1

Year-to-date EBITDA totaled

R$995 million

Light posted a 3Q08 net income of R$ 207.8 million, compared
to R$ 50.0
1
million in 3Q07. Accumulated net income in the 1
st
nine
months of 2008 was R$ 697.1 million compared to R$ 578.1
million in 2007.
Net revenue totaled R$ 1,298.0 million, 11.1% above net
revenue in 3Q07
1
, due to market growth. Accumulated net revenue
in the 9 months ended September 2008 was R$ 3,911.3 million,
4.2% above 9M07.
EBITDA totaled R$ 364.0 million in 3Q08, 46.5% higher than
the same period in 2007
1
due to market growth combined with an
12.2% decline in PMSO manageable costs. EBITDA margin in the
quarter was 28.0%. In the nine months, EBITDA totaled R$ 995.2
million, 14.5% higher than 9M07. 9M08 EBITDA margin was 25.4%
Net debt as of September 30, 2008 was R$ 1,321.5 million, 8.6%
higher than the net debt recorded in September 2007 and 14.7%
below the net debt in June 2008.


1
Figures are presented pro forma and have not been revised by independent
auditors, as explained on Page 2 and annex V, where the adjustments are
detailed.
IR Contacts

Ronnie Vaz Moreira
CEO 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: ri@light.com.br


Conference Call

Date: 11/11/2008
Time: 2 pm (Brazil)
11 am (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) 3Q08 3Q07
1
Var. % 9M08 9M07
1
Var. %
Grid Load* 7,947 7,790 2.0% 24,683 24,650 0.1%
Billed Energy - Captive Market 4,344 4,190 3.7% 13,695 13,753 -0.4%
Transported Energy - TUSD 2,071 2,044 1.3% 6,071 5,983 1.5%
Sold Energy - Generation 1,231 1,218 1.0% 3,652 3,688 -1.0%
Commercializated Energy (Esco) 118 44 169.5% 368 131 181.6%
Financial Highlights (R$ MM)
Net Revenue 1,298 1,169 11.1% 3,911 3,752 4.2%
EBITDA 364 249 46.5% 995 869 14.5%
EBITDA Margin 28.0% 21.3% - 25.4% 23.2% -
Net Income 208 50 315.4% 697 578 20.6%
Net Debt 1,321 1,217 8.6% 1,321 1,217 8.6%
* Captive market + losses + network use


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). To increase the transparency of its results and enable investors to make
a better evaluation, Light also presents its results by business segment.
Results of the 3
rd
Quarter 2007
The results for the 3
rd
quarter of 2007 and the nine-month period ended September 2007 are
presented in this release pro forma, excluding the reversals of provisions during the 2
nd
and 3
rd

quarters, because such provisions were made again in results for the 4
th
quarter of the same year,
thus, bearing no impact on the 2007 figures.
Provisions reversed in the 2
nd
and 3
rd
quarters of 2007 had an effect on the following income accounts
in that period: Net Revenue (increased by R$ 163.0 million in the 2
nd
quarter); EBITDA (increased by
R$ 163.0 million in the 2
nd
quarter); Interest Expenses (reduction of R$ 132.5 million in the 2
nd
quarter
and R$ 106.8 million in the 3
rd
quarter; IR/CS (reduction of R$ 100.4 million in the 2
nd
quarter and R$
36.3 million in the 3
rd
quarter); and Net Income (increase of R$ 195.0 million in the 2
nd
quarter and R$
70.5 million in the 3
rd
quarter). In the 4
th
quarter said reversals were reconstituted.
In addition to adjustments for provisions, the figures for the 2
nd
and 3
rd
quarters of 2007 have also
been recalculated to show the impact of Law 11,638 on income for the period, in compliance with CVM
Deliberation 506/06.
For further information, see Annex V of this release.

Operating Performance
Distribution
Total electricity consumed in Lights concession area
(captive + free customers) during 3Q08 was 5,718
GWh, up 3.3% year-on-year due to 3.7% growth in
the captive market, combined with a 2.2% increase in
the consumption of free customers in the same
period. Total consumption accumulated in 2008 was
17,816 GWh, in line with the same period in 2007.
Electric Energy Comsumption (GWh)
Total Market (Captive + Free)
4,190
4,344
1,345
1,374
5,535
5,718
3Q07 3Q08
Captive Free
3.7%
2.2%
3.3%


3
Captive Market
Captive market consumption during 3Q08
increased by 3.7% year-on-year,
resulting mainly from the growth in
consumption billed to homes and
companies. Higher consumption in these
segments was influenced mainly by a
greater number of billing days in the low
tension, representing an addition of 2.6 days compared to the same period of 2007. In August the
temperature was 0.9C higher than the historic monthly average, positively impacting billed
consumption, although the average temperature in the quarter was 0.5C below the average
temperature registered in the same period in 2007. In this quarter a commercial client migrated to the
free market, with a quarterly consumption of nearly 9 GWh.
Industrial consumption fell 1.8%, 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 40 GWh, which was
partially offset by the return of a client to the captive market, having generated consumption of about
22 GWh in this quarter. Additionally, 2.2 fewer days in the high-voltage billing calendar have also
contributed to the decline, causing an impact of approximately 11 GWh.
In the first nine months of 2008, consumption billed to the captive market totaled 13,695 GWh, in line
with 9M07.
Network Use
Network use (TUSD) billings came to 2,071 GWh this quarter, 1.3%
above 3Q07. Growth was supported by a 2.2% increase in
consumption by free clients, especially those in the mining and iron
and steel industry, in addition to the migration of 1 client from the
captive market. The flow of energy supplied to the concessionaries
bordering Light fell by 0.3%.
In the first nine months of 2008, network use totaled 6,071 GWh,
1.5% higher than the energy carried in 9M07.


2
Energia Plus is an electricity package offered to major clients with their own generating capacity
during peak hours.
Electric Energy Comsumption (GWh)
4,190
777
1,315
485
1,613
4,344
774
1,379
477
1,714
Residential Industrial Commercial Others Total
6.3% -1.8% 4.9% -0.4% 3.7%
3Q07 3Q08
Electric Energy Transportation - GWh
Free Customers + Utilities
1,345 1,374
2,044
699
2,071
697
Free Utility Total
3Q07 3Q08
2,2%
-0,3%
1,3%


4
Energy Balance


Energy Losses

Lights losses over the grid load totaled
20.47%, representing a decline of 0.21 p.p.
compared to the end of 2007; and non-
technical losses, where Companys efforts are
focused, continued to decline, falling 0.3 p.p.
compared to December 2007.
In the second cycle of the tariff review, valid
as of november 07, 2008, the regulatory level of total losses was defined as 19.15% over the grid load,
with a non-technical loss level of 13.04%. In Lights first periodic tariff review, the level of total
regulatory losses was 15.97%, with non-technical losses of 10.87%. The increase of losses percentage
reflects the recognition of social complexity in lights concession area, reducing that way, the gap
between real losses and those recognized on the tariff. The losses target definition, using a regulatory
methodology, considering operational costs and the commitment with the realization of necessary
investments on losses fight were important advances on second tariff review cycle.
Residential
222.0 5,563.0
CCEAR Billed Industrial
Light Energia Energy 1,386.9
231.3 Own load 13,695.1
Light Commercial
18,612.5 4,363.9
4,288.8 Others
18,956.2 4,917.3 2,381.4
9,254.4 Basic netw.
losses
Adjustment 0.0
4,768.3
191.5
(*) Others = Purchase in Spot - Sale in Spot.
Note: At Light S.A., there is intercompany power purchase/sale elimination
PROINFA
OTHERS(*)
(CCEE)
DISTRIBUTION ENERGETIC BALANCE - GWh
NORTE FLU
(CCEE)
Required E.
(CCEE)
AUCTIONS
(CCEE)
343.8
ITAIPU
(CCEE)
Position: january-september 2008
Differences
Light Losses Evolution
12 months
6
,
7
9
6
6
,
7
9
1
6
,
8
1
9
6
,
8
5
6
6
,
7
4
0
14.67% 14.74% 14.68% 14.57% 14.44%
20.47% 20.54% 20.68% 20.64% 20.56%
Sep-07 Dec-07 Mar-08 Jun-08 Sep-08
GWh Losses % Losses / Grid Load (Own + Trans)
Non-technical losses % Grid Load


5
The number of normalized clients (withdrawal of frauds by means of
regularization of meters) deteriorated 9% year on year. Despite this,
our intelligence was enhanced, mainly resulting from the utilization
of the identification software and inspections control, improving the
efficiency of the energy recovery process, adding more value to the
shares. As a result, negotiation of amounts owed by corroborated
fraudulent clients caused energy recovered (difference between
billed energy and consumption estimate for the fraud period) to rise
59% in the first nine months of 2008, compared to the same period
of 2007.
To complement the conventional process to reduce losses, the
Company has been investing in new metering and distribution
network-protection technologies to combat losses. An example of
this is the installation of centralized individual electronic meters in
direct communication with the Metering Control Center (CCM),
amounting to over 43,000 electronic meters by the end of the quarter, and the plan is to install 70,000
meters until the end of 2008 and 100,000 more meters in 2009. CCM began its operation in June of
2008, and it automates the management of the following processes: reading, cutoff, reconnection, and
identification of metering irregularities or frauds. The individualized metering system is used in heavily
urbanized areas, whereas centralized metering focuses primarily on low urbanization areas, in addition
to the replacement of the network with multiplex cables and the leveling of low and high tension, thus,
preventing access to the network through direct connections. By September, more than 120 km of
network with multiplex cables had already been installed.
The result of the actions to combat losses is seen within twelve months, since the indicator is a moving
average on this period, and as an action to recover energy is accomplished, client billing will be
regularized as of the month subsequent to the action. The result of the action will be completely
incorporated in the losses indicator over the grid load after twelve months. The Company performed
several pilot tests, achieving significant results, encouraging the continuity of investment in these
projects.
Normalizations
Recovered Energy
GWh
60,570
55,0+5
9M07 9M0S
53.9
85.9
9M07 9M0S
+59 %
-9 %


6

Delinquency
As in the previous quarter, collections in
3Q08 exceeded 100% of the total amount
billed, recording a 100.2% rate,
partially driven by the collection of
outstanding amounts from
previous fiscal years. In the last
12 months, the collection rate was
99.1% of commercial billing,
maintaining a high level of
collections. This rate shows the
measures taken to tackle
delinquency, by both important
clients and the advancing retail market collection
rate.
The 3Q08 provision for past dues represented 4.7%
of gross revenue from electricity billings, 2
percentage points above the provision in 3Q07,
totaling R$ 81 million. This growth is explained by a
non recurring adjustment in the calculation for past
due balances from installment plans, in the amount of
R$ 42.1 million, from this amount, approximately R$
34.5 million are non recurring. Desconsidering the
non recurring provision, PDD represented 2.7% of the
energy gross billing in this quarter. In the year to date, disregarding the non recurring adjustment,
PDD was R$ 19.7 million below 3Q07, resulting from an increase in the collection rate which has been
confirmed since 2007, achieved mainly by regularizing bill payments by public authorities and large
customers.
In the second cycle of periodic tariff review, the Lights delinquency regulatory benchmark was set at
0.90% of distribution gross income, almost double the amount defined in the first tariff review of
0.50%. This change represents an advance on that issue, since it reduces the gap between the real
loss and the loss recognized in the tariff.
R$ MM 3Q08 3Q07 9M08 9M07
Billing 1,830 1,811 5,712 5,934
Collection 1,834 1,798 5,667 5,916
Collection Tax 100.2% 99.3% 99.2% 99.7%
Collection rate
12 months moving average
94.1%
95.6%
96.5%
98.5%
99.4% 99.4%
98.8%
99.1%
Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08
PDD/Gross Revenue (Billed Sales)
4.7%
2.5%
2.6%
2.7%
3Q07 2Q08 3Q08
R$ MM 9M07 9M08 Variation
PDD 184.2 186.3 2.1
non recurring adjustment (21.7)
PDD 184.2 164.6 (19.7)


7

Operating Quality
In 2008, the Company continues its investment program to improve quality and increase the
distribution network capacity, with R$ 64 million invested as of September 30. To date, 625 km of
conventional networks have already been replaced with spacer-cable networks (These networks let
cables stay closer one another, even if near tree branches, preventing short-circuits, and consequently
reducing electric power supply interruptions), 341 remotely commanded keys installed, and 1,362
maintenance services performed on the aerial lines scheduled in the Maintenance Plan.
Over the past twelve month period, Lights supply quality indicators deteriorated in comparison with
the previous year. This was mainly caused by a significant increase in scheduled shutdowns. This
measure is necessary due to heavy investments in upgrading the distribution grids, in line with our
plan to replace conventional with compact networks (spacer cable).
Aiming to regularize the continuity indicators relative to 2005 and 2006, in May of 2008 Light and
Aneel entered into the Term of Adjustment of Conduct - TAC, in force until December of 2008, in the
amount of R$ 3.7 million, converted in improvements in the distribution system. Despite the change in
the quality indicators, there was no breach in the Standards stated by Aneel to the set of consumers.








Generation
Electricity sold in the free (ACR) and regulated (ACL) contract markets totaled 1,189.2 GWh in 3Q08, in
line with 3Q07. The 22.8% drop in the sale of energy in ACL between the periods, representing 28.8
GWh, occurred due to a greater allocation of energy to the hydrological hedge for 1T08.
ELC / EFC - 12 Months
6.41
8.26
7.06
11.52
8.38
6.24 EFC
ELC
Sep-08 Sep-07 Sep-06
ELC - Equivalent Length of Interruption per Consumption Unit (hs)
EFC - Equivalent Frequency of Interruption per Consumption Unit (n.)


8
In CCEE short-term market, spot sales totaled 41.3 GWh in 3Q08, 84.3% above the same period last
year, due to better hydrological conditions in August of 2008 compared to the same period of 2007.
In the year to date, 3,478.2 GWh were sold in ACR and ACL, a flat volume (1.1%) vs. 9M07, with a
significant 9.7% increase in ACL sales, still impacted by a larger concentration in the sale of energy
assured in the 1
st
quarter of 2008.

Trading
In the third quarter of 2008, Light Esco recorded direct sales of 118.3 GWh to a portfolio of 55
customers, 169.5% above 1Q07. From this commercialized energy, the volume of 53.1 GWh arises
from Light Energias electric power supply (hydrological hedge). The portfolio benefited from the
addition of 16 new clients. Light Esco also operated as a consultant and as a broker for 9 free
customers with the CCEE. These operations involved about 313.9 GWh.
In the first 9 months, 368.0 GWh were sold, 181.6% above the same period last year, due to the
addition of 36 clients in Light Escos portfolio in the trading activity. The volume of 173.5 GWh of
energy we sold originated from the Light Energias electric power supply (hydrological hedge). In the
Brokers activity 1,037.4 GWh were negotiated, which represents a 14.9% growth until September.
In the energy and infrastructure services sector a new agreement was entered into for the
modernization of the Cold Water Central of the Brazilian Academy of Letters (ABL) in the amount of
R$3.6 million. The project foresees the installation of centrifugal chillers with high energy efficiency,
which will provide a significant performance gain to the cooling system of Palcio
Austregsilo de Athayde building. Light Esco further acted to discourage clients from switching to gas
absorption chillers, thus maintaining Light SESAs wire income for all life cycle of electric chillers (with
more than 20 years)
In addition to this agreement, other projects of significant importance to the Company were
accomplished within the year: construction of the substation for Fiocruz, retrofit (refurbishment) of cold
water central for acclimation system of Santos Dumont Buildings and energy efficiency to Oi, which
together with ABL project totaled an income of R$ 21.0 million. By means of these projects, Light Esco
has been winning client loyalty, thus presenting the advantages of the electric applications compared to
natural gas and other alternate sources.
Volume (GWh) 3Q08 3T07 Var.% 9M08 9M07 Var.%
Trading 118.3 43.9 169.5% 368.0 130.7 181.6%
Broker 313.9 317.9 -1.3% 1,037.4 902.9 14.9%
Total 432.2 361.8 19.5% 1,405.4 1,033.6 36.0%
LIGHT ENERGIA (GWh) 3T08 3T07 % 9M08 9M07 %
Regulated Contracting Environment Sales 1,092.0 1,069.4 2.1% 3,173.2 3,162.2 0.3%
Free Contracting Environment Sales 97.2 126.0 -22.8% 305.0 278.0 9.7%
Spot Sales (CCEE) 41.3 22.4 84.3% 173.7 247.4 -29.8%
Total 1,230.5 1,217.8 1.0% 3,651.9 3,687.8 -1.0%


9


Financial Performance

Net Revenue
Consolidated
The net operating revenue totaled R$1,298.0 million in 3Q08, 11.1% higher than in 3Q07, especially
due to growth in the companys billed consumption for this quarter. Moreover, positive momentum
came from growth in the trading companys performance and in the generation activities, which
increased by 67.6% and 8.5%, respectively, as shown in the table below:

Distribution
Net Revenue from the distribution segment totaled R$
1,228.6 million in 3Q08, an 11.2% increase year-on-
year. This result derived from the increase in the billed
consumption, in addition to improvement in the captive
market consumption mix arising from the 6.3% growth in
the residential class, which has the highest fee. The
Net Revenue by Class - Captive
R$ MM - 9M08
Residential
44%
Industrial
9%
Commercial
34%
Others
13%
1,114
1,477
300
420
Net Revenue (R$ MM) 3Q08 3Q07 Var. % 9M08 9M07 Var. %
Distribution
Billed consumption 1,079.5 953.5 13.2% 3,352.4 3,159.1 6.1%
Network use (TUSD) 113.3 100.1 13.2% 316.0 315.1 0.3%
Short-Term (Spot) 10.0 34.8 -71.2% 16.9 61.4 -72.5%
Others 25.8 16.2 59.0% 12.1 43.7 -72.2%
Subtotal (a) 1,228.6 1,104.6 11.2% 3,697.4 3,579.3 3.3%
Generation
Generation Auction Sale 70.4 67.3 4.6% 209.9 188.8 11.2%
Short-Term (Spot) 1.8 (0.7) -353.5% 12.8 4.6 178.1%
Others 1.3 1.1 10.2% 3.4 3.6 -6.8%
Subtotal (b) 73.4 67.7 8.5% 226.1 197.0 14.7%
Comercialization
Energy Sales 14.5 4.7 207.2% 54.0 14.2 279.6%
Others 5.6 7.3 -23.0% 12.5 9.9 26.8%
Subtotal (c) 20.1 12.0 67.6% 66.6 24.1 176.1%
Others and Eliminations (d) (24.1) (15.5) (78.7) (48.2)
Total (a+b+c+d) 1,298.0 1,168.8 11.1% 3,911.3 3,752.3 4.2%
(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


10
effects more than compensated for a decline in spot market energy sales due to lower availability of
excess energy as a result of the reassessment of Itaipu. Furthermore, network use revenue grew by
13.2%, explained mainly by the retroactive billing relative to the transportation of a power plant
connected to Lights network, in the period from July of 2004 to August of 2008, due to a litigation
settlement achieved in this quarter, with an impact of nearly R$10.2 million.
Net revenue from distribution accrued during the first nine months of 2008 totaled R$ 3,697.4 million,
3.3% above net revenue recorded during the same period in 2007, despite market stability between
the periods.

Generation
Net revenue in 3Q08 grew 8.5% to R$ 73.4 million. Net revenue from electricity sold (free and
regulated markets) rose 4.6% to R$ 70.4 million. This is the result of the combined effect of higher
ACR prices, in view of the contract price increases (indexed to IPCA) and the 3.1% hike in the average
price of energy in the spot Market between both periods. In the third quarter of 2008, the average spot
market price was R$ 107.0.
Net revenue of the generation segment amounted to R$ 226.1 million in the first 9M08, representing a
14.7% increase compared to the same period in 2007, with 3,651.9 GWh of total energy volume sold.
The contribution to this was the 130.7% increase of in the average year to date PLD - R$147.5 - and
also the readjustments in the sale of energy agreements.

Trading
Net revenue in 3Q08 totaled R$ 20.1 million, a 67.6% rise over 3Q07,
mainly due to the sale of energy following the hydrological hedge of
Light Energia, which increased revenue by R$ 6.4 million this quarter,
corresponding to 53.1 GWh. The 23.0% reduction in other income is
related to the non recurring income registered in 3T07 in the amount
of R$ 5.6 million concerning the operation of generators rented to Rio
de Janeiro City Hall in the PAN event. Excluding this operation, the trading Companys income
increased 236.5% compared to 3T07, due to the beginning of operations of a 138kV sub-station for
consumers in 2Q08, with an R$ 3.7 million impact on net revenue this quarter.
Resold energy as a percentage of total revenue has been growing continuously, reaching 81.2% in
9M08, versus 59.0% in the first nine months of 2007.
Net Revenue - Light Esco
9M08
Services
19%
Energy Sales
81%


11
Year-to-date, net revenue from the trading business totaled R$ 66.6 million, up 176.1% the 9M07. This
result is explained by the higher direct resale of energy, combined with the higher average spot price.
Costs and Expenses

Consolidated

Consolidated Operating Costs and Expenses
Operating costs and expenses remained in line with 3Q07. In the first nine months of 2008, they
increased by 0.8%, corresponding to R$25.6 million, as detailed in the following table.

Distribution
Light SESAs 3Q08 costs and expenses kept its costs and expenses aligned, with emphasis on the 6.3%
reduction in manageable costs and expenses. In the first nine months of 2008, costs and expenses
rose 0.8% exclusively due to the 1.9% increase in non-manageable costs.


Operating Costs and
Expenses (R$ MM)
3Q08 3Q07 (%) 9M08 9M07 Var. %
Distribution (987.6) (986.9) 0.1% (3,089.1) (3,063.1) 0.8%
Generation (29.5) (31.5) -6.4% (91.7) (93.9) -2.3%
Comercialization (20.3) (11.1) 83.3% (55.5) (22.0) 152.2%
Others and Eliminations 23.4 14.6 60.4% 75.6 43.9 72.5%
Consolidated (1,014.0) (1,014.9) -0.1% (3,160.7) (3,135.2) 0.8%
Costs and Expenses (R$ MM) 3Q08 3Q07 (%) 9M08 9M07 Var. %
Non-Manageable Costs and Expenses (711.5) (692.2) 2.8% (2,220.9) (2,179.7) 1.9%
Purchased Energy (Includes taxes) (672.8) (682.4) -1.4% (2,166.6) (2,133.2) 1.6%
CVA (35.0) (6.1) 471.2% (43.2) (35.5) 21.7%
Others (Mandatory Costs) (3.7) (3.7) -0.1% (11.1) (11.1) 0.0%
Manageable Costs and Expenses (276.2) (294.7) -6.3% (868.3) (883.4) -1.7%
PMSO (127.9) (145.6) -12.2% (380.9) (413.7) -7.9%
Personnel (45.2) (65.5) -31.0% (147.9) (193.8) -23.7%
Material (3.2) (3.2) -0.4% (10.3) (10.7) -3.9%
Outsourced Services (67.0) (66.9) 0.1% (186.2) (180.4) 3.2%
Others (12.5) (10.0) 25.0% (36.6) (28.8) 27.0%
Provisions (74.7) (61.0) 22.5% (262.1) (237.4) 10.4%
Depreciation (73.6) (88.1) -16.4% (225.2) (232.3) -3.0%
Total Costs and Expenses (987.6) (986.9) 0.1% (3,089.1) (3,063.1) 0.8%


12
Non-Manageable Costs and Expenses
In the third quarter of 2008, non-manageable costs and expenses came to R$ 711.5 million, 2.8%
above the same period in 2007, mainly due to the increase of CVA and charges arising from network
use.
Net of the CVA effect, purchased electricity plus network
charges totaled R$ 672.8 million in 3Q08, down 1.4%
year-on-year. This decline is basically the result of a 6%
drop in the average cost of energy purchased energy
from Itaipu, due to the reassessment of the energy
supplied by the Company, which reduced the energy
demand factor and also due to dollar devaluation
between the periods with a 5.9% reduction in the cost of
energy purchased from Norte Flu (which was also
positively affected by dollar devaluation), which more
than compensated the higher cost of energy from other
sources. Together, Itaipu and Norte Flu represented 49%
of the volume of energy purchased in the quarter. The
average electricity purchase cost in 3Q08 fell 2.1% to R$ 91.8/MWh.
The net electricity purchase CVA and charges were R$ 35.0 million negative in 3Q08. This figure
includes a CVA of positive network use-related charges of R$ 30.6 million and a negative CVA Energia
of R$ 66.6 million, resulting from: (i) the lower average cost of electricity than estimated on the last
tariff increase, which affected the liability composition of CVA Energia, and (ii) a greater negative
amortization of CVA Energia (asset), which represents a cash inflow to the Company. 3Q07 CVA was a
negative R$ 6.1 million.
Year-to-date, non-manageable costs and expenses totaled R$ 2,220.9 million, 1.6% above the same
period of 2007.





Purchased Energy - R$ MM
3nd Quarter
682 673
30% 29%
29%
19%
26%
35%
1%
15%
17%
3Q07 3Q08
NORTE FLU ITAIPU AUCTIONS SPOT OTHERS
Purchased Energy - GWh
3nd Quarter
6,345 6,262
26% 25%
23%
33%
48%
38%
3% 3%
3Q07 3Q08
NORTE FLU ITAIPU AUCTIONS OTHERS
R$ mn 3Q08 3Q07 9M08 9M07
CVA Formation 13.8 10.8 76.2 19.4
Energy (18.8) 10.7 (13.3) 19.4
Itaipu Transport 1.1 (0.2) 1.1 (0.2)
Charges 31.6 0.3 88.4 0.3
CVA Amortization (48.8) (17.0) (119.4) (54.9)
Energy (47.8) (11.6) (117.3) (37.6)
Itaipu Transport (0.1) (0.2) (0.0) (0.5)
Charges (0.9) (5.2) (2.1) (16.8)
Net CVA (35.0) (6.1) (43.2) (35.5)


13
Manageable Costs and Expenses
Manageable costs and expenses (personnel, materials, outsourced services, provisions, depreciation
and others) totaled R$ 276.2 million in 3Q08, a 6.3% drop vs. 3Q07.
PMSO (personnel, materials, services and others) came to R$ 127.9 million, 12.2% below the R$ 145.6
million reported in the prior year quarter. It is important to stress the 31.0% decrease in the personnel
account, equivalent to R$ 20.3 million, arising from: (i) the optimization of personnel overhead,
comprising compensation, benefits, charges and the provision for profit sharing (PLR), with an impact
of approximately R$ 11.5 million; and (ii) higher capital expenditures and the corresponding
capitalization of personnel overhead.
Provisions (PDD
3
, provisions for contingencies and others) recorded a year-on-year increase of 22.5%,
chiefly due to the non recurring provision to adjust the calculation of past due balances in installments,
in the amount of R$ 34.5 million. PDD represented 4.7% of gross revenue from energy billed in 3Q08,
desconsidering the non recurring provision, PDD represented 2.7% in this quarter vs. 2.5% for the
same period in 2007.
Depreciation and amortization dropped by 16.4% due to SAP-CCS amortization of R$ 20 million per
year as of July, 2007. In 2007, this amount was amortized within the second half of the year, and in
2008 this amortization is being distributed over the 9 months.
From January to September 2008 manageable operating costs and expenses totaled R$ 868.3 million,
1.7% below the accumulated amount in the 9 months of 2007. PMSO was 7.9% lower than in the 9
months of 2007, with emphasis on the 23.7% reduction in personnel costs.
Generation
Light Energias costs and expenses fell 6.4% in the quarter totaling R$ 29.5 million. The reduction of
personnel overhead stands out, mainly due to the optimization of processes to reduce staff, with an
impact of approximately R$ 0.9 million. Costs were divided as follows: distribution network use
(37.1%), personnel (15.5%), materials and outsourced services (9.5%), others and depreciation
(37.9%).
In the year to date, costs and expenses totaled R$ 91.7 million, 2.3% lower the same period of 2007.



3 !n relation to provisions, it is worth pointing out that the acknowledgement of fees is equivalent to only a small
share of the actual expenses incurred by Light


14
Trading
Light Escos 1Q08 operating costs and expenses totaled R$ 20.3 million, 83.3% higher than in 3Q07.
This increase occurred mainly due to the acknowledgment of the cost of purchase of energy, in the
amount of R$ 4.2 million, associated to the sale revenue accounted for in the 2nd quarter of 2008, as
well by the increase in the volume of electricity acquired by Light Energia and from other distributors
for resale, which amounted to 118.3 GWh, versus 43.9 GWh in 3Q07.
In the year to date, costs and expenses totaled R$ 55.5 million, 152.2% above the same period in
2007.

EBITDA
Consolidated


Operating Costs and Expenses - R$ MM 3Q08 3Q07 (%) 9M08 9M07 Var. %
Personnel (4.6) (5.9) -22.8% (15.4) (18.1) -15.2%
Material and Outsourced Services (2.8) (3.4) -18.7% (9.0) (10.0) -10.0%
Purchased Energy (CUSD) (10.9) (11.0) -0.7% (31.8) (31.4) 1.5%
Depreciation (6.2) (6.3) -1.0% (18.8) (19.0) -1.3%
Others (includes provisions) (5.0) (4.8) 2.6% (16.8) (15.4) 8.9%
Total (29.5) (31.5) -6.4% (91.7) (93.9) -2.3%
Operating Costs and Expenses - R$ MM 3Q08 3Q07 (%) 9M08 9M07 Var. %
Personnel (0.5) (0.5) 9.0% (1.8) (1.4) 27.1%
Material and Outsourced Services (1.6) (0.2) 589.0% (2.6) (0.8) 208.6%
Purchased Energy (17.9) (4.5) 297.5% (50.2) (13.3) 276.7%
Depreciation (0.2) (0.2) 0.0% (0.6) (0.6) 0.3%
Others (includes provisions) (0.1) (5.7) -97.6% (0.3) (5.8) -95.3%
Total (20.3) (11.1) 83.3% (55.5) (22.0) 152.2%
EBITDA - 3Q08/3Q07 - R$ Million
364
24
249
(14)
105
EBITDA - 3Q07 Net Revenue Manageable Costs
(PMSO)
Provisions EBITDA - 3Q08
46.5%


15

Consolidated EBITDA rose 46.5% in the third quarter of 2008 to
R$ 364.0 million. This result is mainly due to higher net
revenue, due to the growth of billed consumption and to the
change in mix of the distributor, with an increase in the share of
the residential segment, and the reduction in PMSO costs.
EBITDA margin stood at 28.0% in the quarter.
Year-to-date, EBITDA rose 14.5% to R$ 995.2 million. EBITDA
margin in the period was 25.4%. The generation and trading
segments represented 15.3% and 1.2%, respectively, of
EBITDA, versus 14.0% and 0.3% in 9M07.

Distribution
The distribution business generated EBITDA of R$ 314.6 million in 3Q08, a 52.8% increase over 3Q07.
This result is mainly due to higher billed consumption, in addition to the improvement in the
consumption mix of the captive market, resulting from a 6.3% increase in the residential segment,
higher tariffs, and also a R$ 12.2 million decline in PMSO costs, as mentioned in the manageable costs
item. EBITDA margin for the quarter was 25.6%, 7.0 p.p. higher than 3Q07.
In the year to date, EBITDA rose 11.4% to R$ 833.4 million, with a margin of 22.5%.
Generation
Light Energias 3Q08 EBITDA grew by 18.1% year-on-year to R$ 50.2 million. Growth derived from the
8.5% increase net revenue and the 6.4% drop in the operating costs for generation. EBITDA margin
was 68.3%, 5.6 p.p. above the registered in 3Q07.
In the year to date, EBITDA rose 25.4% to R$ 153.1 million. Year-to-date EBITDA margin was 67.7%.


Consolidated EBITDA - R$ MM 3Q08 3Q07 Var.% 9M08 9M07 Var.%
Distribution 314.6 205.8 52.8% 833.4 748.5 11.4%
Generation 50.2 42.5 18.1% 153.1 122.2 25.4%
Commercializ. (0.0) 1.1 -103.0% 11.7 2.7 328.3%
Others and Eliminations (0.7) (0.9) -25.0% (3.0) (4.3) -29.8%
Total 364.0 248.5 46.5% 995.2 869.0 14.5%
EBITDA Margin (%) 28.0% 21.3% - 25.4% 23.2% -
EBITDA per segment*
9M08
Distribution
83.5%
Generation
15.3%
Commercial.
1.2%
*Does not consider eliminations


16
Trading
EBITDA was R$ 33,000 negative in this quarter, compared to R$ 1.1 million registered in 3T07, due to
the acknowledgment of the cost of the purchase of energy, in the amount of R$ 4.2 million, associated
to the revenue of the sale of said energy, accounted for in the 2
nd
quarter of 2008, thus EBITDA neutral
in year to date. If excluded the cost to purchase said energy, EBITDA would have been R$ 4.1 million,
276.7% above 3T07, resulting from increased sales of energy from Light Energias hydrological hedge.
In the year to date, EBITDA totaled R$ 11.7 million, 328.3% above the same period in 2007. Segment
EBITDA margin in the year to date was 17.6%.
Consolidated Financial Result

The consolidated financial result was negative in R$ 104.4 million, versus a negative net financial
expense of R$ 61.0 million in the same period of 2007, 71.1% worse. Financial revenue fell 19.0%,
affected mainly by: (i) the monetary variation over the additional cost of "Part A relative to the
rationing period, which began to be amortized in 2008 and; (ii) by the foreign exchange variations due
to the 80.1% drop in the Swap result, as a consequence of the volume of hedged debt being 83.4%
lower, resulting from the 69.2% decline in currency exposure.
Financial expenses increased 23.2%, resulting mainly from the negative difference between periods: (i)
from the foreign exchange variation on debt balances in foreign currency in the amount of R$ 45.9
million, and (ii) from the adjustment to present value of accounts receivable in the amount of R$ 17.9
million, partially compensated by the R$ 9.2 million positive variance in the monetary correction of
provisions.

Financial Result - R$ MM 3Q08 3Q07 (%) 9M08 9M07 (%)
Financial Revenues 56.2 69.3 -19.0% 205.6 187.6 9.6%
Income - financial investments 21.1 12.5 69.3% 46.5 32.6 42.7%
Monetary and Exchange variation 7.6 33.1 -77.0% 34.2 95.3 -64.1%
Swap Operations 2.9 14.4 -80.1% 4.5 14.6 -69.4%
Others Financial Revenues 24.6 9.3 163.0% 120.4 45.1 166.8%
Financial Expenses (160.6) (130.4) -23.2% (405.2) (410.9) 1.4%
Interest over loans and financing (55.2) (51.5) -7.2% (156.1) (212.7) 26.6%
Monetary and Exchange variation (65.6) 4.7 - (93.2) 1.6 -
Braslight (private pension fund) (38.7) (30.1) -28.6% (125.0) (67.7) -84.5%
Swap Operations 6.5 (38.2) 116.9% (2.2) (85.7) 97.5%
Others Financial Expenses (7.6) (15.2) 50.3% (28.8) (46.3) 37.7%
Subtotal (104.4) (61.0) -71.1% (199.7) (223.3) 10.6%
PIS/COFINS Provisions Reversal - - - 432.4 - -
Total (104.4) (61.0) -71.1% 232.7 (223.3) -


17
Indebtedness

On September 30, 2008, gross debt totaled R$ 2,187.0 million, up 9.89% June 30, 2008, mainly due
to the third and fourth disbursements in the total
amount of R$ 90.7 million out of FINEM, addressed
to the companys investment programs and, also,
because of the R$ 80 million of funds raised.
The net debt was R$ 1,321.5 million, 14.7% below
June 2008, as a result of the 95.5% cash increase,
totaling R$ 865.5 million at the quarter close, due
to solid cash generation, in addition to resources
arising from BNDES and market operation.
The average maturity of the debt is 4.9 years and
the average cost is 14.0% p.a. for debt
denominated in local currency and 5.3% p.a. for
debt denominated in foreign currency, with a 1.1
p.p. increase in the cost of local currency, compared
to June of 2008, due to the increase in CDI within
the period. The foreign currency debt was reduced in 1 p.p., since the Libor rate fell within the quarter.
Foreign-currency exposure represented 7.1% of total indebtedness on September 30, 2008. The
company carries out hedge operations for cash flows with maturity in the next 24 months through non
cash swap instruments with first class financial institutions.
Net Debt (ex-Braslight)
(R$ million)
1,217
1,550
1,321
Sep-07 Jun-08 Sep-08
Indebtness
(Brazilian Currency x Foreign)
72.7%
93.6% 93.0%
27.3%
6.4% 7.0%
Sep-07 Jun-08 Sep-08
Brazilian Currency Foreign Currency
R$ MM Short Term % Long Term % Total %
Brazilian Currency 169.2 7.7% 1,863.7 85.2% 2,032.9 93.0%
Debenture 1st Issue 15.9 0.7% 7.7 0.4% 23.6 1.1%
Debenture 4th Issue 0.0 0.0% 0.7 0.0% 0.7 0.0%
BNDES Rationing 38.8 1.8% 371.4 17.0% 410.2 18.8%
Debenture 5th. Issue 46.8 2.1% 950.0 43.4% 996.8 45.6%
CCB Bradesco 53.7 2.5% 450.0 20.6% 503.7 23.0%
ABN Amro 1.0 0.0% 80.0 3.7% 81.0 3.7%
Financial operations "Swap" 4.8 0.2% 4.8 0.2%
Others 8.2 0.4% 3.9 0.2% 12.2 0.6%
Foreing Currency 29.3 1.3% 124.8 5.7% 154.1 7.0%
National Treasury 22.5 1.0% 119.7 5.5% 142.2 6.5%
Import Financing 5.4 0.2% 4.2 0.2% 9.6 0.4%
BNDES Import Fin. 1.5 0.1% 0.9 0.0% 2.4 0.1%
Gross Debt 198.5 9.1% 1,988.5 90.9% 2,187.0 100%
Cash 865.5
Net Debt (a) 1,321.5
Braslight (b) 954.0 954.0
Net Regulatory Asset (c) 259.0 85.1 344.1
Adjusted Net Debt (a+b-c) 1,931.4


18
Net Income
Light recorded net income of R$ 207.8 million this quarter, 315.4% above 3Q07, due to higher
operating results, as previously described.
Net income in the first nine months of 2008 amounted to R$ 697.1 million, versus the R$ 578.1 million
in 9M07, an increase of 20.6%.
Capital Expenditures
In 3Q08, the Company invested R$ 147.6 million
and, in the first nine months of 2008, it invested R$
405.4 million in acquiring and improving its fixed
assets. In 9M08, most of the funds went to the
development of distribution networks, primarily
involving new connections, capacity increases and
corrective maintenance, totaling R$ 124.0 million;
quality improvements (structural optimization and
preventive maintenance), which absorbed R$ 50.8
million; and loss-prevention initiatives totaling R$
119.6 million. In the generation segment, about R$ 11.4 million went to plant repairs and upgrading,
R$ 6.8 million to 3 new generation projects.
Generation Expansion Projects
Through its subsidiaries Lightger Ltda., Itaocara Energia Ltda. and Light Energia S.A., Light S.A.
entered into three Consortium Agreements with Cemig for the purpose of constructing and developing
the PCH Paracambi, UHE Itaocara and PCH Lajes hydroelectric power plants, respectively.
Below is a brief summary and status update on these 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, downstream from the Lajes Complex, located in the
city of Paracambi/RJ. The project is currently in the process of obtaining its Installation License and
Authorization for Vegetation Suppression so as to create the reservoir. Work is expected to begin in
December 2008, for a 24-month-term. The energy take traded by Light is being carried out by Light
Esco, having part of this energy already been sold on the free market.

PCH Lajes: a small hydropower plant, with 17 MW of installed capacity, whose expected generation
is an average of 15 MW. The plant is located in the Lajes Complex and makes use of the civil structure
of the idle Fontes Velha plant. The basic project has been submitted for ANEELs approval. The required
Investiment in Aquisitions &
Improvements on Fixed Assets (R$ MM)
161.1
351.6 25.2
198.5
405.4
26.2
11.3
26.6
0.9
1.1
9M07 9M08
Distribution Administration Generation Commercialization


19
environmental licensing was already granted, and the contracting process of civil construction and
electro-mechanical equipment supply is in progress. The capacity is expected to go live in 2010.

UHE Itaocara: a hydropower plant, with 195 MW of installed capacity and 110 MW of assured
energy, located on the Paraba do Sul river, in Itaocara, in the state of Rio de Janeiro, near Light
S.E.S.A.s concession area. Operational start-up is estimated for 2012 following a construction period of
36 months. The environmental licensing procedures with IBAMA are in progress, and the Statement of
Reference on the studies already been issued.

In addition to these projects, and to increase their joint participation, the Company and Cemig plan to
participate, through new consortia formed specifically for such purposes, in bids related to hydroelectric
power plants to generate energy until attaining at least 300 MW in addition to the installed capacity.
The Companies will also jointly analyze and participate in third party ventures already in progress.

Cash Flow

R$ MM 3Q07 3Q08 9M08
Cash in the Beginning of the Period {1) 486.6 442.6 490.2
Net Income 120.4 207.8 697.1
Provision for Delinquency 40.3 81.0 186.3
Depreciation and Amortization 94.6 80.0 244.6
Net !nterests and Nonetary variations 54.0 92.0 185.6
Braslight 30.1 38.7 148.9
Atualization f provisions reversal (73.4) (6.4) (376.0)
Others 4.3 (9.7) 178.8
Net Income Cash Basis 261.7 483.4 1,265.4
Working Capital (22.3) (11.5) (139.7)
Regulatories (RTE, CvA e Bubble) 123.1 (1.7) 20.5
Contingencies (8.2) (27.2) (57.7)
Taxes 5.1 25.4 (204.9)
Others (18.6) (7.2) 33.1
Cash from Operating Activities {2) 340.8 461.4 916.7
Dividends Payment - - (203.5)
Finance Obtained - 174.1 249.5
Debt Service and Amortization (165.6) (63.7) (199.1)
Financing Activities {3) (165.6) 110.4 (153.1)
Share Participations 8.4 - 2.0
Concession !nvestments (111.7) (148.9) (390.3)
Deferred Aplications - - -
Investment Activities {4) (103.3) (148.9) (388.3)
Cash in the End of the Period {1+2+3+4) 55S.5 S65.5 S65.5
Cash Generation {2+3+4) 71.9 422.9 375.3


20
In 3Q08, Light recorded positive cash flow generation of R$ 422.9 million, when compared to R$ 71.9
million for 3Q07. This variation in cash flow was due to the following effects:
(i) Increase in Cash Generated by Operations in the amount of R$120.6 million, reflecting an
increase in accounting net income of R$87.4 million, positively affected by operational result,
arising from the effect of non cash accounts which increased Net Income Cash Basis in $134.4
million, and from working capital improvements. The positive impact of said accounts mentioned
in the cash generation surpassed the final payment of RTE in February of 2008;
(ii) Improvement in cash from financing activities, due to the reduction of debt and funding in
BNDES and market operations, resulting in an increase of R$276 million.
The Company showed significant growth in investments made between the two quarters, and the
strong cash generation was not impacted.

Corporate Governance and the Capital Market
The capital stock of Light S.A. comprises 203,933,778 common shares, with no par value. The
controlling group, Rio Minas Energia (RME), retains 52.1% of the capital stock.









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
Countrys
biggest
individual
electricity
distributor
Andrade Gutierrez
Groups division that
invests in public
services concession
Brazilian private
investors group
(includes Brasligt)
Holding that
controls
CEMAR.
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%
52,1%
BNDESPAR
MARKET
33,6%
14,3%
Free Float: 47,9%
CEMIG
Companhia Energtica
de Minas Gerais


21
principles of transparency and equity, essential for ensuring mutually beneficial relations with the
capital market. Light is listed on the Ibovespa, Itag, IGC, IEE, IBrX and ISE indexes.
Lights Board of Directors is formed by 11 members, 2 of which are elected independently. The
following 5 committees support the Board of Directors: Finance, Management, Audit, Human
Resources, and Governance and Sustainability.
At the Board of Directors meetings held October 3 and November 7, the conversion of 498 subscription
bonus of debentures from the 4
th
Debentures Issuance of Light S.E.S.A into 46,942 shares issued by
Light S.A. was accredited. The total number of issued shares increased from 203,462,739 to
203,933,778 no-par common shares, and the capital stock increased from de R$ 2,220,354,993.81 to
R$ 2,225,818,913.50. There are only 134 debentures remaining in the market from the 4
th
debentures
issuance.
At the meeting of the Board held in November 07, 2008, the distribution of R$ 350,766,098.16, or
R$1.72 per share as dividends was also approved, based on profit reserve registered on balance sheet
as of December 31, 2007, representing a dividend yield of 8.2%, considering closing stock price as of
November 06, 2008. The shares shall be traded ex-dividend as of November 10, 2008.

Within the quarter, due to the outflow of net resources in the amount of R$11.7 billion, the Bovespa
index presented a 23.8% decline, while the IEE index fell 14.5%, and Lights stock closed the quarter
up by 3.0% with an average daily volume of transactions amounting to R$ 5.8 million. Within the
quarter dollar presented a 20.3% valuation in relation to Real.
The graph below shows Lights share performance since RME took control on August 10 2006.
BOVESPA (spot market) - LIGT3
Daily Average 3Q08 2Q08 3Q07
Number of shares traded (Million) 248.56 222.14 263.26
Number of Transactions 483 348 340
Traded Volume (R$ Million) $5.8 $5.5 $7.4
Quotation per lot of 1000 shares: $23.69 $23.00 $27.37
Share Valuing 3.0% 3.7% -0.3%
IEE Valuing -14.5% 13.7% -3.2%
Ibovespa Valuing
-23.8% 6.6% 11.2%


22


Recent Events
Registration of ADRs Programs: In October 10, Light presented to CVM a registration request
for the Companys Sponsored Level 1 Depositary Receipts Program, for the trading in the
American over-the-counter securities market. Citibank is the depositary institution in the United
States of America, responsible for the issuance of the respective certificates at a ratio of (1) one
Depositary Share for each (1) one common share. CVM has a period of 30 days to answer the
request.
Contracting of Market Maker: The Company contracted Credit Suisse to act as a market maker
of its shares (LIGT3) at Bovespa. The trading with the market maker began October 27 of the
current year, with the objective to provide more liquidity to the financial instruments, thus
avoiding liquidity gaps and providing reference price to the shares.
Payment of Dividends: At the meeting of the Board held in November 07, 2008,,the distribution
of R$ 350,766,098.16, or R$1.72 per share, as dividends was approved, based on profit reserve
registered on balance sheet as of December 31, 2007. Said dividend payment represents a
dividend yield of 8.2% considering the market price as of November 6, 2008s closing. The shares
shall be negotiated ex-dividends as of November 10, 2008, and the payment of dividends will
begin November 21, 2008.
Light x Ibovespa x IEE
08/10/06 = 100 until 10/31/08
80
100
120
140
160
180
200
220
240
A
u
g
-
0
6
S
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p
-
0
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60% Light
0% Ibovespa
20% IEE
R$/share
08/10/06 13.99
10/31/08 22.39
2008
IEE -17%
IBOV -42%
LIGT3 -19%


23
Tariff Review: From November 7, 2008, the new tariffs of power supply will be in force, as a
result of the Companys 2
nd
Cycle of Tariff Review. The index of new tariff was 1.96% with
additional financial amount of 2.30%, resulting in an average impact of 4.70% to the consumers.
There is more information available about tariff review on Exhibit VI of this release, and also in
the Notice to Market filed at CVM and Bovespa on November 5, 2008.
Sustainability: Light received the following awards: National Award for Corporate Socio-
Environmental Responsibility, from Instituto Biosfera; Marketing Best Award of Social
Responsibility; Top Social Award; 3
rd
place in the ranking of public utilities among the major
companies in Sustainability, according to Imprensa Magazine. The Company also received a
honorable mention in the I Environment Forum 100% Smoke-Free, granted by Rio de Janeiro City
Hall; Award I Exhibition of Communication Practices for Accident Prevention with Internal Public,
promoted by the Brazilian Association of Electric Energy Dealers (ABCE) (Award granted for the
campaign Your Life is Important (Sua Vida Vale Mais), oriented toward labor safety); Seal of
Citizen Company (Award granted due to the Lights adhesion to Citizen Maternity program).




24
Disclosure Program

Disclaimer

The information on the Companys operations and its Managements expectations regarding its future performance was not
reviewed by independent auditors.
Forward-looking statements 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 - 4688-6301
USA: +1(888)700 0802
Other countries: +1 (786) 924-6977
Access code: Light
APIMEC in:
So Paulo - 11/12/2008
Belo Horizonte - 11/26/2008
Conference Call - Dial number:
Schedule
11/11/2008, tuesday, at 02:00 p.m. (Braslia) and at 11:00 a.m. (Eastern time),
with simultaneous translation to English
Webcast: link on site www.light.com.br (portuguese and english)
Access conditions:


25
EXHIBIT I
Statement of Income by Company - R$ million

LIGHT SESA 3Q08 3Q07
1
% 9M08 9M07
1
%
Operating Revenue 1,908.1 1,834.2 4.0% 5,840.9 5,954.3 -1.9%
Deductions from the operating revenue (679.5) (729.6) -6.9% (2,143.6) (2,375.0) -9.7%
Net operating revenue 1,228.6 1,104.6 11.2% 3,697.3 3,579.3 3.3%
Operating expense (987.6) (986.9) 0.1% (3,089.1) (3,063.1) 0.8%
Operating result 240.9 117.7 104.7% 608.2 516.2 17.8%
EBITDA 314.6 205.8 52.8% 833.4 748.5 11.4%
Equity equivalence 275.5 (27.0) - 207.5 (104.3) -
Financial Result (356.1) (24.9) 1328.6% 62.0 47.0 32.0%
Non operating result (2.0) (0.3) 523.9% 10.2 6.7 51.8%
Result before taxes and interest 158.4 65.5 141.8% 888.0 465.6 90.7%
Net Income 195.3 32.4 501.9% 628.2 693.3 -9.4%
EBITDA Margin 25.6% 18.6% - 22.5% 20.9% -
LIGHT ENERGIA 3Q08 3Q07 % 9M08 9M07 %
Operating Revenue 83.6 78.8 6.0% 257.6 225.5 14.2%
Deductions from the operating revenue (10.1) (11.1) -8.9% (31.5) (28.5) 10.6%
Net operating revenue 73.4 67.7 8.5% 226.1 197.0 14.7%
Operating expense (29.5) (31.5) -6.4% (91.7) (93.9) -2.3%
Operating result 43.9 36.2 21.4% 134.3 103.1 30.3%
EBITDA 50.2 42.5 18.1% 153.1 122.2 25.4%
Equity equivalence - - - - - -
Financial Result (24.0) (9.3) 157.1% (37.5) (26.9) 39.4%
Non operating result - - - - - -
Result before taxes and interest 19.9 26.8 -25.7% 96.9 76.2 27.0%
Net Income 13.2 17.5 -24.6% 64.6 50.2 28.7%
EBITDA Margin 68.3% 62.7% - 67.7% 62.0% -
LIGHT ESCO 3Q08 3Q07 % 9M08 9M07 %
Operating Revenue 24.7 13.4 85.1% 80.6 28.2 185.3%
Deductions from the operating revenue (4.7) (1.4) 236.1% (14.0) (4.1) 239.6%
Net operating revenue 20.1 12.0 67.6% 66.6 24.1 176.1%
Operating expense (20.3) (11.1) 83.3% (55.5) (22.0) 152.2%
Operating result (0.2) 0.9 - 11.1 2.1 424.1%
EBITDA (0.0) 1.1 - 11.7 2.7 328.3%
Equity equivalence - - - - - -
Financial Result 0.1 0.1 125.0% 0.5 0.2 146.6%
Non operating result - - - - - -
Result before taxes and interest (0.1) 0.9 - 11.6 2.3 399.7%
Net Income (0.1) 0.7 - 7.2 1.8 304.9%
EBITDA Margin -0.2% 9.2% - 17.6% 11.3% -
1
Figures are presented pro forma as explained on exhibit V, where the adjustments are detailed


26
EXHIBIT II
Statement of Consolidated Income

Consolidated - R$ MM 3Q08 3Q07 9M08 9M07
OPERATING REVENUE 1,992.4 1,910.9 6,100.5 6,159.9
DEDUCTIONS FROM THE REVENUE (694.3) (742.1) (2,189.1) (2,407.6)
NET OPERATING REVENUE 1,298.0 1,168.8 3,911.3 3,752.3
OPERATING EXPENSE (1,014.0) (1,014.9) (3,160.7) (3,135.2)
Personnel (50.8) (72.3) (166.9) (216.0)
Material (3.9) (3.5) (11.4) (11.4)
Outsourced Services (70.8) (70.5) (197.5) (191.7)
Purchased Energy (712.6) (688.6) (2,213.3) (2,165.4)
Depreciation (80.0) (94.6) (244.6) (251.9)
Provisions (74.7) (61.0) (262.1) (237.4)
Others (21.2) (24.4) (64.8) (61.4)
OPERATING RESULT() 284.0 153.9 750.6 617.1
EBITDA () 364.0 248.5 995.2 869.0
EQUITY EQUIVALENCE 0.0 0.0 0.0 (0.0)
FINANCIAL RESULT (104.4) (61.0) 232.7 (223.3)
Financial Income 56.2 69.3 205.6 187.6
Financial Expenses (160.6) (130.4) 27.1 (410.9)
NON OPERATIONAL RESULT (2.0) (0.3) 10.2 6.7
Non-Operating Income 2.2 0.0 18.7 7.8
Non-Operating Expenses (4.2) (0.4) (8.5) (1.1)
RESULT BEFORE TAXES AND INTEREST 177.5 92.5 993.5 400.5
SOCIAL CONTRIBUTIONS & INCOME TAX 3.1 (18.5) (142.7) (53.1)
DEFERRED INCOME TAX 27.2 (24.0) (153.7) 230.7
NET INCOME
207.8 50.0 697.1 578.1
() 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


27
EXHIBIT III
Consolidated Balance Sheet


Consolidated Balance Sheet - R$ MM
ASSETS 9/30/2008 6/30/2008
Circulating 3,314.4 2,999.8
Cash & Cash Equivalents 865.5 442.6
Credits 2,137.7 2,176.4
Inventories 18.3 17.3
Others 292.9 363.4
Realizable in the Long Term 1,718.4 1,663.9
Miscellaneous Credits 1,409.5 1,408.3
Others 308.9 255.7
Permanent 4,317.3 4,247.2
Investments 12.8 13.2
Net Fixed Assets 3,981.4 3,913.2
Deferred Charges 47.0 49.2
Intangible 276.1 271.7
Total Assets 9,350.1 8,910.9
LIABILITIES 9/30/2008 6/30/2008
Circulating 1,487.9 1,418.8
Loans and Financing 69.1 39.2
Debentures 35.4 35.3
Suppliers 421.9 386.1
Taxes, Fees and Contributions 261.5 250.4
Dividends to pay - -
Provisions 174.8 157.6
Others 525.3 550.2
Long-Term Liabilities 4,473.8 4,316.3
Loans and Financing 1,030.1 863.5
Debentures 958.3 975.9
Provisions 975.3 992.8
Others 1,510.0 1,484.2
Future Fiscal Year Results 8.2 3.3
Net Assets 3,380.2 3,172.4
Realized Joint Stock 2,220.4 2,220.4
Legal Reserve 53.9 53.9
Profits Retention 394.1 394.1
Accumulated Profit/Loss of Exercise 711.9 504.1
Total Liabilities
9,350.1 8,910.9


28
EXHIBIT IV
Regulatory Assets and Liabilities


Light in Numbers






REGULATORY ASSETS R$ MM
9/30/2008 9/30/2007 9/30/2008 9/30/2007
Customers, Concessionaires and Permissionaires 60.5 194.2 - -
Extraordinary Tariff Recomposition - 156.1 - -
Free energy - 35.4 - -
Tariff Readjustment - - - -
Tariff Readjustment - TUSD 60.5 2.7 - -
Despesas Pagas Antecipadamente 198.6 168.9 112.1 229.7
CVA - 18.2 112.1 35.3
PISande COFINS - 9.3 - -
Other Regulatories - 5.2 - -
Parcel A 198.6 136.2 - 194.5
Total 259.0 363.1 112.1 229.7
Regulatory Liabilities
Suppliers - (139.4) - -
Free Energy - (139.4) - -
Regulatory Liabilities - (3.6) (27.1) (87.1)
CVA - (3.3) (27.1) (87.1)
Other Regularories - (0.3) - -
Total - (142.9) (27.1) (87.1)
TOTAL 259.0 220.2 85.1 142.6
Short Term Long Term
OPERATING INDICATORS 2Q08 2Q07 Var. %
N of Consumers (thousands) 3,929 3,855 1.9
N of Employees 3,741 3,986 -6.1
Average distribution tariff - R$/MWh 388.9 412.2 -5.6
Average distribution tariff - R$/MWh (w/out taxes) 268.7 280.7 -4.3
Average energy purchase cost R$/MWh* 91.0 93.5 -2.7
Generation Capacity (MW) 855 855 -
Assured Energy (MW) 537 537 -
Net Generation (GWh) 3,789 3,713 2.1
Charge Factor 66.3% 66.1% -
* Includes net energy purchase/sell in the spot market
** Preliminar value
**


29
EXHIBIT V
Light SESA has questioned, since March, 1999, the amendments set forth by the Law 9,718/98
changing the manner in which to calculate PIS and COFINS taxes in connection with (i) enlargement of
the base for such taxes and (ii) the increase of the COFINS rate from 2% to 3%.
In the 2
nd
and third quarters of fiscal year 2007, Light reversed a part of its provisions referring to the
aforementioned matters. Lights management decided to re-implement these provisions that were
charged to net income in the 4
th
quarter of 2007, which previously had been reversed in the
second and third quarters of 2007, as explained in its Standardized Financial Statements (DFP) and
in the Results Release.
In the 3
rd
quarter of 2007 the net amount of R$ 70.5 million (R$106.8 million registered in Financial
Result, with corresponding impact of R$ 36.3 million in IR/CS) was reversed. In the accumulated result
of nine months of 2007 the net amount of R$ 265.5 million (R$ 163.0 million registered in Gross
Income Deductions and R$ 239.3 million registered in Financial Result, with corresponding impact of R$
136.8 million in IR/CS) was reversed.
In addition to the reversal of provisions adjustment, the figures of 2
nd
quarter of 2007 were also
recalculated in order to reflect the effect of Law 11,638, for the results of said period, pursuant to CVM
Rule 469/08.
In view of these adjustments, we are now presenting the income for the 3
rd
quarter and the 1
st
nine
months of 2007 on a pro forma basis, so as to eliminate the effect of such reversions and
provisions on those periods, as detailed below:
3
rd
quarter of 2007 Pro Forma - R$ MM


Published Law 11,638 Provisions Pro Forma
3Q07 Adjustment Remade 3Q07
Operating Revenue 1,910.9 1,910.9
Deductions From The Revenue (742.1) (742.1)
Net Operating Revenue 1,168.8 1,168.8
Operating Expense (1,014.9) (1,014.9)
Operating Result 153.9 153.9
EBITDA 248.5 248.5
Equity Equivalence - -
Financial Result
Income 69.2 0.1 69.2
Expenses (23.5) (106.8) (130.4)
Total 45.7 (61.2)
Non Operational Result (0.3) (0.3)
Result Before Taxes and Interest 199.3 92.5
IR/CS + Deferred (78.9) (0.0) 36.3 (42.6)
Net Income 120.4 50.0


30

nine months of 2007 Pro Forma - R$ MM

Published Law 11.638 Provisions Pro Forma
9M07 Adjustment Remade 9M07
Operating Revenue 6,159.9 6,159.9
Deductions From The Revenue (2,244.6) (163.0) (2,407.6)
Net Operating Revenue 3,915.2 3,752.3
Operating Expense (3,135.2) (3,135.2)
Operating Result 780.1 617.1
EBITDA 1,032.0 869.0
Equity Equivalence - -
Financial Result
Income 187.6 187.6
Expenses (164.8) (6.8) (239.3) (410.9)
Total 22.8 (223.3)
Non Operational Result 6.7 6.7
Result Before Taxes and Interest 809.6 400.5
IR/CS + Deferred 38.5 2.3 136.8 177.6
Net Income 848.1 578.1





31

EXHIBIT VI
ANEEL (Brazilian Electricity Regulatory Agency), at a public meeting held on the date hereof,
temporarily approved the structural tariff repositioning of 1.96% applied by Light S.E.S.A. ("Light) for
the period as of November 7, 2008, comprising all consumption segments (residential, industrial,
commercial, rural and other).
The tariff revision process has as main results: the tariff repositioning, which establishes tariffs
compatible with the coverage of efficient operational costs and remuneration over prudent investments
and; Factor X, which establishes productivity targets to the subsequent tariff period.
For the calculation of tariff repositioning, ANEEL carries out the determination: (i) of efficient
operational costs, using the Reference Company - ER methodology, (ii) of prudent investments, using
the Regulatory Asset Base, and (iii) of the regulatory losses level to be transferred to the consumers
and (iv) of non-manageable costs, which comprise Parcel A.
The Regulatory Asset Base was ratified as definitive, and the other items (Reference Company, Losses
Level and Delinquency) were defined as temporary. For the calculation of the Reference Company,
ANEEL applied the new proposed model as a result of the Public Audience 052.
In addition, ANEEL established new regulatory levels to losses and delinquency. Regarding losses, the
index changed to 19.15% over grid load. The previous level was 15.97%. With respect to delinquency,
the level to be considered in this revision is 0.90% of the gross distribution revenue, given that the
previous index was 0.50% of net distribution revenue (excluding ICMS).
Taking into account the financial tariff components which are not part of the tariff base, but are part of
the amounts relative to the 12-month period subsequent to the revision, the tariff repositioning index
was 4.26%.
It is worth pointing out that Lights end consumers will observe an average 4.70% readjustment in
their electricity bills as of November 7, due to the financial additions included in the tariff related to the
period between November 7, 2007 up to present, associated to the recovery of tariff differences of past
periods, which had a negative effect of 0.41% in that periods tariff.
ANEEL also established, temporarily, Factor Xe of 0.0%, to be used as of the 2009 tariff readjustment.
The calculation of Lights Factor X was already carried out, taking into account the new methodology
proposed in the scope of Public Audience 052. The amount will be validated in the ratification of the
results of said Audience, foreseen to next week.


32
Applying the tariff alignment, where indices are different to high-voltage and low-voltage consumers,
the average readjustment to each voltage level calculated by ANEEL will be as follows:





The table below shows Lights 2008 periodic tariff revision result breakdown.
Tariff Revision 2008
in thousands of
R$
Verified Revenue 5,102,841
Parcel A 3,531,847
Purchased Energy 2,455,572
Sector Charges 643,772
Energy Transport 432,503
Parcel B 1,690,381
Capital Remuneration 704,485
Reference Company 575,868
Delinquency 66,737
Reintegration Portion 343,291
Total Required Revenue 5,222,228
(-) Other Revenues 19,221
Net Required Revenue 5,203,007
Financial Components 119,817
Economic Repositioning 1.96%
Financial Adjustment 2.30%
Total Repositioning 4.27%
Gross RAB 8,077,437
Net RAB 4,673,711

Finally, with respect to financial additional, it is worth pointing out that ANEEL approved the
administrative appeal filed by Light in its 2007 readjustment. In said appeal, the company requested
the recalculation of CVA Energia relative to the period of 2005 and 2006. The impact of this decision
was R$76.8 million, which represented an additional of 1.48%.

Tension level
Effect on
Consumers
Low tension 3.29%
A4 5.43%
A3a 7.40%
AS 5.43%
A2 4.44%
Average value 4.70%