Aei 6-K AEI Reports First Quarter 2010 Results

Exhibit 99.2

Annex I

AEI
Consolidated Balance Sheets
As of March 31, 2010 and December 31, 2009
(millions of dollars (U.S.))

	2010		2009
ASSETS
Current assets:
Cash and cash equivalents	$	718	$	682
Restricted cash		76		77
Accounts and notes receivable:
Trade (net of allowance)		973		932
Unconsolidated affiliates		14		16
Inventories		280		273
Prepaids and other current assets		400		401
Total current assets		2,461		2,381
Property, plant and equipment, net		4,291		4,200
Investments in and notes receivable from unconsoldiated affiliates		1,203		1,177
Goodwill		689		663
Intangibles, net		492		489
Other assets		1,364		1,315
Total assets	$	10,500	$	10,225
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable:
Trade	$	609	$	608
Unconsolidated affiliates		55		31
Current portion of long-term debt, including related party		633		613
Accrued and other liabilities		920		862
Total current liabilities		2,217		2,114
Long-term debt, including related party		3,285		3,105
Deferred income taxes		160		168
Other liabilities		1,406		1,393
Commitments and contingencies
Total shareholders’ equity attributable to AEI		2,912		2,832
Equity attributable to noncontrolling interests		520		613
Total equity		3,432		3,445
Total liabilities and equity	$	10,500	$	10,225

Annex II

AEI
Consolidated Statements of Operations and Adjusted Net Income
For the three months ended March 31, 2010 and 2009
(millions of dollars (U.S.), except share and per share data)

	2010			2009
Revenues	$	2,422		$	1,847
Cost of sales		1,868			1,398
Gross margin		554			449
Operating expenses:
Operations, maintenance, and general and administrative expenses		243			177
Depreciation and amortization		68			60
Taxes other than income		17			11
Loss on disposition of assets		4			5
Total operating expenses		332			253
Equity income from unconsolidated affiliates		28			27
Operating income		250			223
Other income (expense):
Interest income		18			17
Interest expense		(77	)		(79	)
Foreign currency transaction loss, net		(3	)		(39	)
Other income (expense), net		8			(6	)
Total other expense		(54	)		(107	)
Income before income taxes		196			116
Provision for income taxes		70			76
Net income		126			40
Less: Net income (loss) — noncontrolling interests		41			(3	)
Net income attributable to AEI	$	85		$	43
Weighted average number of shares outstanding (thousands of shares)		243,334			225,536
Basic and diluted earnings per share attributable to AEI shareholders	$	0.35		$	0.19
Net income attributable to AEI	$	85		$	43
Excluding (a):
Gain on sale of subsidiaries		(3	)		—
Foreign currency transaction loss, net		2			11
Adjusted net income attributable to AEI	$	84		$	54
Adjusted basic and diluted earnings per share	$	0.35		$	0.24

(a) Amounts shown are net of tax and noncontrolling interests.

Annex III

AEI
Consolidated Statements of Cash Flows
For the three months ended March 31, 2010 and 2009(millions of dollars (U.S.))

	2010			2009
Cash flows from operating activities:
Net income	$	126		$	40
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		68			60
Deferred revenues and charges		(14	)		31
Deferred income taxes		1			22
Equity earnings from unconsolidated affiliates		(28	)		(27	)
Distributions from unconsolidated affiliates		3			6
Foreign currency transaction loss, net		3			39
Loss on disposition of assets		4			5
Changes in operating assets and liabilities, net of translation, acquisitions, dispositions and non-cash items:
Trade receivables, net		(36	)		(79	)
Accounts payable, trade		5			(34	)
Inventories		5			(12	)
Prepaids and other current assets		1			2
Regulatory assets and liabilities		11			(11	)
Other		16			(17	)
Net cash provided by operating activities		165			25
Cash flows from investing activities:
Proceeds from sale of investments		5			60
Capital expenditures		(154	)		(74	)
Decrease in restricted cash		25			41
Increase in restricted cash		(31	)		(12	)
Decrease in cash and cash equivalents from deconsolidation of subsidiary		(15	)		—
Other		(1	)		2
Net cash provided by (used in) investing activities		(171	)		17
Cash flows from financing activities:
Issuance of debt		399			95
Repayment of debt		(253	)		(162	)
Dividends paid to noncontrolling interests		(69	)		(11	)
Purchase of subsidiary shares from noncontrolling interests		(35	)		—
Other		(3	)		(4	)
Net cash provided by (used in) financing activities		39			(82	)
Effect of exchange rate changes on cash		3			(10	)
Increase (decrease) in cash and cash equivalents		36			(50	)
Cash and cash equivalents, beginning of period		682			736
Cash and cash equivalents, end of period	$	718		$	686
Cash payments for income taxes, net of refunds	$	42		$	21
Cash payments for interest, net of amounts capitalized	$	48		$	50
Non-cash exchange of related party debt for common shares	$	—		$	118
Non-cash payments for acquisitions	$	—		$	8

Annex IV

AEI
EBITDA and Adjusted EBITDA
For the three months ended March 31, 2010 and 2009
(Unaudited)

(millions of dollars (U.S.))	2010			2009
Net income attributable to AEI	$	85		$	43
Depreciation and amortization		68			60
Net income (loss) attributable to noncontrolling interests		41			(3	)
Provision for income taxes		70			76
Interest expense		77			79
EBITDA		341			255
Subtract:
Interest income		18			17
Foreign currency transaction loss, net		(3	)		(39	)
Loss on disposition of assets		(4	)		(5	)
Other income (expense), net		8			(6	)
Adjusted EBITDA	$	322		$	288

Annex V

AEI
EBITDA and Adjusted EBITDA by Segment
For the three months ended March 31, 2010 and 2009
(Unaudited)
(millions of dollars (U.S.))

							Natural Gas
	Power			Power			Transportation			Natural Gas						Other/
	Distribution			Generation			and Services			Distribution			Retail Fuel			Eliminations			Total
For the three months ended March 31, 2010
Net income (loss) attributable to AEI	$	79		$	12		$	18		$	12		$	6		$	(42	)	$	85
Depreciation and amortization		34			8			6			6			12			2			68
Net income (loss) — noncontrolling interest		5			(1	)		7			9			21			—			41
Provision for income taxes		42			10			(9	)		7			9			11			70
Interest expense		29			10			9			4			12			13			77
EBITDA		189			39			31			38			60			(16	)		341
Subtract:
Interest income		11			3			2			1			1			—			18
Foreign currency transaction loss, net		(2	)		—			(1	)		—			—			—			(3	)
Gain (loss) on disposition of assets		(7	)		—			—			3			—			—			(4	)
Other income (expense), net		(1	)		5			2			—			2			—			8
Adjusted EBITDA	$	188		$	31		$	28		$	34		$	57		$	(16	)	$	322
For the three months ended March 31, 2009
Net income (loss) attributable to AEI	$	57		$	16		$	10		$	10		$	(6	)	$	(44	)	$	43
Depreciation and amortization		29			11			4			6			8			2			60
Net income (loss) — noncontrolling interest		2			(5	)		5			12			(16	)		(1	)		(3	)
Provision for income taxes		32			20			8			7			5			4			76
Interest expense		20			12			10			4			13			20			79
EBITDA		140			54			37			39			4			(19	)		255
Subtract:
Interest income		10			3			1			1			1			1			17
Foreign currency transaction gain (loss), net		(2	)		(1	)		(4	)		(1	)		(32	)		1			(39	)
Loss on disposition of assets		(5	)		—			—			—			—			—			(5	)
Other income (expense), net		(1	)		5			3			(5	)		(7	)		(1	)		(6	)
Adjusted EBITDA	$	138		$	47		$	37		$	44		$	42		$	(20	)	$	288

Annex VI

AEI
Net Debt
As of March 31, 2010 and December 31, 2009
(Unaudited)
(millions of dollars (U.S.))

	2010			2009
Debt	$	3,918		$	3,718
Less: Cash		(718	)		(682	)
Restricted cash — current		(76	)		(77	)
Restricted cash — non-current		(70	)		(63	)
NET DEBT	$	3,054		$	2,896

Annex VII

AEI
Free Cash Flow
For the three months ended March 31, 2010 and 2009
(Unaudited)
(millions of dollars (U.S.))

	2010		2009
Net cash provided by operating activities	$	165	$	25
Less:
Maintenance capital expenditures		27		29
FREE CASH FLOW	$	138	$	(4	)

Annex VIII

AEI
Foreign Currency
Period-end and Average Exchange Rates
(Unaudited)

The following table presents the period-end and average exchange rates of the U.S. dollar into the local currency where we are primarily exposed to fluctuations in the exchange rate.

	March 31,		December 31,		March 31,
	2009		2009		2010
Period-end exchange rates:
Brazilianreal		2.32		1.74		1.78
Colombianpeso		2,481		2,043		1,920

	Average Exchange Rate for the Three Months Ended
	March 31,
	2009		2010
Average period exchange rates:
Brazilianreal		2.33		1.80
Colombianpeso		2,511		1,946

Source: Bloomberg financial website.

Annex IX

AEI
Proportional Share of Adjusted EBITDA (derived from U.S. GAAP data)
As of and for the three months ended March 31, 2010
(Unaudited)
(millions of dollars (U.S.), except for ownership percentages)

					AEI									Add Proportional		Proportional
					Consolidated			Deduct						Adjusted EBITDA -		Share of
		AEI Ownership			Adjusted			noncontrolling			Deduct equity			Equity/Cost		Adjusted EBITDA
Business	Operating Segment	% at 3/31/10			EBITDA 2010			interest share			(income) loss			investments		2010
Delsur	Power Distribution		86.41	%	$	5		$	(1	)	$	—		$	—	$	4
EDEN	Power Distribution		90.00	%		5			(1	)		—			—		4
Elektra	Power Distribution		51.00	%		15			(7	)		—			—		8
Elektro	Power Distribution		99.68	%		131			—			—			—		131
Emdersa	Power Distribution		77.11	%		12			(3	)		—			—		9
Chilquinta	Power Distribution		50.00	%		8			—			(8	)		10		10
Luz del Sur	Power Distribution		37.97	%		10			—			(10	)		18		18
DCL Cogen Limited Acquisition	Power Generation		60.22	%		(3	)		2			—			—		(1	)
Emgasud	Power Generation		42.73	%		(1	)		—			1			6		6
ENS	Power Generation		100.00	%		10			—			—			—		10
PQP	Power Generation		100.00	%		10			—			—			—		10
San Felipe	Power Generation		100.00	%		(5	)		—			—			—		(5	)
Trakya	Power Generation		90.00	%		14			(1	)		—			—		13
Luoyang	Power Generation		50.00	%		3			(2	)		—			—		1
Cuiabá	PowerGen/Natural Gas Transportation		100.00	%		(4	)		—			—			—		(4	)
Accroven	Natural Gas Transportation and Services		49.25	%		—			—			—			—		—
GTB	Natural Gas Transportation and Services		34.65	%		—			—			(4	)		8		4
TBG	Natural Gas Transportation and Services		8.27	%		4			—			—			6		10
Promigas Pipeline	Natural Gas Transportation and Services		52.13	%		23			(11	)		—			—		12
Promigas — Gases de Occidente	Natural Gas Distribution		46.87	%		14			(7	)		—			—		7
Promigas — Gases del Caribe	Natural Gas Distribution		16.16	%		5			—			(4	)		5		6
Cálidda	Natural Gas Distribution		80.85	%		4			(1	)		—			—		3
Promigas — Surtigas	Natural Gas Distribution		51.58	%		8			(4	)		—			—		4
Huatong	Natural Gas Distribution		100.00	%		3			—			—			—		3
Promigas — SIE (Terpel)	Retail Fuel		27.45	%		46			(34	)		—			—		12
Promigas — GNC	Retail Fuel		24.40	%		10			(8	)		(1	)		—		1
Other	Various Segments					10			(3	)		(2	)		7		12
SUBTOTAL (Excluding Headquarters and Other)					$	337		$	(81	)	$	(28	)	$	60	$	288
Headquarters and Other	Headquarters		100.00	%		(15	)		(1	)		—			—		(16	)
TOTAL					$	322		$	(82	)	$	(28	)	$	60	$	272
For the three months ended March 31, 2009
Total					$	288		$	(75	)	$	(28	)	$	56	$	241

Annex X

AEI
Proportional Share of Net Debt (derived from U.S. GAAP data)
As of March 31, 2010
(Unaudited)
(millions of dollars (U.S.), except for ownership percentages)

								Proportional
		AEI			Net Debt			Share of Net
		Ownership %			as of			Debt
Business	Operating Segment	at 3/31/10			3/31/10			3/31/10
Delsur	Power Distribution		86.41	%	$	53		$	46
EDEN	Power Distribution		90.00	%		(14	)		(13	)
Elektra	Power Distribution		51.00	%		125			64
Elektro	Power Distribution		99.68	%		360			359
Emdersa	Power Distribution		77.11	%		58			45
Chilquinta	Power Distribution		50.00	%		66			33
Luz del Sur	Power Distribution		37.97	%		147			56
DCL Cogen Limited Acquisition	Power Generation		60.22	%		78			47
Emgasud	Power Generation		42.73	%		112			48
ENS	Power Generation		100.00	%		49			49
PQP	Power Generation		100.00	%		50			50
San Felipe	Power Generation		100.00	%		(16	)		(16	)
Trakya	Power Generation		90.00	%		44			40
Luoyang	Power Generation		50.00	%		116			58
Cuiabá	PowerGen/Natural Gas Transportation		100.00	%		(69	)		(69	)
Accroven	Natural Gas Transportation and Services		49.25	%		133			66
GTB	Natural Gas Transportation and Services		34.65	%		208			72
TBG	Natural Gas Transportation and Services		8.27	%		847			70
Promigas Pipeline	Natural Gas Transportation and Services		52.13	%		311			162
Promigas — Gases de Occidente	Natural Gas Distribution		46.87	%		62			29
Promigas — Gases del Caribe	Natural Gas Distribution		16.16	%		108			17
Cálidda	Natural Gas Distribution		80.85	%		13			11
Promigas — Surtigas	Natural Gas Distribution		51.58	%		74			38
Huatong	Natural Gas Distribution		100.00	%		2			2
Promigas — SIE (Terpel)	Retail Fuel		27.45	%		433			119
Promigas — GNC	Retail Fuel		24.40	%		92			22
Other	Various Segments					207			(38	)
SUBTOTAL (Excluding Headquarters and Other)								$	1,366
Headquarters and Other	Headquarters		100.00	%		1,320			1,320
TOTAL								$	2,686

Annex XI

AEI
Proportional Free Cash Flow (derived from U.S. GAAP data)
For the three months ended March 31, 2010
(Unaudited)

(millions of dollars (U.S.), except for ownership percentages)

								Proportional
		AEI Ownership %			AEI Free Cash			Free Cash
Business	Operating Segment	at 3/31/10			Flow			Flow
Delsur	Power Distribution		86.41	%	$	(1	)	$	—
EDEN	Power Distribution		90.00	%		2			2
Elektra	Power Distribution		51.00	%		(3	)		(2	)
Elektro	Power Distribution		99.68	%		98			98
Chilquinta	Power Distribution		50.00	%		—			17
Luz del Sur	Power Distribution		37.97	%		—			4
ENS	Power Generation		100.00	%		6			6
PQP	Power Generation		100.00	%		6			6
San Felipe	Power Generation		100.00	%		14			14
Trakya	Power Generation		90.00	%		(4	)		(3	)
Cuiabá	PowerGen/Natural Gas Transportation		100.00	%		(6	)		(6	)
Accroven	Natural Gas Transportation and Services		49.25	%		—			2
GTB	Natural Gas Transportation and Services		34.65	%		—			7
TBG	Natural Gas Transportation and Services		8.27	%		1			(1	)
Cálidda	Natural Gas Transportation and Services		80.85	%		2			1
Promigas Pipeline	Natural Gas Transportation and Services		52.13	%		22			11
Proenergia	Natural Gas Distribution		52.13	%		36			19
Other						11			17
SUBTOTAL (Excluding Headquarters and Other)						184			192
Headquarters and Other	Headquarters		100.00	%		(46	)		(46	)
TOTAL					$	138		$	147
For the three months ended March 31, 2009
Total					$	(4	)	$	28

Note: The above balances exclude intercompany activities and include dividends from equity investees.