Strong Balance Sheet to Support Growth

300 200 100 0 jan/12 fev/12 mar/12 abr/12 Monthly average spot price, R$/MWh Spot price ма 163,94 Brazil: electricity spot price - monthly average (R$/MWh) 260,92 655,52 mai/12 jun/12 jul/12 ago/12 set/12 out/12 nov/12 dez/12 jan/13 fev/13 mar/13 abr/13 mai/13 jun/13 jul/13 ago/13 set/13 out/13 nov/13 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 ago/15 set/15 out/15 nov/15 dez/15 jan/16 fev/16 2012 average -2013 average 2014 average 280,35 200,21 109,84 mar/16 abr/16 mai/16 jun/16 jul/16 ago/16 set/16 out/16 ―2015 average 2016 average 32 CEMIG

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