Itabo 1Q09

First Quarter 2009 Relevant Results

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

Santo Domingo, Dominican Republic May 15th, 2009

1Q09 Relevant Results

inversoraesdom@aes.com

www.aesdominicana.com.do

Itabo reports Net Income of US$15.0 million for the first quarter 2009 Santo Domingo, Dominican Republic, May 15th, 2009 – Itabo announced today results for the first quarter 2009. All operating and financial information, except where otherwise specified, is expressed in US dollars in conformity with Generally Accepted Accounting Principles applicable in the United States (USGAAP).

Revenues increased 8.7% in the first quarter 2009 compared to the same period of 2008. Net Results was a Net Income of US$15.0 million in the first quarter of 2009 as compared with a Net Income of US$4.3 million in the same period of 2008.

(Millions of US$)

1Q09

1Q08

58.7 37.6 21.1

54.0 46.4 7.6

35.9%

14.1%

Revenues Operating costs and expenses Operating income (loss) Operating income margin Net Income

15.0

4.3

9.3

13.0

Net Cash Provided by Operating Ac tivities

Highlights

During the first quarter 2009, Itabo signed four Irrevocable Stand-by Line of Credits for coal purchases in the spot market.

On February 15th, Itabo I was place out of service for a planned major maintenance of 27 days.

External Factors1 GDP grew 5.3% as of December, 2008.

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

Inflation stood at 4.03% at the end of March.

Average coal price was US$2.74 per MMBtu for the quarter, with a peak of US$3.19 per MMBtu and a low of US$2.16 per MMBtu.

14 12 US$/MMBTU

Exchange Rate as of March 31st, 2009 closed at RD$35.46 per US dollar (Bid) and RD$36.06 per US dollar (Ask).

14.73

16

10

Fuel-Oil #6 10.74 8.74

Natural Gas

8 6

8.98 5.99

6.35 4.43

Analysis of Financial Results

Coal 4.47

4 2

2.74

0 1Q08

2Q08

Inside this report:

3Q08

4Q08

1Q09

Total electricity demand for the first quarter 2009 reached 2,495 GWh, a decrease of 5.9% over the same period 2008.

1-2

Financial Debt Summary

3

Dividends

3

Liquidity

3

Operational Results

3-4

Operational Developments

Analysis of Consolidated2 Financial Results (In USGAAP) Revenues increased 8.7% to US$58.7 million in the first quarter 2009 compared to the same period of 2008. The factors that led to these results were: (i) US$4.9 million of higher electricity sales, basically due to the increment in the coal prices that are used to escalate PPA sales and higher spot sales; and, (ii) lower other revenues for US$0.2 million, basically due to higher fuel sales to third parties (coal and petcoke).

4

Regulation

4

Safety Indicators

4

Environmental Matters

4

Financial Statements

5-7

Glossary of Key Terms

9

1

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

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

2

Itabo, Earning Release

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1Q09 Relevant Results Revenues consist of the following: (Millions of US$)

1Q09

Electricity sales Other revenues Total Revenues

1Q08

58.3 0.4 58.7

Var%

53.4 0.6 54.0

9.2 (33.3) 8.7

Operating Costs and Expenses decreased 19.0%, in the first quarter 2009, to US$37.6 million compared to the same period of 2008. This variance was principally a net result of: (i) lower electricity purchases expenses by US$10.2 million since the supplied capacity to EDE Este was reduced to 50MW; (ii) US$1.2 million of higher fuel expenses; and, (iii) higher depreciation expenses by US$0.2 million.

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Operating costs and expenses decreased mainly due to lower electricity purchases expenses since the supplied capacity to EDE Este was reduced to 50MW.

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For the first quarter 2009 Itabo had US$2.1 million of higher net commercial interest income.

Operating costs and expenses consist of the following: (Millions of US$) Cost of electricity sales Operating and maintenance expenses Selling, general and administrativ e expenses Depreciation Amortization of contracts Total Operating Cost and Expenses

1Q09

1Q08

24.8 4.7 3.1 4.9 0.1 37.6

33.9 5.0 2.8 4.6 0.1 46.4

Var% (26.8) (6.0) 10.7 6.5 0.0 (19.0)

Total Other Expenses were US$2.3 million in the first quarter 2009 compared to a total other expenses of US$2.5 million in the same period of 2008. This variation was mainly caused by the net effect of: (i) higher commercial income by US$2.4 million due to higher accounts receivables; (ii) higher other expenses by US$2.1 million; (iii) US$0.3 million of higher exchange gain; (iv) higher commercial expenses by US$0.3 million due to higher accounts payables; and, (v) lower financial income by US$0.1 million.

Other (Expenses) consists of the following: (Millions of US$) Interest income (expenses)- financial- net Interest income (expenses)- c ommerc ial- net Amortization of deferred financing cos t Other income (expenses)- net Ex change gain (loss) Total Other Income (Expenses)

1Q09

1Q08 (3.3) 2.9 (0.1) (2.1) 0.3 (2.3)

(3.2) 0.8 (0.1) 0.0 0.0 (2.5)

Var% 3.1 262.5 0.0 n/a n/a (8.0)

Net Cash Provided by Operating Activities was US$9.3 million for the first quarter 2009 compared to a Net Cash Provided by Operating Activities of US$13.0 million in the same period of 2008. This variation was mainly a net result of the following causes: (i) higher accounts receivable by US$19.0 million; (ii) higher net income by US$10.7 million; (iii) higher fuel inventory by US$7.6 million; (iv) higher accounts payable US$7.1 million; (v) US$3.1 million of higher income tax expenses; and, (vi) US$2.0 million of positive reconciling adjustments, reconciling net income to net cash provided by operations.

Free Cash Flow (a non-GAAP financial measure defined as net cash from operating activities less capital expenditures defined in the accompanying financial statement as additions to Property, Plant and Equipment and advances to suppliers in purchases of PP&E) was net cash provided of US$6.0 million for the first quarter 2009. During this period, there were additions to property, plant and equipment by US$3.3 million.

Itabo, Earning Release

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1Q09 Relevant Results Financial Debt Summary During the first quarter 2009, Itabo signed four Irrevocable Stand-by Line of Credits for coal purchases in the spot market and a total amount of US$11.3 million. rd

In April 3 , Itabo paid the interest coupon of its Senior Bonds by US$6.7Million.

Rating Agency Fitch Ratings Standard & Poor's

Senior Notes 2015

Rating B-

Outlook Stable

Senior Notes 2015

B

Stable

Dividends In April 2009, a portion of the dividends from 2007 were paid by US$13.8 million. The FONPER (Government shareholder) received US$8.6 million in sovereign bonds and US$5.2 million were paid in Cash to the others shareholders. The remaining amount (US$3.4 million) will be paid according to cash availability.

Financial Debt

Mar-09

Dec-08

0 125 125

0 125 125

Short Term Long Term Fixed Rate Variable Rate

0% 100% 100% 0%

0% 100% 100% 0%

Financing Cost (*) Average Life (years)

11.3% 4

11.3% 5

(expressed in m illions of US$)

Local Currency Foreign Currency Total Debt

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

Liquidity Collections

Collection Rate

During the first quarter 2009 the collection rate was 74% against 98% in the same period of 2008.

98%

74%

th

On February 9 , 2009, Itabo signed a MOU with the Government, indicating that Itabo agrees to accept the sovereign bonds as a partial payment of the outstanding receivables related to 2008 if the National Congress approves the law that will allow the bonds to be used to extinguish tax obligations since 2009 until the maturity date of the bonds. The total amount allocated for Itabo is US$54 million, which will be applied to the outstanding Accounts Receivables when the Congress approves the law amendment.

71%

74% 45%

1Q08

2Q08

3Q08

4Q08

1Q09

On February 19th, a compensation agreement between the Distribution Companies and Itabo for a total of US$8.4 million was signed and the account receivables were reduced in this level.

In April 2009, Itabo paid to FONPER (Government shareholder), US$8.6 million using part of the sovereign bonds.

Operational Results For the first quarter 2009, the Net Generation was 321 GWh, a decrease of 4.5% with respect to the same period of the previous year. The Energy Sold increased 12.2% when compared to the same period of the previous year mainly due to higher contract and spot sales.

The Itabo’s firm capacity decreased 9.2% as a consequence of the gas turbines sale.

The Plant Availability increased 8.7% to 75% basically due lower programmed maintenances days in 2009 (1Q’09-27 days vs. 1Q’ 08- 45 days).

The Energy Sold increased 12.2% when compared to the same period of the previous year mainly due to higher contract and spot sales.

The net generation decreased a 4.5% in the first quarter 2009.

The following table presents selected operational information for each of the periods indicated: 1Q09

1Q08

357 (36) 321 495 226 11,433 75 4

371 (35) 336 441 249 10,912 69 5

Var.%

As of Mar. 31, 2009 Installed capacity (MW)

Gross generation Internal consumption Net Generation Total Energy Sold Firm Capacity Heat Rate Plant Availability EFOR Itabo, Earning Release

GWh GWh GWh GWh MW Btu/KWh % %

(3.8) 2.9 (4.5) 12.2 (9.2) 4.8 8.7 (20.0)

294.5

Power Generation Units

3

Effective capacity (MW)

294.5

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1Q09 Relevant Results Operational Developments On February 15th, Itabo I was place out of service for a planned major maintenance of 27 days. During the outage Itabo purchased energy through the spot market.

The Programmed maintenance of Itabo I was successfully completed.

During the first quarter 2009, five coal vessels were received containing 179,161 MT.

Regulation On February 20th, 2009 the application of the dispositions of Law 186-07 began with the intention to sanction all the activities related to the electrical fraud.

Safety Indicators During the first quarter 2009, AES Itabo had no accidents that required shutting down the units and not LTAs.

Itabo had no accidents that required shutting down the units.

Itabo has been in compliance with all the environmental rules.

During the first quarter 2009, according to the Occupational Health and Safety Program, training sessions took place at AES Itabo: Safety Walks, Safety meetings, incidents report program, hot work training, trainings with firefighters, continuous education and contractors Certification and inspection.

Environmental Matters During the first quarter 2009, in Itabo were conducted monitoring of liquid effluents, besides the environmental impacts and evaluations for the generation, water treatment Plant, fuel provision, pier, maintenance, residue management processes were done in order to obtain the ISO 14000 certification.

Reforestation Day was celebrated in the San Jose de Ocoa region (south). This initiative is part of the concerns of the company about the environment. In this activity more than 50 employees participated and together with the environmental group Pronatura and ADESJO, the San Jose Development Association, planted more than 2,000 native pine trees (Pinus Occidentallis).

Environmental accidents did not occur during this quarter.

Itabo, Earning Release

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1Q09 Relevant Results

EMPRESA GENERADORA DE ELECTRICIDAD ITABO, S. A. and Subsidary (An indirectly subsidiary of The AES Corporation) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended as of March 31, 2009 and 2008 (Amounts expressed in thousands of US$ dollars)

3M09

3M08

REVENUES Electricity sales Other revenues Total revenues

58,271 405 58,676

53,398 573 53,971

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

24,753 4,734 3,070 4,894 118

33,855 4,962 2,774 4,684 118

Total operating costs and expenses

37,569

46,393

Operating income

21,107

7,578

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

4,030 (4,416) (128) (2,045) 297 (2,262)

1,743 (4,131) (128) 3 42 (2,471)

Income before taxes

18,845

5,107

Income tax expense

(3,882)

Net income

14,963

(807) 4,300

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

Itabo, Earning Release

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1Q09 Relevant Results EMP RES A G EN ERADO RA D E E LE CTRICIDA D ITABO , S . A. and S ubs idiary (A n indirectly subsidiar y of The AES Corpora ti on) UNAUDITE D CO NDE NSE D CO NSO LIDATE D BALANCE SHE ETS Mar ch 31, 2 009 and Decem be r 31, 2008 (A m ounts e xpres sed in thousands of US $ dollars )

Mar . 31, 2009

Dec. 31, 2 008

ASS ETS CURRE NT AS SE TS Cas h a nd c as h eq uiv alents Res tric ted ca sh and c as h e quivalents A cc oun ts rec eiva ble A cc oun ts rec eiva ble – rela ted p arties , n et O ther rec eiva ble Fuel in ve ntory Ma terials and s up plies inv ent ory - c urrent P re paid tax es P re paid ex pens es and othe r a ss ets Def erre d tax as s et Total cu rren t as se ts Prope rt y, p lan t and equipmen t P ro perty , pla nt an d equ ipm ent A cc umu late d dep re ciation an d amo rt iz atio n Con struc tion in progres s La nd N et prop erty, plan t and equipme nt Long term a ss ets Lo ng term re ce iv ables fro m c us tome rs Deb t s ervice re se rv es Ma terials and s up plies inv ent ory - long t erm Def erre d fin anc ing co sts Int angible - con tract s O ther a ss ets To tal long term as s ets Tota l asse ts

26,5 02 2 78 2 42 1 57,2 08 2,0 17 6,8 40 10,7 49 24,9 49 80 6 57 2 29,5 22

20 ,511 281 1 ,237 122 ,920 870 4 ,696 10 ,832 29 ,931 626 702 192 ,606

3 31,8 13 (1 07,5 25) 2,4 88 7,6 19 2 34,3 95

330 ,741 (102 ,928) 3 ,214 7 ,619 238 ,646 53 ,949 6 ,797 4 ,082 2 ,470 3 ,569 3 ,520 74 ,387

40,1 78 6,7 97 4,3 16 2,3 43 3,4 52 5,0 49 62,1 35 5 26,0 52

505 ,639

Liabilities and stockholders ' equity Current liab ilitie s A cc oun ts p ay able A cc oun ts p ay able - re late d parties Dividens pa ya ble to minorit y interes t A cc rued lia bilities Def erre d in com e tax liab ility To tal c urrent lia bilities Not es pay able - lon g term Def erre d in com e tax liab ility O ther long - t erm liabilities To tal long term liab ilitie s

24,3 14 17,7 10 8,5 83 10,4 88 61,0 95 1 25,0 00 13,9 34 1 11 1 39,0 45

Stoc k holders ' equ ity Com mon sto ck (56, 355,5 56 s hares au toriz ed a nd ou tsta nding) A ddit iona l pa id-in -cap ital A cc umu late d lo ss es To tal s toc k holders ' equ ity

3 55,5 56 (53) (29,5 92) 3 25,9 11

Tota l liabilitie s and stockholder s' equity

5 26,0 52

22 ,968 14 ,897 8 ,699 8 ,060 54 ,624 125 ,000 14 ,919 172 140 ,091 355 ,556 135 (44 ,767) 310 ,924 505 ,639

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

Itabo, Earning Release

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1Q09 Relevant Results EMPRESA GEN ERADORA DE ELECTRICIDA D ITABO, S. A. and Subsidiary (An indirectly subsidiary of The AES Corporation) UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months ended as of March 31, 2009 and 2008 (Amounts expressed in thousands of US$ dollars) 3M09

3M08

Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Amortization of contracts Amortization of deferred financing costs Income tax expense Long term compensation Remeasurement gain (loss)

Gain on asset disposal Allowance for doubful accounts Other non-cash items Changes in assets and liabilities: Accounts receivable - trade Accounts receivable – related companies Other receivable Other receivable – related parties Fuel inventory Materials and supplies Prepaid taxes Prepaid expense and other assets Accounts payable Accounts payable - related parties Accrued liabilities and other Sub-total for changes in assets and liabilities Net cash provided by operating activities

14,963

4,894 118 128 3,882 27 (297) -

4,300

995 (20,814) (1,147) (2,144) (576) 341 2,406 1,359 2,813 2,352 (14,415) 9,300

4,684 118 128 807 19 (42) 23 45 (617) (2,325) 5,487 (3,517) 2,130 (3,031) 147 4,604 2,923 12,960

151 (3,462) 3

(2,419) (1)

(3,309)

(2,420)

Cash flows from investing activities: Additions to property, plant and equipment Advances to suppliers in purchase of PP&E Proceeds from sales of property, plant and equipment Change in restricted cash and cash equivalents Net cash (used in) investing activities

EFFEC T OF EXCHANGE RATE CH ANGES ON CASH NET IN CREASE (DECREASE) IN CASH

5,991

(42) 10,498

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

20,511

4,368

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

26,502

14,866

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

Itabo, Earning Release

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1Q09 Relevant Results The results presented in this report have not been audited and were prepared in Dollars in conformity with generally accepted accounting principles in the United States, as of any date of determination, or “GAAP.�

Itabo is 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 294.5 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.

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 safely provide affordable and sustainable energy to 29 countries. Our workforce of 25,000 people is committed to operational excellence and meeting the world's changing power needs. Our 2008 revenues were $16 billion and we manage more than $35 billion in total assets. BusinessWeek named AES to its 2009 "BW 50" list. To learn more, please visit www.aes.com.

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

Itabo, Earning Release

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1Q09 Relevant Results Glossary of key terms Btu:

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.

CDEEE:

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.

EAF: Effective Capacity:

EFOR:

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

Firm Capacity:

The amount of capacity assigned by the Coordinating Body to each power generation unit for being available to cover the demand in peak hours.

FX:

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).

Installed capacity:

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

Platts:

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.

Itabo, Earning Release

PPA:

Power Purchase Agreement.

SENI:

Sistema Eléctrico Nacional Interconectado or the National Interconnected Electrical System.

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