Light Holdings Diversified structure which comprehends the Distribution, Generation and Commercialization segments

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1 J u n e

2 Light Holdings Diversified structure which comprehends the Distribution, Generation and Commercialization segments 2

3 Light in numbers DISTRIBUTION RJ State Concession Area % Population¹ 16 MN 11 MN 68% Área¹ 44,000Km² 11,000 Km² 25% GDP¹ R$ 407 BN R$ 207 BN 51% Consumers 7 MN 4 MN 57% Municipalities % 1 IBGE (2010) 1 IBGE (2010) Generation 8 1 Amazônia Energia Renova Guanhães Energia 6 Complexo de Lajes HPP Ilha dos Pombos 7 HPP Santa Branca 7 5 SHPP Paracambi 8 HPP Itaocara I 3

4 Rankings Among the largest players in Brazil INTEGRATED¹ Net Revenues 2015* - (R$ Billion) ELECTRICITY DISTRIBUTION² Energy Consumption in Concession Area 2015** - (GWh) º ,318 26,496 24,044 22,051 5º 21,354 POWER GENERATION PRIVATE-OWNED COMPANIES¹ Installed Hydro-generation Capacity (MW) 7,039 1 Source: Companies reports 2 Source: Relatório do Sistema de Apoio a ANEEL 4,995 4,931 2,658 2,562 2,274 1,911 1,451 9º 971 *** * Construction Revenue Included ** Captive Market *** Considers the 7 MW of Renova s SHPPs and 24 MW of Brasil PCH 4

5 Shareholder Structure Strategic combination of players with an operational and financial profile 11 Board members: 8 from the controlling group, 2 independents e 1 employees nominated A qualifying quorum of 7 members to approve relevant proposals such as: M&A and dividend policy Number of shares 203,934,060 Price Jun 24, 2016 R$ Price range 52 weeks R$

6 Corporate Governance Decision process assures transparency and value creation LGSXY ADR-OTC 6

7 Energy Consumption Distribution TOTAL MARKET (GWh) 1Q16 (Quarter) TOTAL MARKET (GWh) 1Q16 (12 months) -3.4% -0.7% +0.6% -7.3% +1.1% -2.4% 7,374 7,422 6,884 26,250 26,541 25, ºC 27.9ºC 27.8 C 25.2ºC 24.4ºC 24.6 C 1Q14 1Q15 1Q16 1Q14 1Q15 1Q16 7

8 Losses and Collection 8,691 8,551 LOSSES (12 months) 23.0% 22.7% 23.0% 23.2% 23.9% 8,687 8,766 8,978 COLLECTION RATE BY SEGMENT 1Q16 (Quarter) 95.2% 90.0% 94.8% 90.6% 98.0% 99.1% 94.6% 93.2% 95.0% 95.4% 86.1% 76.7% 5,808 5,682 5,786 5,889 6,179 2,883 2,869 2,901 2,877 2,799 mar/15 jun/15 sep/15 dec/15 Mar-16 Total Retail Large Costumers Public Sector Non Tec. Losses GWh % Total Losses/Grid Load Tec. Losses GWh 1Q14 1Q15 1Q16 8

9 Losses Barra do Piraí Três Rios Volta Redonda Nova Iguaçu Duque de Caxias Belford Roxo São João de Meriti Jacarepaguá Bangu Campo Grande Santa Cruz Mar/16 (12 months) Penha Méier Cascadura Ilha do Governador Zona Sul Centro Tijuca Barra Recreio LIGHT VALE CENTRO SUL LESTE OESTE BAIXADA Clients(amount) 4,329, , , ,916 1,038,465 1,108,679 Total Losses/Grid Load 23.93% 1.51% 9.03% % 34.45% 38.56% Main Areas 9

10 Losses Non Technical Losses (GWh) Mar/16 (12 months) Grid Load (GWh) Mar/16 (12 months) 2,719 44% 56% 3,460 Total: 6,179 GWh 3,533 9% 33,989 91% Total: 37,522 GWh Possible Areas Risk Areas Possible Areas Risk Areas Non-Technical Losses (GWh) Technical Losses (GWh) Total Losses (GWh) Grid Load (GWh) % Non-Technical Losses / Grid Load % Total Losses / Grid Load Risk areas 2, ,956 3, % 83.67% Possible areas 3,460 2,563 6,022 33, % 17.72% Total 6,179 2,799 8,978 37, % 23.93% 10

11 Regulatory Allowance for Non-Technical Losses Higher recognition of losses linked to targets achievement Additional revenues to be invested in the losses combat program and booked as Special Obligations (ex-rab) Regulatory Losses Target (every ( August) Final Proposal (according to methodology) Regulatory Losses with Penalty 11

12 Light: Tariff Readjustments 93.2% Before Tariff Revision Tariff Revision Nov/13 Readjustment Nov/14 Tariff Flags ETR + Tariff Flags Tariff Flags Reduciton Readjustment Nov/15 Tariff Nov/15 *ETR: Extraordinary Tariff Review 12

13 Generation

14 Brazil Energy Matrix Variety of energy sources available for energy production 1.41% 4.35% 0.01% 28.57% Hydro Thermal Nuclear Wind 65.65% Solar Over 70% of Brazil s electricity is provided by renewable sources Integrating hydro and thermal GSF Generation Scaling factor Reduction in hydroelectric generation impacts GSF Hydro generators need to purchase energy in the spot market % 98.7% 93.6% 93.8% 93.8% 96.3% 92.2% 93.8% 88.9% 87.7% 88.2% 86.1% 86.5% 86.9% 87.8% 91.3% 83.9% 87.7% 82.5% 80.6% 81.3% 84.8% 78.4% 81.9% 78.3% 79.4% 78.1% 70 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 GSF -reduction factor of hydro power plants that share hydrological risk in the MRE 14

15 855 MW Installed Capacity Concessions Expiring Only in % 100% Paraiba do Sul River HPP Santa Branca 56 MW RJ HPP Ilhados Pombos HPP Ilha dos Pombos 187 MW HPP Santa Branca SP 100% 100% 100% HPP Fontes Nova 132 MW Quality Management Underground HPP Nilo Peçanha MW Environmental Management HPP Pereira Passos 100 MW Occupational health and Safety Management 15

16 Assured Energy: 549 MWaverage Energy commercialization focused on the free market Hedge Available Energy Contracted Energy Average selling price in : R$ 192/MWh (base date: Jun, 2016) 16

17 Power Generation Expansion Renewable energy generation projects, mainly through partnerships Project Installed Capacity (MW) Assured Energy (MW average) Operational Start Stake Paracambi % Renova 672 (in operation) 1,998 (contracted ( contracted) (in operation) (contracted contracted) % Belo Monte 11,223 11,223 4, % Guanhães % Lajes 17 Itaocara % % 17

18 RESULTS

19 Financial Highlights R$ mn Q15 LTM 1Q16 LTM Net Revenue* 8,260 9,710 9,122 8,960 EBITDA 1,699 1,272 1,793 1,098 EBITDA Margin 20.6% 13.1% 19.7% 12.3% Net Income (85) Shareholders Equity 3,629 3,670 3,757 3,659 Market Cap 3,291 2,019 2,785 2,023 Net Debt 5,914 6,502 6,042 6,270 Enterprise Value 9,205 8,521 1,793 8,292 EV/EBITDA *Construction revenue not considered 19

20 Net Revenue and Costs NET REVENUE* (R$MN) 1Q16 (Quarter) COSTS* (R$MN) 1Q16 (Quarter) -25.3% 11.7% 2, , % 210 2, % 247 1, % % % 137 1Q15 1Q16 1Q15 1Q16 Distribution Generation and Commercialization Elimination PMSO Provisions Depreciation and Others * Construction revenue/cost not considered 20

21 EBITDA and Net Result ADJUSTED EBITDA 1 (R$MN) 1Q16 (Quarter) NET RESULT (R$MN) 1Q16 (Quarter) % % % % % % Q15 1Q16 Distribution Generation and Commercialization Elimination 1Q15 1Q16 Distribution Generation and Commercialization Elimination 1 Adjusted EBITDA corresponds to: net revenue minus costs and expenses, without taking the non-operating result and equity income into consideration. 21

22 Net Result NET RESULT (R$ MN) 1Q15 / 1Q16 (Quarter) -98.9% Q15 Result Adjusted EBITDA Financial Result Non Operating Result Taxes Depreciation Equity Pick-Up 1Q16 Result 22

23 Dividends Minimum legal payout is compatible with deleveraging strategy DIVIDENDS AND YIELDS (R$ MN) PAYOUT (%) 12.4% 11.6% 16.2% 9.5% 8.7% 4.9% 11.3% 5.8% 0.5% Payout JCP Dividends Dividend Yeld* *Based on the closing price of the day prior to the announcement. 23

24 Indebtedness NET DEBT (R$MN) 6,042 6,502 6, AMORTIZATION SCHEDULE* (R$ MN) Average Term: 3.4 years 1,415 1,194 1, Mar-15 Dec-15 Mar-16 Net Debt/EBITDA (for covenantscovenants) After 2022 * Notional Only 9.68% COST OF DEBT 11.27% 14.03% 14.50% AMORTIZATION 2Q16-4Q16 (R$ MN) % 4.47% 3.21% 3.75% Q16 Real Cost Nominal Cost 1Q16 2Q16 3Q16 4Q16 24

25 Investments (R$ MN) CAPEX (R$ MN) Year CAPEX (R$ MN) Quarter , % Q15 1Q16 Transfers to Subsidiaries Other Investments Special Obligations (Losses) Investments in Electrical Assets (Distribution) 25

26 Disclaimer This presentation may include forward-looking statements according to Brazilian regulations and international movable values. These statements are based on certain assumptions and analyses made by the Company in accordance with its experience, the economic environment, market conditions and future events expected, many of which are out of the Company s control. Important factors that can lead to significant differences between the actual results and statements on future events or business-oriented results include the Company s strategy, the Brazilian and international economic conditions, technology, financial strategy, developments of the public service industry, hydrological conditions, conditions of the financial market, uncertainty regarding the results of its future operations, plans, goals, expectations and intentions, among others. Because of these factors, the Company s actual results may significantly differ from those indicated or implicit in the statements on events or future results. The information and opinions herein must not be understood as recommendation to potential investors, and no investment decision should be based on the veracity, the updated or completeness of this information or opinions. None of the Company s professionals or parts related to them or its representatives will have any responsibility for any losses that can elapse from the use or the contents of this presentation. This material includes declarations on future events submitted to risks and uncertainties, which are based on current expectations and projections on future events and trends that can affect the Company s businesses. These declarations include projections of economic growth and demand and supply of energy, in addition to information on competitive position, regulatory environment, potential growth opportunities and other subjects. Various factors can adversely affect the estimates and assumptions on which these declarations are based on. 26

27 Contacts Felipe Sá Head of Participations and Investor Relations Mariana da Silva Rocha Investor Relations Manager

O c t o b e r 2 0 1 5

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