1

Net income for the first half of

2009 reaches R$290 million
EBITDA for the six-month period is R$570 million
Effective free float increases from 7.7% to 22.1% of capital
stock after sale of part of the shares held by BNDESPar and
EDF

Lights results at the end of 1H09 are the fruit of a combination of
positive and negative effects, among which the most significant are:
(i) those resulting from the operating performance (consumption
and collection growth); (ii) those arising from major macroeconomic
shifts (slower economic growth, dollar depreciation); (iii) those
stemming from regulatory impacts (review of tariff and regulatory
EBITDA last November); and (iv) those resulting from corporate
decisions (cash position reduction due to the R$407.9 million
dividend payment in April).
Disregarding the non-recurring effects of 1H08 and 1H09, net
income for 1H09, discussed below, would have been R$267.2 million
and, therefore, 6.2% higher than the result of the same period of
2008.
Collection in 2Q09 reached 103.4% of gross energy supply
billing, showing strong recovery compared to 1Q09. During the last
12 months the collection rate was 97.4% of commercial billing, 0.8
p.p. above the index recorded in March. Cash generation this
quarter before the dividend payment was R$192.9 million more
than that of 2Q08.
On July 14, 2009 the Company published the notice of
commencement of its secondary public distribution of shares
issued by Light S.A., whereby 29,470,480 shares were placed, of
which 16,079,135 shares were held by BNDESPar and 13,391,345
shares were held by EDF. The total number of shares sold
corresponds to 14.4% of the Companys capital stock. The offering
price, determined in the bookbuilding process, was R$24.00, for a
total of R$707.3 million. With this operation, the effective free
float of shares has increased from 7.7% to 22.1% of the capital
stock.
IR Contacts

Ronnie Vaz Moreira
Vice Chief Executive Officer
and IRO

Ricardo Levy
Financial and IR
Superintendent

Cristina Guedes
IR Manager


Phone: +55 (21) 2211-
2650/ 2660
Fax: +55 (21) 2211-2787
www.light.com.br
E-mail: ri@light.com.br


Conference Call

Date: 8/12/2009
Time: 10 A.M. (Brazil)
9 A.M. (US EST)
Phones:
Brazil:
+55 (11) 2188-0188
USA:
+1 (866) 890-2584
Other countries:+1 (646)
843-6045

Simultaneous translation
into English

Webcast:
www.light.com.br
(Portuguese and English)





2
Light posted consolidated net income of R$121.4 million in 2Q09, compared to R$388.6
million in 2Q08, which had suffered the effects of a strong provision reversal in the period.
Disregarding the recognition of tax credits this quarter, the Income Tax/Social Contribution effect
resulting from the dollars depreciation on Light SESAs liabilities with the offshore company LIR
in the periods, and the reversion of the provision for VAT taxes (PIS/COFINS) carried out in
2Q08, net income would have been R$93.4 million in this quarter, compared to R$142.8 million
in 2Q08. Net income for the first half of 2009 was R$289.7 million.
In the quarter, consolidated net revenue totaled R$1,273.3 million, 1.9% more than
2Q08. This decrease is mainly the effect of the non-recurring record of R$29.0 million related to
the low-income subsidy in 2Q08. Disregarding this, revenue for the quarter is in line with 2Q08.
In the first half of 2009, net revenue totaled R$2,710.0 million, a 3.7% increase year-on-
year.
Consolidated EBITDA for the quarter was R$220.6 million, 34.0% below 1Q08, mainly as
a result of the reduction in the Companys regulatory EBITDA due to the tariff adjustment
conducted in November 2008, which is to be expected in the first year of each tariff cycle, when
scale gains are fully passed through to consumers, and also of the CCEEs re-recording this
quarter of R$25 million in energy purchase referring to 1Q09. Accumulated EBITDA in 1H09
stood at R$570.1 million, 11.2% below 1H08.
The Company closed the quarter with net debt of R$1,647.4 million, up 15.2% compared
to the end of March of 2009. This growth is explained mainly by the decreased cash position due
to the April dividend payment in the amount of R$407.9 million. Our Net debt/EBITDA
leverage index was 1.2x at quarter's end.
1




1
To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billed energy and
demand of free customers Valesul, CSN and CSA were excluded, in view of these customers planned migration to the core
network. In 2Q09, the energy consumption of these customers totaled 395 GWh and their demand was 2,294 GW, compared
to a 722 GWh consumption and 2,919 GW demand in 2Q08.

Operational Highlights (GWh) 2Q09 2Q08 Var. % 1H09 1H08 Var. %
Grid Load* 7,537 8,021 -6.0% 16,356 16,737 -2.3%
Billed Energy - Captive Market 4,619 4,529 2.0% 9,621 9,351 2.9%
Consumption in the concession area
1
5,228 5,211 0.3% 10,786 10,692 0.9%
Transported Energy - TUSD
1
1,144 1,302 -12.1% 2,323 2,594 -10.4%
Sold Energy - Generation 1,163 1,210 -3.9% 2,425 2,421 0.2%
Commercializated Energy (Esco) 140 118 18.5% 252 250 0.7%
Financial Highlights (R$ MM)
Net Revenue 1,273 1,298 -1.9% 2,711 2,613 3.7%
EBITDA 221 334 -34.0% 570 642 -11.2%
EBITDA Margin 17.3% 25.8% - 21.0% 24.6% -
Net Income 121 389 -68.8% 290 492 -41.1%
Net Debt** 1,647 1,550 6.3% 1,647 1,550 6.3%
* Captive market + losses + network use
** Financial Debt - Cash


3
Release Segmentation
Light S.A. is a holding company with wholly-owned subsidiaries that participate in three business
segments: electricity distribution (Light SESA), electricity generation (Light Energia) and electricity
trading/services (Light Esco). To increase the transparency of its results and enable investors to make
a better evaluation, Light also presents its results by business segment.
2
nd
Quarter 2008 Results
2Q08 and 1Q08 results were adjusted to reflect the impacts of Law 11,638/07 on the respective results
of the periods, pursuant to CVM Resolution 565/08, as well as the reclassification of employee profit
sharing (PLR) after the income tax line, thereby no longer being classified as costs and personnel
expenses. For further information, see Appendix V of this release.

Operating Performance
Distribution
Total energy consumption in Lights concession area
(captive customers + billed free customers
2
) in 2Q09 was
5,228 GWh, growing 0.3% when compared to the same
period in 2008, chiefly due to the growth in captive market
consumption.
Total consumption in 1H09 was 10,786 GWh, a 0.9%
increase year-on-year driven mainly by the significant
growth in the residential and commercial markets due to
the high temperatures of the first quarter. According to the Energetic Research Enterprise (EPE), this
performance surpasses that of the Southeast Region, which decreased by 4.1% year-on-year.
Taking into account the energy consumed by free consumers CSN, Valesul and CSA, consumption in
this quarter was 5,623 GWh and 11,652 in 1H09.

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

Electric Energy Consumption (GWh)
Total Market (Captive + Free)
4,529 4,619
681
609
5,211 5,228
2Q08 2Q09
Captive Free
2,0%
-10,7%
0,3%


4
Captive Customers
Despite the economic crisis, billed
consumption in the captive market grew
2.0% year-on-year, primarily a result of
higher consumption in the residential and
commercial classes - which together
accounted for 72.3% of the captive
market - as well as government
consumption, included in "other. The
increased consumption of these classes was influenced by the higher temperature this year - 0.5 C
above the 2Q08 average - despite the lower number of billing days in the low voltage, 0.8 day.
Consumption in the residential segment, which accounted for 40.3% of the captive market in the
quarter, grew 2.2% over 2Q08. The number of residential customers rose 1.1% to 3.7 million billed
customers with average monthly consumption of 170.0 kWh/month in this quarter, compared to 168.4
kWh/month in the same period of 2008.
Commercial segment consumption, which represented 32.0% of the captive market this quarter, grew
1.7% year-on-year.
The captive industrial segment, which represented only 9.9% of the captive market, was stable in
relation to 2Q08 despite the effects of the economic slowdown on the industrys operations; heavy
industry was the most impacted segment. This year, a customer from the chemical industry that
consumed an average 10 GWh in 2008 returned from the free to the captive market.
In 1H09, the captive markets billed consumption totaled 9,621 GWh, 2.9% more than in 1H08. This
growth is primarily a result of the strong performance of the residential and commercial segments,
which recorded billed consumption growth of 4.6% and 2.5%, respectively, compared to 1H08,
representing a 250.5 GWh increase. This performance allowed the growth of captive market in the
period, fully offsetting the 2.0%, or 18.5 GWh, decrease in industrial consumption that was an effect of
the economic slowdown.
Electric Energy Consumption (GWh)
2
nd
Quarter
4,529
797
1,452
459
1,821
4,619
822
1,477
459
1,862
Residential Industrial Commercial Others Total
2Q08 2Q09
-0,1%
2,0%
1,7%
2,2%
3,1%


5
Network Use
3

Billed energy transported to free customers and
concessionaires amounted to 1,144 GWh this quarter, 12.1%
below 2Q08. This decline was caused by a 10.7% drop in free
customer consumption-in particular in the steel industry,
which was affected by the international economic crisis-in
addition to the return to the captive market of a customer that
represented a monthly average consumption of approximately
10 GWh in 2008 in 2Q09. The flow of energy supplied to the
concessionaires bordering Lights area fell 13.7% between the
periods. In 1H09, network use totaled 2,323 GWh, 10.5%
below the energy transported in 1H08.
The tariff breakdown of free customers is mainly driven by
contracted demand; therefore a decline in the volume of
transported energy does not significantly affect the revenue
originating from these customers.
Billed demand for free customers and concessionaries
corresponded to 6,075 GW this quarter, unchanged in
relation to 2Q08. Free customer demand this quarter
decreased by 9.2% compared to the same period last year,
mainly due to the fall in the contracted demand of a major
customer from the steel industry. The 6.5% increase in demand from concessionaires offset the
decrease in free customer demand. In 1H09, free customer and concessionaire demand totaled 12,217
GW, 2.7% above 1H08 billed demand.
The amount presented in GW is related to the annual sum of billed demand each month, considering
peak and out of peak periods.

3
To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billed energy and demand
of the free customers Valesul, CSN and CSA were excluded, in view of these customers planned migration to the core
network. In 2Q09, the energy consumption of these customers totaled 395GWh and their demand was 2,294 GW, compared
to a 722 GWh consumption and 2,919 GW demand in 2Q08.
Electric Energy Transportation - GWh
Free Customers + Utilities
681
609 621
1,302
535
1,144
Free Utility Total
2Q08 2Q09
-10,7%
-13.7%
-12.1%
Billed Demand (GW)
Free Costumers and Utilities
2,406
3,656
6,062
2,183
3,892
6,075
Free Utility Total
2Q08 2Q09
-9.2%
6.5%
0.2%


6
Energy Flow

Residential
192.9 4,024.5
CCEAR Billed Industrial
Light Energia Energy 891.8
164.4 Own load 9,621.1
Light Commercial
13,218.2 3,059.2
2,791.0 Others
13,499.9 3,597.0 1,645.7
6,934.3 Basic netw.
losses
Adjustment 7.6
3,150.1
267.1
(*) Others = Purchase in Spot - Sale in Spot.
PROINFA
OTHERS(*)
(CCEE)
DISTRIBUTION ENERGETIC BALANCE - GWh
NORTE FLU
(CCEE)
Required E.
(CCEE)
AUCTIONS
(CCEE)
274.1
ITAIPU
(CCEE)
Position: january-june 2009
Differences
Energy Balance (GWh) 2Q09 2Q08 Var.% 1H09 1H08 Var.%
= Grid Load 7,537 8,021 -6.0% 16,356 16,737 -2.3%
+ Energy transported to utilities 535 621 -13.7% 1,158 1,253 -7.6%
+ Energy transported to free customers 931 1,416 -34.3% 1,980 2,759 -28.2%
= Own Load 6,071 5,984 1.5% 13,218 12,725 3.9%
+ Captive market consumption 4,619 4,529 2.0% 9,621 9,351 2.9%
+ Differences 1,452 1,454 -0.2% 3,597 3,373 6.6%
*Including CSN, Valesul and CSA


7
Electric Energy Losses
Lights total losses totaled 6,929 GWh, of 21.3%
over the grid load, in the 12 months that ended in
June of 2009, representing a 0.44 p.p. increase
compared to the loss index in March of 2008. Non-
technical losses reached 4,874 GWh, growing 0.33
p.p. over the grid load. The index was affected by a
decline in consumption of large customers (who did
not present non-technical losses), adversely
impacting the grid load, which is the denominator of
the index. It is also worth pointing out that the loss over grid load index suffers the effect of the grid
load reduction.
Conventional energy recovery processes, such as the negotiation of amounts owed by customers where
fraud was detected, caused energy recovered in 1H09 to increase 51.4% over the same period in the
previous year, totaling 75.7 GWh recovered, despite the 5.3% decrease in the number of customers
normalized between the periods, suggesting that more significant frauds are being prioritized.
Additionally, loss prevention programs generated an energy
incorporation of 35.2 GWh in the first half of the year, a 139.5%
increase over the 14.7 GWh incorporated in the same period last year.
In June of 2009, Inmetro approved the electronic meter of one of
Lights suppliers, whose technology allows centralized metering and
remote management of reading, dis- and re-connection processes. This
approval is a fundamental step in the progress of the program for loss-
prevention based on new technologies. Inmetros delay in approving
and the conditions required for the centralized metering system caused
the initial plan to install 100,000 meters to be scaled back to 20,000.
As part of the centralized metering system, the Company continues to
invest in network modernization by protecting 175 km of the low
voltage network in 1H09, with 850 more km to be protected by years
end. In 2008, 120 km were replaced. Light believes that its continuous
investment in new metering and network protection technologies will
result in sustainable loss reduction.
Light Losses Evolution
12 months
6
,
9
2
9
6
,
8
8
5
6
,
7
4
3
6
,
8
0
8
6
,
7
9
1
14.57% 14.44% 14.36% 14.60%
14.93%
21.23%
20.56% 20.51% 20.42% 20.79%
Jun-08 Sep-08 Dec-08 Mar-09 Jun-09
GWh Losses
% Losses / Grid Load (Own + Transport)
Non-technical losses % Grid Load
Energy Incorporation
GWh
Recovered Energy
GWh
50.0
75.7
1H0S 1H09
51.+
1+.7
35.2
1H0S 1H09
139.5


8
Collection
Collection in 2Q09 exceeded 100% of the total
billed amount, reaching a rate of 103.4% partly
due to the collection of debts from previous years
and also to the payment of overdue invoices related
to the beginning of this year. The retail segment,
with collection levels above 100%, was fundamental
to the recovery of this quarters global rate. In
addition to retail, the segment of large customers
including public agencies also showed high
collection rates, reflecting the success of
delinquency-prevention initiatives focused on both
segments. The collection rate of the last 12 months,
which encompasses the economic crisis that began
in September 2008, was 97.4% of billing, 0.8%
above the March index.
The provision for past due accounts (PDD)
constituted in 2Q09 was 3.5% of the gross billed
energy or R$66.5 million, a decrease of 0.6 p.p. in
relation to 2Q08. The effect of the economic crisis
on 1Q09 collection impacted the 2Q09 PDD, since,
according to the criteria for constituting a provision
in the sector, provisions related to past due accounts from residential customers should be constituted
90 days after the due date. In the first six months of 2009, the PDD was R$18.7 million higher than the
1H08 provision, chiefly resulting from the impact of the crisis on retail collection, primarily in 1Q09.
Operating Quality
A series of major investments in increasing the reliability of the distribution system the Company
began making in 2008 started to show effective results this quarter when quality indicators returned to
pre-program levels even with the increase in the number of scheduled disconnections-necessary due
to the investments made in the network. Thus, disregarding the effect of these disconnections, the
equivalent length of interruptions (DEC) index in the first half of the year was 3.75 compared to 4.96 in
1H08, a 24.4% improvement. The equivalent frequency of interruptions (FEC) index fell from 3.29 in
1H08 to 2.69 in 1H09, an 18.24% drop.
Colletion rate
R$ MM 2Q09 2Q08 1H09 1H08
Billing 1,986 1,911 4,162 3,882
Collection 2,054 1,925 4,037 3,833
Collection Tax 103.4% 100.7% 97.0% 98.7%
Collection rate
12 months moving average
96.5%
98.8%
96.6%
97.4%
Jun-07 Jun-08 Mar-09 Jun-09
PDD/Gross Revenue (Billed Sales)
2.6%
2.9%
3.5%
2Q08 1Q09 2Q09
R$ MM 1H08 1H09 Variation
PDD 107.6 126.4 18.7


9
Investments made since 2008 in important projects like the replacement of the conventional network
with space cable (compressed MT network) and installation of remotely commanded keys to reduce
interruption times, together with a reduction in planned disconnections, were instrumental to improving
our indicators. These investments include improving electricity supply quality, increasing distribution
network capacity and protecting the network, and amounted to R$60.7 million in 1H09, compared to
R$43.9 million in 1H08. The electrical system maintenance plan began to be monitored by a specific
SAP system module, providing better management and positively impacting the service continuity.






Generation
Energy sold on the Regulated (ACR) and Free Contract (ACL) markets in 2Q09 was 1,013.6 GWh and
120.3 GWh, respectively. In the ACR, the volume of energy sold was 0.8% lower than in the same
period in 2008, resulting mainly from the end of the contract for an 11.88 average MW product of the
2006/08 existing energy auction held in 2005, resold in the ACL, which resulted in a 24.2% increase
over 2Q08. The lower volume of energy sold on the spot market in 2Q09 was mainly due to the
decrease in secondary energy for sale on that market.
In 1H09 a total of 2,425.5 GWh was sold, similar to 1H08 figures.

Trading and Services
In the second quarter of 2009, Light Esco sold 139.7 GWh directly, an 18.5% increase in trading
volume compared to 2Q08. This increase is explained by the greater availability of energy for resale at
the trading company due to the expansion of its contract portfolio.
ELC / EFC - 12 Months
6.03
7.81
6.03
9.13
11.35
7.81 EFC
ELC
Jun-09 Jun-08 Jun-07
ELC - Equivalent Length of Interruption per Consumption Unit (hs)
EFC - Equivalent Frequency of Interruption per Consumption Unit (n.)
LIGHT ENERGIA (GWh) 2Q09 2Q08 % 1H09 1H08 %
Regulated Contracting Environment Sales 1,013.6 1,021.3 -0.8% 2,053.2 2,081.2 -1.3%
Free Contracting Environment Sales 120.3 96.9 24.2% 206.3 207.8 -0.7%
Spot Sales (CCEE) 28.9 91.8 -68.5% 166.0 132.4 25.4%
Total 1,162.9 1,210.0 -3.9% 2,425.5 2,421.4 0.2%


10
In addition to direct sales, Light Esco also continued to provide consulting services and represent free
clients before the CCEE. These activities included operations of around 262.0 GWh and 8 clients.
In 1H09, Light Esco traded 251.5 GWh, a 0.7% increase in relation to the same period of 2008. This
result reflects the increase in traded energy in 2Q09 when compared to 2Q08, offsetting the smaller
volume of energy traded in 1Q09.
Currently, Light Esco has 55 energy sale customers, 47 of which use the companys trading services
and 8 of which use its consulting and contract intermediation (brokerage) services. In June 2008, it
had 44 customers.
As to the service activity, Light Esco has been developing major projects for setting up service drops,
substations, cold water centers and energy efficiency projects for customers such as TV Globo, Fiocruz,
and the Academia Brasileira de Letras, among others.





Volume (GWh) 2Q09 2Q08 Var. % 1H09 1H08 Var. %
Trading 139.7 117.9 18.5% 251.5 249.7 0.7%
Broker 262.0 401.8 -34.8% 535.5 723.8 -26.0%
Total
401.7 519.7 -22.7% 787.0 973.5 -19.2%


11
Financial Performance

Net Revenue
Consolidated
Net operating revenue totaled R$1,273.3 million in 2Q09, 1.9% lower than in 2Q08 primarily as a
result of the record in 2Q08 of R$29.0 million referring to the low-income subsidy. Positive
contributions to net revenue in the quarter were the increases of 9.8% in the generation segment
revenue and of 15.1% in the energy trading operations revenue.











Net Revenue (R$ MM) 2Q09 2Q08 Var. % 1H09 1H08 Var. %
Distribution
Billed consumption 1,144.3 1,142.9 0.1% 2,387.3 2,272.9 5.0%
Non billed energy (47.4) (34.2) 38.8% (20.3) (41.9) -51.5%
Network use (TUSD) 85.5 106.1 -19.4% 172.6 202.7 -14.9%
Short-Term (Spot) 7.7 5.0 52.8% 7.7 6.8 12.1%
Others 13.5 15.0 -10.5% 26.0 28.2 -
Subtotal (a) 1,203.5 1,234.8 -2.5% 2,573.3 2,468.8 4.2%
Generation
Generation Sale(ACR+ACL) 66.8 62.6 6.7% 131.9 139.5 -5.5%
Short-Term
1
5.3 3.2 65.1% 10.5 11.0 -4.1%
Others 1.3 1.1 26.0% 2.7 2.1 25.2%
Subtotal (b) 73.4 66.9 9.8% 145.1 152.6 -4.9%
Comercialization
Energy Sales 16.6 11.7 41.6% 30.1 39.6 -23.9%
Others 2.5 4.8 -49.1% 6.9 6.9 -1.0%
Subtotal (c) 19.1 16.6 15.1% 37.0 46.5 -20.5%
Others and Eliminations (d) (22.7) (20.7) (44.5) (54.6)
Total (a+b+c+d) 1,273.3 1,297.6 -1.9% 2,710.9 2,613.3 3.7%
(1) Balance of the settlement on the CCEE


12
Distribution
Net distribution revenue was R$1,203.5 million in the quarter,
2.5% below net revenue in 2Q08. This result was mainly
impacted by the record of R$29.0 million in 2Q08 referring to
the low-income subsidy. Disregarding this, revenue this quarter
would be in line with that of the same period last year. Despite
the growth of nearly 2.0% in captive market consumption,
revenue was affected by the fall in energy and demand
contracted by free and captive customers in function of the
effect of the economic slowdown on their operations. Residential
and commercial consumption accounted for 77% of captive
market revenue.
The distribution companys net revenue in 1H09 totaled
R$2,573.3 million, up 4.2% year-on-year chiefly because of
strong market growth in 1Q09.
It is worth mentioning that, as the market approved by Aneel in the tariff adjustment process did not
take into consideration the energy and demand of CSN, Valesul and CSA due to their planned migration
to the core network, any variation in the market of these customers will have a neutral effect on the
distribution companys total revenue. Given the lower than expected consumption of CSN and Valesul
in 1H09, a regulatory asset was formed and distributed among other revenue lines that fully offsets
this reduction.

Generation
Net revenue in the quarter was R$73.4 million, 9.8% higher than in 2Q08. This increase was mainly
due to the adjustment of energy sale contracts for inflation and the re-contracting of part of the energy
from the ACR to the ACL for a higher price, offsetting the decrease in the volume sold on the spot
market.
In 1H09, net revenue was R$145.1 million, 4.9% lower than in 1H08 as a result of the lower secondary
energy sales volume on the Free and Regulated Contract markets, which together recorded 1.3%
decrease.

Trading and Services
Net revenue in the quarter was R$19.1 million, up 15.1% over 2Q08. This increase is primarily the
result of this quarters 18.5% rise in the volume of trading sales when compared to 2Q08.
Net Revenue by Class - Captive
R$ MM - 2Q09
Residential
44%
Industrial
9%
Commercial
33%
Others
14%
376
502
106
161
Electric Energy Consumption GWh - Captive
2Q09
Residential
40%
Industrial
10%
Commercial
32%
Others
18%
1,862
822
1,477
459


13
In 1H09, net revenue decreased 20.5% in comparison to 1H08 chiefly due to the larger allocation of
energy in the first quarter of 2008, whereas in 2009 this allocation was bigger in the second quarter. In
addition to the effect of the allocated volume, this quarters revenue was also affected by the recorded
CCEE average energy price (spot), which fell 64.9% year-on-year.
Costs and Expenses

Consolidated

Consolidated Operating Costs and Expenses

In the second quarter of 2009, operating costs and expenses were 8.2% higher than in 2Q08, in
particular due to the 13.0% increase in non-manageable distribution costs and expenses. Another
factor that had an impact on costs and expenses this quarter was the R$10.1 million provision for the
Stock Option Plan, which affected Light S.A.s personnel account; in 2Q08 the provision was
concentrated in the 4
th
quarter.

Distribution
In 2Q09, costs and expenses of the energy distribution business grew 6.6% over 2Q08 as shown in the
table below. The increase was caused by a 13.0% increase in non-manageable, pass-through costs and
expenses in the tariff in spite of an 8.8% decline in manageable costs and expenses.

Operating Costs and
Expenses (R$ MM) 2Q09 2Q08
(%) 1H09 1H08 Var. %
Distribution (1,092.6) (1,025.1) 6.6% (2,219.7) (2,087.0) 6.4%
Generation (31.6) (30.2) 4.7% (64.7) (60.9) 6.1%
Comercialization (15.7) (10.2) 54.5% (30.9) (34.8) -11.2%
Others and Eliminations 11.1 21.9 -49.3% 22.1 52.3 -57.8%
Consolidated (1,128.8) (1,043.5) 8.2% (2,293.1) (2,130.4) 7.6%
Costs and Expenses (R$ MM) 2Q09 2Q08 (%) 1H09 1H08 Var. %
Non-Manageable Costs and Expenses (816.0) (722.0) 13.0% (1,690.8) (1,512.0) 11.8%
Energy Purchase costs (647.2) (577.2) 12.1% (1,327.7) (1,212.7) 9.5%
Purchased Energy (722.2) (562.1) 28.5% (1,457.7) (1,218.2) 19.7%
Formation Energy CVA 74.9 (15.2) - 130.0 5.5 2262.9%
Costs with charges (124.0) (86.6) 43.2% (271.4) (218.7) 24.1%
Charges (125.2) (131.8) -5.0% (286.2) (275.6) 3.9%
Formation Charges CVA 1.2 45.1 -97.4% 14.9 56.9 -73.9%
Amortization CVA (39.3) (52.5) -25.2% (80.6) (70.6) 14.2%
Others (Mandatory Costs) (5.5) (5.6) -2.1% (11.1) (10.0) 11.2%
Manageable Costs and Expenses (276.6) (303.2) -8.8% (528.9) (575.0) -8.0%
PMSO (121.7) (117.9) 3.2% (238.4) (241.0) -1.1%
Personnel (46.2) (43.7) 5.7% (93.4) (92.2) 1.3%
Material (3.0) (3.4) -11.2% (6.9) (7.0) -2.3%
Outsourced Services (61.9) (61.4) 0.8% (115.2) (119.2) -3.4%
Others (10.6) (9.4) 12.9% (22.9) (22.5) 2.0%
Provisions (85.0) (111.3) -23.6% (150.6) (187.5) -19.7%
Depreciation (69.9) (73.9) -5.5% (140.0) (146.6) -4.5%
Total Costs and Expenses (1,092.6) (1,025.1) 6.6% (2,219.7) (2,087.0) 6.4%


14
Non-Manageable Costs and Expenses
In the second quarter of this year, non-manageable
costs were R$816.0 million, representing a 13.0%
growth year-on-year. Energy purchase costs rose
12.1% compared to 2Q08. It is important to point out
that R$25 million related to energy purchase
expenses referring to 1Q09 was recorded this quarter,
due to CCEEs re-recording. Disregarding this amount,
energy purchase costs would be 7.8% higher than the
amount recorded in 2Q08 due to the increase in
energy costs approved in the latest tariff adjustment.
Expenses related to purchased energy rose 28.5%,
chiefly as a result of : (i) the Itaipu dollar tariff
adjustment by approximately 10% in January 2009,
combined with the dollars 24.3% appreciation
considering the average rates between the two
quarters, (ii) TPP Norte Fluminense (Norte Flu) 26.2%
average price increase reflecting the higher
compensatory surcharge for gas (gas CVA) impacted by
the dollars appreciation, (iii) the approximately 6.4%
increase in auction contracts in Nov/08 affected by 6.0% inflation in the period (IPCA - Nov07 to
Oct/08) and the introduction of new products in the 1
st
and 2
nd
thermal (T-15) and hydro (H-30)
energy auctions, (iv) the 13% increase in charges, and (v) the energy purchase in the 2009
adjustment auction (Mar/09 to Dec/09), whose cost this quarter was R$145.7/MWh.
The average purchased energy cost excluding spot purchases increased 21.5% from R$90.7/MWh in
2Q08 to R$110.2/MWh in 2Q09.
Charges grew 43.2% in 2Q09 over 2Q08, chiefly due to thermoelectric plant dispatch in 2008 that
resulted in increased System Service Charges (ESS) for distribution companies.
In 1H09, non-manageable costs and expenses were R$1,690.8 million, increasing 11.8% year-on-year.
Energy purchase costs rose 9.5% over 1H08 as the combined effect of approved increased energy
purchase costs and the greater volume of purchases this year. Charges increased 24.1% between the
periods.

Purchased Energy - R$ MM
2nd Quarter
562
722
40.8%
43.1%
33.8%
33.1%
21.7%
22.3%
3.7%
1.5%
2Q08 2Q09
AUCTIONS NORTE FLU ITAIPU SPOT
Purchased Energy - GWh
2nd Quarter
6,213
6,507
48.1%
52.5%
25.5%
24.3%
23.0%
21.6%
1.2%
1.6%
-
2.3%
2Q08 2Q09
AUCTIONS NORTE FLU ITAIPU PROINFA SPOT


15
Manageable Costs and Expenses
Manageable operating costs and expenses (personnel, materials, outsourced services, provisions,
depreciation and others) totaled R$276.6 million in 2Q09, an 8.8% drop between the periods. This
result is explained mainly by lower provisions, which were 23.6% below 2Q08.
Costs and expenses with staff, equipment, services and others (PMSO) amounted to R$121.7 million in
the quarter, 3.2% above the R$117.9 million recorded in 2Q08. This result was chiefly due to a 5.7%
or R$2.5 million increase in personnel costs and expenses, mainly due to a 5.6% pay raise granted in
this years collective bargaining agreement.
This quarters provisions (PDD, Provision for Contingencies and Others) fell R$26.3 million chiefly
because of provisions constituted in 2Q08 for the low-income subsidy and an increase in Braslights
actuarial liabilities in the amounts of R$17.2 million and R$23.9 million, respectively. We provisioned
R$66.5 million for past due accounts in 2Q09, representing 3.5% of gross billed energy, versus R$47.4
million or 2.6% of gross billed energy in 2Q08, a reflection of the economic crisis that decreased retail
customers ability to pay in the beginning of 2009.
From January to June 2009, manageable operating costs and expenses totaled R$528.9 million, an
8.0% drop compared to the same period of 2008.
Generation
In 2Q09 Light Energias costs and expenses were R$31.6 million, 4.7% higher than in 2Q08, principally
due to R$0.8 million increase in other expenses, a reflection of the higher royalties charged for use of
water resources, the 4.3% increase in CUSD (distribution system use) costs, and the 11.3% rise
(R$0.3 million) in expenses with materials and outsourced services.
Expenses in 2Q09 were as follows: CUSD (use of the distribution system, 34.2%), personnel (15.5%),
materials and third-party services (10.2%), others and depreciation (40.1%). In 2Q09, the PMSO cost
per MWh was R$12.55/MWh, while in 2Q08 this cost was R$11.54/MWh.
In 1H09, Light Energias costs and expenses were R$64.7 million, up 6.1% compared to 1H08 chiefly
due to the 11.8% and 16.0% increases in CUSD and other expenses, respectively.

Operating Costs and Expenses - R$ MM 2Q09 2Q08 (%) 1H09 1H09 Var. %
Personnel (4.9) (4.8) 2.6% (8.8) (9.5) -6.7%
Material and Outsourced Services (3.2) (2.9) 11.3% (6.6) (6.2) 6.8%
Purchased Energy (CUSD) (10.8) (10.4) 4.3% (23.3) (20.9) 11.8%
Depreciation (6.1) (6.3) -3.1% (12.2) (12.6) -3.2%
Others (includes provisions) (6.6) (5.9) 12.4% (13.7) (11.8) 16.0%
Total (31.6) (30.2) 4.7% (64.7) (60.9) 6.1%


16
Trading and Services
In 2Q09, costs and expenses totaled R$15.7 million, 54.5% more than in the same period in 2008. This
increase was mainly because of the 38.5% increase in the energy purchase cost between the quarters
due to the 14.3% increase in the purchased energy volume to fulfill the trading companys new
contracts, in addition to the increase in the costs and expenses with materials as a result of expanded
energy service projects.
In 1H09, costs and expenses totaled R$30.9 million, an 11.2% decline compared to 1H08 that resulted
mainly from the 47.1% decrease in energy purchase costs in 1Q09, a reflection of the reduction in the
spot price amounts in relation to 1Q08.


EBITDA
Consolidated
Consolidated EBITDA dropped 34.0% year-on-year, totaling R$220.6 million in the second quarter of
2009. This result is mainly due to the reduction in the distribution companys EBITDA, a reflection of
the November 2008 tariff review process combined with the effects of the crisis over the consumption
that particularly affected the demand and consumption of customers from the industrial segment. The
consolidated EBITDA margin fell 8.5 p.p. between the periods from 25.8% in 2Q08 to 17.3% this
quarter.
Operating Costs and Expenses - R$ MM 2Q09 2Q08 (%) 1H09 1H08 Var. %
Personnel (0.4) (0.5) -18.5% (0.9) (0.9) -1.4%
Material and Outsourced Services (2.0) 0.1 - (4.3) (1.0) 324.8%
Purchased Energy (13.1) (9.5) 38.5% (25.2) (32.3) -22.0%
Depreciation (0.2) (0.2) -26.1% (0.3) (0.4) -25.9%
Others (includes provisions) (0.1) (0.1) -2.2% (0.2) (0.1) 21.6%
Total (15.7) (10.2) 54.5% (30.9) (34.8) -11.2%
EBITDA - 2Q09/2Q08 - R$ mn
221
334
26
(20)
(25)
(96)
EBITDA - 2Q08 Net Revenue CCEE's re-
recording
Manageable
Costs (PMSO)
Provisions EBITDA - 2Q09


17
In 1H09, EBITDA stood at R$570.1 million, down 11.2%
compared to 1H08. The EBITDA margin for the six-month
period was 21.0%. The share of the distribution segment
EBITDA in the consolidated EBITDA was 83.3% in 1H09. The
generation and trading segments were responsible for 15.6%
and 1.1% of consolidated EBITDA, respectively.


Distribution
The distribution companys EBITDA in 2Q09 totaled R$180.8 million, 36.3% below the same period last
year. This result may be explained mainly by: (i) the reduction in the regulatory EBITDA resulting from
the latest tariff review, approved in November of 2008 whereby the scale gains obtained during the
first cycle (2003 to 2008) are fully passed through to consumers; (ii) the reduction in consumption and
demand of free customers, which affected the revenue for the quarter, and (iii) the recording, in this
quarter, of R$25 million in energy purchases referring to 1Q09 due to CCEEs re-recording. As a result,
the EBITDA margin in 2Q09 was 15.0%, 7.9 p.p. lower than that of 2Q08.
In 1H09, EBITDA was R$493.6 million, down 6.6% compared to 1H08, with a 19.2% margin. This
reduction is chiefly the result of the lower market in the second quarter and the effect of the tariff
review conducted in November 2008.
Generation
Light Energias EBITDA grew 11.4% year-on-year, totaling R$47.9 million in 2Q09. This increase is
primarily a result of the 9.8% increase in net revenue due to the adjustment in the sale price that more
than offset the 4.7% rise in expenses. The EBITDA margin this quarter was 65.2%, 1.0 p.p. higher
than in 2Q08.
In 1H09, EBITDA was R$92.6 million, contracting 11.2% compared to 1H08 as a result of the 4.9%
decrease in net revenue, resulting from the decision to allocate a larger volume of energy to the
EBITDA per segment *
1H09
Distribution
83.3%
Generation
15.6% Commercializati
on
1.1%
*Does not consider eliminations
Consolidated EBITDA- R$ MM 2Q09 2Q08 Var.% 1H09 1H08 Var.%
Distribution 180.8 283.6 -36.3% 493.6 528.4 -6.6%
Generation 47.9 43.0 11.4% 92.6 104.3 -11.2%
Commercialization 3.5 6.6 -47.1% 6.4 12.1 -47.2%
Others and eliminations (11.6) 1.1 - (22.5) (2.5) 797.1%
Total 220.6 334.3 -34.0% 570.1 642.3 -11.2%
EBITDA Margin (%) 17.3% 25.8% - 21.0% 24.6% -


18
second half, combined with the 6.1% increase in costs and expenses. The EBITDA margin in the first
half of the year was 63.8%, down 4.5 p.p. compared to 1H08.
Trading and Services
EBITDA totaled R$3.5 million this quarter, a decline of 47.1% compared to the R$6.6 million registered
in 2Q08. The reduction in the quarter can be explained by the decoupling of the cost of materials
necessary to the energy service businesses and the corresponding revenue, as well as the 64.9% drop
in the spot price, which negatively affected the trading operations short-term contracts. The EBITDA
margin was 18.3% in the quarter, decreasing 21.5 p.p. year-on-year.
In 1H09, EBITDA was R$6.4 million, 47.2% below that of 1H08 due to the 20.5% drop in net revenue
as a result of both the lower volume traded and the year-on-year decrease in the spot price, despite
the 11.2% decrease in costs and expenses. The EBITDA margin in 1H09 was 17.3%, 8.7 p.p. below the
one recorded in 1H08.


19
Consolidated Financial Result
The financial result in the quarter was a negative R$11.5 million, compared to a positive R$421.1
million in the second quarter of 2008, due to the non-recurring effect of the reversal of provisions
referring to the expansion of the PIS/COFINS calculation base that had a positive impact of R$432.2
million on that quarter. Disregarding the effect of that provision reversal, the financial result was in line
with that of the same period of 2008, as a combined result of the 58.8% decrease in financial revenues
offset by the 52.4% decrease in financial expenses.
Financial revenue in the quarter was R$39.3 million, 58.8% below the result recorded in 2Q08. This
decline was mainly due to the monetary restatement of the recognition of PIS/COFINS credits on sector
charges in 2Q08, affecting the other revenues line, as well as the decrease in interest on energy bills
paid in arrears because of the 29.4% reduction in customer installments.
The quarters financial expense of R$50.8 million was 52.4% lower than that of 2Q08, primarily due to:
(i) the decreased monetary restatement of Braslights
4
liabilities as a result of a lower inflation rate, to
which the balance of our debt is indexed. This quarters adjustment index was -0.62% compared to
3.74% in 2Q08; (ii) the smaller update of provisions for contingencies and tax liabilities, with a fall of
approximately R$20 million year-on-year; and (iii) the present value adjustment of long-term
receivables, in other financial expenses.
In 1H09, the financial result was a negative R$36.3 million compared to a positive R$337.1 million in
1H08, once again impacted by the reversal of provisions referring to PIS/COFINS. Financial revenue in
1H09 was R$85.5 million, a result 42.8% lower than that recorded in 1H08, and financial expenses
were R$121.8 million, a 50.2% drop compared to the financial expenses recorded in 1H08.

4
Until May 2009 these were adjusted according to the IGP-DI variation (with a one month lag) and actuarial interest of 6%
p.a. Since June 2009, they have been adjusted according to the IPCA (Extended Consumer Price Index, with a one month lag)
as a replacement to the IGP-DI.
Financial Result - R$ MM 2Q09 2Q08 (%) 1H09 1H08 (%)
Financial Revenues 39.3 95.4 -58.8% 85.5 149.4 -42.8%
Income - financial investments 10.5 12.5 -16.7% 27.9 25.4 9.8%
Monetary and Exchange variation 9.1 8.2 10.5% 20.9 26.6 -21.3%
Swap Operations (7.2) - - (8.3) 1.6 -
Others Financial Revenues 26.9 74.6 -63.9% 45.0 95.9 -53.0%
Financial Expenses (50.8) (106.6) 52.4% (121.8) (244.6) 50.2%
Interest over loans and financing (47.2) (46.1) -2.2% (99.1) (100.8) 1.7%
Monetary and Exchange variation 3.8 (11.0) 134.7% (10.1) (47.2) 78.6%
Braslight (private pension fund) (11.3) (47.5) 76.2% (20.5) (86.3) 76.3%
Swap Operations (2.6) (5.6) 54.1% (2.6) (8.6) 70.3%
Others Financial Expenses 6.4 3.6 -78.0% 10.4 (1.7) 732.5%
Subtotal (11.5) (11.3) -2.3% (36.3) (95.2) 61.9%
PIS/COFINS Provisions Reversal - 432.4 - - 432.4 -
Total (11.5) 421.1 - (36.3) 337.1 -


20
Indebtedness

The Companys gross debt on June 30, 2009 was R$2,217.0 million, up 2.3% compared to the amount
on March 31, 2009, as a result of new debt being contracted in the quarter. Compared to the position
on June 30, 2008, the Companys gross debt rose 11.3%, corresponding to a variation of R$224.8
million. This growth is mainly the result of $317.0 million in new debt contracted in the last 12 months,
whose primary purpose was to finance investment projects.
The R$1,647.4 million net debt was 15.2% and
6.3% higher than in March 2009 and June 2008,
respectively, because of the decrease in the cash
position that was principally due to a R$407.9
million dividend payment in April 2009. The net
debt/EBITDA ratio rose from 0.9x in March 2009 to
1.2x in June 2009.
Our debt position continues to be comfortable, with
an average term to maturity of 4.1 years and
reduction of the average cost of dollar-
denominated debt, which was 1.6 p.p. cheaper
than in March 2009 and is now at 10.4% p.a. The
average cost of foreign currency debt of
US$+5.3% p.a. remained stable when compared to
March 2009. At the end of June, only 5.1% of total
debt was denominated in foreign currency. After
R$ MM Short Term % Long Term % Total %
Brazilian Currency 311.8 14.1% 1,791.4 80.8% 2,103.2 94.9%
Debenture 1st Issue 16.1 0.7% 16.1 0.7%
Debenture 4th Issue 0.0 0.0% 0.1 0.0% 0.1 0.0%
BNDES Rationing 84.4 3.8% 351.1 15.8% 435.5 19.6%
Debenture 5th. Issue 63.0 2.8% 903.8 40.8% 966.7 43.6%
CCB Bradesco 39.2 1.8% 450.0 20.3% 489.2 22.1%
ABN Amro 3.0 0.1% 80.0 3.6% 83.0 3.7%
Promissory Notes 101.5 4.6% 101.5 4.6%
Financial operations "Swap" 2.3 0.1% 2.3 0.1%
Others 4.6 0.2% 4.1 0.2% 8.7 0.4%
Foreing Currency 21.1 1.0% 92.7 4.2% 113.8 5.1%
National Treasury 16.3 0.7% 91.9 4.1% 108.3 4.9%
Import Financing 3.6 0.2% 0.8 0.0% 4.3 0.2%
BNDES Import Fin. 1.2 0.1% 1.2 0.1%
Gross Debt 333.0 15.0% 1,884.1 85.0% 2,217.0 100.0%
Cash 569.6
Net Debt (a) 1,647.4
Braslight (b) 93.5 912.6 1,006.1
Net Regulatory Asset (c) 49.9 228.7 278.6
Adjusted Net Debt (a+b-c) 2,374.9
Net Debt (ex-Braslight)
(R$ million)
1,550
1,430
1,647
Jun-08 Mar-09 Jun-09
Indebtedness
(Brazilian Currency x Foreign)
93.6% 92.9% 94.9%
6.4% 7.1% 5.1%
Jun-08 Mar-09 Jun-09
Brazilian Currency Foreign Currency


21
the effect of foreign currency hedging operations, our net exposure is only 3.8% of the total. Our
hedge policy consists of protecting the cash flow falling due within the next 24 months (principal and
interest) through the use of non-cash swap instruments with premier financial institutions.

Net income
Light posted net income of R$121.4 million this quarter, down 68.8% compared to 2Q08. This result is
due to the non-recurring record of the write-off of provisions related to the expansion of the
PIS/COFINS calculation base in 2Q08, which had a positive effect of R$285.4 million on net income for
that period, compared to the recognition of non-recurring tax credits, which had a positive impact of
R$118.4 million this quarter, partially offset by the negative effect of the exchange rate variation on
Light SESAs liabilities with the offshore company LIR, which increased income and social contribution
taxes R$90.4 million this quarter
and R$39.6 million in 2Q08.
Disregarding the non-recurring
effects of both quarters, net
income for 2Q09 would be
R$93.4 million, 34.6% lower
than in 2Q08, as demonstrated
in the graph on the right.
Net income in the first half of
2009 was R$289.7 million,
compared to the R$492.1 million
recorded in 1H08. Disregarding
the aforementioned non-
recurring effects in both periods,
net income in 1H09 would be
R$267.2 million, 6.2% higher
than in 1H08.

285.4
118.4
90.4 121.4
388.6
142.8
93.4 39.6
Net Income
2Q08 - Pro
forma
PIS/COFINS -
net effect
Net effect -
offshore
exchange
rate
variation
Net income
2Q08 -
w/out non-
recurring
effects
Net income
2Q09 -
w/out non-
recurring
effects
Tax credits Net effect -
offshore
exchange
rate
variation
Net income
2Q09
-34.6%
285.4
118.4
95.9
289.7
492.1
251.6
267.2
44.9
Net Income
1H08 - Pro
forma
PIS/COFINS -
net effect
Net effect -
offshore
exchange
rate
variation
Net income
2Q08 -
w/out non-
recurring
effects
Net income
2Q09 -
w/out non-
recurring
effects
Tax credits Net effect -
offshore
exchange
rate
variation
Net income
1H09
6,2%


22
Capital Expenditures
In 1Q09, the Company invested R$79.9 million in
investment projects, including the development of
distribution networks (new connections, capacity
increases and repairs) and quality improvements
(structural optimization and preventive
maintenance), which absorbed R$52.8 million, and
loss-prevention initiatives totaling R$19.1 million. In
the generation segment, investments totaled R$4.3
million, chiefly allocated to maintenance of the
existing generation complex.
Investments in fixed assets totaled R$250.6 million in 1H09, which includes the financial charges
originating from the Companys loans with financial institutions, the accounting effect of monetary
restatement of use of public property from the Itaocara Plant, provided in the Plants concession
agreement, and materials in inventory that have not yet been activated.
Projects for Expansion of the Generation Capacity
The second quarter of 2009 saw the following developments in the projects for expansion of Lights
generation capacity:
The EPC consortiums proposals for the construction of the Paracambi SHPP were received. These
proposals were submitted to the Board of Directors, and the contracting of the winning consortium,
comprised of the companies Orteng Equipamentos e Sistemas Ltda. and Construtora Quebec Ltda.,
was approved at the Board of Directors Meeting of August 7. The projects total cost is approximately
R$195 million and construction is slated to begin in September, with commercial operations expected
to begin in August of 2011.
The Consortium with CEMIG for the construction of the Paracambi SHPP is being turned into an SPE
(Special Purpose Entity), in view of the requirements of the Brazilian Development Bank (BNDES) to
grant Project Finance loans for a project.
Bids have been requested to choose the company that will build the supply system for the Lajes
SHPP, and construction is expected to start at the beginning of September.
In addition to these projects, the Company is considering participation in other generation projects,
which together ensure the increase of installed generation capacity by at least 50%.

CAPEX (R$ MM)
221.7
172.8
237.3
203.9
9.1
17.4
11.8
6.5
1.9
0.0
1H08 1H09
Distribution Administration Generation Commercial.


23
Cash Flow

In 2Q09, Lights cash generation was a negative R$166.6 million, primarily as a result of the R$407.9
million dividend payment made in April. Cash generation before the dividend payment was R$241.2
million in the quarter, R$192.9 million more than that of 2Q08.
This result is chiefly due to the increase in cash generated by operations, mainly explained by: (i) the
decrease in taxes, which had a negative impact in 2Q08 due to the activation of PIS/COFINS credits
related to charges, against the positive impact this quarter resulting from the higher provision for taxes
(an effect of the dollars depreciation on Light SESAs debt with LIR); and (ii) the positive R$37.2
million working capital, mainly due to this quarters high collection index which exceeded the 100%
mark.
In financing activities, the negative result is due to the payment of dividends in April, whereas in 2Q08
no dividends were paid. The net result of financing obtained and debt service remained stable year-on-
year.
Net cash used in investing activities in the quarter was 13.8% below that of the same period of 2008.
This decrease is explained mainly by the delayed investments in the loss-prevention program, which
should be expedited over the year.
R$ MM 2Q09 2Q08 1H09
Cash in the Beginning of the Period {1) 736.3 394.3 590.1
Net Income 121.4 388.6 289.7
Provision for Delinquency 66.5 47.4 126.5
Depreciation and Amortization 76.1 80.3 152.4
Net !nterests and Nonetary variations 45.9 40.6 88.7
Braslight 11.3 71.4 20.5
Atualization f provisions reversal 18.4 (386.9) 23.5
Others (54.8) 200.0 11.0
Net Income Cash Basis 284.8 441.4 712.4
Working Capital 37.2 (86.9) (110.7)
Regulatories (RTE, CvA e Bubble) 68.7 27.6 89.4
Contingencies (34.9) (16.8) (52.1)
Taxes 28.9 (273.1) 57.2
Others (25.7) 103.3 (38.6)
Cash from Operating Activities {2) 359.0 195.5 657.6
Dividends Payment (407.9) - (407.9)
Finance Obtained 101.3 75.4 123.9
Debt Service and Amortization (91.4) (73.1) (161.6)
Financing Activities {3) (398.0) 2.3 (445.5)
Share Participations - - -
Concession !nvestments (128.9) (149.4) (239.5)
Assets Alienation 1.2 - 6.9
Investment Activities {4) (127.7) (149.4) (232.6)
Cash in the End of the Period {1+2+3+4) 569.6 442.6 569.6
Cash Generation {2+3+4) {166.6) 4S.3 {20.5)


24
Corporate Governance and the Capital Markets
On June 30, 2009, the capital stock of Light S.A. was comprised of 203,934,060 common shares with
no par value. The controlling group, Rio Minas Energia (RME), retains 52.1% of the capital stock.









On July 14, 2009 the Company published the notice of commencement of its secondary public
distribution of shares issued by Light S.A., whereby 29,470,480 shares were placed, of which
16,079,135 shares were held by BNDESPar and 13,391,345 shares were held by EDF. The total number
of shares sold corresponds to 14.4% of the Companys capital stock. The offering price, determined in
the bookbuilding process, was R$24.00, for a total of R$707.3 million.
With this operation, the effective free float of shares has increased from 7.7% to 22.1% of the capital
stock, giving greater liquidity to shares. The table below shows the Companys ownership structure
before and after the offer.


Countrys
biggest
individual
electricity
distributor

Andrade Gutierrez
Groups division that
invests in public
services concession
Brazilian private
investors group
(includes Brasligt)
Holding that
controls
CEMAR.
AGC
Andrade Gutierrez
Concesses
LUCE
LUCE do Brasil
Fundo de Investimento
em Participaes
EQUATORIAL
Equatorial Energia
RME
Rio Minas Energia
Participaes S.A.
LIGHT S.A.
25% 25% 25% 25%
52.1%
BNDESPAR
MARKET
33.6%
14.3%
Free Float : 47.9%
CEMIG
Companhia Energtica
de Minas Gerais
Shareholders number of shares % number of shares %
RME (Controlling Shareholder) 106,304,597 52.1% 106,304,597 52.1%
BNDESPar 68,555,918 33.6% 52,476,783 25.7%
EDF 13,391,345 6.6% - -
Market 15,682,200 7.7% 45,152,680 22.1%
Total 203,934,060 203,934,060
june 30
th
2009 Post Offering


25
The Company's shares have been listed on Bovespa's Novo Mercado since July of 2005, adhering to the
best corporate governance practices and the principles of transparency and equity, in addition to
granting special rights to minority shareholders. Light S.A.s shares are listed on the Ibovespa, Itag,
IGC, IEE, IBrX and ISE indexes.
Lights Board of Directors is composed of 11 members, 2 of whom are elected independently. The
following five committees support the Board of Directors: Finance, Management, Audit, Human
Resources, and Governance and Sustainability.
The first payment of dividends approved at the Annual and Extraordinary General Meeting held on
March 18, 2009, in the amount of R$2.00 per share, was paid on April 2, 2009. The second payment,
in the amount of R$0.45 per share, is scheduled for November 27, 2009.
In the Extraordinary General Meeting held on July 9, 2009, Mr. Carlos Roberto Teixeira Junger was
elected to the position of sitting member and Mr. Ricardo Simonsen to the position of alternate member
of the Companys Board of Directors. These members will remain in office until the Annual General
Meeting that approves the accounts of the year to end on December 31, 2009.
In the Board of Directors meeting held on July 17, 2009, Mr. Gustavo Csar de Alencar was elected to
the position of Network Officer for the same term of office as the Companys other executive officers
elected at the Board of Directors Meeting held on August 10, 2006, with duties and responsibilities in
relation to the following issues: (i) operation and maintenance of the electricity network in any voltage,
except for those of Light Energia; (ii) planning, engineering and expansion of the distribution system;
and (iii) automation, protection and metering systems.
The new duties and responsibilities of the Chief Operations and Customers Officer are related to: (i)
customer service: (ii) billing; (iii) collection; (iv) energy recovery; (v) services; (vi) energy purchase;
(vii) market projection; (viii) sale of energy on the free market; and (ix) coordination of the operational
activities of the company and its subsidiaries.


Note: shares quotations are dividends adjusted.
BOVESPA (spot market) - LIGT3
Daily Average 2Q09 1Q09 2Q08
Number of shares traded (Million) 286.26 240.59 222.14
Number of Transactions 691 557 348
Traded Volume (R$ Million) $6.9 $5.8 $5.5
Quotation per lot of 1000 shares: $26.95 $22.18 $19.18
Share Valuing 21.5% 11.9% 3.7%
IEE Valuing 22.1% 9.4% 13.7%
Ibovespa Valuing
25.8% 9.0% 6.6%


26
At the end of the quarter, Lights has appreciated 21.5%, with an average daily trading volume of
R$6.9 million. The IEE (Bovespas Electric Power Index) was up 22.1% in the same period, in step with
Ibovespas 25.8% appreciation. The graph below shows the performance of Lights stock since RME
took control on August 10, 2006.

Light x Ibovespa x IEE
08/10/06 = 100 until 07/31/09
80
100
120
140
160
180
200
220
240
260
A
u
g
-
0
6
S
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p
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J
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S
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9
J
u
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-
0
9
108% Light
47% Ibovespa
76% IEE
R$/share
08/10/06 11.67
07/31/09 24.30
2008
IEE -12%
IBOV -41%
LIGT3 -14%
2009
IEE 37%
IBOV 46%
LIGT3 23%


27
Recent Events
Secondary Offering of Shares: On July 14, 2009 the Company published the notice of
commencement of its secondary public distribution of shares issued by Light S.A., whereby
29,470,480 shares were placed, corresponding to 14.4% of the Companys capital stock. The
offering price, determined in the bookbuilding process, was R$24.00, for a total of R$707.3
million. With this operation, the effective free float of shares increased to 22.1% of the capital
stock.
6
th
Issue of Debentures: At the end of July 2009, Light SESA concluded its 6
th
issue of simple
debentures, not convertible into shares. The issued totaled R$300 million, remunerated at 115%
of the CDI rate as determined in the bookbuilding process, compared to the initial expected
remuneration of 133% of the CDI rate. The debentures were issued on June 1, 2009 and will be
amortized in a single installment on June 1, 2011. The purpose of the issue was the early
redemption of Light SESAs 1
st
issue of promissory notes in the amount of R$110 million, in
addition to reinforcing the Companys working capital.
Credit Rating: Light SESAs corporate credit rating was raised by Standard & Poors to brA+ and
was included in Moodys Latin America credit coverage with an Aa2.br rating.
ABRADEE Award: Last July, Light SESA won the 2009 ABRADEE Award in the Performance
Evolution category. This award acknowledges the company with the highest ratio between the
total score in the general category in the reference year and the weighted average of the total
score in the general category in the last three editions of the award nationally. The evaluation
criteria are: Customer Evaluation, Operational Management, Economic-Financial Management,
Management Quality and Social Responsibility. This award shows that Light has grown in every
aspect and in a balanced way, reflecting the Companys focus on sustainability that emphasizes
both socio-environmental and economic-financial issues.
New Department: At the Board of Directors Meeting held on July 17, 2009, a new department
was created - the Network Department - with duties and responsibilities over the following
issues: (i) operation and maintenance of the electricity network in any voltage, except for those
of Light Energia; (ii) planning, engineering and expansion of the distribution system; and (iii)
automation, protection and metering systems, which were previously exercised by the Chief
Operations and Customers Officer.
Contracting of EPC for construction of Paracambi PCH: at the Board of Directors Meeting
held on August 7, the contracting of a consortium for construction of the Paracambi PCH was
approved. The projects total cost is approximately R$195 million and construction is slated to
begin in September with commercial operations expected to begin in August of 2011.


28
Disclosure Program
Teleconference
Brazil: (55) 11 - 2188 0188
USA: +1 866 890 2584
Other countries: +1 646 843 6045
Access code: Light
Conference Call - Dial number:
Schedule
08/12/2009, wednesday, at 10:00 a.m. (Braslia) and at 9:00 a.m. (Eastern
time), with simultaneous translation to English
Webcast: link on site www.light.com.br (portuguese and english)
Access conditions:

Disclaimer
The information on the Companys operations and its Managements expectations regarding its future performance was not
revised by independent auditors.
Forward-looking statements are subject to risks and uncertainties. These statements are based on the beliefs and assumptions of
our Management and on information currently available to the Company. Statements about future events include information
about our intentions, beliefs or current expectations, as well as those of the Company's Board of Directors and Officers.
Reservations related to statements and information about the future also include information about operating results, likely or
presumed, as well as statements that are preceded by, followed by, or including words such as "believes," "might," "will,"
"continues," "expects," "estimates," "intends," "anticipates," or similar expressions. Statements and information about the future
are not a guarantee of performance. They involve risks, uncertainties and assumptions because they refer to future events, thus
depending on circumstances that may or may not occur. Future results and creation of value to shareholders might significantly
differ from those expressed or suggested by forward-looking statements. Many of the factors that will determine these results
and values are beyond LIGHT S.A.'s control or forecast capacity.


29

APPENDIX I
Statement of Income by Company - R$ million
LIGHT SESA 2Q09 2Q08
1
% 1H09 1H08
1
%
Operating Revenue 1,981.2 1,961.5 1.0% 4,223.7 3,932.9 7.4%
Deductions from the operating revenue (777.7) (726.7) 7.0% (1,650.4) (1,464.1) 12.7%
Net operating revenue 1,203.5 1,234.8 -2.5% 2,573.3 2,468.8 4.2%
Operating expense (1,092.6) (1,025.1) 6.6% (2,219.7) (2,087.0) 6.4%
Operating result 110.9 209.7 -47.1% 353.6 381.8 -7.4%
EBITDA 180.8 283.6 -36.3% 493.6 528.4 -6.6%
Equity equivalence - - - - - -
Financial Result (16.4) 423.9 -103.9% (36.1) 350.1 -
Other Operating Incomes 1.6 (0.3) - 7.7 16.5 -53.6%
Other Operating Expenses (4.3) (5.4) -19.9% (5.1) (4.3) 19.3%
Result before taxes and interest 91.8 627.9 -85.4% 320.0 744.1 -57.0%
Net Income 99.4 361.5 -72.5% 254.8 435.6 -41.5%
EBITDA Margin 15.0% 23.0% - 19.2% 21.4% -
LIGHT ENERGIA 2Q09 2Q08 % 1H09 1H08 %
Operating Revenue 83.1 76.4 8.8% 165.5 174.0 -4.9%
Deductions from the operating revenue (9.7) (9.5) 1.7% (20.4) (21.4) -4.6%
Net operating revenue 73.4 66.9 9.8% 145.1 152.6 -4.9%
Operating expense (31.6) (30.2) 4.7% (64.7) (60.9) 6.1%
Operating result 41.8 36.7 13.9% 80.5 91.7 -12.3%
EBITDA 47.9 43.0 11.4% 92.6 104.3 -11.2%
Equity equivalence - - - - - -
Financial Result 4.7 (3.0) -256.7% (1.4) (13.5) -89.6%
Other Operating Incomes 0.4 - - 0.4 - -
Other Operating Expenses - - - - - -
Result before taxes and interest 46.9 33.7 39.0% 79.4 78.2 1.5%
Net Income 31.4 22.5 39.2% 52.4 51.4 2.0%
EBITDA Margin 65.2% 64.3% - 63.8% 68.3% -
LIGHT ESCO 2Q09 2Q08 % 1H09 1H08 %
Operating Revenue 23.3 20.3 15.2% 45.9 55.9 -17.8%
Deductions from the operating revenue (4.3) (3.7) 15.6% (8.9) (9.4) -4.6%
Net operating revenue 19.1 16.6 15.1% 37.0 46.5 -20.5%
Operating expense (15.7) (10.2) 54.5% (30.9) (34.8) -11.2%
Operating result 3.3 6.4 -47.7% 6.1 11.7 -47.9%
EBITDA 3.5 6.6 -47.1% 6.4 12.1 -47.2%
Equity equivalence - - - - - -
Financial Result 0.2 0.2 12.5% 0.4 0.4 0.3%
Other Operating Incomes - - - - - -
Other Operating Expenses - - - - - -
Result before taxes and interest 3.5 6.6 -46.7% 6.5 12.1 -46.4%
Net Income 2.3 4.2 -46.4% 4.1 7.3 -43.3%
EBITDA Margin 18.3% 39.8% - 17.3% 26.1% -
1
Figures are presented pro forma as explained on exhibit V, where the adjustments are detailed



30

APPENDIX II
Statement of Consolidated Income



Consolidated - R$ MM 1Q09 1Q08 % 1H09 1H08 %
OPERATING REVENUE 2,064.9 2,037.5 1.3% 4,390.6 4,108.1 6.9%
DEDUCTIONS FROM THE REVENUE (791.6) (739.9) 7.0% (1,679.7) (1,494.8) 12.4%
NET OPERATING REVENUE 1,273.3 1,297.6 -1.9% 2,710.9 2,613.3 3.7%
OPERATING EXPENSE (1,128.8) (1,043.5) 8.2% (2,293.1) (2,130.4) 7.6%
Personnel (62.7) (49.9) 25.7% (124.8) (103.9) 20.0%
Material (6.5) (3.6) 80.6% (10.9) (7.5) 46.0%
Outsourced Services (63.9) (64.4) -0.7% (122.7) (126.7) -3.1%
Purchased Energy (811.9) (715.6) 13.5% (1,683.8) (1,500.8) 12.2%
Depreciation (76.1) (80.3) -5.3% (152.4) (159.4) -4.4%
Provisions (85.0) (111.3) -23.6% (150.6) (187.5) -19.7%
Others (22.8) (18.5) 23.0% (47.9) (44.7) 7.2%
OPERATING RESULT() 144.5 254.0 -43.1% 417.7 482.9 -13.5%
EBITDA () 220.6 334.3 -34.0% 570.1 642.3 -11.2%
EQUITY EQUIVALENCE
FINANCIAL RESULT (11.5) 421.1 -102.7% (36.3) 337.1 -110.8%
Financial Income 39.3 95.4 -58.8% 85.5 149.4 -42.8%
Financial Expenses (50.8) 325.7 -115.6% (121.8) 187.7 -164.9%
Other Operating Incomes 1.9 (0.3) -756.0% 8.0 16.5 -51.4%
Other Operating Expenses (4.3) (5.4) -19.9% (5.1) (4.3) 19.3%
RESULT BEFORE TAXES AND INTEREST 130.6 669.5 -80.5% 384.3 832.3 -53.8%
SOCIAL CONTRIBUTIONS & INCOME TAX (74.0) (82.8) -10.6% (107.6) (145.8) -26.2%
DEFERRED INCOME TAX 71.7 (193.8) 27.1 (182.3) -114.8%
PLR (6.9) (4.3) 58.8% (14.1) (12.2) 15.5%
NET INCOME 121.4 388.6 -68.8% 289.7 492.1 -41.1%
() Operation Result, Administration vision = Operating Result, accounting norms (Item 1.9.7 of Notice CVM - 01/2007) + financials
(net financial expenses + equity pick-up)
() EBITDA = Operating Result, Administration vision + depreciation and amortization. Not reviewable by the external audit


31

APPENDIX III
Consolidated Balance Sheet

Consolidated Balance Sheet - R$ MM
ASSETS 6/30/2009 3/31/2009
Circulating 2,851.0 3,332.1
Cash & Cash Equivalents 569.6 736.3
Credits 2,102.9 2,277.0
Inventories 20.0 19.9
Others 158.4 298.9
Non Circulating 6,347.1 6,198.8
Realizable in the Long Term 1,906.4 1,806.2
Miscellaneous Credits 1,449.6 1,381.7
Others 456.8 424.5
Investments 18.8 18.6
Net Fixed Assets 4,150.7 4,097.2
Intangible 271.2 276.8
Deferred Charges 0.0 0.0
Total Assets 9,198.1 9,530.9
LIABILITIES 6/30/2009 3/31/2009
Circulating 1,738.0 2,117.9
Loans and Financing 253.9 115.3
Debentures 79.0 46.0
Suppliers 469.0 550.0
Taxes, Fees and Contributions 178.1 145.5
Dividends to pay 91.8 499.6
Provisions 162.1 174.6
Others 503.9 586.8
Non Circulating 4,346.7 4,431.1
Long-Term Liabilities 4,346.7 4,431.1
Loans and Financing 980.3 1,024.1
Debentures 903.8 920.9
Provisions 1,014.5 1,010.2
Others 1,448.0 1,475.8
Outcome of future performance - -
Net Assets 3,113.5 2,982.0
Realized Joint Stock 2,225.8 2,225.8
Capital Reserve 42.5 32.4
Legal Reserve 103.8 103.8
Profits Retention 451.7 451.7
Accumulated Profit/Loss of Exercise 289.7 168.3
Total Liabilities
9,198.1 9,530.9


32
APPENDIX IV
Regulatory Assets and Liabilities
REGULATORY ASSETS R$ MM
6/30/2009 3/31/2009 6/30/2009 3/31/2009
Customers, Concessionaires and Permissionaires 36.6 52.5 - -
Tariff Readjustment 36.6 52.5 - -
Despesas Pagas Antecipadamente 84.8 220.9 229.7 216.4
CVA 75.5 146.1 229.7 216.4
Other Regulatories 9.3 18.0 - -
Part A - 56.8 - -
Total 121.5 273.5 229.7 216.4
REGULATORY LIABILITIES R$ MM
Regulatory Liabilities (71.6) (105.9) (1.0) (1.3)
Part A (16.2) - - -
CVA (49.6) (94.9) (1.0) (1.3)
Other Regulatories (5.8) (11.0) - -
Total (71.6) (105.9) (1.0) (1.3)
TOTAL 49.9 167.5 228.7 215.1
Short Term Long Term


Light Figures
OPERATING INDICATORS 2Q09 2Q08 Var. %
N of Consumers (thousands) 3,946 3,901 1.1%
N of Employees 3,734 3,812 -2.0%
Average distribution tariff - R$/MWh 411.9 395.8 4.0%
Average distribution tariff - R$/MWh (w/out taxes) 282.9 268.0 5.6%
Average energy purchase cost R$/MWh 110.2 90.3 22.1%
Generation Capacity (MW) 855 855 -
Assured Energy (MW) 537 537 -
Net Generation (GWh) 1,309 1,287 1.7%
Charge Factor 65.7% 66.0% -
Includes net energy purchase/sell in the spot market












33
APPENDIX V

According to CVM Rule 506, 2Q08 and 1Q08 results are being re-presented to reflect the impacts of
Law 11,638/07 for comparability with 2Q09 and 1Q09 information. We are also presenting 2Q08 and
1H08 results with the reclassification of the costs and expenses referring to the employee profit sharing
program (PLR) after determination of income tax. The reconciliation is as follows:


Light S.A. (R$ million)


Published Reclassification Adjust Pro Forma
2Q08 PLR Law 11.638/07 2Q08
Operating Revenue 2,037.5 2,037.5
Operating Revenue Deductions (739.9) (739.9)
Net Operating Revenue 1,297.6 1,297.6
Operating Expenses (1,052.8) 4.3 5.0 (1,043.5)
Operating Result 244.7 254.0
EBITDA 327.2 334.3
Financial Result
Revenues 95.4 95.4
Expenses 325.7 325.7
Total 421.1 421.1
Others Operating Revenues (0.3) (0.3)
Others Operating Expenses (5.4) (5.4)
Result before taxes 660.2 669.5
IR/CS + Deferred (274.8) (1.7) (276.5)
PLR - Participations (4.3) (4.3)
Net Income 385.3 388.6




34
Published Reclassification Adjust Pro Forma
1H08 PLR Law 11.638/07 1H08
Operating Revenue 4,108.1 4,108.1
Operating Revenue Deductions (1,494.8) (1,494.8)
Net Operating Revenue 2,613.3 2,613.3
Operating Expenses (2,146.7) 12.2 4.1 (2,130.4)
Operating Result 466.6 482.9
EBITDA 631.2 642.3
Financial Result
Revenues 149.4 149.4
Expenses 187.7 187.7
Total 337.1 337.1
Others Operating Revenues 16.5 16.5
Others Operating Expenses (4.3) (4.3)
Result before taxes 816.0 832.3
IR/CS + Deferred (326.6) (1.4) (328.0)
PLR - Participations (12.2) (12.2)
Net Income 489.4 492.1