Amendment #4 Page 591 of 868 104 if coM•rt% Emphasis of matters As dscussed in Note 3 to Ire combined financial statements, properly pant and ecanpmenl of the Group's power genet/sten assets are depreciated over their estimated oCcreme uselul Wet c0nsderirg facts and erssumptionS as described therein As the regulatory agency or the gantor of the Gr0up'S aothonzabons issue new information or dem ons the deprecation rates for such assets may change Out opnion 4 rot modified with respect to this matter As dsosssed in Note 210 the combined financial statements. the Group has not operated as a separate stand-alone entity The accompanysng combined riaroal statements have been prepared from the scoouraing records of the Groups nctvidoal legal ent A es and Renova Energta S A ('Rem oval The combined froncial statements also include Vim: Mons of expenses for cedars epee/sing and corporate functions provided to the Group by Renova Therefore, the combined financial statements do not necessarily reflect what the combined WWII.; of operations financial pose on and cash flows wood have been had the Group operated as a separate stand-alone entity during the periods preserted Our °anion is not modfed with respect to ens matter is/ Delorde Touche TOrtretSU DefOitte Tonere Tchrnatsu Audlores Independentes Salvador—BA. Brazil Slay 6 2015 F.271 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058548 CONFIDENTIAL SDNY_GM_00204732 EFTA01367020