1

Captive market drives result,

growing 10.5% in 4Q09
Income totals R$605 million in 2009 and EBITDA reaches
R$1,188 million

Led by 10.5% growth in the captive market in the fourth quarter,
total energy consumption in 2009 came to 21,492 GWh,
increasing 2.7% over the previous year. The increase in captive
market consumption was driven by 6.7% and 3.8% growth in the
residential and commercial segments, respectively.
R$563.8 million was invested in Capex in 2009, aiming to
increase the reliability of the electric system. This amount is 75.2%
higher than the 2006 Capex, being the results achieved this year
already a reflection of the improvement in system quality. From 2007
to 2009, total investments in Capex amounted to R$1,472.3
million.
Consolidated net revenue for 2009 totaled R$5,432.3 million,
0.8% higher compared to 2008. This increase was due mainly to the
performance of the captive market, especially the residential
segment, which revenues grew 3.3%. Another contributing factor was
the revenue growth in trading energy and services segments of Light
ESCO, which was 17.7% higher than in 2008.
The collection rate showed signs of recovery in 2009, closing
the year at 97.3% of gross energy supply billing, evidence that the
collection problems experienced early in the year have been resolved.
The decline in the collection rate that affected the first part of 2009
was attributable to the impact of the economic crisis and the resulting
credit crunch affecting retail operations. The other segments were
able to maintain high collection rates throughout the year.













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: 02/12/2010
Time: 12 P.M. (Brazil)
9 A.M. (US EST)

Phones:
Brazil:
+55 (11) 4688-6361
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) 4Q09 4Q08 Var. % 2009 2009 Var. %
Grid Load* 9,082 8,338 8.9% 33,319 33,022 0.9%
Billed Energy - Captive Market 5,080 4,597 10.5% 19,084 18,292 4.3%
Consumption in the concession area
1
5,716 5,256 8.8% 21,492 20,928 2.7%
Transported Energy - TUSD
1
1,471 1,328 10.8% 5,164 5,255 -1.7%
Sold Energy - Generation 1,380 1,245 10.9% 5,069 4,900 3.4%
Commercializated Energy (Esco)** 525 351 49.8% 1,703 1,756 -3.0%
Financial Highlights (R$ MM)
Net Revenue 1,502 1,475 1.8% 5,432 5,387 0.8%
EBITDA 341 493 -30.9% 1,188 1,504 -21.0%
EBITDA Margin 22.7% 33.4% - 21.9% 27.9% -
Net Income 248 277 -10.7% 605 974 -37.9%
Net Debt*** 1,637 1,580 3.6% 1,637 1,580 3.6%
* Captive market + losses + network use
** Trading + Broker
*** Financial Debt - Cash


2


Consolidated EBITDA for 2009 was R$1,188.0 million, 21.0% below 2008. Excluding non-
recurring effects that impacted the 2008 results, explained in the corresponding section, Consolidated
EBITDA decreased 5.9%, mainly as a result of the reduction in the Companys regulatory EBITDA due
to the tariff adjustment conducted in November 2008, what is expected in the first year of each tariff
cycle, when efficiency gains are passed through to consumers. Excluding non-recurring effects of
4T08, the distribution companys 4Q09 EBITDA of R$297.3 million grew 32.4%, driven by significant
growth in the captive market in the period, reversing the downward trend observed in the previous
two quarters;
Lights consolidated net income in 2009 was R$604.8 million, 37.9% below the R$974.5
million in 2008. Excluding non-recurring effects in both years and explained in the corresponding
section, net income in 2009 would have been R$479.2 million and, therefore, 14.7% higher than in
2008, when net income would have been R$417.7 million;
On February 10, the Board of Directors approved dividend distribution proposal of
R$432,340,207.20, equal to R$2.12 per share, based on its 2009 results. That amount corresponds
to a payout of 75.24% of adjusted net income and a dividend yield of 8.14% relative to the closing
price on February 9, 2009. The proposal will be submitted to the Ordinary Shareholders Meeting to be
scheduled.
The Company closed out the year with net debt of R$1,637.1 million, a 3.6% increase
compared to December of the previous year and 9.5% higher than in September of 2009. The
increase in net debt relative to 2008 figures resulted primarily from a partial expenditure of BNDES
funds in the amount of R$145 million used to finance the 2010-2011 investment plan. The net
debt/EBITDA ratio stood at 1.4x in December, and the average term to maturity is 3.6 years;
At a public meeting held October 13, 2009, the Brazilian National Electric Energy Agency (ANEEL)
approved the final version of Light SESAs tariff adjustment for the period beginning November 7,
2008 (November of 2008 through November of 2013). The tariff repositioning index increased
from 1.96% to 2.06%.
On November 6, 2009, the Companys Board of Directors approved its adherence to the tax
reduction and installment program (REFIS) as set forth in Law 11,941/09. The gross amount of the
provisioned disputes before application of the benefits of the new law totaled approximately R$713
million, with the net amount payable over 180 months totaling R$323 million. The main provisions
included in the program were: (i) the COFINS rate increase from 2% to 3% and (ii) the deduction of
Corporate Income Tax (IRPJ) and Social Contribution on Profits (CSLL) from profits earned abroad.
The impact of the incentive to reduce fines and interest on the Companys result was approximately
R$152.1 million.



3
Release Segmentation
Light S.A. is a holding company with 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.

Operating Performance
Distribution
Total energy consumption in Light SESAs concession
area (captive customers + transport to free customers
1
)
in 2009 was 21,492 GWh, growing 2.7% year-on-year,
mainly due to the growth in captive market consumption.
This performance surpasses that of the Southeast Region
and of Brazil, which, according to consumption statistics
from the Energetic Research Enterprise (EPE), posted
year-on-year reductions of 2.4% and 1.1%, respectively.
The captive markets performance was largely driven by
the growth in the residential and commercial classes affected by higher average temperature in 2009.
Taking into account the energy consumed by free consumers CSN, Valesul and CSA, consumption in
2009 was 23,170 GWh.

Captive Customers
Billed consumption in the captive market
grew 10.5% in the fourth quarter of
2009, when compared to the same
period of last year. It is worth noting the
good performance of all consumption
classes, especially of the residential
segment which increased significantly by
14.7%. The increased consumption of
this class was largely influenced by the

1
To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billed energy and demand of
free customers Valesul, CSN and CSA were excluded, in view of these customers planned migration to the core network. In
2009, the energy consumption of these customers totaled 1,678 GWh and their demand was 8,270 GW, compared to a 2,889
GWh consumption and 11,950 GW demand in 2008.
Electric Power Consumption (GWh)
Total Market (Captive + Free)
18,292
19,084
2,636
2,408
20,928
21,492
2008 2009
Captive Free
4.3%
-8.7%
2.7%
Electric Energy Consumption (GWh)
4
rd
Quarter
4,597
795
1,488
488
1,825
5.080
851
1,627
508
2,094
Residential Industrial Commercial Others Total
4Q08 4Q09
4.1%
10.5%
9.3%
14.7%
7.0%


4
higher temperature recorded in November, 3.9C above the average verified in November of 2008.
Another highlight was industrial segment consumption, which posted strong recovery, increasing 4.1%.
Billed consumption in the captive market
in 2009 totaled 19,084 GWh, up 4.3%
compared to 2008, due mainly to the
growth in consumption in the residential
and commercial segments. The increase
was influenced by temperatures above
historical averages over an eight-month
period, closing the year 1.1C higher
than in 2008.
Consumption in the residential segment, which accounted for 41.3% of the captive market in 2009,
grew 6.7% year-on-year. The number of residential customers rose 1.8% to 3.7 million billed
customers in December of 2009 with average monthly consumption of 179.5 kWh in 2009, compared
to 170.5 kWh in 2008.
The commercial segment, which consumed 6,074 GWh, accounted for 31.8% of the captive market in
2009, growing 3.8% year-on-year. In 2009, a customer from the hotel sector with a monthly average
consumption of 1 GWh migrated from the captive to the free market.
Industrial customers accounted for 9.7% of the captive market and consumed 1,857 GWh in 2009, only
0.9% lower than in 2008 due to the effects of the international financial crisis. The industrial sectors
that were most affected were metallurgy and metal, rubber and plastics manufacturing, as well as
pharmochemical and pharmaceutical products. In 2009, two customers migrated to the free market: a
steel industry customer that migrated in April and a customer from the publishing and printing segment
that migrated in September. The combined average monthly consumption of those customers totaled 4
GWh.
Growth among the other segments, comprising 17.2% of the captive market, was 3.0% over 2008. The
rural, government and water, sewage and sanitation segments, which represent 0.3%, 7.4% and 4.5%
of the captive market, respectively, all generated positive results.
Electric Energy Consumption (GWh)
Year
1,875
18,292
5,852
7,388
3,177 3,273
1,857
19,084
6,074
7,880
Residential Industrial Commercial Others Total
2008 2009
6.7%
-0.9%
3.8%
3.0%
4.3%


5

Network Use
2

Billed energy transported to free customers
3
and concessionaires
amounted to 1,471 GWh this quarter, 10.8% above 4Q08. This
increase was primarily impacted by the flow of energy supplied
to the concessionaires bordering Lights area, which posted a
growth of 24.9% between the periods, due to a resolution of the
National Electric System Operator (ONS). The free markets
billed transported energy decreased 3.6% mainly due to the
return to the captive market, in the first half of 2009, of three
free market customers that together represented a monthly
average consumption of approximately 15 GWh.
In 2009, network use totaled 5,164 GWh, 1.7% less than in
2008. The reduction in transported energy in 2009 was mainly
due to a retraction in consumption by large customers of the
metallurgy and steel sector caused by a slowdown in their
operations early in the year, as well as the migration of three
customers to the captive market, as previously mentioned. The
flow of energy supplied to the concessionaires bordering Lights
concession area increased 5.2% over the previous year.
The tariff breakdown of free customers is mainly driven by billed
demand. Therefore, a decline in the volume of transported energy only partially affects the revenue
originating from these customers.
Billed demand for free customers
3
and concessionaires
corresponded to 6,291 GW this quarter, increasing 4.0% in
relation to 4Q08. Free customer demand this quarter was stable
year-on-year, interrupting the downward trend observed in the
two previous quarters.

2
To preserve comparability with the market approved by Aneel in the tariff adjustment process, the billed energy and demand of
free customers Valesul, CSN and CSA were excluded, in view of these customers planned migration to the core network. In
2009, the energy consumption of these customers totaled 1,678 GWh and their demand was 8,270 GW, compared to a 2,889
GWh consumption and 11,950 GW demand in 2008.
Electric Energy Transportation - GWh
Free Customers + Utilities
659 636 669
1,328
835
1,471
Free Utility Total
4Q08 4Q09
-3.6%
24.9%
10.8%
Electric Energy Transportation - GWh
Free Customers + Utilities
2,636
2,408
2,619
5,255
2,756
5,164
Free Utility Total
2008 2009
-8.7% 5.2%
-1.7%
Billed Demand (GW)
Free Costumers and Utilities
2,354
3,694
6,048
2,356
3,935
6,291
Free Utility Total
4Q08 4Q09
0.1%
6.5%
4.0%


6
In 2009, free customer and concessionaire demand totaled
24,548 GW, 1.7% above 2008 billed demand. Free customer
demand decreased by 5.6%, mainly due to the fall in the billed
demand of a major customer from the steel industry until
October of 2009. The 6.4% increase in demand from
concessionaires minimized the decrease in free customer
demand.



Energy Flow

Billed Demand (GW)
Free Costumers and Utilities
8,936
9,464
14,678
24,142
15,612
24,548
Free Utility Total
2008 2009
6.4%
-5.6%
1.7%
Residential
480.7 7,879.9
CCEAR Billed Industrial
Light Energia Energy 1,857.4
315.8 Own load 19,084.1
Light Commercial
26,442.7 6,073.8
Losses +
5,647.1 Non Billed Energy Others
26,997.1 7,358.6 3,273.0
13,311.1 Basic netw.
losses
Adjustment 10.5
6,351.0
891.3
(*) Others = Purchase in Spot - Sale in Spot.
Note: At Light S.A., there is intercompany power purchase/sale elimination
PROINFA
OTHERS(*)
(CCEE)
DISTRIBUTION ENERGETIC BALANCE - GWh
NORTE FLU
(CCEE)
Required E.
(CCEE)
AUCTIONS
(CCEE)
543.9
ITAIPU
(CCEE)
Position: January-December 2009
Energy Balance (GWh) 4Q09 4Q08 Var.% 2009 2008 Var.%
= Grid Load 9,082 8,338 8.9% 33,319 33,009 0.9%
- Energy transported to utilities 835 669 24.9% 2,756 2,619 5.2%
- Energy transported to free customers* 1,087 1,273 -14.7% 4,120 5,394 -23.6%
= Own Load 7,160 6,396 11.9% 26,443 24,996 5.8%
- Captive market consumption 5,080 4,597 10.5% 19,084 18,292 4.3%
- Differences 2,079 1,800 15.5% 7,359 6,704 9.8%
*Including CSN, Valesul and CSA


7
Electric Energy Losses
Light SESAs total losses amounted to 7,246 GWh, or
21.75% over the grid load, in the 12 months ended
in December of 2009, representing a 0.25 p.p.
increase compared to the loss index in September of
2009. The significantly higher average temperature
had a negative impact on Decembers losses
amount. In addition to the temperature effect, the
index was also increased by a decline in consumption
of large free customers (which do not present non-
technical losses), adversely impacting the grid load,
which is the denominator of this index.
As of November of 2009, non-technical losses
started being disclosed for billed energy in the low
voltage market in compliance with the change
mandated by ANEEL in its definitive tariff adjustment
approved last October. The change is more in line to
the concessionaires operations since non-technical
losses are only found in the low voltage market. Following this methodology, non-technical losses,
which in 2009 totaled 5,131 GWh, represented 42.4% of the low voltage market (15.40% of the grid
load).
Conventional energy recovery processes, such as the negotiation of amounts
owed by customers where fraud was detected, caused energy recovered in 2009
to increase 16.9% over the same period in the previous year, totaling 151.9
GWh recovered. Additionally, loss prevention programs generated an energy
incorporation of 113.2 GWh in 2009, an increase of 165.1% over the 42.7 GWh
incorporated in the same period last year.
In 2009, there was an abrupt 1.1C increase in average temperatures compared
to 2008, with temperatures climbing to almost 4C higher than their historical
averages during the hotter, peak consumption months. That situation drove
strong performance from billed customers, as observed in this final quarter.
However, it also led to an unavoidable increase in irregular connections and
fraudulent consumption.
Due to the delays in the approval of electronic meters that further hindered efforts to contain losses,
the Companys 2009 energy recovery strategy suffered as installation of these meters was postponed
and modernization efforts resulted in just 638 km of low-voltage protected network at the end of 2009.
Light Losses Evolution
12 months
6
,
7
4
3
6
,
8
8
5
6
,
9
2
9
7
,
0
0
5
7
,
2
4
6
14.36%
14.60% 14.93%
15.22% 15.40%
21.50% 21.23%
20.79%
20.42%
21.75%
dec/08 Mar-09 Jun-09 sep/09 dec/09
GWh Losses
% Losses / Grid Load (Own + Transport)
Non-technical losses % Grid Load
Non tecnical losses / Low voltage market
12 months
4
8
8
8
4
6
8
2
4
9
5
9
5
1
3
1
43.5%
41.7%
42.3% 42.4%
dec/07 dec/08 sep/09 dec/09
Perdas No Tcnicas (GWh) Perdas No Tcnicas/Mercado BT (%)
Recovered Energy
GW
130.0
151.9
2008 2009
16.9
Energy Incorporation
GW
+2.7
113.2
2008 2009
165.1

8
Based in the attractive returns from investments in various pilots programs, Light plans to intensify its
loss reduction efforts in 2010 and hopes to make up for the 2009 delays.

Collection
The 4Q09 collection rate was 96.0%, posting an
increase year-on-year. The full-year 2009 rate
reached 97.3% of total billing, 0.9 p.p. below that of
2008 and stable in comparison with the last two
quarters. The collection rate was most strongly
impacted at the beginning of 2009 when the
economic crisis restricted credit availability for retail
customers, whose result drove the drop in the overall
collection rate despite its solid recovery over the
remainder of the year. In the retail segment (LV), the
50 thousand largest customers, representing 20% of
retail revenues, stood out with a 102.4% collection
rate in the year.
High rates of 100.4% and 107.6% were maintained in
the large customer and government segments
(MV/HV), respectively. However, the decrease in
share of large customers in total billing due to this
segments reduced consumption as a result of the
economic crisis also impacted the overall collection
result, leading to a rate reduction compared to the
previous year.
The Provision for Past Due Accounts (PDD)
constituted in 2009 was R$246.0 million, or 3.2% of
the gross billed energy, slightly below the provision
made in 2008. As was the case with the collection
rate, the effects of the economic crisis, especially in
the first months of the year, impacted the provision
for past-due accounts (PDD) despite the gradual improvement in the rate during the rest of the year.

R$ MM 4Q09 4Q08 2009 2008
Billing 2,112 1,968 8,071 7,680
Collection 2,027 1,878 7,857 7,546
Collection Tax 96.0% 95.4% 97.3% 98.2%
Collection rate
12 months moving average
98.2%
97.2%
97.3%
dec/08 sep/09 dec/09
PDD/Gross Revenue (Billed Sales)
3.2%
3.3%
2.8%
4.2%
2006 2007 2008 2009
R$ MM 2009 2008 Variation
PDD 246.0 235.8 10.2


9
Operating Quality
Between 2007 and 2009 Light SESA more than doubled its investments in the electrical system. In
2009, the Company invested R$389 million in five new substations and 13 power ampliers, 36 new
medium-voltage circuits and the substitution of 1,076 km of medium-and low-voltage grid for a grid
with spacer cable and multiplex, respectively, in addition to beginning work on the geo-referenced
electrical network database and the project related to the remote supervision and control of 50
transformer chambers in the underground distribution system.
Lights investment program aims to increase the reliability of the electric system, being the results
achieved this year already a reflection of the improvement in system quality. Both the indicators of
equivalent length of interruption (ELC), expressed in hours, and the equivalent frequency of
interruption (EFC), expressed in occurrences, improved 9% compared to 2008 levels according to a
formula established by the Brazilian Electricity Regulation Agency (ANEEL) - not including the power
outage that affected the National Interconnected System (SIN) on November 10, 2009. In particular,
the 2009 performance of the FEC, an indicator of the physical condition of the network, reached its
highest level in the past three years despite 1,250 mm in recorded rainfall, a level 4% higher than in
2008 and 39% higher than in 2007, showing that even under severe weather conditions Light was able
to reduce the frequency of interruptions to its electrical system. It is also worth noting that 2009
presented exceptionally high temperatures with year-on-year growth in the low-voltage load of 33% in
November and 15% in December.








ELC / EFC - 12 Months
6.39
9.08
6.12
10.06
11.06
6.74 EFC
ELC
Dec-09 Dec-08 Dec-07
ELC - Equivalent Length of Interruption per Consumption Unit (hs)
EFC - Equivalent Frequency of Interruption per Consumption Unit (n.)


10

Generation
Energy sold on the Regulated and Free Contracting markets in 4Q09 was 1,101.4 GWh and 161.0 GWh,
respectively. In the regulated market, the volume of energy sold was 6.8% lower than in the same
period in 2008, resulting mainly from the end of the 2006/08 contract of the existing energy auction
held in 2005, which was resold in the free market, resulting in a 264.8% increase over 4Q08. The
517.2% increase in the volume of energy sold on the spot market in 4Q09 chiefly resulted from: (i) the
increase in hydroelectric generation within the interconnected system, due to the improved
hydrological conditions, and (ii) to the seasonality of assured energy.
In 2009, a total of 5,069.3 GWh was sold, a volume 3.4% higher than that posted in the same period
last year. This increase is largely a result of several factors, such as: hydrology, seasonality of assured
energy and operating policy. These factors combined caused a surge of 100.2% in spot market energy
sales.


Trading and Services
In the fourth quarter of 2009, Light Esco sold 249.2 GWh directly, a 288.9% increase in trading volume
compared to 4Q08. This increase is explained by the greater availability of energy for resale at the
trading company, especially in the short term. Moreover, its contract portfolio was expanded, with the
addition of Shopping Rio Sul and Hotel Intercontinental as customers.
In addition to direct sales, Light Esco also continued to provide consulting services and represent free
customers before the CCEE. These activities included operations of around 275.9 GWh within 8
customers.
In 2009, Light Esco traded 645.8 GWh, a 49.4% increase in relation to the same period of 2008. This
result reflects the increase in traded energy as of the second quarter of 2008.
Currently, Light Esco has 61 energy sale customers, 53 of which use the Companys trading services
and 8 of which use its consulting and contract intermediation (brokerage) services. In December of
2008, it had 55 customers.
As to the service activity, Light Esco has been developing major projects for setting up service drops,
substations, cold water centers and energy efficiency projects.
LIGHT ENERGIA (GWh) 4Q09 4Q08 % 2009 2008 %
Regulated Contracting Environment Sales 1,101.4 1,181.4 -6.8% 4,189.7 4,354.5 -3.8%
Free Contracting Environment Sales 161.0 44.1 264.8% 486.0 349.2 39.2%
Spot Sales (CCEE) 117.4 19.0 517.2% 393.6 196.6 100.2%
Total 1,379.8 1,244.5 10.9% 5,069.3 4,900.3 3.4%


11
During 2009, Light Esco signed five major service contracts with: (i) Rede Globo - substation
construction and upgrade of the PROJAC chilled water generation system; (ii) Quartier Ipanema
Building - substitution of three chillers for new, highly energy efficient models (iii) Petrobras -
installation of two underground transmission lines needed to supply electricity to the Petrobras
Research Center (CENPES) and to the companys Integrated Data Processing Center (CIPD) located on
Ilha do Fundo, Rio de Janeiro State; (iv) Maceis Shopping Iguatemi - project to upgrade the malls
chilled water system; and (v) Castello Branco Building - chilled water system upgrade. These projects
will generate approximately R$66 million in revenue in 2009 and 2010.


Volume (GWh) 4Q09 4Q08 Var.% 2009 2008 Var.%
Trading 249.2 64.1 288.9% 645.8 432.1 49.4%
Broker 275.9 286.5 -3.7% 1,057.0 1,323.9 -20.2%
Total 525.1 350.6 49.8% 1,702.8 1,756.0 -3.0%


12
Financial Performance

Net Revenue
Consolidated
In 4Q09, net operating revenue totaled R$1,502.4 million, 1.8% higher than in 4Q08, mainly impacted
by the performance of the trading and distribution segments, which grew 185.0% and 0.8%,
respectively, compared to those recorded in 4Q08.
The 0.8% growth in the year of consolidated net revenue is due primarily to the performance of the
captive market, which contributed to the 0.6% increase in net revenue from distribution business. Its
also worth to highlight the growth in the trading and services segment revenue, which was 17.7%
higher than in 2008.









Net Revenue (R$ MM) 4Q09 4Q08 Var. % 2009 2008 Var. %
Distribution
Billed consumption 1,253.7 1,234.6 1.5% 4,679.7 4,586.9 2.0%
Non billed energy 37.7 20.3 85.4% 23.7 (12.0) -
Network use (TUSD) 111.5 140.1 -20.4% 363.6 456.1 -20.3%
Short-Term (Spot) - (6.9) -100.0% 16.2 9.9 63.5%
Others 11.7 15.7 -25.4% 50.1 60.1 -16.7%
Subtotal (a) 1,414.5 1,403.8 0.8% 5,133.3 5,101.1 0.6%
Generation
Generation Sale(ACR+ACL) 73.5 75.1 -2.1% 278.3 285.0 -2.3%
Short-Term
1
0.4 1.8 -78.4% 10.9 14.6 -25.3%
Others 1.5 1.5 -0.5% 5.6 4.9 14.9%
Subtotal (b) 75.4 78.4 -3.8% 294.9 304.5 -3.2%
Comercialization
Energy Sales 18.4 7.7 137.4% 66.8 61.8 8.1%
Others 15.4 4.1 274.2% 25.6 16.7 53.6%
Subtotal (c) 33.8 11.9 185.0% 92.3 78.4 17.7%
Others and Eliminations (d) (21.4) (18.8) (88.1) (97.4)
Total (a+b+c+d) 1,502.4 1,475.3 1.8% 5,432.3 5,386.6 0.8%
(1) Balance of the settlement on the CCEE


13

Distribution
Net distribution revenue was R$1,414.5 million this quarter,
0.8% above year-on-year. Net revenue from the 4Q08
included the recognition of the financial additional
considered in the November 2008 tariff review, which
affected that quarters by R$154.6 million. Excluding the
non-recurring effect of the financial additional, net revenue
from distribution business grew 13.2% year-on-year,
chiefly as a result of the 10.5% increase in captive market
consumption in the quarter. The revenue was also affected
by the end of Parcel A billing in last June, while in 4Q08 the
impact on net revenue was nearly R$58.7 million. It is
worth noting that the end of Parcel A billing has no effect
on the result, since it was offset by the amortization in the
purchased energy account. Residential and commercial
segments accounted for 78% of captive market revenue.
The distribution business net revenue in 2009 totaled
R$5,133.3 million, up 0.6% year-on-year. The excellent performance of the captive market segment
was a major growth driver in the distribution net revenue and more than offset the decline in revenue
from network use resulting from the reduction in energy and demand contracted by free customers in
response to the impact of the economic crisis on their operations.
It is worth mentioning that, as the market approved by Aneel in the tariff adjustment process did not
take into consideration the energy and demand of CSN, Valesul and CSA due to their planned migration
to the core network, any variation in the consumption of these customers will have a neutral effect on
the distribution business total revenue. Given the lower than expected consumption of CSN and Valesul
in 2009, a regulatory asset was formed and distributed among other revenue lines, which fully offsets
this reduction.
Generation
Net revenue in the quarter was R$75.4 million, 3.8% lower than in 4Q08. This reduction was largely
due to the significantly lower spot price, which in 4Q09 recorded an average of R$16.31/MWh,
compared to the average of R$98.51/MWh posted in 4Q08.
Net income for 2009 came to R$294.9 million, 3.2% lower than in 2008. The decline in revenue in
2009 resulted primarily from lower prices on the spot market throughout the year in comparison to the
previous period.
Net Revenue by Class - Captive
R$ MM - 2009
Residential
46%
Others
13%
Commercial
32%
Industrial
9%
1,505
2,124
417
630
Electric Energy Consumption GWh - Captive
2009
Others
17%
Commercial
32%
Industrial
10%
Residential
41%
7,880
3,273
6,074
1,857


14

Trading and Services
Net revenue in 4Q09 was R$33.8 million, up 185.0% over 4Q08. This increase is primarily the result of
this quarters 137.4% rise in the volume of trading sales, as well as from the recognition of revenue
stemming from the resale of equipment and the provision of services in connection with the
construction of the CENPES substation and extension.
Net revenue from trading and services operations totaled R$92.3 million in 2009, a 17.7% increase
relative to 2008, continuing the trend of significant growth in this segment of the Companys business.

Costs and Expenses

Consolidated

Consolidated Operating Costs and Expenses

In 2009, operating costs and expenses grew 8.4%, largely due to the 7.8% year-on-year increase in
distribution costs and expenses.
The Stock Option Plan contributed R$51.7 million to the personnel expenses of the Light S.A. parent
company in 2009, R$21.5 million of which corresponded to 4Q09, as opposed to total provisioning of
R$22.5 million in 2008 affecting only the fourth quarter, since no related provision existed in earlier
quarters. Of the total options granted, the Companys executives were entitled to 6,571,846. At the
close of 2009, 4,846,500 options had been exercised and the remaining options were exercised in
January of 2010.



Operating Costs and
Expenses (R$ MM)
4Q09 4Q08 (%) 2009 2008 Var. %
Distribution (1,187.2) (999.6) 18.8% (4,392.9) (4,074.5) 7.8%
Generation (25.9) (32.7) -20.7% (116.3) (122.8) -5.3%
Comercialization (23.4) (13.5) 73.2% (71.4) (68.5) 4.3%
Others and Eliminations (1.5) (4.7) -68.4% 31.4 70.9 -55.7%
Consolidated (1,238.0) (1,050.6) 17.8% (4,549.2) (4,195.0) 8.4%


15
Distribution
In 2009, costs and expenses of the energy distribution business grew 7.8% over 4Q08, as shown in the
table below. This growth was driven by a 7.2% increase in non-manageable, pass-through costs and
expenses in the tariff. The 9.7% increase in manageable costs and expenses was primarily a result of
the reversal of provisions in the amount of R$133.8 million in 2008.

Non-Manageable Costs and Expenses
In the fourth quarter of 2009, non-manageable costs and
expenses amounted to R$883.0 million, up 3.2% year-on-
year. Energy purchase costs fell 2.3% over 4Q08 largely
due to the dollars 22.8% year-on-year depreciation over
the real, considering the average monthly closing rates in
both periods.
In 2009, non-manageable costs and expenses came to
R$3,302.8 million, up 7.2% over 2008, mainly due to
adjustments to existing energy purchase contracts and the
greater volume of purchased energy in the year.
Expenses related to purchased energy rose 13.9% chiefly
as a result of: (i) the Itaipu dollar tariff adjustment by
approximately 10% in January 2009, (ii) the dollars 8.6%
appreciation, considering the average monthly closing rates
in both years; (iii) UTR Norte Fluminense (Norte Flu) 18.3%
average price increase reflecting the higher compensatory
surcharge for gas (gas CVA) impacted by the dollars
appreciation; (iv) the approximately 6.4% increase in auction contracts in Nov/08 affected by 6.0%
inflation in the period (IPCA - Nov07 to Oct/08) and the introduction of new products in the 1
st
and 2
nd

Costs and Expenses (R$ MM) 4Q09 4Q08 (%) 2009 2008 Var. %
Non-Manageable Costs and Expenses (883.0) (855.7) 3.2% (3,302.8) (3,080.9) 7.2%
Energy Purchase costs (686.0) (702.4) -2.3% (2,617.5) (2,490.1) 5.1%
Purchased Energy (657.4) (643.5) 2.2% (2,754.9) (2,418.9) 13.9%
Formation Energy CVA (28.6) (58.9) -51.4% 137.4 (71.1) -
Costs with charges (140.6) (104.2) 35.0% (542.7) (407.0) 33.3%
Charges (146.4) (131.7) 11.2% (577.4) (522.9) 10.4%
Formation Charges CVA 5.8 27.5 -79.0% 34.7 115.9 -70.0%
Amortization CVA (53.1) (43.6) 21.8% (124.5) (162.9) -23.6%
Others (Mandatory Costs) (3.3) (5.5) -39.6% (18.1) (20.9) -13.5%
Manageable Costs and Expenses (304.2) (144.0) 111.3% (1,090.1) (993.6) 9.7%
PMSO (145.7) (143.1) 1.9% (504.0) (505.4) -0.3%
Personnel (42.0) (57.7) -27.1% (178.0) (191.4) -7.0%
Material (4.3) (4.0) 9.0% (14.6) (14.2) 2.6%
Outsourced Services (79.6) (70.8) 12.4% (253.7) (257.0) -1.3%
Others (19.8) (10.7) 85.8% (57.7) (42.9) 34.5%
Provisions (88.4) 61.0 -245.0% (306.0) (201.1) 52.2%
Depreciation (70.0) (61.8) 13.2% (280.1) (287.1) -2.4%
Total Costs and Expenses (1,187.2) (999.6) 18.8% (4,392.9) (4,074.5) 7.8%
Purchased Energy - R$ MM
2009
41%
40%
34%
33%
23%
22%
5%
2%
2,755
2,419
2008 2009
AUCTIONS NORTE FLU ITAIPU SPOT
Purchased Energy - GWh
2009
49%
50%
25%
23%
22% 21%
5%
3%
1%
2% 25,770
27,450
2008 2009
AUCTIONS NORTE FLU ITAIPU SPOT PROINFA


16
thermal (T-15) and hydro (H-30) energy auctions; and (v) the energy purchase in the 2009 adjustment
auction (Mar/09 to Dec/09), whose cost this year was R$145.8/MWh.
The average purchased energy cost excluding spot purchases increased 10.7% from R$96.5/MWh in
2008 to R$106.8/MWh in 2009.
In 2009, charges grew 33.3% year-on-year, chiefly due to thermoelectric plant dispatch in 2008 that
resulted in increased System Service Charges (ESS) for distribution companies.

Manageable Costs and Expenses
Manageable operating costs and expenses (personnel, materials, outsourced services, provisions,
depreciation and others) totaled R$304.2 million in 4Q09, a 111.3% increase between the periods. This
was primarily due to the R$133.8 million reversal of the Braslight pension fund provision in 4Q08.
Excluding this non-recurring effect, manageable costs and expenses for 2009 increased 9.5% year-on-
year.
Manageable operating costs and expenses for 2009 totaled R$1,090.1 million, up 9.7% compared to
2008, also primarily due to the 2008 Braslight reversal. Excluding that non-recurring effect for actuarial
loss, manageable costs and expenses for 2009 declined 3.3% relative to 2008.
Costs and expenses with staff, equipment, services and others (PMSO) amounted to R$504.0 million in
the year, in line with the amount recorded in 2008. This result was mainly due to the 7.0% reduction in
personnel costs and expenses, corresponding to R$13.3 million, which in turn resulted primarily from
the Companys good management practices, and also to recognition of R$6.7 million corresponding to
the favorable ruling handed down in 4Q09 in the dispute over the unjustified collection of social
contribution to INCRA. Growth in the other expenses line is chiefly due to: (i) an agreement with the
City of Rio de Janeiro, in which Light recognized R$5.3 million in expenses stemming from tax fines,
having as a counter entry the establishment of amounts receivable in the amount of R$16.1 million and
(ii) a Contract Adjustment Agreement (TAC) in the amount of R$4.3 million stemming from non-
compliance with minimum quality indexes in 2007.
In 2009, provisions (PDD, provisions for contingencies and others) totaled R$306.0 million, jumping
52.2% relative to 2008. That increase resulted primarily from the R$133.8 million reversal in 2008, of
a provision constituted by Light for actuarial loss on the Brasilight pension fund, which the Company
sponsors. Excluding the non-recurring effect of the provision for actuarial loss, provisions declined
8.6% in 2009 compared to 2008.
The Provision for Past Due Accounts (PDD) constituted in 2009 totaled R$246.0 million, or 3.2% of the
gross billed energy, in comparison to R$ 235.8 million, or 3.3% of gross billed energy in 2008.


17

Generation
In 4T09, Light Energias costs and expenses were R$25.9 million, 20.7% lower than in 4Q08. This
reduction was mainly driven by the 51.2% fall in CUSD/CUST (use of the distribution/transmission
system) costs due to the end of the collection of charges for core network use as of July, which totaled
R$4.1 million in 4Q08.
Light Energias costs and expenses for 2009 came to R$116.3 million, down 5.3% compared to 2008.
That decline was mainly driven by the 17.1% drop in CUSD/CUST (use of the distribution/transmission
system) costs due to the end of the collection of charges for core network use.
Costs and expenses in 2009 were as follows: CUSD/CUST (30.6%), personnel (14.6%), materials and
outsourced services (11.7%), others and depreciation (43.2%). In 2009, the PMSO cost per MWh was
R$12.02/MWh, while in 2008 this cost was R$11.72/MWh.

Trading and Services
In 4Q09, costs and expenses totaled R$23.4 million, 73.2% above those recorded in the same period
last year. This increase resulted primarily from a the cost of purchased energy, which increased 98.2%
year-on-year due to strong growth in the volume of resold energy and increased expenses for
materials and outsourced services incurred in the construction of the CENPES substation and extension.
In 2009, costs and expenses totaled R$71.4 million, a 4.3% increase year-on-year especially due to
the 98.7% increase in materials and services expenditures, a reflection of the growth in service
provision.




Operating Costs and Expenses - R$ MM 4Q09 4Q08 (%) 2009 2008 Var. %
Personnel (4.0) (5.2) -24.2% (16.9) (19.0) -10.9%
Material and Outsourced Services (3.7) (4.0) -9.4% (13.6) (13.0) 4.1%
Purchased Energy (CUSD) (5.4) (11.1) -51.2% (35.5) (42.9) -17.1%
Depreciation (6.0) (6.0) 0.3% (24.2) (24.8) -2.3%
Others (includes provisions) (6.9) (6.4) 8.0% (26.1) (23.1) 12.6%
Total
(25.9)
(32.7) -20.7% (116.3) (122.8) -5.3%
Operating Costs and Expenses - R$ MM 4Q09 4Q08 (%) 2009 2008 Var. %
Personnel (0.7) (0.5) 43.4% (1.7) (1.8) -5.8%
Material and Outsourced Services (8.2) (5.7) 44.7% (16.5) (8.3) 98.7%
Purchased Energy (14.2) (7.2) 98.2% (52.1) (57.3) -9.1%
Depreciation (0.2) 0.0 - (0.6) (0.6) -0.3%
Others (includes provisions) (0.1) (0.2) -33.5% (0.5) (0.4) 15.4%
Total (23.4) (13.5) 73.2% (71.4) (68.5) 4.3%


18
EBITDA
Consolidated
Consolidated EBITDA was R$340.5 million in the fourth quarter of 2009, a decrease of 30.9% year-on-
year. In 2009, EBITDA totaled R$1,188.0 million, falling 21.0% compared to 2008. Excluding the non-
recurring effects that impacted EBITDA in 2008, the decline in 2009 would have been 5.9%, partially
explained by the reduction in the distribution companys EBITDA, a reflection of the November 2008
tariff review process.
The consolidated EBITDA margin was 21.9% in 2009. The share
of the distribution segment in the consolidated EBITDA was
82.0%. The generation and trading segments were responsible
for 16.3% and 1.7% of consolidated EBITDA, respectively.

EBITDA per segment *
2009
Distribution
82.0%
Generation
16.3%
Trading
1.7%
*Does not consider eliminations
Consolidated EBITDA- R$ MM 4Q09 4Q08 Var.% 2009 2008 Var.%
Distribution 297.3 465.9 -36.2% 1,020.4 1,313.6 -22.3%
Generation 55.5 51.7 7.3% 202.8 206.4 -1.8%
Trading 10.6 (1.6) - 21.5 10.5 104.3%
Others and eliminations (22.9) (23.4) -2.4% (56.7) (26.4) 114.4%
Total 340.5 492.6 -30.9% 1,188.0 1,504.1 -21.0%
Margem EBITDA (%) 22.7% 33.4% - 21.9% 27.9% -
EBITDA - 2009/2008 - R$ million
1,263
1,504
1,188
29
(68)
134
108
(35)
EBITDA -
2008
Additional
Financial
Charges
Tariff
Review
Reversal of
Braslight
Provision
EBITDA -
2008
without
non-
recurring
Net
Revenue
Manageable
Costs
(PMSO)
Provisions EBITDA -
2009
-5.9%


19


Distribution
The distribution business EBITDA in 4Q09 totaled R$297.3 million, 36.2% below the same period last
year. Excluding the non-recurring effects corresponding to the recognition of R$107.5 million in
financial gains from previous years and the R$133.8 million reversal of the Braslight provision, EBITDA
increased 32.4%, driven by the significant growth in the captive market over the period. EBITDA
margin in 4Q09 was 21.0%.
In 2009, EBITDA was R$1,020.4 million, down 22.3% compared to 2008, with a 19.9% margin.
Excluding non-recurring effects in 2008, EBITDA was down 4.2% over 2008, which can be partially
explained by the reduction in the Companys regulatory EBITDA due to the tariff review conducted in
November 2008, what is expected in the first year of each tariff cycle, when scale gains are fully
passed through to consumers.
Generation
Light Energias EBITDA grew 7.3% year-on-year, totaling R$55.5 million this quarter. This increase
resulted primarily from lower CUSD/CUST (use of distribution/transmission system) costs due to the
elimination of the core network usage fee as of July, which totaled R$4.1 million in 4Q08. The EBITDA
margin this quarter was 73.6%.
EBITDA in 2009 came to R$202.8 million, 1.8% lower than the 2008 level, mainly due to differences in
the energy allocation strategies over the two years, which led to a drop in net revenue from
generation. Whereas in 2008 volume was concentrated in the early part of the year when spot market
prices reached close to R$500/MWh, 2009 did not see a similar concentration of volume in any one
period, nor did prices reach such high levels due to the availability of water in the reservoirs and the
economic crisis, which slowed energy consumption. EBITDA margin for 2009 came to 68.8%.
EBITDA Distribution - 4Q09/4Q08 - R$ Million
225
466
297
89
134
108
(1)
(16)
EBITDA -
4Q08
Additional
Financial
Charges
Tariff
Review
Reversal of
Braslight
Provision
EBITDA
4Q08
without
non-
recurring
Net
Revenue
Manageable
Costs
(PMSO)
Provisions EBITDA -
4Q09
32.4%


20

Trading and Services
EBITDA in 4Q09 amounted to R$10.6 million, compared to the negative R$1.6 million recorded in
4Q08. That result was primarily due to significant operational growth from an increase in energy sales
volume and service provision combined with recognition of R$5.3 million in costs associated with
energy efficiency projects concentrated in 4Q08 while revenue from those projects was booked
throughout that year. EBITDA margin for 4Q09 came to 31.3%.
In 2009, EBITDA was R$21.5 million, up 104.3% over 2008 also due to the operating performance
achieved by the energy trading and services business. The EBITDA margin in 2009 was 23.3%.


21
Consolidated Financial Result

The 4Q09 financial result came to R$17.5 million, compared to the negative R$138.3 million result
posted in the same quarter of 2008. The year-on-year increase was chiefly due to the 72.1% drop in
financial expenses driven by variation in Braslight (Lights pension fund), whose 4Q09 surplus
generated a positive effect of R$48.6 million, while this variation generated a negative result of R$71.8
million in 4Q08. In addition to the Braslight gain, the Companys adherence to the New REFIS program
generated a positive net effect of R$ 27.7 million with the corresponding reduction of interest and
fines.
Overall, the 2009 financial result was negative R$70.7 million, compared to a positive R$94.4 million in
2008. That discrepancy was primarily due to the non-recurring effect of the R$432.4 million provision
reversion in 2008, related to the expansion of the PIS/COFINS calculation base. Excluding that
reversal, the financial result in 2009 was 79.1% greater than in 2008.
In 2009, financial revenue totaled R$201.9 million, down 25.3% over 2008, largely due to: (i) variation
in the swap result, attributable to the reals appreciation against the dollar, combined with the
reduction in foreign exchange exposure; (ii) lower yield on financial investments caused by the drop in
the CDI rate between the periods; and (iii) the reduction in the others line due to the 2008 recognition
of monetary restatement of PIS/COFINS credits on sector charges.
Financial expenses came to R$272.5 million, improving 55.2% relative to 2008, primarily due to: (i)
the variation of the Braslight fund, considering the 2009 surplus versus the 2008 deficit, (ii) the R$81.1
million impact on debt denominated in foreign currencies caused by the reals appreciation over the
dollar in 2009, as opposed to its depreciation in 2008 and (iii) the Companys adherence to REFIS,
which allowed it to recognize the net amount of R$27.7 million in reduced interest and fines.



Financial Result - R$ MM 4Q09 4Q08 (%) 2009 2008 (%)
Financial Revenues 74.1 64.6 14.7% 201.9 270.1 -25.3%
Income - financial investments 16.1 23.4 -31.2% 61.2 69.9 -12.5%
Monetary and Exchange variation 40.4 5.9 586.9% 64.8 40.1 61.8%
Swap Operations (0.3) 8.5 - (10.3) 12.9 -
Others Financial Revenues 17.8 26.8 -33.5% 86.1 147.3 -41.5%
Financial Expenses (56.5) (202.9) 72.1% (272.5) (608.1) 55.2%
Interest over loans and financing (43.8) (62.3) 29.7% (195.3) (218.4) 10.6%
Monetary and Exchange variation (10.6) (37.4) 71.6% (37.9) (130.6) 71.0%
Braslight (private pension fund) 31.3 (100.4) 131.2% (11.5) (225.4) 94.9%
Swap Operations (1.4) 3.8 - (7.6) 1.6 569.2%
Others Financial Expenses (32.0) (6.5) - (20.3) (35.4) -
Subtotal 17.5 (138.3) 112.7% (70.7) (338.0) 79.1%
PIS/COFINS Provisions Reversal - - - - 432.4 -
Total 17.5 (138.3) 112.7% (70.7) 94.4 174.9%


22

Indebtedness

The Companys gross debt on December 31, 2009 was R$2,465.5 million, up 2.8% compared to the
figure on September 30, 2009, as a result of the increase in the long-term debt. This increase was the
result of Light SESAs withdrawal on December 22, 2009 of R$145.0 million from the BNDES financing
line for the 2010-11 investment plan. In relation to the position of December 31, 2008, the Companys
gross debt grew 13.6%, corresponding to a variation of R$295.1 million. This growth is a reflection of:
(i) the 6
th
debentures issue with an impact of R$296.0 million in 4Q09; (ii) the new BNDES financing.
The R$1,637.1 million net debt increased 9.5%
compared to September of 2009. The factors driving this
increase were: (i) the BNDES disbursement and (ii) the
reduction in the cash position stemming from the
R$186.5 million dividend payment in November of 2009.
Compared to the Companys net debt in December of
2008, in 2009 it grew 3.6%, chiefly due to the above-
mentioned funding operations in the year. At the close of
2009, the net debt/EBITDA ratio stood at 1.4x.
Our debt position continues to be comfortable, with an
average term to maturity of 3.6 years and a downward
trend in the average cost of real-denominated debt,
which was 0.3 p.p. lower when compared to September
of 2009. The average cost stood at 9.8% p.a. The
average cost of foreign currency debt of US$+5.3% p.a.
R$ MM Short Term % Long Term % Total %
Brazilian Currency 277.9 11.3% 2,085.9 72.6% 2,363.8 95.9%
Debenture 1st Issue 8.1 0.3% 8.1 0.3%
Debenture 4th Issue 0.0 0.0% 0.1 0.0% 0.1 0.0%
Debenture 5th Issue 86.0 3.5% 869.6 35.3% 955.6 38.8%
Debenture 6th Issue 2.4 0.1% 296.0 298.4 12.1%
BNDES FINEM (CAPEX) 84.8 3.4% 466.1 18.9% 550.9 22.3%
CCB Bradesco 8.4 0.3% 450.0 18.3% 458.4 18.6%
Working Capital - ABN Amro 82.6 3.4% 82.6 3.4%
Financial operations "Swap" 4.1 0.2% 1.5 0.1% 5.6 0.2%
Others 1.7 0.1% 2.6 0.1% 4.2 0.2%
Foreing Currency 15.9 0.6% 85.9 3.5% 101.7 4.1%
National Treasury 14.0 0.57% 85.9 3.5% 99.8 4.0%
Import Financing 1.4 0.06% 1.4 0.1%
BNDES Import Fin. 0.4 0.02% 0.4 0.0%
Gross Debt 293.8 11.9% 2,171.8 88.1% 2,465.5 100.0%
Cash 828.4
Net Debt (a) 1,637.1
Braslight (b) 95.0 861.4 956.4
Net Regulatory Asset (c) 170.7 21.3 192.0
Adjusted Net Debt (a+b-c) 2,401.6
Net Debt (ex-Braslight)
(R$ million)
1,580
1,496
1,637
dec/08 sep/09 dec/09
Indebtedness
(Brazilian Currency x Foreign)
92.1%
95.2% 95.9%
7.9%
4.8% 4.1%
dec/08 sep/09 dec/09
Brazilian Currency Foreign Currency


23
remained stable when compared to September of 2009. At the end of December, only 4.1% of total
debt was denominated in foreign currency, and considering the effect of foreign currency hedging
operations our net exposure decreases to 2.5% of the total, a drop of 0.3 p.p. in relation to September
of 2009. Our hedge policy consists of protecting the cash flow falling due within the next 24 months
(principal and interest) through the use of non-cash swap instruments with premier financial
institutions.

Net Income
Light posted net income of R$247.7 million in 4Q09, down 10.7% over 4Q08. This result is mainly a
result of the exchange rate variation on Light SESAs liabilities with the offshore company LIR, which
increased income and social contribution taxes by R$9.0 million in 4Q09 and reduced by R$102.8
million in 4Q08. In addition to the effect of exchange rate variation in both quarters, the Companys
adherence to the New REFIS program allowed it to recognize a net effect of R$152.1 million from
reduced fines and interest in 4Q09, while in 4Q08, the reversal of the Braslight provision had a positive
effect of R$133.8 million. Disregarding the non-recurring effects of both quarters, net income for 4Q09
would be R$104.6 million, 156.6% higher than in 4Q08.

Net income in 2009 reached R$604.8 million, 37.9% lower than the 2008 figure of R$974.5 million. The
following non-recurring effects impacting each year: (i) reversals of the PIS/COFINS provisions, the
Braslight actuarial loss and exchange rate variation, with impacts of R$285.4 million, R$133.8 million
and R$137.5 million, respectively, in 2008, and (ii) recognition of non-recurring tax benefits, the
benefit for adherence to the New REFIS program and exchange rate variation, which had effects of
R$118.4 million, R$152.1 million and R$144.8 million, respectively, in 2009. Excluding those effects,
net income in 2009 would have been R$479.2 million, 14.7% higher than the 2008 figure.
285.4
137.5
118.4
604.8
974.5
479.2
417.7
152.1
133.8
144.8
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24

Capital Expenditures
In 2009, the Company invested R$563.8 million in
investment projects, including the development of
distribution networks (new connections, capacity
increases and repairs), totaling R$133.3 million, and
quality improvements and preventive maintenance, which
absorbed R$64.7 million; network protection, electronic
meters and fraud regularization totaling R$164.9 million.
In the generation segment, investments totaled R$51.8
million, chiefly allocated to maintenance of the existing
generation complex.
Investments in property, plant and equipment totaled R$652.3 million in 2009, including: (i) the
financial charges originating from the Companys loans with financial institutions, (ii) the accounting
effect of monetary restatement of use of public property from the Itaocara Plant, provided for in the
Plants concession agreement, (iii) and materials in inventory.
Projects for Expansion of the Generation Capacity
4Q09 was marked by the following events related to the development of projects for expansion of
Lights generation capacity:
On October 29, 2009 the contract for the construction of Paracambi SHPP was signed with the EPC
consortium comprised of the companies Orteng Equipamentos e Sistemas Ltda and Construtora Quebec
Ltda. and construction started in last November, with commercial operations expected to begin in
October of 2011;
In November, BNDES classified the Paracambi SHPP Project as likely to receive financing from the
bank, and approval of the final terms is expected by the second quarter of 2010.
The bidding process to choose the company that to build the New Feeder 1, part of the supply
system for the future Lajes SHPP was completed in November with the execution of an agreement with
the companies Construteckma Engenharia Ltda. and Contemat Engenharia e Geotecnia S.A., and
construction started on December 9 with conclusion slated for August of 2010;
The Basic Engineering Project and Environmental Studies (EIA/RIMA) of the Itaocara Hydroelectric
Project will be completed in February of 2010, allowing ANEEL approval and application for
environmental licensing which must be obtained before construction can begin;
Light did not participate in the first auction of Reserve Wind Energy held in December of 2009.
However, the Board of Directors has decided to approve the acquisition of two of the seven projects it
was evaluating at that time. They are located in Aracati, Cear State, and have a combined installed
CAPEX (R$ MM)
455.4 450.3
546.7
563.8
57.6
42.6
51.8
47.8
4.2
0.8
2008 2009
Distribution Administration
Generation Commercial.
3,1
%


25
generation capacity of 34 MW. The decision to invest in this clean energy source is consistent with the
Companys established sustainability criteria. The acquisition will be concluded in 2010.
In addition to these projects, the Company is considering participation in other generation projects,
which together ensure the increase of installed generation capacity by at least 50%;
Cash Flow

In 2009, Lights cash generation totaled R$238.2 million, a significant increase over 2008s R$99.9
million.
At the end of 2009, the Companys total cash stood at R$828.4 million, well above the 2008 total. The
primary reasons for the improvement in cash position were:
(i) improvement in the Companys operating result, which came to R$1,348.3 million in 2009,
compared to a total of R$1,308.0 million in 2008; and
(ii) better results from financing activities, excluding dividends, which contributed R$90.0 million in
2009, while decreasing cash by R$68.4 million in 2008.
Net cash used in investing activities in the year remained practically at the same level in relation to
2008.
R$ MM 2009 2008
Cash in the Beginning of the Period {1) 590.1 490.2
Net Income 604.8 974.5
Provision for Delinquency 246.3 233.4
Depreciation and Amortization 304.9 312.4
Net !nterests and Nonetary variations 175.7 273.7
Braslight 18.2 115.4
Atualization f provisions reversal 61.6 (350.3)
Others 125.3 175.0
Net Income Cash Basis 1,536.8 1,734.1
Working Capital (289.8) (214.6)
Regulatories (RTE, CvA e Bubble) 108.2 (64.0)
Contingencies (83.1) (90.9)
Taxes 109.2 (195.6)
Others (33.1) 139.0
Cash from Operating Activities {2) 1,348.3 1,308.0
Capital !ncrease - 5.5
Dividends Payment (594.4) (554.2)
Finance Obtained 579.4 264.5
Debt Service and Amortization (489.5) (332.9)
Financing Activities {3) (504.4) (617.2)
Shares Acquisition (64.7) -
Concession !nvestments (573.4) (612.6)
Assets Alienation 32.4 21.6
Investment Activities {4) (605.7) (590.9)
Cash in the End of the Period {1+2+3+4) S2S.4 590.1
Cash Generation {2+3+4) 23S.2 99.9


26
Corporate Governance and the Capital Markets
On December 31, 2009, the capital stock of Light S.A. was comprised of 203,934,060 common shares
with no par value.
On July 14, 2009, Light S.A. held a public stock offering consisting of 29,470,480 shares. Of that total,
16,079,135 shares were held by BNDESPar and 13,391,345 shares belonged to EDF. On August 11,
2009, Banco Ita BBA, which coordinated the offering, fully exercised the option to acquire an over-
allotment of 2,700,000 shares held by BNDESPar. Therefore, the total number of shares offered was
32,170,480, of which 18,779,135 shares belonged to BNDESPar and 13,391,345 shares belonged to
EDF. The total number of shares sold represented 15.8% of the Companys capital stock.
On December 30, 2009, the controlling shareholders and Light announced to the market in Material
Facts that the Company had signed an agreement to purchase the Light S.A. stakes belonging to
Andrade Gutierrez Concesses S.A. and Fundo de Investimento em Participaes PCP, owner of
Equatorial Energia. That operation will create, together with an Investment Fund (FIP), a Special
Purpose Entity (SPE) where Cemig will have minority interest and will hold, directly or indirectly, up to
26.06% of Lights capital stock when the operation is concluded, with CEMIG and LUCE Brasil Fundo de
Investimento em Participaes (LUCE) retaining their original stake in Light, 13.03% each, as
illustrated in the shareholding structure chart below. The operation has been announced but has not
yet been finalized.
Complying with the RME Shareholders Agreement, on December 31, 2009, following the Extraordinary
Shareholders Meeting the disproportionate partial spin-off of RME into three entities was approved.
That action was followed by the incorporation of those split-offs by Companhia Energtica de Minas
Gerais (CEMIG), Andrade Gutierrez Concesses S.A. and Luce Empreendimentos e Participaes S.A.
(LEPSA). A new shareholders agreement was also signed between the Companys four controlling
stakeholders that reaffirms the rights and obligations established in the previous shareholders
agreement.











27

The following charts detail Lights shareholding structure:
After the RME spin-off (structure on 12/30/2009):



Final position after acquisition announcement (Source: CEMIG presentation - notice to the market):


Controlling Shareholder [52.1%]
Free Float [47.9%]
Market
LEPSA
13.03% 13.03% 13.03% 13.03%
24.4% 23.5%
LUCE
RME
Free Float [47.9%]
Market
LEPSA
13.03% 26.06% 13.03%
24.4% 23.5%
SPE
FIP
>50% <50%
Shareholders agreement [52.1%]


28

At its February 10, 2010 meeting, the Board of Directors approved the dividend proposal in the amount
of R$432,340,207.20, equal to R$2.12 per share, based on the results of the 2009 fiscal year. This
proposal corresponds to a payout of 75.24% of adjusted net income and a dividend yield of 8.14%
relative to the closing price of February 9, 2010. The proposal will be submitted to the Ordinary
Shareholders Meeting to be scheduled.
The Company's shares have been listed on Bovespa's Novo Mercado since July of 2005, adhering to the
best corporate governance practices and the principles of transparency and equity, in addition to
granting special rights to minority shareholders. Light S.A.s shares are listed on the Ibovespa, Itag,
IGC, IEE, IBrX and ISE indexes.
Lights Board of Directors is composed of 11 members, 2 of whom are elected independently. The
following five committees support the Board of Directors: Finance, Management, Audit, Human
Resources, and Governance and Sustainability.
At the end of the quarter, Lights stock had appreciated 7.2%, with an average daily trading volume of
R$22.0 million. The IEE (Bovespas Electric Power Index) was up 11.5% in the same period. The graph
below shows the performance of Lights stock since RME took control on August 10, 2006.





BOVESPA (spot market) - LIGT3
Daily Average 4Q09 3Q08
Number of shares traded (Million) 881.3 232.4
Number of Transactions 1,802 582
Traded Volume (R$ Million) $22.0 $5.1
Quotation per lot of 1000 shares: $25.98 $19.45
Share Valuing 7.2% 0.3%
IEE Valuing 8.9% -6.7%
Ibovespa Valuing
11.5% -24.2%
Light x Ibovespa x IEE
08/10/06 = 100 until 12/30/09
80
100
120
140
160
180
200
220
240
260
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127% Light
84% Ibovespa
104% IEE
R$/share
08/10//06 11,45
12/30/09 25,98
2009
IEE 59%
IBOV 83%
LIGT3 34%


29
Recent Events
Stock Buyback Program: On November 6, 2009, the Companys Board of Directors approved a
plan to acquire 6,571,846 outstanding common shares issued by the Company to be maintained
in treasury for resale at a later date. The purpose of this operation was to support the Stock
Option plan, part of its Long-term Incentive Plan. The buyback operation began on November 19,
2009, and was concluded on January 18, 2010.
New REFIS: n November 6, 2009, the Companys Board of Directors approved its adherence to
the tax reduction and installment program as set forth in Law 11,941/09. The gross amount of
the provisioned disputes before application of the benefits of the new law totaled approximately
R$713 million, with the net amount payable over 180 months totaling R$323 million. The main
provisions of this program include: (i) increasing the COFINS rate from 2% to 3% and (ii) the
deduction of Corporate Income Tax (IRPJ) and Social Contribution on Profits (CSLL) from profits
earned abroad. The impact of the incentive to reduce fines and interest on the result was
approximately R$152.1 million.
APIMEC SP 2009 Award for "Best Meeting of the Year": On December 15, 2009, Light
received the APIMEC SP Award for the "Best Meeting of 2009. The prize was awarded by a jury
that based its choice on evaluations submitted by investment professionals at the conclusion of
each APIMEC SP meeting. The judges considered the expression and knowledge of the presenter,
resources used, as well as the materials provided and information shared. The criteria for content
included the comprehensiveness, information provided, transparency, currency of the information
and the quality of answers given to analysts and investors.
Corporate Sustainability Index (ISE): For the third consecutive time, Light was included to be
part of Bovespas Corporate Sustainability Index from December of 2009 to December of 2010.
The ISE is a Bovespa index modeled on the New York Stock Exchanges Dow Jones Sustainability
Index (DJSI). The goal of the ISI is to identify best social responsibility and corporate
sustainability practices rooted in the triple bottom line concept that considers financial, social and
environmental factors.
Dissolution of LIR: On January 29, 2010, Lir Energy Limited was dissolved when it liquidated all
its assets and liabilities.
Addendum to the Concession Agreement: On February 2, 2010, Aneels Annual Public
Meeting approved the amendment to the concession contract of the distribution companies. The
objective of this addendum is to change the calculation methodology for the annual fee
adjustment to guarantee the neutrality of sector charges, avoiding market variations that may
occur as of February of 2010 to generate gains for the concessionaires and to the consumers. It is
worth noting that the proposal presented by Aneel is being analyzed by Light. Additionally, we
point out that the addendum, if signed by Light, will be effective as of the November 2010 fee
adjustment.



30

Disclosure Program

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 the 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 those of the Company's Board of Directors and Officers.
Reservations 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 may or may not occur. Future results and creation of value to shareholders might significantly
differ from those 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.
Teleconference
Brazil: (55) 11 - 4688-6361
USA: +1 888 700 0802
Other countries: +1 786 924 6977
Access code: Light
Conference Call - Dial number:
Schedule
2/12/2010, Friday, at 12:00 p.m. (Braslia) and at 09:00 a.m. (NY Time), with
simultaneous translation to English
Webcast: link on site www.light.com.br (portuguese and english)
Access conditions:


31

APPENDIX I
Statement of Income by Company - R$ million


LIGHT SESA 4Q09 4Q081 % 2009 2008 %
Operating Revenue 2,210.0 2,052.7 7.7% 8,290.3 7,893.7 5.0%
Deductions from the operating revenue (795.5) (649.0) 22.6% (3,157.1) (2,792.6) 13.1%
Net operating revenue 1,414.5 1,403.7 0.8% 5,133.3 5,101.1 0.6%
Operating expense (1,187.2) (999.6) 18.8% (4,392.9) (4,074.5) 7.8%
Operating result 227.3 404.1 -43.8% 740.3 1,026.6 -27.9%
EBITDA 297.3 465.9 -36.2% 1,020.4 1,313.6 -22.3%
Equity equivalence - - - - - -
Financial Result 19.6 (110.4) -117.7% (68.7) 159.2 -
Other Operating Incomes 22.8 11.4 100.7% 36.6 30.1 21.7%
Other Operating Expenses (18.5) (0.1) 26352.9% (24.8) (8.6) 187.8%
Result before taxes and interest 251.1 305.0 -17.7% 683.4 1,207.2 -43.4%
Net Income 231.9 289.9 -20.0% 528.5 918.2 -42.4%
EBITDA Margin 21.0% 33.2% - 19.9% 25.8% -
LIGHT ENERGIA 4Q09 4Q08 % 2009 2008 %
Operating Revenue 85.6 89.1 -3.9% 330.9 346.7 -4.6%
Deductions from the operating revenue (10.2) (10.7) -4.7% (36.0) (42.2) -14.6%
Net operating revenue 75.4 78.4 -3.8% 294.9 304.5 -3.2%
Operating expense (25.9) (32.7) -20.7% (116.3) (122.8) -5.3%
Operating result 49.5 45.7 8.2% 178.6 181.7 -1.7%
EBITDA 55.5 51.7 7.3% 202.8 206.4 -1.8%
Equity equivalence - - - - - -
Financial Result (3.3) (28.5) 88.5% (9.0) (66.0) 86.3%
Other Operating Incomes 0.0 0.1 -50.0% 1.5 0.1 1456.1%
Other Operating Expenses (0.0) (0.1) -64.4% (0.0) (0.1) -64.4%
Result before taxes and interest 46.2 17.2 169.2% 171.0 115.6 47.9%
Net Income 30.8 11.5 167.9% 113.0 76.1 48.5%
EBITDA Margin 73.6% 65.9% - 68.8% 67.8% -
LIGHT ESCO 4Q09 4Q08 % 2009 2008 %
Operating Revenue 39.7 15.1 163.6% 108.0 95.7 12.9%
Deductions from the operating revenue (5.9) (3.2) 83.8% (15.6) (17.2) -9.3%
Net operating revenue 33.8 11.9 185.0% 92.3 78.4 17.7%
Operating expense (23.4) (13.5) 73.2% (71.4) (68.5) 4.3%
Operating result 10.4 (1.6) - 20.9 9.9 110.8%
EBITDA 10.6 (1.6) - 21.5 10.5 104.3%
Equity equivalence - - - - - -
Financial Result 0.4 0.3 33.9% 1.0 0.8 19.5%
Other Operating Incomes - - - - - -
Other Operating Expenses - - - - - -
Result before taxes and interest 10.9 (1.3) - 21.9 10.7 103.9%
Net Income 7.2 (0.9) - 14.1 6.3 125.2%
EBITDA Margin 31.3% - - 23.3% 13.4% -


32

APPENDIX II
Statement of Consolidated Income

Consolidated - R$ MM 4Q09 4Q08 % 2009 2008 %
OPERATING REVENUE 2,314.0 2,138.2 8.2% 8,641.0 8,238.6 4.9%
DEDUCTIONS FROM THE REVENUE (811.6) (662.9) 22.4% (3,208.7) (2,852.0) 12.5%
NET OPERATING REVENUE 1,502.4 1,475.3 1.8% 5,432.3 5,386.6 0.8%
OPERATING EXPENSE (1,238.0) (1,050.6) 17.8% (4,549.2) (4,195.0) 8.4%
Personnel (68.8) (86.3) -20.3% (251.4) (236.9) 6.1%
Material (10.4) (5.6) 83.9% (25.9) (17.1) 51.9%
Outsourced Services (86.0) (79.2) 8.5% (274.1) (276.8) -1.0%
Purchased Energy (878.1) (849.8) 3.3% (3,284.6) (3,063.2) 7.2%
Depreciation (76.2) (67.8) 12.3% (304.9) (312.4) -2.4%
Provisions (88.4) 61.0 - (306.0) (201.2) 52.1%
Others (30.1) (22.6) 33.1% (102.3) (87.4) 17.0%
OPERATING RESULT() 264.4 424.8 -37.8% 883.1 1,191.7 -25.9%
EBITDA () 340.5 492.6 -30.9% 1,188.0 1,504.1 -21.0%
EQUITY EQUIVALENCE - - - - - -
FINANCIAL RESULT 17.5 (138.3) - (70.7) 94.4 -
Financial Income 74.1 64.6 14.7% 201.9 270.1 -25.3%
Financial Expenses (56.5) (202.9) -72.1% (272.5) (175.8) -
Other Operating Incomes 22.8 11.5 99.4% 38.1 30.2 26.4%
Other Operating Expenses (18.6) (0.2) - (24.8) (8.8) 183.9%
RESULT BEFORE TAXES AND INTEREST 286.2 297.7 -3.9% 825.7 1,307.5 -36.8%
SOCIAL CONTRIBUTIONS & INCOME TAX 13.8 (18.7) - (169.0) (161.4) 4.7%
DEFERRED INCOME TAX (48.6) 13.5 - (31.4) (140.1) -77.6%
PLR (3.6) (15.2) -76.4% (20.5) (31.5) -35.0%
NET INCOME 247.7 277.3 -10.7% 604.8 974.5 -37.9%
() 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
(*) The consolidated financial statements include the Light S.A. and its subsidiaries and affiliates. These financial statements were
eliminated from equity consolidated companies, the balances of receivables and payables, revenues and expenses between the
companies.


33

APPENDIX III
Consolidated Balance Sheet


Consolidated Balance Sheet - R$ MM
ASSETS 12/31/2009 12/31/2008
Circulating 3,373.4 3,351.4
Cash & Cash Equivalents 828.4 590.1
Credits 2,170.2 2,251.5
Inventories 14.4 18.6
Others 360.5 491.2
Non Circulating 5,986.7 6,110.6
Realizable in the Long Term 1,365.7 1,756.6
Miscellaneous Credits 1,118.6 1,406.6
Others 247.0 350.1
Investments 20.4 13.6
Net Fixed Assets 4,319.1 4,059.4
Intangible 281.6 281.0
Deferred Charges 0.0 0.0
Total Assets 9,360.2 9,462.0
LIABILITIES 12/31/2009 12/31/2008
Circulating 2,210.9 2,188.9
Loans and Financing 197.2 116.8
Debentures 96.4 61.5
Suppliers 564.2 486.2
Taxes, Fees and Contributions 285.2 230.5
Dividends to pay 432.3 499.6
Provisions 159.8 184.0
Others 475.9 610.3
Non Circulating 4,262.2 4,469.3
Long-Term Liabilities 4,262.2 4,469.3
Loans and Financing 1,006.2 1,046.6
Debentures 1,165.8 945.5
Provisions 673.9 998.5
Others 1,416.3 1,478.8
Outcome of future performance - -
Net Assets 2,887.1 2,803.7
Realized Joint Stock 2,225.8 2,225.8
Capital Reserve 28.0 22.5
Legal Reserve 0.0 0.0
Profits Retention 633.2 555.4
Accumulated Profit/Loss of Exercise 0.0 0.0
Total Liabilities
9,360.2 9,462.0


34

APPENDIX IV
Regulatory Assets and Liabilities



Light Figures









REGULATORY ASSETS R$ MM
12/31/2009 12/31/2008 12/31/2009 12/31/2008
Customers, Concessionaires and Permissionaires 6.5 68.0 - -
Tariff Readjustment 6.5 68.0 - -
Despesas Pagas Antecipadamente 258.1 381.6 36.1 125.1
CVA 206.6 222.2 36.1 125.1
Other Regulatories 51.5 27.5 - -
Part A - 131.9 - -
Total 264.6 449.6 36.1 125.1
REGULATORY LIABILITIES R$ MM
Suppliers (54.2) - - -
Free Energy - Net (54.2) - - -
Regulatory Liabilities (39.8) (160.7) (14.8) (1.7)
Part A (18.6) - - -
CVA (3.3) (143.9) (14.8) (1.7)
Other Regulatories (17.9) (16.7) - -
Total (94.0) (160.7) (14.8) (1.7)
TOTAL 170.7 288.9 21.3 123.4
Short Term Long Term
OPERATING INDICATORS 4Q09 4Q08 Var. %
N of Consumers (thousands) 3,996 3,929 1.7%
N of Employees 3,694 3,732 -1.0%
Average provision tariff - R$/MWh 401.4 396.8 1.2%
Average provision tariff - R$/MWh (w/out taxes) 277.2 270.2 2.6%
Average energy purchase cost - R$/MWh 91.4 96.4 -5.2%
Installed generation capacity (MW) 855 855 -
Assured Energy (MW) 537 537 -
Net Generation (GWh) 1,438 1,133 27.0%
Load Factor 66.2% 67.6% -
Includes purchase on spot