Eletropaulo Investment Rationale

Investment Rationale RAB growth opportunity Capex evolution (US$m) 224 +34% 300 Avg. 2015-17 RAB evolution (US$bn) Avg. 2019-21 2.0 2.6 2.2 enel Total Capex 2019-21 (US$bn) 2017 2019 Tariff review 2021 Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Source: Eletropaulo public information, except Capex (internal estimates). 13% 20% 5% ■ Smart Meters ■ Other ICT ■ Quality ■ Connections & Tx 10% ~0.9 21% ■ Losses ■Maintenance 32% 8

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