Earnings Release 2Q18. ENGIE Brasil Energia reports a 20.0% growth in Net Income and 42.4% in Ebitda for 2Q18. Highlights

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1 Earnings Release 2Q18 ENGIE Brasil Energia reports a 20.0% growth in Net Income and 42.4% in Ebitda for 2Q18 Company issues R$ 2.5 billion in long-term debentures Florianópolis, Brazil, August 8, ENGIE Brasil Energia S.A. ( ENGIE Brasil Energia, EBE or Company ) B3: EGIE3, ADR: EGIEY - announces earnings for the Second Quarter and six-month period ending June 30, 2018 (2Q18, 6M18/1S18). The information in this release is shown on a consolidated basis and in accordance with Brazilian accounting principles and practices. The values are expressed in Brazilian Reais (R$), except where otherwise indicated. Highlights ENGIE Brasil Energia reported a net income for the second quarter 2018 (2Q18) of R$ million (R$ /share), 20.0% (R$ 98.1 million) higher than the second quarter 2017 (2Q17). Ebitda 1 amounted R$ 1,217.9 million in 2Q18, an increase of 42.4% (R$ million) compared with 2Q17. The Ebitda margin was 57.0% in 2Q18, a growth of 6.1 p.p. in relation to 2Q17. Net operating revenue was R$ 2,135.0 million in 2Q18, an increase of 26.9% (R$ million) compared to the amount posted in 2Q17. The average contracted energy sales price, net of exports and revenue taxes was R$ /MWh in 2Q18, 1.7% higher than reported in 2Q17. Energy volume sold in 2Q18 was 9,582 GWh (4,388 average MW), 7.9% higher than was commercialized in 2Q17. Through its Companhia Energética Jaguara and Companhia Energética Miranda subsidiaries, the Company issued a total of R$ 1.8 billion in debentures for extending the maturity profile of its debt. The installation of the Special Independent Committee for Transactions with Related Parties was approved to analyze and monitor eventual agreements between the parties comprising the investor group interested in acquiring Transportadora Associada de Gás (TAG). In 2Q18, EBE began remote operations of the Trairi Wind Complex in full from its Generation Operation Center (COG) at the Company s headquarters in Florianópolis. In May 2018, the Operations License was issued and test runs begun at the Campo Largo VII Wind Farm. On July 4, 2018, commercial operations at the plant began with the addition of 29.7 MW of non-conventional, renewable energy to the Company s generator complex. Subsequent Events A binding agreement was signed for the acquisition the total remaining capital stock still not held in ENGIE Geração Solar Distribuída for an amount of R$ 35.1 million, this representing a strategic step forward for the Company s insertion in the context of the energy transition. In July, EBE concluded the issue of R$ million in debentures in two series, expiring in seven and ten years, respectively. The issue was 1.7 times oversubscribed and commanded a competitive cost. The Board of Directors approved the distribution of R$ 1,146.0 million as interim dividends, corresponding to R$ /share and 100% of distributable net income for the first half of The shares will become ex-interim dividends on August 21, For Immediate Release Additional information: Carlos Freitas Chief Finance and Investor Relations Officer carlos.freitas@engie.com Rafael Bósio IR Manager rafael.bosio@engie.com Phone: ri.brenergia@engie.com Conference call and webcast: On 8/9/2018 at 10:00 a.m. (EDT): in Portuguese (simultaneous translation into English). Further details on Upcoming Events section, available on page 24. Visit our website Summary of Financial and Operational Indicators ENGIE Brasil Energia - Consolidated (In millions of R$) 2Q18 2Q17 Chg. 6M18 6M17 Chg. Net Operating Revenue (NOR) 2, , % 4, , % Results from Operations (EBIT) 1, % 1, , % Ebitda (1) 1, % 2, , % Ebitda / NRS - (%) (1) p.p p.p. Net Income % 1, % Return On Equity (ROE) (2) p.p p.p. Return On Invested Capital (ROIC) (3) p.p p.p. Net Debt (4) 6, , % 6, , % Gross Power Production (avg MW) (5) 3,429 3, % 4,026 4, % Energy Sold (av g MW) (6) 4,388 4, % 4,281 4, % Average Net Sales Price (R$/MWh) (7) % % Number of Employees - Total 1,220 1, % 1,220 1, % EBE Employees 1,171 1, % 1,171 1, % Employees on Under Construction Plants % % (1) Ebitda: net income + income tax and social contribution + financial result + depreciation and amortization. (2) ROE: net average equity for the past 4 quarters /shareholders equity. (3) ROIC: effective tax rate x EBIT / invested capital (invested capital: debt - cash and cash equivalents - deposits earmarked for debt servicing + SE). (4) Adjusted amount, net of gains from hedge operations. (5) Total gross electricity output from the plants operated by ENGIE Brasil Energia. (6) Disregarding sales for quota regime (Jaguara and Miranda HPPs). (7) Net of taxes and exports. 1

2 MESSAGE FROM THE MANAGEMENT With the end of the first half of 2018, ENGIE Brasil Energia is pleased to share with its stakeholders several positive highlights for the period. Among these, were increased revenue and profitability, continuing control over costs and important advances in the implementation of our longterm strategy. The Company recorded significant growth in its principal lines of business during the quarter. The amount of energy sold was 9,582 GWh, a volume 7.9% higher than commercialized in 2Q17. This combined with the recognition of revenues from Jaguara and Miranda Hydroelectric Power Plants, had a positive impact on Net Revenue which increased by 26.9%, to reach R$ 2.1 billion. With costs and expenses growing at a lesser rate, our Ebitda registered an increase of 42.4% to reach R$ 1.2 billion, corresponding to an Ebitda Margin of 57.0%, 6.1 p.p. higher than reported for the same period in The financial and operational management capacity demonstrated by EBE translates not only into results such as those recorded for the quarter under review The leading highlight of the quarter was the progress registered at the Company s wind projects in the north of the State of Bahia: Campo Largo VII began commercial operations in early July while Umburanas presented relevant progress on its civil engineering stage. The Campo Largo/Umburanas cluster with installed capacities of, respectively, MW and 360 MW in their initial stages, is the largest wind complex that ENGIE Brasil Energia has ever built, amounting to R$ million in investments in the first half of 2018 alone. These plants will start out already under operation by the Generation Operation Center (COG), reinforcing the digitalization strategy. In addition to benefiting from the synergies of their respective infrastructure, the projects have brought several advances for the local population with deficits in both infrastructure and also services. This therefore reiterates the focus on sustainability which has always been one of EBE s hallmarks: there are more than 2,300 currently at work on the two complexes in addition to investments of approximately R$ 6 million in social projects. Following our sustainable energy growth strategy, wind and solar operations but also is reflected in account for about 60% of the capacity of projects at the most advanced development stage, that is, those where construction has yet to begin but which market recognition. are already qualified to take part in the regulated power purchasing auctions. An example is the Santo Agostinho (700 MW) project in the State of Rio Grande do Norte. Taking all investments into consideration, the Company s installed capacity has the potential to add a further 2 GW to generation over the medium term. Again in 2Q18, the Company signed a binding agreement for the acquisition of the remaining 50% stake in the shares of ENGIE Geração Solar Distribuída, still not in its possession, reaffirming our commitment to operations in this segment and contributing to a more dynamic energy matrix and one which is closer to the end consumer. Also on the decentralization front, we are carrying out actions to standardize contracts and digitalize retail, as a means to address the growing number of free-market customers, which has increased by 21.1% from the same quarter in The financial and operational management capacity demonstrated by EBE translates not only into results such as those recorded for the quarter under review but also is reflected in market recognition. For example, in June, the Company issued debentures through its subsidiaries Companhia Energética Jaguara and Companhia Energética Miranda of approximately R$ 1.8 billion. Not only was the issue almost twice oversubscribed but the final rates were set at below expected parameters for the market - this in a macroeconomic scenario which continues a challenging one. A further R$ million in debentures were issued in July 2018 by EBE, in two tranches, expiring in seven and ten years, respectively, again being oversubscribed 1.7 times, and at a competitive cost. Thus, we close this first semester of 2018 with some excellent results. We have strengthened our strategic pillars of decarbonization, decentralization and digitalization, and remain extremely confident in the resilience of our case for investment and in the capacity of ENGIE Brasil Energia to deliver still more value to its shareholders over the coming periods. Eduardo Antonio Gori Sattamini Chief Executive Officer Carlos Freitas Chief Financial and Investor Relations Officer 2

3 OPERATING PERFORMANCE Generating Complex ENGIE Brasil Energia is part of the largest independent power producer group in the country and, with the entry into commercial operations of the Campo Largo VII Wind Farm, has 7,707.8 MW of installed capacity and operates a generating complex with 9,428.5 MW, comprises 31 plants (11 hydro, three thermal and 17 complementary energy source plants - biomass, SHP, wind powered and solar), 27 of which are wholly-owned by the Company and four (the Itá, Machadinho and Estreito Hydro Power Plants and the biomass-fired Ibitiúva Bioenergética co-generation plant) jointly-owned through consortia with other companies. ENGIE Brasil Energia's Generating Complex Power Plants Source Location Installed Capacity (MW) Assured energy Concession/ (amw) Company's Authorization original Share Total Company's Share term expiration date Itá Hydro Uruguai River (SC and RS) 1, ,126.9 Oct/ Salto Santiago Hydro Iguaçu River (PR) 1, ,420.0 Sep/ Machadinho Hydro Uruguai River (SC and RS) 1, Jul/ Estreito Hydro Tocantins River (TO/MA) 1, Nov/ Salto Osório Hydro Iguaçu River (PR) 1, ,078.0 Sep/ Cana Brava Hydro Tocantins River (GO) Aug/ Jaguara Hydro Grande River (MG) Dec/ Miranda Hydro Araguari River (MG) Dec/ São Salvador Hydro Tocantins River (TO) Apr/ Passo Fundo Hydro Passo Fundo River (RS) Sep/ Ponte de Pedra Hydro Correntes River (MT) Sep/ Total - Hydro 8, , ,417.7 Jorge Lacerda Complex 1 Thermal Capivari de Baixo (SC) Sep/ Total - Thermal Trairi Complex 2 Wind Farm Trairi (CE) Sep/ Santa Mônica Complex 2 Wind Farm Trairi (CE) Jan/ Ferrari Biomass Pirassununga (SP) Jun/ Ibitiúva Bioenergética Biomass Pitangueiras (SP) Apr/ Assú V Solar Assú (RN) Jun/ Campo Largo VII Wind Farm Umburanas (BA) Jul/ Lages Biomass Lages (SC) Oct/ Rondonópolis SHP Ribeirão Ponte de Pedra (MT) Dec/ José Gelazio da Rocha SHP Ribeirão Ponte de Pedra (MT) Dec/ Cidade Azul Solar Tubarão (SC) not applicable Tubarão P&D Wind Farm Tubarão (SC) not applicable Total - Complementary Total 9, , , Complex comprised of three power plants. 2 Complex comprised of four power plants. 3 For generating plants with installed capacity lower than or equal to 5 MW the legal instrument applicable is the record. 3

4 Expansion Jirau. Energia Sustentável do Brasil (ESBR), is responsible for the construction, maintenance, operation and sale of energy generated by the Jirau Hydroelectric Power Plant, located in the Madeira River, in the city of Porto Velho, state of Rondônia. ESBR - Estrutura Societária Since November 2016, Jirau HPP has 50 generating units in operation, representing a total installed capacity of 3,750 MW. The plant was unveiled on December 16, ESBR PPA s Portfolio Average MW In May 2017, ENGIE Brasil Participações (EBP) announced the engagement of Banco Itaú BBA S.A. to provide financial advisory services for an economicfinancial study for the preparation of a proposal for the eventual transfer to ENGIE Brasil Energia (EBE) of EBP s stakes of 40% in ESBR Participações S.A. (ESBRpar) - holder of 100% of the capital stock of ESBR - and the 100% participation in Geramamoré Participações e Comercializadora de Energia Ltda. In 2Q18, the plant generated 2,497.3 average MW, 7.0% lower than the 2,685.0 average MW for 2Q17, while the National Electrical System Operator Uptime Ratio (FID) was 99.3% (data subject to final Electric Energy Trade Board (CCEE) booking). ENGIE Geração Solar Distribuída. Since 2016, the Company has been operating in the distributed generation market through ENGIE Geração Solar Distribuída S.A., in which it has a 50% stake. In July 2018 EBE signed a binding agreement to acquire the remaining 50% for R$ 35.1 million. The increased investment in the distributed solar energy segment is one of the ways the Company reaffirms its commitment to operations in the segment and contributes to a more dynamic energy matrix, one closer to the end consumer. Number of units and installed capacity 1, Q17 2, Q18 An initiaitve of the Federation of Industries of the State of Santa Catarina (Fiesc), the Solar Industry Program, through ENGIE Geração Solar Distribuída and WEG S.A., registered enrollments of 1,984 in the residential version of the distributed solar generating system and 629 in the industrial version at the end of 2Q18. With the success of this Program, the same scheme is to be replicated in the States of Rio Grande do Sul and Mato Grosso with the launch scheduled to take place before the end of Participation by the agribusiness segment was particularly significant in the period, notably a project which is to be executed for a Cooperative in the Municipality of Concórdia-SC, with an installed capacity of 2 MW. Again in the agribusiness segment, the first agreements were signed for solar power generating systems in the State of Goiás with la total installed capacity of approximately 1 MW. Installed Systems In 2Q18, 114 systems were installed with a capacity of 2,224.1 kwp, an increase of Installed Capacity (kwp) 63% compared with 2Q17, when installed capacity was 1,364.4 kwp corresponding to 207 systems. Since the outset of its operations, ENGIE Geração Solar Distribuída has installed 1,660 systems with an installed capacity of 9,933.7 kwp across 13 states of the country. 4

5 Gralha Azul Transmission System. On December 15, 2017, the Company made a successful bid for Lot 1 of Aneel Transmission Auction 02 for a stretch of about 1,050 kilometers in the State of Paraná (PR), marking EBE s debut into the energy transmission sector in Brazil. The project also includes the installation of five new substations. The concession term for the public utility transmission service, including the licensing, the construction, assembly and the operation and maintenance of the transmission line installations will be 30 years as from signature date of the concession agreement. The final date for the transmission line to become fully operational is March 9, 2023, but EBE expects it can abbreviate this term as well as reduce the initial Aneel forecasted investments. The concession agreement was signed on March 8, 2018 at the headquarters of Aneel in Brasília. Investment forecast by Contracted RAP Lot Location Aneel (RS million) (R$ million) 1 Paraná (PR) ,017.0 Total ,017.0 Part of the Annual Allowed Revenue (RAP) (%) By the end of the quarter, all the required licensing aplications had been submitted and contacts initiated with all the 25 municipal governments affected by the project. A land ownership survey of the aproximately 2,500 properties impacted by the transmission line has also begun. The topographical survey, environmental, land ownerhip and archeological field teams have already been mobilized to undertake studies and surveys along the route of the line. The environmental studies are already at the review and consolidation stage. The aerial laser scanning of the route has been concluded as well as the topographic surveys of the areas to be occupied by the substations. The Aneel Basic Project is in preparation. The agreement with the supplier for installation of the substations has been signed as well as the transmission services agreement with the National System Operator (ONS). The Transmission Line Agreement was signed on July 12, Projects under Construction Installed Capacity (MW) Concession/ Power plants Source Location Authorization original term expiration date Total Company's Share Assured energy (amw) Company's Share Umburanas Complex - Phase I Wind Farm Umburanas (BA) From Aug/49 to Aug/ Pampa Sul Thermal Candiota (RS) Mar/ Campo Largo Complex - Phase I Wind Farm Umburanas and Sento Sé (BA) From Jul/50 to May/ Total 1, ,

6 Umburanas Wind Complex Bahia (Phase I). Located in the Municipality of Umburanas (BA), the Complex has a total installed capacity of 605 MW to be harnessed in two phases. The installed capacity under Phase I is 360 MW, of which MW will be sold on the free market while MW has been commercialized via the A-5/2014 Reserve Energy Auction at the average price of R$ 170.8/MWh, restated up to June 30, The first phase of the Complex will involve an investment of about R$ 1.8 billion (as of September 2017). The remaining 245 MW will be harnessed during Phase II. The project is being developed adjacent to the Campo Largo Wind Complex, thereby capturing synergies both during installation as well as subsequently when commercial operations begin. Construction work on the accesses to the Wind Farm is in progress with 93% of brush clearance, 73% of earth moving and 29% of paving concluded. Work on the wind turbine tower foundations is being carried out with 66% of the excavations, 55% of the structural erection and 48% of the concreting completed. A total of 69 of the 144 foundations have been concreted. Construction of the substation is underway, with execution of work on the foundations and assembly of concrete structures. Brush clearance for the construction of the transmission line is 50% complete while 14% of work on foundations has been finalized. Work on the project as a whole is 31% executed and startup is expected for January Pampa Sul Thermoelectric Power Plant Rio Grande do Sul. The Pampa Sul TPP is to be sited in the Municipality of Candiota, state of Rio Grande do Sul with an installed capacity of 345 MW. The plant will use thermal coal as fuel from a seam also located in Candiota and will be linked to the SIN through a 525 kv transmission line to the Candiota II substation, to be built by the Company. The plant s average MW of commercial capacity was sold for a 25-year term at the A-5 Auction held on November 28, 2014 at a price of R$ 239.6/MWh, restated up to June 30, The investment approved for the construction of the Plant was approximately R$ 1.8 billion (as of November 2014). Also in November 2014, the Company protected the investment portion in foreign currencies against the exchange rate variation effects through hedging operations. During 2Q18, hydrostatic testing of the boiler was successfully completed with piping free of leakages. Commissioning of the control panels for the water treatment system was begun together with the cold commissioning of the coal conveyor belt which connects the mine to the plant. Good progress was made on assembling the Candiota substation bay with a start made on the commissioning process. The main work on the plant posted a physical advance of 86%, particularly noteworthy being the progress made on the assembly of the boiler refractories, the electrostatic precipitator, the desulfurization system, the chimney, the turbine and the generator. Start of commercial operations is scheduled for the second quarter of

7 Campo Largo Wind Complex Bahia (Phase I). The Campo Largo Wind Complex (CECL) is made up of a series of wind generation operations to be developed in stages. The Complex has a potential for harnessing MW, Phase I amounting to MW and Phase II, 330 MW of installed capacity, all located in the municipalities of Umburanas and Sento Sé, about 420 km from the city of Salvador in the state of Bahia. At the A-5 Auction on November 28, 2014, ENGIE Brasil Energia sold 82.6 average MW for a 20-year term at a price of R$ 175.3/MWh, restated up to June 30, 2018, to be generated from six wind farms with an installed capacity of MW. A further five wind farms in the Complex with a total installed capacity of MW (75.2 average MW) are being developed at this stage of the project. In this case, the energy has already been sold to the Free Contracting Environment (ACL). The investment approved for the 11 wind farms was of approximately R$ 1.7 billion (as of June 2014). The investment portion denominated in foreign currencies was protected against the exchange rate variation effects through hedging operations. By the end of 2Q18, the complex was 85% complete. Work on assembling wind turbines continued with 42 units concluded and representing 34% of the total. In the case of Wind Farms III and VII, all the electro-mechanical equipment has been assembled and commissioned while all the towers with the nacelles at Wind Farms I and IV are now assembled. In the Campo Largo Substation, the 230kV transmission line and construction activities and commissioning of Ourolânida II Substation s connection bay have been concluded, energized and in operation. The Institute of the Environment and Water Resources (Inema) has issued an order granting an Operating License to the Campo Largo III, IV and VII Wind Farms. On July 3, 2018, Aneel issued Dispatch 1.470/2018, authorizing the startup of commercial operations of the Campo Largo VII Wind Farm, the first of 11 wind farms comprising the Campo Largo Wind Complex, anticipating by five months the date originally forecast. Projects under Development Installed Capacity (MW) Power plants Source Location Company's Total Share Santo Agostinho Complex Wind Farm Lajes and Pedro Avelino (RN) Norte Catarinense Thermal Garuva (SC) Campo Largo Complex - Phase II Wind Farm Umburanas and Sento Sé (BA) Umburanas Complex - Phase II Wind Farm Umburanas (BA) Assú - Plants I, II, III e IV Solar Assú (RN) Alvorada Solar Bom Jesus da Lapa (BA) Total 2, ,011.8 Santo Agostinho Wind Complex Rio Grande do Norte. The Complex is made up of 24 Specific Purpose Companies (SPEs), each one responsible for the development of a wind generation project, representing a total development capacity of 600 MW. All the projects will be located in the municipalities of Lajes and Pedro Avelino, about 120 km from the city of Natal, the capital of the state of Rio Grande do Norte. In June 2016, the state of Rio Grande do Norte s environmental protection agency, the Environmental and Sustainable Development Institute (Idema), declared the project to be environmentally viable. The project is eligible to take part in the energy auctions. 7

8 Campo Largo Wind Complex Bahia (Phase II). The Company intends to add about 330 MW of installed capacity to the Complex with the implementation of its second phase, for sale of energy to the free and regulated markets. Just as in the case of the Santo Agostinho Wind Complex, Phase II of Campo Largo is now eligible to take part in the energy auctions, the Company s intention being to register the project for the next auction, arranged for August 31, Umburanas Wind Complex Bahia (Phase II). With an installed capacity of 245 MW, the environmental licensing for the Second Phase has been issued with energy under this second phase to be harnessed by EBE in due course alongside the Campo Largo Wind Complex, thus maximizing synergies during implementation and subsequent commercial operations. Assú Photovoltaic Complex. Located in the Municipality of Assú, State of Rio Grande do Norte, the Complex will have a total installed capacity of approximately 183 MWp, consisting of five projects, among them Assú V. Assú V went into commercial operations in December The remaining projects are at the stage of evaluating solar radiation, with Preliminary License already issued, and qualified to take part in future new energy auctions. Besides the abovementioned projects, the Company is also examining the potential for photovoltaic solar energy generation in areas where it is installing its wind farms. In addition, it is also analyzing partnerships which could accelerate the development of this energy source in line with the process of energy transition which is taking place at world level. Alvorada Photovoltaic Complex. ENGIE Brasil Energia has acquired a site in the State of Bahia, - a region with potential for generating solar energy - for the development of three projects comprising the Alvorada Photovoltaic Complex. The projects, which will have a total installed capacity of 90 MWp. All projects are at the stage of raising solar irradiance data and received their Preliminary License in August 2016, qualifying them to take part in new energy auctions. Norte Catarinense Thermoelectric Power Plant Santa Catarina. The Company is developing a project for the construction of a natural gas-fired combined cycle thermoelectric power plant in the city of Garuva, in the north of the state of Santa Catarina. The Norte Catarinense TPP will have an installed capacity of approximately 600 MW. In March 2016, the Preliminary License was issued, a critical event in that it now permits the plant to participate in the energy auctions. Uptime Operating The plants operated by ENGIE Brasil Energia reported uptime working of 97.0% in 2Q18, ignoring scheduled stoppages: 98.8% for the hydroelectric plants, 81.4% for the thermoelectric plants and 94.4% with respect to the plants fired from complementary energy sources, namely SHPs, biomass, wind and photovoltaics. If all scheduled shutdowns are taken into account, the aggregate uptime in the 2Q18 was 90.7%: 93.2% for the hydroelectric plants, 69.0% for the thermoelectric and 88.1% for plants operating with complementary energy sources. Uptime Operating Not considering scheduled shutdowns +2.8 p.p. 96.0% 98.8% p.p. 62.9% 81.4% +5.3 p.p. 94.4% 89.1% +5.3 p.p. 97.0% 91.7% Despite the programmed maintenance stoppages in 2Q18, the uptime operating ratio of the hydroelectric plants remained above the levels recorded in the same period in Additionally, on May 30, 2018, the Company completed repairs to the eight generator units at the Estreito Hydroelectric Plant which had been damaged due to a systemic outage in the grid on March 21, Hydro Thermal Complementary 2Q17 2Q18 Consolidated 8

9 Despite corrective maintenance work with stoppages at Generator Units 2 and 7 and programmed maintenance on Generator Unit 3 at the Jorge Lacerda Thermoelectric Complex, the thermal power plants reported considerably better uptime operations in 2Q18 than were registered in 2Q17. Production Electricity output from plants operated by ENGIE Brasil Energia was 7,489 GWh (3,429 average MW) in 2Q18. This result is 4.0% lower than production for 2Q17. Total output breaks down as follows: hydroelectric plants, 6,131 GWh (2,808 average MW), thermoelectric plants 953 GWh (436 average MW) and the complementary sourced units 405 GWh (185 average MW). Results point to, respectively, reductions of 2.1% and 17.3% on the hydro and termoelectric energy sources and increase of 5.2% in complementary energy sources, in relation to 2Q17. Generation Average MW The decrease in total hydro plant generation compared with 2Q17 is due largely to less favorable hydrological conditions in 2Q18 in the respective hydrographic basins in which the Company s plants are located. Additionally, important to note that the start of operations and the motorization of new plants in the National Internconnected System (SIN) resulted in the need to restrict generation from the country s existing hydro 2,866 2Q17 Hydro 2,808 2Q18 Thermal complex in order to accommodate output from plants recently incorporated into the system. 3, % 176 3, % 4,163 4, ,530 3,447 6M17 6M18 Complementary 152 Generation by Complementary Source Average MW % % On the other hand, the reduction in thermal generation (17.3%) is due principally to lower production from the Jorge Lacerda Thermoelectric Complex which restricted the attending of demand from the system, generation by cost merit as well as the management of coal inventory. The Jorge Lacerda C Thermoelectric Plant also suffered prolonged downtime. Despite the disposal of Beberibe and Pedra do Sal Wind Farms and the Areia Branca Small Hydroelectric Power Plant, generation from the complementary plants increased, a reflection of the startup in commercial operations at the Assú V Photovoltaic Plant and the beginning of test generation at the Campo Largo VII Wind Farm. 57 2Q Q M M18 In this context, it is worth pointing out that an increase in the Company s hydroelectric generation does not necessarily reflect an improvement in economic-financial performance. Conversely, a reduction in this type of generation does not inevitably imply a Wind SHP Biomass Solar deterioration in economic-financial performance due to the adoption of the Energy Reallocation Mechanism (MRE), which defrays the risks of hydro generation among its participants. As to the Company s thermal generation, its increase might reduce (as a function of the Company s level of contracting) exposure to the Price for the Settlement of Differences (PLD), the opposite being the case when there is a decrease, all other variables being equal. 9

10 Clients In 2Q18, the free consumer share of the Company s portfolio was 48.3% of total physical sales and 42.0% of the total net operating revenue (except CCEE and other revenues), decreases of 5.5 p.p. and 7.7 p.p., respectively in relation to the same quarter in The reduction in the participation of free consumers reflects both a decline in the consumption of industrial clients as well as lower prices for new agreements. 12 Breakdown of Customers by Physical Sales (%) Breakdown of Customers in Contracted Sales Comprising Net Operating (%) Q17 2Q18 6M17 6M18 2Q17 2Q18 6M17 6M18 Distribution Companies Free Customers Trading Companies Export 1 1 Energy exports as a share of physical sales was 0.01% in the 6M17 and of net operating revenue (except CCEE and other revenues) was 0.02% in the 6M17. 10

11 Commercial Strategy The Company pursues a commercial strategy of gradual sales of future energy availability for any given year as a means of mitigating the risk of exposure to spot prices (Price for Settlement of Differences - PLD) for that particular year. Electric energy sales are made during windows of opportunity that open when the market shows a greater buying propensity. ENGIE Brasil Energia s energy balance based on proprietary commercial capacity and power purchasing agreements outstanding as at June 30, 2018 is as follows: Energy Balance (Average MW) Auction Reference Gross Price Own Resources 4,089 4,477 4,707 4,715 4,728 4,726 Gross Price Date Adjusted + Purchases for Resale 1,395 1, (R$/MWh) (R$/MWh) = Total Resources (A) 5,484 5,489 5,297 5,172 5,134 5,059 Government Auction Sales 1 1,638 1,997 2,013 2,013 2,013 2, NE Dec NE Jun NE Nov NE Oct EE May Proinfa Jun st Reserve Energy Auction Aug Auction Mix (New Energy / Reserve / DG) NE Mar NE Nov NE Nov NE Aug th Reserve Energy Auction Nov EN Nov Government Auction - Quotas regime Quotas (UHJA) Jul Quotas (UHMI) Jul Bilateral Sales 3,234 2,988 2,816 2,242 1,808 1,176 = Total Sales (B) 4,872 4,985 4,829 4,255 3,821 3,189 Balance (A - B) ,313 1,870 Sales av erage net price (R$/MWh) 2, 3 : Purchases av erage net price (R$/MWh) 4 : XXXX-YY-WWW-ZZ, where: XXXX year of auction YY EE = existing energy or NE = new energy WWWW year of delivery start ZZ supply contract duration (in years) 2 Sales price is net of ICMS and taxes over revenue (PIS/Cofins, R&D), i.e. future inflation is not considered. 3 Desconsidering sales for quota regime (Jaguara and Miranda HPPs). 4 Purchase net price, considering benefits from PIS/Cofins credits, i.e. future inflation is not considered. Notes: - The balance refers to the settlement point (net of losses of internal consumption of the plant). - The average prices are considered simply estimates and are based on financial planning revisions, not capturing volume changes, which are updated quarterly. - Aneel agreed to the renegotiation of the hydrological risk with respect to the Company s agreements negotiated through the Regulated Contracting Environment (ACR). Additional information can be found in the financial statements of

12 ECONOMIC-FINANCIAL PERFORMANCE Net Operating Revenue In 2Q18, net operating revenue reported an increase of 26.9% (R$ million), compared with 2Q17, from R$ 1,681.9 million to R$ 2,135.0 million. Net Operating Revenue R$ million +21.8% The key factors underlying this variation were: (i) R$ million due to higher volumes of energy sold and the increase in average selling 4,003.8 prices to distributors and trading companies; (ii) R$ million, due to recognition of revenue from operations at the Jaguara and Miranda +26.9% 3,287.9 Hydroelectric Power Plants in the Regulated Contracting Environment 2,135.0 (ACR), of which R$ million corresponds to the remuneration of the 1,681.9 financial asset and R$ 27.9 million to Generation Assets Management revenue (GAG) covering the costs of operation, maintenance and improvements; (iii) 96.9 million growth in revenue due to transactions in the short-term market, more especially those transacted through the Electric Energy Trade Board (CCEE); and (iv) R$ 69.6 million, relating to non-recurring revenues from a claim under business interruption 2Q17 2Q18 6M17 6M18 indemnity insurance in relation to the Jorge Lacerda A Thermoelectric Plant together with the collection of a contractual fine from a supplier due to the partial delay in modenization work on one of the machines at the Salto Santiago Hydroelectric Power Plant. Net Operating Revenue Change R$ million Net Average Selling Price* R$/MWh % % Net Average Selling Price The average energy selling price, net of tax on revenues was R$ 181.6/MWh in 2Q18, 1.7% above 2Q17, when the amount was R$ 178.5/MWh. The higher price was largely due to new sales contracts with trading companies at higher prices than the average for existing or expiring contracts. This increase was partially attenuated by new contracts for industrial clients at average prices lower than existing or expired agreements. 2Q17 2Q18 6M17 6M18 (*) Net of taxes and exports. 12

13 Sales Volume Average MW 4, % 4,388 4, % 4,281 Sales Volume The amount of energy sold increased from 8,883 GWh (4,067 average MW) in 2Q17 to 9,582 GWh (4.388 average MW) in 2Q18, an increase of 700 GWh (321 average MW) or 7.9% between compared periods. These variations largely reflect the combination of growth in sales to trading companies, including trading operations, partially offset by the reduction in sales to distributors arising from compensatory movements in the Excess and Deficit Compensation Mechanism (MCSD) and the decline in consumption on the part of industrial clients. 2Q17 2Q18 6M17 6M18 Comments on Variation in Net Operating Revenue Revenue from Sale of Electric Energy - Distribution Companies Net operating revenue from sales to distributors was R$ million in 2Q18, 1.2% less than the R$ million recorded in 2Q17, variation of which was due to the following factors: (i) R$ 15.6 million a reduction of 70 GWh (33 average MW) in amounts sold, falling from 3,026 GWh (1,386 average MW) in 2Q17 to 2,956 GWh (1,353 average MW) in 2Q18; and (ii) R$ 7.7 million an increase of 1.2% in net average selling price. The decrease in sales volume between periods under review was principally due to compensating reductions in the MCSD, partially attenuated by the initial sales of energy from the Assú V Photovoltaic Plant, where operational startup was anticipated to the end of December Growth in the net average selling price is due mainly to the monetary restatement of existing agreements. Revenue from Sale of Electric Energy - Trading Companies In 2Q18, net operating revenue from sales to trading companies was R$ million, 162.8% higher than the revenue recorded in 2Q17 (R$ million). This improved showing was due to the following factors: (i) R$ 89.5 million an increase of 514 GWh (235 average MW) in energy volume sold; (ii) R$ 79.9 million with respect to selling agreements for trading operations (191 average MW); and (iii) R$ 51.5 million a growth of 38.0% in the average net selling price, excluding trading operations. The variation in volume in the quarter was mainly due to new sales agreements with trading companies, including trading operations. The increase in price largely reflects new agreements at prices higher than the average for existing and expiring contracts. Revenue from Sale of Electric Energy - Free Consumers Revenue from sales to free consumers fell 7.5% from R$ million in 2Q17 to R$ million in 2Q18. The following events contributed to this variation: (i) R$ 33.7 million a decrease of 4.3% in the average net selling price of energy. The decline in prices was largely due to new agreements at lower prices than the average for existing and expiring agreements; and (ii) R$ 25.4 million a reduction of 161 GWh (72 average MW) in the amount of energy sold, this decreasing from 4,783 GWh (2,189 average MW) in 2Q17 to 4,622 GWh (2,117 average MW) in 2Q18, basically a reflection of lower consumption by the industrial sectors. The number of free consumers in the Company s portfolio increased from 283 in 2Q17 to 343 in 2Q18, a rise of 21.2%. Transactions in the short-term market especially those conducted through the Electric Energy Trade Board (CCEE) In 2Q18, revenue generated in the short-term market, especially within the scope of the CCEE, was R$ million, while in 2Q17 the amount was R$ 87.0 million, an increase of R$ 96.9 million when comparing the same quarters for successive years. A more detailed explanation of these variations is to be found in the item below Details of Short- Term Operations - Especially Transactions in CCEE. 13

14 Remuneration of concession financial assets The equivalent amount to 70% of the physical guarantee of the Jaguara and Miranda Hydroelectric Power Plants, the concession agreements for which became effective on December 29, 2017, is remunerated through the receiving of the Grant Bonus Return (RBO) comprising the Annual Generation Revenue (RAG) obtained by the companies. According to the economic essence of the transaction, the part equivalent to the amount paid for the concession grant is recorded as a financial asset and the remuneration from these assets, recognized as operating financial revenue. The remuneration, recognized in 2Q18 for the Jaguara and Miranda plants, was R$ 65.3 million and R$ 39.9 million, respectively. Revenue from services rendered Again in relation to the Jaguara and Miranda Hydroelectric Power Plants, for energy sold in the ACR, also as part of the RAG, the companies will receive the portion relating to the Generation Assets Management (GAG) for covering the costs of operations and maintenance as well as expenditures with improvements and investments during the term of the concession agreement. The value of the GAG recognized in 2Q18 was R$ 15.4 million and R$ 12.5 million for the Jaguara and Miranda plants, respectively. Other revenues In 2Q18, certain non-recurring revenues amounting to R$ 69.6 million were recognized: (i) a claim under business interruption indemnity insurance at the Jorge Lacerda A Thermoelectric Plant in 2017; and (ii) the application of a contractual fine on a supplier due to the partial delay in concluding work on the modernization of one of the machines at the Salto Santiago Hydroelectric Power Plant, an event which took place in Costs of Electric Energy and Services The costs of energy sold and services increased by R$ 76.1 million (8.0%) between compared quarters, increasing from R$ million in 2Q17 to R$ 1,023.1 million in 2Q18. Such variations are due essentially to tendencies in the principal components as follows: Electric energy purchased for resale: an increase of R$ million (34.5%) in 2Q18 compared to 2Q17, reflecting mainly the following factors: (i) R$ 77.2 million purchases of electric energy for allocation to trading operations (184 average MW); (ii) R$ 39.0 million an increase of 232 GWh (106 average MW) due to increased medium and long-term purchases for the management of the Company s portfolio; and (iii) R$ 21.3 million an increase of 5.4% in the net average prices of purchases due to new agreements at prices higher than the average for expiring agreements as well as the application of monetary restatement on existing agreements. Additionally, electric energy sold for trading purposes in excess of purchases, was settled on the CCEE. Transactions in the short-term market - especially those within the scope of the CCEE: comparing the quarters under analysis, the costs of transactions fell by R$ 97.8 million (83,4%) compared with 2Q17. More details are given in the specific item below. Charges for use of and connection to the electricity grid: an increase of R$ 6.9 million (6.6%) between quarters under analysis due principally to the annual readjustment in transmission tariffs and charges relative to the portion of energy from the Jaguara and Miranda Hydroelectric Power Plants sold in the Free Contracting Environment (ACL). This was partially attenuated by the deactivation of operations at the William Arjona Thermoelectric Plant, no longer an economically viable plant following an increase in the cost of gas. Fuels for the generation of electricity: reduction of R$ million (84.2%) in relation to 2Q17 mainly the result of a legal agreement with the supplier of natural gas and with which there was a dispute as to the price of the fuel supplied in the period between September 2014 and June In the light of the agreement, in 2Q17, the Company recognized the cost of gas amounting to R$ million, having concomitantly reversed the provision for a loss originally set aside in the amount of R$ million, thus mitigating the effects on its result. Additionally in 2Q18, the Company recognized the remaining amount of R$ 18.0 million with respect to the above mentioned judicial agreement. Personnel: up R$ 0.7 million (0.1%) between the compared quarters, due to new hires in 2Q18, annual employee compensation and benefits adjustment, almost entirely offset by the reduction associated with the actions aimed to increase operating efficiency, which resulted in staff adjustment and with personnel costs. Materials and third-party services: an increase of R$ 5.7 million (11.8%) year-on-year due in large part to recognition of the costs of operation and maintenance in 2Q18 of the Jaguara and Miranda Hydroelectric Power Plants. Depreciation and amortization: reduction of R$ 10.1 million (6.2%) between compared quarters, mainly due to the following aspects: disposal of the Beberibe and Pedra do Sal Wind Farms and the Areia Branca Small Hydroelectric Power Plant in October 2017; and (ii) the end of the useful life of major maintenance work on the Jorge Lacerda Thermoelectric Complex in previous periods. This decrease was partially offset by recognition of the amortization of an intangible asset with respect to the acquisition of the Jaguara and Miranda Hydroelectric Power Plants in 2Q18. 14

15 Insurance: increase of R$ 3.4 million (50.1%) between compared quarters, mainly the result of the revision of the contractual amount of an insurance premium covering property damage and loss of profits and the inclusion of new plants in the policy, principally the Jaguara and Miranda Hydroelectric Power Plants. Net Operational Provisions: decrease of R$ million (105.3%) between the compared quarters due mainly to the recognition in 2Q17 of R$ million relating to the reversal of the provision for losses arising from the legal agreement on the price of natural gas, as explained above. Details of Short Term Operations Especially Transactions in CCEE Short-term operations are classified as energy purchase or sale operations, the principal objective being the management of exposure on the CCEE. Consequently, the price of these operations is characterized by the linkage with the Price for Settlement of Differences (PLD). This item also includes the transactions conducted through the CCEE, given their volatile and seasonal nature, therefore, short-term, of the results originating from accounting movement in the CCEE. Additionally, the long and short positions are settled at the PLD, thus, similar to the short-term operations described above. In relation to the transactions conducted through the CCEE, the various monthly credit or debit entries to the account of a Board agent are summarized in a single billing as a receivable or a payable. This therefore requires an entry to either an income or an expense item. In this context, it is worth pointing out that due to adjustments in the Company s portfolio management strategy, changes have been taking place in the profile of the mentioned billings. Such fluctuations complicate the direct comparison of the elements comprising each billing for the periods being analyzed - the reason for including this specific topic. The strategy allows us to analyze the fluctuations of the principal elements involved in spite of allocation being either to an income or expenses account according to the credit or debit nature of the billing to which they relate. Generically, these elements are revenues or expenses arising, for example, (i) from the application of the Energy Reallocation Mechanism (MRE); (ii) from the Generation Scaling Factor, triggered when generation of plants, part of the MRE, is greater or smaller (Secondary Energy) than the allocated energy; (iii) from the so-called submarket risk ; (iv) dispatch driven by the Risk Aversion Curve (CAR); (v) the application of System Service Charges (ESS), resulting in dispatch which diverges from the thermal plants order of merit; and (vi) naturally, exposure (a short or long position in the monthly accounting) and settled at the PLD. In 2Q18 and in 2Q17, net results (difference between revenues and costs deducted from taxes on revenues and costs) from short-term transactions particularly those executed on the CCEE, were positive at R$ million and a negative R$ 30.1 million, respectively. This variation is essentially a reflection of the combination of the following factors: (i) the enhanced long position on the CCEE, a result of the strategy for allocating hydric resources combined with active portfolio management; (ii) the negative impact due to an increase in the effects of the GSF and already discounting the positive effects from renegotiation of the hydrological risk; (iii) reduction in thermoelectric generation particularly from the Jorge Lacerda Thermoelectric Complex; (iv) the reduction in revenues from transactions between the North, Northeast and the Southeast submarkets resulting in a reduced mismatch between PLDs in 2Q18; and (v) an increase in MRE expenses due to lower hydroelectric generation in 2Q18. In December 2017, Aneel set maximum and minimum limits for the PLD for 2018 at R$ /MWh and R$ 40.16/MWh, respectively. On a quarterly comparison basis, the average PLD for the South and Southeast/Center-West submarkets increased by 3.4%, from R$ /MWh in 2Q17 to R$ /MWh in 2Q18. Additionally, the PLD for the North submarket increased by 95.0% from R$ to R$ , and the average PLD for the Northeast submarket fell from R$ /MWh in 2Q17 to R$ /MWh in 2Q18, or a decline of 18.4%. Selling, General and Administrative Expenses General and administrative expenses between quarters under review, increased by R$ 3.6 million (7.7%) to a great extent, because of additional expenditures with IT services and increased expenditues on materials for replacement and consumption. 15

16 Ebitda and Ebitda Margin Set against the background of the effects already discussed, Ebitda in 2Q18 was R$ 1,217.9 million, that is R$ million (42.4%) above the amount reported for 2Q17 of R$ million. The Ebitda margin was 57.0% in 2Q18, a growth of 6.1 p.p. in relation to the same period in Ebitda (1) and Ebitda Margin 57.0% 56.6% 50.9% 53.0% The above increases reflect a combination of the following factors: (i) the positive effect of R$ million in transactions conducted in the short-term market particularly those executed within the scope of the CCEE; (ii) the increase of R$ million in the combination of price and volume of energy sold via contracts; (iii) recognition of R$ million relating to operating financial revenue and revenue relative to the covering of the cost of Generation Assets Management (GAG) for operation, maintenance and improvements at the Jaguara and Miranda Hydroelectric Power Plants in 2Q18; (iv) recognition of R$ 69.6 million in nonrecurring revenue from a claim under business 2Q18 Ebitda Margin 1,741.0 Ebitda (R$ Milion) 2,264.4 (1) Ebitda: net profit + income tax and social contribution and financial expenses, net + depreciation and amortization. interruption indemnity insurance and the collection of a fine from a supplier due to a partial delay in plant modernisation work; (v) growth of R$ 5.7 million in the cost of thrid party materials and services; (vi) an increase of R$ 6.9 million in charges for the use of the grid; (vii) the negative effect of R$ 29.7 million in net operating provisions; (viii) an increase of R$ million in energy purchases for trading and addressing the portfolio mix; and (ix) an increase of R$ 9.2 million in other operating costs and expenses Q17 1, M17 6M18 Ebitda Change R$ million (1) Considers the combined effect of changes in revenue and expenses. 16

17 The following table reconciles net income with Ebitda: Financial Result Financial income: in 2Q18, revenues reached R$ 30.8 million, that is, R$ 31.8 million (50.8%) below the R$ 62.6 million reported for the same quarter in 2017, and principally due to the reduction of R$ 31.9 million in income from financial investments with the lower volumes of invested funds and declining interest rates. Financial expenses: financial expenses in 2Q18 were R$ million, or, R$ million (211.6%) above 2Q17 (R$ 69.5 million). The principal variations were: (i) an increase of R$ million in monetary restatement and R$ 5.3 million in interest on concession agreements payable, reflecting an uptick in inflation rates in 2Q18; (ii) an increase of R$ 21.6 million in interest and monetary restatement on debt, mainly relative to interest on promissory notes for financing part of the grant bonus for the acquisition of the Jaguara and Miranda Hydroelectric Power Plants, and on loan agreements recently signed; and (iii) a decrease of R$ 6.0 million in interest and monetary restatement on provisions and actuarial liabilities. Income Tax and Social Contribution on Net Income Income Tax and Social Contribution overheads in 2Q18 were R$ million, R$ 74.0 million (38.9%) higher than the value for the same quarter of 2017 of R$ million, reflecting above all the increase of pretax profit and recognition in 2Q17 of the amount accruing between January and June 2017 of the tax break from Superintendência do Desenvolvimento do Nordeste (Sudene), the benefit being granted in June The effective rate of Income Tax and Social Contribution in 2Q18 was 31.0% against 27.9% in 2Q17. Net Income Net income for 2Q18 was R$ million, R$ 98.1 million (20.0%) higher than the R$ million registered in 2Q17. The increase is a combination of the following factors: (i) growth of R$ million in Ebitda; (ii) an increase of R$ million in net financial expenses; (iii) an increase of R$ 74.0 million in income tax and social contribution expenses; (iv) a decrease of R$ 9.6 million in depreciation and amortization expenses; (v) recognition of an asset impairment of R$ 22.4 million; and (vi) a positive equity income result of R$ 1.4 million. Net Income R$ million % % 1, Q17 2Q18 6M17 6M18 17

18 Net Income Change R$ million Debt Total Debt R$ million 6, /31/ % 7, /30/2018 The Company s total gross consolidated debt as at June 30, 2018, represented mainly by loans, financing, debentures and promissory notes, net of the effects of hedge operations, totaled R$ 7,473.2 million, an increase of 10.7% (R$ million) compared to the position as at March 31, The variation in Company debt is largely related to a combination of the following factors occurring in 2Q18: (i) drawdowns from the BNDES and its financial agents in the aggregate amount of R$ 49.3 million for investments in the modernization of the Salto Santiago HPP and for the construction of Santa Mônica Wind Complex; (ii) issue of R$ 1,759.2 million in debentures in the name of Companhia Energética Jaguara and Companhia Energética Miranda; (iii) contracting of loans, protected by swap operations directed principally to the implementation of the Company s business plan at a cost of R$ million; (iv) generation of R$ million in charges to be paid adjusted for monetary restatement; and (v) R$ 1,900.8 million in settlement of loans, financing and debentures. Maturity Term Loans R$ million 1,892 1,420 1,159 1, from 2024 to 2028 from 2029 to

19 The average weighted nominal cost of debt at the end of 2Q18 was 8.2% (9.4% at the end of 2Q17). Debt Breakdown On June 30, 2018, the Company s net debt (total debt less result of derivatives operations, deposits earmarked to the guarantee of debt servicing and cash and cash equivalents) was R$ 6,192.2 million, an increase of 6.8% compared with the end of the 1Q18. Net Debt R$ million Capital Expenditures ENGIE Brasil Energia s total investments in 2Q18 were R$ million, of which: (i) R$ 87.4 million was allocated to generating complex maintenance and revitalization projects; (ii) R$ million was invested in the construction of new projects - R$ million most importantly to the Campo Largo Wind Complex, R$ million was invested in construction work on Pampa Sul TPP, R$ million, in the Umburanas Wind Complex, R$ 0.8 million in other investments - and; (iii) R$ 15.3 million was dedicated to modernization: R$ 9.1 million in the Salto Santiago Hydroelectric Power Plant and R$ 6.2 million to the Salto Osório Hydroelectric Power Plant. COMMITMENT TO SUSTAINABLE DEVELOPMENT Sustainable Management All plants under the Company s responsibility adhere to ENGIE Brasil Energia Sustainable Management Policy, which covers the areas of Quality, Environment, Occupational Health and Safety, Social Responsibility and Energy Management. On June 30, 2018, out of the 30 plants installed in 12 states of Brazil s five regions, 12 are certified in accordance with NBR ISO 9001 (for Quality), NBR ISO (for the Environment) and NBR OHSAS (for Occupational Health and Safety) standards, with an aggregate capacity of 86.5% of the total operated by the Company. In the area of Social Responsibility, the Company endeavors to adhere to the directives in the NBR ISO guide (which is not susceptible to certification); and the Jorge Lacerda Thermoelectric Complex, the three plants of which, are among the 12 which are certified according to the NBR ISO standard for Energy Efficiency. During 2018, EBE is to apply for the certification of the Jaguara and Miranda Hydroelectric Power Plants in its own name, albeit the respective operations already having been certified by the previous owner. In addition to the Sustainable Management Policy, other standards related to the Company s commitment to sustainable development are included in the corporate website on such themes as Human Rights, Stakeholder Engagement and Climate Change as well as the Sustainability Committee s Internal Charter, the code for the Environment and Ethics and the Sustainability Reports published annually based on Global Reporting Initiative (GRI) recommendations and since 2014 also making use of the International Integrated Reporting Council (IIRC) framework. 19