Eletropaulo Investment Rationale

Enel Américas Positioning Strategically Positioned as Largest Dx player in Brazil Number of Customers (m) 17.1 enel enel Goiás Eletropaulo 13.6 9.9 9.3 8.3 7.2 --2 enel 7.0 6.6 5.0 4.6 4.6 4.5 3.4 2.9 1.7 neoenergia ELEKTRO ene enel CPFL CEMIG Eletropaulo enel energisa equatorial ENERGIA ENERGIA Goiás 1 48 Light edp COPEL Eletrobras Celesc Distribuição S.A. Enel Américas would become the first Brazilian distributor by number of End Users Source: Balance Sheet each company as of Dec. 2017 CPFL includes RGE Sul's client base CEEE 11

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