Investor Presentaiton

100 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

View entire presentation