Ladies and gentlemen, good afternoon, everyone. Thank you for waiting. You are all welcome to the Teleconference of Eletrobras to talk about our Results of the Trimester 2019. All participants will be listening to the teleconference during the presentation, soon after we'll start the Q&A when more instructions will be provided. We would like to remind you that this is available as a PowerPoint in the Investor Relations website of Eletrobras. [Operator Instructions]Before we continue, we would like to make clear that essential declaration that might be done during this teleconference related to the business perspectives from the Company, projections, operational goals and financial goals are belief and premises from the Board of Director Eletrobras based on information actually available from the Company. Future considerations are not performance guarantees, as there are risks and uncertainties involved.The investors should defend that the general economical conditions and other operational factors can influence the expressed results in future consideration.Now, I would like to pass on the floor to the CEO, Mr. Wilson Ferreira, also to the CFO and also to Ms. Elvira Presta, the CFO.And I'd like to thank you for the opportunity. Please take the floor.

Good afternoon everyone, all the investors, people who have been following us on this presentation of our trimester results. Now, we will continue with our presentation. It's fairly long this presentation, considering the last trimester but I'll try to go through it quickly. And starting on Page 4, so our highlights, this we have two pages. The first one talking about the project of last 5187 that was sent to the Congress last week and now we started the privatization process from Eletrobras and increase of capital. We're going to talk about it throughout this presentation.I'd also like to tell you that the proposal for increases capital for both in the 16th AGF. The day after tomorrow, we are going to present our capitalization process with our resources from good part to the unit and they are going to provide it to the main shareholders. We are going to have talking about it throughout and they are also going to talk about our work to important to them First of all, we have the presentation represent our program also people that get to finish with the and its going to start and its voluntary program and we already have 1,681 employees and that's going to improve by BRL500 million and they're are going to mention some of things.I'm also going to talk about the third part the outsource disconnection. So more than 1,000 third party employees, it's going to save us 218 million a year and as you are thinking about the estimated cost which are going to be more than BRL430 million for another we're still continuing with our process average, the Company is 1.8 times the net debt at TGA adjusted so we have been doing upon this charge and we had that have been in July 19…

Great. So, ladies and gentlemen, we're now going to have a question-and-answer session round. [Operator Instructions. The first comes from Andre Sampaio from Santander.

Andre, good afternoon.

I'd actually like to ask a few questions, referring to the privatization process. First of all, I'd like to understand on Slide 26, you comment on the addition of the non-amortized investments. I'd like know that that's referring to that dispute that you are still with to the organization from the process which is similar to what happened in RBC, but it hadn't yet been talk about? So that's the first question. Second question relating to the physical guarantees. Do you understand that this was you with asset has been discussed in the public consultation from ministry. Is there is going to be any limit? Is there going to end 10% limit? Will that be really refused for the value of the physical guarantee? Or will it limited to 10%? And my last question is just to confirm when I look at this whole process of privatization the whole economical benefit calculated by saying DE, what would actually stay with the Company would be 3.5 billion from the credit from SEC, am I understanding this correctly?

Yes to start with yes, of course as a private company you are going to have better conditions to operate efficiently this company, of course and this is the first thing as we have 3.5 billion the added value is zero but referring to your other questions, removing from asking the demonization and the dispute that we have with, in our agency not really a despite but they have a responsibility to evaluate this value of course, that hasn’t been removed and that has to be checked and yes the value are part of our balance sheet.

The review of the physical guarantee?

Yes I think the guarantee will happen and you are going to see the difference, we got limited to 5% of this evaluation that we had two years ago and it is a valuation of some cases for examples [Indiscernible] should be minus 9.2% it was 5%. So not a case that we know off, let me think about it. For Brazil it was minus 5 and it could have been 8.6, if you get all of this and the main apart from those 5% would have 167 average megawatts left than we have today. So the right thing is for you to get to a real physical guarantee that you have and that should be done. The regiment that you are going to establish from now on with the limitation of 10 to the end of their life every five years spending revision that depends on this consultation that’s been then now the factor.

Perfect you explained really well. Thank you I really understood how the process works. Thank you.

The next question is from [Indiscernible].

Good afternoon everyone this is Marcello. Just to continue to Marcello's question when VP had their last revision of physical guarantees it seems that the reduction was very, very small as if it wasn't really measuring the reality of power plant, talked about somewhat technical people kind of rained, what average was used in this physical world is from North East power plant.

So, if there was a decrease in rain, the fall would be much bigger than what was defined by EPD. So in this process of write-off maybe a shorter series should be used to reflect reality and then you'll have a relevant impact images in GCSF. So whether this is their comment this review this or mentioning is to incorporate this amount that was kept by the limit of 5% not more or a review. So, let me see if I understood, I want to know if I understood that correctly or if a more structured review of physical of warranties can be done.Like can, tell you for sure, the amount that I talked about is the amount of the actual methodology that we have these days, which is limited by the capping of 5%. So you liberate that to that capping you would have another rejection of 287 megawatt. It's always possible when we talk about result, but I can't really check for 100%. We for our methodology that we don't know, they would have to be object considering all the ages in this sector and it has to do a strong consultation of course.But looking at San Francisco, which I think there is a counterpart here, from the Company invested in revitalization of selfless school, still early as far as monitoring the water and so on so that is what has an aligned benefit on the point of view of the resources, of course. But another thing that was identified as important to the event and the revitalization should be seen as a benefit to the whole society.Of course, it's not limited just to water but to allow it to of the improvement of the fetus fans of the river and that, of course, would affect all the processes that will be implemented to radicalize that river. So, this is the main reason why the hydraulic system which has more than 14 power plants and it can generate a great benefit. So, of course, in San Francisco is the only river that has in LDT, but it is the object of this priority from really to be checked by the law. That was great.

A second question last year the year before that when we were discussing the privatization of Eletrobras. There was a discussion about eventually anticipating the renewal of to query and with a filament back to the union. Is this really a possibility or has it been removed from possibilities?

It's not considered in this project in this law project.

Thank you.

[Technical difficulty] December. So, the high boxes of fuel have been bidding for this power plant. It's too waiting for assets it hasn't been returned yet. So it's clear and just I reminded something elese I remember something else talking about the discussion from GSS. This agreement that you have in the BL this extension of concessions, so that you could stop this pending amount, I think it's important that this will happen before the privatization of Eletrobas before this process continues.

So that they know how many years its confession you have. Do you have an idea of when this can be voted on or is it still pending in the Congress without expectation?

Well, of course we talked about bricks and there is an expectation that this process will be evaluated soon by Eletrobas it has of course repercussion and it's going to be a priority at any time we hope it will be done as soon as possible, but you will have to be done quickly privatization.

[Operator instructions] So the next question is Fernando [Indiscernible] from Santander Bank.

It's a quick question relating to the view of your stakeholders are not just the stakeholders, the shareholders, so of course as possible to your creditors, they said before there was an implicit support from the union and after privatization this support, it's going to be more circular more conflicts. How do you think that the creditors will react or how will the Company behave after privatization for facing this challenge?

Well, of course based on the law isn't it, the Company will continue being our company that has an attrition to all public commitments that it has many taxes and so on. And then, of course we want to keep on with all these obligations, but always based on the law. The law is really an essential thing for us to relieve for us to pay for actions on them, and it's their respective states to the stakeholders, and we already. Thank you.

Thank you.

The next question is from [Indiscernible].

Okay. So, are finishing the Q&A session. So, we are going to return the mike to Mr. Wilson for the final considerations. Please, Mr. Wilson.

I would like to thank you for your attention of the analyst, investors, shareholders from Eletrobras for your attention that you had to our conference talking about our trimester. As I said, we are the final process of restructuring and we're bringing back Eletrobras we have very important elements, the conclusion of very important buildings and of course you know talking about also TME and ANGRA 3. We are going through a very important phase also de-leveraging of the Company and going to thinking about 2.5 times growth and also our final is to just operational cost.These are basic condition consist for company to me to be viable in competitive process that correspond to the privatization theme. It's important to mention that the government has given us a huge responsibility with the team bringing together Brazilian corporation with financial capacity which are billion highly world class companies especially provenance procedures that characterize the system and the concentration limit which are very transparent process for evaluation.So, we worried about putting together procedures that will allow us to calculate all the value of the Company and we have been deliberating about it and understand now we are going to phase that we are talking to society and for the project to the chamber of deputy is going to start a long period of talks so that we can improve and the government can improve this process. But it's very important for the future of Eletrobras and I want to remind you by putting the Company in this new competitiveness point it becomes the Company that has seen a financial capacity being reduced and now that we are finishing this process as mentioned to you that, we don't have any project of generation for beyond the delivery that we talked to you and until 2026.So we're introduced by reducing participate just a little bit more because there are no highest project to be delivered. Identically, it will join new projects eventually to make that viable so that it can join new production generation projects and is to have financial capacity would need the capitalization. So the capitalization is externally important for this company to improve the generation for the Company that is moving on a big route of growth and development with the private addition and reform of the retirement system. So this is already very good, so we have a positive plan of view and the Company is really preparing to interact and provide data to the society for make the best decision. I thank you all for being here and thank you so much.Okay, so right now the teleconference on Eletrobras is finished. We like to thank you all for your participation and hope you have a great afternoon.