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CORPORATE PRESENTATIONAPRIL, 2019

RECENT DEVELOPMENTS

A Look back at 2018 / 1Q19

ConstructionLicenses

All SPVs

Start ofConstruction

Works

SPVs 1, 2, 4, 5, 6, 7 & 8

Long TermFundingSigned

R$ 2.3 bnTransmission

R$ 2.6 bnDistribution Acquisitions

Cepisa

Ceal

Intesa (49%)

Tax BenefitsSUDAM Celpa,

SPVs 7 e 8

SUDENE- Cemar,

Cepisa, Intesa &

others SPVs

Achievementsin 2018

50%consumers

= 10% share in distribution

= R$ 10 bn of Net RAB

Distribution

Transmission60% Long Term

Funding Signed

Start of

Construction Works

30% Long TermFunding Approved

4

Cepisa and Ceal New Turnarounds

AL

PIPIMAMA

PAPA

AL

PIMA

PA

SUDENE Area

RAB R$ mn

4th 9th 10th

ANEEL Complexity Ranking

PMSO / Consumer (R$, 2017)

1Eletrobrs Report

170

356 300

147

CE M A R CE P IS A CE A L CO E LCE

7th

2013 20171

CEPISA 318 944

CEAL 444 712

CEPISA + CEAL 762 1.656

CEMAR 2.069 3.309

Consumers

Grid Extension (Km)

Annual Volumes

Total Losses

Regulatory Opex(R$ mm)

CEPISA CEAL CEPISA + CEAL CEMAR

1,227 1,157 2,384

91,765 47,788 139,553

3,610 3,546 7,156

28% 25% 17%-

419 360 779 608

2,359

123,033

6,203

Extraordinary

Tariff Review

5

Cepisa and Ceal Acquisitions

Bidding Documents Conditions:

Aquisition of 89.94% of the stake

Eletrobras has the right to convert debt into equity up to 30% stake, within 6 months from the Concession Contract signing.

Equatorial should acquire the unsubscribed capital from the 10% stake which the employees and pensioners from Cepisa/Ceal

are entitled to.

Equatorial should pay to Eletrobrs 50% of the fixed assets that were in progress by the time of the privatization appraisal and

that are approved by ANEEL as RAB in the Tariff Review.

1 Including an extra R$ 400 mn of RGR Designada

2 RGR Designada in Ceal will be matched by a Regulatory Asset, to be included in the tariff. The RGR Designada in Cepisa will not be matched by such Reg. Asset.

3 The R$ 599 mn in RGR designada in Ceal does not include the extra R$ 400 mn approved.

Bid Conditions w/o Flexibilization Cepisa Ceal

Regulatory Opex R$ 419 mn R$ 340 mn

Non-Technical Losses (over LV market) 13,93% 21,95%

RGR Designada (may/18)2 R$ 844 mn R$ 599 mn3

Minimum Equity Increase R$ 721 mn R$ 546 mn

Grant bonus R$ 95 mn -

Net Financial Debt R$ 2,499 mn R$ 1,1851 mn

6

Transmission Lines Greenfield Progress

Tower assembly

Vila do Conde Substation

Tapajs Substation

Synchronous Condenser

SPE 1 & 2SPE 1 & 2

SPE 7SPE 7 SPV 8SPV 8

Foundations of the 69kV and

230kV sectors started

Tower assembly

Marituba Substation

TL Vila do Conde - Marituba

TL Barreiras - Buritirama

SPV Completion

SPV 01 11.5%

SPV 02 12.4%

SPV 03 -

SPV 04 2.8%

SPV 05 -

SPV 06 -

SPV 07 20.4%

SPV 08 50.5%

Completion Criteria

For each SPV, the weighing of the completion between lines and substations is based on the estimated Capex for each.

Each transmission line is weighed per: (i) track clearing 10%; (ii) foundations 30%; (iii) tower assembly 30%, and (iv) cable launching 30%.

7

The majority Long Term funding for the transmission is already contractedThe majority Long Term funding for the transmission is already contractedThe majority Long Term funding for the transmission is already contractedThe majority Long Term funding for the transmission is already contracted

Long Term Funding

Funding

Source Amount / Reg. Capex1 Status(R$ MM)

SPV 1 1,212

190

Banco do Nordeste 70% ContractedSPV 2

Debentures 10% IssuedSPV 3

SPV 41,265 BNDES 80% About to conclude

SPV 6

SPV 5

356

66

Banco do Nordeste

Debentures

80%

Contracted

To be structured

SPV 7

293

150

SUDAM

80%

Contracted

Debentures To be structured

SPV 8

495

190

SUDAM

80%

Contracted

Debentures To be structured

TOTAL 4,217 - - -

Greenfield transmission capex already disbursed reached R$ 647 million.

1 The percentages are approximate figures and may vary for each SPV.

OVERVIEW

9

A successful investment platform in UtilitiesA successful investment platform in UtilitiesA successful investment platform in UtilitiesA successful investment platform in Utilities

Who We Are

Distribution TransmissionTransmissionTransmission OthersOthersOthers

Cemar Celpa Cepisa Ceal

Concession Area (km2)

331,983 1,248,000 251,500 27,768

Municipalities (#) 217 144 224 102

Consumers(2017, 000)

2,492 2,644 1,246 1,157

Grid Extension (km) 123,033 153,284 91,765 47,788

Km Grid 3.281

Op. Revenues R$146m

Potential Rev. R$917m

Installed Capacity

Generation 332 MW

Trading Sol Energias

Services 55 Solues

25%

Distribution Transmission

CEMARCEMAR

CELPACELPA

CEPISACEPISA

EQTTEQTT

INTESAINTESA65.1%

96.5%

94,5%

100%

100%

89.9%

Others

GERAMARGERAMAR

55 Solues

55 Solues

100%

51% Sol Energias

Sol Energias

CEALCEAL

10

Corporate Governance

SquadraSquadraSquadraSquadra

InvestimentosInvestimentosInvestimentosInvestimentos

9.8%9.8%9.8%9.8%

OpportunityOpportunityOpportunityOpportunity

5.8%5.8%5.8%5.8%

BlackrockBlackrockBlackrockBlackrock

69.7%69.7%69.7%69.7%

ManagManagManagManag. & . & . & . &

MinoritiesMinoritiesMinoritiesMinorities

FirminoFirminoFirminoFirmino Ferreira Ferreira Ferreira Ferreira

SampaioSampaioSampaioSampaio NetoNetoNetoNeto

Chairman of the

Board

Jos Jorge Jos Jorge Jos Jorge Jos Jorge dededede

Vasconcelos LimaVasconcelos LimaVasconcelos LimaVasconcelos Lima

Board Member

Marcelo SouzaMarcelo SouzaMarcelo SouzaMarcelo Souza

MonteiroMonteiroMonteiroMonteiro

Board Member

Carlos Carlos Carlos Carlos

Augusto Augusto Augusto Augusto

Leone Leone Leone Leone PianiPianiPianiPiani

Board

Member

Eduardo Eduardo Eduardo Eduardo SaggioroSaggioroSaggioroSaggioro

Board Member

GuilhermeGuilhermeGuilhermeGuilherme AchAchAchAch

Vice Chairman of

the Board

Full Corporation, in the Novo Mercado segment

7 Board members appointed every 2 years

2 former CEOs of Equatorial Energia

Luiz Henrique Luiz Henrique Luiz Henrique Luiz Henrique

de Mourade Mourade Mourade Moura

Board Member

9.8%9.8%9.8%9.8% 5.0%5.0%5.0%5.0%

Canada Canada Canada Canada

PensionPensionPensionPension PlanPlanPlanPlan

11

85189

341 379 416470 512 505

559 568 575 545 617

809930368

287113

485631

828

904

928

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

EBITDA (R$ MM, ex-Light, ex-Celpa) EBITDA Light (R$ MM) EBITDA Celpa

784 757681

1.060

1.817

1.445

1.176

Long-term value creation

ThroughThroughThroughThrough turnarounds turnarounds turnarounds turnarounds andandandand capital capital capital capital allocationallocationallocationallocation disciplinedisciplinedisciplinediscipline

Acquisition

of CEMAR

Full sale of

stake in Light

Acquisition of

CELPA

Acquisition of

co-controlling stake in Light

Acquisition of 25%

stake in Geramar

EQTL

IPO

EBITDA CAGR(2004-2018):

+19%

5.2Mar 31,2006

80.00Mar 29,2019

Acquisition

of Ceal and Cepisa

Acquisition of 8

greenfield

transmission

concessionADTV 30

R$ 113 mn

Acquisition

of Intesa

12

Capital Allocation Discipline

95% 27% 26% 26% 25% 25%106% 26% 100% 33% 25%90%Payout

Celpa acquisition and early turnaround

Parc. A mismatch and credit crunch

Investment in Transmission

M&A Preparation

0

100

200

300

400

500

600

700

800

900

1.000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Dividends Adj Net Income

Historical Dividend Payout(R$ MM)

* Adjusted Net Income is the Net Income after the accrual of Legal Reserves

13

Drivers of Value

Active role in the consolidation of the Brazilian energy sector

Transmission greenfield auctions Privatization of Eletrobras discos (Cepisa & Ceal) Acquisition of distressed assets with turnaround potential

Operational Efficiency and profitability

Reduction in Opex with Cepisa and Ceal acquisitions (synergies and efficiency) Benchmark in the sector in quality indicators Enhance profitability of recently installed distribution network

Corporate Governance and Culture

Professional Board and high management with more than 10 years in the Group Stock options plan Meritocracy

Capital structure optimization

Actively manage the equity and debt of subsidiaries Fund required investments and acquisitions Distribute excess equity to shareholders through dividends

14

Growth opportunities

2. Generation

3. Transmission

1. Distribution

4. Other

Segments

New Greenfield Auctions:

R$ 105 BI until 20271

1 According to 10-year Plan from EPE

Studying opportunities in Services,

Telecom and Distributed

Generation

Sector Consolidation

New Greenfield Auctions

DISTRIBUTION

16

Result-Oriented

Goals / Variable Compensation => 100% Workforce

Stock Options => Managers

Open Minded Culture

Tight Cost Control

Matrix Budgeting

Third Party Management

Productivity Contracts

Turnaround CEMARs Case Study

28.7%

17.2%

2007 2018

Losses over Injected Energy

Efficiency in Costs (Opex/Consumers) in BRL

2018

175 237

Regulatory79% or 50hdecrease in DEC (2004-2018)

82% or 32xdecrease in FEC (2004-2018)

Quality

11.5

pp

Matrix BudgetingExamples of Best Practices:

17

Differentiated Results Achieved in Two of Brazils Most Challenging Concession Areas

Creating Value Through Turnaround

Change existing corporate culture

Make regulation a core element of strategy

Build support from all stakeholders

Build human capital (attraction, retention & training, meritocracy)

Optimize capital structure

Invest to strengthen and modernize electric grid

Streamline organizational structure & optimize processes (strict cost

control, collection efficiency and loss

reduction)

Organic growth

Continuous improvement in productivity and operating efficiency

Reinvention

Ongoing

Restructuring

ANEEL Complexity Index

0,503

0,377 0,3640,315 0,313

0,284 0,266 0,265 0,257 0,253

Celpa Light Amazonas

Energia

Cemar Celpe Coelba Ceal Eletropaulo Cepisa Coelce

18

Total Losses Over Required EnergyTotal Losses Over Required EnergyTotal Losses Over Required EnergyTotal Losses Over Required Energy

Losses

CEMAR

Actual Regulatory Target

CELPA

28,7%

28,9%

25,2%

22,0%

21,0%20,7%

19,2%

17,5% 17,6%18,0%

17,2% 17,2%

25,6%

24,3%

23,1%22,1%

19,4% 19,7%

18,6%18,3%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

35,0% 35,5%

31,2%

29,2%

28,3%27,5%

28,3%

29,8%

28,6%

27,1%26,0%

26,8%

26,9% 26,8%

2012 2013 2014 2015 2016 2017 2018

CEPISA

28,0%28,1%

26,0%

20,3%

2017 2018

19

Consistent Improvement in Quality IndicatorsConsistent Improvement in Quality IndicatorsConsistent Improvement in Quality IndicatorsConsistent Improvement in Quality Indicators

Quality Indicators

CEMAR


CELPA

DECHrs/Year/Customer

FECTimes/Year/Customer



63,4

23,6 13,3

14,0

2004 2009 2017 2018

103,4

18,6

46,2

18,0

39,3

15,2 7,1 6,9

2004 2009 2017 2018

11.9

52.4

29.7

11.5

101,6

49,0

27,4 24,4

2012 2014 2017 2018

30,037,9

34,0

28.5

50,930,0

17,8 15,6

2012 2014 2017 2018

27.5

38.7

33,7

23.4

20

Consistent Improvement in Quality IndicatorsConsistent Improvement in Quality IndicatorsConsistent Improvement in Quality IndicatorsConsistent Improvement in Quality Indicators

Quality Indicators




CEPISA

21,9 23,6

2017 2018

19,2 20,7

14,7 14,1

12,4 14,0

2017 2018

21

Leading Growth

Consolidation in Distribution Segment

1Total of the Concession Financial Asset and Intangible Asset in Sept/18 for Celpa, Cemar and Cepisa (Current) and Ceal

Outperformance in Opex Celpa and Cemar

Proxy RAB - 2018(R$ 000)1

Regulatory WACC(in real terms)

WACCPost Tax

/ (1 - ) =8.09% 34% 12.26%

CEMARCELPA

Corp. TaxRate

WACCPre Tax

9.051

977

10.028

Current CEAL Including Ceal

126 129 126 139 171

245 291 321

367 346 397 436 415 437

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Manageable Costs Regulatory Costs

656535

450 473 434497 492

2012 2013 2014 2015 2016 2017 2018

Manageable Costs Regulatory Costs

22

Our Concessions are Located in Areas with Strong PentOur Concessions are Located in Areas with Strong PentOur Concessions are Located in Areas with Strong PentOur Concessions are Located in Areas with Strong Pent----up Demand and a Large Share of Higher Margin up Demand and a Large Share of Higher Margin up Demand and a Large Share of Higher Margin up Demand and a Large Share of Higher Margin Residential CustomersResidential CustomersResidential CustomersResidential Customers

Source: Nota Tcnica DEA 001/2017

Above Average Growth

Estimated Growth of Electricity Demand by Region and End-use Sector (%)

Breakdown of Sales to Ultimate Consumers by End-use Sector (including Cepisa and Ceal) 12 Months Ending Dec, 2018 (%)

% Change North Northeast Brazil2016-2021 4,6 3,7 3,2

2021-2026 5,1 4,5 3,9

2016-2026 4,8 4,1 3,6

Growth above Brazilian average

Relevance in residential segment

Low monthly ticket for residential consumption

Residential 46%

Industrial 14%

Commercial 20%

Others 21%

Monthly Per Capita Residential Consumption(Kwh / Consumer)

108,6 for CEAL

121,65 for CEMAR

126,08 for CEPISA

142,59 for CELPA

23

Focus on Applying Restructuring Expertise to Extract Value from Regulated Utility AssetsFocus on Applying Restructuring Expertise to Extract Value from Regulated Utility AssetsFocus on Applying Restructuring Expertise to Extract Value from Regulated Utility AssetsFocus on Applying Restructuring Expertise to Extract Value from Regulated Utility Assets

Strong Cash Generation

Reg. Asset Base(R$m)

EBITDA(R$m)

Net Income(R$m)

Net Debt/EBITDA

CAGR: +36.3%

2.069

3.309

2013 2017

CEMAR

1.472

3.090

2011 2015

CELPA

496925

-344

928

2012 2018

2,6

3,3

2012 2018Consolidated

385549

-697

369

2012 2018

CEMAR CELPA

TRANSMISSION

25

The need for greenfield investments ledto improved investment parameters...

Average discount to maximum Revenue

RegulatoryRegulatoryRegulatoryRegulatory WACCWACCWACCWACC

4,6%

5,6%

8,5%

9,5%

8,5%8,0%

7,5%7,0%

6,6%6,0%

5,6%5,0%

4,6%

# of lots offered # of lots w/o bids

WACC

Regulatory Capex

Construction time

Lot size

Investment parameters

Equatorial winning bids

The discount applied by the Company in lot 31 (Apr/ 17 transmission auction) was 9.5%.

7

13

7

13

7

29

20 2124 23

35

26 2624 24

35

11

20

13

0 0 0 0 01

02 1

3

1012

17

10

3 4

0 0 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016.1 2016.2 2017.1 2017.2 2018.1 2018.2

39% 38% 43% 40%55% 13% 24% 40% 28% 26% 22% 12% 12% 3% 12% 36% 50% 55% 46%

26

Equatorial acquired 8 greenfield 30-yr transmission concessions

Revenues Revenues Revenues Revenues Amounting to Amounting to Amounting to Amounting to R$ R$ R$ R$ 1,1 Bi / Year*, Adjusted by Inflation1,1 Bi / Year*, Adjusted by Inflation1,1 Bi / Year*, Adjusted by Inflation1,1 Bi / Year*, Adjusted by Inflation

(* base-date Dec/2018)

SPV Lot State km# of

substationsCapex ANEEL

(R$ MM)

Environmental Licensing

ConstructionRAP

(R$MM)

SPV 7 Lot 23 PA 125 2 459 Partial

ConstructionStarted 97

SPV 1 Lot 08 BA 251 478 Construction Started 85

SPV 2 Lot 09 BA 213 1 501 Construction Started 77

SPV 3 Lot 12 BA/PI 380 589 Construction 112

SPV 4 Lot 14 BA/MG 594 1 1,140 Construction 202

SPV 5 Lot 15 BA/MG 257 466 Construction 93

SPV 6 Lot 16 MG 330 542 Construction 116

SPV 8 Lot 31 PA 436 3 714 Construction Started 135

INTESA TO / GO 695 5 May/08 Apr/36 150

State km# of

substationsOperat.

StartEnd of

ConcessionRAP

(R$MM)

GREENFIELD

BROWNFIELD

TOTAL GREENFIELD 2,586 7 4,889 917

TOTAL 3,281 12 1,067

GROUP 1

INTESA

GROUP 4

GROUP 3

GROUP 2

27

Development Status of the Transmission Lines

RAP

Concession ContractEnvironmental

LicensesConstruction

WorksRight of Way

Evolution

ANEEL Signing Date IBAMA / SEMAS AG / Elecnor By Property

SPV 01

(Lot 08)10/Feb/2017 Construction

SPV 02


SPV 03


SPV 04


SPV 05


SPV 06


SPV 07

(Lot 23)10/Feb/2017

Construction

(87% of the RAP)

SPV 08

(Lot 31)21/Jul/2017 Construction

61% - 70%

81% - 90%

71% - 80%

91% - 100%

As of Feb-19.

FINANCIALS

29

Consistent Consistent Consistent Consistent Revenue Growth and ProfitabilityRevenue Growth and ProfitabilityRevenue Growth and ProfitabilityRevenue Growth and Profitability

Net Revenues(R$ MM)1

Net Income(R$ MM)

EBITDA(R$ MM)

Financial Highlights

Net Revenues include construction revenues .

6.773 7.135

7.826

9.071

11.253

2014 2015 2016 2017 2018

1.060 1.176

1.462

1.713

1.959

2014 2015 2016 2017 2018

638

808

712

997

918

2014 2015 2016 2017 2018

30

292 295 352 212 297

1.016831

1.0751.078

1.899

2014 2015 2016 2017 2018

Light for All Own Capex

Strong Strong Strong Strong Financial Profile to Pursue Growth OpportunitiesFinancial Profile to Pursue Growth OpportunitiesFinancial Profile to Pursue Growth OpportunitiesFinancial Profile to Pursue Growth Opportunities

Cons. Net Debt and Net Debt/LTM EBITDA (R$ MM)

Liquidity(R$ MM)1

Proportional Net Debt and Net Debt/LTM EBITDA (R$ MM)

Capex(R$ MM)

Financial Highlights

R$ 4.7 BI 4.1 years

Cash/ ST Maturity

Debt AverageMaturity

Consolidated Cash

2.5 x

3.164 3.228 3.413 3.370

6.703

1,8

1,81,9

1,8

2,8

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1,1

1,2

1,3

1,4

1,5

1,6

1,7

1,8

1,9

2

2,1

2,2

2,3

2,4

2,5

2,6

2,7

2,8

2,9

3

-

600

1.200

1.800

2.400

3.000

3.600

4.200

4.800

5.400

6.000

6.600

7.200

Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

2.721 2.811 3.006 3.018

6.119

1,82,0

2,22,1

3,0

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1,1

1,2

1,3

1,4

1,5

1,6

1,7

1,8

1,9

2

2,1

2,2

2,3

2,4

2,5

2,6

2,7

2,8

2,9

3

3,1

3,2

-

600

1.200

1.800

2.400

3.000

3.600

4.200

4.800

5.400

6.000

6.600

Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

ANNEX

32

Regulatory Framework for Electric Power Distribution in Brazil

Tariff ProcessesTariff ProcessesTariff ProcessesTariff Processes

First year of Concession

Annual Tariff AdjustmentOrdinary

Tariff Review

Ordinary Tariff reviews occur every 4 or 5 yearsCEMAR: Aug/2021, CELPA: Aug/2019

Extraordinary Tariff Reviewin case financial/economic equilibrium of concession is broken

n n+1 n+2 n+3 n+4 n+5

33


Distributors Net Distributors Net Distributors Net Distributors Net Operating Revenues Operating Revenues Operating Revenues Operating Revenues

Regulatory Gross Margin (Parcel B)

Regulatory Opex

Regulatory EBITDA

Non-Manageable cost arepassed-trough to tariffs

Non - Manageable Costs (Parcel A)

Sector Charges

Energy Purchase Cost

Transmission Charges

++++

PassPassPassPass----Through Through Through Through

(independent of the tariff process)

Depends on the tariff processDepends on the tariff processDepends on the tariff processDepends on the tariff process

Tariff Adjustment

Inflation (IGPM) + / - X Factor

Tariff Review Tariff Reset and calculation of X Factor

The difference between tariff adjustmentsand tariff reviews is how Parcel B is defined

34


Tariff Adjustment (Tariff Adjustment (Tariff Adjustment (Tariff Adjustment (CELPA 2017) CELPA 2017) CELPA 2017) CELPA 2017)

Before Adjustment Date(DRA)

At the Adjustment Date(DRP)

-

4.363

2.698

1.665

NOR0Net Operating

Revenues

VPA0Parcel A

VPB0Parcel B=

1.623

2.807

4.430

+VPB1Parcel BVPA1

Parcel ANOR1

Net Operating Revenues

=

x (IGPM X Factor) =(-1,33%-1.20%) = -2,53%

Parcel B is determined by

difference (NOR0 PVA0)

(+) Tracking AccountChange in Parcel A after last tariff process

NOR1NOR0

TA = - 1 = 1.54%

35


The Tariff Review process is executed in two steps: Tariff Reset and calculation The Tariff Review process is executed in two steps: Tariff Reset and calculation The Tariff Review process is executed in two steps: Tariff Reset and calculation The Tariff Review process is executed in two steps: Tariff Reset and calculation of X Factorof X Factorof X Factorof X Factor

First Year 1st TariffReview

2nd Tariff Review

EBITDA

t

OPEX

3rd Tariff Review

Productivity Gains Efficiency Gains Productivity and Efficiency Gains

shared with consumers X Factor

Tariff Reset

Regulatory OpexEfficient Operating Cost

defined by ANEEL

36


CemarsCemarsCemarsCemars Tariff Review (Tariff Review (Tariff Review (Tariff Review (2017)2017)2017)2017)

430

190

89

577

57

1.343

Investment

Remuneration

Depreciation Remuneration e

Depreciation of Other

Assets

Regulatory Opex Regulattory Bad Debt Parcela B

x WACC x Depreciation

Regulatory Asset BaseRegulatory Asset BaseRegulatory Asset BaseRegulatory Asset Base

Only prudent investments

required to adequately provide

service are included

GROSS RABGROSS RABGROSS RABGROSS RAB

R$ 4.9 billion

NET RABNET RABNET RABNET RAB

R$ 3.3 billion

EBITDAReg=

R$ R$ R$ R$ 709 709 709 709 MMMMMMMM

Defined using Defined using Defined using Defined using

benchmarking benchmarking benchmarking benchmarking modelsmodelsmodelsmodels

Return onReturn onReturn onReturn on

InvestmentInvestmentInvestmentInvestment

DepreciationDepreciationDepreciationDepreciation Return Return Return Return and and and and

Depreciation Depreciation Depreciation Depreciation onononon

Other AssetsOther AssetsOther AssetsOther Assets

RegulatoryRegulatoryRegulatoryRegulatory

OpexOpexOpexOpex

RegulatoryRegulatoryRegulatoryRegulatory

Bad DebtBad DebtBad DebtBad Debt

Parcel BParcel BParcel BParcel B

37


X FactorX FactorX FactorX Factor

=++

XFACTOR

Change in SAIDI/SAIFI/IASC Comparative Performances

Sectors Average Productivity considering growth in volume and number of consumers

Q Pd

Defined at each Tariff Adjustment Defined at Tariff Review

Transition from Regulatory OPEX verified in last 12 months to one set on Benchmarking models

T

WWW.EQUATORIALENERGIA.COM.BR

APRESENTAO INSTITUCIONALFEVEREIRO, 2019

AVISO

As estimativas e declaraes futuras constantes da presente apresentao tm por embasamento, em grande parte, as

expectativas atuais e estimativas sobre eventos futuros e tendncias que afetam ou podem potencialmente vir a afetar os

negcios, a situao financeira, os resultados operacionais e prospectivos da EQUATORIAL, Estas estimativas e declaraes

esto sujeitas a diversos riscos, incertezas e suposies e so feitas com base nas informaes de que a EQUATORIAL

atualmente dispe, Esta apresentao tambm est disponvel no site www.equatorialenergia.com.br/ri e no sistema IPE da

CVM.

Essas estimativas envolvem riscos e incertezas e no consistem em garantia de um desempenho futuro, sendo que os reais

resultados ou desenvolvimentos podem ser substancialmente diferentes das expectativas descritas nas estimativas e

declaraes futuras, tendo em vista os riscos e incertezas envolvidos, as estimativas e declaraes acerca do futuro

constantes desta apresentao podem no vir a ocorrer e, ainda, os resultados futuros e o desempenho da EQUATORIAL

podem diferir substancialmente daqueles previstos nas estimativas da EQUATORIAL. Por conta dessas incertezas, o

investidor no deve se basear nestas estimativas e declaraes futuras para tomar uma deciso de investimento.

As palavras acredita, pode, poder, estima, continua, antecipa, pretende, espera e expresses similares tm por

objetivo identificar estimativas. Tais estimativas referem-se apenas data em que foram expressas, sendo que a

EQUATORIAL no pode assegurar a atualizao ou reviso de quaisquer dessas estimativas em razo da ocorrncia de

nova informao, de eventos futuros ou de quaisquer outros fatores.

Esta apresentao no constitui oferta, convite ou solicitao de oferta de subscrio ou compra de quaisquer valores

mobilirios, e, esta apresentao ou qualquer informao aqui contida no constituem a base de um contrato ou

compromisso de qualquer espcie.

Uma corporation investindo no setor eltrico

1 Depends on the closing of Ceals acquisition.

Quem Somos

Distribuio TransmissoTransmissoTransmisso OutrosOutrosOutros

Cemar Celpa Cepisa

rea de Concesso(km2)

331.983 1.248.000 251.500

Municpios (#) 217 144 224

Consumidores(2017, 000)

2.359 2.443 1.227

Rede (km) 123.033 153.284 91.765

Km de Rede 3.281

RAP Operacional R$150m

RAP Potencial R$895m

Capacidade Instalada

Gerao 332 MW

Comerc. Sol Energias

Servios 55 Solues

25%

Distribuio Transmisso

CEMARCEMAR

CELPACELPA

CEPISACEPISA

EQTTEQTT

INTESAINTESA65.1%

96.5%

90,3%

100%

100%

CEAL189.9%

Outros

GERAMARGERAMAR

55 Solues

55 Solues

100%

Sol Energias

Sol Energias

51%

85189

341 379 416470 512 505

559 568 575 545 617

844368

287113

485631

828

973

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

EBITDA (R$ MM, ex-Light, ex-Celpa) EBITDA Light (R$ MM) EBITDA Celpa

784757

681

1.060

1.817

1.445

1.176

Preo da Ao

Gerao de Valor no Longo Prazo

atravs do turnaround das operaes e investimentos oportunsticos

Aquisio da

CEMAR

Venda da

participao

na Light

Aquisio da

CELPA

Aquisio do controle

compartilhado Light

Compra de 25% de

participao na Geramar

IPOEQTL

EBITDA CAGR(2004-2017):

+27%

5.2Mar 31,2006

77.00Jan 03,2019

Aquisio de

Ceal & Cepisa

Aquisio dos 8

projetos de

transmisso

2018

ADTV 30

R$ 86 m

Aquisio da

Intesa

Disciplina na Alocao de Capital

95% 27% 26% 26% 25% 25%106% 26% 100% 33% 25%90%Payout

Compra da Celpa e inciodo turnaround

Descasamento de Parcela A e contrao de crdito

Investimento emTransmisso

Preparaopara M&A

Payout Histrico de Dividendos(R$ MM)

* Lucro Lquido Ajustado o Lucro Lquido aps a formao da Reserva Legal

0

100

200

300

400

500

600

700

800

900

1.000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Dividendos Lucro Ajustado

Setor Eltrico: Oportunidades de crescimento

1 Fonte: Plano Decenal de Expanso de Energia 2027 MME2 Fonte: BTG Pactual

# Fonte Tabela: Mapa Dinmico SIN - ONS

R$ 72,5 bi de investimentos em Linhas de Transmisso at 20271

Crescimento orgnico em consumo nas nossas distribuidoras, em reas com baixo consumo per capita

R$ 146 bi em M&A desde 20142

R$ 32,5 bi de investimentos em Subestaes at 20271

Drivers de Valor

Papel ativo na consolidao do setor eltrico brasileiro

Leiles de projetos de transmisso Privatizao das Distribuidoras da Eletrobrs (Cepisa e Ceal) Aquisio de ativos estressados com potencial de turnaround

Eficincia Operacional e Rentabilidade

Reduo de Opex com a Aquisio da Cepisa (sinergias e eficincia) Benchmark de Qualidade no setor Melhoria da eficincia atravs de investimento na rede de distribuio

Governana Corporativa e Cultura

Conselho Profissional e alta administrao com mais de 10 anos no Grupo Plano de Opo de Compra de Aes Meritocracia

Otimizao da Estrutura de Capital

Gesto ativa da estrutura de capital das subsidirias Recursos necessrios a investimentos e aquisies Distribuio do excesso de capital aos acionistas via dividendos

Administradores

Su

prim

en

tos

Distribuio

32 anos Setor Eltrico15 anos grupo Equatorial


20 anos em RH10 anos grupo Equatorial




Transmisso

Outros

Gerncias Corporativas

Re

gu

lat

rio

Fin

an

as e

RI

Teso

ura

ria

Re

curso

s Hu

ma

no

s

TI

Jurd

ico

Co

me

rcial

En

ge

nh

aria

Estrutura centralizada para gerir cada rea dentro do

grupo

10 anos Setor Eltrico9 anos Finanas10 anos grupo Equatorial

CFOEduardo Haiama

CEOAugusto Miranda

DiretorTinn Amado

DiretorHumberto Nogueira

DiretorSrvio Santos

DiretorLeonardo Lucas

DiretorCarla Medrado

Governana CorporativaSquadra

Investimentos

14.7% 9.8%

Opportunity

5.8%

Blackrock

69.7%

Adm. & Outros

Firmino Ferreira Sampaio NetoPresidente do

Conselho

Jos Jorge deVasconcelos Lima

Conselheiro

Marcelo SouzaMonteiro

Conselheiro

Carlos Augusto

Leone PianiConselheiro

Eduardo Saggioro

Conselheiro

Guilherme AchVice-Presidente

do Conselho

100% Corporation, listada no Novo Mercado

7 conselheiros eleitos a cada 2 anos

2 ex-CEOs da Equatorial Energia

Luiz Henrique de Moura

Conselheiro

DISTRIBUIO

Foco em Resultado

Metas / Remunerao Varivel => 100% Funcionrios

Stock Options => Liderana

Estrutura de deciso gil

Controle de custos

Gesto Matricial de Despesas

Gesto dos terceirizados

Contratos por produtividade

Turnaround a Experincia da CEMAR

28.7%

16.4%

2007 3T18

Perdas Totais sobreInjetada

Eficincia em custos(PMSO/Consumidor) em BRL

2017

171 237

Regulatory79% or 50hreduo de DEC (2004-2017)

82% or 32xreduo de FEC (2004-2017)

Qualidade

12.3

pp

2o

Gesto MatricialMelhores Prticas:

Resultados excepcionais obtidos em duas das mais

complexas reas de concesso do Brasil

Criando valor atravs do turnaround

Ranking de Complexidade da ANEEL

0,503

0,377 0,3640,315 0,313

0,284 0,266 0,265 0,257 0,253

Celpa Light Amazonas

Energia

Cemar Celpe Coelba Ceal Eletropaulo Cepisa Coelce

Implementao de nova cultura corporativa

Estratgia regulatria

Obteno de apoio de todos os stakeholders

Construo de capital humano (atrao,

reteno & treinamento, meritocracia)

Otimizao da estrutura de

capital

Investimento de modernizao

e reforo da rede

Estrutura organizacional gil &

otimizao de processos

(controle de custos,

arrecadao e combate s

perdas)

Crescimento orgnico

Melhoria da produtividade e eficincia

operacional

Gerao de capital humano (plataforma

para novas aquisies)

REINVENO

CONTINUIDADE

RESTRUTURAO

Perdas Totais sobre Energia Injetada

Perdas

CEMAR

28,7%28,9%

25,2%

22,0%21,0%

20,7%19,2%

17,5% 17,6% 18,0%17,2%16,4%

25,6%

24,3%

23,1%22,1%

19,4% 19,7% 18,6%18,3%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 3T18

Real Meta Regulatria

CELPA

35,0% 35,5%

31,2%

29,2%

28,3%27,5% 27,5%29,8%

28,6%

27,1%26,0%

26,8% 26,9% 26,8%

2012 2013 2014 2015 2016 2017 3T18

Reduo Consistente das Perdas de Energia => impulsionando crescimento de demanda

Cemar vem batendo a meta regulatria desde 2009

Celpa vem reduzindo a diferena ano aps ano

Melhoria Consistente nos Indicadores de Qualidade

Indicadores de Qualidade

CEMAR

Real Meta Regulatria

CELPA

DECHoras/Ano/Consumidor

FECVezes/Ano/Consumidor

39,3

15,27,5 7,1

2004 2009 2016 2017

63,4

23,6 14,2 13,3

2004 2009 2016 2017

103.4

19.9

46.2

13.3

52.4

29.7

11.9

18.6

101,6

49,0

29,5 27,4

2012 2014 2016 2017

DECHoras/Ano/Consumidor

FECVezes/Ano/Consumidor

37.9

31.0

34.0

29.5

38.7

33.727.5

30.0

50,9

30,020,4 17,8

2012 2014 2016 2017

2a

Ranking de Qualidade ANEEL

2017

9a

Ranking de Qualidade ANEEL

2017

Crescimento

Consolidao do segmento de Distribuio

1 Considerando a RAB da Celpa de 2015, ajustado pela inflao.

Outperformance de Custos Celpa e Cemar

RAB Lquida 2017(R$ 000)1

WACC Regulatrio(em termos reais)

WACCPs Impostos

/ (1 - ) =8.09% 34% 12.26%

126 129 126 139 171 245

291 321 367 346

397 436 415

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

PMSO Custos Regulatrios

CEMAR

656535

450 473 434497

2012 2013 2014 2015 2016 2017

PMSO Custos Regulatrios

CELPA

6.956

944

712

8.611

Cemar + Celpa Cepisa Ceal Consolidated

Taxa de IR/CS

WACCPr Impostos

Concesses localizadas em rea com potencial de crescimento de demanda e grande share de

consumidores residenciais

Source: Nota Tcnica DEA 001/2017

Crescimento acima da mdia

Crescimento estimado de demanda por regio (%)

Vendas por Classes (incluindo Cepisa e Ceal) 12 Meses encerrados em Dez, 2017 (%)

% Cresc. Norte Nordeste Brasil2016-2021 4,6 3,7 3,2

2021-2026 5,1 4,5 3,9

2016-2026 4,8 4,1 3,6

Crescimento acima da mdia brasileira

Relevncia no segmento residencial

Ticket mdio residencial baixo

Residencial 46%

Industrial 14%

Comercial 20%

Outros 21%

Consumo mensal mdio do segmento residencial(Kwh / Consumidor)

108,6 CEAL

121,65 CEMAR

126,08 CEPISA

142,59 CELPA

496829

-344

973

2012 2017CEMAR CELPA

Aplicao da expertise de Gesto para gerar valor em ativos de setores regulados

Forte Gerao de caixa

Base Reg. Lquida(R$m)

EBITDA(R$m)

Lucro Lquido(R$m)

Dv. Lquida/EBITDA

CAGR: +36.3%

2,62,0

2012 2017

Consolidated

385 490

-697

614

2012 2017

CEMAR CELPA

CAGR: +237,1%

2.069

3.309

2013 2017

CEMAR

1.472

3.090

2011 2015

CELPA

Cepisa e Ceal Novos Turnarounds

AL

PIPIMAMA

PAPA

AL

PIMA

PA 1,227 MM Consumidores

91.765 Extenso da Rede (Km)

3.410 GWh Volume Anual

28% Perdas Totais

R$ 419 MM PMSO Regulatrio

1,157 MM Consumidores

47.788 Extenso da Rede (Km)

3.546 GWh Volume Anual

25% Perdas Totais

R$ 340 MM PMSO Regulatrio

CEALCEPISA

RAB R$ MM

4a 9a 10a

Ranking de Complexidade ANEEL

PMSO / Consumidor (R$, 2017)

1 Relatrio da Eletrobrs

170

356 300

147

CE M A R CE P IS A CE A L CO E LCE

7a

2013 20171Prxima Reviso

Tarifria Peridica

CEPISA 318 944 2023

CEAL 444 712 2024

Reviso Tarifria

Extraordinria em

2019-2020

Aquisies de Cepisa e Ceal

Condies do Edital do Leilo:

Aquisio de participao de 89,94%

Eletrobrs tem o direito de capitalizar dvidas para atingir 30% de participao, at 6 meses aps a assinatura do Contrato de

Concesso.

Equatorial deve adquirir as sobras dos 10% de participao aos quais os empregados e aposentados tm direito de Cepisa/Ceal.

Equatorial deve pagar Eletrobrs 50% dos Ativos Imobilizados em Curso na data do laudo de avaliao e que forem

reconhecidos pela ANEEL na Base das companhias.

1 Incluindo R$ 400 mn de RGR Designada

2 RGR Designada na Ceal ensejar um ativo regulatrio na tarifa. Na Cepisa, no h ativo regulatrio a ser reconhecido.

3 Os R$ 599 mn de RGR designada na Ceal no inlcui os R$ 400 mn adicionais aprovados.

Condies de Leilo Cepisa Ceal

PMSO Regulatrio R$ 419 mn R$ 322 mn

Perdas no-Tcnicas (sobre Mercado BT) 13,93% 21,95%

RGR Designada (mai/18)2 R$ 844 mn R$ 599 mn3

Aporte de Capital Mnimo R$ 721 mn R$ 546 mn

Bnus de Outorga R$ 95 mn -

Dvida Lquida R$ 2,499 mn R$ 1,1851 mn

TRANSMISSO

A necessidade de investimentos em novos projetos

levou melhoria dos parmetros dos leilesDesgio em relao RAP Mxima

WACC RegulatrioWACC RegulatrioWACC RegulatrioWACC Regulatrio

4,6%

5,6%

8,5%

9,5%

8,5%8,0%

7,5%7,0%

6,6%6,0%

5,6%5,0%

4,6%

lotes oferecidos lotes vazios

WACC

Capex Regulatrio

Prazo de Construo

Tamanho dos lotes

Parmetros Regulatrios

Lotes arrematados pela Equatorial

O Desgio aplicado pela Equatorial no lote 31, do leilo de abril/17, foi de 9,5%.

7

13

7

13

7

29

20 2124 23

35

26 2624 24

35

11

20

13

0 0 0 0 01

02 1

3

1012

17

10

3 4

0 0 0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016.1 2016.2 2017.1 2017.2 2018.1 2018.2

39% 38% 43% 40%55% 13% 24% 40% 28% 26% 22% 12% 12% 3% 12% 36% 50% 55% 46%

Equatorial possui 8 projetos de TransmissoReceita Anual soma R$ 1,1 Bi / Ano*, corrigido por inflao

(* base Dez/2019)

SPE Lote Estado km SubestaesCapex ANEEL

(R$ MM)

LicenasAmbientais

ObrasCivis

RAP (R$MM)

SPE 7 Lote 23 PA 125 2 459 Instalao

(87%)Iniciadas 97

SPE 1 Lote 08 BA 251 478 Instalao Iniciadas 85

SPE 2 Lote 09 BA 213 1 501 Instalao Iniciadas 77

SPE 3 Lote 12 BA/PI 380 589 Instalao 112

SPE 4 Lote 14 BA/MG 594 1 1,140 Instalao Iniciadas 202

SPE 5 Lote 15 BA/MG 257 466 Instalao Iniciadas 93

SPE 6 Lote 16 MG 330 542 Instalao Iniciadas 116

SPE 8 Lote 31 PA 436 3 714 Instalao Iniciadas 135

INTESA TO / GO 695 5 May/08 Apr/36 150

Estado km Subestaes IncioFim da

ConcessoRAP

(R$MM)

PROJETOS

OPERACIONAL

TOTAL PROJETOS 2,586 7 4,889 917

TOTAL 3,281 12 1,067

GRUPO 1

INTESA

GRUPO 4

GRUPO 3

GRUPO 2

Evoluo das Linhas de Transmisso

RAP

Contrato de ConcessoLicenas

Ambientais Construo CivilNegociaoFundiria

ANEEL Assinatura IBAMA / SEMAS AG / ElecnorPor

Propriedade

SPE 01


SPE 02


SPE 03


SPE 04


SPE 05


SPE 06


SPE 07

(Lot 23)10/Feb/2017

Construction

(87% of the RAP)

SPE 08

(Lot 31)21/Jul/2017 Construction

61% - 70%

81% - 90%

71% - 80%

91% - 100%

Dez-18.

Grande parte dos financiamentos de longo prazo para a Transmisso j est contratada

Funding de Longo Prazo

Capex Reg.

Fonte Fin. / Capex Reg.1 Status(R$ MM)

SPE 1 1,212

190

Banco do Nordeste 70% ContratadaSPE 2

Debentures 10% EmitidaSPE 3

SPE 41,265 BNDES 80% Aprovado no Crdito

SPE 6

SPE 5

356

66

Banco do Nordeste

Debentures

80%

Contratada

A ser estruturada

SPE 7

293

150

SUDAM

80%

Contratada

Debentures A ser estruturada

SPE 8

495

190

SUDAM

80%

Contratada

Debentures A ser estruturada

TOTAL 4,217 - - -

O total do investimento j desembolsado na Transmisso at o 3T18 atingiu R$ 647 million.

1 Os percentuais so aproximados e podem variar para cada SPE.

Linhas de Transmisso Evoluo dos Projetos

Montagem de Torre

SE Vila do Conde

SE Tapajs

SE Rurpolis

Compensador Sncrono

SPE 1 & 2SPE 1 & 2

SPE 7SPE 7 SPE 8SPE 8

Terraplanagem do setor de 500kV

concluda

Fundaes dos setores de 69kV e 230 kV

Montagem da Torre

500 kV500 kV500 kV500 kV

230 kV230 kV230 kV230 kV69 kV69 kV69 kV69 kV

SE Marituba

SE Marituba

LT Vila do Conde - Marituba

LT Barreiras - Buritirama

NMEROS

Crescimento consistente de Receita e Rentabilidade

ROL(R$ MM)1

Lucro Lquido(R$ MM)

EBITDA(R$ MM)

Destaques Financeiros

4.715

6.773

7.135

7.826

9.071

2013 2014 2015 2016 2017

681

1.060

1.176

1.462

1.713

2013 2014 2015 2016 2017

69

638

808

712

997

2013 2014 2015 2016 2017

ROL inclui Receita de Construo.

88292 295 352 212

657

1.016831

1.0751.078

2013 2014 2015 2016 2017

Luz Para Todos Prprio

Perfil Financeiro Equilibrado para buscar oportunidades

Dv. Lquida Consolidada e Dvida Lquida / EBITDA 12 meses(R$ MM)1

Liquidez(R$ MM)1

Dv. Lquida Proporcional e Dvida Lquida / EBITDA 12 meses(R$ MM)2

Investimentos(R$ MM)

Destaques Financeiros

745

1,308

1,126

1,4271,290

R$ 4.4 BI 4.1 anos

Disponibilidades / Dvida de Curto Prazo

Prazo Mdio de Vencimentos

Caixa Consolidado

4.2 x

Considera 100% of CEMAR + 100% of CELPA + 25% of GERAMAR + 100% of 55 Solues.

Considera 65.1% of CEMAR + 96.5% of CELPA + 25% of GERAMAR + 100% of 55 Solues.

2.582 3.164 3.228 3.413 3.370

1,51,8 1,8

1,9 1,8

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1,1

1,2

1,3

1,4

1,5

1,6

1,7

1,8

1,9

2

2,1

2,2

2,3

-

600

1.200

1.800

2.400

3.000

3.600

Set-17 Dez-17 Mar-18 Jun-18 Set-18

2.213 2.721 2.811 3.006 3.018

1,7 1,82,0

2,22,1

0

0,1

0,2

0,3

0,4

0,5

0,6

0,7

0,8

0,9

1

1,1

1,2

1,3

1,4

1,5

1,6

1,7

1,8

1,9

2

2,1

2,2

2,3

-

600

1.200

1.800

2.400

3.000

3.600

Set-17 Dez-17 Mar-18 Jun-18 Set-18

Retrospectiva 2018

Licenas de Instalao

para todas as SPEs

Incio da Construo

SPEs 1, 2, 7 & 8

Funding de Longo Prazo

R$ 2,3 bi Transmisso

R$ 2,6 bi Distribuio Aquisies

Cepisa

Ceal

Intesa (49%)

Incentivos FiscaisSUDAM Celpa,

SPEs 7 e 8

SUDENE- Cemar,

Cepisa, Intesa &

todas SPEs

Crescimento em 2018

50%consumidores

= 10% share em distribuio

= R$ 10 bi de RAB Lquida

Distribuio

Transmisso63% Funding de

Longo Prazo contratado

Incio da fase

de construo

ANEXO

Regulao da Distribuio de Energia Eltrica no

Brasil Procedimentos Tarifrios

Ano 0 da Concesso

Reajuste Tarifrio AnualReviso Tarifria

Ordinria

Revises Tarifrias Ordinrias ocorrem a cada 4 ou 5 anosCEMAR: Ago/2021, CELPA: Ago/2019

Reviso Tarifria Extraordinriano caso de ruptura no equilbrio econmico-financeiro da concesso

n n+1 n+2 n+3 n+4 n+5


Brasil Composio da Receita Operacional Lquida das Distribuidoras

Margem Bruta Regulatria (Parcela B)

Despesas Operacionais Regulatrias

EBITDA Regulatrio

Custos No-Gerenciveis so repassados tarifa

Custos No Gerenciveis (Parcela A)

Encargos Setoriais

Custo de Compra de Energia

Encargos de Transmisso

++++

RepasseRepasseRepasseRepasse TarifaTarifaTarifaTarifa

(independente do processo tarifrio)

DependeDependeDependeDepende do do do do processoprocessoprocessoprocesso tarifriotarifriotarifriotarifrio

Reajuste Anual

Inflao (IGP-M) + / - Fator X

Reviso Peridica Reviso da Tarifa e clculo do Fator X

O que diferencia o Reajuste Anual da RevisoPeridica a maneira como a Parcela B definida


Brasil Reajuste Tarifrio (CELPA 2018)

Ano Anterior ao Reajuste(DRA)

Aps o Reajuste(DRP)

-

4.344

2.775

1.569

ROL0Rec. Operacional

Lquida

VPA0Parcela A

VPB0Parcela B=

1.678

3.176

4.854

+VPB1Parcela BVPA1

Parcela AROL1

Rec. OperacionalLquida

=

x (IGP-M Fator X) =(8,24% -1,28%) = 6,96%

Parcela B determinada por

diferena (ROL0 VPA0)

(+) Componentes FinanceirosVariaes de Parcela A aps ltimo reajuste/reviso

ROL1ROL0

IRT = - 1 = 11,75%


Brasil A Reviso Tarifria executada em 2 passos: o clculo da tarifa e a determinao do Fator X

Ano 0 1a RevisoTarifria

2a RevisoTarifria

EBITDA

t

OPEX

3a RevisoTarifria

Ganhos de Produtividade Ganhos de Eficincia Ganhos de Produtividade e Eficincia so

divididos com consumidores Fator X

Reviso Tarifria

Custos RegulatriosCusto Operacional eficiente

definido pela ANEEL


Brasil Reviso Tarifria da CEMAR (2017)

430

190

89

577

57

1.343

Investment

Remuneration

Depreciation Remuneration e

Depreciation of Other

Assets

Regulatory Opex Regulattory Bad Debt Parcela B

x WACC x Tx. Depreciao

Base de Base de Base de Base de AtivosAtivosAtivosAtivos RegulatriosRegulatriosRegulatriosRegulatrios (RAB)(RAB)(RAB)(RAB)

So considerados apenas

investimentos prudentes e

inerentes ao servio

RAB RAB RAB RAB BrutaBrutaBrutaBruta

R$ 4,9 bilhes

RAB RAB RAB RAB LquidaLquidaLquidaLquida

R$ 3,3 bilhes

EBITDAReg=

R$ R$ R$ R$ 709 MM709 MM709 MM709 MM

DefinidosDefinidosDefinidosDefinidos atravsatravsatravsatravs de de de de

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