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FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.  20549

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2013

Commission File Number 1-15224

Energy Company of Minas Gerais

(Translation of Registrant’s Name Into English)

Avenida Barbacena, 1200

30190-131 Belo Horizonte, Minas Gerais, Brazil

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

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Index

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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1. Market Announcement: Aneel Published the Results of the Third Tariff Review of Cemig Distribuição S.A., April 5, 2013

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COMPANHIA ENERGÉTICA DE MINAS GERAIS — CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64  —  NIRE 31300040127

MARKET ANNOUNCEMENT

Aneel announces result of Tariff Review of Cemig D

Cemig (Companhia Energética de Minas Gerais), a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid, in accordance with CVM Instruction 358 of January 3, 2002, as amended, hereby publicly informs the Brazilian Securities Commission (CVM), the São Paulo Stock, Commodities and Futures Exchange (BM&F Bovespa S.A.) and the market in general, as follows:

At its public meeting held today the Brazilian electricity sector regulator, Aneel (Agência Nacional de Energia Elétrica), published the results of the Third Tariff Review, which will result in positive repositioning of the tariffs of Cemig Distribuição S.A.

These tariffs will take effect as from April, 2013. The average effect for consumers will be an increase of 2.99%. This effect comprises one part reflecting the revision per se, and one part comprising the associated financial components.

In this decision, Aneel is applying the effects of Decree 7945/12, which governs the use of the funds from the Energy Development Account (Conta de Desenvolvimento Energético, or CDE) to attenuate distributors’ costs of acquisition of electricity in the Electricity Trading Chamber (Câmara de Comercialização de Energia Elétrica, or CCEE) as a result of the unfavorable hydrological conditions, which have led to the dispatching of thermal generation plants.

The Decree aims to reduce the impact of the adjustment. For Cemig D, it limits the adjustment to 3%. The amount that exceeds this percentage will be passed through in a single payment, within 10 business days from the date of publication of the Homologating Resolution confirming this review. The amount of these funds, coming from the CDE, will be decided by Aneel within this period, and will be reimbursed by consumers over 5 years, updated by the IPCA inflation index.

It is noted that the application of the adjustment will not be uniform for all types of consumer, and that consumers’ tariffs will also be affected by the new tariff structure, which is a sub-process of the Tariff Review. Another item established in the Review process is the multiple known as the “X Factor”, which contains the XPd Factor (representing productivity) and the XT (for transition) Factor. These have been calculated to be 1.15% and 0.68%, respectively.

According to the statement of calculation received by Cemig after the homologation of the result of the Tariff Review by the meeting of the Council of Aneel, the Net Regulatory Remuneration Base was R$ 5,511,767,731.07, and the Gross Regulatory Remuneration Base was R$ 15,355,842,946.29.

Belo Horizonte, April 5, 2013.

Luiz Fernando Rolla

Chief Finance and Investor Relations Officer

Av. Barbacena 1200    Santo Agostinho    30190-131 Belo Horizonte, MG    Brazil    Tel.: +55 31 3506-5024    Fax +55 31 3506-5025

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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2. Market Announcement: Aneel Approves Transfer of Control of Transmission Companies, April 9, 2013

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COMPANHIA ENERGÉTICA DE MINAS GERAIS — CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64  —  NIRE 31300040127

MARKET ANNOUNCEMENT

Aneel approves transfer of control of transmission companies

Complementing its Material Announcement of May 17, 2012, Cemig (Companhia Energética de Minas Gerais), a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid, in accordance with CVM Instruction 358 of January 3, 2002, as amended, hereby publicly informs the Brazilian Securities Commission (CVM), the São Paulo Stock, Commodities and Futures Exchange (BM&F Bovespa S.A.) and the market in general, as follows:

On today’s date the regulatory authority of the Brazilian electricity industry, Aneel (National Electricity Agency) approved the transfer of stockholding control, to Transmissora Aliança de Energia Elétrica S.A. (Taesa), of the following companies holding electricity transmission concessions:

(1)               Transfer of direct stockholding control:

(ii)              Transfer of indirect stockholding control (by Cemig and its wholly-owned subsidiary Cemig Geração e Transmissão S.A. — Cemig GT.)

Final conclusion of the transfer of the assets (“the Restructuring”) is still subject to consent from the financing banks, including in particular the Brazilian Development Bank (BNDES).

On the date of completion of the Restructuring, Taesa will disburse R$ 1.732 billion, updated by the CDI rate from December 3, 2011, less dividends and/or Interest on Equity already declared, whether already paid or not.

Belo Horizonte, April 9, 2013.

Luiz Henrique Michalick

Acting Chief Finance and Investor Relations Officer

Companhia Energética de Minas Gerais — Cemig

Av. Barbacena 1200      Santo Agostinho      30190-131 Belo Horizonte, MG      Brazil      Tel.: +55 31 3506-5024     Fax +55 31 3506-5025

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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3. Summary of Decisions of the 564th Meeting of the Board of Directors, April 11, 2013

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COMPANHIA ENERGÉTICA DE MINAS GERAIS — CEMIG

LISTED COMPANY

CNPJ 17155.730/0001-64  —  NIRE: 31300040127

BOARD OF DIRECTORS

Meeting of April 11, 2013

SUMMARY OF PRINCIPAL DECISIONS

The Board of Directors of Cemig (Companhia Energética de Minas Gerais), at its 564th meeting, held on April 11, 2013, decided the following:

1.                          Limits of financial covenants in the by-laws.

2.                          Calling of an Extraordinary General Meeting of Stockholders, to be held on May 23, 2013 at 11 a.m.

Av. Barbacena 1200    Santo Agostinho    30190-131 Belo Horizonte, MG    Brazil    Tel.: +55 31 3506-5024    Fax +55 31 3506-5025

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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4. Extraordinary General Meeting of Shareholders - 05/23/13: Convocation and Proposal by the Board of Directors, April 11, 2013

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COMPANHIA ENERGÉTICA DE MINAS GERAIS — CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64 - NIRE 31300040127

EXTRAORDINARY GENERAL MEETING OF STOCKHOLDERS

CONVOCATION

Stockholders are hereby called to an Extraordinary General Meeting of Stockholders to be held on May 23, 2013 at 11 a.m. at the company’s head office, Av. Barbacena 1200, 21st floor, Belo Horizonte, Minas Gerais, Brazil, to decide on:

Ratification of the target in Subclause ‘d’ of Paragraph 7 of Article 7 of the Company’s by-laws being exceeded in 2012.

Any stockholder who wishes to be represented by proxy at the said General Meeting of Stockholders should obey the terms of Article 126 of Law 6406/76, as amended, and the sole paragraph of Clause 9 of the Company’s Bylaws, depositing, preferably by May 20, 2013, proofs of ownership of the shares, issued by a depositary financial institution, and a power of attorney with specific powers, at Cemig’s Corporate Executive Office at Av. Barbacena 1200, 19th floor, B1 Wing, Belo Horizonte, Minas Gerais, or showing them at the time of the meeting.

Av. Barbacena 1200    Santo Agostinho    30190-131 Belo Horizonte, MG    Brazil    Tel.: +55 31 3506-5024    Fax +55 31 3506-5025

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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PROPOSAL

BY THE BOARD OF DIRECTORS TO THE

EXTRAORDINARY GENERAL MEETING OF STOCKHOLDERS

TO BE HELD ON MAY 23, 2013.

Dear Stockholders:

The Board of Directors of Companhia Energética de Minas Gerais (Cemig),

— whereas:

a)             Cemig’s long-term strategic plan contains the long-term strategic planning, fundamentals, targets, objectives and results to be pursued and achieved by the Company, and its dividend policy, and it is the responsibility of the Board of Directors and of the Executive Board faithfully to obey and comply with the targets established in § 7 of Article 11 of the by-laws, notably the target limiting the consolidated amount of funds allocated to capital investment and acquisition of any assets, in a business year, to the equivalent of a maximum of 40% (forty per cent) of the Company’s Ebitda (profit before interest, taxes, depreciation and amortization);

b)             the opportunities and needs for investments that became available to the Cemig Group led to a volume of investments in 2012 equivalent to 54% of Ebitda, thus higher than the target limit mentioned in subclause ‘a’ above;

b)             exceeding of the limit arose principally from the increase in the Company’s Program of Investments in 2012, among which highlights are:

·                  acquisition of a stockholding in Unisa — União de Transmissoras de Energia Elétrica Holding S.A by Transmissora Aliança de Energia Elétrica S.A. — Taesa;

·                  acquisition by Cemig of a stockholding in  Companhia de Gás de Minas Gerais — Gasmig;

·                  updating of and improvements to the generation equipment and transmission system of Cemig Geração e Transmissão S.A., and, further,

·                  the Distribution Development Plan (PDD) of Cemig Distribuição S.A.;

— now proposes to you as follows:

Ratification of the Company having, in 2012, exceeded the limits specified in subclause “d” of Paragraph 7 of Article 11 of the by-laws, corresponding to: the consolidated amount of funds destined to capital expenditure and acquisition of any assets of the Company being equivalent to a maximum of 54% (fifty four per cent) of the Company’s Ebitda (Earnings before interest, taxes, depreciation and amortization).

As can be seen, the objective of this proposal is to meet legitimate interests of the stockholders and of the Company, and as a result it is the hope of the Board of Directors that you, the stockholders, will approve it.

Belo Horizonte, April 11, 2013.

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5. Presentation: Results of the Tariff Review of Cemig Distribuição S.A.

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6. Market Announcement: New Treatment for CVA Amounts in Cemig Distribuição S.A., April 18, 2013

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COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64  —  NIRE 31300040127

MARKET ANNOUNCEMENT

New treatment for CVA amounts in Cemig D

Cemig (Companhia Energética de Minas Gerais), a listed company with securities traded on the stock exchanges of São Paulo, New York and Madrid, hereby, in accordance with CVM Instruction 358 of January 3, 2002, as amended, publicly informs the Brazilian Securities Commission (CVM), the São Paulo Stock, Commodities and Futures Exchange (BM&F Bovespa S.A.) and the market in general, as follows:

·                 As per the decision given in a public meeting by the Council of Aneel, held on April 5, 2013, the balances of the Portion A Variation Account (CVA) associated with the period of January 2013, relating to the payments made of Regulated Market Electricity Sale Contracts (CCEARs), in the availability mode, will be incorporated into the amounts of the passthrough of the CDE to Cemig’s wholly-owned subsidiary Cemig Distribuição S.A., as determined by Decree 7945/2012.

·                 The amount to be added to the R$ 343 million already accounted for is approximately R$ 145 million.

Belo Horizonte, April 18, 2013.

Luiz Fernando Rolla

Chief Finance and Investor Relations Officer

Av. Barbacena 1200      Santo Agostinho      30190-131 Belo Horizonte, MG      Brazil      Tel.: +55 31 3506-5024     Fax +55 31 3506-5026

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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7. Convocation and Proposal by the Board of Directors to the AGM to be held on April 30, 2013 (with Appendix), dated March 27, 2013

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COMPANHIA ENERGÉTICA DE MINAS GERAIS — CEMIG

LISTED COMPANY

CNPJ 17.155.730/0001-64 - NIRE 31300040127

ORDINARY AND EXTRAORDINARY

GENERAL MEETINGS OF STOCKHOLDERS

CONVOCATION

Stockholders are hereby called to an Ordinary and an Extraordinary General Meeting of Stockholders, to be held, concurrently, on April 30, 2013 at 11 a.m., at the company’s head office, Av. Barbacena 1200, 21st floor, in the city of Belo Horizonte, Minas Gerais, Brazil, to decide on the following matters:

1)                         Examination, debate and voting on the Report of Management and the Financial Statements for the year ended December 31, 2012, and the respective complementary documents.

2)                         Allocation of the net profit for the year 2012, in the amount of R$ 4,271,685, and of the balance in the Retained Earnings account, in the amount of R$ 120,930,000.

3)                         Decision on the form and date of payment of dividends, in the amount of R$ 2,918,000.

4)                         Authorization, verification and approval of an increase in the Share Capital

·                  a stock dividend being distributed, consequently, to stockholders, of  12.854843355%,  in new shares, of the same type as those held, with nominal unit value of R$ 5.00.

5)                         Authorization for the Executive Board to:

·                  take the measures necessary for the stock dividend of 12.854843355%, in new shares, of the same type as those held and with par value of R$ 5.00, to holders of the shares making up the capital of R$ 4,265,091,140.00, whose names are on the company’s Nominal Share Register on the date of this General Meeting of Stockholders;

·                  sell on a securities exchange the whole numbers of nominal shares resulting from the sum of the remaining fractions, arising from the said stock dividend, and to share the net proceeds of the sale, proportionately, among the stockholders;

·                  establish that all the shares resulting from the said stock dividend shall have the same rights as those shares from which they originate; and

·                  pay to the stockholders, proportionately, the result of the sum of the remaining fractions, jointly with the first installment of the dividends for the year 2012.

6)                         Changes to the Company’s by-laws, to:

a)             Make the change in drafting of the Head paragraph of Article 4º of the by-laws resulting from the above-mentioned increase in the Share Capital.

b)             Change the drafting of sub-clause ‘g’ of Item I and include sub-clause ‘n’ in Item XI, of the head paragraph of Article 22, to transfer the activity of Ombudsman from the CEO to the Department of the Chief Officer for Institutional Relations and Communication.

7)                         Election of the sitting and substitute members of the Audit Board and setting of their remuneration.

8)                         Election of the sitting and substitute members of the Board of Directors, due to their resignation.

9)                         Setting of the remuneration of the Company’s Managers.

Av. Barbacena 1200      Santo Agostinho      30190-131 Belo Horizonte, MG      Brazil      Tel.: +55 31 3506-5024     Fax +55 31 3506-5026

This text is a translation, provided for information only. The original text in Portuguese is the legally valid version.

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10)                  Orientation of the vote of the representatives of Companhia Energética de Minas Gerais in the Ordinary and Extraordinary General Meetings of Stockholders of Cemig Distribuição S.A., also to be held, concurrently, by April 30, 2013, as to the following matters:

a)             Examination, debate and voting on the Report of Management and the Financial Statements for the year ended December 31, 2012, and the respective complementary documents.

b)             Proposal for allocation of the net profit for 2012, in the amount of R$ 191,365,000.

c)              Decision on the form and date of payment of dividends, in the amount of R$ 141,114,000.

d)             Change in the bylaws , redrafting sub-clause ‘g’ of Item I, and including a sub-clause ‘n’ in Item XI, of the head paragraph of Article 17, to transfer the activity of Ombudsman from the CEO to the Department of the Chief Officer for Institutional Relations and Communication.

e)              Election of the sitting and substitute members of the Board of Directors, due to the ending of their period of office.

f)               Election of the sitting and substitute members of the Audit Board, due to the completion of the current period of office.

11)                  Orientation of the vote of the representatives of Companhia Energética de Minas Gerais in the Ordinary and Extraordinary General Meetings of Stockholders of Cemig Geração e Transmissão S.A., also to be held, concurrently, by April 30, 2013, as to the following matters:

a)             Examination, debate and voting on the Report of Management and the Financial Statements for the year ended December 31, 2012, and the respective complementary documents.

b)             Allocation of the net profit for the year 2012, in the amount of R$ 1,919,485,000, and of the balance in the Retained Earnings account, in the amount of R$ 108,309,000.

c)              Decision on the form and date of payment of dividends, in the amount of R$ 992,718,000.

d)             Changes to the by-laws, to change the drafting of sub-clause ‘g’ of Item I, and include sub-clause ‘n’ in Item XI, of the head paragraph of Article 17, to transfer the activity of Ombudsman from the CEO to the Department of the Chief Officer for Institutional Relations and Communication.

e)              Election of the sitting and substitute members of the Board of Directors, due to the ending of their period of office.

f)               Election of the sitting and substitute members of the Audit Board, due to the completion of the current period of office.

Under Article 3 of CVM Instruction 165 of December 11, 1991, adoption of the multiple voting system for election of members of the company’s Board requires the vote of stockholders representing a minimum percentage of 5% (five per cent) of the voting stock.

Any stockholder who wishes to be represented by proxy at this General Meeting of Stockholders should obey the terms of Article 126 of Law 6406/76, as amended, and the sole paragraph of Clause 9 of the Company’s Bylaws, depositing, preferably by April 26, 2013, proofs of ownership of the shares, issued by a depositary financial institution, and a power of attorney with specific powers, at Cemig’s Corporate Executive Secretariat Office at Av. Barbacena, 19th floor, B1 Wing, Belo Horizonte, Minas Gerais, or producing them at the time of the meeting.

Belo Horizonte, March 27, 2013.

Dorothea Fonseca Furquim Werneck;

Chair of the Board of Directors

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PROPOSAL

BY THE

BOARD OF DIRECTORS

TO THE

ORDINARY AND EXTRAORDINARY

GENERAL MEETINGS OF STOCKHOLDERS

TO BE HELD, CONCURRENTLY, BY

APRIL 30, 2013

Dear Stockholders:

The Board of Directors of Companhia Energética de Minas Gerais (Cemig),

— whereas:

a)             Article 192 of Law 6404 of 15-12-1976 as amended, and Clauses 27 to 31 of the by-laws, require the Board of Directors to make a proposal to the Ordinary General Meeting of Stockholders for allocation of the Company’s profit;

b)             the Company wishes to declare an additional dividend of R$ 666 million, further to the extraordinary dividends declared in December 2012;

c)              under an agreement between Cemig and the State of Minas Gerais, Cemig was authorized to retain amounts payable under Legal Action Nº 0024.02.747.991-4, in the amount of R$ 111,599,000, and allocate them as payment of dividends, as per Board Spending Decision (CRCA) 114/2012, of December 14, 2012;

d)             the Financial Statements for 2012 present net profit of R$ 4,271,685,000, and a balance of Retained earnings of R$ 120,930, arising from realization of the Reserve for Adjustments to Stockholders’ Equity;

e)              Clause 5 (“Incorporation to the Registered Capital”) of the Contract for Assignment of the Remaining Balance Receivable on the Earnings Compensation Account (“the CRC Account”), signed on May 31, 1995, between the state of Minas Gerais and Cemig, determines that the amounts in fact paid by the State of Minas Gerais as principal shall be incorporated into the Company’s Registered Capital as “Donations and Subventions for Investments”;

f)               the payments made in 2012 by the state of Minas Gerais in relation to the final installments of amortization of the Principal, adjusted in accordance with the Fifth Amendment to the Contract for Assignment of the Remaining Balance Receivable on the Results Compensation (CRC) Account, total R$ 548,270,785.00 (five hundred forty eight million two hundred seventy thousand seven hundred eighty five Reais);

g)              in 2009, a new Cemig Governance and Corporate Management Model was developed, among other objectives, to foster strategic alignment between companies of the “Cemig Group”, and to structure alternatives to strengthen the business vision in management of the holding;

h)             in August 2012 the Board of Directors approved the first Integrated Strategic Plan of the “Cemig group”, and the review of the Long-term Strategic Plan for 2012—2035;

i)                there is a need for the company to restructure its Ombudsman department, to further improve its interaction with its clients;

j)                Cemig Geração e Transmissão S.A. (“Cemig GT”) and Cemig Distribuição S.A. (“Cemig D”) are wholly-owned subsidiaries of Companhia Energética de Minas Gerais (“Cemig”) and will hold their Ordinary and Extraordinary Annual General Meetings by April 30, 2010;

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k)             Clause 21, § 4 sub-Clause “g”, of the by-laws of Cemig states:

“Clause 21…

§4          The following decisions shall require a vote by the Executive Board:

...

g)              approval, upon proposal by the Chief Executive Officer, prepared jointly with the Chief Officer for Business Development and the Chief Officer for Finance and Investor Relations, of the statements of vote in the General Meetings of the wholly-owned and other subsidiaries, affiliated companies and in the consortia in which the Company participates, except in the case of the wholly-owned subsidiaries Cemig Distribuição S.A. and Cemig Geração e Transmissão S.A., for which the competency to decide on these matters shall be that of the General Meeting of Stockholders, and decisions must obey the provisions of these Bylaws, the decisions of the Board of Directors, the Long-term Strategic Plan and the Multi-year Strategic Implement Plan”;

— now proposes to you as follows:

I)                           Distribution of net profit: That the net profit for 2012, in the amount of R$ 4,271,685,000 and the balance of retained earnings, in the amount of R$ 120,930,000, should be allocated as follows:

a)             R$ 170,603,000, or 3.99% of the net profit, to the Legal Reserve, in accordance with sub-clause “a” of the sole sub-paragraph of Clause 28 of the Bylaws, but such allocation being limited to the maximum percentage of 20.00% of the balance of the registered Share Capital, as per Article 193 of Law 6404/1976.

b)        R$ 2,918,107,000 should be allocated as dividends to the Company’s stockholders, as follows:

·                  R$ 1,700,000,000 in the form of Interest on Equity, as per Board Spending Decision (CRCA) 116/2012, to those stockholders whose names were on the company’s Nominal Share Register on December 21, 2012 — of this amount, R$ 686,000,000 was paid on March 5, 2013; and

·                  R$ 1,218,107,000 in the form of dividends for 2012, to those stockholders whose names are on the company’s Nominal Share Register on the day on which the Ordinary General Meeting of Stockholders is held.

c)         R$ 1,303,905,000 to be held in Stockholders’ equity in the Reserve under the by-laws account specified in Clause 28, paragraph 1, sub-clause ‘c’, and Clause 30 of the by-laws.

·                  the payments of dividends and Interest on Equity to be made in two installments, by June 30 and December 30, 2013, and these dates may be brought forward, in accordance with the availability of cash and at the option of the Executive Board.

Appendix 1 summarizes the calculation of the dividends proposed by Management, in accordance with the Bylaws.

II)                      Capital increase: Authorization, verification and approval of an increase in the share capital,

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III)                 Consequent redrafting of the by-laws, changing the head paragraph of Clause 4, to the following:

“Clause 4              The company’s Share Capital is R$ 4,813,361,925.00 (four billion eight hundred thirteen million three hundred sixty one thousand nine hundred twenty five Reais), represented by:

a)        420,764,708 (four hundred twenty million seven hundred sixty four thousand seven hundred eight) nominal common shares each with par value of R$ 5.00;

b)        541,907,677 (five hundred forty one million nine hundred seven thousand six hundred seventy seven) nominal preferred shares each with par value of R$ 5.00.”

IV)                  Stock dividend: Authorization for the Executive Board to take the following measures:

·                  to attribute a stock dividend of 12.854843355%, in new shares, of the same type as those held and with par value of R$ 5.00, to holders of the shares making up the capital of R$ 4,265,091,140.00, whose names are on the company’s Nominal Share Register on the date of the General Meeting of Stockholders that decides on this proposal;

·                  to sell on a securities exchange the whole numbers of nominal shares resulting from the sum of the remaining fractions, arising from the said stock dividend, and to share the net proceeds of the sale, proportionately, among the stockholders;

·                  to establish that all the shares resulting from the said stock dividend shall have the same rights as those shares from which they originate; and

·                  to pay to the stockholders, proportionately, the result of the sum of the remaining fractions, jointly with the first installment of the dividends for the year 2012.

V)                       Status of Ombudsman: Change in the by-laws, in sub-clause ‘g’ of Item I, and inclusion of a sub-clause ‘n’ in Item XI, of the head paragraph of Clause 22, to transfer the activity of the

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Ombudsman from the CEO to the Department of the Chief Officer for Institutional Relations and Communication, as follows:

“Clause 22:              Subject to the provisions of the previous clauses, the following are the functions and powers attributed to the members of the Executive Board:

I —         To the Chief Executive Officer:

...

g)              to manage and direct the activities of internal auditing, the Corporate Executive Office, and strategic planning;

...

XI —            To the Chief Institutional Relations and Communication Officer:

...

n)                 to carry out the function and activities of the Company’s Ombudsman”.

VI)                  Orientation of vote: That the representative of Cemig in the Ordinary and Extraordinary General Meetings of stockholders of Cemig D and Cemig GT, also to be held, concurrently, by April 30, 2013, should vote in favor of the matters on the agenda, that is to say the following:

Cemig D:

a)             Examination, debate and voting on the Report of Management and the Financial Statements for the year ended December 31, 2012, and the respective complementary documents.

b)             Proposal for allocation of the net profit for 2012, in the amount of R$ 191,365,000.

c)              Decision on the form and date of payment of dividends, in the amount of R$ 141,114,000.

d)             Change in the bylaws, redrafting sub-clause ‘g’ of Item I and including a sub-clause ‘n’ in Item XI, of the head paragraph of Clause 17, to transfer the activity of the Ombudsman from the CEO to the Department of the Chief Officer for Institutional Relations and Communication.

e)              Election of the sitting and substitute members of the Board of Directors, due to the ending of their period of office.

f)               Election of the sitting and substitute members of the Audit Board, due to the completion of the period of office.

Cemig GT:

a)             Examination, debate and voting on the Report of Management and the Financial Statements for the year ended December 31, 2012, and the respective complementary documents.

b)             Allocation of the net profit for the year 2012, in the amount of R$ 1,919,485,000, and of the balance in the Retained Earnings account, in the amount of R$ 108,309,000.

c)              Decision on the form and date of payment of dividends, in the amount of R$ 992,718,000.

d)             Change in the bylaws, redrafting sub-clause ‘g’ of Item I and including a sub-clause ‘n’ in Item XI, of the head paragraph of Clause 17, to transfer the activity of the Ombudsman from the CEO to the Department of the Chief Officer for Institutional Relations and Communication.

e)              Election of the sitting and substitute members of the Board of Directors, due to the completion of their period of office.

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f)               Election of the sitting and substitute members of the Audit Board, due to the completion of the current period of office.

As can be seen, the objective of this proposal is to meet legitimate interests of the stockholders and of the Company, and as a result it is the hope of the Board of Directors that you, the stockholders, will approve it.

Belo Horizonte, March 27, 2013.

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APPENDIX 1

CALCULATION OF PROPOSED DIVIDENDS

COMPANHIA ENERGÉTICA DE MINAS GERAIS — CEMIG

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APPENDIX 2

Proposal for allocation of net profit (in accordance with Appendix 9-1 II CVM Instruction 481/2009)

1.                                    State the net profit for the business year.

R$ 4,271,685,000.

2.                                    State the total amount of dividends and the amount per share, including interim dividends and Interest on Equity already declared.

· Interest on Equity in the amount of R$ 1,700,000,000, equivalent to 1.993773380 per share, declared on December 20, 2012.

· Dividends in the amount of R$ 1,218,107,000, equivalent to R$ 1.428605477 per share, on the basis of the share capital before the stock bonus proposed to the AGM of April 30, 2013.

3.                                    State the percentage of the net profit for the business year that was distributed.

68.31%.

4.                                    State the global amount of dividends distributed based on the profits of previous business years, and the amount per share.

Not applicable.

5.                                    State, after deduction of interim or advance dividends and Interest on Equity already declared:

a.             The gross amount of dividends and Interest on Equity, separated, for each type and class of share.

Dividends  — R$ 1,218,107,000, comprising:

R$ 532,637,101.61 for the common (ON) shares; and

R$ 685,469,898.39 for the preferred (PN) shares.

b.                                The form and period of payment of the dividends and Interest on Equity.

The dividends and Interest on Equity will be paid in two equal installments, by June 30 and December 30, 2013, and these dates may be brought forward, in accordance with the availability of cash and at the option of the Executive Board.

The amounts of the installments will be as follows:

By June 30, 2013

ON shares — R$ 0.714302738 per share

PN shares — R$ 0.714302738 per share

By December 30, 2013

ON shares — R$ 0.714302738 per share

PN shares — R$ 0.714302738 per share

c.              Any application of monetary updating or interest on the dividends and Interest on Equity.

There is no provision for updating.

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d.              Date of declaration of payment of the dividends and Interest on Equity considered for stockholder entitlement.

April 30, 2013.

6.                                    In the event that there has been a declaration of dividends for Interest on Equity based on profit ascertained based on 6-monthly or more frequent financial statements:

a.                               State the amount of the interim dividends or Interest on Equity already declared.

R$ 1,700,000,000.

b.                               State the date of the respective payments.

R$ 686,000,000 paid on March 5, 2013

R$ 164,000,000 by June 28, 2013

R$ 850,000,000 by December 30, 2013

7.                                    Give a comparative table indicating the following amounts per share for each type and class:

a.             Net profit for the business year and for the 3 (three) previous business years.

Remarks: The amount per share is the same for both the preferred and the common shares.

b.                                Dividend and Interest on Equity distributed in the 3 (three) previous years

Remarks: The amount per share is the same for both the preferred and the common shares.

8.                                    In the event that profits were allocated to the legal reserve:

a.              State the amount allocated to the legal reserve.

R$ 170,603,000.

b.                               Give details of the form of calculation of the legal reserve.

3.99% of the net profit allocated to the Legal Reserve, in accordance with sub-clause ‘a’ of the sole sub-paragraph of Clause 28 of the Bylaws, such allocation being limited to the maximum percentage of 20.00% of the balance of the registered Share Capital, as per Article 193 of Law 6404/1976.

9.                                    If the company has preferred shares with the right to fixed or minimum dividends

a.             Describe the form of calculation of the fixed or minimum dividends.

Minimum dividends:

10% of the nominal value of the preferred shares, or 3% of the amount of the interest in Stockholders’ Equity represented by the preferred shares, whichever

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is greater. Note: In the event of the distribution of dividends decided being greater than the minimum, the larger figure prevails.

b.              State whether the profit for the business year is sufficient for full payment of the fixed or minimum dividends.

The profit for the business year is sufficient for the full payment of the minimum dividends.

c.              Identify whether any portion unpaid is cumulative.

Not applicable.

d.              Identify the global amount of the fixed or minimum dividends to be paid to each class of preferred shares.

Not applicable.

e.              Identify the global amount of the fixed or minimum dividends to be paid to each class of preferred shares.

Not applicable.

10.                                                             In relation to the obligatory dividend:

a.                Describe the form of calculation specified in the bylaws.

50% of the net profit.

b.                State whether it is being paid in full.

The obligatory dividend is being paid in full in 2 installments:  the first by June 30, 2013 and the second by December 30, 2013.

c.                 State any amount retained.

Not applicable.

11.                             In the event that there is retention of the obligatory dividend due to the company’s financial situation:

a.             State of the amount of the retention.

Not applicable.

b.              Describe, in detail, the financial situation of the company, dealing also with aspects relating to analysis of liquidity, working capital and positive cash flows.

Not applicable.

c.              Justify the retention of the dividends.

Not applicable.

12.                              In the event that there is allocation of profit to a contingencies:+++

a.              State the amount allocated to the reserve.

Not applicable.

b.                             Identify the loss considered probable and its cause

Not applicable.

c.              Explain why the loss was considered “probable”.

Not applicable.

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d.                             Justify the constitution of the reserve.

Not applicable.

13.                              In the event that there is allocation of profit to a future earnings reserve:

a.              State the amount allocated to the future earnings reserve.

Not applicable.

b.                             State the nature of the non-realized profits that gave rise to the reserve

Not applicable.

14.                     In the event that there is allocation of profit to reserves specified under the bylaws:

a.             Describe the clauses in the bylaws that established the reserve.

Subclause “c” of the sole sub-paragraph of Article 28, and Article 30, of the Bylaws.

b.                                Identify the amount allocated to the reserve

R$ 1,303,905,000.

c.              Describe how the amount was calculated

Portion of the profit remaining after deduction of the proposed dividend and constitution of the Legal reserve.

15.                             In the event that the retention of profits was specified in the capital budget:

a.              Identify the amount of the retention.

Not applicable.

b.                                Provide copy of the capital budget

Not applicable

16.                             If there has been allocation of profits to the tax incentive reserve

a.              State the amount allocated to the reserve.

Not applicable.

b.                                Explain the nature of the allocation.

Not applicable.

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APPENDIX 3

II — Report giving in detail the origin and justification for the changes proposed to the Bylaws and their legal and economic effects.

Head paragraph of Clause 4 of the by-laws:

Justifications:

a)        Clause 5 (“Incorporation to the Registered Capital”) of the Contract for Assignment of the Remaining Balance Receivable on the Earnings Compensation Account (“the CRC Account”), signed on May 31, 1995, between the state of Minas Gerais and Cemig, determines that the amounts in fact paid by the State of Minas Gerais as principal shall be incorporated into the Company’s Registered Capital as “Donations and Subventions for Investments”;

b)        the payments made in 2012 by the state of Minas Gerais in relation to the final installments of amortization of the Principal, adjusted in accordance with the Fifth Amendment to the Contract for Assignment of the Remaining Balance Receivable on the Results Compensation (CRC) Account, total R$ 548,270,785.00 (five hundred forty eight million two hundred seventy thousand seven hundred eighty five Reais).

Economic and legal effects:

None

Change in sub-clause ‘g’ of Item I and inclusion of sub-clause ‘n’ in Item XI, of the head paragraph of Article 22, of the by-laws:

Justifications:

c)         In 2009, a new Cemig Governance and Corporate Management Model was developed, among other objectives, to foster strategic alignment between companies of the “Cemig Group”, and to structure alternatives able to strengthen the business vision in management of the equity holdings;

d)

e)         In August 2012 the Board of Directors approved the first Integrated Strategic Plan for the “Cemig group”, and the review of the Long-term Strategic Plan for 2012—2035;

f)

g)         There is a need for the Company to restructure its Ombudsman Department, to further improve its interaction with its clients;

h)

Economic and legal effects:

None

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APPENDIX 4

Comments by the directors on the Company’s financial situation, required by Item 10 of the Reference Form, in compliance with Article 9, III of CVM Instruction 481 of December 17, 2009.

10.1                                     General conditions of finances, assets and liabilities

The Company’s Chief Officers see the year 2012 as one of great changes, complexity and challenges. They believe that the quest for operational efficiency and the discipline of investing in assets that add value certainly contributed significantly to the growth due to the expansion of the various companies in which Cemig holds a significant equity interest and participates significantly in management.

In this context, the results that Cemig achieved in 2012 are of considerable repercussion due to their scale: net profit totaled R$ 4.3 billion, or R$ 5.37 per share, representing a price/earnings ratio of 4. Net profit was almost 80% higher than in the previous year.

The greatest impact came from the early settlement of the CRC Contract (the Contract to Assign the balance of Credit Receivable by the Company under the former CRC — Earnings Compensation — Account with the Brazilian federal government). The State of Minas Gerais, the majority stockholder, decided to bring forward the payment of this contract, which generated a financial gain of more than R$ 2 billion.

The Chief Officers highlight another important event of the year: the share offering by Taesa, which received enormous acceptance by investors and resulted in a significant gain for Taesa —giving rise to a gain of R$ 259 million in Cemig GT’s results. This successful offering, carried out in market conditions that were considered to be unfavorable, is a clear demonstration of investors’ confidence in the Company’s strategies. Taesa is Cemig’s preferred vehicle for operating its investments in the area of electricity transmission.

The Brazilian capital market once again showed its capacity to finance significant volumes, providing more than R$ 7 billion funding for various companies of the Group.

In the Chief Officers’ opinion, the company has adequate liquidity, in view of its cash position of R$ 2.486 billion on December 31, 2012.  The cash position was R$ 2.862 billion on December 31, 2011, and R$ 2.980 billion on December 31, 2010.

The Chief Officers believe that the Company has a balanced capital structure. On December 31, 2012 this was represented by indebtedness of R$ 16.2 billion, 44% of this amount comprising short-term debt and 56% long-term debt. This concentration in the short term arose from recognition of 7% of the debt (26% of the debt of Cemig Distribuição S.A.) in current liabilities, due to not having obtained, before the reporting date, the formal waiver from creditors that they would not exercise their rights of demanding immediate or early maturity of debt due to non-compliance with a covenant. The company expects to obtain the consents, but since this will take place after December 31, 2012, the contract is of which the covenants were not complied with are recognized in Current liabilities. The amount transferred to Current liabilities as a result of the covenant clauses not complied with was R$ 1.206 billion. On December 31, 2011, the Company’s capital structure comprised indebtedness of R$ 15.8 billion, of which 50% was short-term debt and 50% was long-term debt.  In that year, the concentration in the short term arose from recognition of 12% of the debt (23% of the debt of Cemig Geração e Transmissão S.A.) in current liabilities, due to not having obtained, before the reporting date, the formal waiver from creditors that they would not exercise their rights of demanding immediate or early maturity of debt due to non-compliance with a covenant (the waiver was obtained on March 14, 2012). On December 31, 2010, the Company’s capital

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structure comprised indebtedness of R$ 13.2 billion, of which 17% was short-term and 83% was long-term.

At December 31, 2012 the amortization timetable of the Company’s debt was satisfactorily spread out over the years, with an average tenor of 3.9 years, although there is a concentration of debt maturing in 2013, as shown in the chart below, which has been partially refinanced in March 2013, through an issue of debentures by Cemig Distribuição. In the other years, the payments are of up to R$ 2.4 billion, approximately, reflecting the efforts made by the Company to lengthen its debt profile.

Debt amortization timetable

Position at December 2012 (R$ million)

( * )             URTJ = Interest Rate Reference Unit for adjustment by TJLP.

( ** )           UMBndes = BNDES Monetary Unit.

( *** )         IGP-DI = IGP-DI (General Price Index — Domestic Availability) inflation index.

The average cost of the Company’s debt has been maintained at appropriate levels over the years (5.03% per year, at constant prices, on December 31, 2012; 7.21% per year, at constant prices, on December 31, 2011; and 6.76% per year on December 31, 2010), a reflection of the concentration of

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the debt in contracts indexed to the DI Interbank Deposit (CDI) rate. The main indexors of the Company’s debt on December 31, 2012 were: CDI (47% of the total); IPCA (24% of the total); and URTJ (13% of total). The debt ratios in the table below indicate the Company’s satisfactory credit quality, highlighting its very comfortable position in relation to the parameters usually practiced in the financial market for those indicators:

b. Capital structure and possibility of redemption of shares or share units, indicating:

The pattern of financing of the Company’s operations by its own and third-party capital can be seen, over the years, in the average leverage in terms of the ratio between debt and capitalization (Stockholders’ equity plus net debt). On December 31, 2012 the Company’s stockholders’ equity was R$ 12.044 billion, while net debt was R$ 30.896 billion.

On December 31, 2011, stockholders’ equity was R$ 11.745 billion and net debt was R$ 12.917 billion; and on December 31, 2011, these figures were respectively R$ 11.476 billion and R$ 10.247 billion.

In the Chief Officers’ opinion the ratio of net debt to the sum of stockholders equity and net debt has been at appropriate levels, namely: 54% on December 31, 2012, 52% on December 31, 2011 and 47% on December 31, 2010.

Possible situations of redemption

Formula for calculation of the redemption value

There are no specific possibilities for redemption of the shares issued by the company, beyond those normally specified by law.

c. Payment capacity in relation to the financial commitments assumed

The Chief Officers highlight the Company’s cash generation capacity. In 2012 operational activities generated the substantial sum of R$ 2.734 billion in cash. In the two previous years: cash generated in 2011 was R$ 3.898 billion, and in 2010, R$ 3.376 billion.

The cash position was R$ 2.486 billion on December 31, 2012, R$ 2.862 billion on December 31, 2011, and R$ 2.980 billion on December 31, 2010.

By comparison net debt was R$ 13.896 billion on December 31, 2012, R$ 12.917 billion on December 31, 2011, and R$ 10.247 billion on December 31, 2010. The ratios for 2012 and 2011 indicate that approximately 2.5 years’ operational cash flow (Ebitda) would be sufficient to settle the debtor balance and indicator of 2010 indicates that approximately 2 years’ Ebitda would be sufficient to settle the debtor balance. These indices provide comfort to Management and investors in relation to the Company’s capacity to honor its financial commitments.

In the Chief Officers’ view, the total debt is very satisfactorily spread out over the years, although there is a concentration of debt becoming due in 2013, which does not represent refinancing risk. It should be pointed out that the Company has been successful in accessing the capital markets, both to

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finance its investments and to refinance its debt. The following issues of securities are examples of this:

By Cemig D (Cemig Distribuição S.A.):

First issue of non-convertible debentures, on June 1, 2006, in the amount of R$ 250.5 million, for exchange with the first debenture issue of Cemig.

First issue of Promissory Notes, on July 27, 2006, in the amount of R$ 300 million, for replenishment of cash in relation to debts which became due since January 2006 and payment of debts becoming due in the rest of the year.

Second issue of Promissory Notes, on January 2, 2007, in the amount of R$ 200 million, for replenishment of the Company’s cash used in payment of debts as from August 2006 up to receipt of the funds, and payment of the debts becoming due by the end of the year.

Third issue of Promissory Notes, on June 12, 2007, in the amount of R$ 400 million, proceeds being used for:

(i)         replenishment of cash used in payment of principal of the Company’s debts, from January 2007 up to the date of release of the funds, estimated at R$ 297 million, in which a principal component was the second issue Promissory Notes, in the amount of R$ 200 million; and

(ii) payment of the principal of the debts becoming due up to the end of the year, limited to R$ 103 million.

Second issue of non-convertible debentures, on December 12, 2007, in the amount of R$ 400 million, proceeds used for partial payment of the remaining debtor balance on the promissory notes issued under the Company’s third public issue of Promissory Notes.

Fourth issue of Promissory Notes, on December 28, 2011, in the amount of R$ 100 million, proceeds being used to strengthen working capital.

Fifth issue of promissory notes, on July 2, 2012, in the amount of R$ 640 million, for financing of investments already made or to be made by the Company, payment of debt contracted by the Company and/or strengthening of the Company’s working capital.

Sixth issue of promissory notes, on December 21, 2012, in the amount of R$ 600 million, proceeds used for replenishment of cash following investments and payment of debts made by the Company during 2012.

Third issue of non-convertible debentures, on February 15, 2013, in the amount of R$ 2.160 billion, for redemption of the 64 Promissory Notes of the Fifth Issue and the 60 Promissory Notes of the Sixth Issue, and also for investment in works to expand, renew and improve the Company’s electricity distribution structure.

By Cemig GT (Cemig Geração e Transmissão S.A.):

First issue of Promissory Notes, on July 26, 2006, in the amount of R$ 900 million, for replenishment of cash relating to debts maturing since January 2006 and payment of debts becoming due in the rest of the year, these debts being to banks, Eletrobras and the Forluminas Foundation, and also for partial redemption of the Second Series of the First Issue of debentures by Cemig.

First issue of non-convertible debentures, on November 1, 2006, in the amount of R$ 294.7 million, for exchange with the first debenture issue of Cemig.

Second issue of Promissory Notes, on December 21, 2007, in the amount of R$ 200 million, for replenishment of cash used in payment of the Company’s debt from January 2007, and payment of the debts to banks and Eletrobras becoming due by the end of the year.

Third issue of Promissory Notes, on October 30, 2009, in the amount of R$ 2.700 billion, proceeds being used for injection of capital into companies, replenishment of cash, and investments.

Second issue of non-convertible debentures, on January 15, 2010, in the amount of R$ 2.700 billion, for rollover of the third issue of Promissory Notes.

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Fourth Issue of Promissory Notes, on January 13, 2012, in the amount of R$ 1.0 billion, for rollover of the first Series of the Company’s Second Issue of nonconvertible debentures.

Third issue of non-convertible debentures, on February 15, 2010, in the amount of R$ 1.350 billion, for rollover of the third issue of Promissory Notes and replenishment of working capital.

Current liabilities were R$ 14.307 billion on December 31, 2012, R$ 12.169 billion on December 31, 2011, and R$ 6.403 billion on December 31, 2010.  The principal obligations are for loans, financings, suppliers, taxes, dividends and regulatory charges.

Thus, the Chief Officers believe that the Company has high payment capacity in relation to its financial commitments, maintaining its track record of complying with its financial commitments assumed to suppliers, government, stockholders and employees and also ensuring funding for its investments and future acquisitions.

d. Sources of financing used for working capital and investment in non-current assets

On a consolidated basis, the total of funding obtained through loans and financings in 2012 was R$ 7.075 billion, while the total amortized was R$ 6.827 billion.

At the end of the year, Cemig contracted a short term loan in the amount of R$ 1.088 billion for redemption of the Fourth Issue of promissory notes.

In 2012, Cemig D (Cemig Distribuição) raised R$ 1.470 billion, as follows: R$ 200 million through a Bank Credit Note with Banco do Brasil for refinancing existing debt; R$ 1.240 billion through two issues of commercial promissory notes to finance investments, pay debt and replenish working capital; and R$ 34 million in financings from Eletrobras for the Reluz, Cresce Minas and Luz para Todos Programs. Also, the Company received R$ 175 million from the CDE (Energy Development Fund) and from the State of Minas Gerais, on a sinking-fund basis, for the Light for Everyone Program; and the economic subsidy/support related to the tariff policy applicable to low-income consumers with the funds of Codemig for the Administrative Center.

Cemig GT extended the maturity of part of its debt through renewal of lending transactions with Banco do Brasil, as follows:

a)         transactions contracted in 2006 with final maturity after 2012: extension of the 2012 maturity portion to 2013, in the global amount of R$ 300 million, the other maturities being unchanged, for financial cost of 104.1% of the CDI rate;

b)         operations with final maturity in 2012, in the total amount of R$ 442 million, extending the maturity of the last installment by five years, with payments in 2015, 2016 and 2017: the cost of this debt is 108% of the CDI, from the date of signature of the amendments to the contracts.

In both transactions the Cemig holding company remained as guarantor, and Cemig D and GT maintained the option to pre-pay the debt without additional cost.

In March 2012, Cemig GT completed its 3rd debenture issue — a total of 1,350,000 non-convertible, unsecured debentures in 3 series, each with nominal unit value of R$ 1,000.00 (one thousand Reais) on the issue date (February 15, 2012), for a total of R$ 1.35 billion. The net proceeds from the issue were used for 100% redemption of the commercial Promissory Notes of the Company’s fourth issue, placed on January 13, 2012, for their total nominal value of R$ 1,000,000, plus remuneratory interest, and to strengthen the Company’s working capital. Four hundred eighty thousand (480,000) Debentures of the First Series, 200,000 (two hundred thousand) Debentures of the Second Series and 670,000 (six hundred seventy thousand) Debentures of the Third Series were issued, with maturities, respectively, of five, seven and 10 years from the issue date. The debentures of the first series carry

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remuneratory interest at the rate of CDI + 0.90% p.a., and the debentures of the second and third series will have their nominal unit value adjusted by the IPCA index (published by the IBGE) plus remuneratory interest of 6.00% p.a. and 6.20% p.a., respectively. This third public issue of non-convertible debentures has the surety guarantee of the parent company, Cemig, and was the first debenture issue to be held in the ambit of the Fixed Income Novo Mercado regulated by Anbima, the Brazilian Association of Financial and Capital Market Entities.

In 2011, to replenish cash used in investments in 2011, and to finance an acquisition of assets planned for the first half of 2012, Cemig issued Promissory Notes in the amount of R$ 1 billion with tenor of 360 days, confirming the receptiveness that the Company enjoys in the local capital market.

Cemig D also had recourse to the capital market at the end of 2011, issuing R$ 100 million in Promissory Notes for strengthening of working capital. Over the year, a further R$ 410 million was raised in loans, and a further R$ 116 million in financings from Eletrobrás for the Reluz, Cresce Minas and Light for Everyone (Luz para Todos) Programs. Also, the Company received R$ 291 million from the CDE (Energy Development Fund) and the State of Minas Gerais on a sinking-fund basis for the Light for Everyone Program, and in economic subsidy/support related to the tariff policy applicable to low-income consumers with the funds of Codemig, for the Administrative Center.

Cemig GT, meanwhile, took the opportunity of its comfortable cash position to pay its debt servicing, in the amount of R$ 1.219 billion (R$ 689 million being principal), practically without having recourse to new raising of funds, as a way of optimizing its leverage. However, on a consolidated view, the indebtedness of the Company includes the effect of the financings contracted by its subsidiaries to pay for investments in generation, principally the Santo Antônio Hydroelectric Plant and the Belo Monte Hydroelectric Plant, and in transmission, in which a highlight was the Promissory Notes of Taesa, in the amount of R$ 1.17 billion (affecting the indebtedness of Cemig GT in the amount of R$ 663 million), for acquisition of the assets of Abengoa.

In 2010, a total of R$ 904 million was raised by Cemig D: R$ 370 million through loans guaranteed by electricity sale invoices, R$ 279 million through rollover of bank debt; R$ 66 million through financings from Eletrobrás for the Reluz, Cresce Minas and Luz para Todos Programs, and R$ 189 million on a sinking fund basis under the Light for Everyone Program (funds from the CDE), from the agreements for the Citrus-growing Center (Polo de Citricultura) and Planoroeste plans, and from the economic subsidy related to the tariff policy applicable to low-income consumers.

Non-consolidated, R$ 2.949 billion was raised by Cemig GT individually, of which R$ 2.700 billion was a debenture issue for settlement of the Promissory Notes in the same amount used in the acquisition of the shares of Terna Participações S.A. and other investments, R$ 242 million through rollover of bank debts and R$ 7 million through contracts signed with Finep for plant inventory studies. A consolidated view of Cemig GT includes the contracting of approximately R$ 1.061 billion in financings by its subsidiaries and affiliates (this being the amount proportional to the stockholding interest of Cemig GT).

The holding company, Cemig, also raised R$ 350 million in the capital market with its third issue of Promissory Notes, with tenor of 360 days, using the funds for replenishment of its cash at the end of the year.

e. Sources of financing for working capital and investment in non-current assets that it is intended to use for coverage of shortfalls in liquidity

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It should be borne in mind that Cemig D is a wholly-owned subsidiary of Cemig, which is a mixed private- and public-sector company, with a majority stockholding held by the State of Minas Gerais, and as such is subject to the rules for containment of lending to the public sector.

Since 1989, in the attempt to contain the indebtedness of the public sector, the Brazilian federal government has legislated to prevent financial institutions from granting credit to public companies beyond a certain limit.  In practice, the alternatives for raising funds in the banking market are few.

Based on the exceptions in Brazilian Central Bank Resolution 2827 of March 30, 2001, the following options for raising of funds remain for Cemig:

Loans from federal banks for rollover of debt.

Issuance of securities in the Brazilian and international markets (debentures, promissory notes, Eurobonds, and units of receivables funds).

Import financing.

Financing from development agencies.

Bank loans guaranteed by commercial sales invoices.

Guidelines for raising of funding from third parties

The Company’s Chief Officers believe that the importance of loans and financings for the Company’s capital structure is in the direct effects of financial leverage, which tends to maximize return on equity. Due to the possibility of deducting the interest expense for the purposes of tax, loans and financings are very desirable in the Company’s capital structure, reducing the cost of capital. Further, they give the Company access to a wider selection of acceptable investment alternatives.

The process of raising third-party funds, because of its importance for maximizing wealth of the stockholder and because of the direct impact on the Company’s capital structure and its financial health, is guided by a series of guidelines that are able to preserve the Company’s credit quality.

For this purpose, we obey the following orientations:

Take advantage of favorable market conditions. Moments of high liquidity in the debt markets, which offer abundant and cheaper funds, should be taken advantage of to leverage the expansion of the Company’s activities, making a greater number of projects with attractive returns possible.

Keep the debt amortization timetable lengthened. Avoid concentration of debt maturing in the short term, because it represents pressure on the Company’s cash flow, compromising availability of funds for investment.  A regular amortization timetable over the long term must be an aim.  However, in certain situations the longest possible tenor may not be the ideal ones, since it is occasionally associated with a higher financial cost.

Reduce financial cost. Reduction of the average cost of the debt should be sought at all times, because it is a fundamental part of the Company’s weighted average cost of capital, which, along with the stockholders’ expectation of returns, is the minimum reference for return on the investments being considered for implementation.

Optimize the exposure to foreign currency. Efforts should be made to optimize the composition of the debt in relation to the indexors of the Company’s assets. Cemig, because it has its remuneration basically linked to the IGP-M inflation index, should place the greatest tranche of the composition of its debt in this indexor. However, the international debt market is the one with the greatest liquidity, and funds in foreign currency are welcome, provided that the part that does not have any hedge protection does not represent a material financial risk for the Company.

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Maintain coherence with Cemig’s Long-term Strategic Plan. Cemig has, in its Bylaws, the express obligation to limit certain financial indicators to levels that denote its financial health. These limits were defined as part of Cemig’s long-term Strategic Plan, as a means of ensuring to stockholders that investments for expansion of the Company will be carried out in a way that preserves its sustainability. These include limitation of: Debt/Ebitda, to less than or equal to 2; and [Net debt / (Stockholders’ Equity + Net Debt)], to less than or equal to 40%. The Company makes efforts to maintain the indicators within these limits.

Maintain adherence to the parameters of credit quality of the regulatory body, the rating agencies and the creditors. The Company’s Chief Officers believe that the market’s perceptions of risk are important since they define parameters for attesting to the Company’s credit quality and serve as guidelines for its decision on interest rates to be required in making loans/financings. Often, loan or financing contracts include restrictive covenants imposed by the creditors for their protection, which give the creditors the right to break the lending agreement and require immediate reimbursement of the funds when the Company’s financial position appears to be weakened. The Company’s credit quality should thus be preserved at levels that denote “investment grade”, that is to say investment of low risk, to enable it to benefit from financial costs that are compatible with the profitability of the business. The body that regulates the Company’s activities, the National Electricity Agency (Agência Nacional de Eletricidade, or Aneel), also defines an optimal capital structure which is used in calculation of the remuneration of a company’s base of regulatory assets, in the transmission sector.

f) Levels of debt and the characteristics of such debts

On December 31, 2012, the company’s consolidated debt in financial contracts was R$ 16.2 billion; and its net debt was R$ 13.9 billion. On December 31, 2011, the Company’s consolidated debt under financial contracts was R$ 15.8 billion, and the net debt on that date was R$ 12.9 billion. On December 31, 2010 these balances were, respectively, R$ 13.2 billion for consolidated debt and R$ 10.2 billion for net debt.

The indicators in the table below show the Company’s credit quality to be satisfactory. The increase in debt from 2009 to 2010 was due to the financing of the process of acquisition of assets:

Source: Company.

i. Contracts for significant loans and financings

The company entered into various financial contracts with different institutions for financing of its expansion projects, expansion of its activities and rollover of its debt.

The table below summarizes the Company’s principal contracts, on a consolidated basis, at December 31, 2012 (in thousands of  Reais):

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