Amendment #4 Page 620 of 868 thr . (gd Trade receivables are Enemy teence—CCEE/Eletrobras—In the power sector the operations earned 0;1 are Greeted to me reguttory age, y that memos the actwe infamaton on the pciators of produced and constrned power Based on this structure pannrg is made to operate the system walnut interferences or interruptions Power is sold through auclons. agreements, among others This system is reliable and ctontrolit the payments by the players in the market Clamant transacrons—No transactions with (*waive from al instruments were conducted in the years reported Caps management—The obtectrves of the Group in managing its capital are to ensure that tie Group is always capable of providing retisn to its Shawls:10n aid benefits to other slakehoklers, and maintain an adequate Capital Etruria, to reduce this Cold Combined, 12/31/14 12/31/13 Borrowings 983.117 1.02.1.816 Less Cash and Cash eguwalents and short-term nvestments and restricted deposits (219.074) (212.089) Net debt 744.043 810,527 Parent's net rwestrnent 609,395 624,958 Financial leverage rabo—% 122% 130% Other operstional risks Risk of shorts:24ot wind—This risk results from the shortage of wird due to natural faders which is reduced because the NyInd deposits' in Brut are one of the best in theworld, as in addbon to high speed. vivid is considered stable afferent from certain regions in Asia and the United Sates, which are sublect to cyclones. typhoons and otter natural factors Hydrological risks—The power supplied through Ire National IMercornected System (SIN) is mostly generated by hydroelectric power plants As the SIN operates through an optimized shi:ment system, centralized at the National Electric System Operator IONS) each hydroelectric power pant including those owned by the Group is exposed to the existrg hydrological corchtcns both in tre region where it operates arid other Brazilian regcns Worms hydrological conditions we unferthable toget