MINUTES OF THE SEVEN HUNDRED AND FORTY FOURTH MEETING
OF THE BOARD OF DIRECTORS OF
CENTRAIS ELÉTRICAS BRASILEIRAS S.A. – ELETROBRAS

NIRE 53300000859/CNPJ no. 00001180/0001-26

I certify for the required purposes that on the thirtieth of March in the year of two thousand and sixteen, at 10 am, in the Company Office, at Av. Presidente Vargas no. 409 – 13th floor, Rio de Janeiro – RJ, the Board of Directors of Centrais Elétricas Brasileiras S.A. – Eletrobras held a meeting. WAGNER BITTENCOURT DE OLIVEIRA chaired the Board of Director's meeting, with the presence of Advisers JOSÉ DA COSTA CARVALHO NETO, LUIZ EDUARDO BARATA FERREIRA, JAILSON JOSÉ MEDEIROS ALVES, SAMUEL ASSAYAG HANAN, JOÃO ANTONIO LIAN e MAURÍCIO MUNIZ BARRETTO DE CARVALHO and PRICILLA MARIA SANTANA. Decision: DEL-038/2016. Financial Statements for the financial year of 2015. RES-194, of 03.30.2016. The Board of Directors of Centrais Elétricas Brasileiras S.A. - Eletrobras, using its attributions, endorsing the decision by majority of the Executive Board, and consubstantiating in the Report to the Executive Board no. PR-085, of 03.30.2016, DECIDED: 1. to approve the Financial Statements of Eletrobras and Consolidated of Sistema Eletrobras and its forwarding for deliberation to the Board of Directors of this Company, whose values and main highlights are the following: financial statements: financial statements for the year ending on December 31, 2015 of Eletrobras and Consolidated, composed of the following parts: Balance Sheet, Statement of Income for the Financial Year, of Net Equity Changes, of Cash Flow and Added Value, accompanied by Explanatory Notes to the Financial Statements;

a.1)      Balance Sheet

a.2)      Statement of Income for the Financial Year

2. to approve the destination of the result of the financial year ended on December 31, 2015, with the use of the balance of the legal reserve to compensate for the loss found in the financial year, according to article 193 of Law 6,404/76, and forwarding of the administration proposal to the Ordinary General Meeting, to be held on April 29, 2016, to use the capital reserve to absorb the loss for the financial year that has exceeded the accumulated balance of the legal reserve, according to paragraph I of article 200 of Law 6,404/76;

3. profit sharing: because it is a constructive obligation arising from the Collective Labor Agreement, Eletrobras, in compliance with the accounting rules in force, incorporated in these Financial Statements provision to face the possible obligation, observing the provisions of Law No. 10.101, of 12.20.2000 and approval of the DEST, whose payment should be the object of approval by the General Meeting of Shareholders in the amount of up to R$ 42,972 million; 4. to approve the report of the Board for the year ended on 12.31.2015; 5.      to approve the summons to the 56th Ordinary General Meeting, to be held on April 29, 2016, according to the draft of notice and administration proposal attached; 6. to determine that all companies controlled by Eletrobras publish their Financial Statements for the financial year ending on December 31, 2015 on the same day as those of the Eletrobras holding; 7. to determine that the General Secretariat - PRS should adopt the necessary measures to comply with this Deliberation. The Board Member JOÃO ANTONIO LIAN filed a dissenting opinion, as attached. With no other business on the agenda, Mr. President of the Board adjourned the meeting, asking me to draw up this certificate, which once read and approved, was appropriately signed by me, MARIA SILVIA SAMPAIO SANT'ANNA, Secretary of the Board.

The other discussions in this meeting were omitted from this certificate, because they were merely internal interests of the Society, legitimate cause, based on the duty of confidentiality of the Administration, in line with the "caput" of Article 155 of Law no. 6.404 (Law of Corporations), therefore considered outside the scope of the provision in paragraph 1 of article 142 of the aforementioned Law.

Rio de Janeiro, March 30, 2016.