Results Conference Call

1Q11

Highlights
Total energy consumption in 1Q11 was 3.4% higher than in 1Q10, with all consumption categories posted growth.

OPERATING PERFORMANCE

Fourth consecutive losses reduction. In march/11, the non-technical losses ratio reached 41.4% over the low-voltage market.
CAPEX in 1Q11: R$ 149.5 million: (i) Progress in the generation new projects construction and (ii) Accelerated program losses through new technologies.

Net Revenue of R$ 1,834.7 million in 1Q11, with increase of 7.4%.

RESULTS

EBITDA of R$ 434.9 million, decrease of 8.9% and margin of 25.8%. Net Income of R$ 166.3 million in 1Q11.

7th Issue of debentures by Light SESA in the amount of R$ 650 million.

CAPITAL STRUCTURE

1st Issue of debentures by Light Energia in the amount of R$ 170 million. Net Debt of R$ 2,134.9 million, with Net Debt/EBITDA in 1.4x.

Energy Consumption
Distribution
ELECTRICITY CONSUMPTION TOTAL MARKET (GWh)

+3.4%

5,453

5,558

6,087

6,291 Free 12.0%

15,6% 14,9%

8,0%

Industrial 6.8%

Others 14.2% 28.0 C 28.3 C

26.1 C
1Q08 1Q09

27.8 C
27,0% 34,6%

1Q10

1Q11

Commercial 27.5%

Industrial

Residencial

Comercial

outros

Residential 39.5%
Livre

Note: To preserve comparability in the market approved by ANEEL in the tariff adjustment process, the billed energy of the free customers Valesul, CSN and CSA were excluded in view of these customers planned migration to the core network.

Total Market
ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET

Residencial Industrial
+3.0%

Comercial
+4.6%

Outros

+3.4%

Total
6,087
2,408

6,291
2,924

2,416

2,488

+1.8%

949
499 450

966
541 426

1,815 114 1,702 1Q10

1,899 170 1,730 1Q11

+3.5%

Comercial Livre
Comercial

5,430

5,553

Outros L
Outros

906 44 862 1Q10

938 47 890 1Q11

1Q10

1Q11

1Q10

1Q11

1Q10

1Q11

RESIDENTIAL

INDUSTRIAL

COMMERCIAL

OTHERS

TOTAL

Residencial Industrial

Industrial Livre
CAPTIVE FREE

Total s/ Livre

Total Livre

Collection
COLLECTION RATE BY SEGMENT QUARTER
107.9% 107.0%

95.7% 94.0%

94.7% 93.6%

101.4% 100.0%

COLLECTION RATE 12 MONTHS

98.5% 97.3%

Total Total

Retail Varejo 1Q10

1T10

Large Grandes Clientes Customers 1Q11

1T11

Public Sector Poder Pblico

set/09' Mar/10

set/09'

set/10' Mar/11

set/10'

Loss Prevention
LOSS (12 MONTHS)
42.7% 42.4% 42.1% 41.8% 41.4% 36.4% 7,504 7,549 7,554 7,493 7,523 35.9

RECOVERY GWh
+39.5%

50.0

5,313

5,352

5,330

5,278

5,285

2009

9M09 1Q10

9M10 1Q11

2010

2,191 Mar/10

2,197 Jun/10

2,214 Sep/10

2,215 Dec/10

2,238 Mar/11

INCORPORATION GWh
13.0

+114.6%

dez/09 mar/10

Non-technical losses GWh

jun/10

set/10

dez/10

6.0

Technical losses GWh % Non-technical losses / Low voltage market % Non-technical losses / Low voltage market - Regulatory

1Q10 9M09
2009

1Q11 9M10
2010

Communities
Communities Santa Marta Chapu Mangueira Cidade de Deus Babilnia Casa Branca Batam Cantagalo Tabajaras Cabritos Before After Before After Before After Before After Before After Before After Before After Before Before Clients 80 1,590 408 555 2,800 3,716 389 647 470 805 0 420 1,054 1,774 712 1,450 Losses 90% 2% 56% 2% 61% 10% 73%
TBD

Delinquency rate 70% 2% 74% 2% 68% 0% 54%

16%

58%
TBD

52%
7%

62%
TBD

51%
26%

68%
TBD

79%
42%

58% 58%

70% 70%

Started in 04/25/11

Other 9 communities more during 2011:

Pavo-Pavozinho, Providncia, Ladeira dos Tabajaras, Morro dos Cabritos, Borel, Novo Rio, Salgueiro, st st Complexo do Alemo (1 Part), Morro dos Macacos (1 nd nd Part), Cidade de Deus (2 Part), Batam (2 Part)

50 thousand clients

Net Revenue
NET REVENUE BY SEGMENT (1Q11)* NET REVENUE (R$ MN)
+7.4%

Generation 4.6%
9M10

Commercialization 2.2% Distribution 93.2%

1,708.9

1,834.7

*Eliminations not considered

NET REVENUE FROM DISTRIBUTION 1Q11

Others (Captive) 11.7%
4T09 4T10

9M10

Network Use (TUSD) 8.7%

(Free + Concessionaires)

1Q10 2009

1Q11 2010

Industrial 7.6%

Commercial 27.2%

Residential 44.8%

Operating Costs and Expenses

DISTRIBUTION MANAGEABLE COSTS (R$MN) COSTS (R$MN) 1Q11

+2.1%

298.4

304.7

Manageable (distribution): R$ 304.7

Non Manageable (distribution): R$ 985.3
(72.2%) (22.3%)

9M10

4T09

4T10

2009 1Q10

2010 1Q11

Generation and Commercialization: R$ 75.5

(5.5%) PMSO

R$ MM

1Q10 134.8 93.3 63.5 29.8 70.2 298.3

1Q11 168.5 60.4 64.4 -4.0 75.9 304.8

Var % 25.0 -35.3 1.4 8.1 2.2

*Eliminations not considered

Provisions
PDD Contingencies

Depreciation Total

EBITDA
CONSOLIDATED EBITDA (R$MN) EBITDA BY SEGMENT* 1Q11

477.2

-8.9%

434.9

Distribution 85.1%
(EBITDA Margin: 23.5%)

9M10

Generation 14.4%

(EBITDA Margin: 74.4%)

Commercialization 0.5%
(EBITDA Margin: 5.5%)

3T09 4T10

3T10 4T09 2009

1Q10 9M09 4T10 2010

9M10 1Q11 2009

2010

*Eliminations not considered

10

Net Income

Lucro Lquido - 1T11 R$ MILLION R$ Milhes

90

NET INCOME

225

6 (144)

3
(14)

166

1Q10 1T10

Net Receita revenue Lquida

NonCustos No manageable Gerenciveis costs

Gerenciveis

Manageable Custos costs

Taxes Impostos

Others

Outros

1Q11 1T11

11

IFRS Adjustments
Impacts on the results (R$ MN)

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

1Q11 120.6 167.4 3.3 164.1 0.0

Company

Light SESA Light SESA Light SESA

(9.4) (9.3) Light Energia (0.2) Lightger and Itaocara 0.0 111.3 (111.3) (53.8) 104.2 224.8 Light SESA Light SESA Light S.A. Light S.A.

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Indebtedness
NET DEBT EVOLUTION
1,523.8 2,134.9

AMORTIZATION* (R$ MN) Maturity: 3.1 years

594 1.3 1.4 471 423 484 321 150

Set/10' Mar/10 9M09 Dez/10' Mar/11 9M10
2011
* Only Principal

3T10

2012

2013

2014

2015

After 2015 Aps 2015

COST OF DEBT
13.97% 9.84% 7.62% 5.30% 11.08%

11.74%

CDI/Selic 70.2%

TJLP 28.0% US$/Euro 1.8%*

4.88%

5.12%

2007
2008 2007 2008

2007 2008
2009

2008 2009
2009 2010 Custo Nominal
Custo Real
2010

2009 set/10
set/10 1T11
Mar/11

set/10

2008 2009

Custo RealReal Cost Real Custo

Custo Nominal

Nominal Nominal * Considering Hedge Custo Cost Custo Nominal

Custo Real

13

Investments
CAPEX BREAKDOWN (R$MM) 1Q11
Generation Maintenance New 3.2 Generation Others Projects 3.8 14.6 Quality Improvements 27.9
2007 2007 2008 2008 2007 2008 2007 2008

CAPEX (R$MN)
+24.3%

700.6 546.7 354.7 563.8

+28.6%

148.3 115.3

2007

2008

2009 2009 2009 2009

2010 2010 2010 2010e

1Q10 9M09 9M09

1Q11

Develop. of Distribution System 71.9

9M10 9M10
Losses Combat 27.0

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Important Notice
This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and international movable values. These declarations are based on certain assumptions and analyses made by the Company in accordance with its experience, the economic environment, market conditions and future events expected, many of which are out of the Companys control. Important factors that can lead to significant differences between the real results and the future declarations of expectations on events or business-oriented results include the Companys strategy, the Brazilian and international economic conditions, technology, financial strategy, developments of the public service industry, hydrological conditions, conditions of the financial market, uncertainty regarding the results of its future operations, plain, goals, expectations and intentions, among others. Because of these factors, the Companys actual results may significantly differ from those indicated or implicit in the declarations of expectations on events or future results. The information and opinions herein do not have to be understood as recommendation to potential investors, and no investment decision must be based on the veracity, the updated or completeness of this information or opinions. None of the Companys assessors or parts related to them or its representatives will have any responsibility for any losses that can elapse from the use or the contents of this presentation. This material includes declarations on future events submitted to risks and uncertainties, which are based on current expectations and projections on future events and trends that can affect the Companys businesses. These declarations include projections of economic growth and demand and supply of energy, in addition to information on competitive position, regulatory environment, potential growth opportunities and other subjects. Various factors can adversely affect the estimates and assumptions on which these declarations are based on.

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