ENEVA DAY November 2019 Disclaimer

This presentation may contain certain forward-looking statements and information relating to ENEVA that reflect the current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “may”, “plan”, “believe”, “anticipate”, “expect”, “envisages”, “will likely result”, or any other words or phrases of similar meaning.

Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation.

In no event, neither the Company, any of its affiliates, directors, officers, agents or employees nor any of the placement agents shall be liable before any third party (including investors) for any investment or business decision made or action taken in reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without ENEVA’s prior written consent. 2 PAGE

An overview of the Gas and Energy sectors New policies to open Brazilian gas market will The New secure supply for thermal generation Gas Market Government expects at least 4 years to implement all changes

Exploration ▪ Marginal fields returned to ANP and any onshore block Open Acreage ▪ 1st cycle of Open Acreage in September 2019 (ANP) ▪ 2nd cycle scheduled to 2H20

▪ Agreement with Administrative Council for Economic Defense (CADE) to sell transportation assets Transportation ▪ Petrobras will have to release all transportation and treatment spare Petrobras capacity ▪ Open access to existing transport infrastructure and LNG hubs

▪ Federal incentives for adoption of sound regulatory practices at Distribution state-level ▪ Direct contracting between off takers and producers

Eneva Corporate Presentation | 4 OPENING OF THE NATURAL GAS MARKET Open Acreage Permanent offer of marginal fields returned to ANP, or fields in the process of being returned and exploration blocks not sold on previous bids

AMAZONAS BAHIA ▪ 2100 km² in open acreage ▪ 210 km² in open acreage

MARANHÃO ESPÍRITO SANTO ▪ 2700 km² in open acreage ▪ 30 km² in open acreage

SERGIPE MINAS GERAIS

▪ 30 km² in open acreage ▪ 2500 km² in open acreage

ENEVA DAY 2019 | 5 OPENING OF THE NATURAL GAS MARKET Open Acreage

Eneva aquired six blocks during Open Acreage first cycle

Legend Appraisal Plan (PAD) Eneva Blocks R13 Eneva Blocks R14 Eneva Blocks OA Eneva Gas Field Other operators Eneva existing pipeline Transmission Line 6 | ENEVA DAY 2019 OPENING OF THE NATURAL GAS MARKET The New Gas Market

A two-front articulation for the New Gas Market: Executive and Legislative

TIMELINE Onshore E&P ● Executive ● Legislative revitalization Law project Petrobras Law project nº program Law project nº 6407 Law project nº nº 6407 New Gas Market CNPE 16 divestment 6407 Gas to Grow (REATE) Marcus Vicente 6407 - Squassoni Ganime Discussions Resolutionagreement Silas Câmara 2017 2018 2019

Jun16 Sep16 Dec17 Nov18 Mar19 Apr19 Jun19 Jul19 Sep19

TWO PATHS TO THE NEW GAS MARKET Legislative Executive ▪ New Gas Law (PL 6.407/2013) passed at the Mines and Energy Commission on Oct 23; ▪ Market Opening Monitoring Committee and dialogue with ▪ Points to be contemplated by new initiatives: incentive to States for States; opening the distribution market (Law project – Waldery plan); unification ▪ TCC with Petrobras; of the ICMS tax aliquot on gas (Senate Resolution); ICMS credit reuse from ▪ Regulatory review (Sergipe, Rio de Janeiro, Bahia...); thermal power generation (PEC); and legal security to the entry and exit ▪ CNPE Resolution nº 16/2019. model for contracting gas pipeline hauling capacity (changes to Kandir ENEVA DAY | 7 Law) OPENING OF THE NATURAL GAS MARKET Legislative x Executive

Legislative Executive Replacement of Law Project 6.407/2013 Measures for the New Gas Market

Issues Included in the Document Fiscal Equilibrium Program (PEF)

✓ Forecast for the access to transportation and outflow gas ▪ States with fiscal problems can apply for Union guaranties if they pipelines and additional facilities; are willing to commit to (i) limitate public employment; (ii) privatize ✓ Transportation and storage granting system; companies; (iii) reduce tax incentives, and (iv) establish rules for the ✓ ANP may introduce selection proceedings for those interested in increasing of expenses. building or enlarging transportation pipelines.

Issues Not Included in the Document State Finances Strengthening Program (PFE) ▪ Federal incentives for adoption of sound regulatory practices at state- Establishing the figure of the Independent Gas Operator; level Promoting a freer natural gas distribution market; ▪ Measures include among others (i) modernization of regulatory Establishing mandatory gas release programs practices; (ii) strengthening State agencies, (iii) privatizing the distribution company, and (iv) adhesion to SINIEF nº 03/2018

ENEVA DAY 2019 | 8 OPENING OF THE NATURAL GAS MARKET The New Gas Market measures via the ANP

New Gas Market 2020 2021 2022 2023

▪ Resolution regarding the ▪ Guidelines for preparing ▪ Resolution on revenues carry- ▪ Access to LNG Terminals conflict independency of pipeline common codes of pipelines over between pipeline solution operation companies access operation companies ▪ Natural Gas Transportation ▪ Resolution on the transport gas ▪ Resolution review regarding ▪ Gas transportation legislation System definition pipelines conections sales and transportation review capacity enlargement ▪ Review of the Resolution on transportation tariffs

ENEVA DAY | 9 Modernization of the Energy Sector

MME established a work group (GT) to reform the energy sector with infra-legal measures. While CP 33 discussed what to solve, the Modernization GT is discussing how to solve it

MOST SENSITIVE AGENDAS FOR ENEVA

Increased Competition Enlargement of the Free Adequate Valuation of Separation between with Incentivated Better Economic Signs Start of Price Offerings Market Each Source Energy and capacity energy Sources

Increasingly Enlargement of the free Possibility of additional improvement of MME is studing how ro Separation between Progressive decrease of market without phasing remuneration for economic sinalization introduce “price offers” on energy and capacity, renewables energy out the regulated services not currently regarding trading energy a competitive basis in a ensuring sources market reserves market regulated operations, efficiency freer market distinguished returns and hourly princing

ENEVA DAY 2019 | 10 PAGE

Separation between energy and capacity , ensuring distinguished returns

Eneva Energy Trader

(Eneva COM) Free Energy Market Overview

2016 2019 2023 Trader’s Energy supply agreements Currently they represent approximately FCE’S share in the represented 44% of the FCE 56% of the FCE agreements consumption 2010-203

FCE agreements (MWm) – August 2016 FCE agreements (MWm) – August 2019 35% 3.672 3.405 6.907 15.489 30,17% 3.267 4.694 Ound 5.111 25.260* 14.231 53.603* 10.697

3.970 2.780

Autoprodutor Comercializador Consumidor Especial Autoprodutor Comercializador Consumidor Especial Consumidor Livre Distribuidor Gerador Consumidor Livre Gerador Produtor Independente Produtor Independente Estimate

10 11 12 13 14 15 16 17 18 19 20 21 22 23 * On Aug/16, 50% of the agreements was focused * On Aug/19, 50% of the agreements was on 7 energy supliers focused on 17 energy supliers

(Source: Info Mercado, CCEE (2019), IBOPE (2018) and Thymos Energia, August 2019) ENEVA DAY | 12 Energy and Gas Markets New gas market + Overview GT for modernization of the energy sector

Demand for gas agreements with supply starting at 2020;

Energy cost increase on Number of Energy the regulated Energy traders increased 17% 12 States already have rules for opening gas market, 6 of them market has driven p.a. (2009-2019) are more advanced. consumers to the free market More oportunities to negotiate with final consumers

Oportunities to expand Eneva’s portfolio Volume traded by the Regulatory 20 largest energy reduction for the supliers was 23 free contracting GWm/month from environment January to August may increase More competitive advantage 2019. Revenues these figures. estimated in R$ 23 billion. ENEVA DAY 2019 | 13 Eneva COM new business model

Planning

November 2018 to April 2019 1 Diagnosis & Business Plan

Execution April to November Team restructuring, execution of the new business plan, and emphasis on the 2 origination of opportunities with free consumers and portfolio management.

Ongoing 3 November 2018 to November 2019 Legacy agreement management (execution of trading desk transactions)

ENEVA DAY 2019 | 14 ENEVA DAY 2019 | 15 1 Base of Eneva COM’s Business Plan

Portfolio of assets, solid balance sheet and decison making based on fundamentals and risk management

GENERATOR VALUE TRADING AND PORTFOLIO VALUE

EXTRINSIC VALUE

TOTAL VALUE ASSETS PORTFOLIO VALUE

Asset utilization (Energy) for directional trading and origination INTRINSIC VALUE

Asset (energy) in the portfolio enables different manners to create value. amount INTRÍNSECO amount da Geração de Energia em agreements de longo prazo no ACR Energy Generation Amount in long-term agreements in the ACR

▪ Fixed and variable ▪ Optimization of power ▪ Demand origination for new projects revenues secured in long portfolio of plants not (gas and energy); term agreements in the compromised in ACR; ▪ Purchase and sale of third party energy regulated environment ▪ Management of the financial maintaining long term strategy; coverage of the plants; ▪ Strong risk control/management ▪ Back office plants. * Illustrative columns, do not reflect actual proportions 1 ENEVA DAY 2019 | 16

Synergies between “free” power management and trading desk

Expand relationship with Sell natural gas surpluses to large large generators free consumers Gradual EBITDA growth, subject to strong risk Become a liquidity point for management Trade energy directly with large small generators free consumers

Generate demand to enable new projects in the free market environment of energy and natural gas ENEVA DAY 2019 | 17 1 Opportunities

Asset Portfolio can reach up to 420MWm for trading

ORIGINATION Merchant Transactions 1. Transactions to enable new projects (such as offtaker); 2. Transactions to extend the duration of current assets; Parnaíba Complex 3. Building business relationships and demand mapping for NG Back-to-Back related products; Amount of energy not included in the CCEARs Trading PORTFOLIO IMPROVEMENT Hedge 1. Purchase of energy requirement of plants (hedge); 2. Sale of uncontrolled power from the plants PPAs 3. Active management of financial coverage of the plants; 4. Submarket risk management, modulation and In the FCE seasonalization; Greenfield Projects, M&A Natural Gas DIRECTIONAL TRADING Wind project monetization,Solar PPAs acquisition, Bilateral 1. Purchase and sale of short and medium term standard surplus from Natural Gas Production (Azulão) Agreements agreements; 2. Participation in free market auctions; 3. Pricing and risk management in long term agreements; 2 Model and team restructuring

New Structure for New Challenges

Eneva Risk Committee : CEO, CFO, COO, General Counsel, Risk Eneva Manager, General Manager of Marketing COM

New internal procedures

TTP Origination Trading Desk Management Electricity Purchase and sale of own and Natural Gas and third party ‘s energy Plant Portfolio

Incorporated activity New activity New risk policy

Middle Office New Activity Back Office

Support from ENEVA‘’ corporate areas: GRC, Market Intelligence, Legal, Tax, Treasury and Regulatory ENEVA DAY 2019 | 18 ENEVA DAY 2019 | 19 2 Execution of the Business Plan Execution of the Business Plan Origination Portfolio

7,5 GWm potential market PURCHASE OF ENERGY IN THE VERY SHORT TERM mapped without FCE extension opportunity to purchase coverage for plants with possibility of gains without market risk

FCE Consumption* Industry by Submarket ( consumption SALE OF SURPLUS COVERAGE N GWm) (lMMm3/dia) work closely with the middle to ascertain possible opportunities to sell the positive coverage of plants; NE SE/CO 5,52 SE 17 SE/CO S 0,81 S 3,5 SALE PLAN PIV, PV and GF SURPLUS NE 0,21 NE 5,8 Definition of free energy sales trading strategy and beginning of customer prospecting. N 1,0 N 0,100 S Total 7,54 Total 7,54 HEDGE RESSARCIMENTO Energy purchase optimization to hedge plant ▪ This customer niche is already in the FCE and independent of market reimbursement coverage opening; ▪ Optionality: client portfolio and business relationships with counterparties TAUÁ ENERGY TRADING with demanding criteria that excludes competition from independent small market energy promoted d in the FCE, generating and medium energy suppliers; additional gains to the PLD ▪ They will create business opportunities that include designing products and structures that best fit integrated generators. * Considers consumers with established business relationships at different stages; Sources: CCEE - Miscellaneous Reports, EPE - Statistical Yearbook, ABEGÁS; ENEVA DAY 2019 | 20 3 Legacy Book Management In 2019: restructuring carried out and losses reversed

Trading and risk level have been reduced until: Working Capital 2018 x 2019 - MWm

800,00 -7% ▪ Credit risk and market risk policies were improved; -68% 700,00 -76% -41% -77% ▪ The Middle Office, Portfolio Management and Front 600,00 -75% -67% Office teams were structured; 500,00 -28%

400,00 ▪ Despite a year with lower PLDs than 2017 and 2018, legacy agreement losses have been recovered. 300,00 200,00

100,00

0,00 Jan Feb Mar Apr May Jun Jul Aug

Business Plan Approval

Working Capital 2018 Working Capital 2019 ENEVA DAY 2019 | 21

Well positioned to capture the opening of the energy & natural gas market PAGE

Business development New Growth Avenues ENEVA DAY 2019 | 23 Access to Gas Molecules Access to gas molecules creates a series of value-generation opportunities

Access to Gas Molecules Opportunities for Monetization ▪ Extension of the Parnaíba Complex (second cycle) and/ or PARNAÍBA BASIN new thermal power plants at the Parnaíba Complex ▪ Exploration (conventional, non- ▪ Small LNG satellite projects: monetization of marginal conventional, and oil) reserves, distant from the Parnaíba Complex MATURE FIELDS ▪ Small LNG distribution from marginal fields to closeby ▪ Marginal fields with monetization States dificulties AMAZON BASIN ▪ Exploration of the Azulão field ▪ New R2W at Azulão N surroundings ▪ Acquisition of PPAs in the northen isolated systems OTHER BASINS ▪ Acquisition of PPAs at Roraima State ▪ Farm in assets with proven reserves ▪ Small scale LNG in the region, by road or river ▪ Acquisition of producing assets PRE-SALT (GAS PURCHASE CONTRACT) ▪ Gas purchase agreement ▪ G2P projects with associated Gas-powered TPP I. TTP PÓS-SAL II. Gas hub to capture value while managing ▪ Acquisition of minority stake in inflexibility producing field

Supply Potential ENEVA DAY 2019 | 25 5 types of principal demand were mapped, adding to 12 MMm³/d

Potential consumption of natural gas Installed capacity Notes 2018, MMm³/d MW

5.4 1,392 ▪ Supply to existing TTPs AmGT e PIEs TTP in connected to the SIN 1 Manaus ▪ Construction of new TTP New¹ 1.4 575 in Manaus

Isolated TTPs & self- ▪ Conversion of diesel- 2 3.5 0.8 6304 systems generation² 4.2 powered TTPs to natural gas

46 isolated systems ▪ Conversion of trucks and 3 VNG Road and fluvial to be deactivated 0.8 NA up to 2023 were vessels to LNG excluded Manaus (2 MMm³/d) ▪ Supply to the Manaus 4 Industry 0.2 NA Industrial Hub Industrial Hub (PIM)

Residential, 5 Other³ commercial and raw NA NA ▪ Residential and materials commercial market development Total 12.0 2,597 1 Assuming 60% dispatch 2 Self-generated from large-volume isolated industries 3 Values not included due to reduced volumes (residential, commercial) or low likelihood of being feasible (use of gas as raw material) 4 4 Excludes small TTPs and part of isolated system demand that is not thermal consumption Details to follow Source: Amazonas GT, MME, Eneva, Cigás, Mirow & Co. 0 150 300 Km Northern Region of Brazil Scale Jaguatirica II Isolated Power Generation Systems

II: 800 km km 800 II: Potential consumption² Jaguatirica – Azulão – Manaus: 300 Km MMm³/day

Amazon Manaus Isolated systems Industry Manaus Barcarena Basin Azulão LNG Terminal 0.2 Gas pipeline2 Urucu 1.6 Road Urucu – Manaus: 663 Km Solimões Basin 2.4 Waterways

4.2 Total

Ongoing isolated power systems after 2023 and industrial TPPs were ranked accordingly to logistic competitiveness

1 Isolated system belonging to the road access cluster 26 | ENEVA DAY 2019 2 Calculated based on the consumption of Parnaíba II TPP Source: Eneva, Mirow & Co.

PER PLAYER ENEVA DAY 2019 | 28 Gas availability projection

+ 60 millions cubic meter production per day with no outflow route defined¹

Future offer with new outflow and treatment infrastructure needed

USD 5.2 Bn USD 3.1 Bn Total Investment in offshore Total investment in processing outflow2 units

141 141 141 141 134 127 121 Other 121

102 Exxonmobil Future Rounds 85 87 82 Petrogal Equinor Repsol Sinopec Eneva 65 68 64 59 61 Shell 56 52 55 70% of Onerous Concession

Petrobras MMm³/d

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

¹ in 2035. Includes 33 MMm³/d of Yet to Find. 2 Estimated Gas Energy. ASSOCIATED GAS-POWERED TTP

FREE CONSUMERS ENEVA’s TTP NGPU

Gas associated from pre-salt LNG concessions Combined expertise in power generation and E&P puts Eneva in an advantageous position to have an integrated monetization Hub OUTFLOW ROUTE “Inflexible Offer of Associated ▪ Proximity to abundant gas reserves from the pre-salt Gas” concessions ▪ Close to Brazil's largest load center Offshore Natural Gas ▪ New gas market will facilitate direct gas contracting with large offshore producers GAS HUB PRE-SALT Creating flexibility to capture value AREA 29 | ENEVA DAY 2019

Criteria for expansion DISTRIBUTED GENERATION Pilot projects and expansion criteria Dispatch ▪ In Roraima, located at an Isolated Power optimization System, each MW of DG added to the grid optimizes Jaguatirica II dispatch levels Pilot Projects

Two distributed generation pilot projects are being developed the first step towards distributed generation and testing of new business models ▪ Expansion in regions where Eneva already has Geographical an operating blueprint (CE, MA, RR) to ensure synergies competitiveness of the implementation and operation UFV Ceará 1 MW1 UFV Maranhão ▪ Monitoring regulatory evolution allowing the 1 MW1 New exchange and/or sale of Distributed business Generation credits BRAZIL models ▪ Collaboration with operational startups in the technological and transactional dimensions

ENEVA DAY 2019 | 31 ENEVA DAY 2019 | 32 Selection of Startups 2019 Process – Startups quantity

+1000 Startups base 128 1o Screening 51 2o Screening 30 Shallow Dive 10 Trends Selection Committee

6 Selected Investment tesis

NEW BUSINESS MODELS OPERATIONAL EFFICIENCY

▪ Trading Energy platform ▪ Infrastructure Inspection Automation ▪ Monetizing solution for Distributed Generation ▪ Predictive maintenance of coal belts ▪ Backoffice management platform for Distributed ▪ Connectivity Solution for Remote Environments Generation PAGE

Engineering Projects under construction: Parnaíba V and Jaguatirica II 35 Engineering organogram Homero Menezes (Diretor Geração Engenharia) E&P

25 9 Eduardo Macedo Rafael Coitinho (Gerente de Eng. (Gerente Geral) de E&P)

Patrick Soares (Estagiário) Parnaíba V Parnaíba V Azulão/Jaguatirica

4 8 1 4 6 4 André Belford Paula Bessa Jackson Gama Roberto Lima Elizabeth Renato Braga (Gerente de (Gerente de (Gerente de Eng. (Coordenador de Takahama (Coordenador de Projetos) Engenharia) de O&M) Planejamento) (Coordenador Eng.) C&M)

Reginaldo Araújo (Eng. Mecânico); Guilherme Bersot (Eng. Maurício Felipe Vinicius Cardoso Desenvolvimento da (Eng. Mecânico); Parnaíba V (Eng. Processos); Produção SR); Tatiana Ogawa Divanir Jorge Marcelo Egídio Virgílio Timponi (Gestão de Alberto Rezende Leonardo Marques (Eng. I&C); (Doc control); (Fiscal de C&M); Contratos); (Eng. Mecânico); (Eng. Desenvolvimento da Gabriella Bronze Valter Araújo Thaise Chaves Sebastião Silva Produção PL); Willians Nunes (Assistente de (Fiscal de C&M); (Eng. Processos); (Eng. Civil); (Eng. De C&M); documentação); Louise Rosa Evanio Brito André Dourado Mariana Lopes (Eng. Gustavo Macedo Levi Couto (Fiscal de C&M) (Eng. Civil); (Eng. Eletricista); Desenvolvimento da (Assistente Adm) (Projetista) Produção PL); Carolina Maturo Cristiane Almeida (Eng. de Processo); (Eng. I&C) Vanessa Alves (Analista Raphael Laporta Administrativa) (Eng. Eletricista)

Diretor Gerentes/Coordenador/Staff Azulão-Jaguatirica engineering organogram 42 Implementação Homero Menezes (Diretor Engenharia) Área de Apoio

9 17 15 Rafael Coitinho Rafael Filippelli Ricardo Pascotto (Gerente (Gerente de (Gerente de Engenharia) Projeto) Projeto)

8 8 4 3 1 7 4 3 Antônio Cabral Sérgio Guimarães Gerente Rodrigo Crisostomo Luis Carlos da Silva Taiguara Fernandes Elizabete Takahama Gerente (Gerente (Gerente Comissionament (Coord. Plan. & (Fiscal Dilig. & (Coord. Plan. & (Coordenador Eng.) Construção Comissionamento o e QA/QC Controle Integrado) Comissionamento) Controle Integrado) Construção) e QA/QC) Vinicius Cardoso Otoniel Rezende (Eng. Processos); (Téc Civil); Eng. Processos; Alberto Rezende Eng. Mecânico; (Eng. Mecânico); Eng. Mecânico; Auxiliar Civil. Analista Sebastião Silva Hilmar Henschel Eng. Analista Eng. Planejamento; (Eng. Civil); (Eng. Civil) Eng. Eletricista; Comissionamento; Planejamento; Comissionamento; Alan Tavares Mariana Lopes Eng. Eletricista; Eng. I&C; Téc. Qualidade (2) Analista Contratos Téc. Qualidade (2) (Analista (Eng. Eletricista-2 Contratos) posições); Eng. I&C; Téc. Segurança do Trabalho; Cristiane Almeida Eng. Segurança (Eng. I&C); do Trabalho; Elba Santos (Assistente adm) Téc. Documentação

Diretor Área de Apoio Gerentes/Coordenador/Staff Base Silves Base Boa Vista Parnaíba V engineering organogram 44 Implementação Homero Menezes (Diretor Área de Apoio Engenharia)

35 8 Rafael Coitinho Moracy Ramos (Gerente (Gerente de Engenharia) Projeto)

André Belford (Deputy)

7 17 5 5 3 3 Paula Bessa José Damaceno Alexandre Tatiana Ogawa Henrique Neves Coordenador (Gerente (Gerente Schwenck (Especialista (Gerente SSMA) Comissionamento Engenharia) Construção) (Gerente QA/QC) Plan. e Controle)

Cláudio Faria / Mariana Miranda (Eng Civil); Thaise Chaves (Eng. Processos); Eng. TGV (2);

Reginaldo Araujo Eng. HRSG (2); (Eng. Mecânico); Eng/Téc BOP (3); Carlos Donizetti André Dourado Thiago Sayao Eng/Téc Tubulação; (Coord. de Fabiano Silva (Eng. Civil); (Analista Custos); Qualidade); (Téc. de SSMA); Eng. Eng. Elétrica; Comissionamento (2) Vanderson Tofanelli Gustavo Macedo Téc. De Qualidade Téc. De SSMA (3) (Eng. Eletricista); Eng. Montagem I&C (2); (Adm. Obra) (3) Willians Nunes / Divanir Jorge Maurício Felipe (Eng. I&C); (Eng. Montagem e Const.); Marcelo Egídio (Doc Control) Planejamento; Doc Control Diretor Área de Apoio Gerentes/Coordenador/Staff

Parnaíba V ▪ Signing of contract: 08/30/2018 Scope of the Project ▪ Issue of NTP: 02/18/2019 ▪ Contract value: BRL 1.2 billion HRSG Techint ▪ Installed capacity: 385 MW ▪ Guaranteed power: 366 MW ▪ TAP: 28 months (erection, integration, commissioning, documentation, performance) Gas turbine Steam turbine ▪ TAD: 31 months (Assisted operation / data book / demobilization) ▪ TAF: + 24 months after TAP

Scope – Techint

Condenser Cooling ▪ Installation of new steam turbine (385 MW) tower ▪ Installation of 1 condenser ▪ Installation of 1 cooling tower ▪ Installation of 4 recovery boilers (HRSG) ▪ Construction of water treatment plant for Parnaíba V and Parnaíba II, for 2,100 m³/h Intake ▪ Systems integration with Parnaíba I pump

ENEVA DAY 2019 | 38 EPC Techint ENEVA DAY 2019 | 39 Physical Progress

Start of work site and engineering Basic mobilization; engineering Boiler 1 base DCS FAT Commissioning GE advance completed completed completed and Testing Delivery of Final Adm. work site Delivery of boiler turbine and Electromechani- acceptance Issue of the NTP installation Start of pile modules at work generator at cal erection and handover Start of Auction Techint and GE complete driving site work site completed for operation CCEAR 2018 2019 2020 2021 2024

Aug18 Feb19 Mar19 Jun19 Jul19 Aug 19 Feb20 May20 Aug20 Oct20 May21 Aug21 Sep21 Jan24 Jul19 Nov19

Projected Start Projected End Projected Progress Actual Progress Adherence Total EPC Techint 02/18/19 09/15/21 14.9% 15.2% 102.2% Mobilization 02/19/19 09/18/19 99.2% 94.0% 95% Engineering 02/18/19 10/05/20 30.2% 31.6% 104.7% Supplies 02/18/19 12/19/20 19.9% 20.1% 100.9% Civil Construction 08/15/19 01/06/21 12.9% 15.5% 120.1% Erection 01/06/20 04/26/21 0.0% 0.0% - Commissioning 02/15/20 06/21/21 0.0% 0.0% - Assisted Operation 06/22/21 09/15/21 0.0% 0.0% -

Above or equal to 100% Between 95%-100% Less than 95% Beginning of construction

PARNAÍBA V ENEVA DAY 2019 | 40 ENEVA DAY 2019 | 41

Parnaíba I

Construction area PARNAÍBA V PAGE

Engineering Azulão and Jaguatirica II ENEVA DAY 2019 | 43 Azulão-Jaguatirica integrated project Understand the project

Government is looking for alternatives for Azulão Project Schematics Roraima’s energy security 2004 Year in which the Azulão field in Amazonas State was declared Tank Farm commercially viable by Petrobras Boa Vista is Brazil’s only capital not AM conected to the national transmission Azulão Field system, supplied by an diesel based isolated power system AUGUST 2019 RR Beginning of construction Road Oscillating energy supply Transportation

JUNE 2021 BRL 1.8 bn invested in the First gas and energy Liquefaction next two years generation start Tank Farm

36% reduction in CO2 emissions 44% and 38% reduction in the cost of Eneva’s share in the the maintenance of power delivery commitment from isolated system to the country Re-gassing the auction Power Generation Gas from Azulão will increase Roraima’s energy security E&P at the Azulão Field

3.6 Bcm¹ of certified reserves. Closeby areas will be avaiable in open acreage

Well Growth opportunities Transmission line 2D Seismic (Acquired) 2D Seismic (Existing) ▪ Seismic reprocessing 3D Seismic (Acquired) PN-T-69 3D Seismic (Existing) Azulão and interpretation Gas field Field underway Open Acreage PN-T-84 PN-T-87 Open Acreage (under ▪ Open Acreage opens assessment)

PN-T-101 PN-T-103 up opportunities to enlarge the Azulão PN-T-117 PN-T-118 PN-T-119 cluster after the start up of its first TTP

PN-T-133 PN-T-134

PN-T-146

PN-T-163 Azulão is a onshore gas field located in the Amazon Basin, approx. 210 km East of Manaus

ENEVA DAY 2019 | 44 (1) Reserves certified by Gaffney, Cline & Associates. Reserve certificate available at the Company`s Investor Relations web site. Competitive energy for Roraima

Eneva’s cryoboxes are being tested in Argentina

UTE Jaguatirica II ▪ LNG Tanking ▪ Regas ▪ TPP

Azulão Field 1,100 km ▪ E&P ▪ UTG ▪ Liquefaction plant

Construction of the LNG plant, tanking and regas coordinated by ENEVA with equipment supplied by Galileo Technologies ENEVA DAY 2019 | 45 Liquefaction: benefits of the solution adopted

CRYOBOX CRYOBOX ISOTANK

▪ The techology adopted employs Isotanks to store LNG, providing greater reliability and flexibility to the operation, maintenance, and possible expansion of the tank farm.

▪ The use of Isotanks also dramatically lowers the load over the ground, which ISOTANK results in smaller civil foundations and consequently, their cost.

▪ The modular approach allows for a much more efficient and lower cost logistics system, since this is standard size for transportation (40’ container).

▪ Installation of these modules on-site is plug-and-play, and does away with large-scale machinery and specialized labor, which makes it possible to install them at a lower cost and reduced time frame.

ENEVA DAY 2019 | 46 Jaguatirica II TPP General characteristics of the Project Consumption of natural gas (100% and energy sale contract dispatch): 575k Nm3/day*2

Location Boa Vista, Roraima

Generation Combined cycle

Connection SE Boa Vista (~7 km) point

Intended installed 140.8 MW capacity

Delivery 117 MW (100% flexible) commitment

Supply time 15 years starting from frame 06/28/2021

Techint EPC1 (Critical equipment: Siemens)

(1) EPC = Engineering, Procurement and Construction. (2) Gas consumption under Normal conditions: 20°C temperature and 1 ATM pressure.

ENEVA DAY 2019 | 47 RR ENEVA DAY 2019 | 48 Implementation schadule AM Overview of the integrated project

03/07 – Contracting probe 08/07 – Approval of DAIA(1) (ANP) 11/07 – Guarantees Galileo 19/07 – Advance from Galileo 05/09 - EPC contracting (earth moving) • End of drilling (AZU-3) Azulão 30/05 – Contracting with Galileo 19/07 – Drilling permits - LI, ASV, Fauna 10/09 – License at REIDI (ANEEL) • First Galileo equipment receiving • Jan – Start of weels (Amazonas) 31/05 - Auction (IPAAM) 17/09 – Work permit - LI, ASV, Fauna • EPC Contracting (UTG and testing 31/05 – Land Purchase 24/07 – Army permit (wells) (IPAAM) connection) • Oct – Start of hot 31/05 – Contracting Noma (trailers) 29/07 – Start of well Location 18/09 - Start of Earth Moving commissioning Jun/19 Aug/19 Oct/19 Dec/19 2021

E&P UTP Liquefaction Tank Farm May/19 Jul/19 Sep/19 Nov/19 2020 Amazonas 03/06 – Protocol from PD(1) and DAIA(1) 01/08 – Issue of insurance 02/10- Start of drilling (AZU- • End of drilling (AZU-3) • Jan – Start of (ANP) for work site 3) • End of drilling (AZU- Operation – Supply 10/06 – Start of Engineering (Radix) 25/10 - Auto generation 2D) to tanks 28/06 – Issue of insurance for wells contraction • ANP Authorization • License at REIDI (ANP) (Liquefaction and regas) • First delivery of trucks LNG transportation • License at REIDI in cryogenic tanks (Brazilian IRS)

02/07 – Completion of Techint Advances 05/09 – Issue of LI to the UTE – Phase I 30/05 – Contracting Galileo 11/07 – Guarantees from Galileo (FEMARH) 30/05 – Contracting Technit 19/07 – Advance from Galileo 06/09 – Start of Earth Moving • Start of pile driving 31/05 - Auction 25/07 – Purchase of Land 10/09 – License at REIDI (ANEEL) • Completion of Basic Engineering • Erection

jun/19 Aug/19 Oct/19 Dec/19 2021 Tank Farm “Regas” UTE Boa Vista May/19 Jul/19 Sep/19 Nov/19 2020 Jaguatirica II TPP (Roraima) 03/06 - EIA/RIMA protocol at FEMARH 01/08 – Issue of insurance for work site • Issue of the construction • ANP Authorization • Feb – Start of 03/06 - NTP (Technit) 05/08 – Issue of ASV (FEMARH) permit (municipal (Liquefaction and regas) hot commissioning 20/06 – Issue of PO for Power Island 06/08 – Issue of Grant (ANEEL) administration) for the road • License at REIDI Galileo equipment (Technit) 28/08 – Issue of LP for the TPP (FEMARH) and bridge (Brazilian IRS) • Jun – Start of 13/06 – Guarantees from Technit the Sale of Energy

(1) PD – Development Plan; DAIA – Early Authorization Documents for the Start of Activities

PROJETO INTEGRADO AZULÃO-JAGUATIRICA Layout

Utilities & self power generation

Administrative area

Liquefaction

Truck patio Tanking

LGN fuelling

Gas trreatment and gas production facilites 09.10.2019 09.10.2019

10.06.2019 10.06.2019

ENEVA DAY 2019 | 51 Well acess Self generation area

Truck patio Flare area ENEVA DAY 2019 | 52 Galileo ENEVA DAY 2019 | 53 3D Model- Liquefaction plant

ENEVA DAY 2019 | 54

Azulão-Jaguatirica integrated project Description of the Enterprise

↓ 36% ▪ Combined Generation Cycle; GHG Atmospheric ▪ 140 MW Capacity to be installed; Emissions ▪ 117 MW Energy Commitment;

↓ 70% ▪ Connection Point: SE Boa Vista Water distant 6 km; consumption ↓ 99% ▪ 15 year Supply Time Frame NOx starting 06/28/21; Atmospheric Emissions ▪ Full EPC modality with Techint;

▪ Critical Equipment: Siemens.

Low Effluent ↑ Energy generation security Roraima

ENEVA DAY 2019 | 56 Azulão-Jaguatirica integrated project Technology Comparison

Closed cycle COMPARISON DIESEL ENGINGS DIFFERENCE with LNG

Efficiency 55.62% 39.51% 16.11%

NOX Emissions 35.7 3,121 -3,085.6 (Ton/hour) CO2 Emissions 33.1 93.2 -60.0 X (Ton/hour) CO Emissions 46.4 48.5 -2.0 (Ton/hour) PM Emissions 0.0 10.6 -10.6 (Ton/hour) Reliability of 99.80% 85% - 90% Emissions

ENEVA DAY 2019 | 57 Regas Eletric TG 1 Subestation

TG 2

Combined Administrative area cycle

LNG tanking

Truck patio LGN unloading

Layout

ENEVA DAY 2019 | 58 Aerial view Aerial view Aerial view .

Aerial view TTP Acess TTP Acess

ENEVA DAY 2019 | 59 Vegetal Suppression Vegetal Suppression Survey

Water drilling well Earthworks Earthworks

ENEVA DAY 2019 | 60 Jaguatirica II Steam turbine

Siemens factory ENEVA DAY 2019 | 61 A turbina que usaremos em Jaguatirica II já tem mais de 7 milhões de horas de operação no mundo todo

EUROPE & CIS Austria 1 MIDDLE EAST & NORTH NORTH AMERICA Belarus 1 AFRICA CHINA Belgium 2 Algeria 2 Canada 2 China 19 France 3 USA 14 Egypt 3 Germany 19 Iraq 11 Italy 2 Israel 5 Kazakhstan 6 Latvia 2 Jordan 1 ASIA-PACIFIC

Lithuania 1 Libya 5 Australia 17 Malta 3 LATIN AMERICA Indonesia 2 Netherlands 2 Argentina 21 Singapore 2 Poland 2 South Korea 6 Bolivia 23 Portugal 2 AFRICA

Colombia 3 Russia 51 Nigeria 3 Thailand 72

Jamaica 2 Slovenia 3 Tanzania 3 Sweden 4 Panama 6 Switzerland 2 Peru 1 Other countries 14 Turkey 6 Venezuela 3 Ukraine 4

United Kingdom 2

thereof units 316 for Industrial Power Generation Siemens SGT-800 units 358 units are under contract 42 in Oil & Gas applications

Numbers of sold units | Sep 2018 Usinas similares à Jaguatirica II no mundo

New Projects: Jamaica Jamalco: 2xSGT-800 New Projects: Panama Shanghai Electric: 6xSGT- 800 + 1x SST-600

Venezuela PDVSA: 1xSGT-800 Mexico Altamira: 1xSGT750 Zinc Nacional: 1xSGT400 Proteak: 1xSGT400 Colombia Fermaca 1: 3xSGT750 + 3xCP Ecopetrol: 3xSGT800 + 2xSST300 Fermaca 2: 3xSGT400+3 CP Fermaca 3: 2xSGT400 + 2CP Praxair: 2xRB211 CYDSA I & II: 2xTrent La Caridad I & II: 2-1xSST900

Argentina San Pedro:3xSGT800+1xSST-300 Rio Cuarto:3xSGT800+1xSST-600 Bolivia Ezeiza 2 (2xSGT800+1xSST-600) Entre Rios: 2 (2xSGT800+1xSST-300) Arroyo Seco: 2xSGT800+1xSST-300 Termo. del Sur: 2 (2xSGT800+1xSST-300) Lujan de Cuyo: 2xSGT-800 Termo. del Warnes: 3 (2xSGT800+1xSST- Las Palmas: 3xSGT-800 300) Independencia 2xSGT-800 Riojana: 1xSGT-800

TTP + 230kV transmission line + LNG Unloading + Tanking + Regas ENEVA DAY 2019 | 64 By Pass, Caldeiras de Recuperação e Shelter ST Pipe Rack – Modelo 3D (Em Construção)

Development of Jaguatirica II 3D model

ENEVA DAY 2019 | 65 Prédio Administrativo & Sala de Controle Pipe Rack, Tubulação de Exaustão ST, Shelter ST

Development of Jaguatirica II 3D model

ENEVA DAY 2019 | 66

Gas TPPs E&P assets Parnaíba Complex The only private power generator in Brazil with E&P expertise and Parnaíba Basin: 8 gas fields access to onshore gas 203km of pipelines network Gas collection and treatment facilities 21.3 bcm of remaining reserves2 Production capacity of 8.4 mm m3/day Dedicated, proprietary, fuel supply Parnaíba I 0CGT [676MW] infra-structure Fixed Revenue¹: R$580MM/yr Parnaíba II CCGT [519MW] Fixed Revenue¹: R$522MM/yr Parnaíba III OCGT [178MW] Fixed Revenue¹: R$96MM/yr Parnaíba IV [56MW] Free market Parnaíba V CCGT [385MW] (under construction) Fixed Revenue¹: R$272 MM/yr Reg. mkt contract starting in 2024 Estimated COD: 2021 Parnaíba VI CCGT [92 MW] Fixed Revenue¹: R$ 85.35 MM/yr Reg. mkt contract starting in 2025 Estimated COD: 2025

1 All annual fixed revenue relates to the fiscal year of 2018, except for Parnaíba V (value as of March 2018) and Jaguatirica II (value as of November 2018) and Parnaíba VI (value as of april, 2019). 2 Gaffney Cline & Associates. Reports of the Natural Gas Reserves of the Fields in which ENEVA holds a stake, 2019 A-6 AUCTION 2019 Y-6 Energy Auction | 68 in the Parnaíba Basin and Amazonas, Brazil (as of December 31, 2018). 2019 Y-6 Energy Auction| 69 Parnaíba VI CCGT

Capacity expansion through cycle bottoming of Parnaíba III OOGT

Parnaíba VI [92MW]

Installed capacity 92.3 MW Estimated CAPEX R$ 474 MM (~26% fx denominated)

Physical guarantee 76.9 MWavg Reg. mkt contract starting in January, 2025

Inflexibility 50% Contract duration 25 years

Volume sold in A-6 Auction 70.0 Mwavg

ICB 188.22 R$/MWh Fixed revenue (Apr/19) R$ 85.35 MM/year

Max. Availability 84 MWavg Variable revenue (Apr/19) R$ 217.98/MWh

2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 Auction COD Construction

PPA CAPEX

2019-24 TTP Parnaíba VI

Generation cycle: Combined Estimated capex disbursement Critical Equipament: Siemens1 curve for Parnaíba VI R$ 474 M

100%

18%

53%

20%

0% 10% 2020 2021 2022 2023 2024 TOTAL 1 The Company signed an MoU with Siemens for the supply of critical equipment. The signing of a definite contract is still dependant on LEN A-6 2019 Eneva | 70 certain conditions set in the MoU Impacts on Parnaíba III The minimum dispatch for Parnaíba III will be 50% due to Parnaíba VI declared operating inflexibility, with positive impact on gas sales

DISPATCH & OPERATION OF POWER PLANTS COMPENSATION

COMBINED GENERATION CYCLE: ▪ Both TTPs will receive capacity payments, regardless of dispatch levels Fuel to Parnaíba VI (steam) is generated utilizing heat produced ▪ Variable revenues will be determined by: in the generation cycle of Parnaíba III

CVU < PLD¹ CVU > PLD Parnaíba III dispatch >= 50% due to Parnaíba VI declared inflexibility Seasonal PIII: CVU x MWh generated PIII: PLD x MWh generated Inflexibilty for PVI: no variable revenue Steam turbine Parnaíba VI PVI: no variable revenue

TV Remaining PIII e PVI: CVU x MWh generated TTPs turned off Gas turbine HRSG time

~ ~ Feed water ~ Parnaíba III (178MW) pump Condenser Cooling tower Parnaíba VI (92MW)

LEN A-6 2019 Eneva | 71 ¹When the TTP’s unit variable cost is lower than the free market weekly price, the operator demands the TTP’s despach. PAGE

Exploration & Reservoir Status

Discovery Assessment Plan

Blocks acquired on R13 Blocks acquired on R14 Must-Win Battle 1 Blocks Acquired on OA1

Eneva Gas Fields Pt. I – Expand assets at the Parnaíba Basin

Assets from other operators

Returned area ▪ 10 exploratory wells drilled - 6 in R13 blocks, 2 on Araguaína Transmission Line PAD and 1 on Faz. Tianguar PAD (+1 to be drilled in Nov-Dec 2019)

▪ 50% geological success rate - 8 wildcats – 4 ND’s (commerciality yet to be defined)

▪ R13 Petroleum system active however less efficient than in the existing gas fields

▪ 5,000km of 2D seismic acquisition campaign contracted for 2019/2020

▪ Acquisition of 6 exploratory blocks in the 1st Cycle of the ANP’s Open Acreage (OA1) adjacent to the existing gas fields, summing up 52,093km² of acreage under Eneva’s concession

▪ Purchase of already acquired 1,550 km of 2D seismic in block PN-T-66 under negotiation

ENEVA DAY 2019 | 74 1T19 2T19 3T19 4T19 7-GVP-6-MA (Fz. São Raimundo) Today Exploratory & DTM 13/02 – 02/18 Completion OGX-112 7-GVP-5D-MA (Fz. Alencar) Development Wells DTM 14/03 – 03/19 1-ENV-2-MA (BL103_N) 2019 Drilling Schedule DTM 1-ENV-1-MA (BL103_C) DTM 1-ENV-3-MA (BL87_H) DTM 15 wells in 2019 1-ENV-4-MA (BL69_E) DTM 1-ENV-5-MA (BL84_A) • 10 exploratory wells drilled DTM • 5 development wells drilled 7-GVB-14D-MA DTM 4-ENV-6-MA (TIANGUAR EXP) DTM 1-ENV-7A-MA (BL69_G) DTM 3-ENV-8D-MA ✔Location ✔LPper DTM 7-GVA-4D-MA ✔Location ✔LPper DTM 3-ENV-9D-MA ✔ Location ✔LPper  In progress Actual DTM ✔ Finalized Forecast Workover 4-OGX-91D-MA (GVB) ✔Location ✔LPper ❌ Not started DTM ⚠ Attention 4-ENV-10-MA (W-Tianguar) ❌Location ✔LPper2 DTM (1) The permit is in the process of being renewed and coordinates were registered (04/18/2019) at the agency. 7-GVBN-1D-MA (GVBN)  Location ⚠ LPper1 Must wait renewed license to be issued. (2) Notify coordinate with minimum antecedence of 30 days. DTM B A Exploratory Wells R13/R9 – Actual and Forecast – 2019

A 4-ENV-6-MA – PAD Tianguar B 4-ENV-10-MA – PAD Tianguar D ▪ Notice of Discovery of Gas and Oil ▪ To be drilled Nov-Dec 2019 ▪ fms. Itaim and Pimenteiras ▪ TD: 2722m - forecast C ▪ Volume not defined ▪ TD: 2237m D 1-ENV-4-MA – BL69E C 1-ENV-7A-MA – BL69G ▪ Notice of Discovery of Gas ▪ Notice of Discovery of Gas ▪ Fm. Pimenteiras ▪ Fm. Pimenteiras ▪ Volume not defined ▪ TD: 2295m ▪ TD: 2322m

E 1-ENV-3-MA – BL87H F 1-ENV-5-MA – BL84A E ▪ Dry, without shows ▪ Dry, without show ▪ TD: 1680m ▪ TD: 2258m F G 1-ENV-1-MA – BL103C H 3-ENV-8D-MA – PAD Araguaína ▪ Notice of Discovery of Gas ▪ Notice of Discovery of Gas ▪ Fm. Poti ▪ Fm. Longá ▪ Volume not defined ▪ TD: 1980m ▪ Low seismic coverage J 3-ENV-9-MA – PAD Araguaína H I 1-ENV-2-MA – BL103N ▪ Notice of Discovery of Gas I G ▪ Dry, without shows ▪ Fm. Longá J ▪ Senile source rock ▪ TD: 1628m

ENEVA DAY 2019 | 76 Time Frames and Deliveries - ANP ENEVA DAY 2019 | 77 General Well Drilling Flow Diagram

20 days before Daily during drilling, start of drilling testing, or interventions Well Notice of Well Start of 6h Notice of Start of Well Operational Discovery Drilling (NPP) Drilling Drilling (CIPP) Situation (SOP)

Yes No Permits and Authorizations 72 h Notice of Discovery (ND) Well Abandonment Notice of Temporary Report (RAP) reentry and Well 10 d Notice of Final Drilling Notice of Abandonment Completed Report (FP) Well Reentry Report (RAP) Logging (NPR) Completion Completion Definitive Report (RCP)

Final Exploratory and Well Exploitation Completion Well reports Report (RCP) Modified from http://www.anp.gov.br/exploracao-e- (RFP) producao-de-oleo-e-gas/gestao-de-contratos-de-e- 60 days p/orientacoes-aos-concessionarios/pocos E&P Workflow 2-6 years Time Frames and Deliveries - ANP

ANP Auction AreareturnstoANP Notices of “Discovery” (ND) Acquisition, seismic, X and processing

Statement of Commercial Viability (DC) Interpretation of the basin Araguaína - 1-OGX-119-MA Exploration Well ▪ drilling ND: 28/10/2013 > 6 years PAD ▪ Completion of PAD: 04/17/2020 Assessment and Delimitation Statement of Gavião Caboclo - 1-OGX-107-MA Commercial Viability

▪ ND: 02/18/2012 reservoir Assessment of the 4 years Reservoir ▪ DC: 06/19/2015 Development of the PD Gavião Real - 1-OGX-22-MA Production ▪ ND: 11/17/2010

2 years Production Production ▪ DC: 03/09/2012

78 | ENEVA DAY 2019 1T20 2T20 3T20 4T20 GVP-2D Exploratory & DTM GVP-3D DTM Development Wells GVP-4D DTM 2020 Forecast GVP-7D DTM R13/R14/R9/OP1 – Overview Completion OGX-114 DTM GVP-8D • Drilling of exploratory, appraisal & DTM development wells Completion OGX-110 DTM • Acquisition of 4,500 km of 2D seismic GVB-15D on areas under concession at Parnaíba DTM GVTE-1D DTM OP1 DTM OP1 DTM R9 DTM R9 DTM R13 DTM R13 DTM R14 DTM R14 ENEVA DAY 2019 | 80 Must Win Battle 3

Developing an organization to adequately face the challenges

E&P Virtualization E&P Virtualization Private E&P Cloud - Geopost Hyperconvergence Solution

39% 37%

Architecture being defined between Virtual Virtual G&G, Geological Operations, and Workstation Desktop Workstation Desktop Reservoir 38.78 22.6 37.5 23.63 DELL HP Must Win Battle 3 ENEVA DAY | 2019

P&D – PUC / TecGraf Machine Learning Must Win Battle 3 ENEVA DAY | 2019

P&D – Harmony ENEVA DAY 2019 | 83 Must Win Battle 3

Developing an organization to adequately face the challenges Exploration Team 2020 + 3 Employees G&G and Geological Operations • 1 Geophysicist • 1 Geologist 8 M.Sc. Completed, 3 underway • 1 Petrophysicist 1 Ph.D. underway

Must-Win Battle 1 Expand assets at the Parnaíba Basin and PAD’s replicate the R2W model on other basins - Eneva R13 Amazonas Eneva R14

Eneva OA 1

Eneva Gas Fields Development / Appraisal of:

Other Operators

Returned Areas ▪ Gavião Preto / Gavião Tesoura (3 wells drilled in Transmission Lines 2018/2019 and 6 more to be drilled in 2020)

▪ Gavião Azul (2 wells drilled in 2018/2019 and one more to be drilled in 2020)

▪ Gavião Branco (1 well drilled in 2019 and 1 more to be drilled in 2020/21)

▪ Azulão (3 wells drilled in 2019 and 1 more to be drilled in 2020)

▪ 100% Success Rate on Development / Appraisal wells Evolution of Reserves Reserve Replenishment in 2018 – in Bm3

285 % Replenishment

▪ Gavião Preto (GVP-1D) ▪ Gavião Tesoura (Commercial Viability) ▪ Gavião Azul (GVA-3) ▪ Other fields → replenishment of at least the production for the year (better performance) 2019 Wells Schadule Development /Appraisal Parnaíba Basin Exploratory

GVP-6 GVP-5D GVB-14D GVA-4D Evolution of Reserves 2019 Reserves on 09/30/2019 – in Bm3 New Information Certification beginning on Nov/2019

▪ Gavião Preto (GVP-5D, GVP-6)

▪ Gavião Azul (GVA-4D)

▪ Gavião Branco (GVB-14D)

▪ Performance of reservoirs 2020 Programed Well drilling (expectation) Development Parnaíba Basin Exploratory

Azulão Development & Appraisal

ENEVA 2P VGIP = 5.1 Bm³ VREC = 4.1 Bm³

GCA 2P VGIP = 4.6 Bm³ VREC = 3.6 Bm³

Producing wells AZU-3 e AZU-4D Maximum production of 650.000m³/d

Appraisal Wells

AZU-2D e AZU-5D PAGE

Capital Structure Rethinking the Company to grow

Recent actions made Eneva more eficient, less costly and with greater access to sources of financing

▪ Eliminating trapped cash ▪ Simplified corporate structure ▪ Optimized access to Company cash generation ▪ Access to debt capital market ▪ Reduced financial expenses ▪ Changing out of expensive debt ▪ Leverage of fiscal losses ▪ Freeing of credit limits with banks ▪ Agility in assessing new debt

Before 2020 2022/23

Eneva Eneva+PGN Eneva $ $$$ $$$$ + PGN +P2+P3+P4

P2 P1 P1 P1 P2 P3 P4 P5 PGN P3 P5 P5 P4 $ $$ $ $ $ $$ $$ $$$ $$ ENEVA DAY | 94 ENEVA DAY 2019 | 95 Apropriated Capital Structure

Virtuous cycle of value creation

R$ 32,50 ENEV3 ✓ Re-IPO ✓ Gas certification ✓ Efficiency improvement of coal Credit assets R$ 11,25 Value improvem ✓ De-leveragin creation ✓ Rating S&P: AAA 10/2017 10/2018 10/2019 ent

New Financial ✓ Parnaíba V projects efficiency ✓ Simplified corporate structure ✓ Azulão-Jaguatirica ✓ Debt duration extension ✓ Parnaíba VI ✓ Changing out of expensive debt ✓ Fully leverage ✓ Credit limit raise Melhora Geração no de valor crédito Liability Management Financial Novos Optimizatio projetos n Duration extension + Cost reduction + Cash management efficiency

Debt 12.31.2018 Debt 11.07.019

10% 10%

9% 9%

8% 8%

7% 7%

Custo médio médio Custo (aa) médio Custo (aa)

6% 6%

5% 5% 3,0 3,5 4,0 4,5 5,0 5,5 6,0 3,0 3,5 4,0 4,5 5,0 5,5 6,0

Duration (years) Duration (years)

R$ 75 millions Expenses reductions per year with interests

96 | ENEVA DAY 2019 Eneva Parnaíba I Parnaíba II Pecém II Itaqui Melhora Geração no de valor crédito

Novos Otimização projetos financeira

R$ 500mm (Infrastructure Debentures) R$ 500mm (Infrastructure Debentures) ▪ Inflation + 5.0%a.a. ▪ Inflation + 4.5%a.a. ▪ Duration 10 years ▪ Duration 15 years Eneva S.A. (estimative)

R$ 700mm Infrastructure (TBD) Debentures

Azulão- Parnaíba V Jaguatirica R$ 600mm ▪ Inflation + 1.7%a.a. R$ 843mm Fully leverage growth investments with average ▪ Duration 15 years ▪ Inflation + 1.9%a.a. estimated costs between (indicativo) ▪ Duration: 17 years ▪ Grace period 5 years Inflation + 2,8% & 3,3% ENEVA DAY | 97 What comes next?

We will face a trilemma that affects big companies

GROWTH or DIVIDENDS or FINANCIAL DISCIPLINE

98 | ENEVA DAY 2019 ENEVA DAY | 98 From 2021 forward we will face a quick cycle of de-leveraging

• Parnaíba V and Azulão-Jaguatirica are due to begin operating in the middle of 2021 • Aditional EBITDA of R$ 1 bilhão • Parnaíba VI capex will start only in 2022 This will allow Eneva to follow all paths on the same time

GROWTH DIVIDENDS FINANCIAL & & DISCIPLINE

99 | ENEVA DAY 2019 ENEVA DAY | 99 Investor Relations +55 21 3721-3030 | ri.eneva.com.br | [email protected]