana, Earning Release

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4Q11 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) 4Q11

4Q10*

12M11

12M10*

CASH FLOWS FORM OPERATING ACTIVITIES: (3,288)

(12,237)

Net loss

(5,963)

(40,239)

Depreciation and amortization Amortization of contracts

22,468 471

22,998 471

Income tax

(6,368)

(12,661)

Adjustments to reconcile net loss to net cash (used in) used in operating activities: 5,663 118 766 -

5,749 118 (4,079) 8,095

Premium on redemption of bonds

Long-term compensation

9,849

4,629

5,330

10,452

25,826

(6,204)

3,840

4,629

Loss on asset disposal

2,488

5,020

Interest (income) expense – net

9,610

7,349

8,095

Changes in assets and liabilities: (4,663)

5,182

31,520

19,284

544

(373)

(1,516)

(4,606)

(Increase) decrease accounts receivable Decrease (Increase) accounts receivable - related parties Decrease (Increase) other receivables Decrease (Increase) other receivables - related parties (Increase) decrease inventories

3,118

5,683

Decrease (Increase) prepaid expenses

(7,441)

(16,879)

(Decrease) accounts payable suppliers

2,013 4,668

6,591 14,443

37,905

36,718

250

1,099

(6,720)

(11,906)

31,434

25,911

(12,491)

(7,187)

(1,692)

3,721

Increase accounts payable - related parties Increase accrued expenses and other liabilities Cash provided by operating activities Interest received

(9,998)

(8,313)

(14,926)

32,185

(32)

1,516

1,446 (4,733) 2,433 (567)

281 4,797 (3,508) (15,915)

8,704 9,534

27,878 17,539

17,688

50,256

9,398

10,580

(13,919)

(17,535)

13,167

43,301

Additions to property, plant and equipment

(29,911)

(15,258)

Advances to suppliers in purchase of PP&E

Short term investment

720 1,266

Interest paid Net cash (used in) provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES:

720

1,266

Change in service debt reserve

362

217

Proceeds from sales of property, plant and equipment

362

743

Change in restricted cash

(56)

(13,818)

(520)

Net cash (used in) investing activities

(29,606)

217 9 (13,046)

CASH FLOW FROM FINANCING ACTIVITIES: -

131,466

(133,095)

(427)

(2,243)

(500)

(1)

(927)

(3,873)

New borrowings - notes

131,466

Principal repayments on borrowings

(133,095)

Deferred financing cost payment Dividends paid Net cash (used in) financing activities

(427)

(2,243)

(1,725)

(33,775)

(2,151)

(37,647)

16,690

21,519 NET INCREASE (DECREASE) IN CASH

(18,590)

(7,392)

36,202

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

71,482

78,874

52,892

71,482 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

52,892

71,482

Andres Dominicana and Itabo Dominicana, Earning Release

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4Q11 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 December 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 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

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4Q11 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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