The Enel Group:

Sustainability, Macro-Energy Outlook

and Industrial Strategies
February, 25th 2016 – Washington DC, World Bank
Outline

1
The Enel Group at a glance
2
The Enel Group and Sustainability
3
The Economic and Energy Outlook
4
The Long term view and the Group Strategy

2
Outline

1
The Enel Group at a glance
2
The Enel Group and Sustainability
3
The Economic and Energy Outlook
4
The Long term view and the Group Strategy

3
 Enel today1
Global diversified player in more than 30 countries
Romania
USA + Canada Rest of Europe
• Capacity: 0.5 GW
• Capacity: 2.1 GW • Presence in generation
• 2.7 mn customers
Italy • 0.7 GW (of which 0.3 GW)
• Presence in retail
Central America • Capacity: 30.8 GW
• Capacity: 1.0 GW (of which 3.1 GW)
• 30.8 mn customers power + gas Russia
Colombia • Upstream gas activities • Capacity: 8.9 GW
• Presence in retail
• Capacity: 3.0 GW
• 2.8 mn customers
Iberia
Slovakia
• Capacity: 23.5 GW
Peru • Capacity: 4.0 GW
(of which 2.2 GW)
Capacity: 1.9 GW • 12.4 mn customers power + gas
• 1.3 mn customers

Chile
Brazil India
• Capacity: 6.9 GW
• Capacity: 1.4 GW • ~ 0.2 GW
(of which 0.6 GW)
(of which 0.4 GW)
• 1.8 mn customers
• 6.6 mn customers Indonesia
• Trading activities
Uruguay Africa
Argentina = Enel presence
• 0.05 GW # = Market position • ~ 0.01 GW
• Capacity: 4.4 GW % = Market share • Upstream gas activities
02/03/2016 The Enel Group • 2.5 mn customers = Enel Green Power presence 4
1. As of 30th September 2015; %, as of 31/12/2014 GW = Enel Green Power Capacity
2. Among private operators
 Enel today1
Leading network Leading retail Leading renewable Balanced generation
operator business operator portfolio

44% of Group EBITDA 12% of Group 11% of Group EBITDA 30% of Group EBITDA
EBITDA 10.5 GW installed 79.1 GW installed
61 mn end users
38.5 mn smart meters 56 mn power
customers
39 €bn RAB2
5 mn gas customers Hydro3 Renewables
32% 9%
Nuclear
6%
~89.6
GW CCGT
16% 18%
Oil &
Gas 19%
Coal

Ideally positioned to capture opportunities in all segments

1. Data as of 31th December 2015 5

2. As of 31st December 2014
3. Including EGP Hydro operations
Outline

1
The Enel Group at a glance
2
The Enel Group and Sustainability
3
The Economic and Energy Outlook
4
The Long term view and the Group Strategy

6
 Enel’s culture

1. Open Energy to more people

We will use and extend our global reach and scale to connect more people to secure
Mission
and sustainable energy, with a special focus on Latin America and Africa
2025

Values and 2. Open Energy to new technologies

Behaviours 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

1. Responsibility Vision We will develop more services built around people’s needs to help them use and
2. Innovation manage energy more efficiently, with a focus on smart meters and digitization
3. Trust
4. Proactivity 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

Open Power to solve the world’s biggest challenges 7

 Enel Sustainability

Focused on Protecting and

business adding value to
the existing
business and
empowering the
new ones

Reliable PROJECTS DASHBOARD DASHBOARD DASHBOARD

Creating
disclosure and
Shared Value
storytelling to Stillwater Solar Geothermal Hybrid Project
Enel Green Power North America (EGP-NA) implemented its first solar project in 2011. The Stillwater Solar
Geothermal Hybrid Project is located in Fallon, Nevada and consists of over 89,000 polycrystalline
silicon PV panels built on 240 acres.

Investor and
other Stakeholders
KiteGen
KiteGen è il primo prototipo di generatore eolico
che sfrutta lo srotolamento di cavi collegati a
una vela volante. La vela volante utilizzata nei
primi test è la stessa impiegata nel kitesurf
measuring the
real impact
Trinum
Realizzato dall’abruzzese Innova, è un sistema
solare a concentrazione trigenerativo, in grado
cioè di svolgere contemporaneamente tre funzioni:
produrre energia elettrica (1 kW), riscaldamento (
3 kW) e raffreddamento

8
 The strategic plan embeds our commitments to
United Nations Sustainable Development Goals

Context Enel’s positioning

• ACCESS TO ELECTRICITY: 3 million beneficiaries in Africa, Asia, Latin America
• United Nations’ post-2015 Sustainable Development Goals by 2020

• EDUCATION: 400,000 beneficiaries by 2020

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

• CLIMATE CHANGE : Carbon neutrality by 2050

CO2 specif ic emissions perf ormance and target of reduction
618 (gCO2/kWheq.)

28%
465

418 396 395 380

<350

Carbon
Neutrality

1990 2007 2012 2013 2014 2020 2020 2050

9
target new
target
Environment: a stable and recognized
commitment
FROM

TO

10
Our commitment on sustainability is recognized by
investors and internal community

First company signatory

of the UN campaign
towards sustainable
capital markets

For the first time an Italian company in the

11
“Board of the United Nations Global Compact”
 Our commitment on sustainability is recognized by
investors and internal community
SRI Investors in Enel’s share capital

Socially Responsible investors in free Long Term Institutional Investors

float
8,6% 62,1%

12
Other environmental targets

 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

PROJECTS
HECTARES OF
AROUND THE
PARKLAND COVERED
WORLD
BY BIODIVERSITY
PROJECTS

13
A growing commitment in the world creating shared
value for us and for the communities
30 SEPTEMBER 2015

PROJECTS 521

BENEFICIARIES 2,4 M

INVESTMENT 34,1 M

Project Focus
ACCESS TO
ELECTRICITY n.91

SOCIAL AND ECONOMIC

DEVELOPMENT OF n.127
COMMUNITIES

SUPPORT TO LOCAL
COMMUNITIES n.239

OPERATIONAL
EFFICIENCY n.64

14
 Social and Economic Development - OLLAGUE (Chile)
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
BUSINESS ISSUE
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.
PROJECT VALUES FOR ENEL
The installation of production capacity and technical
Ollagüe is a remote village on the border between
know-how and the definition of a replicable Hybrid
Chile and Bolivia, 3,500 meters above sea level in
plant model.
the desert, 160 km from Calama. This area is
Experience in the application of the CSV model
inhabited by between 50 and 100 families from the
(Creating Shared Value) in contexts of protected
Quechua indigenous community, whose main
indigenous communities.
activity is sheep farming. In Ollagüe Enel has built an
OFFGRID HYBRID SYSTEM. This technologic is
innovative because through a component of solar VALUES FOR THE COMMUNITY
photovoltaic (250 kW), a wind power (30 kW) with Availability of electric energy and hot water (before
batteries, diesel backup and electricity/water only 2 hours a day). Development of entrepreneurship
cogeneration system it allows the community to through the engagement of the women in the Barefoot
have clean energy for the whole day. Due to geo- College program. Creation of new job opportunities in
climatic specific conditions, innovative the renewable energy and tourism fields.
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.
15
 Social and Economic Development – CAFE’ CURIBAMBA (Peru)
PERU
• Location: Junín
• Category: Social – Economic Development of
communities
• 2015 Beneficiaries: 165
• Status: Da 2012 - al 2020 on going
• Partners: Bisetti Cafè Distribution
BUSINESS ISSUE
Defend existing business and open
new job opportunities favouring the
social and economic development of
the communities in the countries where
we operate.
PROJECT VALUE FOR ENEL
Render a local product an opportunity of social
Stakeholders’ loyalty and opening of new business
inclusion and a boost to the economic development
of rural communities. opportunities.
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. VALUE FOR THE COMMUNITY
Edegel company is working on the design of a 200
MW Hydroelectric Plant, in the basins of the rivers Improvement of cultivation techniques, marketing of
Coman, Uchubamba and Tulumayo. As part of this products and increase of the disposible income,
project the project has been promoted with the goal reduction of emigration.
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
 Social and Economic Development
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)
BUSINESS ISSUE
Construction of a new hydroelectric
plant. Open new opportunities through
social economic development, higher
the living standards and disposable
income.
- APIACAS (Brazil)
PROJECT VALUE FOR ENEL
Enel Green Power has started working on the Construction of the plant without delays, try an
construction of the new hydroelectric complex of innovative design and site management, IFC
Apiacás in the state of Mato Grosso. Apiacás will certification on development methodology
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 VALUE FOR THE COMMUNITY
operation, the hydroelectric complex will be able to
Involving local labor in the construction and
generate up to about 490 GWh per year, thus
maintenance of the plant. Technical and vocational
meeting the great demand for new electricity in
training, increase in disposable income
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
• 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
BUSINESS ISSUE
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.
PROJECT VALUE FOR ENEL
The partnership with the Indian NGO Barefoot
Electrification of isolated areas that have no access to
College is an example of sustaining and
the network promoting good relations with the territory
creating development in a concrete and and a sustainable development model.
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, VALUE FOR THE COMMUNITY
Colombia, El Salvador, Brazil, Ecuador, Availability of electricity.
Panama. These women have spent six months Creation of new occupations and socio-economic
in the North of India, at the Barefoot College, to development, predominantly female and
learn how to install and maintain small employment development. Energy cost savings.
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“.
18
Creating shared value :
Our way to change the world

19
Outline

1
The Enel Group at a glance
2
The Enel Group and Sustainability
3
The Economic and Energy Outlook
4
The Long term view and the Group Strategy

20
 Monetary policies divergences and Emerging Markets
capital flights
GDP & Real domestic demand US & ECB policy rates Effects on capital flows... ...and financial markets
EU ECB (Bln of USD)
4,5 Brazil Mexico
180 EU Internal Demand 3.400
US FED Chile Perù
US Internal Demand 4,0 Bonds 3.200 Colombia South Africa
GDP EU Bank loans 3.000 220 India
(Jan 2008=100)
3,5
160 GDP US 2.800 200

3,0 2.600 180

2.400 160
140 2,5 2.200 140
2.000 120
2,0
1.800 100
120
1,5 1.600 80
1.400
60
EU output 1,0 Stock
1.200
100 gap? 40 exchange
1.000 performances.
0,5 20
800 Jan 2008=100
0
0,0 600
80
’08 ’09 ’10 ’11 ’12 ’13 ’14 ‘15 ’07 ’08 09 ‘10 ‘11 ’12 ’13 ’14 ’15 ’16e ’08 ’09 ’10 ’11 ’12 ’13 ’14 ‘15
’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 21

Source: Enel elaborations on Bloomberg and Reuters data

 Four main (long and short term) issues have contributed to
the low commodity prices level
1 2 Huge investments in
3 OPEC Strategy: resilience to
4 The strong dollar in the
The effect of the Chinese
slow-down energy E&P and new cut production foreing exchange markets
technologies
(300 Composite Shangai Index)
WTI $/bbl (rhs)
Bln of US$ in oil investm E&P
8.000 -44% OPEC members are likely to DXY Inverted(lhs)
brent ($/bbl)
7.000
continue producing more than 13,5 110
High prices their share as they push to
6.000 200 followed by huge compensate for low prices by 100
E&P investments 13,0
5.000 180 increasing output. 90
4.000 160 12,5
Iran and Iraq resurgence is a 80
3.000 140
major development 12,0
01/01/2015 01/07/2015 01/01/2016 120 70

(China’s % of global commodity demand) 100 USA shale oil is showing a great 11,5 60
80 resilience– Total production from
Steel 45 50
9,5M bpd in Jul’15 to 9,1M in 11,0
Copper 46 60
Dec’15 (<5%) 40
Zinc 46 40
Coal 48 10,5
30
48
20 Russian oil output (10,7M bpd)
Aluminium
50 0 hits post-Soviet record high in 10,0 20
Nickel
2000 2005 2010 2015 Dec 2015 2011 2012 2013 2014 2015

22
Earlier than expected Iranian exports and mild winter weather represent further low price factors
Source: Enel elaboration on Bloomberg, EIA, OPEC
 The above mentioned factors have produced relevant
effects both on Latam countries…
MSCI Latam index1 Impact on growth of 1% point decline Impact on growth of 1% point decline
in Brazil’s growth2 in China’s growth 2
200
MS Latam Index
Reuters commodity Index

(Jan 2008=100)
150

100

50
’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15

Latam area shows the weakest growth rates among the emerging markets
23
1. The MSCI Latin America Index captures large and mid cap representation across 5 Emerging Markets (EM) countries in Latin America
2. World Bank source is GEP 2015
Source: Enel elaboration on BIS, IMF, Bloomberg and Reuters data
 …and other emerging markets commodity producers
Commodity downdraft
Russia Brazil South Africa
hitting differently
(Jan Brent Iron ore Platinum
’14=!00) (% net exports of GDP)
RUB/USD BRL/USD ZAR/USD 14 Big exposure Big exposure to
100 -54% -41% -33% 12
to metals oil prices
100
80 80
10
60 80 Limited
40
-69% 8 exposure
40
-65% 60 -40%
0 6
’14 ’15 ‘16 ’14 ’15 ‘16 ’14 ’15 ‘16
4
Chile Colombia Peru
2
Copper Brent
Gold 0
CLP/USD COP/USD
PEN/USD
-2 Oil
105 -25% 100 -38%
100
-18% -4 Precious metals
90 80
Base metals
-6
75 60 Bulk commodities
40
-8
60
-39% -61% -20%
80 CLP ZAR PEN IDR BRL TWD MXN COP RUB NGN
’14 ’15 ‘16 ’14 ’15 ‘16 ’14 ’15 ‘16

High dependence on commodity increases the emerging markets FX volatility 24

Source: Enel elaboration on Bloomberg and Reuters
 Behind the commodity cycle, many emerging markets
show structural gridlocks
Growth of Total Factor Productivity Industrial Production Growth YoY CPI above central banks targets
(%yoy) 15
4 (%yoy)
(%yoy)
30
2 10
9
0
5
-2 20%-
0 25% 7
-4

-6 -5
2007 2010 2013 2014 2007 2010 2013 2014
6 Brazil Chile Colombia Peru 20 Brazil Chile Colombia Peru 5
4
4 15 4,5%
(+/-1%)

2 10

0 5
3% 3%
-2 0 (+/-1%) (+/-1%) 2%
(+/-1%)

-4 -5

2007 2010 2013 2014 2007 2010 2013 2014

Russia Turkey South Africa India Russia Turkey South Africa India Argentina* Brazil Chile Colombia Peru

Structural adjustments necessary to move from export-led growth models

25
*Argentina: according to the Finance Minister Prat-Gray, inflation target is at a range between 20% and 25%.
Source: Enel elaborations on Global Insight, Bloomberg, OECD and Reuters data
 Clean energy investments do not seem to be affected by the
commodity collapse
2014 2015 2016e Oil prices and clean energy investments (bn $US)

0,9% 0,8%
+2% Brent (spot price) - rhs
Clean energy investments - lhs
92,4 93,2 93,8 95,6 95,2 95,9
350 329 150
318 316
26,5 26,0 297
25,8 300 274 272
OECD 45,7 OECD 46,3 OECD 46,6
250
206 207 100
200 175
36,3 Opec 37,4 Opec 39,2 Opec
150 128
100 88
Non OECD 46,7 Non OECD 47,5 Non OECD 48,6 62 50
31,1 RoW 31,7 RoW 30,7 RoW 50

World World World Oil World Oil World Oil World Oil -50 0
Oil Oil Demand Supply Demand Supply
Demand Supply 04 05 06 07 08 09 10 11 12 13 14 15

Iran and Iraq renewed production will add pressure at the current market over-supply
Source: EIA and Reuters. Bloomberg New Energy Finance, Jan 2016,
26
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.
 The electricity demand decoupling according to the
economic development stage
Historical values Electricity Consumption pc GDP pc Forecasts

Germany UK USA (TWh) EU electricty demand1

110 110 2010=100
110
105
105 +8% O
+6% 100
105
E
100 +8%
-8% -9% C
95 95
100
-1% D
90 90

85 85 95
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014

(TWh) Latam electricty demand2

Brazil Chile Kenya
120 120 140 N
O
130
N
110 110
+20% +19% 120
+39%
+14% +33%
+9% O
110
100 100
E
100
C
90 90 90 D
2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014
Source: Enel elaborations on Local TSO, Enerdata, IMF, World Bank 27
1. EU panle: Italy, Spain, France and Germany. 2. Latam panel: Argentina, Brazil, Chile, Colombia and Peru
Outline

1
The Enel Group at a glance
2
The Enel Group and Sustainability
3
The Economic and Energy Outlook
4
The Long term view and the Group Strategy

28
 Enel GDP assumptions for selected emerging markets
of business interest Enel World Bank
(% yoy)
Colombia Mexico India South Africa
2,7
4,0 7,9 7,9
3,6
3,5 7,8 2,5
3,7 3,2 3,2 2,3
3,5 3,0
3,3 3,3 7,6
2,8 7,5
7,5
3,0
1,6 1,6
1,4

16 17 18 16 17 18 16 17 18 16 17 18

Peru Chile Argentina Brazil

CPI
4,8 3,8 2,8
4,5 4,6 4,2
4,2 3,2 1,4
3,7 3,0
0,2 1,5
3,3 3,2 3,1 2,2
2,9
2,4 1,9
0,7 -2,5
29
16 17 18 16 17 18 16 17 18 16 17 18
Source Enel elaboration on IMF and Oxford Economics data. World Bank estimates from the GE 2016P
 Increasing energy demand will represent the main key
growth factor in emerging and developing countries
Population and urbanization growth Electricity demand increase The required investments
> 10Mln > 1 Mln (TWh) (Tln of $US)
5 > x >10 Mln > 0,5 Mln
1> x >5 Mln 2015 2035 47
China
3.593 4.400 5.200 9.600 8
63 41 6
3.013 558
OECD Americas 4.600 1.400 6.000
28 43
417 OECD Europe 2.700 400 3.100 10
731 23
525
1.764 India 700 2.200 2.900
10 21
239 Africa 400 1.900 2.300
294
2.000 2.200
Other Asia 1.000 2.000 3.000
1.200
E&P fossil Power T&D Energy Total
Latam 1.000 1.900 fuels, generation Efficiency
900 transport
and
1995 2015 2035 refining

Scarce electrification access and an increasing middle class will sustain energy demand 30

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

 An evolving competitive landscape through the whole
supply chain
The market functioning...
Traditional model Current context Future landscape

Generation
+
Transmission &
Distribution
+

Retail +

...and its actors

1995 today 2035

31
 EBITDA composition and evolution (€bn)
1 1
Historical EBITDA 2015 EBITDA 2019 EBITDA
by geography by geography

Abroad 16,7 17
21% 21% 23%
15 21%
Italy
15
Italy Latam 2%
8%
Iberia East Europe 17
11% 16%
S&H Renewables
38% 36%
58% 62% 64%

7,9
4% 7,6
5% by business by business

46% 43%
Networks Generation2
96% 95% 42% 36%
38%
15 17
Renewables S&H
31% 16%
11% Regulated and quasi-regulated 28%
11% Retail 12% 1%
2002 2005 2012 2015 2019

70% Regulated and quasi-regulated 75%

Wider geographical diversification and decreasing business risk profile

1. Including Holding and Services 32
2. Including retail in Iberia
Source: Enel Capital Markets Day – London, November 18th 2015
 Capex composition and evolution (€bn)

Total capex1 Growth capex by area4

Renewables Networks Conventional

28,5 generation
Growth
North East Europe
Maintenance Italy
America 3% Italy
9%
Iberia 26%
3 9%
Rest of
60% World Iberia
14%
17 €bn2 26% 7.7 €bn 5.8 €bn
49%
1.6 €bn
54%
77%
Latam 22% Latam

Europe 11% Latam

40%

Renewables and networks investments as key-growth strategy

’16-’19
1. Including Optional Capex 2. 3% of Retail and 1% of Other 33
3. Mainly North America and new countries (Asia and Africa) 4. Optional capex not included
Source: Enel Capital Markets Day – London, November 18th 2015
 Industrial growth: operational targets upgrade1

Networks Retail Renewables Conventional

generation
+21 mn 2nd generation +2.5 mn customers
digital meters +22.6 TWh sold2 +2.1 GW additons -0.1 GW additons

+3.6 mn end users +4.7 mn new customers in +9.2 GW3 additions +0.6 GW additions in Latam
+30 mn smart meters power & gas free market 0.4GW under construction at 2019

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

Total Group capacity
2014 2019
End users (mn) Free Customer base (mn)
Smart meters (mn) 38% Total renewables 52% Total renewables
46
Renewables
37 31% 7% 33%
Hydro4 Nuclear Hydro3 Renewables
5%
18%
65 26,2
61 21,5 ~96 GW 17% ~83 GW4
CCGT Oil 4% Nuclear
Oil & Gas 14%
22%
2014 2019 2014 2019 & Gas 18% CCGT
18% Coal Coal 13%

1. Incremental data refers to 2015-19 period 3. Including 0.9 GW additional capacity from optional capex 5. Net of disposals
2. In Italy 4. Including EGP Hydro operations 34
Source: Enel Capital Markets Day – London, November 18th 2015
 Sweden
• Scouting Italy
Renewables • Conv. Gen.
Finland • Renewables
• Networks
Enel Business Development • Scouting
Renewables &
Spain
• Conv. Gen.
Networks
• Renewables
Germany RUSSIA
• Networks
• Renewables • Conv. Gen.
Turkey
Luxemburg
USA • Renewables
• Scouting • Networks
• Conv. Gen. Networks
• Renewables
INDIA.
• Renewables
Mexico • Networks
• Conv. Gen. VIETNAM
• Renewables • Scout. Renewables
Guatemala Egypt INDONESIA
• Renewables • Renewables • Conv. Gen.
• Networks • Conv. Gen • Scout. Renewables
Panama Tunisia
MYANMAR
• Scouting
• Renewabless Renewables • Scout. Conv. Gen.
Morocco
Colombia • Conv. Gen.
• Conv. Gen. • Renewables
• Renewables • Networks
• Networks
Peru Zambia Kenya UAE
• Conv. Gen. • Renewables
• Renewables • Scouting
• Renewables AUSTRALIA
Namibia Tanzania Renewables
• Networks • Scout. Conv. Gen.
Chile • Scout. Renewables • Scouting Conv. Oman
• Scout. Renewables
• Conv. Gen. Brazil Botswana Gen. & • Scouting Conv.
• Renewables Renewables Gen.
• Conv. Gen. • Scout. Renewables
• Networks Uganda Saudi Arabia
• Renewables South Africa
• Networks • Scouting • Scout. Con. Gen.
• Conv. Gen. Business Development activities ongoing
Renewables • Networks
As of February 2016 Uruguay • Renewables Country of presence
• Renewables
Global economic scenario evolution and industrial
takeaways
Macro Strategic Industrial
context considerations actions
Current volatility An increasing optionality based on Average size of 150MW
ECONOMICS project size and diversification across 7 countries
as new normality

Non-Oecd energy demand will Renewables & networks

ELECTRICITY 66% of the growth capex are
keep growing
Smart investments at among Latam and other
Oecd the IT will lead the energy emerging countries
DEMAND high IT content
transition

Although in evolution, LatAm still From 40% of coal, gas and oil
Lower and lower dependence of energy mix in 2014
COMMODITY characterized by commodity
on fossil fuels
dependence to 23% in 2019

Shorter time to EBITDA and

New sustainable targets towards Deep revision of conventional lower capex in conventional
ENVIRONMENT
a carbon neutrality generation pipeline generation power plants

36
Contact us

Back up
Andrea Valcalda (andrea.valcalda@enel.com)
Claudio Dicembrino (claudio.dicembrino@enel.com)
Linda Lucinio (linda.lucinio@enel.com)

02/03/2016 Visit our website at:

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www.enel.com