Ladies and gentlemen, thank you for standing by. Please be welcome to the Eletrobras Earnings Conference Call for Fourth Quarter 2021. Presenting Eletrobras Team, we have here Mr. Rodrigo Limp, President of Eletrobras; Mrs. Elvira Baracuhy; Financial and IR Director; Mrs. Camila Gualda, Governance, Risks and Compliance Director; and Mr. Pedro Luiz Jatobá, Generation Director. We'd tell you that this earnings conference call is being recorded and is going to be available at the Company's IR website where it's going to be available the presentation in both languages. We might tell you that who may need simultaneous translation; we have this tool available on the Globe icon, read interpretation located on the inferior center on your screen. While we selected, please choose your preferred language, Portuguese or English. Participants who want to listen to earnings conference call in English, please there is option to silence the original audio in Portuguese clicking in original audio. For Q&A session, we want you to know that the questions maybe sent via the Q&A icon at the lower session of your screen. Further, your names will be announced that you may do your question live. In this moment a requests will be made to you activate your phone screen. You're perceiving like to -- let you guys know that all the statements that may be made during this earnings conference call relative about the Company's perspectives, projections, goals and financial operations may constitute beliefs and promises of Eletrobras. These informations are only available at the Company. Future considerations are not guarantee off development, they involve risks and uncertainties, and they should be or not happening. Investors may understand as these conditions may influence on other results. Now, I'd like to give the words to Mr. Rodrigo Limp, President, first to start our presentation. Mr. Rodrigo, please move on.

Thank you. Good afternoon to all of you. And now we want to say hello to everybody on the Company, and all of you that are with us today. We are very happy to be with all in this earnings conference call on this presentation on the fourth quarter of 2021. Since we presented before, most of our staff is here, our finance is hearing this presentation. And since we said before, we're going to have a Q&A session to get about any doubts on these annual results; on the results that we showed up last Friday. About the presentation, I'm going to present you guys the main highlights about the operations and finance situation. And then, we'll present the details about the financial information, about the demonstration about last week. I'm starting this presentation. I would like to put on the first slide. That slide is about the sector and economical context about Eletrobras that will be done -- we are involving -- we are evolving our results around the country. And comparing 2020 and 2021, we had a development of 8%; and about the pandemic situations, now that we are starting back on our situation working we have this growth. On the fourth quarter we have development of 2.5% and by the relevant information about the last information we have the GSF, and about the PLD. On our last conference call on the beginning of November, we have -- we had really low results, about 50%. About the crisis that we had in the country about the last few months, it had been reversed. Now we have a really comfortable situation on the national scale, and it reflected on an improvement on the GSF. This is even comparing to 2020, comparing on the last two months, and we…

Thank you, Rod. Good afternoon to you all. Thanks for the opportunity for all of you guys to be here to get our presentation. Our President, he did an opening information, general information about the fourth quarter. And I'll have on this info, the details -- the reported informations under the blue column about the IFRS, and the recurring under green one; and also about the non-recurring events to get the analysis on the results. Talking specifically about receive -- about margin, since we showed up, we had a really good order received the margin. As you can see on the recurring, around 20% positive; this happened since in generation transmission segment, both segment get great results. Under highlights, some of them were also mentioned -- already mentioned. We were importing energy from worldwide; this was a good like margin receipt. We have to highlight this as well as it's going to be ahead, and we have also cost ; we have to analyze this. We had contract negotiations with prices that were negotiated above the prices that we were used to, and we had like a growth on the margins as well in bilateral contracts. In first meeting, we have the effect on IPCA about the readjustments situation. We had the conclusion about revealing the Texas situation as such; it was at Tennessee, it was like finally set. In this we got a margin as well about the BMSO line compared to last year. Since you have like some non-recurring events, we check on the right, these details of these non-recurring events are the more relevant ones. And then last year, on December, we had a deal unfurnished with light; this happened in 2020 when we took off these events and we put the recurring margins to check but…

Now, we start the Q&A session. And now we're going to the first question, and it is from Andre Sampaio, sell-side analyst from Santander. Please Andre, we are going to open your mic, and you can make your question. Andre, please proceed.

Good afternoon to you all. I'd like to do two questions. First question, about the organization, about the TSU. And the second question; and we always keep questioning this, about the costs and about when this is going to be released? Thank you.

Okay, thank you. Thank for your questions, Andre. Starting with the second question, about the costs situation; about the financial that we showed on the annual reports. We put it available to show you on the graphics on 1.6. What the auctions and what was available and what is blocking from each one of the companies and about ; that was your question. We have 26.27% of the auctions blocked and this is about BRL67 million . And on this chart we have the and irrespective of person about the TCU , and we had the first deliberation with the TCU in February referring to the target value. And now the TCU is working on the second growth modeling, checking the price as a minimum price; and we don't know when this is going to be released with the TCU . But we are following this and always when they give you information, we have this but right now we don't have the information when this is going to be released.

Thank you, Rodrigo. Thank you for your answers.

Thank you.

Thank you. Our next question comes from Maria Carolina, sell-side analyst from Credit Suisse. Maria, we're going to open your audio so that you can ask your question. Please, Maria, go ahead.

Good afternoon. Thank you for the call. I have two questions. The first one, it's about recurring staff. You talked about the passive and it reduced, and it reduced from VC to CD . If you give us a bit more details about this, this process -- like to remind us how this is working on; this migration situation is working on? And then, the possible impacts that we can have -- we could have drafted this year. And the second is going to be -- we still see Amazon as giving an impact; and I remember you guys already talked with Amazon as well. How they would like to run these situation to reduce the impacts for you guys. You guys have any news about this process with the regulator that can help you guys to diminish the uncertainty about their payments? Thank you.

Thanks for the questions, Carolina. And one more time starting with the second question, I'm going to ask . About the Amazons, we know about the con; it's really complex operation -- complex personally to check and have some losses. Now part of the isolated systems that's with the CCC that's really relevant and about the hiring situation, and it affects the health of the company. We are treating frequently with the distributor, also with the regulator as well; these discussions we're having with them about hiring flexibility of the units but we don't have -- we don't have a statement about this as well. But we are checking about the efforts that the company has been doing -- having doing as in to reduce the commercial losses for the company. If we do this, and if we succeed on this, we're going to improve the health of the company. And passing to Elvira, if you have a compliment, and about the first question as well.

Thank you, Rodrigo. No doubt you've put it right. We're following this closely into like a really challenging situation and these discussions. The regulatory system, we're going to check it, it's really complex, we have some topics that are -- we have to be -- they have to be questioned to have like, break loose a gap for us to honor these payments. But we have a communication system really good with the distributor, and we have the intention -- this topic is going to be solved but not a doubt. On a short term, we have to put in close to finish this previous -- to close this previous, right. And about the benefits situation we have, we were already worried about this and we have a lot of beneficial programs you find about this; we studied about this. And our Sustainability Director, they hardly studied about this and they did a plan. He did a plan, a migration plan; voluntary migration plan with all the staff that they can do this migration. It's not yet fully concluded, it's working on, but meanwhile we are advancing this; this migration is carrying on. Meanwhile, it was going to be defined. We are making these numbers small and we're like finishing the risk, we can slow, yes. Anyway, regarding a good impact on the result on the long-term but we -- we didn't conclude it yet but we are already working and seeing some positive results. Thank you. Thanks for your question.

Our next question comes from Juliana , sell-side analysts from UBS. Juliana , we're going to opening your audio so that you can make your question. Juliana , please go ahead.

Hi guys, good afternoon. I have some doubts here. This -- while the privatization of the company, I would like just to get the timing on your side. First of all, in this delay on the fourth quarter, if it's -- it can delay the process of privatization, the first impact on the situation -- on the approval. And the second, and in the fourth quarter results, if it can impact also the minimum price that's going to be made on the privatization . I'd like to know what you guys expect in about the calendar as well.

Perfect, Juliana . Thank you. About the calendar, we showed them the last conference considering the capitalization conclusion about this on the results on the fourth quarter, and what we have been working by what we have scheduled the limit, the deadline is May 13. We have naturally published the offer and have some dates to conclude this and the deadline is May 13. And these adjustments on the -- maybe bullishness, it is on the Chronogram as a schedule but we have other steps to -- until we conclude the process; internal steps and external steps, process steps. About the -- we had two crisis, it was definitely January, February, but it was suspended by the syndicate. And the staff there, really important for these complex activities that we had to do; but with great effort we managed to keep it work. And we covered about all the status of our schedule without affecting the financial aspects of company in the U.S. and about the minimum price with these effects. This discussion is conduced by the BNDS with the accounting premium. And this definition on the minimum price, it's going to be discussed with two companies in two sides, and , he doesn't have access on this. It is between the TCU and BNDS , and we don't the -- we don't know how to answer this.

And one more question. There is a minimum deadline for the roadshow or are you guys decide this?

This deadline happens to the CVM, analyze the offer presented; that's like five more days and requests any changes or complements that they enforce and the company do this due to this changings or check all the doubts they have and then they do a new analysis. And if everybody is okay with it, we are authorized to publish it; to realize the offer. If Elvira wants to add something?

No, it was just this. It was just this , Juliana . We have a formality about when it should like less the roadshow itself; it doesn't go with the company and about the potential interest groups. But the deadlines, this should be like followed up. It did CVM decides this, the protocol this include the offer. CVM, they have the time to check it and approve and check for some doubts or some things to clarify. And doing these statements are necessary, and these are the steps that have to be followed up. Just to reinforce about the roadshow steps, it's really important even considering the size of the offer that's going to be even the primary and the secondary, if necessary, as well.

Thank you. That's great. Thank you.

And the next question comes from Marcelo SA, sell-side analyst from Itau. Marcelo, we're going to open your audio so that you can make a question. Please Marcelo, follow ahead -- go ahead.

Hi guys, thank you for the call, about the offer itself. You have the ATO scheduled to April 22, and if everything runs well, and if you guys be able to do this before as well, it would be great. It's going to be officialized, you're going to have this window until like May 13, right?

Well May 20, it's April 25, you're going to have to check on our IR website. And May 13 is the deadline to the liquidation of the offer.

But as Elvira said, our deadline is April 25 but the date, it can be before or after; only after, okay. Okay, only after; perfect, it's going to be the same.

And another question about the TCU . I imagined that the TCU already made some statements to you guys and the government as well. But I want to talk to some people; they had like, not any bigger statements to check next to you guys about the first phase of the process. Any significant situation about the values? You guys confirmed this that the statements they weren't like, as big as it says?

As I said on the other question, this part -- we have a part that naturally we have -- we interact with the TCU but about the minimum price, this discussion, it's a court situation with the court and BMDS , and mean as an issue. And that we don't know which topics are going to be like getting these to be checked about the minimum price, and that discussion about our personal evaluation electronically or situation that wasn't a part of that.

Could you have some questions, and you guys weren't about right?

No, this was already part of -- I mean, yes, modeling situation while there are nuclear situation, at the end it reflected on the PKI . So these events is specifically with the BMDS, and the governor gets on as well.

Okay, perfect. Thank you.

Thank you. Perfect, thank you.

And now we end the Q&A session. Now, we give the word back to Mr. Limp for his final consideration. Mr. Rodrigo, please.

Well, I'd like to thank you guys again for the interest of all of you guys, we had a lot of participants which demonstrates momentarily we did have in the company the results that will be important, and they're good. But when they reinforce the transparency, that Eletrobras conducts all these financial information, all the relevant information that we have knowledge we publish to the market. The moment that we get this information we're going to keep doing this is important; this constant dialogue of the market with the investors -- for us to be always having -- always a transparent process with the public and always improve our results. Once again, I'd like to thank you, all of you, and wish a great afternoon to all of you guys.

At this moment, Eletrobras earnings conference call has ended. Thanks. We thank you for all your participation, and have a good afternoon.