Eletropaulo Investment Rationale

Investment Rationale Eletropaulo EBITDA evolution 2017-2021 (US$m) enel ~ 750 ~ 50 - 100 ~ 700 ~100-150 ~ 150-200 295 EBITDA 2017 Efficiencies RAB growth & Quality Volume growth EBITDA 2021E Enel X & Retail EBITDA/MWh Eletropaulo EBITDA/MWh Avg. Dx Brazil 6.86 2017 20.13 24.78 2017 Average 2018-20 Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Total EBITDA 2021E contribution to Enel Américas Group CO 6

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