The Enel Group: Sustainability, Macro-Energy Outlook and Industrial Strategies February, 25th 2016 – Washington DC, World Bank

Outline

2

The Enel Group at a glance 1

The Economic and Energy Outlook

2 The Enel Group and Sustainability

4 The Long term view and the Group Strategy

3

Outline

3

The Enel Group at a glance 1

The Economic and Energy Outlook

2 The Enel Group and Sustainability

4 The Long term view and the Group Strategy

3

Enel today1

Global diversified player in more than 30 countries

The Enel Group

1. As of 30th September 2015; %, as of 31/12/2014

2. Among private operators

= Enel presence

GW

= Market position = Market share

= Enel Green Power presence

= Enel Green Power Capacity 4

India

• ~ 0.2 GW

Indonesia

• Trading activities

Africa

• ~ 0.01 GW

• Upstream gas activities

Romania

• Capacity: 0.5 GW

• 2.7 mn customers

Russia

• Capacity: 8.9 GW

• Presence in retail

Slovakia

• Capacity: 4.0 GW

Italy

• Capacity: 30.8 GW

(of which 3.1 GW)

• 30.8 mn customers power + gas

• Upstream gas activities

Iberia

• Capacity: 23.5 GW

(of which 2.2 GW)

• 12.4 mn customers power + gas

Argentina

• Capacity: 4.4 GW

• 2.5 mn customers

Brazil

• Capacity: 1.4 GW

(of which 0.4 GW)

• 6.6 mn customers

# %

02/03/2016

USA + Canada

• Capacity: 2.1 GW

Central America

• Capacity: 1.0 GW

Colombia

• Capacity: 3.0 GW

• 2.8 mn customers

Peru

Capacity: 1.9 GW

• 1.3 mn customers

Chile

• Capacity: 6.9 GW

(of which 0.6 GW)

• 1.8 mn customers

Uruguay

• 0.05 GW

Rest of Europe

• Presence in generation

• 0.7 GW (of which 0.3 GW)

• Presence in retail

44% of Group EBITDA

61 mn end users

38.5 mn smart meters

39 €bn RAB2

Leading network operator

12% of Group

EBITDA

56 mn power

customers

5 mn gas customers

Leading retail business

11% of Group EBITDA

10.5 GW installed

Leading renewable operator

Balanced generation portfolio

30% of Group EBITDA

79.1 GW installed

Ideally positioned to capture opportunities in all segments

1. Data as of 31th December 2015

2. As of 31st December 2014

3. Including EGP Hydro operations

5

32% 9%

6%

18%

19%

16%

Coal

Oil & Gas

Hydro3 Renewables

Nuclear

CCGT ~89.6

GW

Enel today1

Outline

6

The Enel Group at a glance 1

The Economic and Energy Outlook

2 The Enel Group and Sustainability

4 The Long term view and the Group Strategy

3

Enel’s culture

7

Vision

Values and Behaviours

Mission 2025

1. Responsibility

2. Innovation

3. Trust

4. Proactivity

Open Power to solve the world’s biggest challenges

1. Open Energy to more people We will use and extend our global reach and scale to connect more people to secure

and sustainable energy, with a special focus on Latin America and Africa

2. Open Energy to new technologies We will lead development and deployment of technologies to generate and distribute

energy more sustainably, with a special focus on renewables and smart grids

3. Open up new ways of managing energy for people We will develop more services built around people’s needs to help them use and

manage energy more efficiently, with a focus on smart meters and digitization

4. Open up energy to new uses We will develop new services that use energy to tackle global challenges, with a focus

on connectivity and e-mobility

5. Open up to more partnerships We will unite a network of collaborators in research, technology, product development,

and marketing to build new solutions together

8

Enel Sustainability

PROJECTS DASHBOARD DASHBOARD DASHBOARD

Stillwater Solar Geothermal Hybrid ProjectEnel Green Power North America (EGP-NA) implemented its first solar project in 2011. The Stillwater SolarGeothermal Hybrid Project is located in Fallon, Nevada and consists of over 89,000 polycrystallinesilicon PV panels built on 240 acres.

KiteGenKiteGen è il primo prototipo di generatore eolicoche sfrutta lo srotolamento di cavi collegati auna vela volante. La vela volante utilizzata neiprimi test è la stessa impiegata nel kitesurf

TrinumRealizzato dall’abruzzese Innova, è un sistemasolare a concentrazione trigenerativo, in gradocioè di svolgere contemporaneamente tre funzioni:produrre energia elettrica (1 kW), riscaldamento (3 kW) e raffreddamento

Reliable

disclosure and

storytelling to

Investor and

other Stakeholders

Focused on

business

Creating

Shared Value

measuring the

real impact

Protecting and

adding value to

the existing

business and

empowering the

new ones

9

• ACCESS TO ELECTRICITY: 3 million beneficiaries in Africa, Asia, Latin America

by 2020

• EDUCATION: 400,000 beneficiaries by 2020

• SOCIAL AND ECONOMIC DEVELOPMENT : 500,000 beneficiaries by 2020

• CLIMATE CHANGE : Carbon neutrality by 2050

Context Enel’s positioning

• United Nations’ post-2015 Sustainable Development Goals

618

465

418395 380

<350

1990 2007 2012 2013 2014 2020 2020 2050

CO2 specif ic emissions performance and target of reduction

(gCO2/kWheq.)

Carbon

Neutrality

396

28%

new

target

target

The strategic plan embeds our commitments to United Nations Sustainable Development Goals

Environment: a stable and recognized

commitment

TO

FROM

10

For the first time an Italian company in the

“Board of the United Nations Global Compact”

First company signatory

of the UN campaign

towards sustainable

capital markets

Our commitment on sustainability is recognized by

investors and internal community

11

SRI Investors in Enel’s share capital

Socially Responsible investors in free

float

8,6%

Long Term Institutional Investors

62,1%

12

Our commitment on sustainability is recognized by

investors and internal community

Group Biodiversity Policy

Continued protection of the species on the Red List of the

International Union for Conservation of Nature and Natural

Resources (IUCN) in protected areas near power plants

Other environmental targets

13

HECTARES OF

PARKLAND COVERED

BY BIODIVERSITY

PROJECTS

PROJECTS

AROUND THE

WORLD

PROJECTS 521

BENEFICIARIES 2,4 M

INVESTMENT 34,1 M

30 SEPTEMBER 2015

A growing commitment in the world creating shared

value for us and for the communities

ACCESS TO

ELECTRICITY

SOCIAL AND ECONOMIC

DEVELOPMENT OF

COMMUNITIES

SUPPORT TO LOCAL

COMMUNITIES

OPERATIONAL

EFFICIENCY

n.91

n.127

n.239

n.64

Project Focus

14

Social and Economic Development - OLLAGUE (Chile)

• Location: Candarave District -Ollague

• Category: Access to electricity

• 2015 Beneficiaries: 300

• Status: on going

• Partners: Local NGO, Barefoot College, Antofagasta

University, mine El Abra, Local Municipality

VALUES FOR ENEL

VALUES FOR THE COMMUNITY

Installation of OFFGRID solutions in

isolated areas and testing of innovative

hybrid solutions to be replicated in other

contexts of rural electrification.

Technical training of local workers who will

be entrusted with the management and

maintenance of the plant.

The installation of production capacity and technical

know-how and the definition of a replicable Hybrid

plant model.

Experience in the application of the CSV model

(Creating Shared Value) in contexts of protected

indigenous communities.

Availability of electric energy and hot water (before

only 2 hours a day). Development of entrepreneurship

through the engagement of the women in the Barefoot

College program. Creation of new job opportunities in

the renewable energy and tourism fields.

Ollagüe is a remote village on the border between

Chile and Bolivia, 3,500 meters above sea level in

the desert, 160 km from Calama. This area is

inhabited by between 50 and 100 families from the

Quechua indigenous community, whose main

activity is sheep farming. In Ollagüe Enel has built an

OFFGRID HYBRID SYSTEM. This technologic is

innovative because through a component of solar

photovoltaic (250 kW), a wind power (30 kW) with

batteries, diesel backup and electricity/water

cogeneration system it allows the community to

have clean energy for the whole day. Due to geo-

climatic specific conditions, innovative

technological choices have been adopted, such as

the use of wind turbines with vertical blades and

batteries in molten salts, that guarantee operation in

contexts of high irradiation and rarefied air.

The involvement of the local community as part

of the project, from the analysis and engineering

phases to the plant management has been carried

out through a public and private partnership that

brought closer municipalities and local communities

with academia (University of Antofagasta and Chile)

and international partners such as the Barefoot

College. This management model makes the

community responsible of the plant rendering Ollagüe

an example of a smart village.

CHILE

BUSINESS ISSUE

PROJECT

15

VALUE FOR ENEL

VALUE FOR THE COMMUNITY

Defend existing business and open

new job opportunities favouring the

social and economic development of

the communities in the countries where

we operate.

Stakeholders’ loyalty and opening of new business

opportunities.

Improvement of cultivation techniques, marketing of

products and increase of the disposible income,

reduction of emigration.

PERU

BUSINESS ISSUE

PROJECT

Social and Economic Development – CAFE’ CURIBAMBA (Peru)

• Location: Junín

• Category: Social – Economic Development of

communities

• 2015 Beneficiaries: 165

• Status: Da 2012 - al 2020 on going

• Partners: Bisetti Cafè Distribution

Render a local product an opportunity of social

inclusion and a boost to the economic development

of rural communities.

The Cafè Curibamba project was born in 2012 and

it has been presented at Expo in the occasion of the

World Day dedicated to Coffee in the Enel pavilion.

Edegel company is working on the design of a 200

MW Hydroelectric Plant, in the basins of the rivers

Coman, Uchubamba and Tulumayo. As part of this

project the project has been promoted with the goal

of engaging local communities with whom to share

a path towards sustainable growth.

Results:

• More than 150 families in a rural region of Peru

have grown out of poverty;

• Training;

• 35 hectares of land reborn with new crops and

coffee production enhanced and re-launched thanks

to a well known brand worldwide;

• Infrastructural Development;

• Construction of solar driers;

Partnership with Bisetti roasting, that is in charge

of the selection and distribution of the Curibamba

Cafè.

The quality of the coffee has increased from a scale

of 63 to 83 today.

16

VALUE FOR ENEL

VALUE FOR THE COMMUNITY

Construction of a new hydroelectric

plant. Open new opportunities through

social economic development, higher

the living standards and disposable

income.

Construction of the plant without delays, try an

innovative design and site management, IFC

certification on development methodology

Involving local labor in the construction and

maintenance of the plant. Technical and vocational

training, increase in disposable income

BRAZIL

BUSINESS ISSUE

PROJECT

Social and Economic Development - APIACAS (Brazil)

• Location: Alta Floresta (Mato Grosso, Brazil)

• Category: Social and economic development of

communities

• 2015 Beneficiaries: 0

• Status: From June 2014 - to June 2016

• Partners: FGV PROJECTOS (FONDACAO GETULIO

VARGAS)

Enel Green Power has started working on the

construction of the new hydroelectric complex of

Apiacás in the state of Mato Grosso. Apiacás will

consist of three plants in cascade, called Salto

Apiacás”, “Cabeza de Boi” e “Fazenda”, for a

total installed capacity of 102 MW, with 7 turbines

of approximately 14.5 MW each. Once in

operation, the hydroelectric complex will be able to

generate up to about 490 GWh per year, thus

meeting the great demand for new electricity in

the country, which is estimated to grow at an

average annual rate of 4% until 2020. In order to

reduce domestic consumption at the construction

site, a photovoltaic thin "stand-alone" film will

be installed, ie. not connected to the network,

with an additional installed capacity of 1.2 MW.

The development project of the construction site

of Apiacás is an example of Sustainable

Construction Site. The communities contribute to

the design and construction works and with this

project, IFC (International Finance Corporation of

the World Bank) is assessing the tools of CSV as

an example of sustainability assessment.

17

Access to Electricity - BAREFOOT COLLEGE

The partnership with the Indian NGO Barefoot

College is an example of sustaining and

creating development in a concrete and

measurable way since 2012. The project

involved 39 illiterate women coming from

isolated and poor villages without access to

electricity in Peru, Chile, Guatemala, Mexico,

Colombia, El Salvador, Brazil, Ecuador,

Panama. These women have spent six months

in the North of India, at the Barefoot College, to

learn how to install and maintain small

photovoltaic systems. Following the trip to India

they return to their homes as solar technicians

and lead their activity using photovoltaic kits

provided by Enel Green Power, and bring light,

development and work to the areas. Since

2012, the project involved 41 communities in

cooperation with 10 local NGOs, impacting

more than 19thousand people who beneficiated

from the electrification promoted by the project.

This project in cooperation with the Barefoot

College is narrated through a documentary

"Bring the Sun Home“.

• Location: Peru, Ecuador, Colombia, Mexico,

El Salvador, Guatemala, Brazil, Chile, Panama,

Kenya

• Category: Access to electricity

• Beneficiaries: 19.680

• Status: 2012 - on going

• Partners: Local NGO, UN Women, UNDP, National

and Regional Govs, Rural Electrification Offices,

Barefoot College

PROJECT

Need of installing off-grid solutions in

isolated areas in countries where we

operate. Technical training and job

opportunities for women who need to install

and maintain the equipment.

Electrification of isolated areas that have no access to

the network promoting good relations with the territory

and a sustainable development model.

Availability of electricity.

Creation of new occupations and socio-economic

development, predominantly female and

employment development. Energy cost savings.

BUSINESS ISSUE

VALUE FOR ENEL

VALUE FOR THE COMMUNITY

18

19

Creating shared value :

Our way to change the world

Outline

20

The Enel Group at a glance 1

The Economic and Energy Outlook

2 The Enel Group and Sustainability

4 The Long term view and the Group Strategy

3

Monetary policies divergences and Emerging Markets capital flights

21

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

US FED

EU ECB

0

20

40

60

80

100

120

140

160

180

200

220

Effects on capital flows... US & ECB policy rates ...and financial markets

Mexico

India

Colombia

Chile

Brazil

South Africa

Perù

80

100

120

140

160

180

GDP & Real domestic demand

EU output

gap?

Stock

exchange

performances.

Jan 2008=100

Source: Enel elaborations on Bloomberg and Reuters data

’08 ’09 ’10 ’11 ’12 ’13 ’14 ‘15

GDP US

GDP EU

US Internal Demand

EU Internal Demand

’08 ’09 ’10 ’11 ’12 ’13 ’14 ‘15

’08 ’09 ’10 ’11 ’12 ’13 ’14 ‘15

Spillover effects of the US rate hiking remain uncertain

’08 ’09 ’10 ’11 ’12 ’13 ’14 ‘15

600

800

1.000

1.200

1.400

1.600

1.800

2.000

2.200

2.400

2.600

2.800

3.000

3.200

3.400

’15 ’14 ’13 ’12 ‘10

09 ’08

’07 ‘11 ’16

Bank loans

Bonds

(Bln of USD)

(Jan 2008=100)

e

22

Four main (long and short term) issues have contributed to

the low commodity prices level

OPEC Strategy: resilience to

cut production

Huge investments in

energy E&P and new

technologies

The effect of the Chinese

slow-down

The strong dollar in the

foreing exchange markets

3.000

4.000

5.000

6.000

7.000

8.000

01/01/2015 01/01/2016 01/07/2015

-44%

0

20

40

60

80

100

120

140

160

180

200

2000 2005 2010 2015

Bln of US$ in oil investm E&P

brent ($/bbl) OPEC members are likely to

continue producing more than

their share as they push to

compensate for low prices by

increasing output.

Iran and Iraq resurgence is a

major development

USA shale oil is showing a great

resilience– Total production from

9,5M bpd in Jul’15 to 9,1M in

Dec’15 (<5%)

Russian oil output (10,7M bpd)

hits post-Soviet record high in

Dec 2015

1 2 3 4

High prices

followed by huge

E&P investments

Source: Enel elaboration on Bloomberg, EIA, OPEC

Earlier than expected Iranian exports and mild winter weather represent further low price factors

(300 Composite Shangai Index)

20

30

40

50

60

70

80

90

100

110

10,5

10,0

11,5

11,0

13,5

13,0

12,5

12,0

2011 2013 2012 2014 2015

DXY Inverted(lhs)

WTI $/bbl (rhs)

45

50

48

48

46

46

Aluminium

Steel

Coal

Nickel

Copper

Zinc

(China’s % of global commodity demand)

The above mentioned factors have produced relevant effects both on Latam countries…

23

Impact on growth of 1% point decline

in Brazil’s growth

MSCI Latam index1

50

100

150

200

’15 ’14 ’13 ’12 ’11 ’10 ’09 ’08 ’07

1. The MSCI Latin America Index captures large and mid cap representation across 5 Emerging Markets (EM) countries in Latin America

Latam area shows the weakest growth rates among the emerging markets

2. World Bank source is GEP 2015

Source: Enel elaboration on BIS, IMF, Bloomberg and Reuters data

Impact on growth of 1% point decline

in China’s growth

Reuters commodity Index

MS Latam Index

(Jan 2008=100)

2 2

60

75

90

105 -25%

CLP/USD

Copper

0

40

80

-41%

BRL/USD

Iron ore

100

80

60

-33%

ZAR/USD

Platinum

80

100-18%

PEN/USD

Gold

Chile

Brazil South Africa

Peru Colombia

Russia

Source: Enel elaboration on Bloomberg and Reuters

24

-8

-6

-4

-2

0

2

4

6

8

10

12

14

IDR PEN ZAR CLP NGN RUB COP MXN TWD BRL

Oil

Bulk commodities

Base metals

Precious metals

Commodity downdraft

hitting differently

Big exposure

to metals Big exposure to

oil prices

Limited

exposure

100

80

60

40

-54%

RUB/USD

Brent

100

80

60

40

-38%

COP/USD

Brent

…and other emerging markets commodity producers

’14 ’15 ‘16

’14 ’15 ‘16 ’14 ’15 ‘16

High dependence on commodity increases the emerging markets FX volatility

’14 ’15 ‘16

’14 ’15 ‘16 ’14 ’15 ‘16

(% net exports of GDP) (Jan

’14=!00)

-39%

-69% -40%

-20% -61%

-65%

Behind the commodity cycle, many emerging markets show structural gridlocks

25

Industrial Production Growth YoY Growth of Total Factor Productivity

-6

-4

-2

0

2

4

2014 2013 2010 2007

Peru Colombia Chile Brazil

-4

-2

0

2

4

6

2014 2013 2010 2007

Russia India South Africa Turkey

-5

0

5

10

15

2013 2010 2007 2014

-5

0

5

10

15

20

2014 2013 2010 2007

Chile Colombia Peru Brazil

India South Africa Russia Turkey

Structural adjustments necessary to move from export-led growth models

Source: Enel elaborations on Global Insight, Bloomberg, OECD and Reuters data

54

7

9

Peru Colombia Chile Brazil Argentina*

30

CPI above central banks targets

4,5% (+/-1%)

3% (+/-1%)

3% (+/-1%) 2%

(+/-1%)

20%-

25%

*Argentina: according to the Finance Minister Prat-Gray, inflation target is at a range between 20% and 25%.

(%yoy) (%yoy) (%yoy)

Source: EIA and Reuters. Bloomberg New Energy Finance, Jan 2016,

Note: For green investment graph, figures include corporate and government R&D, investments in Smart Technologies as well as investments in all renewable technologies excluding large hydro.

26

Clean energy investments do not seem to be affected by the commodity collapse

329316

272297

318

274

207206

175

128

62

-50

0

50

100

150

200

250

300

350

0

50

100

150

15 14 13 12 11 10 09 08 07 06 05

88

04

Clean energy investments - lhs

Brent (spot price) - rhs 0,9%

RoW

Opec

Non OECD

OECD

World

Oil

Supply

93,2

31,1

36,3

25,8

World

Oil

Demand

92,4

46,7

45,7

Opec

Non OECD

+2%

RoW

OECD

World Oil

Supply

95,6

31,7

37,4

26,5

World Oil

Demand

93,8

47,5

46,3

2014 2015 Oil prices and clean energy investments (bn $US)

Iran and Iraq renewed production will add pressure at the current market over-supply

46,6

26,0

RoW

95,2

World Oil

Demand

World Oil

Supply

Non OECD

Opec

95,9

OECD

48,6

0,8%

39,2

30,7

2016e

27

The electricity demand decoupling according to the

economic development stage

Germany UK USA

Source: Enel elaborations on Local TSO, Enerdata, IMF, World Bank

1. EU panle: Italy, Spain, France and Germany. 2. Latam panel: Argentina, Brazil, Chile, Colombia and Peru

Brazil Chile Kenya

85

90

95

100

105

110

2014 2013 2012 2011 2010

-8%

+6%

85

90

95

100

105

110

2014 2013 2012 2011 2010

+8%

-9%

95

100

105

110

2010 2011 2012 2013 2014

+8%

-1%

90

100

110

120

2014 2013 2012 2011 2010

+9% +14%

90

100

110

120

2014 2013 2012 2011 2010

+19% +20%

90

100

110

120

130

140

2010 2011 2012 2013 2014

+33% +39%

2010=100

EU electricty demand1

Latam electricty demand2

Historical values Forecasts

O

E

C

D

N

O

N

O

E

C

D

GDP pc Electricity Consumption pc

(TWh)

(TWh)

Outline

28

The Enel Group at a glance 1

The Economic and Energy Outlook

2 The Enel Group and Sustainability

4 The Long term view and the Group Strategy

3

29

Enel GDP assumptions for selected emerging markets

of business interest

4,0

3,7

3,3

3,5

3,3

3,0

18 17 16

3,5

3,2

3,6

3,2

2,8

18 17

3,0

16

7,67,5

7,5

7,97,9

7,8

18 17 16

2,7

2,5

2,3

1,61,6

1,4

18 17 16

4,84,5

4,24,5

3,3

18

4,6

17 16

4,2

3,7

3,22,9

2,4

18

3,1

17 16

3,8

3,2

2,2

3,0

1,9

0,7

18 17 16

2,8

0,2 1,5

1,4

-2,5

18 17 16

Colombia Mexico India South Africa

Argentina Brazil Chile Peru

(% yoy)

CPI

World Bank Enel

Source Enel elaboration on IMF and Oxford Economics data. World Bank estimates from the GE 2016P

30

239 21 10

63 41

2015

43 28

1995

1.764

1.200

294

2035

3.593

2.200

731

558

2.000

525

417

3.013

> 0,5 Mln

> 1 Mln

1> x >5 Mln

5 > x >10 Mln

> 10Mln

Increasing energy demand will represent the main key

growth factor in emerging and developing countries

Source Enel elaboration on BoAML, Enerdata, WEO 2015, McKinsey

(TWh)

4.400

4.600

2.700

5.200

2.200

1.900

2.000

900

1.400

400

9.600

2035

1.900

Other Asia 3.000

Africa 2.300

Latam

2015

1.000

1.000

India 2.900 700

OECD Europe 3.100 400

OECD Americas 6.000

China

10

6

8

47

23

Energy

Efficiency

Total T&D E&P fossil

fuels,

transport

and

refining

Power

generation

(Tln of $US)

Population and urbanization growth Electricity demand increase

Scarce electrification access and an increasing middle class will sustain energy demand

The required investments

31

1995 today 2035

Generation

Transmission &

Distribution

Retail

Traditional model Current context

An evolving competitive landscape through the whole

supply chain

Future landscape

+

+

+

The market functioning...

...and its actors

32

7,9

96%

2002

4% 7,6

2005

95%

5%

2012

58%

42%

16,7

62%

38%

2015

15

17

64%

36%

2019

Historical EBITDA

Abroad

Italy

EBITDA composition and evolution (€bn)

Wider geographical diversification and decreasing business risk profile

Regulated and quasi-regulated

11%

31%

46%

11%

15

12%

28%

43%

16%

1%

17

2015 EBITDA

38%

21% 21%

8%

11%

15

36%

21% 23%

2%

16% 17

Networks

Renewables

Retail

Generation2

Regulated and quasi-regulated

S&H

Latam

East Europe

Italy

Iberia

Renewables S&H

1. Including Holding and Services

2. Including retail in Iberia

Source: Enel Capital Markets Day – London, November 18th 2015

by geography by geography

by business by business

75% 70%

2019 EBITDA 1 1

9%

14%

77%

49%

22%

26%

3%

33

Total capex1

60%

’16-’19

28,5

40%

Maintenance

Growth

Capex composition and evolution (€bn)

Growth capex by area4

26%

9%

54%

11%

7.7 €bn

Rest of

World

Europe Latam

North

America

Renewables Networks Conventional

generation

East Europe

Latam

Iberia

Italy

5.8 €bn

Latam

Iberia

Italy

1.6 €bn 17 €bn2

1. Including Optional Capex 2. 3% of Retail and 1% of Other

3. Mainly North America and new countries (Asia and Africa) 4. Optional capex not included

Source: Enel Capital Markets Day – London, November 18th 2015

Renewables and networks investments as key-growth strategy

3

34

Industrial growth: operational targets upgrade1

Networks

End users (mn)

Retail Conventional generation

Renewables

Free Customer base (mn)

Total 2019 Capacity: 66 GW5 Total 2019 Capacity: 17 GW5

Smart meters (mn)

37

46

61 65

21,5 26,2

2014 2019 2014 2019

+2.1 GW additons

+2.5 mn customers

+22.6 TWh sold2

+21 mn 2nd generation

digital meters -0.1 GW additons

33%

18%

4%

18% 13%

14%

Coal

Oil & Gas

Hydro3 Renewables

Nuclear

CCGT

~83 GW4

31% 7%

5%

17%

18%

22%

Coal

Oil & Gas

Hydro4

Renewables

Nuclear

CCGT ~96 GW

2014 2019

52% Total renewables 38% Total renewables

Total Group capacity

1. Incremental data refers to 2015-19 period

2. In Italy

3. Including 0.9 GW additional capacity from optional capex

4. Including EGP Hydro operations

5. Net of disposals

+3.6 mn end users

+30 mn smart meters +4.7 mn new customers in power & gas free market

+9.2 GW3 additions +0.6 GW additions in Latam 0.4GW under construction at 2019

Source: Enel Capital Markets Day – London, November 18th 2015

Enel Business Development

USA

• Conv. Gen.

• Renewables

Colombia

• Conv. Gen.

• Renewables

• Networks

Peru

• Conv. Gen.

• Renewables

• Networks

Chile

• Conv. Gen.

• Renewables

• Networks

Zambia

• Renewables

Namibia

• Scout. Renewables

Botswana

• Scout. Renewables

South Africa

• Conv. Gen.

• Renewables

Kenya

• Renewables

Tanzania

• Scouting Conv.

Gen. &

Renewables

Uganda

• Scouting

Renewables

Brazil

• Conv. Gen.

• Renewables

• Networks

Uruguay

• Renewables

Egypt

• Renewables

• Conv. Gen

Tunisia

• Scouting

Renewables

Morocco

• Conv. Gen.

• Renewables

• Networks

UAE

• Scouting

Renewables

Oman

• Scouting Conv.

Gen.

Saudi Arabia

• Scout. Con. Gen.

• Networks

RUSSIA

• Conv. Gen.

AUSTRALIA

• Scout. Conv. Gen.

• Scout. Renewables

INDIA.

• Renewables

• Networks

VIETNAM

• Scout. Renewables

INDONESIA

• Conv. Gen.

• Scout. Renewables

MYANMAR

• Scout. Conv. Gen.

Italy

• Conv. Gen.

• Renewables

• Networks

Spain

• Conv. Gen.

• Renewables

• Networks

Turkey

• Renewables

• Networks

Sweden

• Scouting

Renewables

Finland

• Scouting

Renewables &

Networks

Germany

• Renewables

Luxemburg

• Scouting

Networks

As of February 2016

Country of presence

Business Development activities ongoing

Mexico

• Conv. Gen.

• Renewables

Guatemala

• Renewables

• Networks

Panama

• Renewabless

Global economic scenario evolution and industrial takeaways

36

Non-Oecd energy demand will

keep growing

Oecd the IT will lead the energy

transition

Lower and lower dependence

on fossil fuels

From 40% of coal, gas and oil

of energy mix in 2014

to 23% in 2019

Current volatility

as new normality

An increasing optionality based on

project size and diversification Average size of 150MW

across 7 countries

66% of the growth capex are

among Latam and other

emerging countries

Although in evolution, LatAm still

characterized by commodity

dependence

ELECTRICITY

DEMAND

ECONOMICS

COMMODITY

Deep revision of conventional

generation pipeline

Shorter time to EBITDA and

lower capex in conventional

generation power plants

New sustainable targets towards

a carbon neutrality ENVIRONMENT

Renewables & networks

Smart investments at

high IT content

Strategic

considerations

Industrial

actions Macro

context

Back up

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Contact us

Andrea Valcalda (andrea.valcalda@enel.com)

Visit our website at:

www.enel.com

Claudio Dicembrino (claudio.dicembrino@enel.com)

Linda Lucinio (linda.lucinio@enel.com)