Eletropaulo Investment Rationale

Eletropaulo at a glance. Eletropaulo's historical EBITDA, Clients and Distributed Energy evolution 00 EBITDA (US$m) EBITDA pre-pension funds EBITDA margin 403 Clients and Distributed Energy 222 80 142 2014 355 302 108 88 99 Eletropaulo 7.0 % 46,415 6,742 295 268 Avg. Enel Dx Brazil 204 12.5% 2015 2016 ■Reported EBITDA Pension Funds provision 2017 enel 7,155 42,982 2014 2015 2016 2017 Clients (th) Distributed Energy (GWh) Historical performance affected by Pension Funds contribution and volume contraction due to recession Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Source: Eletropaulo public information. 3

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