Eletropaulo Investment Rationale

AES Eletropaulo Historical Data Historical Data: Financials (US$m) 2014 2015 2016 2017 CAGR EBITDA (pre-pension fund) 222 355 302 403 +22.0% Pension Fund Provision 80 88 99 108 +10.5% EBITDA (Local GAAP) 142 268 204 295 +27.6% Net Income (36) 28 6 (235) -86.9% Net Financial Debt* 601 853 612 824 +11.1% CAPEX 162 168 220 285 +20.7% * Net Financial Debt do not consider Pension Fund deficit adjustment Historical Data: Operational KPIs 2014 2015 2016 2017 CAGR Customers (th) 6,742 6,853 7,016 7,155 +2.0% Distributed Energy (GWh) 46,415 44,237 42,826 42,982 -2.5% Energy Demand (GWh) 42,757 42,534 43,632 44,311 +1.2% SAIDI (h/y) 13.2 23.8 15.9 11.7 -3.9% SAIFI (x/y) 5.3 6.6 6.9 6.2 5.4% Losses (%) 9.7% 9.4% 9.6% 9.7% -0.0% Source: Eletropaulo filings. Original values in BRL converted into USD using an Exchange rate of 3.60 BRL/USD. enel 16

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