Enel Américas Strategic Plan 2019-21

Maurizio BezzeccheriCEO

Aurelio BustilhoCFO

Enel Américas’ Strategic Plan

2

Agenda

Delivery 2016-18

Enel Américas today

Energy transition and new opportunities in LatAm: our vision

Strategic Plan 2019-21

Closing remarks

Maurizio Bezzeccheri

Maurizio Bezzeccheri and Aurelio Bustilho

Maurizio Bezzeccheri

Delivery 2016-18

Delivery 2016-18Main milestones in the period

1Q

16

2Q

16

3Q

16

4Q

16

1Q

17

2Q

17

3Q

17

4Q

17

1Q

18

2Q

18

3Q

18

4Q

18

First phase of the

Reorganization completed

(the “Spin-offs”)

Second phase of the

Reorganization completed

(the “Merger”)

Enel Dx Goiás (Celg)

consolidation

Purchase of 7.5% stake in

Enel Dx Perú from

minorities

Volta Grande

consolidationEletropaulo acquisition

Total investments of US$3.5 bn in acquisitions

Capacity to add

value

Stable and

attractive

Regulation

ProfitabilityCapacity to add

new businessesSimplification

Key Drivers

Creating value in every transaction completed since 2016

1. Stake in Enel Dx Perú after the 7.5% acquisition.

1

4

Delivery 2016-18

5

Sustainability, growth, efficiencies and value creation

Index Member

People benefited1

I&N End users

Gx Energy sales

Group simplification

Cumulated

efficiencies4

Gross Margin

Shareholder return

Sustainability

commitment

Growth

Value creation

Thousand (cumulated)

Number of indexes

Million

TWh

Number of companies

US$ m

US$ bn

DPADR5 US$

2016 2018E

0

2,687

42

24.5

50.6

43

~ 130

3.8

0.25

14.1

64.9

323

~ 420

5.0

0.42

1,437

1. Base year 2015. 2. Enel Américas is member of 4: DJSI (Chile, EM and MILA) and FTSE4Good. 3. Not included acquired companies. 4. Base year 2015. 5. Dividend per ADR (1 ADR = 50 shares of Enel Américas).

Opex reduction

2016 2018E2016 2018E

Delivery 2016-18Financial highlights (US$ bn)

Gross Capex

Net Income

EBITDA

Opex evolution

1.21.7

+ 42% + 42%

2.4

3.4

+ 70%

0.6

1.2

Financial results significantly improved since 2016

2016 2018E

0.6

0.41.2

0.51.0

1.7Attributable

Minorities

1.31.1

1.6

0.1 (0.3)0.5

2016 Fx & CPI Efficiencies 2018E withoutperimeter

Perimeter 2018E

3.4

2.4

E: Expected6

Fx & Opex CPI

- 15%

0.30.4

0.5

2016 2017 2018E

0.25

0.31

0.42

2016 2017 2018E

Delivery 2016-18

7

Shareholders return

Earnings per ADR1 (US$) Dividend per ADR1 (US$)

1. 1 ADR = 50 shares of Enel Américas.

Total Dividend (US$ bn)

Total dividend has increased by about 70% since 2016

+ 68% + US$ 0.2 bn+ 112%

E: Expected

0.490.62

1.04

2016 2017 2018E

Enel Américas today

42%

51%

7%

Generation

Infrastructure & Networks

Retail and Enel X

13%

28%

6%

37%

16%

Enel Américas today2018E KPIs and Financial numbers (US$ bn)

EBITDA by business EBITDA by country I&N:

24.5 m end users

US$ 11.8 bn RAB6

Large hydro generation:

6.2 GW capacity

55% of total Enel Américas’ capacity

Thermal generation:

5.0 GW capacity

Highly flexible and efficient assets

Free market:

1.6 k free customers

17 TWh energy sales

Enel X:

421 k Public lighting

105 Charging infrastructure

US$ 3.4 bn US$ 3.4 bn

Enel Américas is the largest private utility company in LatAm

1. Retail includes free market business. 2. Capex related to investments for recurring asset maintenance. 3. Growth investments in generation and networks (quality programs & smart metering)

4. Capex related to customers (Retail, Enel X (e-Home, e-Industries), Network connections). 5. As of November 23rd, 2018. 6. VNR in Peru.

Argentina

Brazil

Colombia

Peru

Eletropaulo

Opex 1.6

Asset Management2 0.7

Asset Development3 0.6

Attributable Net Income 1.2

Net Debt 7.0

Market Cap5 9.5Customers4 0.4

Total Net Income 1.7

9

1

18%

36%24%

14%

8%

10%

41%29%

14%

6%

59%

6%

34%

1%

Hydro

Oil & Gas

CCGT

Coal

34%

10%36%

20%

Argentina

Brazil

Colombia

Peru

41.0 TWh

Enel Américas today2018E Generation and I&N

Net production by technology

Net production by country

End users by country

Distributed energy by country

Almost 60% of our generation mix is hydro

Brazil represents 70% in terms of end users and 60% of the total distributed energy

41.0 TWh

24.5 m

101 TWh

Argentina

Brazil

Colombia

Peru

Eletropaulo

Argentina

Brazil

Colombia

Peru

Eletropaulo

10

Energy transition and new

opportunities in LatAm: our vision

Energy transition and new opportunitiesThe role of Enel Américas

UrbanizationConcentration in urban areas

Demand growth

Grid development and automation

Interconnections

Communities & PeopleAccess to affordable energy

Emission reduction

Energy efficiency

Corporate governance

New businessese-City

e-Industries

e-Home

e-Mobility

Market CompetitionLiberalization

Enel Américas is ready to capture new opportunities in LatAm

1 2

3 4

12

Energy transition and new opportunitiesUrbanization

A Region in continuous development; population concentrated in megacities and a trend of energy demand increase

1

Asia

Africa

Latam & Caribe

.

30% 54% 66%

1970 2014 2050

% of people living in urban areas1

India

453269

Southeast

Asia

China

1888

United

States

-73Japan

-94

EU

-89

242Latin America

296

Africa

106 Eurasia

388Middle

East

Latam & Caribe

Change in primary energy demand 2000-20162

1. United Nations 2014. 2. Source: IEA, WEO 2017, Enerdata, EC statistics. 3. Source: RED 2017 CAF-banco de desarrollo de América Latina. 4. Million Tonnes of Oil Equivalent

Mtoe 4

Emerging economies have increased their energy

demand as opposed to mature economies

3

13

year

Energy transition and new opportunitiesCommunities and people

2020

Access to affordable and clean energy mainly in Africa, Asia and Latin America

2.22

2018E1

Employment and sustainable and inclusive economic growth 1.8

Engaging local communities (m beneficiaries)

High-quality, inclusive and fair education 0.9

Reduction of CO2 specific emissions (kg/kWheq) 0.39

Climate change 2018E

3.0

3.0

0.8

<0.35

2.0

2018E1

0.3

0.3

0.21

2018E

Enel

Américas

Enel Group

92%

% Enel

Américas

/ Group

18%

38%

54%

2018E

1. Cumulated figures since 2015. 2. In the whole Group perimeter, 4.9 m beneficiaries were reached.

Target

2020

Sustainability commitment is present along the whole business value chain

Enel Américas is

a constituent of:

2

14Target already achieved before 2020

51%47%

2%

81%

19%

Asset Development

Customers

Energy transition and new opportunitiesEnel X

Growing contribution of Enel X and Retail businesses in Enel Américas’ 2019-21 Strategic Plan

3 Market competition4

Low availability of energy for the

free market

Commercial strategy redefinition to

develop the business

Market growth and development

of gas free market

Increase of power sales plan and

start of gas sales plan

Energy market liberalization Starting over sales in the free market

Uncertanty in power prices due

to the situation of Ituango P.P.Opportunities in the new scenario and

potential development of gas sales

Smart lighting for cities

Electric mobility in LatAm Energy efficiency solutions

Demand response and storage solutions

for C&I1 customers

Enel X Gross capex 2019-21 (US$ m)

~ 350

Brazil

Colombia

Rest of countries

17.3

32.0

2018E 2021

~ 2x

~ 350

Energy sales (TWh)

151. Consumer and industrial.

Strategic Plan 2019-21

Strategic Plan 2019-21

Strategic Pillars

Industrial

growth

+ 68% EBITDA

growth1 - 2

Efficiencies

US$ 285 m

Opex Saving1

Shareholders

return

+97% DPS

growth1

1. Base year 2018E.

2. M&A not included.

Sustainability

commitment

Sustainable

long-term value

creation

A sustainable and solid growth to increase shareholders return17

77 84

25

4718

2018E 2021

24.1 27.6

16.917.1

2018E 2021

17.3

32.0

2018E 2021

1.61.9

2018E 2021

17.3 17.9

7.2 7.6

2018E 2021

6.2 6.2

5.0 5.0

2018E 2021

Industrial growth: Organic growthOperational targets by business

Infrastructure &

Networks

Distributed energy (TWh)

Thermal Installed Capacity (GW)

Hydro Installed Capacity (GW)

Thermal Generation (TWh)

Free customers power & gas (k)

Electricity sales in free market (TWh)

x

End users (m)

Hydro Generation (TWh)

Generation

59%

emission

free

62%

emission

free

Hydro generation will increase during the period reaching 62% of our total production

Solid increase in our I&N business, close to double in Retail and relevant expansion of Enel X business in LatAm

Free market

11.3 11.3

41.044.6

Enel X

0.4

0.8

2018E 2021

Public lighting (m#)

0.1

12.0

2018E 2021

Charging stations (k#)

ELPL ELPL

24.5 25.5

ELPL1ELPL

120131

18

4%19%0%

~115x

100%

9%9% 85%

1. 120 TWh includes annualized proforma distributed energy of Eletropaulo.

1.6

3.6

0.2(0.2)

0.3

1.30.4 (0.1)

0.1

2018E Fx & OpexCPI

Efficiencies Tariff/RAB Demand Dx Other 2021

Industrial Growth: Organic growthInfrastructure & Networks evolution

RAB3 (US$ bn)WACC2EBITDA (US$ bn)

1. US$ 1.9 bn includes annualized proforma EBITDA of Eletropaulo. 2. WACC real before taxes. Peru considers ROA. 3. VNR in Peru.

20212018

Enel Dx Goiás

Edesur

Enel Dx Ceará

Enel Dx Perú

Enel Dx Rio

Eletropaulo

Enel Codensa

12.5%

12.3%

12.3%

12.3%

12.3%

12.0%

13.7%

12.5%

12.3%

12.3%

12.3%

12.3%

12.0%

11.8%

89%

1.6 1.6

2.7 3.3

2.02.5

2.0

2.10.9

0.91.0

1.31.7

3.1

2018E 2021

Enel Dx Perú Enel Codensa

Eletropaulo Enel Dx Río

Enel Dx Goiás Enel Dx Ceará

Edesur

11.8

14.7

25%

19

+89% of EBITDA growth and +25% of potential RAB increase

1.91

ELPL

Industrial growth: Non organic growthFocus Eletropaulo

RAB

Regulatory review

Efficiencies

EBITDA1

End users

@ 2017Key Drivers Plan 2021

Enel Dx

Ceará

Eletropaulo

Enel Dx Río

Enel Dx

Goiás

US$ 0.3 bn US$ 0.8 bn

US$ 2.0 bn US$ 2.5 bn

July 2019

- US$ 207 m

7.2 m 7.6 m

1: The average USD FX rate for FY 2017 equal to 3.19 BRL only for information purposes. Original data is in Brazilian reais.

Distributed Energy 43 TWh 47 TWh

20

Total capex invested during the period will amount to US$ 0.9 bn

0.2

0.8

0.1

0.2

0.3

2018E Efficiencies Operatingimprovement

2021

Industrial growth: Non organic growthFocus Eletropaulo

Eletropaulo operational KPIsEBITDA (US$ bn)

167%

2018E3 2021

43

42

77

47

108

46

Energy distributed (TWh)

EBITDA/Customer (US$)

OPEX/Customer (US$)

21

Financial and operational key drivers will improve over the period

0.31

1. US$ 0.3 bn includes annualized proforma EBITDA of Eletropaulo. 2. Net of Fx & Opex CPI. 3. Annualized values.

2

Industrial Growth: Organic growthGeneration evolution

EBITDA (US$ bn) Contracted Energy (TWh)

1. Power Purchase Agreement. 2. Volta Grande’s PPA duration: 30 years.

>

100%

>

100% 94%85%

>

100%>

100%>

100% 89%

PPAs1 average duration: 15-30 years2

PPAs1 average duration: 5-7 years

15.714.3

12.7

8.6

2018 2019 2020 2021

Colombia

>

100% 96%93%

74%

PPAs1 average duration: 2-4 years

10.611.0

10.7

9.8

2018 2019 2020 2021

Peru

90%91%

90%

81%

14%

93%

91% 92% 65%

22

Securing profitability through long-term PPAs

13.0

9.2 8.6 8.7

2018 2019 2020 2021

Brazil

>

100%

89% 70%>

100%

1.41.6

(0.1)0.3

2018E Fx & Opex CPI Volume 2021

Industrial Growth: Organic growthFree market: positioning & market liberalization

EBITDA evolution (US$ m) Enel Américas free energy sales (TWh)

0.0

6.1

2018E 2021

Argentina

5.2

12.0

2018E 2021

Brazil

5.2

7.0

2018E 2021

Colombia

6.9 6.9

2018E 2021

Peru

0% 18%Market

Share:3% 5%Market

Share:

20% 23%Market

Share:28% 25%

Market

Share:

64%

Market liberalization addressing our growth in the free market business23

44

72

1

9

12 23

2018E Fx &Opex CPI

Argentina Brazil Colombia Peru 2021

1.42.5

2018E 2021

Industrial Growth: Organic growthEnel X

4 128

e-City e-Industries

e-Home e-Mobility

0.4

0.8

2018E 2021

Public lighting(spots, m#)

Collection services

(transaction, m#)Financial services

(transaction, m#)

1.538.2

2018E 2021

0.91.9

2018E 2021

Credit card

Micro insurance

Demand response(MW delivered/year)

PV(MW installed/year)

0

253

2018E 2021

1

45

2018E 2021

Charging station(cumulated facilities, k#)

e-Buses(cumulated sales, #)

0

41

2018E 2021

EBITDA evolution (US$ m)

42

131

(3) 6

57

26 2

2018E Fx Argentina Brazil Colombia Peru 2021

212%

24Significant expansion of the Enel X business along the period

Fx &

Opex CPI

0.1

12.0

2018E 2021

11%

81%

2%

6%

Gx I&N Retail Enel X

14%

55%

21%

10%

Argentina Brazil Colombia Peru

US$ 5.3 bn

34%

37%

29%

Asset Development Asset Management Customers

Total capex

Industrial growth: Organic growthCapex plan 2019- 21

Total capex by country

US$ 5.3 bnUS$ 5.3 bn

I&N business captures more than 80% of total capex plan

Total capex by business

25

1

1. Retail includes free market business.

558

350

2018E 2021

EfficienciesFurther efficiencies 2019-211

New Strategic Plan envisages additional efficiencies for US$285 m

Enel Américas’ opex exc. Eletropaulo (US$ m) Eletropaulo’s opex (US$ m)

2

1. Values in real terms. 2. Annualized opex. 26

1,284

1,207

2018E 2021

Main initiatives

Digitalization

Apply Group standards in technical

maintenance

Efficiency in purchasing

Quality of service: Reduced costs due to

low quality

Technological and functional convergence

of systems

Reducing external costs, mainly services,

travel, introduction of surveillance

technology

Efficiencies at all levels

3.7

4.24.6

3.4

4.4

5.2

5.7

2018E 2019 2020 2021

Previous Plan New Plan 2018E

Financial targetsEBITDA1 (US$ bn): Guidance vs previous Strategic Plan

+68%

+5%+13%

-8%

+US$ ~0.2 bn Eletropaulo

- US$ ~0.1 bn Fortaleza

- US$ ~0.4 bn hyperinflation, Fx effect and

others

+ US$ ~0.6 bn Eletropaulo

- US$ ~0.4 bn Fx effect and others

+ US$ ~0.7 bn Eletropaulo

- US$ ~0.1bn Fx effect and others

271. Including Services and Holding costs.

2021

Improved EBITDA in the coming years mainly due to Eletropaulo’s contribution

8.9

5.4

3.5

0.7

FFO Assetmanagement

Customers FFO afterasset mgmt.

And cust.

AssetDeveloptment

FCF Dividendspaid

Net FCF

Financial targetsFFO1, capex and cash flow 2019-21

FFO and capex (US$ bn) Cash flow generation (US$ bn)2

+106%

1. Funds From Operations. 2. M&A and minorities opportunities not included. 3. Capex. 4. Free Cash Flow. 5. Including US$1.9 bn paid to shareholders of Enel Américas and US$0.8 bn

dividends distributed from subsidiaries to minorities.

1 4

1.7

2.3

3.13.5

1.71.8 1.9

1.6

2018E 2019 2020 2021

FFO Capex

-6%

Positive Net Free Cash Flow leaves room for a relevant capex plan and attractive dividend payout

28

33

3

(1.9)

(1.6)

(1.8)

(2.8)

1.9

5

0.9

Financial targetsNet debt evolution 2019-21

4.0

Net debt breakdown (US$ bn) Net financial expenses on debt (US$ bn)

29

6.9 7.3 6.6 5.8

0.1 0.30.5

0.6

2018E 2019 2020 2021

Countries Holding

7.0 7.67.1

6.4

- 9%

0.7 0.7

0.6

8.0 8.07.5

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

2019 2020 2021

Net Financial expenses Cost of gross debt (%)

Financial targetsGuidance 2019-21

3.4

4.4

5.25.7

1.2 1.31.6 1.9

2018E 2019 2020 2021

EBITDA Attributable Net Income

EBITDA and Net Income (US$ bn) Net Income evolution (US$ bn)

+68%

+58%

1.2

1.9

2.3 (0.2)(0.4)

(0.8)

(0.2)

2018E EBITDA D&A Financialcharges

Taxes Minorities 2021

+58%

30

Solid EBITDA and Net Income with a 50% Dividend Policy along the period

0.5

0.6

0.8

0.9

2018E 2019 2020 2021

+80%

Dividends paid (US$ bn)

Dividend policy: 40% 50% 50% 50%

Closing remarks

Closing remarks

1

2

3

4

5

Successful delivery in the period 2016-18

Enel Américas is now a stronger leader in the utilities sector in the Region

The Company is well positioned to face the energy transition and new opportunities in LatAm creating long term value

Financial targets reviewed upwards versus the previous plan

Relevant contribution to the people and communities where we operate with clear environmental, economic, and social goals

32

Exhibits

-1.8%

2.0%

2.8%

4.8%

-2.1%

2.3%

0.0%

6.9%

1.2%

3.4%

-2.7%

14.2%

Peru

Colombia

Brazil

Argentina

57

73

624

152

54

72

610

147

52

70

595

143

Peru

Colombia

Brazil

Argentina

ExhibitsMacro and energy scenario

CPI1

Energy demand (TWh) Enel Américas distributed energy (TWh)

2019

2020

2021

8.6

14.7

87.4

20.0

8.3

14.5

85.1

19.5

8.0

14.3

82.7

18.9

Enel DxPerú

Codensa

Brazil

Edesur

1. Consumer Price Index. 34

Local currency vs USD

2.5%

3.4%

4.2%

14.0%

2.6%

3.4%

4.2%

17.0%

2.5%

3.4%

4.0%

20.0%

Peru

Colombia

Brazil

Argentina

Exhibits

35

Regulatory cycle of Distribution Companies

Company Regulatory cycle Next regulatory cycle

Edesur 5 years 2022

Enel Dx Ceará 4 years 2019

Enel Dx Goiás 4 years 2023

Enel Dx Rio 5 years 2023

Eletropaulo 4 - 5 years 2019 (3Q)

Enel Codensa 5 years 2019 (1Q)

Enel Dx Perú 4 years 2022

Edesur

Clients: 2.5 m

Enel Dx Ceará

Clients: 4.0 m

Enel Dx Goiás

Clients: 3.0 mn

Enel Dx Rio

Clients: 3.0 m

Eletropaulo

Clients: 7.2 m

Codensa

Clients: 3.4 m

Enel Dx Perú

Clients: 1.4 m

Disclaimer

This presentation does not constitute an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction.

This presentation contains certain “forward-looking statements” regarding anticipated financial and operating results and statistics and other future events relating to Enel Américas S.A. These

statements are not guarantees of future performance and are subject to material risks, uncertainties, changes and other factors which may be beyond Enel Américas’ control or may be difficult to

predict. These statements may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. The inclusion of these forward-

looking statements should not be regarded as an indication that Enel Américas or any other person considers such projections to be material or to be a reliable prediction of actual future results.

These forward-looking statements are subjective in many respects and there can be no assurance that they will be realized or that actual results will not be significantly higher or lower than

described. As a result, the inclusion of any forward-looking statements in this presentation should not be relied on as necessarily predictive of actual future events. The projections and other

forward-looking statements were based on numerous variables and assumptions that are inherently uncertain. Actual results may differ materially from those projected as a result of such risks

and uncertainties. In addition, the financial projections do not necessarily reflect revised prospects, changes in general business or economic conditions, or any other transaction or event that has

occurred or that may occur and that was not anticipated at the time the projections were prepared.

Forward looking statements include, but are not limited to, information regarding: Enel Américas' business plans, Enel Américas' cost reduction plans, trends affecting Enel Américas' financial

condition or results of operations including market trends in the electricity sector in Chile or elsewhere, supervision and regulation of the electricity sector in Chile or elsewhere, and the future

effect of any changes in the laws and regulations applicable to Enel Américas' or its affiliates. The principal assumptions underlying these forecasts and targets relate to: Economic and Industry

Conditions, Commercial Factors, Political/Governmental Factors, Operating Factors, and Competitive Factors.

The following important factors, in addition to those discussed elsewhere in this presentation, could cause actual financial and operating results and statistics to differ materially from those

expressed in our forward-looking statements, including but not limited to: changes or developments regarding the applicable regulations (which may affect the investment plan of Enel Américas

regarding the regulated activities), legal restrictions applicable to the implementation of the dividends policy, environmental regulations and other legal issues; price of electricity; price and supply

of raw materials; interest rates or exchange rates; availability of fuel; ability to maintain relationship with suppliers, customers and consumer and user protection groups; changes in climate

conditions; widespread adoption energy efficiency measures; inherent risks in the construction of new power generation and distribution facilities; changes in general economic, political,

administrative and business conditions; operating hazards and risks; tax risks; loss of senior management and key personnel; insufficiency of insurance coverage or increase of insurance costs;

failure of systems and information technology and processing; inability to access the capital markets to refinance its debt and finance its capital expenditures; and other factors that could

adversely affect the business and financial results of the Company.

No assurance can be given that the forward-looking statements in this document will be realized. Readers are cautioned not to place undue reliance on those forward-looking statements, which

speak only as of the date of this presentation. Our independent registered public accounting firm has not audited, examined or compiled the forward-looking statements and, accordingly, does

not provide any assurance with respect to such statements. Neither Enel Américas nor any of its affiliates intends, nor undertakes any obligation, to update or revise the forward-looking

statements, whether as a result of new information, future events or otherwise, except as required by law.

35

Phone

+562 23534682

Rafael De La HazaHead of Investor Relations Enel Américas

Jorge VelisInvestor Relations Manager Enel Américas

Itziar LetzkusInvestor Relations Enel Américas

Javiera RubioInvestor Relations Enel Américas

Gonzalo JuárezIR New York Office

María Luz Muñoz

Executive Assistant

Strategic Plan 2019-21Contact us

Thank you.

Email

ir.enelamericas@enel.com

Web site

www.enelamericas.com

38