Enel

Investor Presentation • Nov 21, 2017

Strategic Plan 2018-20

Francesco Starace CEO & General Manager

Agenda

Opening remarks	Francesco Starace
2018-20 Strategic Plan Key Pillars	Francesco Starace
2018-20 Strategic Plan Financials	Alberto De Paoli
Global Infrastructure & Networks	Livio Gallo
Global Renewable energies	Antonello Cammisecra
Global e-Solutions	Francesco Venturini
Global Thermal Generation	Enrico Viale
Global Trading	Claudio Machetti
Closing remarks	Francesco Starace

Enel today: evolution since 2014¹

1. 2014-2017 delivery. As of 2017E

2. Consolidated capacity equal to 37 GW (including 25 GW of large hydro)

3. Including replacement of smart meters 2.0 in Italy equal to 1.4 mn. Enel global market share equal to 24% (BNEF 3Q17 Energy Smart technologies market Outlook)

4. Presence with operating assets

Enel today: global and diversified operator¹

Investor presentation

Africa & Asia

(ad interim)

Updated organizational structure

Capital Markets Day Delivery on strategic plan

Delivery on strategic plan: financial targets

Financial targets met across the board

Delivery on strategic plan: strategic pillars

Sound progress on all strategic pillars

1. Including connection contribution

2. Calculated as Group Net income on Net income pre-minorities

Delivery: business drivers¹

9

1. EBITDA figures are rounded

2. Includes only power and gas free customers

3. Global retail including e-Solutions equal to 0.1 €bn in 2017 4. Including Global Trading and nuclear in Iberia. 2015 EBITDA includes Slovenske Elektrarne sold in 2016

Delivery on active portfolio management

80% of 2015-2019 plan completed

Delivery: Mexico BSO

First successful application of BSO strategy outside the US

1. Caisse de dépôt et placement du Québec, and CKD Infrastructura Mexico 11

Delivery: positioning in a digitalized, low carbon world

Bolt-on acquisitions in networks and demand response to strengthen positioning

^1. In terms of number of customers

Delivery: a sustainable strategy

Enel commitments to the global SDGs

400,000 people by 2020

3 million people by 2020, mainly in Africa, Asia and Latin America

1.5 million people by 2020

< 350 gCO² /kWheq by 2020 (-25% vs base year 2007)

Delivery: shareholders' remuneration

Strategy has delivered strong earnings and dividend growth

Capital Markets Day 2018-20 strategic plan Key pillars

1. United Nations, World Population Prospects, The 2014 and 2015 revision. 4. . Other include Oil, Heat, Biomass & Waste and Hydrogen

Power

• 1. IEA-IRENA Perspectives for the Energy Transition 2017
• 1. IEA: WEO 2016 and IEA IRENA 2017 NPS (New Policies Scenario) 5 BNEF NEO 2017, June 2017

Capital Markets Day

Sector trends

in cities

resilient

Electrification

By 2040, electricity will increase from 18% to 29% of total energy demand driven by the electrification of transports and heat production

% on final energy demand³

2016 2040

24

1. BNEF NEO 2017, June 2017

1. Battery Energy Storage Systems

Capital Markets Day

Sector trends

Small scale PV and demand response

Distributed generation and demand response will drive the increase in number of "prosumers"

Low cost and low-carbon technologies will allow a greater deployment of decentralised electricity access solutions in rural areas in particular

Storage and electric vehicles¹

• 110 50.0 0

2016 2025

2016 2040

8

Behind the meter BESS²

Integrated model fit for digitalized, low carbon world

Sector trends	Enel positioning: 2020 targets
Decarbonization	Generation: 48 GW renewables, 39 GW thermal Specific CO emissions < 350 gCO /KWheq 2 2
Electrification Storage & Demand Response	0.6 GW storage capacity 10.7 GW demand response 313 k charging stations
Urbanization	67 mn end-users 47.9 mn smart meters 17.4 mn second generation smart meters

Leading positioning in the energy transition

Strategic pillars

Digitalization

2018-20 digitalization capex 81% 13% 6% Asset Customer People 5.3 €bn Key levers for digitalization Asset Cloud Platform Cyber security Customer People Agile Data driven

Agile operating model maximizing speed and efficiency through optimal use of data

20

Customer focus: commodity retail

2017E 2020 B2B B2C 255 244 230 287 11.9 22.7 7.1 8.5 1.1 3.6 20.1 34.8 2017E 2020 Italy Iberia Europe 176 234 Liberalization in Italy: opportunity to increase volumes and clients Iberia: gas margin recovery thanks to higher competitiveness of gas contracts South America: opening of the market now limited to big industrial customers Free customers growing in all countries +33% 81% 76% 24% 19% Total sales² 213 267 Year 2016 Total production

From long energy to long customers

1. It includes power and gas customers. South America number of customers <1mn

2. Including power sold with PPAs

Customer focus: e-Solutions 2020 targets

Addressing new customer needs with innovative technologies

Operational efficiency

Digitalization enables acceleration on operational efficiency

Industrial growth: 2018-20 capex plan

Rebalancing capex in networks and developed countries

1. Net of connections in networks. Total growth capex includes other

Industrial growth: operational targets by business

1. Includes only power and gas free customers 3.Includes nuclear in Iberia

2. In free market 4.Of which ~600 public infrastructure

Group simplification & active portfolio management

	Simplification	Minority reduction
	From 69 to 53 # companies in South America	Romania
Delivery	Sale of minority stakes in Electrogas and Bayan	Peru
	To below 30 # companies in South America	Chile integration of renewable assets and
Next steps	Simplification of subsidiaries in Enel Americas, Enel Romania and Enel Investment Holding	tender offer on Enel Generation Chile

A leaner, more agile and simple structure

Group simplification & active portfolio management

Chilean reorganization

• 1. Enel Green Power Latin America (holding company of EGP assets in Chile)
• 1. Including 5% withdrawal rights in EC

Group simplification & active portfolio management: the new plan

Higher minority buy-outs leading to 3% earnings accretion

Communities and people

^1. 2015-20 cumulated target

1. Eligible and reachable people having worked in the Group for at least 3 months

Innovation

7 Hubs in the world to catch innovation where it happens

Shareholder remuneration

Confidence on strategy delivery and revised plan allows improved shareholder return

Strategic Plan 2018-20

Alberto De Paoli - CFO

Capital Markets Day 2018-20 strategic plan Key financials

Enel today: diversified and resilient operator 120 %

Low volatility in earnings

• 1. Includes Retail and e-Solutions
• 1. Regulated, i.e. Iberian Island, essential plants, contracted under long term PPAs
• 1. Contracted under long term PPAs and incentivized

Delivery: financial targets

26 €bn of funds to fuel growth and remunerate shareholders

Enel transformation and 2020 targets

Continuous improvement in cash generation, profitability and returns

Integrated model fit for digitalized, low carbon world

Investing to strengthen our positioning in the energy transition

• 1. Excludes connections for 3.3 €bn
• 1. Meters installed plus meters replaced with smart meters 2.0 in Italy
• 1. Including 0.3GW of projects to be consolidated in 2019 not included in the growth capex 4. Power and gas customers

Digitalization

2018-20 cumulative digitalization capex

2018-20 cumulative benefits¹

Focus on assets, customers and people development

1. In real terms.

Digitalization

Driving efficiency and best in class service

1. Duration of the interruptions

2. KPIs are calculated only on power plants included in digital projects.

3. It refers to Italy

Customer focus: global retail and e-Solutions

EBITDA (€bn)	6.0	Key drivers	Key figures
+32%	5.0 4.0	Growth of retail customer base worldwide	+13.9 mn power customers +0.8 mn gas customers
3.0 2.5 0.3 0.1	3.3 0.4 3.0	Higher focus on corporate customers in Latam	33% increase in power volumes 15% increase in gas volumes
2.7 2.4	2.0 2.9 1.0	Digitalization in customer relationship	Cost to serve -30%
2017E 2019	0.0 2020	e-Solutions global business line start up	e-Solutions: >50% EBITDA CAGR
3.0 2.7 Retail power and gas	e - Solutions

Confirming trend and enhancing 2020 targets

Customer focus: global retail

Growing volumes and efficiency driving EBITDA increase

• 1. Including regulated EBITDA. Romania equal to -0.05 in 2017 and +0.04 in 2020
• 1. Power and gas
• 1. Italy, Iberia and Romania

Customer focus: Italian retail

Value migration towards final customers

Customer focus: Italian retail

2.0 2.0 2.1 2.1

+8%

2017E 2018 2019 2020

EBITDA (€bn) 1 Power sold in free market (TWh)

13

Power customers free market(mn)

B2B

B2C

Power unitary margin in free market (€/MWh)

Evolution in strategy resiliency in margins

^{47 55}

+17%

2017E 2020

7.8 18.2

30 60

2x

+42%

85

Customer focus: e-Solutions

Positioning for the energy transition

Operational efficiency: delivery 2014-17

Completed efficiency plan launched in 2014

Operational efficiency: focus on opex

Opex evolution (€bn)

¹ Opex by business³

Digitalization will accelerate further opex reduction

• 1. Total fixed costs in nominal terms (net of capitalizations). Impact from acquisitions is not included.
• 1. Of which CPI +0.7 €bn and forex -0.1 €bn.
• 1. In real terms. Adjusted for delta perimeter 4. Excludes nuclear in Iberia

Industrial growth: capex and growth EBITDA reconciliation

2017-19 total capex (€bn)

Main differences are for connections and BSO capex

2017-19 cumulated growth EBITDA (€bn)

Industrial growth: focus on growth capex and growth EBITDA

Growth capex by business line¹ (€bn)

Growth capex increase and re-allocation driving higher returns vs previous plan

1. Net of connections. Rounded figures

2. Old target 2017-19 equal to 4 €bn 2017-19 minus contribution from connections (300 €mn per year).

2018-20 cumulated growth EBITDA¹ (€bn)

Industrial growth: focus on growth EBITDA

Increased contribution from networks and e-solutions

1. Portion of committed capex on total yearly amount 49

2. Net of connections equal to an average of 300 €mn

Industrial growth: renewables, Build Sell & Operate model (BSO)

Strong lever to accelerate value creation

1. Including 0.3 GW of projects to be consolidated in 2019 not included in the growth capex

2. Not including capital gain for 1.3 GW already sold in Mexico in 2017

0.86% 2.10% 2.35% 2.53%

Electricity demand South America Italy power price (€/MWh)

Macro scenario: revised assumptions for commodities and prices

Coal price - API2 (USD/ton)

2.50%

Capital Markets Day

2.84%

45.2 45.6 45.5 41.0 43.4 44.8 2017E 2018 2019 2020 average 51.3 50.3 (change YoY) 2.5 2.9 2.8 2.8 2.6 2.6 2.7 2.7 2017E 2018 2019 2020 CPI all countries (% YoY) 1 forward average forward

Spain power price (€/MWh)

More conservative macro scenario assumptions

1. It includes: Italy, Spain, Russia, Romania, United States, Mexico, Argentina, Brazil, Chile, Colombia, Peru

51

What has changed

Macro assumptions (€bn) Managerial actions (€bn)

The plan delivers higher CAGR in EBITDA and net income trajectory

EBITDA evolution

EBITDA evolution¹

2017-20 EBITDA evolution by business line and country (€bn)

Summary by business line

1. Including Global Trading and nuclear in Iberia

Key financials: Group net income evolution

Group net ordinary income (€bn) 2017-20 group net ordinary income evolution (€bn)

Financial strategy

7	Yankee bonds issuance
1.25	Green bond issuance
0.5	EIB financing for Open Meter
1.5	Liability management
4.3	Repayment of bond maturities

Total savings in interest expenses of 125 €mn

2017 actions completed (€bn) Financial strategy for 2018-20 (€bn)

Additional reduction of financial expenses on debt of 300 €mn by 2020

Financial plan and strategy

Gross and net debt (€bn) Net financial expenses on debt (€bn)

2018-20 cumulated cash flow (€bn)

Stronger organic cash flow generation versus the previous plan

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

2. Including 3.4 €bn BSO capex

3. Including +3.2 €bn disposals and -4.7 €bn minority buyouts and acquisitions 4. Net of connections

59

Group targets

	2017E	2018	2019	2020	CAGR (%) 2017-20
Ordinary EBITDA (€bn)	15.5	16.2	17.2	18.2	~+6%
Net ordinary income (€bn)	3.6	4.1	4.8	5.4	~+15%
Minimum dividend per share (€)	0.21	0.28	-	-	-
Pay-out ratio	65%	70%	70%	70%	+5 p.p.
Implicit DPS (€)	0.23	0.28	0.33	0.37	~+17%
FFO/Net Debt	27%	27%	29%	31%	~+4 p.p.

Improved vs. old plan - 60

Global Infrastructure and Networks

Livio Gallo

Integrated model fit for digitalized, low carbon world

Solid backbone of our growth

Positioning and key figures

2017

2017

Regulatory scenario: Europe

Regulatory scenario: South America

	Country	WACC	Next regulatory cycle	Highlights
	Argentina	12.5%	2022	Improved scenario in Argentina
	Brazil Rio/Celg	12.3%	2018	New Rio concession conditions from March 17
	Brazil Cearà	12.3%	2019	RAB maximization
Regulatory framework	Chile	10%	Nov 2020	Regulatory framework already set
	Colombia	13.5%	2018	New regulatory framework
	Peru	12%	Nov 2018	Stable scenario

RAB of 10 €bn growing over 30% in the plan

Capital Markets Day – Global infrastructure and networks Digitalization

Pipeline model Platform model

Moving from a pipeline to a platform model

Capital Markets Day – Global infrastructure and networks Digitalization

Degree of digitalization and capex plan 2018-20 (€bn)

Long-term value creation

• 1. Digital process status: max level 5 67
• 1. This KPI considers smart meters 1.0

Capital Markets Day – Global infrastructure and networks Disruptive efficiency pilot: Digitaly

Digital disruption and saving achievement

Industrial growth: focus on smart meter roll out

Italy: Smart meter 2.0 's key features and benefits

Replacement of 16 million meters with new generation ones

1.3 €bn investment in the 2018-20 period

Totex regulation

Key technology for network digitalization

1. Excluding one-off 71

Quality of Service and Network Losses

Minutes of interruption Network Losses (%)

Capital Markets Day – Global infrastructure and networks CELG 2020 Project

Key perfomance indicators

Project plan (€m)

Remarkable restructuring leads to more than 200% EBITDA increase

Capital Markets Day – Global infrastructure and networks Industrial growth 2018-20

Digitalization as key lever

Financial targets Capital Markets Day – Global infrastructure and networks

Strong and sustainable cash generating growth

Global Renewable Energies

Antonio Cammisecra

Integrated model fit for digitalized, low carbon world

Growth engine for the utility of the future

Key figures	2017	Managed
Capacity (GW)	37.1	40.5
Production (TWh)	85.1	92

Key financials (€bn)	2017
EBITDA	4.1
Opex	1.4
Maintenance capex	0.3
Growth capex	3.4

2017 key relevant events: a very competitive battleground

March	April	May	June	July	Sept.	Oct.	Nov.	Nov. – Dec.
USA Cimarron Bend COD (wind 400 MW)	Entry in to Australia (PV 138 MW)	Tender in Spain (wind 540 MW)	Entry into Russia (wind 291 MW)	Tender in Spain (PV 339 MW)	Starting up Chile Cerro Pabellon (geo 48 MW)	BSO Mexico signing	Awarded Chile DISCO tender (PV, wind, geo 239 MW )	USA wind COD 898 MW
Mexico Start of Villanueva construction (PV 754 MW)					Brazil 546 MW PV in operation	Entry into Ethiopia (PV 100 MW)	Mexico Tender1 (wind 593 MW)
					Awarded Volta Grande plant (hydro 380 MW)		Peru Rubi COD (PV 180 MW)

2.6 GW of additional capacity and over 2.5 GW of tender already awarded

Diversified regulatory framework

Renewable auctions

• High competition and number of participants
• Price driven
• All operators
• Regulatory and local content risk
• Commodity

PPA with customers C&I¹

• High competition and low number of participants
• Product and services driven
• Global partnership
• Product flexibility
• Brand value

The end of subsidies

• Technological evolution as an enabler for the new role of renewable energies
• Opening towards market services
• Storage plus renewables to minimize system costs

Portfolio composition

Long term PPAs and incentives account for ~65% of the total sales portfolio

81

Additional capacity

Evolution per year¹(GW)

Main achievements

Leadership in construction and plant commissioning

Increase in average size of plants

Construction across 5 continents

Implementation of technologically advanced and innovative solutions

Solid industrial capability

Digitalization strategy along plant lifecycle

Predictive maintenance through big data¹

Digitalized and automated construction

Reduction in Capex/MW and time to EBITDA

Digitalization and automation key drivers for competitiveness

1. Refers to Wind Power Plants

Engineering and technological leadership

Best in class in reducing costs and increasing our competitive advantage

Operational efficiency: key performance indicators¹

Lost production factor

Continuous path of performance improvement and efficiency leveraging on digitalization and innovation

• 1. O&M Cash Costs/MW deflated and at forex 2017 excluding taxes, insurance, contribution and not recurring
• 1. Hydro KPIs refer to the Total Hydro perimeter (~28 GW)
• 1. Historical values refer to year 2009-11, except solar which refers to 2013-14

Asset value maximization: sample of projects in execution

As demonstrated in Chile, Enel outbids competition preserving returns

1. USA remuneration also includes NOLs (5 years) and PTCs (10 years)

BSO and equity partnership

Continuing the execution to further crystallize value

1. Percentage of equity partnership (Enel/Partner)

Industrial growth: 2018-20 capacity additions and growth capex

Balanced organic investment portfolio and accelerated pipeline monetization through BSO

1. Additional capacity includes 1,3 GW of Mexican projects sold in 2017 and 0,3 GW Australia Solar projects consolidation

Industrial growth: pipeline and capacity additions

Leadership based on a competitive 21 GW pipeline to cover ~3 GW of residual target

1. Additional capacity includes 1,3 GW of Mexican projects sold in 2017 and 0,3 GW Australia Solar projects consolidation

Financial targets Capital Markets Day – Global renewable energies

Growth and efficiencies ensure ~12% EBITDA increase over the period

1. Including 0.4 €bn of BSO in Mexico

Global e-Solutions

Francesco Venturini

New brand

Create the new power economy

Our vision Our name

A name that builds on the trust and scale of Enel and signals distinctiveness and a new vision

A new brand for a distinctive positioning on the market

Integrated model fit for digitalized, low carbon world

Focusing on new customers' needs through an asset light approach

Positioning and key figures

• 1. Preclosing 2017 figures include EnerNOC and eMotorWerks full year
• 1. Storage behind the meter
• 1. Including both owned and managed charging stations

• 94 4. Maintenance contracts (scheduled boiler maintenance) mainly on gas / electrical system

• 1. Repair contracts (urgency) through external partners
• 1. Italy, only A & B areas

Customer driven organization

Our portfolio of solutions in the 4 Global Product Lines

e-Industries	e-Mobility	e-Home	e-City
Consulting and auditing service	Public charging network	Installation, maintenance and repair services	Smart lighting
Distributed generation on/off site	Private charging wall-box	Automated home management	Fiber optic wholesale network
Energy efficiency	Maintenance and other services	Financial services	Distributed generation & energy services
Demand response and demand side management	Vehicle 1 Grid Vehicle 2 Grid	Home 2 Grid	Demand response and Flexibility demand side management

Addressing new customer needs with innovative technologies

Gross margin

2.5x growth in gross margin in 3 years

1. Including EnerNOC activities in Asia and Australia

2. Including EnerNOC and eMotorWerks FY Preclosing

KPI figures Capital Markets Day – Global e-Solutions

Customer base (#mn) Customer base (#mn) 1.1 1.3 Credit cards (#mn) 0.9 Maintenance and repair¹ Repair² Credit cards 2,1 2.4 1.9 1.9x 1.9x 2.1x Public charging installations (#k) 1.1 Public infrastructure 9.1 8x Wallboxes installed and managed (#k) ²⁶ Private Charging ³⁰⁴ 12x GW sold 5.7 MW installed/year 3 Demand Response Demand Side Management 10.7 224 1.9x 75x 2017 2020 2017 2020 Lighting points (mn) Smart Lighting 2.7 3.2 1.2x Households passed (mn) 3 Fiber deployment 2.4 7.5 3.1x

1. Maintenance contracts (scheduled boiler maintenance) mainly on gas / electrical system

2. Repair contracts (urgency) through external partners

3. Italy, only A and B areas

Four types of flexibility services enabled by advanced software solutions

Focus on the Demand response business¹

Global leader operator in the Demand response business thanks to EnerNOC acquisition

Technological leader thanks to a consolidated expertise and the acquisition of eMotorWerks

Italy: public charging installations plan

Enabling mobility take off in Italy

Create a new home ecosystem leveraging on our brand recognition

Iberia and Colombia: business cases¹

e-Home

Maintenance and repair of appliances Typically periodic interventions

On-demand interventions to fix emergencies or failures in electrical installations and other appliances

Bundle of equipment sales with additional services

Over 2 mn customers & Network of 290 partners Gross Margin: 66 €mn

Enel home services in Iberia Enel business in Colombia: Credito Facil Codensa

Partnership with Colpatria bank providing credit cards to our commodity customers with no easy access to credit

Credit collection through our energy bills

Usually used for purchase of appliances / education services and for house renovation

Colpatria credit card is n.1 in Colombia

800K credit cards Gross margin: 9.6 €mn

Financing access to low income customers

1. Preclosing figures 2017

e-City business model

Integrated range of services to become a trusted partner for municipalities and public administration

Italy: Open Fiber plan

Player leading the digitalization of Italy

• 1. Italy, only A & B areas
• 1. Including households from tender 1 and 2 for clusters C and D
• 1. 6.5 €bn gross of Infratel contribution

Flexible distributed energy system

Best positioned to serve new customers' needs

Industrial growth 2018-20 Capital Markets Day – Global e-Solutions

2018-20 EBITDA by geography

2018-20 growth capex by product line and by geography

Key growth capex figures

EBITDA 2018-20 fully cover capex effort

1. Including EnerNOC activities in Asia and Australia

Global Thermal Generation

Enrico Viale

Integrated model fit for digitalized, low carbon world

Maximizing value creation in residual asset life

Positioning and key figures

Key figures	2017
capacity1 Installed (GW)	43
Net production (TWh)	144

Financials² (€bn)

EBITDA	1.5
Cash cost	2.1
Opex	1.6
Maintenance capex	0.5
Growth capex	0.2
Total capex	0.7

• 1. Excluding nuclear contribution equal to 3.32 GW of installed capacity
• 1. Excluding nuclear and trading

Digital transformation: project status

Digitally integrated smart plant – reference model

Processes digital re-design

31GW digitalized, about 90% of whole thermal generation fleet¹

1. In nominal terms, excluding nuclear

2. At 2017 real values - Net marginal assets and non recurrent items

Ongoing installed capacity optimization

• 1. Excluding nuclear
• 1. Excluding Italian marginal assets effects

Capacity strategy: focus on coal

Relevant role in the Group mix decarbonization

Environmental performance

New challenges @2020

Environmental footprint improvement as a driver for the industrial strategy

>750 MW of projects under development, 350 MW by 2020

Financial targets¹ Capital Markets Day – Global thermal generation

All investments sustained by internal profitability

1. Excluding nuclear and trading 118

2. Excluding gas Swap in Italy

Global Trading

Claudio Machetti

Integrated model fit for digitalized, low carbon world

Diversified global portfolio evolution leading to integrated margin optimization

Positioning and 2017 key figures

Role of energy management

Energy management vs competitive landscape(€/MWh)

Full integration of conventional generation, renewables and retail gas & power portfolios

The group's resilience to the volatility of commodity prices

Global exposure year 2018

Hedging activities aimed at reducing exposures by maintaining a balanced portfolio

Commodity price volatility generates significant margin variation

-12 €mn

Forward sales Italy and Spain

• 1. Average hedged price. Wholesale price for Italy, Retail price for Spain
• 1. Including only mainland production

Forward sales South America

Delivery on gas contract renegotiation

Portfolio evolution (bcm, %)

Price review impact (€bn)

Improved renegotiation targets and reduced execution risk

US LNG gas portfolio Capital Markets Day – Global trading

Portfolio evolution (bcm) 0.7 0.9 0.9 1.7 3.0 0.6 0.7 2017 2019 2020 4.4 2.6 Sabine Pass Corpus Christi Other

LNG (€c/cm)

High price volatility enhances value of US LNG optionality

1. Henry Hub natural gas spot price

2. Far East LNG price reference

Financial targets

12.3 12.3 13.0 13.9 2017 2018 2019 2020 +12% Gross Margin (€bn) Key drivers Generation: enhanced results mainly due to renewables growth Gas: increasing gross margin thanks to price review and portfolio optimization actions Power Retail: positive trend in power retail activities in all regions

Growth and portfolio optimization leading to gross margin increase

Closing remarks

Delivered on all targets

Continued excellent execution in strategic pillars

Well positioned for digitalized, low carbon world

Operating model driving long term shared value for all our stakeholders

Increasing our financial targets, with dividend floor reflecting confidence

Capital Markets Day 2018-20 strategic plan Key financials Annexes

Assumptions: Commodities, prices, macroeconomics and FX

Scenario	2017		2018			2019	2020
	New Plan	Old Plan	New Plan	Old Plan	New Plan	Old Plan	New Plan	Old Plan
Brent \$/bbl	53	48	57	52	60	55	65	-
Coal \$/ton	83	50	68	52	65	53	62	-
Gas TTF €/MWh	17	14	16	15	16	16	17	-
CO2 €/ton	6	7	6	9	8	10	9	-
Italy €/MWh	51	41	45	43	46	45	46	-
Spain €/MWh	48	43	45	46	47	50	47	-
Chile €/MWh	53	60	46	37	31	30	35	-
Colombia €/MWh	38	51	44	51	44	49	36	-
Italy GDP (%)	1.1	0.9	1.0	1.0	0.9	1.0	0.9	-
Italy electricity demand (% Change YoY)	1.1	0.8	0.5	0.7	0.7	0.7	1.0	-
Spain GDP (%)	3.0	2.1	2.3	1.9	1.9	1.8	1.8	-
Spain electricity demand (% Change YoY)	0.2	1.2	1.1	1.2	1.3	1.2	1.4	-
South America GDP1 (%)	0.9	1.1	2.2	2.1	2.4	2.5	2.6	-
South America electricity demand2 (% Change YoY)	0.2	3.2	2.9	3.4	2.8	3.6	3.0	-
EUR/USD	1.1	1.1	1.2	1.1	1.2	1.1	1.2	-
EUR/BRL	3.6	4.1	3.9	4.2	4.1	4.3	4.3	-
EUR/COP	3,337	3,268	3,573	3,535	3,730	3,678	3,924	-
EUR/CLP	731	734	777	718	774	704	781	-

1. Argentina, Brazil, Chile (CIS), Colombia, Peru. Average growth weighted by Enel's production

EBITDA¹ targets by Country and Global Business Line² (€bn)

	2017	2018	2019	2020
Italy	6.9	7.0	7.4	7.8
Global Thermal Generation	0.1	0.1	0.1	0.3
Global I&N	3.5	3.5	3.7	3.7
Global Renewable Energies	1.1	1.2	1.2	1.3
Retail	2.0	2.0	2.1	2.1
e-Solutions	0.0	0.0	0.1	0.1
Service & Other	0.2	0.1	0.1	0.1
Iberia	3.4	3.4	3.5	3.8
Global Thermal Generation	0.7	0.5	0.5	0.6
Global I&N	1.9	2.0	2.1	2.1
Global Renewable Energies	0.2	0.3	0.4	0.5
Retail	0.4	0.4	0.5	0.6
e-Solutions	0.0	0.1	0.1	0.1
Service & Other	0.1	0.1	0.0	0.0
South America	4.0	4.8	5.3	5.6
Global Thermal Generation	0.5	0.5	0.5	0.6
Global I&N	1.6	2.2	2.5	2.7
Global Renewable Energies	1.8	2.0	2.1	2.1
Retail	0.1	0.1	0.1	0.2
e-Solutions	0.0	0.1	0.1	0.1
Service & Other	(0.1)	(0.1)	(0.0)	(0.0)
Europe & North Africa	0.6	0.5	0.5	0.5
North & Central America	0.8	0.6	0.6	0.6
Sub-Saharan Africa & Asia	0.1	0.1	0.1	0.1
Other	(0.3)	(0.0)	(0.2)	(0.1)
Total	15.5	16.2	17.2	18.2

EBITDA¹ targets new vs old perimeter (€bn)

134

		Global Renewables Energies
		2017		2018			2019				2020
	EGP2	Large Hydro	Global Renewable Energies	EGP2	Large Hydro	Global Renewable Energies	EGP2	Large Hydro	Global Renewable Energies	EGP2	Large Hydro	Global Renewable Energies
Italy	0.6	0.6	1.1	0.5	0.7	1.2	0.5	0.7	1.2	0.6	0.7	1.3
Iberia	0.2	0.1	0.2	0.2	0.1	0.3	0.2	0.2	0.4	0.3	0.2	0.5
South America	0.3	1.5	1.8	0.6	1.4	2.0	0.6	1.5	2.1	0.6	1.5	2.1
Europe & North Africa	0.1	-	0.1	0.1	-	0.1	0.1	-	0.1	0.1	-	0.1
North & Central America	0.8	-	0.8	0.6	-	0.6	0.6	-	0.6	0.5	-	0.5
Sub-Saharan Africa & Asia	0.0	-	0.1	0.1	-	0.1	0.1	-	0.1	0.1	-	0.1
Other	(0.1)	-	(0.1)	(0.1)	-	(0.1)	(0.1)	-	(0.1)	(0.1)	-	(0.1)
Total	2.0	2.2	4.1	2.0	2.2	4.2	2.1	2.3	4.4	2.2	2.4	4.6

		Global Thermal Generation
		2017			2018			2019			2020
	Global Thermal Generation	Large Hydro	Global Generation3	Global Thermal Generation	Large Hydro	Global Generation3	Global Thermal Generation	Large Hydro	Global Generation3	Global Thermal Generation	Large Hydro	Global Generation3
Italy	0.1	0.6	0.7	0.1	0.7	0.7	0.1	0.7	0.8	0.3	0.7	1.0
Iberia	0.7	0.1	0.9	0.5	0.1	0.7	0.5	0.2	0.7	0.6	0.2	0.8
South America	0.5	1.5	2.0	0.5	1.4	1.9	0.5	1.5	2.0	0.6	1.5	2.1
Europe & Noth Africa	0.3	-	0.4	0.2	-	0.2	0.2	-	0.2	0.2	-	0.2
North & Central America	-	-	-	-	-	-	-	-	-	-	-	-
Sub-Saharan Africa & Asia	-	-	-	-	-	-	-	-	-	-	-	-
Other	(0.0)	-	(0.0)	-	-	-	-	-	-	-	-	-
Total	1.5	2.2	3.9	1.3	2.2	3.5	1.3	2.3	3.6	1.6	2.4	4.0

1. Reconciliation, rounding figures. Global Thermal Generation and Global Generation include nuclear and trading

2. Renewables old organizational structure

3. Global Generation old organizational structure

Capex1,2 plan 2017-20 (€bn)

	2017				2018			2019		2020
	Growth		Maintenance Connections	Growth		Maintenance Connections	Growth		Maintenance Connections	Growth		Maintenance Connections
Italy	0.6	0.9	0.4	1.2	0.8	0.4	1.1	0.8	0.5	0.9	0.7	0.5
Global Thermal Generation	0.1	0.1	-	0.0	0.1	-	0.0	0.1	-	0.0	0.0	-
Global I&N	0.4	0.5	0.4	0.8	0.5	0.4	0.7	0.5	0.5	0.7	0.4	0.5
Global Renewable Energies	0.1	0.1	-	0.1	0.1	-	0.1	0.1	-	0.1	0.1	-
Retail	0.0	0.1	-	-	0.1	-	-	0.1	-	-	0.1	-
e-Solutions	-	-	-	0.1	-	-	0.1	-	-	0.1	-	-
Service & Other	0.0	0.0	-	0.1	0.0	-	0.1	0.0	-	0.0	0.0	-
Iberia	0.3	0.6	0.2	0.6	0.7	0.2	1.1	0.6	0.2	0.6	0.5	0.2
Global Thermal Generation	0.0	0.3	-	0.0	0.3	-	0.1	0.3	-	0.2	0.2	-
Global I&N	0.2	0.2	0.2	0.3	0.2	0.2	0.4	0.2	0.2	0.3	0.2	0.2
Global Renewable Energies	0.0	0.1	-	0.2	0.1	-	0.6	0.1	-	0.1	0.1	-
Retail	0.0	0.0	-	-	0.0	-	-	0.0	-	-	0.1	-
e-Solutions	-	-	-	0.0	0.0	-	0.0	0.0	-	0.0	0.0	-
Service & Other	0.0	0.0	-	-	0.1	-	-	0.0	-	-	0.0	-
South America	1.9	0.8	0.5	0.9	0.8	0.4	0.8	0.7	0.4	1.0	0.6	0.4
Global Thermal Generation	0.1	0.2	-	0.1	0.2	-	0.0	0.2	-	0.0	0.1	-
Global I&N	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.4	0.4
Global Renewable Energies	1.3	0.1	-	0.3	0.1	-	0.3	0.1	-	0.6	0.1	-
Retail	-	0.0	-	0.0	0.0	-	0.0	0.0	-	0.0	0.0	-
e-Solutions	0.0	0.0	-	0.1	0.0	-	0.1	0.0	-	0.1	0.0	-
Service & Other	0.0	0.0	-	0.0	0.0	-	-	0.0	-	-	0.0	-
Europe & North Africa	0.1	0.2	0.0	0.1	0.1	0.0	0.3	0.1	0.0	0.3	0.1	0.0
North & Central America	1.8	0.0	-	1.3	0.0	-	2.0	0.0	-	2.1	0.0	-
Sub-Saharan Africa & Asia	0.1	0.0	-	0.1	0.0	-	0.1	0.0	-	0.1	0.0	-
Other	0.0	0.0	-	0.1	0.0	-	0.0	-	-	0.0	-	-
Total	4.7	2.5	1.2	4.3	2.5	1.1	5.4	2.2	1.1	5.0	2.0	1.1
Total Capex		8.4			7.9			8.8			8.0

1. Rounding figures

2. Global Thermal Generation includes nuclear and trading

Industrial growth: main drivers and projects

1. Excluding 380 MW hydro Volta Grande in Brazil

2. Excluding BSO for 3.4

Customer focus: retail in Iberia

Customer focus: retail in South America

Group net income by currency

Retail: Italian power market

Customers (mn)

18.3 29.5 3.7 10.1 7.3 21.8 3.9 15.1 36.8 Regulated Free Total 55% Enel market share¹ 42%

Energy sold (TWh)

B2C B2B

Capital Markets Day 2018-20 strategic plan Key ESG Annexes

ESG strategic pillars

Enel's plan pillars and backbones: cross-reference with SDGs

		1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17
	Growth across low carbon technologies & services
s ar	Assets optimization and Innovation
Pill	Engaging local communities
	Engaging the people we work with
s er bl	Customer focus
a n E	Digitalization
	Occupational Health & Safety
s e n	Sound governance
o b k c	Environmental sustainability
a B	Sustainable supply chain
	Economic and financial value creation

Public commitment with United Nations

Growth across low carbon technologies and services

Plan actions	Related targets/commitments
	+0.6 GW storage capacity
Electrification, storage & demand response	+5 GW demand response
Development of renewable capacity and reduction of thermal capacity	+7.8 GW renewable capacity1 -7.3 GW thermal capacity
Implementation of environmental international best practices to selected coal plants	~500 €mn investment
Specific CO emissions reduction 2	< 350 gCO2 /KWheq (-25% base year 2007)
Promote actions in line with UN 'Making cities resilient 'campaign	300 cities

Assets optimization and innovation

145

Plan actions	Related targets/commitments
	+20.4 mn smart meters installed
Large scale infrastructure innovation mostly in grid digitization, smart meters and charging stations	5.3 €bn digitalization capex
	+300k charging stations
Digitally integrated smart plants	Digitalization of 31 GW of thermal capacity
Foster global partnerships and 'high potential'	Selection of 50 new innovative startups
startups to reap new technologies and ways to 'service' energy	NEW Opening of at least 3 new Innovation hubs

Engaging local communities

NO POVERTY Axtitut	ZERO 2 HUNGER	GOOD HEALTH AND WELL-BEING 3	QUALITY Education	GENDER EQUALITY 5
C CLEAN WATER AND SANITATION	AFFORDABLE AND CLEAN ENERGY	DECENT WORK AND ECONOMIC GROWTH O n	INDUSTRY, INNOVATION 9 AND INFRASTRUCTURE	REDUCED INEQUALITIES 10
SUSTAINABLE CITIES AND COMMUNITIES $\sim$ $\sim$ :: Bla		THE GLOBAL GOALS For Sustainable Development		RESPONSIBLE 12. CONSUMPTION AND PRODUCTION
3 CLIMATE	LIFE Below Water --- ۰	15 UFE т	PEACE JUSTICE θ AND STRONG INSTITUTIONS	PARTNERSHIPS FOR THE GOALS

Plan actions	Related targets/commitments
High-quality, inclusive and fair education	2x 0.8 million people1 From 0.4
Access to affordable and clean energy mainly in Africa, Asia and Latin America	people1 3 million
Employment and sustainable and inclusive economic growth	2x From 3 million people1 1.5

Engaging the people we work with

N 0 POVERTY Ix That	2 ZERO 2 HUNGER	GOOD HEALTH AND WELL-BEING 3	QUALITY EDUCATION 4	GENDER EQUALITY 5
6 CLEAN WATER AND SANITATION	AFFORDABLE AND CLEAN ENERGY Ó	DECENT WORK AND 8 ECONOMIC GROWTH	NDUSTRY, INNOVATION 9 AND INFRASTRUCTURE	REDUCED Inequalities O
11 SUSTAINABLE CITIES $\mathbb{R}$ n in #4-		THE GLOBAL GOALS For Sustainable Development		RESPONSIBLE p CONSUMPTION AND PRODUCTION
CLIMATE ACTION B	14 BELOW WATER $\triangle$	15 UFE	PEACE, JUSTICE F AND STRONG NSTITUTIONS	FOR THE GOALS

Appraise performance of people we work with1	100% of people1 involved 99% of people1 appraised 95% of people1 interviewed (feedback)
Survey corporate climate with a focus on safety	100% of people1 involved 86% of people1 participating
Global implementation of the diversity and inclusion policy	Recruiting should ensure equal gender splitting of the candidates accessing selection (c. 50%)
Enable digital skills diffusion among people we work with	100% of people involved in digital skills training
Promote a 'safe travels' culture	100% of international and intercontinental travels authorized and monitored by integrated Travel Security Process
Ongoing improvement of supply chain safety standards through checking on-site	120 planned Extra Checking on Site (ECoS)

Plan actions Related targets/commitments

NEW

N 0 POVERTY . Nata	2 ZERO	GOOD HEALTH AND WELL-BEING	QUALITY 4 EDUCATION	GENDER ŀï EQUALITY
CLEAN WATER AND SANITATION 6	AFFORDABLE AN CLEAN ENERGY Ö	DECENT WORK AND ï ECONOMIC GROWTH	INDUSTRY, INNOVATION п AND INFRASTRUCTURE ы.	REDUCED T INEQUALITIES
11 SUSTAINABLE CITIES $\sim$ n in $\sim$ an sa sa		THE GLOBAL GOALS For Sustainable Development		RESPONSIBLE 12 CONSUMPTION AND PRODUCTION

Environmental sustainability

Plan actions	Related targets/commitments
Reduction of SO specific emissions 2	-30% (vs 2010)
Reduction of NO specific emissions x	-30% (vs 2010)
Reduction of particulates specific emissions	-70% (vs 2010)
Reduction of water specific consumption	-30% (vs 2010)
Reduction of waste produced	-20% (vs 2015)

Digitalization and related risks: cyber security framework

NП POVERTY . Nata	$2TERO$ HUNGER	GOOD HEALTH R AND WELL-BEING	QUALITY EDUCATION	GENDER ï EQUALITY
6 CLEAN WATER AND SANITATION	AFFORDABLE AN CLEAN ENERGY Ő	DECENT WORK AND f ECONOMIC GROWTH	INDUSTRY, INNOVATION 9 AND INFRASTRUCTURE	REDUCED П INEQUALITIES
SUSTAINABLE CITIES AND COMMUNITIES ■ ■		THE GLOBAL GOALS For Sustainable Development		RESPONSIBLE CONSUMPTION AND PRODUCTION

Plan actions Related targets/commitments

Single strategy approach based on business risk management

Business lines involved in key processes: risk assessment, response and recovery criteria definition and prioritization of actions

Integrated information systems (IT), industrial systems (OT) and Internet of Things (IoT) assessment and management

'Cyber security by design' to define and spread secure system development standards

100% of internet web applications protected through advanced cyber security solutions

Setting up of Enel's CERT¹ , acknowledgement by CERTs¹ of 8 main countries of presence and affiliation with international organizations²

15 cyber security knowledge sharing events per year on average

Increasing weight of institutional investors in Enel's share capital and AGM No special power granted to Italian Government

Focus on corporate governance structure

Well diversified BoD and Committees

The BoD and two Committees (CG&SC and RPC) are chaired by women

Board composition

BoD's Diversity¹

Focus on remuneration policy: short-term variable remuneration

1. (%) Weight in the variable remuneration

2. FI: Frequency Index

3. FA: Fatal Accidents in the year

Focus on remuneration policy: long-term variable remuneration

Long-term variable remuneration¹ Related targets Strategic Pillars involved

1. Long-Term Incentive Plan (LTI)

2. (%) Weight in the variable remuneration

3. 3.FI: Frequency Index

4. FA: Fatal Accidents in the year

Capital Markets Day 2018-20 strategic plan 9M 2017 results Annexes

Financial highlights (€mn)

^1. Excludes extraordinary items for 114 €mn in 9M 2016 and for 144 €mn in 2017

1. Includes 27 €mn for capex related to asset held for sale in 9M 2017 and 287 €mn in 9M 2016

2. As of December 2016

3. Excludes +399 €mn one-offs in 9M 2016 and +111 €mn in 9M 2017 5. Excluding +269 €mn one-offs in 9M 2016 and +79 €mn in 9M 2017

Ordinary EBITDA evolution (€mn)

• 1. Includes: Gas price review in Italy +311 €mn, +78 €mn Ecotax in Iberia generation, +28 €mn provision release and +19 €mn capital gain on Compostilla RE in Iberia, -37 €mn other
• 1. Relates mainly to Slovenske Elektrarne and North America JV deconsolidation
• 1. Includes -45 €mn for personnel provisions for CELG, -38 €mn for penalties revaluation in Argentina, +52 €mn for islands settlement in Iberia and +142 €mn Bono Social in Iberia

Adjusted EBITDA by business (€mn)

Adjusted EBITDA by geography (€mn)

Ordinary¹EBITDA matrix (€mn)

		Global Generation & Trading	Global Infrastructures & Networks			Renewable Energies		Retail		Services & Other	Total	Total
	9M 2017	9M 2016	9M 2017	9M 2016	9M 2017	9M 2016	9M 2017	9M 2016	9M 2017	9M 2016	9M 2017	9M 2016
Italy	178	405	2,649	2,670	805	792	1,534	1,373	72	81	5,238	5,321
Iberia	597	668	1,389	1,393	176	308	331	592	50	9	2,543	2,970
South America	425	393	1,314	1,042	1,292	1,263	-	-	(58)	(76)	2,973	2,622
Argentina	76	61	171	123	24	19	-	-	-	-	271	203
Brazil	98	55	453	292	183	144	-	-	(27)	(25)	707	466
Chile	125	179	190	186	552	568	-	-	(31)	(51)	858	917
Colombia	37	30	350	296	428	421	-	-	-	1	815	747
Peru	89	68	150	145	98	105	-	-	-	-	337	318
Other	-	-	-	-	7	6	-	-	-	-	(15)	(29)
Europe and North Africa	202	309	136	173	116	95	(46)	31	1	1	409	609
Romania	2	4	136	173	78	55	(46)	33	1	1	171	266
Russia	200	126	-	-	-	-	-	-	-	-	200	126
Slovakia	-	191	-	-	-	-	-	-	-	-	-	191
Other 2	-	(12)	-	-	38	40	-	(2)	-	-	38	26
North & Central America 3	-	-	-	-	326	470	-	-	-	-	326	470
Africa & Asia 4	-	-	-	-	47	7	-	-	-	-	47	7
Other Countries	-	(26)	(9)	-	(58)	(37)	-	-	(163)	(40)	(230)	(103)
Total	1,402	1,749	5,479	5,278	2,704	2,898	1,819	1,996	(98)	(25)	11,306	11,896

1. Excludes extraordinary items for +144 €mn in 2017 of Electrogas Chile capital gain and for +124 €mn in 2016 of Hydro Dolomiti capital gain

2. Includes Belgium, Greece, France, Bulgaria

3. Includes Mexico, USA, Panama, Canada, Guatemala, Costa Rica

4. Includes South Africa, India

Ordinary EBITDA matrix (€mn): new vs old perimeter

			Global Thermal Generation & Trading		Global Renewable Energies
	9M 2017		9M 2016		9M 2017		9M 2016
	Global Thermal Generation	Global Generation	Global Thermal Generation	Global Generation	Global Renewable Energies	EGP	Global Renewable Energies	EGP
Italy	178	571	405	727	805	412	792	470
Iberia	597	660	668	799	176	113	308	177
South America	425	1,462	393	1,467	1,292	255	1,263	189
Argentina	76	101	61	80	24	(1)	19	-
Brazil	98	187	55	136	183	94	144	63
Chile	125	517	179	624	552	160	568	123
Colombia	37	468	30	453	428	(3)	421	(2)
Peru	89	189	68	174	98	(2)	105	(1)
Uruguay	-	-	-	-	7	7	6	6
Europe & North Africa	202	202	309	309	116	116	95	95
Romania	2	2	4	4	78	78	55	55
Russia	200	200	126	126	-	-	-	-
Slovakia	-	-	191	191	-	-	-	-
Other1	-	-	(12)	(12)	38	38	40	40
North & Central America2	-	-	-	-	326	326	470	470
Sub-Saharan Africa & Asia3	-	-	-	-	47	47	7	7
Other	-	-	(26)	(26)	(58)	(58)	(37)	(37)
Total	1,402	2,895	1,749	3,276	2,704	1,211	2,898	1,371

1. Includes Belgium, Greece, France, Bulgaria

2. Includes Mexico, USA, Panama, Canada, Guatemala, Costa Rica

3. Includes South Africa, India

Gross debt¹structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	Central Others	Italy	Iberia	South America	North & Central America	Europe & North Africa	Sub-Saharan Africa & Asia	Total
Bonds	12.25	19.73	-	-	0.06	3.59	-	0.15	-	35.78
Bank Loans	1.04	-	-	4.51	0.95	2.26	0.24	0.23	0.24	9.47
Tax Partnership	-	-	-	-	-		- 0.46	-	-	0.46
Other Loans	-	-	-	0.10	0.52	0.31	0.04	-	0.18	1.15
Other short term debt	0.30	-	-	0.91	0.06		- -	-	-	1.27
Commercial Paper	-	1.44	-	-	1.20		- -	-	-	2.64
Gross debt	13.59	21.17	-	5.52	2.79	6.16	0.74	0.38	0.42	50.77
Financial Receivables	-0.01	-0.28	-0.39	-1.06	-0.52	-0.89	-0.34	-	-	-3.49
Tariff Deficit	-	-	-	-	-0.60		- -	-	-	-0.60
Other short term financial receivables	-2.05	-0.99	-	-0.28	-0.04	-0.04	-0.12	-0.01	-0.02	-3.55
Cash and cash equivalents	-0.98	-0.01	-0.19	-0.38	-0.43	-1.63	-0.26	-1.24	-0.07	-5.19
Net Debt – Third Parties	10.55	19.89	-0.58	3.80	1.20	3.60	0.02	-0.87	0.33	37.94
Net Debt – Intercompany	2.56	-22.22	3.79	9.89	3.39	0.65	1.66	0.30	-0.02	-
Net Debt – Group View	13.11	-2.33	3.21	13.69	4.59	4.25	1.68	-0.57	0.31	37.94

Debt maturity coverage split by typology (€bn)

• 1. Of which 13 €bn of long term committed credit lines with maturities beyond September 2018
• 1. Includes commercial paper

Capital Markets Day 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 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. 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.

Contact us

Email investor.relations@enel.com

Phone +39 06 8305 7975

Web site www.enel.com Luca Passa Head of Group Investor Relations

Elisabetta Ghezzi Investor Relations Holding

Donatella Izzo Investor Relations Sustainability and Other Countries

Marco Donati Investor Relations Reporting and Corporate Governance

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