State Grid Brazil Power Participacoes Ltda. (‘State Grid’) signed an agreement to acquire a 0.58% stake in CPFL Energia S.A. (BOVESPA:CPFE3) from Camargo Correa S.A. for approximately BRL 150 million on September 2, 2016. State Grid Brazil Power offered BRL 25 per share. The purchase price is subject to addition of approximately BRL 0.001879503 per share per day from and including January 1, 2016 to and including the closing date of the transaction and the subtraction of a per share amount equal to any cash dividends or other cash distributions paid to CPFL Energia shareholders or after January 1, 2016 and prior to the closing. In a related transaction, State Grid Brazil Power Participacoes Ltda. signed a definitive agreement to acquire ESC Energia S.A. from Camargo Corrêa S.A for BRL 5.9 billion. Other shareholders of CPFL Energia may either exercise their right to first refusal or exercise their tag along right to sell their shares in CPFL Energia alongside ESC Energia. On September 23, 2016, Caixa de Previdência dos Funcionários do Banco do Brasil – Previ exercised it tag along right for 201.2 million shares. State Grid Brazil Power Participacoes Ltda. (‘State Grid’) agreed to acquire a 20.3% stake in CPFL Energia S.A. (BOVESPA:CPFE3) from Camargo Correa S.A. and Caixa De Previdencia Dos Funcionarios Do Banco Do Brasil for BRL 5.1 billion on September 23, 2016. On October 6, 2016, Caixa de Previdência dos Funcionários do Banco do Brasil – PREVI, perfected the exercise of certain tag-along rights in connection with the execution by Camargo and ESC of the Original SPA by executing and delivering to State Grid Brazil a seller accession agreement pursuant to which PREVI became a party to the original agreement in the position of a Seller and agreed to sell to State Grid Brazil all of the Shares owned by it. On September 28, 2016, Energia São Paulo Fundo de Investimento em Ações, Bonaire Participações S.A., Fundação Cesp, Fundação Sistel de Seguridade Social and Fundação Petrobras de Seguridade Social- Petros e Fundação Sabesp de Seguridade Social – SABESPREV exercised tag along rights for 115 million shares. State Grid Brazil Power Participacoes Ltda. (‘State Grid’) agreed to acquire a 31.6% stake in CPFL Energia S.A. (BOVESPA:CPFE3) from Camargo Correa S.A., Caixa De Previdencia Dos Funcionarios Do Banco Do Brasil, Fundacao CESP, Asset Management Arm, Fundacao Sistel de Seguridade Social, Fundação Petrobras de Seguridade Social – Petros and Fundaçao Sabesp de Seguridade Social for BRL 8.1 billion on September 28, 2016. On October 13, 2016, Energia São Paulo Fundo de Investimento em Ações, Fundação CESP, SISTEL - Fundação Sistel de Seguridade Social, Fundação Petrobras de Seguridade Social – PETROS and Fundação SABESP de Seguridade Social – SABESPREV, perfected the exercise of certain tag-along rights available to them pursuant to which each became a party to the original agreement in the position of a seller and each agreed to sell to State Grid Brazil all of the Shares owned by them. Completion of the transaction is subject to approval by CADE and the National electricity regulatory agency Aneel. On September 22, 2016, the deal was approved by General Superintendent of CADE. On December 13, 2016, The Electricity Regulatory Agency approved the transaction. Sergio Galvis, Werner Ahlers and David C Spitzer of Sullivan & Cromwell LLP acted as legal advisors to State Grid International. BofA Merrill Lynch acted as financial advisor for CPFL Energia. Santander Global Corporate Banking and Bank of America Merrill Lynch International Limited acted as financial advisor for State Grid Brazil Power Participações Ltda. State Grid Brazil Power Participacoes Ltda. (‘State Grid’) completed the acquisition of 31.6% stake in CPFL Energia S.A. (BOVESPA:CPFE3) from Camargo Correa S.A., Caixa De Previdencia Dos Funcionarios Do Banco Do Brasil, Fundacao CESP, Asset Management Arm, Fundacao Sistel de Seguridade Social, Fundação Petrobras de Seguridade Social – Petros and Fundaçao Sabesp de Seguridade Social on January 23, 2017.