Ladies and gentlemen. Thank you for waiting. Welcome to the video conference of results disclosure of the second quarter 2022 Eletrobras. With you, we have Mr. Rodrigo Limp, President of Eletrobras; Ms. Elvira Presta, Director of Finances and RE; Ms. Camila Gualda, Director of Governance, Risks and Compliance; Mr. Pedro Luiz Jatobá, Director of Generation. This media conference is being recorded and will be available on the IR website of this company. We will have the presentation in both languages. If you need simultaneous translation, we have this availability on the icon -- translation on the icon, English or Portuguese. If you choose English, you can silence the original audio in Portuguese, clicking on mute original audio. Statements made here concerning perspectives of business of the company, business projections, operational and financial goals are based on believable and foreseeable information, future consideration and future facts, involve risks, uncertainties and depend upon circumstances that may or not occur. Investors may understand that operational factors and the economics may influence future results and considerations. Now the floor to Mr. Limp, President of Eletrobras, to start the presentation. Mr. Limp, floor is yours.

Thank you. A good afternoon to all. Welcome to our presentation of results of the first quarter of 2022. It’s a great opportunity to share results. We have this commitment with transparence and dialogue to the whole of the community media especially, and it’s satisfaction. Our colleagues are here from the Board, RE, legal, finances, accountancy that may contribute to the presentation during the phase of questioning. I’ll start opening the detailing of the financial pieces of information and Ms Elvira will go into more detail with the date of the company in the last quarter. First slide, a disclaimer that has been mentioned in the beginning and then the context to sectorial and economic. The above graph is the load of energy 2022 versus 2021 first quarter growth of 3.4%. That points out to a growth post pandemic. In this first quarter, we felt this impact, but we have retaken that more robustly and that is affecting daily load. We have GSF and PLD, they show the recovery of the hydric crisis that affected Brazil in 2021, the most serious one in 91 years. And we had, since the beginning of the rainfall season, appropriation and some measures that were taken by the government, the regulating agency that allows for an improvement in the scenario of services providing in energy reservoir-wise and distribution. GSF, the distribution of these reservoirs, measures wise and the best rainfall scenarios and GSF around 95%, 97% in that order. Last year, we were around 67%. And the same interpretation, in the case -- hydro crisis, we have a PLD in the order of 56, around 60. Halfway last year, we had 600 or almost that. Currently, we have a scenario that is much more favorable that we had in 2021. We have the performance…

Thank you. Good afternoon, all. One more video conference of our results. First slide, as we do in every quarter, we have our results. The column blue is IFRS and green is recurring -- nonrecurring actually. But based upon recurring basis. We’ll start with the most relevant ones, and then will go into the EBITDA cost and what is more relevant and more clear. Gross revenue as well pointed out by our President, we had a quarter that was very positive growth in the order of 11% of the revenue. This growth, when we see values, it’s in the order of BRL 1 billion, 60% from generation and 40% transmission. Generation-wise, this BRL 300 million in that orders have some important factors, among which Eletronuclear, we had the annual readjustment of rates related to the repassing of the nuclear fuel and our other subsidiary. Eletronorte have one contract with a very major industrial -- major derivative that is controlled by the price of the aluminum, almost BRL 150 million in the transmission. It’s important that we have been very successful in the focus that has been increased in improvements and efforts towards that, and this has been clear in this quarter more than BRL 350 million. And this BRL 444 million came out of these efforts. And then we have the reorganizations of SPEs, TSLE is being used in the southern region as well. The revenue is being accounted for in the order of BRL 134 million and other agents that are connected to IGPM. PMSO wise, we have to point out that it dropped 3% based upon IFRS with some important events. We are reducing these expenses even though we had some of them that actually increased such as employees agreements and repass of some wages readjustment. And as…

Our first question by Mr. Marcelo Sá analyst -- sell side analyst from Itaú. Marcelo Sá: I’ve been wondering about what’s happening with Santo Antonio. We have a legal disputes, and there was a loss and that decision will have to be paid off. I wonder what happens to Eletrobras if things keep on this direction. If Eletrobras takes full control of that power plant and whether that would affect the offer schedule? Or that wouldn’t -- whether that wouldn’t affect it at all? Thank you.

This is a theme that must be approached. We have to send a vision of the company. That is a theme that when we have relevant information, we maintain our commitment to being transparent and maintaining media and investors in the loop. In the beginning of February, there was an unfavorable result concerning the arbitrage-related to SAESA, BRL 1.5 billion with financial information is still related to the last quarter of 2021. Concerning accounting and results of that last quarter, fourth quarter, we mentioned -- we included Furnas, 43% of that BRL 1.5 billion provisioning from the fourth quarter and with 0 down our investments and results so that we can deal with this BRL 1.5 billion as plan SAESA defined sets forth some things. They had a shareholders’ meeting so that they would talk about increase in their capital BRL 1 billion to BRL 1.5 billion. It was a positive result from most of the Board, and now we have 30 days so that shareholders can consider the subscription of the shares. And the fundraising and the payment of the installment sales mentioned or disclosed to the market, that will not fund Selic parcel -- installment. We are taking our actions so that we can make a decision about this funding, including the scenario that you mentioned of by the other shareholders. The assessment, economic and financial also an evaluation. Legal, in case of this necessary and that are necessary from debtors and others, other parties, we need an assessment of Furnas. We need an assessment, risks and within Furnas, this is a process that is within expected. SAESA has behaved this way. Eletrobras has 77 subsidiaries and with the need of assessments and considerations following the due diligence for us to make a decision, there is no relation with the process that was submitted to the assembly of the shareholders. The assembly had items defined, the resolution of the PPI. SAESA is a matter of the management of Eletrobras that was decided for and the process of capitalization. We don’t see this need to revisit the matter of the assembly just based on that. We are working on both SAESA and the schedule of the offer, and the deliberation by the Comptrollers General Office. Marcelo Sá: It’s very clear. Maybe one more question, additional provisions wise. Concerning Amazonas, how is the company make -- what kind of effort will make sure that you’ll get this assets. That concern, it feel very high loans that keep on growing. What are the chances that -- as a matter of fact, you get -- you are paid back these resources. I would like to understand this perspective a little more. Part of the amount that you have here that ANEEL can actually execute.

Elvira and Mr. Jatobá like to complement, it would be great. This is a problem not only of this trimester, but from last trimester as well. Amazonas distributor is an area of concession that is complex when we had the bidding -- the public bidding. We had major challenges of management regulatory-wise especially, and we had a problem with the company. And a distributor, we do not have the structural balance that we need. Some measures have to be taken. There are some regulatory proposals and measures of management of the company. Mainly when it comes to the reduction of losses, systems of measurement, we have treated in a way that so far haven’t had -- do not reinforce any concern regulatory points that are helping us. I think Elvira and Jatobá may help us in this point. Mr. Jatobá? Pedro Luiz Jatobá: In this matter of ANEEL, this resolution that has been rather recent concerning the contracting, and we do not have to wait 1 year to have the impact that affects the operational capital of that. The crisis increased a lot of prices. The liquidations were happening at very high prices and didn’t impact as much as one would expect. With the rainfalls and the drop in the prices of energy, we have this discussion happening over again. In the short term, it gives us a possibility of equation that totally with this default more recent in the realm of the regulatory agency. We have to keep on -- keep track and help to find the solutions for the structure. We were able in the past a few things. And this is the objective.

Our next question comes from Julia Zaniolo, analysts sell-side Santander.

If this CEO Comptroller’s General Office approves that tomorrow, what are the next steps?

Julia, thank you for your question. We had in the last meeting with the Comptroller’s General Office, expecting to go back to this discussion on the subject tomorrow. That actually has informed, changed our window for the capitalization process. We are presenting now. Looking at the recent milestones, we advanced in important points. The launch of the offer. In February, we had the extraordinary assembly of the shareholders. The 20-F that was filed in the beginning of March and the most important and necessary that was realized yesterday with this presentation. In case the TCU approves that, then that doesn’t include what is mentioned in and what was sent to assembly of action. After analysis, we’ll have to analyze the agreement of TCU so that we analyze whether all the documentation was submitted to the action to the shareholders. We have 2 levels, the updating of the reference form concerning the results of the first quarter. We have to finish the document of the prospect. It’s a complex work, evolves all lawyers hired and the independent auditor. The regulatory limits deadlines of SAC. We have around August to conclude the operation, but we think the holidays in northern hemisphere that start in July, in Brazil, we want to start that as soon as possible. We are not going to define any date because we need that assessment. In January, we pointed out that as part of the schedule, the prospect of the offer in the second quarter, that notice is still valid. We have no dates, but we are working for that. We are working towards building the set of documentation that is necessary, and we are taking all necessary action to have that same schedule for as presented for this year.

Our next question is by Giuliano Ajeje, sell-side UBS.

I have some questions. Let me just go back to Santo Antonio. What is the worst possible scenario? For instance, in Santo Antonio, making and viable Santo Antonio and is still on Santo Antonio, what would be the increase in the minimum capital to avoid this scenario? And on this scenario, that you assumed, and you have more than 50%. How would be a leveraging of Eletrobras, if you could minimize payment of dividends or minimize the future CapEx. This is the first set of questions. Uncertainty in Santo Antonio, and I have others about Santo Antonio on capitalization.

Santo Antonio is one of our greatest asset that we have to assess any point that may affect this scenario with all scenarios in mind, including those that the shareholders do not do the funding. We have to explain what would happen in the worst possible scenario. We would need analyze the impacts of all the alternatives so that we can make decisions based upon the continuity of Santo Antonio Energy. That is one of the largest subsidiaries of the company. Discussions happen independently. One company in the size of Santo Antonio, if there is a problem, it’s a point of attention. That’s part of our -- we are looking at the increase of capital so that we can make the best possible decision for Santo Antonio, Furnas and Eletrobras as a whole. And we had the consolidation of the debt that is part of our analysis. We still do not have the conclusions of this study, but with the consolidation of Santo Antonio, we have EBITDA and we have an index of leveraging that is -- that has room that we understand as proper within our plan of -- business plan with focus on financial discipline and anything will be taken into consideration, that financial discipline, Elvira, would you have any compliment?

This is exactly what you mentioned. has to do with consolidation. We have a debt that is very relevant. EBITDA will come a long time and will consolidate. You may have a stronger impact in the beginning. And besides the fact that we have a leveraging level very manageable, and these analysis are being made through studies, and we are waiting for a decision of our governance, as mentioned here.

A point that is of interest of everyone, capitalization at the road show would start in June. On the light side of Eletrobras 15 days with the publication of the reference form at the end of the month. And I would like to hear your opinion. We have the Comptroller’s General Office assembly tomorrow, but tomorrow will have a response. This report on TCU have some determinations. I would like to understand with you whether there is a base case, if you agree with me, and that would be necessary at least 10 day to deal with those determinations. And if within that we can start in June.

We have to see the deliberation. We do not know the determinations of what happens. We have to estimate what we still don’t know. If there is something that doesn’t impact what we are seeing, and we still maintain what I mentioned in the beginning of the year.

Our next question, Henrique Peretti, analyst -- sell-side analyst, JP Morgan.

I have 2 questions considering capitalization. Can you explain whether according to the vote of the , whether that will be required a new GE? Would be necessary a new GE? And the second question, how would work the mechanics of the minimum price? This is something that we have heard a lot. The minimum price will not be open. We don’t know whether it will be -- we have the whole book building, and if we’ll do a cross checking, and if during the process, there is any type of indication? Basically, we want to know whether you do the whole book built in process with a mean price that has been realize?

Thank you, Henrique, for the 2 questions. The first related to -- we had a question. We had the contribution of other ministers. We do not have a clarity in terms of -- we have in common with most ministers. We have some discussions that have advanced. We have to be conservative. And we have defaults that agreed with the decisions of other ministers that might have been a misunderstanding of us, and that’s why we want to wait for the final decision of the Comptroller’s General Office. We didn’t discuss minimum prices, the BNDES have contracted debt. They do not have knowledge of the minimum price, and we are going to work without knowing the minimum price. So Elvira, if you feel like you can add anything?

We know that the BNDES -- we do not know that we have to do valuation. This study has been submitted. I think that the information that we have that the decision will affect the price. Book building will be discussed slightly ahead by the BNDES, and -- but we are certain of this process. The first one is still open for answer.

Now we would like to end our Q&A session. Mr. Limp, if you would have your final remarks. Mr. Limp, please.

Thank you, Luiz. I would like once again to thank the presence of everyone. Everyone that we have been here with us ask questions, and I reinforce our transparency in the disclosure of all information. And it will be a pleasure to answer your questions, whatever they are, send them to us, and we have been recognized as a company of a management and a governance of transparency. The numbers were very positive. Results in general were very positive, and always searching for the best possible for the company. Have a great day.

At this point, the conference of Eletrobras is adjourned. We thank you all, and have a wonderful day.