#1Presentation to Investors and Shareholders September 2015 Eletrobras#2Disclaimer Eletrobras This presentation may contain forward-looking statements, Such statements are not statements of historical facts but reflect the beliefs and expectations of our management and may constitute forward-looking statements within the meaning of Comissão de Valores Mobiliários and Section 27A of the Securities Act of 1933, as amended, and Section 21E of the U,S, Securities and Exchange Act of 1934, as amended, The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect" and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties, Known risks and uncertainties include but are not limited to general economic, regulatory, political and business conditions in Brazil and abroad, interest rate fluctuations, inflation and the value of the real, changes in volumes and patterns of customer electricity usage, competitive conditions, our level of debt, the likelihood that we will receive payment in connection with accounts receivable, changes in rainfall and the water levels in the reservoirs used to run our hydroelectric facilities, our financing and capital expenditure plans, existing and future governmental regulation and other risks described in our registration statement and other filings with the Comissão de Valores Mobiliários and the United States Securities and Exchange Commission, Forward-looking statements speak only as of the date they are made and we do not undertake any obligation to update them in light of new information or future developments. 2#3> General Information > Expansion > Sectorial Scenario > Financial Performance › Capital Structure > Net Debt and Financing > Strategic Planning Eletrobras 3#4PROGRAMS Eletrobras Main Functions ⚫"Light for All" (Luz para Todos): more than 15 million people attended •PROCEL: energy saving equivalent to 2,522 MW in 2014 PROINFA: Installed Capacity of 2,975 MW. LARGEST COMPANY in ELECTRIC ENERGY OF LATIN AMERICA IMPLEMENTING AND MANAGING SECTOR AND SOCIAL PROGRAMS . GENERATION • ⚫ TRANSMISSION • DISTRIBUTION TRADING FUNDING MANAGEMENT: RGR, CDE and CCC Eletrobras#5CGPAR IBGC DEST Corporate Governance Corporate Governance Performance Improvement Better way to capital Contribution to community CVM, SEC Maximizing the Company's Value Eletrobras Alignment of Interests Corporate Governance Good Practices in Corporate Governance Statutes Policies Internal Rules Support Committees to the Board 5#6Corporate Sustentability Index Eletrobras Índice de Sustentabilidade Empresarial ISE 2015 For the eighth consecutive year, Eletrobras is part of the Corporate Sustainability Index (ISE) of BM&FBOVESPA . MEMBER OF Dow Jones Sustainability Indices In Collaboration with RobecoSAM For the third consecutive year, Eletrobras was listed in the new DJSI Emerging Markets Index, created to indicate the companies that adopt the best corporate governance practices. 6#7Dividend Policy Eletrobras Dividends and/or own interest on capital totaling not less than 25% (twenty-five percent) of adjusted net income; Dvidends can only be distributed after deducting, before any participation, accumulated losses and provision for Income Tax; The Company should pay dividends out of net income from the year, retained earnings or earning reserves (excluding the legal reserve). The payment of the earnings reserves is a Company decision; Class "A" preferred shares shall be given priority in the receipt of dividends distributed each fiscal year, at a rate of 8% (eight percent) per annum on the capital relative to this type and class of shares; Class "B" preferred shares shall be given priority in the receipt of dividends distributed each fiscal year, at a rate of 6% (six percent) per annum on the capital relative to this type and class of shares; Preferred shares shall participate, on equal terms, with common shares in the distribution of dividends each fiscal year, after ensuring that common shares receive a dividend at a value equal to the lowest of those assigned to preferred shares. Preferred shares are ensured the right to receive dividends distributed in the fiscal year, per share, at least 10% (ten percent) higher than the amount assigned to common shares in the respective year. 7#80.3 R$ million 434 0.3 370 753 Dividends Payments Eletrobras R$ million Declared Dividends Fiscal Year Result Profit Reserves Bylaws 2010 1,123.9 2,248 14,758 2011 1,772.9 3,733 16,863 2012 867.9 -6,879 9,128 2013 867.9 -6,187 2,990 0.3 0.3 2014 26 -3,031 26 1,339 434 434 ΕΡΝΑ ΕΡΝΒ 0.01 434 434 ΠΟΝ 26.02 2010 2011 2012 2013 2014 80#9Generation and Transmission Eletrobras Eletronorte (99.48%) SPES G 07 T 09 Σ 16 Eletrobras Chesf (99.58%) SPES G 45 T 07 Σ 52 Eletrobras Furnas Eletrobras System Eletrobras Eletrobras Cepel (100,00%) Generation Generation Binational Distributors Eletrobras Eletronuclear (99.91%) ITAIPU BINACIONAL (50.00%) Eletrobras Amazonas Energia (100.00%) Eletrobras CGTEE (99.99%) (99.56%) SPES Eletrobras Companies G 56 Business SPES* T 26 Σ 82 Generation 115 Eletrobras Eletrosul (99.88%) Transmission 47 Total 157 *In some SPEthe shareholding participation of SPEs G 11 Eletrobras is made by more than one subsidiary and/or the Eletrobras holding company T 08 Σ 19 Eletrobras Shareholdings Eletrobras Distribuição Acre (96.71%) Eletrobras Distribuição Alagoas (100.00%) Eletrobras Eletropar (83.71%) Wind Farm Mangue Seco 2 (48.99%) Belo Monte (15.00%) Minorities G, Te D Eletrobras Distribuição Piauí (100.00%) Eletrobras Distribuição Rondônia (100.00%) 26 Centrales Hidroeléctricas de Nicaragua - CHN Rouar S.A. Eletrobras Distribuição Roraima (100.00%) CELG DISTRIBUIÇÃO (50.93%) Inambari Geração de Energia S.A. - IGESA#10> General Information > Expansion > Sectorial Scenario > Financial Performance > Capital Structure > Net Debt and Financing > Strategic Planning Eletrobras 10 10#11Installed Capacity- MW Eletrobras 44,6 GW in operation- approximately 32.4% of the installed capacity of Brazil - June 2015 Through Subsidiaries Through Participation in Eletrobras Company Non-Renewed Concessions O&M Specific Purpose Companies Total (a+b) Physical Aggregation 2015 (b) Eletronorte 9,281 78 121 9,480 Chesf 1,401 9,215 588 11,203 90 Furnas 4,212 4,617 2,048 10,878 Eletronuclear 1,990 1,990 Itaipu 7,000 7,000 CGTEE 670 670 -170* Eletrosul 428 700 1,128 164 Eletrobras Amazonas Energia Distribuição Rondônia Total 13 13 2,205 03 27,189 2,205 122 03 13,910 3,470 44,569 205 (b) Specific Purpose Company (SPES) = Eletrobras proportional participation *Units off commercial operation 11#12Installed Capacity- Eletrobras x Brazil Installed Capacity by source in June 2015 (MW) Eletrobras Hidraulic Nuclear Wind+ Solar Clean Energy Thermal June 2015 Eletrobras 38,135 1,990 459 40,585 3,984 44,569 % by source in the Eletrobras matrix 85.6% 4.5% 1.0% 91.1% 8.9% 100.0% Brazil 90,211 1,990 6,191 98,392 38,999 137,391 % by source in the Brazil matrix 65.7% 1.4% 4.5% 71.6% 28.4% 100.0% % Eletrobras x Brazil 42.3% 100.0% 7.4% 41.2% 10.2% 32.4% Brazil's source: ANEEL 12#13Teles Pires 1,820 MW Waiting the Mauá 3 590 MW Nov-17 conclusion of the TL Santo Antônio 3,568 MW 2,286 MW under operation Jirau 3,750 MW 2,400 MW under operation Main Generation Projects under Construction Eletrobras Belo Monte 11.233 MW Nov-15 Wind Farms Caiçara I and II, Junco I and II 93 MW Sep-16 Ө Wind Farms Santo Augusto and Santa Joana 390 MW Jan-16 Casa Nova I 180 MW Oct-16 São Manoel May-18 Baraúnas I, Mussambê and Morro Branco I 89 MW Sep-15 700 MW MW R$ Biillion Hydro 21,471.2 77.6 HPU Nuclear 1,405.0 14.9 Wind 1,316.2 5.7 Sinop 400 MW Jan-18 Thermal 589.6 1.1 Total (ELB+SPCs) 24,782.0 99.3 Wind Farms Hermenegildo and Chuí Total ELB 12,741.8 54.2 229 MW Sep-2015 Angra 3 1,405 MW Dec -18 Holding Furnas Wind Farms Capão do Inglês, Coxilha Seca and Galpões 229 MW Aug-2015 Ө Eletronorte Eletrosul Chesf Eletronuclear Amazonas Energia 13#141 Project 792.5 MW 2 Projects 2,415 MW 1 Project 350 MW 6 Projects 1,132 MW Basic Studies and Projects - Generation Eletrobras RR HR AP 1 Project 220 MW AM PA CE MA RN PB PI PE AC ΤΟ SE RO BA MT 1 Project DF 270 MW GO MG ES 7 Projects 14,450.6 MW 2 Projects 596 MW 7 Projects 1,041 MW 2 Projects MS SP RJ 2,200 MW PR SC Main Projects Studies and Projects BRA S. Luiz do Tapajós PA 8,040 MW 30.6 Bi ARG Installed Jatobá PA Units R$ Bi 2,338 MW 10.1 Bi Capacity Marabá PA 1,850 MW 12.4 Bi Basic Project 04 327.6 MW 1.02 Serra Quebrada MA/TO 1,328 MW 4.8 Bi Feasibility Study 25 22,873.4 MW 82.4 Garabi Bra/Arg 1,152 MW 4.6 Bi Panambi BraArg Inventory 01 270 MW Total 1,048 MW 15,756 MW 4.2 Bi Total 30 23,471 MW 83.4 66.7 Bi 14#15Transmission Lines- Km 67,848 Km, which 60,057 km ≥ 230kV, representing approximately 47.42% of Transmission Lines of Brazil basic network. Eletrobras Eletrobras Companies Through Subsidiaries Trough Participation in Non-Renewed O&M Special Purpose Total * (a+b) Physical Aggregation 2015* Concessions Company (b) Eletronorte Chesf 710 10,005 2,072 12,786 602 1,129 18,596 1,189 20,914 122 Furnas 1,148 18,759 1,361 21,267 Eletrosul** 1,258 9,838 1,083 12,179 -500 Amazonas Energia 701 701 Total 4,946 57,198 5,704 67,848 225 SPES = proportional participation of Eletrobras *Considering all tensions of transmission liones. **Eletrosul sold its 24.5% stake in SPE Norte Brasil Transmissora de Energia to Eletronorte. 15#16DO SUL STA ELENA O BOA VISTA EQUADOR Projects under Construction MACAPA ORIXIMINA JURUPAR BALBINA ET DELEM V.CONDE ELVES O JURUT INGU ALTAMIRA LECHUGA JORGE TEXERA RUROPOL MANAUS PARINTINS ENCRUZO NOVO OTOME AQU о AO LUIS ACARAU O MIRANDA TUCURU OCHAMADINHA NETO FORTALEDA ACALANDIA ° PERITORO POUTRA MOSSORS Manass ARP ОТПИСАЦЬ TERESINA CARAJAS INTEGRADORA OCAPESAS XINGUARAO PFRANCO OESTREITO BANABU TALA JOÃO CAMARA NATAL 0. FELO PORTO VELHOO! SAMUEL ARIQUEMES DARDANELOS RIO BRANCO PARANAITA COLINAS BALSASMARTING RGONÇALVES BESPERANÇA PICO COREMAS MILAGRESO CORANCE APESSOA PAU RECIFE BOM JESUS O MRACEMA SOBRADINO COLBUES ACES ARANA PBUENO °° VILHENA RECE BARREIRAS OM DO CHAPEU CAR SAPEAGUE SALADOR SINOPO SORRISO ( BRASNORTE Pro Th NMUTUM AURU NOBRES CLAUDIA GURUP GRANDE COARA SMESA PARANATINGA DAS EQUAS GAFORA PINDA O FUN OMANSO CURABA RONDONOPODS RUMADO BERACZINHO ALTO ASILIA RIO VERDE ITAPEB NORTE OHHOAMA M.CLARO RAPE EUNAPOLISO RACATU OPRAPORA TFREITAS ATRO VERDE D OTMARSAS CORUMBA ° CHAPADA MESQUITA NOCENCIA CGRANCE ABABAQUA BECO HORIZONTE FORA CAMPOS BRADOS (2) NORINA CASCAVELI CASCAVELDEST TL Eletrobras System TLs Eletrobras System with Partnership TLs Other Companies Eletrobras Existent Future 1 Rio Paraná Complex 2 Rio Paranapanema Complex Rio Grande Complex 3 4 Rio Paranaíba Complex OARES MASCARENAG ITORIA Full Participation - 2,649 km 29 transmission projects+ Associated substations Parternship - 5 Paulo Afonso Complex 7,315 Km 18 TL projects + SS associated Being 3,383 km owned by Total 9,964 km JANEIRO CO PAULISTA VAPORA FARELO OriGUERR A SASORIOS CAS BEANBAGD D NTA CNOVOS BLURAENAD GARABL FLORIANOPOUS MAGAMBARA/GBORA LURAMENTO TO MW SCRU ALEGRETE FREAL CANQUA MELO SOMW STAVITÓRIA DO PALMAR CUINTA ORTO ALEGRE ELB 13,158 MVA being 6,458 7.460 MVA MVA owned by 20,618 MVA ELB RAP = Annual allowed revenue Investment: R$ 12.8 billion, of which R$ 2.2 billion in full partnership RAP: R$ 1.26 billion 16#17Distribution - Eletrobras System Eletrobras Description DC Acre DC DC DC Alagoas Amazonas Piauí DC Rondôni a DC Roraima Total Variation 2015 x 2014 CELG-D Extension of 19,191 48,106 41,840 87,634 57,610 3,525 257,906 4,464 212,099 Distribution Lines- Km Number of Customer 243,730 1,035,674 886,714 1,156,750 586,225 104,395 4,013,488 71,483 2,765,305 Assisted Number of cities attended 22 62 102 224 52 01 463 237 Number of Substation 15 55 40 84 61 03 258 05 327 DC Distribution Company. Distribution Lines Extension - Km 45% 4% 9% 1% 12% 10% 19% Number of Customers 4% WACC after tax: 7.50% 13% Acre Amazonas Alagoas Piauí Rondônia Roraima Goiás 41% 15% O 2% 9% 17% 17#18Conditions of the renew of Distribution Concessions Eletrobras Standard Guidelines: 1) Efficiency of service quality 2) Conditions of Governance and transparency 3) Minimum conditions of Economic and Financial Sustainability 4) Modicity of the Tariff start of the verification of EBITDA adjusted for non-recurring factors 2015 2016 2017 5) Operational and economic rationality EBITDA - QRR > 0 New contract or VNR EBITDA > 0 Cash generation 2018 1 Net Debt < EBITDA-QRR 111% SELIC 2019 Net Debt EBITDA-QRR 2020 1 80% SELIC Violation of minimum sustainability conditions shall imply: • Annual capitalization in the same amount of the deficit by the controllers; • Limitation of distribution of dividends to the legal minimum; • End of the concession. In 2016 it will be allowed that the minimum condition will be made through capitalization, without additional requirements VNR = New Replacement Value QRR = Regulatory Reintegration Quota (form of replacing the investments made for the provision of services throughout the useful life of the goods). 18#19> General Information > Expansion > Sectorial Scenario > Financial Performance > Capital Structure > Net Debt and Financing > Strategic Planning Eletrobras 19#20100 80 60 40 20 0 jan - 13 feb - 13 mar-13 Source: ONS. apr - 13 jun - 13 may - 13 aug - 13 jul - 13 Sectorial Overview 1 ετ - das oct - 13 nov 13 dec - 13 Northeast Variation of Reservoir Level (%) jan - 14 feb - 14 mar-14 apr-14 may - 14 Southeast/Midwest jun - 14 jul - 14 aug - 14 ■South Generation Scaling Factor - GSF sep - 14 oct-14 ■North nov-14 dec - 14 jan - 15 feb - 15 mar-15 Eletrobras apr-15 may - 15 jun - 15 106% 95% 97% 97% 92% 93% 88% 87% 82% 85% 87% 87% 87% 83% 80% 88% 82% 78% 82% 82% dez/13 jan/14 fev/14 mar/14 abr/14 mai/14 jun/14 jul/14 ago/14 set/14 out/14 nov/14 dez/14 jan/15 fev/15 mar/15 abr/15 mai/15 jun/15 jul/15 Source: CCEE. 20 20#21800 600 400 Sectorial Overview 2 Eletrobras Settlement Price Difference PLD average (R$/MWh) Submarket North 200 0 jan feb 800 600 400 200 0 mar apr Submarket Northeast 800 600 400 200 0 may jun jan feb mar apr may jun 2015 2014 2013 Submarket South 2015 2014 2013 Submarket Southeast/Midwest 800 600 400 200 0 jan feb mar apr may jun jan feb mar apr may jun 2015 2014 2013 2015 2014 2013 Source: CCEE. 21#22Sectorial Overview 3 Energy Generation by Source - Brazil 0,5% 0,6% 2,9% 7,3% 2,7% 18,7% 0,9% 2,9% 21,2% 2,7% 2,7% 23,1% FEEF 89,4% 78,0% 75,0% 71,5% 1H12 Source: ONS. Hydro 1H13 1H14 Thermal Nuclear Wind 1H15 Eletrobras 22#23Green Flag The tariff remains at the same level. Yellow Flag The tariff increases R$2.50 for each 100 KWh consumed. Red Flag The tariff increases R$5.50 for each 100 KWh consumed. Sectorial Overview 4 Average Tariff Supply after taxes Eletrobras Distribution Companies (R$/MWh) 539.1 505.8 502.5 496.5 471.4 468.6 423.9 338.5 282.4 279.0 391.5 341.4 352.3 282.4 Amazonas Energia Celg D EDE Acre EDE Alagoas EDE Piauí EDE Rondônia EDE Roraima 2T15 2T14 23#24> General Information > Expansion > Sectorial Scenario ➤ Financial Performance > Capital Structure > Net Debt and Financing > Strategic Planning Eletrobras 24#25Consolidated Results Eletrobras R$ million 1H15 16,826 -6,254 -872 1H14 2Q15 1Q15 2Q14 13,875 -3,690 Net Operating Income 8,227 8,599 6,867 (-) Energy purchased for resale -3,332 -2,922 -2,013 -768 (-) Usage of the electric grid -408 -465 -401 -935 -707 (-) Fuel for electricity production -636 -299 -390 -1,163 -1,143 (-) Construction -600 -563 -606 7,601 7,567 Gross Results 3,251 4,350 3,457 -4,077 -3,835 (-) Personnel, Material and Services -2,073 -2,004 -2,108 -206 -231 -926 -1,208 -781 -1,907 (-) Remuneration and Reimbursement (-) Depreciation and amortization (-) otherexpenditures -106 -100 -98 -463 -463 -397 -630 -578 -907 1,184 813 -21 1,204 -54 36 129 Shareholdings -5 41 36 -1,228 424 Operatingprovisions/reversals -901 -327 83 -09 1,013 1,366 1,100 -927 918 65 Interest income and financial investments 487 526 596 287 195 Monetary Adjustement 95 191 46 242 -223 -2,251 -1,073 Foreign currency exchange rate variations Debt charges -99 341 -104 -1,242 -1,009 -492 -19 -60 Charges related to Shareholders Resources -11 -08 -32 865 371 Remunerationfromindemnities Law 12,783/13 370 495 186 193 -263 Other financial results 137 56 -197 321 1,414 -1,191 1,511 68 -611 -477 -290 937 Income Tax and Social Contribution Net Income -213 -398 -172 -1,404 1,114 -104 -188 12 MinorityShareholders -46 -142 05 -103 925 Net Income attributed to controlling -1,358 1,255 -109 25#26Highlights of the Consolidated Results = 1H15 x 1H14 Eletrobras R$ million Variation Main Highlights Generation supply CCEE - short term 1H15 1H14 (%) 6,123 5,558 +10.2% 1,644 2,718 -39.5% Distribution supply 6,446 2,304 +179.7% CVA - Distribution Companies 561 Electric energy purchase for resale (6,254) (3,690) -69.5% Provisions for contingencies (1,101) (210) -423.8% Provision for Customers and Resselers (253) (22) -1,042% Onerous contracts 155 826 -81.2% Foreign currency exchange rate variations 242 (223) +209% Remuneration from indemnities - Law 12,783/13 865 371 +132.9% Debt charges (2,251) (1,073) -109.8% 26#27Highlights of the Consolidated Results - 2Q15 x 1Q15 Eletrobras Main Highliths 2Q15 1Q15 R$ million Variation (%) Itaipu Transfers -16 121 112.8% Distribution Supply 3,328 3,117 6.8% Recognition of CVA - Distribution Companies 278 282 -1.5% Energy purchased for resale -3,332 -2,922 -4.3% Contingencies -848 -253 -235.4% PCLD Customers and Resselers -151 -102 -48.5% Oneorous Contracts 80 75 6.8% Foreign Currency Exchange Rate Variations -99 341 -129.0% Compensation of Remuneration- Law 12,783/13 370 495 -25.4% Debt charges -1,242 -1,009 -23.1% 27#28CONSOLIDATED a) Generation Consolidated Gross Revenue R$ million 1H15 1H14 % 2Q15 1Q15 Eletrobras Business Segment Information Energy Sold and O&M Construction Revenue Itaipu Transfers 10,546 10,841 -3.0% 5,166 5,381 154 59 158% 60 94 106 82 29% -16 121 3% 3% 16% b) Transmission 35% Transmisssion Return Rate 409 252 62% 205 204 Maintenance and Operating 13% Revenue 1,313 1,154 14% 691 622 51% 68% Construction Revenue 651 739 -12% 358 294 c) Distribution 11% Supply 6,446 2,304 180% 3,328 3,117 Construction Revenue 358 345 04% 182 176 CVA 561 278 282 1H15 Other revenues 648 456 42% 309 339 1H14 Gross Revenue 21,191 16,233 31% 10,561 10,630 Generation Transmission Distribution Other Revenues 28#29Consolidated EBTIDA Eletrobras R$ million EBITDA 1H15 1H14 (%) 2Q15 1Q15 (%) Results of the period -290 937 -131% -1,404 1,114 -226% (+) Provision Income Tax and Social Contribution 611 477 28% 213 398 -46% (+) Financial Result -330 -47 -595% 264 -593 144% (+) Depreciation and Amortization 926 781 19% 463 463 0% (=) EBITDA 917 2,147 -57% -465 1,381 -134% EBITDAS of Subsidiaries Companies 1,729 3,017 -43% -77 1,806 -104% 29#30Distributors CVA Distributors Eletrobras R$ million Compensation Account from variation of the items of "Portion A - CVA 1H15 2T15 1T15 Amazonas Energia 32 -13 45 Distribuição Acre 12 10 02 CELG D 407 255 152 Distribuição Alagoas 39 -3 42 Distribuição Piauí 52 11 41 Distribuição Rondônia 18 17 0.7 Distribuição Roraima 0.5 0.5 Total 561 278 282 The CVA account began to be recorded in 2015. 30#31Operating Provisions Guarantees Contingencies PCLD - Customers and Resselers - PCLD Financings and Loans Onerous Contracts Losses on Investments Impairment Adjustment to Market Value Provision for Losses on Fixed Asset Provision for Losses on Environmental Compensation Provision for Losses on Financial Asset Operating Provisions Eletrobras R$ million Consolidated 1H15 1H14 2Q15 1Q15 12 41 13 -01 1,101 210 848 253 253 22 151 102 08 -51 -05 12 -155 -826 -80 -75 48 -271 25 22 85 111 I 210 Others Total -37 38 -52 14 1,228 -424 901 327 *The amounts referred to the Amazonas Energia onerous contracts were not registered in the operating provisions. 31#32Personnel, Material and Services Eletrobras R$ million PMS 1S15 1S15* 1S14 (%) without Celg D (%) with 2T15 1T15 Celg D (%) Personnel 2,637 2,483 2,611 -4.9% 1.0% 1,312 1,325 -1.0% Material 152 143 147 -2.6% 3.2% 90 61 48.2% Services 1,288 1,056 1,077 -1.9% 19.7% 670 618 8.5% Total 4,077 3,682 3,835 -4.0% 6.3% 2,073 2,004 3.4% *Does not consider CELG D expenses. 32#33Reversal of Provisions Onerous Contracts Consolidated Balance 2015 2014 2013 2012 Eletrobras R$ million Amounts due 2015 2Q15 1Q15 Transmission Contract 061/2001 84 Contract 062/2001 497 608 875 1,407 56 55 Others 17 24 06 01 514 632 875 1,491 62 56 Generation Itaparica 863 1,019 Jirau 712 1,608 Camaçari 82 91 267 357 05 04 Termonorte II 131 I Funil 124 132 96 83 04 04 Paulo Afonso Complex 34 Mauá-Klabin 20 Coaracy Nunes 30 30 89 21 Others 225 246 30 378 11 10 462 500 2,057 3,665 19 19 Distribution Intangibles TOTAL 295 976 1,132 3,228 5,156 80 75 33#34Eletrobras Companies Generation and Transmission Companies Results Eletrobras Net Operating Revenue Service Result Profit/Loss in the Period EBITDA R$ million EBITDA Margin 1S15 1S14 1S15 1S14 1S15 1S14 1S15 1S14 1S15 1S14 Eletronorte 2,988 3,186 463 1,606 109 1,543 742 1,888 25% 59% Chesf 1,824 1,730 42 -51 500 246 99 -39 5% -02% Furnas 3,066 2,940 587 873 206 436 593 1,023 19% 35% Eletronuclear 972 965 114 -318 -14 -460 297 -138 31% -14% Eletrosul 768 500 63 458 -235 187 -21 418 -03% 84% CGTEE 175 159 -129 -175 -292 -276 -89 -139 -51% -87% Total 9,792 9,480 1,139 2,394 274 1,677 1,621 3,013 17% 32% 34#35Distribution Companies Results Eletrobras R$ million Eletrobras Companies Net Operating Revenue Service Result Profit/Loss in the Period EBITDA EBITDA Margin 1S15 1S14 1S15 1S14 1S15 1S14 1S15 1S14 1S15 1S14 ED Acre 181 174 -12 61 -37 31 -04 67 -02% 39% ED Alagoas 658 475 31 -114 -70 -151 48 -98 07% -21% ED Amazonas Energia 1,836 1,643 -43 -100 -631 -580 84 -43 05% -03% ED Piauí 621 431 -01 23 -69 -14 16 39 03% 09% ED Rondônia 571 552 39 67 -17 38 57 83 10% 15% ED Roraima 120 95 -88 -50 -101 -45 -83 -45 -69% -48% Total 3,987 3,369 -74 -112 -925 -721 119 04 03% 0,1% CELG D* 2,282 - -70 - -391 - -11 - -0,5% 35#36> General Information > Expansion > Sectorial Scenario > Financial Performance ➤ Capital Structure > Net Debt and Financing > Strategic Planning Eletrobras 36#37Common Shares 80.4% 13.0% 6.9% 5.8% Capital Structure Preferred Stocks 19.6% Residents 9.8% 3.3% 24.0% 6.9% 82,8% 51.0% Non 7.0% Residents 14.2% Federal Government Total R$ 31.3 billion BNDESpar 6.9% BNDES 4.7% 11.9% Government Funds and CEF Minorities 41.0% Residents 16.3% 35.6% Non Residents 19.3% Eletrobras Residents 42.6% Non Residents 40.2% Ticker BM&FBovespa Elet3 (Common) Elet6 (Preferred B) NYSE EBR (Common) EBR_B (Preferred B) Latibex XELTO (Common) XELTB (Preferred B) 37#38> General Information > Expansion > Sectorial Scenario > Financial Performance > Capital Structure > Net Debt and Financing > Strategic Planning Eletrobras 38#39Consolidated Net Debt - R$ billion RGR Subsidiaries 6.9 14.7 Parent Company O 22.0 Total: R$ 43.6 billion Consolidated Financing without RGR (-) Cash + Securities (-) Receivable Financing without RGR (-) Itaipu Reimbursement* (=) Net Debt without RGR = R$ 37.4 billion = R$ 8.5 billion = R$ 12.8 billion = R$ 2.9 billion R$ 13.2 billion *Amounts to be reimbursed to Eletrobras due to buying and salling of electricity generated by HPU Itaipu. Eletrobras 39#40Parent Company's Net Debt 9.6 Bonds RGR 6.9 Financial Institution Financing without RGR (-) Cash + Securities 12.4 (-) Receivable Financing without RGR (-) Itaipu Reimbursement* (=) Net Debt without RGR Total: R$ 28.9 billion = R$ 22.0 billion = R$ 3.4 billion = R$ 28.7 billion = R$ 2.9 billion R$ (13.0) billion *Amounts to be reimbursed to Eletrobras due to buy ing and salling of electricity generated by HPU Itaipu. Eletrobras 40#41Uses Sources Parent Company Financing Structure - R$ billion Recievable R$ 36.6 Itaipu Reimbursement Payable R$ 28.9 2.9 RGR 5.0 RGR 6.9 Instituição Financeira 12.4 Own Resources 28.7 Itaipu reimbursement 2.9 Other 2.8 Distributors 5.5 Generators 12.9 Itaipu 12.5 Bonds 9.6 Financing average rate: receivable:7.92% payable:6.32% 2.9 15.9 20.3 13.0 12.7 Real Eletrobras 0.4 0.4 US Dólar Others Receivable Payable 41#42Asset 5% 7% 2% 7% 22% 22% Consolidated Equity Structure Total Consolidated Assets R$ 151,3 billion 35% Investment/Fixed Asset Financial Asset - Concessions 5% 24% Liabilities 13% 6% 2% 13% Stockholder's Equity Provision Contingencies Other Other Cash and cash equivalent Indemnization Remuneration to Shareholders Suppliers Securities RGR Receivables Financing Payable Financing 37% Eletrobras 42#43> General Information > Expansion > Operational Performance > Financial Performance > Capital Structure > Net Debt and Financinh > Strategic Planning Eletrobras 43#44Strategic Planning 2015-2019 - Main Projects Eletrobras ✓ New business model, covering governance and management, readjustment of corporate and organizational structures: restructuring of the distribution business, with the sale of a significant portion participation for a private partner; creating service center for business support activities to be share by all Eletrobras companies; unified management model for the SPES in order to make more efficient control and management of the results of these companies. Obtaining remaining value for the inmdenities of the generation and transmission assets that had its concession renewed by law 12,783/2013 2nd tranche of indemnities; Prospecting new expansion projects (Participation in Auctions Plan) - Generation; Deploy portfolio of contracted expansion projects - Transmission; Prospecting new expansion projects (Participation in Auctions Plan) - Transmission; Deploy the sale of services related to energy efficiency. 44#451st Tranche Recognized Value* 14,437 Indemnities - Law 12,783/2013 * Values based on base date of December 2012. Eletrobras R$ million Received by 1Q15 14,762 Receivable 2,434 Book Value Eletrobras Companies (R$ million) Generation (2) Transmission Generation 2nd Tranche: Claimed value by March 2015 of supplementary indemnities: R$ 25,116 million. R$ million (1) Approved Value( (R$ million) Transmission Claimed Value (R$ million) Transmission Generation Eletronorte 1,733 2,927 Chesf 488 1,477 4,802 5,627 under Furnas 996 4,530 10,699 development Eletrosul 514 1,061 Total 1,484 8,254 4,802 20,314 1,007 1,007 Values based on base date of December 2012. (1) The definition of the value and terms of payment haven't been regulated by the Grantor Authority; (2) Thermal power plants assets were not included due to the resolution of the regulatory agency (ReN. ANEEL 596/2013). The accounted values are higher than those demonstrated here (R$ 528 million in Furnas, R$ 186 million in Eletronorte and R$ 357 million in CGTEE). 45#46CAPEX Eletrobras R$ million Budget Investment (a) Invested (b) b/a (%) 2015 1S15 Generation 8,285 2,281 27.53% Corporate Expansion 4,428 731 16.51% SPES Expansion 3,077 1,446 47.01% Maintenance Transmission Corporate Expansion SPES Expansion Maintenance 780 103 13.25% 3,982 1,044 26.21% 2,785 551 19.78% 480 368 76.54% 716 125 17.46% Distribution 1,422 245 17.23% Corporate Expansion 1,216 175 14.43% Maintenance 206 70 33.74% Others (Research, Infra-Structure and 802 91 11.40% Enviromental Quality) Total 14,491 3,661 25.26% 46#47Strategic Planning 2015-2019 - Investments ➤Generation: R$ 27.7 billion ➤Transmission: R$ 17.0 billion ➤Distribution: R$ 4.1 billion >Infraestructure: R$ 1.5 billion Total: R$ 50.3 billion (R$ billion) 1.5 1.6 Uses 2.5 Eletrobras Infrastructure Distribution - maintenance 5.9 Distribution - expansion 23.9 Transmission - maintenance (R$ billion) 3.8 6.8 17.7 13.3 Transmission - expansion Generation - maintenance 11.1 Generation - expansion Sources 12.5 Indemnities Cash Generation Contracted Loans New Loans 47#48Thank You! Eletrobras Investor Relations area is at your disposal for any questions or information. www.eletrobras.com.br/elb/ir Investor Relations [email protected] Phone Numbers: +55 21 2514 6331 +55 21 2514 4637 Eletrobras