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)

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 c
Operational Highlights (GWh) o Grid Load* n Billed Energy - Captive Market Consumption in the s 2Q11 2Q10 Var. % 1H11 1H10 Var. % 8,335 8,194 1.7% 18,191 17,832 2.0% 4,880 4,755 2.6% 10,413 10,185 2.2% 5,669 1,117 1,334 457 5,498 3.1% 11,960 11,585 2,379 2,817 764 2,327 3,121 426 3.2% 2.2% -9.7% 79.3% 1,259 -11.3% 1,436 -7.1% 220 108.2%

concession area 1

Transported Energy - TUSD1 u Sold Energy - Generation Commercializated Energy (Esco) m Financial Highlights (R$ MN)

t EBITDA iEBITDA

Net Revenue**

Margin** Net Income o Debt*** Net

* n Own load + network use ** Not considering construction revenue *** Financial debt - cash

1,459 1,402 4.1% 3,146 2,999 4.9% 241 380 -36.7% 676 858 -21.2% 16.5% 27.1% - 21.5% 28.6% 45 138 -67.1% 212 362 -41.6% 2,549 1,805 41.2% 2,549 1,805 41.2%

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.

, 0.6 p.p. below June 2010.

Table of Contents Operating Performance................................................................................... 3 Distribution ............................................................................................. 3 Energy Losses ................................................................................... 8 Communities ..................................................................................... 9 Collection ........................................................................................10 Operating Quality .............................................................................11 Generation .............................................................................................12 Commercialization and Services ...............................................................12 Financial Performance ...................................................................................13 Net Revenue ..........................................................................................13 Consolidated ......................................................................................13 Distribution ........................................................................................13 Generation .........................................................................................14 Commercialization and Services ............................................................14 Costs and Expenses ................................................................................14 Consolidated ......................................................................................14 Distribution ........................................................................................14 Generation .........................................................................................16 Commercialization and Services ............................................................17 EBITDA .................................................................................................18 Consolidated ......................................................................................18 Distribution ........................................................................................18 Generation .........................................................................................19 Commercialization and Services ............................................................19 Consolidated Financial Result ...................................................................20 Indebtedness .........................................................................................21 Net Income ............................................................................................22

Capital Expenditures ...............................................................................22 Generation Capacity Expansion Projects ....................................................22 Cash Flow ..............................................................................................24 Corporate Governance ..................................................................................25 Capital Market ..............................................................................................27 Dividends ..............................................................................................28 Recent Events ..............................................................................................30 Disclosure Program .......................................................................................31 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 (GWh) (CAPTIVE + FREE) - QUARTER +3.1% 5,498 +2.6% +5.0% 1,992 2,043 +1.2% 988 565 423 2Q10 2Q11 2Q10 1,000 1,639 133 1,721 167 +2.8% 880 1,505 1,554 45 835 426 2Q11 2Q10 2Q11 2Q10 2Q11 2Q10 2Q11 905 48 857 4,755 4,880 743 5,669 789

574

Residential

Industrial

Commercial Captive Free

Others

Total

Total energy consumption in Light SESAs concession area (captive customers + transport of free customers2) 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. 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.

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.

TOTAL ENERGY CONSUMPTION (GWh) (CAPTIVE + FREE) - HALF +3.2% 11,960 1,547

11,585 +2.8% 1,400 4,408 4,531 +4.8% 3,454 +1.5% 1,937 1,064 872 1H10 1H11 1H10 1,966 1,114 852 1H11 1H10 1H11 1H10 1H11 1H10 3,207 3,284 247 3,621 337 +3.2% 1,786 89 1,697 1,843 95 1,748
10,185

10,413

1H11

Residential

Industrial

Commercial Captive Free

Others

Total

Total energy consumption in Light SESAs concession area (captive customers + transport of free customers3) 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. 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.

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.

Energy Balance
DISTRIBUTION ENERGETIC BALANCE - GWh
Position: January - June 2011 PROINFA 232.9 CCEAR Light Energia 168.8 ITAIPU (CCEE) 2,665.5 AUCTIONS (CCEE) 8,098.7 NORTE FLU (CCEE) 3,150.1 OTHERS(*) (CCEE) 276.2
(*) Others = Purchase in Spot - Sale in Spot.

Residential 4,530.6 Billed Energy 10,413.4 Industrial 851.6 Commercial 3,283.5 Losses + Non Billed Energy 3,918.1 Basic netw. losses Adjustment Others 1,747.7

Own load Light 14,331.5 Required E. (CCEE) 14,592.2

260.1 0.5

Note: 1) At Light S.A., there is intercompany power purchase/sale elimination 2) Power purchase data on 04 / 12 / 2011. (sub ject to changes)

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

2Q11 8,335 738 1,117 6,480 4,880 3,174 1,706 1,600

2Q10 8,194 778 1,259 6,157 4,755 3,067 1,687 1,402

Var.% 1.7% -5.2% -11.3% 5.3% 2.6% 3.5% 1.1% 14.1%

1H11 18,191 1,480 2,379 14,332 10,413 6,896 3,518 3,918

1H10 17,832 1,599 2,327 13,906 10,185 6,656 3,529 3,722

Var.% 2.0% -7.4% 2.2% 3.1% 2.2% 3.6% -0.3% 5.3%

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
21.70% 15.39%

Light Losses Evolution 12 months 21.48% 15.18% 21.29% 15.00% 21.30% 15.00% 21.42% 14.97%

7,549

7,544

7,493

7,543

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 42.4% 42.1% 41.8% 41.6% 41.3%

5,352

5,330

5,278

5,312

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 intelligent metering devices developed and manufactured by Eletra, which was hired by Light, have already been concluded

Jun-10

Sep-10

Dec-10

Mar-11

Jun-11

Non Tecnincal Losses (GW) Non tecnical Losses % Low Voltage Mkt

Recovered Energy (GW)

8.1%
76.1

82.3

1H10

1H11

Normalized Costumers
39,766

2.3%

40,668

1H10

1H11

and are in the final phase of laboratory testing. The Companys mobile phone and computer userinteraction 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.

5,326

7,619

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, PavoPavozinho, 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.

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
R$ MN Billing Collection Collection Rate 2Q11 2,190 2,233 102.0% 2Q10 2,109 2,141 101.5% 1H11 4,708 4,600 97.7% 1H10 4,414 4,347 98.5%

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-ofyear difficulties, default-combating activities were
Jun-09 Jun-10 Jun-11 97.4% Collection rate 12 months moving average

98.1% 97.5%

intensified, leading to a hefty 68% increase in the number of 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

disconnections and an 18% upturn in the registration of clients with past due bills betwee n the sixCollection Rate per Segment Quarter
112.9% 109.0% 98.9% 100.7% 101.3% 101.4%

Retail

Large Customers
2Q10 2Q11

Public Sector

provisioning criteria, provisions related to past due bills of residential clients are constituted 90 days after the due date.

PDD/Gross Revenue (Billed Sales) 3.2%

3.3%

3.3%

1H09

1H10

1H11

R$ Million PDD

Provisions for Past Due Accounts 2Q11 2Q10 Var. (R$) 1H11 1H10 79.5 75.3 4.3 143.9 138.8

Var. (R$) 5.1

10

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

ELC
6.03 6.23 7.03

9.13 11.63 14.63

EFC

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.

11

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.
LIGHT ENERGIA (GWh) Regulated Contracting Environment Sales Free Contracting Environment Sales Spot Sales (CCEE) Total 2Q11 1,014.0 149.9 169.9 1,333.7 2Q10 1,007.2 103.1 1,436.2 % 0.7% 45.3% -7.1% 1H11 2,069.6 280.9 466.7 2,817.2 1H10 2,051.7 188.6 3,121.4 % 0.9% 48.9% -9.7%

325.9 -47.9%

881.1 -47.0%

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.
Volume (GWh) Trading 2Q11 457.1 2Q10 219.5 Var.% 108.2% 1H11 764.0 1H10 426.2 Var.% 79.3%

12

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$3,146.3 million, 4.9% higher than in 1H10.
Net Revenue (R$ MN) Distribution Billed consumption Non billed energy Network use (TUSD) Short-Term (Spot) Others Subtotal (a) Construction Revenue Subtotal (a') Generation Generation Sale(ACR+ACL) Short-Term1 Others Subtotal (b) Commercialization Energy Sales Others Subtotal (c) Others and Eliminations (d) Total without Construction Revenue (a+b+c+d) Total (a'+b+c+d) Balance of the settlement on the CCEE 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.

2Q11 1,253.1 (44.6) 120.4 9.7 6.4 1,345.1 179.2 1,524.3

2Q10 1,211.5 (47.8) 125.7 10.1 10.9 1,310.5 111.2 1,421.7

Var. % 3.4% -6.6% -4.2% -3.9% -41.1% 2.6% 61.2% 7.2%

1H11 2,683.6 (31.1) 255.7 12.7 10.3 2,931.2 326.3 3,257.5

1H10 2,588.4 (51.3) 251.1 10.1 21.5 2,819.8 222.4 3,042.3

Var. % 3.7% -39.3% 1.9% 25.6% -52.3% 3.9% 46.7% 7.1%

74.9 0.6 1.9 77.5

67.7 3.9 1.4 73.1

10.6% -83.5% 36.2% 6.0%

153.6 5.0 3.6 162.2

135.1 9.8 2.7 147.6

13.7% -49.4% 32.4% 9.9%

44.5 12.2 56.7 (20.5) 1,458.7 1,637.9

22.8 13.6 36.4 (18.4) 1,401.5 1,512.7

94.7% -9.9% 55.7% 4.1% 8.3%

80.9 16.9 97.8 (44.9) 3,146.3 3,472.6

44.7 24.5 69.2 (37.6) 2,999.1 3,221.6

81.0% -31.2% 41.3% 4.9% 7.8%

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.
Commercial 32% 1,554 426 Industrial 9% Electric Energy Consumption (GWh) - Captive 2Q11 Others 18% 857 2,043 Residential 41%

13

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

Net Revenue by Class- Captive R$ MN - 2Q11 Others 14% 177 394 105 Commercial 32% Industrial 8% 571 Residential 46%

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. Commercialization and Services 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) Distribution Generation Commercialization Others and Eliminations Consolidated

2Q11 (1,421.3) (35.3) (40.0) 7.0 (1,489.5)

2Q10

(%)

1H11 (2,858.3) (71.8) (76.0) 26.1 (2,980.1)

1H10

(%)

(1,175.2) 20.9% (35.0) 0.8% (21.1) 89.9% 21.7 (1,209.6) 23.1%

(2,435.1) 17.4% (78.2) -8.3% (41.8) 81.9% 28.1 (2,527.1) 17.9%

Distribution

14

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%
Costs and Expenses (R$ MN) Non-Manageable Costs and Expenses Energy Purchase costs Costs with Charges and Transmission Others (Mandatory Costs) Manageable Costs and Expenses PMSO Personnel Material Outsourced Services Others Provisions Depreciation and Amortization Construction Revenue Total Costs without Construction Revenue Total Costs 2Q11 (885.3) (714.7) (166.3) (4.4) (356.8) (179.4) (66.0) (5.9) (90.8) (16.7) (99.3) (78.0) (179.2) (1,242.1) (1,421.3) 2Q10 (804.2) (628.9) (171.8) (3.5) (259.9) (151.4) (57.5) (5.7) (74.5) (13.8) (36.0) (72.4) (111.2) (1,064.0) (1,175.2) (%) 10.1% 13.6% -3.2% 23.3% 37.3% 18.5% 14.9% 3.0% 22.0% 21.3% 175.7% 7.7% 61.2% 16.7% 20.9% 1H11 (1,870.6) (1,514.0) (347.9) (8.7) (661.5) (348.0) (120.4) (11.6) (186.5) (29.5) (159.6) (153.9) (326.3) (2,532.1) (2,858.3) 1H10 (1,654.5) (1,301.2) (346.5) (6.9) (558.2) (286.2) (104.1) (10.7) (147.2) (24.2) (129.3) (142.7) (222.4) (2,212.7) (2,435.1) Var. % 13.1% 16.4% 0.4% 26.6% 18.5% 21.6% 15.6% 8.2% 26.7% 21.7% 23.4% 7.9% 46.7% 14.4% 17.4%

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 2010. Energy purchase costs totaled R$714.7 million, 13.6% up on 2Q10, primarily the reflecting entry of adjustments new to existing contracts, products
0.4% 628.9 21.9% 31.6% 46.1% 2Q10
AUCTIONS NORTE FLU

in

Purchased Energy - R$ MN 2nd Quarter 714.7 17.1% 30.3% 51.5% 2Q11

ITAIPU SPOT

1.1%

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. 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.
2Q10
AUC TIONS NORTE FLU ITAIPU

Purchased Energy - GWh 2nd Quarter 6,505 0.1% 20.7% 24.3% 53.0% 6,964 0.3% 1.7% 19.3% 22.7% 55.9%

1.8%

2Q11
PROINFA SPOT

15

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.

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.

16

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$8.2 million in the first quart er of 2010 from the judicial settlement with the Barra do Pira municipal government related to the dredging of the Pira river.
Operating Costs and Expenses - R$ MN Personnel Material and Outsourced Services Purchased Energy (CUSD) Depreciation Others (includes provisions) Total 2Q11 (6.1) (4.0) (4.2) (14.2) (6.8) (35.3) 2Q10 Var. % (5.0) 22.9% (3.7) 7.7% (3.7) 13.6% (15.5) -8.3% (7.2) -5.3% (35.0) 0.8% 1H11 (11.9) (7.5) (8.4) (28.9) (15.0) (71.8) 1H10 Var. % (9.8) 21.2% (7.5) 0.9% (7.2) 17.8% (30.7) -5.8% (23.1) -35.1% (78.2) -8.3%

Commercialization and Services 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 Personnel Material and Outsourced Services Purchased Energy Depreciation Others (includes provisions) Total 2Q11 (1.3) (0.2) (37.9) (0.2) (0.4) (40.0) 2Q10 Var. % (1.0) 35.9% (0.6) -72.4% (18.8) 101.6% (0.2) 0.0% (0.5) -14.4% (21.1) 89.9% 1H11 (2.3) (0.5) (72.2) (0.3) (0.8) (76.0) 1H10 Var. % (1.7) 34.4% (0.9) -42.9% (38.3) 88.4% (0.3) 0.0% (0.6) 30.2% (41.8) 81.9%

17

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

EBITDA - 2Q11/2Q10 - R$ Million

91 380 (96) (72) (62) 241

EBITDA - 2Q10

Net Revenue

Purchased Energy Manageable Costs (PMSO)

Provisions

EBITDA - 2Q11

from construction), mainly due to the growth of the distributors market.

The EBITDA margin4 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.

Consolidated EBITDA- R$ MN Distribution Generation Commercialization Others and eliminations Total Margem EBITDA (%)

2Q11 179.6 56.4 6.3 (1.5) 240.8 16.5%

2Q10 Var.% 318.9 -43.7% 53.6 5.3% 9.8 -35.8% (2.2) -32.8% 380.4 -36.7% 27.1% -

1H11 551.8 120.4 8.6 (5.0) 675.7 21.5%

1H10 Var.% 749.8 -26.4% 100.2 20.2% 11.8 -27.8% (4.2) 18.6% 857.6 -21.2% 28.6% -

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)
4

EBITDA per segment* 2Q11

Distribution 74.1%

Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA margins, due Commercialization to the booking of revenues and costs with zero margin. 2.6%

Generation 23.3%

*Does not consider eliminations

18

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 margin5 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 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%.

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.

19

Consolidated Financial Result

Financial Result - R$ MN Financial Revenues Income from financial investments Monetary and Exchange Variation Swap Operations Moratory Increase / Debts Penalty Other Financial Revenues Financial Expenses Interest on loans and financing Monetary and Exchange Variation Braslight (private pension fund) Swap Operations DIC/FIC Compensation Other Financial Expenses Total 2Q11 58.2 16.1 0.4 0.3 35.7 5.7
(147.1)

(90.1) 2.9 (36.1) (2.0) (7.0) (14.8) (88.9)

2Q10 51.7 12.3 15.3 (0.0) 22.1 2.1 (83.9) (67.6) (1.1) (28.9) (0.2) (4.2) 18.0

(%) 12.6% 30.5% -97.2% 61.7% 172.5% 75.3% 33.2% 25.0% 977.8% 69.4% -

1H11 94.7 27.0 1.4 0.4 55.4 10.5

(280.2)

1H10 96.2 28.7 18.1 0.0 42.0 7.4

(226.2)

(175.3) 3.4 (74.2) (3.6) (16.8) (13.8)

(185.5)

(143.9) (3.2) (67.6) 0.1 (6.9) (4.6)

(%) -1.5% -5.9% -92.1% 32.1% 41.9% 23.9% 21.8% 9.7% 143.0% 199.3%

(32.2) 176.1%

(130.0) 42.6%

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 1st debenture issue and Light SESAs 7th 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.

20

Indebtedness

R$ MN Brazilian Currency Debenture 4th Issue Debenture 5th Issue Debenture 7th Issue Debenture 1st Issue Light Energia BNDES FINEM (CAPEX) CCB Bradesco Working Capital - Santander Financial operations "Swap" Others Foreing Currency National Treasury Gross Debt Cash Net Debt (a) Braslight (b) Adjusted Net Debt (a+b-c)

Short Term 371.5 0.0 139.2 13.9 4.8 159.2 41.7 7.3 4.3 1.1 12.3 12.3 383.9

% 12.4% 0.0% 4.6% 0.5% 0.2% 5.3% 1.4% 0.2% 0.1% 0.0% 0.4% 0.4% 12.8%

Long Term 2,560.5 0.1 637.9 647.5 171.0 571.3 450.0 80.0 1.0 1.8 52.9 52.9 2,613.5

% Total 85.4% 2,932.1 0.0% 0.1 21.3% 777.1 21.6% 661.3 5.7% 175.8 19.1% 730.5 15.0% 491.7 2.7% 87.3 0.0% 0.1% 1.8% 1.8% 5.3 2.9 65.3 65.3

% 97.8% 0.0% 25.9% 22.1% 5.9% 24.4% 16.4% 2.9% 0.2% 0.1% 2.2% 2.2% 100.0%

103.0

935.6

87.2% 2,997.4 448.0 2,549.3 1,038.7 3,588.0

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 7th debenture issue and Light Energias 1st 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.) the end of dipped by 100 bps in the same period. At June, only 2.2% of total debt was
Jun-10 96.2% 3.8%

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

2,549.3 1,805.2 2,134.9

Jun-10

Mar-11

Jun-11

Indebtedness (Brazilian Currency x Foreign) 3.0% 2.2%

97.0%

97.8%

Mar-11 Brazilian Currency Foreign Currency

Jun-11

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 falling due within the next 24 months (principal and interest) through the use of non-cash swap instruments with premier financial institutions.

21

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.

Net Income - Half R$ Million

362 107 (182) (20) (55) Financial Result Taxes Others 1H11

212

1H10

EBITDA

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 and meters quality R$72.2 and improvements million fraud in and
249.0 43.1 11.7 0.7

CAPEX (R$ MN)

35.4% 337.1 32.4 12.5 0.2

preventive protection,

maintenance; electronic

network

regularization.

292.0 193.5

Generation investments totaled R$32.4 million, of which R$5.2 million went to the maintenance of facilities. existing generating
1H10
Distribution Adm inistration

1H11
Generation Com m ercial

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

22

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.

23

Cash Flow
R$ MN Cash in the Beginning of the Period (1) Net Income Social Contributions & Income Tax Net Income Social Contributions & Income Tax Provision for Delinquency Depreciation and Amortization Loss (gain) on intangible sales / Residual value of disposals fixed asset Losses (gains) on financing exchange activities Net Interests and Monetary Variations Braslight Atualization / provisions reversal Others Earning Before Taxes - Cash Basis Working Capital Contingencies Taxes Interests Others Cash from Operating Activities (2) Finance Obtained Dividends loans and financing payments Financing Activities (3) Disposal of Assets Shares buyback Concession Investments Investment Activities (4) Cash in the End of the Period (1+2+3+4) Cash Generation (2+3+4) 6/30/2011 6/30/2010 514.1 760.3 211.7 362.4 (95.0) (202.0) 306.7 564.4 143.9 138.8 183.2 173.7 0.4 0.3 153.6 74.2 11.8 13.2 887.2 (201.1) (49.4) (143.5) (112.6) (213.7) 167.0 875.2 (351.0) (391.8) 132.5 4.7 (381.4) (376.7) 436.9 (77.2) (10.6) (1.3) 127.9 60.6 0.5 14.8 1,068.8 (56.1) (59.4) (46.4) (97.2) (171.6) 638.2 881.9 (432.3) (842.4) (392.9) 13.6 6.4 (301.6) (281.6) 723.9 (36.4)

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.

24

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.
Controlling Shareholders 52.13% Free Float 47.87%

CEMIG Companhia Energtica de MG

26.06%

LEPSA LUCE Empreendimentos Participaes S.A. 13.03%

RME Rio Minas Energia

BNDESPAR

MINORITY EDFI

13.03%

15.02%

32.85%

LIGHT S.A (Holding) (Holding)

LIGHT S.A

100%
LIGHT Servios de Eletricidade S.A

100%
LIGHT Energia S.A.

100%
LIGHT ESCO Prestao de Servios S.A.

51%
LIGHTGER S.A.

100%
ITAOCARA Energia Ltda

100%
LIGHTCOM Comercializ. de Energia S.A.

100%
LIGHT SOLUES em Eletricidade Ltda

51%
AXXIOM Solues Tecnolgicas

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 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.

25

Light Energia S.A.s 1st Debenture Issue, effected through a public distribution with restricted placement efforts, was concluded on May 12, 2011. Seventeen thousand (17,000) simple, nonconvertible, 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.

26

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$5.988 million.
BM&F BOVESPA (spot market) - LIGT3 Daily Average 2Q11 1Q11 2Q10 Number of shares traded (Thousand) 653.7 954.5 689.1 Number of Transactions 1,950 2,478 1,521 Traded Volume (R$ 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

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

Free Float Structure

Foreign
OCEANIA 5.02% ASIA 13.11% NORTH AMERICA 2.85%

NATIONAL LEGAL ENTITIES 22.80%

USA 37.78%
FOREIGN 62.60%

INDIVIDUAL 14.60%

SOUTH AMERICA 0.65% EUROPE 40.77% CENTRAL AMERICA 0.03%

27

The chart below shows the performance of Lights stock between January 1, 2010 and June 30, 2011.
Light x Ibovespa x IEE Base jan/10 = 100 until 06/30/2011

160 140 120 100

2010 IEE IBOV LIGT3

12% 1% 15%

2011 IEE IBOV LIGT3

10% -10% 23% 41% Light 24% IEE

-9% Ibovespa
80 60 40

R$/share 01/04/10 06/30/11

20.53 29.36

Nov-10

Jan-10

Jun-10

Jan-11

Feb-10

Dec-09

Aug-10

Sep-10

Dec-10

Feb-11

Mar-10

May-10

Mar-11

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.

May-11

Oct-10

Jun-11

Apr-10

Jul-10

Apr-11

28

Dividends paid, dividend yield and payout

100%

100% 76.3% 64.2% 50%

2007 Payout

2008

2009

2010

Minimum Dividends Policy

8.2% 4.2%

9.9% 1.7% 408

8.1%

8.1%

6.1%

432 363 351

351

203

187

1H08

2H08

1H09

2H09

1H10

2H10

1H11

Dividends

Dividend Yeld*

*Based on the closing price of the day before of the announcement.

29

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".

30

Disclosure Program

Schedule Teleconference 08/08/2011, Monday, at 4:00 p.m. (Brazilian Time) and at 3:00 p.m. (NY Time), with simultaneous translation to English Access conditions: Webcast: link on site www.light.com.br (portuguese and english) Conference Call - Dial number: Brazil: (55) 11 - 4688-6361 Other countries: +1 (786) 924 6977 Access code: Light

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

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APPENDIX I Statement of Income by Company - R$ million

LIGHT SESA Net operating revenue Operating expense Operating result EBITDA Financial Result Other Operating Incomes/Expenses Result before taxes and interest Net Income EBITDA Margin*
*Do es no t co nsidered Co nstructio n Revenue

2Q11 1.524,3 (1.421,3) 103,0 179,6 (81,9) (1,4) 19,7 18,9 13,4%

2Q10 1.421,7 (1.175,2) 246,5 318,9 (23,0) 10,8 234,3 114,1 24,3%

% 7,2% 20,9% -58,2% -43,7% 255,8% -91,6% -83,5% -

1H11 3.257,5 (2.858,3) 399,1 551,8 (172,2) (1,3) 225,6 158,0 18,8%

1H10 3.042,3 (2.435,1) 607,1 749,8 (110,8) 10,6 507,0 325,9 26,6%

% 7,1% 17,4% -34,3% -26,4% 55,5% -55,5% -51,5% -

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

2Q11 77,5 (35,3) 42,2 56,4 (7,2) 35,0 21,5 72,8% 2Q11 56,7 (40,0) 16,7 6,3 0,4 17,1 4,4 11,1%

2Q10 73,1 (25,2) 47,9 53,6 (9,9) 38,0 18,2 73,3% 2Q10 36,4 (21,1) 15,3 9,8 0,2 15,5 6,6 6,5%

Var. % 6,0% 40,0% -11,9% 5,3% -27,5% -7,8% 18,1% -0,7% Var. % 55,7% 89,9% 8,9% -35,8% 143,2% 10,4% -33,8% 71,2%

1H11 162,2 (71,8) 90,5 120,4 (18,2) (0,9) 71,3 49,0 74,2% 1H11 97,8 (76,0) 21,8 8,6 0,5 22,3 5,8 8,7%

1H10 147,6 (77,5) 70,1 100,2 (20,7) 49,4 31,7 67,8% 1H10 69,2 (41,8) 27,4 11,8 0,6 28,0 8,1 6,5%

Var. % 9,9% -7,5% 29,1% 20,2% -12,2% 44,5% 54,6%

Var. % 41,3% 81,9% -20,6% -27,8% -24,2% -20,7% -28,6% 35,0%

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APPENDIX II Statement of Consolidated Income

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

(67.0) -64.6% (66.3) -116.4% 137.7 -67.1%

() 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. (*) 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.

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APPENDIX III Consolidated Balance Sheet

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

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APPENDIX IV Regulatory Assets and Liabilities: Formation and Amortization

R$ MN Formation Energy Itaipu Transport Charges Involuntary Exposure Amortization Energy Itaipu Transport Charges Net Result 2Q11 (7.0) (24.0) (0.3) 17.4 (15.3) (0.3) (0.2) (14.8) (22.3) 2Q10 4.2 (10.8) 0.1 12.7 2.2 (75.2) (59.9) (0.3) (15.0) (70.9) 1H11 (62.2) (62.3) 0.3 17.1 (17.3) (32.9) (0.5) (0.4) (32.0) (95.1) 1H10 (77.1) (49.8) 0.1 26.8 (54.1) (158.3) (126.1) (0.6) (31.6) (235.4)

R$ Million TOTAL ASSET TOTAL LIABILITIES TOTAL DIFFERENCE Net difference (period) Net difference (accumulated)

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

Mar-11 149.8 (277.7) (127.8) (65.4) -

Dec-11 161.6 (224.0) (62.4) -

APPENDIX V Light by Numbers

OPERATING INDICATORS N of Consumers (thousand) N of Employees Average provision tariff - R$/MWh Average provision tariff - R$/MWh (w/out taxes) Average energy purchase cost - R$/MWh Installed generation capacity (MW) Assured energy (Average MW)) Pumping and internal losses (Average MW) Available energy (Average MW) Net Generation (GWh) Load Factor Includes purchase on spot

2Q11 4,102 4,009 402.2 274.8 104.0 855 637 87 550 1,240 64.6%

2Q10 4,028 3,730 408.2 277.6 98.7 855 637 100 537 1,301.5 64.2%

Var. % 1.8% 7.5% -1.5% -1.0% 5.3% 2.4% -4.8% -

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APPENDIX VI The adoption of the CPCs caused the following impacts on the 2Q10 and 1H10 results of the Company and its subsidiaries:
2Q10 98.3 69.1 112.0 (43.3) 0.4 (9.3) (9.3) 0.0 0.0 111.2 (111.2) (20.4) 39.4 137.7 1H10 218.8 236.3 226.6 9.4 0.4 Company

Net Income before ajustments Regulatory Assets and Liabilities Net Revenue Operating Expenses Financial Result Net Fixed Assets Depreciation Other Operating Expenses Construction Revenue Net Revenue Operating Expenses Social Contributions and Income Tax Net Impact Net Income after ajustments
2Q10

Light SESA Light SESA Light SESA

(18.6) (18.6) Light Energia 0.0 Lightger e Itaocara 0.0 222.4 (222.4) (74.2) 143.6 362.4

Light SESA Light SESA Light S.A. Light S.A.

Before Ajustments 2,233.3 (832.5) 1,400.7 (1,160.5) 240.3 (78.8) 319.1 51.7 (84.3) (32.6) 10.8 218.6 (112.9) (7.3) 98.3

Ajustments 114.0 (2.0) 112.0 (59.9) 52.1 (9.3) 61.4 0.4 0.4 52.5 (20.4) 7.3 39.4

After Ajustments 2,347.3 (834.6) 1,512.7 (1,220.4) 292.4 (88.1) 380.4 51.7 (83.9) (32.2) 10.8 271.1 (133.3) (0.0) 137.7

OPERATING REVENUE DEDUCTIONS FROM THE OPERATING REVENUE NET OPERATING REVENUE OPERATING EXPENSE OPERATING RESULT Depreciation EBITDA FINANCIAL RESULT Financial Income Financial Expenses Total Other Operating Incomes/Expenses RESULT BEFORE TAXES AND INTEREST SOCIAL CONTRIBUTIONS & INCOME TAX + DEFERRED PLR NET INCOME

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1H10

Before Ajustments 4,721.8 (1,726.8) 2,995.0 (2,518.8) 476.3 (155.2) 631.4

Ajustments 228.3 (1.8) 226.6 (18.9) 207.6 (18.6) 226.2

After Ajustments 4,950.2 (1,728.6) 3,221.6 (2,537.7) 683.9 (173.7) 857.6

OPERATING REVENUE DEDUCTIONS FROM THE OPERATING REVENUE NET OPERATING REVENUE OPERATING EXPENSE OPERATING RESULT Depreciation EBITDA FINANCIAL RESULT Financial Income Financial Expenses Total Other Operating Incomes/Expenses RESULT BEFORE TAXES AND INTEREST SOC IAL C ONTRIBUTIONS & INC OME TAX + DEFERRED PLR NET INCOME

96.2 (226.6) (130.4) 10.6 356.5 (127.9) (9.8) 218.8

0.4 0.4 208.0 (74.2) 9.8 143.6

96.2 (226.2) (130.0) 10.6 564.4 (202.0) 362.4

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