Electricity and Utilities Panel

Area: 8.5 million sqmInhabitants: 188 million

8th World economy2007 GDP: US$ 1,500 billion

Economy growth2007: 5.4%2008-2012 E: 4.0% p.a.1

Energy consumption growth2007: 5.8%2008-2017 E: 5.5% p.a.2

1 Source: IBGE 2 Source: EPE (04/16/2008)

Brazil Overview

Corporate Structure

RME - Controlling Shareholders [52.1%]

LUCE

25.0% 25.0% 25.0% 25.0%

Free Float

Market

33.6% 6.5% 7.8%

• Total shares: 203,886,836 • Market Value: R$ 4.4 billions (as of October 16, 2008)

NewProjects

100.0%

Sustainability

Return to shareholders

Trading Energy

Growth in Generation Business

Losses Reduction

OperationalEfficiency

Strategy

Distribution

Distribution

• 3.9 million clients (attending over 10 million people)• Energy sales (LTM) - 23,550 GWh • 70% of the consumption of Rio de Janeiro state

(Brazil’s 2nd GDP)• Distribution Gross Revenue (LTM) - R$ 7.7 billion

ResidentialIndustrialCommercialOthersNetwork Use

ResidentialIndustrialCommercialOthersFree CostumersOther Discos

8%

42%

8%

31%

11%

Net revenues by segment (LTM)

22%

28%

7%

10%

12%

21%

Energy distributed GWh (LTM)4th largest energydistribution company in Brazil

LIGHT

Installed Capacity 855MW

HPP Santa Branca56 MW

Lajes ReservatoryHPP Fontes Nova132 MW

HPP UsinaSubterrânea Nilo Peçanha380 MW

HPP Pereira Passos100 MW

HPP Ilha dos Pombos187 MW

Light’s generation business Actual capacity

6th largest private company in hydro-generation in Brazil

* Light holds a 51% stake in each project.

Assured Energy 2008

SHP Paracamb

i 2010*

SHPLajes2010*

HPPItaocara 2013*

Total 2013

New Projects

855 13 999 976

306 1,283

Light’s new generation projectsStrategy of growing in generation

+ 50%

Trader (R$ MM)

Others (R$ MM)

Trading BusinessIntegration with clients

The clients portfolio rose from 9 in 2006 to over than 40 in 2008

1H08

1H07

• Air conditioning system of Santos Dumont Building.

• Energy efficiency projects in 33 buildings of Oi telecommunications company.

• Sale of 1/3 of the energy from SPH Paracambi.

• Long term contracts for the sale of 220 Mwa.

• Contracts with Votorantim and other relevant energy consumers.

9.2 million

2.9 million

39.7 million

6.7 million

Losses combat 80.4

Distribution network development 78.6

Quality improvement(structure optimization and preventive maintenance)

35.5

New generating projects 3.4

Investments

Main investments - 1H08

2005

277

2006

322

2007

355

2008 (E)

2581H08

576

3182H08(E)

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

Financial Results

Net Income (R$ million)

2005

1H07

1H08

2007200

6

243

528 489

1,077

-150

1H07

518

2H07

203

2007

721

8.3%

12.4%

4.1%

Dividends and Dividend Yield*

Dividends

Dividend Yield

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

IndebtednessNet Debt and Leverage Levels

2005

2006

2,540

2007

1,462

Jun/08

1,550

3,147

Net Debt (ex-Braslight)

Net Debt/Ebitda

4.13.4

1.1 1.4

Indebtedness

2008

2009

2010

2011

2012

2013

2014

After 2014

74 57151 14

1

343410

281

457

* Principal only

Maturity: 5.3 years

Amortization Schedule* Jun08 (R$ million)

Debt Cost Evolution

Nominal Cost

Real Cost

17.03%

12.85%

12.17%

12.90%

10.73% 9.42%

7.38% 6.45%

Long Term 96%

Short Term 4%

US$/Euro 4%

CDI/Selic 78%

TJLP 18%

Shares Performance

Contact Information

Ronnie Vaz MoreiraExecutive Vice-President and IRO

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

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

www.light.com.br