Bradesco BBI Energy and Power Conference Bradesco BBI Energy and Power Conference

June 2009 June 2009

Light S.A.

Corporate Structure
52.1%]

25.0%

25.0%

25.0%

25.0%

33.6%

6.6%

7.7%

100.0%

! "#

Total shares: 203,934,060 Market Value: R$ 5.0 billion (as of May 15, 2009)

Distribution Business Distribution Business

4th largest energy distribution company in Brazil 4th largest energy distribution company in Brazil

3.9 million clients (attending over 10 million people) Energy sales (2008) 23,698 GWh 70% of the consumption of Rio de Janeiro state (Brazils 2nd GDP)

Distribution

Energy Sales

    

       

! !"   #   $ %  & '     !

(GWh)

ELETRIC POWER CONSUMPTION

Market Energy Sales

1.6% - 13.7%

ELECTRIC ENERGY CONSUMPTION (GWh) TOTAL MARKET (Captive + Free)

3.7%

45  
3.7%



ELECTRIC ENERGY CONSUMPTION (GWh) CAPTIVE MARKET

6.7% 3.2% -4.0%

()

() 0 3

( 0 33

( 0

1.6%

    

      

33

#   $



!"

() 

%

Market Billed Demand

ELECTRIC ENERGY DEMAND (GW)

5.2% 6.1% 3.7%

() 0

() 3

 7 

( 3

( 3 2

Note: To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demand measured of free customers Valesul, CSN and CSA were excluded as the exit of these customers to the basic network is planned. In 1Q08, energy consumption of these customers totaled 662 GWh and demand was 2,794 GW.



%

( 3

( ) 0

Collection Rate Evolution

COLLECTION INDEX (12 MONTHS AVERAGE)

COLLECTION BY SEGMENT (12 MONTHS AVERAGE)

 & C

 & C 2



 89 "  @  $ 



 & C

 & C 2

   !

 B A

" D

 5

8

Losses combat
ENERGY INCORPORATION GWh

LOSSES EVOLUTION (12 months)

216%

15.95

Pass-through in the tariff: 19.15

0
76%

ENERGY RECOVERY GWh

!

"

" $  

  " " $  

" 6

!

Generation Business Generation Business

Installed capacity 855 MW Installed capacity 855 MW

855 MW of installed capacity 855 MW of installed capacity 5 power plants and 2 pump stations 5 power plants and 2 pump stations 537 MW average of assured capacity 537 MW average of assured capacity

Lights generation business Re-pricing of existing energy

GENERATION Assured energy: 537MW average

FG 0

03

   " 

B H I

  "  B H I

Q B

"

E P    " 

11

Lights new generation projects Strategy of growing in generation

+ 50%

 4    "    I

Q !9 8 S

R Q

A T RQ S 8

 " Q  8 S 8

E P 8 " T 

" 8

* Corresponds to 51% Lights stake in each project.

SHP Paracambi - Installation license authorizing the beginning of construction works was granted



12

New Generation Projects

Start up Estimative

Projects

Installed Capacity

Assured Energy

Status
-- Finishing EPC Contract Finishing EPC Contract -- All environmental All environmental licenses obtained licenses obtained

SHP SHP Paracambi Paracambi SHP SHP Lajes Lajes HPP HPP Itaocara Itaocara Other Other Projects Projects

25 MW 25 MW

21.5 MW 21.5 MW

2011 2011

18 MW 18 MW

15 MW 15 MW

2011 2011

Tunnel 2 Tunnel 2 construction construction

Developing environmental Developing environmental studies and Basic studies and Basic Engineering project Engineering project

195 MW 195 MW

110 MW 110 MW

2013 2013

> 300 MW > 300 MW

To be announced until To be announced until December 2010 December 2010

13

Results Results

Net Revenues

NET REVENUES EVOLUTION (R$ MM)

CAGR +4.3%

NET REVENUES PER SEGMENT

9.3%

15

Costs and Expenses

MANAGEABLE COSTS EVOLUTION (R$ MM)
-36.3%

-7.2%

16

Financial Results EBITDA

EBITDA (R$ MM)* and EBITDA Margin EBITDA per segment* 1Q09

+13.5%

VU ba

Xe cd

Xf

gc

`h c

EBITDA 1Q09 - R$ MM
EBITDA EBITDA Margin

WY` ac

WXY

`W

WY`

EBITDA Distribution Generation Commercialization 312.8 44.7 2.9

EBITDA Margin 22.8% 62.4% 16.3%

1 Pro forma: does not consider profit sharing costs

17

Investments
INVESTMENTS (R$MM)

51.1%

MAIN INVESTMENTS R$ MM Losses Combat Distribution network development Quality improvement (structure optimization and preventive maintenance) Generation maintenance New generating projects 1Q08 25.4 37.1 22.9 1.0 1.1 1Q09 19.1 35.0 10.7 2.2 3.1 variation (6.3) (2.1) (12.2) 1.2 2.0
18

2H

Financial Results
NET INCOME (R$ MM) DIVIDENDS AND DIVIDEND YIELD*
9.7% 8.3% 8.2%

4.1% 60.6%

 & C

5E C

5E C

Dividend Yield

Dividends paid

*Based on the closing price of the previous day to the announcement

4 @C 2
Dividends to be paid 19

Indebtedness
NET DEBT (R$ MM) and NET DEBT/ EBITDA

E 

 9p iq

E 

(1) Net Debt = Total Debt (excludes pension fund liabilities) - Cash

 9C Hr  6 D @

20

 2 0

* Principal only

Maturity: 4.4 years

Indebtedness

DEBT COST EVOLUTION

AMORTIZATION* MAR/09 (R$ mn)

0 03

00

    ! 2 !     ! 1

0   @t 0 v)3 sS 7 C  H Ru

*Considering Hedge

v 6w 3 A s 8

2 B s  6 !

A R$ 0   s  6 ! v 3 D 2 CR s " 
21

Shares Performance

R$/share 08/10/06 05/14/09

11.67 23.68

2008 IEE -12% IBOV -41% LIGT3 -14%

2009 IEE 28% IBOV 32% LIGT3 20% 103% Light

65% IEE

32% Ibovespa

22

Contacts
Ronnie Vaz Moreira
CFO and IRO

Financial and IR Superintendent + 55 21 2211 2814 ricardo.levy@light.com.br

Ricardo Levy

Cristina Guedes
IR Manager + 55 21 2211 2560 cristina.guedes@light.com.br

www.light.com.br

23

Annex

24

"@    !4    6

Load (GWh) vs Temperature (C)

5 @ B Q  "    !4 6   

25

Tariff Review 2008 x 2003

GROSS RAB (R$MM)
24%

NET RAB (R$MM)

23%

REFERENCE COMPANY (R$MM)

22%

REGULATORY EBITDA (R$MM)

13%

26

Tariff Review 2008 x 2003

REGULATORY LOSSES (% grid load)

MARKET GROWTH AND X FACTOR

3.18 p.p.

DELIQUENCY (%)

Market Growth

X Factor (Xe)

0.4 p.p.

27

Important Notice

28