Itr 2

LIGHT S.A.
lTF lTF lTF lTF

FRLee FL FRLee FL FRLee FL FRLee FLLLAeL cl 2C'' LLAeL cl 2C'' LLAeL cl 2C'' LLAeL cl 2C''è RLeLL:e è RLeLL:e è RLeLL:e è RLeLL:e
FlrArclAL e:A:LVLr:e, JLrL, OO, 2O'' (2C'' FlrArclAL e:A:LVLr:e, JLrL, OO, 2O'' (2C'' FlrArclAL e:A:LVLr:e, JLrL, OO, 2O'' (2C'' FlrArclAL e:A:LVLr:e, JLrL, OO, 2O'' (2C'') ) ) )
FLlcR: cl lrLLlLrLLr: ALLl:cRe FLlcR: cl lrLLlLrLLr: ALLl:cRe FLlcR: cl lrLLlLrLLr: ALLl:cRe FLlcR: cl lrLLlLrLLr: ALLl:cRe

2
Consumption in the concession
area increases by 3.1% in the
quarter
Net revenue totals R$1,638 million, EBITDA reaches
R$241 million and net income amounts to R$45
million in 2Q11

Total energy consumption in 2Q11 was 3.1% higher
than in the same quarter last year, totaling 5,669 GWh.
Residential and commercial consumption increased by 2.6%
and 5.0%, respectively, due to structural economic growth
in Lights concession area.
Consolidated net revenue, excluding revenue from
construction, came to R$1,458.7 million in the quarter,
4.1% up on 2Q10, reflecting the increase in energy
consumption, especially in the higher-tariff segments;
1

Consolidated EBITDA amounted to R$240.8 million in
2Q11, 36.7% down year-on-year due to higher costs from
purchased energy, PMSO and provisions, accompanied by
an EBITDA margin of 16.5%, versus 27.1% in 2Q10.
Net income totaled R$45.3 million, 67.1% down on the
R$137.7 million reported in 2Q10;
Reflecting the Companys continuous energy-loss reduction
efforts, energy losses fell for the fifth consecutive
quarter, closing at 21.4% of the grid load, while non-
technical losses represented 41.3% of billed energy in the
low-voltage market (Aneel criterion).
At the end of 2Q11, the Companys net debt totaled
R$2,549.2 million, 41.2% up on March 2011, and the net
debt/EBITDA ratio stood at 2.0x.
Collections in the last 12 months reached 97.5% of billed
consumption, 0.6 p.p. below June 2010.

1
To preserve comparability with the market approved by Aneel in the tariff adjustment process, the
billed energy of the free consumers Valesul, CSN and CSA was excluded, in view of these customers
planned migration to the core network. Energy consumption by these clients totaled 367 GWh in 2Q11
and 450 GWh in 2Q10.
Rio de Janeiro, August 5,
2011
BM&FBOVESPA: LIGT3
OTC: LGSXY
Total Shares: 203,934,060
shares
Free Float: 97,629,463 shares
(47.87%)
Market Cap: 5,278 Million
(08/04/11)

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
Email: ri@light.com.br

Conference Call

Date: 08/08/2011
Time: 4:00 p.m. (Brazil)
3:00 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)

Operational Highlights (GWh) 2Q11 2Q10 Var. % 1H11 1H10 Var. %
Grid Load* 8,335 8,194 1.7% 18,191 17,832 2.0%
Billed Energy - Captive Market 4,880 4,755 2.6% 10,413 10,185 2.2%
Consumption in the concession area
1
5,669 5,498 3.1% 11,960 11,585 3.2%
Transported Energy - TUSD
1
1,117 1,259 -11.3% 2,379 2,327 2.2%
Sold Energy - Generation 1,334 1,436 -7.1% 2,817 3,121 -9.7%
Commercializated Energy (Esco) 457 220 108.2% 764 426 79.3%
Financial Highlights (R$ MN)
Net Revenue** 1,459 1,402 4.1% 3,146 2,999 4.9%
EBITDA 241 380 -36.7% 676 858 -21.2%
EBITDA Margin** 16.5% 27.1% - 21.5% 28.6% -
Net Income 45 138 -67.1% 212 362 -41.6%
Net Debt*** 2,549 1,805 41.2% 2,549 1,805 41.2%
* Own load + network use
** Not considering construction revenue
*** Financial debt - cash

3
Table of Contents
Operating Performance ................................................................................. 4
Distribution ............................................................................................ 4
Energy Losses .................................................................................. 9
Communities .................................................................................. 10
Collection ...................................................................................... 11
Operating Quality ........................................................................... 12
Generation .......................................................................................... 13
Commercialization and Services .............................................................. 13
Financial Performance ................................................................................. 14
Net Revenue ........................................................................................ 14
Consolidated .................................................................................... 14
Distribution ...................................................................................... 14
Generation ...................................................................................... 15
Commercialization and Services .......................................................... 15
Costs and Expenses .............................................................................. 15
Consolidated .................................................................................... 15
Distribution ...................................................................................... 16
Generation ...................................................................................... 18
EBITDA ............................................................................................... 19
Consolidated .................................................................................... 19
Distribution ...................................................................................... 20
Generation ...................................................................................... 20
Consolidated Financial Result ................................................................. 21
Indebtedness ....................................................................................... 22
Net Income ......................................................................................... 23
Capital Expenditures ............................................................................. 23
Generation Capacity Expansion Projects ................................................... 24
Cash Flow ............................................................................................ 25
Corporate Governance ................................................................................ 26
Capital Market ........................................................................................... 28
Dividends ............................................................................................ 29
Recent Events ............................................................................................ 31
Disclosure Program ..................................................................................... 32

4
Release Segmentation
Light S.A. is a holding company that controls wholly-owned subsidiaries pertaining
to three business segments: electricity distribution (Light SESA), electricity
generation (Light Energia) and electricity commercialization/services (Light Esco
and Lightcom). In order to improve the transparency of its results and to provide
investors with a better basis for evaluation, Light also presents its results by
business segment.

Operating Performance
Distribution

Total energy consumption in Light SESAs concession area (captive customers +
transport of free customers
2
) came to 5,669 GWh in 2Q11, a 3.1% increase over
2Q10, thanks to growth in both markets.
If the consumption of the free clients CSN, Valesul and CSA is taken into account,
total consumption came to 6,036 GWh in 2Q11, versus 5,948 GWh in 2Q10.

2
4,755
4,880
789
743
5,498
5,669
2Q10 2Q11
423 426
1,505
1,554
835 857
565 574
133
167
45
48
1,992
2,043
988
1,000
1,639
1,721
880
905
2Q10 2Q11 2Q10 2Q11 2Q10 2Q11 2Q10 2Q11
+2.6%
+1.2%
+5.0%
+2.8%
+3.1%
Residential Industrial Commercial Others Total
Captive Free
TOTAL ENERGY CONSUMPTION (GWh)
(CAPTIVE + FREE) - QUARTER

5
Performance was mainly fueled by the expansion of the residential and commercial
segments, which moved up by 2.6% and 5.0%, respectively, in turn driven by
structural economic growth in Lights concession area. Temperatures averaged
22.7C in the quarter, in line with 2Q10 and 0.8C below the historical average for
the period.
Residential consumption totaled 2,043 GWh in 2Q11, 51 GWh more than in 2Q10
and accounting for 36.0% of total energy consumption, primarily due to the
economic improvement in the state of Rio de Janeiro, and, consequently, the
municipalities in Lights concession area.
The number of billed residential clients grew by 1.9%, totaling 3.8 million in June
2011, with an average monthly consumption of 179.9 kWh, compared to 178.6
kWh in 2Q10.
The commercial segment, which consumed 1,721 GWh in 2Q11, accounted for
30.4% of total energy consumption, 5.0% more than in the same period in 2010,
due to the upturn in economic activity in Lights concession area. Free-market
consumption increased by 25.4%, due to the migration of 19 clients from the
captive market.
Industrial consumption came to 1,000 GWh, 1.2% up on 2Q10 and accounting for
17.6% of the total market, led by the metallurgy, rubber/plastic materials, non-
metallic minerals, and metal product segments.
The other consumption segments, which accounted for 16.0% of the total market,
posted growth of 2.8% over 2Q10. The rural, government and public utilities
categories, which represented 0.2%, 6.7% and 8.7% of the total market,
respectively, all recorded positive performances.

6

Total energy consumption in Light SESAs concession area (captive customers +
transport of free customers
3
) came to 11,960 GWh in 1H11, a 3.2% increase over
1H10, driven by the growth in both the free market (+10.5%) and the captive
market (+2.2%).
If the consumption of the free clients CSN, Valesul and CSA is taken into account,
total consumption came to 12,929 GWh in 1H11, versus 12,456 GWh in 1H10.
In the half-yearly comparison, the commercial and residential segments, with
respective growth of 4.8% and 2.8%, were chiefly responsible for the excellent
performance of the market as a whole.

3
1,400
1,547
10,185
10,413
1H10 1H11
872 852
3,207
3,284
1,697 1,748
1,064 1,114
247
337
89
95
4,408
4,531
1,937 1,966
3,454
3,621
1,786
1,843
1H10 1H11 1H10 1H11 1H10 1H11 1H10 1H11
+2.8%
+1.5%
+4.8%
+3.2%
+3.2%
Residential Industrial Commercial Others Total
Captive Free
TOTAL ENERGY CONSUMPTION (GWh)
(CAPTIVE + FREE) - HALF
11,585
11,960

7

In the residential segment, average monthly consumption per consumer moved up
by 1.1%, from 198.0 kWh in 1H10 to 200.2 kWh in 1H11, reflecting an increase in
the acquisition and use of home appliances, due to the upturn in household income
in recent years.
Commercial clients consumed 3,621 GWh, accounting for 30.3% of total
consumption. The retail, building service, landscaping, food and professional
association segments did particularly well, with respective increases of 3.4%, 5.1%,
17.2, and 13.8%, accounting for 33.7%, 15.5%, 9.2%, and 5.7% of the total,
respectively.
In 1H11, industrial consumption came to 1,966 GWh, 1.5% higher than in the first
half of 2010. Six clients migrated to the free market in the interim, having
recording zero consumption in the captive market in 1H10.

8
Energy Balance

Residential
232.9 4,530.6
CCEAR Billed Industrial
Light Energia Energy 851.6
168.8 Own load 10,413.4
Light Commercial
14,331.5 3,283.5
Losses +
2,665.5 Non Billed Others
14,592.2 Energy 1,747.7
3,918.1
8,098.7 Basic netw.
losses
Adjustment 0.5
3,150.1
276.2
(*) Others = Purchase in Spot - Sale in Spot.
Note: 1) At Light S.A., there is intercompany power purchase/sale elimination
2) Power purchase data on 04 / 12 / 2011. (subject to changes)
OTHERS(*)
(CCEE)
NORTE FLU
(CCEE)
Required E.
(CCEE)
AUCTIONS
(CCEE)
ITAIPU
(CCEE)
DISTRIBUTION ENERGETIC BALANCE - GWh
Position: January - June 2011
PROINFA
260.1
Energy Balance (GWh) 2Q11 2Q10 Var.% 1H11 1H10 Var.%
= Grid Load 8,335 8,194 1.7% 18,191 17,832 2.0%
- Energy transported to utilities 738 778 -5.2% 1,480 1,599 -7.4%
- Energy transported to free customers* 1,117 1,259 -11.3% 2,379 2,327 2.2%
= Own Load 6,480 6,157 5.3% 14,332 13,906 3.1%
- Captive market consumption 4,880 4,755 2.6% 10,413 10,185 2.2%
Low Voltage Market 3,174 3,067 3.5% 6,896 6,656 3.6%
Medium Voltage Market 1,706 1,687 1.1% 3,518 3,529 -0.3%
- Losses + Non Billed Energy 1,600 1,402 14.1% 3,918 3,722 5.3%
*Including CSN, Valesul and CSA

9
Energy Losses
Light SESAs total energy losses amounted to
7,619 GWh, or 21.42% of the grid load, in the 12
months ended June 2011, 0.12 p.p. up on March
2011.
In June 2011, non-technical losses totaled 5,326
GWh, representing 41.3% of billed energy in the
low-voltage market, or 14.97% of the grid load,
0.3 p.p. and 1.1 p.p. down on March 2011 and
June 2010, respectively.
For the fifth consecutive quarter, Light recorded a
reduction in its non-technical losses/low-voltage
market ratio, reflecting the Company's ongoing
efforts to reduce losses.
Conventional energy recovery processes, such as
the negotiation of amounts owed by customers
where fraud has been detected, resulted in the
recovery of 82.3 GWh in 1H11, 8.1% higher than
in the same period last year. Fraud regularization
programs yielded a total of 40,668 normalized
clients, 2.3% up on 210.
At the close of June 2011, there were 153,000
electronic meters installed and 207,000 clients had
network protection. The ratification of electronic
meters is critical for the success of the loss
reduction program. By the end of the quarter,
three suppliers had been approved by Inmetro, two
of which for centralized telemetering and one for
individualized telemetering. In July, CAM Brasil,
which has been operating in the Brazilian market
since 2001, also received approval for its
centralized telemetering devices. The addition of
another supplier will speed up the installation
pace, thereby reducing losses more effectively.
The smart grid R&D program also continued to
move ahead. The first industrial prototypes of the
Light Losses Evolution
12 months
7
,
5
4
9
7
,
5
4
4
7
,
4
9
3
7
,
5
4
3
7
,
6
1
9
15.39% 15.18% 15.00% 15.00% 14.97%
21.70% 21.48% 21.29% 21.30% 21.42%
Jun-10 Sep-10 Dec-10 Mar-11 Jun-11
Losses (GWh)
Losses / Grid Load %
Non-technical losses % Grid Load
Non tecnical losses / Low Voltage market
12 months
5
,
3
2
6
5
,
3
1
2
5
,
2
7
8
5
,
3
3
0
5
,
3
5
2
41.3% 41.6%
41.8% 42.1%
42.4%
Jun-10 Sep-10 Dec-10 Mar-11 Jun-11
Non Tecnincal Losses (GW)
Non tecnical Losses % Low Voltage Mkt
76.1
82.3
1H10 1H11
Recovered Energy {GW)
8.1
39,766
+0,668
1H10 1H11
Normalized Costumers
2.3

10
intelligent metering devices developed and manufactured by Eletra, which was
hired by Light, have already been concluded and are in the final phase of laboratory
testing. The Companys mobile phone and computer user-interaction channels
(social networks and interactive website) are also in the final phase of
development. Field tests (pilot project) of both technologies will begin by the end of
the year.
Communities
The low-income community loss-reduction program has advanced each quarter. In
2Q11, Light moved into one more pacified community. In 2011, the Company,
which is already present in nine such communities, plans to move into another 11:
Ladeira dos Tabajaras, Morro dos Cabritos, Pavo-Pavozinho, Morro da
Providncia, Borel, Novo Rio, Morro do Salgueiro, Complexo do Alemo (part 1),
Morro dos Macacos (part 1), Cidade de Deus (part 2) and Batan (part 2).
The loss reduction program in these communities is one of the Companys current
top priorities. In 2Q11, another two contractors were hired, giving a total of five.

11
Collection
The 2Q11 collection rate exceeded
100% of the billed total, reaching
102.0%, 0.5 p.p. up on 2Q10. The
collection rate for the past 12 months was 97.5%
of billed consumption, 0.6 p.p. down on June
2010 and 0.1 p.p. above June 2009. The retail,
large customer and public sect or segments
recorded collection rates of more than 100%. In
the first half, the collection rate stood at 97.7%,
0.8 p.p. down on the 98.5% recorded in the
same period last year, due to the reduction in
1Q11, in turn caused by seasonal spending
priorities and an upturn in consumer debt. In
order to overcome the beginning-of-year
difficulties, default-combating activities were
intensified, leading to a hefty 68% increase in the
number of disconnections and an 18% upturn in
the registration of clients with past due bills
betwee n the six-month periods.
In 2Q11, Provisions for Past Due Accounts (PPD) totaled R$79.5 million, representing 4.0% of
gross billed energy, an increase of R$4.2 million in relation to 2Q10, due to: (i) substantial
billed energy in the previous quarter, which
impacted the provisioning of higher bills in
2Q11, and (ii) higher billed energy growth in
the retail segment, which has a lower collection
rate. According to the sectors provisioning
criteria, provisions related to past due bills of
residential clients are constituted 90 days after
the due date.

Collection rate
12 months moving average
97.4%
98.1%
97.5%
Jun-09 Jun-10 Jun-11
Collection Rate per Segment
Quarter
98.9%
112.9%
101.3%
109.0%
101.4% 100.7%
Retail Large Customers Public Sector
2Q10 2Q11
R$ MN 2Q11 2Q10 1H11 1H10
Billing 2,190 2,109 4,708 4,414
Collection 2,233 2,141 4,600 4,347
Collection Rate 102.0% 101.5% 97.7% 98.5%
R$ Million 2Q11 2Q10 Var. (R$) 1H11 1H10 Var. (R$)
PDD 79.5 75.3 4.3 143.9 138.8 5.1
Provisions for Past Due Accounts
3.2%
3.3% 3.3%
1H09 1H10 1H11
PDD/Gross Revenue (Billed Sales)

12
Operating Quality
The Company invested R$65.3 million in 2Q11 to improve the quality of its
electricity supply business and increase the capacity of its distribution network,
81.2% more than the R$36.0 million invested in 2Q10. In 1H11, investments
totaled R$118.3 million, 89.4% up on 2Q10.
In 2Q11, in the distribution network, 81.4 km of low-voltage cable were replaced by
multiplex cable, and 115.5 km of medium-voltage open network were replaced with
spacer cable. A total of 451 medium-voltage circuits were inspected, 1,763
transformers were replaced and 75,441 trees were pruned. In the underground
distribution network, 2,432 transformer vaults and 3,774 manholes were inspected.
In addition, 125 transformers and 436 underground reticulated system protectors
were maintained and inspected.
At the end of June, the equivalent length of interruption indicator (ELC), expressed
in hours, registered 14.63 hours in the last twelve months, while the equivalent
frequency of interruption indicator (EFC), expressed in occurrences, stood at 7.03
times. The higher number of occurrence removals in 2010, due to the so-called
"critical days", calculated in accordance with ANEELs methodology, continued to
affect the indicators in 2011. If we compare them with no removals, i.e. in terms of
what consumers actually experienced, both indicators improved, with the ELC
dropping from 11.72 hours in 1H10 to 10.37 hours in 1H11, with the EFC falling
from 5.07 times to 4.49 times in the same period.

ELC / EFC - 12 Months
6.03
9.13
14.63
7.03
11.63
6.23 EFC
ELC
Jun-11 Jun/10* Jun-09
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.

13
Generation
Energy sold on the captive market (ACR) totaled 1,014.0 GWh in 2Q11, in line with
2Q10 due to the maintenance of contracts already effective in 2010, while energy
sold on the free market (ACL) amounted to 149.9 GWh, 45.3% up year-on-year
due to the higher volume of purchased energy, in turn fueled by the CCEEs revision
of the commercialization rules in 2010, which led to an increase in assured energy
in September 2010.
First-half sales totaled 2,817.2 GWh, 9.7% down on 1H10, due to the higher
volume of secondary energy volume generated in 1H10, which led to a reduction in
spot market sales between the periods.

Commercialization and Services
In 2Q11, direct energy sales by Light Esco and LightCom from conventional and
subsidized sources, totaled 457.1 GWh, 108.2% up on the 219.5 GWh recorded in
2Q10, due to important long-term energy sale transactions and the intensification
of short-term transactions.
In 1H11, energy sales volume grew by 79.3% year-on-year to 764.0 GWh.

LIGHT ENERGIA (GWh) 2Q11 2Q10 % 1H11 1H10 %
Regulated Contracting Environment Sales
1,014.0 1,007.2
0.7%
2,069.6 2,051.7
0.9%
Free Contracting Environment Sales
149.9 103.1
45.3%
280.9 188.6
48.9%
Spot Sales (CCEE)
169.9 325.9
-47.9%
466.7 881.1
-47.0%
Total 1,333.7 1,436.2 -7.1% 2,817.2 3,121.4 -9.7%
Volume {GWh) 2Q11 2Q10 Var.% 1H11 1H10 Var.%
76+.0 +26.2 79.3 Trading +57.1 219.5 108.2

14
Financial Performance
Net Revenue
Consolidated
Consolidated net operating revenue totaled R$1,637.9 million in 2Q11, 8.3% up on
2Q10. Excluding revenue from construction, which has a neutral effect on net
income, consolidated net revenue increased by 4.1%. Net revenue from all the
Companys business segments increased, led by commercialization and services,
which recorded a 55.7% year-on-year upturn.
In the first half, excluding revenue from construction, consolidated net revenue
amounted to R$3,146.3 million, 4.9% higher than in 1H10.

Distribution
Net revenue from distribution came to R$1,524.3
million in 1Q11, 7.2% more than the same quarter last
year. Excluding revenue from co nstruction, net
revenue from distribution totaled R$1,345.1 million,
2.6% up on 2Q10, primarily due to the 3.1% upturn in
total market consumption. In the captive market,
residential and commercial consumption grew by 2.6%
and 5.0%, respectively. These segments jointly
account for 77.4% of captive market revenue.
Electric Energy Consumption (GWh) - Captive
2Q11
Residential
41%
Industrial
9%
Commercial
32%
Others
18%
1,554
2,043
426
857
Net Revenue (R$ MN) 2Q11 2Q10 Var. % 1H11 1H10 Var. %
Distribution
Billed consumption 1,253.1 1,211.5 3.4% 2,683.6 2,588.4 3.7%
Non billed energy (44.6) (47.8) -6.6% (31.1) (51.3) -39.3%
Network use (TUSD) 120.4 125.7 -4.2% 255.7 251.1 1.9%
Short-Term (Spot) 9.7 10.1 -3.9% 12.7 10.1 25.6%
Others 6.4 10.9 -41.1% 10.3 21.5 -52.3%
Subtotal (a) 1,345.1 1,310.5 2.6% 2,931.2 2,819.8 3.9%
Construction Revenue 179.2 111.2 61.2% 326.3 222.4 46.7%
Subtotal (a') 1,524.3 1,421.7 7.2% 3,257.5 3,042.3 7.1%
Generation
Generation Sale(ACR+ACL) 74.9 67.7 10.6% 153.6 135.1 13.7%
Short-Term
1
0.6 3.9 -83.5% 5.0 9.8 -49.4%
Others 1.9 1.4 36.2% 3.6 2.7 32.4%
Subtotal (b) 77.5 73.1 6.0% 162.2 147.6 9.9%
Commercialization
Energy Sales 44.5 22.8 94.7% 80.9 44.7 81.0%
Others 12.2 13.6 -9.9% 16.9 24.5 -31.2%
Subtotal (c) 56.7 36.4 55.7% 97.8 69.2 41.3%
Others and Eliminations (d) (20.5) (18.4) - (44.9) (37.6) -
Total without Construction Revenue (a+b+c+d) 1,458.7 1,401.5 4.1% 3,146.3 2,999.1 4.9%
Total (a'+b+c+d)
1,637.9 1,512.7 8.3% 3,472.6 3,221.6 7.8%
Balance of the settlement on the CCEE
The subsidiary Light SESA counts revenues and costs, with zero margin, related to services of construction or improvement in
infrastructure used in services of electricity distribution.

15
Excluding revenue from construction, net revenue
from distribution came to R$2,931.2 million in
1H11, 3.9% up on the same period last year,
chiefly due to higher consumption in the captive
and free markets.
Generation
Net revenue from generation totaled R$77.5 million
in 2Q11, 6.0% higher than in 2Q10, chiefly due to
the 10.6% increase in free and captive market revenue, in turn reflecting the
adjustments to captive market energy sale contracts.
In 1H11, net revenue totaled R$162.2 million, 9.9% up on 1H10, primarily due to
the adjustments to captive market energy sale contracts and the greater number of
contracts negotiated on the free market.
Net revenue from commercialization and services totaled R$56.7 million in 2Q11,
55.7% up on 2Q10, primarily due to the 94.7% upturn in revenue from electricity
trading.
Net revenue amounted to R$97.8 million in 1H11, 41.3% up on 1H10.

Costs and Expenses
Consolidated
Consolidated Operating Costs and Expenses
In 2Q11, operating costs and expenses grew by 23.1%, mainly driven by costs and
expenses incurred by the distribution business, which increased by 20.9% year-on-
year. Excluding construction costs, consolidated operating costs and expenses grew
by 19.3%.

Operating Costs and Expenses
(R$ MN)
2Q11 2Q10 (%) 1H11 1H10 (%)
Distribution (1,421.3) (1,175.2) 20.9% (2,858.3) (2,435.1) 17.4%
Generation (35.3) (35.0) 0.8% (71.8) (78.2) -8.3%
Commercialization (40.0) (21.1) 89.9% (76.0) (41.8) 81.9%
Others and Eliminations 7.0 21.7 - 26.1 28.1 -
Consolidated (1,489.5) (1,209.6) 23.1% (2,980.1) (2,527.1) 17.9%
Net Revenue by Class- Captive
R$ MN - 2Q11
Residential
46%
Industrial
8%
Commercial
32%
Others
14%
571
177
394
105

16

Distribution
In 2Q11, distribution costs and expenses moved up by 20.9% over 2Q10, as shown
in the table below. Excluding construction costs, total costs and expenses grew by
16.7%, mainly due to the 10.1% increase in non-manageable costs and expenses
and the 37.3% upturn in manageable costs and expenses.

Non-Manageable Costs and Expenses
In 2Q11, non-manageable costs and
expenses totaled R$885.3 million, 10.1% up
on the same period in 2010.
Energy purchase costs totaled R$714.7
million, 13.6% up on 2Q10, primarily
reflecting adjustments to existing contracts,
the entry of new products contracted at the
A-5 auction in 2006, with delivery beginning
in 2011, and the increase in the volume of
energy purchased to meet market demand.
In addition, energy purchase costs related to
previous periods, totaling R$19.1 million,
were booked in 2Q11 due to the recalculation
by ANEEL/CCEE of overdue payments related
to energy availability contracts with
thermoelectric plants. Excluding these non-
recurring costs, energy costs increased by
10.6%.
Costs for charges and transmission fell by 3.2%, primarily due to the stability of the
Interconnected System, there being no need for any dispatch of thermal power.
Purchased Energy - GWh
2nd Quarter
53.0%
55.9%
24.3%
22.7%
20.7%
19.3%
1.7%
1.8%
0.3
0.1
2Q10 2Q11
AUCTIONS NORTE FLU ITAIPU PROINFA SPOT
6,505
6,964
Costs and Expenses (R$ MN) 2Q11 2Q10 (%) 1H11 1H10 Var. %
Non-Manageable Costs and Expenses (885.3) (804.2) 10.1% (1,870.6) (1,654.5) 13.1%
Energy Purchase costs (714.7) (628.9) 13.6% (1,514.0) (1,301.2) 16.4%
Costs with Charges and Transmission (166.3) (171.8) -3.2% (347.9) (346.5) 0.4%
Others (Mandatory Costs) (4.4) (3.5) 23.3% (8.7) (6.9) 26.6%
Manageable Costs and Expenses (356.8) (259.9) 37.3% (661.5) (558.2) 18.5%
PMSO (179.4) (151.4) 18.5% (348.0) (286.2) 21.6%
Personnel (66.0) (57.5) 14.9% (120.4) (104.1) 15.6%
Material (5.9) (5.7) 3.0% (11.6) (10.7) 8.2%
Outsourced Services (90.8) (74.5) 22.0% (186.5) (147.2) 26.7%
Others (16.7) (13.8) 21.3% (29.5) (24.2) 21.7%
Provisions (99.3) (36.0) 175.7% (159.6) (129.3) 23.4%
Depreciation and Amortization (78.0) (72.4) 7.7% (153.9) (142.7) 7.9%
Construction Revenue (179.2) (111.2) 61.2% (326.3) (222.4) 46.7%
Total Costs without Construction Revenue (1,242.1) (1,064.0) 16.7% (2,532.1) (2,212.7) 14.4%
Total Costs (1,421.3) (1,175.2) 20.9% (2,858.3) (2,435.1) 17.4%
46.1%
51.5%
31.6%
30.3%
21.9%
17.1%
0.4%
1.1%
2Q10 2Q11
Purchased Energy - R$ MN
2nd Quarter
AUCTIONS NORTE FLU ITAIPU SPOT
628.9
714.7

17
The average purchased energy cost, excluding spot market purchases, amounted to
R$103.9/MWh in 2Q11, 5.3% up on the R$98.1/MWh recorded in 2Q10.
In 1H11, non-manageable costs and expenses totaled R$1,870.6 million, 13.1% up
year-on-year. Purchased energy costs increased by 16.4%, primarily due to higher
purchased energy volume this year and the 6.3% upturn in the average purchased
energy cost. Costs for charges remained flat.

Manageable Costs and Expenses
In 2Q11, manageable operating costs and expenses (personnel, materials,
outsourced services, provisions, depreciation and others) totaled R$356.8 million,
37.3% up on 2Q10.
Costs and expenses from staff, materials, services and others (PMSO) came to
R$179.4 million in 2Q11, 18.5% more than in 2Q10, chiefly due to higher expenses
from personnel and outsourced services, which increased by 14.9% and 22.0%,
respectively.
The upturn in the personnel line was mainly due to the 6.75% pay rise following the
collective bargaining agreement in the second quarter, in addition to the R$4.8
million reduction in labor capitalization.
The increase in expenses with outsourced services was mainly a reflection of higher
expenses with the delinquency-prevention program, totaling R$4.8 million, tree
pruning, totaling R$3.0 million, and call center, live-line and maintenance services,
totaling R$4.5 million.
The difference in the provisions line totaled R$63.3 million, primarily due to the
non-recurring reversal of provisions totaling R$53.4 million in 2Q10 due to the
dismissal of Aneels administrative process concerning the classification of
consumers under the Social (low-income) Tariff between 2002 and 2006. Excluding
this non-recurring event, provisions increased by 11.6%. In 2Q11, Provisions for
Past Due Accounts (PPD) totaled R$79.5 million, representing 4.0% of gross billed
energy, versus R$75.3 million, or 3.8% of gross billed energy, in the same period in
2010.
Manageable operating costs and expenses in the first six months totaled R$661.5
million, 18.5% up year-on-year.

18

Generation
In 2Q11, Light Energias costs and expenses amounted to R$35.3 million, an
increase of 0.8% in relation to 2Q10, mainly due to higher personnel costs as a
result of the 6.75% pay rise following the collective bargaining agreement in the
second quarter.
Costs and expenses in 2Q11 were broken down as follows: CUSD/CUST -
distribution/transmission system usage (11.9%), personnel (17.3%), material and
outsourced services (11.3%), and depreciation and others (59.5%). PMSO per MWh
in the quarter came to R$14.39/MWh, compared to R$13.05/MWh in 2Q10.
In 1H11, Light Energias costs and expenses came to R$71.8 million, 8.3% less
than in 1H10, chiefly due to the 35.1% reduction in provisions, related to the non-
recurring impact of R$8.2 million in the first quart er of 2010 from the judicial
settlement with the Barra do Pira municipal government related to the dredging of
the Pira river.

In 2Q11, commercialization costs and expenses totaled R$40.0 million, 89.9%
higher than in 2Q10, mainly driven by the cost of purchased energy, which grew by
101.6% between the quarters, due to the strong growth in the volume of resold
energy.
In 1H11, costs and expenses amounted to R$76.0 million, 81.9% up on 1H10,
primarily due to higher energy purchase costs, reflecting the expansion of trading
and service provision.

Operating Costs and Expenses - R$ MN 2Q11 2Q10 Var. % 1H11 1H10 Var. %
Personnel (6.1) (5.0) 22.9% (11.9) (9.8) 21.2%
Material and Outsourced Services (4.0) (3.7) 7.7% (7.5) (7.5) 0.9%
Purchased Energy (CUSD) (4.2) (3.7) 13.6% (8.4) (7.2) 17.8%
Depreciation (14.2) (15.5) -8.3% (28.9) (30.7) -5.8%
Others (includes provisions) (6.8) (7.2) -5.3% (15.0) (23.1) -35.1%
Total (35.3) (35.0) 0.8% (71.8) (78.2) -8.3%
Operating Costs and Expenses - R$ MN 2Q11 2Q10 Var. % 1H11 1H10 Var. %
Personnel (1.3) (1.0) 35.9% (2.3) (1.7) 34.4%
Material and Outsourced Services (0.2) (0.6) -72.4% (0.5) (0.9) -42.9%
Purchased Energy (37.9) (18.8) 101.6% (72.2) (38.3) 88.4%
Depreciation (0.2) (0.2) 0.0% (0.3) (0.3) 0.0%
Others (includes provisions) (0.4) (0.5) -14.4% (0.8) (0.6) 30.2%
Total (40.0) (21.1) 89.9% (76.0) (41.8) 81.9%

19
EBITDA
Consolidated
Consolidated EBITDA totaled R$240.8 million in 2Q11, 36.7% down on 2Q10,
primarily reflecting the increase in: (i) energy purchase costs, as a result of
adjustments to existing contracts, (ii) PMSO expenses, and (iii) provisions, partially
offset by the 4.1% increase in net revenue (excluding revenue from construction),
mainly due to the growth of the distributors market.

The EBITDA margin
4
stood at 16.5% in 2Q11. The distribution
segment accounted for 74.1% of the total, followed by the
generation and commercialization segments, with 23.3% and
2.6%, respectively.

4
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 zero margin.

EBITDA per segment*
2Q11
Distribution
74.1%
Generation
23.3%
Commercialization
2.6%
*Does not consider eliminations
380
241
91
(96)
(72)
(62)
EBITDA - 2Q10 Net Revenue Purchased Energy Manageable Costs
(PMSO)
Provisions EBITDA - 2Q11
EBITDA - 2Q11/2Q10 - R$ Million
Consolidated EBITDA- R$ MN 2Q11 2Q10 Var.% 1H11 1H10 Var.%
Distribution 179.6 318.9 -43.7% 551.8 749.8 -26.4%
Generation 56.4 53.6 5.3% 120.4 100.2 20.2%
Commercialization 6.3 9.8 -35.8% 8.6 11.8 -27.8%
Others and eliminations (1.5) (2.2) -32.8% (5.0) (4.2) 18.6%
Total 240.8 380.4 -36.7% 675.7 857.6 -21.2%
Margem EBITDA (%) 16.5% 27.1% - 21.5% 28.6% -

20

Distribution
The distribution companys EBITDA came to R$179.6 million in 2Q11, 43.7% down
year-on-year, primarily due to: (i) the 13.6% upturn in energy purchase costs, as a
result of adjustments to existing contracts, (ii) the 22.0% increase in outsourced
services, and (iii) higher provisions, due to the non-recurring impact of R$53.4
million in 2Q10, which had a positive impact on provisions in that period. The
EBITDA margin
5
in 2Q11 stood at 13.4%, 11.0 p.p. down on 2Q10.

Generation
Light Energias EBITDA increased by 5.3% over 2Q10 to R$56.4 million, mainly due
to the 10.6% upturn in revenue from energy sales, impacted by contractual
adjustments. The EBITDA margin came to 72.8%.

Commercialization and services EBITDA amounted to R$6.3 million in 2Q11, 35.8%
down on the 2Q10 figure, mainly due to the higher volume of energy purchased by
the commercialization company. The EBITDA margin stood at 11.1%.

5
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 zero margin.

21
Consolidated Financial Result

The 2Q11 financial result was a negative R$88.9 million, 176.1% higher than the
negative result recorded in 2Q10.
Financial revenues totaled R$58.2 million, 12.6% up on the same period in 2010,
mainly impacted by the 61.7% increase in fines and delinquent interest on overdue
electricity bills.
Financial expenses came to R$147.1 million, 75.3% more than in 2Q10, largely due
to: (i) the 33.2% upturn in the "interest on loans and financing line due to the
booking of charges related to Light Energias 1
st
debenture issue and Light SESAs
7
th
debenture issue in April and May, respectively; (ii) the increased monetary
restatement of the Braslight deficit in the amount of R$7.2 million, stemming from
the difference in the indexing agents between the periods: 2.04% in 2Q11, versus
1.53% in 2Q10, (iii) the upturn in the "other financial expenses line, chiefly due to
the restatement of tax debts, which increased by R$20.7 million over 2010, mainly
resulting from the cancellation of the adhesion of the LIR and LOI process to the
REFIS tax repayment program in 2010, which had a positive impact on the result in
that period, and (iv) the R$11.4 million increase related to a debt included in the
REFIS program, for which no provisions had been constituted.
The 1H11 financial result was a negative R$185.5 million, 42.6% up on the
negative result in 1H10, due to the factors mentioned above, plus fines for the
violation of continuity indicators totaling R$9.9 million.
Financial Result - R$ MN 2Q11 2Q10 (%) 1H11 1H10 (%)
Financial Revenues 58.2 51.7 12.6% 94.7 96.2 -1.5%
Income from financial investments 16.1 12.3 30.5% 27.0 28.7 -5.9%
Monetary and Exchange Variation 0.4 15.3 -97.2% 1.4 18.1 -92.1%
Swap Operations 0.3 (0.0) - 0.4 0.0 -
Moratory Increase / Debts Penalty 35.7 22.1 61.7% 55.4 42.0 32.1%
Other Financial Revenues 5.7 2.1 172.5% 10.5 7.4 41.9%
Financial Expenses (147.1) (83.9) 75.3% (280.2) (226.2) 23.9%
Interest on loans and financing (90.1) (67.6) 33.2% (175.3) (143.9) 21.8%
Monetary and Exchange Variation 2.9 (1.1) - 3.4 (3.2) -
Braslight (private pension fund) (36.1) (28.9) 25.0% (74.2) (67.6) 9.7%
Swap Operations (2.0) (0.2) 977.8% (3.6) 0.1 -
DIC/FIC Compensation (7.0) (4.2) 69.4% (16.8) (6.9) 143.0%
Other Financial Expenses (14.8) 18.0 - (13.8) (4.6) 199.3%
Total (88.9) (32.2) 176.1% (185.5) (130.0) 42.6%

22
Indebtedness

The Company closed 2Q11 with gross debt of
R$2,997.4 million, 19.1% more than at the end
of 1Q11, primarily due to the increase in long-
term Real-denominated debt, in turn the result
of Light SESAs 7
th
debenture issue and Light
Energias 1
st
debenture issue totaling R$650
million and R$170 million, respectively.
Net debt came to R$2,549.3 million, 19.4% up
on the figure recorded in March 2011, mainly
due to the payment of dividends totaling
R$351 million in May 2011, and the higher
volume of investments. At the end of June
2011, the net debt/EBITDA ratio stood at 2.0x.
The Companys debt has an average term to
maturity of 3.7 years. The average cost of
Real-denominated debt was 12.4% p.a., 0.6
p.p. up the end-of-March figure, while the
average cost of foreign-currency debt (US$ +
4.4% p.a.) dipped by 100 bps in the same period. At the end of June, only 2.2% of
total debt was denominated in foreign currency and, considering the FX hedge
horizon, only 1.3% of this total was exposed to foreign currency risk, 0.4 p.p. lower
than at the close of March. Lights hedge policy consists of protecting cash flow
Net Debt (ex-Braslight)
(R$ million)
1,805.2
2,134.9
2,549.3
Jun-10 Mar-11 Jun-11
Indebtedness
(Brazilian Currency x Foreign)
96.2% 97.0% 97.8%
3.8% 3.0% 2.2%
Jun-10 Mar-11 Jun-11
Brazilian Currency Foreign Currency
R$ MN Short Term % Long Term % Total %
Brazilian Currency 371.5 12.4% 2,560.5 85.4% 2,932.1 97.8%
Debenture 4th Issue 0.0 0.0% 0.1 0.0% 0.1 0.0%
Debenture 1st Issue Light Energia 4.8 0.2% 171.0 5.7% 175.8 5.9%
BNDES FINEM (CAPEX) 159.2 5.3% 571.3 19.1% 730.5 24.4%
CCB Bradesco 41.7 1.4% 450.0 15.0% 491.7 16.4%
Working Capital - Santander 7.3 0.2% 80.0 2.7% 87.3 2.9%
Financial operations "Swap" 4.3 0.1% 1.0 0.0% 5.3 0.2%
Others 1.1 0.0% 1.8 0.1% 2.9 0.1%
Foreing Currency 12.3 0.4% 52.9 1.8% 65.3 2.2%
National Treasury 12.3 0.4% 52.9 1.8% 65.3 2.2%
Gross Debt 383.9 12.8% 2,613.5 87.2% 2,997.4 100.0%
Cash 448.0
Net Debt (a) 2,549.3
Braslight (b) 103.0 935.6 1,038.7
Adjusted Net Debt (a+b-c) 3,588.0

23
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 ne t income of R$45.3 million in 2Q11, 67.1% down on 2Q10,
reflecting the reduction in EBITDA due to (i) the increase in purchased energy
costs; (ii) the upturn in PMSO expenses, and (iii) higher provisions and the R$56.7
million increase in the 2Q10 financial result.
In 1H11, net income amounted to R$211.7 million, 41.4% down on 1H11.

Capital Expenditures
The Company invested R$337.1 million in 1H11,
R$98.7 million of which in the development of
distribution and transmission networks (new
connections, capacity increases and repairs); R$55.8
million in network quality improvements and
preventive maintenance; and R$72.2 million in
network protection, electronic meters and fraud
regularization. Generation investments totaled
R$32.4 million, of which R$5.2 million went to the
maintenance of existing generating facilities.
362
212
(182)
(55)
107
(20)
1H10 EBITDA Financial Result Taxes Others 1H11
Net Income - Half
R$ Million
193.5
292.0
11.7
12.5
43.1
32.4
0.7
0.2
249.0
337.1
1H10 1H11
CAPEX (R$ MN)
Distribution Administration Generation Commercial
35.4%

24
Generation Capacity Expansion Projects
2Q11 was marked by the following events related to projects for expanding Lights
generating capacity:
- Construction of the Paracambi SHP, which began in November 2009, is well
under way. The current stage includes: final preparations for the beginning of river
diversion, lowering of the 1 and 2 suction cofferdams, launching and compacting of
the dam embankment, cleaning of the tailrace channel, conclusion of the concreting
of the rotor housing columns, and the mechanical assembly of the suction pipe. The
signing of a BNDES financing contract is expected in the second half of 2011.
- The Construction of the New Feeder 1, part of the Lajes SHP water channeling
system, is under way and scheduled for completion in the fourth quarter of 2011.
The projects completion was rescheduled due to construction delays chiefly as a
result of the need to recalculate the anchor blocks for a flow of thirteen cubic
meters per second from the previous six cubic meters per second.
- In May 2011, IBAMA accepted the environmental impact study and report
(EIA/RIMA) for the Itaocara I and II hydroelectric plants. The public hearings were
held from July 19 to 22, being an essential condition for the environmental licensing
process and the subsequent issue of preliminary and installation licenses.
- The public hearings on the two wind energy projects acquired in 2010, located in
Aracati (CE), were held on March 1 in Fontainha (CE), and the Company is currently
waiting for the installation license to be issued by SEMACE. With a joint installed
capacity of 30 MW, both projects will participate in two energy auctions to be held
in the second half of 2011 (A-3 and reserve energy auctions).
- The Company is considering participating in several other generation
undertakings, aiming to increase its installed generating capacity through greenfield
or brownfield projects. In line with this strategy, on July 8, Light announced
investments of R$360 million in Renova Energia S.A. through the acquisition of a
26.1% interest in its capital stock. Renova Energia S.A. has an installed capacity of
42 MW in operation, and 456 MW under development, contracted in the 2009 and
2010 reserve energy auctions (LERs), in addition to 400 MW envisaged in an
energy purchase agreement executed between Renova and Light. After
consolidation of the 26.1% interest in Renova, Lights installed capacity will
increase by 234 MW.

25
Cash Flow

The Company closed 1H11 with a cash position of R$436.9 million.
In 1H11, cash flow was negative by R$77.2 million, versus the negative R$36.4
million reported in 2Q10, due to: (i) lower operating cash flow, mainly impacted by
the change in working capital accounts, and other taxes. On working capital
account, the worsening of the collection rate in the period, especially at the
beginning of the year, the largest payment to suppliers of materials and services
and buying power were the main reasons. The change in the tax bill was due
primarily to the achievement of greater tax credit in the same period of 2010. In
the account of others, the main effect was the largest disbursement of income tax
and social contribution in 2011 due to lower tax compensation in the amount of R $
18 million, compared to 2010;, and (ii) the R$95.1 million increase in investing
activities, partially offset by (iii) the R$525.4 million upturn in financing activities.
R$ MN 6/30/2011 6/30/2010
Cash in the Beginning of the Period {1) 514.1 760.3
Net Income 211.7 362.4
Social Contributions 8 !ncome Tax (95.0) (202.0)
Net Income Social Contributions & Income Tax 306.7 564.4
Provision for Delinquency 143.9 138.8
Depreciation and Amortization 183.2 173.7
Loss (gain) on intangible sales f Residual value of
disposals fixed asset 0.4 (10.6)
Losses (gains) on financing exchange activities 0.3 (1.3)
Net !nterests and Nonetary variations 153.6 127.9
Braslight 74.2 60.6
Atualization f provisions reversal 11.8 0.5
Others 13.2 14.8
Earning Before Taxes - Cash Basis 887.2 1,068.8
Working Capital (201.1) (56.1)
Contingencies (49.4) (59.4)
Taxes (143.5) (46.4)
!nterests (112.6) (97.2)
Others (213.7) (171.6)
Cash from Operating Activities {2) 167.0 638.2
Finance Obtained 875.2 881.9
Dividends (351.0) (432.3)
loans and financing payments (391.8) (842.4)
Financing Activities {3) 132.5 (392.9)
Disposal of Assets 4.7 13.6
Shares buyback - 6.4
Concession !nvestments (381.4) (301.6)
Investment Activities {4) (376.7) (281.6)
Cash in the End of the Period {1+2+3+4) 436.9 723.9
Cash Generation {2+3+4) {77.2) {36.4)

26

Corporate Governance
On June 30, 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.

On April 28, 2011, the Companys Annual and Extraordinary Shareholders Meeting
approved: (i) the payment of dividends by Light S.A., in the amount of R$351
million, related to fiscal year 2010; (ii) the amendment of the Companys Bylaws to
create a legal department and reorganize its duties and responsibilities; (iii) the
replacement of three members of the Board of Directors, all of whom with a
mandate until the Annual Shareholders Meeting to approve the accounts for the
fiscal year ending December 31, 2011.
On May 5, Light S.E.S.A. concluded its Public Distribution of Seventh Issue Non-
Convertible Debentures, comprising sixty-five thousand (65,000) simple, non-
convertible, unsecured debentures, issued on May 2, 2011, in a single series, with a
nominal unit value of ten thousand reais (R$10,000.00), totaling six hundred and
fifty million reais (R$650,000,000.00) ("Offering), as approved by the Companys
Board of Directors meeting on March 25, 2011. The proceeds from the Issue will be
used to: (i) fully settle the debt resulting from the Companys sixth debenture
15.02% 26.06% 13.03%
13.03%
CEMIG
Companhia
Energtica de MG
RME
Rio Minas Energia BNDESPAR
EDFI
MINORITY
LIGHT S.A
(Holding)
32.85%
LEPSA
LUCE
Empreendimentos
Participaes S.A.
Free Float
47.87%
Controlling Shareholders
52.13%
LIGHT S.A
(Holding)
LIGHT
Servios de
Eletricidade
S.A
LIGHT
Energia S.A.
LIGHT
ESCO
Prestao de
Servios S.A.
LIGHTGER
S.A.
ITAOCARA
Energia Ltda
LIGHTCOM
Comercializ.
de Energia S.A.
LIGHT
SOLUES
emEletricidade
Ltda
AXXIOM
Solues
Tecnolgicas
100% 100% 100% 51% 100% 100% 100% 51%

27
issue; and (ii) finance the Companys investment plan. The debentures will mature
in five (5) years, as of the issue date, i.e., on May 2, 2016.
Light Energia S.A.s 1
st
Debenture Issue, effected through a public distribution with
restricted placement efforts, was concluded on May 12, 2011. Seventeen thousand
(17,000) simple, non-convertible, unsecured debentures were issued on April 10,
2011, in a single series, with a nominal unit value of ten thousand reais
(R$10,000.00), totaling one hundred and seventy million reais
(R$170,000,000.00). The debentures will mature in five (5) years, as of the issue
date, i.e. on April 10, 2016.
On May 12, 2011, Parati, a company owned by CEMIG and FIP Redentor, acquired,
from Fundo de Investimento em Participaes - PCP ("FIP PCP), 58,671,565
common shares in Redentor, an indirect shareholder of the Company, representing
54.08% of Redentors capital, through its subsidiary RME, which holds 13.03% of
the Companys capital. As a result, Paratis indirect interest in Lights voting capital
reached 7.05%, while FIP Redentors indirect stake reached 5.29%. Said acquisition
resulted in the transfer of control of Redentor. Consequently, Parati will hold a
public tender offer for the remaining shares of Redentor, for the same price per
share paid to FIP PCP.

28
Capital Market
Lights shares have been listed on Bovespas Novo Mercado trading segment since
July 2005, therefore 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. shares are included in the following indices:
Ibovespa (BM&FBOVESPA Index), IGC (Corporate Governance Index), IEE (Electric
Power Index), IBrX (Brazil Index) and ISE (Corporate Sustainability Index).
At the end of June 2011, Light S.A.s shares (LIGT3) were quoted at R$29.36
(adjusted for shareholder payments), having appreciated by 10.9% in 2Q11,
outperforming the -9.0% recorded by the Ibovespa and the 0.6% posted by the IEE
in the same period. In 1H11, the Companys shares appreciated by 22.93%, while
the Ibovespa fell by 9.69%. The Companys market cap (number of shares X share
price) closed the quarter at R$5.988 million.

The chart below gives a breakdown of the Companys free float.

Free Float Structure

Foreign

INDIVIDUAL
14.60%
NATIONAL
LEGAL
ENTITIES
22.80%
FOREIGN
62.60%
BM&F BOVESPA (spot market) - LIGT3
Daily Average 2Q11 1Q11 2Q10
Number of shares traded (Thousand) 653.7 954.5 689.1
Number of Transactions 1,950 2,478 1,521
Traded Volume (R$ Million) 18.5 25.8 15.0
Quotation per shares: (Closing)* R$ 29.36 R$ 26.49 R$ 18.27
Share Valuing (Quarter) 10.9% 10.9% -12.7%
IEE Valuing (Quarter) 0.6% 9.7% -0.6%
Ibovespa Valuing (Quarter) -9.0% -1.0% 0.5%
*Ajusted by earnings
EUROPE
40.77%
USA
37.78%
ASIA
13.11%
OCEANIA
5.02%
NORTH
AMERICA
2.85%
SOUTH
AMERICA
0.65%
CENTRAL
AMERICA
0.03%

29
The chart below shows the performance of Lights stock between January 1, 2010
and June 30, 2011.

Dividends
Lights dividend payment policy establishes the payment of minimum dividends
equivalent to 50% of adjusted net income, calculated in compliance with Article 189
of Brazilian Corporation Law and pursuant to Brazilian accounting practices and the
regulations of the Brazilian Securities and Exchange Commission (CVM).
On May 18, 2011, the Company paid dividends to shareholders totaling three
hundred and fifty million, nine hundred and seventy-nine thousand, three hundred
and six reais and thirty-six centavos (R$350,979,306.36), corresponding to
R$1.721043 per share, based on net income for the fiscal year ended December 31,
2010. Shares were traded ex-dividends as of April 29, 2011.

Light x Ibovespa x IEE
Base jan/10 = 100 until 06/30/2011
40
60
80
100
120
140
160
D
e
c
-
0
9
J
a
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p
r
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M
a
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-
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J
u
n
-
1
0
J
u
l
-
1
0
A
u
g
-
1
0
S
e
p
-
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0
O
c
t
-
1
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N
o
v
-
1
0
D
e
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J
a
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-
1
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F
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a
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-
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1
1
41% Light
-9% Ibovespa
24% IEE
R$/share
01/04/10 20.53
06/30/11 29.36
2010
IEE 12%
IBOV 1%
LIGT3 15%
2011
IEE 10%
IBOV -10%
LIGT3 23%

30
Dividends paid, dividend yield and payout

100% 100%
76.3%
64.2%
2007 2008 2009 2010
Payout
50%
Minimum Dividends Policy
4.2%
8.2%
9.9%
1.7%
8.1% 8.1%
6.1%
203
351
408
187
432
363
351
1H08 2H08 1H09 2H09 1H10 2H10 1H11
Dividend Yeld* Dividends
*Based on the closing price of the day
before of the announcement.

31
Recent Events
On July 7, 2011, Parati acquired, from Enlighted Partners Venture Capital LLC
("ENLIGHTED), 100% of Luce LLC ("Luce), the owner of seventy-five percent
(75%) of Fundo de Investimento em Participaes (FIP LUCE), which in turn is
the indirect holder, through Luce Empreendimentos e Participaes S.A.
("LEPSA), of twenty-six million, five hundred seventy-six thousand, one
hundred and forty-nine (26,576,149) common shares issued by the Company,
representing approximately 13.03% of its total and voting capital.
On July 8, 2011 the Company and Renova Energia S.A. ("Renova) executed an
Investment Agreement whereby the Company will enter Renovas capital stock
by subscribing to new common shares to be issued by the latter, corresponding
to a R$360 million increase in Renovas capital. Following this Investment, the
Company will hold 35.1% of Renovas common shares and 26.2% of its total
capital. All shareholders with an individual interest of more than five percent
(5%) of the Companys capital stock will freely assign their preemptive rights in
Renovas capital increase to the Company. Following the Meeting of Renovas
Board of Directors that resolves on the capital increase, Renovas other
shareholders will have 30 days to exercise their preemptive rights in the capital
increase.
On July 15, 2011, FUNDAO DE SEGURIDADE SOCIAL BRASLIGHT
("Braslight), which holds a 25% interest in FIP Luce, announced that it will
exercise a put option on said interest, as provided for in the FIP Luce
Shareholders Agreement. With the acquisition of Luce LLC and Braslights
interests, Paratis indirect interest in the Companys total and voting capital
increased from 7.05% to 20.08%.
On August 5, 2011, the Board of Directors of Light S.A. approved the
acquisition, by the amount of R$ 120 thousand, corresponding to 20% of the
common shares issued by CR Zongshen E-Power vehicle manufacture S.A., a
company located at the City of Sapucaia, Rio de Janeiro, whose principal object
is to manufacture electric two-wheeled vehicles of the brand "Kasinski".

32
Disclosure Program

Disclaimer
The information on the Companys operations and its Managements expectations regarding its future
performance has not been 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.
Teleconference
Brazil: (55) 11 - 4688-6361
Other countries: +1 (786) 924 6977
Access code: Light
Conference Call - Dial number:
Schedule
08/08/2011, Monday, at 4:00 p.m. (Brazilian Time) and at 3:00 p.m. (NY
Time), with simultaneous translation to English
Webcast: link on site www.light.com.br (portuguese and english)
Access conditions:

33

APPENDIX I
Statement of Income by Company - R$ million

LIGHT SESA 2Q11 2Q10 % 1H11 1H10 %
Net operating revenue 1.524,3 1.421,7 7,2% 3.257,5 3.042,3 7,1%
Operating expense (1.421,3) (1.175,2) 20,9% (2.858,3) (2.435,1) 17,4%
Operating result 103,0 246,5 -58,2% 399,1 607,1 -34,3%
EBITDA 179,6 318,9 -43,7% 551,8 749,8 -26,4%
Financial Result (81,9) (23,0) 255,8% (172,2) (110,8) 55,5%
Other Operating Incomes/Expenses (1,4) 10,8 - (1,3) 10,6 -
Result before taxes and interest 19,7 234,3 -91,6% 225,6 507,0 -55,5%
Net Income 18,9 114,1 -83,5% 158,0 325,9 -51,5%
EBITDA Margin* 13,4% 24,3% - 18,8% 26,6% -
*Does not considered Construction Revenue
LIGHT ENERGIA 2Q11 2Q10 Var. % 1H11 1H10 Var. %
Net operating revenue 77,5 73,1 6,0% 162,2 147,6 9,9%
Operating expense (35,3) (25,2) 40,0% (71,8) (77,5) -7,5%
Operating result 42,2 47,9 -11,9% 90,5 70,1 29,1%
EBITDA 56,4 53,6 5,3% 120,4 100,2 20,2%
Financial Result (7,2) (9,9) -27,5% (18,2) (20,7) -12,2%
Other Operating Incomes/Expenses - - - (0,9) - -
Result before taxes and interest 35,0 38,0 -7,8% 71,3 49,4 44,5%
Net Income 21,5 18,2 18,1% 49,0 31,7 54,6%
EBITDA Margin 72,8% 73,3% -0,7% 74,2% 67,8%
COMMERCIALIZATION 2Q11 2Q10 Var. % 1H11 1H10 Var. %
Net operating revenue 56,7 36,4 55,7% 97,8 69,2 41,3%
Operating expense (40,0) (21,1) 89,9% (76,0) (41,8) 81,9%
Operating result 16,7 15,3 8,9% 21,8 27,4 -20,6%
EBITDA 6,3 9,8 -35,8% 8,6 11,8 -27,8%
Financial Result 0,4 0,2 143,2% 0,5 0,6 -24,2%
Other Operating Incomes/Expenses - - - - - -
Result before taxes and interest 17,1 15,5 10,4% 22,3 28,0 -20,7%
Net Income 4,4 6,6 -33,8% 5,8 8,1 -28,6%
EBITDA Margin 11,1% 6,5% 71,2% 8,7% 6,5% 35,0%

34

APPENDIX II
Statement of Consolidated Income

Consolidated - R$ MN 2Q11 2Q10 % 1H11 1H10 %
NET OPERATING REVENUE 1,637.9 1,512.7 8.3% 3,472.6 3,221.6 7.8%
OPERATING EXPENSE (1,489.5) (1,220.4) 22.1% (2,980.1) (2,537.7) 17.4%
Personnel (75.4) (64.2) 17.5% (137.6) (117.6) 17.0%
Material (6.1) (8.1) -24.5% (12.4) (16.9) -26.7%
Outsourced Services (107.6) (82.5) 30.4% (212.1) (166.4) 27.4%
Purchased Energy (900.7) (804.8) 11.9% (1,894.3) (1,655.7) 14.4%
Depreciation (92.4) (88.1) 4.9% (183.2) (173.7) 5.5%
Provisions (99.3) (37.1) 167.4% (160.6) (138.7) 15.8%
Others (208.0) (135.6) 53.3% (379.9) (268.7) 41.4%
OPERATING RESULT() 148.4 292.3 -49.2% 492.5 683.9 -28.0%
EBITDA () 240.8 380.4 -36.7% 675.7 857.6 -21.2%
FINANCIAL RESULT (88.9) (32.2) 176.1% (185.5) (130.0) 42.6%
Financial Income 58.2 51.7 12.6% 94.7 96.2 -1.5%
Financial Expenses (147.1) (83.9) 75.3% (280.2) (226.2) 23.9%
Other Operating Incomes/Expenses (1.4) 10.8 - (0.4) 10.6
RESULT BEFORE TAXES AND INTEREST 58.1 271.0 -78.5% 306.7 564.4 -45.7%
SOCIAL CONTRIBUTIONS & INCOME TAX (23.7) (67.0) -64.6% (92.8) (116.5) -20.3%
DEFERRED INCOME TAX 10.9 (66.3) -116.4% (2.2) (85.6) -97.4%
NET INCOME 45.3 137.7 -67.1% 211.7 362.4 -41.6%
(*) The consolidated financial statements include the Light S.A. and its subsidiaries and affiliates. These financial statements were
eliminated from equity consolidated companies, the balances of receivables and payables, revenues and expenses between the
companies.
() 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.

35
APPENDIX III
Consolidated Balance Sheet

Consolidated Balance Sheet - R$ MN
ASSETS 06/30/2011 03/31/2010 12/31/2010
Circulating 2,268.5 2,305.9 2,378.2
Cash & Cash Equivalents 448.0 382.5 525.2
Receivable Accounts 1,245.4 1,412.5 1,338.7
Inventories 23.4 20.6 20.5
Recoverable Taxes 292.5 233.5 278.9
Prepaid Expenses 13.7 16.3 2.1
Other Current Assets 245.5 240.5 212.7
Non Circulating 7,457.5 7,322.9 7,216.8
Receivable Accounts 323.0 309.9 296.3
Deferred Taxes 904.1 905.7 899.3
Prepaid Expenses 0.5 0.6 0.7
Others Non-current Assets 814.6 789.2 760.3
Investiments 20.3 21.5 17.6
Fixed Assets 1,633.7 1,631.8 1,628.9
Intangible 3,761.3 3,664.4 3,613.8
Total Assets 9,725.9 9,628.9 9,594.9
LIABILITIES 6/30/2011 3/30/2011 12/31/2010
Circulating 1,603.7 2,072.9 2,186.8
Suppliers 549.4 614.5 658.4
Fiscal obligations 165.9 161.1 350.2
Loans and Financing 225.9 209.4 165.9
Debentures 157.9 420.5 381.3
Others Obligations 504.5 667.4 631.0
Provisions 0.0 0.0 0.0
Non Circulating 4,794.8 4,059.5 4,078.0
Loans and Financing 1,157.1 1,204.5 1,197.5
Debentures 1,456.4 682.9 727.9
Others Obligations 1,357.7 1,333.0 1,325.0
Deferred Taxes 290.3 295.0 275.8
Provisions 533.3 544.1 551.9
Shareholders' Equity 3,327.4 3,496.5 3,330.1
Realized Joint Stock 2,225.8 2,225.8 2,225.8
Profit Reserves 407.0 616.0 610.2
Legal Reserve 162.8 162.8 162.8
Profits Retention 244.3 238.9 233.1
Additional Proposed Dividend 0.0 214.4 214.4
Asset valuation adjustments 482.9 488.3 494.1
Accumulated Profit/Loss of Exercise 211.7 166.3 0.0
Total Liabilities
9,725.9 9,628.9 9,594.9

36
APPENDIX IV
Regulatory Assets and Liabilities: Formation and Amortization

APPENDIX V
Light by Numbers

OPERATING INDICATORS 2Q11 2Q10 Var. %
N of Consumers (thousand) 4,102 4,028 1.8%
N of Employees 4,009 3,730 7.5%
Average provision tariff - R$/MWh 402.2 408.2 -1.5%
Average provision tariff - R$/MWh (w/out taxes) 274.8 277.6 -1.0%
Average energy purchase cost - R$/MWh 104.0 98.7 5.3%
Installed generation capacity (MW) 855 855 -
Assured energy (Average MW)) 637 637 -
Pumping and internal losses (Average MW) 87 100 -
Available energy (Average MW) 550 537 2.4%
Net Generation (GWh) 1,240 1,301.5 -4.8%
Load Factor 64.6% 64.2% -
Includes purchase on spot
R$ Million Jun-11 Mar-11 Dec-11
TOTAL ASSET 134.3 149.8 161.6
TOTAL LIABILITIES (256.6) (277.7) (224.0)
TOTAL DIFFERENCE (122.2) (127.8) (62.4)
Net difference (period) 5.6 (65.4) -
Net difference (accumulated) (59.8) - -
R$ MN 2Q11 2Q10 1H11 1H10
Formation (7.0) 4.2 (62.2) (77.1)
Energy (24.0) (10.8) (62.3) (49.8)
Itaipu Transport - 0.1 0.3 0.1
Charges (0.3) 12.7 17.1 26.8
Involuntary Exposure 17.4 2.2 (17.3) (54.1)
Amortization (15.3) (75.2) (32.9) (158.3)
Energy (0.3) (59.9) (0.5) (126.1)
Itaipu Transport (0.2) (0.3) (0.4) (0.6)
Charges (14.8) (15.0) (32.0) (31.6)
Net Result (22.3) (70.9) (95.1) (235.4)

37

APPENDIX VI
The adoption of the CPCs caused the following impacts on the 2Q10 and 1H10
results of the Company and its subsidiaries:

2Q10 Before After
Ajustments Ajustments Ajustments
OPERATING REVENUE 2,233.3 114.0 2,347.3
DEDUCTIONS FROM THE OPERATING REVENUE (832.5) (2.0) (834.6)
NET OPERATING REVENUE 1,400.7 112.0 1,512.7
OPERATING EXPENSE (1,160.5) (59.9) (1,220.4)
OPERATING RESULT 240.3 52.1 292.4
Depreciation (78.8) (9.3) (88.1)
EBITDA 319.1 61.4 380.4
FINANCIAL RESULT - - -
Financial Income 51.7 - 51.7
Financial Expenses (84.3) 0.4 (83.9)
Total (32.6) 0.4 (32.2)
Other Operating Incomes/Expenses 10.8 - 10.8
RESULT BEFORE TAXES AND INTEREST 218.6 52.5 271.1
SOCIAL CONTRIBUTIONS & INCOME TAX + DEFERRED (112.9) (20.4) (133.3)
PLR (7.3) 7.3 (0.0)
NET INCOME 98.3 39.4 137.7
2C10 1P10 Company
Net Income before a[ustments 98.3 218.8
8egulaLory AsseLs and LlablllLles 69.1 236.3
Net keveooe 112.0 226.6 LlghL SLSA
Opetotloq xpeoses (4J.J) 9.4 LlghL SLSA
lloooclol kesolt 0.4 0.4 LlghL SLSA
neL llxed AsseLs (9.3) (18.6)
uepteclotloo (9.J) (18.6) LlghL Lnergla
Otbet Opetotloq xpeoses 0.0 0.0 LlghLger e lLaocara
ConsLrucLlon 8evenue 0.0 0.0
Net keveooe 111.2 222.4 LlghL SLSA
Opetotloq xpeoses (111.2) (222.4) LlghL SLSA
Soclal ConLrlbuLlons and lncome 1ax (20.4) (74.2) LlghL S.A.
neL lmpacL 39.4 143.6 LlghL S.A.
Net Income after a[ustments 137.7 362.4

38

1H10 Before After
Ajustments Ajustments Ajustments
OPERATING REVENUE 4,721.8 228.3 4,950.2
DEDUCTIONS FROM THE OPERATING REVENUE (1,726.8) (1.8) (1,728.6)
NET OPERATING REVENUE 2,995.0 226.6 3,221.6
OPERATING EXPENSE (2,518.8) (18.9) (2,537.7)
OPERATING RESULT 476.3 207.6 683.9
Depreciation (155.2) (18.6) (173.7)
EBITDA 631.4 226.2 857.6
FINANCIAL RESULT
Financial Income 96.2 - 96.2
Financial Expenses (226.6) 0.4 (226.2)
Total (130.4) 0.4 (130.0)
Other Operating Incomes/Expenses 10.6 - 10.6
RESULT BEFORE TAXES AND INTEREST 356.5 208.0 564.4
SOCIAL CONTRIBUTIONS & INCOME TAX + DEFERRED (127.9) (74.2) (202.0)
PLR (9.8) 9.8 -
NET INCOME 218.8 143.6 362.4

39

Notes 06/30/2011 12/31/10 06/30/2011 12/31/10
ASSETS
Cash and cash equivalents 4 80.328 38.295 436.865 514.109
Marketable Securities 5 - - 11.167 11.122
Consumers, concessionaires and permissionaires 6 - - 1.245.437 1.338.704
Taxes and contributions 7 1.430 1.080 292.485 278.885
Inventories - - 23.355 20.537
Dividends receivable 3.643 48.054 45 -
Services receivable 150 146 77.405 59.724
Swap income receivable - - 566 -
Prepaid expenses 57 159 13.665 2.114
Other receivables 10 39.933 23.860 167.465 152.973
TOTAL CURRENT ASSETS 125.541 111.594 2.268.455 2.378.168
Consumers, concessionaires and permissionaires 6 - - 322.962 296.261
Taxes and contributions 7 - - 57.908 57.908
Deferred taxes 8 - - 904.129 899.265
Concession financial assets 9 - - 508.599 469.030
Receivables from swap transactions 31 - - - 211
Escrow deposits 208 194 240.038 225.251
Prepaid expenses - - 488 714
Other receivables 10 - - 8.011 7.865
Investments 11 3.203.731 3.356.788 20.305 17.586
Property, plant and equipment 12 672 678 1.633.712 1.628.893
Intangible assets 13 - - 3.761.333 3.613.772
TOTAL NON-CURRENT ASSETS 3.204.611 3.357.660 7.457.485 7.216.756
TOTAL ASSETS 3.330.152 3.469.254 9.725.940 9.594.924
The notes are an integral part of the financial statements.
Parent Company Consolidated
LIGHT S.A.
(In Thousands of Reais)
BALANCE SHEETS

Notes 06/30/2011 12/31/2010 06/30/2011 12/31/2010
LIABILITIES
Suppliers 14 96 280 549,414 658,421
Taxes and contributions 7 60 31 165,945 350,169
Loans, Financing and Financial Charges 15 - - 225,933 165,878
Debentures and Financial Charges 16 - - 157,934 381,332
Dividends Payable - 136,598 - 136,598
Estimated Liabilities 234 220 48,522 45,264
Sector charges 17 - - 119,083 117,218
Post-employment benefits 20 - - 103,756 95,555
Other Liabilities 21 2,334 1,981 233,147 236,318
TOTAL CURRENT LIABILITIES 2,724 139,110 1,603,734 2,186,753
Loans, Financing and Financial Charges 15 - - 1,157,062 1,197,500
Debentures and Financial Charges 16 - - 1,456,426 727,891
Taxes and contributions 7 - - 199,547 177,699
Deferred Taxes 8 - - 290,324 275,755
Contingencies 19 - - 533,265 551,897
Post-employment benefits 20 - - 935,646 920,630
Other Liabilities 21 - - 222,508 226,655
TOTAL NON-CURRENT LIABILITIES - - 4,794,778 4,078,027
SHAREHOLDERS' EQUITY 23
Capital stock 2,225,822 2,225,822 2,225,822 2,225,822
Capital reserves
Legal reserve 162,756 162,756 162,756 162,756
Profit retention 244,290 233,083 244,290 233,083
Proposed additional dividends - 214,381 - 214,381
Equity valuation adjustments 482,895 494,102 482,895 494,102
Retained Earnings/Accumulated Losses 211,665 - 211,665 -
TOTAL SHAREHOLDERS' EQUITY 3,327,428 3,330,144 3,327,428 3,330,144
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 3,330,152 3,469,254 9,725,940 9,594,924

40

Notes
04/01/2011 to
06/30/2011
01/01/2011 to
06/30/2011
04/01/2010 to
06/30/2010
01/01/2010 to
06/30/2010
04/01/2011 to
06/30/2011
01/01/2011 to
06/30/2011
04/01/2010 to
06/30/2010
01/01/2010 to
06/30/2010
OPERATING REVENUE
Provision of electric power 26 - - - - 1.966.880 4.290.207 1.919.916 4.118.218
Supply of electric power 26 - - - - 125.976 244.761 108.343 205.030
Construction Revenue 26 - - - - 179.234 326.267 111.186 222.436
Other revenue 26 - - - - 202.747 421.120 207.846 404.479
- - - - 2.474.837 5.282.355 2.347.291 4.950.163
Deductions to operating revenue
State Goods and Services Tax - ICMS - - - - (549.633) (1.199.653) (566.673) (1.177.719)
Consumer Charges 26 - - - - (152.267) (306.772) (133.123) (272.079)
PIS/ COFINS - - - - (125.513) (283.608) (134.070) (276.611)
Other - - - - (9.500) (19.721) (694) (2.169)
- - - - (836.913) (1.809.754) (834.560) (1.728.578)
NET OPERATING REVENUE 26 - - - - 1.637.924 3.472.601 1.512.731 3.221.585
COST OF OPERATIONS - - - - (1.266.950) (2.582.058) (1.083.446) (2.204.917)
Electric Power Purchased for Resale 29 - (900.749) (1.894.299) (804.800) (1.655.711)
Personnel 28 - - - - (47.977) (87.161) (43.164) (77.733)
Material 28 - - - - (5.005) (10.150) (6.626) (13.855)
Outsourced services 28 - - - - (47.217) (92.350) (35.932) (72.471)
Depreciation and amortization 28 - - - - (81.611) (161.778) (78.849) (155.561)
Construction costs 28 - - - - (179.234) (326.267) (111.186) (222.436)
Other 28 - - - - (5.157) (10.053) (2.889) (7.150)
GROSS PROFIT - - - - 370.974 890.543 429.285 1.016.668
OPERATING EXPENSES (2.876) (5.422) (1.344) (3.527) (223.957) (398.372) (126.117) (322.183)
Selling expenses 28 - - - - (109.715) (202.250) (98.339) (185.012)
General and administrative expenses 28 (2.876) (5.422) (1.344) (3.527) (112.851) (195.760) (38.617) (147.766)
Other revenues / expenses - - - - (1.391) (362) 10.839 10.595
OPERATING INCOME (2.876) (5.422) (1.344) (3.527) 147.017 492.171 303.168 694.485
FINANCIAL INCOME 2.851 4.332 181 370 (88.876) (185.473) (32.194) (130.040)
Revenues 30 2.925 4.540 183 370 58.248 94.746 51.736 96.166
Expenses 30 (74) (208) (2) - (147.124) (280.219) (83.930) (226.206)
EQUITY IN THE EARNINGS OF SUBSIDIARIES 45.365 212.755 138.815 365.588 - - - -

INCOME BEFORE INCOME TAX AND
SOCIAL CONTRIBUTION 45.340 211.665 137.652 362.431 58.141 306.698 270.974 564.445
Current income and social contribution taxes 8 - - - - (23.723) (92.836) (67.038) (116.454)
Deferred income and social contribution taxes 8 - - - - 10.922 (2.197) (66.284) (85.560)
NET INCOME FOR THE PERIOD 45.340 211.665 137.652 362.431 45.340 211.665 137.652 362.431
LIGHT S.A.
INCOME STATEMENT
FOR THE PERIOD ENDED JUNE 30

41

01/01/2011 to
06/30/2011
01/01/2010 to
06/30/2010
01/01/2011 to
06/30/2011
01/01/2010 to
06/30/2010
Cash flow tax operaty activities
Net income before income tax and social contribution 211.663 362.431 306.698 564.445
Adjustments of expenses/ (revenues) not affecting cash
Allowance for doubtful accounts - - 143.882 138.793
Depreciation and amortization - - 37.720 40.954
Amortization of intangible assets - - 145.494 132.760
Loss (gain) from the sale of intangible assets / Residual value of derecognized
property, plant and equipment - - 362 (10.605)
Exchange losses (gains) from financial activities - - 276 (1.272)
Restatement of contingencies - - 18.968 22.816
Adjustment of receivables to present value - - (5.769) (8.057)
Interest expenses on loans - - 153.610 127.897
Charges and monetary variation on post-employment liabilities - - 74.181 60.576
Provision for / (Reversal of ) contingencies - liabilities - - 11.783 542
Equity income (212.755) (365.588) - -
(Increase)/Reduction in Assets
Marketable securities - - (45) 62.324
Consumers, concessionaires and permissionaires - - (71.547) (12.677)
Dividends received 420.473 461.486 - -
Taxes and contributions (330) (111) 4.331 132.132
Inventories - - (2.818) (5.805)
Receivables from services rendered - - (17.681) (29.507)
Prepaid Expenses 102 112 (11.325) (1.947)
Escrow deposits (14) (28) (14.787) (7.760)
Other (16.073) (500) (16.632) (18.965)
Increase/(Reduction) in liabilities
Suppliers (184) (6.219) (109.007) (70.390)
Estimated liabilities 9 (95) 3.257 (6.228)
Taxes and contributions 29 (43) (147.807) (178.499)
Sector charges - Consumer Contributions - - 1.865 9.351
Contingencies - - (49.383) (59.433)
Post-employment benefits - - (50.964) (45.257)
Other liabilities 1.130 1.330 (7.261) (15.634)
Interests paid - - (112.570) (97.166)
Income and social contribution taxes paid - - (117.828) (85.206)
Net cash from operating activities 404.032 452.775 167.003 638.182
Cash flow from investment activities
Share acquisition - (45.359) - (45.358)
Receivables related to shares - 51.749 - 51.749
Receivables from the sale of property, plant and equipment - - 4.652 13.562
Acquisition of property, plant and equipment - - (42.916) (59.679)
Acquisition of intangible assets - - (292.835) (228.289)
Acquisition of financial assets (concession) - - (39.830) (9.656)
Additions to/acquisition of investment (11.020) (37.622) (5.777) (3.976)
Net cash used in investment activities (11.020) (31.232) (376.706) (281.647)
Cash flow from financing activities
Dividends and interest on equity paid (350.979) (432.340) (350.979) (432.340)
Loans and financing - - 875.224 881.879
Amortization of loans and financing - - (391.786) (842.449)
Net cash used in financing activities (350.979) (432.340) 132.459 (392.910)
Increase (decrease) in cash and cash equivalents 42.033 (10.797) (77.244) (36.375)
-
Cash and cash equivalents at beginning of period 38.295 14.584 514.109 760.313
Cash and cash equivalents at close of period 80.328 3.787 436.865 723.938
Changes in cash and cash equivalents 42.033 (10.797) (77.244) (36.375)
LIGHT S.A.
( In Thousands of Reais )
CASH FLOW STATEMENTS FOR THE PERIODS ENDED JUNE 30

42

PROPOSED EQUITY RETAINED
CAPITAL CAPITAL TREASURY LEGAL RETAINED ADDITIONAL VALUATION EARNINGS / TOTAL
STOCK RESERVES SHARES RESERVE EARNINGS DIVIDENDS ADJUSTMENTS
(ACCUMULATED)
LOSSES
BALANCE ON 12/31/2009 2.225.822 34.406 (6.361) 133.999 499.188 288.693 518.761 (140.880) 3.553.628
Realization of equity valuation adjustment - - - - - - - - -
Losses adjunct - adjustements of IFRS 1st Adoption - - - - - - (12.409) 12.409 -
Exercised granted options - (12.243) - - - - - - (12.243)
Shares' write-offs in treasury - (6.361) 6.361 -
Transfer of non-exercised Options - (15.802) - - 15.802 - - - -
Treasury Shares - - - - - - - - -
Dividends paid - profits reserve - - - - - - - - -
Payment of additional proposed dividends - - - - - (288.693) - - (288.693)
Net income for the period - - - - - - - 362.431 362.431
Allocation of net income for the period: -
Legal reserve - - - - - - - - -
Proposed dividends - - - - - - - - -
Additional proposed dividends - - - - - - - - -
Profit retention reserve - - - - - - - - -
BALANCE ON 06/30/2010 2.225.822 - - 133.999 514.990 - 506.352 233.960 3.615.123
LIGHT S.A.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - CONSOLIDATED
( In thousand of Reais )
PROFIT RESERVES
PERIOD ENDED JUNE 30

PROPOSED EQUITY RETAINED
CAPITAL CAPITAL TREASURY LEGAL RETAINED ADDITIONAL VALUATION EARNINGS / TOTAL
STOCK RESERVES SHARES RESERVE EARNINGS DIVIDENDS ADJUSTMENTS LOSSES
BALANCE ON 12/31/2010 2.225.822 - - 162.756 233.083 214.381 494.102 - 3.330.144
Realization of equity valuation adjustment - - - - - - - -
Capital Increase - - - - - - - - -
Recognized granted options - - - - - - - - -
Exercised granted options - - - - - - - - -
Treasury Shares - - - - - - - - -
Dividends paid - profits reserve - - - - - (214.381) - - (214.381)
Payment of additional proposed dividends - - - - - - - - -
Realization of re-evaluation reserve - - - - 11.207 - (11.207) - -
Net income for the period - - - - - - - 211.665 211.665
Allocation of net income for the period:
Legal reserve - - - - - - - - -
Proposed dividends - - - - - - - -
Additional proposed dividends - - - - - - - - -
Profit retention reserve - - - - - - - -
BALANCE ON 06/30/2011 2.225.822 - - 162.756 244.290 - 482.895 211.665 3.327.428
LIGHT S.A.
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - CONSOLIDATED
( In thousand of Reais )
PROFIT RESERVES
PERIOD ENDED JUNE 30

01/01/2011 a 06/30/2011 01/01/2010 a 06/30/2010 01/01/2011 a 06/30/2011 01/01/2010 a 06/30/2010
Revenues - - 5.138.473 4.811.370
Sales of goods, products and services - - 5.282.355 4.930.163
Allowance/Reversal of allowance for doubtful accounts - - (143.882) (138.793)
Input acquired from third parties (3.268) (1.400) (2.477.457) (2.058.264)
Costs of Products, Goods and Services Sold - - (1.894.299) (1.655.711)
Material Energy Outsourced services Other (3.268) (1.400) (583.158) (402.553)
Gross value added (3.268) (1.400) 2.661.016 2.753.106
Retentions - - (183.184) (173.714)
Depreciation, amortization and depletion - - (183.184) (173.714)
Net added value produced (3.268) (1.400) 2.477.832 2.579.392
Added value received in transfers 217.294 365.958 94.746 96.166
Equity income 212.755 365.588 - -
Financial income 4.539 370 94.746 96.166
Total added value to distribute 214.026 364.558 2.572.578 2.675.558
Distribution of added value 214.026 364.558 2.572.578 2.675.558
Personnel 2.065 2.017 118.605 99.993
Direct compensation 1.889 1.852 91.295 76.542
Benefits 57 110 17.702 15.180
Government Severance Fund for Employees (FGTS) 119 55 7.821 7.479
Other - - 1.787 792
Taxes, fees and contributions 86 110 1.935.485 1.973.715
Federal 86 110 731.135 790.447
State - - 1.200.115 1.178.278
Municipal - - 4.234 4.990
Third party capital remuneration 210 - 306.823 239.419
Interest 208 - 279.237 211.224
Rental 2 - 16.653 16.574
Other - - 10.933 11.621
Remuneration of own capital 211.665 362.431 211.665 362.431
Dividends - -
Retained earnings / accumulated losses for the period 211.665 362.431 211.665 362.431
LIGHT - S.A.
STATEMENTS OF VALUE ADDED FOR THE PERIOD ENDED JUNE 30
( In thousands of reais )

43

TABLE OF CONTENTS

1. OPERATIONS
2. PRESENTATION OF THE QUARTERLY FINANCIAL INFORMATION
3. SUMMARY OF ACCOUNTING PRACTICES
4. CASH AND CASH EQUIVALENTS
5. MARKETABLE SECURITIES
6. CONSUMERS, CONCESSIONAIRES AND PERMISSIONAIRES (CLIENTS)
7. TAXES AND CONTRIBUTIONS
8. DEFERRED TAXES
9. CONCESSION FINANCIAL ASSETS
10. OTHER RECEIVABLES
11. INVESTMENTS
12. PROPERTY, PLANT AND EQUIPMENT
13. INTANGIBLE ASSETS
14. SUPPLIERS
15. LOANS, FINANCING AND FINANCIAL CHARGES
16. DEBENTURES AND FINANCIAL CHARGES
17. REGULATORY CHARGES
18. PROVISIONS
19. CONTINGENCIES
20. POST-EMPLOYMENT BENEFITS
21. OTHER PAYABLES
22. RELATED-PARTY TRANSACTIONS
23. SHAREHOLDERS EQUITY
24. DIVIDENDS PAYABLE
25. EARNINGS PER SHARE
26. NET OPERATING REVENUE BREAKDOWN
27. ELECTRIC POWER SUPPLY
28. OPERATING COSTS AND EXPENSES
29. ELECTRIC POWER PURCHASED FOR RESALE
30. FINANCIAL INCOME
31. FINANCIAL INSTRUMENTS
32. INSURANCE
33. INFORMATION BY SEGMENT
34. LONG-TERM INCENTIVE PLAN
35. SUBSEQUENT EVENTS

44
1. OPERATIONS

The corporate purpose of Light S.A. (Company) and its subsidiaries, headquartered in
the City and State of Rio de Janeiro, is to hold equity interests in other companies, as
partner or shareholder, and is involved in the direct or indirect exploitation, as
applicable, of electric power services, including electric power generation, transmission,
sale and distribution systems, as well as other related services.

The Company is listed in the New Market (Novo Mercado) of the So Paulo Stock
Exchange (BM&F Bovespa under LIGT3).

Light S.A. is a direct parent company of the following companies:

Light Servios de Eletricidade S.A. (Light SESA) - Publicly-held corporation engaged
in the distribution of electric power, with a concession area comprising 31 cities in the
State of Rio de Janeiro, including its capital.

Light Energia S.A. - (Light Energia) - Privately-held corporation, headquartered in the
city of Rio de Janeiro, whose main activity is to study, plan, construct, operate and
exploit systems of electric power generation, transmission, sales, and related services. It
comprises the Pereira Passos, Nilo Peanha, Ilha dos Pombos, Santa Branca and Fontes
Novas plants, with a total installed capacity of 855 MW. Light Energia holds interest in
the following subsidiaries:

Central Elica So Judas Tadeu Ltda. - Company at a pre-operating stage whose
main activity is the generation and sale of electric power through an wind power
plant located in the state of Cear, with an 18 MW nominal power.

Central Elica Fontainha Ltda. - Company at a pre-operating stage whose main
activity is the generation and sale of electric through a wind power plant located
in the state of Cear, with an 16 MW nominal power.

Light Esco Prestao de Servios S.A. (Light Esco) Privately-held corporation,
headquartered in the city of Rio de Janeiro, whose main activity is the purchase, sale,
import, export and provision of advisory services in the energy sector.

Lightcom Comercializadora de Energia S.A. (Lightcom) Privately-held corporation,
headquartered in the city of So Paulo, whose purpose is the purchase, sale, import,
export and provision of advisory services in the energy sector.

Itaocara Energia Ltda. - (Itaocara Energia) Company in the pre-operating stage,
primarily engaged in the execution of project, construction, installation, operation and
exploration of electric power generation plants.

Light Solues em Eletricidade Ltda., whose main activity is to provide service to low
voltage clients, including assembly, improvement and maintenance of installations in
general.

45
Instituto Light para o Desenvolvimento Urbano e Social (Light Institute) Non-profit
private limited company, engaged in participating in social and cultural projects, with
interest in the cities economic and social development, affirming the Companys ability
to be socially responsible.

The subsidiaries jointly-control by the Company are:

Lightger S.A. (Lightger) - Company in the pre-operating stage that participates in
auctions for concession, authorization and permission for new plants. On December 24,
2008, Lightger obtained the installation license that authorizes the start of
implementation works of Paracambi small hydroelectric power plant (PCH). Jointly-
controlled by Light S.A (51%) and Companhia Energtica de Minas Gerais - CEMIG
(49%).

Axxiom Solues Tecnolgicas S.A. (Axxiom) Privately-held corporation,
headquartered in the city of Belo Horizonte, state of Minas Gerais, whose purpose is to
offer technology solutions and systems for operating management of public utilities
companies, including electric power, gas, water and sewage, in addition to other public
utilities. It is jointly controlled by Light S.A (51%) and Companhia Energtica de Minas
Gerais - CEMIG (49%).

Grupo Lights concessions and authorizations:

Concessions / Authorizations Date of
Signature
Maturity Date
Generation, transmission and distribution
Jul/1996 Jun/2026
PCH Paracambi
Feb/2001 Feb/2031
Itaocara Hydroelectric Plant
Mar/2001 Mar/2036

2. PRESENTATION OF THE QUARTERLY FINANCIAL INFORMATION

Consolidated Quarterly Financial Information
The consolidated quarterly financial information was prepared according to the
International Financial Reporting Standards issued by the International Accounting
Standards Board (IASB) and also according to accounting practices adopted in Brazil
(BR GAAP).
Individual Quarterly Financial Information

The individual quarterly financial information is presented according to the accounting
practices adopted in Brazil, in compliance with the provisions of the Corporation Law,
and comprise the changes introduced by Laws no. 11,638/07 and 11,941/09,
complemented by new pronouncements, interpretations and guidance from CPC, issued
in 2009 and 2010, approved by CFC Resolutions, and in accordance with CVM rules.

46

The Company did not calculate comprehensive income, which is the reason why it is
not presenting the Comprehensive Income Statement.

The authorization to conclude this quarterly financial information was given by the
Companys Management at August 05, 2011.

Basis of measurement

The quarterly financial information was prepared based at historical cost, except for the
following items:

Financial instruments measured by fair value through the profit and loss;

The defined benefit actuarial asset is recognized as the net total of plan
assets, adding the unrecognized past service cost and unrecognized actuarial
losses, deducing the unrecognized actuarial gains and the present value of
the defined benefit liability; and

Fixed assets of the generation plants, measured at fair value as deemed cost.

Functional currency and presentation currency

This individual and consolidated Quarterly Financial Information is presented in Real,
which is the Companys functional currency. All financial information presented in
Real was rounded up to the next thousand figure, except when indicated otherwise.

Use of estimates and judgment

The preparation of the quarterly financial information according to the IFRS and CPC
standards demand the Management to make certain judgments, estimates and premises
that affect the application of accounting policies and the reported amounts of assets,
liabilities, revenues and expenses. Actual results may differ from these estimates.

Estimates and premises are continuously reviewed. Reviews regarding accounting
estimates are recognized in the period when the estimates are effectively reviewed and
in any affected future periods.

Information about premises and estimates that may result in adjustments within the
financial year is included in the following Notes:

Note 08 Deferred taxes
Note 18 Provisions
Note 20 Post Employment Benefits
Note 27 Eletric power supply

47
Consolidated Group

Consolidated quarterly financial information includes Light S.A. and its direct and joint
ventures listed below and there was no change to this structure in relation to December
31, 2010.

Light Servios de Eletricidade S.A. 100
Light Energia S.A 100
Light Esco Prestao de Servios S.A. 100
Lightcom Comercializadora de Energia S.A 100
Light Solues em Eletricidade Ltda. 100
Instituto Light para o Desenvolvimento Urbano e Social 100
Itaocara Energia Ltda. 100
Lightger S.A. 51
Axxiom Solues Tecnolgicas S.A. 51
Interest %

3. SUMMARY OF ACCOUNTING PRACTICES

Accounting practices used are in compliance with those described Note 4 of the
financial statements for the year ended on December 31, 2010 and were consistently
applied in the preparation of this quarterly financial information.

New IFRS and IFRIC interpretations (Financial Reporting Interpretations Committee of
IASB)

Some rules and amendments to interpretations issued by IASB are not yet effective for
the period ended June 30, 2011; therefore, said rules were not applied in the preparation
of this quarterly financial information.

Rules that are not effective yet:

Until June 2011, the IASB had issued the following accounting pronouncements:

IFRS 9 Financial Instruments Classification and Measurement - IFRS 9 Financial
Instruments concludes the first phase of the project to replace the IAS 39 - Financial
Instruments: Recognition and Measurement. IFRS 9 uses a simple approach to
determine whether a financial asset is measured at amortized cost or at fair value. The
new approach is based on the way the entity manages its financial instruments (its
business model) and the financial assets contractual cash flow. The standard also
requires the adoption of only one method to determine the impairment of assets. This
rule will be effective for the fiscal years beginning on January 1, 2013. The Company
does not expect the first-time application of this pronouncement to have a relevant
impact on its financial statements.

48
IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS
12 Disclosure of Interests in Other Entities This group of standards applies to
investments, joint investments and consolidation. IFR 10 defines a consolidation model
that identifies control as the basis for consolidation. IFRS 11 establishes the principles
for disclosure of jointly-controlled investments. IFRS 12 changes the disclosure
requirements for subsidiaries, joint enterprises, associates and the structure of non-
consolidated entities. Along with these standards, IASB issued IAS 27 and IAS 28,
amended and revised. These new standards will be effective for the fiscal years
beginning on January 1, 2013, and their early application is allowed. The Company has
not yet conclude the assessment the possible effects of adopting these standards.
IFRS 13 Fair Value Measurement - This standard changes the framework for
measuring fair value and the necessary disclosures; it does not introduce new
requirements to measure an asset or liability at fair value. This standard will become
effective as of the fiscal year beginning on January 1, 2013, its early application being
allowed. The Company has not yet conclude the assessment the possible effects of
adopting these standards.
The CPC has not yet issued a pronouncement equivalent to the aforementioned IFRS,
but it is expected to do so before the date when they become effective. The early
adoption of this IFRS pronouncement is subject to previous approval by a normative
ruling of the Brazilian Securities and Exchange Commission (CVM).
4. CASH AND CASH EQUIVALENTS

6/30/2011 12/31/2010 6/30/2011 12/31/2010
Cash 124 386 15,152 36,028
Financial Investiments of immediate liquidity
Certificate of deposit (CDB) 80,204 37,909 421,713 478,081
Total 80,328 38,295 436,865 514,109

Financial investments are represented by transactions purchased from organizations
trading in the domestic financial market, at regular market terms and rates. These
investments are highly liquid, have a daily repurchase commitment by the counterparty
financial institution (the repurchase rate is previously agreed upon by the parties),
involve low credit exposures, and yield according to the variation of the interbank
deposit rate (CDI), without yield loss in case of early redemption.

5. MARKETABLE SECURITIES

These papers involve bank deposit certificates (CDB) in the amount of R$11,167
(R$11,122 as of December 31, 2010) forming the underlying assets of certain surety
bonds pledged in power auctions, and also other proceeds from the sale of assets, that
were held for re-investment in the electric grid system or have maturities of 3 months or
longer.

49

6. CONSUMERS, CONCESSIONAIRES AND PERMISSIONAIRES (CLIENTS)

CURRENT 6/30/2011 12/31/2010
Billed sales 1,985,259 1,912,492
Unbilled sales 244,265 277,339
Debt payment by installments (a) 159,585 154,896
Other receivables - 489
2,389,109 2,345,216
Sales within the scope of CCEE 10,324 5,546
Supply and charges related to the use of electric network 45,785 46,444
56,109 51,990
(-) Allowance for doubtful accounts (b) (1,199,781) (1,058,502)
TOTAL CURRENT 1,245,437 1,338,704
NON-CURRENT
Debt payment by installments (a) 293,018 276,092
Other receivables 29,944 20,169
TOTAL NON-CURRENT 322,962 296,261
Consolidated

a) The balances of debt repayment facilities were adjusted to their present value, as
applicable, pursuant to Law No. 11,638/07. The present value is determined for each
relevant consumer debt renegotiation (debt repayment facilities) based on such
interest rate as will reflect the term and risk associated with each individual
transaction, on average 1% per month.

The balance includes the present value of repayment agreements with installment
acceleration options (these options, once exercised, give customers a discount on any
accelerated installment). It is estimated that an aggregate amount of R$21,007
(R$16,216 were exercised in the year of 2010) in options will be exercised in 2011.

b) An allowance for doubtful accounts was set up based on certain premises and in an
amount deemed sufficient by the Management to meet any asset realization losses, in
accordance with the ANEEL guidelines summarized as follows:

Customers with significant debts (large accounts):
- Outstanding balances of customer accounts are reviewed on a case-by-case basis
and per consumer class.

In all other instances:
- Residential consumers over 90 days past due;
- Commercial consumers over 180 days past due;
- Industrial, rural, public sector, public lighting, utilities, and other accounts over
360 days past due.

50
Outstanding balances and receivables in connection with invoiced electric power sales
and also debt repayment programs are summarized as follows:

Maturing Overdue up to Overdue over
Billed sales and renegotiated debts balance 90 days 90 days 06/30/2011 31/12/2010 06/30/2011 31/12/2010
Residential 209.966 170.124 934.845 1.314.935 1.208.691 (918.341) (787.040)
Industrial 20.689 16.552 151.266 188.507 202.264 (40.386) (39.998)
Commercial 116.867 42.716 319.265 478.848 485.408 (233.454) (223.865)
Rural 542 348 689 1.579 1.568 (566) (499)
Public sector 37.982 20.705 120.150 178.837 172.723 (5.920) (4.920)
Public lighting 13.202 2.769 26.446 42.417 39.666 (1.106) (1.635)
Public utility 221.055 894 10.790 232.739 233.160 (8) (546)
Total - current and non-current 620.303 254.108 1.563.451 2.437.862 2.343.480 (1.199.781) (1.058.502)
Matured balances TOTAL Allowance for doubtfull accounts

7. TAXES AND CONTRIBUTIONS

CURRENT 6/30/2011 12/31/2010 6/30/2011 12/31/2010
Tax credits IRPJ and CSLL 1,415 1,080 - -
IRRF (Withholding Income Tax) recoverable - - - 1
ICMS payable - - 13 13
Prepaid IRPJ/CSLL 15 - - -
Other - - 47 17
Total 1,430 1,080 60 31
Liabilities
Parent Company
Assets

CURRENT 6/30/2011 12/31/2010 6/30/2011 12/31/2010
Tax credits IRPJ and CSLL (a) 15,108 6,838 - -
IRRF (Withholding Income Tax) payable - - 516 523
ICMS recoverable 165,137 80,080 - -
ICMS payable - - 4,236 23,833
Installment Payments - Law 11,941/09 (b) - - 16,277 21,633
PIS/COFINS recoverable (c) 21,913 17,935 - -
PIS/COFINS payable - - 42,338 61,234
Prepaid IRPJ/CSLL 72,998 156,795 - -
Provision for IRPJ/CSLL - - 94,302 230,408
Other 17,329 17,237 8,276 12,538
Total 292,485 278,885 165,945 350,169
NON-CURRENT
Installment Payment - Law 11,941/09 (b) - - 199,547 177,699
ICMS recoverable 57,908 57,908 - -
Total 57,908 57,908 199,547 177,699
Liabilities
Consolidated
Assets

a) The balance refers to tax credits recoverable arising from negative balance
withholdings of financial investments and government agencies in the amount of
R$15,108. The variation of the amounts for the six-month period arises from the
adjustment based on the Selic rate in the amount of R$1,149, including new credits
in the amount of R$11,961, net of offsets in the period, amounting to R$4,840.

b) New REFIS (Tax Recovery Program) - (Law 11,941/09) Light has been making
monthly minimum mandatory payments of one hundred reais, as provided for by

51
laws, plus payment of installments deriving from migration of PAES (Special
Installment Payment Program) - Social Security (REFIS II), until June 2011,
consolidated in the quarter at R$3,297. The installment balance is restated by
SELIC Rate and the restatement amount recorded in the period is R$3,152.

In June 2011 the Brazilian Federal Revenue (RFB) allowed the inclusion of new
debts in the installment plan, and the Company decided to include two new debts,
one of which related to social security and the other to the social security tax
(COFINS), adding R$14,182 to the debt balance. Following the inclusion of the
aforementioned debts, the New REFIS debt was consolidated in the amount of
R$215,824, to be paid in 161 monthly installments of R$2,129.

With the consolidation of the debt installment by the RFB adjustments were made
to the liabilities account (New REFIS), reversing the COFINS provision and
recognizing the losses added by the above mentioned debts. Nevertheless, the
consolidated debts installments were adjusted, the result of which were net losses
of R$15,987 recorded in the quarters result.

c) The balance of offsetable PIS and COFINS relates to withholdings at source by
publicly-held companies and mixed corporations; these withholdings are considered
tax advances and likely to be offset on the date of receipt.

8. DEFERRED TAXES

ASSETS Tax Base Deferred tax Tax Base Deferred tax
Income Tax
Tax Losses 748,421 187,105 844,992 211,248
Temporary Differences 1,901,877 475,469 1,786,984 446,746
Social Contribution
Negative Base 782,054 70,385 893,800 80,442
Temporary Differences 1,901,877 171,170 1,786,984 160,829
Total Non-current Assets 904,129 899,265
Consolidated
06/30/2011 12/31/2010

LIABILITIES Tax Base Deferred tax Tax Base Deferred tax
Income Tax
Temporary Differences 853,894 213,474 811,043 202,761
Social Contribution
Temporary Differences 853,894 76,850 811,043 72,994
Total Non-current Liabilities 290,324 275,755
06/30/2011 12/31/2010
Consolidated

52
The interim difference taxable basis breakdown is as follows:

ASSETS IR CSLL IR CSLL
Allowance for doubtful debtors 1,195,344 1,195,344 1,051,462 1,051,462
Provision for profit sharing 15,074 15,074 19,270 19,270
Provision for labor contingencies 163,462 163,462 169,886 169,886
Provision for tax contingencies 182,244 182,244 167,657 167,657
Provision for civil contingencies 174,038 174,038 196,095 196,095
Impacts resulting from the adoption of the new CPCs 28,753 28,753 34,754 34,754
Other provisions 142,962 142,962 147,860 147,860
TOTAL - ASSETS 1,901,877 1,901,877 1,786,984 1,786,984
LIABILITIES
Attributed cost - Light Energia 731,659 731,659 748,637 748,637
Other provisions 122,235 122,235 62,406 62,406
TOTAL - LIABILITIES 853,894 853,894 811,043 811,043
12/31/2010
Consolidated
6/30/2011

Reconciliation of effective and nominal rates in the provision for income tax and social
contribution:

06/30/2011 06/30/2010
Net income before income and social contribution taxes (LAIR) 306.698 564.445
Combined tax rate of income and social contribution taxes 34% 34%
Income and social contribution taxes to the tax rates under current regulation (104.277) (191.911)
Effect of income and social contribution taxes without permanent additions and exclusions 8.162 (14.070)
Effect of income and social contribution taxes without shareholders' equity - 31.956
Effect of withdrawal of Process - Law 11,941/09 - LIR and LOI - (27.604)
Deferred unrecognized fiscal credits CVM n 371/02 - Light S.A. (512) (1.121)
Tax incentives 1.545 670
Others 49 66
Income tax and social contribution on income (95.033) (202.014)
Current income tax and social contribution on income (92.836) (116.454)
Deferred income tax and social contribution on income (2.197) (85.560)
(95.033) (202.014)
Consolidated

9. CONCESSION FINANCIAL ASSETS

These represent the amounts receivable from the granting authority, or any of its agents,
at the end of the concession period by way of the compensation payable for revertible
assets of Light SESA's concession.

Below is a summary of transactions in the six-month period related to the balances of
revertible assets (concession assets):
Balance as of December 31, 2010 469.030
Additions 39.830
Write-offs (261)
Balance as of June 30, 2011 508.599

53
10. OTHER RECEIVABLES

CURRENT 6/30/2011 12/31/2010 6/30/2011 12/31/2010
Advances to suppliers and employees 110 18 31,507 38,065
Property rental - - 341 302
Account receivable from the sale of property - - 12,130 12,130
Public lighting fee - - 56,510 48,399
Expenditures to refund - - 15,046 8,111
Subsidy to low-income segment (a) - - 19,104 19,584
Other 39,823 23,842 32,827 26,382
Total 39,933 23,860 167,465 152,973
NON-CURRENT
Assets and rights for disposal - - 7,226 7,226
Other - - 785 639
Total - - 8,011 7,865

a) Out of the amount stated, a total of R$4,875 (R$5,489 as of December 31, 2010) was
acknowledged (however yet unpaid) by ANEEL, (R$2,462 in June 2011 and
R$2,413 in July 2011), the amount of R$14,229 (R$14,095 as of December 31,
2010) is pending acknowledgment.

11. INVESTMENTS

Accounted for under the equity method: 06/30/2011 12/31/2010 06/30/2011 12/31/2010
Light SESA 2,394,272 2,442,433 - -
Light Energia S.A. 694,682 815,593 - -
Light Esco Prestao de Servios S.A. 51,205 37,787 - -
Lightger S.A. (a) 36,352 36,767 - -
LightCom S.A. 5,115 2,733 - -
Itaocara Energia (a) 16,123 16,067 - -
Axxiom Solues Tecnolgicas S.A. 3,703 2,304 - -
Light Solues em eletricidade Ltda 245 50 - -
Subtotal 3,201,697 3,353,734 - -
Goodwill from future profitability 2,034 2,034 - -
Other permanent investments - 1,020 20,305 17,586
SubTotal 2,034 3,054 20,305 17,586
TOTAL INVESTIMENTS 3,203,731 3,356,788 20,305 17,586

(a) Pre-operational Companies

54
INFORMATION ON SUBSIDIARY COMPANIES AND COMPANIES UNDER
COMMON CONTROL

Ownership Paid-up Shareholders' Dividends Dividends Income / loss Total
interest (%) capital equity proposed paid for the period assets
Light SESA 100 2,082,365 2,394,272 - (206,146) 157,985 8,104,590
Light Energia 100 77,422 694,682 - (169,915) 49,003 1,521,468
Light Esco 100 17,584 51,205 - - 3,420 80,175
LightCom 100 1,000 5,115 - - 2,381 20,249
Light Solues em eletricidade 100 300 245 - - (53) 245
Instituto Light 100 300 - - - - 2
Itaocara Energia 100 22,294 16,123 - - 55 149,136
Light Ger 51 35,743 36,352 - - (415) 69,098
Axxiom 51 4,692 3,703 - - 379 5,278
06/30/2011

Ownership Paid-up Shareholders' Dividends Dividends Income / loss Total
interest (%) capital equity proposed paid for the period assets
Light SESA 100 2,082,365 2,442,433 (23,346) (89,544) 475,316 8,037,865
Light Energia 100 77,422 815,593 (21,066) - 88,697 1,538,389
Light Esco 100 7,584 37,787 (3,102) - 13,064 68,161
LightCom 100 1,000 2,733 (540) - 2,273 18,831
Light Solues em eletricidade 100 50 50 - - - 67
Instituto Light 100 300 - - - - 2
Itaocara Energia 100 22,294 16,067 - - (47) 145,003
Light Ger 51 35,473 36,767 - - 13 48,819
Axxiom 51 3,672 2,304 - - 78 4,216
12/31/2010

INVESTMENTS IN SUBSIDIARIES AND JOINT VENTURES FOR THE SIX-
MONTH PERIOD

Capital Dividends Equity
increase paid Other method
Light SESA 2,442,433 - (206,146) - 157,985 2,394,272
Light Energia 815,593 - (169,914) - 49,003 694,682
Light Esco 37,787 10,000 - (2) 3,420 51,205
LightCom 2,733 - - 1 2,381 5,115
Light Ger 36,767 - - - (415) 36,352
Light Solues em eletricidade 50 250 - (2) (53) 245
Instituto Light - - - - -
Itaocara Energia 16,067 - - 1 55 16,123
Axxiom 2,304 1,020 - - 379 3,703
12/31/2010 06/30/2011

12. PROPERTY, PLANT AND EQUIPMENT

12/31/2010
Historical cost
Accumulated
depreciation Net value Net value
Generation 2,660,602 (1,464,362) 1,196,240 1,225,621
Transmission 57,601 (41,838) 15,763 16,097
Distribution 52,425 (38,758) 13,667 10,572
Administration 249,353 (173,940) 75,413 73,380
Sales 10,795 (7,484) 3,311 2,266
In service 3,030,776 (1,726,382) 1,304,394 1,327,936
Generation 220,117 - 220,117 185,964
Administration 109,201 - 109,201 114,993
In progress 329,318 - 329,318 300,957
TOTAL PROPERTY, PLANT AND EQUIPMENT 3,360,094 (1,726,382) 1,633,712 1,628,893
06/30/2011
Consolidated

55

The statement below summarizes the changes in property, plant and equipment in the
first half of 2011:

PROPERTY, PLANT AND EQUIPMENT IN SERVICE
Cost
Land 105,026 - (323) - 104,703
Reservoir, dams and water mains 1,250,703 - - - 1,250,703
Buildings, works and improvements 255,954 135 (54) - 256,035
Machinery and equipment 1,245,946 3,323 - 1,249,269
Vehicles 32,491 9,276 (595) - 41,172
Fixtures and furnishings 127,073 1,821 - - 128,894
Total Property, Plant and Equipment in Service - Cost 3,017,193 14,555 (972) - 3,030,776
(-) Depreciation
Reservoir, dams and water mains (756,181) (10,810) - - (766,991)
Buildings, works and improvements (149,576) (3,341) - - (152,917)
Machinery and equipment (654,084) (17,970) - - (672,054)
Vehicles (27,898) (1,197) 595 - (28,500)
Fixtures and furnishings (101,518) (4,402) - - (105,920)
Total Property, Plant and Equipment in Service - Depreciation (1,689,257) (37,720) 595 - (1,726,382)
PROPERTY, PLANT AND EQUIPMENT IN PROGRESS
Reservoir, dams and water mains 77,614 15,989 - - 93,603
Buildings, works and improvements 44,511 3,541 - (2,132) 45,920
Machinery and equipment 118,790 10,970 - (2,916) 126,844
Vehicles 10,055 29 - (9,276) 808
Fixtures and furnishings 13,589 12,077 - - 25,666
Studies and frojects 36,398 242 - (163) 36,477
Total Property, Plant and Equipment in Progress 300,957 42,848 - (14,487) 329,318
TOTAL PROPERTY, PLANT AND EQUIPMENT 1,628,893 19,683 (377) (14,487) 1,633,712
Balance as of
06/30/2011
Balance as of
12/31/2010 Additions Write offs
Inter-account
transfers
Consolidated

(i) Subsidiary Light SESA does not hold any Union-owned resources and rights in
its assets.

13. INTANGIBLE ASSETS

12/31/2010
Historic cost
Accumulated
amortization Net Value Net Value
Intangible
Concession right of use 6,011,482 (3,342,741) 2,668,741 2,678,328
Goodwill from future profitability 2,034 - 2,034 2,034
Other 451,140 (386,773) 64,367 82,771
In Use 6,464,656 (3,729,514) 2,735,142 2,763,133
Concession right of use 952,381 - 952,381 788,111
Other 73,810 - 73,810 62,528
In progress 1,026,191 - 1,026,191 850,639
TOTAL INTANGIBLE (a) 7,490,847 (3,729,514) 3,761,333 3,613,772
06/30/2011
Consolidated

(a) Net of special obligations comprising contributions made by the Union, states,
municipalities and consumers, and any unqualified donations (i.e. not subject to any
consideration in benefit of the donor), and assistance intended as investments to be
made toward concession of the electric power distribution utility.

56

In progress intangible includes inventories of project materials in the amount of
R$74,827 as of June 30, 2011 (R$43,808 as of December 31, 2010), as well as a
provision for inventory devaluation in the amount of R$5,749 (R$5,749 as of December
31, 2010).

A total amount of R$4,659 (R$9,183 as of December 31, 2010) was carried over to
intangible assets in the first half of 2011 by way of interest capitalization and as a
counterparty to the financial income.

The infrastructure used by subsidiary Light SESA is associated with the distribution
service, and therefore cannot be removed, disposed of, assigned, conveyed, or
encumbered as mortgage collateral without the prior written authorization of the
Granting Authority, which authorization, if given, is regulated by Resolution ANEEL
No. 20/99.

It is the responsibility of ANEEL in its capacity as regulatory agency to determine the
estimated economic useful lives of each piece of distribution infrastructure assets for
pricing purposes, as well as for the purpose of calculating the amount of the relevant
compensation payable upon expiration of the concession term. This estimate is revised
from time to time, represents the best estimate concerning the assets' useful lives, and is
accepted in the market as appropriate for accounting and regulatory purposes.

The management of Light SESA is of the opinion that amortization of intangible assets
must be consistent with the return expected on each infrastructure asset, via the
applicable rates. Thus, intangible assets are amortized over the expected length of such
return, limited to the term of the concession. As a result of this amortization method, the
total amount of intangible assets will be amortized at all times in a non-linear fashion.

Below is a summary of changes in the intangible assets in the first half of 2011:

In Service
Concession right of use 5,897,129 156,426 (2,504) (39,569) 6,011,482
Goodwill from future profitability 2,034 - - - 2,034
Other 450,714 426 - - 451,140
Total Intangible in Service 6,349,877 156,852 (2,504) (39,569) 6,464,656
(-) Depreciation
Concession right of use (3,218,801) (125,669) 1,729 - (3,342,741)
Other (367,943) (18,830) - - (386,773)
Total Intangible in Service - Depreciation (3,586,744) (144,499) 1,729 - (3,729,514)
In Progress
Concession right of use 788,111 323,598 - (159,328) 952,381
Other 62,528 11,370 - (88) 73,810
Total Intangible in Progress 850,639 334,968 - (159,416) 1,026,191
TOTAL INTANGIBLE ASSETS 3,613,772 347,321 (775) (198,985) 3,761,333
Consolidated
Balances as of
12/31/2010 Additions Write offs
Inter-account
transfers
Balances as of
06/30/2011

57
14. SUPPLIERS

CURRENT 06/30/2011 12/31/2010 06/30/2011 12/31/2010
Sales within the scope of CCEE - - 17,229 59,626
Electric network usage charges - - 48,770 48,836
System service charges - - 2,216 2,216
Free energy refund to generation companies (a) - - 50,361 54,185
Electric power auctions - - 144,707 150,231
Itaipu binational - - 80,190 84,842
UTE Norte Fluminense - - 71,274 73,677
Supplies and services 96 280 134,667 184,808
Total 96 280 549,414 658,421

a) Free Energy Reimbursement to Power Generation Companies

Resolution No. 387 as of December 15, 2009, published January 12, 2010, concluded
the process of computing the Revenue Loss and Free Energy closing balances,
following expiration of the Extraordinary Tarift Review (RTE), and also determined
the amounts of any reimbursement operators should pay each other, with payments
estimated to April 9, 2011 but said reimbursements are suspended according to
injunction required by the Brazilian Association of Distribution Companies
(ABRADEE), on April 7, 2011. The balance ratified was R$48,985 and the variation, in
the quarter, arises from the restatement according to the SELIC rate, in the amount of
R$1,376.

Energy supply, electric network usage charge, materials and service balances have an
average settlement period of up to 90 days.

58
15. LOANS, FINANCING AND FINANCIAL CHARGES

Financing Entity Current Non-current Current Non-current 6/30/2011 12/31/2010
TN - Par Bond - 60,757 785 - 61,542 65,686
TN - Cauo - Par Bond - (35,711) - - (35,711) (38,844)
TN - Discount Bond - 42,394 135 - 42,529 45,395
TN - Cauo - Discount Bond - (25,111) - - (25,111) (27,276)
TN - C. Bond 5,164 10,329 265 - 15,758 19,622
TN - Debit. Conv. 5,784 - 19 - 5,803 9,292
TN - Bib 188 282 9 - 479 612
TOTAL FOREIGN CURRENCY 11,136 52,940 1,213 - 65,289 74,487
Eletrobrs 519 1,796 1 - 2,316 2,598
CCB Bradesco - 450,000 41,702 - 491,702 461,340
BNDES - FINEM 82,616 185,885 1,099 - 269,600 311,162
BNDES - FINEM direct 29,651 143,316 595 - 173,562 155,265
BNDES - FINEM + 1 29,651 143,316 662 - 173,629 155,528
BNDES - FINEM direct PSI 12,680 91,931 192 - 104,803 105,831
Working capital- Santander - 80,000 7,279 - 87,279 82,646
BNDES - PROESCO 1st funding 120 277 1 - 398 459
BNDES - PROESCO 2nd funding 231 652 3 - 886 1,002
BNDES - PROESCO 3rd funding 109 317 1 - 427 481
BNDES - PROESCO 4th funding 457 1,676 6 - 2,139 2,051
BNDES - PROESCO 5th funding 1,083 3,973 16 - 5,072 4,778
RGR - - 246 - 246 246
Sundry banking warranties - - 372 - 372 209
TOTAL DOMESTIC CURRENCY 157,117 1,103,139 52,175 - 1,312,431 1,283,596
SWAP - - 4,292 983 5,275 5,295
OVERALL TOTAL 168,253 1,156,079 57,680 983 1,382,995 1,363,378
Total
Consolidated
Principal Charges

The statement below summarizes the contractual terms and conditions applicable to our
loans and borrowings as of June 30, 2011:

Principal Amortization
Date of Interest Rate Remaining
Financing Entity signature Currency p.a. Beginning Payment Installments End
TN - Par Bond 04/29/1996 US$ 6% 2024 Lump sum 1 2024
TN - Cauo - Par Bond 04/29/1996 US$ U$ Treasury 2024 Lump sum 1 2024
TN - Discount Bond 04/29/1996 US$ Libor + 13/16 2024 Lump sum 1 2024
TN - Cauo - Discount Bond 04/29/1996 US$ U$ Treasury 2024 Lump sum 1 2024
TN - C. Bond 04/29/1996 US$ 8% 2004 Half-yearly 6 2014
TN - Debit. Conv. 04/29/1996 US$ Libor + 7/8 2004 Half-yearly 2 2012
TN - Bib 04/26/1996 US$ 6% 1999 Half-yearly 5 2013
Eletrobrs sundry UFIR 5% Monthly and Quarterly between 2 and 120 2013 to 2017
CCB Bradesco 10/18/2007 CDI CDI + 0.85% 2012 Yearly 6 2017
BNDES - FINEM 11/05/2007 TJLP TJLP + 4.3% 2009 Monthly 39 2014
BNDES - FINEM direct 11/30/2009 TJLP TJLP + 2.58% 2011 Monthly 70 2017
BNDES - FINEM + 1 11/30/2009 TJLP TJLP + 1% + 2.58% 2011 Monthly 70 2017
BNDES - FINEM direct PSI 11/30/2009 4.5% 2011 Monthly 99 2019
Working capital - Santander 9/03/2010 CDI CDI + 1.4% 2010 Yearly 1 2014
BNDES - PROESCO 1 9/16/2008 TJLP TJLP + 2.5% 2009 Monthly 40 2014
BNDES - PROESCO 2 4/17/2009 TJLP TJLP + 2.51% 2009 Monthly 46 2015
BNDES - PROESCO 3 4/12/2010 TJLP TJLP + 2.18% and 4.5% 2010 Monthly 47 2015

In March 2011, a total of R$49,940 was received from the financing signed with
BNDES in connection with the investment plan of Light SESA, while R$1,632 were
drawn down for Light Energia.

In addition to the collaterals indicated above, loans are guaranteed by receivables in the
approximate amount of R$45,532.

59
The principal of long-term loans and financing matures as follows (excluding financial
charges) on June 30, 2011:

Local Currency Foreign Currency Total
2012 153,625 2,676 156,301
2013 232,148 5,352 237,500
2014 291,257 2,582 293,839
2015 148,854 - 148,854
after 2015 277,255 42,330 319,585
Total 1,103,139 52,940 1,156,079
Consolidated

Loans and financings in the first half of 2011 are broken down as follows:

Principal Charges
Balance as of December 31, 2010 1,335,183 28,195
Loans and Financings obtained 52,456 -
Monetary restatement and foreign exchange variation (3,406) 3,681
Financial charges provisioned - 72,972
Financial charges paid - (46,185)
Amortization of financings (59,974) -
Amortization of costs 73 -
Balance as of June 30, 2011 1,324,332 58,663

In percentage terms, the variation of major foreign currencies and economic ratios in the
period, which are used to adjust loans, financing and debentures, was as follows in the
six-month periods shown below:

06/30/2011 06/30/2010
USD (6.31) 3.46
EUR 1.74 (12.09)
UMBNDES (5.53) 4.02
IGP-M 3.15 5.68
CDI 5.52 4.32
SELIC 5.53 4.33
Variation %

60

Covenants

The funding of CCB Bradesco, the loans with Banco Santander and with BNDES
FINEM, classified as current and non-current, requires that the Company maintain
certain debt ratios and interest coverage (covenants). In the second quarter of 2011, the
Company and its subsidiaries are in compliance with all required debt covenants.

16. DEBENTURES AND FINANCIAL CHARGES

Charges
Financing Entity Current Non Current Current 6/30/2011 12/31/2010
Debentures 4th Issue (Light SESA) 17 59 - 76 86
Debentures 5th Issue (Light SESA) 120,821 637,916 18,411 777,148 807,406
Debentures 6th Issue (Light SESA) - - - - 301,731
Debentures 7th Issue (Light SESA) - 647,469 13,859 661,328 -
Debentures 1st Issue (Light Energia) - 170,982 4,826 175,808 -
LOCAL CURRENCY - TOTAL 120,838 1,456,426 37,096 1,614,360 1,109,223
Consolidated
Principal Total

Contractual conditions of debentures on June 30, 2011 are as follows:

Principal Amortization
Date of Interest Rate Remaining
Financing Entity Signature Currency p.a. Beginning Payment Installments End
Debentures 4th Issue (Light SESA) 06/30/2005 TJLP TJLP + 4% 2009 Monthly 48 2015
Debentures 5th Issue (Light SESA) 1/22/2007 CDI CDI + 1.50% 2008 Quarterly 11 2014
Debentures 7th Issue (Light SESA) 2/5/2011 CDI CDI + 1.35% 2011 Yearly 2 2016
Debentures 1st Issue (Light Energia) 10/4/2011 CDI CDI + 1.45% 2011 Yearly 1 2016

Total principal amount is represented net of debentures issue costs, as provided for in
CVM Resolution 556/08. These costs are detailed in the table below:

12/31/2010
Incurred Value to be Total Total
Issue value recognized Cost Cost
Debentures 4th Issue (Light SESA) 7,450 18 7,468 7,468
Debentures 5th Issue (Light SESA) 7,985 4,463 12,448 12,448
Debentures 6th Issue (Light SESA) 5,291 - 5,291 5,291
Debentures 7th Issue (Light SESA) 116 3,505 3,621 -
Debentures 1st Issue (Light Energia) 37 812 849 -
Total 20,879 8,798 29,677 25,207
06/30/2011

61

Installments related to principal of long-term debentures are due (financial charges not
included) on June 30, 2011:

06/30/2011
2012 89,560
2013 242,714
2014 303,881
2015 409,900
2016 410,371
Total 1,456,426

Changes in debentures in the period are as follows:

Principal Charges
Balance as of December 31, 2010 1,088,402 20,821
Loans and financings obtained 822,768 -
Financial charges provisioned - 82,661
Financial charges paid - (66,386)
Amortization of financings (331,812) -
Funding costs (4,472) -
Amortization of funding costs 2,378 -
Balance as of June 30, 2011 1,577,264 37,096

On May 2, 2011 Light SESA conducted the seventh issue of non-convertible debentures
through a public offering for distribution with limited placement efforts, pursuant to
CVM Rule No. 476, in the amount of R$650,000. The inflow of funds was recorded
under Light SESA's cash on May 5, 2011, in the restated amount of R$650,974. These
funds were entirely used to: (i) fully settle the debt originated from the Companys sixth
issue of debentures conducted in June 2011, the principals balance of which was
R$300,000; and (ii) fund the Company's investment program. The debentures expire in
five years as of the issue date, on May 2, 2016.

On April 10, 2011 Light Energia S.A. conducted its first issue of non-convertible
debentures through a public offering for distribution with limited placement efforts,
pursuant to CVM Rule No. 476, in the amount of R$170,000. The inflow of funds was
recorded under Light Energias cash on May 12, 2011, in the restated amount of
R$171,794. These funds will be entirely used to: (i) fund Light Energias investment
program; and (ii) fund the companys working capital. The debentures expire in five
years as of the issue date, on April 10, 2016.

62

Covenants

The 5
th
and 7
th
Issues of Debentures of Light Servios de Eletricidade S.A. and the 1
st

Issue of Debentures of Light Energia S.A. require the maintenance of indebtedness
indexes and coverage of interest rates. In the second quarter of 2011, the Companies
complied with all the covenants required.

17. REGULATORY CHARGES
CURRENT 06/30/2011 12/31/2010
Fuel usage account quota CCC 25,472 25,472
Energy development account quota CDE 19,266 17,182
Reversal global reserve quota RGR 1,173 1,394
Charges for capacity and emergency acquisition 73,172 73,170
Total 119,083 117,218
Consolidated

18. PROVISIONS

The Company and its subsidiaries are party in tax, labor and civil lawsuits and
regulatory proceedings in several courts. Management periodically assesses the risks of
contingencies related to these proceedings, and based on the legal counsels opinion it
records a provision when unfavorable decisions are probable and whose amounts are
quantifiable. In addition, the Company does not record assets related to lawsuits with a
less-than-probable chance of success, as they are considered uncertain.

Provisions comprise the following:

NON-CURRENT
Balance as of December 31, 2010 167,656 155,582 180,342 48,317 551,897
Additions 13,854 34,763 - - 48,617
Adjustments - 6,732 9,844 2,391 18,967
Write-offs / payments (14,437) (27,928) - (2,536) (44,901)
Write-offs / reversals (2,299) (9,418) (2,518) (22,599) (36,834)
Write-offs / transfers - - (4,481) - (4,481)
Balance as of June 30, 2011 164,774 159,731 183,187 25,573 533,265
Deposits in court
Balance as of June 30, 2011 30,616 6,339 4,375 1,655 42,985
Consolidated
Labor Civil Tax Other Total

Provision for labor proceedings:

These labor proceedings mainly involve the following matters: overtime; hazardous
work wage premium; equal pay; pain and suffering; subsidiary-joint liability of
employees from outsourced companies; difference of 40% fine of FGTS (Government
Severance Indemnity Fund for Employees) derived from the adjustment due to
understated inflation and overtime.

63

Provision for civil proceedings:

6/30/2011 12/31/2010
Civil proceedings (a) 92,449 87,842
Special civil court (b) 21,522 25,138
"Cruzado" Plan 45,760 42,602
Total 159,731 155,582
Accrued Value (probable loss) Civil

a) The Provision for civil proceedings comprises lawsuits, in which the Company and
its subsidiaries are defendants, and it is probable the claim will result in a loss in the
opinion of the respective attorneys. The claims mainly involve alleged moral and
property damage due to the Companys ostensive behavior fighting irregularities in
the network, as well as consumers challenging the amounts paid.
b) Lawsuits in the Special Civil Court are mostly related to matters regarding consumer
relations, such as improper collection, undue power cut, power cut due to
delinquency, network problems, various irregularities, bill complaints, meter
complaints and problems with ownership transfer. There is a limit of 40 minimum
monthly wages for claims under procedural progress at the Special Civil Court.
Accruals are based on the average of the last 12 months of condemnation amount.
Provision for tax proceedings:

Tax
06/30/2011 12/31/2010
PIS/COFINS RGR and CCC 8,561 8,561
INSS tax deficiency notice 41,927 40,964
INSS quarterly 23,210 22,579
ICMS 104,938 94,400
CIDE (c) - 4,988
Other 4,551 8,850
Total 183,187 180,342
Accrued Value (probable loss)

c) CIDE The Company has a Writ of Mandamus that was filed to ensure the right of
not collecting Economic Intervention Contribution Credit (CIDE). Contribution
amounts related to the period from January 2001 to January 2004 were not collected
by the Company, which started to collect it as of February 2004 only and a provision
was recorded. Considering the term of debits elapsed, the Company recorded a
reversal of provision of R$4,988 in the income for the first quarter.

64
Provisions for Administrative Regulatory proceedings and Others

The Company will now discuss regulatory contingencies in connection with
administrative issues pending with ANEEL:

Notice of Infringement ANEEL No. 007/2010-SFE This notice was issued on
February 17, 2010 and a fine was imposed in the amount of R$9,544 as a result
of an inspection carried out in December 2009 by ANEEL officials to verify and
review the causes of power shortages occurred in the Operator's underground
distribution system. Light SESA challenged this notice of infringement on March
5, 2010 and moved for dismissal of any alleged non-compliances, as well as for
reduction of the fines applied. Alternatively, Light SESA petitioned that the fine
be converted in a memorandum of agreement (TAC). The executive board of
ANEEL did not consent to the TAC and Light SESA then filed an internal appeal
against this decision by ANEEL. On April 19, 2011, the executive board of
ANEEL decided to approve the TAC execution in the amount of approximately
R$12,000 as an alternative to the application of the fine. As it did not agree with
the additional obligations provided for in the TAC draft sent by ANEEL, Light
SESA sent a letter to ANEEL communicating that it does not agree with the draft
and that it will pay the fine in the amount of R$9,544, duly restated.

Notice of Infringement ANEEL No. 082/2010-SFE This notice was issued on
June 18, 2010, and a fine was imposed in the amount of R$16,052 on account
that subsidiary Light SESA allegedly failed to comply with continuity metrics
DEC and FEC for 65 groups during 2009. The incident occurred on November
10, 2009 (the Furnas Blackout) was taken into consideration for computation of
the relevant metrics. Light SESA filed an appeal on July 8, 2010, and moved for
a mitigation so that the shortage experienced on November 10, 2009 is not
considered for the purpose of computing the DEC and FEC metrics. Currently
this appeal is pending review by ANEEL. A provision in the amount of R$4,110
was set up based on the opinion of the Company's legal counsels, which opinion
also indicates that ANEEL is likely to reduce the amount of the fine imposed
based on the subsidiary's allegations that the Furnas' transmission line downtime
should be disregarded in the computation of continuity metrics on account of
their nature as force majeure/act of God events and thus capable of defeating the
liability of Light SESA in the incident.
Reversal of the provision for Municipal Property Tax (IPTU) Light SESA had
an IPTU provision established in the amount of R$25,641 referring to lawsuits
challenging the payment of the supplementary IPTU payment form (fiscal year
1998), as well as the constitutionality of IPTU progressivity and the collection of
service fees. As it happens, some of these lawsuits have already been decided in
favor of Light SESA and the debt amount was significantly reduced. As a
consequence, the Company reversed part of the provision in the amount of
R$18,246.

65
19. CONTINGENCIES

The Company and its subsidiaries are parties to lawsuits that Management believes that
risk of loss are less than probable, based on the opinion of its legal counsels. Therefore,
no provision was established. Contingencies with possible loss are broken down as
follows:

Number of Number of
proceedings proceedings
Civil 155,222 13,052 159,200 11,831
Labor 304,574 1,116 345,850 1,137
Tax 914,800 941 858,400 982
Total 1,374,596 15,109 1,363,450 13,950
Nature
06/30/2011 12/31/2010
Consolidated
Balance Balance

The main reasons for litigations are listed below.

a) Civil

Irregularities Light SESA has several lawsuits where Irregularities are
discussed. Irregularities are commercial losses due to irregular connections,
clandestine connections, meters alteration and equipment theft, known in
Portuguese as gatos. Most of the litigations are based on the evidence of
irregularity and amounts charged by the concessionaire in view of such
evidence. The amount currently assessed represented by these claims is
R$61,833.
Amounts Charged and Bills Many litigations are currently in progress and
discuss amounts charged by Light SESA for services provided, such as demand
amounts, consumption amounts, financial charges, rates, insurances, among
other. The amount currently assessed represented by these claims is R$26,146.
Accidents - Light SESA is defendant in lawsuits filed by victims and/or their

successors, regarding accidents with Lights electricity grid and/or service
provision for several causes. The amount currently assessed represented by these
claims is R$29,775.
Discontinuance and Suspension There are several lawsuits in progress to

discuss service discontinuance, whether by fortuitous cases or events of force
majeure, or for purposes of intervention in the electrical system, among other
reasons, and also service suspension, whether for indebtedness, denied access or
meters replacement, among other facts for suspension. The amount currently
assessed represented by these claims is R$16,343.
Equipment and Network Light SESA has litigations due to meters used to
measure energy consumption. Litigations address several themes, such as meter
functionality, approval by meteorological agency, among others and, also,

66
litigations about its Network, due to its extension, removal or even financial
contribution of the client to install the network. The amount currently assessed
represented by these claims is R$12,360.

b) Tax

LIR/LOI - IRPJ/CSLL - Income vs. Equity Pickup Proceeding
16682.720216/2010-83) - Light SESA filed writ of mandamus No.
2003.51.01.005514-8 to challenge an assessment of corporate income tax (IRPJ)
and social contribution (CSLL) on income earned by its subsidiaries LIR e LOI
since 1996 that was allegedly not offered to taxation, as well as the demand for
including equity pickup income in the assessment of the IRPJ and CSLL for
calendar years up to 2002 and subsequent years. Light SESA attempted to move
for a partial withdrawal in this writ of mandamus to include the tax debts in the
repayment program created by Law No. 11,941/09, and proceed against the
assessment in connection with the equity accounting method. However, the
Treasury attorney did not accept this partial withdrawal, nor did the competent
court. As a result, Light SESA withdrew its writ completely and changed the
assessment methodology for the IRPJ/CSLL, which had previously been done
based on the income, to use the equity method of accounting. The tax authorities
disallowed this change and assessed Light SESA. Light SESA filed a challenge
in response to this assessment, which was deemed groundless. The voluntary
appeal lodged by Light SESA is pending judgment. The amount involved in this
claim as of June 30, 2011 is R$135,300.

IRRF - Disallowance of tax offset - LIR/LOI (Proceeding 10768.002.435/2004-
11) There is no confirmation of tax offsets related to withholding income tax
credits on financial investments and withholding income tax credits on the
payment of energy accounts by public bodies, offset due to negative balance of
Corporate Income Tax in the reference year of 2002. The motion to disagree
filed by Light SESA was deemed groundless. The voluntary appeal lodged by
Light SESA is pending judgment. The amount involved in this claim as of June
30, 2011 is R$192,800.

Normative Instruction (NI) No. 86 (Proceeding 10707000751/2007-15 - (2003
through 2005) - This notice of infringement was issued to assess a fine on the
Company for alleged failure to make electronic file submissions, as required by
NI. No. 86/2001, for calendar years 2003 through 2005. The appeal of Light
SESA was dismissed, upon which a special appeal was filed and still pending
judgment. The amount involved in this claim as of June 30, 2011 is R$268,300.

ICMS on low-income subsidy (Proceeding E-34/059.150/2004) Tax
Deficiency Notice drawn up to charge ICMS on amounts of economic subsidy to
low-income consumers of electricity arising from Global Reversion Reserve
Funding. The appeal was deemed groundless. An appeal was lodged by Light
SESA with the Taxpayers Council, which decided this appeal shall return to the
administrative lower court for due diligence. The amount involved in this
lawsuit is R$77,200 on June 30, 2011.

67

20. POST-EMPLOYMENT BENEFITS

Below is a summary of the Company's liabilities involving pension plan benefits as
stated on its balance sheet:

Current Non-current Total Current Non-current Total
Contractual debt with pension fund 103,031 935,646 1,038,677 95,048 920,630 1,015,678
Other 725 - 725 507 - 507
Total 103,756 935,646 1,039,402 95,555 920,630 1,016,185
06/30/2011 12/31/2010

The statement below summarizes the changes in agreement liabilities in the first half of
2011:
Total
Consolidated
Contractual liabilities on 12/31/2010 1,015,678 95,048 920,630
Amortization in the half-year (51,183) (51,183) -
Restatements in the half-year 74,182 33,254 40,928
Transfer to current - 25,912 (25,912)
Contractual liabilities on 06/30/2011 1,038,677 103,031 935,646
Current Non-current

21. OTHER PAYABLE

CURRENT 06/30/2011 12/31/10 06/30/2011 12/31/2010
Advances from clients 1,766 - 3,172 3,491
Compensation for use of water resources - - 3,830 4,000
Energy Research Company EPE - - 1,003 503
National Scientific and Technological Development Fund FNDCT - - 1,883 1,007
Energy Efficiency Program PEE - - 55,609 48,925
Research and Development Program P&D - - 37,353 37,445
Ex-isolated charges - - 2,705 10,966
Public lighting fee - - 76,324 69,243
Provision for voluntary redundancy - - 13,668 23,113
Other 568 1,981 37,600 37,625
Total 2,334 1,981 233,147 236,318
NON-CURRENT
Provision for success fees - - 14,306 14,306
Reversal reserve - - 69,933 69,933
Use of Public Asset - UBP - - 132,796 128,746
Other - - 5,473 13,670
Total - - 222,508 226,655

22. RELATED-PARTY TRANSACTIONS

As of June 30, 2011, Light S.A. belonged to the Controlling Group Companhia
Energtica de Minas Gerais CEMIG, Luce Empreendimentos e Participaes S.A. and
Rio Minas Energia Participaes S.A (RME) company controlled by Redentor
Energia.

68

Interest in subsidiaries and jointly-owned subsidiaries is outlined in the Note 1.

Below is a summary of related-party transactions occurred in the first half of 2011 and
the year ended in 2010:

Contracts with the same group Relationship with
(Agreement objectives and characteristics) Light S.A. 6/30/2011 12/31/2010 6/30/2011 12/31/2010 6/30/2011 6/30/2010 6/30/2011 6/30/2010
Strategic agreement CEMIG
Purchase agreement of electric power between (party of the - - 7,064 8,653 - - 34,615 38,335
Light SESA and CEMIG controlling group)
Purchase agreement of electric power between (party of the - - 122 166 - - 675 651
Sale agreement of electric power between (party of the 2,283 2,561 - - 9,662 10,187 - -
Light Energia and CEMIG controlling group)
Collection of distribution systemusage charges (party of the 381 381 - - 1,134 1,148 - -
between Light SESA and CEMIG controlling group)
Commitment to the basic electric network usage (party of the - - 1,174 1,634 - - 7,222 9,912
charges between Light SESA and CEMIG controlling group)
Commitment to the basic electric network usage (party of the 10 10 - - 61 59 - -
charges between Light Energia and CEMIG controlling group)
Strategic agreement
Loan with Light S.A., which holds Lightger S.A
50.9% Lightger, in order to hono financial (jointly-owned subsidiary) - - 31,827 11,156 - - 1,431 -
commitments related to the implantation of the
Pacambi small hydroelectric plant (PCH)
Pension Plan BRASLIGHT
Fundao de Seguridade Social (Social Security (Indirect party of - - 1,038,677 1,015,678 - - 74,181 61,215
Foundation) - BRASLIGHT the controlling group)
CONSOLIDATED
ASSETS LIABILITIES REVENUE EXPENSES

Below is a summary of agreements executed with related parties:

Maturity Conditions Remaining
Contracts with the same group Relationship with Original
Date
date for termination balance Agreements
(Agreement objectives and characteristics) Light S.A. amount or term or end 30/06/2011 conditions
Strategic agreement CEMIG 30% Price established
Purchase agreement of electric power between (Party of the 614,049
Jan / 2006 Dec / 2038
of remaining 457,258 in the regulated market
Light SESA and CEMIG controlling group) balance
Strategic agreement CEMIG 30% Price established
Purchase agreement of electric power between (Party of the 37,600
Jan / 2010 Dec / 2039
of remaining 37,561 in the regulated market
Light SESA and CEMIG controlling group) balance
Strategic agreement CEMIG Price established
Sale agreement of electric power between (Party of the 156,239 Jan / 2005 Dec / 2013 N / A 40,884 in the regulated market
Collection of distribution system usage charges (Party of the - Nov / 2003 Undetermined N / A 381 in the regulated market
between Light SESA and CEMIG controlling group)
Commitment to the basic electric network usage (Party of the - Dec / 2002 Undetermined N / A 1,174 in the regulated market
Commitment to the basic electric network usage (Party of the - Dec / 2002 Undetermined N / A 10 in the regulated market
Loans
Loan with Light S.A., which holds Lightger S.A
50.9% Lightger, in order to hono financial (Jointly-owned 11,042 Oct / 2010 Oct / 2011 N / A 31,827 CDI + 0.9% p.a
commitments related to the implantation of the subsidiary)
Pacambi small hydroelectric plant (PCH)
Pension Plan BRASLIGHT
Fundao de Seguridade Social (Social Security (Party of the 535,052 Jun / 2001 Jun / 2026 N / A 1,038,677 IPCA+ 6% p.a
Foundation) - BRASLIGHT controlling group)

Related-party transactions have been executed under usual market conditions.

69

MANAGEMENT REMUNERATION

Policy regarding remuneration of the Board of Directors, Executive Board, Fiscal
Council Board and board committees.

(i) Pro-rata share of each component to the aggregate remuneration for the period of
2011.

Board of Directors
Fixed Remuneration: 100%
Variable Remuneration: -
Board of Executive Officers
Variable Remuneration: 73%
Outros -
Fiscal Committee
Variable Remuneration: -

Remuneration paid by the Company to the Board of Directors, Executive Board, and
Fiscal Council related to the first half of 2011:

2011
Board of
Directors Fiscal Council
Board of
Executive
Offcers Total
Number of members (*) 20.8 10.0 7.5 38.3
Annual fixed compensation 607 230 2,244 3,081
Salary or pro-labore 607 230 1,936 2,773
Direct and indirect benefits - - 308 308
Compensation for participation in Committee - - - -
Other - - - -
Variable compensation - - 5,973 5,973
Bonus - - 1,803 1,803
Profit sharing - - - -
Compensation for attending meetings - - - -
Commissions - - - -
Other (ILP) - - 4,170 4,170
Post-employment benefits - - - -
Benefits from the assignment of office - - - -
Share-based compensation - - - -
Total compensation per body 607 230 8,217 9,054
Consolidated

70

Average compensation due to the Board of Directors, Executive Board, and Fiscal
Council in the first half of 2011:

2011
Board of
Directors Fiscal Council
Board of
Executive
Offcers Total
Number of members (*) 20.8 10.0 7.5 38.3
Highest individual compensation 48 37 310 395
Lowest individual compensation 24 6 271 301
Average individual compensation 29 23 258 310
Parent Company

* number of members calculated through the weighted average of the six-month period.

23. SHAREHOLDERS EQUITY

Capital Stock

There are 203,934,060 non-par and book-entry common shares of Light S.A.
(203,934,060 on December 31, 2010) as of June 30, 2011 recorded as Capital Stock in
the total amount of R$2,225,822 (R$2,225,822 on December 31, 2010), as follows:

Number of Shares % Interest Number of Shares % Interest
Number of Shares % Interest Number of Shares % Interest
Controlling Group 106,304,597 52.12 106,304,597 52.12
RME Rio Minas Energia Participaes S.A. 26,576,150 13.03 26,576,150 13.03
Companhia Energtica de Minas Gerais S.A. 53,152,298 26.06 53,152,298 26.06
Luce Empreendimentos e Participaes S.A. 26,576,149 13.03 26,576,149 13.03
Other 97,629,463 47.88 97,629,463 47.88
BNDES Participaes S.A. - BNDESPAR 30,631,782 15.03 30,631,782 15.03
Public 66,997,681 32.85 66,997,681 32.85
Overall Total 203,934,060 100 203,934,060 100
SHAREHOLDERS
6/30/2011 12/31/2010
SHAREHOLDERS

Light S.A. is authorized to increase its capital up to the limit of 203,965,072 common
shares through resolution of the Board of Directors, regardless of amendments to the
bylaws. However, this increase is to occur exclusively upon the exercise of the warrants
issued, strictly pursuant to the conditions of the warrants (Bylaws, Article 5, paragraph
2).

24. DIVIDENDS PAYABLE

At the Annual and Extraordinary General Meeting held on April 28, 2011, the
shareholders approved the payment of dividends based on the income determined on
December 31, 2010, in the amount of R$350,979, and payment was made to May 18,
2011.

71

25. EARNINGS PER SHARE

Pursuant to the requirements of CPC 41 and the IAS 33 (Earnings per Share), the
statement below reconciles the period's earnings per share with the amounts used to
determine the basic and diluted earnings per share.

06/30/2011 06/30/2010
NUMERATOR
Net income for the period (R$) 211,665 362,431
DENOMINATOR
Weighted average number of common shares 203,934,060 203,934,060
BASIC AND DILUTED EARNINGS PER COMMON SHARE 1.038 1.777
Consolidado

There were no significant differences between the basic and diluted earnings per share
as of June 30, 2010 and 2011.

26. NET OPERATING REVENUE BREAKDOWN

04.01 to 06.30 2011 2010
Supply to consumers/distributors (note 27) 2,092,856 2,028,259
Leases, rentals and other 438 11,125
Revenue from network usage 170,425 181,379
Revenue from consrtruction 179,234 111,186
Revenue from services rendered 30,924 14,830
Taxed servicefee 960 512
GROSS REVENUE 2,474,837 2,347,291
Billed supply -ICMS (549,633) (566,673)
PIS / COFINS (125,513) (134,070)
Other (1,231) (694)
REVENUE TAXES (676,377) (701,437)
Fuel Consumption Account - CCC (76,416) (51,672)
Energy Development Account - CDE (57,798) (51,546)
Global Reveral Reserve - RGR (3,519) (16,171)
Energy Research Company - EPE (1,530) (1,446)
National Technological Development Fund - FNDCT (3,062) (2,893)
Energy Efficiency Program - PEE (6,881) (6,502)
Research and Development -R&D (3,061) (2,893)
Other charges - ex-isolated (4,128) -
Other charges - Proinfa (4,141) -
CONSUMER CHARGES (160,536) (133,123)
TOTAL DEDUCTIONS (836,913) (834,560)
NET REVENUE 1,637,924 1,512,731
Consolidated

72

01.01 to 06.30 2011 2010
Supply to consumers/distributors (note 27) 4,534,968 4,323,248
Leases, rentals and other 6,575 21,897
Revenue from network usage 367,031 354,203
Revenue from consrtruction 326,267 222,436
Revenue from services rendered 45,920 27,401
Taxed servicefee 1,594 978
GROSS REVENUE 5,282,355 4,950,163
Billed supply -ICMS (1,199,653) (1,177,719)
PIS / COFINS (283,608) (276,611)
Other (1,779) (2,169)
REVENUE TAXES (1,485,040) (1,456,499)
Fuel Consumption Account - CCC (152,832) (105,446)
Energy Development Account - CDE (115,596) (103,092)
Global Reveral Reserve - RGR (7,038) (34,116)
Energy Research Company - EPE (3,292) (3,091)
National Technological Development Fund - FNDCT (6,586) (6,179)
Energy Efficiency Program - PEE (14,843) (13,976)
Research and Development -R&D (6,585) (6,179)
Other charges - ex-isolated (8,905) -
Other charges - Proinfa (9,037) -
CONSUMER CHARGES (324,714) (272,079)
TOTAL DEDUCTIONS (1,809,754) (1,728,578)
NET REVENUE 3,472,601 3,221,585
Consolidated

73

27. ELECTRIC POWER SUPPLY

74
28. OPERATING COSTS AND EXPENSES

04.01 to 06.30
Nature of the expense Electric Power Operation Selling General and Adm
Other Operating
Revenues (Expenses)
Personnel and management - (47,977) (5,031) (22,750) - (75,758) (64,178)
Material - (5,005) (399) (701) - (6,105) (8,084)
Outsourced services - (47,217) (24,146) (37,059) - (108,422) (82,507)
Electricity purchased for resale (Note 29) (900,749) - - - - (900,749) (804,800)
Depreciation and amortization - (81,611) (305) (10,508) - (92,424) (88,067)
Allowance for doubtful accounts - - (79,531) - - (79,531) (75,258)
Provision for contingencies - - - (19,776) - (19,776) 38,120
Cost of Construction - (179,234) - - - (179,234) (111,186)
Other - (5,157) (303) (22,057) (1,391) (28,908) (13,603)
Total (900,749) (366,201) (109,715) (112,851) (1,391) (1,490,907) (1,209,563)
01.01 to 06.30
Nature of the expense Electric Power Operation Selling General and Adm
Other Operating
Revenues (Expenses)
Personnel and management - (87,161) (9,139) (41,330) - (137,630) (117,588)
Material - (10,150) (809) (1,423) - (12,382) (16,903)
Outsourced services - (92,350) (47,225) (72,481) - (212,056) (166,409)
Electricity purchased for resale (Note 29) (1,894,299) - - - - (1,894,299) (1,655,711)
Depreciation and amortization - (161,778) (605) (20,831) - (183,214) (173,714)
Allowance for doubtful accounts - - (143,882) - - (143,882) (138,793)
Provision for contingencies - - - (16,695) - (16,695) 131
Cost of Construction - (326,267) - - - (326,267) (222,436)
Other - (10,053) (590) (43,000) (362) (54,005) (35,677)
Total (1,894,299) (687,759) (202,250) (195,760) (362) (2,980,430) (2,527,100)
Cost of Service Operating Expenses
2011 2010
Consolidated
Cost of Service
2011 2010
Operating Expenses
Consolidated

29. ENERGY PURCHASED FOR RESALE

2011 2010 2011 2010
Connection charges - - (7,053) (4,546)
Spot market energy 21 6 167 3,718
Network usage charges - - (104,016) (105,094)
UTE Norte Fluminense 1,583 1,583 (216,261) (198,510)
Itaipu 1,344 1,348 (122,439) (137,982)
National Electric System Operator (O.N.S.) - - (4,683) (4,895)
PROINFA - - (22,317) (26,778)
ESS - - (27,617) (29,387)
Other contracts and electric power auctions 4,016 3,567 (396,530) (301,326)
Total 6,964 6,504 (900,749) (804,800)
01.01 to 06.30
2011 2010 2011 2010
Connection charges - - (14,106) (9,195)
Spot market energy 776 832 (27,071) (8,080)
Network usage charges - - (208,969) (210,305)
UTE Norte Fluminense 3,150 3,150 (430,134) (394,815)
Itaipu 2,666 2,682 (251,029) (278,678)
National Electric System Operator (O.N.S.) - - (8,922) (9,594)
PROINFA - - (43,879) (60,616)
ESS - - (70,760) (54,559)
Other contracts and electric power auctions 8,500 7,732 (839,429) (629,869)
Total 15,092 14,396 (1,894,299) (1,655,711)
Consolidated
GWh R$
Consolidated
GWh R$

75
30. FINANCIAL INCOME

04.01 to 06.30 2011 2010
REVENUES
Interest and variation on debts paid by installments 35,689 22,066
Income from investments 16,075 12,312
Swap operations 340 (23)
Other financial income 6,144 17,381
58,248 51,736
EXPENSES
Restatement of provision for contingencies (4,049) (5,737)
Expenses with tax liabilities (14,837) 29,313
Debt charges (119,250) (100,559)
Swap operations (2,037) (189)
Other financial expenses (6,951) (6,758)
(147,124) (83,930)
Total (88,876) (32,194)
01.01 to 06.30 2011 2010
REVENUES
Interest and variation on debts paid by installments 55,442 41,955
Income from investments 27,035 28,723
Swap operations 355 32
Other financial income 11,914 25,456
94,746 96,166
EXPENSES
Restatement of provision for contingencies (18,968) (22,817)
Expenses with tax liabilities (22,554) 22,131
Debt charges (225,003) (191,872)
Swap operations (3,580) 81
Other financial expenses (10,114) (33,729)
(280,219) (226,206)
Total (185,473) (130,040)
Consolidated
Consolidated

76
31. FINANCIAL INSTRUMENTS

The statement below reconciles the carrying and fair values of assets and liabilities
related to our financial instruments:

ASSETS Book value Fair Value Book value Fair Value
Cash and cash equivalents (note 4) 80.328 80.328 38.295 38.295
Other receivables (note 10) 39.933 39.933 23.860 23.860
Total 120.261 120.261 62.155 62.155
LIABILITIES
Suppliers (Note 14) 96 96 280 280
Total 96 96 280 280
Parent Company
12/31/2010 6/30/2011

ASSETS Contabilizado Valor Justo Contabilizado Valor Justo
Cash and cash equivalents (note 4) 436.865 436.865 514.109 514.109
Marketable securities (note 5) 11.167 11.167 11.122 11.122
Concessionaires and permissionaires (note 6) 1.568.399 1.568.399 1.634.965 1.634.965
Swaps 566 566 211 211
Concession financial assets (note 9) 508.599 508.599 469.030 469.030
Other receivables (note 10) 175.476 175.476 160.838 160.838
Total 2.701.072 2.701.072 2.790.275 2.790.275
LIABILITIES
Suppliers (Note 14) 549.414 549.414 658.421 658.421
Loans and financing (Note 15) 1.324.332 1.325.726 1.335.183 1.342.054
Debentures (Note 16) 1.577.264 1.577.264 1.088.402 1.088.402
Swaps (Note 15) 5.275 5.275 5.295 5.295
Total 3.456.285 3.457.679 3.087.301 3.094.172
Consolidated
6/30/2011 12/31/2010

In compliance with CVM Rule No. 475/2008 and CVM Resolution No. 604/2009,
which revoked Resolution No. 566/2008, the description of accounting balances and fair
value of financial instruments stated in the balance sheet as of June 30, 2011 are
identified as follows:
Financial investments
Financial investments in bank deposit certificates are measures at their acquisition
cost duly escalated at the balance sheet date, which value is proximate to their fair
value, as determined by the management.
Marketable securities
Financial investments in bank deposit certificates are measures at their acquisition
cost duly escalated at the balance sheet date, which value corresponds to their fair
value.

77

Consumers, concessionaries and permissionaries (clients)
These are classified as loans and receivables, being recorded at their original
values and subject to a provision for losses and adjustments to their present values,
where applicable.
Financial concession assets
These are classified as loans and receivables, being recorded at their original
values and subject to a provision for losses and adjustments to their present values,
where applicable.
Suppliers
Accounts payable to suppliers of materials and services required in the operations of
the Company and its subsidiaries, the amounts of which are known or easily
determinable, added, where applicable, of relevant charges, escalation and/or
exchange costs incurred as of the balance sheet date.

These balances are classified as financial liability not measured at fair value and
were recognized at their amortized cost, which is not significantly different from
their fair value.
Loans, financing and debentures
These are measured by the restated amortized cost method. Fair value was
calculated at interest rates applicable to instruments with similar nature, maturities
and risks, or based on market quotations of these securities. The fair value for
BNDES financing are identical to accounting balances, since there are no similar
instruments, with comparable maturities and interest rates. In case of debentures,
book and fair values are identical, as there is no liquid trading market for these
debentures as an accurate benchmark in the market calculation. These financial
instruments are classified as financial liabilities not measured at the fair value.
Swaps
These are measured by the fair value. A the determination of fair value used
available information in the market and usual pricing methodology: the face value
(notional) evaluation for long position (in U.S. dollars) until maturity date and
discounted at present value of clean coupon rates, published in bulletins of
Securities, Commodities and Futures Exchange BM&F Bovespa.

It is worth mentioning that estimated fair values of financial assets and liabilities
were determined by means of information available on the market and appropriate
valuation methodologies. Nevertheless, meaningful judgment was required when
interpreting market data to produce the most appropriate fair value estimate. As a
result, estimates used and presented below do not necessarily indicate the amounts
that may be realized in current exchange market.

78

a) Financial Instruments by category:

Fair value Fair value
Loans though Loans though
ASSETS and receivables profit and loss Total and receivables profit and loss Total
Cash and cash equivalent (note 4) 124 80.204 80.328 15.152 421.713 436.865
Marketable securities (note 5) - - - - 11.167 11.167
Consumers,concessionaires and permissionaires(note 6) - - - 1.568.399 - 1.568.399
Swaps - - - - 566 566
Concession financial assets (note 9) - - - 508.599 - 508.599
Other Receivables (note 10) 39.933 - 39.933 175.476 - 175.476
Total 40.057 80.204 120.261 2.267.626 433.446 2.701.072
Fair value Fair value
Loans though Loans through
LIABILITIES and receivables profit and loss Total and receivables profit and loss Total
Suppliers (Note 14) 96 - 96 549.414 - 549.414
Loans and financing (Note 15) - - - 1.324.332 - 1.324.332
Debentures (Note 16) - - - 1.577.264 - 1.577.264
Swaps (Note 15) - - - - 5.275 5.275
Total 96 - 96 3.451.010 5.275 3.456.285
Consolidated
06/30/2011
Parent Company
06/30/2011

b) Policy concerning derivative instruments

The Company has a policy of using derivative instruments which has been approved by
its Board of Directors. According to this policy, the debt service (principal plus interest
and charges) denominated in foreign currency maturing within 24 months is to be
hedged, except no speculative transaction is allowed, whether using derivatives or any
other risky asset.

In line with the policy standards, the Company and its subsidiaries do not have any
forward contracts, options, swaptions, callable swaps, flexible options, derivatives
embedded in other products, derivative-structured transactions and so-called exotic
derivatives. Furthermore, the statement above denotes that the Company and its
subsidiaries use cashless exchange rate swaps (US$ vs. CDI), of which the Notional
Contract Value is equal to the amount of the debt service denominated in foreign
currency maturing in 24 months.

c) Risk management and goals achieved

Management of derivative instruments is achieved through operating strategies with a
view to liquidity, profitability and safety. Our control policy consists of ongoing
enforcement of policy standards concerning the use of derivative instruments, as well as
continued monitoring of agreed upon rates versus market rates.

d) Risk Factors

During the normal course of its businesses, the Company and its subsidiaries are
exposed to the market risks related to currency variations and interest rates, as evidenced
in the chart below:

79
Debt breakdown (excluding financial charges):

R$ % R$ %
USD 64,076 2.2 73,131 3.0
Foreign currency (current and noncurrent) 64,076 2.2 73,131 3.0
CDI 2,107,188 72.7 1,618,316 66.8
TJLP 623,406 21.4 624,457 25.8
Other 106,926 3.7 107,681 4.4
Local currency (current and noncurrent) 2,837,520 97.8 2,350,454 97.0
Overall total (current and noncurrent) 2,901,596 100.0 2,423,585 100
Consolidated
6/30/2011 12/31/2010

On June 30, 2011, according to the chart above, the foreign currency-denominated debt
is R$64,076, or 2.21% of the debts principal.

Financial derivative instruments were contracted for the amount of foreign currency-
denominated debt service to expire within 24 months, in the swap modality, whose
notional value on June 30, 2011 stood at US$17,036, according to the policy for
utilization of derivative instruments approved by the Board of Directors. Thus, if we
deduct this amount from total foreign currency-denominated debt, the foreign exchange
exposure represents 1.29% of total debt.

Below we provide a few considerations and analyses on risk factors impacting on
business of Grupo Light companies:

Currency risk

Considering that a portion of Light SESAs loans and financing is denominated in
foreign currency, the company uses derivative financial instruments (swap operations) to
hedge service associated with these debts (principal plus interest and commissions) to
expire within 24 months in addition to the swap of previously mentioned rates.
Derivative operations resulted in an R$1,865 loss in the second quarter of 2011 (loss of
R$212 in the second quarter of 2010). The net amount of swap operations as of June 30,
2011, considering the fair amount, is a negative R$5,275 (negative by R$5,621 on June
30, 2010), as shown below:

Currency Swap
Institution
Light's
Receivable
Light's Payable Starting Date Maturity Date
Notional
Value
Contracted
(US$
thousand)
Fair Value
Jun/11
(R$) Assets
Fair Value
Jun/11
(R$) Liabilities
Fair Value
Jun/11
(R$) Balance
Banco Itau US$+2.30% 100% CDI 9/10/09 9/12/11 67 - (36) (36)
Banco Itau US$+2.79% 100% CDI 10/9/09 10/11/11 5,273 - (2,217) (2,217)
Citibank US$+3.20% 100% CDI 3/10/10 3/12/12 64 - (27) (27)
Banco Itau US$+2.82% 100% CDI 4/12/10 4/11/12 5,010 - (2,012) (2,012)
Bradesco US$+2.50% 100% CDI 9/10/10 9/10/12 63 - (19) (19)
HSBC US$+2.20% 100% CDI 10/11/10 10/9/12 3,211 - (811) (811)
Bradesco US$+2.72% 100% CDI 3/10/11 3/12/12 61 - (10) (10)
HSBC US$+3.58% 100% CDI 4/12/11 4/10/13 3,287 - (143) (143)
Total 17,036 - (5,275) (5,275)

80

The amount recorded was measured by its fair value on June 30, 2011. All operations
with derivative financial instruments are registered in clearing houses for the custody
and financial settlement of securities and there is no margin deposited in guarantee.
Operations have no initial cost.

Below, the sensitivity analysis for foreign exchange and interest rates fluctuations,
showing eventual impacts on financial result of the Company and its subsidiaries.

The methodology used in the Probable Scenario was to consider that both foreign
exchange and interest rates will maintain the same level verified on June 30, 2011 until
the end of 2011, maintaining steady liabilities, derivatives and temporary cash
investments then verified. It is worth highlighting that, as this refers to a sensitivity
analysis of the impact on the 2011 financial result, realized amounts of financial
expenses and/or income up to the second quarter of 2011 are considered, and charges
projection and/or compensation for the next six months on the balance of debt and/or
investments as of June 30, 2011. It is worth mentioning that the behavior of debt and
derivatives balances will observe their respective contracts, and the balance of
temporary cash investments will fluctuate according to the need or available funds of the
Company and its subsidiaries.

Risk of Exchange Rate Depreciation:

Operation Risk Scenario (I): Probable Scenario (II) Scenario (III)
FINANCIAL LIABILITIES 4,051 (12,452) (28,954)
Par Bond USD 678 (5,851) (12,377)
Discount Bond USD 2,175 (2,255) (6,686)
C. Bond USD 545 (3,418) (7,382)
Debit. Conv. USD 631 (830) (2,292)
Bib USD 22 (98) (217)
DERIVATIVES USD
Swaps 457 7,390 14,322
Reference for financial assets and liabilities
+25% +50%
Financial
R$/US$ exchange rate (end of the period) 1.5611 1.9514 2.34165
R$

81

Risk of Exchange Rate Appreciation:

Operation Risk Scenario (I): Probable Scenario (II) Scenario (III)
FINANCIAL LIABILITIES 4,051 20,554 37,057
Par Bond USD 678 7,205 13,732
Discount Bond USD 2,175 6,606 11,037
C. Bond USD 545 4,509 8,473
Debit. Conv. USD 631 2,093 3,554
Bib USD 22 141 261
DERIVATIVES USD
Swaps 457 (6,476) (13,049)
Reference for financial assets and liabilities
-25% -50%
Financial
R$/US$ exchange rate (end of the period) 1.5611 1.1708 0.7806
R$

With the chart above, it is possible to identify that despite partial hedge against foreign
currency-denominated debt (only limited to debt service to expire within 24 months), as
R$/US$ quote increases, liabilities financial expense also increases but financial
revenues of derivatives also partially offset this negative impact and vice-versa. Thus,
cash is hedged thanks to the derivatives policy of the Company and its subsidiaries.

Interest rate risk

This risk derives from impact of interest rates fluctuation not only over financial
expense associated with loans and financing of subsidiaries, but also over financial
revenues deriving from temporary cash investments. The policy for utilization of
derivatives approved by the Board of Directors does not comprise the contracting of
instruments against such risk. Nevertheless, the Company and its subsidiaries
continuously monitor interest rates so that to evaluate eventual need of contracting
derivatives to hedge against interest rates volatility risk.

As of June 30, 2011, the swap operation of interest rate associated to the maturity of the
CCB Bradesco, with notional value of R$150,000 represented a R$566 gain,
considering the fair value, as follows:

Interest rate swap
Institution
Light's
Receivable
Light's Payable Starting Date Maturity Date
Notional
Value
Contracted
(US$
thousand)
Fair Value
Mar/11
(R$) Assets
Fair Value
Mar/11
(R$) Liabilities
Fair Value
Mar/11
(R$) Balance
HSBC
101.9%CDI+(TJ
LP-6%)
CDI+0.85% 10/11/10 10/9/12 150,000 566 - 566
Total 150,000 566 - 566

See below the sensitivity analysis of interest rate risk, evidencing the effects on
scenarios variation results:

82
Risk of Interest Rate Increase:

Operation Risk Scenario (I):
Probable
Scenario (II) Scenario (III)
FINANCIAL ASSETS CDI 53,687 60,124 66,476
Temporary cash investments
FINANCIAL LIABILITIES (299,254) (334,997) (370,741)
Debentures 5th issue CDI (98,099) (109,176) (120,253)
CCB Bradesco CDI (59,417) (66,195) (72,969)
CCB Bco Santander CDI (9,843) (11,003) (12,164)
Debentures 4th issue TJLP (10) (10) (11)
FINEM BNDES 2006-2008 TJLP (28,452) (30,525) (32,599)
FINEM BNDES 2009-2010 TJLP (14,493) (15,820) (17,147)
FINEM BNDES 2009-2010 TJLP+1 TJLP (16,169) (17,502) (18,836)
PROESCO TJLP (642) (703) (764)
Debentures 1st issue Light Energia CDI (16,057) (18,550) (21,043)
DERIVATIVES
Currency swaps CDI 457 (71) (597)
Interest rate swaps CDI 531 511 491
Interest rate swaps TJLP 531 (164) (852)
Reference for FINANCIAL ASSETS +25% +50%
CDI (% YTD) 11.50% 13.31% 14.81%
Reference for FINANCIAL LIABILITIES +25% +50%
CDI (% YTD) 11.50% 13.31% 14.81%
TJLP (% YTD) 6.08% 6.85% 7.61%
R$

Risk of Interest Rate Decrease:

Operation Risk Scenario (I):
Probable
Scenario (IV) Scenario (V)
FINANCIAL ASSETS CDI 53,687 47,164 40,550
Temporary cash investments
FINANCIAL LIABILITIES (299,254) (263,510) (227,767)
CCB Bradesco CDI (59,417) (52,641) (45,865)
CCB Bco Santander CDI (9,843) (8,682) (7,522)
Debentures 4th issue TJLP (10) (9) (8)
FINEM BNDES 2006-2008 TJLP (28,452) (26,379) (24,305)
FINEM BNDES 2009-2010 TJLP (14,493) (13,166) (11,839)
FINEM BNDES 2009-2010 TJLP+1 TJLP (16,169) (14,835) (13,502)
PROESCO TJLP (642) (580) (519)
Debentures 1st issue Light Energia (16,057) (13,565) (11,072)
DERIVATIVES
Currency swaps CDI 457 985 1,515
Interest rate swaps CDI 531 552 572
Interest rate swaps TJLP 531 1,233 1,942
Reference for FINANCIAL ASSETS -25% -50%
CDI (% YTD) 11.50% 10.26% 8.70%
Reference for FINANCIAL LIABILITIES -25% -50%
CDI (% YTD) 11.50% 10.26% 8.70%
TJLP (% YTD) 6.08% 5.32% 4.54%
R$

83

Credit risk

It refers to the Company eventually suffering losses deriving from default of
counterparties or financial institutions depositary of funds or temporary cash
investments. To mitigate these risks, the Company uses all collection tools allowed by
the regulatory body, such as disconnection for delinquency, debit losses and permanent
monitoring and negotiation of outstanding positions. Concerning financial institutions,
the Company and its subsidiaries only carry out operations with low-risk financial
institutions classified by rating agencies.

Liquidity risk

Liquidity risk relates to the Company and its subsidiaries ability to settle its liabilities.
In order to determine the ability to satisfactorily meet its financial liabilities, the streams
of maturities for funds raised and other liabilities are reported with the Company's
statements. Further information on loans can be found in detail in notes 15 and 16.

The Company and its subsidiaries have raised funds through its operations, from
financial market transactions and from affiliate companies. These funds are allocated
primarily to support its investment plan and in managing its cash for working capital
and liability management purposes.

Management of financial investments focuses on short-term instruments in an attempt to
achieve maximum liquidity and satisfy our expenditure requirements.

The Company' and its subsidiaries' cash-generation ability and low volatility concerning
receivables and accounts payable over the year provide cash flow stability and thus
reduce its liquidity exposure.

The realization flow concerning future liabilities as per the relevant terms and
conditions is summarized in the statement below:

Consolidated
Interest rate instruments
1 to 3 months 3 months to 1 year 1 to 5 years More than 5 years Total
Floating
Loans, financings and debentures 48,732 525,687 2,259,817 281,364 3,115,600
Fixed rate
Loans, financings and debentures 1,062 20,121 96,548 80,367 198,098

a) Capital Management

The Company and its subsidiaries manage their capital with the purpose of safeguarding
the capacity of Grupo Light to continuously offer return to shareholders and benefits to
other stakeholders, in addition to maintaining the ideal capital structure to reduce costs.

In order to maintain or adjust its capital structure, Grupo Light either reviews the
dividend payment policy, returns capital to shareholders or issues new shares and sells
assets to reduce the indebtedness level, for instance.

84

b) Hierarchical Fair Value

There are three types of classification levels for the fair value of financial
instruments. This hierarchy prioritizes unadjusted prices quoted in an active market
for financial assets or liabilities. The classification of hierarchical levels can be
presented as follows:

Level 1 - Data originating from an active market (unadjusted quoted price) that
can be accessed on a daily basis, including at the date of fair value hierarchical.

Level 2 - Different data originating from the active market (unadjusted quoted
price) included in Level 1, extracted from a pricing model based on data
observable in the market.

Level 3 - Data extracted from a pricing model based on data that are not
observable in the market.

Identical Similar Without active
06/30/2011 markets markets market
ASSETS Level 1 Level 2 Level 3
Cash and cash equivalent (note 4) 436,865 - 436,865 -
Marketable securities (note 5) 11,167 - 11,167 -
Swaps 566 - 566 -
Total 448,598 - 448,598 -
LIABILITIES
Swaps (note 15) 5,275 - 5,275 -
Total 5,275 - 5,275 -
Consolidated
Hierarchical of Fair Value

No financial instrument classified as Level 1 or 3 was observed in the analysis period,
and there was no transfer from one level to another in the same period.

32. INSURANCE

On June 30, 2011, insurance coverage is considered sufficient by Management, as summarized below:

Amount
RISKS From To Insured Premium
Directors & Officers (D&O) ** 08/10/2010 08/10/2011 US$20,000 US$76
Civil and general liabilities 09/25/2010 09/25/2011 R$20,000 R$448
Operating risks* 10/31/2010 10/31/2011 R$ 3,664,000 R$1,482
*The Maximum Limit of Indemnification (MLI) is R$300,000.
** Renovation in progress
Effective Term

85
33. INFORMATION BY SEGMENT

Segment reporting was prepared according to CPC 22 (Segment Information),
equivalent to IFRS 8, and is reported in relation to the business of the Company and its
subsidiaries, identified based on their management structure and internal management
information.
The Company's Management considers the following segments: power distribution,
power generation, power trading and others (including the holding). The Company is
segmented according to its operation, which has different risks and compensation.
Segment information for the six-month period ended June 30, 2011 and year ended
December 31, 2010 are presented below:

Consolidated
Distribution Generation Trading Other Eliminations 06/30/2011
Current assets 2,063,775 162,334 65,429 129,038 (152,121) 2,268,455
Non-current assets 2,210,744 1,692 30,021 355 (200,677) 2,042,135
Investments 16,374 3,890 - 3,201,700 (3,201,659) 20,305
Property, plant and equipment 189,724 1,437,913 4,974 1,101 - 1,633,712
Intangible assets 3,623,973 133,873 - 3,487 - 3,761,333
Current liabilities 1,519,866 194,439 37,208 4,342 (152,121) 1,603,734
Non-current liabilities 4,190,452 798,107 6,896 - (200,677) 4,794,778
Shareholders' equity 2,394,272 747,157 56,320 3,331,338 (3,201,659) 3,327,428
Consolidated
Distribution Generation Trading Other Eliminations 12/31/2010
Current assets 2,200,937 166,428 61,605 114,245 (165,047) 2,378,168
Non-current assets 2,152,886 1,017 20,409 195 (218,002) 1,956,505
Investments 16,374 149 - 3,356,792 (3,355,729) 17,586
Property, plant and equipment 189,015 1,433,849 5,039 990 - 1,628,893
Intangible assets 3,478,653 131,766 - 3,353 - 3,613,772
Current liabilities 1,954,713 217,644 39,398 140,045 (165,047) 2,186,753
Non-current liabilities 3,640,719 647,138 7,134 1,038 (218,002) 4,078,027
Shareholders' equity 2,442,433 868,427 40,521 3,332,458 (3,353,695) 3,330,144

86

Income segment reporting:
Consolidated
Consolidated 2010
01.01 to 06.30 Distribution Generation Trading Other Eliminations 2011 Restated
OPERATIONALREVENUE 5,034,080 183,050 109,979 3,632 (25,273) 5,305,468 4,950,163
Billed supplies 4,307,884 - - - 4,307,884 4,173,175
Unbilled supplies (33,073) - - - (33,073) (54,957)
Supply - Electric Power 13,512 179,017 91,748 - (16,403) 267,874 205,030
Construction revenue 326,267 - - - 326,267 222,436
Other 419,490 4,033 18,231 3,632 (8,870) 436,516 404,479
DEDUCTIONS TO REVENUE (1,776,518) (20,809) (12,179) (248) - (1,809,754) (1,728,578)
Billed sales - ICMS (State VAT) (1,186,540) - (13,112) (1) - (1,199,653) (1,177,719)
Consumer charges (319,734) (4,980) - - - (324,714) (272,079)
PIS (Taxon Revenues) (48,043) (2,820) 302 (60) - (50,621) (50,294)
COFINS (Taxon Revenues) (221,291) (12,984) 1,401 (113) - (232,987) (226,317)
Other (910) (25) (770) (74) - (1,779) (2,169)
NET OPERATIONALREVENUE 3,257,562 162,241 97,800 3,384 (25,273) 3,495,714 3,221,585
OPERATINGEXPENSES AND COSTS (2,859,649) (71,227) (89,555) (8,385) 25,273 (3,003,543) (2,527,100)
Personnel (120,393) (12,165) (2,253) (2,819) - (137,630) (117,588)
Material (11,561) (314) (502) (5) - (12,382) (16,903)
Outsourced services (186,507) (7,311) (13,527) (4,711) - (212,056) (166,409)
Energy purchased (1,861,906) (8,425) (72,174) - 25,093 (1,917,412) (1,655,711)
Depreciation (153,896) (28,945) (306) (67) - (183,214) (173,714)
Provisions (159,611) (966) - - - (160,577) (138,662)
Construction cost (326,267) - - - - (326,267) (222,436)
Other (39,508) (13,101) (793) (783) 180 (54,005) (35,677)
Equity in the earnings of subsidiaries - - - 212,755 (212,755) - -
FINANCIALINCOME (172,208) (18,141) 473 4,403 - (185,473) (130,040)
Financial revenue 99,871 5,013 864 4,612 (15,614) 94,746 96,166
Financial expenses (272,079) (23,154) (391) (209) 15,614 (280,219) (226,206)
INCOMEBEFORETAXES 225,705 72,873 8,718 212,157 (212,755) 306,698 564,445
Social Contribution (18,973) (8,129) (779) (47) (27,928) (50,772)
Income tax (48,747) (16,101) (2,138) (119) (67,105) (151,242)
NET INCOME 157,985 48,643 5,801 211,991 (212,755) 211,665 362,431

34. LONG-TERM INCENTIVE PLAN

Incentive Plan in Phantom Options
The phantom Options modality was offered to eligible executives appointed by the
Board of Directors and is directly linked to Light's value creation, measured by the
variation in Light's Value Unit (LVU). The calculation of LVU is based on the weighing
of the following factors:

1. Market value of shares issued by Light S.A;
2. Economic value (a multiple of EBITDA);
3. Amount of dividends distributed.

The difference between the LVU provided in the Program for the grant year and the
LVU verified in the exercise year multiplied by the amount of shares exercised by the
participant will amount to the total long-term bonus to be paid to each participant.

In April 2011 the option referring to the 2009 program was exercised, in the amount of
R$5,266, generating the reversal of a provision in the same amount.

The Company did not record any provision for the 2
nd
quarter of 2011, due to the fact
that UVL estimated up to the end of 2011 is lower than in 2010.

87

35. SUBSEQUENT EVENTS

a) New equity interests:

i) Renova Energia S/A

Light S.A. published a material fact on July 8, 2011, in which it announced that it
had executed an Investment Agreement to acquire a R$360,000 equity interest in
Renova Energia S/A. After the above-mentioned Investment, the Company will
hold 35.1% of Renovas common shares and 26.2% of its total capital stock. This
transaction is pending approval by Aneel and Renovas other creditors.

ii) CR Zongshen E-Power Fabricadora de Veculos S/A

On August 5, 2011, the Board of Directors of Light S.A. approved the acquisition, for
R$120, of 20% of the registered common shares issued by CR Zongshen E-Power
Fabricadora de Veculos S.A., a company located in the municipality of Sapucaia, in the
state of Rio de Janeiro, the main purpose of which is the manufacture of two-wheeled
electrical vehicles under the brand Kasinski.

b) Acquisition of indirect interest in ENLIGHTED through Parati S.A.

On July 7, 2011, Parati S.A. acquired from Enlighted Partners Venture Capital LLC
(ENLIGHTED) 100% of the interests of Luce LLC (Luce), holder of 75% of the
quotas of Luce Brasil Fundo de Investimento em Participaes (FIP LUCE), which,
in turn, holds indirectly, through Luce Empreendimentos e Participaes S.A.
(LEPSA), twenty-six million, five hundred seventy-six thousand, one hundred forty-
nine (26,576,149) common shares issued by the Company, representing approximately
13.03% of its total and voting capital.

c) Braslight exercises its call option to sell the interest it holds in FIP LUCE

On July 15, 2011, Fundao de Seguridade Social Braslight, holder of 25% of the
remaining quotas of FIP Luce, announced that it will exercise its Call Option (Call
Option) to sell the interest it holds in FIP Luce, as provided for in FIP Luces
Quotaholders Agreement. With these acquisitions, Parati, which in June 2011 already
held an indirect interest, through Rio Minas Energia Participaes S.A. (RME), of
7.05% of the Companys total and voting capital, will hold indirectly the equivalent to
20.08% of the Companys total and voting capital.

88

BUARD UF DIRECTURS

MEMBERS ALTERNATES
Srgio Alair Barroso Luiz Fernando Rolla
Djalma Bastos de Morais Wilson Borrajo Cid
Raul Belens Jungmann Pinto Fernando Henrique Schuffner Neto
Luiz Carlos Costeira Urquiza Paulo Roberto Reckziegel Guedes
Maria Silvia Bastos Marques Carlos Augusto Leone Piani
Carlos Alberto da Cruz Almir Jos dos Santos

Elvio Lima Gaspar Carmen Lcia Claussen Kanter

Joaquim Dias de Castro

FISCAL CUUNCIL

MEMBERS ALTERNATES
Eduardo Grande Bittencourt (Chairman) Ricardo Genton Peixoto

Marcelo Lignani Siqueira

Eduardo Gomes Santos

Aristteles Luiz Menezes Vasconcellos Drummond
Ari Barcelos da Silva

Isabel da Silva Ramos Kemmelmeier

Ronald Gasto Andrade Reis

Victor Adler

Gabriel Agostini

89

BUARD UF EXECUTIVE UFFICERS
Jerson Kelman
Chief Executive Officer

Joo Batista Zolini Carneiro
Chief Financial and Investor Relations Officer

Evandro Leite Vasconcelos
Energy Officer

Paulo Carvalho Filho
Corporate Management Officer

Ana Silvia Corso Matte
Personnel and Legal Officer

Jos Humberto Castro
Distribution Officer

Paulo Roberto Ribeiro Pinto
New Business and Institutional Officer

CUNTRULLERSHIP SUPERINTENDENCE

Luciana Maximino Maia Suzanne Lloyd Gasparini
Controllership Superintendent Accountant Accounting Manager
CPF 144.021.098-50 CPF 081.425.517-56
CRC-RJ 091476/O-0 CRC-RJ 107359-0

90

Review report on quarterly information
(A free translation of the original report in Portuguese, as filed with the Brazilian Securities and
Exchange Commission (CVM), prepared in accordance with the accounting practices adopted in
Brazil, rules of the CVM and the International Financial Reporting Standards - IFRS)

To
The Board of Directors and Shareholders of
Light S.A.
Rio de Janeiro - RJ

Introduction

We have reviewed the individual and consolidated interim accounting information of Light S.A.
(Company), included in the quarterly information form - ITR for the quarter ended June 30,
2011, which comprises the balance sheet as of June 30,2011 and the respective statements of
operations, for the three and six-month periods then ended, of changes in shareholders equity
and of cash flows for the six-month period then ended including summary of accounting
practices as well as the explanatory notes..

Management is responsible for the preparation of the individual interim accounting information
in accordance with the Accounting Pronouncement CPC 21 - Interim Statement and
consolidated interim accounting information in accordance with CPC 21 and the international
accounting rule IAS 34 - Interim Financial Reporting, issued by the International Accounting
Standards Board - IASB, as well as the presentation of these information in accordance with the
standards issued by the Brazilian Securities and Exchange Commission, applicable to the
preparation of quarterly information - ITR. Our responsibility is to express our conclusion on
these interim accounting information based on our review.

Scope of the review

We conducted our review in accordance with Brazilian and International Interim Information
Review Standards (NBC TR 2410 - Reviso de Informaes Intermedirias Executada pelo
Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by
the Independent Auditor of the Entity, respectively). A review of interim information consists of
making inquiries primarily of the management responsible for financial and accounting matters
and applying analytical procedures and other review procedures. The scope of a review is
significantly less than an audit conducted in accordance with auditing standards and,
accordingly, it did not enable us to obtain assurance that we were aware of all the material
matters that would have been identified in an audit. Therefore, we do not express an audit
opinion.

91

Conclusion on the individual interim accounting information

Based on our review, we are not aware of any fact that might lead us to believe that the
individual interim accounting information included in the aforementioned quarterly information
was not prepared, in all material respects, in accordance with CPC 21, applicable to the
preparation of the quarterly review - ITR, and presented in accordance with the standards issued
by the Brazilian Securities and Exchange Commission.

Conclusion on the consolidated interim accounting information

Based on our review, we are not aware of any fact that might lead us to believe that the
consolidated interim accounting information included in the aforementioned quarterly
information was not prepared, in all material respects, in accordance with CPC 21 and IAS 34,
applicable to the preparation of the quarterly review - ITR, and presented in accordance with the
standards issued by the Brazilian Securities and Exchange Commission.

Other matters

Interim statements of added value

We also reviewed the individual and consolidated interim statements of added value for the
period ended June 30, 2011, prepared under management responsibility for which presentation
is required in the interim information in accordance with the standards issued by the Brazilian
Securities and Exchange Commission applicable to the preparation of quarterly information -
ITR, and considered as supplementary information by IFRS which does not require the
presentation of the statement of added value. These statements were submitted to the same
review procedures described previously and, based on our review, we are not aware of any fact
that might lead us to believe that they were not prepared, in all material respects, in accordance
with the individual and consolidated interim accounting information, taken as a whole.
Rio de Janeiro, August 5, 2011
KPMG Auditores Independentes
CRC SP-014428/O-6 F-RJ
Original in Portuguese signed by
Vnia Andrade de Souza
Accountant CRC RJ-057497/O-2

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LIGHT S.A.

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Accidents - Light SESA is defendant in lawsuits filed by victims and/or their

Discontinuance and Suspension There are several lawsuits in progress to

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