Ladies and gentlemen, thank you for waiting. Welcome to the earnings call of Eletrobras results regarding the second quarter of 2021. . We remind you that we have a PDF file in the IR, Investor Relations website, you have the presentation available. . Before continuing, we would like to say that any statements that might be done during the earnings call regarding the estimates of the forecast of the company, projections and operational goals, financial goals, are based on beliefs and expectations of our management and are based on information that is currently available to the company. We do not guarantee performance because we have risks and uncertainties and depend on circumstances that may or may not happen. Investors must understand that economic conditions and other operational factors may influence the results expressed or hoped for the future. We have the President of Eletrobras, Rodrigo Limp; Ms. Elvira Presta, Director of IR, Investor Relations; Pedro Luiz Jatoba, director of Innovation. Now we have the President, Rodrigo Limp, you may continue.

Thank you, Juliana. Thank you, everyone, shareholders, analysts, everybody that are taking part in this earnings call. We're going to talk about the second quarter of 2021. I would like to salute my colleagues from the Board of Directors, Jatoba and everyone else that are here with me. Looking to start. The presentation was made available on the website. If you want to, you can download it. Let's do the first part and then we will go into the details of the financial and operation -- operating highlights, and then we will continue for the Q&A session. Let's start on Slide 3, financial and operating highlights. Now 4, we can see the numbers. Starting by ROL comparing to the second quarter of '20. In the second quarter of 2021, we had an increase of 49% in the ROL IFRS from BRL5.3 billion to BRL7.9 billion. This increase will be explained thereafter, but we have results of 2 segments, generation and production transmission. We still have the tariff review from last year. And in generation, we have the increase in PLD and our commercialization strategy. We had a significant increase in the short-term markets and the contracts, bilateral contracts signed in the free market. The other indicator is EBITDA, an increase of 64%. Net profit, we left from BRL469 million from the second quarter '20 to over BRL2.5 billion in the second quarter 2021, an increase of 439%. The recurrent data. Recurrent ROL with the increase of IFRS of 49%, the same number, 49% as well here. Recurrent EBITDA, an increase of 116%, getting to the BRL4.7 billion value, almost BRL4.8 million. Recurrent net profit, we get to BRL4.5 billion, BRL643 million of the second quarter of 2020, an increase of over, once again, 6%, 7% in the net profit recurrent.…

Thank you. Good afternoon, everyone. I'll continue with our presentation. If you can look at Slide 11. We can see the results. For the second quarter income statement, a little bit more detailed. We've seen some of the numbers in the first slides of the presentation. Now we have the IFRS in the blue, the first column; and then we have the same numbers in the recurrent bar in green. Let's start by gross revenue. We had an increase of revenue, 42% in gross revenue, 49% in the net revenue. And also, we announced the -- we had an increase in generation and transmission revenues on the right. You're going to see some of the details. I just wanted to bring your attention to the most relevant generation we had comparing to the same period in the previous year, an increase of BRL863 million in the revenue. That increase is due substantially to the increase in the PLD and import short-term operations. There is a small parcel, which is well also to liquidations on the short term, of course, and new bilateral contracts to supply and we benefited also from that. The increase in prices, BRL150 million and BRL517 million short term. We still have the readjustment of the quota of the plans. The readjustment of the tariffs brought in another BRL85 million. Transmission. Increase of 52%, BRL1.9 billion. As it was said, we -- the main thing behind us is the contractual revenue. Transmission was a review in the tariffs happened July of last year from the third quarter onwards. So in the second quarter of last year, this effect was not captured. This is a review that took place thereafter. Dealing with a few subject matters, for example, the case of RBSE. So this is very expressed in…

. Our first question is from Andre Sampaio from Banco Santander.

I have a few questions. The first question in regards to . And a few questions regarding the discussion not being able to release this. If you can update this number, it was 70% that was available. The second question that I have is in regards to the dividends for this year. We had some very relevant leverages. And here, we have the lack of space. So I wanted to understand a little bit more. The third and last question. We had a lot of questions in that regard. In regard to the sectorial funds, we have funds and so on. So that has created some doubt. And there's still the losses from the expenses of the government. If you can comment a little bit on that.

Thank you, Andre. Let's divide here the questions, and then we can talk about the dividends and everything and the actions of . The third point, the funds. San Francisco, Furnas, they violated maximum expenses, but this is in fact something that is written in law. This establishes an obligation, contractual obligation for Eletrobras, it's a contractual obligation that we have to fulfill. And the provisional measure, we have that evaluation, but rebate should it happen naturally, the government will defend there standpoint. I wouldn't be able to tell you what is the result. But from the standpoint of Eletrobras, this is a contractual obligation. For example, investment in PND, in research and development. So there is a decision from the cohorts that we are following up, and we couldn't really affirm if there is going to be a decision that affects what is in line. Now going to Elvira.

Andre, in regards to , we have a percentage of actions that are above 70%, getting close to 80% and we continue with our plan to see all the other actions. It's a little bit of a slower process because these actions are spread out, these processes are spread out in several states of the Federation, and we have to do the pledges one-on-one to get the guarantees. And also because of the pandemic, some of these cohorts are still in remote work but we continue to do this work. The other question is regard to your -- our leverage. At the moment, we do not have a prediction of changing this payout. As I mentioned, we have in the pipeline of few relevant themes, and we are very attentive to the process of capitalization itself. Think we have to wait for the bonus for the size of this capitalization, the disinvestment. We are waiting for this scenario to become ever clearer so we can do maybe an adjustment in the policy. But this is not a plan. The plan -- we are going to start with the PDNG and we will evaluate the scenario of the company that has been capitalized, how it would be that investment and the operations that might be evaluated.

Next question, Marcelo Sa, Itau. Marcelo Sá: Thank you for the call. I have a few questions. In this meeting, that is going to define what are the premises. This meeting where we have defined how will we do the contribution for CDE. And however, that happened. Or the idea that the number will only be from the additional value and the way that we're going to use it, they're going to be used for the future. That's the first question.

Okay. Thank you. We do not have that information. But I believe that there's still no definition of the agreement. Marcelo Sá: Perfect. Well, another question in regards to governance, in regards to Eletronuclear. We have the state that will be the controller and Eletrobras will be a minority shareholder. How is the new investment issue if the government wants to build a new nuclear power plant? Is there any mechanism for Eletrobras private to say no, if the terms are not effective? Or will we be mandated to get into this project because the federal government wants it? So what can you tell us?

We've dealt a lot with this. There is a point that is clear that the new state-owned company maintains the controller and Eletronuclear, other Board of Directors. So it has all the governance rules as directed to a good management. Investments that are done so that we go all throughout the governance. And the way that we're going to treat Eletrobras is a decree in the -- and a CPPI that will relate to the governance, probably between the relation between the company and Eletrobras. And something that is worrisome in a significant way is the fact that the company has all the rules of governance that Eletrobras has. And we have the naming of the Directors . So this is a point that we are discussing and evaluating but we have the legal framework to do this with safety. So I think at a point that everybody is worried in looking at this calendar certain preference. They're going to do -- we're going to have the study of PNDS, Eletrobras, the Board of Directors will have to approve the capitalization. And then you have 30 days, you will call ADE, so that it happens in January, so that the offering happens in February. In the middle of that, there is PCU, which people are worried that there is a bottleneck in the process. If you change anything, then you have to get a new and another Board. So we need to understand how PDU is analyzing these discussions. For example, BNDES is contracts or in the discussions with the government with TCU with the court just to see if there is anything that the TCU will start to see or towards delay really up ahead. And then we have to take into consideration the results of the fourth quarter.…

No, no, no. The law itself is, well, we can have a secondary offering to less than 50%. So our understanding, we have the primary offering that will be due. And if there is a decrease here, the law, in my opinion, it is clear with our team of the Board of Directors. And I don't know the divergent interpretation that should be on the primary. Now to me, it seems a little bit bizarre, but I just wanted to confirm.

. Next question, Pedro Manfredini from Goldman Sachs.

Very simple doubt. That would be possible reviews for this. We are going through a tax reform time. I want to know if there is any interaction with the government that we're taking into consideration. My question is, will we anticipate the tax reform? Or will you wait for the tax reform or the calculation for the regulatory bodies and tax issues as well?

Well, we are considering, yes, the government as a whole with our results. Now when it happens and how it's going to happen, because we've worked with the scenarios, and it's under the radar. And well, we are still calculating this. It should be approved before. Any chance that if the -- and the preliminary with the reform and with the preliminary value, this was not brought up until now. And remembering, and where this is from CNPE and naturally, this is due to the agreement or not. And maybe before the assembly, this was not dealt with before -- with us before.

We now close the Q&A session. We return the word to Rodrigo for the final considerations.

Hello, Juliana. I just wanted to thank everyone here for their participation and had the opportunity to take part in the earnings call, the previous one. I've been working for 1 or 2 weeks at Eletrobras and I've been working here for 3 months. It is pleasure to be here. Positive results. I'm available. And we have an open channel with our Investor Relations team to keep a leverage market. Once again, thank you very much.

The earnings call of Eletrobras is closed. Thank you for your participation. Have a wonderful afternoon.