Results Conference Call

2008

2008 Highlights

Captive market: stable versus 2007.

MARKET

Reduction of 0.53 p.p in non-technical energy losses in the year.

Net income of R$974.5 million, up 148.9% on recurring terms.

FINANCIAL RESULTS

EBITDA growth of 32.2% in 2008

Dividends: R$500 million, payout of 52.7% and yield of 9.7%

Cash generation of R$654.1 million before dividends. License granted to install PCH Paracambi.

GENERATION

Start to hire the Executive Project of the PCH Lajes and construction of tunnel 2.
Itaocara: Development of the Basic Engineering Project and Environmental Impact Studies (EIA-RIMA)

Energy Sales
Distribution
23,687 5,380
0.0% 0.5%

23,698 5,406
Captive Free

ELECTRIC ENERGY CONSUMPTION (GWh) TOTAL MARKET (Captive + Free)

18,307

-0.1%

18,292

2007

2008

ELECTRIC ENERGY CONSUMPTION(GWh)

YEAR
0.6% 7,344 7,388 -6.8%

-0.1%

18,307 1.7%
5,756 5,852 -0.6% 3,197 3,177

18,292

2,011

1,875

Residential

Industrial

Commercial 2007 2008

Other

Total

Collection Evolution
COLLECTION INDEX (12 Months Average) 99.4% PDD/GROSS REVENUE (Billed Sales)

98.2%

4.2%

4.1%

3.3%

94.1% 2.8% 3.0%

Dec 2006

Dec 2007

Dec 2008

2006

2007

2008

R$MM PDD

2007 199.5

2008 235.8

Variation 36.3

Non-recurring effect Adjusted PDD

86.91 286.4

(21.7) 214.1 (72.3)

Supervias PDD reversal Adjustment made in the provision calculation

Losses Fight Reduction

LOSSES EVOLUTION % Grid Load (12 months) 20.68% 20.64%

20.56%

20.47%

20.23%

14.74% 5.94%
Dec/07

14.68% 5.96%
Mar/08
Technical losses

14.57% 5.99%
Jun/08

14.4% 6.03%
Sep/08

14.21% Pass-through in the tariff: 19.15% 6.02%

Dec/08
Out of risk area 61% Risk areas 39% NON-TECHNICAL LOSSES PROFILE (2008)

Non-technical losses

Losses Fight New Technology

Centralized Electronic Meter - SMC

Individual Electronic Meter - SMI

Measurement Control Center - CCM

62,550

INSTALLATION EVOLUTION OF ELECTRONIC METERS

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

CCMs Opening

Losses Fight Energy Recovery Indicators

TOTAL ENERGY RECOVERY (GWh) INSPECTED CLIENTS NORMALIZED CLIENTS

290,404

282,981 88,084

144,611

42.7 72.2

-2.6%

64.2%

80.1%

130.0

2007

2008

2007

2008

2007
energy incorporation

2008

Investments
INVESTMENT (R$MM) 547

277

322

362

51.1%

2005

2006

2007

2008

MAIN INVESTMENTS
R$ mn Losses fight Distribution network development Quality improvement (structure optmization and preventive maintenance) Generation maintenance 2007 48.5 152.3 30.4 18.7 2008 156.0 165.4 64.8 24.8
difference

107.5 13.1 34.4 6.1

New generation projects

0.6

23.0

22.4

Net Revenue

NET REVENUE EVOLUTION (R$MM)

+3.3% p.a.

NET REVENUE (R$MM)

4,886

4,951

4,992

5,387

4,992
+7.9%

5,387

1,240
+19.0%
2005 2006 2007 2008 4Q07 Pro forma

1,475

4Q08

2007

2008

Operating Costs and Expenses

COST EVOLUTION (Non-manageable + manageable) (R$MM )
-1.9% p.a.

MANAGEABLE COSTS OF THE DISTRIBUTION BUSINESS (R$MM)

4,443

4,534

4,183

4,195 1,143 994

-13.1%

283
-49.1%
2005 2006 2007 2008 4Q07

144

4Q08

2007

2008

MANAGEABLE COSTS OF THE DISTRIBUTION BUSINESS

4Q07 1) PMSO 2) Depreciation 3) Provisions (152.0) (69.6) (61.4) 4Q08 (143.1) (61.8) 61.0 % -5.9% -11.1% 2007 (542.7) (301.8) (298.8) 2008 (505.4) (287.1) (201.2) % -6.9% -4.9% -32.7%

TOTAL (1+2+3)

(282.9)

(144.4)

-49.1%

(1,143.2)

(993.6)

-13.1%

Pro forma figures, not considering provisions recorded in 4Q07 It doesnt include profit sharing (PLR) In 2008 the provisions account was affected by the reversal of Braslights provision in the amount of R$133.8 million

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EBITDA
EBITDA (R$MM)
1,504

EBITDA PER SEGMENT* 2008

1,138
+32.2%

Distribution 85.8%

Generation 13.5%

493
244
+102.1%

Commercialization 0.7%
*It doesnt consider eliminations

4Q07

4Q08

2007

2008

ACCUMULATED IN THE YEAR* - R$MM

EBITDA Margin
EBITDA - 2008 Distribution Generation Commercialization 1,313.6 206.4 10.5 2007 20.4% 63.0% 13.6% 2008 25.8% 67.8% 13.4%

Consolidated

1,504.1

22.8%

27.9%

*It doesnt consider eliminations

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Net Income

1,074.3

851.3 285.4

133.8

974.5

148.9%
223.1

555.3

2007 Pro forma Net Income

Net effect tax credits

2007 Net Income without nonrecurring effects

2008 Net Income without nonrecurring effects

Net effect PIS/COFINS

Braslight effect

2008 Net Income

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Dividends
DIVIDENDS AND DIVIDEND YIELD*
9.7% 8.3%

8.2%

518
4.1%

500

351

203

Nov/07

Mar/08

Nov/08

Proposal for approval at the AGM

Dividend Yield Dividends Proposed Dividends Paid

* Based on the closing price of the previous day to the announcement

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Indebtedness
NET DEBT EVOLUTION 3,147
2,540

1,462

1,580

4.1

3.4

1.1

1.1

2005

2006

2007

2008

Net Debt

Net Debt / EBTIDA

(1) Net Debt = Total Debt (excludes pension fund liabilities) - Cash

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Indebtedness
AMORTIZATION* DEC/08 (R$ MILLION)
Maturity: 4.9 years Short Term 6% Longo Term 94%

125
2009
* Principal only

257
2010

166
2011

366
2012

432
2013

475
2014

307
After 2014

DEBT COST EVOLUTION

US$/Euro 5.3%*

CDI/Selic 73.3%

10.73%
9.42% 7.39% 17.03%
2005

7.62% 13.97%
2008

TJLP 21.4%

12.85%
2006 Nominal Cost

12.17%
2007 Real Cost

* Includes Hedge

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Contact Information
Ronnie Vaz Moreira
Executive Vice President and IRO

Ricardo Levy
Financial and IR Superintendent + 55 21 2211 2814 ricardo.levy@light.com.br

Cristina Guedes
IR Manager + 55 21 2211 2560 cristina.guedes@light.com.br

www.light.com.br

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Forward-Looking Statement
This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and international securities. 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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