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					Conference Call
     2Q12




       1
 Highlights
                Consumption growth of 1.5% compared to 2Q11, mainly driven by the commercial class with a
                 consumption increase of 8.4%;
                On June/12, non-technical losses ratio reached 42.3% over the low-voltage market, due to the criteria
                 change of longtime default clients;
DISTRIBUTION
                Collection reached 103.9% on 2Q12 , 1.9 p.p. above the 102.0% reached on 2Q11;
                The quality indicators ELC and EFC, without removals, decreased from 3.29 to 2.74 and 1.40 to 1.68
                 respectively, when comparing the quarters;
                In the first half, investments in distribution amounted R$ 302.3 million, 3.5% above the same period of the
                 previous year.


                Strong performance of the generation segment in the quarter, reflecting the increase in the spot prices and
                 higher sales volume in the Free Market Environment;
                SHPP Paracambi, in partnership with Cemig, with 25 MW of installed capacity started its operation in May;
                The wind farm complex Alto Sertão I, the largest in Latin America, belonging to Renova Energia, with 14
GENERATION
                 wind farms and 294,4 MW of installed capacity in Bahia, started its operation in July;
                Considering the stakes on the new plants, total installed capacity increased to 955 MW.




                                                           2
Highlights

             12.1% increase in Net Revenue (without construction revenue) that reached R$ 1,635.7 million in 2Q12,
              highlighting the 48.3% increase in the net revenue generation segment.
             PMSO consolidated cost reduced 3.9% in the quarter, down 5.3% in the distribution segment;.
 RESULTS
             R$ 255.8 million EBITDA in 2Q12, 6.2% increase, with 15.4% margin. Considering the effect of
              regulatory assets and liabilities, EBITDA would be 34.5% higher than 2Q11.
             Net Income of R$ 39.8 million in 2Q12, a 12.3% reduction when compared to 2Q11. Considering the
              effect of regulatory assets and liabilities, Net Income would be 83.0% higher than 2Q11.


              Operating cash flow (before interest payments and taxes) rose 16.4% to R $ 293.6 million in 2T12,
 CAPITAL       R$ 41.3 million higher than operating cash generated in 2Q11. Including interest payments and
STRUCTURE      taxes, the increase was 21.9%, or $ 34.3 million;
              Net debt of R$ 3,516.6 million, with net debt / EBITDA of 2.8x.




              On August 7, the Federal Administrative Council of Tax Appeals (“Carf”) judged the case related to
               the foreign subsidiaries Light Overseas Investment Limited (“LOI”) and LIR Energy Limited (“LIR”),
               liquidated in 2008 and 2010, respectively. With a favorable judgment to the subsidiary Light
               Serviços de Eletricidade (“Light SESA”), the tax assessment in the adjusted amount of R$529.4
               million was dismissed, including fine and monetary restatement. There was no provision, therefore
               there is no effect on results.




                                                      3
Energy Consumption
Distribution

                                         ELECTRICITY CONSUMPTION¹
                                            TOTAL MARKET (GWh)

                        +3.2%
                                        +1.5%

                                5,669       5,754                                                    FREE
               5,460                                                                                  15%
       5,228                                                                    OTHERS                               INDUSTRIAL 7%
                                                                                 15%




      23.4ºC                                 23.5ºC
               22.7ºC           22.7ºC                             Série1

                                                                       COMMERCIAL
                                                                                                                         RESIDENTIAL
                                                                          29%
                                                                                                                             34%

      2Q09
       2T09    2Q10
                2T10            2Q11
                                2T11         2Q12
                                             2T12
      2T09      2T10             2T11         2T12



               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.




                                                               4
Total Market
                             ELECTRICITY CONSUMPTION (GWh)
                                   TOTAL MARKET – QUARTER                            +1.5%


                                                                                 5,669      5,754



                                                                                  789           837
         -3.6%
                                              +8.4%

     2,043   1,969                                     1,866
                                           1,721
                           -1.8%                       180        +3.5%                         4.916
                                            167                                  4.880

                     1,000         982                         905        937

                                                       1.685    48         48
                                           1.554
                     574           609
                                                                857        889
                     426           373

     2Q11
     2T11    2Q12
              2T12   2Q11
                     2T11      2Q12
                                2T12       2Q11
                                            2T11       2Q12
                                                        2T12   2Q11
                                                                2T11   2Q12
                                                                        2T12     2Q11
                                                                                  2T11       2Q12
                                                                                              2T12

      RESIDENTIAL     INDUSTRIAL            COMMERCIAL            OTHERS                TOTAL


                                         CAPTIVE       FREE



                                                   5
Collection


                  COLLECTION RATE BY SEGMENT
                           QUARTER

                                                                      COLLECTION RATE
                                                      108.3% 107.4%      12 MONTHS
 102.0% 103.9%   100.7% 105.0%    101.4% 100.1%


                                                                       97.5%      98.2%




                                                                        jun-11     jun-12
                                                                       Jun/11
                                                                        set/09'   Jun/12
                                                                                  set/10'

     TOTAL
     Total          RETAIL
                    Varejo        LARGE CLIENTS
                                     Grandes       Poder SECTOR
                                                  PUBLIC Público
                                     Clientes
                       2Q112T11    2Q12
                                  2T12




                                                  6
Loss Prevention
             LOSS (12 MONTHS)                                                        ENERGY RECOVERY
                                                                                          GWh
                                           42.3%
  41.3%                         41.3%                                                82.3
            40.7%                                                                             -31.0%
                       40.4%
                                                       Reflets the change on                            56.7
                                           34.2%
                                                       treatment's criteria in the
                                                       approach to      long term
  7,619     7,627                                      delinquent       customers,
                       7,582    7,665      7,839       based on Aneel Resolution
                                                       414.


 5,326      5,229       5,247    5,316     5,466                                     1S11
                                                                                     1H11
                                                                                                        1S12
                                                                                                       1H12



                                                                                      INCORPORATION
 2,293      2,328       2,335    2,349     2,372                                           GWh
                                                                                              +16.9%

 Jun/11    Sep/11      Dec11    Dec/11    Mar/12                                                       43.1
 jun/11    set/11      dez/11   mar/12    jun/12                                       36.8

   Non-technical losses GWh     Technical losses GWh

   % Non-technical
                                % Non-technical losses /
   losses/ LV Market
                                  LV Market - Regulatory

                                                                                      1H11
                                                                                       1S11            1H12
                                                                                                        1S12




                                                           7
Net Revenue
                                                          NET REVENUE BY SEGMENT (2Q12)*



           NET REVENUE (R$MM)                             Generation 6.9%                  Comercialization 4.2%

                                                                                                         Distribution 88.9%**

                             +6.6%

                                     3,702,.2
                          3,472.6
                                      299.7
                           326.3
      +9.8%
                                                                    * Eliminations not considered
                                                                    ** Construction revenue not considered
               1,797.9
   1,637.9
   179.2        162.2                3,402.5            NET REVENUE FROM DISTRIBUTION (2Q12)
                          3,146.3

   1,458.7     1,635.7
                                                     Others (Captive) 13%
                                                                                                Network Use (TUSD) 9.8%
                                                                                                (Free + Concessionaires)
                                                  Industrial 6.7%
    2Q11
    2T11        2Q12
                2T12       1H11
                           1S11      1H12
                                      1S12


             Construction Revenue

             Revenue w/out construction                                                             Residential 40.1%
             revenue                            Commercial 30.4%




                                                    8
     Operating Costs and Expenses
                                                                                DISTRIBUTION MANAGEABLE COSTS (R$MN)

                                 COSTS (R$MM)*                                                                         -1.5%
                                     2Q12
                                                                                                                  661.5     651.6
                                                                                              -9.8%
                                  Manageable
                                  (distribution): R$ 321.8                            356.8
                                  (21.8%)
                                             2T12                                                     321.8
             Não
        gerenciáveis;
Non manageable
       1.053,0; 71,18%
                                                              Gerenciáveis;
(distribution): R$ 1,053.0                                    321,8; 21,75%
(71.2%)

                                                                  Geração e           2Q11
                                                                                       2T11           2Q12
                                                                                                      2T12        1H11
                                                                                                                  1S11         1H12
                                                                                                                               1S12

                                                              Comercialização
                                                               ; 104,5; 7,07%
                       Generation and
                       Commercialization: R$ 104.5                   R$ MM         2Q11       2Q12       Var %     1H11     1H12      Var %
                       (7.1%)
                                                             PMSO                  179.4      169.9      -5.3%     348.0    337.6     -3.0%

                             * Eliminations not              Provisions            99.3       84.0       -15.4%    159.6    170.5     6.8%
                             considered                        PCLD                79.5       72.2       -9.2%      143.9   133.9     -7.0%

                                                               Contingencies       19.8       11.8       -40.5%     15.7       36.7   133.1%

                                                             Depreciation          78.0       67.9       -13.0%     15.9    143.6     -6.7%

                                                             Total                 356.8      321.8      -9.8%     661.5    651.6     -1.5%




                                                                       9
EBITDA

    CONSOLIDATED EBITDA (R$MM)                                    EBITDA BY SEGMENT*
                                                                         2Q12


                           +2.0%


                       675.7   689.6                                    2T12                 Generation 33.4%
                                           Distribution 63.7%                                    (EBITDA Margin: 75.9%)
                                                                                                       Geração; 87,2;
                                         (EBITDA Margin: 11.3%)
                                       Distribuição ;                                                     33,41%
                                       166,2; 63,68%
           +6.2%


   240.8       255.8


                                                                                          Commercialization 2.9%
                                                                                                Comercialização
                                                                                                    ; 7,6; 10.9%)
                                                                                          (EBITDA Margin: 2,91%


   2Q11
    2T11       2Q12
               2T12    1H11
                        1S11   1H12
                               1S12                               *Eliminations not considered




                                           10
EBITDA
                                                 EBITDA – 2Q12/2Q11
                                                      (R$ MM)


                                                           +34.5%



                                                           +6.2%
                                        177

                                                                                                         76          332

   246            6           241                                   8           15         256

                                                   (186)




 EBITDA        Ativos e     EBITDA -   Receita   Custos Não     Custos       Provisões    EBITDA -      Ativos e    EBITDA
 Adjusted
Ajustado -    Regulatory
               Passivos      EBITDA
                              2T11       Net
                                       Líquida      Non-      Managable
                                                 Gerenciáveis Gerenciáveis   Provisions   EBITDA
                                                                                            2T12     Regulatory
                                                                                                        Passivos   Adjusted -
                                                                                                                    Ajustado
 EBITDA
  2T11       Assets and
             Regulatórios    2Q11      Revenue   Managable       Costs
                                                                (PMSO)                     2Q12      Assets and       2T12
                                                                                                      Regulatórios EBITDA
  2Q11        Liabilities                          Costs        (PMSO)                                Liabilities   2Q12




                                                             11
Net Income

                                       NET INCOME – 2Q12/2Q11
                                              (R$ MM)




                                                       +83,0%
                                                                                          50           90

                                                          -12.3%
                                      15
     49            4          45
                                                                        10      40


                                                (30)            (1)




   Adjusted   Regulatory     2Q11   EBITDA   Financial        Taxes   Others   2Q12   Regulatory     Adjusted
     Net      Assets and                      Result                                  Assets and       Net
   Income      Liabilities                                                             Liabilities   Income
    2Q11                                                                                              2Q12




                                                         12
       Indebtedness
            NET DEBT                    AMORTIZATION SCHEDULE* (R$ MM)

                   3,516.3               Average Term: 3.5 years

         2,549.3


                                                                               803                          788            830
                                                                                           687
                                                                        557
                     2.8
           2.0
                                                      289


3T10     Jun/11
         jan/11
         9M09       Jun/12
                    jan/12
                     9M10                            2012
                                                     2012               2013
                                                                        2013   2014
                                                                               2014        2015
                                                                                           2015            2016
                                                                                                           2016         Após 2016
                                                                                                                        After 2016
         Net Debt / EBITDA                          * Principal only



                                COST OF DEBT
                                                                                      CDI/Selic                     TJLP
          9.84%              11.08%        11.01%                                       77.3%                       21.4%
                                                                       9.25%                             1T12
                                                                                                                              US$/Euro
                                                                                                                              1.3%*
         5.30%               4.87%         4.51%                   4.13%
 2007      2007 2008                  2008 2009                        2009
                                                                         set/10            set/10
         2009
         2009                2010
                             2010          2011
                                           2011                    Jun/12
                                                                   jun/12
         2007                2008          2009                    set/10
                       Real Cost
            Custo RealCusto Real                Nominal Cost
                                               Custo Nominal Custo Nominal                        * Considering Hedge
                   Custo Nominal                   Custo Real
                        Custo Real         Custo Nominal
                                                                   13
Investments


                        CAPEX (R$MM)                                                   CAPEX BREAKDOWN
                                                                                            (R$MM)
                                                                                             2Q12
                        +32.5%       928.6

                                                                                  Generation      Generation
                        700.6        169.9                                        Maintenance      Projects
                                                                                      7.2            1.3
546.7      563.8
                        181.8        758.7                                        Others
                                                         -2.6%
92.9       116.9                                                                   33.8
                                                 337.1           328.4
                                                  45,1                                                         Develop. Of
                        518.8                                    26,0      Quality
           446.9                                                                                               Distribution
453.8                                                                    Improvement                            System
                                                                             56.9                                 122.5
                                                 292.0       302.3


2008
2008       2009
           2009         2010
                        2010         2011
                                     2011         1H11
                                                 1S11         1H12
                                                             1S12
                                                                                         Losses
        Investments in Electric Assets (Distribution)                                    Combat
                                                                                          106,6




                                                                  14
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.




                                                              15

				
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