Eletropaulo Investment Rationale

Main Macro assumptions Favorable Macro and Sector Dynamics GDP Brazil (% YoY) 2.6 2.3 1.9 2.0 1.0 2.8 CPI (%) enel 4.9 4.3 4.2 4.2 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Energy Distributed 1 (TWh) 42.06 38.74 40.30 37.32 34.88 2017 2018 2019 Enel Américas macro scenario 18-21 2020 2021 1. Enel Américas' Energy demand in Brazil (Enel Ceará, Enel Goiás and Enel Río). Fx Rate BRL/USD 3.70 3.55 3.45 3.35 3.19 2017 2018 2019 2020 2021 15

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