Enel — Investor Presentation 2015

Nov 18, 2015

Strategic Plan 2016-19

November, 18th 2015

Capital Markets Day Agenda

Opening remarks	Francesco Starace
Strategic update	Francesco Starace
Key financials	Alberto De Paoli
Summary	Francesco Starace
Renewable Energies	Francesco Venturini
Global Infrastructure & Networks	Livio Gallo
Global Generation	Enrico Viale
Global Trading	Claudio Machetti
Closing remarks	Francesco Starace
Q&A session

Opening remarks Enel today¹

North America Capacity: 2.1 GW

Mexico & Central America

Capacity: 1.0 GW

Latin America

Capacity: 17.6 GW Networks: 0.32 mn km End users: 15.0 mn

Africa

Capacity: 0.1 GW

India

Capacity: 0.2 GW

End users: 61.2 mn Free customers: 22.3 mn Italy

Capacity: 30.8 GW Networks: 1.14 mn km End users: 31.6 mn Free customers: 9.9 mn

Iberia

Capacity: 23.5 GW Networks: 0.32 mn km End users: 11.9 mn Free customers: 12.3 mn

East Europe

Capacity: 14.2 GW Networks: 0.09 mn km End users: 2.7 mn Free customers: 0.1 mn

Global diversified operator

2 Countries of presence 1. Data as of 30 ² th September 2015

1. Presence with operating assets

Opening remarks Enel today¹

Leading	Leading	Leading	Balanced
network	retail	renewable	generation
operator	business	operator	portfolio
44% of Group EBITDA 61 mn end users 38 mn smart meters RAB2 40 €bn	11% of Group EBITDA 56 mn power customers 6 mn gas customers	12% of Group EBITDA 10.6 GW installed Hydro3 32% 16% Oil & Gas	32% of Group EBITDA 78.9 GW installed Renewables 9% Nuclear 6% ~89.5 GW 18% CCGT 19% Coal

Ideally positioned to capture opportunities in all segments

1. Data as of 30t^hSeptember 2015 2. As of 31st December 2014

Strategic update Global scenario evolution

Investor Relations

		What has changed
Demand	OECD: decoupling of GDP and electricity demand Non-OECD: increasing pro-capita consumption as main driver	Lower global demand growth
Commodities	Significant overcapacity in oil and coal supply Gas price less correlated to oil in Europe	Commodities prices in line with consensus Lower power prices in Italy & Spain
FX	Increasing pressure on emerging markets	Weaker currency exchange rates Chile, Colombia and Brazil devaluation

Stress test on business plan

Strategic update Evolving strategy

Efficiency	Growth	Simplification
Value drivers and efficiency	Flexibility in capital allocation	Reducing group complexity
Gross margin optimisation at global level	Ability to adapt to evolving scenario	Enhanced integration among business lines
Efficiency levers larger than expected	Wide range of options across technologies and countries	Streamlining corporate structure

Accelerating value creation

Strategic update Key pillars: revised targets

Additional savings and strong acceleration in trajectory

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

2. Of which CPI +0.6 €bn and FX -0.4 €bn 3. In nominal terms 4. 2014 figure restated for delta perimeter

Strategic update Operational efficiency: focus on opex (€bn)

A next level efficiency plan

Strategic update Industrial growth: main criteria

Investor Relations

Decreasing business risk profile: no merchant exposure

Increasing optionality based on project size and diversification Average size of 150 MW across 7 countries

Significant flexibility in total spending 15 projects of 160 €mn on average

Average time to EBITDA <2 years and high level of self financing 11 projects approved with COD in 2016-17

Pursuing new business opportunities

Progress in 2015

All new projects approved backed by long term PPAs

Leveraging on our more advanced infrastructure base to provide enhanced services

Strategic update Industrial growth: capex plan (€bn)

Investor Relations

Increasing and rebalancing growth capex

1. Inclusive of 1.3 €bn optional growth capex in renewables

2. Mainly North America and new countries (Asia and Africa)

Strategic update Industrial growth: areas of additional growth

Growth capex 2016-19 vs March "15 (€bn)

	What has changed	+2.7
Smart investment in mature and resilient markets	Acceleration of digital meters roll-out in Italy	+1.7
New markets and higher focus on solar	+1.3 GW auctions in Brazil and South Africa +0.8 GW in US, Latam and new countries	+2.01
Revision of conventional generation pipeline	Shorter time to EBITDA Lower capex in Latam	-1.0

Flexibility in capital allocation

Strategic update Industrial growth: growth EBITDA (€bn)

March "15 Plan

Upgrading growth thanks to shorter time to EBITDA

• 1. Growth from 1.3 €bn of optional capex
• 1. Cumulative 2015-19
• 1. Incremental data refers to 2015-19 period
• 1. In Italy
• 1. Including 0.9 GW additional capacity from optional capex 4. Including EGP Hydro operations
• 1. Net of disposals

Strategic update Industrial growth: new business opportunities Ultra-broadband in Italy

Strategic update Group simplification

EGP integration	Upgrade medium/long-term growth prospects First step in the structural change of the generation portfolio Gaining synergies and further flexibility
Latam	Alignment with group strategy based on country/business
restructuring	Maximise efficiencies and simplify governance

Increasing economic interest and reducing group complexity

Strategic update EGP integration: compelling rationale

Investor Relations

Upgrade medium/long-term growth prospects Synergies Gaining further flexibility Fully exploit global growth opportunities: +9.2 GW in 2015-19 >50% of total group growth capex and growth EBITDA 85% of generation growth capex Mitigating merchant risk within the Group Improved energy management capability Vertical integration with networks: smart grids and micro grids Enhanced retail offering Increased flexibility in asset rotation within the Group Higher optionality with good quality pipeline of small-mid size projects Shorter time to EBITDA < 2 years

Driving structural change of generation portfolio

Strategic update EGP integration: transaction structure

Strategic update Latam restructuring

1. 2014 pro-forma figures

Strategic update Latam restructuring

Key highlights

• Exchange ratio range for the Americas" holdings merger: 2.3-2.8 of Enersis Americas for each share of Endesa Americas; 4.1-5.4 of Enersis Americas for each share of Chilectra Americas

• Limit to withdrawal right: Enersis Americas 6.73%, Endesa Americas 7.72%

• 1. EGMs of Enersis, Endesa Chile and Chilectra
• 1. Spin-offs approved on the basis of the pro-forma balance sheets as of September 30th, 2015

• 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 which will be at book value

• Dissenting/absent shareholders may exercise their withdrawal rights up to 30 days after the EGM and sell their shares to the Company

Strategic update Latam restructuring

Investor Relations

Proposed dividend policy subject to completion of reorganisation

Strategic update Active portfolio management

Strategic fit	Decreasing business risk profile Capital recycling to drive higher returns Optimising economic interests across portfolio
Flexibility	Crystallising value through disposals Providing additional resources to fund growth

Acceleration to support strategic repositioning

Capital Markets Day

Key financials

CFO Alberto De Paoli November, 18th ²⁰¹⁵

Key financials Evolving strategy

Efficiency	Growth	Simplification
Value drivers and efficiency	Flexibility in capital allocation	Reducing group complexity
Optimisation of power and gas margin	Growth from additional capex
Acceleration on opex savings	Active portfolio management	EGP integration
Procurement and logistics	New businesses
Retail business		Latam restructuring

Key financials Global scenario evolution

Investor Relations

		March "15 Plan1 What has changed vs
Demand	Lower global demand growth Lower GDP growth in Latam	Italy -2.1%; Spain -1.9% Brazil -13%; Peru -9%
Commodities & prices	Commodities prices in line with consensus	Coal -15%; Brent -9%; Gas -4% Lower power prices: Italy and Spain -6%
FX	Weaker currency exchange rates	Devaluation of Latam currencies EUR/BRL 26%; EUR/COP 17%; EUR/CLP 7%

Stress test on business plan

Key financials 2016-19 cumulative EBITDA evolution (€bn)

Managerial actions mitigating negative macro headwinds

Operational efficiency (€bn) Key financials

Additional savings and strong acceleration in trajectory

1. Net of perimeter effect

2. Total fixed costs in nominal terms (net of capitalizations). Adjusted figure net of accruals. Impact from acquisitions is not included

EBITDA evolution: retail (€bn) Key financials

Active portfolio management Key financials

Cash neutral and 2% Group net income accretion over the plan period

Key financials EGP integration

		EBITDA at regime	NPV
	Acceleration of growth with +1.3 €bn of optional capex and +0.9 GW installed in 2019	150 €mn	0.25 €bn
	Growth Increasing flexibility in active portfolio management		0.1 €bn
	Increasing synergies with networks, conventional generation and retail	30 €mn	0.4 €bn
Integration	Optimising Group financial resources	To be	implemented post
	Lowering merchant exposure	Integration

Net present value >0.8 €bn

Key financials Latam restructuring (€bn)

Further acceleration on efficiency and growth

• 1. Of which -0.4 from disposals and +0.2 from acquisitions
• 1. Of which +0.2 from acquisitions

Key financials EBITDA evolution (€bn)

1. Including Holding and Services

2. Including retail in Iberia

Key financials Group net income evolution (€bn)

Investor Relations

Key financials Financial plan and strategy

Actions completed Further actions

Repayment of 3.5 €bn bonds at maturity

Liability management bond exchange (~1.5 €bn)

Renegotiation of credit lines (11.6 €bn) and guarantees (1.1 €bn)

Pre-hedge operations 2017-19 (~6 €bn)

Total annual savings 300 €mn

Further repayment of debt at maturity with excess cash 4 €bn in 2016

Additional pre-hedge operations up to ~ 50% of total refinancing needs 2017-20 (2€bn)

Improvement of financial flexibility Increasing short term funding instruments

Further liability and other managerial actions

Target of ca. 0.5 €bn reduction in financial expenses on debt by 2019

Key financials Financial plan and strategy

Net financial expenses on debt (€bn)

Net financial exp.

Key financials Breakdown of gross debt cost evolution

~54% ~46% ~19% ~20% ~20% ~27% ~7% ~7% 2014 2019 Gross debt breakdown Emerging markets² Banks and other Bonds¹ Hybrid bonds

Cost of gross debt	2014	2019
Hybrid bonds	6.3%	6.5%
Emerging markets2	6.7%	7.9%
Banks and other	2.5%	2.6%
Bonds1	5.4%	3.9%
Average cost of debt	5.1%	4.9%

Financial strategy more than offsetting higher increasing emerging markets cost

• 1. It exclude emerging markets and hybrid
• 1. It includes Latam and EGP perimeters

Key financials Cash flow generation: cumulative 2016-19 (€bn)

Active portfolio management and free cash flow funding additional growth

1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). Inclusive of bad debt provision accruals equal to 2.3 €bn

2. Including maintenance capex from acquisitions 3. Net of funds from active portfolio management worth ~2.5 €bn

Capital Markets Day

Summary CEO Francesco Starace November, 18th ²⁰¹⁵

Capital Markets Day Group targets

	2015	2016	2017	CAGR (%) 2015-19
Recurring EBITDA (€bn)	15.0	14.7	15.5	~+4%
Net ordinary income (€bn)	3.0	3.1	3.4	~+10%
Minimun DPS	0.16 €/sh	0.18 €/sh		~+17%
Pay-out	50%	55%	60%	+7%
FFO/Net Debt	23%	23%	26%	~+6%

Capital Markets Day Accelerated Strategic Plan

Leveraging on flexibility and accelerating efficiency

Increased investments in stable return activities

Major steps in Group simplification

Focus on attractive shareholders return

Enel leads the energy transition

Capital Markets Day

Renewable Energies

Francesco Venturini November, 18th ²⁰¹⁵

Transmission and distribution

From centralised to distributed energy

Renewables Growth engine

Cost competitiveness

1

2

3

4

5

Simplicity in installation and operation

Scalability and modular approach

Energy independence and reduction of price volatility

Environmental sustainability

Renewables

Evolution of competitive scenario

3

Renewables Key business drivers

Operational efficiency

• Lean organisation and processes coupled with increasing economies of scale
• Crucial role of forefront IT systems (big data management) and best practice sharing
• Scheduled and predictive maintenance along with proactive energy management

Active portfolio management

• Distinctive greenfield developer capabilities as a lever to monetise projects in excess
• Divestment of operating assets as a tool to support growth and in countries with reduced strategic fit
• Selective value creative consolidation options

Industrial growth

2

4

• Strong cash-flow generation available for growth
• Extensive and high quality pipeline coupled with increasing cost competitiveness supporting sizeable capex plan
• Best positioned to capture current growth momentum

Systems integration & new businesses

• Hybrid systems as a tool to improve performance and abate costs
• Storage as a grid flexibility agent and as a key component in isolated grids
• Platform based distributed generation

Renewables Operational efficiency

Operating excellence as a key competitive advantage

Renewables

Operational efficiency: focus on O&M

Lost production factor O&M costs/MW¹ 1.0% 2.0% 1.8% 2.0% 1.0% 2.0% 1.8% 2.0% 2.0% 2.7% 1.9% 2.2% 3.3% 5.0% 4.0% 5.0% Hydro Geo Wind Solar 50 70 85 80 65 70 90 80 73 72 90 84 100 100 100 100 Hydro Geo Wind Solar Historical 2015 preclosing Old 2019 target New 2019 target

1. O&M Costs/MW normalized on 2011 for hydro, wind, geo and on 2013 for solar. Excluding taxes, insurance and contribution

Renewables Industrial growth (1/3)

Planned additional capacity (GW)

Projects in execution & contracted

Growth capex by area

Visible growth ahead

Renewables Industrial growth (2/3)

Planned additional capacity with option (GW) Optional capex by area

>50% of additions of plan w/option already secured

Renewables Industrial growth (3/3)

Pipeline by	Pipeline by	Pipeline by
technology	COD	area
Solar 23% Hydro 21 GW 2% Geo 3% 72% Wind	2018 >2018 50% 13% 2016 5% 21 GW 2017 32%	North America 16% Rest of 21 GW World 21% 50% Latin America Europe 13%

Spread over WACC 200-300 bps

From stockpilers to asset managers: 1.3 €bn raised in 2015

Renewables

Systems integration & new businesses

Investor Relations

At the forefront of innovative processes, products and business solutions

Renewables EBITDA evolution (€bn)

2015-19 EBITDA¹

Main drivers by area

Growth as a key factor in Latin America, North America and new countries

Efficiency mitigating costs associated with additional capacity and structure

Planned phasing out of incentives in Europe and the US

Growth associated to consolidation actions compensating dilution from disposals

Renewables 2016-19 Targets

Global Infrastructure & Networks Livio Gallo November, 18th ²⁰¹⁵

Global Infrastructure & Networks General overview¹

1.3 mn end users 7 TWh Energy distributed Interruption: 375 min/y

1

2

Global Infrastructure & Networks Key pillars

Operational efficiency

Operational excellence and best practice sharing

Synergies in processes and systems

Network digitalisation

Enabling new market services

Business development and acquisition

Global Infrastructure & Networks Operational efficiency: quality of service

Targeting significant network performance improvements

67

Global Infrastructure & Networks Operational efficiency (1/2)

800 €mn of savings to 2019

1. Net of perimeter effect

2. Total fixed costs in nominal terms (net of capitalizations). Adjusted figure net of accruals. Impact from acquisitions is not included

1. In nominal terms March "15 Plan

Growth plan 5.8 €bn of which 50% under execution

Global Infrastructure & Networks Industrial growth

Spread over WACC 200-300 bps Growth EBITDA in 2016 ² -19 of 1.9 €bn

• 1. Of which 21 mn of 2nd generation smart meters in Italy
• 1. Regulated WACC

Global Infrastructure & Networks Industrial growth: operational data

Global Infrastructure & Networks Industrial growth: business development drivers

Investor Relations

Synergies with EGP

Pipeline of 40 million customers across 15 nations

Global Infrastructure & Networks Global infrastructure digitalisation

Investor Relations

Remote Control Latam: Spread >300 bp

Cloud application

Quality of service Latam: Spread >300 bp

Medium and low voltage upgrade

Investment projects: Spread >250 bp

Distribution and transmission lines

Workforce Management

Automation and Smart Metering

2 nd gen. Smart Meters Italy

Up to 32 mn customers

Smart Meters Iberia: Spread >300 bp

Target 12 mn customers

Smart Meters Romania: Spread >300 bp

Up to 2.6 mn customers

Smart Grids and E-mobility Projects Remote Control and Automation Quality of Service

Global convergence of technologies and know-how to foster the evolution towards smart grids

The most advanced remote metering management system

Global Infrastructure & Networks EBITDA evolution

2015-2019 EBITDA (€bn)

FY 2015 Growth Efficiency Scenario Regulatory FY 2019 1

Main drivers by geoghraphy

Italy: 1.5% CAGR 2016-19 post regulatory review and -12% opex/end user

Iberia: 1.6% CAGR 2015-19 -12% opex/end user

Latam: +5.4% CAGR 2015-19 +2 mn end users and -22% opex/end user

Strong cash flow generation from regulated business Growth supporting a sustainable development

1. Excluding acquisitions

Capital Markets Day

Global Generation

Enrico Viale November, 18th ²⁰¹⁵

Global Generation General overview

Balanced technological and geographical mix

• 1. As of September 30, 2015
• 1. As of December 31, 2014

Global Generation Main projects and competitive positioning

Colombia	El Quimbo - 400 MW hydro plant - 2.2 TWh expected yearly production 30% of revenues secured through long term capacity payment Strong commitment with local communities
Italy Future-E	7.9 GW decommissioned since 2013 innovative reutilization projects continuous dialogue with all stakeholders
Iberia	excellent performance of Spanish generation fleet flexibilization activities performed in the CCGT fleet coal plants environmental refurbishment

Global Generation Key pillars

Operational efficiency levers Global Generation

Hydro

CCGT Nuke

Coal

Oil&Gas

Global Generation Operational data

Operational efficiency (€bn) Global Generation

Continuous Cash Cost optimization in all technologies

1. Net of perimeter effect

2. Total fixed costs in nominal terms (net of capitalizations). Adjusted figure net of accruals. Impact from acquisitions is not included

Global Generation Operational efficiency: focus on opex

57.2 49.3 2014 2019 13.3 10.0 2014 2019 Opex¹ (k€/MW) 43.9 39.3 2014 2019 -10% -2% of O&M best practices and alignment to benchmark -11% of personnel cost optimization -7% March "15 Plan -2% of lean organization and company structure Cash Cost Maintenance Capex (k€/MW) ¹ (k€/MW) -11% -21% -14% -25%

45% of growth capex plan already under execution

Global Generation Industrial growth

0.4 GW of additional capacity 82% under PPA/regulated regime

0.4 GW under construction in 2019

Capex intensity reduction from 3 €mn/MW to 1.6 €mn/MW

Shorter average time to EBITDA from 4.4 years to 3.2 years

Growth EBITDA in 2019 of 150 €mn Spread over WACC +200 bps

Growth capex by geography

Global Generation Development projects pipeline

excluding new coal projects

Abandoned large environmentally unfriendly projects

Dynamic shift from Latam to new countries

Origination focused on gas and hydro technologies

Global Generation Environmental targets and sustainability

Global Generation EBITDA evolution

2015-2019 EBITDA (€bn) 1

Main drivers by geography

Italy: operational efficiency programs

Iberia: gross margin optimization and operational efficiency

Latam: capacity additions and higher hydraulicity

Global Trading

Claudio Machetti

November, 18th 2015

Geographically and technologically diversified portfolio

Global Trading General overview

Integrated portfolio management and global optimisation of merchant risk

Global Trading Key drivers: integration

Significantly improved risk / return profile

Global Trading Key drivers: global commodities portfolios

Geographically diversified sourcing A leading European gas portfolio

1. Includes Long Term contracts with suppliers flexibility to select different points of origin

Global Trading Key drivers: power price and spread evolution

Italy Spain

Healthier spread trends

Global Trading Key drivers: hedging strategy

Significant support to gross margin growth

Global Trading Global gas portfolio reshape and restructuring

Effective management of price reviews

Full exploitation of energy and ancillary services opportunities

All-round optimisation of coal supply management

Full leverage of experience and expertise of developed markets

Global Trading Key take-aways

We are a material global power and commodities business

Integration lowers our estimated profit at risk by -35%

Gas contract reshaping and restructuring will be a significant driver

We intend to fully exploit energy and ancillary services opportunities

Cumulative 2016-19 contribution on gross margin equal to 1.6-1.7 €bn

Capital Markets Day

Closing remarks

November, 18th 2015

Capital Markets Day Closing remarks

Successful delivery of March 2015 Plan despite worsened scenario

Acceleration on efficiencies identified

Flexibility achieved to raise growth investments in low-risk activities

Simplification a key strategic pillar

Compelling plan for improved returns for shareholders

Strategic update annexes

November, 18th 2015

Strategic update annexes

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

Investor Relations

United Nations" post-2015 Sustainable Development Goals

Context Enel"s positioning

• Access to Electricity: 3 million beneficiaries in Africa, Asia, Latam by 2020
• Education: 400,000 beneficiaries by 2020
• Social and economic development: 500,000 beneficiaries by 2020

• Climate change : Carbon neutrality by 2050

Strategic update annexes Assumptions: commodities and prices

1. 2015 Forward value is the IVQ '15 average quote (data @ 9 Nov)

Strategic update annexes Assumptions: macroeconomics and FX

• 1. Argentina, Brazil, Chile (CIS), Colombia, Peru .GDP weighted by real levels
• 1. Argentina, Brazil, Chile (CIS), Colombia, Peru. Average growth weighted by Enel's production
• 1. 2015 Forward value is the IVQ '15 average quote (data @ 9 Nov)

Strategic update annexes Italy: targets

Further acceleration on efficiency and growth

Strategic update annexes Industrial growth: capex plan 2015-2019 (€bn)

Enel Group Investor Relations

Enel Group Investor Relations 36.3

21.4

2015-19

14.9

Strategic update annexes Operational efficiency: focus on maintenance capex (€bn)

Enel Group Investor Relations

Strategic update annexes

Enel Group Investor Relations

120 1. Cash Flow generation from current available assets (not including Acquisition Plan)

Capital Markets Day

9M 2015 annexes

November, 18th 2015

9M 2015 results annexes From EBITDA to Net Income(€mn)

Enel Group Investor Relations

	9M15 Reported	9M14 Reported Restated1	% vs	9M15 Ordinary2	9M14 Ordinary2 Restated1	% vs
EBITDA	12,161	11,593	+4.9	11,888	11,461	+3.7
D&A	(5,853)	(4,453)		(4,248)	(4,407)
EBIT	6,308	7,140	-11.7	7,640	7,054	+8.3
Net financial charges	(1,998)	(2,504)		(1,998)	(2,504)
Net income from equity investments using equity method	36	49		36	49
EBT	4,346	4,685	-7.2	5,678	4,599	+23.5
Income tax	(1,424)	(2,070)		(1,745)	(2,071)
Net income3	2,922	2,615		3,933	2,528
Minorities	(833)	(668)		(1,292)	(668)
Group net income	2,089	1,947	7.3	2,641	1,860	+42.0

1. 2014 restated due to the application of IFRS 21

2. Continuing operations & including third parties. Excluding capital gains, losses and one-off items

3. 1. 9M14: +50 €mn remeasurement SE Hydropower fair value, +82 €mn Artic Russia.
4. 1. Release of nuclear provision in Slokenske Elektrarne
5. 1. 9M15: +141 €mn SE Hydropower capital gain, +132 €mn 3Sun
6. 1. Excluding release of nuclear provision in Slokenske Elektrarne
7. 1. Other includes Service and Holding
8. 1. Release of nuclear provision in Slokenske Elektrarne

9. Excluding release of nuclear provision in Slokenske Elektrarne

10. Release of nuclear provision in Slokenske Elektrarne

9M 2015 results annexes From Net Income to Net Ordinary Income (€mn)

2,358 2,089 +781 -229 2,641 -283 Reported Group net income Impairment on net income Extraordinary items Group net ordinary income Release of provisions Pro-forma Group net ordinary income Change YoY +7% 9M14 (€mn) 1,947 1,860 +42% +26 -113 1 2 3 1,860 +27% SE 273 Enel Russia 417 EGP Romania 91

• 1. 9M15: 273 €mn Slokenske Elektrarne, 417 €mn Enel Russia and 91 €mn EGP Romania. 9M14: Generation Italy 26 €mn.
• 1. 9M15: 139 €mn SE Hydropower capital gain and 90 €mn 3Sun
• 1. Release of nuclear provision in Slokenske Elektrarne

9M 2015 results annexes EBITDA matrix (€mn)

	Global Generation & Trading		Global Infrastructure & Networks		Renewables		Retail		Services & Other		Enel Group Investor Relations TOT
	9M15	9M14	9M15	9M14	9M15	9M14	9M15	9M14	9M15	9M14	9M15
Italy	747	1,026	2,726	3,047	-	-	971	791	114	71	4,558
Iberia	986	280	1,362	1,337	-	-	426	883	23	-5	2,797
Latam	1,312	1,236	1,033	838	-	-	-	-	-53	-48	2,292
-Argentina	77	64	97	-117	-	-	-	-	-	-1	174
-Brazil	112	133	298	341	-	-	-	-	-24	-8	386
-Chile	448	319	187	164	-	-	-	-	-29	-39	606
-Colombia	457	522	310	336	-	-	-	-	-	-	767
-Peru	218	198	141	114	-	-	-	-	-	-	359
East Europe	911	581	200	186	-	-	19	18	-5	-2	1,125
-Romania	-	5	200	186	-	-	19	34	2	2	221
-Russia	120	279	-	-	-	-	-	-	-1	-	119
-Slovakia	788	296	-	-	-	-	1	3	-	-	789
-Other	3	1	-	-	-	-	-1	-19	-6	-4	-4
Renewables	-	-	-	-	1,470	1,312	-	-	-	-	1,470
Other	-	-	-	-	-	-	-	-	-81	42	-81
TOT	3,956	3,123	5,321	5,408	1,470	1,312	1,416	1,692	-2	58	12,161 128

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 0.51 €bn 129

2. Funds from operations after working capital change 3. Including SE that recorded a negative net free cash flow for -311 €mn

Net debt reduction above expectations

• 1. Calculated on net debt at 31 December 2014 net of asset held for sale.
• 1. Net debt of assets held for sale. 130 3. Calculated on net debt including assets held for sale.
• 1. Eneop equal to 321 €mn and Slovenske Elektrarne equal to 919 €mn

Material improvement in the 3Q15

1. Gross capex. Reclassified as per new strategic plan criteria

2. Total fixed costs in nominal terms (net of capitalizations). Reclassified as per new strategic plan criteria

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 ("Enel") 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 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 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 or any of its subsidiaries.

The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to "US Persons" unless such securities are registered under the Securities Act, or an exemption from the registration requirements of the Securities Act is available. The Company has no intention to make any offer in the Unites States, Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or otherwise be unlawful.

Pursuant to Article 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.