Enel

Investor Presentation • Jul 30, 2015

1H 2015 results Highlights of the period

Enel Group Investor Relations

Resilient EBITDA in a worse market environment Latam and Renewables: +15% and +6% respectively

~40% of growth plan already addressed with 7.8 €bn of assets in execution ~60% growth EBITDA at 2017 secured

Latam reorganization: final structure for the transactions outlined by board of directors in compliance with Chilean authority requirements

Cash costs: efficiencies offsetting growth and inflation

Significant improvement in EBITDA conversion into cash flows

Operational highlights

Key pillars of strategic plan

Enel Group Investor Relations

Delivery on track

1. Large Hydro.

~40% of 18 €bn - 5 years growth capex plan - already in execution

• 1. Mainly South Africa
• 1. Figures as of end of period

High visibility of growth EBITDA

5 €bn total capital recycle

Delivery on track

Completion of the merger expected in the second half of 2016

Market context in the period

Enel Group Investor Relations

1. Argentina, Brazil, Chile (CIS), Colombia, Peru. Weighted average by Enel's production 12

2. Slovakia and Russia. Weighted average by Enel's production

1H 2015 results Forward sales

Enel Group Investor Relations

Unhedged

Reported and ordinary EBITDA evolution

• 1. 1H14: +50 €mn remeasurement SE Hydropower fair value, +82 €mn Artic Russia.
• 1. 1H15: +141 €mn SE Hydropower capital gain, +132 €mn 3Sun

Cash costs on a like for like basis broadly flat yoy in nominal terms

• 1. Total fixed costs in nominal terms (net of capitalizations). Reclassified as per new strategic plan criteria
• 1. Gross capex. Reclassified as per new strategic plan criteria

Savings in external costs more than offsetting growth and inflation effects

1.Total Fixed Costs (net of Capitalizations) and without "one off"

19

FY 2015 maintenance capex slightly decreasing year on year

1. Gross Capex.

Group ordinary EBITDA (€mn)

Group ordinary EBITDA (€mn)

1. Results from equity investments accounted for using the equity method: 8 €mn in 1H15 and 53 €mn in 1H14

2. Calculated only on net financial charges

Accelerating reduction in interest charges in the second half of the year

Net free cash flow (€mn)

Enel Group Investor Relations

Significant improvement in net free cash flow by year end

• 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). It includes bad debt provision accruals equal to 0.38 €bn
• 1. Fund from operation after working capital change
• 1. Gross of contributions
• 1. Including activity held for sale that recorded a negative net free cash flow for -240 €mn

Close to 39.2 €bn year-end target

• 26 1. Net debt of assets held for sale. 2. Calculated on net debt at 31 December 2014 net of asset held for sale.
• 1. Calculated on net debt including assets held for sale.

Closing remarks

Enel Group Investor Relations

Latam restructuring: defined timetable with expected completion in 2H16

Slovenske Elektrarne: preferred bidder to be selected soon Transaction framework already defined, first stake sale by yearend

~40% of growth plan already addressed with 7.8 €bn of assets in execution ~60% growth EBITDA at 2017 secured

Efficiency programme well on track

Significant FFO improvement supporting the growth effort

2015 targets confirmed

1. It includes assets held for sale

Group recurring EBITDA analysis (€mn)

Enel Group Investor Relations

Regulated and quasi-regulated³

• 1. It includes Other (mainly holding equal to-52 €mn)
• 1. GEM, Market, Infrastructures and Networks

• Networks, generation with long term PPA (power purchase agreement), renewables with PPA and generation in the Iberian islands 4. It includes Services equal to 52€mn

EBITDA Global Infrastructure & Networks (€mn)

EBITDA Global Generation & Trading (€mn)

Enel Group Investor Relations

1. Net of extraordinary items recorded in 2014 equal to +50 €mn

2. Net of extraordinary items recorded in 2015 equal to +141 €mn

EBITDA Renewables (€mn)

Enel Group Investor Relations

1. Net of extraordinary items recorded in 2015 equal to +132 €mn

1H 2015 results EBITDA Italy (€mn)

1H 2015 results EBITDA Iberia(€mn)

Trading

EBITDA East Europe (€mn)

EBITDA matrix (€mn)

	Global Generation & Trading		Infrastructure Networks	Global &	Renewables		Retail		Services Other	&	TOT
	1H15	1H14	1H15	1H14	1H15	1H14	1H15	1H14	1H15	1H14	1H15
Italy	558	738	1,807	2,095	-	-	694	560	78	56	3,137
Iberia	655	33	906	882	-	-	390	761	18	21	1,969
Latam	774	705	707	558	-	-	-	-	-44	-9	1,437
-Argentina	41	40	57	-53	-	-	-	-	-	+1	98
-Brazil	83	103	218	213	-	-	-	-	-16	-7	285
-Chile	210	117	123	114	-	-	-	-	-20	-3	313
-Colombia	295	314	215	208	-	-	-	-	-8	-	502
-Peru	145	131	94	76	-	-	-	-	-	-	239
East Europe	260	374	119	120	-	-	13	14	-	-1	392
-Romania	-	2	119	120	-	-	16	24	3	1	138
-Russia	95	186	-	-	-	-	-	-	-	-	95
-Slovakia	166	186	-	-	-	-	1	-	-	-	167
-Other	-1	-	-	-	-	-	-4	-10	-3	-2	-8
Renewables	-	-	-	-	1,078	889	-	-	-	-	1,078
Other	-	-	-	-	-	-	-	-	-52	51	-52
TOT	2,247	1,850	3,539	3,655	1,078	889	1,097	1,335	-	118	7,961

Financial annexes: 1H 2015

Debt Structure by Instrument

Enel Group Investor Relations

Third Parties view

Debt by instrument	Enel Spa	EFI	Italy	Iberia	Latam	Renewables	Eastern Europe & Other	Total
Bonds	17.65	19.30	-	0.13	3.77	-	0.36	41.21
Bank Loans	-	-	3.49	0.38	0.41	2.90	0.40	7.58
Tax Partnership	-	-	-	-	-	0.70	-	0.70
Other Loans	-	-	0.01	0.55	0.44	0.36	-	1.36
Other short term debt	1.92	-	0.01	0.05	0.19	0.03	-	2.20
Commercial Paper	-	0.74	-	0.56	-	-	-	1.30
Gross debt	19.57	20.04	3.51	1.67	4.81	3.99	0.76	54.35
Financial Receivables	-0.01	-	-1.23	-0.50	-0.66	-0.03	-0.62	-3.05
Tariff Deficit	-	-	-	-0.67	-	-	-	-0.67
Other short term financial receivables	-0.16	-0.01	-1.05	-0.03	-0.06	-0.04	-	-1.35
Cash	-5.24	-0.04	-0.19	-0.65	-1.35	-0.43	-1.53	-9.43

Net Debt 14.16 19.99 1.04 -0.18 2.74 3.49 -1.39 39.85

Financial annexes: 1H 2015

Debt maturity coverage

1H 2015 Balance sheet

€mn	1H15	FY14 restated	%
Net financial debt	39,849	37,383	6.6%
Shareholders' equity	53,380	51,145	4.4%
Net capital employed	93,229	88,528	5.3%

1H 2015 Italy

		Generation & Trading			Infrastructure & Network			Retail			Other and Ellision			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	11,318	10,384	9.0%	3,532	3,631	-2.7%	7,493	7,923	-5.4%	-3,372	-3,645	-7.5%	18,971	18,293	3.7%
EBITDA	558	738	-24.4%	1,807	2,095	-13.7%	694	560	23.9%	78	56	39.3%	3,137	3,449	-9.0%
EBIT	397	508	-21.9%	1286	1614	-20.3%	399	269	48.3%	52	26	100.0%	2,134	2,417	-11.7%
Capex	76	63	20.6%	479	444	7.9%	31	54	-42.6%	30	9		616	570	8.1%
Headcount¹	6,015	6,454	-6.8%	16,834	17,129	-1.7%	3,852	3,902	-1.3%	3,330	3,318	0.4%	30,031	30,803	-2.5%

1H 2015 Iberia

		Generation & Trading			Infrastructure & Network			Retail			Other			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	3,041	2,301	32.2%	1,309	1,276	2.6%	7,924	7,746	2.3%	-2,075	-1,420	-46.1%	10,199	9,903	3.0%
EBITDA	655	33		906	882	2.7%	390	761	-48.8%	18	21	-14.3%	1,969	1697	16.0%
EBIT	291	-428		537	514	4.5%	319	705	-54.8%	12	-1		1,159	790	46.7%
Capex													356	327	8.9%
Headcount¹													10,190	10,500	-3.0%

€mn	1H15	1H14 restated	%
Revenues	5,406	4,492	20.3%
EBITDA	1437	1254	14.6%
EBIT	948	804	17.9%
Capex	791	519	52.4%
Headcount 1	12,422	12,301	1.0%

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	1,040	746	39.4%	580	498	16.5%	36	34	5.9%	1,656	1,278	29.6%
EBITDA	210	117	79.5%	123	114	7.9%	-20	-3	567%	313	228	37.3%
EBIT	121	55		99	94	5.3%	-21	-4	425%	199	145	37.2%
Unit margin (€/MWh)	34.3			22.6

Brazil

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	190	259	-26.6%	1,357	1,115	21.7%	-3	-2	50%	1,544	1,372	12.5%
EBITDA	83	103	-19.4%	218	213	2.3%	-16	-7	129%	285	309	-7.8%
EBIT	74	95	-22.1%	31	18	72.2%	-16	-7	129%	89	106	-16.0%
Unit margin (€/MWh)	45.4			34.4

Colombia

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	456	458	-0.4%	594	557	6.6%	1	0		1,051	1,015	3.5%
EBITDA	295	314	-6.1%	215	208	3.4%	-8	0		502	522	-3.8%
EBIT	263	283	-7.1%	165	156	5.8%	-7	0		421	439	-4.1%
Unit margin (€/MWh)	49.9			41.8

Peru

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	283	253	11.9%	315	255	23.5%	0	0		598	508	17.7%
EBITDA	145	131	10.7%	94	76	23.7%	0	0		239	207	15.5%
EBIT	109	100	9.0%	64	50	28.0%	0	0		173	150	15.3%
Unit margin (€/MWh)	40.1			32.3

Argentina

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	134	109	22.9%	422	208		1	2	-50%	557	319	75%
EBITDA	42	40	5.0%	57	-53		-1	1		98	-12
EBIT	20	25	-20.0%	46	-61		0	0		66	-36
Unit margin (€/MWh)	11.8			33.4

1H 2015 Renewables

€mn	1H15	1H14 restated	%
Revenues	1,593	1,365	16.7%
EBITDA	1078	889	21.3%
EBIT	697	618	12.8%
Capex	973	641	51.8%
Headcount¹	4,157	3,609	15.2%

1H 2015 East Europe

		Slovakia			Russia			Romania			Other			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	1,172	1,217	-3.7%	547	767	-28.7%	497	515	-3.5%	158	132	19.7%	2,374	2,631	-9.8%
EBITDA	167	186	-10.2%	95	186	-48.9%	138	147	-6.1%	-8	-12	-33.3%	392	507	-22.7%
EBIT	104	110	-5.5%	34	111	-69.4%	83	105	-21.0%	-10	-11	-9.1%	211	315	-33.0%
Capex													85	422	-79.9%
Headcount¹													10,320	10,411	-0.9%

1H 2015 Other

		Hoding			Upstream			TOTAL
€mn	1H15	1H14 restated	%	1H15	1H14 restated	%	1H15	1H14 restated	%
Revenues	281	309	-9.1%	3	81	-96.3%	284	390	-27.2%
EBITDA	-49	-21		-3	71		-52	50
EBIT	-62	-35	77.1%	-3	70		-65	35
Capex	3	2	50.0%	13	4		16	6
Headcount¹	1,567	1,289	21.6%	47	48	-2.1%	1,614	1,337	20.7%

1H 2015

Capex by business area (€mn) 1

1H 2015 Group total net installed capacity¹

Breakdown by source and location

Enel Group Investor Relations

MW	Large Hydro	Hydro EGP	Other renewables	Nuclear	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	10,892	1,512	1,662	-	6,478	5,199	5,066	30,810
Iberia	4,721	43	1,793	3,318	5,305	5,445	2,417	23,042
Latam	8,815	732	1,334	-	836	4,252	2,641	18,610
East Europe	1,590	-	562	1,814	4,223	809	4,512	13,510
Slovakia	1,590	-	28	1,814	600	-	-	4,032
Russia	-	-	-	-	3,623	809	4,512	8,944
Romania	-	-	534	-	-	-	-	534
North America	-	318	1,765	-	-	-	-	2,083
Europe2 Rest of	-	19	313	-	-	406	-	738
Other Countries (South Africa)	-	-	10	-	-	-	-	10
TOTAL	26,018	2,624	7,439	5,132	16,842	16,111	14,636	88,803

1. Including Group renewable capacity

2. Including Greece, Belgium, France and Bulgaria 57

1H 2015 Group total net production¹

Breakdown by source and location

Enel Group Investor Relations

GWh	Large Hydro	Hydro EGP	Other renewables	Nuclear	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	6,630	3,466	3,653	-	17,660	2,959	142	34,510
Iberia	4,680	51	2,266	12,912	11,330	3,335	3,075	37,649
Latam	15,367	1,773	1,385	-	1,238	10,145	2,347	32,255
East Europe	1,763	-	752	6,773	10,156	2,863	8,480	30,787
Slovakia	1,763	-	16	6,773	912	-	-	9,464
Russia	-	-	-	-	9,244	2,863	8,840	20,587
Romania	-	-	736	-	-	-	-	736
North America	-	475	3,107	-	-	-	-	3,582
Europe2 Rest of		22	315			436		773
Other Countries (South Africa)			9					9
TOTAL	28,440	5,787	11,487	19,685	40,384	19,738	14,044	139,565

1. Including Group renewable production

2. Including Greece, Belgium, France and Bulgaria

1H 2015 Enel Green Power net installed capacity:

Breakdown by source and location

MW	Hydro	Geothermal	Wind	Other	TOTAL
Italy	1,513	761	720	139	3,133
Iberia	43	-	1,741	52	1,836
Latam	732	-	1,088	168	1,988
Romania	-	-	498	36	534
North America	318	72	1,665	28	2,083
Europe1 Rest of	19	-	242	71	332
Other Countries (South Africa)	-	-	-	10	10
TOTAL	2,625	833	5,954	504	9,916

1H 2015 Enel Green Power net production

Breakdown by source and location

GWh	Hydro	Geothermal	Wind	Other	TOTAL
Italy	3,466	2,876	691	82	7,115
Iberia	51	-	2,157	109	2,317
Latam	1,773	-	1,209	119	3,101
Romania	-	-	714	22	736
North America	475	209	2,875	23	3,582
Europe1 Rest of	22	-	266	49	337
Other Countries (South Africa)	-	-	-	9	9
TOTAL	5,787	3,085	7,912	413	17,197

Contact us

Enel Group Investor Relations

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

Tel. +39 06 8305 7975

Visit our website at:

www.enel.com (Investor Relations)

Enel Group Investor Relations

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 forward-looking 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. 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, par. 2, of the 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.