Enel — Investor Presentation 2016

Mar 17, 2017

March 17, 2017

Opening remarks

EBITDA ahead of full year guidance +6% YoY, net of forex and on a like-for-like basis

Beating efficiency targets, cash costs down by 8%

More than 2 GW built in US, Chile, South Africa and Mexico Growth capex up 33%

2017 Retail EBITDA target reached one year ahead

Net ordinary income +12% on lower minorities Dividend per share of 0.18 €/share, +12% YoY

Financial targets delivered

2 1. Net debt target of 37.2 €bn, based on exchange rate assumptions of 1.08 for euro/US dollar and 0.88 for euro/pound sterling vs. an actual exchange rate of 1.05 for euro/US dollar and 0.86 for euro/pound sterling.

A sustainable strategy

Enel SDGs 400,000 people 3 mn people, mainly in Africa, Asia and Latin America 1.5 mn people¹ < 350 gCO2/kWheq² 2016 results 2020 targets 300,000 people 1.2 mn people 1.1 mn people ~395 gCO2/kWheq

Delivery on industrial strategic pillars

Operational efficiency¹ (€mn)

Operational efficiency: focus on opex

Opex evolution¹ Opex by business³

Savings across all global business lines

• 1. Adjusted figure: excludes +491 €mn one-off in 2015 and +261 €mn in 2016
• 1. Includes +295 €mn CPI effect and -305 €mn forex effect
• 1. In nominal terms. Adjusted for delta perimeter 4. Excludes nuclear in Iberia

Industrial growth: operational targets by business

1. Includes only power and free gas customers

2. Free market + PPAs

3. Includes nuclear capacity 4. Consolidated production

7

Industrial growth: capex

Total capex (€mn) Growth capex by business line (€mn)

Significant acceleration on growth

Industrial growth: Build, Sell and Operate model

Decreasing risk profile and pipeline monetization

1. Excludes 26.4 GW of Large Hydro in 2015 and 24.9 GW in 2016

Industrial growth: focus on capex in execution¹

60% of growth capex already addressed, retaining flexibility within vast pipeline of projects

1. As of January 2017

2. Refers to capacity in Thermal generation and Renewables

Group simplification: Latin America restructuring

Reorganization process completed

1. Including treasury shares in Enel Americas

2. In local GAAP

3. Attributable net income 4. As of March 16, 2017

Regulatory update: focus on Argentina, Brazil and Colombia

Current regulation

 RAB calculation: price cap model  RAB updated every 5 years Colombia  Opex connected to quality indicators  WACC: 13.7%	 RAB calculation: revenue cap model updated with investments  New opex as a % of new assets and historical recognized opex  WACC: Pending to be defined	Revision ongoing	-0.05 €bn
---------------------------------------------------------------------------------------------------------------------------------------------------------	------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	---------------------	-----------

+0.5 €bn

CELG-D acquisition

Second largest distribution company in Brazil with 10 mn customers Significant turn-around opportunity

• 1. SAIDI System Average Interruption Duration Index Hours of Interruption per year/customer
• 1. Adjusted to consider power distribution segment only
• 1. Includes pension fund liabilities and Eletrobras dispute liability according to AES estimates

Active portfolio management

Strong delivery on asset rotation with over 3 €bn disposals

• 1. Impact on net debt
• 1. Includes 0.45 €bn for debt deconsolidation of US JV, 0.75 €bn for BSO disposals
• 1. As of March 2017

Shareholder remuneration

Confidence on strategy delivery allows improved shareholder return

15

FY 2016 consolidated results Financial results

Financial highlights (€mn)

	FY 2016	FY 2015	∆ yoy	Like-for-like
Revenues	70,592	75,658	-7%
Reported EBITDA	15,276	15,297	-%
EBITDA1 Ordinary	15,174	15,040	+1%	+3% (5)
Reported EBIT	8,921	7,685	+16%
EBIT2 Ordinary	9,435	9,215	+2%
Reported Group net income	2,570	2,196	+17%
Group net ordinary income	3,243	2,887	+12%	+18% (6)
Capex3	8,842	7,762	+14%
Net debt4	37,553	37,545	-%
FFO	9,846	9,572	+3%

• 1. Excludes extraordinary items for 102 €mn in 2016 (+124 €mn Hydro Dolomiti capital gain, +173 €mn capital gain Quintero (Chile), -195 €mn write down in Chile and Peru) and for 257 €mn in 2015 (+141 €mn SE Hydropower capital gain and +116 €mn 3Sun)
• 1. Excludes impairments on D&A for 616 €mn in 2016 and for 1,787 €mn in 2015
• 1. Includes capex related to assets held for sale related to Slovenské Elektrárne for 283 €mn and Upstream gas for 7 €mn in FY 2016 and 649 €mn in FY 2015
• 1. FY 2015: net of assets held for sale (841 €mn mainly for Slovenské Elektrárne)
• 1. Excludes +264 €mn one-offs in 2015 and -72 €mn in 2016 6. Excludes +6 €mn one-offs in 2015 and -168 €mn in 2016

Market context in the period (change yoy)

1. As of March 16, 2017

Operational highlights

Number of customers³ (mn)

FY 2015 FY 2016

~36% ~35%

1. Of which large hydro 26.4 GW for FY 2015 and 24.9 GW for FY 2016

2. Of which large hydro 55.5 TWh for FY 2015 and 49.9 TWh for FY 2016

3. Retail free power and gas customers

Operational highlights: Generation

Operational highlights: Distribution

22

Ordinary EBITDA evolution (€mn)

1. Includes: +184 €mn CO2 swap transaction in Iberia generation, +56 €mn in distrubution in Argentina, -24 €mn bad weather extra costs in distribution In Italy; +23 €mn Ecotax Almaraz, +550 €mn release of provision in Slovenske Electrarne, +450 €mn in distribution in Italy, -884 €mn personnel provisions and +91 €mn other

2. Includes: Gas price review in Italy +311 €mn, -439 €mn in generation in Italy for Future-E and sale of CO2 allowances, +111 €mn settlement on domestic coal in Iberia, -120 €mn personnel provision in Iberia, +88 €mn Catalonian nuclear tax in Iberia generation, -23 €mn other

3. Relates to Slovenske Elektrarne deconsolidation

Adjusted EBITDA by business (€mn)

Global Renewable Energies: ordinary EBITDA analysis (€mn)

1. Includes personnel provisions

2. Includes capital gain on transmission line in Peru

Adjusted EBITDA by geography (€mn)

Italy: ordinary EBITDA analysis by business (€mn)

1. Includes -24 €mn bad weather extra costs in distribution, +450 €mn in distribution in Italy, -564 €mn personnel provisions and +42 €mn other

2. Includes gas price review +311 €mn, -439 €mn in generation, -72 €mn personnel provision utilization, -67 €mn other

Italian retail market

Robust trend across the board

Double digit net income accretion

1. Includes other financial expenses (-243 €mn in 2016, +158 €mn in 2015) and results from equity investments (+65 €mn in 2016, +52 €mn in 2015)

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

Cash flow (€mn)

15,174 (1,512) 719 (1,959) (2,576) 9,846 (8,842) 750 1,754 (2,506) 1,494 742 Ordinary EBITDA Provisions Working capital & other Income taxes Financial expenses FFO Capex BSO disposals Free cash flow Dividends paid Active portfolio mgmt Net free cash flow 2 1 FY 2015 (€bn) 15.0 (0.9) (0.4) (1.5) (2.6) 9.6 (7.8) - 1.8 Delta YoY +1% +62% n.m. +29% -1% +3% +14% n.a. -2% (2.3) +9% 0.8 -2% Maint. 2,934 Growth 5,909 3 1.3 +19%

FFO supporting more than record growth capex and efficiency program

1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges)

2. Includes dividends received from equity investments 3. Funds from operations

Net debt evolution (€mn)

Net debt unchanged vs. previous year

Debt and financial expenses (€mn)

Financial expenses reduction in line with guidance

32

Italy 2017 60% 75% 35% Expected production Hedged production Italy 2018 Spain 2017 Spain 2018 60% 15% 38% Expected production Hedged production 30% 100% 40% 30% Expected production Hedged production 30% 20% 44% 26% Expected production Hedged production 43 €/MWh Spread +4 €/MWh ² Price¹ Achieved 59 TWh 61 TWh 75 TWh 75 TWh Regulated / quasi regulated Regulated / quasi regulated Regulated / quasi regulated Regulated / quasi regulated 43 €/MWh Spread - 2 Price¹ Achieved 54 €/MWh Spread +2 €/MWh ² Price¹ Achieved 54 €/MWh Spread - 2 Price¹ Achieved vs. plan vs. plan vs. plan vs. plan 3 3 5% 2% Spread driven Price driven Spread driven Price driven Spread driven Price driven Spread driven Price driven

1. Average hedged price. Wholesale price for Italy, Retail price for Spain.

2. Average on clean spark spread and clean dark spread.

3. Includes only mainland production.

Forward sales¹

33

Closing remarks

Sound delivery on all key strategic pillars with efficiency ahead of guidance

Customer focus strategy fully delivering in Italy and Iberia

Successfully started BSO model in renewables

Latam growth enhanced by recently approved regulatory framework in Argentina

10 €bn FFO generation to support record growth capex

2017 financial targets confirmed

Annexes

From EBITDA to net income (€mn)

	FY 2016 reported	FY 2015 reported	∆ yoy	FY 2016 ordinary	FY 2015 ordinary	∆ yoy
EBITDA	15,276	15,297	-0.1%	15,174	15,040	0.9%
D&A	6,355	7,612		5,739	5,825
EBIT	8,921	7,685	16.1%	9,435	9,215	2.4%
Net financial charges	(2,987)	(2,456)		(2,767)	(2,456)
Net income from equity investments using equity method	(154)	52		65	52
EBT	5,780	5,281	9.5%	6,733	6,811	-1.1%
Income tax	(1,993)	(1,909)		(2,135)	(2,280)
Net income	3,787	3,372		4,598	4,531
Minorities	1,217	1,176		1,355	1,644
Group net income	2,570	2,196	17.0%	3,243	2,887	12.3%

Reported EBITDA matrix (€mn)

	Global Generation	& Trading		Global Infrastructures & Networks		Renewable Energies		Retail		Services & Other	Total	Total
	FY 2016	FY 2015	FY 2016	FY 2015	FY 2016	FY 2015	FY 2016	FY 2015	FY 2016	FY 2015	FY 2016	FY 2015
Italy	(18)	184	3,620	3,933	1,040	1,431	1,932	1,336	105	32	6,679	6,916
Iberia	812	780	1,815	1,643	351	419	677	557	(93)	(46)	3,562	3,353
Latam	748	341	1,429	1,400	1,497	1,640	-	-	(118)	(75)	3,556	3,306
Argentina	98	76	155	165	23	38	-	-	-	-	276	279
Brazil	73	56	433	372	199	137	-	-	(36)	(29)	669	536
Chile	400	53	252	266	634	762	-	-	(25)	1	1,261	1,082
Colombia	51	17	398	406	531	547	-	-	-	-	980	970
Peru	126	139	191	191	102	154	-	-	-	-	419	484
Other1	-	-	-	-	8	2	-	-	(57)	(47)	(49)	(45)
Europe & North Africa	373	1,040	225	260	138	136	25	12	1	3	762	1,451
Romania	(1)	(1)	225	260	84	83	30	19	1	3	339	364
Russia	186	164	-	-	-	-	-	-	-	-	186	164
Slovakia	191	871	-	-	-	-	-	-	-	-	191	871
Other2	(3)	6	-	-	54	53	(5)	(7)	-	-	46	52
North & Central America3	-	-	-	-	833	575	-	-	-	-	833	575
Sub-Saharan Africa & Asia4	-	-	-	-	14	7	-	-	-	-	14	7
Other	(54)	(42)	(13)	6	(59)	(97)	-	-	(4)	(178)	(130)	(311)
Total	1,861	2,303	7,076	7,242	3,814	4,111	2,634	1,905	(109)	(264)	15,276	15,297

1. Includes Uruguay and other

2. Includes Belgium, Greece, France, Bulgaria

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

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

		Global Thermal Generation & Trading			Global Renewable Energies
		FY 2016		FY 2015	FY 2016		FY 2015
	Global Thermal Generation	Global Generation	Global Thermal Generation	Global Generation	Global Renewable Energies	EGP	Global Renewable Energies	EGP
Italy	(18)	429	184	796	1,040	593	1,431	819
Iberia	812	950	780	958	351	213	419	241
Latin America	748	2,157	341	1,841	1,497	88	1,640	140
Argentina	98	121	76	115	23	-	38	(1)
Brazil	73	186	56	148	199	86	137	45
Chile	400	1,007	53	718	634	27	762	97
Colombia	51	584	17	567	531	(2)	547	(3)
Peru	126	260	139	293	102	(32)	154	-
Other1	-	-	-	-	8	8	2	2
Europe & North Africa	373	373	1,040	1,040	138	138	136	136
Romania	(1)	(1)	(1)	(1)	84	84	83	83
Russia	186	186	164	164	-	-	-	-
Slovakia	191	191	871	871	-	-	-	-
Other2	(3)	(3)	6	6	54	54	53	53
North & Central America3	-	-	-	-	833	833	575	575
Sub-Saharan Africa & Asia4	-	-	-	-	14	14	7	7
Other	(54)	(54)	(42)	(42)	(59)	(59)	(97)	(97)
Total	1,861	3,855	2,303	4,593	3,814	1,820	4,111	1,821

1. Includes Uruguay and other

2. Includes Belgium, Greece, France, Bulgaria

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

Ordinary¹EBITDA matrix (€mn)

		Global Thermal Generation & Trading		Global Infrastructures & Networks		Global Renewable Energies		Retail		Services & Other	Total	Total
	FY 2016	FY 2015	FY 2016	FY 2015	FY 2016	FY 2015	FY 2016	FY 2015	FY 2016	FY 2015	FY 2016	FY 2015
Italy	(142)	43	3,620	3,933	1,040	1,315	1,932	1,336	105	32	6,555	6,659
Iberia	812	780	1,815	1,643	351	419	677	557	(93)	(46)	3,562	3,353
Latam	575	341	1,429	1,400	1,692	1,640	-	-	(118)	(75)	3,578	3,306
Argentina	98	76	155	165	23	38	-	-	-	-	276	279
Brazil	73	56	433	372	199	137	-	-	(36)	(29)	669	536
Chile	227	53	252	266	799	762	-	-	(25)	1	1,253	1,082
Colombia	51	17	398	406	531	547	-	-	-	-	980	970
Peru	126	139	191	191	132	154	-	-	-	-	449	484
Other2	-	-	-	-	8	2	-	-	(57)	(47)	(49)	(45)
Europe & North Africa	373	1,040	225	260	138	136	25	12	1	3	762	1,451
Romania	(1)	(1)	225	260	84	83	30	19	1	3	339	364
Russia	186	164	-	-	-	-	-	-	-	-	186	164
Slovakia	191	871	-	-	-	-	-	-	-	-	191	871
Other3	(3)	6	-	-	54	53	(5)	(7)	-	-	46	52
North & Central America4	-	-	-	-	833	575	-	-	-	-	833	575
Sub-Saharan Africa & Asia5	-	-	-	-	14	7	-	-	-	-	14	7
Other	(54)	(42)	(13)	6	(59)	(97)	-	-	(4)	(178)	(130)	(311)
Total	1,564	2,162	7,076	7,242	4,009	3,995	2,634	1,905	(109)	(264)	15,174	15,040

1. Excludes extraordinary items for 102 €mn in 2016 (+124 €mn Hydro Dolomiti capital gain, +173 €mn capital gain Quintero (Chile), -195 €mn write down in Chile and Peru) and for 257 €mn in 2015 (+141 €mn SE Hydropower capital gain and +116 €mn 3Sun)

2. Includes Uruguay and other

3. Includes Belgium, Greece, France, Bulgaria

4. Includes Mexico, USA, Panama, Canada, Guatemala, Costa Rica 5. Includes South Africa, India

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

			Global Thermal Generation & Trading		Global Renewable Energies
		FY 2016	FY 2015		FY 2016		FY 2015
	Global Thermal Generation	Global Generation	Global Thermal Generation	Global Generation	Global Renewable Energies	EGP	Global Renewable Energies	EGP
Italy	(142)	305	43	655	1,040	593	1,315	703
Iberia	812	950	780	958	351	213	419	241
Latin America	575	1,984	341	1,841	1,692	283	1,640	140
Argentina	98	121	76	115	23	-	38	(1)
Brazil	73	186	56	148	199	86	137	45
Chile	227	834	53	718	799	192	762	97
Colombia	51	584	17	567	531	(2)	547	(3)
Peru	126	260	139	293	132	(2)	154	-
Other1	-	-	-	-	8	8	2	2
Europe & North Africa	373	373	1,040	1,040	138	138	136	136
Romania	(1)	(1)	(1)	(1)	84	84	83	83
Russia	186	186	164	164	-	-	-	-
Slovakia	191	191	871	871	-	-	-	-
Other2	(3)	(3)	6	6	54	54	53	53
North & Central America3	-	-	-	-	833	833	575	575
Sub-Saharan Africa & Asia4	-	-	-	-	14	14	7	7
Other	(54)	(54)	(42)	(42)	(59)	(59)	(97)	(97)
Total	1,564	3,558	2,162	4,452	4,009	2,015	3,995	1,705

1. Includes Uruguay and other

2. Includes Belgium, Greece, France, Bulgaria

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

EBITDA from Reported to Adjusted: breakdown by geography (€mn)

FY 2016	Italy	Iberia	Latam	Europe & North Africa	North & Central America	Sub-Saharan Africa & Asia	Other	Total
Reported	6,679	3,562	3,556	762	833	14	(130)	15,276
Extraordinary items	(124)	-	22	-	-	-	-	(102)
Ordinary	6,555	3,562	3,578	762	833	14	(130)	15,174
One-offs	133	(26)	27	14	-	-	(76)	72
Adjusted	6,688	3,536	3,605	776	833	14	(206)	15,246

FY 2015	Italy	Iberia	Latam	Europe & North Africa	North & Central America	Sub-Saharan Africa & Asia	Other	Total
Reported	6,916	3,353	3,306	1,451	575	7	(311)	15,297
Extraordinary items	(257)	-	-	-	-	-	-	(257)
Ordinary	6,659	3,353	3,306	1,451	575	7	(311)	15,040
One-offs	96	141	(57)	(542)			98	(264)
Adjusted	6,755	3,494	3,249	909	575	7	(213)	14,776

EBITDA from Reported to Adjusted: breakdown by business line (€mn)

FY 2016	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Services & Holding	Total
Reported	1,861	7,076	3,814	2,634	(109)	15,276
Extraordinary items	(297)	-	195	-	-	(102)
Ordinary	1,564	7,076	4,009	2,634	(109)	15,174
One-offs	40	17	(22)	72	(35)	72
Adjusted	1,604	7,093	3,987	2,706	(144)	15,246

FY 2015	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Services & Holding	Total
Reported	2,303	7,242	4,111	1,905	(264)	15,297
Extraordinary items	(141)	-	(116)	-	-	(257)
Ordinary	2,162	7,242	3,995	1,905	(264)	15,040
One-offs	(453)	(43)	25	72	135	(264)
Adjusted	1,709	7,199	4,020	1,977	(129)	14,776

Operational efficiency: opex (€mn)

Forward sales Latam

Colombia

Brazil

Gross debt¹structure

Debt structure by instrument (€bn)

Debt by instrument	Enel Spa	EFI	Central Others	Italy	Iberia	Latin America	North & Central America	Europe & North Africa	Sub-Saharan Africa & Asia	Total
Bonds	13.39	18.16	-	-	0.09	4.05	-	0.16	-	35.85
Bank Loans	0.05	-	-	4.63	0.71	1.89	0.44	0.24	0.23	8.19
Tax Partnership	-	-	-	-	-	-	0.60	-	-	0.60
Other Loans	-	-	-	0.10	0.53	0.20	0.05	-	0.20	1.08
Other short term debt	1.91	-	0.01	0.25	0.38	0.06	-	-	-	2.61
Commercial Paper	-	2.12	-	-	0.94	-	-	-	-	3.06
Gross debt	15.35	20.28	0.01	4.98	2.65	6.20	1.09	0.40	0.43	51.39
Financial Receivables	-0.01	-	-0.44	-1.15	-0.50	-0.85	-0.17	-	-	-3.12
Tariff Deficit	-	-	-	-	-0.27	-	-	-	-	-0.27
Other short term financial receivables	-1.01	-0.12	-	-0.32	-0.05	-0.03	-0.57	-	-0.02	-2.12
Cash and cash equivalents	-3.04	-0.09	-0.14	-0.22	-0.42	-2.93	-0.11	-1.36	-0.02	-8.33
Net Debt – Third Parties	11.29	20.07	-0.57	3.29	1.41	2.39	0.24	-0.96	0.39	37.55
Net Debt – Intercompany	2.55	-21.36	4.21	8.40	2.99	1.31	1.38	0.34	0.18	-
Net Debt – Group View	13.84	-1.29	3.64	11.69	4.40	3.70	1.62	-0.62	0.57	37.55

Debt maturity coverage split by typology (€bn)

1. Of which 14.2 €bn of long term committed credit lines with maturities beyond December 2017

2. Includes commercial paper

Balance sheet (€mn)

Italy: reported figures (€mn)

	Revenues		EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Thermal Generation and Trading		19,397 22,186	-13%	(18)	184	-110%	(354)	(93)	281%
Infrastructure & Networks	7,237	7,905	-8%	3,620	3,933	-8%	2,597	2,914	-11%
Retail	15,323	15,138	1%	1,932	1,336	45%	1,333	690	93%
Renewables	1,755	2,308	-24%	1,040	1,431	-27%	761	1,095	-31%
Services and Other	(6,755)	(6,810)	-1%	105	32	228%	50	(18)	-378%
Total	36,957	40,727	-9%	6,679	6,916	-3%	4,387	4,588	-4%

	FY 2016	FY 2015	yoy
CAPEX	1,883	1,843	2%
Headcount	29,321	30,374	-3%

Iberia: reported figures (€mn)

	Revenues		EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Thermal Generation and Trading	4,893	5,800	-16%	812	780	4%	187	127	47%
Infrastructure & Networks	2,566	2,667	-4%	1,815	1,643	10%	1,044	868	20%
Retail	14,132	15,677	-10%	677	557	22%	537	399	35%
Renewables	665	808	-18%	351	419	-16%	89	139	-36%
Services and Other	(3,303)	(4,468)	-26%	(93)	(46)	102%	(91)	(60)	52%
Total	18,953	20,484	-7%	3,562	3,353	6%	1,766	1,473	20%

	FY 2016	FY 2015	yoy
CAPEX	1,147	1,001	15%
Headcount	9,695	10,225	-5%

Latam: reported figures (€mn)

	Revenues		EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Thermal Generation and Trading	2,039	1,835	11%	748	341	119%	211	14	1407%
Infrastructure & Networks	5,759	6,220	-7%	1,429	1,400	2%	836	846	-1%
Renewables	2,938	2,740	7%	1,497	1,640	-9%	1,242	1,538	-19%
Services and Other	32	33	-	(118)	(75)	-	(126)	(78)	-
Total	10,768	10,828	-1%	3,556	3,306	8%	2,163	2,320	-7%

	FY 2016	FY 2015	yoy
CAPEX	3,069	2,937	4%
Headcount	12,979	12,802	1%

Argentina: reported figures (€mn)

	Revenues		EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Thermal Generation and Trading	241	237	2%	98	76	29%	60	31	94%
Infrastructure & Networks	887	835	6%	155	165	-6%	128	143	-10%
Renewables	35	54	-35%	23	38	-39%	21	37	-43%
Services and Other	-	1	-	-	-	-	(1)	(1)	-
Total	1,163	1,127	3%	276	279	-1%	208	210	-1%

	FY 2016	FY 2015	yoy
Generation	12.5	11.2	+12%
Distribution	26.1	33.5	-22%

Brazil: reported figures (€mn)

	Revenues		EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Thermal Generation and Trading	179	200	-11%	73	56	30%	65	49	33%
Infrastructure & Networks	2,065	2,431	-15%	433	372	16%	55	40	38%
Renewables	362	242	50%	199	137	45%	169	111	52%
Services and Other	(5)	(5)	-	(36)	(29)	-	(39)	(30)	-
Total	2,601	2,868	-9%	669	536	25%	250	170	47%

	FY 2016	FY 2015	yoy
Generation	15.4	11.6	+33%
Distribution	34.9	30.7	+14%

Chile: reported figures (€mn)

	Revenues		EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Thermal Generation and Trading	1,500	1,063	41%	400	53	655%	(5)	(88)	-94%
Infrastructure & Networks	1,161	1,190	-2%	252	266	-5%	205	217	-6%
Renewables	1,003	1,137	-12%	634	762	-17%	495	696	-29%
Services and Other	49	(21)	-	(25)	1	-	(26)	1	-
Total	3,713	3,369	10%	1,261	1,082	17%	669	826	-19%

	FY 2016	FY 2015	yoy
Generation	17.3	8.5	+103%
Distribution	22.8	23.6	-3%

Colombia: reported figures (€mn)

	Revenues		EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Thermal Generation and Trading	88	27	226%	51	17	200%	9	(49)	-118%
Infrastructure & Networks	1,049	1,122	-7%	398	406	-2%	316	315	0%
Renewables	917	1,009	-9%	531	547	-3%	476	547	-13%
Services and Other	-	(1)	-	-	-	-	-	-	-
Total	2,054	2,157	-5%	980	970	1%	801	813	-1%

	FY 2016	FY 2015	yoy
Generation	4.8	2.7	+78%
Distribution	38.4	37.9	+1%

Peru: reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Thermal Generation and Trading	31	308	-90%	126	139	-9%	82	71	15%
Infrastructure & Networks	597	642	-7%	191	191	0%	132	131	1%
Renewables	609	294	107%	102	154	-34%	76	145	-48%
Services and Other	(1)	(1)	-	-	-	-	-	-	-
Total	1,236	1,243	-1%	419	484	-13%	290	347	-16%

	FY 2016	FY 2015	yoy
Generation	14.2	20.2	-30%
Distribution	32.6	32.9	-1%

Europe & North Africa: reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
Romania	1,058	1,090	-3%	339	364	-7%	71	58	22%
Russia	985	1,062	-7%	186	164	13%	136	(839)	-116%
Slovakia	1,360	2,401	-43%	191	871	-78%	114	184	-38%
Other	395	437	-10%	46	52	-12%	(35)	28	-225%
Total	3,798	4,990	-24%	762	1,451	-47%	286	(569)	-150%

	FY 2016	FY 2015	yoy
CAPEX	265	249	6%
Headcount	5,858	10,367	-43%

Other countries: reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy	FY 2016	FY 2015	yoy
North & Central America	1,125	882	28%	833	575	45%	565	338	67%
North America	774	534	45%	587	351	67%	398	168	137%
Mexico	125	95	32%	95	54	76%	42	23	83%
Panama	143	172	-17%	93	116	-20%	80	104	-23%
Other	83	81	2%	58	54	7%	45	43	5%
Sub Saharian Africa & Asia	29	18	61%	14	7	100%	(5)	4	-225%
Total	1,154	900	28%	847	582	46%	560	342	64%

North & Central America	FY 2016	FY 2015	yoy
CAPEX	1,832	720	154%
Headcount	891	810	10%

Sub Saharian Africa & Asia	FY 2016	FY 2015	yoy
CAPEX	304	311	-2%
Headcount	185	120	54%

Capex by country¹ (€mn)

1. Continuing operations (excludes assets held for sale), gross of contributions 59

Group total net installed capacity: breakdown by technology and geography

MW	Hydro1	Wind	Geothermal	Solar & Other	Nuke	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	12,423	728	761	97	-	6,478	4,535	2,739	27,760
Iberia	4,764	1,618	-	14	3,318	5,168	5,445	2,417	22,744
Latam	9,590	1,092	-	504	-	835	4,311	2,583	18,915
Argentina	1,328	-	-	-	-	-	1,994	1,097	4,419
Brazil	890	400	-	12	-	-	319	-	1,621
Chile	3,548	642	-	492	-	611	1,532	609	7,434
Colombia	3,046	-	-	-	-	224	-	187	3,457
Peru	778	-	-	-	-	-	467	689	1,934
Uruguay	-	50	-	-	-	-	-	-	50
Europa & North Africa	19	741	-	106	-	3,623	809	4,512	9,810
Romania	-	498	-	36	-	-	-	-	534
Russia	-	-	-	-	-	3,623	809	4,512	8,944
Slovakia	-	-	-	-	-	-	-	-	-
Other2	19	242	-	71	-	-	-	-	332
North/Central Americas	630	2,018	-	144	-	-	-	-	2,792
Mexico	53	675	-	0	-	-	-	-	728
Panama	300	-	-	25	-	-	-	-	325
USA	33	1,267	-	119	-	-	-	-	1,418
Other3	245	76	-	-	-	-	-	-	321
Africa Subsahariana & Asia4	-	335	-	323	-	-	-	-	659
Total	27,425	6,531	761	1,189	3,318	16,103	15,100	12,251	82,679

1. Includes 24,888 MW of Large Hydro (10,903 MW in Italy, 4,721 MW in Iberia, 9,263 MW in Latam)

2. Includes Belgium, Greece, France, Bulgaria

3. Includes Canada, Guatemala, Costa Rica

Group total net production: breakdown by technology and geography

GWh	Hydro1	Wind	Geothermal	Solar & Other	Nuke	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	16,052	1,298	5,832	122	-	28,145	8,913	551	60,913
Iberia	7,288	3,422	-	167	25,921	21,336	7,425	6,764	72,323
Latam	32,619	2,451	-	827	-	3,653	18,029	4,586	62,165
Argentina	2,256	-	-	-	-	-	8,559	2,309	13,124
Brazil	2,787	1,099	-	16	-	-	1,572	-	5,474
Chile	9,375	1,162	-	811	-	3,061	4,985	333	19,727
Colombia	14,031	-	-	-	-	592	-	329	14,952
Peru	4,170	-	-	-	-	-	2,914	1,615	8,698
Uruguay	-	189	-	-	-	-	-	-	189
Europa & North Africa	1,235	1,715	-	147	7,523	19,209	5,936	17,848	53,613
Romania	-	1,192	-	43	-	-	-	-	1,236
Russia	-	-	-	-	-	18,254	4,959	17,848	41,062
Slovakia	1,201	-	-	5	7,523	954	-	-	9,684
Other2	34	522	-	99	-	-	977	-	1,632
North/Central Americas	2,837	9,007	362	62	-	-	-	-	12,268
Mexico	214	1,567	-	0	-	-	-	-	1,781
Panama	1,347	-	-	20	-	-	-	-	1,367
USA	784	7,120	362	42	-	-	-	-	8,308
Other3	491	320	-	-	-	-	-	-	811
Africa Subsahariana & Asia4	-	401	-	129	-	-	-	-	530
Total	60,031	18,294	6,194	1,455	33,444	72,343	40,303	29,749	261,812

1. Includes 49,921 GWh of Large Hydro (10,791 GWh in Italy, 7,173 GWh in Iberia, 30,755 GWh in Latam, 1,201 GWh in Europe & North Africa)

2. Includes Belgium, Greece, Bulgaria

3. Includes Canada, Guatemala, Costa Rica

Group total additional capacity: breakdown by technology and geography

MW	Hydro1	Wind	Geothermal	Solar & Other	Nuke	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	8	8	-	16	-	-	-	-	32
Iberia	1	1	-	-	-	-	-	-	2
Latam	192	224	-	318	-	-	-	-	734
Argentina	-	-	-	-	-	-	-	-	-
Brazil	142	-	-	-	-	-	-	-	142
Chile	-	224	-	318	-	-	-	-	542
Colombia	50	-	-	-	-	-	-	-	50
Perù	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	-	-	-	-	-
Uruguay	-	-	-	-	-	-	-	-	-
Europa & North Africa	-	-	-	-	-	-	-	-	-
Romania	-	-	-	-	-	-	-	-	-
Russia	-	-	-	-	-	-	-	-	-
Slovakia	-	-	-	-	-	-	-	-	-
Other2	-	-	-	-	-	-	-	-	-
North/Central Americas	50	574	-	132	-	-	-	-	755
Mexico	-	229	-	-	-	-	-	-	229
Panama	-	-	-	13	-	-	-	-	13
USA	-	345	-	119	-	-	-	-	464
Other3	-	-	-	-	-	-	-	-	-
Africa Subsahariana & Asia4	-	163	-	314	-	-	-	-	477
Total	250	970	-	779	-	-	-	-	1,999

1. Of which 50 MW of Large Hydro

2. Includes Belgium, Greece and Bulgaria

3. Includes Canada, Guatemala, Costa Rica

Renewable projects in execution: breakdown by technology and geography1,2

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	-	4	4	-	1	9
Iberia	-	6	-	-	-	6
Latam	766	171	41	1,742	-	2,720
Europe & North Africa	154	-	-	-	-	154
North & Central America	570	-	-	60	-	630
Sub-Saharan Africa & Asia	741	-	-	34	-	775
Total	2,231	181	45	1,836	1	4,294

Renewable projects under construction : breakdown by technology and geography1,2

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	-	4	-	-	1	5
Iberia	-	-	-	-	-	-
Latam	766	150	41	987	-	1,944
Europe & North Africa	-	-	-	-	-	-
North & Central America	570	-	-	60	-	630
Sub-Saharan Africa & Asia	36	-	-	-	-	36
Total	1,372	154	41	1,047	1	2,615

Renewable projects ready to build : breakdown by technology and geography1,2

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	-	-	4	-	-	4
Iberia	-	6	-	-	-	6
Latam	-	21	-	755	-	776
Europe & North Africa	154	-	-	-	-	154
North & Central America	-	-	-	-	-	-
Sub-Saharan Africa & Asia	705	-	-	34	-	739
Total	859	27	4	789	-	1,679

Global Renewable Energies gross pipeline¹

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.

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

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Marco Donati Investor Relations Reporting and Corporate Governance

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