Enel — Investor Presentation 2015

Mar 23, 2016

March 23, 2016

Agenda

Delivery on strategic plan
Financial results
Business analysis
Closing remarks

FY 2015 consolidated results Delivery on strategic plan

Opening remarks

Operational efficiency delivering ahead of plan

+1.9 GW of additional capacity +0.5 mn end users in Latam and +2 mn digital meters installed

New regulatory framework for distribution in Italy in line with expectations and supportive for investments

Restructuring milestones achieved in Latam and EGP integration finalized

60% of total 5-years assets rotation plan finalized Slovenske Elektrarne: final agreement signed

2015 targets met despite less favorable scenario

Financial targets delivered

Delivery on strategic pillars

	2016-19 strategic plan targets	2015 achievements
1	Operational efficiency Cash costs 2015 target: -0.4 €bn	Total savings of 0.45 €bn
2	Industrial growth Growth EBITDA 2015 target: +0.4 €bn	0.4 €bn 2015 growth EBITDA target achieved 70% of cumulative 2015-19 already secured
3	Group simplification EGP integration and Latam restructuring	EGP integration finalized Latam spin-off completed
4	Active portfolio management 6 €bn capital recycling over 2015-19	Over 60% (3.7 €bn) already finalized
5	Shareholder remuneration Minimum DPS 2015: 0.16 €/sh	2015 DPS at 0.16 €/sh, +14% yoy Implicit payout at 55%

Operational efficiency: opex evolution

Opex evolution¹(€bn) Opex by business²

Savings in line with guidance more than offsetting inflation and growth

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

2. 1. In nominal terms
3. 1. 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

40% of 2016-19 total growth capex in execution 80% within two years

1. As of February 2016

2. Refers to capacity in Generation and Renewables

Industrial growth: growth EBITDA

High growth visibility coupled with shorter time to EBITDA

Group simplification: update on EGP integration and Latam restructuring

Latam restructuring 18-Dec-15 EGMs approved spin-offs and reference exchange ratio Spin-offs effective New entities start trading Merger of Enersis Americas effective 1-Mar-16 Mar 2016 3Q 2016 Enel Green Power integration 11-Jan-16 EGMs approved integration and reference exchange ratio No creditor oppositions Max cash out: 29 €mn Delisting effective Max 770 mn newly issued Enel shares 14-Mar-16 23-Mar-16 31-Mar-16

Group simplification progressing as planned

Active portfolio management

Disposals already finalized1	(€bn)	Cashed-in12
Elektrarne3 Slovenske	1.8	-
EGP Portugal	0.5	0.5
EGP North America	0.4	0.4
SE Hydropower - SF Energy	0.4	0.4
Hydro Dolomiti	0.3	-
Other	0.3	0.3
Total	3.7	1.6

Over 60% of 5-years plan already finalized

• 1. Impact on net debt
• 1. As of December 31, 2015
• 1. Equity consideration for 50% Enel's stake equals to 375 €mn

Shareholder remuneration

Proposed dividend payment on 2015 results of 0.16 € per share Implicit payout ratio of 55%

1. Including the impact of EGP integration

FY 2015 consolidated results Financial results

Highlights of the period

Resilient EBITDA thanks to well diversified activities

Cash cost reduced by 3% Acceleration of savings in 2016

Earnings before taxes up 9% Group net income down by 3% due to negative one off tax effect

Asset rotation: 1.6 €bn cashed in Additional 0.7 €bn expected by 2Q 2016

Net debt at 37.5 €bn and FFO/Net debt at 25% ahead of guidance

Financial highlights (€mn)

	FY 2015	FY 2014	∆ yoy
Revenues	75,658	75,791	-%
EBITDA reported	15,297	15,757	-3%
EBITDA1 Ordinary	15,040	15,502	-3%
EBIT reported	7,685	3,087	+149%
Ordinary EBIT	9,215	9,259	-%
Group net income reported	2,196	517	+329%
Group net ordinary income	2,887	2,994	-3%
Capex2	7,762	6,701	+16%
Net debt3	37,545	37,383	-%
FFO/net debt	25%	26%	-1 p.p.

1. Extraordinary items FY 2014: +50 €mn remeasurement SE Hydropower fair value, +82 €mn Artic Russia, +123 €mn LaGeo - FY 2015: +141 €mn SE Hydropower capital gain, +116 €mn 3Sun

2. Includes assets held for sale related to Slovenske Elektrarne for 649 €mn in 2015

3. FY 2014: net of assets held for sale (-620€mn mainly for Slovenske Elektrarne). FY 2015: net of assets held for sale (-841 €mn mainly for Slovenske Elektrarne)

Market context in the period (change yoy)

1. Based on the average exchange rate

Operational highlights

1. 2015 net of Portugal

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

FY 2014 FY 2015

17

Operational highlights – Generation

1. Deconsolidation of SE Hydropower (-0.25 GW), Gabcikovo ( -0.7 GW) and El Quimbo addition (+0.4 GW). Includes EGP hydro operations.

2. Net of Portugal. Includes all other renewables.

Operational highlights – Distribution

Ordinary EBITDA evolution (€bn)

Ordinary EBITDA breakdown (€mn)

70% of total EBITDA from regulated and quasi-regulated businesses

1. Excludes services & holding

Group ordinary EBITDA by business (€mn)

Group ordinary EBITDA by geography (€mn)

From ordinary EBITDA to net ordinary income (€mn)

Higher EBT due to lower D&A and financial expenses

1. Includes other financial expenses (-311 €mn in 2014, +158 €mn in 2015) and results from equity investments (141 €mn in 2014, 52 €mn in 2015)

2. Includes negative one-off for -164 €mn for the adjustment on deferred taxes following the approval of 2016 Italy Budget Law and the IRAP reform

From reported Group net income to Group net ordinary income (€mn)

Stripping out one-off items net ordinary income above guidance

1. Includes 295 €mn Slokenske Elektrarne, 408 €mn Enel Russia and 91 €mn EGP Romania, Upstream gas 115 €mn

2. Includes 139 €mn SE Hydropower capital gain and 79 €mn 3Sun

Continuous effort in improving FFO after maintenance capex

26

• 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). It includes bad debt provision accruals equal to 828 €mn
• 1. Not including dividend received from third parties for 0.2 €bn in 2014 and 0.1 €bn in 2015 3. Funds from operations after working capital change
• 1. Includes SE that recorded a negative net free cash flow for -362 €mn 5. Includes impact from disposals for 1.6 €bn and acquisitions and minority buyout for 0.4 €bn

Net debt evolution (€mn)

Net debt reduction above expectations despite forex effect

• 1. Includes impact from disposals for 1.6 €bn and acquisitions and minority buyout for 0.3 €bn
• 1. Includes Slovenske Elektrarne for 952 €mn and Compostilla -111 €mn

Debt and financial expenses (€mn)

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

• 1. Excludes emerging markets and hybrid
• 1. Includes Latam and EGP perimeter

FY 2015 consolidated results Business analysis

Operational efficiency¹ (€mn)

1. In nominal terms

EBITDA Italy by business (€mn)

Enel Green Power: operational growth

1. Includes contribution from 1.3 €bn optional growth capex

Enel Green Power: EBITDA analysis (€mn)

1. Mainly related to France disposal

2. Includes 3Sun for 95 €mn and the capital gain on sale of French assets for 31 €mn in 2014

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

Merchant exposure: focus on Italy & Iberia (€mn)

Merchant exposure mitigated ad different levels

• 1. Includes EBITDA renewables not covered by incentives
• 1. Includes Oil & Gas, Coal and CCGT
• 1. Includes Iberian Islands and green certificates

FY 2015 consolidated results Closing remarks

Closing remarks

2015 financial targets met

Delivery on all key strategic pillars in line with guidance

Further flexibility from active portfolio management

2016 financial targets confirmed

Annexes

Market context in the period

Brent \$/bbl			Coal \$/ton			CO2 €/ton
94.0	51.0	60.0	76.0	59.0	63.0	6.1	7.4	7.0
FY 2014	FY 2015	FY 2015E	FY 2014	FY 2015	FY 2015E	FY 2014	FY 2015	FY 2015E
Average FX USD/€			Average FX CLP/€			Average FX BRL/€
1.37	1.13	1.13	760	705	718	3.14	3.35	3.03
FY 2014	FY 2015	FY 2015E	FY 2014	FY 2015	FY 2015E	FY 2014	FY 2015	FY 2015E

Capex¹

Gross debt maturity profile and structure

Forward sales

Operational efficiency: opex (€mn)

Opex savings more than offsetting growth and inflation effects

From EBITDA to net income (€mn)

	2015 reported	2014 reported 1 restated	∆ yoy	2015 ordinary	2014 ordinary 1 restated	∆ yoy
EBITDA	15,297	15,757	-2.9%	15,040	15,502	-3.0%
D&A	(7,612)	(12,670)		(5,825)	(6,243)
EBIT	7,685	3,087	n.s.	9,215	9,259	-0.5%
Net financial charges	(2,456)	(3,130)		(2,456)	(3,130)
Net income from equity investments using equity method	52	(35)		52	142
EBT	5,281	(78)	n.s.	6,811	6,271	8.6%
Income tax	(1,909)	850		(2,280)	(2,007)
Net income	3,372	772		4,531	4,264
Minorities	(1,176)	(255)		(1,644)	(1,270)
Group net income	2,196	517	n.s.	2,887	2,994	-3.6%

Focus on taxes (€mn)

EBITDA reported¹ Global Infrastructure & Networks (€mn)

EBITDA reported¹ Global Generation & Trading (€mn)

1. Excludes Holding, Engeneering&Innovation and other for +12€ mn in 2014 and -42€ mn in 2015

EBITDA reported Renewable Energy (€mn)

EBITDA reported Italy (€mn)

EBITDA reported Latam (€mn)

EBITDA reported Iberia (€mn)

EBITDA reported East Europe (€mn)

EBITDA reported matrix (€mn)

		Global Generation & Trading		Global Infrastructures & Networks		Renewable Energies		Retail		Services & Other	Total
	FY 2015	FY 2014	FY 2015	FY 2014	FY 2015	FY 2014	FY 2015	FY 2014	FY 2015	FY 2014	FY 2015
Italy	797	1,157	3,933	3,935	-	-	1,336	1,124	32	127	6,098
Iberia	1,035	799	1,643	1,759	-	-	479	780	(46)	(135)	3,111
Latam	1,843	1,702	1,398	1,422	-	-	-	-	(74)	(32)	3,167
Argentina	117	80	163	(51)	-	-	-	-	-	-	280
Brazil	148	162	372	642	-	-	-	-	(29)	(13)	491
Chile	717	533	266	229	-	-	-	-	(45)	(19)	938
Colombia	567	653	406	444	-	-	-	-	-	-	973
Peru	294	274	191	158	-	-	-	-	-	-	485
East Europe	1,041	935	260	258	-	-	11	11	(4)	6	1,308
Romania	(1)	7	260	258	-	-	19	37	3	3	281
Russia	164	358	-	-	-	-	-	-	-	-	164
Slovakia	872	539	-	-	-	-	(1)	(2)	-	-	871
Other	6	31	-	-	-	-	(7)	(24)	(7)	3	(8)
Renewables	-	-	-	-	1,826	1,938	-	-	-	-	1,826
Other	(42)	12	7	-	-	-	-	-	(178)	(41)	(213)
Total	4,674	4,605	7,241	7,374	1,826	1,938	1,826	1,915	(270)	(75)	15,297

Debt structure by instrument (€bn)

Debt by instrument	Enel SpA	EFI	Italy	Iberia	Latam	Renewable Energies	East Europe & Other	Total
Bonds	17.57	19.22	-	0.11	3.26	-	0.40	40.56
Bank Loans	-	-	3.32	0.67	0.41	2.99	0.32	7.71
Tax Partnership	-	-	-	-	-	1.17	-	1.17
Other Loans	-	-	-	0.54	0.41	0.22	-	1.17
Other short term debt	1.67	-	0.04	0.06	0.12	0.05	-	1.94
Commercial Paper	-	0.10	-	0.11	-	-	-	0.21
Gross debt	19.24	19.32	3.36	1.49	4.20	4.43	0.72	52.76
Financial Receivables	(0.01)	-	(1.10)	(0.52)	(0.79)	(0.21)	(0.18)	(2.81)
Tariff Deficit	-	-	-	(0.29)	-	-	-	(0.29)
Other short term financial receivables	(0.09)	(0.01)	(1.22)	(0.05)	(0.04)	(0.06)	-	(1.47)
Cash	(5.93)	(0.60)	(0.18)	(0.35)	(1.72)	(0.39)	(1.47)	(10.64)
Net Debt – Third Parties	13.21	18.71	0.86	0.28	1.65	3.77	(0.93)	37.55
Net Debt – Intercompany	0.21	(18.94)	7.92	3.20	(0.11)	3.11	4.61	-
Net Debt – Group View	13.42	(0.23)	8.78	3.48	1.54	6.88	3.68	37.55

Debt maturity coverage split by typology (€bn)

1. Of which 13.0 €bn of long term committed credit lines with maturities beyond December 2016

2. Includes commercial papers

Balance sheet

$\epsilon$ mn	FY 2015	FY 2014 restated	$\Delta$ yoy
Net financial debt	37,545	37,383	0.4%
Shareholders' equity	51,751	51,145	1.2%
Net capital employed	89,296	88,528	0.9%

		Generation & Trading		Infrastructure & Networks			Retail			Other and Elisions			Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	23,174	22,586	2.6%	7,905	7,183	10.1%	15,138	15,374	-1.5%	(6,573)	(6,754)	-2.7%	39,644	38,389	3.3%
EBITDA	797	1,157	-31.1%	3,933	3,935	-0.1%	1,336	1,124	18.9%	32	127	-74.8%	6,098	6,343	-3.9%
EBIT	419	(1,546)	-127.1%	2,914	2,926	-0.4%	690	472	46.2%	(18)	66	n.s.	4,005		1,918 108.8%
1 Capex	238	285	-16.5%	1,134	967	17.3%	124	141	-12.1%	66	67	n.s.	1,562	1,460	7.0%
Headcount	4,867	5,307	-8.3%	16,800	17,129	-1.9%	3,889	3,902	-0.3%	3,218	3,318	-3.0%	28,774	29,656	-3.0%

Italy

		Generation & Trading		Infrastructures & Networks			Retail				Other and Elisions		Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	6,301	6,225	1.2%	2,667	2,599	2.6%	15,600	15,827	-1.4%	(4,463)	(3,699)	20.7%	20,105	20,952	-4.0%
EBITDA	1,035	799	n.s.	1,643	1,759	-6.6%	479	780	-38.6%	(46)	(135)	n.s.	3,111	3,203	-2.9%
EBIT	267	(133)	n.s.	868	919	-5.5%	322	631	-49.0%	(60)	(177)	n.s.	1,397	1,240	12.7%
1 Capex													985	993	-0.8%
Headcount													10,001	10,500	-4.8%

Iberia

€mn	FY 2015	FY 2014 restated	$\Delta$ yoy
Revenues	10,627	9,648	10.1%
EBITDA	3,167		3,092 2.4%
EBIT	2,241		1,549 44.7%
Capex $1$	1,819		13.1% 1,609
Headcount	12,211	12,301	$-0.7%$

Latam

Chile

		Generation & Trading			Infrastructures & Networks			Other and Elisions		Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	2,086	1,647	26.7%	1,201	1,076	11.6%	40	51	-21.6%	3,327	2,774	19.9%
EBITDA	717	533	34.5%	266	229	16.2%	(45)	(19)	136.8%	938	743	26.2%
EBIT	551	381	44.6%	216	191	13.1%	(45)	(613)	-92.7%	722	(41)	n.s.
Unit Margin (€/MWh)	50			22

Argentina

		Generation & Trading		Infrastructures & Networks				Other and Elisions		Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	287	220	30.5%	838	492	n.s	2	-	n.s	1,127	712	58.3%
EBITDA	117	80	46.3%	163	(51)	n.s	-	-	n.s	280	29	n.s
EBIT	69	49	40.8%	141	(68)	n.s	-	-	n.s	210	(19)	n.s
Unit Margin (€/MWh)	14			34

	Generation & Trading			Infrastructures & Networks			Other and Elisions			Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	345	488	-29.3%	2,431	2,511	-3.2%	(5)	(5)	0.0%	2,771	2,994	-7.4%
EBITDA	148	162	-8.6%	372	642	-42.1%	(29)	(13)	123.1%	491	791	-37.9%
EBIT	134	144	-6.9%	40	246	-83.7%	(29)	(14)	107.1%	145	376	-61.4%
Unit Margin (€/MWh)	38			31

Colombia

		Generation & Trading			Infrastructures & Networks			Other and Elisions		Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	1,037	959	8.1%	1,122	1,157	-3.0%	-	-	n.s.	2,159	2,116	2.0%
EBITDA	567	653	-13.2%	406	444	-8.6%	-	-	n.s.	973	1,097	-11.3%
EBIT	501	585	-14.4%	315	335	-6.0%	-	-	n.s.	816	920	-11.3%
Unit Margin (€/MWh)	46			38

Peru

	Generation & Trading			Infrastructures & Networks			Other and Elisions			Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	602	530	13.6%	642	522	23.0%	(1)	-	n.s.	1,243	1,052	18.2%
EBITDA	294	274	7.3%	191	158	20.9%	-	-	n.s.	485	432	12.3%
EBIT	217	210	3.3%	131	103	27.2%	-	-	n.s.	348	313	11.2%
Unit Margin (€/MWh)	41			33

Renewable Energies

€mn	FY 2015	FY 2014 restated	∆ yoy
Revenues	3,011	2,921	3.1%
EBITDA	1,826	1,938	-5.8%
EBIT	879	1,124	-21.8%
1 Capex	2,466	1,658	48.7%
Headcount	4,309	3,609	19.4%

East Europe

	Slovakia			Russia		Romania			Other			Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	2,401	2,494	-3.7%	1,062	1,494	-28.9%	1,004	1,021	-1.7%	364	290	25.5%	4,831	5,299	-8.8%
EBITDA	871	537	n.s.	164	358	-54.2%	281	305	-7.9%	(8)		10 -180.0%	1,308	1,210	8.1%
EBIT	184	(2,605)	-107.1%	(839)	(201)	n.s.	168	201	-16.4%	(12)	(71)	-83.1%	(499)	(2,676)	n.s.
1 Capex													229	936	-75.5%
Headcount													10,200	10,411	-2.0%

Services & Holding¹

		Hoding			Upstream			Total
€mn	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy	FY 2015	FY 2014 restated	∆ yoy
Revenues	837	941	-11.1%	15	84	-82.1%	852	1,025	-16.9%
EBITDA	(207)	(90)	n.s.	(6)	61	n.s.	(213)	(29)	n.s.
EBIT	(246)	(128)	n.s.	(96)	60	n.s.	(338)	(68)	n.s.
2 Capex	32	34	-5.9%	20	11	n.s.	52	45	15.6%
Headcount	2,389	2,438	-2.0%	30	46	-34.8%	2,419	2,484	-2.6%

Capex by business¹ (€mn)

1. Continuing operations (excludes assets held for sale), gross of contributions 68

Group total net installed capacity: breakdown by technology and geography

MW	Large Hydro	Hydro	Other renewables	Nuclear	Coal	CCGT	Oil&Gas ST/OCGT	Total
Italy	10,893	1,514	1,565	-	6,478	5,199	5,066	30,715
Iberia	4,721	43	1,663	3,318	5,305	5,445	2,417	22,912
Latam	9,218	732	1,513	-	835	4,240	2,641	19,179
East Europe	1,590	-	562	1,814	4,223	809	4,512	13,510
Slovakia	1,590	-	28	1,814	6	-	-	4,032
Russia	-	-	-	-	3,623	809	4,512	8,944
Romania	-	-	534	-	-	-	-	534
North America	-	316	2,191	-	-	-	-	2,507
1 Rest of Europe	-	19	312	-	-	406	-	737
2 Other Countries	-	-	182	-	-	-	-	182
Total	26,422	2,624	7,988	5,132	16,841	16,099	14,636	89,742

Group total net production: breakdown by technology and geography

GWh	Large Hydro Hydro EGP		Other renewables	Nuclear	Coal	CCGT	Oil&Gas ST/OCGT	Total
Italy	11,939	5,974	7,110	-	35,954	7,147	394	68,518
Iberia	7,175	75	4,309	25,756	26,139	7,495	6,495	77,444
Latam	34,012	3,504	3,345	-	2,904	18,824	4,523	67,112
East Europe	2,385	-	1,372	14,081	20,680	5,925	17,269	61,712
Slovakia	2,385	-	42	14,081	1,784	-	-	18,292
Russia	-	-	-	-	18,896	5,925	17,269	42,090
Romania	-	-	1,330	-	-	-	-	1,330
North America	-	849	6,519	-	-	-	-	7,368
1 Rest of Europe	-	25	613	-	-	1,151	-	1,789
2 Other Countries	-	-	67	-	-	-	-	67
Total	55,511	10,427	23,335	39,837	85,677	40,542	28,681	284,010

EGP net installed capacity: breakdown by technology and geography

MW	Hydro	Geothermal	Wind	Other	Total
Italy	1,514	761	720	49	3,044
Iberia	43	-	1,616	46	1,705
Latam	732	-	1,236	199	2,167
Romania	-	-	498	36	534
North America	316	72	2,090	29	2,507
1 Rest of Europe	19	-	242	71	332
2 Other Countries	-	-	172	10	182
Total	2,624	833	6,574	440	10,471

1. Includes Greece, Belgium and Bulgaria

EGP net production: breakdown by technology and geography

GWh	Hydro	Geothermal	Wind	Other	Total
Italy	5,974	5,809	1,118	175	13,076
Iberia	75	-	4,094	214	4,383
Latam	3,504	-	2,929	277	6,710
Romania	-	-	1,286	44	1,330
North America	849	396	6,078	45	7,368
Rest of Europe 1	25	-	512	102	639
2 Other Countries	-	-	48	19	67
Total	10,427	6,205	16,065	876	33,573

1. Includes Greece, Belgium and Bulgaria

EGP projects in execution¹ : breakdown by technology and geography (MW)

Business unit	Wind	Hydro	Geo	Solar	Other	Total
Italy	8	11	-	-	17	36
Greece	154	-	-	-	-	154
Europe	162	11	-	-	17	190
Brazil	442	102	-	807	-	1,351
Chile	224	-	38	318	-	580
Costa Rica	-	50	-	-	-	50
Mexico	229	-	-	-	-	229
Panama	-	-	-	42	-	42
Latin America	895	152	38	1,167	-	2,252
USA	108	-	-	150	-	258
North America	108	-	-	150	-	258
South Africa	904	-	-	314	-	1,218
Rest of World	904	-	-	314	-	1,218
Total	2,069	163	38	1,631	17	3,918

EGP projects under construction ¹ : breakdown by technology and geography (MW)

Business unit	Wind	Hydro	Geo	Solar	Other	Total
Italy	8	11	-	-	15	34
Greece	-	-	-	-	-	-
Europe	8	11	-	-	15	34
Brazil	180	102	-	254	-	536
Chile	224	-	38	318	-	580
Costa Rica	-	50	-	-	-	50
Mexico	229	-	-	-	-	229
Latin America	633	152	38	572	-	1,395
USA	108	-	-	-	-	108
North America	108	-	-	-	-	108
South Africa	199	-	-	314	-	513
Rest of World	199	-	-	314	-	513
Total	948	163	38	886	15	2,050

EGP projects ready to build ¹ : breakdown by technology and geography (MW)

Business unit	Wind	Hydro	Geo	Solar	Other	Total
Italy	-	-	-	-	2	2
Greece	154	-	-	-	-	154
Europe	154	-	-	-	2	156
Brazil	262	-	-	553	-	815
Chile	-	-	-	-	-	-
Costa Rica	-	-	-	-	-	-
Mexico	-	-	-	-	-	-
Panama	-	-	-	42	-	42
Latin America	262	-	-	595	-	857
USA	-	-	-	-	150	150
North America	-	-	-	-	150	150
South Africa	705	-	-	-	-	705
Rest of World	705	-	-	-	-	705
Total	1,121	-	-	595	152	1,868

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.