You are on page 1of 3



EXCERPT OF THE BOARD OF DIRECTORS GENERAL MEETING OF LIGHT S.A., HELD ON JUNE 22, 2007, DRAWN UP UNDER SUMMARY FORMAT, PURSUANT TO PARAGRAPH 1, ARTICLE 130 OF LAW 6.404/76. 1. Date, time and place: June 22, 2007, at 3:00 P.M., held at Av. Marechal Floriano, n 168, parte, 2 andar, Corredor A, Centro, Rio de Janeiro, RJ. 2. Attendance: Sitting members Aldo Floris, Alessandro Monteiro Morgado Horta, Djalma Bastos de Morais, Eduardo Borges de Andrade, Gilberto Sayo da Silva, Jos Luiz Silva, Raphael Hermeto de Almeida Magalhes, Ricardo Coutinho Sena and Wilson Nlio Brumer, Chairman of the meeting, as well as the acting deputy board members Alfredo Salomo Neto, Almir Jos dos Santos. The deputy board members Ana Marta Veloso, Bruno Constantino Alexandre dos Santos, Carmen Lcia Claussen Kanter, Celso Fernandez Quintella, Joo Batista Zolini, Lauro Alberto De Luca, Luiz Fernando Rolla, Paulo Roberto Reckziegel Guedes, Ruy Flaks Schneider also attended the meeting, however without voting. Attorney Patricia Veiga Borges was invited to be the secretary of the meeting. Officers Jos Luiz Alqures and Ronnie Vaz Moreira also attended the meeting 3. Agenda Resolutions: 3.1. Capital Stock Increase The Board of Directors, after presentation of Officer Ronnie Vaz Moreira, pursuant to second paragraph and caput of Article 5, of the Companys Bylaws, which regulates the conditions and limit of the Companys authorized capital, approved the Companys capital stock increase in the amount of one hundred fourteen thousand, four hundred twenty-three reais and seventy-one centavos (R$114,423.71), resulting from the exercise of rights inherent to Subscription Bonus which took place between May 17, 2007 and June 22, 2007. The increase will take place upon the issuance of nine million, eight hundred ninety-seven thousand, eight hundred and twenty-five (9,897,825) non-par book-entry common shares. Due to the resolved increase, the Companys capital stock will be two billion, one hundred thirty-six million, nine hundred and three thousand, three hundred eighty-three reais and ninety-nine centavos (R$2,136,903,383.99) represented by one hundred ninety-six billion, two hundred fifty-two million, two hundred and twenty thousand, six hundred and thirty-two (196,252,220,632) nonpar book-entry common shares. The shares issued due to the exercise of rights inherent to Subscription Bonus which took place between May 17, 2007 and June 22, 2007, will be fully

integrated in the possible dividends distribution and interests on own capital, to be approved by the Company, relative to the fiscal year of 2007, year of the shares subscription. 3.2. Stocks Reverse Split The Board of Directors, after Officer Ronnie Vaz Moreiras presentation, and opinion of Companys Financial Committee, resolved on: 3.2.1. To submit to the Extraordinary Shareholders Meeting the reverse split proposal of total shares representing the Companys capital stock, pursuant to Article 12 of Law 6.404/76, in the following terms: (i) The current 196,252,220,632 shares representing the capital stock will be grouped at the ratio of one thousand (1,000) existing shares to one (1) share; (ii) If the proposal of stock reverse split is approved by the Extraordinary Shareholders Meeting, the Notice to the Market will be published with all necessary information so that the shareholders, at their solely and exclusive criterion, adjust their shareholder positions into multiple groups of one thousand (1,000) shares, upon negotiation at the So Paulo Stock Exchange BOVESPA (BOVESPA). Similarly, the procedures that will be adopted by the subscription bonus holders will be explained; (iii) Any possible share fractions will be separated, grouped into integers and sold at an auction to be held at BOVESPA, and the corresponding amounts shall be credited to the shareholders current accounts. For the shareholders whose shares are blocked or with outdated register, the amount will be held by the Company and made available to the respective shareholder at the depositary institution, Banco Bradesco S.A., which will carry up payment, upon presentation of supporting documentation proving the unblocking of shares or the shareholders identity, as the case may be; (iv) When the adjustment period mentioned in item (iii) above is terminated, the representative shares of the Companys capital stock shall be negotiated in group and exclusively per unit quote; and (v) If the present proposal is approved by the shareholders, the Article 5 of the Companys Bylaws, which regulates the capital stock, will be amended in order to reflect the new capital stock composition. The reverse split, which will not imply in the change of the capital stock value, has as an objective to standardize the share quote unit in the national market (BOVESPA), grant better visibility to the stock quotes by means of the negotiation by share unit and grant a better quality in the information and communication with the Companys shareholders. 3.2.2. To authorize the Companys Board of Executive Officers to practice all acts necessary for the implementation of said stock reverse split operations. 3.3. Call for the Companys Extraordinary Shareholders Meeting The Board of Directors approved the call for the Companys Extraordinary Shareholders Meeting to resolve on: (i) the change of the wording of Article 5 of the Bylaws to reflect the Companys capital increase as per item 3.1 above; (ii) the approval of the Companys stock reverse split as per item 3.2 above.

3.4. New Attributions and Change of the Corporate Management Descriptive Name. The Board of Directors unanimously approved the Board of Executive Officers proposal to add the functions regarding the Companys institutional relationships to the Corporate Managements attributions, as well as the change of the Corporate Management descriptive name to Corporate and Institutional Management. I declare that the present instrument is an excerpt of the minutes of the Board of Directors meeting of Light S.A., held on this date. Rio de Janeiro, June 22, 2007. Patricia Veiga Borges, Secretary of the Meeting.