Investor Presentaiton

Productivity Program: OPEX Reduction Schedule Reduction of OPEX through investments focused on the recovery of quality indicators and revenue management 77 Expected Evolution of the Reduction of OPEX¹(R$ mm) 43 33 80 200 150 350 2Q17 3Q17E 4Q17E Total 2017E 2018E 2017+2018E Reduction of OPEX by R$ 350 million by 2018, in comparison with 2016 A1 1 - Reduction in real terms, compared to the OPEX of 2016, excluding the Pension Fund AES Eletropaulo 2- Values excluding pension fund and are weighted monthly by the effective rate (IPCA in relation to personnel costs and IGP-M for other costs) 14

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