Enel

Investor Presentation • Nov 13, 2015

Highlights of the period 9M 2015 results

Enel Group Investor Relations

Resilient EBITDA driven by Iberia (+12% YoY) and Latam (+13% YoY)

Renewables: +1GW additional capacity and positive EBITDA contribution

Efficiencies plan on track

FFO improvement supporting higher growth capex

Progress on active portfolio management above expectations

Net ordinary income up +42% YoY

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

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

3. Change YoY

4. Net of assets held for sale (-620€mn mainly for Slovenske Elektrarne)

5. Net of assets held for sale (Eneop equal to -321 €mn and Slovenske Elektrarne equal to -919 €mn)

9M 2015

Enel Group

9M 2015 results Operational highlights - Distribution

• 1. 9M14: +50 €mn remeasurement SE Hydropower fair value, +82 €mn Artic Russia.
• 1. Release of nuclear provision in Slokenske Elektrarne
• 1. 9M15: +141 €mn SE Hydropower capital gain, +132 €mn 3Sun

^1. Excluding release of nuclear provision in Slokenske Elektrarne

• 1. Other includes Service and Holding
• 1. Release of nuclear provision in Slokenske Elektrarne

^1. Excluding release of nuclear provision in Slokenske Elektrarne

1. Release of nuclear provision in Slokenske Elektrarne

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

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

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

1. 9M15: 273 €mn Slokenske Elektrarne, 417 €mn Enel Russia and 91 €mn EGP Romania. 9M14: Generation Italy 26 €mn.

2. 9M15: 139 €mn SE Hydropower capital gain and 90 €mn 3Sun

3. Release of nuclear provision in Slokenske Elektrarne

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

• 1. Results from equity investments accounted for using the equity method: 36 €mn in 9M15 and 49 €mn in 9M14
• 1. Calculated only on net financial charges

Accelerating reduction in interest charges in the last quarter of the year

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

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

Enel Group Investor Relations

Latam restructuring: EGMs to be held on the 18th of December

Resilient EBITDA

Accelerating on efficiency programme

Increasing FFO and Net income

Well on track to deliver debt target

2015 targets confirmed

Financial and operational annexes

Significant improvement in 3Q

9M 2015 results Group ordinary EBITDA analysis (€mn)

Enel Group Investor Relations

Regulated and quasi-regulated³

1. It includes Other (mainly holding equal to-81 €mn)

2. GEM, Market, Infrastructures and Networks

3. 1. Networks, generation with long term PPA (power purchase agreement), renewables with PPA and generation in the Iberian islands
4. 1. It includes Services and Other equal to -2€mn

9M 2015 results 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

9M 2015 results EBITDA Global Infrastructure & Networks (€mn)

9M 2015 results 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

9M 2015 results EBITDA Renewables (€mn)

Enel Group Investor Relations

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

9M 2015 results EBITDA Italy (€mn)

9M 2015 results EBITDA Iberia(€mn)

9M 2015 results EBITDA East Europe (€mn)

Enel Group Investor Relations +44% -6 +490 1,125 ⁷⁸³ -160 9M14 Russia Romania 9M15 Russia Slovakia 299 €mn Other +18 Other -4 €mn Other -22 €mn

9M 2015 results EBITDA matrix (€mn)

	Trading	Global Generation &	Global Infrastructure Networks	&		Renewables	Retail		Services	& Other	TOT Investor Relations	Enel Group
	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	34

Financial annexes: 9M 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	17.55	19.17	-	0.11	3.21	-	0.35	40.39
Bank Loans	-	-	3.43	0.92	0.34	2.67	0.32	7.68
Tax Partnership	-	-	-	-	-	0.67	-	0.67
Other Loans	-	-	-	0.55	0.39	0.23	-	1.17
Other short term debt	1.69	-	0.03	0.04	0.22	0.04	-	2.02
Commercial Paper	-	0.41	-	0.23	-	-	-	0.64
Gross debt	19.24	19.58	3.46	1.85	4.16	(1) 3.61 (1)	0.67	52.57
Financial Receivables	-0.01	-	-1.21	-0.51	-0.59	-0.08	-0.21	-2.61
Tariff Deficit	-	-	-	-0.68	-	-	-	-0.68
Other short term financial receivables	-0.18	-0.01	-1.29	-0.03	-0.06	-0.06	0.01	-1.62
Cash	-3.95	-0.80	-0.18	-0.23	-1.36	-0.36	-1.43	-8.31

(1) Not including ENEOP – Eolicas de Portugal SA

Debt maturity coverage Financial annexes: 9M 2015

9M 2015 Balance sheet

€mn	9M15	FY14 restated	%
Net financial debt	39,357	37,383	5.3%
Shareholders' equity	51,275	51,145	0.3%
Net capital employed	90,632	88,528	2.4%

9M 2015 Italy

		Generation & Trading			Infrastructure & Network			Retail			Other and Ellision			TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	16,843	15,237	10.5%	5,323	5,392		-1.3% 11,174	11,496	-2.8%		- 4,910 - 5,096		-3.6% 28,430	27,029	5.2%
EBITDA	747	1,026	-27.2%	2,726	3,047	-10.5%	971	791	22.8%	114	71	60.6%	4,558	4,935	-7.6%
EBIT	507	624	-18.8%	1,960	2,318	-15.4%	555	355	56.3%	76		27 181.5%	3,098	3,324	-6.8%
Capex	117	131	-10.7%	739	679	8.8%	62	86	-27.9%	39	19	n.s.	957	915	4.6%
Headcount¹	5,813	6,454		-9.9% 16,849	17,129	-1.6%	3,862	3,902		-1.0% 3,310	3,318		-0.2% 29,834	30,803	-3.1%

9M 2015 Iberia

		Generation & Trading			Infrastructure & Network			Retail			Other			TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	4,835	4,071	18.8%	1,953	1,908		2.4% 11,807	11,728	0.7%		- 3,403 - 2,602		30.8% 15,192	15,105	0.6%
EBITDA	986	280	n.s.	1,362	1,337	1.9%	426	883	-51.8%	23	-5	n.s.	2,797	2,495	12.1%
EBIT	440	-390	n.s.	807	727	11.0%	313	786	-60.2%	14	-34	n.s.	1,574	1,089	44.5%
Capex													575	513	12.1%
Headcount¹													10,062	10,500	-4.2%

9M 2015 Latam

€mn	9M15	9M14 restated	%
Revenues	7,974	6,885	15.8%
EBITDA	2,292	2,026	13.1%
EBIT	1,580	1,338	18.1%
Capex	1,289	911	41.5%
Headcount 1	12,297	12,301	0.0%

9M 2015 - Focus on Latam Chile

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	1,553	1,202	29.2%	871	784	11.1%	52	21	147.6%	2,476	2,007	23.4%
EBITDA	448	319	40.4%	187	164	14.0%	-29	-39	-26%	606	444	36.5%
EBIT	315	221	42.5%	149	134	11.2%	-30	-41	-27%	434	314	38.2%
Unit margin (€/MWh)	43.9			22.5

9M 2015 - Focus on Latam Brazil

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	265	378	-29.9%	1,920	1,678	14.4%	-3	-3	0%	2,182	2,053	6.3%
EBITDA	112	133	-15.8%	298	341	-12.6%	-24	-8	n.s.	386	466	-17.2%
EBIT	100	121	-17.4%	33	44	-25.0%	-24	-9	167%	109	156	-30.1%
Unit margin (€/MWh)	42.3			33.1

9M 2015 - Focus on Latam Colombia

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	709	747	-5.1%	850	867	-2.0%	0	0	n.s.	1,559	1,614	-3.4%
EBITDA	457	522	-12.5%	310	336	-7.7%	0	0	n.s.	767	858	-10.6%
EBIT	412	474	-13.1%	240	258	-7.0%	0	0	n.s.	652	732	-10.9%
Unit margin (€/MWh)	46.9			38.8

9M 2015 - Focus on Latam Peru

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	444	386	15.0%	476	380	25.3%	-2	1	n.s.	918	767	19.7%
EBITDA	218	198	10.1%	141	114	23.7%	0	0	n.s.	359	312	15.1%
EBIT	165	151	9.3%	96	75	28.0%	0	0	n.s.	261	226	15.5%
Unit margin (€/MWh)	40.2			32.7

9M 2015 - Focus on Latam Argentina

		Generation & Trading			Infrastructure & Network			Other			TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	206	157	31.2%	631	285	n.s	2	2	0%	839	444	89%
EBITDA	77	64	20.3%	97	-117	n.s	0	-1	n.s	174	-54	n.s
EBIT	43	40	7.5%	81	-130	n.s	0	0	n.s	124	-90	n.s
Unit margin (€/MWh)	13.5			32.6

9M 2015 Renewables

€mn	9M15	9M14 restated	%
Revenues	2,258	2,016	12.0%
EBITDA	1,470	1,312	12.0%
EBIT	751	885	-15.1%
Capex	1,700	1,060	60.4%
Headcount¹	4,262	3,609	18.1%

9M 2015 East Europe

		Slovakia			Russia			Romania			Other			TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	1,770	1,822	-2.9%	788	1,162	-32.2%	750	756	-0.8%	233	192	21.4%	3,541	3,932	-9.9%
EBITDA	789	299	n.s.	119	279	-57.3%	221	227	-2.6%	-4	-22	-81.8%	1,125	783	43.7%
EBIT	170	185	-8.1%	-897	163	n.s.	140	158	-11.4%	-7	-22	-68.2%	-594	484	n.s.
Capex													135	598	-77.4%
Headcount¹													10,301	10,411	-1.1%

9M 2015 Other

	Hoding				Upstream		TOTAL
€mn	9M15	9M14 restated	%	9M15	9M14 restated	%	9M15	9M14 restated	%
Revenues	419	451	-7.1%	5	81	-93.8%	424	532	-20.3%
EBITDA	-74	-26	n.s.	-7	68	n.s.	-81	42	n.s.
EBIT	-94	-47	100.0%	-7	67	n.s.	-101	20	n.s.
Capex	7	8	-12.5%	17	7	n.s.	24	15	60.0%
Headcount¹	1,593	1,289	23.6%	35	48	-27.1%	1,628	1,337	21.8%

9M 2015 Capex by business area (€mn) 1

Enel Group Investor Relations

915 957 ^{598 135} 513 575 ⁹¹¹ 1,289 1,060 1,700 15 24 S&H Renewables Latam Iberia East Europe Italy 9M14 9M15 4,012 4,680 +60.4% +41.5% +12.1% -77.4% +4.6% +60.0% +16,7%

9M 2015 Group total net installed capacity¹ Breakdown by source and location

MW	Large Hydro	Hydro EGP	Other renewables	Nuclear	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	10,892	1,513	1,667	-	6,478	5,199	5,066	30,815
Iberia	4,721	43	2,240	3,318	5,305	5,445	2,417	23,849
Latam	8,821	732	1,399	-	835	4,240	2,636	18,663
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	-	316	1,766	-	-	-	-	2,082
Europe2 Rest of	-	19	312	-	-	406	-	737
Other Countries (South Africa-India)	-	-	18	-	-	-	-	182
TOTAL Including Group renewable capacity Including Greece, Belgium, France and Bulgaria	26,024	2,623	8,128	5,132	16,841	16,099	14,631	89,478 51

9M 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	9,783	4,778	5,343	-	27,058	5,190	367	52,519
Iberia	6,009	57	3,131	19,760	19,596	5,572	4,954	59,079
Latam	25,054	2,805	2,299	-	2,085	14,315	3,396	49,954
East Europe	2,040	-	1,043	10,349	15,449	4,333	12,648	45,862
Slovakia	2,040	-	32	10,349	1,298	-	-	13,719
Russia	-	-	-	-	14,151	4,333	12,648	31,132
Romania	-	-	1,011	-	-	-	-	1,011
North America	-	634	4,434	-	-	-	-	5,068
Europe2 Rest of		22	465			782		1,269
Other Countries (South Africa)			13					13
TOTAL Including Group renewable production	42,886	8,296	16,728	30,109	64,188	30,192	21,365	213,764 52

1. Including Greece, Belgium, France and Bulgaria

9M 2015 Enel Green Power net installed capacity: Breakdown by source and location

MW	Hydro	Geothermal	Wind	Other	TOTAL
Italy	1,513	761	720	144	3,138
Iberia	43	-	2,187	52	2,282
Latam	732	-	1,142	179	2,053
Romania	-	-	498	36	534
North America	316	72	1,665	29	2,082
Europe1 Rest of	19	-	242	71	332
Other Countries (South Africa-India)	-	-	172	10	182
TOTAL	2,623	833	6,626	521	10,603

9M 2015 Enel Green Power net production Breakdown by source and location

GWh	Hydro	Geothermal	Wind	Other	TOTAL
Italy	4,778	4,321	880	135	10,114
Iberia	57	-	2,967	164	3,188
Latam	2,805	-	2,014	191	5,010
Romania	-	-	974	37	1,011
North America	634	284	4,113	37	5,068
Europe1 Rest of	22	-	382	83	487
Other Countries (South Africa)	-	-	-	13	13
TOTAL	8,296	4,605	11,330	660	24,891

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

Tel. +39 06 8305 7975

Visit our website at:

www.enel.com (Investor Relations)

Disclaimer

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 forwardlooking 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.