Eletropaulo Investment Rationale

Investment Rationale Additional contributions to the Enel Américas' EBITDA enel enel x 0 ■ Distributed Generation / Storage ■ Financial services connected to electricity bill ■ Green products for the home ◉ Infrastructure projects for industrial / commercial customers ■ E-Mobility Energy sales to free market ■ Presence in key markets for commercial / industrial clients ☐ ■ Additional opportunities from potential market liberalization of MV clients ☐ ■ Continuing migration to free market driven by price ☐ differential between regulated and free market Leverage vertical integration with hydro assets EBITDA @ 2021: ~ US$30 m EBITDA @ 2021: ~ US$20 m 10

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