1

Consumption growth and higher

profit despite the crisis
EBITDA of R$350 million rose 13.5%, net income rose
60.6% to R$168.3 million and consumption rose 1.6%
1


Light achieved consolidated net income of R$168.3 million in
1Q09, compared to R$104.8 million in 1Q08. The increase of 60.6%
is due mainly to growth of the market during the last year and also
the reduction of manageable costs in the distribution segment.
In the quarter consolidated net revenue totaled R$1,437.6
million, 9.3% above 1Q08. This growth is mainly the effect of 3.7%
growth in the captive market between the periods, combined with
an average tariff increase of 4.70% that went into effect November
7, 2008.
Consolidated EBITDA for the quarter was R$349.6 million,
13.5% above 1Q08, mainly as a result of increased net revenue.
The EBITDA margin for the quarter was 24.3% compared with
23.4% in 1Q08.
The Company ended 1Q09 with net debt of R$1,430.2 million, a
decline of 9.5% over December 31, 2008. This reduction is
explained by the increase in cash flow, combined with the regular
amortization of debt and corresponding interest payments. Our Net
debt/EBITDA leverage index was 0.9x at close of the quarter.





1
To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demand measured of free customers
Valesul, CSN and CSA were excluded as the exit of these customers to the core network is planned. In 1Q08, energy consumption of these customers
totaled 662 GWh and demand was 2,794 GW.
IR Contacts

Ronnie Vaz Moreira
Vice Chief Executive Officer
and IRO

Ricardo Levy
Financial and IR
Superintendent

Cristina Guedes
IR Manager


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


Conference Call

Date: 5/14/2009
Time: 3 pm (Brazil)
2 pm (US ET)
Phones:
Brazil:
+55 (11) 4688-6301
USA:
+1 (888) 700-0802
Other countries:+1 (786)
924-6977

Simultaneous translation
into English

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



Operational Highlights (GWh) 1Q09 1Q08 Var. %
Grid Load* 8,820 8,716 1.2%
Billed Energy - Captive Market 5,002 4,822 3.7%
Consumption in the concession area
1
5,589 5,502 1.6%
Transported Energy - TUSD
1
1,210 1,313 -7.8%
Sold Energy - Generation 1,262 1,211 -7.8%
Commercializated Energy (Esco) 112 132 4.2%
Financial Highlights (R$ MM)
Net Revenue 1,438 1,316 9.3%
EBITDA 350 308 13.5%
EBITDA Margin 24.3% 23.4% -
Net Income 168 105 60.6%
Net Debt** 1,430 1,549 -7.7%
* Captive market + losses + network use
** Financial Debt - Cash


2
Release Segmentation
Light S.A. is a holding company that controls wholly-owned subsidiaries that participate in three
business segments: electricity distribution (Light SESA), electricity generation (Light Energia) and
electricity trading/services (Light Esco). To increase the transparency of its results and enable investors
to make a better evaluation, Light also presents its results by business segment.
1
st
Quarter 2009 Results
1Q09 results are also adjusted to reflect the impacts of Law 11,638/07 on the results of the period,
pursuant to CVM Resolution 565/08, and also the reclassification of employee profit sharing (PLR) after
income tax, and thus it is no longer classified as costs and personnel expenses. For further
information, see Annex V of this release.

Operating Performance
Distribution
Total energy consumption in Lights concession area (captive
customers + free
2
) in 1Q09 was 5,589 GWh, and grew 1.6%
when compared to the same period in 2008 due to a
significant consumption increase in the captive market of
3.7%, which more than offset the decline in consumption of
industrial customers free.
Captive Customers
In the first quarter of 2009, consumption
billed in the captive market grew 3.7% when
compared to the same period last year, mainly
a result of consumption growth in the
residential and commercial classes. The
increase in consumption of these classes was
influenced by the higher temperature this
year, 1.9C above average during the first

2
To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demand measured of free customers
Valesul, CSN and CSA were excluded as the exit of these customers to the core network is planned. In 1Q08, energy consumption of these
customers totaled 662 GWh and demand was 2,794 GW.


Electric Energy Comsumption (GWh)
Total Market (Captive + Measured Free)
4,822
5,002
681
587
5,502 5,589
1Q08 1Q09
Captive Free
3.7%
-13.7%
1.6%
Electric Energy Consumption (GWh)
1
st
Quarter
4,822
810
1,533
451
2,027
5,002
823
1,582
433
2,163
Residential Industrial Commercial Others Total
1Q08 1Q09
3.7%
3.2%
6.7%
1.6%


3
quarter of 2008, despite the lower number of billing days in the low and high voltage, 0.5 and 1.6
days, respectively. Two free market customers returned to the captive market in the quarter, which
represented together in 2008, an average monthly consumption of 5 GWh.
The residential segment, which accounted for 43.2% of the captive market in the quarter, grew the
fastest at 6.7%, mainly explained by the higher average temperature recorded and the consequent use
of refrigeration appliances. The number of residential customers rose 1.3% to 3.6 million billed
customers with average monthly consumption of 198.4 kWh/month in this quarter, compared to 188.1
kWh/month in the same period of 2008.
Commercial segment consumption grew 3.2% in the quarter when compared to 1Q08 and represented
31.6% of the captive market this quarter. This segment was also influenced by higher average
temperatures in the period.
The industrial segment, which represented only 8.7% of the captive market, fell 4.0% versus the first
quarter of 2008. This decline is explained by lower industrial activity levels observed in the metal/metal
products, rubber and plastics sectors, and also by the interruption in Energia Plus billing due to the lack
of excess energy, resulting in a billing 12 GWh lower for this product. Not considering Energia Plus
billing in 1Q08, the reduction in consumption was only 1.4% year-on-year.
Network Use
3

Energy transported to free customers and concessionaires
amounted to 1,210 GWh this quarter, 7.8% below 1Q08. This
decline was caused by a 13.7% drop in free customers
consumption, in particular the steel industry, besides the return
of 3 customers to the captive market between the periods, 2 of
which occurred in 1Q09 that, together, represented a monthly
average consumption of approximately 13 GWh in 2008. The flow
of energy supplied to the concessionaires bordering Lights area
fell 1.5%.
Demand billed to free consumers and utilities grew 5.2% to
6,142 GW in this quarter, driven primarily by demand from
concessionaires, which rose 6.1%. Demand from free
customers also grew 3.7%, despite the economic crisis.
Because the composition of the free customers tariff is
principally driven by demand contracted, when considering a

3
To preserve comparability with the market approved by Aneel in the Tariff Review process, the energy and demand measured of free customers
Valesul, CSN and CSA were excluded as the exit of these customers to the core network is planned. In 1Q08, energy consumption of these
customers totaled 662 GWh and demand was 2,794 GW.
Billed Demand (GW)
Free Costumers and Utilities
2,172
3,665
5,837
2,253
3,890
6,142
Free Utility Total
1Q08 1Q09
3.7%
6.1%
5.2%
Electric Energy Transportation - GWh
Free Customers + Utilities
681
587
633
1,313
623
1,210
Free Utility Total
1Q08 1Q09
-13.7%
-1.5%
-7.8%


4
decline in volume of energy transported, the revenue of these customers was not significantly affected.
Energy Flow

Electric Energy Losses
Non-technical energy losses have a direct correlation
with the observed temperature - the higher the
temperature, the greater the consumption, resulting
from greater use of refrigeration appliances. This
effect is caused by the increase of illegal connections
and fraudulent consumption. This is an undesirable
consequence of good performance of the market.
Lights total losses over the grid load totaled 20.79% in the 12 months ended in March 2009,
representing a 0.37 p.p.
4
increase compared to the loss index in the end of 2008. Non-technical losses
over the grid load rose 0.24 p.p. The index was also affected by a decline in consumption of large
customers (who did not present non-technical losses), adversely impacting the grid load, the
denominator of the index.
Despite the rise in losses is important to consider the advances made in our efforts to combat losses.
Based on Lights internal models that predict losses explained by temperature, the forecast for the

4
The 2008 figure was revised in view of the correction of the grid load in December
Residential
89.9 2,163.0
CCEAR Billed Industrial
Light Energia Energy 433.2
88.4 Own load 5,001.8
Light Commercial
7,147.6 1,582.2
1,386.9 Others
7,289.4 2,145.7 823.5
3,595.1 Basic netw.
losses
Adjustment 0.0
1,566.7
562.3
(*) Others = Purchase in Spot - Sale in Spot.
PROINFA
OTHERS(*)
(CCEE)
DISTRIBUTION ENERGETIC BALANCE - GWh
NORTE FLU
(CCEE)
Required E.
(CCEE)
AUCTIONS
(CCEE)
141.8
ITAIPU
(CCEE)
Position: january-march 2009
Differences
Light Losses Evolution
12 months
6
,
8
8
5
6
,
7
4
3
6
,
8
0
8
6
,
7
9
1
6
,
8
1
9
14.68% 14.57% 14.44% 14.36% 14.60%
20.79% 20.64% 20.56% 20.51% 20.42%
Mar-08 Jun-08 Sep-08 Dec-08 Mar-09
GWh Losses
% Losses / Grid Load (Own + Transport)
Non-technical losses % Grid Load


5
increase in losses this quarter would have been approximately 172 GWh. This means that we partially
reduced loss growth based on our loss prevention efforts.
In the first quarter of 2009, conventional loss prevention measures including regular inspections and
customer standardization reached over 69,000 consumers, an increase of 32% over 1Q08.
The improvements implemented in the processes of energy recovery,
such as the negotiation of amounts owed for customers where fraud
was detected, caused our energy recovered in 1Q09 to rise 76% over
the prior year, totaling 40.1 GWh recovered. The number of customers
normalized (removal of irregularities found in inspections) rose 52%
since the number of inspections was stepped up, resulting in over
19,000 normalizations.
Network modernization continued in 2009. Our forecast is to complete
850 km of protected low-voltage network by the end of the year,
compared to 120 km in 2008.
Light will continue to invest in new technology projects to sustainably
reduce losses over the long term. These projects have generated an
attractive return, however, the scale of implementation and the still
pending ratification process of the measure system centralized by
Inmetro, has not been sufficient to impede loss growth in view of the high temperatures recorded in
1Q09.

Normalized Clients
Recovered Energy
GWh
12,660
19,29+
1Q0S 1Q09
22.8
+0.1
1Q0S 1Q09
76
52


6
Delinquency
Collections in the last 12 months represented
96.6% of commercial billing, 1.6 p.p. below the rate
recorded in 2008. The reduction in the collection
rate can be explained by: (i) the economic crisis
that caused retail customers credit conditions to
deteriorate. With this trend, payment of energy,
which has lower interest rates on balances and
lower fees compared to bank credit and credit cards,
has been damaged, (ii) reduction in the
consumption of large customers, also caused by the
crisis. With a decline in large customers as a
percentage of total billing, which have a lower
delinquency rate than retail customers, the total delinquency rate increased; (iii) stepping up of efforts
to reduce energy losses, with greater billing of past consumption. Once a past consumption installment
agreement is made, the payments cause a negative impact on the collection rate.
In the quarter, the collection rate was undermined by sales growth during the summer months, where
the effect of the lag between the date the invoice was issued and the bill due date on collection is
increased. This effect was mitigated in 1Q08, given the unusual temperature recorded in that period.
To mitigate this lag, the collection fee is also calculated taking into consideration the collection of the
month in relation to the billing recorded in the previous month, thus pairing the collection information
to its respective measure period. Based in this methodology, 1Q09 collection rate would be 96.6%
compared to a 99.2% in 1Q08, down 2.6 p.p. only.
The provision for past due accounts constituted in
1Q09 was 2.9% of the gross energy billed, or
R$59.8 million, a decrease of 0.4 p.p. in relation to
1Q08. Collections in the first quarter suffer cyclical
influence and tend to be lower at the beginning of
the year since consumers payments of various
accounts are due, in addition to Lights electric bills.

Quarterly colletion rate
R$ MM 1Q09 1Q08 1Q09 1Q08
Billing 2,176 1,971 2,053 1,924
Collection 1,983 1,908 1,983 1,908
Collection Tax 91.1% 96.8% 96.6% 99.2%
Lagged (30 days)
Collection rate
12 months moving average
95.6%
99.4%
98.2%
96.6%
Mar-07 Mar-08 Dec-08 Mar-09
PDD/Gross Revenue (Billed Sales)
2.9%
2.5%
3.3%
1Q08 4Q08 1Q09
R$ MM 1Q08 1Q09 Variation
PDD 60.3 59.8 (0.4)


7
Operating Quality
Since 2008 the Company has intensified its investments in the electricity distribution system, seeking
to improve the quality of its electricity supply and to increase the capacity of its distribution network.
This quarter investments in these items totaled R$13.0 million compared to R$27.2 million in 1Q08.
After a period of deterioration of quality indicators due to an increase in the number of scheduled
disconnections, the indicators have shown improvement compared to the same period in 2008, even in
similar weather conditions.
Investments in 2008, highlighting the replacement of the conventional network with space cable
(compressed MT network), and installation of remotely commanded keys to reduce interruption times,
along with a reduction in planned disconnections, were instrumental to improving our indicators. The
electrical system maintenance plan began to be monitored by a fully implemented SAP system module
providing better management and having a positive impact on the continuity of service.






Generation
Energy sold in the Regulated Procurement Environment (ACR) and Free (ACL) in 1Q09 was 1,039.5
GWh and 86.0 GWh, respectively. In the Regulated market, the volume of energy sold was 1.9% below
the same period in 2008, resulting from the allocation of demand for contracts by the distributors. In
the Free (ACL) market, the volume of energy traded fell 22.5% due to increased allocation of
hydrological hedge in 1Q08, since spot market prices seen during the first quarter were very high. An
increase spot market energy sales volume in 1Q09 was caused mainly by the occurrence of
hydrological conditions that were more favorable than those observed in 1Q08, generating a hydraulic
surplus for sale on the spot market.


ELC / EFC - 12 Months
5.73
7.21
6.22
9.70
10.95
6.96 EFC
ELC
2009 2008 2007
ELC - Equivalent Length of Interruption per Consumption Unit (hs)
EFC - Equivalent Frequency of Interruption per Consumption Unit (n.)
LIGHT ENERGIA (GWh) 1Q09 1Q08 %
Regulated Contracting Environment Sales 1,039.5 1,059.8 -1.9%
Free Contracting Environment Sales 86.0 110.9 -22.5%
Spot Sales (CCEE) 136.9 40.6 237.2%
Total 1,262.4 1,211.3 4.2%


8
Trading
In the first quarter of 2009, the Light Esco sold 111.8 GWh directly, a 15.2% drop in trading volume
compared to 1Q08. This decline is explained by the higher energy prices in 1Q08 in the spot market,
whose average price was R$275.9/MWh that altered the seasonality curve of purchase and sale
contracts by Light Esco.
In addition to direct sales, Light Esco also provided consulting services and represented free clients
before the CCEE. These activities included operations of around 273.4 GWh and 9 clients.
In February 2009, Light Esco participated in the 9th Adjustment Auction where it negotiated the sale of
15 MW average (Mar/09 to Dec/09) at an average price of R$ 145.77/MWh.
In the area of energy services and infrastructure, agreements for two projects were reached: one with
the Globo network, and another with the Quartier Ipanema condominium. The first is to construct a
138 kV substation and remodel the PROJAC cold water generation system. This project represents the
substantial increase of electric power consumption by Globo.
The second project is to replace the three existing Chillers with high energy efficiency new ones,
lowering electricity and maintenance costs, contributing to customer loyalty through the benefits of
power efficient applications for alternatives to natural gas and other sources, in addition to the
technological renovation that reduces impact on the environment.



Volume (GWh) 1Q09 1Q08 Var.%
Trading 111.8 131.8 -15.2%
Broker 273.4 358.9 -23.8%
Total 385.3 490.8 -21.5%


9
Financial Performance

Net Revenue
Consolidated
The net operating revenue totaled R$1,437.6 million in 4Q08, 9.3% higher than in 1Q08, mostly as a
combined effect of the increased billed volume in the captive market between the period, and the
higher tariff in force, the effects of the tariff review in November 2008, which adjusted Light's tariff up
by 4.70% in average.











Distribution
Net revenue of the distribution segment was R$1,369.8 millions
in the quarter, 11.0% above net revenue in 1Q08. The increase
was principally due to consumption growth of 1.6% in the total
market, aligned with a 4.7% rise in the average tariff.
Consumption growth in the residential and commercial segments
stands out, which represented 79% of revenue from the captive
market.
Net Revenue (R$ MM) 1Q09 1Q08 Var. %
Distribution
Billed consumption 1,243.0 1,130.0 10.0%
Network use (TUSD) 87.1 96.6 -9.9%
Short-Term (Spot) - 1.8 -
Others 39.7 5.5 627.3%
Subtotal (a) 1,369.8 1,233.9 11.0%
Generation
Generation Sale 65.1 76.9 -15.3%
Short-Term (Spot) 5.2 7.8 -32.7%
Others 1.3 1.1 24.4%
Subtotal (b) 71.7 85.7 -16.4%
Comercialization
Energy Sales 13.5 27.8 -51.4%
Others 4.4 2.1 110.4%
Subtotal (c) 17.9 29.9 -40.1%
Others and Eliminations (d) (21.8) (33.9)
Total (a+b+c+d) 1,437.6 1,315.7 9.3%
(2) Free and regulated contracting environment
(3) CCEE Short-Term Market
(1) It includes "Not Billed", which represents the energy consumption of the period
but billed in the next period
Net Revenue by Class - Captive
R$ MM - 1Q09
Residential
47%
Industrial
8%
Commercial
32%
Others
13%
398
586
101
159
Electric Energy Consumption GWh - Captive
1Q09
Residential
43%
Industrial
9%
Commercial
32%
Others
16%
2,163
823
1,582
433


10
It is worth mentioning that once the market ratified by Aneel in the tariff Review process did not take
into consideration energy and CSN demand, Valesul and CSA due to its planned leaving to the core
network, any change in the market of these customers will be neutral on total revenue of the
distributor. Given lower consumption and demand of CSN and Valesul this quarter, a regulatory asset
has been formed, distributed among other lines of revenue, which fully compensates this reduction.

Generation
Net revenue in the quarter was R$71.7 million, 16.4% below 1Q08. This reduction was due to lower
energy sales volume in the Free Market (ACL) and Regulated Environment (ACR), that together
dropped a total of 3.9%. Lower volume sold in the regulated environment was a result of the decision
to allocated contract demand to the distributors, with reduced volume in this quarter, and was partially
offset by higher contracts prices because of the inflation adjustment. The decline in revenue from the
free market is a consequence of a smaller energy allocation (hydrological hedge) in this quarter when
compared to 1Q08 due to the higher relative prices prevalent last year in the spot market, whose
average price was R$ 275.9/MWh.

Trading
Net revenue in the quarter of R$17.9 million fell 40.1% when compared to 1Q08. This reduction is a
function primarily of lower direct sales volume in this quarter versus 1Q08, due to the difference in the
seasonality curve of sale contracts with lower allocation this quarter compared to the same quarter in
2008. Besides lower sales, a R$200.3/MWh drop in the average CCEE energy price (spot) also
adversely affected revenue from this segment.
Costs and Expenses

Consolidated

Consolidated Operating Costs and Expenses

In the first quarter of 2009, in particular due to the 10.7% rise in non-manageable distribution costs,
operating costs and expenses were 7.1% above the same period last year. To a lesser extent,
expenses rose R$10.0 million this quarter from a provision for the Stock Option Plan, which affected
the personnel account of Light SA, whereas no amount had been provisioned in 1Q08.



11



Distribution
In the quarter, costs and expenses of the energy distribution business were 6.1% above 1Q08 as
shown in the table below. The increase was caused by a 10.7% increase in non-manageable, pass-
through costs and expenses in the fee, and in spite of a 7.2% decline in manageable costs and
expenses.

Non-Manageable Costs and Expenses
In the first quarter of this year, non-manageable costs were
R$874.7 million. The 10.7% increase was mainly because
the cost of purchased energy plus charges (excluding the
effect of CVA) rose 12.1% when compared to 1Q08.
Purchased energy rose mainly due to: (i) the Itaipu rate
rose approximately 10% in dollar terms, plus dollar
appreciation of 35.0% between the periods, (ii) TPP Norte
Fluminense (Norte Flu) average price increase of 26.2%
reflecting the higher compensatory surcharge for gas (gas
CVA) impacted by the appreciation of the dollar, (iii) 6.4%
increase in auction contracts in Nov/08 impacted by inflation
of 6.0% (IPCA - Nov07 to Oct/08) and the entry of new
products in the 1st and 2nd thermal energy auction (T-15)
and hydro (H-30), and (iv) increases in charges of 16.5%.
Operating Costs and
Expenses (R$ MM)
1Q09 1Q08
(%)
Distribution (1,127.1) (1,061.8) 6.1%
Generation (33.0) (30.7) 7.5%
Comercialization (15.2) (24.6) -38.4%
Others and Eliminations 10.9 30.4 -63.9%
Consolidated (1,164.3) (1,086.8) 7.1%
Costs and Expenses (R$ MM) 1Q09 1Q08 (%)
Non-Manageable Costs and Expenses (874.7) (790.0) 10.7%
Purchased Energy (Includes charges) (896.6) (800.0) 12.1%
CVA 27.5 14.3 91.8%
Others (Mandatory Costs) (5.6) (4.4) 28.4%
Manageable Costs and Expenses (252.4) (271.8) -7.2%
PMSO (116.7) (123.1) -5.1%
Personnel (47.2) (48.5) -2.7%
Material (3.9) (3.6) 6.1%
Outsourced Services (53.3) (57.8) -7.8%
Others (12.3) (13.1) -5.8%
Provisions (65.5) (76.1) -13.9%
Depreciation (70.1) (72.7) -3.5%
Total Costs and Expenses (1,127.1) (1,061.8) 6.1%
Purchased Energy - R$ MM
1st Quarter
800.0
896.6
32%
31%
24%
26%
16%
20%
15%
13%
15%
7%
1Q08 1Q09
AUCTIONS NORTE FLU ITAIPU OTHERS* SPOT
*No inclui custos de CVA
Purchased Energy - GWh
1st Quarter
6,878
7,289
23% 21%
21% 19%
48%
49%
8%
7%
2%
3%
1Q08 1Q09
NORTE FLU ITAIPU AUCTIONS SPOT OTHERS


12

The average cost of purchased energy, excluding spot purchases, was R$109.9/MWh in 1Q09 while in
1Q08 the average cost of purchased energy was R$92.5/MWh.






Manageable Costs and Expenses
Operating manageable costs and expenses (personnel, materials, outsourced services, provisions,
depreciation and others) totaled R$252.4 million in 1Q09, a 7.2% drop between the periods. This result
can be explained mainly by lower provisions, 13.9% below 1Q08, and by the 5.1% reduction in costs
and manageable expenses comprising PMSO.
The costs and expenses related to staff, equipment, services and others amounted to R$116.7 million
in the quarter, 5.1% below the R $ 123.1 million registered in 1Q08. This result was due mainly to a
7.8% decline in the cost of third party services, or R$4.5 million, due to improved management of
contracts and renegotiation of IT services. Personnel costs were also reduced by 2.7% compared to
1Q08.
This quarter provisions (Past dues and other provision for contingencies) fell R$10.6 million due
primarily to a review of the methodology for provisioning of labor claims resulting in fewer new
provisions. We provisioned R$59.8 million for past due accounts representing 2.9% of gross energy
billing, a reduction of 0.4 p.p. in relation to the provision made in the same period of 2008.
R$ mn 1Q09 1Q08
CVA Formation 68.8 32.4
Energy 55.1 20.7
Itaipu Transport - -
Charges 13.7 11.7
CVA Amortization (41.3) (18.0)
Energy (11.6) (18.6)
Itaipu Transport (1.3) 0.2
Charges (28.4) 0.4
Net CVA 27.5 14.4


13
Generation
In 1Q09 Light Energys costs and expenses were R$33.0 million, 7.5% above 1Q08, mainly due to the
19.2% increase in CUSD costs (use of the distribution system), a reflex of the adjustment of
extraordinary energy purchase carried out in December 2008 and the 19.6% increase in other costs,
reflecting the 22.7% higher cost of hydro resources royalties.
Expenses were composed as follows: CUSD (37.9%), staff (12.0%), materials and outsourced services
(10.4%), other and depreciation (39.8%). In 1Q09, the cost of personnel per MWh was R$12.46/MWh,
while in 1Q08 the amount was R$11.90 per MWh.

Trading
In 1Q09, costs and expenses totaled R$15.2 million, 38.4% below the same period in 2008. This
reduction was mainly due to lower volume of energy purchased by Light Energy in this quarter, since it
allocated its energy from the hydrological hedge in a linear fashion this year, making less energy
available for sale through the market. In 1Q08 the strategy was to allocate more energy to the
hydrological hedge due to the high prices in the spot market, whose average price was R$ 275.9/MWh
in that period.


Operating Costs and Expenses - R$ MM 1Q09 1Q08 (%)
Personnel (4.0) (4.7) -16.2%
Material and Outsourced Services (3.4) (3.3) 2.9%
Purchased Energy (CUSD) (12.5) (10.5) 19.2%
Depreciation (6.1) (6.3) -3.4%
Others (includes provisions) (7.1) (5.9) 19.6%
Total (33.0) (30.7) 7.5%
Operating Costs and Expenses - R$ MM 1Q09 1Q08 (%)
Personnel (0.5) (0.4) 16.7%
Material and Outsourced Services (2.3) (1.1) 115.0%
Purchased Energy (12.1) (22.8) -47.1%
Depreciation (0.2) (0.2) -25.7%
Others (includes provisions) (0.1) (0.0) 68.1%
Total (15.2) (24.6) -38.4%


14
EBITDA
Consolidated
Consolidated EBITDA rose 13.5% year-on-year, totaling in the
first quarter of 2009 R$349.6 million. This result is mainly due to
higher net revenue, arising from the growth in captive market
consumption, combined with the effects of the tariff review, which
readjusted Lights tariff by 4.70%, on average, effective as of
November 2008, in addition to the reduction in manageable costs
in the distribution segment. Consolidated EBITDA margin rose 0,9
p.p. between the periods, rising from 23.4% in 1Q08 to 24.3%
this quarter.







EBITDA in the distribution segment grew 27.8% and therefore its share in consolidated EBITDA rose to
86.8% of the total. The generation and marketing segments represented 12.4% and 0.8% of EBITDA,
respectively.



EBITDA per segment *
1Q09
Distribution
86.8%
Commercial.
0.8%
Generation
12.4%
*Does not consider eliminations
EBITDA - 1Q09/1Q08 - R$ Million
308
(4)
350
35
11
EBITDA - 1Q08 Net Revenue Manageable Costs
(PMSO)
Provisions EBITDA - 1Q09
13,5%
Consolidated EBITDA- R$ MM 1Q09 1Q08 Var.%
Distribution 312.8 244.7 27.8%
Generation 44.7 61.3 -27.1%
Commercialization 2.9 5.5 -47.3%
Others and eliminations (10.8) (3.6) 200.0%
Total 349.6 308.0 13.5%
Margem EBITDA (%) 24.3% 23.4% -


15
Distribution
EBITDA of the Distributor in 1Q09 totaled R$312.8 million, 27.8% above the same period last year.
Higher EBITDA was the result of higher energy billed and consumption growth of 3.7% and a 7.2%
decline in manageable costs. EBITDA margin for the quarter was 22.8%, 3.0 p.p. above1Q08.
Generation
Light Energy's EBITDA fell 27.1% compared to 1Q08, totaling R$44.7 million. This reduction is mainly a
result of the reduction in net revenue of 16.4%, resulting from the choice to follow a more linear
seasonality curve for non-purchased energy this year, compared to the strategy of increased allocation
in the first quarter in 2008. Another factor was the lower spot sales prices during the quarter, affecting
revenue in the free and spot segments. EBITDA margin for the quarter was 62.4%, 9.1 p.p. below the
amount recorded in 1Q08.

Trading
EBITDA totaled R$2.9 million this quarter, compared to the R$5.5 million registered in 1Q08, a decline
of 47.3%. The reduction can be explained mainly by the drop in the volume of energy sold directly,
according to the lower availability of energy from Light Energy, and also lower prices for short term
operations. EBITDA margin for the quarter was 16.3%, 2.2 p.p. less than the margin recorded in 1Q08.



16
Consolidated Financial Result

Financial result in the quarter was a negative R$24.8 million, compared to a negative R$81.9 million in
the first quarter of 2008, an improvement of 69.8%. A reduction of 14.4% in financial income was
more than offset by a reduction of 47.8% in financial expenses.
Financial revenue in the quarter was R$46.3 million, 14.4% below the result recorded in 1Q08. This
decline was mainly due to lower income from monetary variations since as of February 2008 the RTE
rate adjustment was no longer allowed.
The financial expense of R$71.0 million fell by 47.8% compared to 1Q08, due mainly: (i) lower
monetary update to Braslight liabilities, by the drop in the rate of inflation (IGP - DI), to which the
balance of our debt is indexed, (ii) by adjusting the principal balance in dollars of the value of the
collateral (security - reducing debt) of National Treasury debt, creating a financial income that
exceeded the financial expense coming from National Treasury gross debt caused by the recovery of
the dollar in the period, and (iii) by adjusting the present value of long-term receivables, other financial
income.
Financial Result - R$ MM
1Q09 1Q08 (%)
Financial Revenues 46.3 54.1 -14.4%
Income - financial investments 17.4 12.8 35.7%
Monetary and Exchange variation 11.9 18.4 -35.5%
Swap Operations (1.1) 1.6 -168.6%
Others Financial Revenues 18.1 21.2 -14.9%
Financial Expenses (71.0) (136.0) 47.8%
Interest over loans and financing (51.9) (54.7) 5.0%
Monetary and Exchange variation (13.9) (36.2) 61.6%
Braslight (private pension fund) (9.2) (38.8) 76.3%
Swap Operations - (3.0) 100.0%
Others Financial Expenses 4.0 (3.2) 225.1%
Total (24.8) (81.9) 69.8%


17
Indebtedness
The Companys gross debt on March 31, 2009 was R$2,166.5 million, similar to the amount on
December 31, 2008, even though there was a debt increase in the quarter of approximately R$22.7
million. This debt was taken on to finance the companys investment program. However, when
compared to March 31, 2008, gross debt rose by 11.5%, or R$222.9 million since the company took on
new debt of R$273.6 million in the last 12 months whose primary purpose was to finance investment
projects.
The net debt of R$1,430.2 million was lower by 9.5%
and 7.7% compared to December 2008 and March
2008, respectively because of strong cash flow. The
net debt / EBITDA ratio was reduced from 1.1 x in
December 2008 to 0.9 x.
Our debt position continues to be comfortable, with
an average term to maturity of 4.4 years, and
reduction of the average cost of debt denominated in
dollars, which was 2.0 p.p. cheaper for December
2008, now at 12.0% pa. The average cost of foreign
currency debt of US$+5.3% pa remained stable when
compared to December 2008. At the end of March,
only 7.1% of total debt was denominated in foreign
currency. After the effect of foreign currency hedging
operations, our net exposure is only 3.8% of the
total. Our policy is to hedge is to protect the next 24 months of cash flow (principal and interest)
through the use of non cash swap instruments with first line financial institutions.
R$ MM Short Term % Long Term % Total %
Brazilian Currency 187.8 8.7% 1,825.8 84.3% 2,013.6 92.9%
Debenture 1st Issue 15.6 0.7% 15.6 0.7%
Debenture 4th Issue 0.0 0.0% 0.1 0.0% 0.1 0.0%
BNDES Rationing 84.4 3.9% 371.5 17.1% 455.9 21.0%
Debenture 5th. Issue 53.8 2.5% 920.8 42.5% 974.6 45.0%
CCB Bradesco 26.8 1.2% 450.0 20.8% 476.8 22.0%
ABN Amro 0.9 0.0% 80.0 3.7% 80.9 3.7%
Financial operations "Swap"
Others 6.3 0.3% 3.3 0.2% 9.6 0.4%
Foreing Currency 33.6 1.6% 119.3 5.5% 152.9 7.1%
National Treasury 25.4 1.2% 117.2 5.4% 142.6 6.6%
Import Financing 6.5 0.3% 1.9 0.1% 8.4 0.4%
BNDES Import Fin. 1.8 0.1% 0.1 0.0% 1.9 0.1%
Gross Debt 221.4 10.2% 1,945.0 89.8% 2,166.5 100%
Cash 736.3
Net Debt (a) 1,430.2
Braslight (b) 93.8 924.2 1,018.0
Net Regulatory Asset (c) 167.5 215.1 382.6
Adjusted Net Debt (a+b-c) 2,065.6
Net Debt (ex-Braslight)
(R$ million)
1,549
1,580
1,430
Mar-08 Dec-08 Mar-09
Indebtedness
(Brazilian Currency x Foreign)
91.9% 92.1% 92.9%
8.1% 7.9% 7.1%
Mar-08 Dec-08 Mar-09
Brazilian Currency Foreign Currency


18

Net income
Light reported net income of $ 168.3 million this quarter, an increase of 60.6% compared to our 1Q08
results of R$104.8 million. This is mainly the result of 13.5% higher EBITDA and 69.8% improvement
in financial results between the periods. There were no non-recurring effects in this quarter.








Capital Expenditures
In 1Q09, the Company invested R$79.9 million in
investment projects, with highlight to the
development of distribution networks (new
connections, capacity increases and corrective
maintenance) and quality improvements (structural
optimization and preventive maintenance), which
absorbed R$52.8 million; and loss-prevention
initiatives totaling R$19.1 million. In the generation
segment, investment totaled R$4.3 million,
including the three new projects, in addition to
maintenance of the existing generation complex. The investment plan foresees acceleration of the
amounts to be invested during the year, with a lower concentration in the first quarter of the year.
Net Income - 1Q09
R$ Million
104.8
168.3
57.2
41.6
(26.1)
(9.2)
1Q08 EBITDA Financial
Result
Taxes Others 1Q09
60.6%
CAPEX (R$ MM)
92.9
72.0
97.3
79.9
2.3
2.5
4.3
2.1
1.1
0.0
1Q08 1Q09
Distribution Administration Generation Commercial.


19

Projects to Expand Generation Capacity
During the first quarter of 2009 Light worked strongly towards its strategy to expand in the generation
segment where the following developments occurred:
Issued by the INEA ASV - Authorization for Removal of vegetation for the construction of PCH
Paracambi. This permit is the last approval required for the early deployment of PCH. The project will
start in the first half of this year, with a construction period of 24 months. The bidding for selection of
EPC is in its final phase;
The deployment of PCH Lajes is being initiated by the construction of its water supply system
through the civil works of the tunnel 2 and the supply of hydromechanical equipment related to it. The
required environmental permits have been obtained, and the Basic Engineering Design of the plant is
in the process of approval with the ANEEL;
HP.P. Itaocara is in the development of Environmental Impact Studies (EIA / RIMA) and Basic
Engineering Design project that seeks to bring the environmental demands of the region affected by
the venture. The entry into operation is planned for 2013, with construction period of 36 months;
The consortia whose contracts were signed with the constitution Cemig in 2008, to the construction
and operation of hydroelectric projects PCH Paracambi and UHE Itaocara are in process of approval
with the ANEEL.
Besides these projects, the Company is considering entry into other projects for generation, which
together ensure the growth of installed generation capacity of at least 50%.


















20
Cash Flow












In 1Q09, Lights cash flow was R$146.1 million, compared to a negative R$95.9 million in 1Q08.
The cash flow this quarter, in which no dividends were paid, was 35.9% above the cash flow before
payment of dividends in 1Q08 which had totaled R$107.5 million. The result is R$38.6 million higher
due mainly to an increase in net income and net income on a cash basis, which grew 60.6% and 25.0%
respectively.
In the financing activities, there was a decline of 82.1% between quarters, resulting from the payment
of dividends of R $ 203.5 millions in March of 2008, covering the year 2007.
Net cash used in investing activities was 16.1% above the same period of 2008. This growth is
explained mainly by the purchase of equipment that has not been activated on the network, and also
by the increase in capital funding for the Companys investment plan.


R$ MM 1Q09 1Q08
Cash in the Beginning of the Period {1) 590.1 490.2
Net Income 168.3 104.8
Provision for Delinquency 60.2 60.3
Depreciation and Amortization 76.3 79.1
Net !nterests and Nonetary variations 42.9 53.1
Braslight 9.2 38.8
Atualization f provisions reversal 5.1 15.9
Others 65.6 (9.8)
Net Income Cash Basis 427.6 342.0
Working Capital (147.9) (47.9)
Regulatories (RTE, CvA e Bubble) 20.6 (5.4)
Contingencies (17.2) (14.7)
Taxes 28.3 41.0
Others (12.9) (54.8)
Cash from Operating Activities {2) 298.6 260.2
Dividends Payment - (203.5)
Finance Obtained 22.7 -
Debt Service and Amortization (70.2) (62.3)
Financing Activities {3) (47.5) (265.8)
Share Participations - -
Concession !nvestments (110.6) (92.0)
Deferred Aplications 5.7 1.6
Investment Activities {4) (104.9) (90.4)
Cash in the End of the Period {1+2+3+4) 736.3 394.3
Cash Generation {2+3+4) 146.1 {95.9)


21


Corporate Governance and the Capital Markets
On March 31, 2009, the capital stock of Light S.A. comprised 203,933,778 common shares, with no par
value. The controlling group, Rio Minas Energia (RME), retains 52.1% of the capital stock.









The Company's shares have been listed on Bovespa's Novo Mercado since July 2005, in line with the
best corporate governance practices and with the principles of transparency and equity, in addition to
granting special rights to minority shareholders. Light S.A. shares are listed on the Ibovespa, Itag, IGC,
IEE, IBrX and ISE indexes.
Lights Board of Directors is formed by 11 members, 2 of which are elected independently. The
following 5 committees support the Board of Directors: Finance, Management, Audit, Human
Resources, and Governance and Sustainability.
In the Board of Directors meeting that took place on April 3, 2009, Mr. Eduardo Borges de Andrade was
elected to the position of President and Mr. Aldo Floris to the position of Vice-President of the Board of
Directors of Light S.A., both with a one year mandate.
Lights Board of Directors has 11 members, two of them elected independently. There are five
committees to help the Board of Directors: Finances, Management, Audit, Human Resources and
Governance and Sustainability.
Countrys
biggest
individual
electricity
distributor

Andrade Gutierrez
Groups division that
invests in public
services concession
Brazilian private
investors group
(includes Brasligt)
Holding that
controls
CEMAR.
AGC
Andrade Gutierrez
Concesses
LUCE
LUCE do Brasil
Fundo de Investimento
em Participaes
EQUATORIAL
Equatorial Energia
RME
Rio Minas Energia
Participaes S.A.
LIGHT S.A.
25% 25% 25% 25%
52.1%
BNDESPAR
MARKET
33.6%
14.3%
Free Float : 47.9%
CEMIG
Companhia Energtica
de Minas Gerais


22
At the General and Extraordinary Assembly on March 18, 2009 the shareholders approved the financial
statements related to the 2009 results as well as the proposal for distribution of dividends in the
amount of R$499,673,756.10, or R$2.45 per share, referring to the results verified in 2008. The first
payment of dividends of R$2.00 per share was realized on April 2, 2009, and the second, of R$0.45 per
share is scheduled for November 27, 2009. Shareholders also approved the installation of a Fiscal
Council at the Company, with a one year mandate, which will terminate at the next General Assembly
where the results of 2009 will be submitted for approval.

The IEE (Electric Power Index of the Bovespa) was up 9.4%, in line with the 9,0% appreciation of the
Ibovespa in the first quarter of the year. Lights shares closed the quarter with an appreciation of
11.9%, with an average daily trading volume of R$5.8 million. The graph below shows the evolution of
Lights share since RME took control on August 10, 2006.

Note: shares quotations are dividends adjusted.

Light x Ibovespa x IEE
08/10/06 = 100 at 04/30/09
80
100
120
140
160
180
200
220
240
A
u
g
-
0
6
S
e
p
-
0
6
O
c
t
-
0
6
N
o
v
-
0
6
D
e
c
-
0
6
J
a
n
-
0
7
F
e
b
-
0
7
M
a
r
-
0
7
A
p
r
-
0
7
M
a
y
-
0
7
J
u
n
-
0
7
J
u
l
-
0
7
A
u
g
-
0
7
S
e
p
-
0
7
O
c
t
-
0
7
N
o
v
-
0
7
D
e
c
-
0
7
J
a
n
-
0
8
F
e
b
-
0
8
M
a
r
-
0
8
A
p
r
-
0
8
M
a
y
-
0
8
J
u
n
-
0
8
J
u
l
-
0
8
A
u
g
-
0
8
S
e
p
-
0
8
O
c
t
-
0
8
N
o
v
-
0
8
D
e
c
-
0
8
J
a
n
-
0
9
F
e
b
-
0
9
M
a
r
-
0
9
A
p
r
-
0
9
104% Light
27% Ibovespa
58% IEE
R$/share
08/10/06 11.67
04/30/09 23.82
2008
IEE -12%
IBOV -41%
LIGT3 -14%
2009
IEE 23%
IBOV 26%
LIGT3 20%
BOVESPA (spot market) - LIGT3
Daily Average 1Q09 4Q08 1Q08
Number of shares traded (Million) 240,59 232,41 248,56
Number of Transactions 557 582 483
Traded Volume (R$ Million) $5,8 $5,1 $5,8
Quotation per lot of 1000 shares: $22,18 $19,82 $18,51
Share Valuing 11,9% 0,3% -19,3%
IEE Valuing 9,4% -6,7% -2,6%
Ibovespa Valuing
9,0% -24,2% -4,6%


23

Recent Events
Payment of Dividends: the AGM held on March 18, 2009 approved the payment of dividends
related to the year 2008, in the amount of R$499.6 million. The payment was divided into two
installments, the first of which amounting to R$407.9 million, or R$2.00/share, started on April 2,
2009, and the second, in the amount of R$91.8 million, or R$0.45/share, is scheduled for
November 27, 2009.
Authorization for the Removal of Vegetation (ASV) for PCH Paracambi: on April 6 the
INEA issued an authorization for the removal of vegetation for the construction of PCH Paracambi.
This was the last necessary license to execute the construction works of the PCH, with conclusion
forecasted for the end of this semester.
Disclosure Program
Teleconference
Brazil: (55) 11 - 4688-6301
USA: +1(888)700 0802
Other countries: +1 (786) 924-6977
Access code: Light
Conference Call - Dial number:
Schedule
05/14/2009, tuesday, at 3:00 p.m. (Braslia) and at 2:00 p.m. (Eastern time),
with simultaneous translation to English
Webcast: link on site www.light.com.br (portuguese and english)
Access conditions:

Disclaimer
The information on the Companys operations and its Managements expectations regarding its future performance was not
revised by independent auditors.
Forward-looking statements are subject to risks and uncertainties. These statements are based on 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 of the Company's Board of Directors and Officers. Exceptions 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 might or might not occur. Future results and creation of value to shareholders might significantly differ from
the ones 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.


24

EXHIBIT I
Statement of Income by Company - R$ million

LIGHT SESA 1Q09 1Q08 %
Operating Revenue 2,242.5 1,971.3 13.8%
Deductions from the operating revenue (872.7) (737.4) 18.4%
Net operating revenue 1,369.8 1,233.9 11.0%
Operating expense (1,127.1) (1,061.8) 6.1%
Operating result 242.7 172.1 41.0%
EBITDA 312.8 244.7 27.8%
Equity equivalence - 11.7 -
Financial Result (19.7) (83.4) 76.4%
Other Operating Incomes 6.1 19.3 -68.4%
Other Operating Expenses (0.8) (1.5) -43.4%
Result before taxes and interest 228.3 118.3 93.0%
Net Income 155.4 75.5 105.9%
EBITDA Margin
22.8% 19.8% -
LIGHT ENERGIA 1Q09 1Q08 %
Operating Revenue 82.4 97.6 -15.6%
Deductions from the operating revenue (10.7) (11.9) -9.6%
Net operating revenue 71.7 85.7 -16.4%
Operating expense (33.0) (30.7) 7.5%
Operating result 38.6 55.0 -29.8%
EBITDA 44.7 61.3 -27.1%
Equity equivalence - - -
Financial Result (6.1) (10.5) 41.8%
Other Operating Incomes - - -
Other Operating Expenses - - -
Result before taxes and interest 32.5 44.5 -26.9%
Net Income 21.0 28.8 -27.2%
EBITDA Margin
62.4% 71.5% -
LIGHT ESCO 1Q09 1Q08 %
Operating Revenue 22.6 35.6 -36.6%
Deductions from the operating revenue (4.7) (5.7) -17.7%
Net operating revenue 17.9 29.9 -40.1%
Operating expense (15.2) (24.6) -38.4%
Operating result 2.8 5.3 -48.2%
EBITDA 2.9 5.5 -47.3%
Equity equivalence - - -
Financial Result 0.2 0.2 -12.9%
Other Operating Incomes - - -
Other Operating Expenses - - -
Result before taxes and interest 3.0 5.5 -46.0%
Net Income 1.9 3.1 -39.1%
EBITDA Margin
16.3% 18.5% -


25

EXHIBIT II
Statement of Consolidated Income




Consolidated - R$ MM 1Q09 1Q08
OPERATING REVENUE 2,325.6 2,070.6
DEDUCTIONS FROM THE REVENUE (888.1) (754.9)
NET OPERATING REVENUE 1,437.6 1,315.7
OPERATING EXPENSE (1,164.3) (1,086.8)
Personnel (62.1) (54.1)
Material (4.5) (3.9)
Outsourced Services (58.8) (62.3)
Purchased Energy (872.0) (785.2)
Depreciation (76.3) (79.1)
Provisions (65.6) (76.1)
Others (25.1) (26.1)
OPERATING RESULT() 273.2 228.9
EBITDA () 349.6 308.0
FINANCIAL RESULT (24.8) (81.9)
Financial Income 46.3 54.1
Financial Expenses (71.0) (136.0)
Other Operating Incomes 6.1 19.3
Other Operating Expenses (0.8) (1.5)
RESULT BEFORE TAXES AND INTEREST 253.7 164.8
SOCIAL CONTRIBUTIONS & INCOME TAX (33.6) (63.0)
DEFERRED INCOME TAX (44.6) 10.8
PLR (7.2) (7.9)
NET INCOME
168.3 104.8
() 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


26

EXHIBIT III
Consolidated Balance Sheet


Consolidated Balance Sheet - R$ MM
ASSETS 3/31/2009 12/31/2008
Circulating 3,332.1 3,351.4
Cash & Cash Equivalents 736.3 590.1
Credits 2,277.0 2,251.5
Inventories 19.9 18.6
Others 298.9 491.2
Non Circulating 6,198.8 6,110.6
Realizable in the Long Term 1,806.2 1,756.7
Miscellaneous Credits 1,381.7 1,406.6
Others 424.5 350.1
Permanent 4,392.6 4,353.9
Investments 18.6 13.6
Net Fixed Assets 4,097.2 4,059.4
Deferred Charges 0.0 0.0
Intangible 276.8 281.0
Total Assets 9,530.9 9,462.0
LIABILITIES 3/31/2009 12/31/2008
Circulating 2,117.9 2,188.9
Loans and Financing 115.3 93.7
Debentures 46.0 33.6
Suppliers 550.0 486.2
Taxes, Fees and Contributions 145.5 230.5
Dividends to pay 499.6 499.6
Provisions 174.6 184.0
Others 586.8 661.3
Non Circulating 4,431.1 4,469.4
Long-Term Liabilities 4,431.1 4,469.4
Loans and Financing 1,024.1 1,046.6
Debentures 920.9 945.5
Provisions 1,010.2 998.5
Others 1,475.8 1,478.8
Outcome of future performance 0.0 0.0
Net Assets 2,982.0 2,803.7
Realized Joint Stock 2,225.8 2,225.8
Capital Reserve 32.4 22.5
Legal Reserve 103.8 103.8
Profits Retention 451.7 451.7
Accumulated Profit/Loss of Exercise 168.3 0.0
0.0 0.0
Total Liabilities
9,530.9 9,462.0




27
EXHIBIT IV
Regulatory Assets and Liabilities


Light Figures










ATIVO REGULATRIO R$ MM
31/3/2009 31/12/2008 31/3/2009 31/12/2008
Consumidores, Concessionrias e Permissionrias 52,5 68,0 - -
Reajuste Tarifrio - TUSD (includo na tarifa) 52,5 68,0 - -
Despesas Pagas Antecipadamente 220,9 381,6 216,4 125,1
CVA 146,1 222,2 216,4 125,1
Outros Regulatrios 18,0 27,5 - -
Parcela A 56,8 131,9 - -
Total 273,5 449,6 216,4 125,1
PASSIVO REGULATRIO R$ MM
Passivos Regulatrios (105,9) (160,7) (1,3) (1,7)
CVA (94,9) (143,9) (1,3) (1,7)
Outros Regulatrios (11,0) (16,7) - -
Total (105,9) (160,7) (1,3) (1,7)
TOTAL 167,5 288,9 215,1 123,4
Curto Prazo Longo Prazo
OPERATING INDICATORS Mar-09 Mar-08 Var. %
N of Consumers (thousands) 3,946 3,901 1.1%
N of Employees 3,725 3,773 -1.3%
Average distribution tariff - R$/MWh 414.4 393.3 5.4%
Average distribution tariff - R$/MWh (w/out taxes) 282.6 267.6 5.6%
Average energy purchase cost R$/MWh 106.9 101.0 5.8%
Generation Capacity (MW) 855 855 -
Assured Energy (MW) 537 537 -
Net Generation (GWh) 1,534 1,370 12.0%
Charge Factor 66.5% 66.1% -
Includes net energy purchase/sell in the spot market


28
EXHIBIT V

According to CVM Rule 506, 1Q08 results are being presented again to reflect the impacts of Law
11,638/07, for better comparison purposes with 1Q09 information. We are also presenting 1Q08
results with the reclassification of the employee profit sharing program (PLR) after income tax. The
conciliation is as follows:


Light S.A. (R$ million)




















Published Law 11.638/07 Pro Forma
1Q08 Adjustment 1Q08
Operating Revenue 2,070.6 2,070.6
Deductions From The Revenue (754.9) (754.9)
Net Operating Revenue 1,315.7 1,315.7
Operating Expense (1,086.0) (0.9) (1,086.8)
Operating Result 229.8 228.9
EBITDA 311.9 308.0
Financial Result
Income 54.1 54.1
Expenses (138.0) 2.0 (136.0)
Total (84.0) (81.9)
Other Operational Revenues 16.8 16.8
Other Operational Expenses 1.1 1.1
Result Before Taxes and Interest 163.7 164.8
IR/CS + Deferred (59.6) (0.4) (60.0)
PLR - Participations (7.9) (7.9)
Net Income 104.0 104.8


29
Light SESA (R$ million)






Published Law 11.638/07 Pro Forma
1Q08 Adjustment 1Q08
Operating Revenue 1,971.3 1,971.3
Deductions From The Revenue (737.4) (737.4)
Net Operating Revenue 1,233.9 1,233.9
Operating Expense (1,063.5) 1.6 (1,061.8)
Operating Result 170.5 172.1
Equity Pick - Up 11.7 11.7
EBITDA 246.1 244.7
Financial Result
Income 62.7 62.7
Expenses (148.2) 2.0 (146.2)
Total (85.5) (83.4)
Other Operational Revenues 16.8 16.8
Other Operational Expenses 1.1 1.1
Result Before Taxes and Interest 114.6 118.3
IR/CS + Deferred (34.3) (1.2) (35.5)
PLR - Participations (7.2) (7.2)
Net Income 73.1 75.5