Investor Presentaiton

Productivity Program Results contribute to a 58% increase in EBITDA1 228 Adjusted EBITDA1 2Q16-2017 (R$ million) +58.0% 19 48 71 R$ +132 million 360 Adjusted EBITDA 2Q16 Tariff and Market Bilateral and overcontracting Reduction of fines, PMSO Adjusted EBITDA 2Q17 ADA and Contingencies Tariff and Market: higher tariff (parcel B), partially offset by the decrease in the captive market Bilateral and Overcontracting: strategy to reduce the energy overcontracting exposure PMSO: Collective Labor Agreement and Recovery Plan of Quality Indicators 1- EBITDA adjusted by Expenses with the Pension Fund (2016 and 2017) and Possibly Non-Existing Assets (2016 only) AES Eletropaulo 40

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