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Rio de Janeiro, March 2, 2012 BM&FBOVESPA: LIGT3 OTC: LGSXY Total Shares: 203,934,060 Free Float: 97,629,463 shares

(47.87%) Market Cap (03/01/12): R$5,525 million IR Contacts Joo Batista Zolini Carneiro CFO and IRO Gustavo Werneck IR Manager Phone: +55 (21) 2211-2650/ 2660 Fax: +55 (21) 2211-2787 www.light.com.br/ri E-mail: ri@light.com.br

Consumption increases by 2.5% and EBITDA reaches R$1,244 million in 2011


Proposed dividends of R$182 million increase payout to 100% of adjusted net income
Total energy consumption in 2011 was 2.5% higher than in 2010, totaling 22,932 GWh. The commercial segment recorded the best performance, moving up by 4.3%. Consolidated net revenue, excluding revenue from construction, came to R$6,150.1 million in 2011, 3.3% up on 2010, primarily driven by growth of the distributors market.1 Consolidated EBITDA amounted to R$1,243.6 million in 2011, 21.5% down on 2010, chiefly due to higher costs from purchased energy. The annual EBITDA margin stood at 20.2%, versus 26.6% in 2010. Net income totaled R$310.6 million in 2011, 46.0% down on 2010, chiefly due to higher costs from purchased energy and an increase in financial expenses. On March 2, 2012, the Board of Directors approved the payment of dividends totaling R$181,501,313.40 or R$0.89 per share, part of which on 2011 results and part from the profit reserve in the balance sheet of December 31, 2011. This amount will increase payout to 100% of adjusted net income for 2011 and corresponds to a dividend yield of 3.3%, considering the closing price of the Companys shares on March 1, 2012. The proposal will be submitted for approval to the Annual Shareholders Meeting to be called subsequently. Energy losses fell for the seventh consecutive quarter. Non-technical losses closed the year at 40.5% of billed energy in the low-voltage market

Conference Call Date: 3/5/2011 Time: 4:00 p.m. (Brazil) 2:00 p.m. (US ET) Phone numbers: Brazil: +55 (11) 4688-6361 Other countries: +1 (786) 924 6977 Simultaneous translation into English Webcast: www.light.com.br (Portuguese and English)

(Aneel criterion), 1.3 p.p. down on 2010. Collections came to 97.4% of billed consumption in 2011, 0.5 p.p. less than
the year before. The Company closed 2011 with net debt of R$3,383.2 million, 73.7% up on December 2010, due to increased investments and the acquisitions. The net

debt/EBITDA ratio stood at 2.9x.


Operational Highlights (GWh) Grid Load* Billed Energy - Captive Market Consumption in the conc ession area Transported Energy - TUSD Sold Energy - Generation Commerc ializated Energy (Esc o) Financial Highlights (R$ MN) Net Revenue** EBITDA EBITDA Margin** Net Income Net Debt***
* Ow n load + network use ** Not considering construction revenue *** Financial debt - cash
1 1

4Q11 8,716 4,904 5,673 769 1,366 434 1,577 328 20.8% 101 3,383

4Q10 Var. % 9,154 -4.8% 4,895 0.2% 5,655 760 1,324 371 1,537 339 22.1% 56 1,947 0.3% 1.2% 3.1% 17.0% 2.6% -3.3% 81.1% 73.7%

2011 34,983 19,877 22,932 3,056 5,509 1,620 6,150 1,244 20.2% 311 3,383

2010 Var. % 35,201 -0.6% 19,459 2.1% 22,384 2,924 5,652 1,197 5,956 1,585 26.6% 575 1,947 2.5% 4.5% -2.5% 35.4% 3.3% -21.5% -46.0% 73.7%

To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billed energy of the free consumers CSN and CSA was excluded, in view of these customers planned migration to the core network. Energy consumption by these clients totaled 374 GWh in 4Q11 and 726 GWh in 4Q10.

Table of Contents Operating Performance................................................................................... 3 Distribution ................................................................................................ 3 Energy Losses ....................................................................................... 6 Communities ........................................................................................ 8 Collection ............................................................................................10 Operating Quality .................................................................................11 Generation ................................................................................................11 Commercialization and Services ...................................................................12 Financial Performance ...................................................................................13 Net Revenue .............................................................................................13 Consolidated ........................................................................................13 Distribution .........................................................................................13 Generation ..........................................................................................14 Commercialization and Services .............................................................14 Costs and Expenses ...................................................................................14 Consolidated ........................................................................................14 Distribution ...............................................................................................15 Generation ..........................................................................................17 Commercialization and Services .............................................................17 EBITDA.....................................................................................................18 Consolidated ........................................................................................18 Distribution .........................................................................................19 Generation ..........................................................................................19 Commercialization and Services .............................................................19 Consolidated Financial Result .....................................................................20 Indebtedness ............................................................................................21 Net Income ...............................................................................................22 Capital Expenditures ..................................................................................23 Generation Capacity Expansion Projects ..................................................23 Cash Flow .................................................................................................25 Corporate Governance ..................................................................................26 Capital Market ..............................................................................................27 Dividends paid, dividend yield and payout .......................................................29 Recent Events ..............................................................................................30 Disclosure Program .......................................................................................32

Release Segmentation Light S.A. is a holding company that controls subsidiaries and affiliated companies in three business segments: electricity distribution, electricity generation and electricity commercialization/services. To increase the transparency of its results and to provide investors with a better basis for evaluation, Light also presents its results by business segment. The Companys organizational chart in December 2011 is presented below:
Light S.A. (Holding)

100% Light Servios de Eletricidade S.A.

100% Light Energia S.A. 25.81%

51% Lightger S.A.

100% Itaocara Energia Ltda.

25.5% Amaznia Energia S.A. 9,77% Norte Energia S.A.

100%

100% Lightcom

100%

100% Instituto Light

51%

20%

Light Esco Prestao de Servios S.A. 33% EBL Cia de Eficincia Energtica S.A

Comercializadora

de Energia S.A.

Light Solues em Eletricidade Ltda.

CR Zongshen Axxiom E-Power Solues Fabricadora Tecnolgicas de Veculos S.A. Ltda.

Renova Energia S.A.

Distribution

Generation

Commercialization and Service

Institutional

System

Electric Vehicles

Operating Performance
Distribution
TOTAL ENERGY CONSUMPTION (GWh) (CAPTIVE + FREE) - QUARTER

0.3% 5,655 -2.5% 2.6% 2,058 2,006 0.5% 1,005 573 431 4Q10 4Q11 4Q10 1,010 558 452 4Q11 4Q10 4Q11 4Q10 4Q11 4Q10 4Q11 1,564 1,587 1,707 143 1,752 165 886 43 843 2.2% 905 46 860 4,895 4,904 760 5,673 769

Residential

Industrial

Com mercial Captive Free

Others

Total

Total energy consumption in Light SESAs concession area (captive customers + transport of free customers2) came to 5,673 GWh in 4Q11, a 0.3% increase over 4Q10, largely driven by the upturn in commercial consumption, partially offset by the decline in residential consumption. If consumption of the free clients CSN and CSA is taken into account, total consumption came to 6,046 GWh in 4Q11, versus 6,381 GWh in 4Q10. Fourth-quarter consumption was heavily impacted by low temperatures, which were 1.3C below the historical average for the period. In November and December alone, the average temperature was 1.5C and 1.7C lower, respectively, than in the same months in the previous year. The residential segment, which accounted for 35.4% of the total, is more strongly correlated with temperature levels and fell by 2.5% year-on-year to 2,006 GWh. The number of billed residential clients grew by 1.5%, or 55,000, closing December at 3.815 million, with an average monthly consumption of 175.4 kWh in 4Q11, compared to 185.2 kWh in 4Q10. The commercial segment, less influenced by temperatures than the residential one, consumed 1,752 GWh in 4Q11, 2.6% more than in the same period in 2010, due to the healthy economic performance in Lights concession area. Captive market consumption increased by 1.5% year-on-year, despite the interim migration of 22 clients to the free market. Industrial clients, who make up 17.8% of the total market, consumed 1,010 GWh, 0.5% up on 4Q10. The other consumption segments, which accounted for 16.0% of the total market, posted consumption growth of 2.2% year-on-year.

To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billed energy of the free consumers CSN and CSA was excluded, in view of these customers planned migration to the core network. Energy consumption by these clients totaled 374 GWh in 4Q11 and 726 GWh in 4Q10.

TOTAL ENERGY CONSUMPTION (GWh) (CAPTIVE + FREE) - YEAR 2.5% 22,384 2,924 22,932 3,056

2.1% 8,418 4.3% 6,967 657 2.5% 19,459 19,877

8,243

0.0% 3,945 2,228 1,717


2010 2011 2010

6,679 523

3,944 2,213 1,731


2011 2010 2011

6,157

6,310

3,516 174 3,342

3,603 185 3,417

2010

2011

2010

2011

Residential

Industrial

Commercial Captive Free

Others

Total

Total energy consumption in Light SESAs concession area (captive customers + transport of free customers3) came to 22,932 GWh in 2011, a 2.5% increase over 2010. The commercial and residential segments, with respective growth of 4.3% and 2.1%, were the best performers, fueling the market as a whole. If consumption of the free clients CSN, CSA and Valesul is taken into account, total consumption came to 24,658 GWh in 2011, versus 24,588 GWh in 2010. The residential segment, which accounts for 36.7% of total consumption, grew by 2.1% in 2011 even though the average temperature was 0.5C lower than the year before. Average monthly consumption per consumer moved up by 0.4%, from 184.4 kWh, in 2010, to 185.2 kWh. Commercial clients consumed 6,967 GWh, 4.3% more than in 2010, accounting for 30.4% of the total, led by the retail segment which accounted for 23.3% of commercial consumption and recorded average annual growth of 3.5%. The main retail segments activities were: fabrics/costumes;

pharmaceuticals/medicines and construction materials. Industrial consumption amounted to 3,944 GWh, in line with 2010. The other consumption segments, which accounted for 15.7% of the total market, posted growth of 86.4 GWh, or 2.5%, over 2010.

To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billed energy of the free consumers CSN, CSA and Valesul was excluded, in view of these customers planned migration to the core network. Energy consumption by these clients totaled 1,726 GWh in 2011 and 2,205 GWh in 2010.

Energy Balance

DISTRIBUTION ENERGETIC BALANCE - GWh


Position: January - December 2011 PROINFA 529.1 CCEAR Light Energia 296.9 ITAIPU (CCEE) 5,384.9 AUCTIONS (CCEE) 16,154.6 NORTE FLU (CCEE) 6,351.0 OTHERS(*) (CCEE) -787.3
(*) Others = Purchase in Spot - Sale in Spot. (**)The revenue adjustment related to the load is not accounted in C C EE.

Residential 8,418.2 Billed Energy 19,876.7 Industrial 1,731.0 Commercial 6,310.3 Losses + Non Billed Energy 7,541.6 Basic netw. losses Adjustment (**) Others 3,417.2

Own load Light 27,418.3 Required E. (CCEE) 27,929.2

486.1 24.9

Note: 1) At Light S.A., there is intercompany power purchase/sale elimination

Energy Balance (GWh) = Grid Load - Energy transported to utilities - Energy transported to free customers* = Own Load - Captive market consumption Low Voltage Market Medium Voltage Market - Losses + Non Billed Energy
*Including CSN and CSA

4Q11 8,716 667 1,133 6,915 4,904 3,147 1,757 2,011

4Q10 9,154 703 1,489 6,962 4,895 3,183 1,712 2,067

Var.% -4.8% -5.0% -23.9% -0.7% 0.2% -1.1% 2.6% -2.7%

2011 34,983 2,901 4,664 27,418 19,877 12,985 6,891 7,542

2010 35,201 3,047 5,206 26,948 19,459 12,630 6,829 7,489

Var.% -0.6% -4.8% -10.4% 1.7% 2.1% 2.8% 0.9% 0.7%

Non Tecnical Losses / Low Voltage Market 12 months

Energy Losses
5,278 5,312 41.61% 5,326 41.32% 5,299 40.69%

In

accordance

with

Aneels

calculation

methodology,

5,256 40.48%

41.79%

commercial, or non-technical, losses in the 12 months ended December 2011 totaled 5,256 GWh, representing 40.5% of billed energy in the low-voltage market, 0.2 p.p. and 1.3 p.p. down on September 2011 and December 2010, respectively. Light SESAs total energy losses amounted to 7,591 GWh, or 21.70% of the grid load, in 2011, 0.17 p.p. and 0.41 p.p. up on September 2011 and December 2010, respectively, due to the migration of major clients to the core network, with a negative impact on the grid load, which is the denominator of the index. The declining of trajectory the of non-technical market losses as a the
192.4

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Losses (GWh)

Non tecnical Losses/Low Voltage Mkt (%)

Light Losses Evolution 12 months 7,493 21.29% 15.00% 7,543 21.30% 15.00% 7,619 21.42% 14.97% 7,627 21.53% 14.96% 7,591 21.70% 15.03%

Dec-10

Mar-11

Jun-11

Sep-11

Dec-11

Losses (GWh) Losses/Grid Load (%) Non-technical losses/Grid Load (%)

Recovered Energy (GW)


-12.0%

percentage

low-voltage

underlines

Companys increased assertiveness in the fight against energy theft, especially in the Baixada Fluminense region. Another contributory factor was the project for regularization of fraudsters and clandestine consumers in the pacified

169.3

communities in the concession area, using new technologies


2010 2011

that reduce the possibility of energy theft. Conventional energy recovery processes, such as the

Normalized Costumers 89,366 -23.9% 67,964.0

negotiation of amounts owed by clients where fraud has been detected, resulted in the recovery of 169.3 GWh in 2011, 12% down on the previous year. Fraud regularization programs yielded a total of 67,964 regularized clients, 23.9% less than in 2010. Despite the decline in both indices, the new
2010

2011

inspection strategy increased incorporations to 140.4 GWh, up by 107,8%, demonstrating the effectiveness of the
Energy Incorporation GW 140.4

regularizations and inspections. In December 2011, there were 208,000 electronic meters
67.6

107.8

installed,

148,000

of

which

equipped

with

centralized

telemetering and manufactured by Landis and Elester, who were approved by Inmetro in 2009 and 2011, respectively.
2010 2011

The products and services created by the R&D program, related to the development of smart grids, were tested by clients in one of the main social events in Rio de Janeiro, the Feira da Providncia, which received around 330,000 visitors in 2011. Light used the event to introduce its smart electricity sockets and metering devices, as well as its pioneering consumer interaction channels, including mobile phones, tablets, TV, the internet and social networks. Communities In 2011, Light concluded the installation of new networks and meters in another four pacified communities, namely Ladeira dos Tabajaras, Morro dos Cabritos, Borel and Morro da Formiga, incorporating 7,921 new clients, giving a total of 20,500 billed clients in 21 communities.

Action in Communities - Evolution Customers billed

7,921

20,500

10,986

325 1,593 2009 339 2010 2011 Total

Collection (R$ MN)

Another seven communities will be incorporated in 2012, with 43,000 potential additional clients, followed the beginning of incorporation of a further ten, where pacification is expected to begin between 2012 and 2013, with approximately 53,000 clients. In the communities incorporated by 2011, collection totaled R$1.9 million in 4Q11, 30% more than in the third quarter, giving R$5.6 million for the year as a whole. The accumulated non-defaulting ratio in the pacified
68% 58% 62% 72% Accumulated Collection Sep/2009 - Dec/2011

1.9 1.3 1.0 1.4

1Q11

2Q11

3Q11

4Q11

75%

communities where the conventional network has been adjusted and new technologies have been introduced closed 2011 at 75%, 18 p.p. higher than in December 2010. A special billing policy is adopted in these areas which allows regularized clients to gradually adjust their household
Dec/10

budgets to the expense of electricity bills. Consequently, the joint efforts of the Company and the communities have been
Mar/11 Jun/11 Sep/11 Dec/11

helping reduce default levels. The greatest challenge in regard to this project is labor and, by the end of 2011, the Company had hired two companies to plan and seven companies to execute the projects, with a total workforce of 595 in the communities.

Efficient Community Project As determined by Aneel, at least 0.5% of net operating revenue must be allocated to energy efficiency programs, with 0.3% going to consumption units in low-income areas. By 2011, 326,610 clients from 379 communities in the concession area had benefited from energy efficiency initiatives. The project was designed to ensure the supply of high-quality energy to the communities, put a stop to clandestine consumption and reduce default. Light also promotes citizenship and social responsibility actions. The project's main initiatives comprise the replacement of incandescent by compact fluorescent light bulbs, educational events on the rational and safe use of electricity, and the replacement (and ecologically correct disposal) of high-energy-consuming refrigerators with more modern and efficient machines. Between 2002 and 2011, the project distributed around 488,000 fluorescent light bulbs and 32,000 refrigerators, thereby improving the efficiency of the communities electricity consumption. In 2011, the company launched the Light Recicla pilot project, which exchanges recyclable material for electricity bill discounts, in the Santa Marta and Humait communities, both in the Botafogo district. In addition to energy efficiency, the project also addresses sustainability in partnership with a garbagecollection institution. The initiative helps solve the existing garbage collection difficulties in these areas, promotes income generation and also helps to reduce default.

Collection The 4Q11 collection rate stood at 96.5% of the billed total, 1.0 p.p. up on 4Q10, led by retail, whose rate increased by 3.2 p.p. in the same period, from 89.3% to 92.5%. In 2011, the collection rate came to 97.4%, 0.5 p.p. less than the 97.9% recorded in 2010, due to the 4.5 p.p. decline in the government segment rate, primarily due to payment of the final R$2.6 million monthly CEDAE installment in December 2010. In addition, there were delays in the
Dec-10 Sep-11 Dec-11 Collection rate 12 m onths moving average 97.9% 97.2%
Colletion Rate R$ MN Billing Collection Collection Rate 4Q11 2,241 2,161 96.5% 4Q10 2,182 2,083 95.5% 2011 8,972 8,737 97.4% 2010 8,541 8,359 97.9%

97.4%

payment of two bills from a major client totaling R$30 million for November and December 2011, which were settled at the beginning of 2012. Nevertheless, both the government and the major client segments have continued

Collection Rate per Segment Year

107.1%

to present a collection rate of more than 100%. The retail segment's rate grew by 0.2 p.p. over 2010. In 4Q11, Provisions for Past Due Accounts (PDD) totaled R$35.3 million, representing 1.7% of gross billed energy, thanks to this quarters massive debt negotiation campaign, which reached 860,000 clients and resulted in increased retail collection, PDD reversals/reductions and the
3.2%
Retail
94.1% 94.3%

100.8%

101.0%

102.6%

Large Custom ers


2010 2011

Public Sector

PDD/Gross Revenue (Billed Sales)

resumption of monthly bill inflow. In 2011, Provisions for Past Due Accounts (PPD) totaled R$251.3 million,

3.2%

3.1%

corresponding to 3.1% of gross billed energy, versus 3.2% in 2010.


2009 2010 2011

Provisions for Past Due Accounts - R$ Million 4Q11 35.3 4Q10 49.3 Var. (R$) (14.1) 2011 251.3 2010 254.8 Var. (R$) (3.5)

PDD

10

Operating Quality Light is fully committed to maintaining the supply of high-quality electricity. In 2011, it invested R$368.4 million to improve the quality of its supply business and distribution network, 68% more than in 2010. In addition to improving relations between the distributor and its clients, quality levels will be of major importance in the regulatory model, given the rules that have already been approved for the 3rd tariff revision cycle. Companies will be encouraged to improve their quality standards, which will be recognized through the x factor. In 2011, in the distribution network, 231 km of low-voltage cable were replaced by multiplex cable, and 417 km of medium-voltage open network were replaced with spacer cable. A total of 1,675 medium-voltage circuits were inspected/maintained, 8,104 transformers were replaced and 249,445 trees were pruned. In the underground distribution network, 19,880 transformer vaults and 37,159 manholes were inspected. In addition, 220 transformers and 3,142 protectors were maintained. In the 12 months through December 2011, the equivalent length of interruption indicator (DEC), expressed in time, registered 16.73 hours, while the equivalent frequency of interruption indicator (FEC), expressed in occurrences, stood at 7.76 times. The worsening of these indicators can be explained by the higher number of occurrence removals in 2010, due to the so-called critical days", calculated in accordance with Aneels methodology. If we compare them with no removals, i.e. in terms of what consumers actually experienced, both indicators improved, with the DEC dropping from 19.66 hours in 2010 to 18.39 hours in 2011, and the FEC falling from 9.26 times to 8.23 times in the same period.
ELC and EFC - Without Purge Year 19.66
ELC 10.08 11.33 16.73

ELC / EFC - 12 Months

18.39

9.26
EFC 6.18 5.76 7.76

8.23

Dec-09

Dec-10*

Dec-11

ELC
2010 2011

EFC

ELC Equivalent Length of Interruption per Consumption Unit (hs) EFC Equivalent Frequency of Interruption per Consumption Unit (n.)
*Does not consider the effects of 11/10/2009 occurrence in the national interconected system.

11

Generation Energy sold on the captive market (ACR) totaled 1,082.0 GWh in 4Q11, 1.8% down on 4Q10 due to the seasonality of contracts effective in 2011, while energy sold on the free market (ACL) amounted to 173.0 GWh, 7.2% down year-on-year primarily due to the lower volume of contracts, in turn pressured by lower short-term energy sales. The 211.7% increase in spot market sales in 4Q11 was chiefly due to the upturn in hydro generation in the interconnected system, thanks to higher rainfall. Sales totaled 5,508.6 GWh in 2011, 2.5% less than in 2010, due to the 24.6% decline in spot sales, as a result of CCEE booking procedures, which failed to deduct the energy consumed by pumps in the first half of 2010, totaling 83 average-MW. This was subsequently reversed.
LIGHT ENERGIA (GWh) Regulated Contracting Environment Sales Free Contracting Environment Sales Spot Sales (CCEE) Total 4Q11 1,082.0 173.0 110.9 1,365.9 4Q10 1,102.1 186.5 35.6 1,324.3 % -1.8% -7.2% 211.7% 2011 4,185.7 619.8 703.1 2010 4,189.7 529.5 932.7 5,651.8 % -0.1% 17.1% -24.6% -2.5%

3.1% 5,508.6

Commercialization and Services Commercialization and Services have been recording consistent growth. In 4Q11, direct energy sales came to 434.0 GWh, 17% up on 4Q10. In 2011, Light Esco sold 1,620.2 GWh, 35.4% up on 2010, reflecting the periods new long and shortterm operations, and the expansion of the sales contract portfolio. Light Esco currently has 150 energy commercialization clients, versus 107 in December 2010. Five of Light Escos ten ongoing service contracts were added in 2011, one of which is a co-generation project for a major beverage producer and another is the construction of a solar power plant for the Maracan soccer stadium.

Volume (GWh) Trading

4Q11 434.0

4Q10 370.8

Var.% 17.0%

2011 1620.2

2010 1196.6

Var.% 35.4%

12

Financial Performance
Net Revenue Consolidated Consolidated net operating revenue totaled R$1,815.1 million in 4Q11, 4.7% up on 4Q10. Excluding revenue from construction, which has a neutral effect on net income, consolidated net revenue increased by 2.6%. Net revenue from distribution moved up by 2.1% in relation to 4Q10, excluding revenue from construction. Net revenue from generation increased 1.5%, while

commercialization/services fell by 3.9%. In 2011, excluding revenue from construction, consolidated net revenue came to R$6,150.1 million, 3.3% higher than in 2010.
Net Revenue (R$ MN) Distribution Billed consumption Non billed energy Network use (TUSD) Short-Term (Spot) Others Subtotal (a) Construction Revenue Subtotal (a') Generation Generation Sale (ACR+ACL) Short-Term1 Others Subtotal (b) Commercialization and Services Energy Sales Others Subtotal (c) Others and Eliminations (d) Total without Construction Revenue (a+b+c+d) Total (a'+b+c+d) Balance of the settlement on the CCEE
in services of electricity distribution.

4Q11 1,280.9 31.0 126.2 19.9 0.1 1,458.1 237.8 1,695.9

4Q10 1,264.0 26.0 140.8 24.7 (27.0) 1,428.5 195.8 1,624.3

Var. % 1.3% 19.4% -10.4% -19.6% -100.4% 2.1% 21.4% 4.4%

2011 5,119.9 16.4 499.8 45.9 30.3 5,712.3 794.6 6,506.9

2010 4,970.0 (8.0) 513.5 62.4 6.4 5,544.3 552.8 6,097.1

Var. % 3.0% -304.1% -2.7% -26.4% 376.2% 3.0% 43.7% 6.7%

86.0 4.6 90.6

87.9 1.4 89.3

-2.1% 235.3% 1.5%

319.6 5.2 11.0 335.8

298.7 15.8 5.4 319.9

7.0% -67.3% 103.3% 4.9%

44.9 5.4 50.2 (21.6) 1,577.3 1,815.1

44.2 8.0 52.3 (32.8) 1,537.3 1,733.1

1.4% -33.0% -3.9% 2.6% 4.7%

166.9 23.3 190.2 (88.1) 6,150.1 6,944.8

134.5 50.9 185.4 (93.8) 5,955.8 6,508.6

24.1% -54.2% 2.6% 3.3% 6.7%

The subsidiary Light SESA counts revenues and costs, with zero margin, related to services of construction or improvement in infrastructure used

Distribution Net revenue from distribution came to R$1,695.9 million in 4Q11, 4.4% more than 4Q10. Excluding revenue from construction, net revenue from distribution totaled
Net Revenue by Class- Captive R$ MN - 2011 Others 14% 698 1,571 434 Com mercial 32% 2,364 Residential 45%

R$1,458.1 million, 2.1% up on 4Q10, primarily due to the 6.57% average tariff adjustment as of November 7, 2011, which had a 7.82% impact on consumers. In 2011, excluding revenue from construction, net

revenue from distribution amounted to R$5,712.3 million,

Industrial 8%

13

3.0% higher than in 2010, chiefly due to: (i) the 2.5% upturn in total market consumption, led by the residential and commercial segments, which climbed by 2.1% and 4.3%, respectively these segments jointly accounted
Others 17% 3,417 6,310 1,731 Industrial 9% 8,418 Residential 42% Electric Energy Consumption (GWh) - Captive 2011

for 78% of captive-market revenue and have the highest tariffs; and (ii) the effect of the 2.20% and 7.82% tariff adjustments in November 2010 and 2011, respectively. Generation
Com m ercial 32%

Net revenue from generation totaled R$90.6 million in 4Q11, 1.5% higher than in 4Q10, chiefly due to the others line, which included the consolidation of Renova Energias energy since September 2011. In 2011, net revenue totaled R$335.8 million, 4.9% up on 2010, primarily due to the adjustments to captive market energy sale contracts. Commercialization and Services Net revenue from commercialization and services totaled R$50.2 million in 4Q11, 3.9% down on 4Q10, mainly due to the 33.0% decline in service revenue. Net revenue amounted to R$190.2 million in 2011, 2.6% up on 2010, chiefly due to the increase in the volume of resold energy.

Costs and Expenses Consolidated Consolidated Operating Costs and Expenses In 4Q11, operating costs and expenses grew by 6.1%, mainly driven by costs and expenses incurred by the distribution business, which increased by 5.3% year-on-year (3.7% excluding construction costs). In 2011, excluding construction costs, operating costs and expenses climbed by 11.6% over the previous year, led by the distribution and commercialization segments, which recorded respective increases of 11.7% and 7.2%.
Operating Costs and Expenses (R$ MN) Distribution 4Q11 (1,507.3) (1,269.5) (40.7) (46.8) 21.1 (1,335.9) (1,573.6) 4Q10 (1,431.4) (1,235.6) (39.6) (47.7) 35.1 (1,287.8) (1,483.6) Var. % 5.3% 2.7% 2.8% -2.0% 3.7% 6.1% 2011 (5,819.5) (5,024.9) (148.8) (175.1) 77.8 (5,271.1) (6,065.7) 2010 Var. %

Distribution w/out construction cost


Generation Commercialization Others and Eliminations

Consolidated w/out construction cost


Consolidated

(5,051.7) 15.2% (4,498.8) 11.7% (152.3) -2.3% (163.4) 7.2% 90.9 (4,723.6) 11.6% (5,276.4) 15.0%

14

Distribution In 2011, distribution costs and expenses moved up by 15.2% over 2010, as shown in the table below. Excluding construction costs, total costs and expenses grew by 11.7%, mainly due to the 12.2% increase in non-manageable costs and expenses and the 10.3% upturn in manageable costs and expenses.
Costs and Expenses (R$ MN) Non-Manageable Costs and Expenses Energy Purchase costs Costs with Charges and Transmission Others (Mandatory Costs) Manageable Costs and Expenses PMSO Personnel Material Outsourced Services Others Provisions Depreciation and Amortization Construction Revenue Total Costs without Construction Revenue Total Costs 4Q11 (990.8) (803.4) (183.4) (4.0) (278.7) (149.6) (39.9) (6.8) (94.9) (8.1) (56.8) (72.3) (237.8) (1,269.5) (1,507.3) 4Q10 (905.4) (743.1) (157.9) (4.4) (330.1) (198.8) (75.8) (6.7) (97.9) (18.4) (57.2) (74.0) (195.8) (1,235.6) (1,431.4) Var. % 9.4% 8.1% 16.2% -8.7% -15.6% -24.8% -47.4% 1.7% -3.1% -56.2% -0.8% -2.3% 21.4% 2.7% 5.3% 2011 (3,772.2) (3,039.0) (716.2) (17.1) (1,252.7) (646.5) (213.3) (24.9) (361.3) (47.1) (299.4) (306.8) (794.6) (5,024.9) (5,819.5) 2010 (3,362.9) (2,677.8) (670.6) (14.5) (1,136.0) (637.4) (238.2) (22.7) (317.6) (58.9) (208.4) (290.2) (552.8) (4,498.8) (5,051.7) Var. % 12.2% 13.5% 6.8% 17.8% 10.3% 1.4% -10.5% 9.8% 13.8% -20.1% 43.7% 5.7% 43.7% 11.7% 15.2%

Non-Manageable Costs and Expenses In 4Q11, non-manageable costs and expenses totaled R$990.8 million, 9.4% up on the same period in 2010. Energy purchase costs totaled R$803.4 million, 8.1% up on 4Q10, primarily reflecting the 6.9% increase in the volume of energy purchased, together with the 5.9% upturn in the average purchase price, due to the 6.9% adjustment to the contracts in November 2011 and the entry of new products from three auctions during the year, at an average purchased energy cost of R$120.0/MWh. In 2011, non-manageable costs and expenses totaled
Purchased Energy - R$ MN Year

R$3,772.2 million, 12.2% up on 2010. Energy purchase costs increased by 13.5% over 2010, reaching R$3,039.0 million, chiefly due to: (i) the 4.9% upturn in purchased energy volume, (ii) adjustments to existing contracts in November 2010 and November 2011, (iii) the entry of two new products contracted at the A-5 auction in 2006, totaling 837 GWh in 2011, at an average price of R$116.8/MWh, (iv) the Adjustment Auction (February 2011) with a contracted volume of 269 GWh at an average
3.8% Purchased Energy - GWh Year
1.3%

2,677.8
20.5% 30.1% 48.1%

3,039.0
17.7% 28.9%

1.9%

51.6%

2010
AUCTIONS NORTE FLU

2011
ITAIPU SPOT

28,054
1.9% 19.3% 22.6%

29,439
1.8% 18.3% 21.6%

2.6%

cost of R$108.9/MWh, and (v) the foreign exchange variation that impacted the costs with energy purchases from the Norte Fluminense thermal plant, which pushed up prices from

52.3%

55.7%

R$127.0/MWh to R$138.3/MWh.
2010
AUCTIONS NORTE FLU ITAIPU

2011 15
PROINFA SPOT

Costs for charges and transmission increased by 6.8%, mainly reflecting the 6.6% or R$27.4 million upturn in expenses from charges for the use of the core network and the 37.3% or R$8.3 million, increase in transmission system connection expenses. The average purchased energy cost, excluding spot market purchases, amounted to R$105.1/MWh in 2011, 5.7% up on the R$99.4/MWh recorded in 2010.

Manageable Costs and Expenses Costs and expenses from personnel, materials, services and others (PMSO) fell by 24.8% in 4Q11, chiefly due to the 47.4% decline in personnel expenses, in turn driven by the booking of R$23.1 million in provisions for the voluntary redundancy program in 4Q10, R$8.9 million of which was reversed in 4Q11 quarter as a result of lower-than-expected adhesion, giving a positive period variation of R$32.0 million. Provisions for Past Due Accounts (PPD) totaled R$35.3 million in 4Q11, representing 1.7% of gross billed energy, 0.8 p.p. down on the R$49.3 million, or 2.5% of gross billed energy, recorded in the same period in 2010. In 2011, manageable operating costs and expenses (personnel, materials, outsourced services, provisions, depreciation and others) totaled R$1.252.7 million, 10.3% up on 2010. PMSO costs and expenses came to R$646.5 million in 2011, 1.4% more than in 2010, chiefly due to the 13.8% increase in expenses from services, partially offset by the respective 10.5% and 20.1% declines in personnel expenses and others. The reduction in the personnel line was mainly due to the amounts booked as provisions for the voluntary redundancy program in December 2010, which were partially reversed in December 2011. The 13.8%, or R$43.7 million, increase in expenses with outsourced services was mainly a reflection of higher expenses with the default-prevention program, totaling R$16.3 million, IT services, totaling R$4.9 million, tree pruning, totaling R$4.6 million, preventive maintenance, totaling R$3.3 million, call center services, totaling R$2.9 million, the hotline service, totaling R$2.9 million, and maintenance in the underground network, totaling R$2.7 million. Provisions (for past due accounts, contingencies and others) increased by R$91.0 million in 2011, primarily due to the reversals in 2010, one of which totaling R$61.7 million as a result of Lights victory in the lawsuit filed by CSN in 1995, and the second totaling R$53.4 million, due to the dismissal of Aneels administrative process related to the qualification of consumers for the Social Tariff between 2002 and 2006. Excluding these effects, provisions fell by 7.5% in 2011. PDD totaled R$251.3 million in 2011, versus R$254.7 million in 2010, representing 3.1% of gross billed energy, 0.1 p.p. down on the 3.2% recorded in the previous year.

16

Generation

Operating Costs and Expenses - R$ MN Personnel Material and Outsourced Services Purchased Energy (CUSD/CUST) Depreciation Others (includes provisions) Total

4Q11 (6.7) (7.2) (5.6) (14.1) (7.1) (40.7)

4Q10 Var. % (6.0) 11.5% (4.7) 54.0% (6.7) (15.4) (6.8) (39.6) -16.7% -8.7% 5.1% 2.8%

2011 (23.8) (19.7) (18.8) (57.0) (29.6) (148.8)

2010 Var. % (20.7) 15.0% (16.2) 21.2% (17.7) (61.6) (36.0) (152.3) 6.0% -7.5% -17.9% -2.3%

In 4Q11, Light Energias costs and expenses amounted to R$40.7 million, an increase of 2.8% in relation to 4Q10, mainly due to the 54.0% upturn in costs from material and outsourced services, as a result of: (i) the consolidation of Renovas costs as of September 2011, totaling R$1.2 million in the final quarter, and (ii) the R$1.0 million upturn in technical services for machinery and equipment. PMSO per MWh came to R$18.10/MWh, versus R$15.03/MWh in 4Q10. In 2011, Light Energias costs and expenses totaled R$148.8 million, 2.3% less than in 2010, chiefly due to the 17.9% reduction in the others and provisions line, mainly reflecting provisions of R$8.2 million booked in 1Q10 arising from a court settlement with the municipality of Barra do Pira related to the dredging of the Pira river, together with the respective 15.0% and 21.2% increases in the personnel and material and outsourced services lines. Excluding provisions, Light Energias costs and expenses grew by 3.3%, chiefly due to the consolidation of Renovas costs, which totaled R$4.2 million in the four final months of 2011.

Commercialization and Services


Comercialization Operating Costs and Expenses - R$ MN Personnel Material and Outsourced Services Purchased Energy Depreciation Others (includes provisions) Total

4Q11 (1.1) (1.3) (43.9) (0.2) (0.3) (46.8)

4Q10 Var. % (0.8) 31.1% (3.9) -67.1% (42.7) 3.0% (0.2) (0.2) 96.4% (47.7) -2.0%

2011 (4.5) (16.4) (152.0) (0.6) (1.6) (175.1)

2010 Var. % (3.2) 41.9% (34.6) -52.6% (124.1) 22.5% (0.6) (0.9) 78.8% (163.4) 7.2%

In 4Q11, commercialization and services costs and expenses totaled R$46.8 million, 2.0% lower than in 4Q10, mainly due to the 67,1% reduction in material and outsourced services costs, following the reduction in project execution in this quarter, partially offset by the higher volume of purchased energy, which pushed up purchased energy costs by 3.0%. In the year as a whole, commercialization and services costs and expenses amounted to R$175.1 million, 7.2% higher than in 2010, reflecting the 22.5% increase in energy purchase costs following

17

the expansion in energy commercialization activities. On the other hand, material and outsourced services costs fell by 52.6% as a result of the decline in project execution. EBITDA Consolidated
Consolidated EBITDA- R$ MN Distribution Generation Commercialization Others and eliminations Total Margin EBITDA (%) 4Q11 261.1 63.7 3.6 (0.3) 328.1 20.8% 4Q10 297.6 65.8 4.7 (29.0) 339.1 22.1% Var.% -12.3% -3.3% -23.2% -99.1% -3.3% 2011 994.3 244.0 15.7 (10.5) 1,243.6 20.2% 2010 1,367.7 230.7 22.5 (36.2) 1,584.6 26.6% Var.% -27.3% 5.8% -30.3% -71.1% -21.5% -

Consolidated EBITDA totaled R$328.1 million in 4Q11, 3.3% down on 2010, primarily reflecting the distribution companys lower EBITDA, which was pressured by non-manageable costs due to adjustments to existing energy purchase contracts and the increase in purchased energy volume. The 4Q11 EBITDA margin4 stood at 20.8%, 1.3 p.p. down on 4Q10. Annual EBITDA came to R$1,243.6 million, 21.5% down on 2010, accompanied by an EBITDA margin4 of 20.2%, down by 6.4 p.p. The distribution segment accounted for 79.3% of the total, followed by the generation and commercialization segments, with 19.5% and 1.3%, respectively.
Commerc ialization 1.3% Generation 19.5% Distribution 79.3%

EBITDA per segment* 2011

*Does not consider eliminations

EBITDA - 2011/2010 - R$ Million

194 1,585

(436)

(17)

1,244 (83)

EBITDA - 2010

Net Revenue

Purchased Energy

Manageable Costs (PMSO)

Provisions

EBITDA - 2011

Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA margins, due to the booking of revenues and costs with a zero margin.

18

Distribution The distribution companys EBITDA came to R$261.1 million in 4Q11, 12.3% down year-on-year, primarily due to the 9.4% upturn in non-manageable costs and expenses as a result of higher purchased energy volume and adjustments to existing contracts. The EBITDA5 margin stood at 17.9%, 2.9 p.p. down on 4Q10. In 2011, the distribution companys EBITDA came to R$994.3 million, 27.3% less than in 2010, mainly reflecting higher non-manageable costs and the increase in provisions, due to the non-recurring effect of the reversals in 2010. The EBITDA margin was 17.4%, 7.3 p.p. down on 2010.

Generation Light Energias 4Q11 EBITDA decreased by 3.3% over 4Q10 to R$63.7 million, mainly due to the upturn in operating expenses, reflecting the consolidation of Renovas costs and higher costs from technical services for machinery and equipment. The EBITDA margin came to 70.3% in the quarter. In 2011, EBITDA totaled R$244.0 million, 5.8% up on 2010, primarily due to the combined effect of contractual adjustments and the greater availability of energy for sale on the free market. The EBITDA margin came to 72.7%, up by 0.6 p.p.

Commercialization and Services Commercialization and services EBITDA amounted to R$3.6 million in 4Q11, 23.2% down on the 4Q10 figure, mainly due to lower revenue from energy efficiency services, accompanied by an EBITDA margin of 7.1%. EBITDA totaled R$15.7 million in 2011, 30.3% down on 2010, also due to lower revenue from energy efficiency services, with an EBITDA margin of 8.3%.

Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA margins, due to the booking of revenues and costs with a zero margin.

19

Consolidated Financial Result


Financial Result - R$ MN Financial Revenues Income from financial investments Monetary and Exchange Variation Swap Operations Moratory Increase / Debts Penalty Other Financial Revenues Financial Expenses Debt Expenses Monetary and Exchange Variation Swap Operations Restatement of provision for contingencies Restatement of R&D/PEE/FNDCT Interest and fines on taxes Installment payment - fines and interest rates Law 11.941/09 (REFIS) Present value adjustment DIC/FIC Compensation Other Financial Expenses (Includes IOF) Braslight (private pension fund) Charges Monetary and Exchange Variation Deficit Adjustment Total 4Q11 4Q10 47.6 33.8 9.2 10.5 5.3 1.5 4.2 0.1 16.9 16.6 11.9 5.0 (175.8) (160.4) (73.9) (64.0) 9.5 1.3 (1.6) (1.4) (3.4) (14.7) (2.0) (2.3) (1.2) 1.3 (4.9) (4.5) 1.2 5.5 (8.9) (2.4) (12.5) (2.6) (78.0) (76.7) (15.2) (14.2) (15.3) (19.6) (47.5) (42.9) (128.2) (126.7) Var.% 2011 2010 40.8% 175.9 173.2 -12.1% 48.4 60.0 247.6% 7.2 21.4 2880.1% 5.6 0.3 1.9% 88.5 75.5 137.1% 26.2 16.0 9.6% (633.6) (492.6) 15.5% (329.2) (245.2) 613.6% 3.9 12.9 17.7% (1.6) (4.6) -76.8% (25.7) (44.5) -12.9% (6.6) (10.7) (16.7) 10.9 8.3% (24.0) 3.3 -78.2% (18.0) (0.0) 276.2% (29.8) (10.8) 385.1% (11.6) (44.9) 1.8% (174.4) (158.9) 7.2% (60.6) (56.6) -21.7% (66.4) (53.0) 10.7% (47.5) (49.3) 1.2% (457.7) (319.4) Var.% 1.6% -19.3% -66.5% 1790.9% 17.1% 64.3% 28.6% 34.2% -69.5% -65.1% -42.3% -38.1% 175.5% -74.2% 9.8% 7.0% 25.2% -3.6% 43.3%

The 4Q11 financial result was a negative R$128.2 million, 1.2% higher than the negative result recorded in 4Q10, due to the 9.6% upturn in financial expenses (R$15.3 million), which was almost offset by the 40.8% increase in financial revenues (R$13.8 million). Financial revenues totaled R$47.6 million in 4Q11, 40.8% up on the same period in 2010, due to the restatement of Light Escos contracts by the IGPM general price index (R$4.5 million) in the monetary variation line, the consolidation of Renova (R$2.1 million), and the reimbursement of costs related to the installation of a network for CSN in 2008 (R$5.7 million) in the other financial revenues line. Financial expenses came to R$175.8 million, 9.6% more than in 4Q10, largely due to the Companys increased leverage, which resulted in higher debt servicing expenses, and R$8.0 million in PIS/COFINS expenses related to interest on equity and booked under other financial expenses in 4Q11. This was partially offset by the R$11.3 million decline in the restatement of provisions for contingencies, and the R$8.1 million positive exchange variation. The 2011 financial result was a negative R$457.7 million, 43.3% higher than the negative result in 2010, mainly due to: (i) the R$84.0 million increase in servicing expenses from national and BNDES debt, due to increased funding between the periods; (ii) the R$27.6 million increase in interest on taxes, (iii) the R$27.2 million upturn in REFIS fine and interest installments. (iv) the R$19.0 million increase in the DIC and FIC fine, (v) the R$18 million increase from the adjustment of accounts receivable to present value, and (vi) the R$15.5 million increase in expenses related to Braslight, due to the R$17.3 million upturn in interest and monetary variation, partially offset by the lower actuarial deficit recorded in 2011.

20

Indebtedness
R$ MN Brazilian Currency Light SESA Debenture 4th Issue Debenture 5th Issue Debenture 7th Issue CCB Bradesco Working Capital - Santander Financial operations "Swap" BNDES FINEM (CAPEX) Others Light Energia Debenture 1st Issue (Light Energia) Debenture 2st Issue (Light Energia) BNDES FINEM (CAPEX) Renova Energia BNDES FINEM (CAPEX) Promissory Notes FNE - BNB - Renova Energia Light ESCO BNDES - PROESCO Light GER BNDES - Lightger Foreing Currency Light SESA National Treasury Merril Lynch BNP Gross Debt Cash Net Debt (a) Braslight (b) Adjusted Net Debt (a+b) Short Term 506.8 452.1 0.0 196.5 12.4 86.4 3.2 0.8 152.0 0.9 10.8 4.7 0.2 5.9 40.1 38.8 1.3 2.2 2.2 1.6 1.6 12.3 12.3 11.3 0.3 0.7 519.1 % 12.2% 10.9% 0.0% 4.7% 0.3% 2.1% 0.1% 0.0% 3.7% 0.0% 0.3% 0.1% 0.0% 0.1% 1.0% 0.9% 0.0% 0.1% 0.1% 0.0% 0.0% 0.3% 0.3% 0.3% 0.0% 0.0% 12.5% Long Term 3,425.2 2,559.6 0.0 548.0 647.8 375.0 80.0 1.0 906.3 1.5 614.3 171.1 423.2 20.0 194.6 167.1 27.5 6.6 6.6 50.0 50.0 219.7 219.7 40.7 93.8 85.2 3,644.9 % 82.3% 61.5% 0.0% 13.2% 15.6% 9.0% 1.9% 0.0 21.8% 0.0% 14.8% 4.1% 10.2% 0.5% 4.7% 4.0% 0.7% 0.2% 0.2% 1.2% 1.2% 1.0% 5.3% 1.0% 2.3% 2.0% 87.5% Total 3,931.9 3,011.8 0.1 744.5 660.2 461.4 83.2 1.8 1,058.3 2.4 625 175.8 423.4 25.9 234.7 167.1 38.8 28.8 8.8 8.8 51.6 51.6 232.0 232.0 52.0 94.1 85.9 4,163.9 780.7 3,383.2 1,096.1 4,479.4 % 94.4% 72.3% 0.0% 17.9% 15.9% 11.1% 2.0% 0.0% 25.4% 0.1% 15.0% 4.2% 10.2% 0.6% 5.6% 4.0% 0.9% 0.7% 0.2% 0.2% 1.2% 1.2% 5.6% 5.6% 1.2% 2.3% 2.1% 100.0%

80.5

1,015.6

The

Company

closed

4Q11

with

gross

debt

of

R$4,163.9 million, 15.4% higher than at the end of 3Q11. Between 2010 and 2011, gross debt grew by 68.4%, due to the upturn in long-term Real1,947.4

Net Debt (ex-Braslight) (R$ million)

3,143.5

3,383.2

denominated debt, in turn primarily due to: (i) Light SESAs 7


th

debenture issue totaling R$650 million; (ii)


Dec-10 Sep-11 Dec-11

the R$490 million BNDES loan to Light SESA; and (iii) Light SESAs respective R$170 million and R$425 million 1st and 2nd debenture issues. Net debt came to R$3,383.2 million, 7.6% up on the figure recorded in September 2011. At the end of December 2011, the 12-month net debt/EBITDA ratio stood at 2.9x.
Dec-10
Brazilian Currency

Indebtedness (Brazilian Currency x Foreign)

3.0%

2.1%

5.6%

97.0%

97.9%

94.4%

Sep-11
Foreign Currency

Dec-11

21

The Companys debt has an average term to maturity of 3.8 years. The average cost of Realdenominated debt was 11.0% p.a., 1.3 p.p. down on the end-of-September figure, while the average cost of foreign-currency debt (US$ + 3.5% p.a.) declined by 1.0 p.p. in the same period. At the end of December, only 5.6% of total debt was denominated in foreign currency and, considering the FX hedge horizon, only 0.6% of this total was exposed to foreign currency risk, 0.6 p.p. lower than at the close of September. Lights hedge policy consists of protecting 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

Net Income - Year R$ Million


575

243 (28) (341) (138) 2010 EBITDA Financial Result Taxes Others

311

2011

Light posted 2011 net income of R$310.6 million, 46.0% down on the R$575.2 million recorded in 2010, mainly due to the R$341.0 million reduction in EBITDA and the R$138.3 million decline in the financial result. The EBITDA variation was mainly due to the 12.2% increase in the distribution companys non-manageable costs, while financial expenses were primarily impacted by the R$84.0 million increase in servicing expenses from national and BNDES debt, higher interest on taxes and the REFIS fine and interest installments, totaling R$54.8 million. In 2011, the Company recorded income and social contribution tax credits of R$29.5 million from the payment of interest on equity.

22

Capital Expenditures Light invested R$928.6 million in 2011, 32.5% more than in 2010.
32.5%
CAPEX (R$ MN)

928.6 700.6
1.3 121.8 50.0 774.8 89.8 61.8

2.1

The distribution segment absorbed most of the total R$774.8 million 46.9% up on 2010. Of this total, R$335.6 million went to the development of distribution networks (new connections, capacity increases and repairs) to keep pace with market growth and strengthen the network; R$200.5 million to network quality improvements and

527.5

2010

2011
Generation Commercial

preventive maintenance, in order to avoid power outages


Distribution Administration

and accidents involving the public; and R$184.3 million to the energy loss project (network protection, electronic meters and fraud regularization). Investments in the underground network are recorded under distribution network and quality improvement investments. Generation investments totaled R$89,8 million, R$60.8 million of which went to new generation projects, led by the Paracambi and Lajes SHPs (small hydroelectric plants), which absorbed R$34.1 million and R$21.6 million, respectively. Maintenance of existing generating facilities absorbed R$29.0 million.

Generation Capacity Expansion Projects The Company is constantly analyzing its participation in greenfield or brownfield generation projects to increase its installed capacity. Generation segment growth is in line with the strategic plan and its ongoing projects will push up installed capacity by 75.4%, from the current 866MW to 1,519MW.

Generation Expansion (MW)

75.4%
277 866 13 9 74

280

1,519

Existing Capacity

(+)Paracambi

(+) Lajes

(+) Itaocara

(+) Renova

(+) Belo Monte

Capacity af ter expansion

23

4Q11 was marked by the following events related to projects for expanding Lights generating capacity: Paracambi SHP Construction of the Paracambi SHP is now in the final stage and start-up of the two turbines is

scheduled for the first half of 2012. The Paracambi SHP will have an installed capacity of 25MW and assured energy of 20 average-MW. Light holds a 51% interest in the project and CEMIG retains the remaining 49%. Lajes SHP

Construction of the New Feeder 1, part of the Lajes SHP water channeling system, has been
concluded and the unit is currently undergoing tests. The next phase is connecting the valve house to the power house and constructing a 17MW turbine in the Fontes Velha power house. The Lajes SHP basic construction project is awaiting approval by Aneel and the EPC bid will be made by 2Q12. The project has already been granted an installation license and conclusion is scheduled for the end of 2013. Itaocara Hydroelectric Power Plant In September 2011, Aneel approved the division of Itaocara into two plants, due to the difficulty of obtaining environmental licenses for its construction. Light and CEMIG will remain with keep Itaocara I, with a projected capacity of 145MW, while the 50MW Itaocara II, according to Aneel, will be available to any interested parties willing to conduct an inventory study. The preliminary environmental license for the project was granted in late December and the conclusion of the works is scheduled for the first half of 2015. Renova Energia (Renova)

At the A-3/2011 Auction, Renova sold 103.6 average-MW of energy to be generated by nine wind
farms, all in the state of Bahia, which are scheduled for start-up in March 2014. Annual gross revenue is estimated at R$91.6 million (at the auction price, excluding inflationary adjustments in line with the IPCA consumer price index).

On December 6, 2011, the Company contracted financing for the Candiba, Ilhus, Igapor, Licnio
de Almeida and Pinda wind farms from the BNDES totaling R$297.4 million, corresponding to around 70% of total investments. These five facilities are part of a complex of 14 wind farms with a joint installed capacity of 293.6MW and are currently under construction, with operational start-up scheduled for July 2012. By February 2012, 127 of the 184 foundations had been completed, equivalent to 69% of the total, and 61 wind turbines had been assembled and installed.

24

Cash Flow
R$ MN Cash in the Beginning of the Period (1) Net Income Social Contributions & Income Tax Net Income Social Contributions & Income Tax Provision for Delinquency Depreciation and Amortization Loss (gain) on intangible sales / Residual value of disposals fixed asset Losses (gains) on financing exchange activities Net Interests and Monetary Variations Braslight Atualization / provisions reversal Others Earning Before Taxes - Cash Basis Working Capital Contingencies Deferred Taxes Others Taxes paid Interests paid Cash from Operating Activities (2) Finance Obtained Dividends Loans and financing payments Financing Activities (3) Disposal of Assets Shares buyback Permanent/intangible/financial asset Aquisitian Investment Activities (4) Cash in the End of the Period (1+2+3+4) Cash Generation (2+3+4) 4Q11 441.1 100.6 (8.2) 108.8 35.3 80.2 4.6 12.5 110.8 78.0 15.3 (18.0) 427.3 15.8 (18.4) (4.5) (90.5) (4.4) (175.5) 149.9 1,092.1 (118.3) (461.5) 512.4 (7.3) (289.5) (33.9) (330.8) 772.5 331.4 4Q10 838.6 51.8 (65.3) 117.0 49.3 90.0 5.3 0.2 110.0 83.0 2.3 (24.6) 432.7 (5.4) (41.4) 39.5 (25.7) 15.6 (111.7) 303.6 130.5 (363.0) (125.3) (357.8) (4.3) (10.2) (255.8) (255.8) (270.3) 514.1 (324.5) 2011 514.1 310.6 (104.9) 415.5 251.3 359.9 6.2 18.0 368.3 174.4 38.3 1,632.1 (222.1) (100.2) (121.0) (246.8) (128.9) (341.1) 472.0 2,364.5 (469.3) (908.6) 986.7 1.2 (929.5) (272.0) (1,200.3) 772.5 258.4 2010 760.3 575.2 (347.5) 922.6 254.8 352.9 (4.0) (8.0) 304.3 158.9 (42.0) 10.7 1,950.0 (110.7) (119.9) 27.1 (163.0) (98.0) (253.0) 1,232.5 1,094.8 (795.3) (1,086.5) (787.0) 18.4 16.3 (722.4) (4.0) (691.7) 514.1 (246.2)

The Company recorded a positive cash variation of R$331.4 million in 4Q11, versus a negative R$324.5 million in 4Q10. As a result, the cash position closed the year at R$772.5 million, 50.3% up on the end of 2010, fueled by increased financing activities, chiefly the raising of loans totaling R$2,364.5 million in 2011, R$1,092.1 million of which in the fourth quarter. The upturn in financing activities was primarily due to the need for greater investments in improving operational quality in the distribution segment and new generation projects, as well as the acquisition of the interests in Renova and Belo Monte.

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Corporate Governance On December 31, 2011, the capital stock of Light S.A. comprised 203,934,060 common shares, 97,629,463 of which outstanding. The following chart shows Lights shareholding structure on the same date.

BTG PACTUAL

14.29% 2.75%

28.57%

SANTANDER

5.49%

FIP REDENTOR
28.57%

CEMIG
25% 6.41%

VOTORANTIM

5.49%

75%

19.23%

BANCO DO BRASIL

28.57% 5.49%

PARATI
25% 100% 25.64%*

MINORITY
96.80% 3.20% 0.42%

LUCE LLC
75% 9.77%

REDENTOR ENERGIA
100% 13.03%

FIP LUCE
100% 13.03%

FOREIGN
78,3%

NATIONAL
21,7%

CEMIG
26.06%

RME
13.03%

LEPSA
13.03%

BNDESPAR
15.02%

MARKET
32.85%

Controlling Shareholders 52.1%

Free Float 47.9%

Light S.A. (Holding)


Percentage in blue: indirect stake in Light *12.61% (RME) + 13.03%(LEPSA)

On October 26, Light announced its entry, together with Cemig, into the Belo Monte Hydroelectric Power Plant (UHE Belo Monte) project. UHE Belo Monte, located on the Xingu River in the state of Par, is the largest plant currently under construction in the world, and will have an installed capacity of 11,233MW, with assured energy of 4,571 average-MW. Operational start-up is scheduled for February 2015 and the concession term is 35 years. Norte Energia S.A. (NESA) holds the concession for the plant and the agreement comprised the acquisition of 9.77% of NESAs capital stock by Amaznia Energia, a company in which Cemig GT holds 74.5% (49% of common shares and 100% of preferred shares), and Light S.A., 25.5% (51% of common shares). The total price of the transaction was R$118,691,102.79 and refers to the reimbursement of the amounts transferred to date by the sellers, restated by the IPCA consumer price index until October 26, 2011. Lights interest in UHE Belo

26

Monte will add 280MW to its generating capacity, in line with the Companys strategy of growing in the generation segment. On December 16, Light approved the distribution of dividends totaling R$118,281,754.80, or R$0.5800 per share, on net income for the first nine months of 2011. Payment was effected on December 28, exempt of withholding income tax. On the same date, the Company also approved the distribution of interest on equity totaling R$86,753,549.12, equivalent to R$0.4254 per share, in relation to 2011, payable by April 30, 2012. On November 25, Light S.A. was included in the BM&FBovespas Corporate Sustainability Index (ISE) for the fifth consecutive year. The ISE was created by the BM&FBovespa along the lines of the NYSEs Dow Jones Sustainability Index (DJSI) and seeks to identify those companies with the best social and environmental responsibility and corporate sustainability practices, based on the triple bottom line concept financial, social and environmental. The new portfolio comprises 38 companies with a joint market capitalization of R$961 billion, equivalent to 43.72% of the market cap of all the companies traded on the BM&FBovespa on November 23, 2011. On December 1, Light was included in the MSCI (Morgan Stanley Capital International) index, which led to an inflow of investors, mostly foreign. Lights inclusion in the index was largely thanks to its free float, liquidity and market cap of over US$1.8 billion. The MSCI indices are commonly used as global index benchmarks and many funds tie their interests to them. On December 29, Light S.A., through its wholly-owned subsidiary, Light Energia S.A., issued 425 simple, unsecured, non-convertible debentures with restricted placement efforts, in a single series, with a nominal unit value of R$1,000,000.00, totaling R$425,000,000.00, constituting Light Energias second debenture issue. The entire proceeds will be used for the early redemption of the commercial promissory notes, including interest, issued on August 19, 2011, making up the single series of Light Energias first such issue, which was used to strengthen its working capital. The debentures will mature on August 19, 2019. On December 30, 2011, Fitch Ratings gave the Company and its wholly-owned subsidiaries Light Servios de Eletricidade S.A. (Light SESA) and Light Energia S.A. a national long term AA-(bra) rating, with a stable outlook. At the same time, Fitch Ratings attributed a national long term AA-(bra) rating to Light Energia S.A.s second debenture issue, totaling R$425 million.

Capital Market Lights shares have been listed in the Bovespas Novo Mercado trading segment since July 2005, therefore adhering to best corporate governance practices and the principles of transparency and equity, in addition to granting special rights to minority shareholders. Light S.A. shares are included in the following indices: Ibovespa (BM&FBOVESPA Index), IGC (Corporate Governance Index), IEE

27

(Electric Power Index), IBrX (Brazil Index), ISE (Corporate Sustainability Index), ITAG (Special Tag Along Stock Index) and IDIV (Dividend Index). Lights shares are also traded on the U.S. over-thecounter market through Level 1 ADRs under the ticker LGSXY. At the end of December 2011, Light S.A.s shares (LIGT3) were quoted at R$28.80, having appreciated by 20.5% in 4Q11, outperforming the Ibovespa (+8.5%). The IEE also recorded an upturn of 17.3% in the period. In 2011, the Companys shares appreciated by 24.8%, outperforming both the Ibovespa (-18.1%) and the IEE (+19.7%). The Companys market cap (no. of shares x share price) closed the quarter at R$5,873 million.
BM&F BOVESPA (spot market) - LIGT3 Daily Average 4Q11 3Q11 4Q10 Number of shares traded (Thousand) 888.4 803.5 877.4 Number of Transactions 3,109 2,543 2,071 Traded Volume (R$ Million) 24.1 21.6 19.7 Quotation per shares: (Closing)* R$ 28.80 R$ 23.90 R$ 23.07 Share Valuing (Quarter) 20.5% -15.7% 17.7% IEE Valuing (Quarter) 17.3% -7.5% 6.8% Ibovespa Valuing (Quarter) 8.5% -16.2% -0.2% *Ajusted by earnings

The charts below give a breakdown of the Companys free float.

Composition do Free Float efetivo*

Foreign

Foreign 78.3% National Legal Entities 12.9%


Pessoa Fsica 8,8%

Europe 26.8%

Asia 17.1%

Oceania 3.8%

America w/out USA 2.8% USA 49.5%

*Excluding Controlling Shareholders and BNDESPar

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The chart below shows the performance of Lights stock between January 1, 2010 and February 29, 2011.

Light x Ibovespa x IEE Base jan/11 = 100 until 02/29/2012

160 140

2010 IEE IBOV LIGT3

20% -18% 25%

2011 IEE IBOV LIGT3

26% -5% 18%

26% IEE
120 100 80 60 40

18% Light -5% Ibovespa

R$/share 01/03/11 02/29/12 Jan-11

23.23 27.20 Nov-11 Jun-11 Jan-12


8.1% 1.7% 432 363 351

Feb-11

Apr-11

Jul-11

May-11

Aug-11

Sep-11

Dec-10

Oct-11

Dividends paid, dividend yield and payout

8.2% 4.2%

9.9%

Dec-11

8.1% 6.1% 3.4% 3.3%

100%

100% 76.3% 81.0%

100.0%

408 351

Feb-12

Mar-11

203

50%

187

205

182

87 118

2007

2008
Payout

2009*

2010

2011

1H08

2H08

1H09
Dividends

2H09

1H10

2H10

1H11

2H11

1H12

Minimum Dividends Policy

Interest on Equity

Dividend Yeld*

*Based on the closing price of the day

before of the announcement.

29

Lights dividend payment policy establishes a minimum payout equivalent to 50% of adjusted net income. In 2011, the payout came to 100% of adjusted net income, totaling R$556,014,610.28, R$469,261,061.16 of which as dividends and R$86,753,549.12 as interest on equity.

Approval dividend distribution - Event Deliberate events in 2011 AGM/EGM BDM BDM Total Deliberate events in 2012 to be approved in AGM/EGM to be approved in AGM/EGM Total
Board of Directors Meeting Annual General Meeting Extraordinary General Meeting

Approval date

Dividend per share

Amount

Payment date

Period

Type

4/28/2011 12/16/2011 12/16/2011

R$ R$ R$ R$ R$ R$ R$

1.72 0.58 0.43 2.73 0.44 0.45 0.89

R$ 350,979,306.36 5/18/2011 R$ 118,281,754.80 12/28/2011 R$ 86,753,549.12 Until 04/30/2012 R$ 556,014,610.28

2010 2011 2011

Dividends Dividends Interest On Equity

4/11/2012 4/11/2012

R$ 90,079,361.98 Until 10/31/2012 2011 R$ 91,421,951.42 Until 10/31/2012 2010* R$ 181,501,313.40

Dividends Dividends

*Existing Profit Reserve in the balance sheet of December 31, 2010

Recent Events

On February 10, 2012 - Light S.A. approved the constitution of a consortium comprising its subsidiary Light Esco Prestao de Servios S.A. (Light Esco) and EDF Consultoria em Projetos de Gerao de Energia Eltrica Ltda. (EDF Consultoria), with respective interests of fifty-one percent (51%) and forty-nine percent (49%), for the development, construction and operation of a 391 kW solar power plant, to be installed on the roof of the Maracan soccer stadium. Total investments are estimated at R$7 million and the generated energy will be sold in the free market. After recovering their invested capital, Light Esco and EDF Consultoria will donate the plants assets to the state of Rio de Janeiro. scheduled for completion by December 2012. The works are

On February 10, 2012, Light approved the acquisition, through its subsidiary Light Energia, of 26,520,000 common shares of Guanhes Energia S.A. (Guanhes Energia), corresponding to 51% of its capital, for twenty-five million reais (R$25,000,000.00) on the base date of May 2011, restated by the IPCA consumer price index until the conclusion of the operation. Guanhes Energia owns four SHPs with a joint installed capacity of 44MW and assured energy of 25.03 average-MW. The first SHP is scheduled for start-up in October 2013 and the last in February 2014. Installation licenses have already been issued and total investments in the construction of the plants are estimated at R$269.2 million, R$118.0 million of which from Guanhes Energias total shareholders capital and R$60.2 million from Light Energia invested.

On March 2, 2012, the Board of Directors approved the proposal for the distribution of dividends totaling R$181,501,313.40, or R$ 0.89 per share, R$90,079,361.98 of which on

30

2011 net income and R$91,421,951.42 related to the profit reserve in the balance sheet of December 31, 2011. This amount will increase the 2011 payout to 100% of adjusted net income and corresponds to a 3.3% dividend yield, considering the closing price of the Companys shares on March 1, 2012. The proposal will be submitted for approval to the Annual Shareholders Meeting to be called subsequently.

31

Disclosure Program

Schedule Teleconference 03/05/2012, Monday, at 4:00 p.m. (Brazilian Time) and at 2:00 p.m. (NY Time), with simultaneous translation to English Access conditions: Webcast: link on site www.light.com.br (portuguese and english) Conference Call - Dial number: Brazil: (55) 11 - 4688-6361 Other countries: +1 (786) 924 6977 Access code: Light

Disclaimer
The information on the Companys operations and its Managements expectations regarding its future performance has not been revised by the independent auditors. Forward-looking statements are subject to risks and uncertainties. These statements are based on 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 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 might or might not occur. Future results and creation of value to shareholders might significantly differ from the ones 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.

32

APPENDIX I Statement of Income by Company - R$ million


LIGHT SESA Net operating revenue Operating expense Operating result EBITDA Financial Result Other Operating Inc omes/Expenses Result before taxes and interest Net Income EBITDA Margin* 4Q11 1,695.9 (1,507.3) 188.6 261.1 (110.7) (4.1) 73.7 77.9 17.9% 4Q10 1,624.3 (1,431.4) 191.6 297.6 (124.5) (1.8) 65.3 19.2 18.3% % 4.4% 5.3% -1.6% -12.3% -11.1% 127.8% 13.0% 305.6% 2011 6,506.9 (5,819.5) 687.4 994.3 (411.0) (6.0) 270.4 215.7 17.4% 2010 6,097.1 (5,051.7) 1,045.4 1,367.7 (289.1) 10.1 766.4 475.3 24.7% % 6.7% 15.2% -34.3% -27.3% 42.2% -64.7% -54.6% -

*Does not considered Construction Revenue

LIGHT ENERGIA Net operating revenue Operating expense Operating result EBITDA Financial Result Other Operating Inc omes/Expenses Result before taxes and interest Net Income EBITDA Margin COMMERCIALIZATION Net operating revenue Operating expense Operating result EBITDA Financial Result Other Operating Inc omes/Expenses Result before taxes and interest Net Income EBITDA Margin

4Q11 90.6 (40.7) 50.0 63.7 (16.0) (0.3) 33.6 24.4 70.3% 4Q11 50.2 (46.8) 3.4 3.6 4.5 7.9 5.2 7.1%

4Q10 89.3 (39.6) 49.7 65.8 (8.0) (0.2) (3.9) 28.1 73.7%

% 1.5% 2.8% 0.5% -3.3% 99.2% 44.0% -13.3% -

2011 335.8 (148.8) 187.0 244.0 (53.8) 0.1 133.2 90.8 72.7% 2011 190.2 (175.1) 15.1 15.7 5.5 20.6 13.6 8.3%

2010 319.9 (152.3) 167.7 230.7 (34.3) (0.2) (44.4) 88.3 72.1% 2010 185.4 (163.4) 21.9 22.5 1.0 22.9 15.3 12.1%

% 4.9% -2.3% 11.5% 5.8% 57.0% 2.7% % 2.6% 7.2% -31.1% -30.3% 469.8% -10.0% -11.3% -

4Q10 % 52.3 -3.9% (47.7) -2.0% 4.5 -24.1% 4.7 -23.2% 0.2 1865.9% 4.8 67.0% 3.2 64.0% 8.9% -

33

APPENDIX II Statement of Consolidated Income*

Consolidated - R$ MN NET OPERATING REVENUE OPERATING EXPENSE Personnel Material Outsourc ed Services Purc hased Energy Deprec iation Provisions Construc tion cost Others OPERATING RESULT() EBITDA () FINANCIAL RESULT Financ ial Income Financ ial Expenses Other Operating Inc omes/Expenses RESULT BEFORE TAXES AND INTEREST SOCIAL CONTRIBUTIONS & INCOME TAX DEFERRED INCOME TAX NET INCOME

4Q11 1,815.1 (1,573.6) (49.0) (7.4) (105.4) (1,010.5) (86.6) (56.6) (237.8) (20.3) 241.5 328.1 (128.2) 47.6 (175.8) (4.5) 108.8 59.1 (67.3) 100.6

4Q10 1,733.1 (1,483.6) (83.4) (7.7) (106.0) (914.8) (89.6) (57.2) (195.8) (29.0) 249.5 339.1 (126.7) 33.8 (160.4) (2.1) 120.8 68.0 (133.3) 55.5

% 4.7% 6.1% -41.3% -3.3% -0.6% 10.5% -3.3% -1.0% 21.4% -30.0% -3.2% -3.3% 1.2% 40.8% 9.6% 117.6% -10.0% -13.2% -49.5% 81.1%

2011 6,944.8 (6,065.7) (247.3) (25.7) (409.2) (3,828.0) (364.6) (300.6) (794.6) (95.6) 879.1 1,243.6 (457.7) 175.9 (633.6) (5.9) 415.5 (56.9) (48.0) 310.6

2010 6,508.6 (5,276.4) (265.8) (33.5) (360.4) (3,392.5) (352.5) (217.7) (552.8) (101.3) 1,232.2 1,584.6 (319.4) 173.2 (492.6) 9.8 922.6 (103.5) (244.0) 575.2

% 6.7% 15.0% -6.9% -23.3% 13.5% 12.8% 3.4% 38.1% 43.7% -5.6% -28.7% -21.5% 43.3% 1.6% 28.6%

-55.0% -45.0% -80.3% -46.0%

() 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. (*) The consolidated financial statements include the Light S.A. and its subsidiaries and affiliates. These financial statements w ere eliminated from equity consolidated companies, the balances of receivables and payables, revenues and expenses between the companies.

34

APPENDIX III Consolidated Balance Sheet R$ million

ASSETS Circulating Cash & Cash Equivalents Receivable Accounts Inventories Recoverable Taxes Prepaid Expenses Other Current Assets Non Circulating Receivable Accounts Deferred Taxes Prepaid Expenses Others Non-current Assets Investiments Fixed Assets Intangible Total Assets LIABILITIES Circulating Suppliers Fiscal obligations Loans and Financing Debentures Others Obligations Provisions Dividends to be paid Non Circulating Loans and Financing Debentures Others Obligations Deferred Taxes Provisions Shareholders' Equity Realized Joint Stock Profit Reserves Legal Reserve Profits Retention Additional Proposed Dividend Asset valuation adjustments Accumulated Profit/Loss of Exercise Total Liabilities

12/31/2011 12/31/2010 2,726.9 2,378.2 525.2 780.7 1,338.7 1,383.6 20.5 27.4 278.9 270.6 2.1 2.2 212.7 262.3 8,254.8 298.5 811.5 0.3 1,029.3 54.1 1,985.8 4,075.3 10,981.7 7,216.8 296.3 899.3 0.7 760.3 17.6 1628.9 3613.8 9,594.9

12/31/2011 12/31/2010 1,987.1 2,186.8 658.4 757.2 350.2 169.7 165.9 305.3 381.3 213.7 331.87 307.7 162.48 159.7 136.6 73.7 5,773.2 1,854.7 1,790.1 1,369.3 243.3 515.7 3,221.4 2,225.8 341.7 178.3 163.4 181.5 472.4 0.0 10,981.7 4,078.0 1,197.5 727.9 1,325.0 275.8 551.9 3,330.1 2,225.8 395.8 162.8 233.1 214.4 494.1 0.0 9,594.9

35

APPENDIX IV Regulatory Assets and Liabilities

R$ Million TOTAL ASSET TOTAL LIABILITIES TOTAL DIFFERENCE Net differenc e (period) Net differenc e (acc umulated)

Dec-11 185.3 (160.6) 24.8 32.1 87.2

Sep-11 151.2 (158.6) (7.4) 114.9 55.0

Jun-11 134.3 (256.6) (122.2) 5.6 (59.8)

Mar-11 Dec-10 Sep-10 149.8 (277.7) (127.8) (65.4) 161.6 (224.0) (62.4) 78.0 (213.3) 117.5 (258.0) (140.5) (54.5) (291.4)

Jun-10 Mar-10 Dec-09


166.8 (252.8) (86.0) (69.5) (236.9) 213.1 (229.6) (16.5) (167.4) 300.8 (149.8) 150.9

Light by Numbers
OPERATING INDICATORS N of Consumers (thousand) N of Employees Average provision tariff - R$/MWh Average provision tariff - R$/MWh (w/out taxes) Average energy purchase cost - R$/MWh Installed generation capacity (MW) Assured energy (Average MW)) Pumping and internal losses (Average MW) Available energy (Average MW) Net Generation (GWh) Load Factor Includes purchase on spot 4Q11 4,128 4,134 424.8 293.4 R$ 107.13 866 643 87 556 1,266 64.8% 4Q10 4,070 3,693 407.9 279.1 R$ 99.38 855 637 87 550 1,202 63.8% Var. % 1.4% 11.9% 4.1% 5.1% 7.8% 1.1% 5.2% -

36