Amendment #4 Page 389 of 868 ?n. n t Renova Energy Projects I Condensed combined statements of cash flows for the three-month periods ended March 31, 2015 and 2014 (Unaudited) Amounts in thousands of Brazilian Resis—RS Note Three month period ended Match 31 2016 2014 CASH FLOWS FROM CPERATiNG ACT fVITIES Net Income 14,119 8,162 Adjustments to reconcile Net I noome to cash provided by operatng active es Deprecation 7, 16 16.869 16,972 Interest on borrowings 8. 17 17.537 17.535 DelX isuence casts 8 155 153 Interest on short arm irreestments and restnded Cocotte 17 (5.563) (4,332) (Increase) decrease in comaing assets Trade receivables 1,217 (1,991) Prepaid and recoverade taxes 2437 70 Other assets 326 607 Increase (decrease) in operating liabittes Trade payables (2 035) (221) Tama payable 628 2,0)9 Enerqv balance—COEVEletrobres. nel (2.424) 3.524 Other parables 208 1 Cuter cash flows from operating activities Promo and Kcal contnbuton taxes pad (1.921) (1,722) interest paid on borrowings 8 (17,430) (17.770) Net cash provided by operateg aotmhes 24.063 23.327 CASH FLOWS FROM INVESTING ACTIVITIES Short4emi swestnents (6.744) 16,203 Reseided deposits (10.531) (9.109) %These of property. pent and equipment (3 832) Net rash (uSed WO Melded by inveSZing aCtNheS (21,107) 7,184 CASH FLOWS FROM FINANCING ACTIVITIES Paymerts on benches-9s 8 (17.029) (78.OSS) Others transfers from parent. net 3.419 3.134 Payment of dvidends 14 — (16.830) Net cash used n Insincing admits (13.610) (32,X4) (DECREASE) INCREASE IN CASH ANDCASH EQUIVALENTS (10 664) 147 Cash and cash equivalents at begrong of period 4 34,109 20,799 Cash and cash equivalents at end of period 4 23,455 20,946 (ECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (10.654) 147 m. wcosperrOv nolo, ••• an rtspraipanCiihm•CatromdCostmectoson ewer I Oben! F.69 http://cfdocs.btogo. corn :27638/cf/dna/pub/edgar/2015/07/20/00011