FINANCIAL STATEMENTS 2001

1. FINANCIAL STATEMENTS 2001 • Chief Financial Officer - DFN • Chief Investor Relation Officer

2. Highlights on Financials Net Income R$ 478 Million Return on Equity 7% EBITDA R$ 1.412 Million Total debt R$2.480 Million Proposed Dividends R$ 214 Million Shareholders’ Equity R$ 6,948 Million Debentures R$ 625 Million Interest and Charges R$ 221 Million

3. Highlights on institutional affairs Listing New York Stock Exchange BOVESPA Corporate Governance Level I cmig4 cig

4. Highlights on strategy Industry General Agreement Industry Revitalization Expansion Revenue Losses The MAE Energy transaction deadlock CAPEX R$ 635 MI Non controllable costs Assurance on the capacity expansion New consumers 270 thousand connected Purchase of non Regulated price energy Moving along with the Industry restructuring Porto Estrela 112 MW Irapé Funding Structure Other Regulatory costs

5. Incurred Costs and reimbursement on the wake of the Regulatory Agreement 2001 Values in R$ million

6. ECONOMIC INDICATORS

7. CEMIG Structure Novas agências de atendimento New Investments in Generation Capacity

8. Consolidated statement of income

9. BS reflects the industry agreement booking rules Assets Balance Sheet: Holding Values in million of Reais Liabilities and Equity

10. EPS growth was strong in 2001 Holding R$ MI in 12/31/2001 % change Net Operating Revenue Operating Expenses EBITDA FX Losses Net income (Loss) Operating Margin (%) EBITDA Margin (%) Retail Sales (GWh) 4,712.9 3,803.8 1,412.1 209.5 477.9 19.3 30.0 34,896 29.9 % 29.9 % 19.2 % 123.3 % 15.2% (0.2)% (8.3) % (7) %

11. Quartely Net income growth R$ million

12. Quartely EBITDA growth 19.2 %

13. Net Income 15% higher in 2001 Holding

14. Net Revenue increased 30% due to tariff readjustment Holding

15. Non controllable costs increased faster Holding

16. Energy purchased reflects rationing adjustment Holding

17. FX losses were higher even with the Real appreciation Holding FINANCIAL RESULTS For the whole Year Real Depreciation: Up to Dec/01: 18.67% Up to Dec/00: 9.30% 2001 2000 Financial Result ( R$266,0 MI ) Financial Result ( R$204,5 MI ) Revenue R$ 448,2 MI Revenue R$239,9 MI Expenses ( R$443,2 MI ) Expenses ( R$412,0 MI ) FX Losses ( R$209,5 MI ) FX Losses ( R$93,9 MI )

18. Foreign Currency debt reduced by Eurobond retirement Million of Reais Holding

19. Debt maturity Holding

20. 2001 Year end results:guidance NON-OPERATING RESULTS For the whole Year 2001 2000 Non-operating Result ( R$89.9 MI ) Non-operating Result ( R$63.6 MI ) Write-off and Disposal losses ( 44.0 MI ) Write-off and Disposal losses ( R$14.7 MI ) FORLUZ – operating expenses ( R$7.9 MI ) FORLUZ – operating expenses ( R$8.0 MI ) Projects write-off and others ( R$38.0 MI ) Projects write-off and others ( R$40.9 MI )

21. ENERGY BALANCE 2001 Energy for sale 46.984 GWh Energy delivered to the transmission grid Regulated price Market 17,557 GWh Total Energy 43,391 GWh Non regulated potencial market 16,875 GWh Third party plant supply Losses 7,6 % 3,593 GWh 1,323 GWh Wholesale 7,636 GWh

22. Rationing reduced sales Volume in 7%

23. PRODUCTIVITY GAINS

24. Outlook 2002 Electricity sales – After rationing Growth Reference: June/2001

25. Outlook 2002 Market growth : before and after rationing Reference: June/2001

26. INVESTMENTS PROGRAM R$3.9 billion planned for the next 5 years Economic Basis

27. Major Projects