1

Rio de Janeiro, August 13, 2014

Distributor’s Consumption Increases by 3.0% in 2Q14

Losses fall by 0.5 p.p. and operating quality improves.

Total energy consumption came to 6,495 GWh in 2Q14, 3.0% up on 2Q13, driven by increased consumption in the

residential and commercial segments, which moved up by 8.0% and 2.8%, respectively;

Consolidated net revenue, excluding revenue from construction, totaled R$1,601.5 million in 2Q14, 1.4% up on

2Q13;

Consolidated EBITDA1 amounted to R$239.3 million in the quarter, 13.9% lower than in 2Q13, mainly due to

higher energy purchases by the distributor – in the portion not covered by the transfer of the CDE – whose future

pass-through to tariffs is guaranteed by the regulations. When adjusted for the CVA (regulatory asset), EBITDA

came to R$359.7 million in 2Q14, 9.4% down on 2Q13.

Net income totaled R$15.3 million in the quarter, a decrease of 73.8% due to the increase in the distributor’s non-

manageable energy purchase costs. When adjusted for the CVA, the Company posted net income of R$94.7

million, 30.8% down on 2Q13.

Non-technical energy losses in the last 12 months reached 41.9% of billed energy in the low-voltage market (ANEEL

criterion) in June 2014, 0.5 p.p. down on 2Q13.

Operating Quality indicators DEC - equivalent

length of interruption indicator and FEC -

equivalent frequency of interruption indicator

amounted to 15.12 hours and 7.52 times,

respectively, in the last 12 months, with a

significant improvement of 26.21% and 16.91%,

respectively, compared to the same period in

the previous year.

Collections stood at 103.5% of billed

consumption in 2Q14, 0.7 p.p. down year-on-

year. Provisions for Past Due Accounts (PCLD)

represented 1.7% of gross billed energy, totaling

R$36.1 million, a 0.8 p.p. improvement over 2Q13.

The Company closed 2Q14 with net debt of R$5,229.6 million, 2.1% down on March 2014. The net debt/EBITDA

ratio stood at 2.99x.

1 EBITDA is calculated in accordance with CVM Instruction 527/2012 and represents net income +income and social contribution tax + net

financial expenses + depreciation and amortization.

BM&FBOVESPA: LIGT3 Conference Call: IR contacts: OTC: LGSXY Date: 08/14/2014 Phone: +55 (21) 2211-7392/2828 Total Shares: 203,934,060 shares Time: 4:00 p.m. Brazil // 3:00 p.m. US ET Fax: +55 (21) 2211-2787 Free Float: 76,264,255 shares (37.57%) Phone numbers: +55 (11) 2188 0155 // +1 (646) 843 6054 E-mail: ri@light.com.br Market Cap (08/13/14): R$ 4.478 million Webcast: ri.light.com.br Website: ri.light.com.br

2Q14 2Q13 Var. % 1H14 1H13 Var. %

Grid Load* 8,796 8,619 2.1% 19,741 18,529 6.5%

Billed Energy - Captive Market 5,176 4,954 4.5% 11,292 10,526 7.3%

Consumption in the concession area 6,495 6,304 3.0% 13,869 13,145 5.5%

Transported Energy - TUSD 1,319 1,349 -2.3% 2,576 2,618 -1.6%

Sold Energy - Generation 1,093 1,175 -7.0% 2,358 2,442 -3.4%

Commercializated Energy (Esco) 1,314 1,036 26.8% 2,652 2,066 28.3%

2Q14 2Q13 Var. % 1H14 1H13 Var. %

Net Revenue** 1,601 1,579 1.4% 3,720 3,344 11.2%

EBITDA 239 278 -13.9% 692 633 9.3%

EBITDA Margin** 14.9% 17.6% -2,7 p.p. 18.6% 18.9% -0,3 p.p.

Net Income 15 58 -73.8% 196 137 43.1%

Net Debt 5,230 4,056 28.9% 5,230 4,056 28.9%

Capex 182 164 11.1% 358 327 9.5%

* Own Load + network use

** Does not consider construction revenue

Operational Highlights (GWh)

Financial Highlights (R$ MN)

2

Presentation of 2Q13 results (comparison period)

The Company’s results for the second quarters and first half of 2013 were reclassified due to Management’s decision

to present PIS and COFINS tax credits on purchased energy as a reduction factor for purchased energy costs instead

of presenting them as a reduction in PIS and COFINS on revenue. The purpose of this reclassification was to align this

presentation criterion with the best corporate practices in the same sector.

The reclassification affected net revenue and non-managerial costs, but did not affect EBITDA or net income.

Management also reassessed the criterion for the presentation of contractual debt amortization with the pension

plan in the cash flow statement, which led to a reclassification of the 2013 period for comparison purposes.

For further information, see Exhibit VI of this report.

3

Table of Contents

Presentation of 2Q13 results (comparison period) ........................................................................................ 2 Table of Contents ............................................................................................................................................ 3 1. The Company............................................................................................................................................... 4 2. Operating Performance ............................................................................................................................... 5

2.1 Distribution .......................................................................................................................................... 5

Energy Balance ........................................................................................................................................ 8

Energy Losses........................................................................................................................................... 9

Collection ............................................................................................................................................... 12

Operating Quality .................................................................................................................................. 13

2.2 Generation ......................................................................................................................................... 14

2.3 Commercialization and Services ........................................................................................................ 15

3. Financial Performance ............................................................................................................................... 16 3.1 Net Revenue ....................................................................................................................................... 16

Consolidated .......................................................................................................................................... 16

Distribution ............................................................................................................................................ 16

Generation ............................................................................................................................................. 17

Commercialization and Services ............................................................................................................ 18

3.2 Costs and Expenses ............................................................................................................................ 19

Consolidated .......................................................................................................................................... 19

Distribution ............................................................................................................................................ 19

Generation ............................................................................................................................................. 22

Commercialization and Services ............................................................................................................ 23

3.3 EBITDA ................................................................................................................................................ 24

Consolidated .......................................................................................................................................... 24

Distribution ............................................................................................................................................ 26

Generation ............................................................................................................................................. 26

Commercialization and Services ............................................................................................................ 26

3.4 Consolidated Financial Result ............................................................................................................ 27

3.5 Debt .................................................................................................................................................... 28

3.6 Net Income ......................................................................................................................................... 30

3.7 Investments ........................................................................................................................................ 32

Generation Capacity Expansion Projects ............................................................................................... 33

4. Cash Flow .................................................................................................................................................. 36 5. Corporate Governance .............................................................................................................................. 37 6. Capital Market ........................................................................................................................................... 38

Dividends ............................................................................................................................................... 39

7. Recent Events ............................................................................................................................................ 41 8. Disclosure Program ................................................................................................................................... 42

Forward-looking Statements ................................................................................................................. 42

4

1. The Company

Light S.A. is a holding company that controls subsidiaries and affiliated companies in three main business segments:

energy distribution, generation and commercialization/services. In order to increase the transparency of its results

and provide investors with a better basis for evaluation, Light also presents its results by business segment. The

Company’s corporate structure on August 13, 2014 is shown below:

OPERATING INDICATORS - DISTRIBUTION 2Q14 2Q13 Var. %

Nº of Consumers (thousand) 4,156 4,128 0.7%

Nº of Employees 4,268 4,242 0.6%

Average provision tariff - R$/MWh 423 361 17.2%

Average provision tariff - R$/MWh (w/out taxes) 293 252 16.3%

Average energy purchase cost¹ - R$/MWh 153 139 10.3%

OPERATING INDICATORS - GENERATION 2Q14 2Q13 Var. %

Installed generation capacity (MW)* 961 942 2.0%

Assured energy (MW)* 698 687 1.7%

Pumping and internal losses (MW) 87 87 -

Available energy (Average MW)* 611 600 1.9%

Net Generation (GWh) 944 1,404 -32.8%

Load Factor 62.4% 62.3% 0,1 p.p.

¹Does not include purchase on spot.

* Includes proportionate share of associates

5

2. Operating Performance

2.1 Distribution

Total energy consumption in Light SESA’s concession area (captive clients + transport of free clients2) came to 6,495

GWh in 2Q14, 3.0% up on the same period in 2013, driven by the residential segment, with growth of 8%.

Residential consumption totaled 2,128 GWh, accounting for 32.8% of the total market. Although the average

temperature remained flat over 2Q13, dropping by just 0.1°C, the residential segment recorded robust growth,

climbing by 8.0% year-on-year.

Commercial clients consumed 2,017 GWh, 2.8% up on 2Q13 and representing 31.1% of the total. The commercial

segment’s constant growth in recent years has been fueled by the expansion of the consumer base and the

increasing use and ownership of refrigeration equipment in commercial establishments, especially retailers.

2 In view of ANEEL’s market ratification during the tariff revision process, consumption by the free client CSN was reincluded as of 4Q13.

6

Industrial consumption amounted to 1,385 GWh, equivalent to 21.3% of the total market, 3.0% down on 2Q13, due

to the reduced consumption by electro-intensive industries (steel and aluminum producers and certain chemical

companies), partially as a result of interruptions on World Cup game days.

The other consumption segments, which accounted for 14.8% of the total market, posted an upturn of 2.3% over

2Q13. The rural and public utility categories reported respective increases of 36.1% and 5.7%, while government

consumption fell by 0.1%. The rural, government, and public utility segments accounted for 0.3%, 6.1%, and 4.6% of

the total market, respectively.

Total energy consumption in Light SESA’s concession area (captive clients + transport of free clients3) came to 13,869

GWh in 1H14, 5.5% up on 1H13, fueled by the residential and commercial segments.

Residential consumption accounted for 35.2% of the total market and totaled 4,880 GWh in the first half, 11.1% up

year-on-year due to the substantial temperature increase in the summer of 2014.

Commercial clients consumed 4,284 GWh, 5.7% up on the same period last year. In 1H14, 11 clients migrated from

the captive market to the free market, adding period consumption of 27 GWh.

7

Industrial consumption amounted to 2,715 GWh in 1H14, 2.6% less than in 1H13 due to reduced consumption in the

steel/aluminum and chemical sectors. The other sectors recorded growth of 3.8% in the same period.

The other consumption segments, which accounted for 14.3% of the total market, posted an increase of 4.2% over

1H13, with the rural, government and public utility categories recording growth of 39.6%, 3.6% and 4.2%,

respectively.

8

Energy Balance

Energy Balance (GWh) 2Q14 2Q13 Var. % 1H14 1H13 Var. %

= Grid Load 8,796 8,619 2.1% 19,741 18,529 6.5%

- Energy transported to utilities 612 596 2.6% 1,226 1,229 -0.3%

- Energy transported to free customers 1,261 1,318 -4.4% 2,545 2,641 -3.7%

= Own Load 6,924 6,705 3.3% 15,970 14,659 8.9%

- Captive market consumption 5,176 4,954 4.5% 11,292 10,526 7.3%

Low Voltage Market 3,471 3,262 6.4% 7,701 7,058 9.1%

Medium Voltage Market 1,704 1,692 0.7% 3,591 3,468 3.6%

= Losses + Non Billed Energy 1,748 1,750 -0.1% 4,677 4,132 13.2%

240.5 4,880.4

Captive Billed Industrial

Energy 704.7

2,597.3 11,292.4

Commercial

15,969.5 3,826.9

Losses + Non Billed

3,795.1 16,255.0 Energy (**) Others

4,677.2 1,880.3

3,150.1

2,166.7

3,865.1

440.1

(*) Others = Purchase in Spot - Sale in Spot.

(**) Includes unbilled energy.

Note: 1) At Light S.A., there is intercompany power purchase/sale elimination.

2) Power purchase data as of 04/07/2014 (subject to change).

Adjustment 31.2

COTAS

ANGRA I & II

Required E.

(CCEE)

DISTRIBUTION ENERGETIC BALANCE - GWh

Position: January - June 2014

PROINFAResidential

ITAIPU

(CCEE)

Own load

Light

AUCTIONS

(CCEE)

NORTE FLU

(CCEE)

Basic netw. Losses 254.2

OTHERS(*)

(CCEE)

9

Energy Losses

In the last 12 months, non-technical energy losses totaled 5,972 GWh, accounting for 41.9% of billed energy in the

low-voltage market (ANEEL criterion), 0.5 p.p. down on the 12 months ended March 2014. In comparison with the 12

months ended June 2013, when non-technical energy losses totaled 44.2% of the low-voltage market, there was a

reduction of 2.3 p.p.

Light SESA’s total energy losses amounted to 8,815 GWh, or 23.3% of the grid load, in the 12 months through June

2014.

In order to improve the reduction in non-technical energy losses, Light has been continuously investing in initiatives

that include conventional fraud inspection procedures, the upgrading of network and measurement systems, and the

Zero Loss Area program (APZ). These initiatives include:

Consumer unit regularizations: The Company conducted 15,088 regularization procedures in the low, medium,

and high-voltage segments in 2Q14, 1.3% less than the 15,290 recorded in 2Q13. Energy incorporation in the first

half totaled 87.9 GWh, 24.4% up on the 70.7 GWh reported in 1H13. In the same period, recovered energy fell by

15.8%, from 78.8 GWh, in 1H13, to 66.4 GWh.

Normalizations 2Q14 2Q13 Var. % 1H14 1H13 Var. %

= Total 15,088 15,290 -1.3% 29,583 27,815 6.4%

- High / Medium Voltage 148 266 -44.4% 382 538 -29.0%

- Low Voltage 14,940 15,024 -0.6% 29,201 27,277 7.1%

Direct low voltage 12,712 13,834 -8.1% 24,749 25,039 -1.2%

Indirect low voltage 2,228 1,190 87.2% 4,452 2,238 98.9%

10

Installation of remote electronic metering devices: SMC (centralized

metering system) devices are installed in areas with high loss rates,

with or without the support of Pacifying Police Units (UPPs). The UPPs

allows Light to have a stronger presence in combating default as well

as energy theft. The Company installed 7,380 such devices in UPP-

protected areas in 2Q14, resulting in the incorporation of 18.1 GWh.

In areas outside the sphere of the UPPs, Light installed 34,176

devices, with the incorporation of 18.7 GWh. As a result, the

Company closed 2Q14 with 509,000 installed electronic meters,

35.4% more than at the close of June 2013.

Zero Loss Areas: In August 2012, the Company created the APZ Project, based on a combination of electronic

metering and a shielded network, supported by dedicated teams of technicians and commercial relations

personnel with clearly defined targets, whose compensation is tied to improving loss and default indicators

in their respective areas. A typical APZ has around 17,000 clients. The project, known commercially as Light

Legal, which receives support from SEBRAE in regard to the training of partnering micro-entrepreneurs,

closed June 2014 with 29 operational APZs and 505,000 clients in the Baixada Fluminense region and the

city’s south, west and north sides.

Since the beginning of the project until the end of 2Q14, 116,000 electronic meters have been installed in

the communities, and the APZs in place have already resulted in an average 30.0 p.p. reduction in non-

technical energy losses on low-voltage billings and an average revenue increase of 6.8 p.p. The table below

shows the results per installed APZ through June 2014 in the 22 areas where the results have been

determined:

11

Complementing the 22 areas where the results have already been determined, the table below shows the 7 APZs,

which account for 146 thousand clients, in the implementation phase, without recorded results, totaling 29

operating areas.

Non-Technical Losses

/ Grid Load*Collection Rate

Before Before

Monte Líbano 36% 92% N

Caxias 5 49% 94% N

Cordovil 28% 93% N

Éden 55% 86% N

Rio das Pedras 83% 75% N

Comunidades Centro 62% 89% Y

Nova Iguaçu 3 49% 89% N

UPP AreaNeighborhood

Before Current Before Current

Curicica 2010 13,174 38% 10% 95% 98% N

Realengo/Batan 2010/2013 20,122 38% 11% 94% 98% N/Y

Cosmos 1 2012 18,392 49% 15% 92% 97% N

Cosmos 2 2012 19,737 46% 15% 92% 106% N

Sepetiba 2012 20,849 57% 31% 88% 96% N

Caxias 1 e 2 2012 14,377 59% 33% 83% 94% N

Belford Roxo 1 e 2 2013 21,859 63% 23% 88% 95% N

Vigário Geral 2012 17,697 35% 13% 94% 101% N

Caxias 3 2013 17,433 43% 17% 96% 95% N

Nova Iguaçu 1 2013 20,431 49% 28% 90% 97% N

Nova Iguaçu 2 2013 21,995 46% 21% 88% 98% N

Nilópolis 2013 10,564 42% 28% 90% 96% N

Nilópolis Convencional 2010 11,156 38% 12% 94% 98% N

Ricardo de Albuquerque 2013 25,915 35% 13% 94% 98% N

Mesquita 2013 8,924 51% 23% 84% 96% N

Cabritos/Tabajaras/Chapéu

Mangueira/Babilônia/Santa Marta2012 8,310 68% 11% 62% 96% Y

Coelho da Rocha 2013 18,724 41% 11% 92% 97% N

Caxias 4 2013 19,789 42% 16% 90% 99% N

Alemão 2014 13,519 63% 33% 91% 94% Y

Cidade de Deus 1 2011 6,458 52% 32% 23% 98% Y

Tomazinho 2013 12,865 43% 18% 87% 95% N

Formiga/Borel/Macaco/Salgueiro/Andarai 2012 17,539 51% 27% 50% 89% Y

Média 359,829 50% 20% 89% 96%

UPP Area

* Reflects the results accumulated until mar/14 since the begining of the implementation of each APZ.

Subtitle: N = N / Y = Yes.

NeighborhoodImplementation

Year

Number of

clients

Non-Technical Losses /

Grid Load*Collection Rate

12

Collection

The 2Q14 collection rate stood at 103.5% of

billed consumption, 0.7 p.p. down on the same

period last year, primarily due to the 10.8 p.p.

reduction in government collection and the large

volume of medium-voltage client bills maturing

on the last day of June, which were cleared on

the first day of July.

The first-half collection rate came to 98.7%, 3.8

p.p. down on 2H13, mostly due to the

extraordinary tariff adjustment of January 24,

2013, which reduced tariffs by 19.63%, resulting

in an atypical collection rate in the first quarter of

2013.

In 2Q14, provisions for past due accounts (PCLD)

totaled R$36.1 million, represented 1.7% of gross

billed energy, R$12.4 million less than the R$48.4

million provisioned in 2Q13, or 2.5% of gross

billed energy.

2Q14 2Q13 Var. % 1H14 1H13 Var. %

PCLD 36.1 48.4 (12.4) 61.4 77.4 (16.1)

Provisions for Past Due Accounts

13

Operating Quality

In 2Q14, in the overhead distribution network, 193 medium-voltage distribution circuits were inspected/maintained,

572 transformers were replaced and 41,433 trees were pruned. In the underground distribution network, 4,433

transformer vaults and 14,789 manholes were inspected. In addition, 43 transformers, 28 switches and 230

protectors were maintained.

In the last 12 months, the moving average of the equivalent length of interruption indicator (DEC), expressed in time,

registered 15.12 hours, 26.21% down on the 12 months through June 2013, while that of the equivalent frequency of

interruption indicator (FEC), expressed in occurrences, stood at 7.52 times, down by 16.91% in the same period.

All indicators in 2Q14 reflect the improved performance of the network thanks to the reorganization of processes in

the distribution area and the initiatives implemented through the action plan initiated in June 2013. More intensive

tree pruning and energy network maintenance measures are having a positive impact on results, ensuring a better

DEC and FEC performance in 2Q14 than in 2Q13.

14

2.2 Generation

Light Energia sold 1,092.7 GWh in 2Q14, net of energy purchases, 7.0% down year-on-year. No energy was sold on

the captive market (ACR) in the quarter, due to expiration of the last existing captive energy sale contracts in

December 2013. These contracts were renegotiated on the free market (ACL), whose 2Q14 energy sales moved up by

26.4% as a result.

The energy purchase balance, net of spot market sales, came to 20.3 GWh in 2Q14, versus total sales of 40.6 GWh in

2Q13. Such result is explained by the low GSF (Generation Scaling Factors), due to the national system’s

exceptionally poor hydrological conditions, impacted by low average rainfall, except in the North and South

submarkets.

GSF in April, May, and June 2014 came to 98.74%, 93.61%, and 88.86%, respectively, versus 101.65%, 100.21%, and

97.79% in the same months in 2013. The average GSF in 2Q14 was 93.74%, 6.1 p.p. down year-on-year.

First-half energy sales on the free market (ACL) increased by 20.7% over the same period the year before, while spot

market sales climbed by a substantial 78.7%, due to less expressive ACL contract seasonality in 2014 than in 2013,

resulting in a greater difference between verified energy volumes and contracted energy volumes than in the

previous year.

LIGHT ENERGIA (GWh) 2Q14 2Q13 Var. % 1H14 1H13 Var. %

Regulated Contracting Environment Sales - 254.5 - - 518.1 -

Free Contracting Environment Sales 1,113.0 880.2 26.4% 2,244.1 1,859.8 20.7%

Spot Sales (CCEE) (20.3) 40.6 - 114.2 63.9 78.7%

Total 1,092.7 1,175.2 -7.0% 2,358.3 2,441.9 -3.4%

15

2.3 Commercialization and Services

In the second quarter of 2014, direct energy sales by Light Esco

and LightCom from conventional and subsidized sources totaled

1,313.5 GWh, 26.8% up on the 1,035.6 GWh recorded in the same

period in 2013. Year-to-date energy sales amounted to 2,651.5

GWh, 28.3% higher than the 2,066.4 Gwh reported in 1H13.

Currently, eight service projects are being implemented, two of

which related to retrofits in chilled water plants and the

implementation of energy generating plants in shopping malls in

Rio de Janeiro and São Paulo. Light Esco also maintains

operational and maintenance contracts with five shopping malls,

a hotel, and a business center in several Brazilian states.

In 2Q14, Light Esco’s cogeneration plant installed on the premises of Rio de Janeiro Refrescos, began supplying

energy to the entire factory, as well as producing steam, food quality CO2 and nitrogen. The solar power plant in the

Maracanã soccer stadium, a project undertaken in association with EDF Consultoria em Projetos de Geração de

Energia Ltda., was also concluded and inaugurated this quarter.

16

3. Financial Performance

3.1 Net Revenue

Consolidated

Consolidated net operating revenue totaled R$1,815.8 million in 2Q14, 3.5% down on 2Q13. Excluding revenue from

construction, which has a neutral effect on net income, consolidated net revenue moved up by 1.4% to R$1,601.5

million. All the Company’s segments recorded growth.

First-half consolidated net revenue increased by 11.5% year-on-year, or 11.2% excluding revenue from construction.

Distribution

Net revenue from distribution totaled R$1,652.8 million in 2Q14, a 5.3% decrease when compared to 2Q13.

Excluding revenue from construction, net revenue from distribution amounted to R$1,438.5 million, an increase of

3.2%.

Net Revenue (R$ MN) 2Q14 2Q13 Var.% 1H14 1H13 Var.%

Distribution

Billed consumption 1,341.8 1,275.6 5.2% 2,943.0 2,792.3 5.4%

Non billed energy (61.1) (44.0) 38.6% (45.0) (120.0) -62.5%

Network use (TUSD) 113.7 138.5 -17.9% 228.9 270.7 -15.4%

Short-Term (Spot)¹ 23.7 4.8 390.7% 23.7 4.8 390.7%

Others 20.4 19.4 5.1% 34.5 36.1 -4.4%

Subtotal (a) 1,438.5 1,394.3 3.2% 3,185.2 2,983.9 6.7%

Construction Revenue² 214.3 175.6 22.1% 377.8 332.8 13.5%

Subtotal (a') 1,652.8 1,569.9 5.3% 3,563.0 3,316.8 7.4%

Generation

Generation Sale (ACR+ACL) 119.7 117.1 2.2% 250.0 260.7 -4.1%

Short-Term¹ 11.1 13.2 -15.7% 89.5 13.2 578.2%

Others 2.6 1.7 52.4% 5.1 3.4 49.5%

Subtotal (b) 133.4 132.0 1.1% 344.6 277.3 24.3%

Commercialization and Services

Energy Sales 203.5 150.3 35.4% 430.4 299.1 43.9%

Services 11.4 2.6 329.7% 21.3 11.0 93.6%

Subtotal (c) 214.9 152.9 40.5% 451.6 310.1 45.6%

Others and Eliminations (d) (185.3) (99.7) 85.8% (261.3) (227.3) 14.9%

Total w/out construction revenue (a+b+c+d) 1,601.5 1,579.5 1.4% 3,720.2 3,344.0 11.2%

Total (a'+b+c+d) 1,815.8 1,755.1 3.5% 4,098.0 3,676.9 11.5%

¹ Balance of the settlement on the CCEE

² The subsidiary Light SESA counts revenues and costs, with zero margin, related to services of construction or improvement in

infrastructure used in services of electricity distribution.

17

The increase was primarily due to market growth of 3.0% and the average 1.3% upturn in the energy tariff as of

November 7, 2013 (excluding special obligations), ratified by the tariff revision process.

Revenue from demand surplus and exceeding reactive energy totaled R$10.9 million this quarter and revenue from

the tariff difference related to the special treatment of non-technical losses in the concession area amounted to

R$38.7 million, both of which are treated as special obligations. Although they are billed, they have not been

included in net revenue since the last tariff revision in November 2013.

The distribution market consists mostly of the residential and commercial segments, which together accounted for

60.4% of 2Q14 energy consumption and 74.1% of sales revenue.

Excluding revenue from construction, net revenue from distribution came to R$ 3,185.2 million in the first half, 6.7%

up on 1H13, primarily due to the 5.5% increase in total market consumption and the average 1.3% upturn in the

energy tariff following the November 2013 tariff revision.

Year-to-date revenue from exceeding demand and surplus reactive energy totaled R$28.0 million while revenue

regarded as special obligations for combating energy theft came to R$85.5 million.

Generation

Net revenue from generation totaled R$133.4 million in the quarter, 1.1% more than the R$132.0 million recorded in

2Q13, given that the ACL energy sales price, net of taxes, averaged R$107.5/MWh in 2Q14, 4.2% higher than the

R$103.2MWh, weighted by both markets (ACL and ACR), recorded in 2Q13.

First-half net revenue totaled R$344.6 million, 24.3% up on 1H13, due to the greater availability of energy sold on the

spot market in 1H14, at an average price of R$658.3/MWh.

18

Commercialization and Services

Net revenue from commercialization and services stood at R$214.9 million in 2Q14, 40.5% up on 2Q13.

Net revenue from energy resales increased by 35.4% in the same period, fueled by the 26.8% upturn in sales volume.

The average sale price, net of taxes, was R$154.9/MWh, versus R$145.1/MWh in 2Q13.

Net revenue from the service segment recorded a 329.7% increase in comparison to the same period of the previous

year, thanks to the operational start-up of four Light Esco’s projects this quarter, including the cogeneration plant on

the premises of Rio De Janeiro Refrescos.

First-half net revenue totaled R$451.6 million, 45.6% up on 1H13, as a result of the substantial upturn in this period

sales volume, together with higher prices, primarily due to the migration of Light Energia contracted energy to the

free market.

19

3.2 Costs and Expenses

Consolidated

In the second quarter of 2014, operating costs and expenses totaled R$1,673.4 million, 6.3% up year-on-year.

Excluding construction costs, consolidated costs and expenses climbed by 4.3% over 2Q13, due to the higher volume

of energy purchased by the distribution and commercialization companies.

Consolidated distribution costs and expenses, excluding construction costs, came to R$3,221.2 million in the first

half, 11.0% more than in 1H13.

Distribution

Costs and Expenses (R$ MN) 2Q14 2Q13 Var.% 1H14 1H13 Var.%

Distribution (1,606.7) (1,479.2) 8.6% (3,347.5) (3,078.6) 8.7%Distribution w/out Construction Revenue (1,392.4) (1,303.6) 6.8% (2,969.7) (2,745.8) 8.2%

Generation (56.3) (43.2) 30.2% (94.7) (81.4) 16.4%

Commercialization (192.3) (148.7) 29.3% (411.5) (296.0) 39.0%

Others and Eliminations 181.9 96.8 87.8% 254.7 221.2 15.1%

Consolidated w/out Construction Revenue (1,459.1) (1,398.7) 4.3% (3,221.2) (2,901.9) 11.0%

Consolidated (1,673.4) (1,574.3) 6.3% (3,599.0) (3,234.8) 11.3%

Costs and Expenses (R$ MN) 2Q14 2Q13 Var.% 1H14 1H13 Var.%

Non-Manageable Costs and Expenses (1,083.9) (935.6) 15.8% (2,293.1) (2,043.8) 12.2%

Energy Purchase costs (1,057.5) (913.6) 15.8% (2,246.6) (1,959.3) 14.7%

Costs with Charges and Transmission (125.6) (118.2) 6.3% (255.0) (289.8) -12.0%

Others (Mandatory Costs) 3.1 4.8 -35.0% 17.5 17.4 1.0%

Credit PIS/COFINS on purchase 96.2 91.4 5.3% 191.0 187.9 1.7%

Manageable Costs and Expenses (308.5) (368.0) -16.2% (676.6) (701.9) -3.6%

PMSO (207.1) (212.0) -2.3% (412.3) (412.7) -0.1%

Personnel (75.3) (65.2) 15.6% (144.3) (138.3) 4.4%

Material (4.0) (3.9) 0.8% (9.2) (7.6) 20.8%

Outsourced Services (100.8) (108.6) -7.2% (191.7) (197.2) -2.8%

Others (26.9) (34.2) -21.3% (67.2) (69.6) -3.5%

Provisions - Contingencies 21.9 (18.2) - (18.0) (34.4) -47.5%

Provisions - PCLD (36.1) (48.4) -25.5% (61.4) (77.4) -20.8%

Depreciation and Amortization (86.2) (83.8) 2.8% (171.6) (164.5) 4.3%

Other Operacional/Revenues Expenses (1.2) (5.7) -79.5% (13.3) (12.9) 2.6%

Total costs w/out Construction Revenue (1,392.4) (1,303.6) 6.8% (2,969.7) (2,745.8) 8.2%

Construction Revenue (214.3) (175.6) 22.1% (377.8) (332.8) 13.5%

Total Costs (1,606.7) (1,479.2) 8.6% (3,347.5) (3,078.6) 8.7%

20

In 2Q14, distribution costs and expenses moved up by 7.8% over 2Q13. Excluding construction costs, total costs and

expenses grew by 5.9%.

The distributor’s year-to-date distribution costs increased by 8.6%, while total costs and expenses, excluding

construction costs, moved up by 8.0%.

Non-manageable Costs and Expenses

In 2Q14, non-manageable costs and expenses came to R$1,083.9 million,

15.8% up on the same period in 2013, mainly due to the 15.8% upturn in

purchased energy costs. This result already includes the transfer of CDE

funds related to April and May 2014, totaling R$224.3 million, in

accordance with Order 1696/14 and Official Letter 92/2014.

The increase in purchased energy costs was a reflection of: (i) higher

costs associated with hydrological risk , given that the average GSF4 in

2Q14 was 6.1 p.p. lower than in 2Q13; (ii) contracting through the A-1

Auction, held in December 2013, and the A-0 Auction, held in April 2014,

at R$ 177.22/MWh and R$ 268.33/MWh, respectively, higher than the

prices covered by the tariff; (iii) contractual adjustments; (iv) the increase

in the average difference settlement price (PLD) from R$249.5/MWh in

2Q13 to R$680.8/MWh in 2Q14, which resulted in higher expenses with

Availability Contracts, due to thermal plant dispatch by the National

System Operator (ONS) as a result of depleted hydro plant reservoirs. The

2Q14 PLD upturn also impacted spot market purchases to offset

increased consumption in the concession area, which purchase volume

was of 198 GWh in 2Q14, as opposed to 3 GWh in 2Q13.

Costs with charges and transmission climbed by 6.3%, mainly due to the

23.9% upturn in energy transmission expenses as a result of a higher

volumes contracted with the basic network, together with the increase in the network usage charge.

Non-manageable costs are passed on to consumer tariffs and any increase or reduction in relation to the regulatory

level constitutes a regulatory asset or liability (CVA) balance, to be taken into account in the next tariff adjustment,

3 GSF in April, May, and June 2014 came to 98.74%, 93.61%, and 88.86%, respectively, versus 101.65%, 100.21%, and 97.79% in the same

months in 2013.

21

but which is not recorded in the income statement in accordance with International Financial Reporting Standards

(IFRS). In 2Q14, net regulatory assets totaled R$120.3 million, versus R$119.3 million in 2Q13.

The average purchased energy cost, excluding spot market purchases, amounted to R$153.4/MWh in 2Q14, 27.6%

up on the R$120.2/MWh recorded in 2Q13. Considering Spot market purchases, the average purchased energy cost

was of R$ 214.4 / MWh in 2Q14, higher than the R$124.7 / MWh registered in 2Q13.

The following table gives a breakdown of non-manageable costs:

Tariff Deficit

The unprecedented level of exposure to the spot market due the substitution of the auctions stipulated in the

legislation with the insufficient allocation of assured physical energy quotas and the cancellation of certain new

energy contracts entered into in previous years, together with the high prices in this market, reflecting low reservoir

levels and higher dispatch by the thermal plants, led to a substantial deficit in the distribution concessionaires.

In the first half of 2014 alone, Light SESA’s tariff deficit totaled R$1,635 million, comprising the following items: (i)

involuntary exposure to the spot market, accounting for R$1,238 million; (ii) the hydrological risk of the quotas, R$

39 million; (iii) availability contracts with thermal plants, R$299 million; (iv) energy contracted at the A0 auction,

R$28 million; and (v) energy contracted at the A1 auction, R$ 30 million.

In order to mitigate the impact of this deficit, the government issued, in 2014, Decrees 8203 and 8221, aimed at

totally or partially covering the additional costs arising from the involuntary spot-market exposure and the

Non-Manageable Costs and Expenses (R$ MN) 2Q14 2Q13 Var.% 1H14 1H13 Var.%

Energy Purchase costs (1,057.5) (913.6) 15.8% (2,246.6) (1,959.3) 14.7%

Itaipu (163.3) (165.0) -1.0% (331.3) (309.9) 6.9%

TPP Norte Fluminense (280.3) (270.0) 3.8% (557.6) (537.0) 3.8%

Short-Term Energy (Spot) (271.3) 18.9 - (1,516.9) (343.3) 341.9%

Energy auction (599.1) (457.2) 31.0% (1,205.9) (1,000.7) 20.5%

Availabilities Contracts (289.5) (236.5) 22.4% (581.3) (462.2) 25.8%

Others (309.6) (220.7) 40.3% (624.7) (538.5) 16.0%

CDE Funds 224.3 (1.6) - 1,377.1 290.3 374.4%

Hydrological risk - (1.6) - (51.1) 129.8 -

Quotas Exposure 138.1 - - 1,221.5 160.4 661.4%

Availabilities Contracts 86.2 - - 219.6 - -

CONER (Power Reserve) - - - (12.8) - -

Other Credits 32.0 (38.8) - (12.0) (58.6) -79.6%

Costs with Charges and Transmission (125.6) (118.2) 6.3% (255.0) (289.8) -12.0%

System Service Charge (ESS) (19.6) (85.1) -77.0% (46.2) (300.4) -84.6%

CDE - ESS - 57.4 - - 193.6 -

Transported Energy (62.8) (50.7) 23.9% (125.3) (103.5) 21.1%

Other Charges (43.2) (39.7) 8.8% (83.4) (79.6) 4.9%

Others (Mandatory Costs) 3.1 4.8 -35.0% 17.5 17.4 1.0%

Credit PIS / COFINS on purchase 96.2 91.4 5.3% 191.0 187.9 1.7%

Total (1,083.9) (935.6) 15.8% (2,293.1) (2,043.8) 12.2%

22

availability contracts. As a result Light received a total transfer of R$1,385 million in the first half, reducing its period

tariff deficit to R$250 million, which was covered by its cash position and which will be passed on to consumers in

the next tariff adjustment through the CVA.

Manageable Costs and Expenses

In 2Q14, manageable operating costs and expenses, comprising personnel, materials, outsourced services,

provisions, depreciation, other operating revenue /expenses and others totaled R$308.5 million, 16.2% down on

2Q13.

Costs and expenses from personnel, materials, outsourced services and others (PMSO) totaled R$207.1 million, 2.3%

down on the same period last year, due to the 21.3% reductions in the "others" line and the 7.2% decline in

outsourced services, partially offset by the 15.6% increase in personnel expenses.

The 15.6% upturn in the personnel line was primarily due to the lower volume invested in labor capitalization in

comparison with 2Q13.

The 7.2% reduction in costs from outsourced services was due to lower expenses with emergency and call center

services, reflecting the period decrease in distribution network interruptions.

The 21.3% year-on-year reduction in the “others” line was due to: (i) the R$3.2 million decline in various software

license renewals, which were concentrated in the second quarter last year; (ii) the R$1.0 million reduction in

expenses with cultural projects; and (iii) the R$1.0 million downturn in fleet costs due to the review of practices at

the end of 2013 aiming at optimizing vehicle use.

The provisions line totaled R$14.2 million, 78.8% down on 2Q13, mainly driven by the reversals of a tax provision and

two labor provisions amounting to R$33.0 million and R$8.9 million, respectively, due to a change in the expected

losses. In addition, provisions for past due accounts (PCLD) fell by 25.5%, from R$48.4 million, in 2Q13, to R$36.1

million.

The depreciation and amortization line increased by 2.8%, due to higher investments as a result of the incorporation

of more assets into the network in 2013.

The other operating revenue/expenses line totaled R$1.2 million, 79.5% down on the R$5.7 million recorded in 2Q13

due to the deactivation of intangible assets.

23

Generation

In 2Q14, Light Energia’s costs and expenses amounted to R$56.3 million, an increase of 30.2% over 2Q13 due to the

higher volume of purchased energy. As the GSF values were low in April, May, and June, energy had to be purchased

on the spot market to meet contractual obligations, which had an impact on the purchased energy cost

Second-quarter costs and expenses were broken down as follows: personnel (12.1%), materials and outsourced

services (8.3%), CUSD/CUST/purchased Energy (42.3%), and depreciation and others (37.4%). PMSO per MWh

generated by Light Energia plants in the quarter came to R$15.5/MWh, versus R$16.1/MWh in 2Q13.

Commercialization and Services

Costs and expenses totaled R$192.3 million in 2Q14, 29.3% higher than in the second quarter of 2013, due to the

23.1% increase in the cost of energy purchased for resale, due to the combination of higher volume and purchase

price.

Year-to-date costs and expenses increased by 39.0% over 1H13, mainly due to the increase in energy purchased for

resale and higher spot market prices in the first half. The 156.9% upturn in the materials and outsourced services line

was due to the operational start-up of several Light Esco projects this year, including the cogeneration plant installed

on the premises of Rio de Janeiro Refrescos.

Operating Costs and Expenses (R$ MN) 2Q14 2Q13 Var.% 1H14 1H13 Var.%

Personnel (2.2) (2.0) 11.4% (4.8) (3.9) 21.8%

Material and Outsourced Services (6.1) (4.2) 44.6% (18.0) (7.0) 156.9%

Purchased Energy (174.7) (141.9) 23.1% (378.9) (284.0) 33.4%

Depreciation (1.3) (0.0) 3329.7% (1.4) (0.1) 1676.4%

Other Operacional/Revenues Expenses (7.1) - - (7.1) - -

Others (includes provisions) (0.9) (0.6) 61.3% (1.4) (1.0) 40.8%

Total (192.3) (148.7) 29.3% (411.5) (296.0) 39.0%

Operating Costs and Expenses (R$ MN) 2Q14 2Q13 Var.% 1H14 1H13 Var.%

Personnel (6.8) (6.3) 7.6% (12.5) (11.6) 7.6%

Material and Outsourced Services (4.7) (5.2) -10.6% (8.3) (8.8) -5.1%

Purchased Energy (CUSD) (23.8) (10.3) 131.4% (31.7) (17.9) 77.2%

Depreciation (13.5) (13.7) -2.0% (27.0) (27.5) -1.9%

Other Operacional/Revenues Expenses (0.4) 0.2 - (0.4) 0.2 -

Others (includes provisions) (7.2) (7.8) -8.3% (14.9) (15.8) -5.7%

Total (56.3) (43.2) 30.2% (94.7) (81.4) 16.4%

24

3.3 EBITDA5

Consolidated

Consolidated EBITDA totaled R$239.3 million in 2Q14, 13.9% down on 2Q13, while the EBITDA margin6 decreased

from 17.6% to 14.9% in the same period. Distribution and generation EBITDA fell by 24.2% and 12.1%, respectively,

while EBITDA from commercialization and services moved up by 449.3%.

This quarter’s EBITDA can be largely explained by energy purchase costs. Both the distributor and the generation

company suffered substantial increases in these costs. In the case of the distributor, this occurred in the portion not

covered by the CDE transfer, while the market difference generator was penalized by the deterioration in the

system’s hydrological condition, being forced to settle difference on the spot market in order to comply with its

contractual obligations.

4 EBITDA is calculated in accordance with CVM Instruction 527/2012 and refers to net income + income and social contribution taxes + the net

financial expense + depreciation and amortization. 5 Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA margins, due to the booking of

revenues and costs with a zero margin.

Consolidated EBITDA (R$ MN) 2Q14 2Q13 Var.% 1H14 1H13 Var.%

Distribution 132.3 174.5 -24.2% 387.1 402.6 -3.9%

Generation 88.0 100.1 -12.1% 270.8 219.4 23.4%

Commercialization 23.9 4.4 449.3% 41.5 14.3 190.6%

Others and eliminations (4.9) (1.1) 360.2% (7.1) (3.3) 118.9%

Total 239.3 277.9 -13.9% 692.3 633.1 9.3%

EBITDA Margin (%) 14.9% 17.6% -2,7 p.p 18.6% 18.9% -0,3 p.p

Regulatory Assets and Liabilities 120.3 119.3 0.9% 102.1 220.4 -53.7%

Adjusted EBITDA 359.7 397.2 -9.4% 794.3 853.5 -6.9%

25

The distribution segment’s share of consolidated EBITDA fell from 62. 6%, in 2Q13, to 54.2%, while the share of the

generation and commercialization segments climbed from 35.9% to 36.0% and from 1.6% to 9.8%, respectively, in

the same period.

When adjusted for the CVA, i.e. regulatory assets and liabilities that will be taken into account in the distributor’s

next tariff adjustment, adjusted EBITDA came to R$359.7 million, 9.4% down on 2Q13. Consolidated EBITDA totaled

R$692.3 million in the first half, 9.3% down on 1H13. Including the CVA, EBITDA came to R$794.3 million, 6.9% down

year-on-year.

26

Distribution

The distribution company’s EBITDA totaled R$132.3 million in 2Q14, 24.2% down on 2Q13, mainly explained by (i)

increase in energy purchase costs, especially in the portion not covered by the transfer of the CDE; and (ii) reduction

in the regulatory EBITDA due to the last tariff revision process, ratified in November 2013, in which a 7.5% actual net

WACC was applied, inferior to the 9.95% WACC from the previous cycle (2008 to 2013). The EBITDA margin7 stood at

9.2%, 3.3 p.p. less than in 2Q13. When adjusted for the CVA, distribution EBITDA came to R$252.7 million, 14.0%

down on the same period last year.

In the first half, the distribution company posted EBITDA of R$387.1 million, 3.9% down on 1H13, due to the tariff

revision process impacts. Including regulatory assets and liabilities (CVA), distribution EBITDA came to R$489.2

million, 21.5% less than in the same period last year. The year-to-date EBITDA margin stood at 12.2%, 1.3 p.p. lower

than in 1H13.

Generation

Light Energia recorded an EBITDA of R$88.0 million in 2Q14, 12.1% down on 2Q13, due to spot market energy

purchases as a result of the low Generation Scaling Factor GSF levels resulting from the worsening of the system’s

hydrological situation. The EBITDA margin came to 66.0%, 9.9 p.p. down year-on-year.

In 1H13, EBITDA totaled 270.8 million, 23.4% up on the first half of 2013, due to the sale of energy on the spot

market in the opening months of the year, accompanied by an EBITDA margin of 78.6%, down by 0.5 p.p.

Commercialization and Services

EBITDA from commercialization and services totaled R$23.9 million in 2Q14, 449.3% higher than in 2Q13, thanks to

the 26.8% increase in energy sales volume and higher prices in 2Q14.

EBITDA in the first six months came to R$41.5 million, 190.6% up on 1H13.

The EBITDA margin stood at 11.1% in the second quarter, 8.3 p.p. up on 2Q14, and 9.2% in the first half, a 4.6 p.p.

year-on-year improvement.

6 Revenue from construction was not considered in the calculation of the consolidated and distribution EBITDA margins, due to the booking of

revenues and costs with a zero margin.

27

3.4 Consolidated Financial Result

The 2Q14 financial result was a negative R$111.8 million, a 17.1% deterioration over the negative R$95.5 million

posted in 2Q13.

Financial revenue totaled R$66.4 million, 49.3% down year-on-year, mainly due to the net swap result of R$76.9

million in 2Q13 as a result of the depreciation of the Real against the Dollar in this period.

Second-quarter financial expenses came to R$178.6 million, 21.1% down on 2Q13, mainly due to the settlement of

the debt with Braslight in 1Q14, as well as the reduction in the monetary and currency variation resulting from the

appreciation of the Real against the dollar, partially offset by the swap result.

The first-half financial result was a negative R$190.6 million, an 18.7% improvement over the negative result in 2H13.

Financial Result (R$ MN) 2Q14 2Q13 Var.% 1H14 1H13 Var. %

Financial Revenues 66.8 130.9 -49.0% 163.8 147.0 11.5%

Income from financial investments 28.2 12.2 131.6% 44.7 15.5 188.7%

Moratory Increase / Debts Penalty 20.0 24.0 -16.8% 41.4 45.2 -8.5%

Others Financial Revenues 18.6 17.8 4.3% 77.8 31.8 144.4%

Financial Expenses (178.6) (226.4) -21.1% (354.5) (381.3) -7.0%

Debt Expenses (131.0) (89.9) 45.7% (247.4) (162.4) 52.4%

Monetary and Exchange variation 24.7 (71.7) - 49.0 (62.9) -

Net Swap Operations (47.2) - - (94.5) - -

Restatement of provision for contingencies (9.3) (6.3) 47.3% (15.1) (25.3) -40.2%

Restatement of R&D/PEE/FNDCT (2.4) (4.9) -51.5% (4.5) (6.0) -24.8%

Interest and fines on taxes (0.8) (5.4) -85.9% (0.8) (7.2) -88.7%

Installment payment - fines and interest rates Law 11.941/09 (REFIS) (3.7) (2.8) 30.5% (7.4) (5.5) 34.4%

Present value adjustment 0.7 0.6 5.6% 2.0 0.9 109.8%

DIC/FIC Compensation (7.0) (12.5) -44.5% (26.3) (37.6) -30.1%

Other Financial Expenses (Includes IOF) (2.7) (3.0) -11.5% (5.8) (5.6) 3.6%

Braslight (private pension fund) - (30.5) - (3.5) (69.9) -94.9%

Charges - (15.6) - (3.5) (31.2) -88.7%

Monetary and Exchange Variation - (14.8) - - (38.6) -

Total (111.8) (95.5) 17.1% (190.6) (234.3) -18.7%

28

3.5 Debt

R$ MN Short Term % Long Term % Total %

Brazilian Currency 946.0 13.9% 4,881.9 71.5% 5,827.9 85.4%

Light SESA 810.1 11.9% 4,261.8 62.5% 5,071.9 74.3%

Debenture 4th Issue 0.0 0.0% 0.0 0.0% 0.0 0.0%

Debenture 7th Issue 337.1 4.9% 323.7 4.7% 660.7 9.7%

Debenture 8th Issue 42.8 0.6% 430.5 6.3% 473.3 6.9%

Debenture 9th Issue - series A 14.1 0.2% 995.7 14.6% 1,009.8 14.8%

Debenture 9th Issue - series B 4.4 0.1% 636.1 9.3% 640.5 9.4%

Debenture 10th Issue 11.7 0.2% 744.3 10.9% 756.0 11.1%

Eletrobras 1.2 0.0% 5.4 0.1% 6.6 0.1%

CCB Bradesco 98.1 1.4% 225.0 3.3% 323.1 4.7%

Working Capital - Santander 87.4 1.3% - - 87.4 1.3%

BNDES (CAPEX) 121.2 1.8% 448.0 6.6% 569.1 8.3%

BNDES FINEM 82.5 1.2% 135.9 2.0% 218.4 3.2%

BNDES Olympics 2.2 0.0% 26.2 0.4% 28.5 0.4%

Banco do Brasil 5.7 0.1% 150.0 2.2% 155.7 2.3%

Others 1.7 0.0% 141.1 2.1% 142.8 2.1%

Light Energia 126.8 1.9% 581.7 8.5% 708.5 10.4%

Debenture 1st Issue 89.2 1.3% 84.7 1.2% 173.9 2.5%

Debenture 2nd Issue 17.0 0.2% 423.8 6.2% 440.7 6.5%

Debenture 3rd Issue 2.7 0.0% 27.4 0.4% 30.1 0.4%

BNDES (CAPEX) 7.0 0.1% 19.2 0.3% 26.2 0.4%

BNDES FINEM 10.9 0.2% 26.7 0.4% 37.6 0.6%

Others 0.0 0.0% - - 0.0 0.0%

Light ESCO 9.1 0.1% 38.4 0.6% 47.5 0.7%

BNDES - PROESCO 9.1 0.1% 38.4 0.6% 47.5 0.7%0.0 0.0% 0.0 0.0% 0.0 0.0%

Foreing Currency 154.4 2.3% 841.2 12.3% 995.6 14.6%

Light SESA 153.6 2.3% 665.0 9.7% 818.6 12.0%

National Treasury 1.3 0.0% 32.8 0.5% 34.1 0.5%

Merril Lynch 45.5 0.7% 59.5 0.9% 104.9 1.5%

BNP 105.9 1.6% - - 105.9 1.6%

Citibank 0.8 0.0% 440.5 6.5% 441.3 6.5%

Bank Tokyo - Mitsubishi 0.1 0.0% 132.2 1.9% 132.3 1.9%

Light Energia 0.8 0.0% 176.2 2.6% 177.0 2.6%

Citibank 0.8 0.0% 176.2 2.6% 177.0 2.6%

Gross Debt 1,100.4 16.1% 5,723.0 83.9% 6,823.5 100.0%

Cash 1,593.9

Net Debt (a) 5,229.6

R$ MN jun/13 mar/14 jun/14 % jun 13 % mar 14

Net Debt 4,056.1 5,341.8 5,229.6 28.9% -2.1%

Braslight 1,066.6 - - - -

Net Debt + Braslight 5,122.7 5,341.8 5,229.6 2.1% -2.1%

29

The Company’s gross debt in June 2014 was of R$6,823.5

million, 12.8% more than at the end of 1Q14, and 11.8%, or

R$722.2 million, up year-on-year due to the raising of funds

in the period: (i) the disbursement of R$87.1 million from the

BNDES to Light SESA in the last 12 months,; (ii) a foreign-

currency loan of R$235.8 million from Citibank to Light SESA,

hedged by a Real swap transaction (February 2014); (iii) the

disbursement of FINEP resources totaling R$136.0 million in

May 2014, at 4% p.a.; (iv) Light SESA’s 10th debenture issue,

totaling R$750.0 million, with Banco do Brasil, Itaú,

and Bradesco, at 115% of the CDI interbank rate.

The funds were used for investments, working

capital and, especially, the prepayment of more

expensive liabilities, including the February 2014

settlement of the R$1,224.7 million debt with the

Braslight pension fund, and settlement of the 5th

debenture issue, at the CDI plus 1.5%.

The Net debt/EBITDA ratio moved up from 2.90x in

March 2014 to 2.99x in June 2014, still within the

Company’s net debt/EBITDA covenant

limit of 3.0x. The Company also has a

covenant for the EBITDA/interest

expense ratio, which should be higher

than 2.5x. The result for this indicator in

March was 3.31x. It is worth noting that

non-compliance with this covenant only

occurs if the limits determined by the

indicators are not respected for two

consecutive or four alternate quarters.

The Company’s debt has an average term to maturity of 3.9 years and the average cost of Real-denominated debt

was 10.5% p.a., both in line with the end-of-March figure. At the close of the quarter, 16.4% of total debt was

denominated in foreign currency, but, considering the FX hedge horizon, only 0.3% of this total was exposed to

foreign currency risk, 0.2 p.p. less than at the end of March. Light’s FX hedge policy consists of protecting cash flow

jun/14 dec/13 2012

Gross Debt 6,823.5 5,815.3 4,666.0

+ Swap (74.6) (135.1) -29.4

+ Pension Fund 0.0 1,224.7 1,054.7

- Cash 1,593.9 1,790.4 392.9

= Net Debt for covenants (a) 5,155.0 5,114.4 5,298.4

EBITDA (12 months) 1,756.0 1,696.8 1,456.2

+ Provision 185.1 210.9 475.2

- Other Operational Revenues/Expenses 75.5 (20.7) 375.6

+ Regulatory Assets and Liabilities (CVA) (139.3) (21.0) 330.4

- Financial CVA 0 5.1 14.0

= EBITDA for covenants (b) 1,726.3 1,902.4 1,872.2

2.99 2.69 2.83

Covenants Multiple R$ MN

Net Debt / EBITDA (a/b)

30

from foreign-currency-denominated debt falling due within the next 24 months (principal and interest) through the

use of non-cash swap instruments with premier financial institutions. Funding via Central Bank Resolution 4131,

from Merrill Lynch, BNP, Citibank, and Bank Tokyo-Mitsubishi, was contracted with swaps for the entire term of the

debt.

3.6 Net Income

Light posted a net profit of R$15.3 million in 2Q14, 73.8% down on the net income of R$58.2 million reported in the

second quarter of 2013. When adjusted for regulatory assets and liabilities (CVA), not recorded in the income

statement, adjusted net income came to R$94.7 million, 30.8% down on 2Q13.

Such result can be explained, mostly, by the increase in purchased energy costs, especially from the distributor, with

an impact in the portion not covered by the CDE transfer. On the other hand, the generator was penalized by the

deterioration of the system’s hydrological condition, being forced to settle difference on the spot market to comply

with contractual obligations. Another relevant impact was the reduction in the regulatory EBITDA due to the last

tariff revision process, ratified in November 2013, in which a 7.5% actual net WACC was applied, inferior to the

9.95% WACC from the previous cycle (2008 to 2013).

31

First-half net income amounted totaled R$195.8 million, 43.1% up year-on-year, or R$263.2 million when adjusted

for regulatory assets and liabilities (CVA), 6.8% down year-on-year.

32

3.7 Investments

Light invested R$357.8 million in 1H14, 9.5% more than in 1H13.

The distribution segment absorbed 92.8% of the total, or R$332.2 million, 21.8% up on 1H13. Of this total: (i)

R$154.8 million went to the development and expansion of distribution networks in order to keep pace with market

growth, strengthen the network and improve quality, including in the underground network; (ii) R$119.7 million

went to the energy loss project (network protection, electronic meters, and fraud regularization); and (iii) R$36.4

million went to specific investments related to the World Cup and Olympic Games.

Commercialization and energy efficiency Investments fell from R$33.1 million in 1H13 to R$5.0 million in 1H14, due

to the conclusion of a major co-generation project in April this year.

CAPEX (R$MN) 1H14 Partic. % 1H13 Partic. % Var %

Distribution 332.2 92.8% 272.8 83.5% 21.8%

Network reinforcement and expansion 207.5 62.5% 175.0 64.2% 18.6%

Losses 119.7 36.0% 92.6 33.9% 29.3%

Others 5.0 1.5% 5.2 1.9% -4.7%

Administration 12.2 3.4% 13.7 4.2% -10.8%

Commercial./ Energy Efficiency 5.0 1.4% 33.1 10.1% -84.9%

Generation 8.4 2.3% 7.1 2.2% 17.9%

Total 357.8 100.0% 326.7 100.0% 9.5%

33

Generation Capacity Expansion Projects

One of the pillars of Light’s Strategic Plan is to increase the share of energy generation in its results. With this in

mind, the Company has announced several projects to boost installed generating capacity, which now totals 961

MW. With the incorporation of the scheduled expansion projects, the position on June 30 was as follows:

Existing Power Plants

Installed

Capacity

(MW)*

Assured

Energy

(MW)*

Operation

Start Act Date

Concession /

Authorization

Expiration Date

Fontes Nova 132 104 1942 jun-96 2026

Nilo Peçanha 380 335 1953 jun-96 2026

Pereira Passos 100 51 1962 jun-96 2026

Ilha dos Pombos 187 115 1924 jun-96 2026

Santa Branca 56 32 1999 jun-96 2026

Elevatórias - (87) - - -

SHPP Paracambi¹ 13 10 2012 fev-01 2031

Renova² 93 51 2008 dez-03 2033

Total 961 611

New Projects

Installed

Capacity

(MW)*

Assured

Energy

(MW)*

Operation

Start

SHPP Lajes³ 17 15 mai/16

Belo Monte4 280 114 fev-15

Guanhães¹ 22 13

Dores de Guanhães 7 4 -

Senhora do Pôrto 6 3 -

Jacaré 5 3 dez-14

Fortuna II 5 3 mar-15

Renova² 395 201

LER 2010 37 18 set-14

A-3 2011 48 23 mai-15

A-5 2012 5 3 jan-17

LER 2013 35 18 set-15

A-5 2013 78 40 mai/18

PPA 87 48 2015/2016

Mercado Livre I 5 3 jan-16

Mercado Livre II 21 11 jan-17

Mercado Livre III 6 4 abr-15

Mercado Livre IV** 74 32 -

Total 714 343

*Light's proportional Participation

¹ 51% Light

² 21.86% da Light / Considera que Renova detém 60% da Chipley, que por sua vez détem 51% da Brasil PCH

³Previsão de geração média de 15 MW

42.49% Light

**Including the exercise of the option by Cemig GT for an interest of up to 50% in the

2051

2052

2050

2031

2047

2048

2050

2050

2051

2032

2032

2032

2031

2046

Current Generation Park

Generation Capacity Expansion Projects

Concession / Authorization

Expiration Date

2026

2045

34

The second quarter of 2014 was marked by the following events related to projects for expanding Light’s generating

capacity:

Lajes SHP

• The basic project has already been approved by Aneel. In June 2013, Aneel altered the public service exploration

regime to independent energy producer. As a result, the SHP obtained a 50% reduction in TUSD and TUST fees. The

process of contracting the construction company is under way and once this is defined, it will be possible to begin

the works, with start-up scheduled for the first half of 2016, given that the project has already been granted an

installation license. The 17 MW turbine will be installed in the old powerhouse of the Fontes Velha power plant. In

addition to increasing generating capacity, the project also brings certain other benefits, such as increasing

operational flexibility, upgrading the supply of the CEDAE water main, controlling the Piraí River’s water level, and

improving the quality of the water in the Lajes Reservoir.

Guanhães Energia

• Guanhães Energia S.A. is a special purpose entity (SPE) set up to implant four small hydroelectric power plants

(SHPs) – Dores de Guanhães, Senhora do Porto, Jacaré and Fortuna II, all of which in the state of Minas Gerais, with a

joint installed capacity of 44 MW. Guanhães Energia’s shareholders are Light Energia S.A. (51%) and CEMIG Geração

e Transmissão S.A. (49%).

The project has been impacted by geological and environmental problems which have postponed the start-up date.

Belo Monte Hydroelectric Power Plant

• In October 2011, Amazônia Energia, owned by Light (25.5%) and Cemig (74.5%), acquired 9.77% of Norte Energia,

the consortium responsible for building and operating the Belo Monte Hydroelectric Power Plant. Located on the

Xingu River in the state of Pará, Belo Monte is the largest 100% Brazilian hydro plant and the fourth largest in the

world. It has an installed capacity of 11,233 MW and assured energy of 4,571 average MW. So far, 56% of the

construction works have been concluded, as has 20% of the spillway, which will take water from the Xingu River to

the Belo Monte powerhouse. Soil and rock excavation are 68.20% and 38.16% complete, respectively.

In May 2014, Norte Energia submitted a report to Aneel detailing the various stoppages, due to various reasons, that

have jeopardized progress of the works and their effects on the project schedule. The request, currently being

analyzed by the regulatory authority, is directly related to the impacts caused by the blocking of access to and

occupation of the construction sites, strikes and temporary injunctions. Norte Energia is fully committed to

minimizing the impact of the problems on the Belo Monte schedule.

35

The concession agreement for Transmission Line Auction 11/2013 was signed in June 2014. This line will connect the

Belo Monte plant to the Southeast region of the country and will be constructed by the IE Belo Monte consortium,

comprising Furnas, State Grid Brazil Holding and Eletronorte.

Renova Energia (“Renova”)

In 2013, Renova announced the acquisition of 51% of Brasil PCH and the entry of Cemig GT into Renova’s controlling

block. Brasil PCH has 13 SHPs with a joint installed capacity of 291 MW and assured energy of 194 average MW. The

acquisition was strategic for Renova, since it added operational assets to its base, increasing its operating cash flow

generation, thus improving the balance between operational projects and projects under construction and

development.

In February 2014, the Company paid R$739.9 million for the above acquisition. The amount remaining from the

capital increase to be subscribed until September of this year by Cemig GT or a specific purpose entity, in which

Cemig GT will retain an interest of at least 50% and a private equity investment fund will hold an interest of 50% at

most, totaling R$810.1 million, was transferred to Renova in March 2014 as an advance for a future capital increase

by Cemig GT.

After the capital increase, a new shareholders’ agreement will be executed, through which Cemig GT or the SPE, RR

Participações and Light Energia. will become part of the Company’s controlling block.

Currently, the Company has a 60% interest in the specific purpose entity, Chipley SP Participações S.A., which owns

51% of Brasil PCH.

On June 4, long-term financing of R$1,044.1 million was approved for Alto Sertão II, comprising those wind farms

that sold energy at the Reserve Energy Auction in 2010 (“LER 2010”) and the New Energy Auction in 2011 (“LEN 2011

(A-3)”), with an installed capacity of 386.1 MW. The contracting and disbursement of this financing will permit

settlement of the bridge loans from the BNDES and the Promissory Notes issued this year.

Also in June, Renova’s 14 wind farms that sold energy at the Reserve Energy Auction in 2009 (“LER 2009”), with a

total installed capacity of 294.4 MW, began the commissioning process, with commercial start-up scheduled for July

4, when their energy should be available to the system.

36

4. Cash Flow

The Company closed 2Q14 with a cash position of R$1,579.1 million, 22.5% down year-on-year, primarily due to

funding of R$1.6 billion in 2Q13, which increased the cash position in the latter period, plus the reduction in working

capital and net profit, both of which were pressured by the high cost of energy purchases.

R$ MN 2Q14 2Q13 1H14 1H13

Cash in the Beginning of the Period (1) 694.4 435.9 546.4 230.4

Net Income 15.3 58.2 195.8 136.9

Social Contributions & Income Tax 11.2 26.6 105.8 69.8

Net Income before Social Contributions & Income Tax 26.5 84.8 301.6 206.7

Provision for Delinquency 36.1 48.4 61.4 77.4

Depreciation and Amortization 101.0 97.7 200.0 192.1

Loss (gain) on intangible sales / Residual value of disposals

fixed asset 3.0 7.0 3.0 8.9

Losses (gains) on financing exchange activities (24.7) 72.3 (49.0) 62.9

Net Interests and Monetary Variations 131.3 86.4 248.2 171.8

Braslight - 30.5 3.5 69.9

Atualization / provisions reversal (15.3) 21.0 24.1 55.8

Equity Pikup 4.0 0.5 6.8 1.1

Financial Assets of the Concession 1.8 (6.7) (44.8) (13.1)

Others 47.2 (76.9) 94.5 (54.5)

Subtotal 310.9 365.0 849.3 779.1

Working Capital (800.4) (314.0) (134.1) 197.0

Contingencies (14.2) (22.2) (35.6) (37.8)

Deferred Taxes 29.6 36.5 (4.6) (8.1)

Braslight 0.1 (0.9) (3.5) (1.2)

CDE fund 971.6 428.3 - -

Others (115.5) (25.4) (28.6) (114.1)

Taxes Paid (17.8) (13.3) (111.3) (80.4)

Interest Paid (176.0) (98.0) (230.7) (147.3)

Cash from Operating Activities (2) 188.3 356.0 301.0 587.1

Finance Obtained 913.6 2,158.4 1,172.2 2,433.5

Dividends - (74.8) - (74.8)

Loans and financing payments (81.3) (595.6) (152.5) (658.1)

Contractual debt amortization with the pension plan - (28.3) (1,224.7) (56.6)

Financing Activities (3) 832.3 1,459.7 (204.9) 1,644.0

Fixed Assets/Intangible/Financial Assets (130.8) (186.0) (271.0) (372.6)

Inflow/Acquisitions on Investment (5.1) (28.3) (17.1) (59.6)

Financial Investments - - 1,224.7 8.0

Investment Activities (4) (135.9) (214.4) 936.6 (424.2)

Cash in the End of the Period (1+2+3+4) 1,579.1 2,037.3 1,579.0 2,037.3

Cash Generation (2+3+4) 884.7 1,601.4 1,032.6 1,807.0

37

5. Corporate Governance

On June 30, 2014, the capital stock of Light S.A. comprised 203,934,060 common shares, 97,629,463 of which

outstanding.

The following chart shows Light’s shareholding structure in June 2014:

38

6. Capital Market

Light’s shares have been listed in the BM&FBovespa’s Novo Mercado trading segment since July 2005, therefore

adhering to 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 included in the following indices: Ibovespa,

IGC (Corporate Governance Index), IEE (Electric Power Index), IBrX (Brazil Index), ISE (Corporate Sustainability Index),

ITAG (Special Tag Along Stock Index) and IDIV (Dividend Index). They are also traded on the U.S. over-the-counter

(OTC) market as Level 1 ADRs under the ticker LGSXY.

At the end of June 2014, Light S.A.’s shares (LIGT3) were priced at R$21,756. The Company’s market cap (no. of

shares x share price) closed the quarter at approximately R$4,397 million.

The charts below give a breakdown of the Company’s free float in June 2014.

Daily Average 2Q14 2Q13 1H14 1H13

Number of shares traded (Thousand) 796.9 1,156.7 933.2 1,004.3

Number of Transactions 3,315.0 3,935.1 3,338 3,409

Traded Volume (R$ Million) 15.7 20.7 17.5 18.9

Quotation per shares: (Closing)* R$ 21.56 R$ 15.17 R$ 21.56 R$ 15.17

Share Valuing 15.0% -20.4% -0.4% -28.3%

IEE Valuing 13.3% -8.4% 9.8% -13.2%

Ibovespa Valuing 5.5% -15.8% 5.6% -24.1%

*Ajusted by earnings.

BM&F BOVESPA (spot market) - LIGT3

39

The chart below shows the performance of Light’s stock from December 28, 2012 to May 14, 2014.

Dividends

Light’s dividend payment policy establishes a minimum payout equivalent to 50% of adjusted net income, calculated

in compliance with article 189 of Brazilian Corporate Law and pursuant to Brazilian accounting practices and the

regulations of the Brazilian Securities and Exchange Commission (CVM).

On April 24, 2014, the Annual Shareholders’ Meeting approved the proposal to distribute dividends in the amount of

thirty-two million, eighteen thousand, seven hundred and ninety-three reais and fifty-three centavos

(R$32,018,793.53) corresponding to the mandatory minimum dividends, and three hundred and thirty-two million,

eight hundred and nineteen thousand, two hundred and thirty-nine reais and eighty-one centavos

(R$332,819,239.81), related to net income for fiscal year 2013, to be paid by December 31, 2014, with the Board of

Directors being responsible for establishing the precise payment dates. The net amount per share is R$1.789,

without the retention of withholding tax, pursuant to Article 10 of Law 9249/95. Shares have been traded ex-

dividends as of April 25, 2014.

40

Dividends paid, dividend yield and payout

41

7. Recent Events

On July 8, 2014, Authoritative Resolution 4734/2014 was issued, transferring the Lajes SHP concession from Light

Energia S.A. to SPE Lajes Energia S.A., a wholly owned Light Energia subsidiary.

On July 18, 2014, the Company approved the contracting of a loan by Light SESA. totaling five hundred and eighty

million, fifty-six thousand and five hundred and forty-five reais (R$580,056,545.00) from the BNDES in order to

finance investments in 2013 and 2014 totaling R$1.2 billion, guaranteed by a suretyship from Light S.A. and the

fiduciary assignment of 2.30% of Light SESA’s net operating revenue.

On July 24, 2014, Light S.A. sold its entire interest in CR Zongshen E-Power Fabricadora de Veículos S.A. (“E-

Power”), representing 20% of E-Power’s total capital, to CR Zongshen Fabricadora de Veículos S.A. (“CR

Zongshen”) for one million, ninety-six thousand, five hundred and eighty-nine reais and twelve centavos

(R$1.096.589.12), to be restated by the IGP-M general market price index, plus eight percent (8%) per year until

the effective payment date. As a result, the E-Power Shareholders’’ Agreement entered into between the

Company and CR Zongshen was annulled, with no remaining obligations for either signatory.

On July 25, 2014, Renova announced a 60-day extension to the term for exercising pre-emptive rights in relation

to the capital increase approved in February 2014, governing the entry of Cemig GT into Renova’s controlling

block. As a result, the period for exercising pre-emptive rights, which would have expired on July 29, 2014,

pursuant to the Notice to Shareholders of March 31, 2014, will now close on September 29, 2014.

42

8. Disclosure Program

Forward-looking Statements

The information on the Company’s operations and its Management’s expectations regarding its future performance

was not reviewed by independent auditors.

Statements about future events are subject to risks and uncertainties. These statements are based on 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 of the Company's Board

of Directors and Officers. Exceptions 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 might or

might not occur. Future results and creation of value to shareholders might significantly differ from the ones

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) 2188 0155

USA: +1 (646) 843-6054

Other countries: +1 866 890 2584

Access code: Light

Schedule

08/14/2014, thursday, at 4:00 p.m. (Brasília Time) and at 3:00 p.m.

(Eastern Time), with simultaneous translation to English

Access conditions:

Webcast: link on site www.light.com.br/ri (portuguese and english)

Conference Call - Dial number:

Contact e-mail Phone

Gustavo Werneck Souza gustavo.souza@light.com.br +55 21 2211-2560

Mariana da Silva Rocha mariana.rocha@light.com.br +55 21 2211-2814

Marcelle Pelajo marcelle.pelajo@light.com.br +55 21 2211-7392

Leonardo Dias Wanderley leonardo.wanderley@light.com.br +55 21 2211-2828

IR Team

43

EXHIBIT I

Selected Information per Company – R$ million

LIGHT SESA 2Q14 2Q13 Var. % 1H14 1H13 Var. %

Net Operating Revenue 1,652.8 1,569.9 5.3% 3,563.0 3,316.8 7.4%

Operating Expense (1,605.5) (1,473.5) 9.0% (3,334.2) (3,065.7) 8.8%

Other Operating Revenues/Expenses (1.2) (5.7) -79.5% (13.3) (12.9) 2.6%

Operating Result 46.2 90.7 -49.1% 215.5 238.2 -9.5%

EBITDA 132.3 174.5 -24.2% 387.1 402.6 -3.9%

Financial Result (96.5) (74.7) 29.1% (154.1) (194.7) -20.8%

Result before taxes and interest (50.3) 16.0 - 61.4 43.5 41.2%

Net Income (32.6) 13.3 - 41.2 30.9 33.4%

EBITDA Margin* 9.2% 12.5% -3,3 p.p. 12.2% 13.5% -1,3 p.p.

* Does not consider Construction Revenue

LIGHT ENERGIA 2Q14 2Q13 Var. % 1H14 1H13 Var. %

Net Operating Revenue 133.4 132.0 1.1% 344.6 277.3 24.3%

Operating Expense (55.9) (43.4) 28.9% (94.3) (81.5) 15.7%

Other Operating Revenues/Expenses (0.4) 0.2 - (0.4) 0.2 -

Operating Result 77.1 88.7 -13.1% 249.9 195.9 27.6%

Equity Pickup (2.5) (2.4) 7.7% (6.1) (4.0) 53.6%

EBITDA 88.0 100.1 -12.1% 270.8 219.4 23.4%

Financial Result (19.7) (21.0) -6.1% (42.6) (40.6) 4.9%

Result before taxes and interest 54.8 65.4 -16.2% 201.3 151.4 33.0%

Net Income 35.9 42.8 -16.0% 132.0 98.9 33.5%

EBITDA Margin 66.0% 75.9% -9,9 p.p. 78.6% 79.1% -0,5 p.p.

COMMERCIALIZATION AND SERVICES 2Q14 2Q13 Var. % 1H14 1H13 Var. %

Net Operating Revenue 214.9 152.9 40.5% 451.6 310.1 45.6%

Operating Expense (185.2) (148.7) 24.6% (404.4) (296.0) 36.6%

Other Operating Revenues/Expenses (7.1) - - (7.1) - -

Operating Result 22.6 4.2 431.9% 40.1 14.1 184.7%

Equity Pickup (0.0) 0.1 - (0.0) 0.1 -

EBITDA 23.9 4.4 449.3% 41.5 14.3 190.6%

Financial Result 4.1 (0.1) - 5.6 (0.1) -

Result before taxes and interest 26.7 4.2 529.6% 45.6 14.0 224.9%

Net Income 16.7 3.0 455.3% 29.3 9.4 209.9%

EBITDA Margin 11.1% 2.8% 8,3 p.p. 9.2% 4.6% 4,6 p.p.

44

EXHIBIT II

Selected Consolidated Financial Information* - R$ million

Consolidated - R$ MN 2Q14 2Q13 Var. % 1H14 1H13 Var. %

NET OPERATING REVENUE 1,815.8 1,755.1 3.5% 4,098.0 3,676.9 11.5%- - 0.0% - - 0.0%

OPERATING EXPENSE (1,673.4) (1,574.3) 6.3% (3,599.0) (3,234.8) 11.3%

PMSO (235.7) (238.8) -1.3% (461.9) (451.7) 2.3%

Personnel (86.0) (74.9) 14.7% (164.5) (156.3) 5.3%

Material (5.1) (3.1) 62.8% (19.5) (7.0) 179.0%

Outsourced Services (112.7) (123.0) -8.4% (211.9) (219.5) -3.4%

Others (32.0) (37.8) -15.2% (65.8) (68.9) -4.4%

Purchased Energy (1,099.6) (989.1) 11.2% (2,458.8) (2,131.2) 15.4%

Depreciation (101.0) (97.7) 3.4% (200.0) (192.1) 4.1%

Provisions (14.2) (66.6) -78.7% (79.8) (112.0) -28.8%

Construction Revenue (214.3) (175.6) 22.1% (377.8) (332.8) 13.5%

Other Operating Revenuess/Expenses (8.6) (6.5) 31.9% (20.7) (14.9) 39.5%

OPERATING RESULT 142.4 180.8 -21.2% 499.0 442.1 12.9%

EQUITY PICKUP (4.0) (0.5) 766.3% (6.8) (1.1) 510.2%

EBITDA (1) 239.3 277.9 -13.9% 692.3 633.1 9.3%

FINANCIAL RESULT (111.8) (95.5) 17.1% (190.6) (234.3) -18.7%

Financial Income 52.5 124.3 -57.7% 133.4 153.9 -13.3%

Financial Expenses (164.4) (219.8) -25.2% (324.0) (388.2) -16.5%

RESULT BEFORE TAXES AND INTEREST 26.5 84.8 -68.7% 301.6 206.7 46.0%

SOCIAL CONTRIBUTIONS & INCOME TAX (25.9) (40.1) -35.3% (101.1) (76.0) 33.0%

DEFERRED INCOME TAX 14.7 13.5 9.0% (4.8) 6.2 -176.8%

NET INCOME 15.3 58.2 -73.8% 195.8 136.9 43.1%

(1) EBITDA as of CVM Instruction 527/2012: Net Income + Social Contributions and Income Taxes + Net Financial Result +

Depreciation/Amortization

(*) 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.

45

EXHIBIT III

Consolidated Balance Sheet – R$ million

ASSETS 06/30/2014 12/31/2013

Current 3,516.8 3,495.8

Cash & Cash Equivalents 1,579.1 546.4

Marketable securities 14.8 1,244.0

Receivable Accounts 1,411.2 1,223.4

Inventories 37.4 29.7

Recoverable Taxes 144.0 161.0

Prepaid Expenses 16.5 15.8

Other Current Assets 313.9 275.5 -

Non-current 9,639.0 9,506.5

Receivable Accounts 227.7 209.4

Deferred Taxes 606.8 622.8

Concession financial assets 2,056.1 1,926.2

Others Non-current Assets 433.6 464.9

Investiments 652.5 642.2

Fixed Assets 1,651.6 1,678.7

Intangible 4,010.8 3,962.1 0.0 -

Total Assets 13,155.8 13,002.2 0 0

LIABILITIES 06/30/2014 12/31/201300/01/1900 0

Current 3,072.3 3,318.5

Suppliers 1,080.9 907.3

Fiscal obligations 177.4 198.6

Loans and Financing 581.4 591.5

Debentures 519.0 51.0

Others Obligations 220.7 1,408.6

Provisions 128.1 129.5

Dividends and interest on equity to be paid 364.8 32.0 0 -

Non-current 6,743.4 6,206.6

Loans and Financing 2,056.9 1,823.5

Debentures 3,666.1 3,349.3

Others Obligations 276.3 263.7

Deferred Taxes 219.3 226.4

Provisions 524.8 543.7 0 -

Shareholders' Equity 3,340.1 3,477.1

Realized Joint Stock 2,225.8 2,225.8

Profit Reserves 565.6 565.6

Additional Proposed Dividend - 332.8

Asset Valuation Adjustments 419.6 429.5

Other comprehensive income (76.6) 76.6-

Accumulated Profit/Loss of Exercise 205.7 - 0 -

Total Liabilities 13,155.8 13,002.2

46

EXHIBIT IV

Regulatory Assets and Liabilities

R$ Million jun/14 mar/14 dec/13 sep/13 jun/13 mar/13 dec/12 sep/12

TOTAL ASSET 501.7 361.4 428.7 627.6 653.0 500.6 365.7 262.7

TOTAL LIABILITIES (65.4) (45.5) (94.5) (381.2) (77.4) (44.3) (10.6) (45.6)

TOTAL DIFFERENCE 436.2 315.9 334.2 246.4 575.6 456.3 355.2 217.1

Net difference (quarter) 120.3 (18.3) 87.8 (329.2) 119.3 101.2 138.0 118.7

Net difference (YTD) 102.1 (18.3) (21.0) (108.8) 220.4 101.2 330.4 192.4

47

EXHIBIT V

Complementary Information – Consolidated Financial Information on a

Proportional Interest Basis

This information is complementary and is exclusively for comparative purposes, since it is not in accordance with

Brazilian accounting practices.

Consolidated - R$ MN RENOVA LIGHTGER EBL AXXIOM AMAZÔNIA

2nd QUARTER - 2014 21.86% 51% 33% 51% 25.50%

OPERATING REVENUE 2,732 12 4 0 7 - - 2,756

REVENUE DEDUCTIONS (916) (0) (0) - (1) - - (918)

NET REVENUE 1,816 12 4 0 7 - - 1,838

OPERATING EXPENSE (1,673) (8) (3) (0) (8) - - (1,692)

OPERATING RESULT 142 3 1 (0) (1) - - 146

EQUITY PICKUP (4) (1) - - - - 1 (4)

EBITDA 239 6 3 (0) (1) - - 247

FINANCIAL RESULT (112) (1) (1) 0 (0) (0) - (114)

RESULT BEFORE TAXES AND INTEREST 27 1 1 (0) (1) (0) - 26

SOCIAL CONTRIBUTIONS &

DIFERRED/INCOME TAX(11) (1) (0) (0) (0) - - (12)

NET INCOME 15 0 0 (0) (1) (0) 1 15

REPORTED

CONSOLIDATEELIMINATION TOTAL

Consolidated - R$ MN RENOVA LIGHTGER EBL AXXIOM AMAZÔNIA

1st HALF 2014 21.86% 51% 33% 51% 25.50%

OPERATING REVENUE 6,123 24 9 0 13 - - 6,169

REVENUE DEDUCTIONS (2,025) (1) (0) (0) (1) - - (2,027)

NET REVENUE 4,098 23 8 0 12 - - 4,142

OPERATING EXPENSE (3,599) (17) 8 (0) (13) - - (3,621)

OPERATING RESULT 499 6 17 (0) (1) - - 521

EQUITY PICKUP (7) (1) - - - - (15) (23)

EBITDA 692 13 17 (0) (1) - - 721

FINANCIAL RESULT (191) (5) - 0 (0) (1) - (197)

RESULT BEFORE TAXES AND INTEREST 302 (0) 17 (0) (1) (1) - 316

SOCIAL CONTRIBUTIONS &

DIFERRED/INCOME TAX(106) (1) 2 (0) (0) - - (106)

NET INCOME 196 (2) 18 (0) (1) (1) (15) 196

REPORTED

CONSOLIDATEELIMINATION TOTAL

48

EXHIBIT VI

The Company’s results for the second quarters and first half of 2013 were reclassified due to Management’s decision

to present PIS and COFINS tax credits on purchased energy as a reduction factor for purchased energy costs instead

presenting them as a reduction in PIS and COFINS on revenue. The purpose of this reclassification was to align this

presentation criterion with best corporate practices in the same sector.

The consolidated financial information for the second quarter of 2014 is in accordance with the new practice>

However, for comparison purposes, the adjustments are presented below:

Consolidated Income Statements- R$ MNPublished

2Q13Adjustments

Reclassified

2Q13

NET OPERATING REVENUE 1,846.5 (91.4) 1,755.1

OPERATING EXPENSE (1,665.7) 91.4 (1,574.3)

Personnel (74.9) - (74.9)

Material (3.1) - (3.1)

Outsourced Services (123.0) - (123.0)

Purchased Energy (1,080.6) 91.4 (989.1)

Depreciation (97.7) - (97.7)

Provisions (66.6) - (66.6)

Construction Revenue (175.6) - (175.6)

Other Operating Revenuess/Expenses (6.5) - (6.5)

Others (37.8) - (37.8)

OPERATING RESULT 180.8 - 180.8

EQUITY PICKUP (0.5) - (0.5)

EBITDA (1) 277.9 - 277.9

FINANCIAL RESULT (95.5) - (95.5)

RESULT BEFORE TAXES AND INTEREST 84.8 - 84.8

SOCIAL CONTRIBUTIONS & INCOME TAX (40.1) - (40.1)

DEFERRED INCOME TAX 13.5 - 13.5

NET INCOME 58.2 - 58.2

49

Consolidated Income Statements- R$ MNPublished

1H13Adjustments

Reclassified

1H13

NET OPERATING REVENUE 3,864.8 (188.0) 3,676.9

OPERATING EXPENSE (3,422.7) 188.0 (3,234.8)

Personnel (156.3) - (156.3)

Material (7.0) - (7.0)

Outsourced Services (219.5) - (219.5)

Purchased Energy (2,319.2) 188.0 (2,131.2)

Depreciation (192.1) - (192.1)

Provisions (112.0) - (112.0)

Construction Revenue (332.8) - (332.8)

Other Operating Revenuess/Expenses (14.9) - (14.9)

Others (68.9) - (68.9)

OPERATING RESULT 442.1 - 442.1

EQUITY PICKUP (1.1) - (1.1)

EBITDA (1) 633.1 - 633.1

FINANCIAL RESULT (234.3) - (234.3)

RESULT BEFORE TAXES AND INTEREST 206.7 - 206.7

SOCIAL CONTRIBUTIONS & INCOME TAX (76.0) - (76.0)

DEFERRED INCOME TAX 6.2 - 6.2

NET INCOME 136.9 - 136.9

50

Cash Flow - R$ MNPublished

2Q13Adjustments

Reclassified

2Q13

Cash in the Beginning of the Period (1) 435.9 - 435.9

Net Income 58.2 - 58.2

Social Contributions & Income Tax 26.6 - 26.6

Net Income before Social Contributions & Income Tax 84.8 - 84.8

Provision for Delinquency 48.4 - 48.4

Depreciation and Amortization 97.7 - 97.7 Loss (gain) on intangible sales / Residual value of

disposals fixed asset7.0 - 7.0

Losses (gains) on financing exchange activities 72.3 - 72.3

Net Interests and Monetary Variations 86.4 - 86.4

Braslight 30.5 - 30.5

Atualization / provisions reversal 21.0 - 21.0

Equity Pikup 0.5 - 0.5

Financial Assets of the Concession (6.7) - (6.7)

Others (76.9) - (76.9)

Subtotal 365.0 - 365.0

Working Capital 114.1 - 114.1

Contingencies (22.2) - (22.2)

Deferred Taxes 36.5 - 36.5

Braslight (29.1) 28.3 (0.9)

CDE fund - - -

Others (25.2) - (25.2)

Taxes Paid (13.3) - (13.3)

Interest Paid (98.0) - (98.0)

Cash from Operating Activities (2) 327.8 28.3 356.0

Finance Obtained 2,158.4 - 2,158.4

Dividends (74.8) - (74.8)

Contractual debt amortization with the pension plan (595.6) - (595.6)

Loans and financing payments - (28.3) (28.3)

Financing Activities (3) 1,488.0 (28.3) 1,459.7

Fixed Assets/Intangible/Financial Assets (186.0) - (186.0)

Inflow/Acquisitions on Investment (28.3) - (28.3)

Financial Investments - - -

Investment Activities (4) (214.4) - (214.4)

Cash in the End of the Period (1+2+3+4) 2,037.3 - 2,037.3

Cash Generation (2+3+4) 1,601.4 - 1,601.4

51

Cash Flow - R$ MNPublished

1H13Adjustments

Reclassified

1H13

Cash in the Beginning of the Period (1) 230.4 - 230.4

Net Income 136.9 - 136.9

Social Contributions & Income Tax 69.8 - 69.8

Net Income before Social Contributions & Income Tax 206.7 - 206.7

Provision for Delinquency 77.4 - 77.4

Depreciation and Amortization 192.1 - 192.1

Loss (gain) on intangible sales / Residual value of

disposals fixed asset8.9 - 8.9

Losses (gains) on financing exchange activities 62.9 - 62.9

Net Interests and Monetary Variations 171.8 - 171.8

Braslight 69.9 - 69.9

Atualization / provisions reversal 55.8 - 55.8

Equity Pikup 1.1 - 1.1

Financial Assets of the Concession (13.1) - (13.1)

Dilution of Renova's Gain - - -

Others (54.5) - (54.5)

Subtotal 779.1 - 779.1

Working Capital 197.0 - 197.0

Contingencies (37.8) - (37.8)

Deferred Taxes (8.1) - (8.1)

Braslight (57.8) 56.6 (1.2)

CDE fund - - -

Others (114.1) - (114.1)

Taxes Paid (80.4) - (80.4)

Interest Paid (147.3) - (147.3)

Cash from Operating Activities (2) 530.5 56.6 587.1

Finance Obtained 2,433.5 - 2,433.5

Dividends (74.8) - (74.8)

Loans and financing payments (658.1) - (658.1)

Contractual debt amortization with the pension plan - (56.6) (56.6)

Financing Activities (3) 1,700.6 (56.6) 1,644.0

Disposal of Assets/Intangible (372.6) - (372.6)

Fixed Assets/Intangible/Financial Assets (59.6) - (59.6)

Inflow/Acquisitions on Investment 8.0 - 8.0

Investment Activities (4) (424.2) - (424.2)

Cash in the End of the Period (1+2+3+4) 2,037.3 - 2,037.3

Cash Generation (2+3+4) 1,807.0 - 1,807.0