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Net income for the first half of

2009 reaches R$290 millionEBITDA for the six-month period is R$570 million

Effective free float increases from 7.7% to 22.1% ofcapital stock after sale of part of the shares held byBNDESPar and EDF

Lights results at the end of 1H09 are the fruit of a combination of

positive and negative effects, among which the most significant are:

(i) those resulting from the operating performance (consumption and

collection growth); (ii) those arising from major macroeconomicshifts (slower economic growth, dollar depreciation); (iii) those

stemming from regulatory impacts (review of tariff and regulatory

EBITDA last November); and (iv) those resulting from corporate

decisions (cash position reduction due to the R$407.9 million

dividend payment in April).

Disregarding the non-recurring effects of 1H08 and 1H09, net

income for 1H09, discussed below, would have been R$267.2 million

and, therefore, 6.2% higher than the result of the same period of2008.

Collection in 2Q09 reached 103.4% of gross energy supply

billing, showing strong recovery compared to 1Q09. During the last

12 months the collection rate was 97.4% of commercial billing, 0.8

p.p. above the index recorded in March. Cash generation this

quarter before the dividend payment was R$192.9 million more

than that of 2Q08.

On July 14, 2009 the Company published the notice ofcommencement of its secondary public distribution of shares

issued by Light S.A., whereby 29,470,480 shares were placed, of

which 16,079,135 shares were held by BNDESPar and 13,391,345

shares were held by EDF. The total number of shares sold

corresponds to 14.4% of the Companys capital stock. The offering

price, determined in the bookbuilding process, was R$24.00, for a

total of R$707.3 million. With this operation, the effective free

float of shares has increased from 7.7% to 22.1% of the capitalstock.

35

IR Contacts

Ronnie Vaz MoreiraVice Chief Executive Officer

and IRO

Ricardo LevyFinancial and IRSuperintendent

Cristina GuedesIR Manager

one: +55 (21) 2211-2650/2660

Fax: +55 (21) 2211-2787www.light.com.br

E-mail: [email protected]

Conference Call

Date: 8/12/2009Time: 10 A.M. (Brazil)

9 A.M. (US EST)

Phones:

Brazil:+55 (11) 2188-0188

USA:+1 (866) 890-2584

Other countries:+1 (646)843-6045

Simultaneous translationinto English

Webcast:www.light.com.br

(Portuguese and English)
http://www.light.com.br/mailto:[email protected]://www.light.com.br/http://www.light.com.br/mailto:[email protected]://www.light.com.br/

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Light posted consolidated net income ofR$121.4 million in 2Q09, compared

to R$388.6 million in 2Q08, which had suffered the effects of a strong provision

reversal in the period. Disregarding the recognition of tax credits this quarter, the

Income Tax/Social Contribution effect resulting from the dollars depreciation on

Light SESAs liabilities with the offshore company LIR in the periods, and the

reversion of the provision for VAT taxes (PIS/COFINS) carried out in 2Q08, net

income would have been R$93.4 million in this quarter, compared to R$142.8

million in 2Q08. Net income for the first halfof 2009 was R$289.7 million.

In the quarter, consolidated net revenue totaled R$1,273.3 million, 1.9%

more than 2Q08. This decrease is mainly the effect of the non-recurring record of

R$29.0 million related to the low-income subsidy in 2Q08. Disregarding this,

revenue for the quarter is in line with 2Q08. In the first half of 2009, net revenue

totaled R$2,710.0 million, a 3.7% increase year-on-year.

Consolidated EBITDA for the quarter was R$220.6 million, 34.0% below

1Q08, mainly as a result of the reduction in the Companys regulatory EBITDA due

to the tariff adjustment conducted in November 2008, which is to be expected in

the first year of each tariff cycle, when scale gains are fully passed through to

consumers, and also of the CCEEs re-recording this quarter of R$25 million in

energy purchase referring to 1Q09. Accumulated EBITDA in 1H09 stood at

R$570.1 million, 11.2% below 1H08.

The Company closed the quarter with net debt of R$1,647.4 million, up 15.2%

compared to the end of March of 2009. This growth is explained mainly by the

decreased cash position due to the April dividend payment in the amount of

R$407.9 million. Our Net debt/EBITDA leverage index was 1.2x at quarters

end.1

1 To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billed

energy and demand of free customers Valesul, CSN and CSA were excluded, in view of these customersplanned migration to the core network. In 2Q09, the energy consumption of these customers totaled 395GWh and their demand was 2,294 GW, compared to a 722 GWh consumption and 2,919 GW demand in2Q08.

36

Operational Highlights (GWh) 2Q09 2Q08 Var. % 1H09 1H08 Var. %

Grid Load* 7,537 8,021 -6.0% 16,356 16,737 -2.3%

Billed Energy - Captive Market 4,619 4,529 2.0% 9,621 9,351 2.9%

Consumption in the concession area1 5,228 5,211 0.3% 10,786 10,692 0.9%

Transported Energy - TUSD1 1,144 1,302 -12.1% 2,323 2,594 -10.4%

Sold Energy - Generation 1,163 1,210 -3.9% 2,425 2,421 0.2%Commercializated Energy (Esco) 140 118 18.5% 252 250 0.7%

Financial Highlights (R$ MM)

Net Revenue 1,273 1,298 -1.9% 2,711 2,613 3.7%

EBITDA 221 334 -34.0% 570 642 -11.2%

EBITDA Margin 17.3% 25.8% - 21.0% 24.6% -

Net Income 121 389 -68.8% 290 492 -41.1%Net Debt** 1,647 1,550 6.3% 1,647 1,550 6.3%

* Captive market + losses + network use

** Financial Debt - Cash

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Release Segmentation

Light S.A. is a holding company with wholly-owned subsidiaries that participate in

three business segments: electricity distribution (Light SESA), electricity generation

(Light Energia) and electricity trading/services (Light Esco). To increase the

transparency of its results and enable investors to make a better evaluation, Light

also presents its results by business segment.

2nd Quarter 2008 Results

2Q08 and 1Q08 results were adjusted to reflect the impacts of Law 11,638/07 on

the respective results of the periods, pursuant to CVM Resolution 565/08, as well as

the reclassification of employee profit sharing (PLR) after the income tax line,

thereby no longer being classified as costs and personnel expenses. For further

information, see Appendix V of this release.

Operating Performance

Distribution

Total energy consumption in Lights concession

area (captive customers + billed free customers2)

in 2Q09 was 5,228 GWh, growing 0.3% when

compared to the same period in 2008, chiefly due

to the growth in captive market consumption.

Total consumption in 1H09 was 10,786 GWh, a

0.9% increase year-on-year driven mainly by the

significant growth in the residential and

commercial markets due to the high temperatures of the first quarter. According to

the Energetic Research Enterprise (EPE), this performance surpasses that of the

Southeast Region, which decreased by 4.1% year-on-year.

2 To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billedenergy and demand of free customers Valesul, CSN and CSA were excluded, in view of these customers

planned migration to the core network. In 2Q09, the energy consumption of these customers totaled 395GWh and their demand was 2,294 GW, compared to a 722 GWh consumption and 2,919 GW demand in2Q08.

37

Electric Energy Consumption (GWh)Total Market (Captive + Free)

4,529 4,619

681 609

5,211 5,228

2Q08 2Q09

Capt ive Free

2,0%

-10,7%

0,3%

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Taking into account the energy consumed by free consumers CSN, Valesul and

CSA, consumption in this quarter was 5,623 GWh and 11,652 in 1H09.

Captive Customers

Despite the economic

crisis, billed

consumption in the

captive market grew

2.0% year-on-year,

primarily a result of

higher consumption

in the residential andcommercial classes which together accounted for 72.3% of the captive market

as well as government consumption, included in other. The increased

consumption of these classes was influenced by the higher temperature this year

0.5 C above the 2Q08 average despite the lower number of billing days in the

low voltage, 0.8 day.

Consumption in the residential segment, which accounted for 40.3% of the captive

market in the quarter, grew 2.2% over 2Q08. The number of residential customers

rose 1.1% to 3.7 million billed customers with average monthly consumption of

170.0 kWh/month in this quarter, compared to 168.4 kWh/month in the same

period of 2008.

Commercial segment consumption, which represented 32.0% of the captive market

this quarter, grew 1.7% year-on-year.

The captive industrial segment, which represented only 9.9% of the captive

market, was stable in relation to 2Q08 despite the effects of the economic

slowdown on the industrys operations; heavy industry was the most impacted

segment. This year, a customer from the chemical industry that consumed an

average 10 GWh in 2008 returned from the free to the captive market.

In 1H09, the captive markets billed consumption totaled 9,621 GWh, 2.9% more

than in 1H08. This growth is primarily a result of the strong performance of the

residential and commercial segments, which recorded billed consumption growth of

4.6% and 2.5%, respectively, compared to 1H08, representing a 250.5 GWh

increase. This performance allowed the growth of captive market in the period, fully

offsetting the 2.0%, or 18.5 GWh, decrease in industrial consumption that was an

effect of the economic slowdown.

38

Electric Energy Consumption (GWh)

2nd

Quarter

4,529

797

1,452

459

1,821

4,619

822

1,477

459

1,862

Residential Industrial Commercial Others Total

2Q08 2Q09

-0,1%

2,0%

1,7%

2,2%

3,1%

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Network Use3

Billed energy transported to free customers

and concessionaires amounted to 1,144

GWh this quarter, 12.1% below 2Q08. This

decline was caused by a 10.7% drop in free

customer consumptionin particular in the

steel industry, which was affected by the

international economic crisisin addition to

the return to the captive market of a

customer that represented a monthly

average consumption of approximately 10

GWh in 2008 in 2Q09. The flow of energy supplied to the concessionaires bordering

Lights area fell 13.7% between the periods. In 1H09, network use totaled 2,323

GWh, 10.5% below the energy transported in 1H08.

The tariff breakdown of free customers is mainly

driven by contracted demand; therefore a decline

in the volume of transported energy does not

significantly affect the revenue originating from

these customers.

Billed demand for free customers and

concessionaries corresponded to 6,075 GW this

quarter, unchanged in relation to 2Q08. Free

customer demand this quarter decreased by 9.2%

compared to the same period last year, mainly due to the fall in the contracted

demand of a major customer from the steel industry. The 6.5% increase in demand

from concessionaires offset the decrease in free customer demand. In 1H09, free

customer and concessionaire demand totaled 12,217 GW, 2.7% above 1H08 billed

demand.

The amount presented in GW is related to the annual sum of billed demand each

month, considering peak and out of peak periods.

3To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billedenergy and demand of the free customers Valesul, CSN and CSA were excluded, in view of thesecustomers planned migration to the core network. In 2Q09, the energy consumption of these customerstotaled 395GWh and their demand was 2,294 GW, compared to a 722 GWh consumption and 2,919 GWdemand in 2Q08.

39

Electric Energy Transportation - GWh

Free Customers + Utilities

681609 621

1,302

535

1,144

Free Utility Total

2Q08 2Q09

-10,7%-13.7%

-12.1%

Billed Demand (GW)

Free Costumers and Utilities

2,406

3,656

6,062

2,183

3,892

6,075

Free Utility Total

2Q08 2Q09

-9.2%

6.5%

0.2%

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Energ y Flow

40

Residential

192.9 4,024.5

CCEAR Billed Industrial

Light Energia Energy 891.8

164.4 Own load 9,621.1

Light Commercial

13,218.2 3,059.2

2,791.0 Others

13,499.9 3,597.0 1,645.7

6,934.3 Basic netw.

losses

Adjustment 7.6

3,150.1

267.1

(*) Others = Purchase in Spot - Sale in Spot.

PROINFA

OTHERS(*)

(CCEE)

DISTRIBUTION ENERGETIC BALANCE - GWh

NORTE FLU(CCEE)

Required E.

(CCEE)

AUCTIONS

(CCEE)

274.1

ITAIPU

(CCEE)

Position: january-june 2009

Differences

Energy Balance (GWh) 2Q09 2Q08 Var.% 1H09 1H08 Var.%= Grid Load 7,537 8,021 -6.0% 16,356 16,737 -2.3%

+ Energy transported to utilities 535 621 -13.7% 1,158 1,253 -7.6%

+ Energy transported to free customers 931 1,416 -34.3% 1,980 2,759 -28.2%

= Own Load 6,071 5,984 1.5% 13,218 12,725 3.9%

+ Captive market consumption 4,619 4,529 2.0% 9,621 9,351 2.9%+ Differences 1,452 1,454 -0.2% 3,597 3,373 6.6%

*Including CSN, Valesul and CSA

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Electric Energy Losses

Lights total losses totaled 6,929 GWh,

of 21.3% over the grid load, in the 12

months that ended in June of 2009,

representing a 0.44 p.p. increase

compared to the loss index in March of

2008. Non-technical losses reached

4,874 GWh, growing 0.33 p.p. over the

grid load. The index was affected by a

decline in consumption of large customers (who did not present non-technical

losses), adversely impacting the grid load, which is the denominator of the index. Itis also worth pointing out that the loss over grid load index suffers the effect of the

grid load reduction.

Conventional energy recovery processes, such as the negotiation of amounts owed

by customers where fraud was detected, caused energy recovered in 1H09 to

increase 51.4% over the same period in the previous year, totaling 75.7 GWh

recovered, despite the 5.3% decrease in the number of customers normalized

between the periods, suggesting that more significant frauds are being prioritized.

Additionally, loss prevention programs generated an energy incorporation of 35.2

GWh in the first half of the year, a 139.5% increase over

the 14.7 GWh incorporated in the same period last year.

In June of 2009, Inmetro approved the electronic meter of

one of Lights suppliers, whose technology allows

centralized metering and remote management of reading,

dis- and re-connection processes. This approval is a

fundamental step in the progress of the program for loss-prevention based on new technologies. Inmetros delay in

approving and the conditions required for the centralized

metering system caused the initial plan to install 100,000

meters to be scaled back to 20,000. As part of the

centralized metering system, the Company continues to

invest in network modernization by protecting 175 km of

the low voltage network in 1H09, with 850 more km to be

protected by years end. In 2008, 120 km were replaced.Light believes that its continuous investment in new

41

Light Losses Evolution

12 months

6,929

6,885

6,743

6,808

6,791

14.57% 14.44% 14.36% 14.60% 14.93%

21.23%20.56% 20.51% 20.42% 20.79%

Jun-08 Sep-08 Dec-08 Mar-09 Jun-09

GWh Losses

% Losses / Grid Load (Own + Transport)

Non-technical losses % Grid Load

Ene rg y I n c o rpo ra t i onG W h

R e c o v e r e d E n e r g yG W h

1 H 0 8 1 H 0 9

50.0

75.7

1H08 1H09

51.4%

14.7

35.2

1H08 1H09

139.5%

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metering and network protection technologies will result in sustainable loss

reduction.

Collection

Collection in 2Q09 exceeded 100% of

the total billed amount, reaching a

rate of 103.4% partly due to the

collection of debts from previous

years and also to the payment of

overdue invoices related to the

beginning of this year. The retail

segment, with collection levels above

100%, was fundamental to the

recovery of this quarters global rate.

In addition to retail, the segment of

large customers including public

agencies also showed high

collection rates, reflecting the

success of delinquency-prevention

initiatives focused on both

segments. The collection rate of

the last 12 months, which

encompasses the economic crisis

that began in September 2008,

was 97.4% of billing, 0.8% above the March index.

The provision for past due accounts (PDD) constituted in 2Q09 was 3.5% of the

gross billed energy or R$66.5 million, a decrease of 0.6 p.p. in relation to 2Q08.

The effect of the economic crisis on 1Q09 collection impacted the 2Q09 PDD, since,

according to the criteria for constituting a provision in the sector, provisions related

to past due accounts from residential

customers should be constituted 90

days after the due date. In the first six months of 2009, the PDD was R$18.7

million higher than the 1H08 provision, chiefly resulting from the impact of the

crisis on retail collection, primarily in 1Q09.

Operating Quality

42

Colletion rateR$ MM 2Q09 2Q08 1H09 1H08

Billing 1,986 1,911 4,162 3,882Collection 2,054 1,925 4,037 3,833Collection Tax 103.4% 100.7% 97.0% 98.7%

Collection rate

12 months moving average

96.5%

98.8%

96.6%

97.4%

Jun-07 Jun-08 Mar-09 Jun-09

PDD/Gross Revenue (Billed Sales)

2.6%2.9%

3.5%

2Q08 1Q09 2Q09

R$ MM 1H08 1H09 Variation

PDD 107.6 126.4 18.7

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A series of major investments in increasing the reliability of the distribution system

the Company began making in 2008 started to show effective results this quarter

when quality indicators returned to pre-program levels even with the increase in

the number of scheduled disconnectionsnecessary due to the investments made

in the network. Thus, disregarding the effect of these disconnections, the

equivalent length of interruptions (DEC) index in the first half of the year was 3.75

compared to 4.96 in 1H08, a 24.4% improvement. The equivalent frequency of

interruptions (FEC) index fell from 3.29 in 1H08 to 2.69 in 1H09, an 18.24% drop.

Investments made since 2008 in important projects like the replacement of the

conventional network with space cable (compressed MT network) and installation of

remotely commanded keys to reduce interruption times, together with a reduction

in planned disconnections, were instrumental to improving our indicators. These

investments include improving electricity supply quality, increasing distribution

network capacity and protecting the network, and amounted to R$60.7 million in

1H09, compared to R$43.9 million in 1H08. The electrical system maintenance plan

began to be monitored by a specific SAP system module, providing better

management and positively impacting the service continuity.

Generation

Energy sold on the Regulated (ACR) and Free Contract (ACL) markets in 2Q09 was

1,013.6 GWh and 120.3 GWh, respectively. In the ACR, the volume of energy sold

was 0.8% lower than in the same period in 2008, resulting mainly from the end of

the contract for an 11.88 average MW product of the 2006/08 existing energy

auction held in 2005, resold in the ACL, which resulted in a 24.2% increase over

2Q08. The lower volume of energy sold on the spot market in 2Q09 was mainly

due to the decrease in secondary energy for sale on that market.

In 1H09 a total of 2,425.5 GWh was sold, similar to 1H08 figures.

43

ELC / EFC - 12 Months

6.03

7.81

6.03

9.1311.35

7.81EFC

ELC

Jun-09 Jun-08 Jun-07

ELC Equivalent Length of Interruption per Consumption Unit (hs)EFC Equivalent Frequency of Interruption per Consumption Unit (n.)

LIGHT ENERGIA (GWh) 2Q09 2Q08 % 1H09 1H08 %

Regulated Contracting Environment Sales 1,013.6 1,021.3 -0.8% 2,053.2 2,081.2 -1.3%

Free Contracting Environment Sales 120.3 96.9 24.2% 206.3 207.8 -0.7%

Spot Sales (CCEE) 28.9 91.8 -68.5% 166.0 132.4 25.4%

Total 1,162.9 1,210.0 -3.9% 2,425.5 2,421.4 0.2%

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Trading and Services

In the second quarter of 2009, Light Esco sold 139.7 GWh directly, an 18.5%increase in trading volume compared to 2Q08. This increase is explained by the

greater availability of energy for resale at the trading company due to the

expansion of its contract portfolio.

In addition to direct sales, Light Esco also continued to provide consulting services

and represent free clients before the CCEE. These activities included operations of

around 262.0 GWh and 8 clients.

In 1H09, Light Esco traded 251.5 GWh, a 0.7% increase in relation to the same

period of 2008. This result reflects the increase in traded energy in 2Q09 when

compared to 2Q08, offsetting the smaller volume of energy traded in 1Q09.

Currently, Light Esco has 55 energy sale customers, 47 of which use the companys

trading services and 8 of which use its consulting and contract intermediation

(brokerage) services. In June 2008, it had 44 customers.

As to the service activity, Light Esco has been developing major projects for setting

up service drops, substations, cold water centers and energy efficiency projects for

customers such as TV Globo, Fiocruz, and the Academia Brasileira de Letras, amongothers.

44

Volume (GWh) 2Q09 2Q08 Var. % 1H09 1H08 Var. %Trading 139.7 117.9 18.5% 251.5 249.7 0.7%Broker 262.0 401.8 -34.8% 535.5 723.8 -26.0%

Total 401.7 519.7 -22.7% 787.0 973.5 -19.2%

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Financial Performance

Net Revenue

Consolidated

Net operating revenue totaled R$1,273.3 million in 2Q09, 1.9% lower than in 2Q08

primarily as a result of the record in 2Q08 of R$29.0 million referring to the low-

income subsidy. Positive contributions to net revenue in the quarter were the

increases of 9.8% in the generation segment revenue and of 15.1% in the energy

trading operations revenue.

45

Net Revenue (R$ MM) 2Q09 2Q08 Var. % 1H09 1H08 Var. %

DistributionBilled consumption 1,144.3 1,142.9 0.1% 2,387.3 2,272.9 5.0%Non billed energy (47.4) (34.2) 38.8% (20.3) (41.9) -51.5%Network use (TUSD) 85.5 106.1 -19.4% 172.6 202.7 -14.9%Short-Term (Spot) 7.7 5.0 52.8% 7.7 6.8 12.1%Others 13.5 15.0 -10.5% 26.0 28.2 -Subtotal (a) 1,203.5 1,234.8 -2.5% 2,573.3 2,468.8 4.2%

GenerationGeneration Sale(ACR+ACL) 66.8 62.6 6.7% 131.9 139.5 -5.5%

Short-Term1

5.3 3.2 65.1% 10.5 11.0 -4.1%Others 1.3 1.1 26.0% 2.7 2.1 25.2%Subtotal (b) 73.4 66.9 9.8% 145.1 152.6 -4.9%

ComercializationEnergy Sales 16.6 11.7 41.6% 30.1 39.6 -23.9%Others 2.5 4.8 -49.1% 6.9 6.9 -1.0%Subtotal (c) 19.1 16.6 15.1% 37.0 46.5 -20.5%

Others and Eliminations (d) (22.7) (20.7) (44.5) (54.6)

Total (a+b+c+d) 1,273.3 1,297.6 -1.9% 2,710.9 2,613.3 3.7%

(1) Balance of the settlement on the CCEE

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Distribution

Net distribution revenue was R$1,203.5 million in thequarter, 2.5% below net revenue in 2Q08. This result

was mainly impacted by the record of R$29.0 million

in 2Q08 referring to the low-income subsidy.

Disregarding this, revenue this quarter would be in

line with that of the same period last year.

Despite the growth of nearly 2.0% in

captive market consumption, revenue was

affected by the fall in energy and demand

contracted by free and captive customers in

function of the effect of the economic

slowdown on their operations. Residential

and commercial consumption accounted for

77% of captive market revenue.

The distribution companys net revenue in 1H09 totaled R$2,573.3 million, up 4.2%

year-on-year chiefly because of strong market growth in 1Q09.

It is worth mentioning that, as the market approved by Aneel in the tariff

adjustment process did not take into consideration the energy and demand of CSN,

Valesul and CSA due to their planned migration to the core network, any variation

in the market of these customers will have a neutral effect on the distribution

companys total revenue. Given the lower than expected consumption of CSN and

Valesul in 1H09, a regulatory asset was formed and distributed among other

revenue lines that fully offsets this reduction.

Generation

Net revenue in the quarter was R$73.4 million, 9.8% higher than in 2Q08. This

increase was mainly due to the adjustment of energy sale contracts for inflation

and the re-contracting of part of the energy from the ACR to the ACL for a higher

price, offsetting the decrease in the volume sold on the spot market.

In 1H09, net revenue was R$145.1 million, 4.9% lower than in 1H08 as a result of

the lower secondary energy sales volume on the Free and Regulated Contract

markets, which together recorded 1.3% decrease.

46

Net Revenue by Class - Captive

R$ MM - 2Q09

Residential44%

Industrial9%

Commercial33%

Others14%

376502

106

161

Electric Energy Consumption GWh - Captive

2Q09

Residential40%

Industrial10%

Commercial32%

Others

18%

1,862822

1,477459

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Net revenue in the quarter was R$19.1 million, up 15.1% over 2Q08. This increase

is primarily the result of this quarters 18.5% rise in the volume of trading saleswhen compared to 2Q08.

In 1H09, net revenue decreased 20.5% in comparison to 1H08 chiefly due to the

larger allocation of energy in the first quarter of 2008, whereas in 2009 this

allocation was bigger in the second quarter. In addition to the effect of the allocated

volume, this quarters revenue was also affected by the recorded CCEE average

energy price (spot), which fell 64.9% year-on-year.

Costs and Expenses

Consolidated

Consolidated Operating Costs and Expenses

In the second quarter of 2009, operating costs and expenses were 8.2% higher

than in 2Q08, in particular due to the 13.0% increase in non-manageable

distribution costs and expenses. Another factor that had an impact on costs and

expenses this quarter was the R$10.1 million provision for the Stock Option Plan,

which affected Light S.A.s personnel account; in 2Q08 the provision was

concentrated in the 4th quarter.

Distribution

In 2Q09, costs and expenses of the energy distribution business grew 6.6% over

2Q08 as shown in the table below. The increase was caused by a 13.0% increase in

non-manageable, pass-through costs and expenses in the tariff in spite of an 8.8%

decline in manageable costs and expenses.

47

Operating Costs and

Expenses (R$ MM) 2Q09 2Q08(%) 1H09 1H08 Var. %

Distribution (1,092.6) (1,025.1) 6.6% (2,219.7) (2,087.0) 6.4%Generation (31.6) (30.2) 4.7% (64.7) (60.9) 6.1%Comercialization (15.7) (10.2) 54.5% (30.9) (34.8) -11.2%Others and Eliminations 11.1 21.9 -49.3% 22.1 52.3 -57.8%Consolidated (1,128.8) (1,043.5) 8.2% (2,293.1) (2,130.4) 7.6%

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Non-Manageable Costs and Expenses

In the second quarter of this year, non-

manageable costs were R$816.0 million,

representing a 13.0% growth year-on-year.

Energy purchase costs rose 12.1%

compared to 2Q08. It is important to point

out that R$25 million related to energy

purchase expenses referring to 1Q09 wasrecorded this quarter, due to CCEEs re-

recording. Disregarding this amount, energy

purchase costs would be 7.8% higher than the amount recorded in 2Q08 due to the

increase in energy costs approved in the latest tariff adjustment.

Expenses related to purchased

energy rose 28.5%, chiefly as a

result of : (i) the Itaipu dollar tariff

adjustment by approximately 10%

in January 2009, combined with the

dollars 24.3% appreciation

considering the average rates

between the two quarters, (ii) TPP

Norte Fluminense (Norte Flu) 26.2%

average price increase reflecting the higher compensatory surcharge for gas (gas

CVA) impacted by the dollars appreciation, (iii) the approximately 6.4% increase in

auction contracts in Nov/08 affected by 6.0% inflation in the period (IPCA - Nov07to Oct/08) and the introduction of new products in the 1st and 2nd thermal (T-15)

48

Costs and Expenses (R$ MM) 2Q09 2Q08 (%) 1H09 1H08 Var. %

Non-Manageable Costs and Expenses (816.0) (722.0) 13.0% (1,690.8) (1,512.0) 11.8%

Energy Purchase costs (647.2) (577.2) 12.1% (1,327.7) (1,212.7) 9.5%

Purchased Energy (722.2) (562.1) 28.5% (1,457.7) (1,218.2) 19.7%

Formation Energy CVA 74.9 (15.2) - 130.0 5.5 2262.9%

Costs with charges (124.0) (86.6) 43.2% (271.4) (218.7) 24.1%

Charges (125.2) (131.8) -5.0% (286.2) (275.6) 3.9%

Formation Charges CVA 1.2 45.1 -97.4% 14.9 56.9 -73.9%

Amortization CVA (39.3) (52.5) -25.2% (80.6) (70.6) 14.2%

Others (Mandatory Costs) (5.5) (5.6) -2.1% (11.1) (10.0) 11.2%

Manageable Costs and Expenses (276.6) (303.2) -8.8% (528.9) (575.0) -8.0%

PMSO (121.7) (117.9) 3.2% (238.4) (241.0) -1.1%

Personnel (46.2) (43.7) 5.7% (93.4) (92.2) 1.3%

Material (3.0) (3.4) -11.2% (6.9) (7.0) -2.3%

Outsourced Services (61.9) (61.4) 0.8% (115.2) (119.2) -3.4%

Others (10.6) (9.4) 12.9% (22.9) (22.5) 2.0%

Provisions (85.0) (111.3) -23.6% (150.6) (187.5) -19.7%

Depreciation (69.9) (73.9) -5.5% (140.0) (146.6) -4.5%Total Costs and Expenses (1,092.6) (1,025.1) 6.6% (2,219.7) (2,087.0) 6.4%

Purchased Energy - R$ MM

2nd Quarter

562

722

40.8%43.1%

33.8%

33.1%21.7%

22.3%3.7%

1.5%

2Q08 2Q09

AUCTIONS NORTE FLU ITAIPU SPOT

Purchased Energy - GWh

2nd Quarter

6,213 6,507

48.1% 52.5%

25.5%24.3%

23.0%21.6%1.2%

1.6%-

2.3%

2Q08 2Q09

AUCTIONS NORTE FLU ITAIPU PROINFA SPOT

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and hydro (H-30) energy auctions, (iv) the 13% increase in charges, and (v) the

energy purchase in the 2009 adjustment auction (Mar/09 to Dec/09), whose cost

this quarter was R$145.7/MWh.

The average purchased energy cost excluding spot purchases increased 21.5%

from R$90.7/MWh in 2Q08 to R$110.2/MWh in 2Q09.

Charges grew 43.2% in 2Q09 over 2Q08, chiefly due to thermoelectric plant

dispatch in 2008 that resulted in increased System Service Charges (ESS) for

distribution companies.

In 1H09, non-manageable costs and expenses were R$1,690.8 million, increasing

11.8% year-on-year. Energy purchase costs rose 9.5% over 1H08 as the combined

effect of approved increased energy purchase costs and the greater volume of

purchases this year. Charges increased 24.1% between the periods.

Manageable Costs and Expenses

Manageable operating costs and expenses (personnel, materials, outsourced

services, provisions, depreciation and others) totaled R$276.6 million in 2Q09, an

8.8% drop between the periods. This result is explained mainly by lower provisions,

which were 23.6% below 2Q08.

Costs and expenses with staff, equipment, services and others (PMSO) amounted

to R$121.7 million in the quarter, 3.2% above the R$117.9 million recorded in

2Q08. This result was chiefly due to a 5.7% or R$2.5 million increase in personnel

costs and expenses, mainly due to a 5.6% pay raise granted in this years collective

bargaining agreement.

This quarters provisions (PDD, Provision for Contingencies and Others) fell R$26.3

million chiefly because of provisions constituted in 2Q08 for the low-income subsidy

and an increase in Braslights actuarial liabilities in the amounts of R$17.2 million

and R$23.9 million, respectively. We provisioned R$66.5 million for past due

accounts in 2Q09, representing 3.5% of gross billed energy, versus R$47.4 million

or 2.6% of gross billed energy in 2Q08, a reflection of the economic crisis that

decreased retail customers ability to pay in the beginning of 2009.

From January to June 2009, manageable operating costs and expenses totaled

R$528.9 million, an 8.0% drop compared to the same period of 2008.

49

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Generation

In 2Q09 Light Energias costs and expenses were R$31.6 million, 4.7% higher than

in 2Q08, principally due to R$0.8 million increase in other expenses, a reflection of

the higher royalties charged for use of water resources, the 4.3% increase in CUSD

(distribution system use) costs, and the 11.3% rise (R$0.3 million) in expenses

with materials and outsourced services.

Expenses in 2Q09 were as follows: CUSD (use of the distribution system, 34.2%),

personnel (15.5%), materials and third-party services (10.2%), others and

depreciation (40.1%). In 2Q09, the PMSO cost per MWh was R$12.55/MWh, while

in 2Q08 this cost was R$11.54/MWh.

In 1H09, Light Energias costs and expenses were R$64.7 million, up 6.1%

compared to 1H08 chiefly due to the 11.8% and 16.0% increases in CUSD and

other expenses, respectively.

50

Operating Costs and Expenses - R$ MM 2Q09 2Q08 (%) 1H09 1H09 Var. %

Personnel (4.9) (4.8) 2.6% (8.8) (9.5) -6.7%Material and Outsourced Services (3.2) (2.9) 11.3% (6.6) (6.2) 6.8%Purchased Energy (CUSD) (10.8) (10.4) 4.3% (23.3) (20.9) 11.8%Depreciation (6.1) (6.3) -3.1% (12.2) (12.6) -3.2%Others (includes provisions) (6.6) (5.9) 12.4% (13.7) (11.8) 16.0%Total (31.6) (30.2) 4.7% (64.7) (60.9) 6.1%

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In 2Q09, costs and expenses totaled R$15.7 million, 54.5% more than in the same

period in 2008. This increase was mainly because of the 38.5% increase in the

energy purchase cost between the quarters due to the 14.3% increase in the

purchased energy volume to fulfill the trading companys new contracts, in addition

to the increase in the costs and expenses with materials as a result of expanded

energy service projects.

In 1H09, costs and expenses totaled R$30.9 million, an 11.2% decline compared to

1H08 that resulted mainly from the 47.1% decrease in energy purchase costs in

1Q09, a reflection of the reduction in the spot price amounts in relation to 1Q08.

EBITDA

Consolidated

Consolidated EBITDA dropped 34.0% year-on-year, totaling R$220.6 million in the

second quarter of 2009. This result is mainly due to the reduction in the distribution

companys EBITDA, a reflection of the November 2008 tariff review process

combined with the effects of the crisis over the consumption that particularly

affected the demand and consumption of customers from the industrial segment.

The consolidated EBITDA margin fell 8.5 p.p. between the periods from 25.8% in

2Q08 to 17.3% this quarter.

51

Operating Costs and Expenses - R$ MM 2Q09 2Q08 (%) 1H09 1H08 Var. %

Personnel (0.4) (0.5) -18.5% (0.9) (0.9) -1.4%Material and Outsourced Services (2.0) 0.1 - (4.3) (1.0) 324.8%Purchased Energy (13.1) (9.5) 38.5% (25.2) (32.3) -22.0%Depreciation (0.2) (0.2) -26.1% (0.3) (0.4) -25.9%Others (includes provisions) (0.1) (0.1) -2.2% (0.2) (0.1) 21.6%Total (15.7) (10.2) 54.5% (30.9) (34.8) -11.2%

EBITDA - 2Q09/2Q08 - R$ mn

221

334

26(20)

(25)

(96)

EBITDA - 2Q08 Net Revenue CCEE's re-

recording

Manageable

Costs (PMSO)

Provis ions EBITDA - 2Q09

EBITDA per segment *

1H09

Distribution83.3%

Generation15.6%Commercializati

on1.1%

*Does not consider eliminationsConsolidated EBITDA- R$ MM 2Q09 2Q08 Var.% 1H09 1H08 Var.%

Distribution 180.8 283.6 -36.3% 493.6 528.4 -6.6%Generation 47.9 43.0 11.4% 92.6 104.3 -11.2%Commercialization 3.5 6.6 -47.1% 6.4 12.1 -47.2%Others and eliminations (11.6) 1.1 - (22.5) (2.5) 797.1%Total 220.6 334.3 -34.0% 570.1 642.3 -11.2%EBITDA Margin (%) 17.3% 25.8% - 21.0% 24.6% -

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Distribution

The distribution companys EBITDA in 2Q09 totaled R$180.8 million, 36.3% below

the same period last year. This result may be explained mainly by: (i) the reduction

in the regulatory EBITDA resulting from the latest tariff review, approved in

November of 2008 whereby the scale gains obtained during the first cycle (2003 to

2008) are fully passed through to consumers; (ii) the reduction in consumption and

demand of free customers, which affected the revenue for the quarter, and (iii) the

recording, in this quarter, of R$25 million in energy purchases referring to 1Q09

due to CCEEs re-recording. As a result, the EBITDA margin in 2Q09 was 15.0%,

7.9 p.p. lower than that of 2Q08.

In 1H09, EBITDA was R$493.6 million, down 6.6% compared to 1H08, with a

19.2% margin. This reduction is chiefly the result of the lower market in the second

quarter and the effect of the tariff review conducted in November 2008.

Generation

Light Energias EBITDA grew 11.4% year-on-year, totaling R$47.9 million in 2Q09.

This increase is primarily a result of the 9.8% increase in net revenue due to the

adjustment in the sale price that more than offset the 4.7% rise in expenses. The

EBITDA margin this quarter was 65.2%, 1.0 p.p. higher than in 2Q08.

In 1H09, EBITDA was R$92.6 million, contracting 11.2% compared to 1H08 as a

result of the 4.9% decrease in net revenue, resulting from the decision to allocate a

larger volume of energy to the second half, combined with the 6.1% increase in

costs and expenses. The EBITDA margin in the first half of the year was 63.8%,

down 4.5 p.p. compared to 1H08.


EBITDA totaled R$3.5 million this quarter, a decline of 47.1% compared to the

R$6.6 million registered in 2Q08. The reduction in the quarter can be explained by

the decoupling of the cost of materials necessary to the energy service businesses

and the corresponding revenue, as well as the 64.9% drop in the spot price, which

negatively affected the trading operations short-term contracts. The EBITDA

margin was 18.3% in the quarter, decreasing 21.5 p.p. year-on-year.

52

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In 1H09, EBITDA was R$6.4 million, 47.2% below that of 1H08 due to the 20.5%

drop in net revenue as a result of both the lower volume traded and the year-on-

year decrease in the spot price, despite the 11.2% decrease in costs and expenses.

The EBITDA margin in 1H09 was 17.3%, 8.7 p.p. below the one recorded in 1H08.

53

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Consolidated Financial Result

The financial result in the quarter was a negative R$11.5 million, compared to a

positive R$421.1 million in the second quarter of 2008, due to the non-recurring

effect of the reversal of provisions referring to the expansion of the PIS/COFINS

calculation base that had a positive impact of R$432.2 million on that quarter.

Disregarding the effect of that provision reversal, the financial result was in line

with that of the same period of 2008, as a combined result of the 58.8% decrease

in financial revenues offset by the 52.4% decrease in financial expenses.

Financial revenue in the quarter was R$39.3 million, 58.8% below the result

recorded in 2Q08. This decline was mainly due to the monetary restatement of the

recognition of PIS/COFINS credits on sector charges in 2Q08, affecting the other

revenues line, as well as the decrease in interest on energy bills paid in arrears

because of the 29.4% reduction in customer installments.

The quarters financial expense of R$50.8 million was 52.4% lower than that of

2Q08, primarily due to: (i) the decreased monetary restatement of Braslights4

liabilities as a result of a lower inflation rate, to which the balance of our debt is

indexed. This quarters adjustment index was -0.62% compared to 3.74% in 2Q08;

(ii) the smaller update of provisions for contingencies and tax liabilities, with a fall

of approximately R$20 million year-on-year; and (iii) the present value adjustment

of long-term receivables, in other financial expenses.

In 1H09, the financial result was a negative R$36.3 million compared to a positive

R$337.1 million in 1H08, once again impacted by the reversal of provisions

referring to PIS/COFINS. Financial revenue in 1H09 was R$85.5 million, a result

4 Until May 2009 these were adjusted according to the IGP-DI variation (with a one month lag) andactuarial interest of 6% p.a. Since June 2009, they have been adjusted according to the IPCA (ExtendedConsumer Price Index, with a one month lag) as a replacement to the IGP-DI.

54

Financial Result - R$ MM 2Q09 2Q08 (%) 1H09 1H08 (%)

Financial Revenues 39.3 95.4 -58.8% 85.5 149.4 -42.8%

Income - financial investments 10.5 12.5 -16.7% 27.9 25.4 9.8%Monetary and Exchange variation 9.1 8.2 10.5% 20.9 26.6 -21.3%

Swap Operations (7.2) - - (8.3) 1.6 -

Others Financial Revenues 26.9 74.6 -63.9% 45.0 95.9 -53.0%

Financial Expenses (50.8) (106.6) 52.4% (121.8) (244.6) 50.2%

Interest over loans and financing (47.2) (46.1) -2.2% (99.1) (100.8) 1.7%

Monetary and Exchange variation 3.8 (11.0) 134.7% (10.1) (47.2) 78.6%

Braslight (private pension fund) (11.3) (47.5) 76.2% (20.5) (86.3) 76.3%

Swap Operations (2.6) (5.6) 54.1% (2.6) (8.6) 70.3%

Others Financial Expenses 6.4 3.6 -78.0% 10.4 (1.7) 732.5%Subtotal (11.5) (11.3) -2.3% (36.3) (95.2) 61.9%

PIS/COFINS Provisions Reversal - 432.4 - - 432.4 -

Total (11.5) 421.1 - (36.3) 337.1 -

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42.8% lower than that recorded in 1H08, and financial expenses were R$121.8

million, a 50.2% drop compared to the financial expenses recorded in 1H08.

Indebtedness

The Companys gross debt on June 30, 2009 was R$2,217.0 million, up 2.3%compared to the amount on March 31, 2009, as a result of new debt being

contracted in the quarter. Compared to the position on June 30, 2008, the

Companys gross debt rose 11.3%, corresponding to a variation of R$224.8 million.

This growth is mainly the result of $317.0 million in new debt contracted in the last

12 months, whose primary purpose was to finance investment projects.

The R$1,647.4 million net debt was

15.2% and 6.3% higher than in March

2009 and June 2008, respectively,

because of the decrease in the cash

position that was principally due to a

R$407.9 million dividend payment in

April 2009. The net debt/EBITDA ratio

rose from 0.9x in March 2009

to 1.2x in June 2009.

Our debt position continues tobe comfortable, with an

55

R$ MM Short Term % Long Term % Total %

Brazilian Currency 311.8 14.1% 1,791.4 80.8% 2,103.2 94.9%

Debenture 1st Issue 16.1 0.7% 16.1 0.7%Debenture 4th Issue 0.0 0.0% 0.1 0.0% 0.1 0.0%BNDES Rationing 84.4 3.8% 351.1 15.8% 435.5 19.6%Debenture 5th. Issue 63.0 2.8% 903.8 40.8% 966.7 43.6%CCB Bradesco 39.2 1.8% 450.0 20.3% 489.2 22.1%ABN Amro 3.0 0.1% 80.0 3.6% 83.0 3.7%Promissory Notes 101.5 4.6% 101.5 4.6%Financial operations "Swap" 2.3 0.1% 2.3 0.1%

Others 4.6 0.2% 4.1 0.2% 8.7 0.4%Foreing Currency 21.1 1.0% 92.7 4.2% 113.8 5.1%

National Treasury 16.3 0.7% 91.9 4.1% 108.3 4.9%Import Financing 3.6 0.2% 0.8 0.0% 4.3 0.2%BNDES Import Fin. 1.2 0.1% 1.2 0.1%

Gross Debt 333.0 15.0% 1,884.1 85.0% 2,217.0 100.0%

Cash 569.6Net Debt (a) 1,647.4

Braslight (b) 93.5 912.6 1,006.1Net Regulatory Asset (c) 49.9 228.7 278.6Adjusted Net Debt (a+b-c) 2,374.9

Net Debt (ex-Braslight)

(R$ million)

1,5501,430

1,647

Jun-08 Mar-09 Jun-09

Indebtedness

(Brazilian Currency x Foreign)

93.6% 92.9% 94.9%

6.4% 7.1% 5.1%

Jun-08 Mar-09 Jun-09

Brazilian Currency Foreign Currency

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average term to maturity of 4.1 years and reduction of the average cost of dollar-

denominated debt, which was 1.6 p.p. cheaper than in March 2009 and is now at

10.4% p.a. The average cost of foreign currency debt of US$+5.3% p.a. remained

stable when compared to March 2009. At the end of June, only 5.1% of total debt

was denominated in foreign currency. After the effect of foreign currency hedging

operations, our net exposure is only 3.8% of the total. Our hedge policy consists of

protecting the cash flow falling due within the next 24 months (principal and

interest) through the use of non-cash swap instruments with premier financial

institutions.

Net income

Light posted net income of R$121.4 million this quarter, down 68.8% compared to

2Q08. This result is due to the non-recurring record of the write-off of provisions

related to the expansion of the PIS/COFINS calculation base in 2Q08, which had a

positive effect of R$285.4 million on net income for that period, compared to the

recognition of non-recurring tax credits, which had a positive impact of R$118.4

million this quarter, partially offset by the negative effect of the exchange rate

variation on LightSESAs liabilities with

the offshore company

LIR, which increased

income and social

contribution taxes

R$90.4 million this

quarter and R$39.6

million in 2Q08.

Disregarding the non-recurring effects of both quarters, net income for 2Q09 would

be R$93.4 million, 34.6% lower than in 2Q08, as demonstrated in the graph on the

right.

Net income in the first

half of 2009 was

R$289.7 million,

compared to the

R$492.1 million

recorded in 1H08.

56

285.4

118.4 90.4 121.4

388.6

142.8

93.439.6

Net Income

2Q08 - Pro

forma

PIS/COFINS -

net e ffect

Net effect -

offshore

exchange

rate

variation

Net income

2Q08 -

w/out non-

recurring

effects

Net income

2Q09 -

w/out non-

recurring

effects

Tax credits Net effect -

offshore

exchange

rate

variation

Net income

2Q09

-34.6%

285.4118.4 95.9 289.7

492.1

251.6 267.2

44.9

Net Income

1H08 - Pro

forma

PIS/COFINS -

net e ffect

Net effect -

offshore

exchange

rate

variation

Net income

2Q08 -

w/out non-

recurring

effects

Net income

2Q09 -

w/out non-

recurring

effects

Tax credits Net effect -

offshore

exchange

rate

variation

Net income

1H09

6,2%

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Disregarding the aforementioned non-recurring effects in both periods, net income

in 1H09 would be R$267.2 million, 6.2% higher than in 1H08.

Capital Expenditures

In 1Q09, the Company invested

R$79.9 million in investment

projects, including the

development of distribution

networks (new connections,

capacity increases and repairs)

and quality improvements(structural optimization and

preventive maintenance), which

absorbed R$52.8 million, and

loss-prevention initiatives totaling R$19.1 million. In the generation segment,

investments totaled R$4.3 million, chiefly allocated to maintenance of the existing

generation complex.

Investments in fixed assets totaled R$250.6 million in 1H09, which includes the

financial charges originating from the Companys loans with financial institutions,

the accounting effect of monetary restatement of use of public property from the

Itaocara Plant, provided in the Plants concession agreement, and materials in

inventory that have not yet been activated.

Projects for Expansion of the Generation Capacity

The second quarter of 2009 saw the following developments in the projects for

expansion of Lights generation capacity:

The EPC consortiums proposals for the construction of the Paracambi SHPP

were received. These proposals were submitted to the Board of Directors, and the

contracting of the winning consortium, comprised of the companies Orteng

Equipamentos e Sistemas Ltda. and Construtora Quebec Ltda., was approved at the

Board of Directors Meeting of August 7. The projects total cost is approximately

R$195 million and construction is slated to begin in September, with commercial

operations expected to begin in August of 2011.

57

CAPEX (R$ MM)

221.7

172.8

237.3

203.99.1

17.411.8

6.51.9

0.0

1H08 1H09

Distribution Administration Generation Commercial.

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The Consortium with CEMIG for the construction of the Paracambi SHPP is

being turned into an SPE (Special Purpose Entity), in view of the requirements of

the Brazilian Development Bank (BNDES) to grant Project Finance loans for a

project.

Bids have been requested to choose the company that will build the supply

system for the Lajes SHPP, and construction is expected to start at the beginning of

September.

In addition to these projects, the Company is considering participation in other

generation projects, which together ensure the increase of installed generation

capacity by at least 50%.

Cash Flow

In

2Q09, Lights cash generation was a negative R$166.6 million, primarily as a result

of the R$407.9 million dividend payment made in April. Cash generation before the

dividend payment was R$241.2 million in the quarter, R$192.9 million more than

that of 2Q08.

This result is chiefly due to the increase in cash generated by operations, mainly

explained by: (i) the decrease in taxes, which had a negative impact in 2Q08 due

to the activation of PIS/COFINS credits related to charges, against the positive

impact this quarter resulting from the higher provision for taxes (an effect of the

58

R $ M M 2Q09 2Q08 1H09Cash i n t he Beg i nn i ng o f t he P e r i od (1 ) 736.3 394.3 590.1N e t I n c o m e 121.4 388.6 289.7

Provision for Delinquency 66.5 47.4 126.5Depreciation and Amortization 76.1 80.3 152.4Net Interests and Monetary Variations 45.9 40.6 88.7Braslight 11.3 71.4 20.5

Atualization / provisions reversal 18.4 (386.9) 23.5Others (54.8) 200.0 11.0

N e t I n c o m e Ca s h B a s i s 284.8 441.4 712.4Working Capital 37.2 (86.9) (110.7)Regulatories (RTE, CVA e Bubble) 68.7 27.6 89.4Contingencies (34.9) (16.8) (52.1)Taxes 28.9 (273.1) 57.2Others (25.7) 103.3 (38.6)Cash f r om O pe ra t i ng Ac t i v i ti e s ( 2 ) 359.0 195.5 657.6Dividends Payment (407.9) - (407.9)Finance Obtained 101.3 75.4 123.9Debt Service and Amortization (91.4) (73.1) (161.6)F i nanc i ng Ac t i v i t i e s ( 3 ) (398.0) 2.3 (445.5)Share Participations - - -Concession Investments (128.9) (149.4) (239.5)

Assets Alienation 1.2 - 6.9I n ves tm en t Ac t i v i t ie s ( 4 ) (127.7) (149.4) (232.6)Ca sh in th e En d o f th e P e r i od (1 + 2 + 3 + 4 ) 5 6 9 .6 442 . 6 569 . 6Ca sh G e ne ra t io n (2 + 3 + 4 ) (1 6 6 .6 ) 48 . 3 (20 . 5 )

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dollars depreciation on Light SESAs debt with LIR); and (ii) the positive R$37.2

million working capital, mainly due to this quarters high collection index which

exceeded the 100% mark.

In financing activities, the negative result is due to the payment of dividends in

April, whereas in 2Q08 no dividends were paid. The net result of financing obtained

and debt service remained stable year-on-year.

Net cash used in investing activities in the quarter was 13.8% below that of the

same period of 2008. This decrease is explained mainly by the delayed investments

in the loss-prevention program, which should be expedited over the year.

Corporate Governance and the Capital Markets

On June 30, 2009, the capital stock of Light S.A. was comprised of 203,934,060

common shares with no par value. The controlling group, Rio Minas Energia (RME),

retains 52.1% of the capital stock.

On July 14, 2009 the Company published the notice of commencement of its

secondary public distribution of shares issued by Light S.A., whereby 29,470,480

shares were placed, of which 16,079,135 shares were held by BNDESPar and

13,391,345 shares were held by EDF. The total number of shares sold corresponds

to 14.4% of the Companys capital stock. The offering price, determined in thebookbuilding process, was R$24.00, for a total of R$707.3 million.

59

Countrys biggestindividual electricitydistributor

Andrade Gutierrez Groupsdivision that invests inpublic services concession

Brazilian privateinvestors group(includes Brasligt)

Holding thatcontrols CEMAR.

AGCAndrade Gutierrez

Concesses

LUCELUCE do Brasil

Fundo de Investimento

em Participa

es

EQUATORIALEquatorial Energia

RMERio Minas Energia

Participaes S.A.

LIGHT S.A.

25% 25% 25% 25%

52.1%

BNDESPAR

MARKET

33.6%

14.3%

FreeFloat

: 47.9%

CEMIGCompanhia Energ

tica

de Minas Gerais

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With this operation, the effective free float of shares has increased from 7.7% to

22.1% of the capital stock, giving greater liquidity to shares. The table below shows

the Companys ownership structure before and after the offer.

The Company's shares have been listed on Bovespa's Novo Mercado since July of

2005, adhering to the best corporate governance practices and the principles of

transparency and equity, in addition to granting special rights to minority

shareholders. Light S.A.s shares are listed on the Ibovespa, Itag, IGC, IEE, IBrX

and ISE indexes.

Lights Board of Directors is composed of 11 members, 2 of whom are elected

independently. The following five committees support the Board of Directors:

Finance, Management, Audit, Human Resources, and Governance and

Sustainability.

The first payment of dividends approved at the Annual and Extraordinary General

Meeting held on March 18, 2009, in the amount of R$2.00 per share, was paid on

April 2, 2009. The second payment, in the amount of R$0.45 per share, is

scheduled for November 27, 2009.

In the Extraordinary General Meeting held on July 9, 2009, Mr. Carlos Roberto

Teixeira Junger was elected to the position of sitting member and Mr. Ricardo

Simonsen to the position of alternate member of the Companys Board of Directors.

These members will remain in office until the Annual General Meeting that approves

the accounts of the year to end on December 31, 2009.

In the Board of Directors meeting held on July 17, 2009, Mr. Gustavo Csar de

Alencar was elected to the position of Network Officer for the same term of office as

the Companys other executive officers elected at the Board of Directors Meeting

held on August 10, 2006, with duties and responsibilities in relation to the followingissues: (i) operation and maintenance of the electricity network in any voltage,

60

Shareholders number of shares % number of shares %

RME (Controlling Shareholder) 106,304,597 52.1% 106,304,597 52.1%BNDESPar 68,555,918 33.6% 52,476,783 25.7%EDF 13,391,345 6.6% - -Market 15,682,200 7.7% 45,152,680 22.1%Total 203,934,060 203,934,060

june 30th

2009 Post Offering

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except for those of Light Energia; (ii) planning, engineering and expansion of the

distribution system; and (iii) automation, protection and metering systems.

The new duties and responsibilities of the Chief Operations and Customers Officerare related to: (i) customer service: (ii) billing; (iii) collection; (iv) energy recovery;

(v) services; (vi) energy purchase; (vii) market projection; (viii) sale of energy on

the free market; and (ix) coordination of the operational activities of the company

and its subsidiaries.

At the

end of the quarter, Lights has appreciated 21.5%, with an average daily trading

volume of R$6.9 million. The IEE (Bovespas Electric Power Index) was up 22.1% in

the same period, in step with Ibovespas 25.8% appreciation. The graph below

shows the performance of Lights stock since RME took control on August 10, 2006.

Recent Events

Secondary Offering of Shares: On July 14, 2009 the Company published the

notice of commencement of its secondary public distribution of shares issued by

Light S.A., whereby 29,470,480 shares were placed, corresponding to 14.4% of the

Companys capital stock. The offering price, determined in the bookbuilding

61

Note: shares quotations are dividends adjusted.

BOVESPA (spot market) - LIGT3Daily Average 2Q09 1Q09 2Q08

Number of shares traded (Million) 286.26 240.59 222.14

Number of Transactions 691 557 348

Traded Volume (R$ Million) $6.9 $5.8 $5.5Quotation per lot of 1000 shares: $26.95 $22.18 $19.18

Share Valuing 21.5% 11.9% 3.7%

IEE Valuing 22.1% 9.4% 13.7%

Ibovespa Valuing 25.8% 9.0% 6.6%

Light x Ibovespa x IEE

08/10/06 = 100 until 07/31/09

80

100

120

140

160

180

200

220

240

260

Aug-06

Sep-06

Oct-0

6

Nov-06

Dec-06

Jan-07

Feb-

07

Mar

-07

Apr-07

May

-07

Jun-07

Jul-0

7

Aug-07

Sep-07

Oct-07

Nov-07

Dec-07

Jan-08

Feb-

08

Mar

-08

Apr-0

8

May

-08

Jun-08

Jul-0

8

Aug-08

Sep-08

Oct-0

8

Nov-08

Dec-08

Jan-09

Feb-

09

Mar

-09

Apr-0

9

May

-09

Jun-09

Jul-0

9

108% Light

47% Ibovespa

76% IEE

R$/share08/10/06 11.67

07/31/09 24.30

2008

IEE -12%IBOV -41%

LIGT3 -14%

2009

IEE 37%

IBOV 46%LIGT3 23%

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process, was R$24.00, for a total of R$707.3 million. With this operation, the

effective free float of shares increased to 22.1% of the capital stock.

6th Issue of Debentures: At the end of July 2009, Light SESA concluded its 6 th

issue of simple debentures, not convertible into shares. The issued totaled R$300

million, remunerated at 115% of the CDI rate as determined in the bookbuilding

process, compared to the initial expected remuneration of 133% of the CDI rate.

The debentures were issued on June 1, 2009 and will be amortized in a single

installment on June 1, 2011. The purpose of the issue was the early redemption of

Light SESAs 1st issue of promissory notes in the amount of R$110 million, in

addition to reinforcing the Companys working capital.

Credit Rating: Light SESAs corporate credit rating was raised by Standard &

Poors to brA+ and was included in Moodys Latin America credit coverage with an

Aa2.br rating.

ABRADEE Award: Last July, Light SESA won the 2009 ABRADEE Award in the

Performance Evolution category. This award acknowledges the company with the

highest ratio between the total score in the general category in the reference year

and the weighted average of the total score in the general category in the last three

editions of the award nationally. The evaluation criteria are: Customer Evaluation,

Operational Management, Economic-Financial Management, Management Quality

and Social Responsibility. This award shows that Light has grown in every aspect

and in a balanced way, reflecting the Companys focus on sustainability that

emphasizes both socio-environmental and economic-financial issues.

New Department: At the Board of Directors Meeting held on July 17,

2009, a new department was created the Network Department with duties and

responsibilities over the following issues: (i) operation and maintenance of the

electricity network in any voltage, except for those of Light Energia; (ii) planning,

engineering and expansion of the distribution system; and (iii) automation,

protection and metering systems, which were previously exercised by the Chief

Operations and Customers Officer.

Contracting of EPC for construction of Paracambi PCH: at the

Board of Directors Meeting held on August 7, the contracting of a consortium for

construction of the Paracambi PCH was approved. The projects total cost is

approximately R$195 million and construction is slated to begin in September with

commercial operations expected to begin in August of 2011.

Disclosure Program

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Teleconference

Brazil: (55) 11 - 2188 0188USA: +1 866 890 2584Other countries: +1 646 843 6045Access code: Light

Conference Call - Dial number:

Schedule

08/12/2009, wednesday, at 10:00 a.m. (Braslia) and at 9:00 a.m. (Eastern

time), with simultaneous translation to English

Webcast: link on site www.light.com.br (portuguese and english)Access conditions:

Disclaimer

The information on the Companys operations and its Managements expectations regarding its future

performance was not revised by independent auditors.

Forward-looking statements are subject to risks and uncertainties. These statements are based on the

beliefs and assumptions of our Management and on information currently available to the Company.

Statements about future events include information about our intentions, beliefs or current expectations,

as well as those of the Company's Board of Directors and Officers. Reservations related to statements and

information about the future also include information about operating results, likely or presumed, as well

as statements that are preceded by, followed by, or including words such as "believes," "might," "will,"

"continues," "expects," "estimates," "intends," "anticipates," or similar expressions. Statements and

information about the future are not a guarantee of performance. They involve risks, uncertainties and

assumptions because they refer to future events, thus depending on circumstances that may or may not

occur. Future results and creation of value to shareholders might significantly differ from those expressed

or suggested by forward-looking statements. Many of the factors that will determine these results and

values are beyond LIGHT S.A.'s control or forecast capacity.

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APPENDIX I

Statement of Income by Company - R$ million

LIGHT SESA 2Q09 2Q081 % 1H09 1H081 %

Operating Revenue 1,981.2 1,961.5 1.0% 4,223.7 3,932.9 7.4%

Deductions from the operating revenue (777.7) (726.7) 7.0% (1,650.4) (1,464.1) 12.7%

Net operating revenue 1,203.5 1,234.8 -2.5% 2,573.3 2,468.8 4.2%

Operating expense (1,092.6) (1,025.1) 6.6% (2,219.7) (2,087.0) 6.4%

Operating result 110.9 209.7 -47.1% 353.6 381.8 -7.4%

EBITDA 180.8 283.6 -36.3% 493.6 528.4 -6.6%Equity equivalence - - - - - -Financial Result (16.4) 423.9 -103.9% (36.1) 350.1 -Other Operating Incomes 1.6 (0.3) - 7.7 16.5 -53.6%Other Operating Expenses (4.3) (5.4) -19.9% (5.1) (4.3) 19.3%Result before taxes and interest 91.8 627.9 -85.4% 320.0 744.1 -57.0%

Net Income 99.4 361.5 -72.5% 254.8 435.6 -41.5%

EBITDA Margin 15.0% 23.0% - 19.2% 21.4% -

LIGHT ENERGIA 2Q09 2Q08 % 1H09 1H08 %

Operating Revenue 83.1 76.4 8.8% 165.5 174.0 -4.9%Deductions from the operating revenue (9.7) (9.5) 1.7% (20.4) (21.4) -4.6%

Net operating revenue 73.4 66.9 9.8% 145.1 152.6 -4.9%Operating expense (31.6) (30.2) 4.7% (64.7) (60.9) 6.1%

Operating result 41.8 36.7 13.9% 80.5 91.7 -12.3%

EBITDA 47.9 43.0 11.4% 92.6 104.3 -11.2%Equity equivalence - - - - - -Financial Result 4.7 (3.0) -256.7% (1.4) (13.5) -89.6%Other Operating Incomes 0.4 - - 0.4 - -Other Operating Expenses - - - - - -Result before taxes and interest 46.9 33.7 39.0% 79.4 78.2 1.5%

Net Income 31.4 22.5 39.2% 52.4 51.4 2.0%

EBITDA Margin 65.2% 64.3% - 63.8% 68.3% -

LIGHT ESCO 2Q09 2Q08 % 1H09 1H08 %

Operating Revenue 23.3 20.3 15.2% 45.9 55.9 -17.8%Deductions from the operating revenue (4.3) (3.7) 15.6% (8.9) (9.4) -4.6%

Net operating revenue 19.1 16.6 15.1% 37.0 46.5 -20.5%Operating expense (15.7) (10.2) 54.5% (30.9) (34.8) -11.2%

Operating result 3.3 6.4 -47.7% 6.1 11.7 -47.9%

EBITDA 3.5 6.6 -47.1% 6.4 12.1 -47.2%

Equity equivalence - - - - - -Financial Result 0.2 0.2 12.5% 0.4 0.4 0.3%Other Operating Incomes - - - - - -Other Operating Expenses - - - - - -Result before taxes and interest 3.5 6.6 -46.7% 6.5 12.1 -46.4%

Net Income 2.3 4.2 -46.4% 4.1 7.3 -43.3%

EBITDA Margin 18.3% 39.8% - 17.3% 26.1% -1 Figures are presented pro forma as explained on exhibit V, where the adjustments are detailed

64

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APPENDIX II

Statement of Consolidated Income

65

Consolidated - R$ MM 1Q09 1Q08 % 1H09 1H08 %

OPERATING REVENUE 2,064.9 2,037.5 1.3% 4,390.6 4,108.1 6.9%

DEDUCTIONS FROM THE REVENUE (791.6) (739.9) 7.0% (1,679.7) (1,494.8) 12.4%

NET OPERATING REVENUE 1,273.3 1,297.6 -1.9% 2,710.9 2,613.3 3.7%

OPERATING EXPENSE (1,128.8) (1,043.5) 8.2% (2,293.1) (2,130.4) 7.6%Personnel (62.7) (49.9) 25.7% (124.8) (103.9) 20.0%Material (6.5) (3.6) 80.6% (10.9) (7.5) 46.0%Outsourced Services (63.9) (64.4) -0.7% (122.7) (126.7) -3.1%Purchased Energy (811.9) (715.6) 13.5% (1,683.8) (1,500.8) 12.2%Depreciation (76.1) (80.3) -5.3% (152.4) (159.4) -4.4%Provisions (85.0) (111.3) -23.6% (150.6) (187.5) -19.7%Others (22.8) (18.5) 23.0% (47.9) (44.7) 7.2%

OPERATING RESULT() 144.5 254.0 -43.1% 417.7 482.9 -13.5%

EBITDA () 220.6 334.3 -34.0% 570.1 642.3 -11.2%

EQUITY EQUIVALENCE

FINANCIAL RESULT (11.5) 421.1 -102.7% (36.3) 337.1 -110.8%Financial Income 39.3 95.4 -58.8% 85.5 149.4 -42.8%Financial Expenses (50.8) 325.7 -115.6% (121.8) 187.7 -164.9%

Other Operating Incomes 1.9 (0.3) -756.0% 8.0 16.5 -51.4%Other Operating Expenses (4.3) (5.4) -19.9% (5.1) (4.3) 19.3%

RESULT BEFORE TAXES AND INTEREST 130.6 669.5 -80.5% 384.3 832.3 -53.8%

SOCIAL CONTRIBUTIONS & INCOME TAX (74.0) (82.8) -10.6% (107.6) (145.8) -26.2%DEFERRED INCOME TAX 71.7 (193.8) 27.1 (182.3) -114.8%PLR (6.9) (4.3) 58.8% (14.1) (12.2) 15.5%

NET INCOME 121.4 388.6 -68.8% 289.7 492.1 -41.1%

() Operation Result, Administration vision = Operating Result, accounting norms (Item 1.9.7 of Notice CVM 01/2007) + financials

(net financial expenses + equity pick-up)

() EBITDA = Operating Result, Administration vision + depreciation and amortization. Not reviewable by the external audit

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APPENDIX III

Consolidated Balance Sheet

66

Consolidated Balance Sheet - R$ MMASSETS 6/30/2009 3/31/2009

Circulating 2,851.0 3,332.1Cash & Cash Equivalents 569.6 736.3Credits 2,102.9 2,277.0Inventories 20.0 19.9Others 158.4 298.9

Non Circulating 6,347.1 6,198.8Realizable in the Long Term 1,906.4 1,806.2

Miscellaneous Credits 1,449.6 1,381.7Others 456.8 424.5

Investments 18.8 18.6Net Fixed Assets 4,150.7 4,097.2Intangible 271.2 276.8Deferred Charges 0.0 0.0

Total Assets 9,198.1 9,530.9

LIABILITIES 6/30/2009 3/31/2009

Circulating 1,738.0 2,117.9Loans and Financing 253.9 115.3

Debentures 79.0 46.0Suppliers 469.0 550.0Taxes, Fees and Contributions 178.1 145.5Dividends to pay 91.8 499.6Provisions 162.1 174.6Others 503.9 586.8

Non Circulating 4,346.7 4,431.1Long-Term Liabilities 4,346.7 4,431.1Loans and Financing 980.3 1,024.1Debentures 903.8 920.9Provisions 1,014.5 1,010.2Others 1,448.0 1,475.8

Outcome of future performance - -

Net Assets 3,113.5 2,982.0Realized Joint Stock 2,225.8 2,225.8Capital Reserve 42.5 32.4Legal Reserve 103.8 103.8Profits Retention 451.7 451.7Accumulated Profit/Loss of Exercise 289.7 168.3

Total Liabilities 9,198.1 9,530.9

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APPENDIX IV

Regulatory Assets and Liabilities

REGULATORY ASSETS R$ MM6/30/2009 3/31/2009 6/30/2009 3/31/2009

Customers, Concessionaires and Permissionaires 36.6 52.5 - -

Tariff Readjustment 36.6 52.5 - -

Despesas Pagas Antecipadamente 84.8 220.9 229.7 216.4

CVA 75.5 146.1 229.7 216.4

Other Regulatories 9.3 18.0 - -

Part A - 56.8 - -

Total 121.5 273.5 229.7 216.4

REGULATORY LIABILITIES R$ MM

Regulatory Liabilities (71.6) (105.9) (1.0) (1.3)

Part A (16.2) - - -

CVA (49.6) (94.9) (1.0) (1.3)

Other Regulatories (5.8) (11.0) - -Total (71.6) (105.9) (1.0) (1.3)

TOTAL 49.9 167.5 228.7 215.1

Short Term Long Term

Light Figures

OPERATING INDICATORS 2Q09 2Q08 Var. %

N of Consumers (thousands) 3,946 3,901 1.1%

N of Employees 3,734 3,812 -2.0%

Average distribution tariff - R$/MWh 411.9 395.8 4.0%Average distribution tariff - R$/MWh (w/out taxes) 282.9 268.0 5.6%

Average energy purchase cost R$/MWh 110.2 90.3 22.1%

Generation Capacity (MW) 855 855 -

Assured Energy (MW) 537 537 -

Net Generation (GWh) 1,309 1,287 1.7%

Charge Factor 65.7% 66.0% -

Includes net energy purchase/sell in the spot market

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APPENDIX V

According to CVM Rule 506, 2Q08 and 1Q08 results are being re-presented to

reflect the impacts of Law 11,638/07 for comparability with 2Q09 and 1Q09

information. We are also presenting 2Q08 and 1H08 results with the reclassification

of the costs and expenses referring to the employee profit sharing program (PLR)

after determination of income tax. The reconciliation is as follows:

Light S.A. (R$ million)

Published Reclassification Adjust Pro Forma

2Q08 PLR Law 11.638/07 2Q08

Operating Revenue 2,037.5 2,037.5

Operating Revenue Deductions (739.9) (739.9)

Net Operating Revenue 1,297.6 1,297.6

Operating Expenses (1,052.8) 4.3 5.0 (1,043.5)

Operating Result 244.7 254.0

EBITDA 327.2 334.3

Financial Result

Revenues 95.4 95.4Expenses 325.7 325.7

Total 421.1 421.1

Others Operating Revenues (0.3) (0.3)

Others Operating Expenses (5.4) (5.4)

Result before taxes 660.2 669.5

IR/CS + Deferred (274.8) (1.7) (276.5)

PLR - Participations (4.3) (4.3)

Net Income 385.3 388.6

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Published Reclassification Adjust Pro Forma

1H08 PLR Law 11.638/07 1H08

Operating Revenue 4,108.1 4,108.1

Operating Revenue Deductions (1,494.8) (1,494.8)

Net Operating Revenue 2,613.3 2,613.3

Operating Expenses (2,146.7) 12.2 4.1 (2,130.4)

Operating Result 466.6 482.9

EBITDA 631.2 642.3

Financial Result

Revenues 149.4 149.4Expenses 187.7 187.7Total 337.1 337.1

Others Operating Revenues 16.5 16.5Others Operating Expenses (4.3) (4.3)

Result before taxes 816.0 832.3

IR/CS + Deferred (326.6) (1.4) (328.0)

PLR - Participations (12.2) (12.2)

Net Income 489.4 492.1

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Light S.A.

Report of independent auditors on specialreview of the Quarterly FinancialInformation (ITR)

Quarter ended June 30, 2009(A translation of the original report in Portuguese, as filed with the

Brazilian Securities and Exchange Commission (CVM) containingquarterly information prepared in accordance with the regulationsissued by the CVM)

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Review Report of Independent Auditors

(A translation of the original report in Portuguese, as filed with the Brazilian Securities andExchange Commission (CVM) containing quarterly information prepared in accordance withthe regulations issued by the CVM)

To theBoard of Directors and Shareholders ofLight S.A.Rio de Janeiro - RJ

1. We have reviewed the accounting information included in Quarterly Financial

Information - ITR - of Light S.A. and the consolidated Quarterly Financial Information of

this Company and its subsidiaries for the quarter ended June 30, 2009, comprising the

balance sheet, the statements of income, of changes in shareholders equity and of cash

flows, the performance report, and explanatory notes, prepared under the responsibility of

the Companys management.

2. Our review was performed in accordance with the review standards established by the

IBRACON - Brazilian Institute of Independent Auditors and the Federal Council of

Accountancy - CFC, which comprised, mainly: (a) inquiries and discussions with the

persons responsible for the Accounting, Financial and Operational areas of the Company

and its subsidiaries, as to the main criteria adopted in the preparation of the Quarterly

Financial Information; and (b) reviewing information and subsequent events that have or

may have material effects on the financial situation and operations of the Company and its

subsidiaries.

3. Based on our review, we are not aware of any material changes that should be made to

the accounting information contained in the Quarterly Financial Information

aforementioned for it to be in accordance with the accounting practices adopted in Brazil

and the standards issued by the Brazilian Securities and Exchange Commission - CVM -

applicable to the preparation of the Quarterly Information.

4. As described in Note 2, as a result of the changes to the accounting practices adopted inBrazil in 2008, the statements of income and of cash flows for the first quarter ended June

30, 2008, presented for comparison purposes, were adjusted and are being re-presented, as

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provided for by NPC 12 - Accounting Practices, Changes in Accounting Estimates and

Error Correction, approved by CVM Resolution 506.

5. The financial statements of Fundao de Seguridade Social Braslight for the four-month

period ended April 30, 2009, were examined by other independent auditors whose opinion,dated June 2, 2009, includes an emphasis paragraph regarding the balance of R$133,520

thousand related to tax credits arising from the Entitys tax court case which was successful

in obtaining a final and non-appeasable decision, which, according to the Managements

forecast, will allow them to utilize these credits to offset taxes payable in future years. The

future realization of the credits is subject to the completion of the offset process with the

Federal Tax Authority (Secretaria da Receita Federal), which the Entity suspended in

September 2005. If the Entity does not complete the offset process, they may eventually

record a provision for this asset. This asset, which guarantees the Entitys actuarial reserves,

was deducted from calculation of the subsidiaries actuarial deficit, as required by

Resolution n 371/00 of the Brazilian Securities and Exchange Commission - CVM.

Consequently, in the event that a provision is recorded for this amount, Companys liability

may be proportionally adjusted.

6. As mentioned in Note 30, due to the second periodical review of tariffs of the

subsidiary Light Servios de Eletricidade S.A. as set forth in the concession agreement, the

National Regulatory Electricity Agency - ANEEL temporarily ratified the subsidiarys tariff

repositioning on 1.96%, to be applied during the period beginning November 7, 2008.

Considering the 2.30% interest on sales, the tariffs impact reaches 4.27%. Additional

changes that may result from the final review, if any, will be reflected in the equity and

financial position of the Company and its subsidiary in the following periods.

August 7, 2009

KPMG Auditores Independentes

CRC SP-14428/O-6 F-RJ

Vnia Andrade de SouzaAccountant CRC RJ-057497-O-2

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(A free translation of the original in Portuguese)

FEDERAL PUBLIC SERVICE

BRAZILIAN SECURITIES AND EXCHANGE COMMISSION (CVM)

STANDARDIZED FINANCIAL STATEMENTS (DFP)

COMMERCIAL, INDUSTRY AND OTHER TYPES OF COMPANIES

June 30, 2009 Brazilian Corporation Law

01987-9 LIGHT S.A. 03.378.521/0001-75

11.01 NOTES TO THE FINANCIAL STATEMENTS

Notes 30/6/2009 31/3/2009 30/6/2009 31/3/2009

CURRENT

Cash and Cash Equivalents 4 3.632 3.327 569.637 736.273

Consumers, concessionaires and permissionaires 5 - - 1.306.261 1.495.599

Recoverable Taxes 6 660 633 716.982 706.820

Inventories - - 20.024 19.877

Receivables from swap transactions 27 - - 2.320 6.302

Dividends receivable 91.770 499.638 - -

Services - - 77.380 68.291

Prepaid expenses 7 47 91 91.195 224.772Other receivables 8 136 182 67.228 74.165

96.245 503.871 2.851.027 3.332.099

NON-CURRENT ASSETS 3.110.703 2.979.189 6.347.099 6.198.796

LONG-TERM ASSETS

Consumers, concessionaires and permissionaires 5 - - 306.097 297.458

Recoverable Taxes 6 - - 1.143.478 1.080.068

Receivables from swap transactions 27 - - - 4.189

Escrow deposits 151 121 208.575 196.587

Prepaid expenses 7 - - 239.504 220.019

Other receivables 8 - - 8.728 7.870

151 121 1.906.382 1.806.191

Investments 9 3.110.552 2.979.068 18.807 18.640

Property, Plant and Equipment 10 - - 4.150.722 4.097.180

Intangible assets 11 - - 271.188 276.785

Deferred charges - - - -

3.206.948 3.483.060 9.198.126 9.530.895

ASSETS

Parent Company Consolidated

LIGHT S.A.

BALANCE SHEETS ON JUNE 30, 2009

(In thousands of reais)

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Notes 30/6/2009 31/3/2009 30/6/2009 31/3/2009

CURRENT

Suppliers 12 70 167 469.005 550.002

Payroll 28 4 2.264 1.845

Taxes 6 42 5 178.146 145.489

Loans, financing and financial charges 13 - - 253.945 152.020

Debentures and financial charges 14 - - 79.028 69.413

Dividends Payable 91.770 499.638 91.770 499.638

Estimated Liabilities 134 26 49.038 63.634

Regulatory charges - consumer contributions 15 - - 110.870 108.727

Provision for contingencies 16 - - 2.237 2.237

Pension plan and other employee benefits 18 - - 93.469 93.780

Other Liabilities 17 1.427 1.251 408.212 431.08193.471 501.091 1.737.984 2.117.866

NON-CURRENT LIABILITIES - - 4.346.665 4.431.060

LONG-TERM LIABILITIES

Suppliers 12 - - - -

Loans, financing and financial charges 13 - - 980.340 1.024.129

Debentures and financial charges 14 - - 903.848 920.911

Taxes 6 - - 330.434 327.842

Provision for contingencies 16 - - 1.014.479 1.010.231

Pension plan and other employee benefits 18 - - 912.649 924.219

Other Liabilities 17 - - 204.915 223.728

- - 4.346.665 4.431.060

DEFERRED INCOME - - - -

SHAREHOLDERS' EQUITY

Capital stock 20 2.225.822 2.225.819 2.225.822 2.225.819

Profits reserve 20 555.426 555.426 555.426 555.426

Capital reserve 31 42.504 32.436 42.504 32.436

Retained earnings (accumulated losses) 289.725 168.288 289.725 168.288

3.113.477 2.981.969 3.113.477 2.981.969

3.206.948 3.483.060 9.198.126 9.530.895

Parent Company Consolidated

BALANCE SHEETS ON JUNE 30, 2009

LIGHT S.A.


LIABILITIES

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Par ent C omp an y Parent Company Parent Company Parent Comp an y

Notes 4/1/2009 to 6/30/2009 1/1/2009 to 6/30/2009 4/1/2008 to 6/30/2008 1/1/2008 to 6/30/2008

OPERATING I NCOME

Electric Power Supply 21 - - - -

Electric Power Supply 21 - - - -

Other Revenues 22 - - - -

- - - -

Deductions from operating revenues

ICMS

Consumer Charges 23 - - - -

PIS/COFINS - - - -

Other - - - -

- - - -

NET OPERATING REVENUE - - - -

ELECTRIC POWER COST

Electric Power Purchased for Resale 25 - - - -

- - - -

OPERATIONAL COST

Personnel 24 - - - -

Material 24 - - - -

Outsourced services 24 - - - -

Allowances 24 - - - -

Depreciation and amortizat ion 24 - - - -

Other 24 - - - -

- - - -

GROSS OPERATING PROFIT - - - -

OPERATING EXPENSES

Selling 24

General and administrative 24 (11.623) (22.466) (1.339) (2.373)

(11.623) (22.466) (1.339) (2.373)

EQUITY ACCOUNTING 133.012 311.336 404.639 509.076-

FINANCIAL REVENUES (EXPENSES)

Revenues 26 268 1.103 36 97

Expenses 26 (218) (241) - (1)

50 862 36 96

OTHER OPERATING REVENUES (EXPENSES)

Revenues

Expenses

- - - -

OPERATING I NCOME 121.439 289.732 403.336 506.799

Non-operatin g income - - - -

Non-operatin g expense s - - - -

NON-OPERATING INCOME - - - -

INCOME BEFORE TAXES

AND INTEREST 121.439 289.732 403.336 506.799

Income tax and social contribution 6

PROFIT/(LOSS) BEFORE INTEREST 121.439 289.732 403.336 506.799

Interest (2) (7) - -

INCOME/(LOSS) FOR THE YEAR 121.437 289.725 403.336 506.799

Income/(Loss) per share - R$ 0,59547 1,42068 1,98236 2,49087

No. of shares 203.934 .060 203.934.060 203.462.739 203.462.739

LIGHT S.A.

STATEMENT OF INCOME FOR THE PERIOD ENDED JUNE 30, 2009 AND 2008


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Consolidated Consolidated Consolidated Consolidated

Notes

4/1/2009 to 6/30/2009 1/1/2009 to 6/30/2009 4/1/2008 to 6/30/2008 1/1/2008 to 6/30/2008

OPERATING INCOME

Electric Power Supply 21 1.832.084 3.933.474 1.793.863 3.615.337

Electric Power Supply 21 94.746 178.897 81.718 186.344

Other Revenues 22 138.086 278.180 161.901 306.431

2.064.916 4.390.551 2.037.482 4.108.112

Deductions from operating revenues

ICMS (508.127) (1.075.675) (486.121) (989.649)

Consumer Charges 23 (186.252) (377.482) (129.051) (248.082)

PIS/COFINS (96.833) (224.874) (124.248) (255.446)

Other (406) (1.670) (490) (1.617)

(791.618) (1.679.701) (739.910) (1.494.794)

NET OPERATING REVENUE 1.273.298 2.710.850 1.297.572 2.613.318

ELECTRIC POWER COST

Electric Power Purchased for Resale 25 (811.854) (1.683.847) (715.575) (1.500.757)

(811.854) (1.683.847) (715.575) (1.500.757)

OPERATIONAL COST

Personnel 24 (46.045) (78.634) (31.423) (65.522)Material 24 (5.299) (8.966) (2.934) (6.140)

Outsourced services 24 (27.984) (53.439) (28.028) (55.174)

Allowances 24 - - - -

Depreciation and amortization 24 (67.177) (134.587) (70.668) (140.110)

Other 24 (4.274) (8.973) (4.008) (8.164)

(150.779) (284.599) (137.061) (275.110)

GROSS OPERATING PROFIT 310.665 742.404 444.936 837.451

OPERATING EXPENSES

Selling 24 (86.630) (164.063) (65.753) (144.227)

General and administrative 24 (79.539) (160.633) (125.148) (210.290)

(166.169) (324.696) (190.901) (354.517)

EQUITY ACCOUNTING - - - --

FINANCIAL REVENUES (EXPENSES)

Revenues 26 39.259 85.528 99.970 154.028

Expenses 26 (50.789) (121.810) 321.112 183.094

(11.530) (36.282) 421.082 337.122

OTHER OPERATING REVENUES (EXPENSES)

Revenues 1.909 8.023 (291) 16.521

Expenses (4.293) (5.126) (5.362) (4.298)

(2.384) 2.897 (5.653) 12.223

OPERATING INCOME 130.582 384.323 669.464 832.279

Non-operating income - - - -

Non-operating exp enses - - - -

NON-OPERATING INCOME - - - -

INCOME BEFORE TAXES

AND INTEREST 130.582 384.323 669.464 832.279

Income tax and social contribution 6 (2.279) (80.524) (276.535) (328.022)

PROFIT/(LOSS) B

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