INFRASTRUCTURE AND PROJECT FINANCE

CREDIT OPINION6 September 2019

Update

RATINGS

Light S.A.Domicile Rio de Janeiro, Rio de

Janeiro, Brazil

Long Term Rating Ba3

Type LT Corporate FamilyRatings - Dom Curr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Cristiane Spercel +55.11.3043.7333VP-Senior Analystcristiane.spercel@moodys.com

Marcela Guerra Vazde Arruda Rozo

+55.11.3043.6064

Associate Analystmarcela.rozo@moodys.com

Alejandro Olivo +1.212.553.3837Associate Managing Directoralejandro.olivo@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

Light S.A.Annual Update

SummaryLight S.A.'s (Light, Ba3/A2.br stable) corporate family ratings incorporate (1) a supportiveregulatory framework, as illustrated by the consistent tariff adjustment methodology andadditional tolerance in consideration of the social and economic specificities of Light'sconcession area; (2) an adequate liquidity and capital structure following the conclusion of aBRL1.875 billion capital increase; and (3) our expectation of a more gradual improvement inthe company’s operating performance.

On the other hand, the company's credit profile is constrained by (1) the high level of energylosses in the distribution segment that are well above the regulatory requirements; (2)the weak socioeconomic conditions of its concession area, with a high unemploymentrate and elevated electricity thefts challenging the growth in consumption levels and cashflow conversion rate; and (3) pressures from contingencies that weights negatively on thecompany's free cash flow generation in the near term, such as potential repayment ofsuspended hydrology costs.

The stable outlook reflects Moody's expectations that Light's consolidated credit metrics willimprove leading its cash flow from operations pre-working capital (CFO pre-WC)/debt toremain consistently above 15%, supported by the equity injection and renewed corporategovernance.

Exhibit 1Credit metrics to improve following equity injection and renewed corporate governance

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

2015 2016 2017 2018 LTM2Q19

2019 (E) 2020 (E)

(CFO Pre-W/C + Interest) / Interest Expense (left axis) (CFO Pre-W/C) / Debt (right axis)

Source: Moody's Investors Service

Light is a pure holding company with no direct debt. As such, Light's corporate family rating(CFR) is assigned on a consolidated basis and reflects the credit quality of its two mainsubsidiaries Light Servicos De Eletricidade S.A. (Light SESA, Ba3/A2.br stable) and LightEnergia S.A. (Light Energia, Ba3/A2.br stable).

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

Credit strengths

» Supportive regulatory framework for electric utilities in Brazil

» Improving capital structure following material equity injection in July 2019

» Evolving corporate governance with prospective improvement in Board independence

Credit challenges

» Energy loss rates persistently above the regulatory targets

» Challenging socioeconomic profile of the concession area limit operating improvement

» Large capital spending requirements until the next tariff review cycle in 2022

» Potential cash outflow with contingencies weights on free cash flow.

Rating outlookThe stable outlook reflects our expectation that Light’s consolidated credit metrics will improve driven by a reduction in leveragefollowing the equity injection, which will help its CFO pre-WC/debt and interest coverage ratio remain consistently above 15% and3.0x, respectively, over the next 12-18 months.

Factors that could lead to an upgradeA rating upgrade could be considered should Light demonstrate a sustained improvement in its operating performance and reduce itsleverage. A rating upgrade would also require a comfortable liquidity profile ahead of the company’s working capital needs and debtmaturities in the short term. Quantitatively, ratings could be upgraded if the:

» CFO pre-WC/debt exceeds 18%, and

» CFO pre-WC interest coverage reaches 3.5x, on a sustained basis

Factors that could lead to a downgradeA rating downgrade could result from Light's failure to improve its operating performance and cash flow, or to reduce its outstandingdebt. The perception of weakening liquidity could also strain Light's ratings. Quantitatively, ratings could be downgraded if the:

» CFO pre-WC/debt falls below 15%, or

» CFO pre-WC interest coverage remains below 3.0x, for a prolonged period

Key indicators

Exhibit 2

Light S.A.Key Indicators

12/31/2015 12/31/2016 12/31/2017 12/31/2018 LTM 2Q19 2019 (E)

(CFO pre-WC + Interest) / Interest 2.2x 2.3x 2.7x 2.7x 2.5x 3.3x

(CFO pre-WC) / Debt 11.5% 12.1% 16.5% 13.4% 12.6% 17.9%

(CFO pre- WC – Dividends) / Debt 10.1% 11.4% 16.5% 13.1% 12.6% 17.5%

Debt / Capitalization 67.3% 67.8% 68.4% 74.3% 72.0% 60.8%

[1] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial CorporationsSource: Moody's Financial Metrics™

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

ProfileHeadquartered in Rio de Janeiro, Brazil, Light S.A. (Light) is an integrated utility company with activities in generation, distribution andcommercialization of electricity. The company's major shareholder is Companhia Energetica de Minas Gerais - CEMIG (CEMIG; B1/Baa1.br positive), with a direct and indirect stake of 22.6% in Light's equity capital. In the last twelve months ended June 2019, Lightreported BRL11.5 billion in consolidated net revenues (excluding construction revenues) and BRL1.7 billion in EBITDA.

Electricity distribution is the company's largest segment, which accounted for around 68% of its consolidated EBITDA for the 12months ended June 2019. The company's distribution business is operated by its wholly owned subsidiary Light SESA through a 30-year concession granted by the Brazilian Federal Government (Ba2 stable) expiring in July 2026. Light SESA's operations cover 31municipalities in the state of Rio de Janeiro, including the Municipality of Rio de Janeiro (Ba3/A1.br stable), serving a population ofaround 10 million, or the equivalent to 70% of the electricity consumed by the state.

Light's second-largest segment is hydro generation, which, through its direct subsidiary Light Energia, represented 23% of Light'sconsolidated EBITDA for the 12 months ended June 2019. Light Energia operates five hydroelectric power plants (HPPs) with 855 MWof combined installed capacity (549 MW of assured energy) pursuant to a 30-year concession, which ends in June 2026. The companyhas also direct full or shared control of other entities dedicated to renewable energy production, such as Renova Energia S.A. (with a17.2% stake), Guanhaes Energia S.A. (51%stake), Sao Judas Tadeu as well as Fontainha wind parks and Lajes Energia S.A. (with 100%ownership in each).

The third business segment, accounting for around 9% of Light S.A.'s consolidated EBITDA for the 12 months ended June 2019, involvesenergy commercialization in the unregulated electricity market.

Exhibit 3

Light S.A. Simplified Organizational Chart

Light Serviços de Eletricidade

S.A.(100%)

BNDESPAR(6.3%)

CEMIG(22.6%)

Norte Energia(9.8%)

LightcomComercializadora

de Energia (100%)

Light S.A (Holding)

Usina Hidrelétrica

Itaocara S.A.(51%)

Lightger S.A.(51%)

ConsórcioUHE Itaocara

(51%)

Renova Energia S.A.

(17.2%)

GuanhãesEnergia S.A.

(51%)

Light Soluções em

Eletricidade (100%)

Instituto Light(100%)

AxxiomSoluções

Tecnológicas(51%)

Free Floating(71.1%)

Lajes Energia S.A.

(100%)

Central Eólica São Judas

Tadeu Ltda.(100%)

Central Eólica Fontainha

(100%)

Light Energia S.A.

(100%)

Light Conecta Ltda.

(100%)

Amazônia Energia S.A.

(25.5%)

Source: Company

3 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

Detailed credit considerationsCredit metrics likely to improve following equity increase, but contingencies will weight on free cash flowIn the 12 months ended June 2019, Light S.A. posted a 21% decrease in its consolidated EBITDA from the year-earlier period. This resultwas driven mainly by the high level of energy losses in electricity distribution, which was partially mitigated by a favorable performancein the unregulated generation and electricity trading businesses.

We expect improvement in Light's consolidated credit metrics, so that CFO pre-WC to debt and interest coverage ratios remainconsistently above 15% and 3.0x, respectively, over the next 12-18 months. Such improvement is possible with proceeds from theBRL1.9 billion equity increase supporting debt reduction. The company’s renewed corporate governance, following the appointment ofnew executive officers and changes in the compensation structure that are more closely aligned with the company’s results, should alsocontribute to a gradual improvement in operating performance.

However, the pace of deleveraging remains limited by consolidated capital spending of approximately BRL800 million per year fornetwork expansion and to improve quality standards in the distribution business, along other investments. We also note other potentialpressures that weigh negatively on the company’s free cash flow, such as the potential settlement of Light Energia’s disputes on theunregulated energy market, which amounted to BRL593 million as of June 2019.

Additionally, on August 2019, a superior court rendered a final and non-appealable decision in favor of Light SESA retroactive toJanuary 2002, recognizing its right to exclude certain revenue taxes (i.e the “ICMS”) from the calculation basis that already includedother revenue taxes (i.e. the “PIS” and “COFINS”). As a result, the company is studding alternatives to incorporate off-balance-sheetcredits on the third quarter of this year. However, the cash benefit of those will be collected only gradually.

Reasonable regulatory framework balances consumers and utility's needsThe National Agency of Electric Power (ANEEL) has consistently applied tariff increases in line with its methodology, and hasdemonstrated that it is closely monitoring the performance and working capital needs of distribution companies. Recent regulatorydecisions aimed at mitigating the impact of high energy costs and the economic recession tend to indicate a more supportiveregulatory framework for Brazilian distribution companies. For example, in February 2017, ANEEL revised its methodology related toperiodic tariff adjustments and to the tariff flag mechanism to allow distribution companies to raise tariffs sooner based on a projectionof their future energy costs.

We expect the sector's benign regulatory framework to continue over the next 12-18 months. In March 2019, the regulator grantedan annual tariff adjustment (IRT) of an average of 11.12% for all Light SESA’s customers, compensating the company for inflationarypressures and high costs in electricity purchases incurred during the second half of 2018. The new tariffs have been applied since March15, 2019. Later, ANEEL also approved an extraordinary rate adjustment to allow the transfer of certain credits owned to consumers,which resulted in a negative 2.30%, effective April 1, 2019.

In March 2017, Light's SESA received the anticipation of its fourth tariff review process and amendment to its concession agreement,which concluded with a favorable tariff structure. Through the revision, ANEEL granted Light SESA the ability to recognize in its tariffshigher technical and nontechnical losses, acknowledging the concessionaire is in economically and socially challenged areas, andincorporated the company’s past investments into the regulated asset base, including those related to the 2016 Olympic Games. Thenext tariff reset will be completed in March 2022.

With the more favorable tariff structure following the periodic review in 2017 also came more stringent regulatory requirements thatLight's distribution subsidiary Light SESA has to comply with in the coming years. Light's has been improving the quality of its serviceindicators, measured by the frequency and duration of interruptions (see Exhibits 4 & 5). But, the target to further improve thosequality indicators through 2022 will require continued capital spending on Light distribution network and operating management overthe next few years.

4 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

Exhibit 4

Duration of Interruptions Index (DEC)in hours

Exhibit 5

Frequency of Interruptions Index (FEC)in number of occurrences

12.4 12.6 11.7

9.2

7.8

9.0 8.8

12.0 11.4

9.8

8.2 8.1 8.0 7.8

2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E

DEC - Actuals DEC Regulatory Target

Source: Company, Aneel

6.8 6.6 6.4

6.0 6.0 5.7

5.4 5.2

4.9 6.6 6.4 6.5

5.3

4.4

2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E

FEC - actuals FEC Regulatory Target

Source: Company, Aneel

Challenging socioeconomic profile of the concession area constrain improvements in operating performanceSo far, Light's efforts to reduce the endemically high loss rates in its concession area have not been very successful, pointing to thecompany's main operating challenge in the years to come. In July 2019, the company announced a restructuring in the commercialdepartment with the election of a new officer to increase the efficiency of commercial processes, improve customer service andcollection. While the company remains focused on reducing its energy losses, we consider that material improvements over the next18 months will remain challenging, given the weak socioeconomic conditions of its service area, with a high unemployment rate andelevated electricity thefts.

After treading around 24% during 2018, total losses for customers rose again to 25.78% in the last twelve months ended June 2019,which is well above its regulatory target of 19.62% and its higher level over the past 4 years.

Exhibit 6

Total losses have increase over the last 12 months

23.2%22.5% 21.9%

24.0%

25.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

4Q15 4Q16 4Q17 4Q18 2Q19

Non Technical Losses/Grid Load (%) Technical Losses/Grid Load (%) Regulatory Target

Source: Company

Since early 2016, the company changed its strategy by intensifying inspections and focusing primarily on medium-to-high-incomeareas as opposed to poorer areas plagued with violence. While those inspections have allowed a portion of the energy back into thenetwork (equivalent to 363 GWh in the 12 months ended June 2019) but there is a resistant to behaviour change from delinquentconsumers.

Additionally, limited household payment capacity challenges the effectiveness of the company's efforts to reduce loss rates throughits energy recovery programs. Typically when Light finds non-billed energy following an inspection in the network, it agrees with thedelinquent client on a 24-36-month installment payment schedule to clear the arrears. While this delays collection, it remains positivein the long run because it recovers payment for energy that was not billed. If calibrated to aggressively however, the payment scheduleagreed on between the company and the client can also contribute to the rise in bad debt provisions because of limitation in householdpayment capacity.

Light Energia's cash flow contribution to strengthen overtimeOver the past years, the hydropower generation business, through Light's wholly owned subsidiary Light Energia, has been a relativelysteady contributor to the group’s consolidated cash flow, accounting for around 19% of consolidated CFO pre-WC on averageover 2014-18. In the last twelve months ended June 2019, Light Energia's CFO pre-WC reached BRL281 million, or 23% of Light's

5 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

consolidated CFO pre-WC, led by the improved hydrologic conditions and success of its energy commercialization strategy. Thecompany. We expect the generation segment to grow its cash flow contribution based on the company's ability to mitigate the impactof its exposure to hydrology costs.

Brazilian hydro generation companies have been experiencing a challenging operating environment over the past few years as acombined result of prolonged drought seasons and ineffective government policies toward operation and expansion of the energymatrix. In this scenario, hydropower generators experienced a significant increase in energy costs related to purchases on the spotmarket to make up for generation shortfalls. In 2018, the Generation Scaling Factor (GSF), which indicates the level of stored energyof hydropower reservoirs in Brazil, fell to an average of 84% from 85% in the previous three years. Meanwhile, the average spot pricesreached BRL294/MWh in 2018 from an average of BRL250 in the previous three years. We currently expect an average GSF of 86% in2019 and 91% in 2020. The improvement is a combination of more favorable rainy season, additional installed power capacity comingon stream and a gradual recovery in electricity consumption.

Light Energia's revenues are supported by medium term unregulated PPA's with free customers. The company has not adhered tothe law #13,203/2015, which established the terms on the renegotiation of the hydrological risks in 2015 and the acquisition of riskinsurance policies. To mitigate hydrology risks the company maintains a portion of uncontracted energy in the range of 15-20% andexecutes seasonal trading strategies. Additionally, pursuant to a court decision, Light Energia does not have to make payments relatingto any exposure in monthly CCEE settlements, exempting it from making payments in the spot market and protecting its cash flows,even though this cost and revenue are regularly fully recognized in its result.

As of June 2019, the outstanding net balance of the liabilities for the period between May 2015 and June 2019 totaled approximatelyBRL593 million. A Bill to resolve this dispute was already approved by the Brazilian Congress in June 2019, under which the companywould agree to pay its CCEE liabilities in exchange of additional 7 years of concession contract, but it is still pending Senate andPresidential approval. After that, ANEEL must also regulate the matter within 90 days from the date of publication of the Law. Weexpect a resolution in 2020.

Evolving corporate governanceIn June 2017, Light's controlling parent company Cemig announced a divestment plan to sell equity participation in importantsubsidiaries including Light, as part of a divestment plan. In July 2019, Cemig sold a portion of its ownership interest in Light pursuantto a secondary offer of 33 million existing shares, reducing its direct and indirect holdings to 22.6% from 49.9%. In turn, Light becamea corporation with more than 70% of its equity capital in free float. We expect Cemig to continue to seek opportunities to divest itsremaining stake in Light over the coming 12-18 months to support its own deleveraging strategy.

The company's CEO has been replaced in May 2019, along with other executive management positions that are strategic for theexecution of the company's business strategy. Going forward, we expect governance to improve benefitting from a more independentrepresentation on Light's Board of directors and the larger shareholder base insulated from political pressures. Currently, Cemigappoints five out of the nine Board members. We expect a renewal in the composition of the Board of directors to occur before the endof this year.

6 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

Liquidity ProfileLight's liquidity profile is adequate. In July 2019, the company raised BRL1.9 billion through the issuance of 100 million new shares.On month later, the company prepaid the 14th issuance of debentures (previously due March 2021) in the amount of BRL328 million.Those events resulted in bringing Light's pro forma consolidated cash to over BRL2.7 billion, which compares with BRL1.7 billion in debtmaturities by year-end 2019.

Exhibit 7

Light's liquidity profile is adequatePro-forma as of August 2019

1,151 1,736

480 1,003

1,699

3,145

761 465

1,572

-

1,000

2,000

3,000

4,000

Cash & Equivalents ST 2020 2021 2022 2023 2024 2025+

BR

L M

illio

n

Cash & Equivalents Total Debt

Source: Company, Moody's Investor Service

As per Light's debt indentures, the company is required to maintain total net debt/EBITDA of less than 3.75x, on a consolidated basis,except for the 8th issuance of debentures of Light SESA and the 3rd issuance of debentures of Light Energia, whose net debt/EBITDAcovenant of 3.75x decreased to 3.50x in March 2019. As of June 2019, the company reported net debt/EBITDA of 3.69x and had toobtain waiver from the only debenture holder (FI-FGTS) for H1 2019. The debt is accelerated upon failure to comply with at least onefinancial covenant in two consecutive quarters or four alternate quarters is not automatic, but subject to debenture holders approval.Going forward, we expect the company to improve this financial covenant as it will have more flexibility to fund its investment needs.

Exhibit 8

Improved covenant cushion leads to higher financial flextibility

3.72x3.50x

3.23x3.10x 3.14x 3.21x

3.32x3.57x 3.63x 3.70x 3.7x

2.8x

0%

20%

40%

60%

80%

100%

Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 June-19 Pro Forma

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0xDebt / Book Capitalization (right axis) Net Debt / EBITDA (left axis)

Source: Company, Moody's Investor Service

Structural considerationLight's Ba3/A2.br CFR reflects its consolidated debt structure, which essentially consists of senior unsecured obligations, eitherdebentures or loans with domestic banks. The senior unsecured issuer ratings of Light SESA and Light Energia are at the same level asthe CFR of the parent, Light S.A. This reflects the high degree of financial links between Light SESA, Light Energia and other subsidiaries

7 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

within the Light SA group because of cross-default provisions embedded in its debt documents, as well as our assessment that thecredit qualities of Light SESA and Light Energia are broadly comparable.

Despite the limitations in cash transfers within the group imposed by the concession contracts both at the distribution and powergeneration companies, the restrictions on the upstreaming of dividends to the parent or intercompany loans are relatively soft. Wenote, for instance, that in 2016 Light Energia had extended a BRL130 million intercompany loan to Light SESA after receiving regulatoryclearance. Additionally, the restrictions on debt represented by debt maintenance financial covenants present at the debt arrangementsof each operating subsidiaries are based on Light's consolidated debt, which reinforce our view that the probability of default is broadlyequivalent within the Light SA group.

Rating methodology and scorecard factorsThe principal methodology used in rating Light is our Regulated Electric and Gas Utilities methodology, published on June 23, 2017.Light's rating grid model indicates an outcome of Ba1 based on its historical metrics for the 12 months ended June 2019 and on our12-18-month forward view.

Exhibit 9

Rating factorsLight S.A.

Regulated Electric and Gas Utilities Industry Grid [1][2]

Factor 1 : Regulatory Framework (25%) Measure Score Measure Score

a) Legislative and Judicial Underpinnings of the Regulatory Framework Ba Ba Ba Ba

b) Consistency and Predictability of Regulation Ba Ba Ba Ba

Factor 2 : Ability to Recover Costs and Earn Returns (25%)

a) Timeliness of Recovery of Operating and Capital Costs Ba Ba Ba Ba

b) Sufficiency of Rates and Returns Ba Ba Ba Ba

Factor 3 : Diversification (10%)

a) Market Position Ba Ba Ba Ba

b) Generation and Fuel Diversity Ba Ba Ba Ba

Factor 4 : Financial Strength (40%)

a) CFO pre-WC + Interest / Interest (3 Year Avg) 2.7x Ba 3x - 3.5x Baa

b) CFO pre-WC / Debt (3 Year Avg) 14.4% Baa 15% - 18% Baa

c) CFO pre-WC – Dividends / Debt (3 Year Avg) 14.2% Baa 13% - 15% Baa

d) Debt / Capitalization (3 Year Avg) 71.8% B 56% - 61% Ba

Rating:

Grid-Indicated Outcome Before Notching Adjustment Ba1 Ba1

HoldCo Structural Subordination Notching

a) Indicated Rating from Grid Ba1 Ba1

b) Actual Rating Assigned Ba3

Current

LTM 6/30/2019

Moody's 12-18 Month Forward View

As of 9/3/2019 [3]

[1]All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations.[2] As of 06/30/2019 (L); Source: Moody’s Financial Metrics™[3] This represents Moody's forward view; not the view of the issuer; and unless noted in the text, does not incorporate significant acquisitions and divestitures.Source: Moody's Investors Service

8 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

Ratings

Exhibit 10Category Moody's RatingLIGHT S.A.

Outlook StableCorporate Family Rating -Dom Curr Ba3NSR Corporate Family Rating A2.br

LIGHT SERVICOS DE ELETRICIDADE S.A.

Outlook StableIssuer Rating -Dom Curr Ba3Bkd Senior Unsecured Ba3NSR LT Issuer Rating A2.br

LIGHT ENERGIA S.A.

Outlook StableIssuer Rating -Dom Curr Ba3Bkd Senior Unsecured Ba3NSR LT Issuer Rating A2.br

Source: Moody's Investors Service

9 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (includingcorporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating,agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintainpolicies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO andrated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually atwww.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s InvestorsService Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intendedto be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, yourepresent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly orindirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as tothe creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it feesranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1189528

10 6 September 2019 Light S.A.: Annual Update

MOODY'S INVESTORS SERVICE INFRASTRUCTURE AND PROJECT FINANCE

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Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

11 6 September 2019 Light S.A.: Annual Update