Conference Call4º Quarter of 2012

Highlights

24.5% increase in Net Revenue (without construction revenue) reaching R$ 1,963.6 million in the 4Q12 and R$ 6,943.1 million in 2002, an increase of 12.9%.

R$ 483.9 million EBITDA in 4Q12, 49.5% increase. In 2012, EBITDA reached R$ 1,456.2 million, 17.7% higher than in the 2011.

R$ 160.0 million of net Income in 4Q12, an increase of 21.3%. In 2012, net income was up 24.0%, totaling R $ 423.9 million.

On March 25, Board of Directors approved the proposal to distribute additional dividends of R$ 91,770,327.00, or R$ 0.45 per share, to be decided at the OGM in April.

Net debt of R$ 4,273.1 million, and multiple for covenants effect of 2.9x.

RESULTS

CAPITALMARKETS

Consumption grew 5.2% compared to 4Q11, manly driven by the major temperature and by the commercial segment whch increased its consumption by 13.5%. In 2012 the consumption grew 2.0%. Adjusting by the clients with long-term default the consumption increase was 3,0%;

Collection rate (LTM) for the last 12 months reached 98.0%, 60 bps above the same period last year;

Non-technical losses reached 45.4% over the low-voltage market, due to the change in criteria of clients with long-term default;

In 2012, investments amounted R$796.8 million, been R$694.1 million for the distribuition segment only.

OPERATIONAL

4T09 4T10 4T11 4T124T09 4T10 4T11 4T12

Série1

Energy Consumption Distribution – Quarter

+5.2%

5,6735,655

23.9ºC

26.1ºC

4Q114Q10

5,716 5,965

4Q09

24.6ºC25.9º

C

+1.5%

4Q12

1Note: To preserve comparability in the market approved by Aneel in the tariff adjustment process, the billed energy of the free customers Valesul, CSN and CSA were excluded in view of these customers’ planned migration to the Basic Network.

TOTAL MARKET (GWh) ¹

Industrial7%

Residencial35%Comercial

29%

Outros Cativos15%

Livre14%

Industrial7%

Free14%

Others15%

Commercial30% Residential

34%

With the consumption no longer billed by the change in criteria, the total energy consumption increase in the concession area would be 6.3% over 2011.

2009 2010 2011 2012

15,5

17,5

19,5

21,5

23,5

25,5

27,5

2009 2010 2011 2012

2009

2010

2011

2012

+2.0%

22,932

22,384

24.0ºC

24.3ºC

20112010

21,492

23,384

2009

24.5ºC25.0ºC

+2.9%

2012

1Note: To preserve comparability in the market approved by Aneel in the tariff adjustment process, the billed energy of the free customers Valesul, CSN and CSA were excluded in view of these customers’ planned migration to the Basic Network.

TOTAL MARKET (GWh) ¹

Energy Consumption Distribution – Year

Industrial7%

Residencial35%Comercial

29%

Outros Cativos15%

Livre14%

Industrial7%

Free14%

Others15%

Commercial29%

Residential35%

With the consumption no longer billed by the change in criteria, the total energy consumption increase in the concession area would be 3.0% over 2011.

4T11 4T124T11 4T12 4T11 4T12 4T11 4T12 4T11 4T12

Total Market

RESIDENTIAL INDUSTRIAL COMMERCIAL OTHERS TOTAL

4Q11 4Q12

+5.2%

4,9045,114

5,673

769851

5,965

+4.9%

860 903

90546 47

949

+13.5%

1,5871,795

1,752165

1921,988

452 384

1,010

558 612

996

+1.3%

2,006 2,032

ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET – QUARTER

4Q11 4Q12 4Q11 4Q12 4Q11 4Q12 4Q11 4Q12

-1.3%

FREECAPTIVE

2011 20122011 2012 2011 2012 2011 2012 2011 2012

Total Market

FREECAPTIVE

RESIDENTIAL INDUSTRIAL COMMERCIAL OTHERS TOTAL

2011 2012

+2.0%

19.87720.05

4

22,932

3,056 3,330

23,384

+3.0%

3,417 3,521

3,603185 191

3,712

+9.1%

6,3106,856

6,967657

7437,599

1,731

1,528

3,944

2,213

2,396

3,925

-3.2%

8,418 8,149

ELECTRICITY CONSUMPTION (GWh) TOTAL MARKET – YEAR

2011 2012 2011 2012 2011 2012 2011 2012

-0.5%

Total Varejo Grandes Clientes Poder Público

2011 2012

dez-11 dez-12

Collection

102.5%

COLLECTION RATE12 MONTHS

COLLECTION RATE BY SEGMENTYEAR

97.4% 98.0%

96.4%94.3%

101.0% 98.8

%102.6

%

2011 2012

97.4% 98.0%

Dec/11 Dec/12Total Retail Large Clients

Public Sector

2011 2012

2011 2012

dez/11 mar/12 jun/12 set/12 dez/12

Loss Prevention

INCORPORATIONGWh

20122011

125.2169.3

-26.0%

ENERGY RECOVERYGWh

20122011

157.9140.4

LOSS (12 MONTHS)

41.2%40.4

%

33.3%

% Non-technical losses/ LV Market

Non-technical losses GWh

Technical losses GWh

% Non-technical losses / LV Market - Regulatory

5,316

2,349

7,582 7,665

45.4%

+12.5%

Dec/12Mar/12Dec/11

2,335

5,247

42.2%

5,615

2,432

8,047

Jun/12

Reflets the change on treatment's criteria in the approach to long term delinquent customers, based on Aneel Resolution 414.

5,457

2,381

7,838

Sep/12

43.1%

6,007

2,529

8,536

Net Revenue

Industrial 6.8%

NET REVENUE (R$MN)

Generation 6.3% Distribution

89.6%**

NET REVENUE BY SEGMENT (2012)*

Commercialization 4.1%

* Eliminations not considered** Construction revenue not considered

NET REVENUE FROM DISTRIBUTION (2012)

Commercial 30.1%

Others (Captive) 12.6%

Network Use (TUSD)(Free + Concessionaires) 9.4%

Residential 41.1%

Construction RevenueRevenue w/out construction revenue

4T11 4T12 2011 2012

+19.2

1,815.1

2,162.9

4Q124Q11

199.3

1,577.3

1,963.6

237.8

+9.6%

20122011

6,150.1

6,943.8

669.3794.7

6,944.8

7,613.1

24.5%

12.9%

Não

gerenciáveis;

1.328,5; 82,57%

Gerenciáveis;

149,1; 9,27%

Geração e

Comercialização

; 131,3; 8,16%

4T12

4T11 4T12 2011 2012

Operating Costs and Expenses

Manageable (distribution): R$ 149.1(9.3%)

Generation and Commercialization: R$

131.3(8.2%)

Non manageable (distribution): R$ 1,328.5(82.6%)

* Eliminations not considered** Construction revenue not considered

DISTRIBUTION MANAGEABLE COSTS (R$MN)COSTS (R$MN)*4Q12

279.7

149.1

-46.7%

4Q124Q11 20122011

1,258.9 1,103.4

-12.4%

R$ MN 4Q11 4Q12 Var. 2011 2012 Var.

PMSO 149.6 176.0 17.6% 646.8 692.0 7.0%

Provisions 56,8 250.2 340.8% 299.4 473.1 58.0%

PCLD 35.3 109.4 210.2% 251.3 282.6 12.5%

Contingencies 21.5 140.8 554.9% 48.1 190.5 296.0%

Depreciation 72.3 80.4 11.1% 306.8 293.3 -4.4%Other operational/revenues expenses 1.0 (357.5) - 6.0 (355.0) -

Total 279.7 149.1 -46.7% 1,258.9 1,103.4 -12.4%

EBITDA

CONSOLIDATED EBITDA (R$MN) EBITDA BY SEGMENT*2012

Generation 23,0% (EBITDA Margin: 76,4%)

Commercialization 1,9%

(EBITDA Margin: 9,5%)

Distribution 75,2%(EBITDA Margin: 17,4%)

*Eliminations not considered

Distribuição ;

1.127,4; 75,59%

Geração; 336,4; 22,55%

Comercialização;

27,8; 1,86%

4T11 4T12 2011 2012

483.9323.6

+49.5%

4Q11 4Q12 2011 2012

1,456.21,237.8

+17.7%

EBITDA Ajustado -

2T11

Ativos e Passivos

Regulatórios

EBITDA -2T11

Receita Líquida

Custos Não Gerenciáveis

Custos Gerenciáveis

(PMSO)

Provisões EBITDA -2T12

Ativos e Passivos

Regulatórios

EBITDA Ajustado -

2T12

EBITDA

EBITDA4Q11

EBITDA4Q12

Net Revenu

e

Non-Managable

Costs

Managable Costs

(PMSO)

Provisions

32

Regulatory Assets and Liabilities

Regulatory Assets and Liabilities

Adjusted EBITDA

4Q11

Adjusted EBITDA

4Q12

356 324

386

(356) (41)

366

484

133 617

EBITDA – 4Q11 / 4Q12(R$ MN)

+ 73.4%

+ 49.5%

Other operational/

revenues

(194)

EBITDA Ajustado -

2T11

Ativos e Passivos

Regulatórios

EBITDA -2T11

Receita Líquida

Custos Não Gerenciáveis

Custos Gerenciáveis

(PMSO)

Provisões EBITDA -2T12

Ativos e Passivos

Regulatórios

EBITDA Ajustado -

2T12

EBITDA

871,325 1,238

794

(706) (75)

3811,456

325 1,782

EBITDA – 2011 / 2012(R$ MN)

+ 34.5%

+ 17.7%

(175)

EBITDA2011

EBITDA2012

Net Revenu

e

Non-Managable

Costs

Managable Costs

(PMSO)

Provisions

Regulatory Assets and Liabilities

Regulatory Assets and Liabilities

Adjusted EBITDA

2011

Adjusted EBITDA

2012

Other operational/

revenues

EBI TDA Ajustado -

2T11

Ativos e Passivos

Regulatórios

EBITDA -2T11

Receita Líquida

Custos Não Gerenciáveis

Custos Gerenciáveis

(PMSO)

Provisões EBI TDA -2T12

Ativos e Passivos

Regulatórios

EBITDA Ajustado -

2T12LL Ajustado

4T11Ativos e passivos

Regulatórios

4T11 EBITDA Resultado Financeiro

Impostos Outros 4T12 Ativos e passivos

Regulatórios

LL Ajustado 4T12

Lucro Líquido e Lucro Líquido Ajustado 4T11/4T12 - R$ Milhões

Net Income

4Q11 4Q12EBITDA

Financial Result

Taxes Others

ADJUESTED NET INCOME 4Q11 / 4Q12 (R$ MN)

Regulatory Assets and Liabilities

Regulatory Assets and Liabilities

Adjusted Net Income

4Q11

Adjusted Net Income

4Q12

+ 21.3%

153 21132

160

(53)

(68) (11)

160

88 248

+ 61.8%

LL Ajustado - 2011

Ativos e passivos

Regulatórios

2011 EBITDA Resultado Financeiro

Impostos Outros 2012 Ativos e passivos

Regulatórios

LL Ajustado - 2012

Lucro Líquido e Lucro Líquido Ajustado 2011/2012 - R$ Milhões

EBI TDA Ajustado -

2T11

Ativos e Passivos

Regulatórios

EBITDA -2T11

Receita Líquida

Custos Não Gerenciáveis

Custos Gerenciáveis

(PMSO)

Provisões EBI TDA -2T12

Ativos e Passivos

Regulatórios

EBITDA Ajustado -

2T12

Net IncomeADJUESTED NET INCOME

2011 / 2012 (R$ MN)

+ 24.0%

399 58342

218

(85)(57)

6 424

215 639

+ 59.9%

2011 2012EBITDA

Financial Result

Taxes OthersRegulatory Assets and Liabilities

Regulatory Assets and Liabilities

Adjusted Net Income

2011

Adjusted Net Income

2012

Dividends

2007 2008 2009 2010 2011 2012

100% 100%

76.3% 81.0%

100.0%86.5%

50%

Minimum Dividend PolicyPayout

1S08 2S08 1S09 2S09 1S10 2S10 1S11 2S11 1S12 2S12 1S13

203

351408

187

432363 351

118182 170

92

8787

4.2%

8.2%9.9%

1.7%

8.1% 8.1%6.1%

3.4% 3.3%5.4%

2.4%

Dividend Yeld*Dividends

*Based on the closing price the day before the announcement.

Interest on Equity

257

182205

351363

432

187

408351

203

92

set/12 dez/12

20092010

Custo Real

Custo Real

2009 2010 2011 2012

Custo Nominal Custo Real

2013 2014 2015 2016 Após 2017

Indebtedness

3T09 3T10 9M09 9M10

Average Term: 4,2 years

AMORTIZATION SCHEDULE* (R$ MN)

Nominal Cost Real Cost

Dec/12Dec/11

3,383.2 4,273.1

NET DEBT

2.7 2.9

*ConsideringHedge

* Principal only

COST OF DEBT

US$/Euro 0.8%

CDI/Selic 72.1%

TJLP 25.1%

2011201020092007 2008 2009 set/10

Custo Real Custo Nominal

2.24%

8.21%5.30%

9.84%

4.87%

11.08%

4.25%

11.03%

2012

Net Debt / EBITDA Others 2.0%

481671 784 886

1,796

2009 2010 2011 2012

Custo Nominal Custo Real

2009 2010 2011 2012

Custo Nominal Custo Real

2009 2010 2011 2012

Custo Nominal Custo Real

2013 2014 2015 2016 After2017

2011

The pre payment of R$ 375 million in October reduced the cost of debt and extended the amortization schedule

2008 2009 2010 2011 2012

Investments

2008 2009 2010 2011 9M11 9M12

CAPEX (R$ MN) CAPEX BREAKDOWN (R$ MN)

2012

201020092008

563.8546.7

928.6

700.6

2011 2012

796.8

Generation Projects

1.9

Quality Improveme

nt122.7

Generation Maintenanc

e23.7

Others206.8

Develop. of Distribution System

215.7

Losses Combat199.8

Investments in Electric Assets (Distribution)

694.1

102.7

453.8

92.9

446.9

116.9

518.8

181.8774.8

153.8

Commerc./Energy

Eficiency26.1

Desenvolv. do Sistema de Distribuição $ 215,7

Combate às Perdas $ 199,8

Melhoria da qualidade $ 122,7

Outros $ 206,8

Manutenção de geração $ 23,7

Novos projetos de geração $ 1,9 Comercialização /Eficiência Energética $ 26,1

Regulatory Framework

The Provisional Measure 579 was enacted on September 11, 2012 and thereafter converted into Law 12,783 providing for electric power concessions, reduction of sector charges and reasonable tariffs which although these have not directly affected Light, as its concessions will expire only in 2026, resulted in the following developments:

on January 24, 2013, Resolution issued by Aneel approved an average reduction of 19.63% in Light SESA’s tariffs. For residential consumers (low voltage), the reduction was 18.10%. The measure will have no impact on the company’s result or cash flow since it reflects an equal reduction in costs.

on the same date, the distribution of power plants energy quotas was ratified, which had their concession renewed:

(i) but lower to the distribution companies’ contracting needs, thus, causing an involuntary exposure, and only for Light it accounted for average 156 MW; and

(ii) made distribution companies to start sharing the hydrological risks, which before was only supported by generation companies

As of October 2012, an adverse hydrological situation was characterized in Brazil’s electricity sector, the basis of which is mainly hydric, enforcing the System National Operator to dispatch all the thermal power plants available in the system, thus significantly rising the costs of distribution companies by increasing fuel expenditures in availability agreements, increasing System Service Charges due to energy security and acquisitions on the spot market in order to answer that involuntary exposure.

On March 8, 2013, the federal government issued the Decree 7,945 preventing the coverage of non-manageable costs related to thermal plant dispatch, involuntary exposure and hydrological risk not covered by the 2013 tariff, as follows:

Eletrobrás will transfer the resources of Energetic Development Accout (CDE) directly to the concessionaires on the same dates and to the same accounts as the respective monthly transfers of the Electricity Trading Chamber (CCEE) financial guarantees.

Aneel will publish the monthly dispatches with the amounts to be transferred by Eletrobrás via the CDE (energy development account).

System Service Charge (ESS) – The monthly transfer will be determined by the difference between the amounts settled in the CCEE and the tariff coverage defined in the last adjustment.

Involuntary Exposure associated with the quotas – The monthly CDE transfer will cover the difference between the difference settlement price (PLD) and the acquisition tariff of the repositioning amount recognized in Light’s last tariff adjustment.

Hydrological Risk - The net monthly amount settled in the CCEE will be transferred directly via the CDE.

The remaining energy purchase and ESS costs not covered by the decree, including fuel costs of availability contracts not included on tariffs, will continue going towards the formation of the regulatory assets and liabilities (CVA) to be determined in Light’s November/13 Tariff Revision.

The Public Hearing opened for regulating decree proposes a transfer rate until 3% of the balance of CVA, the rest will be payed "in cash" from CDE funds.

Regulatory Framework

Important Notice

This presentation may include declarations that represent forward-looking statements according to Brazilian regulations and international movable values. These declarations are based on certain assumptions and analyses made by the Company in accordance with its experience, the economic environment, market conditions and future events expected, many of which are out of the Company’s control. Important factors that can lead to significant differences between the real results and the future declarations of expectations on events or business-oriented results include the Company’s strategy, the Brazilian and international economic conditions, technology, financial strategy, developments of the public service industry, hydrological conditions, conditions of the financial market, uncertainty regarding the results of its future operations, plain, goals, expectations and intentions, among others. Because of these factors, the Company’s actual results may significantly differ from those indicated or implicit in the declarations of expectations on events or future results. The information and opinions herein do not have to be understood as recommendation to potential investors, and no investment decision must be based on the veracity, the updated or completeness of this information or opinions. None of the Company’s assessors or parts related to them or its representatives will have any responsibility for any losses that can elapse from the use or the contents of this presentation. This material includes declarations on future events submitted to risks and uncertainties, which are based on current expectations and projections on future events and trends that can affect the Company’s businesses. These declarations include projections of economic growth and demand and supply of energy, in addition to information on competitive position, regulatory environment, potential growth opportunities and other subjects. Various factors can adversely affect the estimates and assumptions on which these declarations are based on.

Contacts

João Batista Zolini CarneiroCFO and IRO

Gustavo WerneckIR Manager

+ 55 21 2211 2560gustavo.souza@light.com.br

www.light.com.br/ri