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Investor Presentaiton

Regulated Revenues HPP Volta Grande RAG Length enel RBO + GAG Improvements + GAG O&M + Regulatory Fees + Ajl 30 years Tariff Indexation Counterparty Strategy Minimum Generation Penalties and bonus • • ☐ The auction provide signing a contract for SERVICE of Operation and Maintenance of the assets, with a fixed revenue (RAG): RBO Return for the Bonus Payment* = GAG Improvements = related to CAPEX for maintenance GAG O&M = related to OPEX for operating the asset Regulatory Fee = some duties due to regulation will be reimbursed ☐ Ajl = yearly adjustment based on performance * A parcel of RBO is not considered in the EBITDA as it is regarded as restitution of a loan given by the concessionaire to the Government IPCA Discos through CCEE (camara de liquidacion) 30% of the Firm Energy will be sold in the Free Market: competitiveness can be increased depend on the Trading Strategy. Performance is measured comparing PLANT AVAILABILITY during the year vs. Reference Values of: Planned stops for usual maintenance Forced stops due to unexpected events Penalties and bonus (Ajl) are applied only on the GAG parcel; ☐ The annual Equipment Availability will be compared to the Reference Values defined for a each asset and the penalties or bonus will be applied on the GAG revenues: advantage for competitor with High Performance Efficiency. Maximum penalty in 4 first years: 10% i.e. worst case will be 2.3% of revenues From the 5th year and on, no limits (bonus and onus) CO 6
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