Material Fact (Somente em Inglês)

ELETROPAULO Metropolitana Eletricidade de São Paulo S.A. 
CNPJ Nº 61.695.227/0001-93     
A PUBLIC COMPANYA PUBLIC COMPANY 

AES Sul Distribuidora Gaúcha de Energia S.A.
CNPJ Nº 02.016.440/0001-6
A PUBLIC COMPANY 

Energia Paulista Participações S.A.
CNPJ Nº 04.128.563/0001-10
A PUBLIC COMPANY 

AES ELPA S.A. 
CNPJ Nº 01.917.705/0001-30

AES Tietê S.A. 
CNPJ Nº 02.998.609/0001-27
A PUBLIC COMPANY

MATERIAL EVENT

 
 
AES ELPA S.A. (“AES ELPA”), AES Sul Distribuidora Gaúcha de Energia S.A. (“AES Sul”), AES Tietê S.A. (“AES Tietê”), and Eletropaulo Metropolitana Eletricidade de São Paulo S.A. (“Eletropaulo”) e Energia Paulista Participações S.A. (“Energia Paulista”) pursuant to CVM Instruction 358, of January 3, 2002,    communicate the verification of all suspensive conditions to which the effectiveness of the acts carried out at the level of the restructuring of the debts of the controlling companies of Eletropaulo, AES ELPA and AES Transgás Empreendimentos Ltda. (“Transgás”) with  Banco Nacional de Desenvolvimento  Econômico Social – BNDES (“BNDES”) and BNDES Participações S.A. (“BNDESPAR” and, together with  BNDES, the “BNDES System”)Suspensive Conditions, were subject to, in compliance with the provisions of the contracts entered into and corporate acts carried out on December 22, 2003 for the implementation of this operation (“Definitive Documents”), object of the disclosure of the relevant issue published on December 30, 2003.
 
The Suspensive Conditions verified, apart from others applicable for the formalization of this
type of operation, were as follows:  
 
(i)  The grant of prior authorizations by AGÊNCIA  NACIONAL DE  ENERGIA               ELÉTRICA  – ANEEL  (Authorizing Resolution nº 20, of January 19, 2004, published in the Federal Official Gazette on January 22, 2004), relating to the alteration to the shareholding control of the following operating companies: AES Tietê, Eletropaulo and AES Uruguaiana Empreendimentos S.A. (“Uruguaiana”) (together the “Operating Companies”);

 (ii)  The grant of the prior authorization by the Brazilian Central Bank  (BANCO CENTRAL DO BRASIL)  –  BACEN  (Official letter DECEC/GTSP1/COAUT-C-04/0153, of January 23, 2004, in the proceedings nº PT 0401237014),  relating to the approval of the investment
by BRASILIANA  ENERGIA  S.A. (“Brasiliana”) –  a corporation created to hold the shareholding control, direct or indirect, of the Operating Companies – in the following foreign companies of the AES Group:: AES Tietê Holdings, Ltd. and AES TH II, Ltd., controlling companies of AES Tietê, and AES Uruguaiana Inc., controlling company of Uruguaiana; and
 
(iii)  The payment by Brasiliana to BNDESPAR,  of the amount equivalent, in Brazilian currency, to US$ 90,000,000.00 (ninety million dollars) on January 30, 2004.
 
Due to the verification of the Suspensive Conditions, all acts reflected on the Definitive Documents (December 22, 2003) acquired full effectiveness, since the date of signing of same, in such a way as the companies in the AES Group (“AES Companies”) and the BNDES System became the controlling parties of Brasiliana, with the following  shareholdings in the capital: 50.01% of the voting capital and 46.15% of the total capital for the AES Companies, and  49.99% of the voting capital and 53.84% of the total capital for the BNDES System.
 
Also, as from December 22, 2003 the following gained full effectiveness: 

(i)  the shareholders’ agreement entered into between AES and the BNDES System to regulate the exercise of their voting rights and the mutual restraints to the transfer of their shares in  Brasiliana, as well as the exercise of the control of Brasiliana and its Controlled Companies, which, according to the applicable legislation, is being forwarded to the Securities Commission
(COMISSÃO DE VALORES MOBILIÁRIOS) – CVM;

 (ii)   the issue by Brasiliana of debentures convertible into ordinary shares, at the value in reais, equivalent to US$ 510 million (five hundred and ten million North-American dollars), fully subscribed by the BNDES System, with actual guarantee represented by shares owned by Braziliana in the capital of the following companies: Eletropaulo, AES ELPA, Transgás, AES Uruguaiana Inc, Uruguaiana and Energia Paulista; and

(iii)  a call option of shares issued by AES Sul Distribuidora Gaúcha de Energia S/A (“AES Sul”), for a nominal value, granted by AES to the BNDES System to be exercised until up to one year counting from the corporate restructuring projected for AES Sul or the evidence of its unfeasibility.
 
As a result of the evidence of the Suspensive Conditions, the restructuring of the total debts of
AES Elpa and Transgás with the BNDES System, arising from the acquisition of ordinary and preferred shares of Eletropaulo by AES, became fully effective.
 
 
São Paulo, January 30, 2004.
 
 
Andrea Cristina Ruschmann
President and Director for Relations with Investors
AES ELPA S.A.
Kerry Yeager
Director for Relations with Investors AES Sul
Distribuidora Gaúcha de Energia S.A.
 
Paulo Roberto Dutra
Director for Finances and Relations with Investors  
AES Tietê S.A.
 
Andrea Cristina Ruschmann
Vice – President for Relations with Investors
ELETROPAULO Metropolitana Eletricidade de
São Paulo S.A.
 
Paulo Roberto Dutra
Director for Finances and Relations with Investors  
Energia Paulista Participações S.A.
 
 
 
 
 

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