We outpaced the crisis– and added R$ 1.8 billion in assets

Brazil’s Best Electricity .

2009RESULTS

Disclaimer

Some statements in this presentation are “forward-looking statements” by the concept of the

US Securities Law and are subject to risks and uncertainties. “Forward-looking statements” are

forecasts that may differ from the final figures and are not under our control. For a discussionforecasts that may differ from the final figures and are not under our control. For a discussion

of the risks and uncertainties as they relate to us, please see our 20F form for 2008 and, in

particular, item 3, under “Basic information – Risk factors”.

All figures are in BRGAAP(in millions of Reais, except where otherwise indicated).

2

Execution of the strategy takes Cemig to a new level

Cemig’s Long-term Strategic Plan calls for sustainable growth, toensure long-term addition of value for shareholders

�Outright leadership in consolidation of the sector

�Significant growth in the transmission segment

3

�Significant growth in the transmission segment

�Creation of a structure for expansion that is unprecedented in Brazilian electricity

�Stragetic partnerships are part of the growth model

�Cemig’s financial solidity puts it in the leading position for growth opportunities

�Credit quality wins access to funding

3

1.887 1.755

1.861 2.020

4.099 4.0904.039 4.280

We outpaced the crisis

Net IncomeNet revenue EBITDA

10.890 10.76411.705 11.975

Reported Adjusted2008 2009

Reported Adjusted

2008 2009

� 2009: a landmark year in Cemig’s history�Cemig’s portfolio of businesses ensured growing results in spite of the adverse

economic scenario

�Strong fundamentals and profitability of operations are evidenced by margins

�Acquisitions are the result of Cemig’s solidity, and financial innovation

4

Reported Adjusted2008 2009

(*) Adjusted by non recurring items, detailed in the Annex

(*) (*) (*)

4

The Cemig group – corporation with agile management

� Cemig is now Brazil’s largest integrated utility company:

� Present in 20 States of Brazil, and in Chile

� The Cemig Group comprises 59 companies and 10 consortia

• Centralized administration ensures efficiency in management

�Activities concentrated in core businesses:

• Power generation, transmission and distribution• Power generation, transmission and distribution

• Electricity trading

• Natural gas exploration and distribution

• Energy efficiency

• Telecommunications

� We give clients energy solutions:

�We serve Brazil’s largest corporate groups

�25% share of Brazil’s electricity Free Market

�Mission: “To operate in electricity with profitability, quality and

social responsibility”.5

Generation

� Today Cemig is Brazil’s third largest generation group:

� Installed capacity:6,754 MW

� Power plants: 67

� Leadership in renewable energy sources:

�98% of generation comes from hydro plants and wind farms

� Innumerable partnerships in co-generation and Small Hydro Plants

� Total generation sales (Free and Regulated Markets) 35,175 GWh*

- up 2% from 2008 to 2009

6

26.89231.607

34.839 34.565 35.175

2005 2006 2007 2008 2009

*Excludes Trading Chamber(CCEE), spot market (“PLD”)and RME mechanism.

Total generation sales (GWh)

Generation: Expansion

� Acquisitions:

� 3 wind farms – from Energimp S.A.: R$ 219 million (49%).

� New projects

Plant Installed

capacity (MW)

Cemig stake

(%)

Start up date

Cachoeirão Small Hydro Plant 27 49% 2009

Baguari Hydro Plant 140 34% 2009

7

Baguari Hydro Plant 140 34% 2009

Wind farms 100 49% 2009/2010

Small Hydro Plants 107 49% 2010/2011

Santo Antônio 3,150 10% 2012

Itaocara Hydro Plant* 194 49% 2013

6,113

6,692 6,678 6,691 6,754

2005 2006 2007 2008 2009

Installed capacity

(MW)

*In partnership with Light

Transmission: Present all over Brazil

� Cemig is now Brazil’s third largest transmission group:

� Total lines: 7,506 Km

� Consolidated

Permitted Annual

MAMA

PEPE

RNRN

NOVATRANS

GTESA

PATESA

PAPA

EATE and ENTE

ETEP and ERTE

Permitted Annual

Revenue (RAP): R$ 859

million, including

Transchile

� Present in 13 States of

Brazil and in Chile

8

MTMT

SCSC

MGMG

RSRS

BABA

GOGO

TOTO

PEPE

PB PB

SPSP

MUNIRAH

TSN

ETEO

ETAU

BRASNORTE

MTMT

ESDE

ECTE and LUMITRANS

STC

EBTE

TRANSUDESTE

TRANSLESTE and

TRANSIRAPE

CENTROESTE

TAESA

TBE

Transmineiras

Transchile

Centroeste

Cemig GT: various lines

Cemig

GT

Transmission: Expansion

� Acquisitions in 2009:

� Taesa (formerly Terna): R$ 2.03 billion (R$ 957 million in 2010, with 100% acceptance of the minority shareholders)

� Increased stake in TBE: R$ 605 million

ASSETS RAP (Permitted Annual

Revenue) - R$ million

Cemig stake (%) Start up date

EBTE (775km)1 27.3 68%3 06/2010 (partial)

Transm. Centro Oeste 10.5 51% 03/2010

9

Transmission capacity (km)

Transm. Centro Oeste 10.5 51% 03/2010

Santos Dumont substation2 8.3 40%3 05/2011

¹ EBTE: indirect holding through EATE. ² Indirect holding through ETEP. 3Includes direct and indirect holding.

Start up in Chile: First international step

Charrúa–Nueva Temuco Transmission Line

•Voltage: 2x 220kV

•Length: 205 km

•Concession period: 20 years

•Stake: 49%

ChileChile

•Stake: 49%

•Total investment: US$88 million

•Annual Revenue: US$65 million

•Financing: 63% of the investment

•Capital from Cemig : U$20.3 million

•Start of works: April 2007

•Start of operation: January 2010

TranschileTranschile

10

Distribution� The Cemig Group is market leader in Distribution

� Total length of lines: 467,275 km

�Concession area *: 578,448 km2

� Number of consumers*: 10.7 million

�Cities served: 805, in states of Minas Gerais and Rio de Janeiro

� Record volume distributed in 2009: 43,903 GWh

� Scale of final consumer markets stable in 2008-9

� Highlight growth is in residential and commercial categories

11* Includes 100% of Light.

Sales to final consumers (GWh)

Distribution: Expansion

� Acquisitions in 2009:

� Increase of stake in Light, jointly with an FIP: 26.06%*

• R$ 785 million for each block of 13.03% in Light

• Payment to AG Concessões after necessary approvals

• Payment to PCP after approvals and stockholding reorganization ofEquatorial

12

Equatorial

� Light announces new Executive Board

� Leadership of Gerson Kelman ensures stability in transition

� Three new Chief Officers, coming from Cemig

• More than 25 years activity in electricity sector

• Will operate in strategic areas: distribution, generation, finances

� Challenges are: improvement of operational indicators; and

capture of synergies with Cemig

*Payment planned for first half 2010.

Investment program Activity 2009 2010 2011 2012

Basic program (1) 768.4 800.8 953.2 1,062.0

Generation 55.8 132.8 61.4 84.0

Transmission 114.5 52.9 18.6 30.2

Distribution 598.1 614.4 873.0 945.5

Holding - 0.7 0.2 2.3

Luz Para Todos (“Light for All”) – Cemig 164.0 536.9 (160.2) -

Luz Para Todos – Total 164.0 827.7 - -

CDE - (215.8) (32.0) -

Minas Gerais State - (75.0) (128.2) -

(1) Amounts estimated as from 2010, in accordance with corporate planning, at June 2010 prices. Includes basic

investments for upkeep of the routine work of distribution, generation, transmission and the Holding Company.

(2) Based on 100% acceptance of the Public Offering

Minas Gerais State - (75.0) (128.2) -

Acquisitions 1,797.5 1,791.5 8.1 10.8

Terna Participações 1,069.9 956.8(2) - -

TBE (Acquisition - Brascan) 505.0 - - -

TBE (Acquisition - MDU) - 117.3 - -

TBE (Share buyback) 3.7 6,4 8.1 10.8

Wind Farms 218.9 - - -

Light (49% of AGC+EQTL) - 711.0 - -

Overall total 2,729.9 3,129.1 801.1 1,072.8

13

Sustainability

� In 2009 Cemig joined the Global Compact and published its “Corporate SocialResponsibility” handbook.

� Environmental education - Launch of the Terra da Gente (“Our Land”) programfor two regions: Campo das Vertentes, and Sul de Minas

14

• To involve an estimated 247,000 pupils

� Recognition

• Leader of the Super Utilities sector, worldwide,in the Dow Jones Sustainability Index

• 10th year running in the Index – since its creation

Financial management

� Cemig is very well positioned to continue growing in a sustainable manner,ensuring addition of value for our shareholders

� Quality of our balance sheet; credit quality

• Low debt indices

• Robust cash position: R$ 4.4 billion

• 1.8 billion committed with acquisitions

15

• Debt profile appropriate to our businesses

� Solidity of our results

• Large operational cash flow

• Balanced portfolio of businesses

� New models for growth

• Structuring with FIPs frees cash for other investments

“Even with acquisitions and new growth projects, dividend policyis kept unchanged.”

Lengthened debt profile with reduction of costs

Principal indexors

Average tenor: 3 years

Maturities timetable

1%2%

72%

1%

5%3%12%4%

Umbnds

Dólar

CDI

Outros

Ipca

Igpm

Urtj

RGR/Finel

4,2801,317 1,566 1,366 1,123 586 309 746

2010 2011 2012 2013 2014 2015 2016 2017 to

2031

16

Consolidated debt

(1) Net debt = Total debt – Cash and cash equivalents

� Reduction in basic interest rate captured

CEMIG

consolidatedCEMIG GT CEMIG D

Dívida Total 11,293 6,819 2,617

Dívida em Moeda Estrangeira 252 2% 13 0,2% 170 6%

Dívida Líquida 6,868 3,775 2,371

LAJIDA/Juros 5.05 6.71 4.48

Dívida Líquida/ LAJIDA 1.70 1.57 2.20

Dívida Líq. / (PL + Dívida Líq.) 40% 51% 47%

Total debt

Debt in foreign currency

Net debt

EBITDA/Interest

Net debt/EBITDA

Net debt/(stockholders’ eq.+ Debt)

Credit quality: Ensures funds for expansion � Cemig GT raised funding of R$2.7 billion through Cemig GT with Promissory Notes, that have

already been paid with the issuance of Commercial Papers (debêntures)

� Funds used for acquisitions and other

investments

� Debt indicators remain within limits of

the Bylaws for acquisition situations

1.5801.317

3.132

1.7441.501

964

309746

Adjusted Maturities Timetable

17

� Cemig’s ratings:

A+.bra Cemig H, Cemig GT and Cemig D Brazilian scale

Aa1.br Cemig GT and Cemig D Brazilian scale

Aa2.br Cemig H Brazilian scale

Baa3 Cemig GT and Cemig D Global scale

Ba1 Cemig H Global scale

brAA- Cemig GT and Cemig H Brazilian scale

brAA Cemig D Brazilian scale

BB Cemig H, Cemig GT and Cemig D Global scale

Investment Grade

2010 2011 2012 2013 2014 2015 2016 2017 a

2031

Solidity of our results

� EBITDA over recent years has ensured availability of funds for growth

� Continuous growth of EBITDA over the period

� Highest cash flow in the electricity sector

� EBITDA in line with the market’s estimates

Cemig: consolidated EBITDA, 2005-9

18

Cemig: consolidated EBITDA, 2005-9

3.058 3.222

4.062 4.099 4.039

1500

1700

1900

2100

2300

2500

2700

2900

3100

3300

3500

3700

3900

4100

4300

4500

2005 2006 2007 2008 2009

Aquisitions leverage results

Assets 2004 2005 2006 2007 2008 2009 TotalValue invested in acquisitions TotalRosal 136,7 136,7 TBE 349,3 3,6 3,6 356,6 Light 174,6 174,6 Total 136,7 - 523,9 3,6 3,6 667,8

Contribution to net incomeRosal (5,6) 18,9 18,7 18,9 120,5 23,4 TBE 24,7 28,9 36,4 79,1Light (19,6) 147,1 128,5 78,8 Total (5,6) 18,9 23,8 194,9 184,4 181,3

19

70%

18%

2% 10%

Net profit 2009

Cemig GT Cemig D Gasmig Participações

Total (5,6) 18,9 23,8 194,9 184,4 181,3

Dividends received Total Rosal 13,3 17,7 17,4 58,9 107,3 TBE 10,4 33,9 32,8 29,4 106,4Light 67,7 107,1 92,9 267,7 Total - - 23,7 119,3 157,3 181,2 481,5

� R$ 181 million of 2009 consolidated Net income came from acquisitions made in 2004–2008

� 2009 P/E of these acquisitions is 3.7

�Dividends and other proceeds received from these

companies to date equal represent 72% of the amount

invested. Holdings

Holdings acquired in 2009 add immediate income

TBE(1)

+R$ 46 MM

TAESA(1)

+R$ 178 MM

(1) 2009 numbers are pro-forma; they include the increased stake sin Light (from 13% to 26%) and TBE

(from 17% to 39%), and assume 100% subscription to the public offer to buy the free float of Taesa.

+ R380million/year

of Net Income

LIGHT(1)

+R$ 157 MM

20

Cemig model for growth

� Structuring of partnerships with Equity Investment Funds (FIPs) produces a

growth strategy that optimizes capital

� Strategic positioning with minority interests guarantees Cemig greater access

to funding

• Attractive to investors due to low risk• Attractive to investors due to low risk

• Investors enter as financial partners and Cemig as operating partner

• Possibility of increasing stake in the future

� Innovative acquisition structure enables Cemig to use it in other

expansion opportunities, aligned with its Long-Term Strategic Plan.

21

� On November 4th, 2009, Cemig GT, jointly with FIP Coliseu, acquired 65.85% of Terna Participações

S.A., through Transmissora do Atlântico de Energia Elétrica S.A.

� Atlântico was split, creating Transmissora Alterosa, which will be responsible for the public offer to

acquire the free float from minority stockholders.

� Terna absorbed Atlântico, and its name was changed to Transmissora Aliança de Energia Elétrica S.A. –

“Taesa”.

FIP Coliseu: Efficient vehicle for growth in Transmission

Taesa: Present structure

� After the public offer to buy shares, assuming

100% acceptance, the shares bought will be:

• common shares: 49% Cemig GT and 51% FIP

• preferred shares: 100% Cemig GT

Taesa: Present structure

22

COMMON COMMON

(32,26% KT) (33,59% KT)

Stockholding restructuring in Light: accounting effects

Nov. 09: At this point

Cemig has direct

SOCLUCE

AGCCEMIG

Light S.A.

100%100%

Equatorial

RME

13,03% 13,03%13,03% 13,03%

LUCE

BNDESPAR

23,46 % 23,41%

Results for 1Q 2010 will

reflect absorption of RME

by Light

13%

25%

1Q09 2Q09 3Q09 4Q09 1Q10

Consolidation of the results of Light

Net Income Revenue Ebitda

Cemig has direct

holding of 13.03% in

Light

Light S.A.

23

Stockholding restructuring in Light: final structure

* Maximum stake

24

Shareholders’ agreement

� As well as operators, we have become managers of assets, in all

segments of electricity:

� Generation (MWh)

Cemig Group grows through management of assets

6,754 1,752Capacidade Instalada

8,506

Installed capacity

� Distribution (MWh)

� Transmission (Km)

� Cemig

consolidated

�Management

for partners

43.826

12.458

Electricity distributed

Total length of lines

25

51%31%

5%

Balanced portfolio of operations sustains growing EBITDA

EBITDA by business – 2009

EBITDA 2009 2008

Cemig GT 2,402 1,924

Cemig D 945 1,606

EBITDA by company

51%

13%

Generation Transmission

Distribution Gas and Others

Cemig D 945 1,606

Light 301 329

Gasmig 50 50

TBE 123 74

TAESA 30 -

Others 188 116

Total 4,039 4,099

26

Gener

Economic income (R$ million)

90,4

527,7

395,0

502,4

NOPAT 1,683 2,168 2,234 2.180

Capital invested 13,646 15,559 16,321 18.186

ROIC 12.33% 13.93% 13.69% 11,99%

WACC* 11.67% 10.54% 11.27% 9,22%

ROIC – WACC 0.66% 3.39% 2.42% 2,76%

Economic income 90.4 527.7 395.0 502,4

*Measured as opportunity cost of the period (not as a reference for valuation of investments).

2006 2007 2008 2009

27

Shareholders’ Equity and Dividends

� Proposal for 2009 Net Income:

• Dividends of R$ 931 million

• Dividends per share: R$1.50

• Dividend Yield*:

• Preferred Shares: 5.1%

Shareholders’ Equity 2009 2008

Capital 3.102 2.482

Capital Reserves 3.969 3.983

Income Reserves 3.177 2.860

Funds Earmarked for Capital Increase

27 27

Total Shareholders’ Equity 10.275 9.352

• Common Shares: 6.5%

• Shareholders’ Equity grew 10%

� Proposal of Capital Increase in R$310 million

� Stock Dividend of 10%

� Use of remaining cash flow to make acquisitions, according Long Term

Strategic Plan* Closing Price of March 23, 2009

28

Fourth quarter 2009Results

Brazil’s Best Electricity .

15.215

16.209

207

- 1.147

105 - 63

1.504

324 64

Consolidated sales volume – 4Q09

Electricity sold – GWh: Changes in 4Q09, by consumer category

+6.5%

4Q08 Residential Industrial Commercial Rural Wholesale CCEE Others 4Q09

� We closed 4Q09 with robust growth in volume of electricity sold

� Our rapid and efficient response to the world economic crisis improved margins

and expanded our sales

�Wholesale growth: mainly sales to distributors in Adjustment Auction

�Cemig successfully re-sold excess energy not used by Free Clients

� Fall in industrial sales was due to the economic recession

30

Cemig GT: sales volume - 4Q09Electricity sold, by market, GWhElectricity sold, GWh: Changes by consumer type, 4Q09

8.380 9.010

- 894 123

1.140 261

5.1594.138 4.009 4.019 4.258

3.036

3.0124.337 4.165 4.278

378

773

255 549474

7.51%

�Commercial strategy gives Cemig GT a year of record sales: 9,010 GWh

� Cemig turned the crisis into an opportunity to increase market share, and

improve trading relationships with clients

31

4T08 Free Clients Free Market

Wholesale

Regulated CCEE (Spot) 4Q094T08 1T09 2T09 3T09 4T09

Free Clients Regulated CCEE

Volume sold, GWh: Lower in 4Q

Final consumer 4Q09 4Q08 Change, %

Residential 1,961 1.822 7,6

Industrial 1,246 1,504 (17.2)

Commercial 1,227 1,158 6,0

Rural 563 626 (10.1)

Others 743 714 4,1

Sales by category - GWh

Cemig D Sales - 4Q09

-1.4%

5.8245.740

Others 743 714 4,1

Total 5,740 5,824 (1.4)

Percentages by category, 4Q09� Significant growth in residential and

commercial categories kept size of total

market stable

� Fall in industrial consumption, adjusted for

migration to free market, was 4.7%

� Overall growth continues: 1.31% in 4Q09 (from

previous quarter, 3Q09).

32

4Q08 4Q09

2.755 3.370

349 - 18 381

71 - 22 - 5 - 141

Consolidated net revenue, 4Q09

Changes in consolidated net revenue – from 4Q08 to 4Q09, R$ million

+22%

� Sales to final consumer reflect consolidation of economic recovery

� Increase in wholesale arises from long-term contracts and sales of 2 contracts

in the Adjustment Auction

33

9481.150

163-14 -16 8 18 29 14

EBITDA by company

Changes in EBITDA by company: 4Q08-4Q09

21%

4Q08 Cemig GT Cemig D Light Gasmig TBE TAESA Others 4Q09

� Portfolio of businesses ensured exceptional EBITIDA growth in the 4Q09

34

54%27%

8%1% 4% 3% 3%

EBITDA by company - 4Q09

Cemig D Cemig GT Light Gasmig TBE TAESA Others

EBITDA margin %

Consolidated EBITDA and EBITIDA margin

Cemig: Quarterly consolidated EBITDA

948 1.035 1.072 1.150 1.065

34 33 35 36 34 35

-4000,00%

-2000,00%

0,00%

2000,00%

4000,00%

600

800

1000

1200

1400

�Cash flow improved every quarter in the year

� Final result exceeded market forecast

35

948780

1.035 1.072 1.150 1.065

-10000,00%

-8000,00%

-6000,00%

0

200

400

4Q08 1Q09 2Q09 3Q09 4Q09 Market

forecast(*)

(*) Refers to the expectations of analysts regarding the results of Cemig

246

434

97

16 -8 -1 13 1258

Net income by company

76%

Changes in Net income by company, 4Q08-4Q09

4Q08 Cemig GT Cemig D Light Gasmig TBE TAESA Others 4Q09

� Growth in Cemig D’s Net income reflects lower expense on profit sharing with employees

� Increase in Cemig GT’s contribution reflects trading strategy

� Transmission sector, immune to the economic crisis, shows stable results

36

13%

69%

6% 3% 6% 3%

Net income by company, 4Q09

Cemig D Cemig GT Light Gasmig TBE TAESA

Net margin, %

Consolidated Net income

Quarterly consolidated net income, R$ mn

524 567434 452

9 10 14 18 13 15

-4000,00%

-2000,00%

0,00%

2000,00%

300

400

500

600

� Net income in line with market forecast

37

246336

434 452

-10000,00%

-8000,00%

-6000,00%

0

100

200

4T08 1T09 2T09 3T09 4T09 Market

forecast(*)

(*) Refers to the expectations of analysts regarding the results of Cemig

2009 results

Brazil’s Best Electricity .

59.76260.909

733

- 4.043

311 - 87

2.823

1.330 80

Consolidated sales volume – 2009

Electricity sold, GWh: Changes, by type, IN 2009

1.9%

2008 Residential Industrial Commercial Rural wholesale CCEE (spot) Others 2009

� We continued to expand total sales volume in spite of the economic crisis

� Industrial consumption was hit strongly by recession

� - but commercial strategy enabled us to overcome the fall in industrial sales by

redirecting to the Regulated Market: >> better prices

� Wholesale figure reflects long-term contracts (“Botox” electricity) and sales in the

Adjustment Auction (Regulated Market)

39

Cemig GT: Sales volume

Electricity sold, by market, GWhElectricity sold, GWh: Changes by category, 2009

4.4%

32,817 34,268

- 3.131

- 997

4.728

851

17.859 18.263 19.55416.425

11.70813.550 12.082 15.812

1.400 1.294 1.174 2.031

�New sales volume record for Cemig GT

� Sales in Adjustment Auction mitigated reduction of demand from free clients

� Excess available was sold to distributors in short-term contracts for better prices: R$145/MWh

� Lower proportion of free clients as percentage of total sales is temporary,and it will

begin to return to normal levels in 2010

40

2008 Flee Clients Free market

wholesales

Regulated CCEE (spot) 2009

2006 2007 2008 2009

Free Clients Regulated CCEE

Electricity sold, GWh: Growth in 2009

Final consumers 2009 2008 Change, %

Residential7,774 7,164 8,5

Industrial4,826 5,563 -13.2

Commercial4,642 4,391 5.7

Rural2,208 2,296 -3.8

Sales by category, GWh

Cemig D: sales by category in 2009

0.33%

22.332 22.259

2,208 2,296 -3.8

Others 2,283 2,845 1.3

Total 22,332 22,259 0.3

Percentage by category – 2009

� Market stable from 2008 to 2009

� Growth in residential and commercial consumption softened fall in industrial sector

� Fall in industrial consumption was due to reduction of demand, and migration of load to Free Market

� Adjusted by migration, growth is 1.9%

41

36%

22%

21%

10%11%

RESIDENTIAL

INDUSTRIAL

COMMERCIAL

RURAL

OTHER

2008 2009

2009 2008 Change, %Net revenue (a) 6,384 6,146 3.88%

Non-controllable expenses (b) 3,599 2,875 25.18%

Purchase of energy 3,068 2,416 26.99%

Use of network 531 459 15.69%

Impact of Tariff Review on Cemig D

Net revenue of “Portion B” (a-b) 2,785 3,271 -14.86%.

In spite of growth in net revenue, “Portion B revenue” fell R$ 486 million

42

10.890

11.705351

- 201 613

- 296 78 44 - 71

- 139

Consolidated net revenue

Consolidated net revenue, 2008-2009: R$ million

+7.5%

� Solid increase in net revenue from 2008 to 2009

� Wholesale/CCEE sales compensated fall in end user consumers

� In spite of undergoing a tariff review, and the recession, the portfolio of businesses sustained the level of the Cemig Group’s revenues.

(*) Compensation of the tariff review adjustment that was accounted in the first quarter 200943

192

(115)

2

(66)

146

746

21 23

(100)

107

(62)

1

Pe

rso

nn

el

em

plo

yme

nt

Ma

teri

als

Ra

w m

ate

ria

ls

Ou

tso

urc

ed

se

rvic

es

En

erg

y b

ou

gh

t

De

pre

cia

tio

n

Ro

yalt

ies

Op

era

tio

na

l pro

visi

on

s

Use

of

ne

two

rk

Ga

s

Oth

ers

Consolidated operational expenses, 2009

Changes in consolidated expenses –breakdown, 2009 vs. 2008+12%

8.403

Pe

rso

nn

el

Po

st-e

mp

loym

en

t

Ma

teri

als

Ra

w m

ate

ria

ls

Ou

tso

urc

ed

se

rvic

es

En

erg

y b

ou

gh

t

De

pre

cia

tio

n

Ro

yalt

ies

Op

era

tio

na

l pro

visi

on

s

Use

of

ne

two

rk

Oth

ers

� Increase in operational expenses due to non-controllable costs

• Higher purchase of electricity, due to increase in average tariff of electricity bought for resale

• Voluntary Retirement Plan impacted personnel expenses

• Increase in expenses on outsourced services, in particular the call center, and maintenance of electricity

systems and equipment – due to strong rains in the concession area

44

7.5068.403

2008 2009

Ebitda by company

EBITDA by company, 2008- 2009

-1.5%

4.099 4.039

478 -660

-33 0 49 29 77

� Portfolio of businesses ensures stability

� Profit of Cemig GT arises from trading strategy

� Profit of Cemig D mainly hit by Tariff Review

45

2008 Cemig GT Cemig D Light Gasmig TBE TAESA Others 2009

4.099 4.039

34%

52%

4%1% 3% 6%

EBITDA by company, 2009

Cemig D Cemig GT RME Gasmig TBE Others

EBITDA margin, %

Consolidated EBITDA and EBITDA margin

Consolidated EBITDA

40 38 35 36

-5000,00%

0,00%

4

4

4

�EBITDA stable from pre-crisis period

� EBITDA in line with market forecast

46

4,062 4,099 4,0393,945

-30000,00%

-25000,00%

-20000,00%

-15000,00%

-10000,00%

3

3

3

4

2007 2008 2009 Market Forecast(*)

(*) Refers to the expectations of analysts regarding the results of Cemig

1.887 1.861

323 - 371 - 51 - 5 43 12 23

Net income by company

Net income by company, 2008-2009

-1.4%

2008 Cemig GT Cemig D Light Gasmig TBE TAESA Others 2009

� Net income impacted by Tariff Review of Cemig D

� Result of Cemig GT arises from our commercial strategy

� Transmission sector immune to market oscillations

47

18%

71%

4% 2% 4% 1%

Net income by company, 2009

Cemig D Cemig GT Light Gasmig TBE TAESA

Net margin, %

Consolidated Net income

Consolidated Net income

1.7431.887 1.861 1.879

17 17 18 18

-4000,00%

-2000,00%

0,00%

2000,00%

1400

1500

1600

1700

1800

1900

2000

� Result boosted by growth in all operations

� Commercial strategy and balanced portfolio of businesses return

net margin of 18%

� Net income in line with market expectations48

1.743

-10000,00%

-8000,00%

-6000,00%

1000

1100

1200

1300

2007 2008 2009 Market forecast(*)

(*) Refers to the expectations of analysts regarding the results of Cemig

Strong cash position sustains investments

Cash Flow Statement (Consolidated)

2009 2008

Cash at start of period 2.284 2.066

Cash from operations 3.505 2.967

Net income 1.861 1.887

Depreciation and amortization 736 715

Suppliers 5 -68

Deferred Tariff Adjustment 133 412

49

Deferred Tariff Adjustment 133 412

Regulatory Asset - Transmission Tariff Review -119 -

Other adjustments 889 21

Financing activity 2.248 -1.396

Financing obtained and capital increases 4.311 361

Payment of loans and financing -1.015 -893

Interest on Own Capital and Dividends -937 -864

Reduction on minority shareholders’ participation -111 -

Investment activity -3.611 -1.353

Investments -529 -90

Property, Plant and Equipment /Intangible -3.082 -1.263

Cash at start of period 4.426 2.284

Position in february, 5, 2010

Companies and Consortia OF Cemig Group CIA. ENERGÉTICA

DE MINAS GERAIS

Usina TérmicaIpatinga S.A.

100%

CEMIG PCH S.A.100%

Horizontes Energia S.A.

100%

Sá Carvalho S.A.100%

Rosal Energia S.A.100%

Usina TermelétricaBarreiro S.A.

100%

Cia. Translestede Transmissão

25%

Empresa Catarinensede Transmissãode Energia S.A.

13,37%

Empresa Regional

Cia. Transirapéde Transmissão

24,50%

Cia. de TransmissãoCentroeste de Minas

51%

Cia. Transudestede Transmissão

24%

Transchile CharrúaTransmisión S.A.

49%

CEMIG Geração e Transmissão S.A.

100%

HidrelétricaCachoeirão S.A

49%

ConsórcioAHE Funil

49%

Consórcio daUsina Hidrelétrica

de Igarapava14,50%

Consórcio AHE Porto Estrela

33,33%

ConsórcioAHE Queimado

82,50%

Consórcio daUsina Hidrelétrica de

Aimorés 49%

Guanhães Energia S.A.

49%

Light S.A.

13,03%

CEMIGDistribuição S.A .

100%

Madeira Energia S.A.

10%

Light Energia S.A.

100%

Instituto Light

Light EscoPrest. Serviços

Ltda.100%

Lightger Ltda.

100%

ItaocaraEnergia Ltda.

100%

Lighthidro Ltda.

100%

Cia. de Gás deMinas Gerais

55,20%

Centro de GestãoEstratégica de

Tecnologia100%

CEMIG TelecomunicaçõesS.A.

99,99%

Efficientia S.A.100%

CEMIG Trading S.A.100%

Axxiom Soluções Tecnológicas S.A.

49%

Hidrelétrica Pipoca S.A.49%

Santo AntônioEnergia S.A.

100%

EBL Companhia de Eficiência

Energética S.A.33%

ConsórcioUHE ItaocaraCEMIG GT:49%

Itaocara Energia: 51%

ConsórcioPCH Paracambi

CEMIG GT:49% Lightger: 51%

ConsórcioPCH LajesCEMIG GT:49%

Light Energia: 51%

Central Termelétrica

Empresa Brasileirade Transmissãode Energia S.A. 49%

CV = Voting Shares CT= Total Capital

59 Companies

10 Consortia

ConsórcioCapim Branco

Energia21,05%

CEMIG Capim BrancoEnergia S.A.

100%

Empresa Regionalde Transmissãode Energia S.A.

36,69%

Empresa Paraensede Transmissãode Energia S.A.

CV: 49,98% CT: 40,62%

Empresa Nortede Transmissãode Energia S.A.

36,69%

Empresa Amazonensede Transmissãode Energia S.A.

CV: 49,98% CT: 36,35%

Baguari Energia S.A.69,39%

Consórcio UHE Baguari

49%

Light Serviçosde Eletricidade

S.A.100%

Instituto Lightde Desenvolvim.Social e Urbano

100%

CEMIG Serviços S.A.

100%

CEMIG Baguari Energia S.A.

100%

STC - Sistema de Transmissão

Catarinense S.A.80%

LUMITRANS Companhia Transmissora de Energia Elétrica

80%

Central Termelétrica de Cogeração S.A.

100%

Central HidrelétricaPai Joaquim S.A.

100%

Empresa Santos Dumontde Energia S.A.

100%

Transmissora Aliança de Energia Elétrica S.A.

CV: 41,78% CT: 32,27%

ETAU - Empresa de Transmissão do

Alto Uruguai S.A. 52,58%

TSN - Transmissora Sudeste Nordeste S.A.

100%

Novatrans Energia S.A.100%

Brasnorte Trasmissorade Energia S.A.

38,67%

ETEO - Empresa deTransmissão de Energia

do Oeste Ltda 100%

Central Eólica Praiasdo Parajuru S.A.

49%

Central Eólica Praiado Morgado S.A.

49%

Central Eólica Volta do Rio S.A.

49%

Transmission

Distribution

Power Generation

Wind Farms

Generation Consortia

Financial Operation

Non - Profit

Gas Distribution

Telecomunication

Comercialization

Holding

Services

Legenda

Terna Serviços Ltda100%

50

Cemig : a global investment option....

� Total assets: R$ 29 billion

� Shareholders’ equity: R$ 10 billion

� Total sales: R$ 17 billion

� Consolidated net sales : R$ 12 billion

� Market value: R$ 17 billion

� Operation in the greater part of Brazil

� Initial investments outside Brazil are a reality

51

Brunei

China

Singapore

South Korea

Japan

Malaysia

Asia North America

Canada

United States

Central America

Bermudas

Bahamas

Europe

Luxemburg

UK

Spain

Switzerland

Ireland

Guernsey

Jersey

Romania

Holland

France

Norway

Denmark

Italy

Sweden

Germany

Belgium

Austria

Portugal

Poland

...With stockholders in more than 40 countries

Australia

Oceania

South America

Argentina

Bolivia

Brazil

Chile

Uruguay

Bahamas

Cayman Islands

Turks and Caicos Islands

Virgin Islands

Middle East

Saudi Arabia

UAE

Kuwait

Lebanon

Oman

Syria

Average daily trading in 2009

Bovespa: R$ 48 million

NYSE: US$ 27 million

• Shares traded on 3 stock exchanges

• >117,000 Shareholders

52

Capital markets and Investor relations

� Stock performance

0%

50%

100%

150%

200%

250%

300%

350%

400%

450%

� Investor relations in 2009

� More than 600 one-on-one meetings

� 8 roadshows

� 5 congresses

� 43 seminars, conferences and special events

-100%

-50%

dez-

03

jun-

04

dez-

04

jun-

05

dez-

05

jun-

06

dez-

06

jun-

07

dez-

07

jun-

08

dez-

08

jun-

09

dez-

09

CMIG3 CMIG4 IBOV

53

Next important events

IBRI / Abrasca Brazilian Conference:

ICGN Annual

Conference,

Toronto

Conference, South

Beach-Miami

IBGC Technical

Tour: London

and Paris

05

Conference:

London, NY, Boston

IBRI / Abrasca Brazilian

National IR Meeting,

São Paulo

Conference,

Tokyo

Road Show:

Tokyo, Beijing,

Singapore

Conference, São Paulo

Conference, São Paulo

New York

15th Annual

Cemig-Apimec Conference,

Belo Horizonte, Brazil

NIRI Annual

Conference,

San Diego, USA

Conference:

London

Conference,

London

54

PB

AM PA MA

RRAP

PI

CE RN

PE

Long-term target is 20% market share in the

various segments of the electricity market

We expand our national leadership

ACRO

PIPE

AL

SEBA

TO

MT

GODF

MS

SP

PR

SC

RS

ES

RJ

MG

Transmission

Cemig Free Client

Generation

Generation under construction

Purchase of electricity

Gas distribution

Transmission under construction

Wind power generation under construction

Distribution

55

Vision: To be, in 2020, one of Brazil’s

two largest energy groups by market

value, with a significant presence in the

Cemig in the future

value, with a significant presence in the

Americas and world leader of the sector

in sustainability.

56

2009 results

�2009: a milestone in Cemig’s history

�Better results in spite of world economic crisis

�Crisis was an opportunity to add more value for Shareholders:

� Acquisitions� Acquisitions

• Largest acquisition ever made in Brazil’s electricity sector

• Total invested in acquisitions: more than R$ 3.6 billion

� Increase in market share through re-allocation of electricity sales

• Commercial strategy and speed of decision making were essential

elements in this success

57

Investor Relations

ri@cemig.com.br

Tel: (55-31) 3506-5024Tel: (55-31) 3506-5024

Fax: (55-31) 3506-5025

Attachments

59

Adjustments for non-recurring items

IMPACT OF NON-RECURRING ITEMS 2009 2008

EBITDA 4,039 4,099

Non-recurring adjustments ( * )+ Employee retirement program 206 50- Tariff review of Cemig D – Net revenue 214 -63+ Tariff review of Cemig D – operational expenses -21 4

+ Revenue of Transmission – Technical Note 214/2009 -158 -+ Revenue of Transmission – Technical Note 214/2009 -158 -Adjusted EBITDA 4,280 4,090

Net income 1,861 1,887

Non-recurring adjustments ( * )RME Financial Compensation - -55RME PIS COFINS Provision Reversion - -71+ Employee retirement program 136 33- Tariff review of Cemig D – Net revenue 141 -42+ Tariff review of Cemig D – operational expenses -14 3+ Revenue of Transmission – Technical Note 214/2009 -104 -

Adjusted Net income 2,020 1,755

( * ) The non-recurring adjustments correspond to the compan y’s interpretation on events which it deems to be extraordin ary, not related to current operations. 60

Recognition by the market

� Sustainability

� Chosen as Leader in the worldwide Utilities sector by the Dow Jones Sustainability Index

o Included in the Index 10 years running – since its creation

� Classification as leader in sustainability by OEKOM

o OECOM is one of the world’s leading sustainability ratings agencies

o Institutions that use OECOM criteria currently represent €90 billion

� Cemig Telecom (new name of Infovias)� Cemig Telecom (new name of Infovias)

� Two 2009 Telecom Annual awards:

o 2008 Company of the Year awards: best network infrastructure company.

o One of Brazil’s 10 most profitable Telecom companies IN 2008

� 36th Apimec Awards

� Best Listed Company: 2 categories: Efficiency in relationship with investors; speed in sending information

� Best Investor Relations Professional

� ABRACONEE Award

� Listed company with best financial statements in the electricity sector

61

Aneel : The Brazilian electricity sector regulator. An independent federal regulatory agency.

BRGAAP: Accounting Principles Generally Accepted in Brazil.

CCC: The Fossil Fuel Consumption Account: The CCC was created to generate financial reserves to cover the increase in costs associated with greater use of thermal generating plants, in the event of drought – since the marginal operational costs of the thermal plants are higher than those of hydroelectric plants. Each energy company is obliged to make an annual contribution to the CCC. The annual contributions are calculated based on the estimates of the cost of fuel consumption by the thermal plants necessary in the subsequent year.

CCEE: Electricity Trading Chamber: Facility for trading of electricity in the national grid system.

CDE: Energy Development Account: This is a source of subsidy created to make alternative sources of energy (e.g. wind energy, biomass) competitive, and to promote the “universalization” of electricity services – their extension to every citizen and location. It is funded from annual payments made by the concession holders for the use of public assets, and penalty payments imposed by Aneel. The CDE willremain in effect for a period of 25 years and will be administered by Eletrobrás.

Glossary

Dividend payout: Percentage of Net incomedistributed as dividends.

Dividend Yield: Stockholder’s annual return from dividends and Interest on Equity as a percentage of the share price.

Ebitda or EBITDA: Net incomeBefore Interest, Tax, Depreciation and Amortization. An expression of operational cash flow, and provides a view of how much a company is generating in cash from its principal business.

Ebitda Margin: Ebitda / Net operational revenue. A measure of Operational cash flow as a percentage of Operational revenue. Shows the percentage of revenue that is transformed into cash after the operation, giving an idea of the basic profitability of the business.

FIDC: (Receivables Fund) – Investment fund consisting of realizable credit rights.

Free Market (“ACL” – Ambiente de Contratação Livre, or “Free Contracting Environment”): Where sales and purchases are made between Free Consumers, Traders and Generators, through freely negotiated bilateral contracts.

GSF: Generating Scaling Factor: Factor used to determine Allocated Energy of each generator participating in the National Grid. Calculated on parameters including the availability of generation and the size of the existing market.

Hedge: A mechanism by which holders of asset or liability positions protect themselves from market price fluctuations, e.g., commodities or FX.

Market value (Market capitalization): Product of multiplying number of shares by share price.

P/E: Price/ earnings: Ratio of stock price to annual profit.

PLD: (Differences Settlement Price) Spot price.

Regulated market (“ACR – Ambiente de Contratação Regulado”): Where purchase and sale contracts are made involving the Distributors, through public auctions.

62

GlossárioRTD: The “Deferred Tariff Adjustment”: Aneel decided the results of the periodic Tariff Review of Cemig D which covers the repositioning of

electricity retail supply tariffs at a level compatible with the preservation of the economic-financial equilibrium of the concession contract, providing sufficient revenue to cover efficient operational costs and adequately remunerate investments. The average adjustment applied to Cemig’s tariffs on April 8, 2003, provisionally, was 31.53%, but the final tariff repositioning for Cemig was 44.41%. The percentage difference of 12.88% was compensated through an increase in each of the tariff adjustments planned to occur in 2004 and 2007, cumulatively. The difference between the tariff repositioning to which Cemig D was entitled and the tariff actually charged to consumers was recognized as a Regulatory Asset.

RTE: The “Extraordinary Tariff Recomposition”: This is a tariff adjustment granted in December 2001 to the distributors and generators of the regions that were under rationing. It is settled in the General Agreement for the Electricity Sector, and resulted in an increase of 2.9% in the tariffs of residential consumers (with the exception of low-income consumers) and rural consumers, and 7.9% for the other consumers. The objective of the adjustment was to restore the losses that distributors and generators of electricity had suffered from the reduction of consumption imposed by the government. The duration of the adjustment varies in accordance with the time necessary for the recovery of the losses of each concession holder.

RGR: Global Reversion Reserve: This is an annual quota paid by concession holders, to generate funds for expansion and improvement of public electricity services. The amounts are paid monthly to Eletrobrás, which is responsible for administration of the funds, and will be employed, among other uses, in the Procel program.

SAIDI: System Average Interruption Duration Index: The average time of outage of the Distribution system, over a given period, suffered by each consumer unit in a given group.

SAIFI: System Average Interruption Frequency Index: The average number of outages in Distribution per consumption unit in a given group in the period referred to.

Total return to the stockholder: Sum of dividends (incl. Interest on Equity) and appreciation in the share price, as a percentage of share price.

TUSD: Tariff for Use of the Distribution Systems: This is paid by generation companies and by Free Consumers for the use of the distribution system of the distribution concession holder to which the respective generator or consumer is connected, and is revised annually in accordance with the inflation index and the investments made by the distributors in the previous year to maintain and expand the network. The amount to be paid by the user who is linked to the distribution system is calculated by multiplication of the amount of energy contracted with the distribution concession holder for each connection point, in kW, on the basis of the tariff in R$/kW which is set by Aneel.

UHE: Hydroelectric power plant: (“Usina Hidrelétrica”) – Plant using mechanical energy of water to turn rotors and generate electricity.

UTE: Thermal generation plant: (“Usina Térm(o)Elétrica”) – Plant in which chemical energy in fossil fuels is converted into electricity.

WACC: Weighted average cost of capital.

63