Item

Description of Item

1.

Summary Minutes of the 366^th Meeting of the Board of Directors, December 14, 2005

2.

Summary Minutes of the 371^th Meeting of the Board of Directors, January 12, 2005

3.

Summary of Decisions, Meeting of the Board of Directors, February 10, 2006

4.

Minutes of the General Meeting of Holders of the Third Issue of Debentures of CEMIG, February 1, 2006

5.

Announcement of Closing of Public Distribution of Senior Units

6.

Summary of Decisions, Meeting of the Board of Directors, February 20, 2006

December 14, 2005, at 10 a.m., at the company’s head office:

Av. Barbacena 1200, 18th floor, Belo Horizonte, Minas Gerais, Brazil.

Chairman:

Wilson Nélio Brumer

Secretary:

Anamaria Pugedo Frade Barros.

I —

The Board approved the minutes of this meeting.

II —

The chief Corporate management Officer and the Superintendence of Human resources presented the material facts on work safety occurring in the period October and November 2005, in Cemig, Cemig GT and Cemig D, and also the principal data on accidents recorded in those companies, and also the internal measures taken for the prevention of new occurrences.

III —

The following made comments on general matters and business of interest to the company:

The Chairman;

the Vice-chairman; and

the Board members Andréa Paula Fernandes Pansa, Haroldo Guimarães Brasil, José Augusto Pimentel Pessôa and Andréa Leandro Silva.

The following were present:

the Board members Wilson Nélio Brumer, Djalma Bastos de Morais, Aécio Ferreira da Cunha, Alexandre Heringer Lisboa, Andréa Paula Fernandes Pansa, Francelino Pereira dos Santos, Haroldo Guimarães Brasil, José Augusto Pimentel Pessôa, Nilo Barroso Neto, Andréa Leandro Silva, Francisco Sales Dias Horta, Luiz Henrique de Castro Carvalho and Fernando Lage de Melo; and

Secretary: Anamaria Pugedo Frade Barros.

January 12, 2006, at 2.20 p.m., at the company’s head office:

Av. Barbacena 1200, 18th floor, Belo Horizonte, Minas Gerais, Brazil.

Chairman:

Wilson Nélio Brumer

Secretary:

Anamaria Pugedo Frade Barros.

I -

The Chairman told the meeting:

a)

that the Extraordinary General Meeting of stockholders, reopened on January 12, 2006, at 2 p.m., the purpose of which was homologation of the Fourth Amendment to the Contract to Assign the Outstanding Balance on the CRC (Results Compensation) Account signed between the state of Minas Gerais and Cemig had been adjourned, so that a new version of that document produced on the basis of the suggestions presented by members of the Board and various stockholders, to improve the bases of the renegotiation in accordance with the company’s Long-Term Strategic Plan and agreed between the stockholder State of Minas Gerais and minority stockholders of the company, could be submitted to consideration and decision by this Board; and

b)

that the payment of extraordinary dividends in fact has no relationship with the desire or needs of the stockholder State of Minas Gerais, which has a surplus in its accounts, and does not need such payment to meet budget demands, and is in no way pressing for the declaration of the extraordinary dividend, pointing out that the payment of such dividends was approved directly by this Board on a proposal from Cemig’s management. However, in view of the contrary statements of opinion presented by some of the members of the Board at the time of approval of this matter, he asked the Board members if they would agree that the subject should be submitted to a new decision, and all those present stated themselves to be in favor of his suggestion.

II —

The Board approved the minutes of that meeting.

III —

The Board ratified the declaration of extraordinary dividends approved by the meeting held on December 7, 2005, in the amount of R$ 897 million, authorizing the payment to be made in a single installment on January 27, 2006, it being the duty of the Executive Board to comply with this, and to determine the place and processes of the payment, which shall be payable to stockholders who are on the company’s Nominal Share Register on January 16, 2006; the validity of the declaration of dividends being conditional upon homologation by the General Meeting of Stockholders of the decision of the Board of Directors concerning the signature of the new version of the Fourth Amendment to the Contract to Assign the Outstanding Balance on the CRC (Results Compensation) Account between Cemig and the State of Minas Gerais. The assignment of the CRC credits to the Credit Receivables Investment Fund (IDC) has been authorized in accordance with the

proposal relating to the Fourth Amendment re-examined and approved by this Board on the date of this meeting.

IV —

The Board re-ratified CRCA-073/2005, authorizing the signature of the new version of the Fourth Amendment to the Contract to Assign the Outstanding Balance on the CRC (Results Compensation) Account, and also submitted to the Extraordinary General Meeting of Stockholders a proposal for the homologation of the authorization to enter into the new version of this Fourth Amendment.

V —

The Board member Alexandre Heringer Lisboa abstained from voting on the matter relating to the declaration of extraordinary dividends mentioned in item III above.

VI —

The Chairman stated that, to accord with the new version of the Fourth Amendment to the CRC Contract, changes in the Board of Directors’ Proposal would be presented, during the Extraordinary General Meeting of Stockholders also to be held on January 12, 2006, at 2.30 p.m., to amend the drafting of §§ 2, 4 and 5, and include a new § 6, to clarify that the targets specified in § 5 of Clause 11 of the Bylaws in debate should be specified on consolidated bases, with § 6 and § 7 being re-numbered, as follows:

“ Clause 11:      (…)

§ 2 —

The Board of Directors and the Executive Board, in the management of the company, the wholly-owned subsidiaries Cemig Distribuição S.A. and Cemig Geração e Transmissão S.A., and the subsidiaries, affiliates or consortia in which they have direct or indirect holdings, shall obey the provisions of the company’s Long-Term Strategic Plan, especially the dividend policy therein contained, as approved by the Board of Directors.

§ 3

The Long-Term Strategic Plan shall contain the long-term strategic planning and fundamentals, and the targets, objectives and results to be pursued and attained by the company and its dividend policy, and shall obey the commitments and requirements specified in § 5 below.

§ 4

The Long-Term Strategic Plan shall be revised annually by the Executive Board and approved by the Board of Directors and shall be reflected in all the plans, forecasts, activities, strategies, capital expenditure and expenses of the company and its subsidiaries and affiliates, and the consortia in which it directly or indirectly participates, including the company’s Multi-year Strategic Implementation Plan and the Annual Budget, which shall be approved by the Board of Directors.

§ 5 —

In the administration of the company and the exercise of the right to vote in subsidiaries, affiliated companies and consortia, the Board of Directors and the Executive Board shall faithfully obey and comply with the following targets:

a)

to keep the company’s consolidated indebtedness equal to or less than 2 (two) times the company’s Ebitda (earnings before interest, taxes, depreciation and amortization);

b)

to keep the consolidated ratio Net debt / (Net debt + Stockholders’ equity) equal to or less than 40% (forty per cent);

c)

to limit the consolidated balance of funds recognized in Current assets, for the purposes of Clause 30 of these Bylaws or otherwise, to the equivalent of a maximum of 5% (five per cent) of the company’s Ebitda (Earnings before interest, taxes, depreciation and amortization)

d)

to limit the consolidated amount of funds destined to capital expenditure and the acquisition of any assets, in each business year, to the equivalent of a maximum of

40% (forty per cent) of the company’s Ebitda (Earnings before interest, taxes, depreciation and amortization);

e)

to invest only in distribution, generation and transmission projects which offer real minimum internal rates of return equal to or more than those specified in the company’s Long-Term Strategic Plan, subject to the legal obligations; and

f)

to maintain the expenses of the subsidiary Cemig Distribuição S.A. and of any subsidiary which operates in distribution of electricity at amounts not greater than the amounts recognized in the tariff adjustments and reviews; and

g)

to maintain the revenues of the subsidiary Cemig Distribuição S.A. and those of any subsidiary which operates in distribution at the amounts recognized in the tariff adjustments and reviews.

§ 6 —

The targets established in § 5 above shall be determined on a consolidated basis, taking into account the company and its permanent investments in the wholly-owned subsidiaries Cemig Distribuição S.A. and Cemig Geração e Transmissão S.A., and subsidiaries, affiliated companies and consortia.

§ 7 —

The targets established in sub-clauses “a”, “b”, “c” and “d” of § 5 above may be exceeded for reasons related to temporarily prevailing conditions, upon justification by grounds and prior specific approval by the Board of Directors, up to the following limits:

a)

the company’s consolidated debt to be less than or equal to 2.5 (two point five) times the company’s Ebitda (Earnings before interest, taxes, depreciation and amortization);

b)

the consolidated ratio of Net debt / (Net debt + Stockholders’ equity) to be limited to 50% (fifty per cent);

c)

the consolidated balance of the funds recognized in Current assets, for the purposes of Clause 30 of these Bylaws or otherwise, to be the equivalent of a maximum of 10% (ten per cent) of the company’s Ebitda (Earnings before interest, taxes, depreciation and amortization); and

d)

the consolidated amount of the funds allocated to capital expenditure and to the acquisition of any assets, only in the business years of 2006 and 2007, shall be limited to maximum values of 65% (sixty-five per cent) and 55% (fifty-five per cent), respectively, of the company’s Ebitda (Earnings before interest, taxes, depreciation and amortization). ”

VII —

The following made comments on general matters and business of interest to the company:

the Vice-chairman; and

the Board members Andréa Paula Fernandes Pansa, Carlos Augusto Leite Brandão, José Augusto Pimentel Pessôa, Andréa Leandro Silva, Antônio Renato do Nascimento and José Luiz Alquéres.

The following were present:

the Board members Wilson Nélio Brumer, Djalma Bastos de Morais, Aécio Ferreira da Cunha, Andréa Paula Fernandes Pansa, Alexandre Heringer Lisboa, Antônio Adriano Silva, Carlos Augusto Leite Brandão, Francelino Pereira dos Santos, José Augusto Pimentel Pessôa, José Luiz Alquéres, Maria Estela Kubitschek Lopes, Nilo Barroso Neto, Andréa Leandro Silva, Antônio Renato do Nascimento, Fernando Lage de Melo, and Guy Maria Villela Paschoal; and

Secretary: Anamaria Pugedo Frade Barros.

Cristiano Corrêa de Barros
Chairman

Paulo Eduardo Pereira Guimarães
Secretary

Debenture holder

Quantity

BRADESCO FI RENDA FIXA FOX II
pp / Daniela Carneiro de Almeida

768

BRADESCO FIF ATLANTIS
pp / Ana Paula Zanetti de Barros Moreira

230

BRASILPREV TOP TP FI RENDA FIXA
pp / Mauricio Nascimento

1,700

FI MULTIMERCADO K2
pp / Claudia de Freitas Schuindt / Cássio Eduardo Consoli Santana

1,300

FI MULTIMERCADO AGULHAS NEGRAS
pp / Claudia de Freitas Schuindt / Cássio Eduardo Consoli Santana

1,200

FI RENDA FIXA ENERGY II
pp / Daniela Carneiro de Almeida

768

FIF BNP PARIBAS ROUSSEAU
pp / Flávia Aquino de Souza

768

FIF HSBC TIRADENTES
pp / Marcia Dexhelmer da Silva Jardim Tostes

768

Debenture holder

Quantity

FIF MARAMBAIA
pp / Geraldo Rodrigues Trindade

1,000

FIF PROGRESS
pp / Tadeu Hiroaki Takey

1,000

FIF RF EM DESENV. E CONSOLIDAÇÃO
pp / Carlos Eduardo Martins e Silva

800

FUNDO ATHENA FI RENDA FIXA
pp / Katleen Clayes

3,000

LEADER PREVIDENCIARIO MULTIMERCADO FI
pp / Luiz Carlos Marinho de Andrade

1,000

MONAZITA F INVEST MULT
pp / Rodrigo Meyohas Franco

150

NUCLEOS INSTITUTO DE SEGURIDADE SOCIAL
pp / Rodrigo Meyohas Franco

85

PAMPULHA FI MULT. REVIDENCIARIO
pp / Renata Canalle Marcus

768

POSTALIS INST.SEG.SOC. DOS CORREIOS E TEL
pp / João Carlos Penna Esteves

3,000

REDE PREVIDENCIARIO MULTIMERCADO FI
pp / Luiz Carlos Marinho de Andrade

990

SUL AMERICA TOCA II FI MULTIMERCADO
pp / Lauro Augusto Amaral

768

Debenture holder

Quantity

UNIBANCO AIG VIDA E PREVIDÊNCIA S/A
pp / Carlos Alberto Bacha

600

UNIBANCO UNIÃO DOS BANCOS BRASILEIROS S/A
pp / Aroldo Araújo de Lima Junior

186

PAVARINI DISTRIBUIDORA DE TÍTULOS E VALORES
MOBILIÁRIOS LTDA. — AGENTE FIDUCIÁRIO
pp / Carlos Alberto Bacha

-

COMPANHIA ENERGÉTICA DE MINAS GERAIS — CEMIG
pp / Cristiano Corrêa de Barros

-

Type of qualified investor

Number of
investors

Number of Senior Units
subscribed and paid in

The Offering Managers

1

700.000.000

Investment Funds

2

200.000.000

Total

3

900,000,000

Lead Manager

Joint Manager

Administrator

1.

To approve the technical feasibility study providing the grounds for recording of deferred tax credits in the company’s accounts, in compliance with CVM Instruction 371, of June 27, 2002.

COMPANHIA ENERGETICA DE MINAS
GERAIS — CEMIG

By:

/s/ Flávio Decat de Moura

Name:

Flávio Decat de Moura

Title:

Chief Financial Officer and Investor

Relations Officer