Results Conference Call

2009 Third Quarter

9 Months Performance
0.2% growth in consumption (captive + free) in 3Q09, and 0.7% in 9M09 Maintenance of high collection rates

OPERATIONAL PERFORMANCE

2016 Olympic Games in Rio will increase the economic activity in the concession area
Additional dividends distribution of R$ 94,729,799.90, totaling 63% payout and 11.6% dividend yield EBITDA 3Q09 of R$ 277.3 million, totaling R$ 847 million in 9M09 Net Income of R$ 67.4 million in 3Q09 Final Tariff Review (announced: Out/09) increases Structural Repositioning Index from 1.96% to 2.06% Annual Tariff Readjustment (announced: 11/06/09) is 5.65%, being 0.88% as Structural and 4.77% as Financial Additions

RESULTS

REGULATORY ASPECTS

Secondary Offering Increase of effective free float

OFFERING SIZE: R$ 772.1 milhes SALES PRICE: R$ 24.00

BEFORE OFFERING
Effective Free Float 7.7% EDFI 6.6% BNDESPAR 33.6%
BNDES: 18,779,135 EDF: 13,391,345 TOTAL: 32,170,480

AFTER OFFERING
Effective Free Float 23.5% RME 52.1%

RME 52.1%

BNDESPAR 24.4%

Average trading volume (2009): R$ 6.7 million (Jan to 07/13)

Average trading volume (2009): R$ 24.8 million (07/16 to 11/06)

Final Tariff Review

EBITDA (R$ mm)
1,048 1,048
471

PMSO (R$ mm)

575 583

Gross RAB (R$ mm)

8,077 6,511 8,077

Net RAB (R$ mm)

4,673 3,808 4,673

928

2003

2008 2008 PRELIMINAYR1 DEFINITIVE1

2003

2008 2008 PRELIMINARY1 DEFINITIVE1

2003

2008 2008 PRELIMINARY1 DEFINITIVE1

2003

2008 2008 PRELIMINARY1 DEFINITIVE1

Market Growth
3.0%

X-Factor
1.22%

Delinquency
0.9% 0.9%

TRI
2.06%

1.5%

1.5%

0.5%

1.96%

0% 2003 2008 2008 PRELIMINARY1 DEFINITIVE1 2003

0% 2003 2008 2008 PRELIMINARY1 DEFINITIVE1 2008 2008 PRELIMINARY1 DEFINITIVE1

2008 2008 PRELIMINARY1 DEFINITIVE1

Note: 1- Preliminary announced on November 3, 2008 / 2008 definitive was approved on October 13, 2009 2 - PMSO = Personnel, material, outsourced services and others 3 - RAB = Regulatory Asset Base

Final Tariff Review

Losses
Regulatory Losses
19.15% 15.95% 19.09% 5.61% 5.61% 5.61% 5.61% 5.61%

Trend

nov/08 out/09

nov/09 out/10

nov/10 out/11

nov/11 out/12

nov/12 out/13

Technical Losses / Grid Load (%)

2003 2008 2008 PRELIMINARY DEFINITIVE1
1

38.98%

37.19%

35.40%

33.61%

31.82%

Total Losses / Grid Load (%)

nov/08 out/09

nov/09 out/10

nov/10 out/11

nov/11 out/12

nov/12 out/13

Non Technical Losses / Low Voltage Market (%)

1- Preliminary announced on November 3, 2008 / 2008 definitive was approved in October 13, 2009

Tariff Readjustment 2009

+ 7.13%

+ 5.81% + 5.65% - 0.05% + 1.32% Parcel A: Non Manageable Costs - 2.05% - 2.10% Parcel B: Manageable Costs Structural Non Manageable Costs + 1.42%

- 3.40%

Subsidies

Light Readjustment 2009

- 2.30%

Average perception for consumers

Financial Additions 2008

Structural Manageable Costs

Financial Additions

Energy Market Brazilian and regional consumption

TOTAL MARKET (Captive and Free Customers) BRAZIL 1
293,008
-2.4%

SOUTHEAST
159,131 285,936
-3.9%

LIGHT 2
+0.7%

152,920

15,672

15,775

9M08

9M09

9M08

9M09

9M08

9M09

1 Source: EPE (Monthly Overview of the Electricity Market) 2 Taking into account the power consumed by the free clients CSN, Valesul and CSA, the variation in consumption would be -4.4%. To preserve comparability with the market approved by Aneel in the tariff review process, the billed energy and demand of free customers Valesul, CSN and CSA were excluded, in view of these customers planned migration to the core network.

Captive Market
Third quarter and nine months performance
+2.3%

+0.9%

4,344

4,383

13,695

14,004

+2.7% +0.6%

1,714

1,761
-4.0%

1,379

1,388

+0.3%

477

458

774

776

Residential

Industrial

Commercial

Others

Total

9M08

9M09

3Q08

3Q09

Free Market
Consumption and billed demand
ELECTRICITY CONSUMPTION (GWh)
NETWORK USE FREE CUSTOMERS

ELECTRICITY DEMAND (GW)

NETWORK USE
+6.3%

-10.4%

-5.8%

10,984

11,678

1,977

1,772

6,987

6,580

9M08 Free

9M09

Free Customers 9M08

Concessionaires 9M09

1 The amount presented in GW is related to the annual sum of billed demand each month, considering peak and out-of-peak periods.

Note: To preserve comparability in the market approved by ANEEL in the tariff adjustment process, the billed energy and demand of the free customers Valesul, CSN and CSA were excluded in view of these customers planned migration to the core network.

Collection

COLLECTION RATE BY SEGMENT Third Quarter

114.1%
111.9%

COLLECTION RATE 12-month moving average

103.4% 91.1%

99.7%

104.4% 102.1% 100.2% 99.7% 93.8% 95.2%

Total

Retail

Large Customers

Public Sector

1Q09

2Q09

3Q09

3Q08

3Q09

10

Loss Prevention
EVOLUTION OF LOSSES (12 months)
42.4% 41.8% 42.3%

INCORPORATION GWh 64.5 27.1

138.0%

RECOVERY GWh 112.5 85.1

32.3%

6,808

6,929

7,005

9M08

9M09

9M08

9M09

4,793

4,873

4,959

2,015 sep/08

2,056 jun/09

2,046 sep/09

NETWORK SHIELDING KM (ACCUMULATED)

414

Non-technical losses GWh Technical losses GWh 159 34

% Losses / Grid Load

mar/09

jun/09

sep/09

11

Net Revenue
NET REVENUE (Millions of R$)
3,911 3,930

NET REVENUE BY SEGMENT (9M09)

Generation 6.0%

Commercialization 1.7% Distribution 92.3%

1,298
-6.1%

1,219

+0.5%

3Q08

3Q09

9M08

9M09

NET REVENUE FROM DISTRIBUTION (9M09)

Industrial 9% Other (Captive) 13% Network Use (TUSD) 7%

Commercial 29%

Various 1%

Residential 41%

12

Operating Costs and Expenses

Manageable (distribution): 785.9 (23.7%) Non-manageable (distribution): 2,437.8 (73,6%)

MANAGEABLE DISTRIBUTION COSTS (Millions of R$)

1,561 1,143

-59.5%

994

929 846

-7.1%

786

Generation and Commercialization: 87.4 (2.6%)

2006
*Eliminations not considered

2007

2008

LTM sep/09

9M08

9M09

13

EBITDA
CONSOLIDATED EBITDA (R$MM) -14.5% 991
-22.8%

848
Distribution 82.0%

EBITDA BY ACTIVITY* 9M09

Generation 16.7%

359 277

Commercialization 1.2%
3Q08 3Q09 9M08 9M09
*Eliminations not considered

14

Net Income and Dividends

NET INCOME (R$MM) DIVIDENDS (R$MM)
12.3% 688.8 334.9 8.3% +2.9% 518 353.9 364.3 7.2 357.1 559 595 95

11.6%

500

Net Income 9M08

Non recurring effects

9M08 NI w/o nonrecurring effects

9M09 NI w/o nonrecurring effects

Non recurring effects

Net Income 9M08

2007

2008

2009

Dividends (2007) - Payout 99.5% Dividends (2008) Additional Dividends (2008) Dividend Yield Payout 62.7%

15

Capital Expenditures
CAPITAL EXPENDITURES (R$MM) 375.3 352.8

9M08

9M09

R$ MM
Loss Prevention Development of Distribution Network Quality Improvements (optimization of structure and preventative maintenance) Generation Maintenance New Generation Projects

9M08
121.8 121.9 50.8 11.5 6.8

9M09
111.1 93.9 48.2 16.8 4.0

Difference

(10.7) (28.0) (2.6) 5.3 (2.8)

16

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

17