Enel

Investor Presentation • May 10, 2016

May 10, 2016

Agenda

1Q 2016 consolidated results Delivery on strategic plan

Opening remarks

EBITDA net of forex up by 7% on like-for-like basis thanks to efficiency and growth Latam grows by over 40% net of forex despite economic slowdown

Operational efficiency delivery ahead of plan 30% of yearly target already achieved

+0.2 GW of additional capacity, 1.5 GW tenders awarded +0.2 mn end users in Latam and +0.7 mn digital meters installed

Outperformance of retail business, offsets weak price environment in Italy and Iberia

Full integration of Enel Green Power since April, 1st Latam spun-off entities listed in Chile and NYSE since April, 21st

Delivery on strategic pillars

	2016-19 strategic plan targets	1Q 2016 delivery
1	Operational efficiency 2016 cash costs target: -0.9 €bn	Total savings of 0.3 €bn
2	Industrial growth 2016 growth EBITDA target: +0.8 €bn	0.2 €mn growth EBITDA in 1Q 2016 2016 growth EBITDA fully secured
3	Group simplification EGP integration and Latam restructuring	EGP fully integrated Listing of spun-off entities, merger on track
4	Active portfolio management 6 €bn capital recycling over 2015-19	60% plan finalized - Hydro Dolomiti cashed-in Slovenske closing pending antitrust approval
5	Shareholder remuneration Minimum DPS 2016: 0.18 €/sh	2016 DPS at 0.18 €/sh, +13% yoy

Operational efficiency¹ (€mn)

1. In nominal terms

2. Adjusted figure (net of 15 €mn one-off in 2015)

Operational efficiency: opex evolution

Opex evolution1,2 (€mn) Opex by business³

Networks		-7%		-18%
€/end user	58.5	56.8	54.3	47.9
	FY 2014	FY 2015	LTM	2019
Renewables		-1%		-20%
k€/MW	76.0	78.7	75.1	61.0
	FY 2014	FY 2015	LTM	2019
Conventional		-11%		-10%
generation4 k€/MW	43.9	39.9	39.0	39.3
	FY 2014	FY 2015	LTM	2019
Staff		-%		-2 p.p.
% of Total Fixed Costs	24%	24%	24%	22%
	FY 2014	FY 2015	LTM	2019

Savings progressing ahead, in line with plan targets

1. Total fixed costs in nominal terms (net of capitalizations). Impact from acquisitions is not included

2. Adjusted figure (net of 15 €mn one-off in 2015) 3. In nominal terms 4. 2014 figure restated for delta perimeter

Industrial growth: operational achievements

1. Includes EGP hydro operations

2. Includes all other renewables

Industrial growth: capex in execution¹

2016 EBITDA growth secured, with 70% in the outer years

1. Excludes assets held for sale related to Slovenske Elektrarne

Industrial growth: recently awarded renewable auctions

	Mexico	Peru	Enel competitive advantage
Technology	Solar PV	Wind / Solar PV / Hydro	First utility scale plants
Capacity	1,000 MW	326 MW	Global procurement
Production	2,250 GWh	1,200 GWh	Multiple bids approach
Capex	<900 mn USD	<400 mn USD	Low operating risks
COD	2018	2018	Deep market knowledge
Remuneration	15 yrs USD PPA + 20 yrs GCs	20 yrs USD PPA	Synergies with existing assets
Returns	12-14% equity IRR	13-15% equity IRR

Leveraging on its competitive advantages, Enel outbids competition preserving returns

Group simplification: update on Latam restructuring

• 1. Exercise price of withdrawal right equal to the weighted average price of the 60 trading days preceding the 30th trading day prior to the EGM; except Chilectra that will be at book value
• 10 2. Dissenting/absent shareholders may exercise their withdrawal rights up to 30 days after the EGM and sell their shares to the Company. Capped at 7.72% of the shares in the case of Endesa Americas and 10% of the shares in the case of Enersis Americas, but only to the extent that such withdrawal right level will not lead any shareholder to exceed the maximum ownership of 65% of Enersis Americas after the merger is formalized
• 1. End of Tender Offer expected ~35 days after the EGMs

1Q 2016 consolidated results Financial results

Financial highlights (€mn)

	1Q 2016	1Q 2015	∆ yoy	Like-for-like
Revenues	17,872	19,970	-11%
Reported EBITDA	4,017	4,023	-%
EBITDA1 Ordinary	3,871	4,023	-4%	+2% (5)
Reported EBIT	2,670	2,625	+2%
Ordinary EBIT	2,524	2,625	-4%
Reported Group net income	939	810	+16%
Group net ordinary income	795	810	-2%	+11% (6)
Capex2	1,650	1,340	+23%
Net debt3	36,644	37,545 (4)	-2%
FFO	1,539	710	+117%

1. Excludes Extraordinary items 1Q 2016: +146 €mn Hydro Dolomiti capital gain

2. Includes assets held for sale related to Slovenske Elektrarne for 103 €mn in 2016

3. FY 2015: net of assets held for sale (841 €mn mainly for Slovenske Elektrarne). 1Q 2016: net of assets held for sale (1,147 €mn mainly for Slovenske Elektrarne)

4. As of December 31, 2015 5. Excludes 252 €mn one-offs in 2015 and 19 €mn in 2016 6. Excludes 109 €mn one-offs in 2015 and 14 €mn in 2016

Market context in the period (change yoy)

1. Based on the average exchange rate

Operational highlights

Number of customers¹ (mn)

1. Retail customers only (gas and free power market)

Operational highlights – Generation

Operational highlights – Distribution

Ordinary EBITDA evolution (€mn)

17 1. Includes: +173 €mn CO2 swap transaction in Iberia generation, +50 €mn 3Sun in Renewables, +44 €mn in distrubution in Argentina, -16 €mn bad weather in distribution Italy; +1 €mn other

1. Includes: +19 €mn capital gain on Compostilla RE

Ordinary EBITDA breakdown

71% of total EBITDA from regulated and quasi-regulated businesses

1. Excludes services & holding

Group adjusted EBITDA by business (€mn)

1. Mainly related to Portugal disposal

2. Includes Italy, Iberia, Rest of Europe and other countries

^1. Related to 3Sun

Group adjusted EBITDA by geography (€mn)

EBITDA Italy by business¹ (€mn)

From ordinary EBITDA to net ordinary income (€mn)

Stable net income generation thanks to lower income taxes

1. Includes other financial expenses (-202 €mn in 2016, -114 €mn in 2015) and results from equity investments (35 €mn in 2016, 24 €mn in 2015)

Continuous effort in stabilizing working capital and maximizing cash generation

1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). It includes bad debt provision accruals equal to 146 €mn

2. Funds from operations after working capital change

3. Includes SE that recorded a negative net free cash flow for -187 €mn

Net debt evolution (€mn)

Debt and financial expenses (€mn)

Further liability management actions to optimize gross debt

Forward sales¹

1. Includes renewable production

1. Average hedged price

2. Average on clean spark spread and clean dark spread

3. Includes only mainland production

1Q 2016 consolidated results Closing remarks

Closing remarks

1Q 2016 progression confirms delivery on all key strategic pillars

Strong set of results thanks to high degree of diversification

Positive contribution from Latam and resilient performance in Italy and Iberia despite challenging macro environment

2016 financial targets confirmed

Investor presentation

1Q 2016 consolidated results Annexes

From EBITDA to net income (€mn)

	1Q 2016 reported	1Q 2015 reported	∆ yoy 1	1Q 2016 ordinary	1Q 2015 1 ordinary	∆ yoy
EBITDA	4,017	4,023	-0.1%	3,871	4,023	-3.8%
D&A	1,347	1,398		1,347	1,398
EBIT	2,670	2,625	1.7%	2,524	2,625	-3.8%
Net financial charges	(852)	(767)		(852)	(767)
Net income from equity investments using equity method	35	24		35	24
EBT	1,853	1,882	-1.5%	1,707	1,882	-9.3%
Income tax	548	703		546	703
Net income	939	810		795	810
Minorities	366	369		366	369
Group net income	1,305	1,179	10.7%	1,161	1,179	-1.5%

EBITDA reported matrix (€mn)

	Global Generation	& Trading		Global Infrastructures & Networks		Global Renewable Energies		Services Retail & Other		Total3	Total3
	1Q 2016	1Q 2015	1Q 2016	1Q 2015	1Q 2016	1Q 2015	1Q 2016	1Q 2015	1Q 2016	1Q 2015	1Q 2016	1Q 2015
Italy	305	213	889	897	137	252	560	414	21	30	1,912	1,806
Iberia	192	407	478	442	49	63	140	117	(16)	11	843	1,040
Latam	504	385	319	374	101	87	-	-	(23)	(23)	901	823
Argentina	28	27	31	40	-	-	-	-	(1)	-	58	67
Brazil	42	48	97	132	-	-	-	-	(7)	(8)	132	172
Chile	204	102	55	55	-	-	-	-	(15)	(11)	244	146
Colombia	149	139	86	101	-	-	-	-	-	(4)	235	236
Peru	81	69	50	46	-	-	-	-	-	-	131	115
East Europe	144	170	45	55	49	41	10	8	(2)	-	246	274
Romania	(1)	-	45	55	-	-	10	8	-	1	54	64
Russia	37	66	-	-	-	-	-	-	-	-	37	66
Slovakia	108	103	-	-	-	-	1	-	-	-	109	103
Other1	-	1	-	-	-	-	(1)	-	(2)	(1)	(3)	-
North America	-	-	-	-	128	94	-	-	-	-	128	94
Other countries2	-	-	-	-	(2)	(1)	-	-	-	-	(2)	(1)
Other	(5)	(3)	3	-	-	-	-	-	(9)	(10)	(11)	(13)
Total	1,140	1,172	1,734	1,768	462	536	710	539	(29)	8	4,017	4,023

1. Includes Belgium, Greece, France and Bulgaria

2. Includes South Africa and India

3. Includes EBITDA from Global Renewable Energies

EBITDA from Reported to Adjusted: breakdown by geography

1Q 2016	Italy	Iberia	Latam	East Europe	Global Renewable Energies	Other	Total
Reported	1,775	794	800	197	462	(11)	4,017
Extraordinary items	146	-	-	-	-	-	146
Ordinary	1,629	794	800	197	462	(11)	3,871
One-offs	-	-	-	-	-	1 9	1 9
Adjusted	1,629	794	800	197	462	(30)	3,852

1Q 2015	Italy	Iberia	Latam	East Europe	Global Renewable Energies	Services & Holding	Total
Reported	1,554	977	736	233	536	(13)	4,023
Extraordinaty items	-	-	-	-	-	-	-
Ordinary	1,554	977	736	233	536	(13)	4,023
One-offs	(16)	175	4 3	-	5 0	-	252
Adjusted	1,570	802	693	233	486	(13)	3,771

EBITDA from Reported to Adjusted: breakdown by business line

1Q 2016	Global Generation & Trading	Global Infrastructures & Networks	Global Renewable Energies	Retail	Services & Holding	Total
Reported	1,140	1,734	462	710	(29)	4,017
Extraordinaty items	146	-	-	-	-	146
Ordinary	994	1,734	462	710	(29)	3,871
One-offs	-	-	-	-	1 9	1 9
Adjusted	994	1,734	462	710	(48)	3,852

1Q 2015	Global Generation & Trading	Global Infrastructures & Networks	Global Renewable Energies	Retail	Services & Holding	Total
Reported	1,172	1,768	536	539	8	4,023
Extraordinaty items	-	-	-	-	-	-
Ordinary	1,172	1,768	536	539	8	4,023
One-offs	177	9	5 0	6	1 0	252
Adjusted	995	1,759	486	533	(2)	3,771

Operational efficiency: opex (€mn)

Forward sales

Peru

Colombia

Brazil

Capex¹

1. Gross of contribution. Includes assets held for sale in Generation and East Europe (includes assets held for sale related to Slovenske Elektrarne for 103 €mn) 37

Capex by business¹ (€mn)

1. Continuing operations (excludes assets held for sale), gross of contributions 38

Gross debt structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	Italy	Iberia	Latam	Global Renewable Energies	East Europe & Other	Total
Bonds	13.56	18.78	-	0.10	3.38	-	0.43	36.25
Bank loans	-	-	3.26	0.64	0.84	3.10	0.45	8.29
Tax partnership	-	-	-	-	-	1.07	-	1.07
Other loans	-	-	-	0.54	0.19	0.24	-	0.97
Other short term debt	1.16	-	0.13	0.07	0.07	0.06	-	1.49
Commercial paper	-	-	-	0.11	-	-	-	0.11
Gross debt	14.72	18.78	3.39	1.46	4.48	4.47	0.88	48.18
Financial receivables	(0.01)	-	(1.07)	(0.52)	(0.83)	(0.18)	(0.46)	(3.07)
Tariff deficit	-	-	-	(0.16)	-	-	-	(0.16)
Other short term financial receivables	(0.68)	(0.01)	(1.15)	(0.06)	(0.03)	(0.07)	-	(2.00)
Cash & marketable securities	(1.98)	(0.21)	(0.21)	(0.21)	(1.80)	(0.41)	(1.49)	(6.31)
Net debt – Third Parties	12.05	18.56	0.96	0.51	1.82	3.81	(1.07)	36.64
Net debt – Intercompany	2.76	(19.05)	6.70	3.28	(0.15)	2.31	4.15	-
Net debt – Group View	14.81	(0.49)	7.66	3.79	1.67	6.12	3.08	36.64

Debt maturity coverage split by typology (€bn)

1. Of which 13.2 €bn of long term committed credit lines with maturities beyond March 2017

2. Includes commercial papers

Group total net installed capacity: breakdown by technology and geography

MW	Hydro1	Wind	Geothermal	Solar & Other	Nuclear	Coal	CCGT	Oil&Gas ST/OCGT	Total
Italy	12,418	720	761	84	-	6,478	4,535	3,504	28,500
Iberia	4,763	1,616	-	46	3,318	5,168	5,445	2,417	22,773
Latam	9,981	1,314	-	370	-	835	4,316	2,588	19,405
East Europe	1,609	741	-	134	1,814	4,011	1,215	4,512	14,035
Romania	-	498	-	36	-	-	-	-	534
Russia	-	-	-	-	-	3,623	809	4,512	8,944
Slovakia	1,590	-	-	28	1,814	388	-	-	3,820
Other2	19	242	-	71	-	-	406	-	738
North America	316	2,090	71	29	-	-	-	-	2,506
Other Countries3	-	172	-	10	-	-	-	-	182
Total	29,088	6,653	832	674	5,132	16,491	15,511	13,022	87,402

1. Includes 2,665 MW of EGP (1,515 MW in Italy, 43 MW in Iberia, 772 MW in Latam, 19 MW in East Europe, 316 MW in North America)

2. Includes Belgium, Greece and Bulgaria

3. Includes South Africa and India

Group total net production: breakdown by technology and geography

GWh	Hydro1	Wind	Geothermal	Solar & Other	Nuclear	Coal	CCGT	Oil&Gas ST/OCGT	Total
Italy	3,434	435	1,478	16	-	7,545	1,731	49	14,688
Iberia	2,385	1,209	-	49	6,461	3,641	1,304	1,624	16,673
Latam	8,065	877	-	125	-	1,142	4,623	1,373	16,205
East Europe	613	525	-	27	3,787	5,120	1,113	4,573	15,758
Romania	-	367	-	7	-	-	-	-	374
Russia	-	-	-	-	-	4,684	815	4,573	10,071
Slovakia	593	-	-	2	3,787	437	-	-	4,819
Other2	20	157	-	18	-	-	298	-	493
North America	288	2,176	117	9	-	-	-	-	2,591
Other Countries3	-	44	-	5	-	-	-	-	49
Total	14,785	5,266	1,595	232	10,248	17,448	8,771	7,620	65,964

1. Includes 2,272 GWh of EGP (1,116 GWh in Italy, 52 GWh in Iberia, 796 GWh in Latam, 20 GWh in East Europe, 288 GWh in North America) 43

2. Includes Belgium, Greece and Bulgaria

3. Includes South Africa and India

EGP projects in execution: breakdown by technology and geography (MW)

Business unit	Wind	Hydro	Geo	Solar	Other	Total
Italy	8	10	-	-	17	35
Greece	154	-	-	-	-	154
Europe	162	10	-	-	17	189
Brazil	442	102	-	807	-	1,351
Chile	224	-	38	147	-	409
Costa Rica	-	50	-	-	-	50
Mexico	229	-	-	-	-	229
Panama	-	-	-	42	-	42
Latin America	895	152	38	996	-	2,081
USA	108	-	-	150	-	258
North America	108	-	-	150	-	258
Sub saharan Africa & Asia	904	-	-	314	-	1,218
Rest of World	904	-	-	314	-	1,218
Total	2,069	162	38	1,460	17	3,746

EGP projects under construction : breakdown by technology and geography (MW)

Business unit	Wind	Hydro	Geo	Solar	Other	Total
Italy	8	10	-	-	17	35
Greece	-	-	-	-	-	-
Europe	8	10	-	-	17	35
Brazil	180	102	-	412	-	694
Chile	224	-	38	147	-	409
Costa Rica	-	50	-	-	-	50
Mexico	229	-	-	-	-	229
Panama	-	-	-	13	-	13
Latin America	633	152	38	572	-	1,395
USA	108	-	-	-	-	108
North America	108	-	-	-	-	108
Sub saharan Africa & Asia	199	-	-	314	-	513
Rest of World	199	-	-	314	-	513
Total	948	162	38	886	17	2,051

EGP projects ready to build : breakdown by technology and geography (MW)

Business unit	Wind	Hydro	Geo	Solar	Other	Total
Italy	-	-	-	-	-	-
Greece	154	-	-	-	-	154
Europe	154	-	-	-	-	154
Brazil	262	-	-	395	-	657
Chile	-	-	-	-	-	-
Costa Rica	-	-	-	-	-	-
Mexico	-	-	-	-	-	-
Panama	-	-	-	29	-	29
Latin America	262	-	-	424	-	686
USA	-	-	-	150	-	150
North America	-	-	-	150	-	150
Sub saharan Africa & Asia	705	-	-	-	-	705
Rest of World	705	-	-	-	-	705
Total	1,121	-	-	574	-	1,695

Contact us

Investor Relations Team (investor.relations@enel.com)

Tel. +39 06 8305 7975

Visit our website at:

www.enel.com (Investor Relations)

Disclaimer

This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forwardlooking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party.

This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.

Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Alberto De Paoli, declares that the accounting information contained herein correspond to document results, books and accounting records.