Investor Presentaiton

Productivity Program Actions resulted in cost reduction of R$ 77 million in real terms 563 550 13 OPEX1 (in real terms) 2016 - 2017 (R$ million) -13.7% 48 18 R$ -77 million 486 OPEX 2016 Inflation2 OPEX 2016 Real Fines³ ADA Contingencies PMSO OPEX 2Q17 ADA with a 50% reduction resulting from the strategy of default combat, with a 22% improvement in the average ticket Reduction in Fines of 28% is a result of investments and consequent improvement of the SAIDI and SAIFI indicators Reduction in Contingencies reflects remeasurement of success in cases of tax, civil and labor execution procedure AES Eletropaulo 1- Excludes Private Pension Expenses (R$ 80.5 m in 2Q16 vs. R$ 98 m in 2017); 2 - Monthly values weighted by the effective rate (IPCA in relation to personnel costs and IGP-M for other costs); 3 - Compensation of DIC / FIC / DMIC / DICRI 39

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