1

Net Income of R$ 104 million,

10% up on the 1Q07

Light posted a 1Q08 net income of R$ 104.0 million, 10.2% up
on the R$ 94.4 million recorded in 1Q07, thanks to the efficient
management of its assets and a reduction in financial expenses.
Net revenue totaled R$ 1,315.7 million, just 0.8% down on the
same period last year, despite the decline in energy consumption in
Lights concession area and the negative impact of the November
2007 tariff adjustment. The result was largely due to the excellent
performance of the generation and trading businesses, whose
revenue moved up substantially.
EBITDA totaled R$ 304.0 million, 7.3% down year-on-year,
primarily jeopardized by the revenue reduction. The EBITDA margin
stood at 23.1% and "Cash EBITDA
1
came to R$ 363.5 million.
Net debt closed March at R$ 1,549.2 million, 33.8% less than in
1Q07, due to continuous debt rescheduling, the conversion of the
4th debenture issue into shares and higher operating cash flow.


1
Takes into consideration the cash effect of regulatory assets variation
IR Contacts

Ronnie Vaz Moreira
CFO and IRO

Ricardo Levy
Financial and IR
Superintendent

Cristina Guedes
IR Manager


Tel: +55 (21) 2211-2650/
2660
Fax: +55 (21) 2211-2787
www.light.com.br
E-mail: [email protected]


Conference Call

Date: 05/07/2008
Time: 4 pm (Brazil)
3 pm (US ET)
Phones:
Brazil:
+55 (11) 4688-6301
USA:
+1 (888) 700-0802
Other countries:

+1 (786) 924-6977

Simultaneous translation
into English

Webcast:
www.light.com.br
(Portuguese and English)



Operational Highlights (GWh) 1Q08 1Q07 Var. %
Grid Load* 8.716 8.845 -1,5%
Billed Energy - Distribution 4.822 4.902 -1,6%
Transported Energy - TUSD 1.975 1.954 1,1%
Sold Energy - Generation 1.211 1.258 -3,8%
Commercializated Energy (Esco) 44 43 1,3%
Financial Highlights (R$ MM)
Gross Revenue 2.071 2.182 -5,1%
Net Revenue 1.316 1.327 -0,8%
EBITDA 304 328 -7,3%
EBITDA Margin 23,1% 24,7% -
Net Income 104 94 10,2%
Net Debt** 1.549 2.339 -33,8%
* Captive market + losses + network use
** Financial debt - cash


2
Segmentation of the Release
Light S.A. is a holding company that controls wholly-owned subsidiaries that participate in three
segments of the business: electricity distribution (Light SESA), generation (Light Energia) and
trading/services (Light Esco). In order to increase the transparency of its results and enable investors
to make a better evaluation, Light also presents its results in a segmented form.

Operating Performance
Distribution
The total electricity consumed in 1Q08 in Lights
concession area (captive + free customers) amounted to
6,165 GWh, 1.5% down year-on-year. The reduction was
apparent in both the captive and free markets and was
due to lower-than-average temperatures and a slight
decrease in local industrial consumption.
Captive Market
Captive market consumption fell by 1.6%
year-on-year. The 1.6% slide in residential
consumption was due to the fact that
average quarterly temperatures were 1.2C
below their 1Q07 levels, resulting in a big
decline in electricity use by refrigeration-
related home appliances. Industrial
consumption dropped by 11.3%, due to the end of Energia Plus
2
, billing, in turn caused by the
unavailability of surplus energy, bringing billed volume for this product down by 22GWh. The decrease
was further influenced by a downturn in manufacturing activity in Lights concession area and the
interim migration of 2 clients to the free market, representing a consumption loss of around 13 GWh,
with no compensatory migrations in 1Q08.

2
Energia Plus is an electricity package offered to major clients with their own generating capacity
during peak hours.
Electric Energy Comsumption (GWh)
Total Market (Captive + Free)
4,902 4,822
1,355
1,343
6,257
6,165
1Q07 1Q08
Captive Free
-1.6%
-0.9%
-1.5%
Electric Energy Comsumption (GWh)
4.902
800
1,533
509
2,060
4.822
810
1,533
451
2,027
Residential Industrial Commercial Others Total
-1.6% -11.3% 0.0% 1.3% -1.6%
1Q07 1Q08


3

Network Use
Network use (TUSD) came to 1,975 GWh this quarter, 1.1%
higher than in 1Q07, 68.0% of which for transportation to
free market customers and the remainder to concessionaires
bordering Lights concession area. The volume of electricity
transported to free customers dipped by 0.9% due to the
decline in manufacturing industry consumption and the
downturn in industrial activity in Rio de Janeiro.

Energy Balance

Free Market - GWh
1,355 1,343
1,954
599
1,975
633
Free Utility Total
1Q07 1Q08
-0,9%
5,6%
1,1%
Residential 42.0%
52.0 2,027.3
CCEAR Billed Industrial 9.4%
Light Energia Energy 451.4
81.3 Own load 4,821.8
Light Commercial 31.8%
6,741.0 1,532.8
Losses of
1,419.5 Energy Others 16.8%
6,875.1 1,919.1 810.4
3,293.9 Basic netw.
losses
Adjustment 0.0
1,584.1
444.3
(*) Others= Purchase in Spot - Sale in Spot.
PROINFA
OTHERS(*)
(CCEE)
DISTRIBUTION ENERGETIC BALANCE - GWh
NORTE FLU
(CCEE)
Required E.
(CCEE)
AUCTIONS
(CCEE)
121.5
ITAIPU
(CCEE)
Position: january-march 2008


4
Energy Losses
Following a continuous increase in LTM
electricity losses in 2007, 1Q08 losses fell by
70 GWh, representing a 0.1 p.p. wire load
reduction over the end of 2007.
In the first quarter, loss-prevention
initiatives focused on ensuring effective long-
term gains. Consumer inspection teams combating energy fraud managed to recover 23.5 GWh of
electricity.
Light also worked on the implementation and stabilization of the fraud-prevention support software
acquired at the end of the previous year, which functions as a smart tool for identifying and controlling
inspection results.
In a further effort to combat losses, it initiated plans to implant new metering and distribution-
network-protection technologies. The project is already under way and more than 4,400 electronic
meters have been installed, versus the annual target of 142,000. At the same time, the Company is
structuring a Metering Control Center, which will manage the automated processes, and continues to
invest in regular inspection and client normalization procedures (52,000 clients this quarter) as well as
the replacement of obsolete meters.
In association with the state government, and as part of the PAC (Pro-growth) Project, Light is
implementing certain initiatives in low income areas involving a network upgrade and the normalization
of irregular connections. Social initiatives and rational energy-use campaigns will also be developed.

Light Losses Evolution
12 month
6
,
7
6
4
6
,
8
3
4
6
,
6
1
1
6
,
4
5
7
6
,
2
3
2
20.5
19.5
19.8
20.2
20.6
Mar-07 Jun-07 Sep-07 Dec-07 Mar-08
GWh Losses % Losses / Grid Load (Own + Transport)


5
Delinquency
The Companys LTM collection rate totaled
99.4% of billings at the close of the
quarter, the same level as at the end of
2007. The 1Q08 rate stood at 96.8% of
billings, slightly below the figure recorded
in 1Q07, a period marked by large
receivable payments by major clients,
whose payments have since been timely.
In 2008, the Company will continue with
its efforts to combat delinquency, aiming
to maintain high collection rates, both from
large clients and on the retail front.
The 1Q08 provision for doubtful debts represented
3.2% of gross revenue from electricity billings,
R$12.5 million, or 0.2 p.p., down on the 1Q07, as shown in the adjacent table. The positive variation
was a consequence of the improvements in the collection profile since 2007, in turn primarily due to
the regularization of bill payments by public authorities and large customers. In relation to 2007 as a
whole, PDD moved up slightly, essentially due to the cyclical nature of collection, which tends to be less
at the beginning of the year given the high concentration of payments at this time.


Operating Quality
Lights supply quality indicators deteriorated in comparison with 1Q07, which was expected given the
heavy investments in upgrading the distribution grids, which substantially increased the number of
programmed outages to replace conventional by compact networks. In addition, this summer was
marked by unfavorable weather conditions, with frequent and more intense storms, increasing the
number of outages.
If we ignore the programmed outages, however, the indicators recorded a substantial improvement
over 2006, whose summer weather conditions were similar, reflecting last years investments of R$ 54
million in network automation and increasing circuit and transformer capacity. In 2008, the Company
will continue with its investment program in order to retain its position among those distributors with
the best supply indicators in Brazil.
R$ MM 1Q08 1Q07
Billing 1,971 2,093
Collection 1,908 2,033
Collection Tax 96.8% 97.1%
Collection Tax
12 month moving average
93.5%
94.5%
93.9%
94.1%
95.6%
96.5%
98.5%
99.4% 99.4%
Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08
R$MM 1Q08 1Q07 Var.
PDD 57,9 70,4 12,5


6







Generation
Electricity sold in the free (ACR) and regulated (ACL) contracting markets totaled 1,171 GWh, chiefly
due to the 104.1% increase in ACL sales via Light Esco, fueled by high spot prices at the beginning of
the year. The big upturn in the ACL allocation was caused by the "seasonalization of assured energy
effect
3
which allowed more electricity to be allocated to this market.
CCEE spot sales are estimated at 40 GWh in 1Q08, 69.5% down on the 130 GWh recorded in the same
period last year, due to better hydrological conditions in 1Q07, which generated a surplus for sale on
the spot market.

Trading
In the first quarter of 2008, Light Esco recorded direct sales of 132 GWh to a portfolio of 33 customers,
145% up on 1Q07. The portfolio benefited from the addition of new clients, notably Johnson & Johnson,
International Paper and Pilkington. Light Esco also operated as a consultant and as a broker for 10 free
customers with the CCEE. These operations involved around 322 GWh, 19% up year-on-year.
Two new contracts were signed in the electricity services and infrastructure area, the biggest of which
with the Fundao Oswaldo Cruz - FIOCRUZ to construct a 138 kV substation and associated high-
voltage transmission line to meet current and future demand growth from the opening of two new

3
"Seasonalization of assured energy effect: the monthly distribution of total annual assured energy
(Monthly average: 537 average-GW)
ELC / EFC - 12 Month Moving Average
6.87
8.86
6.96
10.95
7.21
5.73 EFC
ELC
1Q08 1Q07 1Q06
ELC Equivalent Length of Interruption per Comsumption Unit (hs)
EFC Equivalent Frequency of Interruption per Comsumption Unit (n)
LIGHT ENERGIA (GWh) 1Q08 1Q07 %
Regulated Contracting Environment Sales 1,060 1,073 -1.3%
Free Contracting Environment Sales 111 54 104.1%
Spot Sales (CCEE) 40 130 -69.5%
Total 1,211 1,258 -3.8%


7
industrial units in the 800,000 m
2
Manguinhos complex in Rios north side. FIOCRUZ researches,
develops and produces new medicines, vaccines and reagents, and is the most renowned health-
related science and technology institution in Latin America. The project will generate revenue of R$13.4
million for Light Esco between March 2008 and February 2009. The other contract involves the retrofit
of a water chiller for the air conditioning system of the Santos Dumont building in downtown Rio. This
project will generate revenue of R$1.4 million over 5 years, in addition to other benefits, such as
increasing the energy efficiency of the cooling system, in turn helping reduce global warming, and the
decommissioning of equipment using R-11 gas, or trichloromonofluoromethanse, which is one of the
compounds responsible for destroying the ozone layer.


Volume (GWh) 1Q08 1Q07 Var. %
Trading 132 43 207.0%
Broker 322 282 14.2%
Total
454 325 39.7%


8

Financial Performance

Gross and Net Revenue
Consolidated
Gross operating revenue totaled R$2,070.6 million in 1Q08, 5.1% down on the 1Q07 figure, reflecting
the 4.79% reduction on Lights average tariff in November 2007, coupled with the 1.7% decline in
consumption in the Companys concession area, as shown in the following table:



Net operating revenue in the quarter amounted to R$1,315.7 million, in line with 1Q07 despite the
tariff reduction which mainly affected the parcel A components. Positive momentum came from free
market electricity sales in the generation and trading segments, as shown in the table below:













Gross Revenue (R$ MM) 1Q08 1Q07 Var. %
Distribution 1,971.3 2,121.1 -7.1%
Generation 97.6 71.2 37.1%
Comercialization 35.6 7.2 396.7%
Others and Eliminations (33.9) (17.1) 97.7%
Consolidated 2,070.6 2,182.3 -5.1%
Net Revenue (R$ MM) 1Q08 1Q07 Var. %
Distribution
Billed consumption 1,130.0 1,124.8 0.5%
Network use (TUSD) 96.6 105.1 -8.1%
Short-Term (Spot) 1.8 3.8 -52.6%
Others 5.5 42.5 -87.1%
Subtotal (a) 1,233.9 1,276.2 -3.3%
Generation
Generation Auction Sale 76.9 59.2 29.9%
Short-Term (Spot) 7.8 1.9 310.5%
Others 1.1 0.6 83.3%
Subtotal (b) 85.7 61.7 38.9%
- - 0.0%
Comercialization - - 0.0%
Energy Sales 27.8 4.4 531.8%
Others 2.1 1.4 50.0%
Subtotal (c) 29.9 5.8 415.5%
Others and Eliminations (d) (33.9) (17.1) 0.0%
Total (a+b+c+d)
1,315.7 1,326.6 -0.8%
(2) Free and regulated contracting environment
(3) CCEE Short-Term Market
(1) It includes "Not Billed", which represents the energy consumption
of the period but billed in the next period


9
Distribution
Net Revenue totaled R$1,233.9 million in 1Q08, 3.3% down
year-on-year. This result was primarily affected by
respective reductions of 1.6% and 1.7% in billed
consumption in the captive and free markets and, to a lesser
degree, the 4.79% end user tariff adjustment effective as of
November 2007. The R$ 37.0 million reduction in "others
was chiefly due to the fact that Marchs average
temperatures were 2.3C below the same month last year,
which had a direct impact on part of this period consumption, which has not yet been billed. In
addition, network use revenue fell by 8.1%, due to the accumulated tariff discount to which self-
generation customers had been entitled to since the 2006 IRT (Tariff Adjustment Index), but which
only became effective in October 2007.

Generation
Net revenue in 1Q08 totaled R$85.7 million, 38.9% up on the 1Q07.
Net revenue from electricity sold (free and regulated markets) totaled R$88.2 million, 31.1% up year-
on-year, reflecting the 1,280% increase in the average spot market price and the 104.1% upturn in
free market sales, most of which in turn directly impacted by the spot price due a contract involving
the sale of to a short-term electricity from Light Energias hydrological hedge to Light Esco.
First-quarter net revenue from the CCEE short-term market (Spot, MRE and others) came to R$7.8
million, 310.5% up on 1Q07 since the average spot market price more than offset the 69.5% year-on-
year drop in the volume of electricity sold.
Trading
Net revenue in 1Q08 totaled R$ 29.9 million, a hefty 415.5%
increase over the first three months of 2007. The net revenue
share of resold energy has been growing continuously, reaching
93.0% in the quarter, versus 75.4% in the full year of 2007. The
improved performance was also due to the first sales of electricity
from Light Energias hydrological hedge totaling 81.2 GWh, plus
the soaring period spot prices.
Net Revenue by Class - Captive
R$ MM - 1Q08
Residential
47%
Industrial
8%
Commercial
34%
Others
11%
Net Revenue - Light Esco
2007
Services
7.0%
Energy Sales
93.0%


10
Costs and Expenses

Consolidated

Consolidated Operating Costs and Expenses
Operating costs and expenses increased by 1.6%, or R$ 17.0 million, over 1Q07 as detailed in the
following table.




Distribution
Light SESAs 1Q08 costs and expenses edged up by 1.5% year-on-year, equivalent to R$ 15.8 million,
primarily due to the R$ 12.2 million increase in non-manageable costs.
LIGHT SESA
Costs and Expenses (R$ MM) 1Q08 1Q07 (%)
Non-Manageable Costs and Expenses (789.3) (777.1) 1.6%
Purchased Energy (Includes CVA and others taxes) (785.6) (773.4) 1.6%
Others (Mandatory Costs) (3.7) (3.7) 0.5%
Manageable Costs and Expenses (281.3) (277.8) 1.3%
PMSO (129.6) (122.0) 6.2%
Personnel (55.8) (58.6) -4.8%
Material (3.6) (4.3) -15.9%
Outsourced Services (57.8) (48.9) 18.1%
Others (12.4) (10.2) 21.4%
Provisions (76.1) (84.1) -9.4%
Depreciation (75.6) (71.7) 5.5%
Total Costs and Expenses (1,070.7) (1,054.9) 1.5%


Non-Manageable Costs and Expenses
In the first quarter of 2008, non-manageable costs and expenses came to R$789.3 million, 1.6% up on
the same period in 2007.
Net of the CVA effect, purchased electricity totaled R$ 799.5 million, 7.4% up year-on-year, due to the
readjustment of purchase agreements, based on the IPCA and the IGP-M inflationary indices, which
occurred in November 2007 at the same time as the tariff adjustment, and the jump in the average
* Includes depreciation
Operating Costs and
Expenses (R$ MM)*
1Q08 1Q07 Var. %
Distribution (1,070.7) (1,054.9) 1.5%
Generation (31.3) (31.2) 0.4%
Comercialization (24.7) (5.3) 364.9%
Others and Eliminations 32.8 14.6 124.2%
Consolidated (1,093.8) (1,076.8) 1.6%


11
PLD - Spot (difference settlement price) from R$20.5 in 1Q07 to R$ 276.8 in 1Q08, in turn pushing up
the average electricity purchase cost from R$92.4/MWh to R$100.9/MWh.
The electricity purchase CVA was a positive R$ 14.3 million. This figure includes CVA of R$20.6 million
in the 1Q08 from the purchase of 444 GWh of electricity on the spot market due to Itaipus repricing
and the period upturn in spot prices. The 1Q07 CVA was a negative R$ 24.7 million.
The breakdown of 1Q08 purchased electricity was as
follows: R$ 248.6 million from the Mega Leilo
auction in 2004 for delivery in 2005, 2006 and 2007
and from the 2nd auction of existing energy in 2005
for delivery at the beginning of 2008; R$ 189.8
million from UTE Norte Fluminense; R$ 118.6 million
from Itaipu; and R$ 142.6 million from other sources.
Involuntary Exposure
As of January 2008, with the repricing of energy acquired from Itaipu (ANEEL Resolution 218, of April
11, 2006), Light SESAs agreement with Itaipu was reduced by 277 average-MW. As a result, given
that the distribution concessionaires can only acquire their electricity from within the regulated market,
Light has been resorting to all the available mechanisms to buy energy in order to rebuild its contract
portfolio, enabling it to fully supply its own market. In 2007, the CCEE promoted the 6th Adjustment
Auction, when Light acquired the maximum permitted amount of 30 average-MW. Until now, although
Light has also shown interest in acquiring energy contracts for 2008 and 2009, including taking part in
rounds of the CCEEs Energy Surplus and Deficit Clearing Mechanism (MCSD), no contracts were
offered. While this situation continues Light will involuntarily settle the difference between the market
and total spot market contracts, in accordance with the prevailing Trading Rules.
At the next energy purchase opportunities, Light will be attempting to acquire sufficient volume to fully
supply its market. These opportunities include the 7th Adjustment Auction, whose acquisition limits
have been expanded by up to 5% of total CCEE contracts in the year prior to the auction, the MSCD,
MCSD Itaipu, MCSD 4%, A-1 Auctions, MCSD ex-post and, finally, should none of these prove viable,
the spot market.
It is worth noting that, Lights exposure being involuntary, ANEEL ratified, through Resolution 350 of
March 18, the recognition of spot market energy acquisitions as a contract. In this context, the spot
price variations are captured by the CVA, the offsetting mechanism for the variation in non-
manageable costs (parcel A), generating a regulatory asset and minimizing the impact of the high PLDs
on the booked result.

Purchased Energy - R$ MM
27% 24%
26%
15%
31%
31%
12%
16%
18%
1Q07 1Q08
NORTE FLU ITAIPU AUCTIONS SPOT OTHERS


12
Manageable Costs and Expenses
Manageable costs and expenses (personnel, materials, outsourced services, provisions, depreciation
and others) totaled R$281.3 million in 1Q08, just 1.3% higher than the R$ 277.3 million recorded in
1Q07.
PMSO (personnel, materials, services and others) came to R$ 129,6 million, 6.2% up on the 20.8%
R$122.0 million reported in the same quarter the year before. This R$ 7.6 million increase was chiefly
due to: (i) the recognition of R$ 3.3 million related to the loss-prevention initiatives, previously booked
under Capex; and (ii) the R$ 4.9 million increase in IT expenses, from the implementation of the loss-
management system (R$ 1.6 million), acquired to ensure more intelligent client selection for inspection
purpose, and from the SAP-CCS system (R$ 3.3 million), which entered the operational and
maintenance phase at the beginning of the year, whereas in 2007 it was still in the implantation and
stabilization phase (this is an investment in fixed assets). On the other hand, personnel costs fell by
4.8%, generating savings of R$ 2.8 million. It is worth noting that various initiatives are under way to
offset the increase in costs related to contractual clauses (e.g. adjustment for inflation) or from the
contracting of new services (e.g. SAP), which should make a positive contribution to the Companys
results in the long term.
Provisions
4
(PDD, provisions for contingencies and others) recorded a year-on-year decline of 9.4%,
primarily due to the reduction in PDD, which fell from 3.7% of gross revenue in 1Q07 to 3.2% of gross
revenue in 1Q08, underlining the improvement in the Companys collection profile.
Depreciation increased by 5.5%, or R$ 3.9 million, due to the initiation of SAP-CCS depreciation as of
July 2007 at R$ 20 million per year.
Generation
Light Energias costs and expenses totaled R$ 31.3 million in the quarter, in line with the 1Q07 figure.
Costs related to the use of the distribution network moved up 3.8% due the November 2007 tariff
adjustment. Costs were divided as follows: distribution network use (33.5%), personnel (16.9%),
materials and outsourced services (10.5%), others and depreciation (39.1%).




+ !n the case of provisions, it is worth remembering that tariff recognition accounts for only a small percentage of
the amounts incurred by Light.
Generation
Operating Costs and Expenses - R$ MM 1Q08 1Q07 (%)
Personnel (5.3) (5.5) -4.5%
Material and Outsourced Services (3.3) (3.3) 0.7%
Purchased Energy (CUSD) (10.5) (10.1) 3.8%
Depreciation (6.3) (6.4) -1.7%
Others (includes provisions) (5.9) (5.8) 1.2%
Total (31.3) (31.2) 0.4%


13
Trading
Light Escos 1Q08 operating costs and expenses totaled R$ 24.7 million, 364.9% higher than in 1Q07,
fueled by the increase in the volume of electricity acquired from Light Energia and other generators for
resale, which amounted to 132 GWh, versus 54 GWh in 1Q07, taking advantage of the high spot
market prices. In addition, materials and outsourced costs jumped by 245.2% due to the hiring of legal
services for R$ 0.7 million.




EBITDA
Consolidated






Consolidated EBITDA in the first quarter of 2008 totaled R$
304 million, 7.3% down year-on-year, primarily due to the
reduction in billed consumption in Light`s concession area,
despite EBITDA growth in the distribution sand trading
businesses. The EBITDA margin stood at 23.1% and cash
EBITDA at R$ 363.5 million.
Thanks to spot market electricity trades by the generation
and trading segments, their share of quarterly EBITDA came
to 19.6% and 1.8%, respectively, versus 11.2% and 0.2% in
1Q07.
Comercialization
Operating Costs and Expenses - R$ MM 1Q08 1Q07 (%)
Personnel (0.5) (0.4) 45.5%
Material and Outsourced Services (1.1) (0.3) 245.2%
Purchased Energy (22.8) (4.4) 420.0%
Depreciation (0.2) (0.2) 0.4%
Others (includes provisions) (0.0) (0.0) 22.2%
Total (24.7) (5.3) 364.9%
EBITDA - 1Q08/1Q07 - R$ Million
304
(7)
328
8
(25)
EBITDA - 1Q07 Net Revenue Manageable Costs
(PMSO)
Provisions EBITDA - 1Q08
EBITDA per segment*
2008
Distribution
78,3%
Generation
19,9%
Commerciali
z.
1,8%
*Does not consider eliminations


14
EBITDA Consolidated - R$ MM 1Q08 1Q07 Var.%
Distribution 238.9 293.0 -18.5%
Generation 60.7 37.0 64.3%
Commercializ. 5.4 0.7 691.2%
Others and Eliminations (1.0) (2.5) -58.5%
Total 304.0 328.1 -7.3%
EBITDA Margin (%) 23.1% 24.7% -

Distribution
The distribution companys 1Q08 EBITDA totaled R$238.9 million, 18.5% down on 1Q07, primarily due
to lower consumption in Lights concession area, which jeopardized net revenue. Other negative
factors included the increase in the average price of purchased electricity and the 1.3% upturn in
manageable costs, especially from outsourced services, as dealt with in the manageable costs item. It
should be emphasized, however, that the latter increase was in line with the Companys strategic plan
and that various initiatives are under way to offset this cost as of the second half.
Cash EBITDA came to R$298.4 million, 22.6% lower than the 1Q07 figure due to the same factors
described in the previous paragraph, in addition to a 35.6% reduction in regulatory assets caused by
the termination of RTE collection in February 2008.

Generation
Light Energias 1Q08 EBITDA grew 64.3% year-on-year to R$ 60.7 million, thanks to the high spot
market prices at the beginning of the year caused by the shortage of rainfall, coupled with the increase
in the volume of electricity sold on the free market. The EBITDA margin stood at 708%, 11.0 p.p. up
on 1Q07.

Trading
Light Escos EBITDA totaled R$5.4 million in 1Q08 compared to R$0.7 million in 1Q07, equivalent to a
691.2% increase. Growth was largely due to the first sales of electricity from Light Energias
hydrological hedge totaling 81.2 GWh, plus the soaring period spot prices. The EBITDA margin came to
18.2%, a 6.3 p.p. year-on-year improvement.




15
Consolidated Financial Result

The consolidated financial result was a net financial expense of R$ 84.0 million, versus a net financial
expense of R$ 91.5 million in the 1Q07. The 8.2% improvement was chiefly due to the lower financial
charges thanks to the smaller debt, the reduction in the average cost of the debt and the reduced cost
of swap operations triggered by the decrease in the debts foreign-currency exposure. The 88.8%
increase in Braslights financial expense was caused by the big period upturn in the IGP-DI inflationary
index, although this expense has no impact on short-term cash, being absorbed into the principal of
the debt with the pension fund.
Indebtedness

Gross debt totaled R$ 1,943.5 million, 0.4%, or R$ 8.4 million, down on the end of 2007, due to the
normal amortization schedule. No new debt was taken out in the quarter.
Financial Result - R$ MM
1Q08 1Q07 (%)
Financial Revenues 54.1 60.6 -10.7%
Income - financial investments 12.8 11.5 11.5%
Monetary and Exchange variation 18.4 32.2 -42.9%
Swap Operations 1.6 - -
Others Financial Revenues 21.2 16.9 25.9%
Financial Expenses (138.0) (152.0) -9.2%
Interest over loans and financing (54.7) (94.4) -42.1%
Monetary and Exchange variation (37.6) (8.9) 322.3%
Braslight (private pension fund) (38.8) (20.6) 88.8%
Swap Operations (3.0) (14.9) -79.5%
Others Financial Expenses (3.9) (13.2) -70.7%
- -
Total (84.0) (91.5) -8.2%
R$ MM Short Term % Long Term % Total %
Brazilian Currency 103,2 5,3% 1.659,0 62,2% 1.762,2 90,7%
Debenture 1st Issue 16,1 0,8% 15,3 0,8% 31,4 1,6%
Debenture 4th Issue 0,0 0,0% 5,6 0,3% 5,6 0,3%
BNDES Rationing 0,9 0,0% 242,7 12,5% 243,6 12,5%
Debenture 5th. Issue 71,9 3,7% 937,5 48,2% 1009,4 51,9%
CCB Bradesco 450,0 450,0 23,2%
Financial operations "Swap" 9,5 0,5% 1,9 0,1% 11,4 0,6%
Others 4,9 0,3% 6,0 0,3% 10,9 0,6%
Foreing Currency 27,7 1,4% 129,6 6,7% 157,3 8,1%
National Treasury 21,4 1,1% 121,9 6,3% 143,3 7,4%
Import Financing 5,0 0,3% 6,3 0,3% 11,3 0,6%
BNDES Import Fin. 1,3 0,1% 1,4 0,1% 2,8 0,1%
Gross Debt 154,9 8,0% 1.788,6 92,0% 1.943,5 100,0%
Cash 394,3
Net Debt (a) 1.549,2
Braslight (b) 910,5 910,5
Net Regulatory Asset (c) 272,9 67,1 340,0
Adjusted Net Debt (a+b-c) 2.119,7


16
Net debt moved up by 6.0% over December
2007 to R$ 1,549.2 million, due to the
reduction in the cash balance triggered by
dividend payments of R$ 203.5 million in
March 2008. In relation to 1Q07, net debt fell
by a substantial 33.8%, thanks to continuous
debt rescheduling, the conversion of the 4th
debenture issue and higher operating cash
flow, part of which was used for amortization
purposes
The average maturity of the debt is 5.4 years
and the average cost is 12.21% p.a. for debt
denominated in local currency and 6.49% p.a.
for debt denominated in foreign currency, both
of which in line with December 2007. Foreign-
currency exposure remained unaltered at
8.0% of the total.
Light adopts a hedging policy based on disbursement cash flow over 24 months. Based on this policy,
foreign-currency exposure on March 31, 2008 decreased from 8.0% to 5.6% of the gross debt due to a
swap operation involving 2.6% of the debt.
Net Income
Light posted a 1Q08 net income of R$ 104.0 million, 10.2% up year-on-year. Despite the slight
reduction in EBITDA, the R$ 7.5 million decline in the financial expense and non-operating revenue of
R$ 16 million from the sale of a site in Botafogo more than offset the decrease in the operating result
caused by lower period electricity consumption in the Companys concession area.
Indebtness
(Brazilian Currency x Foreign)
80.0%
92.0% 92.0%
20.0%
8.0% 8.0%
1Q 2007 4Q 2007 1Q 2008
Brazilian Currency Foreign Currency
Net Debt (ex-Braslight)
(R$ million)
2.339
1.462
1.549
1Q07 4Q07 1Q08
-33,8%


17
Investments
In the first quarter of 2008, the Company invested
R$93.2 million in acquiring and improving fixed assets. In
the distribution segment, most of the funds went to the
development of distribution networks, primarily involving
new connections, capacity increases and corrective
maintenance, totaling R$36.5 million; quality
improvements (structural optimization and preventive
maintenance), which absorbed R$22.9 million; and loss-
prevention initiatives totaling R$25.1 million. In the
generation segment R$0.9 million went to plant repairs and upgrading.
New Generation Projects
PCH Paracambi: a small hydropower plant, with 25 MW of installed capacity and 20.4 average-MW of
assured energy, located on the Ribeiro das Lajes river in Paracambi, in the state of Rio of Janeiro,
downstream from the Lajes Complex. The project is currently in the process of obtaining its Installation
License. Works is expected to begin in the first half of 2008, and start-up is scheduled for 2010, with
a construction term of 24 months and an estimated cost of R$100 million. The BNDES authorized
financing in the Finem Direto line in the second half of 2007. Output will be traded by Light Esco.

PCH Lajes: a small hydropower plant, with 17 MW of installed capacity, whose assured energy is
currently being defined. The plant is located in the Lajes Complex and will use the structure of the idle
Fontes Velha plant. The basic project has been submitted for ANEELs approval and environmental
licensing procedures were initiated with FEEMA in 2007. Given the particular nature of the project,
which does not involve the construction of a new reservoir, we believe the requisite licenses will be
granted fairly rapidly. Operational start-up is estimated for 2010, at an expected cost of R$56 million,
including the construction of Tunnel 2 connecting the Lajes reservoir to the valve house..

UHE Itaocara: a hydropower plant, with 195 MW of installed capacity and 110 average-MW of
assured energy, located on the Paraba do Sul river, in Itaocara, in the state of Rio de Janeiro, near
Lights concession area. Operational start-up is estimated for 2012 following a construction period of 36
months and estimated investments of R$700 million following the 2007 revaluation of the engineering
project and environmental costs. Environmental licensing procedures with IBAMA resumed recently
with the request for a Statement of Reference on the studies.

Investiment in Aquisitions &
Improvements on Fixed Assets (R$ MM)
49.1
86.9
5.6
56.9
93.2
4.0
1.9
2.2
0.2
0.1
2007 2008
Distribution Administration Generation Commercialization


18
Cash Flow
Light recorded negative 1Q08 cash flow of R$95.9 million, primarily due to:
- dividend payments of R$ 203.5 million on March 31; and
higher investments in fixed assets, which reached R$ 92.0 million, versus R$ 53.4 million in 1Q07.
These effects were partially offset by gains of R$ 30.9 million in regulatory assets and the R$ 24.1
million positive variation in taxes payable, which benefited operating cash flow.

R$ MM 1Q07 2007 1Q08
Cash in the Beginning of the Period {1) 695.1 695.1 490.2
Net Income 94.4 1,077.2 104.0
Provision for Delinquency 70.4 171.5 57.9
Depreciation and Amortization 78.3 328.0 82.1
Net !nterests and Nonetary variations 96.2 268.6 53.1
Braslight 20.6 106.8 38.8
Others (21.9) (794.2) 4.6
Net Income Cash Basis 338.0 1,157.9 340.6
Working Capital (107.8) (22.7) (91.8)
Regulatories (RTE, CvA e Bubble) 142.2 413.5 30.9
Contingencies (24.0) (61.5) (13.7)
Taxes 25.5 (55.1) 24.1
Others (7.9) 98.7 (30.2)
Cash from Operating Activities {2) 366.0 1,530.8 259.9
Dividends Payment - (518.0) (203.5)
Finance Obtained 1,001.1 1,693.6 -
Debt Service and Amortization (1,556.3) (2,456.6) (62.3)
Financing Activities {3) (555.1) (1,280.9) (265.8)
Share Participations - 37.1 2.0
Concession !nvestments (53.4) (474.3) (92.0)
Deferred Aplications (17.6) (17.6) -
Investment Activities {4) (71.0) (454.7) (90.0)
Cash in the End of the Period {1+2+3+4) 434.9 490.2 394.3


19
Corporate Governance and the Capital Market
The capital stock of Light S.A. comprises 203,462,739 common shares, with no par value. The
controlling group, Rio Minas Energia (RME), retains a 52.2% stake and the remaining shares are
outstanding, in accordance with the following shareholding structure:










The Company's shares have been listed on the Bovespa's Novo Mercado since July 2005, granting
special rights to minority shareholders based on the best corporate governance practices and on the
principles of transparency and equity, essential for ensuring mutually beneficial relations with the
capital market.
The Annual General Meeting of March 17, 2008, ratified payment of the balance of the proposed
dividends in the amount of R$ 203,463 thousands, giving a total of R$ 721,463 thousands in dividends
on accrued results through 2007 (R$ 3.54 per share). This payout was above the 50% minimum
established by the Companys dividend policy and the yield was 12.4%. Shares were traded ex-
dividend as of March 18 and payment was on March 31.
The Extraordinary General Meeting of March 3, 2008, ratified the Companys Long-term Bonus Plan,
divided into stock options and phantom stock options, as previously approved by the Board of Directors
Meeting of February 13, 2008. The aim of the plan is (i) attracting and retaining the best executives;
(ii) aligning managements goals and interests with those of the shareholders; (iii) sharing the
Companys success and value creation among the executives; and (iv) creating of a long-term vision
AGC
Andrade Gutierrez
Concesses
LUCE
LUCE do Brasil Fundo
de Investimento em
Participaes
EQUATORIAL
Equatorial Energia
RME
Rio Minas Energia
Participaes S.A.
LIGHT S.A.
25% 25% 25% 25%
52,2%
BNDESPAR
MERCADO
33,7%
14,1%
Free Float: 47,8%
CEMIG
Companhia
Energtica de Minas
Gerais
AGC
Andrade Gutierrez
Concesses
LUCE
LUCE do Brasil Fundo
de Investimento em
Participaes
EQUATORIAL
Equatorial Energia
RME
Rio Minas Energia
Participaes S.A.
LIGHT S.A.
25% 25% 25% 25%
52,2%
BNDESPAR
MERCADO
33,7%
14,1%
Free Float: 47,8%
CEMIG
Companhia
Energtica de Minas
Gerais
Countrys
biggest
individual
electricity
distributor
Andrade Gutierrez
Groups division that
invests in public
services concession.
Brazilian private
investors group
(includes
Braslight).
Holding that
controls
CEMAR.


20
and ensuring sustainability. The documentation related to the Long-term Bonus Plan is available on the
Investor Relations pages of the Companys website.

The quarter was marked by various items of bad news regarding the market, plus the likelihood of an
imminent US recession, leading to strong swings in the Ibovespa and the IEE, which closed 4.6% and
2.6% down, respectively. In addition to accompanying these swings, Lights shares were further
jeopardized by profit-taking, thanks to the hefty appreciation in 2007, and closed 19.3% down. Daily
traded volume averaged R$ 5.8 million, 30.7% less than in the previous three months, in line with the
trading slide experienced by other sector companies.
The graph below shows Lights share performance since RME took control on August 10 2006.






BOVESPA (spot market) - LIGT3
Daily Average 1Q08 4Q07 1Q07
Number of shares traded (Million) 234.71 274.41 388.13
Number of Transactions 377 463 479
Traded Volume (R$ Million) $5.8 $8.4 $9.3
Quotation per lot of 1000 shares: $22.19 $27.49 $21.84
Share Valuing -19.3% 0.5% 6.5%
IEE Valuing -2.6% 0.6% 0.2%
Ibovespa Valuing
-4.6% 5.7% 3.0%
Light x Ibovespa x IEE
08/10/06 = 100 until 03/31/08
60
80
100
120
140
160
180
200
220
240
A
u
g
-
0
6
S
e
p
-
0
6
O
c
t
-
0
6
N
o
v
-
0
6
D
e
c
-
0
6
J
a
n
-
0
7
F
e
b
-
0
7
M
a
r
-
0
7
A
p
r
-
0
7
M
a
y
-
0
7
J
u
n
-
0
7
J
u
l
-
0
7
A
u
g
-
0
7
S
e
p
-
0
7
O
c
t
-
0
7
N
o
v
-
0
7
D
e
c
-
0
7
J
a
n
-
0
8
F
e
b
-
0
8
M
a
r
-
0
8
Light
59%
Ibovespa
63%
IEE
41%
R$/share
08/10/06 13.99
03/31/08 22.19
2007
LIGT3 34%
IEE 24%
IBOV 44%


21

Recent Events

Election of new Board: The Annual General Meeting of March 17, 2008, elected 11 members of
the Board of Directors, with concurrent two-year terms of office. Eight were nominated by the
controlling group - RME and one by a minority shareholder - BNDESpar. One of the remaining
two represents the employees and the other is an independent member. The Board of Directors
Meeting of March 28, 2008, appointed Wilson Nlio Brumer as Chairman and Eduardo Borges de
Andrade as Vice-Chairman, both of whom with a one-year mandate. The complete list of directors
and their respective curriculae is available on the Companys website (www.light.com.br/ri).
Sustainability Report: In March of this year, Light published its first Sustainability Report, in
line with the GRI G3 guidelines. From now on, this will be an annual publication uniting financial,
social and environmental information. As a result, we believe investors, market anaysts and
organized society in general will not focus entirely on the financial figures when appraising
management quality, but will also take into account social and environmental factors.

Disclosure Program



Teleconference
Brazil: (55) 11 - 4688-6301
USA: +1(888)700 0802
Other countries: +1 (786) 924-6977
Access code: Light
APIMEC - Public Meeting
So Paulo
Schedule
Date:05/15/2007, thursday
Time: 08:30 a.m.
Address:Maksoud Plaza
05/07/2008, wednesday, at 04:00 p.m. (Braslia) and at 03:00 p.m. (Eastern
time), with simultaneous translation to English
Webcast: link on site www.light.com.br (portuguese and english)
Access conditions:
Conference Call - Dial number:


22
Disclaimer
The information on the Companys operations and its Managements 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.



23
Exhibit I
Income Statements per Company - R$ million

LIGHT SESA 1Q08 1Q07 %
Operating Revenue 1.971,3 2.121,1 -7,1%
Deductions from the operating revenue (737,4) (844,9) -12,7%
Net operating revenue 1.233,9 1.276,2 -3,3%
Operating expense (1.070,7) (1.054,9) 1,5%
Operating result 163,3 221,3 -26,2%
EBITDA 238,9 293,0 -18,5%
Equity equivalence 11,7 (22,6) -
Financial Result (85,5) (56,8) -
Non operating result 17,9 (0,2) -
Result before taxes and interest 107,4 141,7 -24,2%
Net Income 73,1 84,5 -13,5%
EBITDA Margin
19,4% 23,0% -
LIGHT ENERGIA 1Q08 1Q07
%
Operating Revenue 97,6 71,2 37%
Deductions from the operating revenue (11,9) (9,5) 25%
Net operating revenue 85,7 61,7 39%
Operating expense (31,3) (31,2) 0%
Operating result 54,4 30,6 78%
EBITDA 60,7 37,0 64%
Equity equivalence - - -
Financial Result (10,5) (12,2) 14%
Non operating result - - -
Result before taxes and interest 44,0 18,4 139%
Net Income 28,8 12,0 141%
EBITDA Margin
70,8% 59,9% -
LIGHT ESCO 1Q08 1Q07
%
Operating Revenue 35,6 7,2 397%
Deductions from the operating revenue (5,7) (1,4) 313%
Net operating revenue 29,9 5,8 417%
Operating expense (24,7) (5,3) 365%
Operating result 5,2 0,5 985%
EBITDA 5,4 0,7 691%
Equity equivalence - - -
Financial Result 0,2 0,1 161%
Non operating result - - -
Result before taxes and interest 5,4 0,6 875%
Net Income 3,1 0,4 633%
EBITDA Margin
18,2% 11,9% -



24

Exhibit II
Consolidated Income Statements
Consolidated - R$ MM 1Q08 1Q07
OPERATING REVENUE 2,070.6 2,182.3
DEDUCTIONS FROM THE REVENUE (754.9) (855.7)
NET OPERATING REVENUE 1,315.7 1,326.6
OPERATING EXPENSE (1,093.8) (1,076.8)
Personnel (62.0) (66.0)
Material (3.9) (4.6)
Outsourced Services (62.3) (53.1)
Purchased Energy (785.2) (770.9)
Depreciation (82.1) (78.3)
Provisions (76.1) (84.1)
Others (22.2) (19.9)
OPERATING RESULT() 221.9 249.8
EBITDA () 304.0 328.1
EQUITY EQUIVALENCE 0.0 0.0
FINANCIAL RESULT (84.0) (91.5)
Financial Income 54.1 60.6
Financial Expenses (138.0) (152.0)
NON OPERATIONAL RESULT 17.9 (0.2)
Non-Operating Income 16.8 0.0
Non-Operating Expenses 1.1 (0.2)
RESULT BEFORE TAXES AND INTEREST 155.8 158.1
SOCIAL CONTRIBUTIONS & INCOME TAX (63.0) (70.0)
DEFERRED INCOME TAX 11.2 6.3
NET PROFIT/LOSS
104.0 94.4
() Operation Result, Administration vision = Operating Result, accounting
norms (Item 1.9.7 of Notice CVM - 01/2007) + financials (net financial expenses
+ equity pick-up)
() EBITDA = Operating Result, Administration vision + depreciation and
amortization. Not reviewable by the external audit


25
Exhibit III
Consolidated Balance Sheet

Balance Sheet Consolidated - R$ MM
ASSETS 3/31/2008 12/31/2007
Circulating 2,748.5 2,918.3
Cash & Cash Equivalents 394.3 490.2
Credits 1,942.3 2,103.2
Inventories 17.9 13.3
Others 394.0 311.7
Realizable in the Long Term 1,891.0 1,978.7
Miscellaneous Credits 1,527.4 1,556.4
Others 363.6 422.4
Permanent 4,074.1 4,039.6
Investments 13.1 13.2
Net Fixed Assets 3,742.7 3,702.1
Deferred Charges 54.1 53.3
Intangible 264.2 271.1
Total Assets 8,713.6 8,936.6
LIABILITIES 3/31/2008 12/31/2007
Circulating 1,398.7 1,737.1
Loans and Financing 26.5 27.4
Debentures 65.3 65.3
Suppliers 467.3 488.4
Taxes, Fees and Contributions 178.1 305.6
Dividends to pay 0.0 203.5
Provisions 178.3 169.5
Others 483.2 477.5
Long-Term Liabilities 4,539.4 4,528.1
Loans and Financing 828.3 831.4
Debentures 958.4 978.6
Provisions 1,385.8 1,361.7
Others 1,366.8 1,356.4
Future Fiscal Year Results 3.3 3.2
Net Assets 2,772.4 2,668.3
Realized Joint Stock 2,220.4 2,220.4
Capital Reserves 53.9 53.9
Accumulated Profit/Loss 394.1 (683.1)
Accumulated Profit/Loss of Exercise 104.0 1,077.2
Total Liabilities
8,713.6 8,936.6


26

Exhibit IV
Regulatory Assets and Liabilities
REGULATORY ASSETSR$ MM
3/31/2008 3/31/2007 3/31/2008 3/31/2007
Customers, Concessionaires and Permissionaires 49,299 231,405 0 54,879
Extraordinary Tariff Recomposition 0 151,386 0 30,703
Free energy 0 65,865 0 24,176
Tariff Readjustment 20,031 0 0 0
Tariff Readjustment - TUSD 29,268 14,154 0 0
Despesas Pagas Antecipadamente 318,794 163,250 81,302 325,820
CVA 31,011 88,973 29,477 13,261
PISande COFINS 4,229 47,767 0 0
Other Regulatories 12,673 26,510 0 0
Parcel A 270,881 0 51,825 312,559
Total 368,093 394,655 81,302 380,699
Regulatory Liabilities
Suppliers 0 (65,865) 0 (24,177)
Free Energy 0 (65,865) 0 (24,177)
Regulatory Liabilities (95,187) (19,612) (14,190) (51,747)
CVA (52,897) (18,149) (14,190) (51,747)
Other Regularories (42,290) (1,463) 0 0
Total (95,187) (85,477) (14,190) (75,924)
TOTAL 272,906 309,178 67,112 304,775
Short Term Long Term


Light in Numbers




OPERATING INDICATORS 1Q08 1Q07 Var. %
N of Consumers (thousands) 3,901 3,842 1.6
N of Employees 3,773 4,095 -7.9
Average provision tariff - R$/MWh 393.3 412.5 -4.7
Average provision tariff - R$/MWh (w/out taxes) 267.6 279.0 -4.1
Average energy purchase cost R$/MWh* 100.9 92.4 9.2
Generation Capacity (MW) 855 855 -
Assured Energy (MW) 537 537 -
Generation (GWh) 1,906 1,476 29.1
Charge Factor 66.1% 64.8% -
* Includes net energy purchase/sell in the spot market
** Preliminar value
**