754. were &mated to the Group in 2015 and 2014. respecUvely 16. Net revenue March 31, March 31, 2015 2014 Rawer denermon Beane power su pply—Eletrobras 5.763 5.852 Oscine power supay—CCEE 55,969 49,937 Gross revenue 61.732 55.619 Less Federal sales taxes COFINS (1,846) (1,658) PIS (401)

ras PPM, dfferenoes between the arrouM of elect/Key generated and that sold in the CCEE emeonment are &lusted and offset in the marthly billings wth Eletrobras h the stbsequert year be CCEE. In the case of the CCEE PPM. clefferences in the volumes of actual electricity generated arid the contracted volumes

accounts recemstle 2 023 2,023 2,023 2023 Chaos In accounts payable 01101113 Provision Payment 12/31113 Provision Payment 12131/14 CCEE Eletrobras Total accourts payable 14.359 1,203 1,112 2,085 (1,570) (1,318) 13.901 2.752 (2.091) 14,562 2060 21,174 (2,060) 21,174 15,652 3,197

UPDATE: Finance Minister Joaquim Levy ruled out the possibility o= Brazil's Treasury guaranteeing a bond backed by about BRL9bn owed to Petr=bras by Eletrobras, according to Bloomberg. We view this as qualitatively =egative for PETBRA, as it indicates to us that the Brazilian government is=not willing to di