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

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 nontechnical losses represented 41.3% of billed energy in the low-voltage market (Aneel criterion). At the end of 2Q11, the Companys net debt totaled R$2,549.2 million, 41.2% up on March 2011, and the net debt/EBITDA ratio stood at 2.0x. Collections in the last 12 months reached 97.5% of billed consumption, 0.6 p.p. below June 2010.
Operational Highlights (GWh) Grid Load* Billed Energy - Captive Market Consumption in the c onc ession area 1 Transported Energy - T USD1 Sold Energy - Generation Commerc ializated Energy (Esc o) Financial Highlights (R$ MN) Net Revenue** EBITDA EBITDA Margin** Net Inc ome Net Debt***
* Ow n load + netw ork use ** Not conside ring construction revenue *** Financial debt - cash

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)

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%

1,459 1,402 4.1% 3,146 241 380 -36.7% 676 16.5% 27.1% - 21.5% 45 138 -67.1% 212 2,549 1,805 41.2% 2,549

2,999 4.9% 858 -21.2% 28.6% 362 -41.6% 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.

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 ........................................................................................15 Generation .........................................................................................17 Commercialization and Services............................................................17 EBITDA .................................................................................................18 Consolidated ......................................................................................18 Distribution ........................................................................................19 Generation .........................................................................................19 Commercialization and Services............................................................19 Consolidated Financial Result ...................................................................20 Indebtedness .........................................................................................21 Net Income ............................................................................................22 Capital Expenditures ...............................................................................22 Generation Capacity Expansion Projects ....................................................23 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% 880 574 426 2Q11 2Q10 2Q11 2Q10 2Q11 2Q10 2Q11 1,505 1,554 45 835 905 48 857 4,755 4,880 743 5,669 789

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.

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.

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, nonmetallic 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.

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.

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.

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.

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 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,
Normalized Costumers
1H10 1H11 76.1 Recovered Energy (GW)

Light Losses Evolution 12 months 21.70% 15.39% 7,549 21.48% 15.18% 7,544 21.29% 15.00% 7,493 21.30% 15.00% 7,543 21.42% 14.97% 7,619 Jun-11

Jun-10

Sep-10

Dec -10

Mar-11

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

Non tecnical losses / Low Voltage market 12 months 42.4% 5,352 42.1% 5,330 41.8% 5,278 41.6% 5,312 41.3% 5,326 Jun-11

Jun-10

Sep-10

Dec-10

Mar-11

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

8.1%

82.3

which has been operating in the Brazilian market since 2001, also received approval for its
39,766 40,668

2.3%

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
1H10 1H11

intelligent metering devices developed and manufactured by Eletra, which was hired by Light, have already been concluded and are in the final phase of laboratory testing. The Companys mobile phone and computer user-interaction channels (social networks and interactive website) are also in the final phase of

development. Field tests (pilot project) of both technologies will begin by the end of the year. Communities The low-income community loss-reduction program has advanced each quarter. In 2Q11, Light moved into one more pacified community. In 2011, the Company, which is already present in nine such communities, plans to move into another 11: Ladeira dos Tabajaras, Morro dos Cabritos, Pavo-Pavozinho, Morro da

Providncia, Borel, Novo Rio, Morro do Salgueiro, Complexo do Alemo (part 1), Morro dos Macacos (part 1), Cidade de Deus (part 2) and Batan (part 2). The loss reduction program in these communities is one of the Companys current top priorities. In 2Q11, another two contractors were hired, giving a total of five.

Collection The 2Q11 100% of collection rate exceeded

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%

the billed total, reaching

102.0%, 0.5 p.p. up on 2Q10. The

collection rate for the past 12 months was 97.5% of billed consumption, 0.6 p.p. down on June 2010 and 0.1 p.p. above June 2009. The retail, large customer and public sect or segments recorded collection rates of more than 100%. In the first half, the collection rate stood at 97.7%, 0.8 p.p. down on the 98.5% recorded in the same period last year, due to the 1Q11, in turn caused by reduction in spending
Jun-09 97.4%

Collection rate 12 months moving average

98.1% 97.5%

Jun-10

Jun-11

seasonal

priorities and an upturn in consumer debt. In order to overcome the beginning-of-year activities were

Collection Rate per Segment Quarter

112.9% 109.0% 98.9% 100.7% 101.3% 101.4%

difficulties,

default-combating

intensified, leading to a hefty 68% increase in the number of disconnections and an 18% upturn in the registration of clients with past due bills betwee n the six-month periods.

Retail

Large Customers
2Q10 2Q11

Public Sector

In 2Q11, Provisions for Past Due Accounts (PPD) totaled R$79.5 million, representing 4.0% of gross billed energy, an increase of R$4.2 million in relation to 2Q10, due to: (i) substantial billed energy in the previous quarter, which impacted the provisioning of higher bills in 2Q11, and (ii) higher billed energy growth in the retail segment, which has a lower collection rate. According to the sectors provisioning criteria, provisions related to past due bills of residential clients are constituted 90 days after the due date.
Provisions for Past Due Accounts 2Q11 2Q10 Var. (R$) 1H11 1H10 79.5 75.3 4.3 143.9 138.8
1H09 1H10 1H11 PDD/Gross Revenue (Billed Sales) 3.2% 3.3% 3.3%

R$ Million PDD

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

9.13

ELC
6.03 6.23 7.03

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-Term 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, w ith zero margin, related to services of construction or improvement in infrastructure used in services of electricity distribution.
1

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

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.

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

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

the 10.6% increase in free and captive market revenue, in turn reflecting the adjustments to captive market energy sale contracts. In 1H11, net revenue totaled R$162.2 million, 9.9% up on 1H10, primarily due to the adjustments to captive market energy sale contracts and the greater number of contracts negotiated on the free market. 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-onyear. 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%

14

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

Non-Manageable Costs and Expenses In 2Q11, non-manageable costs and

Purchased Energy - R$ MN 2nd Quarter 714.7 1.1% 17.1% 30.3% 51.5%

expenses totaled R$885.3 million, 10.1% up on the same period in 2010.

628.9

Energy million,

purchase 13.6%

costs up on

totaled 2Q10,

R$714.7 primarily

0.4% 21.9% 31.6% 46.1% 2Q10

AUCTIONS NORTE FLU

reflecting adjustments to existing contracts, the entry of new products contracted at the A-5 auction in 2006, with delivery beginning in 2011, and the increase in the volume of energy purchased to meet market demand. In addition, energy purchase costs related to previous periods, totaling R$19.1 million, were booked in 2Q11 due to the recalculation by ANEEL/CCEE of overdue payments related to energy availability contracts with
1.8%

2Q11
ITAIPU SPOT

Purchased Energy - GWh 2nd Quarter 6,964 0.3% 1.7% 19.3% 22.7% 55.9%

6,505 0.1% 20.7% 24.3% 53.0%

thermoelectric plants. Excluding these nonrecurring costs, energy costs increased by 10.6%.
2Q10
AUC TIONS NORTE FLU ITAIPU

2Q11
PROINFA SPOT

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.

15

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

Manageable Costs and Expenses In 2Q11, manageable operating costs and expenses (personnel, materials, outsourced services, provisions, depreciation and others) totaled R$356.8 million, 37.3% up on 2Q10. Costs and expenses from staff, materials, services and others (PMSO) came to R$179.4 million in 2Q11, 18.5% more than in 2Q10, chiefly due to higher expenses from personnel and outsourced services, which increased by 14.9% and 22.0%, respectively. The upturn in the personnel line was mainly due to the 6.75% pay rise following the collective bargaining agreement in the second quarter, in addition to the R$4.8 million reduction in labor capitalization. The increase in expenses with outsourced services was mainly a reflection of higher expenses with the delinquency-prevention program, totaling R$4.8 million, tree pruning, totaling R$3.0 million, and call center, live-line and maintenance services, totaling R$4.5 million. The difference in the provisions line totaled R$63.3 million, primarily due to the non-recurring reversal of provisions totaling R$53.4 million in 2Q10 due to the dismissal of Aneels administrative process concerning the classification of

consumers under the Social (low-income) Tariff between 2002 and 2006. Excluding this non-recurring event, provisions increased by 11.6%. In 2Q11, Provisions for Past Due Accounts (PPD) totaled R$79.5 million, representing 4.0% of gross billed energy, versus R$75.3 million, or 3.8% of gross billed energy, in the same period in 2010. Manageable operating costs and expenses in the first six months totaled R$661.5 million, 18.5% up year-on-year.

16

Generation In 2Q11, Light Energias costs and expenses amounted to R$35.3 million, an increase of 0.8% in relation to 2Q10, mainly due to higher personnel costs as a result of the 6.75% pay rise following the collective bargaining agreement in the second quarter. Costs and expenses in 2Q11 were broken down as follows: CUSD/CUST distribution/transmission system usage (11.9%), personnel (17.3%), material and outsourced services (11.3%), and depreciation and others (59.5%). PMSO per MWh in the quarter came to R$14.39/MWh, compared to R$13.05/MWh in 2Q10. In 1H11, Light Energias costs and expenses came to R$71.8 million, 8.3% less than in 1H10, chiefly due to the 35.1% reduction in provisions, related to the nonrecurring 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 from construction), mainly due to the growth of the distributors market.

EBITDA - 2Q11/2Q10 - R$ Million

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

EBITDA - 2Q10

Net Revenue

Purchased Energy Manageable Costs (PMSO)

Provisions

EBITDA - 2Q11

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.

EBITDA per segment* 2Q11

Distribution 74.1%

Generation 23.3% Commerc ialization 2.6%

Consolidated EBITDA- R$ MN Distribution Generation Commerc ialization 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% -

*Does not consider eliminations

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.

18

Distribution The distribution companys EBITDA came to R$179.6 million in 2Q11, 43.7% down year-on-year, primarily due to: (i) the 13.6% upturn in energy purchase costs, as a result of adjustments to existing contracts, (ii) the 22.0% increase in outsourced services, and (iii) higher provisions, due to the non-recurring impact of R$53.4 million in 2Q10, which had a positive impact on provisions in that period. The EBITDA 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 Inc ome from financ ial 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 longterm 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.
Jun-10 1,805.2

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

2,549.3 2,134.9

Mar-11

Jun-11

Net debt came to R$2,549.3 million, 19.4% up on the figure recorded in March 2011, mainly due to the payment of dividends totaling R$351 million in May 2011, and the higher volume of investments. At the end of June 2011, the net debt/EBITDA ratio stood at 2.0x. The Companys debt has an average term to maturity of 3.7 years. The average cost of Real-denominated debt was 12.4% p.a., 0.6 p.p. up the end-of-March figure, while the average cost of foreign-currency debt (US$ + 4.4% p.a.) dipped by 100 bps in the same period. At the end of June, only 2.2% of total debt was denominated in foreign currency and, considering the FX hedge horizon, only 1.3% of this total was exposed to foreign currency risk, 0.4 p.p. lower than at the close of March. Lights hedge policy consists of protecting cash flow
Jun-10 Mar-11 Brazilian Currency Foreign Currency Jun-11 96.2% 97.0% 97.8% 3.8% Indebtedness (Brazilian Currenc y x Foreign) 3.0% 2.2%

21

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

Net Income

Light posted ne t income of R$45.3 million in 2Q11, 67.1% down on 2Q10, reflecting the reduction in EBITDA due to (i) the increase in purchased energy

costs; (ii) the upturn in PMSO expenses, and (iii) higher provisions and the R$56.7 million increase in the 2Q10 financial result. In 1H11, net income amounted to R$211.7 million, 41.4% down on 1H11.

Net Income - Half R$ Million

362 107 (20) (55)

212

(182)

1H10

EBITDA

Financial Result

Taxes

Others

1H11

Capital Expenditures The Company invested R$337.1 million in 1H11, R$98.7 million of which in the development of distribution and transmission networks (new
249.0 43.1 11.7 0.7

CAPEX (R$ MN)

35.4% 337.1 32.4 12.5 0.2

connections, capacity increases and repairs); R$55.8 million in network quality and improvements R$72.2 million and in

preventive

maintenance;

292.0 193.5

network protection, electronic meters and fraud regularization. Generation investments totaled
1H10
Distribution Adm inistration

1H11
Generation Com m ercial

R$32.4 million, of which R$5.2 million went to the maintenance of existing generating facilities.

22

Generation Capacity Expansion Projects 2Q11 was marked by the following events related to projects for expanding Lights generating capacity: Construction of the Paracambi SHP, which began in November 2009, is well

under way. The current stage includes: final preparations for the beginning of river diversion, lowering of the 1 and 2 suction cofferdams, launching and compacting of the dam embankment, cleaning of the tailrace channel, conclusion of the concreting of the rotor housing columns, and the mechanical assembly of the suction pipe. The signing of a BNDES financing contract is expected in the second half of 2011. The Construction of the New Feeder 1, part of the Lajes SHP water channeling system, is under way and scheduled for completion in the fourth quarter of 2011. The projects completion was rescheduled due to construction delays chiefly as a result of the need to recalculate the anchor blocks for a flow of thirteen cubic meters per second from the previous six cubic meters per second. In May 2011, IBAMA accepted the environmental impact study and report

(EIA/RIMA) for the Itaocara I and II hydroelectric plants. The public hearings were held from July 19 to 22, being an essential condition for the environmental licensing process and the subsequent issue of preliminary and installation licenses. The public hearings on the two wind energy projects acquired in 2010, located in Aracati (CE), were held on March 1 in Fontainha (CE), and the Company is currently waiting for the installation license to be issued by SEMACE. With a joint installed capacity of 30 MW, both projects will participate in two energy auctions to be held in the second half of 2011 (A-3 and reserve energy auctions). The Company is considering participating in several other generation

undertakings, aiming to increase its installed generating capacity through greenfield or brownfield projects. In line with this strategy, on July 8, Light announced investments of R$360 million in Renova Energia S.A. through the acquisition of a 26.1% interest in its capital stock. Renova Energia S.A. has an installed capacity of 42 MW in operation, and 456 MW under development, contracted in the 2009 and 2010 reserve energy auctions (LERs), in addition to 400 MW envisaged in an energy purchase agreement executed between Renova and Light. After

consolidation of the 26.1% interest in Renova, Lights installed capacity will increase by 234 MW.

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 NonConvertible Debentures, comprising sixty-five thousand (65,000) simple, nonconvertible, 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

25

issue; and (ii) finance the Companys investment plan. The debentures will mature in five (5) years, as of the issue date, i.e., on May 2, 2016. Light Energia S.A.s 1st Debenture Issue, effected through a public distribution with restricted placement efforts, was concluded on May 12, 2011. Seventeen thousand (17,000) simple, non-convertible, unsecured debentures were issued on April 10, 2011, in a single series, with a nominal unit value of ten thousand reais (R$10,000.00), totaling one hundred and seventy million reais

(R$170,000,000.00). The debentures will mature in five (5) years, as of the issue date, i.e. on April 10, 2016. On May 12, 2011, Parati, a company owned by CEMIG and FIP Redentor, acquired, from Fundo de Investimento em Participaes PCP (FIP PCP), 58,671,565 common shares in Redentor, an indirect shareholder of the Company, representing 54.08% of Redentors capital, through its subsidiary RME, which holds 13.03% of the Companys capital. As a result, Paratis indirect interest in Lights voting capital reached 7.05%, while FIP Redentors indirect stake reached 5.29%. Said acquisition resulted in the transfer of control of Redentor. Consequently, Parati will hold a public tender offer for the remaining shares of Redentor, for the same price per share paid to FIP PCP.

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% SOUTH AMERICA 0.65% EUROPE 40.77% CENTRAL AMERICA 0.03%

NATIONAL LEGAL ENTITIES 22.80%

USA 37.78%
FOREIGN 62.60%

INDIVIDUAL 14.60%

27

The chart below shows the performance of Lights stock between January 1, 2010

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-11

Jan-10

Jun-10

Feb-10

Dec-09

Dec-10

Aug-10

Sep-10

Feb-11

May-10

and June 30, 2011.

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

May-11

Mar-11

Mar-10

Oct-10

Apr-10

Jun-11

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.

31

APPENDIX I Statement of Income by Company - R$ million

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

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%

32

APPENDIX II Statement of Consolidated Income

Consolidated - R$ MN NET OPERATING REVENUE OPERATING EXPENSE Personnel Material Outsourced Services Purc hased 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 w ere eliminated from equity consolidated companies, the balances of receivables and payables, revenues and expenses betw een the companies.

33

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

34

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% -

35

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

36

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

37

LIGHT S.A.
BALANCE SHEETS (In Thousands of Reais)

Notes ASSETS Cash and cash equivalents Marketable Securities Consumers, concessionaires and permissionaires Taxes and contributions Inventories Dividends receivable Services receivable Swap income receivable Prepaid expenses Other receivables TOTAL CURRENT ASSETS Consumers, concessionaires and permissionaires Taxes and contributions Deferred taxes Concession financial assets Receivables from swap transactions Escrow deposits Prepaid expenses Other receivables Investments Property, plant and equipment Intangible assets TOTAL NON-CURRENT ASSETS TOTAL ASSETS 6 7 8 9 31 4 5 6 7

Parent Company 06/30/2011 12/31/10 80.328 1.430 3.643 150 57 39.933 125.541 208 3.203.731 672 3.204.611 3.330.152 38.295 1.080 48.054 146 159 23.860 111.594 194 3.356.788 678 3.357.660 3.469.254

Consolidated 06/30/2011 12/31/10 436.865 11.167 1.245.437 292.485 23.355 45 77.405 566 13.665 167.465 2.268.455 322.962 57.908 904.129 508.599 240.038 488 8.011 20.305 1.633.712 3.761.333 7.457.485 9.725.940 514.109 11.122 1.338.704 278.885 20.537 59.724 2.114 152.973 2.378.168 296.261 57.908 899.265 469.030 211 225.251 714 7.865 17.586 1.628.893 3.613.772 7.216.756 9.594.924

10

10 11 12 13

The notes are an integral part of the financial statements.

Notes LIABILITIES Suppliers Taxes and contributions Loans, Financing and Financial Charges Debentures and Financial Charges Dividends Payable Estimated Liabilities Sector charges Post-employment benefits Other Liabilities TOTAL CURRENT LIABILITIES Loans, Financing and Financial Charges Debentures and Financial Charges Taxes and contributions Deferred Taxes Contingencies Post-employment benefits Other Liabilities TOTAL NON-CURRENT LIABILITIES SHAREHOLDERS' EQUITY Capital stock Capital reserves Legal reserve Profit retention Proposed additional dividends Equity valuation adjustments Retained Earnings/Accumulated Losses TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 23 15 16 7 8 19 20 21

Parent Company 06/30/2011 12/31/2010

Consolidated 06/30/2011 12/31/2010

14 7 15 16

17 20 21

96 60 234 2,334 2,724 -

280 31 136,598 220 1,981 139,110 -

549,414 165,945 225,933 157,934 48,522 119,083 103,756 233,147 1,603,734 1,157,062 1,456,426 199,547 290,324 533,265 935,646 222,508 4,794,778

658,421 350,169 165,878 381,332 136,598 45,264 117,218 95,555 236,318 2,186,753 1,197,500 727,891 177,699 275,755 551,897 920,630 226,655 4,078,027

2,225,822 162,756 244,290 482,895 211,665 3,327,428 3,330,152

2,225,822 162,756 233,083 214,381 494,102 3,330,144 3,469,254

2,225,822 162,756 244,290 482,895 211,665 3,327,428 9,725,940

2,225,822 162,756 233,083 214,381 494,102 3,330,144 9,594,924

The notes are an integral part of the financial statements.

38

LIGHT S.A. INCOME STATEMENT FOR THE PERIOD ENDED JUNE 30

Parent Company Notes OPERATING REVENUE Provision of electric power Supply of electric power Construction Revenue Other revenue 26 26 26 26 04/01/2011 to 06/30/2011 01/01/2011 to 06/30/2011 04/01/2010 to 06/30/2010 01/01/2010 to 06/30/2010 04/01/2011 to 06/30/2011 1.966.880 125.976 179.234 202.747 2.474.837

Consolidated 01/01/2011 to 06/30/2011 4.290.207 244.761 326.267 421.120 5.282.355 04/01/2010 to 06/30/2010 1.919.916 108.343 111.186 207.846 2.347.291 01/01/2010 to 06/30/2010 4.118.218 205.030 222.436 404.479 4.950.163

Deductions to operating revenue State Goods and Services Tax - ICMS Consumer Charges PIS/ COFINS Other

26

(549.633) (152.267) (125.513) (9.500) (836.913) 1.637.924 (1.266.950) (900.749) (47.977) (5.005) (47.217) (81.611) (179.234) (5.157) 370.974 (223.957) (109.715) (112.851) (1.391) 147.017 (88.876) 58.248 (147.124) -

(1.199.653) (306.772) (283.608) (19.721) (1.809.754) 3.472.601 (2.582.058) (1.894.299) (87.161) (10.150) (92.350) (161.778) (326.267) (10.053) 890.543 (398.372) (202.250) (195.760) (362) 492.171 (185.473) 94.746 (280.219) -

(566.673) (133.123) (134.070) (694) (834.560) 1.512.731 (1.083.446) (804.800) (43.164) (6.626) (35.932) (78.849) (111.186) (2.889) 429.285 (126.117) (98.339) (38.617) 10.839 303.168 (32.194) 51.736 (83.930) -

(1.177.719) (272.079) (276.611) (2.169) (1.728.578) 3.221.585 (2.204.917) (1.655.711) (77.733) (13.855) (72.471) (155.561) (222.436) (7.150) 1.016.668 (322.183) (185.012) (147.766) 10.595 694.485 (130.040) 96.166 (226.206) -

NET OPERATING REVENUE COST OF OPERATIONS Electric Power Purchased for Resale Personnel Material Outsourced services Depreciation and amortization Construction costs Other GROSS PROFIT OPERATING EXPENSES Selling expenses General and administrative expenses Other revenues / expenses OPERATING INCOME FINANCIAL INCOME Revenues Expenses EQUITY IN THE EARNINGS OF SUBSIDIARIES INCOME BEFORE INCOME TAX AND SOCIAL CONTRIBUTION Current income and social contribution taxes Deferred income and social contribution taxes

26

29 28 28 28 28 28 28

(2.876)

(5.422) (5.422) (5.422) 4.332 4.540 (208) 212.755

(1.344) (1.344) (1.344) 181 183 (2) 138.815

(3.527) (3.527) (3.527) 370 370 365.588

28 28

(2.876) (2.876) 2.851 2.925 (74) 45.365

30 30

45.340 8 8 -

211.665 -

137.652 -

362.431 -

58.141 (23.723) 10.922

306.698 (92.836) (2.197)

270.974 (67.038) (66.284)

564.445 (116.454) (85.560)

NET INCOME FOR THE PERIOD

45.340

211.665

137.652

362.431

45.340

211.665

137.652

362.431

39

LIGHT S.A. CASH FLOW STATEMENTS FOR THE PERIODS ENDED JUNE 30 ( In Thousands of Reais )
Parent Company 01/01/2011 to 06/30/2011 Cash flow tax operaty activities Net income before income tax and social contribution Adjustments of expenses/ (revenues) not affecting cash Allowance for doubtful accounts Depreciation and amortization Amortization of intangible assets Loss (gain) from the sale of intangible assets / Residual value of derecognized property, plant and equipment Exchange losses (gains) from financial activities Restatement of contingencies Adjustment of receivables to present value Interest expenses on loans Charges and monetary variation on post-employment liabilities Provision for / (Reversal of ) contingencies - liabilities Equity income (Increase)/Reduction in Assets Marketable securities Consumers, concessionaires and permissionaires Dividends received Taxes and contributions Inventories Receivables from services rendered Prepaid Expenses Escrow deposits Other Increase/(Reduction) in liabilities Suppliers Estimated liabilities Taxes and contributions Sector charges - Consumer Contributions Contingencies Post-employment benefits Other liabilities Interests paid Income and social contribution taxes paid Net cash from operating activities Cash flow from investment activities Share acquisition Receivables related to shares Receivables from the sale of property, plant and equipment Acquisition of property, plant and equipment Acquisition of intangible assets Acquisition of financial assets (concession) Additions to/acquisition of investment Net cash used in investment activities Cash flow from financing activities Dividends and interest on equity paid Loans and financing Amortization of loans and financing Net cash used in financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at close of period Changes in cash and cash equivalents 211.665 01/01/2010 to 06/30/2010 362.431 Consolidated 01/01/2011 to 06/30/2011 306.698 01/01/2010 to 06/30/2010 564.445

(212.755)

(365.588)

143.882 37.720 145.494 362 276 18.968 (5.769) 153.610 74.181 11.783 -

138.793 40.954 132.760 (10.605) (1.272) 22.816 (8.057) 127.897 60.576 542 -

420.473 (350) 102 (14) (16.073)

461.486 (111) 112 (28) (500)

(45) (71.547) 4.331 (2.818) (17.681) (11.325) (14.787) (16.632)

62.324 (12.677) 132.132 (5.805) (29.507) (1.947) (7.760) (18.965)

(184) 9 29 1.130 404.032

(6.219) (95) (43) 1.330 452.775

(109.007) 3.257 (147.807) 1.865 (49.383) (50.964) (7.261) (112.570) (117.828) 167.003

(70.390) (6.228) (178.499) 9.351 (59.433) (45.257) (15.634) (97.166) (85.206) 638.182

(11.020) (11.020)

(45.359) 51.749 (37.622) (31.232)

4.652 (42.916) (292.835) (39.830) (5.777) (376.706)

(45.358) 51.749 13.562 (59.679) (228.289) (9.656) (3.976) (281.647)

(350.979) (350.979) 42.033 38.295 80.328 42.033

(432.340) (432.340) (10.797) 14.584 3.787 (10.797)

(350.979) 875.224 (391.786) 132.459 (77.244) 514.109 436.865 (77.244)

(432.340) 881.879 (842.449) (392.910) (36.375) 760.313 723.938 (36.375)

40

LIGHT S.A. STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - CONSOLIDATED PERIOD ENDED JUNE 30 ( In thousand of Reais )

PROFIT RESERVES CAPITAL STOCK 2.225.822 2.225.822 CAPITAL RESERVES 34.406 (12.243) (6.361) (15.802) TREASURY SHARES (6.361) 6.361 LEGAL RESERVE 133.999 133.999 RETAINED EARNINGS 499.188 15.802 514.990 PROPOSED ADDITIONAL DIVIDENDS 288.693 (288.693) EQUITY VALUATION ADJUSTMENTS 518.761 (12.409) 506.352 RETAINED EARNINGS / (ACCUMULATED) LOSSES (140.880) 12.409 362.431 233.960 TOTAL 3.553.628 (12.243) (288.693) 362.431 3.615.123

BALANCE ON 12/31/2009 Realization of equity valuation adjustment Losses adjunct - adjustements of IFRS 1st Adoption Exercised granted options Shares' write-offs in treasury Transfer of non-exercised Options Treasury Shares Dividends paid - profits reserve Payment of additional proposed dividends Net income for the period Allocation of net income for the period: Legal reserve Proposed dividends Additional proposed dividends Profit retention reserve BALANCE ON 06/30/2010

LIGHT S.A. STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - CONSOLIDATED PERIOD ENDED JUNE 30 ( In thousand of Reais )

PROFIT RESERVES CAPITAL STOCK 2.225.822 2.225.822 CAPITAL RESERVES TREASURY SHARES LEGAL RESERVE 162.756 162.756 RETAINED EARNINGS 233.083 11.207 244.290 PROPOSED ADDITIONAL DIVIDENDS 214.381 (214.381) EQUITY VALUATION ADJUSTMENTS 494.102 (11.207) 482.895 RETAINED EARNINGS / LOSSES TOTAL 3.330.144 (214.381) 211.665 3.327.428

BALANCE ON 12/31/2010 Realization of equity valuation adjustment Capital Increase Recognized granted options Exercised granted options Treasury Shares Dividends paid - profits reserve Payment of additional proposed dividends Realization of re-evaluation reserve Net income for the period Allocation of net income for the period: Legal reserve Proposed dividends Additional proposed dividends Profit retention reserve BALANCE ON 06/30/2011

211.665 -

211.665

LIGHT - S.A. STATEMENTS OF VALUE ADDED FOR THE PERIOD ENDED JUNE 30 ( In thousands of reais )
Parent Company 01/01/2011 a 06/30/2011 01/01/2010 a 06/30/2010 Revenues Sales of goods, products and services Allowance/Reversal of allowance for doubtful accounts Input acquired from third parties Costs of Products, Goods and Services Sold Material Energy Outsourced services Other Gross value added Retentions Depreciation, amortization and depletion Net added value produced Added value received in transfers Equity income Financial income Total added value to distribute Distribution of added value Personnel Direct compensation Benefits Government Severance Fund for Employees (FGTS) Other Taxes, fees and contributions Federal State Municipal Third party capital remuneration Interest Rental Other Remuneration of own capital Dividends Retained earnings / accumulated losses for the period The notes are an integral part of the financial statements. (3.268) (3.268) (3.268) (3.268) 217.294 212.755 4.539 214.026 214.026 2.065 1.889 57 119 86 86 210 208 2 211.665 211.665 (1.400) (1.400) (1.400) (1.400) 365.958 365.588 370 364.558 364.558 2.017 1.852 110 55 110 110 362.431 362.431 Consolidated 01/01/2010 a 06/30/2010 4.811.370

01/01/2011 a 06/30/2011

5.138.473 5.282.355

(143.882)
(2.477.457) (1.894.299) (583.158) 2.661.016 (183.184) (183.184) 2.477.832 94.746 94.746 2.572.578 2.572.578 118.605 91.295 17.702 7.821 1.787 1.935.485 731.135 1.200.115 4.234 306.823 279.237 16.653 10.933 211.665 211.665

4.950.163 (138.793)
(2.058.264) (1.655.711) (402.553) 2.753.106 (173.714) (173.714) 2.579.392 96.166 96.166 2.675.558 2.675.558 99.993 76.542 15.180 7.479 792 1.973.715 790.447 1.178.278 4.990 239.419 211.224 16.574 11.621 362.431 362.431

41

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

33. INFORMATION BY SEGMENT 34. LONG-TERM INCENTIVE PLAN 35. SUBSEQUENT EVENTS

42

1. OPERATIONS The corporate purpose of Light S.A. (Company) and its subsidiaries, headquartered in the City and State of Rio de Janeiro, is to hold equity interests in other companies, as partner or shareholder, and is involved in the direct or indirect exploitation, as applicable, of electric power services, including electric power generation, transmission, sale and distribution systems, as well as other related services. The Company is listed in the New Market (Novo Mercado) of the So Paulo Stock Exchange (BM&F Bovespa under LIGT3). Light S.A. is a direct parent company of the following companies: Light Servios de Eletricidade S.A. (Light SESA) - Publicly-held corporation engaged in the distribution of electric power, with a concession area comprising 31 cities in the State of Rio de Janeiro, including its capital. Light Energia S.A. - (Light Energia) - Privately-held corporation, headquartered in the city of Rio de Janeiro, whose main activity is to study, plan, construct, operate and exploit systems of electric power generation, transmission, sales, and related services. It comprises the Pereira Passos, Nilo Peanha, Ilha dos Pombos, Santa Branca and Fontes Novas plants, with a total installed capacity of 855 MW. Light Energia holds interest in the following subsidiaries: Central Elica So Judas Tadeu Ltda. - Company at a pre-operating stage whose main activity is the generation and sale of electric power through an wind power plant located in the state of Cear, with an 18 MW nominal power. Central Elica Fontainha Ltda. - Company at a pre-operating stage whose main activity is the generation and sale of electric through a wind power plant located in the state of Cear, with an 16 MW nominal power.

Light Esco Prestao de Servios S.A. (Light Esco) Privately-held corporation, headquartered in the city of Rio de Janeiro, whose main activity is the purchase, sale, import, export and provision of advisory services in the energy sector. Lightcom Comercializadora de Energia S.A. (Lightcom) Privately-held corporation, headquartered in the city of So Paulo, whose purpose is the purchase, sale, import, export and provision of advisory services in the energy sector. Itaocara Energia Ltda. - (Itaocara Energia) Company in the pre-operating stage, primarily engaged in the execution of project, construction, installation, operation and exploration of electric power generation plants. Light Solues em Eletricidade Ltda., whose main activity is to provide service to low voltage clients, including assembly, improvement and maintenance of installations in general.

43

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

Lightger S.A. (Lightger) - Company in the pre-operating stage that participates in auctions for concession, authorization and permission for new plants. On December 24, 2008, Lightger obtained the installation license that authorizes the start of implementation works of Paracambi small hydroelectric power plant (PCH). Jointlycontrolled by Light S.A (51%) and Companhia Energtica de Minas Gerais - CEMIG (49%). Axxiom Solues Tecnolgicas S.A. (Axxiom) Privately-held corporation, headquartered in the city of Belo Horizonte, state of Minas Gerais, whose purpose is to offer technology solutions and systems for operating management of public utilities companies, including electric power, gas, water and sewage, in addition to other public utilities. It is jointly controlled by Light S.A (51%) and Companhia Energtica de Minas Gerais - CEMIG (49%). Grupo Lights concessions and authorizations:
Concessions / Authorizations
Generation, transmission and distribution PCH Paracambi Itaocara Hydroelectric Plant

Date of Signature Jul/1996 Feb/2001 Mar/2001

Maturity Date Jun/2026 Feb/2031 Mar/2036

2. PRESENTATION OF THE QUARTERLY FINANCIAL INFORMATION Consolidated Quarterly Financial Information The consolidated quarterly financial information was prepared according to the International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) and also according to accounting practices adopted in Brazil (BR GAAP). Individual Quarterly Financial Information The individual quarterly financial information is presented according to the accounting practices adopted in Brazil, in compliance with the provisions of the Corporation Law, and comprise the changes introduced by Laws no. 11,638/07 and 11,941/09, complemented by new pronouncements, interpretations and guidance from CPC, issued in 2009 and 2010, approved by CFC Resolutions, and in accordance with CVM rules.

44

The Company did not calculate comprehensive income, which is the reason why it is not presenting the Comprehensive Income Statement. The authorization to conclude this quarterly financial information was given by the Companys Management at August 05, 2011. Basis of measurement The quarterly financial information was prepared based at historical cost, except for the following items: Financial instruments measured by fair value through the profit and loss; The defined benefit actuarial asset is recognized as the net total of plan assets, adding the unrecognized past service cost and unrecognized actuarial losses, deducing the unrecognized actuarial gains and the present value of the defined benefit liability; and Fixed assets of the generation plants, measured at fair value as deemed cost. Functional currency and presentation currency This individual and consolidated Quarterly Financial Information is presented in Real, which is the Companys functional currency. All financial information presented in Real was rounded up to the next thousand figure, except when indicated otherwise. Use of estimates and judgment The preparation of the quarterly financial information according to the IFRS and CPC standards demand the Management to make certain judgments, estimates and premises that affect the application of accounting policies and the reported amounts of assets, liabilities, revenues and expenses. Actual results may differ from these estimates. Estimates and premises are continuously reviewed. Reviews regarding accounting estimates are recognized in the period when the estimates are effectively reviewed and in any affected future periods.

Information about premises and estimates that may result in adjustments within the financial year is included in the following Notes: Note 08 Deferred taxes Note 18 Provisions Note 20 Post Employment Benefits Note 27 Eletric power supply

45

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

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

100 100 100 100 100 100 100 51 51

3. SUMMARY OF ACCOUNTING PRACTICES Accounting practices used are in compliance with those described Note 4 of the financial statements for the year ended on December 31, 2010 and were consistently applied in the preparation of this quarterly financial information. New IFRS and IFRIC interpretations (Financial Reporting Interpretations Committee of IASB) Some rules and amendments to interpretations issued by IASB are not yet effective for the period ended June 30, 2011; therefore, said rules were not applied in the preparation of this quarterly financial information. Rules that are not effective yet: Until June 2011, the IASB had issued the following accounting pronouncements: IFRS 9 Financial Instruments Classification and Measurement - IFRS 9 Financial Instruments concludes the first phase of the project to replace the IAS 39 - Financial Instruments: Recognition and Measurement. IFRS 9 uses a simple approach to determine whether a financial asset is measured at amortized cost or at fair value. The new approach is based on the way the entity manages its financial instruments (its business model) and the financial assets contractual cash flow. The standard also requires the adoption of only one method to determine the impairment of assets. This rule will be effective for the fiscal years beginning on January 1, 2013. The Company does not expect the first-time application of this pronouncement to have a relevant impact on its financial statements.

46

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

4. CASH AND CASH EQUIVALENTS

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

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

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

47

6. CONSUMERS, CONCESSIONAIRES AND PERMISSIONAIRES (CLIENTS)

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

a) The balances of debt repayment facilities were adjusted to their present value, as applicable, pursuant to Law No. 11,638/07. The present value is determined for each relevant consumer debt renegotiation (debt repayment facilities) based on such interest rate as will reflect the term and risk associated with each individual transaction, on average 1% per month. The balance includes the present value of repayment agreements with installment acceleration options (these options, once exercised, give customers a discount on any accelerated installment). It is estimated that an aggregate amount of R$21,007 (R$16,216 were exercised in the year of 2010) in options will be exercised in 2011. b) An allowance for doubtful accounts was set up based on certain premises and in an amount deemed sufficient by the Management to meet any asset realization losses, in accordance with the ANEEL guidelines summarized as follows: Customers with significant debts (large accounts): - Outstanding balances of customer accounts are reviewed on a case-by-case basis and per consumer class. In all other instances: - Residential consumers over 90 days past due; - Commercial consumers over 180 days past due; - Industrial, rural, public sector, public lighting, utilities, and other accounts over 360 days past due.

48

Outstanding balances and receivables in connection with invoiced electric power sales and also debt repayment programs are summarized as follows:
Maturing balance 209.966 20.689 116.867 542 37.982 13.202 221.055 620.303 Matured balances Overdue up to Overdue over 90 days 90 days 170.124 16.552 42.716 348 20.705 2.769 894 254.108 934.845 151.266 319.265 689 120.150 26.446 10.790 1.563.451 TOTAL 06/30/2011 1.314.935 188.507 478.848 1.579 178.837 42.417 232.739 2.437.862 31/12/2010 1.208.691 202.264 485.408 1.568 172.723 39.666 233.160 2.343.480 Allowance for doubtfull accounts 06/30/2011 (918.341) (40.386) (233.454) (566) (5.920) (1.106) (8) (1.199.781) 31/12/2010 (787.040) (39.998) (223.865) (499) (4.920) (1.635) (546) (1.058.502)

Billed sales and renegotiated debts Residential Industrial Commercial Rural Public sector Public lighting Public utility Total - current and non-current

7. TAXES AND CONTRIBUTIONS

CURRENT Tax credits IRPJ and CSLL IRRF (Withholding Income Tax) recoverable ICMS payable Prepaid IRPJ/CSLL Other Total

Parent Company Assets Liabilities 6/30/2011 12/31/2010 6/30/2011 12/31/2010 1,415 15 1,430 1,080 1,080 13 47 60 1 13 17 31

CURRENT Tax credits IRPJ and CSLL (a) IRRF (Withholding Income Tax) payable ICMS recoverable ICMS payable Installment Payments - Law 11,941/09 (b) PIS/COFINS recoverable (c) PIS/COFINS payable Prepaid IRPJ/CSLL Provision for IRPJ/CSLL Other Total NON-CURRENT Installment Payment - Law 11,941/09 (b) ICMS recoverable Total

Consolidated Assets Liabilities 6/30/2011 12/31/2010 6/30/2011 12/31/2010 15,108 165,137 21,913 72,998 17,329 292,485 6,838 80,080 17,935 156,795 17,237 278,885 516 4,236 16,277 42,338 94,302 8,276 165,945 523 23,833 21,633 61,234 230,408 12,538 350,169

57,908 57,908

57,908 57,908

199,547 199,547

177,699 177,699

a) The balance refers to tax credits recoverable arising from negative balance withholdings of financial investments and government agencies in the amount of R$15,108. The variation of the amounts for the six-month period arises from the adjustment based on the Selic rate in the amount of R$1,149, including new credits in the amount of R$11,961, net of offsets in the period, amounting to R$4,840. b) New REFIS (Tax Recovery Program) - (Law 11,941/09) Light has been making monthly minimum mandatory payments of one hundred reais, as provided for by

49

laws, plus payment of installments deriving from migration of PAES (Special Installment Payment Program) - Social Security (REFIS II), until June 2011, consolidated in the quarter at R$3,297. The installment balance is restated by SELIC Rate and the restatement amount recorded in the period is R$3,152. In June 2011 the Brazilian Federal Revenue (RFB) allowed the inclusion of new debts in the installment plan, and the Company decided to include two new debts, one of which related to social security and the other to the social security tax (COFINS), adding R$14,182 to the debt balance. Following the inclusion of the aforementioned debts, the New REFIS debt was consolidated in the amount of R$215,824, to be paid in 161 monthly installments of R$2,129. With the consolidation of the debt installment by the RFB adjustments were made to the liabilities account (New REFIS), reversing the COFINS provision and recognizing the losses added by the above mentioned debts. Nevertheless, the consolidated debts installments were adjusted, the result of which were net losses of R$15,987 recorded in the quarters result. c) The balance of offsetable PIS and COFINS relates to withholdings at source by publicly-held companies and mixed corporations; these withholdings are considered tax advances and likely to be offset on the date of receipt.

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

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

50

The interim difference taxable basis breakdown is as follows:

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

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

9. CONCESSION FINANCIAL ASSETS These represent the amounts receivable from the granting authority, or any of its agents, at the end of the concession period by way of the compensation payable for revertible assets of Light SESA's concession. Below is a summary of transactions in the six-month period related to the balances of revertible assets (concession assets):
Balance as of December 31, 2010 Additions Write-offs Balance as of June 30, 2011 469.030 39.830 (261) 508.599

51

10. OTHER RECEIVABLES

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

a) Out of the amount stated, a total of R$4,875 (R$5,489 as of December 31, 2010) was acknowledged (however yet unpaid) by ANEEL, (R$2,462 in June 2011 and R$2,413 in July 2011), the amount of R$14,229 (R$14,095 as of December 31, 2010) is pending acknowledgment. 11. INVESTMENTS
Accounted for under the equity method: Light SESA Light Energia S.A. Light Esco Prestao de Servios S.A. Lightger S.A. (a) LightCom S.A. Itaocara Energia (a) Axxiom Solues Tecnolgicas S.A. Light Solues em eletricidade Ltda Subtotal Goodwill from future profitability Other permanent investments SubTotal TOTAL INVESTIMENTS Parent Company 06/30/2011 12/31/2010 2,394,272 694,682 51,205 36,352 5,115 16,123 3,703 245 3,201,697 2,034 2,034 3,203,731 2,442,433 815,593 37,787 36,767 2,733 16,067 2,304 50 3,353,734 2,034 1,020 3,054 3,356,788 Consolidated 06/30/2011 12/31/2010 20,305 20,305 20,305 17,586 17,586 17,586

(a) Pre-operational Companies

52

INFORMATION ON SUBSIDIARY COMPANIES AND COMPANIES UNDER COMMON CONTROL

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

12/31/2010 Light SESA Light Energia Light Esco LightCom Light Solues em eletricidade Instituto Light Itaocara Energia Light Ger Axxiom

Ownership interest (%) 100 100 100 100 100 100 100 51 51

Paid-up capital 2,082,365 77,422 7,584 1,000 50 300 22,294 35,473 3,672

Shareholders' equity 2,442,433 815,593 37,787 2,733 50 16,067 36,767 2,304

Dividends proposed (23,346) (21,066) (3,102) (540) -

Dividends paid (89,544) -

Income / loss for the period 475,316 88,697 13,064 2,273 (47) 13 78

Total assets 8,037,865 1,538,389 68,161 18,831 67 2 145,003 48,819 4,216

INVESTMENTS IN SUBSIDIARIES AND JOINT VENTURES FOR THE SIXMONTH PERIOD

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

12. PROPERTY, PLANT AND EQUIPMENT

Consolidated 06/30/2011 Accumulated depreciation Net value (1,464,362) (41,838) (38,758) (173,940) (7,484) (1,726,382) (1,726,382) 1,196,240 15,763 13,667 75,413 3,311 1,304,394 220,117 109,201 329,318 1,633,712 12/31/2010 Net value 1,225,621 16,097 10,572 73,380 2,266 1,327,936 185,964 114,993 300,957 1,628,893

Historical cost Generation Transmission Distribution Administration Sales In service Generation Administration In progress TOTAL PROPERTY, PLANT AND EQUIPMENT 2,660,602 57,601 52,425 249,353 10,795 3,030,776 220,117 109,201 329,318 3,360,094

53

The statement below summarizes the changes in property, plant and equipment in the first half of 2011:
Consolidated Balance as of 12/31/2010 PROPERTY, PLANT AND EQUIPMENT IN SERVICE Cost Land Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Total Property, Plant and Equipment in Service - Cost (-) Depreciation Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Total Property, Plant and Equipment in Service - Depreciation PROPERTY, PLANT AND EQUIPMENT IN PROGRESS Reservoir, dams and water mains Buildings, works and improvements Machinery and equipment Vehicles Fixtures and furnishings Studies and frojects Total Property, Plant and Equipment in Progress TOTAL PROPERTY, PLANT AND EQUIPMENT 77,614 44,511 118,790 10,055 13,589 36,398 300,957 1,628,893 15,989 3,541 10,970 29 12,077 242 42,848 19,683 (377) (2,132) (2,916) (9,276) (163) (14,487) (14,487) 93,603 45,920 126,844 808 25,666 36,477 329,318 1,633,712 105,026 1,250,703 255,954 1,245,946 32,491 127,073 3,017,193 135 3,323 9,276 1,821 14,555 (323) (54) (595) (972) 104,703 1,250,703 256,035 1,249,269 41,172 128,894 3,030,776 Additions Write offs Inter-account transfers Balance as of 06/30/2011

(756,181) (149,576) (654,084) (27,898) (101,518) (1,689,257)

(10,810) (3,341) (17,970) (1,197) (4,402) (37,720)

595 595

(766,991) (152,917) (672,054) (28,500) (105,920) (1,726,382)

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

13. INTANGIBLE ASSETS

Consolidated 06/30/2011 Accumulated amortization Net Value (3,342,741) (386,773) (3,729,514) (3,729,514) 2,668,741 2,034 64,367 2,735,142 952,381 73,810 1,026,191 3,761,333 12/31/2010 Net Value 2,678,328 2,034 82,771 2,763,133 788,111 62,528 850,639 3,613,772

Historic cost Intangible Concession right of use Goodwill from future profitability Other In Use Concession right of use Other In progress TOTAL INTANGIBLE (a) 6,011,482 2,034 451,140 6,464,656 952,381 73,810 1,026,191 7,490,847

(a)

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

54

In progress intangible includes inventories of project materials in the amount of R$74,827 as of June 30, 2011 (R$43,808 as of December 31, 2010), as well as a provision for inventory devaluation in the amount of R$5,749 (R$5,749 as of December 31, 2010). A total amount of R$4,659 (R$9,183 as of December 31, 2010) was carried over to intangible assets in the first half of 2011 by way of interest capitalization and as a counterparty to the financial income. The infrastructure used by subsidiary Light SESA is associated with the distribution service, and therefore cannot be removed, disposed of, assigned, conveyed, or encumbered as mortgage collateral without the prior written authorization of the Granting Authority, which authorization, if given, is regulated by Resolution ANEEL No. 20/99. It is the responsibility of ANEEL in its capacity as regulatory agency to determine the estimated economic useful lives of each piece of distribution infrastructure assets for pricing purposes, as well as for the purpose of calculating the amount of the relevant compensation payable upon expiration of the concession term. This estimate is revised from time to time, represents the best estimate concerning the assets' useful lives, and is accepted in the market as appropriate for accounting and regulatory purposes. The management of Light SESA is of the opinion that amortization of intangible assets must be consistent with the return expected on each infrastructure asset, via the applicable rates. Thus, intangible assets are amortized over the expected length of such return, limited to the term of the concession. As a result of this amortization method, the total amount of intangible assets will be amortized at all times in a non-linear fashion.

Below is a summary of changes in the intangible assets in the first half of 2011:
Consolidated Balances as of 12/31/2010 In Service Concession right of use Goodwill from future profitability Other Total Intangible in Service (-) Depreciation Concession right of use Other Total Intangible in Service - Depreciation In Progress Concession right of use Other Total Intangible in Progress TOTAL INTANGIBLE ASSETS 5,897,129 2,034 450,714 6,349,877 Additions 156,426 426 156,852 Write offs (2,504) (2,504) Inter-account transfers (39,569) (39,569) Balances as of 06/30/2011 6,011,482 2,034 451,140 6,464,656

(3,218,801) (367,943) (3,586,744)

(125,669) (18,830) (144,499)

1,729 1,729

(3,342,741) (386,773) (3,729,514)

788,111 62,528 850,639 3,613,772

323,598 11,370 334,968 347,321

(775)

(159,328) (88) (159,416) (198,985)

952,381 73,810 1,026,191 3,761,333

55

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

a) Free Energy Reimbursement to Power Generation Companies Resolution No. 387 as of December 15, 2009, published January 12, 2010, concluded the process of computing the Revenue Loss and Free Energy closing balances, following expiration of the Extraordinary Tarift Review (RTE), and also determined the amounts of any reimbursement operators should pay each other, with payments estimated to April 9, 2011 but said reimbursements are suspended according to injunction required by the Brazilian Association of Distribution Companies (ABRADEE), on April 7, 2011. The balance ratified was R$48,985 and the variation, in the quarter, arises from the restatement according to the SELIC rate, in the amount of R$1,376. Energy supply, electric network usage charge, materials and service balances have an average settlement period of up to 90 days.

56

15. LOANS, FINANCING AND FINANCIAL CHARGES

Principal Current Non-current 5,164 5,784 188 11,136 519 82,616 29,651 29,651 12,680 120 231 109 457 1,083 157,117 168,253 60,757 (35,711) 42,394 (25,111) 10,329 282 52,940 1,796 450,000 185,885 143,316 143,316 91,931 80,000 277 652 317 1,676 3,973 1,103,139 1,156,079 Consolidated Charges Current Non-current 785 135 265 19 9 1,213 1 41,702 1,099 595 662 192 7,279 1 3 1 6 16 246 372 52,175 4,292 57,680 983 983 Total 6/30/2011 61,542 (35,711) 42,529 (25,111) 15,758 5,803 479 65,289 2,316 491,702 269,600 173,562 173,629 104,803 87,279 398 886 427 2,139 5,072 246 372 1,312,431 5,275 1,382,995 12/31/2010 65,686 (38,844) 45,395 (27,276) 19,622 9,292 612 74,487 2,598 461,340 311,162 155,265 155,528 105,831 82,646 459 1,002 481 2,051 4,778 246 209 1,283,596 5,295 1,363,378

Financing Entity TN - Par Bond TN - Cauo - Par Bond TN - Discount Bond TN - Cauo - Discount Bond TN - C. Bond TN - Debit. Conv. TN - Bib TOTAL FOREIGN CURRENCY Eletrobrs CCB Bradesco BNDES - FINEM BNDES - FINEM direct BNDES - FINEM + 1 BNDES - FINEM direct PSI Working capital- Santander BNDES - PROESCO 1st funding BNDES - PROESCO 2nd funding BNDES - PROESCO 3rd funding BNDES - PROESCO 4th funding BNDES - PROESCO 5th funding RGR Sundry banking warranties TOTAL DOMESTIC CURRENCY SWAP OVERALL TOTAL

The statement below summarizes the contractual terms and conditions applicable to our loans and borrowings as of June 30, 2011:
Principal Amortization Financing Entity TN - Par Bond TN - Cauo - Par Bond TN - Discount Bond TN - Cauo - Discount Bond TN - C. Bond TN - Debit. Conv. TN - Bib Eletrobrs CCB Bradesco BNDES - FINEM BNDES - FINEM direct BNDES - FINEM + 1 BNDES - FINEM direct PSI Working capital - Santander BNDES - PROESCO 1 BNDES - PROESCO 2 BNDES - PROESCO 3 BNDES - PROESCO 4 BNDES - PROESCO 5 Date of signature 04/29/1996 04/29/1996 04/29/1996 04/29/1996 04/29/1996 04/29/1996 04/26/1996 sundry 10/18/2007 11/05/2007 11/30/2009 11/30/2009 11/30/2009 9/03/2010 9/16/2008 4/17/2009 4/12/2010 9/15/2010 11/16/2010 Currency US$ US$ US$ US$ US$ US$ US$ UFIR CDI TJLP TJLP TJLP CDI TJLP TJLP TJLP TJLP TJLP Interest Rate p.a. 6% U$ Treasury Libor + 13/16 U$ Treasury 8% Libor + 7/8 6% 5% CDI + 0.85% TJLP + 4.3% TJLP + 2.58% TJLP + 1% + 2.58% 4.5% CDI + 1.4% TJLP + 2.5% TJLP + 2.51% TJLP + 2.18% and 4.5% TJLP + 2.05% and 5.5% TJLP + 2.05% and 5.5% Beginning 2024 2024 2024 2024 2004 2004 1999 2012 2009 2011 2011 2011 2010 2009 2009 2010 2010 2010 Payment Lump sum Lump sum Lump sum Lump sum Half-yearly Half-yearly Half-yearly Monthly and Quarterly Yearly Monthly Monthly Monthly Monthly Yearly Monthly Monthly Monthly Monthly Monthly Remaining Installments 1 1 1 1 6 2 5 between 2 and 120 6 39 70 70 99 1 40 46 47 56 56 End 2024 2024 2024 2024 2014 2012 2013 2013 to 2017 2017 2014 2017 2017 2019 2014 2014 2015 2015 2016 2016

In March 2011, a total of R$49,940 was received from the financing signed with BNDES in connection with the investment plan of Light SESA, while R$1,632 were drawn down for Light Energia. In addition to the collaterals indicated above, loans are guaranteed by receivables in the approximate amount of R$45,532.

57

The principal of long-term loans and financing matures as follows (excluding financial charges) on June 30, 2011:
Consolidated Local Currency 2012 2013 2014 2015 after 2015 Total 153,625 232,148 291,257 148,854 277,255 1,103,139 Foreign Currency 2,676 5,352 2,582 42,330 52,940 Total 156,301 237,500 293,839 148,854 319,585 1,156,079

Loans and financings in the first half of 2011 are broken down as follows:
Principal 1,335,183 52,456 (3,406) (59,974) 73 1,324,332 Charges 28,195 3,681 72,972 (46,185) 58,663

Balance as of December 31, 2010 Loans and Financings obtained Monetary restatement and foreign exchange variation Financial charges provisioned Financial charges paid Amortization of financings Amortization of costs Balance as of June 30, 2011

In percentage terms, the variation of major foreign currencies and economic ratios in the period, which are used to adjust loans, financing and debentures, was as follows in the six-month periods shown below:
Variation % 06/30/2011 06/30/2010 USD EUR UMBNDES IGP-M CDI SELIC (6.31) 1.74 (5.53) 3.15 5.52 5.53 3.46 (12.09) 4.02 5.68 4.32 4.33

58

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

16. DEBENTURES AND FINANCIAL CHARGES

Financing Entity Debentures 4th Issue (Light SESA) Debentures 5th Issue (Light SESA) Debentures 6th Issue (Light SESA) Debentures 7th Issue (Light SESA) Debentures 1st Issue (Light Energia) LOCAL CURRENCY - TOTAL

Principal Current Non Current 17 120,821 120,838 59 637,916 647,469 170,982 1,456,426

Consolidated Charges Current 18,411 13,859 4,826 37,096

Total 6/30/2011 76 777,148 661,328 175,808 1,614,360 12/31/2010 86 807,406 301,731 1,109,223

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

Date of Signature 06/30/2005 1/22/2007 2/5/2011 10/4/2011 Interest Rate p.a. TJLP + 4% CDI + 1.50% CDI + 1.35% CDI + 1.45% Principal Amortization Remaining Payment Installments Monthly Quarterly Yearly Yearly 48 11 2 1

Financing Entity Debentures 4th Issue (Light SESA) Debentures 5th Issue (Light SESA) Debentures 7th Issue (Light SESA) Debentures 1st Issue (Light Energia)

Currency TJLP CDI CDI CDI

Beginning 2009 2008 2011 2011

End 2015 2014 2016 2016

Total principal amount is represented net of debentures issue costs, as provided for in CVM Resolution 556/08. These costs are detailed in the table below:
Incurred value 7,450 7,985 5,291 116 37 20,879 06/30/2011 Value to be recognized 18 4,463 3,505 812 8,798 Total Cost 7,468 12,448 5,291 3,621 849 29,677 12/31/2010 Total Cost 7,468 12,448 5,291 25,207

Issue Debentures 4th Issue (Light SESA) Debentures 5th Issue (Light SESA) Debentures 6th Issue (Light SESA) Debentures 7th Issue (Light SESA) Debentures 1st Issue (Light Energia) Total

59

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

06/30/2011 2012 2013 2014 2015 2016 Total

Changes in debentures in the period are as follows:

89,560 242,714 303,881 409,900 410,371 1,456,426

Balance as of December 31, 2010 Loans and financings obtained Financial charges provisioned Financial charges paid Amortization of financings Funding costs Amortization of funding costs Balance as of June 30, 2011

Principal 1,088,402 822,768 (331,812) (4,472) 2,378 1,577,264

Charges 20,821 82,661 (66,386) 37,096

On May 2, 2011 Light SESA conducted the seventh issue of non-convertible debentures through a public offering for distribution with limited placement efforts, pursuant to CVM Rule No. 476, in the amount of R$650,000. The inflow of funds was recorded under Light SESA's cash on May 5, 2011, in the restated amount of R$650,974. These funds were entirely used to: (i) fully settle the debt originated from the Companys sixth issue of debentures conducted in June 2011, the principals balance of which was R$300,000; and (ii) fund the Company's investment program. The debentures expire in five years as of the issue date, on May 2, 2016. On April 10, 2011 Light Energia S.A. conducted its first issue of non-convertible debentures through a public offering for distribution with limited placement efforts, pursuant to CVM Rule No. 476, in the amount of R$170,000. The inflow of funds was recorded under Light Energias cash on May 12, 2011, in the restated amount of R$171,794. These funds will be entirely used to: (i) fund Light Energias investment program; and (ii) fund the companys working capital. The debentures expire in five years as of the issue date, on April 10, 2016.

60

Covenants The 5th and 7th Issues of Debentures of Light Servios de Eletricidade S.A. and the 1st Issue of Debentures of Light Energia S.A. require the maintenance of indebtedness indexes and coverage of interest rates. In the second quarter of 2011, the Companies complied with all the covenants required.

17. REGULATORY CHARGES

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

18. PROVISIONS The Company and its subsidiaries are party in tax, labor and civil lawsuits and regulatory proceedings in several courts. Management periodically assesses the risks of contingencies related to these proceedings, and based on the legal counsels opinion it records a provision when unfavorable decisions are probable and whose amounts are quantifiable. In addition, the Company does not record assets related to lawsuits with a less-than-probable chance of success, as they are considered uncertain. Provisions comprise the following:
NON-CURRENT Labor 167,656 13,854 (14,437) (2,299) 164,774 Civil 155,582 34,763 6,732 (27,928) (9,418) 159,731 Consolidated Tax 180,342 9,844 (2,518) (4,481) 183,187 Other 48,317 2,391 (2,536) (22,599) 25,573 Total 551,897 48,617 18,967 (44,901) (36,834) (4,481) 533,265

Balance as of December 31, 2010 Additions Adjustments Write-offs / payments Write-offs / reversals Write-offs / transfers Balance as of June 30, 2011 Deposits in court Balance as of June 30, 2011

30,616

6,339

4,375

1,655

42,985

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

61

Provision for civil proceedings:

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

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

Tax PIS/COFINS RGR and CCC INSS tax deficiency notice INSS quarterly ICMS CIDE (c) Other Total

Accrued Value (probable loss) 06/30/2011 12/31/2010 8,561 41,927 23,210 104,938 4,551 183,187 8,561 40,964 22,579 94,400 4,988 8,850 180,342

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

62

Provisions for Administrative Regulatory proceedings and Others The Company will now discuss regulatory contingencies in connection with administrative issues pending with ANEEL: Notice of Infringement ANEEL No. 007/2010-SFE This notice was issued on February 17, 2010 and a fine was imposed in the amount of R$9,544 as a result of an inspection carried out in December 2009 by ANEEL officials to verify and review the causes of power shortages occurred in the Operator's underground distribution system. Light SESA challenged this notice of infringement on March 5, 2010 and moved for dismissal of any alleged non-compliances, as well as for reduction of the fines applied. Alternatively, Light SESA petitioned that the fine be converted in a memorandum of agreement (TAC). The executive board of ANEEL did not consent to the TAC and Light SESA then filed an internal appeal against this decision by ANEEL. On April 19, 2011, the executive board of ANEEL decided to approve the TAC execution in the amount of approximately R$12,000 as an alternative to the application of the fine. As it did not agree with the additional obligations provided for in the TAC draft sent by ANEEL, Light SESA sent a letter to ANEEL communicating that it does not agree with the draft and that it will pay the fine in the amount of R$9,544, duly restated. Notice of Infringement ANEEL No. 082/2010-SFE This notice was issued on June 18, 2010, and a fine was imposed in the amount of R$16,052 on account that subsidiary Light SESA allegedly failed to comply with continuity metrics DEC and FEC for 65 groups during 2009. The incident occurred on November 10, 2009 (the Furnas Blackout) was taken into consideration for computation of the relevant metrics. Light SESA filed an appeal on July 8, 2010, and moved for a mitigation so that the shortage experienced on November 10, 2009 is not considered for the purpose of computing the DEC and FEC metrics. Currently this appeal is pending review by ANEEL. A provision in the amount of R$4,110 was set up based on the opinion of the Company's legal counsels, which opinion also indicates that ANEEL is likely to reduce the amount of the fine imposed based on the subsidiary's allegations that the Furnas' transmission line downtime should be disregarded in the computation of continuity metrics on account of their nature as force majeure/act of God events and thus capable of defeating the liability of Light SESA in the incident. Reversal of the provision for Municipal Property Tax (IPTU) Light SESA had an IPTU provision established in the amount of R$25,641 referring to lawsuits challenging the payment of the supplementary IPTU payment form (fiscal year 1998), as well as the constitutionality of IPTU progressivity and the collection of service fees. As it happens, some of these lawsuits have already been decided in favor of Light SESA and the debt amount was significantly reduced. As a consequence, the Company reversed part of the provision in the amount of R$18,246.

63

19. CONTINGENCIES The Company and its subsidiaries are parties to lawsuits that Management believes that risk of loss are less than probable, based on the opinion of its legal counsels. Therefore, no provision was established. Contingencies with possible loss are broken down as follows:
Consolidated 06/30/2011 12/31/2010 Number of Number of Balance Balance proceedings proceedings 155,222 304,574 914,800 1,374,596 13,052 1,116 941 15,109 159,200 345,850 858,400 1,363,450 11,831 1,137 982 13,950

Nature Civil Labor Tax Total

The main reasons for litigations are listed below. a) Civil Irregularities Light SESA has several lawsuits where Irregularities are discussed. Irregularities are commercial losses due to irregular connections, clandestine connections, meters alteration and equipment theft, known in Portuguese as gatos. Most of the litigations are based on the evidence of irregularity and amounts charged by the concessionaire in view of such evidence. The amount currently assessed represented by these claims is R$61,833. Amounts Charged and Bills Many litigations are currently in progress and discuss amounts charged by Light SESA for services provided, such as demand amounts, consumption amounts, financial charges, rates, insurances, among other. The amount currently assessed represented by these claims is R$26,146. Accidents - Light SESA is defendant in lawsuits filed by victims and/or their successors, regarding accidents with Lights electricity grid and/or service provision for several causes. The amount currently assessed represented by these claims is R$29,775. Discontinuance and Suspension There are several lawsuits in progress to discuss service discontinuance, whether by fortuitous cases or events of force majeure, or for purposes of intervention in the electrical system, among other reasons, and also service suspension, whether for indebtedness, denied access or meters replacement, among other facts for suspension. The amount currently assessed represented by these claims is R$16,343. Equipment and Network Light SESA has litigations due to meters used to measure energy consumption. Litigations address several themes, such as meter functionality, approval by meteorological agency, among others and, also,

64

litigations about its Network, due to its extension, removal or even financial contribution of the client to install the network. The amount currently assessed represented by these claims is R$12,360. b) Tax LIR/LOI - IRPJ/CSLL - Income vs. Equity Pickup Proceeding 16682.720216/2010-83) - Light SESA filed writ of mandamus No. 2003.51.01.005514-8 to challenge an assessment of corporate income tax (IRPJ) and social contribution (CSLL) on income earned by its subsidiaries LIR e LOI since 1996 that was allegedly not offered to taxation, as well as the demand for including equity pickup income in the assessment of the IRPJ and CSLL for calendar years up to 2002 and subsequent years. Light SESA attempted to move for a partial withdrawal in this writ of mandamus to include the tax debts in the repayment program created by Law No. 11,941/09, and proceed against the assessment in connection with the equity accounting method. However, the Treasury attorney did not accept this partial withdrawal, nor did the competent court. As a result, Light SESA withdrew its writ completely and changed the assessment methodology for the IRPJ/CSLL, which had previously been done based on the income, to use the equity method of accounting. The tax authorities disallowed this change and assessed Light SESA. Light SESA filed a challenge in response to this assessment, which was deemed groundless. The voluntary appeal lodged by Light SESA is pending judgment. The amount involved in this claim as of June 30, 2011 is R$135,300. IRRF - Disallowance of tax offset - LIR/LOI (Proceeding 10768.002.435/200411) There is no confirmation of tax offsets related to withholding income tax credits on financial investments and withholding income tax credits on the payment of energy accounts by public bodies, offset due to negative balance of Corporate Income Tax in the reference year of 2002. The motion to disagree filed by Light SESA was deemed groundless. The voluntary appeal lodged by Light SESA is pending judgment. The amount involved in this claim as of June 30, 2011 is R$192,800. Normative Instruction (NI) No. 86 (Proceeding 10707000751/2007-15 - (2003 through 2005) - This notice of infringement was issued to assess a fine on the Company for alleged failure to make electronic file submissions, as required by NI. No. 86/2001, for calendar years 2003 through 2005. The appeal of Light SESA was dismissed, upon which a special appeal was filed and still pending judgment. The amount involved in this claim as of June 30, 2011 is R$268,300. ICMS on low-income subsidy (Proceeding E-34/059.150/2004) Tax Deficiency Notice drawn up to charge ICMS on amounts of economic subsidy to low-income consumers of electricity arising from Global Reversion Reserve Funding. The appeal was deemed groundless. An appeal was lodged by Light SESA with the Taxpayers Council, which decided this appeal shall return to the administrative lower court for due diligence. The amount involved in this lawsuit is R$77,200 on June 30, 2011.

65

20. POST-EMPLOYMENT BENEFITS Below is a summary of the Company's liabilities involving pension plan benefits as stated on its balance sheet:
Current Contractual debt with pension fund Other Total 103,031 725 103,756 06/30/2011 Non-current 935,646 935,646 Total 1,038,677 725 1,039,402 Current 95,048 507 95,555 12/31/2010 Non-current 920,630 920,630 Total 1,015,678 507 1,016,185

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

21. OTHER PAYABLE

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

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

66

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

Below is a summary of related-party transactions occurred in the first half of 2011 and the year ended in 2010:
Contracts with the same group (Agreement objectives and characteristics) Strategic agreement Purchase agreement of electric power between Light SESA and CEMIG Strategic agreement Purchase agreement of electric power between Light SESA and CEMIG Strategic agreement Sale agreement of electric power between Light Energia and CEMIG Strategic agreement Collection of distribution system usage charges between Light SESA and CEMIG Strategic agreement Commitment to the basic electric network usage charges between Light SESA and CEMIG Strategic agreement Commitment to the basic electric network usage charges between Light Energia and CEMIG Strategic agreement Loan with Light S.A., which holds 50.9% Lightger, in order to hono financial commitments related to the implantation of the Pacambi small hydroelectric plant (PCH) Pension Plan Fundao de Seguridade Social (Social Security Foundation) - BRASLIGHT Relationship with Light S.A. CEMIG (party of the controlling group) CEMIG (party of the controlling group) CEMIG (party of the controlling group) CEMIG (party of the controlling group) CEMIG (party of the controlling group) CEMIG (party of the controlling group) ASSETS 6/30/2011 12/31/2010 CONSOLIDATED LIABILITIES REVENUE 6/30/2011 12/31/2010 6/30/2011 6/30/2010 EXPENSES 6/30/2011 6/30/2010

7,064

8,653

34,615

38,335

122

166

675

651

2,283

2,561

9,662

10,187

381

381

1,134

1,148

1,174

1,634

7,222

9,912

10

10

61

59

Lightger S.A (jointly-owned subsidiary)

31,827

11,156

1,431

BRASLIGHT (Indirect party of the controlling group)

1,038,677

1,015,678

74,181

61,215

Below is a summary of agreements executed with related parties:

Contracts with the same group (Agreement objectives and characteristics) Strategic agreement Purchase agreement of electric power between Light SESA and CEMIG Strategic agreement Purchase agreement of electric power between Light SESA and CEMIG Strategic agreement Sale agreement of electric power between Light SESA and CEMIG Strategic agreement Collection of distribution system usage charges between Light SESA and CEMIG Strategic agreement Commitment to the basic electric network usage charges between Light Energia and CEMIG Strategic agreement Commitment to the basic electric network usage charges between Light Energia and CEMIG Loans Loan with Light S.A., which holds 50.9% Lightger, in order to hono financial commitments related to the implantation of the Pacambi small hydroelectric plant (PCH) Pension Plan Fundao de Seguridade Social (Social Security Foundation) - BRASLIGHT Maturity date or term Conditions for termination or end 30% of remaining balance 30% of remaining balance Remaining balance 30/06/2011

Relationship with Light S.A. CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) CEMIG (Party of the controlling group) CEMIG (Party of the controlling group)

Original amount

Date

Agreements conditions Price established in the regulated market

614,049

Jan / 2006

Dec / 2038

457,258

37,600

Jan / 2010

Dec / 2039

37,561

Price established in the regulated market

156,239

Jan / 2005

Dec / 2013

N/A

40,884

Price established in the regulated market

Nov / 2003

Undetermined

N/A

381

Price established in the regulated market

Dec / 2002

Undetermined

N/A

1,174

Price established in the regulated market

Dec / 2002

Undetermined

N/A

10

Price established in the regulated market

Lightger S.A (Jointly-owned subsidiary)

11,042

Oct / 2010

Oct / 2011

N/A

31,827

CDI + 0.9% p.a

BRASLIGHT (Party of the controlling group)

535,052

Jun / 2001

Jun / 2026

N/A

1,038,677

IPCA+ 6% p.a

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

67

MANAGEMENT REMUNERATION Policy regarding remuneration of the Board of Directors, Executive Board, Fiscal Council Board and board committees. (i) Pro-rata share of each component to the aggregate remuneration for the period of 2011.

Board of Directors Fixed Remuneration: Variable Remuneration: Board of Executive Officers Fixed Remuneration: Variable Remuneration: Outros Fiscal Committee Fixed Remuneration: Variable Remuneration:

100% 27% 73% 100% -

Remuneration paid by the Company to the Board of Directors, Executive Board, and Fiscal Council related to the first half of 2011:
Consolidated Board of Directors 20.8 607 607 607 Board of Executive Offcers 7.5 230 230 230 2,244 1,936 308 5,973 1,803 4,170 8,217

2011 Number of members (*) Annual fixed compensation Salary or pro-labore Direct and indirect benefits Compensation for participation in Committee Other Variable compensation Bonus Profit sharing Compensation for attending meetings Commissions Other (ILP) Post-employment benefits Benefits from the assignment of office Share-based compensation Total compensation per body

Fiscal Council 10.0

Total 38.3 3,081 2,773 308 5,973 1,803 4,170 9,054

68

Average compensation due to the Board of Directors, Executive Board, and Fiscal Council in the first half of 2011:
Parent Company Board of Executive Fiscal Council Offcers 10.0 48 24 29 37 6 23 7.5 310 271 258

2011 Number of members (*) Highest individual compensation Lowest individual compensation Average individual compensation

Board of Directors 20.8

Total 38.3 395 301 310

* number

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

23. SHAREHOLDERS EQUITY Capital Stock There are 203,934,060 non-par and book-entry common shares of Light S.A. (203,934,060 on December 31, 2010) as of June 30, 2011 recorded as Capital Stock in the total amount of R$2,225,822 (R$2,225,822 on December 31, 2010), as follows:
SHAREHOLDERS SHAREHOLDERS Controlling Group RME Rio Minas Energia Participaes S.A. Companhia Energtica de Minas Gerais S.A. Luce Empreendimentos e Participaes S.A. Other BNDES Participaes S.A. - BNDESPAR Public Overall Total 6/30/2011 Number of Shares Number of Shares 106,304,597 26,576,150 53,152,298 26,576,149 97,629,463 30,631,782 66,997,681 203,934,060 % Interest % Interest 52.12 13.03 26.06 13.03 47.88 15.03 32.85 100 12/31/2010 Number of Shares Number of Shares 106,304,597 26,576,150 53,152,298 26,576,149 97,629,463 30,631,782 66,997,681 203,934,060 % Interest % Interest 52.12 13.03 26.06 13.03 47.88 15.03 32.85 100

Light S.A. is authorized to increase its capital up to the limit of 203,965,072 common shares through resolution of the Board of Directors, regardless of amendments to the bylaws. However, this increase is to occur exclusively upon the exercise of the warrants issued, strictly pursuant to the conditions of the warrants (Bylaws, Article 5, paragraph 2). 24. DIVIDENDS PAYABLE At the Annual and Extraordinary General Meeting held on April 28, 2011, the shareholders approved the payment of dividends based on the income determined on December 31, 2010, in the amount of R$350,979, and payment was made to May 18, 2011.

69

25. EARNINGS PER SHARE Pursuant to the requirements of CPC 41 and the IAS 33 (Earnings per Share), the statement below reconciles the period's earnings per share with the amounts used to determine the basic and diluted earnings per share.
Consolidado 06/30/2011 06/30/2010 NUMERATOR Net income for the period (R$) DENOMINATOR Weighted average number of common shares BASIC AND DILUTED EARNINGS PER COMMON SHARE 203,934,060 1.038 203,934,060 1.777 211,665 362,431

There were no significant differences between the basic and diluted earnings per share as of June 30, 2010 and 2011. 26. NET OPERATING REVENUE BREAKDOWN
Consolidated 04.01 to 06.30 Supply to consumers/distributors (note 27) Leases, rentals and other Revenue from network usage Revenue from consrtruction Revenue from services rendered Taxed servicefee GROSS REVENUE Billed supply -ICMS PIS / COFINS Other REVENUE TAXES 2011 2,092,856 438 170,425 179,234 30,924 960 2,474,837 (549,633) (125,513) (1,231) (676,377) 2010 2,028,259 11,125 181,379 111,186 14,830 512 2,347,291 (566,673) (134,070) (694) (701,437)

Fuel Consumption Account - CCC Energy Development Account - CDE Global Reveral Reserve - RGR Energy Research Company - EPE National Technological Development Fund - FNDCT Energy Efficiency Program - PEE Research and Development -R&D Other charges - ex-isolated Other charges - Proinfa CONSUMER CHARGES TOTAL DEDUCTIONS NET REVENUE

(76,416) (57,798) (3,519) (1,530) (3,062) (6,881) (3,061) (4,128) (4,141) (160,536) (836,913) 1,637,924

(51,672) (51,546) (16,171) (1,446) (2,893) (6,502) (2,893) (133,123) (834,560) 1,512,731

70

Consolidated 01.01 to 06.30 Supply to consumers/distributors (note 27) Leases, rentals and other Revenue from network usage Revenue from consrtruction Revenue from services rendered Taxed servicefee GROSS REVENUE Billed supply -ICMS PIS / COFINS Other REVENUE TAXES 2011 4,534,968 6,575 367,031 326,267 45,920 1,594 5,282,355 (1,199,653) (283,608) (1,779) (1,485,040) 2010 4,323,248 21,897 354,203 222,436 27,401 978 4,950,163 (1,177,719) (276,611) (2,169) (1,456,499)

Fuel Consumption Account - CCC Energy Development Account - CDE Global Reveral Reserve - RGR Energy Research Company - EPE National Technological Development Fund - FNDCT Energy Efficiency Program - PEE Research and Development -R&D Other charges - ex-isolated Other charges - Proinfa CONSUMER CHARGES TOTAL DEDUCTIONS NET REVENUE

(152,832) (115,596) (7,038) (3,292) (6,586) (14,843) (6,585) (8,905) (9,037) (324,714) (1,809,754) 3,472,601

(105,446) (103,092) (34,116) (3,091) (6,179) (13,976) (6,179) (272,079) (1,728,578) 3,221,585

71

27. ELECTRIC POWER SUPPLY

72

28. OPERATING COSTS AND EXPENSES

04.01 to 06.30 Nature of the expense Personnel and management Material Outsourced services Electricity purchased for resale (Note 29) Depreciation and amortization Allowance for doubtful accounts Provision for contingencies Cost of Construction Other Total Cost of Service Electric Power (900,749) (900,749) Operation (47,977) (5,005) (47,217) (81,611) (179,234) (5,157) (366,201) Selling (5,031) (399) (24,146) (305) (79,531) (303) (109,715) Consolidated Operating Expenses General and Adm (22,750) (701) (37,059) (10,508) (19,776) (22,057) (112,851) Other Operating Revenues (Expenses) (1,391) (1,391) 2011 (75,758) (6,105) (108,422) (900,749) (92,424) (79,531) (19,776) (179,234) (28,908) (1,490,907) 2010 (64,178) (8,084) (82,507) (804,800) (88,067) (75,258) 38,120 (111,186) (13,603) (1,209,563)

01.01 to 06.30 Nature of the expense Personnel and management Material Outsourced services Electricity purchased for resale (Note 29) Depreciation and amortization Allowance for doubtful accounts Provision for contingencies Cost of Construction Other Total

Cost of Service Electric Power (1,894,299) (1,894,299) Operation (87,161) (10,150) (92,350) (161,778) (326,267) (10,053) (687,759) Selling (9,139) (809) (47,225) (605) (143,882) (590) (202,250)

Consolidated Operating Expenses General and Adm (41,330) (1,423) (72,481) (20,831) (16,695) (43,000) (195,760) Other Operating Revenues (Expenses) (362) (362) 2011 (137,630) (12,382) (212,056) (1,894,299) (183,214) (143,882) (16,695) (326,267) (54,005) (2,980,430) 2010 (117,588) (16,903) (166,409) (1,655,711) (173,714) (138,793) 131 (222,436) (35,677) (2,527,100)

29. ENERGY PURCHASED FOR RESALE

Consolidated GWh 2011 Connection charges Spot market energy Network usage charges UTE Norte Fluminense Itaipu National Electric System Operator (O.N.S.) PROINFA ESS Other contracts and electric power auctions Total 21 1,583 1,344 4,016 6,964 2010 6 1,583 1,348 3,567 6,504 2011 (7,053) 167 (104,016) (216,261) (122,439) (4,683) (22,317) (27,617) (396,530) (900,749) R$ 2010 (4,546) 3,718 (105,094) (198,510) (137,982) (4,895) (26,778) (29,387) (301,326) (804,800)

Consolidated 01.01 to 06.30 2011 Connection charges Spot market energy Network usage charges UTE Norte Fluminense Itaipu National Electric System Operator (O.N.S.) PROINFA ESS Other contracts and electric power auctions Total 776 3,150 2,666 8,500 15,092 GWh 2010 832 3,150 2,682 7,732 14,396 2011 (14,106) (27,071) (208,969) (430,134) (251,029) (8,922) (43,879) (70,760) (839,429) (1,894,299) R$ 2010 (9,195) (8,080) (210,305) (394,815) (278,678) (9,594) (60,616) (54,559) (629,869) (1,655,711)

73

30. FINANCIAL INCOME

Consolidated 04.01 to 06.30 REVENUES Interest and variation on debts paid by installments Income from investments Swap operations Other financial income EXPENSES Restatement of provision for contingencies Expenses with tax liabilities Debt charges Swap operations Other financial expenses (4,049) (14,837) (119,250) (2,037) (6,951) (147,124) Total (88,876) (5,737) 29,313 (100,559) (189) (6,758) (83,930) (32,194) 35,689 16,075 340 6,144 58,248 22,066 12,312 (23) 17,381 51,736 2011 2010

Consolidated 01.01 to 06.30 REVENUES Interest and variation on debts paid by installments Income from investments Swap operations Other financial income EXPENSES Restatement of provision for contingencies Expenses with tax liabilities Debt charges Swap operations Other financial expenses (18,968) (22,554) (225,003) (3,580) (10,114) (280,219) Total (185,473) (22,817) 22,131 (191,872) 81 (33,729) (226,206) (130,040) 55,442 27,035 355 11,914 94,746 41,955 28,723 32 25,456 96,166 2011 2010

74

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

ASSETS Cash and cash equivalents (note 4) Other receivables (note 10) Total LIABILITIES Suppliers (Note 14) Total

Parent Company 6/30/2011 12/31/2010 Book value Fair Value Book value Fair Value 80.328 39.933 120.261 80.328 39.933 120.261 38.295 23.860 62.155 38.295 23.860 62.155

96 96

96 96

280 280

280 280

ASSETS Cash and cash equivalents (note 4) Marketable securities (note 5) Concessionaires and permissionaires (note 6) Swaps Concession financial assets (note 9) Other receivables (note 10) Total LIABILITIES Suppliers (Note 14) Loans and financing (Note 15) Debentures (Note 16) Swaps (Note 15) Total

Consolidated 6/30/2011 12/31/2010 Contabilizado Valor Justo Contabilizado Valor Justo 436.865 11.167 1.568.399 566 508.599 175.476 2.701.072 436.865 11.167 1.568.399 566 508.599 175.476 2.701.072 514.109 11.122 1.634.965 211 469.030 160.838 2.790.275 514.109 11.122 1.634.965 211 469.030 160.838 2.790.275

549.414 1.324.332 1.577.264 5.275 3.456.285

549.414 1.325.726 1.577.264 5.275 3.457.679

658.421 1.335.183 1.088.402 5.295 3.087.301

658.421 1.342.054 1.088.402 5.295 3.094.172

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

75

Consumers, concessionaries and permissionaries (clients) These are classified as loans and receivables, being recorded at their original values and subject to a provision for losses and adjustments to their present values, where applicable. Financial concession assets These are classified as loans and receivables, being recorded at their original values and subject to a provision for losses and adjustments to their present values, where applicable. Suppliers Accounts payable to suppliers of materials and services required in the operations of the Company and its subsidiaries, the amounts of which are known or easily determinable, added, where applicable, of relevant charges, escalation and/or exchange costs incurred as of the balance sheet date. These balances are classified as financial liability not measured at fair value and were recognized at their amortized cost, which is not significantly different from their fair value. Loans, financing and debentures These are measured by the restated amortized cost method. Fair value was calculated at interest rates applicable to instruments with similar nature, maturities and risks, or based on market quotations of these securities. The fair value for BNDES financing are identical to accounting balances, since there are no similar instruments, with comparable maturities and interest rates. In case of debentures, book and fair values are identical, as there is no liquid trading market for these debentures as an accurate benchmark in the market calculation. These financial instruments are classified as financial liabilities not measured at the fair value. Swaps These are measured by the fair value. A the determination of fair value used available information in the market and usual pricing methodology: the face value (notional) evaluation for long position (in U.S. dollars) until maturity date and discounted at present value of clean coupon rates, published in bulletins of Securities, Commodities and Futures Exchange BM&F Bovespa. It is worth mentioning that estimated fair values of financial assets and liabilities were determined by means of information available on the market and appropriate valuation methodologies. Nevertheless, meaningful judgment was required when interpreting market data to produce the most appropriate fair value estimate. As a result, estimates used and presented below do not necessarily indicate the amounts that may be realized in current exchange market.

76

a) Financial Instruments by category:

Parent Company 06/30/2011 Loans and receivables 124 39.933 40.057 Fair value though profit and loss 80.204 80.204 Loans and receivables 15.152 1.568.399 508.599 175.476 2.267.626 Consolidated 06/30/2011 Fair value though profit and loss 421.713 11.167 566 433.446

ASSETS Cash and cash equivalent (note 4) Marketable securities (note 5) Consumers,concessionaires and permissionaires(note 6) Swaps Concession financial assets (note 9) Other Receivables (note 10) Total

Total 80.328 39.933 120.261

Total 436.865 11.167 1.568.399 566 508.599 175.476 2.701.072

LIABILITIES Suppliers (Note 14) Loans and financing (Note 15) Debentures (Note 16) Swaps (Note 15) Total

Loans and receivables 96 96

Fair value though profit and loss -

Total 96 96

Loans and receivables 549.414 1.324.332 1.577.264 3.451.010

Fair value through profit and loss 5.275 5.275

Total 549.414 1.324.332 1.577.264 5.275 3.456.285

b) Policy concerning derivative instruments The Company has a policy of using derivative instruments which has been approved by its Board of Directors. According to this policy, the debt service (principal plus interest and charges) denominated in foreign currency maturing within 24 months is to be hedged, except no speculative transaction is allowed, whether using derivatives or any other risky asset. In line with the policy standards, the Company and its subsidiaries do not have any forward contracts, options, swaptions, callable swaps, flexible options, derivatives embedded in other products, derivative-structured transactions and so-called exotic derivatives. Furthermore, the statement above denotes that the Company and its subsidiaries use cashless exchange rate swaps (US$ vs. CDI), of which the Notional Contract Value is equal to the amount of the debt service denominated in foreign currency maturing in 24 months. c) Risk management and goals achieved Management of derivative instruments is achieved through operating strategies with a view to liquidity, profitability and safety. Our control policy consists of ongoing enforcement of policy standards concerning the use of derivative instruments, as well as continued monitoring of agreed upon rates versus market rates. d) Risk Factors During the normal course of its businesses, the Company and its subsidiaries are exposed to the market risks related to currency variations and interest rates, as evidenced in the chart below:

77

Debt breakdown (excluding financial charges):

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

On June 30, 2011, according to the chart above, the foreign currency-denominated debt is R$64,076, or 2.21% of the debts principal. Financial derivative instruments were contracted for the amount of foreign currencydenominated debt service to expire within 24 months, in the swap modality, whose notional value on June 30, 2011 stood at US$17,036, according to the policy for utilization of derivative instruments approved by the Board of Directors. Thus, if we deduct this amount from total foreign currency-denominated debt, the foreign exchange exposure represents 1.29% of total debt. Below we provide a few considerations and analyses on risk factors impacting on business of Grupo Light companies: Currency risk Considering that a portion of Light SESAs loans and financing is denominated in foreign currency, the company uses derivative financial instruments (swap operations) to hedge service associated with these debts (principal plus interest and commissions) to expire within 24 months in addition to the swap of previously mentioned rates. Derivative operations resulted in an R$1,865 loss in the second quarter of 2011 (loss of R$212 in the second quarter of 2010). The net amount of swap operations as of June 30, 2011, considering the fair amount, is a negative R$5,275 (negative by R$5,621 on June 30, 2010), as shown below:
Currency Swap
Light's Receivable Notional Value Contracted (US$ thousand) 67 5,273 64 5,010 63 3,211 61 3,287 17,036 Fair Value Fair Value Jun/11 Jun/11 (R$) Assets (R$) Liabilities (36) (2,217) (27) (2,012) (19) (811) (10) (143) (5,275) Fair Value Jun/11 (R$) Balance (36) (2,217) (27) (2,012) (19) (811) (10) (143) (5,275)

Institution

Light's Payable Starting Date Maturity Date

Banco Itau Banco Itau Citibank Banco Itau Bradesco HSBC Bradesco HSBC

US$+2.30% US$+2.79% US$+3.20% US$+2.82% US$+2.50% US$+2.20% US$+2.72% US$+3.58%

100% CDI 100% CDI 100% CDI 100% CDI 100% CDI 100% CDI 100% CDI 100% CDI

9/10/09 10/9/09 3/10/10 4/12/10 9/10/10 10/11/10 3/10/11 4/12/11

9/12/11 10/11/11 3/12/12 4/11/12 9/10/12 10/9/12 3/12/12 4/10/13 Total

78

The amount recorded was measured by its fair value on June 30, 2011. All operations with derivative financial instruments are registered in clearing houses for the custody and financial settlement of securities and there is no margin deposited in guarantee. Operations have no initial cost. Below, the sensitivity analysis for foreign exchange and interest rates fluctuations, showing eventual impacts on financial result of the Company and its subsidiaries. The methodology used in the Probable Scenario was to consider that both foreign exchange and interest rates will maintain the same level verified on June 30, 2011 until the end of 2011, maintaining steady liabilities, derivatives and temporary cash investments then verified. It is worth highlighting that, as this refers to a sensitivity analysis of the impact on the 2011 financial result, realized amounts of financial expenses and/or income up to the second quarter of 2011 are considered, and charges projection and/or compensation for the next six months on the balance of debt and/or investments as of June 30, 2011. It is worth mentioning that the behavior of debt and derivatives balances will observe their respective contracts, and the balance of temporary cash investments will fluctuate according to the need or available funds of the Company and its subsidiaries. Risk of Exchange Rate Depreciation:
Operation FINANCIAL LIABILITIES
Par Bond Discount Bond C. Bond Debit. Conv. Bib DERIVATIVES Swaps

Risk

Scenario (I): Probable 4,051 678 2,175 545 631 22

R$ Scenario (II) (12,452) (5,851) (2,255) (3,418) (830) (98)

Scenario (III) (28,954) (12,377) (6,686) (7,382) (2,292) (217)

USD USD USD USD USD USD

457

7,390 +25%

14,322 +50% 2.34165

Reference for financial assets and liabilities Financial R$/US$ exchange rate (end of the period)

1.5611

1.9514

79

Risk of Exchange Rate Appreciation:

Operation FINANCIAL LIABILITIES
Par Bond Discount Bond C. Bond Debit. Conv. Bib DERIVATIVES Swaps

Risk

Scenario (I): Probable 4,051 678 2,175 545 631 22

R$ Scenario (II) 20,554 7,205 6,606 4,509 2,093 141

Scenario (III) 37,057 13,732 11,037 8,473 3,554 261

USD USD USD USD USD USD

457

(6,476) -25%

(13,049) -50% 0.7806

Reference for financial assets and liabilities Financial R$/US$ exchange rate (end of the period)

1.5611

1.1708

With the chart above, it is possible to identify that despite partial hedge against foreign currency-denominated debt (only limited to debt service to expire within 24 months), as R$/US$ quote increases, liabilities financial expense also increases but financial revenues of derivatives also partially offset this negative impact and vice-versa. Thus, cash is hedged thanks to the derivatives policy of the Company and its subsidiaries. Interest rate risk This risk derives from impact of interest rates fluctuation not only over financial expense associated with loans and financing of subsidiaries, but also over financial revenues deriving from temporary cash investments. The policy for utilization of derivatives approved by the Board of Directors does not comprise the contracting of instruments against such risk. Nevertheless, the Company and its subsidiaries continuously monitor interest rates so that to evaluate eventual need of contracting derivatives to hedge against interest rates volatility risk. As of June 30, 2011, the swap operation of interest rate associated to the maturity of the CCB Bradesco, with notional value of R$150,000 represented a R$566 gain, considering the fair value, as follows:
Interest rate swap
Light's Receivable Notional Value Contracted (US$ thousand) 150,000 Fair Value Fair Value Mar/11 Mar/11 (R$) Assets (R$) Liabilities 566 Fair Value Mar/11 (R$) Balance 566

Institution

Light's Payable Starting Date Maturity Date

HSBC

101.9%CDI+(TJ CDI+0.85% LP-6%)

10/11/10

10/9/12

Total

150,000

566

566

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

80

Risk of Interest Rate Increase:

R$ Scenario (II)

Operation

Risk

Scenario (I): Probable 53,687

Scenario (III)

FINANCIAL ASSETS Temporary cash investments FINANCIAL LIABILITIES Debentures 5th issue CCB Bradesco CCB Bco Santander Debentures 4th issue FINEM BNDES 2006-2008 FINEM BNDES 2009-2010 FINEM BNDES 2009-2010 TJLP+1 PROESCO Debentures 7th issue Debentures 1st issue Light Energia DERIVATIVES Currency swaps Interest rate swaps Interest rate swaps Reference for FINANCIAL ASSETS CDI (% YTD) Reference for FINANCIAL LIABILITIES CDI (% YTD) TJLP (% YTD)

CDI

60,124

66,476

CDI CDI CDI TJLP TJLP TJLP TJLP TJLP CDI CDI

(299,254) (98,099) (59,417) (9,843) (10) (28,452) (14,493) (16,169) (642) (56,072) (16,057)

(334,997) (109,176) (66,195) (11,003) (10) (30,525) (15,820) (17,502) (703) (65,513) (18,550)

(370,741) (120,253) (72,969) (12,164) (11) (32,599) (17,147) (18,836) (764) (74,955) (21,043)

CDI CDI TJLP

457 531 531

(71) 511 (164) +25% 13.31% +25% 13.31% 6.85%

(597) 491 (852) +50% 14.81% +50% 14.81% 7.61%

11.50%

11.50% 6.08%

Risk of Interest Rate Decrease:

Operation Risk Scenario (I): Probable 53,687 R$ Scenario (IV) Scenario (V)

FINANCIAL ASSETS Temporary cash investments FINANCIAL LIABILITIES Debentures 5th issue CCB Bradesco CCB Bco Santander Debentures 4th issue FINEM BNDES 2006-2008 FINEM BNDES 2009-2010 FINEM BNDES 2009-2010 TJLP+1 PROESCO Debentures 7th issue Debentures 1st issue Light Energia

CDI

47,164

40,550

CDI CDI CDI TJLP TJLP TJLP TJLP TJLP CDI

(299,254) (98,099) (59,417) (9,843) (10) (28,452) (14,493) (16,169) (642) (56,072) (16,057)

(263,510) (87,022) (52,641) (8,682) (9) (26,379) (13,166) (14,835) (580) (46,631) (13,565)

(227,767) (75,945) (45,865) (7,522) (8) (24,305) (11,839) (13,502) (519) (37,190) (11,072)

DERIVATIVES Currency swaps Interest rate swaps Interest rate swaps Reference for FINANCIAL ASSETS CDI (% YTD) Reference for FINANCIAL LIABILITIES CDI (% YTD) TJLP (% YTD)

CDI CDI TJLP

457 531 531

985 552 1,233 -25% 10.26% -25% 10.26% 5.32%

1,515 572 1,942 -50% 8.70% -50% 8.70% 4.54%

11.50%

11.50% 6.08%

81

Credit risk It refers to the Company eventually suffering losses deriving from default of counterparties or financial institutions depositary of funds or temporary cash investments. To mitigate these risks, the Company uses all collection tools allowed by the regulatory body, such as disconnection for delinquency, debit losses and permanent monitoring and negotiation of outstanding positions. Concerning financial institutions, the Company and its subsidiaries only carry out operations with low-risk financial institutions classified by rating agencies. Liquidity risk Liquidity risk relates to the Company and its subsidiaries ability to settle its liabilities. In order to determine the ability to satisfactorily meet its financial liabilities, the streams of maturities for funds raised and other liabilities are reported with the Company's statements. Further information on loans can be found in detail in notes 15 and 16. The Company and its subsidiaries have raised funds through its operations, from financial market transactions and from affiliate companies. These funds are allocated primarily to support its investment plan and in managing its cash for working capital and liability management purposes. Management of financial investments focuses on short-term instruments in an attempt to achieve maximum liquidity and satisfy our expenditure requirements. The Company' and its subsidiaries' cash-generation ability and low volatility concerning receivables and accounts payable over the year provide cash flow stability and thus reduce its liquidity exposure. The realization flow concerning future liabilities as per the relevant terms and conditions is summarized in the statement below:
Consolidated Interest rate instruments Floating Loans, financings and debentures Fixed rate Loans, financings and debentures 1,062 20,121 96,548 80,367 198,098 48,732 525,687 2,259,817 281,364 3,115,600 1 to 3 months 3 months to 1 year 1 to 5 years More than 5 years Total

a)

Capital Management

The Company and its subsidiaries manage their capital with the purpose of safeguarding the capacity of Grupo Light to continuously offer return to shareholders and benefits to other stakeholders, in addition to maintaining the ideal capital structure to reduce costs. In order to maintain or adjust its capital structure, Grupo Light either reviews the dividend payment policy, returns capital to shareholders or issues new shares and sells assets to reduce the indebtedness level, for instance.

82

b) Hierarchical Fair Value There are three types of classification levels for the fair value of financial instruments. This hierarchy prioritizes unadjusted prices quoted in an active market for financial assets or liabilities. The classification of hierarchical levels can be presented as follows: Level 1 - Data originating from an active market (unadjusted quoted price) that can be accessed on a daily basis, including at the date of fair value hierarchical. Level 2 - Different data originating from the active market (unadjusted quoted price) included in Level 1, extracted from a pricing model based on data observable in the market. Level 3 - Data extracted from a pricing model based on data that are not observable in the market.
Consolidated Hierarchical of Fair Value 06/30/2011 ASSETS Cash and cash equivalent (note 4) Marketable securities (note 5) Swaps Total LIABILITIES Swaps (note 15) Total 5,275 5,275 5,275 5,275 436,865 11,167 566 448,598 Identical markets Level 1 Similar markets Level 2 436,865 11,167 566 448,598 Without active market Level 3 -

No financial instrument classified as Level 1 or 3 was observed in the analysis period, and there was no transfer from one level to another in the same period. 32. INSURANCE

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

RISKS Directors & Officers (D&O) ** Civil and general liabilities Operating risks* *The Maximum Limit of Indemnification (MLI) is R$300,000. ** Renovation in progress

Effective Term From To 08/10/2010 09/25/2010 10/31/2010 08/10/2011 09/25/2011 10/31/2011

Amount Insured US$20,000 R$20,000 R$ 3,664,000

Premium US$76 R$448 R$1,482

83

33. INFORMATION BY SEGMENT

Segment reporting was prepared according to CPC 22 (Segment Information), equivalent to IFRS 8, and is reported in relation to the business of the Company and its subsidiaries, identified based on their management structure and internal management information. The Company's Management considers the following segments: power distribution, power generation, power trading and others (including the holding). The Company is segmented according to its operation, which has different risks and compensation. Segment information for the six-month period ended June 30, 2011 and year ended December 31, 2010 are presented below:
Distribution Current assets Non-current assets Investments Property, plant and equipment Intangible assets Current liabilities Non-current liabilities Shareholders' equity 2,063,775 2,210,744 16,374 189,724 3,623,973 1,519,866 4,190,452 2,394,272 Generation 162,334 1,692 3,890 1,437,913 133,873 194,439 798,107 747,157 Trading 65,429 30,021 4,974 37,208 6,896 56,320 Other 129,038 355 3,201,700 1,101 3,487 4,342 3,331,338 Eliminations (152,121) (200,677) (3,201,659) (152,121) (200,677) (3,201,659) Consolidated 06/30/2011 2,268,455 2,042,135 20,305 1,633,712 3,761,333 1,603,734 4,794,778 3,327,428

Distribution Current assets Non-current assets Investments Property, plant and equipment Intangible assets Current liabilities Non-current liabilities Shareholders' equity 2,200,937 2,152,886 16,374 189,015 3,478,653 1,954,713 3,640,719 2,442,433

Generation 166,428 1,017 149 1,433,849 131,766 217,644 647,138 868,427

Trading 61,605 20,409 5,039 39,398 7,134 40,521

Other 114,245 195 3,356,792 990 3,353 140,045 1,038 3,332,458

Eliminations (165,047) (218,002) (3,355,729) (165,047) (218,002) (3,353,695)

Consolidated 12/31/2010 2,378,168 1,956,505 17,586 1,628,893 3,613,772 2,186,753 4,078,027 3,330,144

84

Income segment reporting:

Consolidated Consolidated 2010 Restated

01.01 to 06.30
OPERATIONAL REVENUE Billed supplies Unbilled supplies Supply - Electric Power Construction revenue Other DEDUCTIONS TO REVENUE Billed sales - ICMS (State VAT) Consumer charges PIS (Tax on Revenues) COFINS (Tax on Revenues) Other NET OPERATIONAL REVENUE OPERATING EXPENSES AND COSTS Personnel Material Outsourced services Energy purchased Depreciation Provisions Construction cost Other Equity in the earnings of subsidiaries FINANCIAL INCOME Financial revenue Financial expenses INCOME BEFORE TAXES Social Contribution Income tax NET INCOME

Distribution

Generation

Trading

Other

Eliminations

2011

5,034,080 4,307,884 (33,073) 13,512 326,267 419,490 (1,776,518) (1,186,540) (319,734) (48,043) (221,291) (910) 3,257,562 (2,859,649) (120,393) (11,561) (186,507) (1,861,906) (153,896) (159,611) (326,267) (39,508) (172,208) 99,871 (272,079) 225,705 (18,973) (48,747) 157,985

183,050 179,017 4,033 (20,809) (4,980) (2,820) (12,984) (25) 162,241 (71,227) (12,165) (314) (7,311) (8,425) (28,945) (966) (13,101) (18,141) 5,013 (23,154) 72,873 (8,129) (16,101) 48,643

109,979 91,748 18,231 (12,179) (13,112) 302 1,401 (770) 97,800 (89,555) (2,253) (502) (13,527) (72,174) (306) (793) 473 864 (391) 8,718 (779) (2,138) 5,801

3,632 3,632 (248) (1) (60) (113) (74) 3,384 (8,385) (2,819) (5) (4,711) (67) (783) 212,755 4,403 4,612 (209) 212,157 (47) (119) 211,991

(25,273)

(16,403) (8,870) (25,273) 25,273 25,093 180 (212,755) (15,614) 15,614 (212,755)

5,305,468 4,307,884 (33,073) 267,874 326,267 436,516 (1,809,754) (1,199,653) (324,714) (50,621) (232,987) (1,779) 3,495,714 (3,003,543) (137,630) (12,382) (212,056) (1,917,412) (183,214) (160,577) (326,267) (54,005) (185,473) 94,746 (280,219) 306,698 (27,928) (67,105) 211,665

4,950,163 4,173,175 (54,957) 205,030 222,436 404,479 (1,728,578) (1,177,719) (272,079) (50,294) (226,317) (2,169) 3,221,585 (2,527,100) (117,588) (16,903) (166,409) (1,655,711) (173,714) (138,662) (222,436) (35,677) (130,040) 96,166 (226,206) 564,445 (50,772) (151,242) 362,431

(212,755)

34. LONG-TERM INCENTIVE PLAN Incentive Plan in Phantom Options The phantom Options modality was offered to eligible executives appointed by the Board of Directors and is directly linked to Light's value creation, measured by the variation in Light's Value Unit (LVU). The calculation of LVU is based on the weighing of the following factors: 1. Market value of shares issued by Light S.A; 2. Economic value (a multiple of EBITDA); 3. Amount of dividends distributed. The difference between the LVU provided in the Program for the grant year and the LVU verified in the exercise year multiplied by the amount of shares exercised by the participant will amount to the total long-term bonus to be paid to each participant. In April 2011 the option referring to the 2009 program was exercised, in the amount of R$5,266, generating the reversal of a provision in the same amount. The Company did not record any provision for the 2nd quarter of 2011, due to the fact that UVL estimated up to the end of 2011 is lower than in 2010.

85

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

CR Zongshen E-Power Fabricadora de Veculos S/A

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

On July 7, 2011, Parati S.A. acquired from Enlighted Partners Venture Capital LLC (ENLIGHTED) 100% of the interests of Luce LLC (Luce), holder of 75% of the quotas of Luce Brasil Fundo de Investimento em Participaes (FIP LUCE), which, in turn, holds indirectly, through Luce Empreendimentos e Participaes S.A. (LEPSA), twenty-six million, five hundred seventy-six thousand, one hundred fortynine (26,576,149) common shares issued by the Company, representing approximately 13.03% of its total and voting capital. c) Braslight exercises its call option to sell the interest it holds in FIP LUCE On July 15, 2011, Fundao de Seguridade Social Braslight, holder of 25% of the remaining quotas of FIP Luce, announced that it will exercise its Call Option (Call Option) to sell the interest it holds in FIP Luce, as provided for in FIP Luces Quotaholders Agreement. With these acquisitions, Parati, which in June 2011 already held an indirect interest, through Rio Minas Energia Participaes S.A. (RME), of 7.05% of the Companys total and voting capital, will hold indirectly the equivalent to 20.08% of the Companys total and voting capital.

86

BOARD OF DIRECTORS MEMBERS Srgio Alair Barroso Djalma Bastos de Morais Raul Belens Jungmann Pinto Luiz Carlos Costeira Urquiza Maria Silvia Bastos Marques Carlos Alberto da Cruz Elvio Lima Gaspar ALTERNATES Luiz Fernando Rolla Wilson Borrajo Cid Fernando Henrique Schuffner Neto Paulo Roberto Reckziegel Guedes Carlos Augusto Leone Piani Almir Jos dos Santos Carmen Lcia Claussen Kanter Joaquim Dias de Castro

FISCAL COUNCIL

MEMBERS Eduardo Grande Bittencourt (Chairman) Marcelo Lignani Siqueira Aristteles Luiz Menezes Vasconcellos Drummond Isabel da Silva Ramos Kemmelmeier Victor Adler

ALTERNATES Ricardo Genton Peixoto Eduardo Gomes Santos Ari Barcelos da Silva Ronald Gasto Andrade Reis Gabriel Agostini

87

BOARD OF EXECUTIVE OFFICERS Jerson Kelman Chief Executive Officer

Joo Batista Zolini Carneiro Chief Financial and Investor Relations Officer

Evandro Leite Vasconcelos Energy Officer

Paulo Carvalho Filho Corporate Management Officer

Ana Silvia Corso Matte Personnel and Legal Officer

Jos Humberto Castro Distribution Officer

Paulo Roberto Ribeiro Pinto New Business and Institutional Officer

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

88

Review report on quarterly information

(A free translation of the original report in Portuguese, as filed with the Brazilian Securities and Exchange Commission (CVM), prepared in accordance with the accounting practices adopted in Brazil, rules of the CVM and the International Financial Reporting Standards - IFRS) To The Board of Directors and Shareholders of Light S.A. Rio de Janeiro - RJ Introduction We have reviewed the individual and consolidated interim accounting information of Light S.A. (Company), included in the quarterly information form - ITR for the quarter ended June 30, 2011, which comprises the balance sheet as of June 30,2011 and the respective statements of operations, for the three and six-month periods then ended, of changes in shareholders equity and of cash flows for the six-month period then ended including summary of accounting practices as well as the explanatory notes.. Management is responsible for the preparation of the individual interim accounting information in accordance with the Accounting Pronouncement CPC 21 - Interim Statement and consolidated interim accounting information in accordance with CPC 21 and the international accounting rule IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as the presentation of these information in accordance with the standards issued by the Brazilian Securities and Exchange Commission, applicable to the preparation of quarterly information - ITR. Our responsibility is to express our conclusion on these interim accounting information based on our review. Scope of the review We conducted our review in accordance with Brazilian and International Interim Information Review Standards (NBC TR 2410 - Reviso de Informaes Intermedirias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries primarily of the management responsible for financial and accounting matters and applying analytical procedures and other review procedures. The scope of a review is significantly less than an audit conducted in accordance with auditing standards and, accordingly, it did not enable us to obtain assurance that we were aware of all the material matters that would have been identified in an audit. Therefore, we do not express an audit opinion.

89

Conclusion on the individual interim accounting information

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

Conclusion on the consolidated interim accounting information

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

Other matters Interim statements of added value

We also reviewed the individual and consolidated interim statements of added value for the period ended June 30, 2011, prepared under management responsibility for which presentation is required in the interim information in accordance with the standards issued by the Brazilian Securities and Exchange Commission applicable to the preparation of quarterly information ITR, and considered as supplementary information by IFRS which does not require the presentation of the statement of added value. These statements were submitted to the same review procedures described previously and, based on our review, we are not aware of any fact that might lead us to believe that they were not prepared, in all material respects, in accordance with the individual and consolidated interim accounting information, taken as a whole.

Rio de Janeiro, August 5, 2011

KPMG Auditores Independentes CRC SP-014428/O-6 F-RJ Original in Portuguese signed by Vnia Andrade de Souza Accountant CRC RJ-057497/O-2

90