Enel

Investor Presentation • Nov 20, 2018

Capital Markets Day

Strategic Plan 2019-21

Francesco Starace (CEO & General Manager)

Enel Today

2015-2018 Our Delivery

2019-2021 Our Vision & Positioning

2019-2021 Our Pillars

Alberto De Paoli (CFO)
	Capital allocation
2019-21 Our Plan	Business line highlights
	Financial management
	Risk management
	Earnings & targets
	Francesco Starace (CEO & General Manager)
Closing Remarks

Capital Markets Day

Strategic Plan 2019-21

Francesco Starace CEO & General Manager

Our business model is well diversified and provides long term visibility

2015-2018 Our Delivery

Sustainable, profitable, digitalized and customer centric

		2015	2018E
Renewables focus	Owned RES capacity/Total capacity %	41%	45%	Decarbonization
CO2 Footprint	Specific Co2 emissions kg/kWh eq	0.409	0.390
End Users	mn	61	73
Retail customers	Mn customers in the free market	17	22	Customer centricity
New businesses	Gross margin Enel X €bn	n.a.	0.5
Digital impact	% of digital investments on total	n.a.	19%
Group simplification	Group net income/total net income	64%	70%
Cash flow generation	FFO – gross capex €bn	1.8	2.4	Value creation
Shareholder return	DPS €/sh	0.16	0.28	7

Our strategy delivered growth while improving our financial strength

6.8 8.1 2013-15 2016-18 Average capex (€bn) +19% EBITDA (€bn) +8%

Active Portfolio Management was balanced and accretive

1. Net Impact from both source of funds and use of funds

^1. eMotorWerks worldwide private charging points

Strong commitment to our SDGs targets

Engaging	local communities (mn beneficiaries)	2018E1	20201
	High-quality, inclusive and fair education	0.9	0.8
	Access to affordable and clean energy mainly in Africa, Asia and Latin America	2.22	3.0
	Employment and sustainable and inclusive economic growth	1.8	3.0
Climate	change	2018E	2020
	Reduction of CO specific emissions 2 (kg/kWh ) eq	0.39	<0.35

1. In the whole Group perimeter, 4.9 mn beneficiaries were reached

Management actions have driven higher returns and shareholder remuneration

2019-2021 Our Vision & Positioning

Integrated model captures opportunities from energy transition

Decarbonisation shapes our capacity and improves margins

Renewables extra margin

Total installed capacity 2018-21¹ (GW)

• 1. Includes managed capacity.
• 1. 0.6 GW additional capacity subject to portfolio rotation
• 1. Emission free production includes nuclear generation
• 1. Target certified as «Science based». CO2 specific emissions will be <0.345 kg/kWheq in 2021

Electrification and urbanization drive infrastructure investments and new services to clients

352 321 2018E 2021 Network automation efficiency Customer/RC node -8% 22 36 2018E 2021 Free market customers³ (mn) +64% Charging points 48 455 ¹ (k) Demand response (GW) 5.7 9.9 2018E 2021 2.5 3.4 Public lighting (mn points) ^{73 75} 2018E 2021 End users (mn) 471 518 2018E 2021 Electricity distributed (TWh) +10% +3% Infrastructure investments Customer needs and services Credit cards (mn) 0.9 1.9 2.7 4.0 Maintenance and repair (mn clients) Storage (MW/yr) 3 173 2018E 2021 4.2 8.5 Fiber deployment (Households passed mn) 2

• 1. Public & private charging points installed (public 5.5k in 2018E and 24.1k in 2021)
• 1. Includes Italy for clusteres A&B
• 1. Power and gas customers

Digitalization fuels economic benefits and satisfies customers needs

2019-2021 Our Pillars

Sustainable value creation over the long term

Asset development supports our growth ambitions

Asset development by business¹ 2019-21

Total gross capex by business and by nature¹ 2019-21

Renewables are the driving force of growth

Our pillars

1. Of which 1.8 GW related to BSO and 0.8GW related to JVs.

Networks' investments tailored to maximize asset base value

Restructuring of Eletropaulo Completion of Goias turnaround

Our pillars

Industrial Growth

Resiliency and flexibility in Italy and Spain

Digitalization to promote efficiencies and improve service quality

2021 RAB ~45 €bn: ~30% South America, ~70% Europe

42%

Gross capex 2019-21 by nature & by geography

Asset development

Asset Management

Customers

South America Europe & NA

Industrial Growth

Driving efficiencies across all businesses

1. Of which CPI +0.9 €bn and forex -0.3 €bn

Our commitment to SDGs and Human Capital

2030¹

24

Human Capital	Engaging	local communities (mn beneficiaries)	20301
		High-quality, inclusive and fair education	2.5
		Access to affordable and clean energy	10.0
		Employment and sustainable and inclusive economic growth	8.0
	Climate	change	2030

Reduction of CO specific emissions (kg/kWh ) 2 eq	0.23

Innovation and infrastructure/Sustainable cities 2021

Smart meters (mn)	46.9
Digitalization capex (€bn)	5.3
Charging points2 (th)	455

2021
100% of people involved 99% of people appraised
100% of people involved 86% of people participating
Recruiting should ensure equal gender splitting of the candidates (c. 50%)
100% of people involved in digital skills training

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

Sustainable, profitable, digitalized and customer centric

		2015	2018E	2021
Renewables focus	Owned RES capacity/Total capacity %	41%	45%	55%
CO2 Footprint	Specific Co2 emissions kg/kWh	0.409	0.390	0.345
End Users	mn	61	73	75
Retail customers	Mn customers in the free market	17	22	36
New businesses	Gross margin Enel X €bn	n.a.	0.5	0.9
Digital impact	Cumulated EBITDA 2019-21 (€bn)	n.a.		2.5
Group simplification	Group net income/total net income	64%	70%	71%
Cash flow generation	FFO – gross capex €bn	1.8	2.4	4.4	~1.8x

Improved return on invested capital supporting dividend growth

0.28 0.33 0.37 0.39 2018E 2019 2020 2021 Implicit DPS at 70% pay-out (€/sh) +39% EPS 0.47 0.53 0.55 Value creation spread 0.36 Min DPS 0.28 0.32 0.34 0.40 2018 2021 8.8% 10.2% 6.2% ROIC¹ WACC 6.3% Value creation 400 bps CAGR 2018-21 + 12% +9% Value creation 250 bps

Capital Markets Day

Strategic Plan 2019-21

Alberto De Paoli CFO

2019-2021 Our Plan

New investment cycle drives growth while debt remains stable

8.2 9.2 2018-20 Old Plan 2019-21 Average capex (€bn) +12% EBITDA (€bn) 16.2 19.4 2018E 2021 +20%

Our plan

41-42 41.8 2018E 2021 Net Debt (€bn) -

Net income (€bn)

Solid improvement in profitability, returns, and credit metrics

2019-2021 Capital Allocation

Increased capex plan focused on asset development and customers

Capex plan¹ (€bn) 14.4 16.5 4.1 4.8 6.1 6.2 2018-20 old plan 2019-21 new plan Asset development Customer Asset management 27.5 24.6 +12% 16.2 2.1 1.0 0.1 19.4 EBITDA 2018E Asset development Customer Asset management EBITDA 2021 EBITDA evolution by investment (€bn) +20%

Asset management pre-tax cumulated cash generation above 32€bn

Growth driven by networks and renewables

1. It excludes other equal to -0.1 €mn. Thermal generation includes nuclear

2. Excluding the impact of our asset rotation programme

Beyond plan period, run rate capex grows from 6.7€bn to 8€bn

Capex run-rate (€bn)

Drivers of run rate by business line

42- 45%

2019-2021 Business Line Highlights

Renewables: diversifying mix, improved visibility

~100

Installed capacity and Production by technology¹

48

28 28

2018E 2021

Hydro Solar Other

Wind

2 14 39 5

~ 65% of cumulated production sold forward

1. Consolidated capacity only

2. Volumes to be sold forward in year n-1

8

Incremental asset development capex fully allocated to renewables

Asset development capex evolution (€bn) Incremental renewable capacity by geography and technology

1. Calculated as asset develpoment Ebitda at regime/Capex (net of BSO)

Renewables: accelerating growth

Gross Capex 2019-21

Networks: 4% total RAB growth

5.5

14.0

1.5 2.5 4.9 1.8 2.2 2.0 1.3 2.7 11.7 1.3 2018E 2021 31 31 2018E 2021 - +20% Energy distributed (TWh) 356 368 116 149 Europe: RAB evolution (€bn) South America: RAB evolution (€bn) Argentina Brazil Chile Colombia Peru

1. WACC nominal pre-tax

2. Blend of Rio, Cearà, Goias and Eletropaulo

Networks: profitability supported by asset turnaround and efficiencies

Gross Capex 2019-21

Networks: Eletropaulo turnaround doubling EBITDA

	2018E	2021
Electricity distributed (TWh)	43	+9%
1 (%) Quality index	-2.8	+170bps
Opex/end user (€/cust)	62	-30%

Eletropaulo 2021	Cearà 2021
~255	~275
~44	~ 36

Enel X: capturing new opportunities with customers

Gross Capex 2019-21

2018-21 EBITDA evolution¹ (€bn)

Retail: further growth on increase in customer base and efficiency

• 1. Includes Italy, Spain and Romania
• 1. Resulated and free market power and gas customers
• 1. Free market + PPAs

2019-2021 Financial Management

Stable debt throughout the plan

Net debt evolution (€bn)

Source of funds allocation 2019-21 (€bn)

Improving credit metrics

Credit metrics

Net debt/EBITDA FFO/Net debt

Long term credit rating
	Rating	Outlook
Standard & Poors	BBB+	Stable
Moody's	Baa2	Stable
Fitch	BBB+	Stable

Continued reduction in cost of debt

Financial strategy for 2019-21 (€bn)

	Amount	Expected cost1	Current total cost
Bond refinancing including green bonds	6.2	3%	4.2%
Bank loans and other financing	2.8	2.5%	2.3%
Hybrid refinancing	1.8	4.9%	6.4%
Emerging markets	2.8	7.4%	7.6%
Total	13.6	4.1%	4.8%

Net financial expenses on debt (€bn)

2019-2021 Risk Management

Operating risk: low EBITDA exposure to merchant risk

EBITDA 2019-21 (€bn)

Regulated EBITDA by business 2019-21

100 %	55.3		Regulated	~ 100%
Merchant 80%	28%	Retail portfolio hedge	Regulated, contracted under long term PPA, incentivized	~ 64%
60%			Regulated	~ 46%
40% Regulated & contracted 20%	72%		Regulated	~ 23%
0%	2019-21 EBITDA		Regulated	~ 20%

Operating risk: natural margin hedge from retail portfolio

Operating risk: low regulatory risk over the plan period

Highly visible frameworks Argentina Brazil² Chile Colombia Peru Italy Iberia¹ Romania 2018 2019 2020 2021 2022 2019-21 BP South America 2019-21 BP Stable and mature regulations WACC WACC 5.9% 5.5% / 6.0% 5.7% 12.3% 11.8% 10% 12.5% 12% Europe 2018 2019 2020 2021 2022

Operating risk: renewables growth already significantly addressed

(GW)

Risk management

2019-21 Additional capacity addressed¹

Pipeline by geography and technology² (GW)

1. It includes managed capacity

2. As of September 2018

3. Includes 2019-2021 CODs only

Currency risk: low exposure to volatile currencies

FX sensitivity¹ – Avg. yearly impact 2019-21 (€mn)

Financial risk: gross debt hedges softening FX swings and rates movements

Financial risk: limited re-financing needs; strong available liquidity

2019-2021 Earnings & Targets

Strategy driving 37% increase in earnings vs 20% increase in EBITDA

Visible value creation for our shareholders

Earnings growth	2018	2019	2020	2021	CAGR (%) 2018-21
Ordinary EBITDA (€bn)	16.2	17.4	18.5	19.4	~+6%
Net ordinary income (€bn)	4.1	4.8	5.4	5.6	~+11%

Value creation

Pay-out ratio	70%	70%	70%	70%	-
Implicit DPS (€/sh)	0.28	0.33	0.37	0.39	~+12%
Minimum dividend per share (€)	0.28	0.32	0.34	0.36	~+9%

Three years minimum dividend per share

Closing remarks

Closing remarks

Delivering on all targets

Integrated model driving synergies and reducing risk profile

Acceleration of renewables capacity development

Significant value creation for all stakeholders

Three years dividend certainty, with upside potential

2019-2021 Financial annexes

Agenda

Macro scenario

Thermal generation

Renewables

Infrastructure & Networks

Retail

Enel Group

2019-2021 Macro scenario

GDP, CPI, FX

		GDP (%)			CPI (%)			FX against €1
	2019	2020	2021	2019	2020	2021	2019	2020	2021
Italy	1.2	1.1	1.0	1.5	1.6	1.7	n. m.	n. m.	n. m.
Iberia	2.3	2.0	1.8	1.7	1.7	1.7	n. m.	n. m.	n. m.
South America
Argentina	3.1	3.1	3.0	20.0	17.0	14.0	36.2	38.6	40.4
Brazil	2.8	3.0	2.8	4.0	4.2	4.2	4.3	4.4	4.5
Chile	3.2	3.2	3.2	3.0	3.0	3.1	744	746	747
Colombia	2.9	3.1	3.1	3.4	3.4	3.4	3,657	3,767	3,859
Peru	4.0	4.1	4.1	2.5	2.6	2.5	4.0	3.9	3.9
Europe and North Africa
Romania	4.0	3.3	2.9	3.4	2.8	2.4	4.9	4.9	5.0
Russia	1.9	1.7	1.7	4.2	4.3	4.2	74.1	75.6	76.9
North & Central America
USA	2.3	2.1	1.9	2.2	2.3	2.3	1.2	1.2	1.2
M exico	2.5	2.6	2.5	3.7	3.4	3.3	22.7	22.9	23.2

Commodities' prices

	2018E	2019	2020	2021
Gas TTF €/MWh	20.0	19.7	18.9	18.5
Gas Henry Hub \$/mmbtu	2.8	3.0	3.1	3.2
Oil Brent \$/bbl	71.0	69.0	67.5	63.5
Coal API2 \$/ton	88.0	77.0	75.0	74.0
CO €/ton 2	13.0	16.0	17.5	18.0

2019-2021 Thermal generation

Final installed Capacity (GW)

	Nuke		CCGT		Coal		Oil & Gas		Total
	2018E	2021	2018E	2021	2018E	2021	2018E	2021	2018E	2021
Italy	-	-	4.5	4.5	6.3	5.5	2.8	2.4	13.6	12.6
Iberia	3.3	3.3	5.4	5.4	5.1	3.0	2.4	2.3	16.2	14.1
South America	-	-	4.2	4.2	0.8	0.8	2.7	2.7	7.7	7.6
Europe and North Africa	-	-	0.8	0.8	3.6	-	4.4	4.4	8.9	5.3
North & Central America	-	-	-	-	-	-	-	-	-	-
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-
Total	3.3	3.3	15.0	15.0	15.8	9.3	12.3	11.8	46.5	39.5

Installed Capacity (GW)

2019-2021 Renewables

Final Consolidated capacity (GW)

	Hydro		Wind		Geothermal		Solar & Other		Total
	2018E	2021	2018E	2021	2018E	2021	2018E	2021	2018E	2021
Italy	12.4	12.4	0.8	1.0	0.8	0.8	-	0.1	14.0	14.3
Iberia	4.8	4.8	1.8	2.6	-	-	-	1.1	6.5	8.4
South America	10.0	10.2	1.6	3.1	-	0.1	1.1	2.6	12.8	15.9
Europe and North Africa	-	-	0.7	1.1	-	-	0.1	0.1	0.8	1.3
North & Central America	0.6	0.6	2.9	5.8	0.0	0.1	0.3	0.5	3.8	7.0
Africa, Asia & Oceania	-	-	0.4	0.7	-	-	0.3	0.8	0.7	1.4
Total	27.8	28.1	8.1	14.2	0.8	0.9	1.9	5.2	38.6	48.4

Consolidated capacity (GW)

2019-2021 Infrastructure & Networks

Electricity distributed, End users, Smart meters

		Electricity distributed (TWh)	End users (mn)		Smart meters (mn)
	2018E	2021	2018E	2021	2018E	2021
Italy	226.0	233.0	31.5	31.6	31.3	31.6
Iberia	113.9	119.0	12.2	12.4	11.7	12.3
South America	115.8	149.2	26.5	27.7	0.5	2.2
Europe and North Africa	15.6	16.4	2.9	3.0	0.5	0.9
Total	471.3	517.6	73.0	74.7	44.0	46.9

2019-2021 Retail

Power & gas customers and volumes¹

		Power					Gas
	Customers (mn)			Volumes (TWh)	Customers (mn)		Volumes (bsmc)
	2018E	2021	2018E	2021	2018E	2021	2018E	2021
Italy	25.3	18.4	111.9	92.3	4.2	4.8	4.9	5.1
Iberia	10.9	10.9	103.5	105.7	1.6	1.9	6.1	6.3
South America	19.2	28.2	110.3	184.1	0.0	0.0	0.1	0.7
Europe and North Africa	3.1	4.1	10.4	13.3	0.1	0.3	0.2	0.4
Total	58.5	61.6	336.1	395.3	5.9	7.0	11.3	12.4

Power unitary margin, cost to acquire, opex & capex per client

		Power unitary margin (€/MWh)1		Opex per client (€/customer)	Capex per client (€/customer)
	2018E	2021	2018E	2021	2018E	2021
Italy	20.2	19.9	29.4	23.0	8.5	10.8
Iberia	7.9	8.6	27.8	25.0	8.6	6.7
Europe and North Africa	4.6	9.0	13.8	10.6	9.0	6.5

Italian power market 2018

Customers (mn) Energy sold (TWh)

1 Enel estimate based on FCST 2018, not including Last Resort ("Salvaguardia")

Spanish power market 2018

Customers (mn) Energy sold (TWh)

2019-2021 Enel Group

Old Plan Capex reconciliation (€bn)

2018 - 2020 Old view 2018 - 2020 New view

Gross Capex (€bn)

		Global Generation & Trading			Global Infrastructures & NetworNs			Renewable Energies			Retail			Enel X			Services & Other			Total
	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021
Italy	0.2	0.1	0.1	1.7	1.7	1.5	0.3	0.3	0.4	0.3	0.3	0.3	0.1	0.2	0.2	0.1	0.1	0.1	2.5	2.6	2.5
Iberia	0.4	0.5	0.5	0.7	0.6	0.6	0.7	0.5	0.5	0.1	0.1	0.1	0.1	0.1	0.1	-	-	-	2.0	1.7	1.8
South America	0.2	0.2	0.2	1.3	1.4	1.2	1.1	1.3	1.1	-	-	-	0.1	0.1	0.1	-	-	-	2.8	3.0	2.6
Europe and North Africa	-	-	-	0.1	0.1	0.1	0.2	0.1	0.1	-	-	-	-	-	-	-	-	-	0.4	0.3	0.2
North & Central America	-	-	-	-	-	-	1.7	1.2	1.1	-	-	-	0.1	-	0.1	-	-	-	1.8	1.2	1.2
Africa, Asia & Oceania	-	-	-	-	-	-	0.2	0.4	0.4	-	-	-	-	-	-	-	-	-	0.2	0.4	0.4
Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(0.2)	(0.1)	0.1	(0.3)	(0.2)
Total	0.8	0.8	0.8	3.8	3.8	3.5	4.2	3.8	3.5	0.5	0.4	0.4	0.4	0.4	0.4	0.1	(0.1)	-	9.8	9.1	8.6
Total Capex 2019 - 2021			2.5			11.1			11.6			1.3			1.1			(0.1)			27.5

Asset development capex (€bn)

		Global Generation & Trading			Global Infrastructures & NetworNs			Renewable Energies			Retail			Enel X			Services & Other			Total
	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021
Italy	-	-	-	0.8	0.8	0.7	0.1	0.2	0.3	-	-	-	0.1	0.1	0.2	-	-	-	1.1	1.2	1.2
Iberia	-	0.1	0.2	0.3	0.2	0.3	0.7	0.5	0.4	-	-	-	-	-	-	-	-	-	1.0	0.8	0.9
South America	-	-	-	0.5	0.6	0.4	1.0	1.2	1.0	-	-	-	0.1	0.1	0.1	-	-	-	1.6	1.9	1.4
Europe and North Africa	-	-	-	-	-	-	0.2	0.1	0.1	-	-	-	-	-	-	-	-	-	0.3	0.2	0.1
North & Central America	-	-	0.1	-	-	-	1.7	1.2	1.1	-	-	-	-	-	-	-	-	-	1.7	1.2	1.2
Africa, Asia & Oceania	-	-	-	-	-	-	0.2	0.4	0.4	-	-	-	-	-	-	-	-	-	0.2	0.4	0.4
Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(0.2)	-	0.1	(0.2)	(0.1)
Total	0.1	0.2	0.3	1.6	1.7	1.3	3.9	3.5	3.2	-	-	-	0.2	0.2	0.2	-	(0.1)	-	5.9	5.5	5.1
Total Capex 2019 - 2021			0.6			4.6			10.6			-			0.7			(0.1)			16.5

Asset management capex (€bn)

		Global Generation & Trading			Global Infrastructures & NetworNs			Renewable Energies			Retail			Enel X			Services & Other			Total
	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021
Italy	0.1	0.1	0.1	0.4	0.4	0.4	0.1	0.1	0.1	-	-	-	-	-	-	-	-	-	0.7	0.7	0.6
Iberia	0.4	0.4	0.3	0.2	0.2	0.2	0.1	0.1	0.1	-	-	-	-	-	-	-	-	-	0.6	0.6	0.5
South America	0.2	0.1	0.1	0.4	0.4	0.4	0.1	0.1	0.1	-	-	-	-	-	-	-	-	-	0.7	0.6	0.6
Europe and North Africa	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	-	-	-	0.0	0.0	0.0	0.1	0.1	0.1
North & Central America	0.0	0.0	0.0	-	-	-	0.0	0.0	0.0	-	-	-	-	-	-	-	-	-	0.0	0.0	0.0
Africa, Asia & Oceania	0.0	0.0	0.0	-	-	-	0.0	0.0	0.0	-	-	-	-	-	-	-	-	-	0.0	0.0	0.0
Other	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-	-	-	-	-	-	0.0	0.0	0.0	0.1	0.0	0.0
Total	0.7	0.6	0.5	1.1	1.0	1.0	0.3	0.3	0.3	-	-	-	-	-	-	0.1	0.0	0.0	2.3	2.0	1.9
Total Capex 2019 - 2021			1.9			3.2			0.9			-			-			0.2			6.2

Customers capex (€bn)

		Global Generation & Trading			Global Infrastructures & NetworNs			Renewable Energies			Retail			Enel X			Services & Other			Total
	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021	2019	2020	2021
Italy	-	-	-	0.4	0.4	0.4	-	-	-	0.3	0.3	0.3	-	-	-	-	-	-	0.7	0.7	0.7
Iberia	-	-	-	0.2	0.2	0.2	-	-	-	0.1	0.1	0.1	0.1	0.1	0.1	-	-	-	0.4	0.3	0.4
South America	-	-	-	0.4	0.4	0.4	-	-	-	-	-	-	-	-	-	-	-	-	0.5	0.5	0.5
Europe and North Africa	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.1	0.1	0.1
North & Central America	-	-	-	-	-	-	-	-	-	-	-	-	0.1	-	-	-	-	-	0.1	-	-
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	(0.1)	(0.1)	-	(0.1)	(0.1)
Total	-	-	-	1.1	1.1	1.1	-	-	-	0.5	0.4	0.4	0.2	0.1	0.2	-	(0.1)	(0.1)	1.7	1.6	1.6
Total Capex 2019 - 2021			-			3.3			-			1.3			0.5			(0.1)			4.8

Ordinary EBITDA

			Global Generation & Trading				Global Infrastructures & NetworNs				Renewable Energies				Retail				Enel X				Services & Other			Total
	2018E 2019		2020	2021	2018E 2019		2020	2021	2018E 2019		2020	2021	2018E 2019		2020	2021	2018E 2019		2020	2021	2018E 2019		2020	2021	2018E 2019		2020	2021
Italy	-	0.1	0.2	0.2	3.6	3.7	3.7	3.6	1.2	1.2	1.3	1.4	2.2	2.2	2.3	2.3	-	-	0.1	0.2	0.1	0.1	0.1	0.1	7.0	7.5	7.7	7.6
Iberia	0.4	0.6	0.6	0.7	1.9	2.0	1.9	1.9	0.4	0.4	0.5	0.5	0.5	0.5	0.6	0.7	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	3.4	3.6	3.7	3.9
South America	0.5	0.5	0.6	0.6	2.0	2.5	2.9	3.2	2.0	2.0	2.2	2.4	0.2	0.3	0.3	0.3	-	0.1	0.1	0.1	(0.1)	(0.1)	(0.1)	(0.1)	4.7	5.3	6.0	6.7
Europe and North Africa	0.2	0.1	0.2	0.1	0.1	0.1	0.2	0.2	0.1	0.1	0.2	0.2	-	0.1	0.1	0.1	-	-	-	-	-	-	-	-	0.5	0.4	0.6	0.6
North & Central America	-	-	-	-	-	-	-	-	0.6	0.8	0.8	0.8	-	-	-	-	-	-	-	0.1	-	-	-	-	0.6	0.7	0.9	1.0
Africa, Asia & Oceania	-	-	-	-	-	-	-	-	0.1	0.1	0.1	0.2	-	-	-	-	-	-	-	-	-	-	-	-	0.1	0.1	0.1	0.2
Other	-	-	-	0.1	-	-	-	-	0.1	(0.1)	(0.1)	(0.1)	-	-	-	-	-	-	-	-	(0.2)	(0.1)	(0.5)	(0.5)	(0.1)	(0.2)	(0.5)	(0.5)
Total	1.2	1.4	1.6	1.6	7.6	8.3	8.7	8.9	4.4	4.5	5.0	5.4	2.9	3.1	3.3	3.4	0.1	0.1	0.3	0.5	-	-	(0.4)	(0.4)	16.2	17.4	18.5	19.4
Total EBITDA 2019 - 2021				4.7				25.8				15.0				9.7				0.9				(0.8)				55.3

Baseload power price & production sold forward

		Baseload price
	2018E	2019	2020	2021
Italy (€/MWh)	54.2	56.9	56.2	55.1
Iberia (€/MWh)	50.9	56.5	55.0	55.4

	Production sold forward
		2018E		2019		2020	2021
	price	%	price	%	price	%	price	%
Italy (€/MWh)1	46.0	90%	53.0	80%	55.8	20%	-	-
Iberia (€/MWh)1	67.1	100%	73.5	70%	77.2	40%	-	-
Brazil (USD/MWh)	63.0	100%	65.9	100%	69.5	100%	68.9	100%
Chile (USD/MWh)	79.0	100%	80.7	100%	84.9	100%	86.4	100%
Colombia (USD/MWh)	59.0	100%	65.1	100%	69.7	90%	74.7	60%
Peru (USD/MWh)	51.2	100%	53.5	100%	55.6	100%	58.2	100%

1. Average hedged price; wholesale price for Italy, retail price for Spain. 86

Delivery on gas contract renegotiation

Portfolio evolution (bcm, %) Price review impact (€bn, %)

2019-2021 Environmental Social and Governance annexes

Agenda

Our 2018 ESG delivery

Our 2019-21 ESG targets

Our ESG pillars and backbones

Our commitment to Sustainable Development Goals

Growth across low carbon technologies and services

Operational improvement for a better service

Engaging local communities

Engaging the people we work with

Digitalization and cyber security

Innovation boost

Our Corporate governance

Our 2018 ESG delivery

Our commitment to low carbon growth

Plan actions – 2018-2020	2018E
Development of renewable capacity and reduction of thermal capacity	43 GW renewable capacity1 46.5 GW thermal capacity
Implementation of environmental international best practices to selected coal plants	94 €mn of investments for environmental retrofit
Reduction of CO specific emissions 2	-16% vs 2007
Electrification, storage & demand response	5.7 GW demand response 3 MW/yr storage

Assets optimization and innovation

Plan actions – 2018-2020	2018E
Large scale infrastructure innovation mostly in grid digitization, smart meters and charging points	• 48k charging points1 • 44 mn smart meters installed2
Foster global partnerships and 'high potential' startups to reap new technologies and ways to 'service' energy	• 13 projects with startups in deployment in the business • 2 new Innovation Hubs (Catania, Pisa)

1. Includes replacement of smart meters

Engaging local communities

Plan actions – 2018-2020	2018E1
High-quality, inclusive and fair education	0.9 mn beneficiaries
Access to affordable and clean energy,	beneficiaries2
mainly in Africa, Asia and Latin America	2.2 mn
Employment and sustainable and	1.8 mn
inclusive economic growth	beneficiaries

Engaging people we work with

Plan actions – 2018-2020	2018E
Appraise performance of people we work with1	• 100% of people involved • 99% of people appraised
Climate corporate survey1	• 100% of people involved • 85% of people participating
Global implementation of the diversity and inclusion policy	38% women involved in recruiting processes
Enable digital skills diffusion among people we work with	36% of people involved in digital skills training

Digitalization and cyber security

Plan actions – 2018-2020	2018E
Single strategy approach based on business risk management	85% of internet web applications protected through advanced cyber security solutions
Business lines involved in key processes: risk assessment, response and recovery criteria definition and prioritization of actions	Enel's CERT1 acknowledgement in deployment in 8 countries2 of presence and affiliation with international organizations3
Integrated information systems (IT), industrial systems (OT) and Internet of Things (IoT) assessment and management	15 cyber security knowledge sharing events held

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

1. Computer Emergency Response Team

2. Italy, Spain, Romania, Argentina, Brazil, Peru, Colombia, Chile

Our 2019-21 ESG targets

Our ESG pillars and backbones to capture opportunities from energy transition

Access to affordable and

clean energy (mn beneficiaries)

(mn)

Digitalization capex (€bn) Charging points²(k)

Reduction of CO² specific emissions (kg/kWheq)

and inclusive economic growth (mn beneficiaries)

High-quality, inclusive and fair education (mn beneficiaries)

1. Includes replacement of smart meters

2. Public and private charging stations

Our commitment to Sustainable Development Goals

Our targets are set across the board of the 17 UN 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	Operational improvement for a better service
Pill	Engaging local communities
	Engaging the people we work with
	Occupational Health & Safety
s e	Sound governance
n o b k c	Environmental sustainability
a B	Sustainable supply chain
	Economic and financial value creation
s s st s o o Cr o b	Digitalization and innovation

Growth across low carbon technologies and services

Plan actions

Related targets/commitments

Development of renewable capacity and reduction of thermal capacity in 2019-21	+11.6 GW renewable capacity1 -7GW thermal capacity
Implementation of environmental international best practices to selected coal plants	340 €mn of investments for environmental retrofit in 2019-21
Reduction of CO specific emissions 2	in 20302 0.23 kg/kWh eq
Electrification, storage & demand response	9.9 GW demand response 173 MW/yr storage

boost New products and services and new power production technologies – Electric mobility; home and business solutions; marine energy; data valorization; integrated storage solutions

1. Includes managed capacity

2. CO² specific emissions will be <0.345 kg/kWheq in 2021

Operational improvement for a better service

cross countries synergies

1. Includes replacement of smart meters

2. Public and private charging stations

Engaging local communities

Plan actions	Related targets/commitments1
High-quality, inclusive and fair education	mn beneficiaries in 20301 2.5
Access to affordable and clean energy	10.0 mn beneficiaries in 20301
Employment and sustainable and inclusive economic growth	8.0 mn beneficiaries in 20301

1. Cumulated figures since 2015

Engaging people we work with

Plan actions

Related targets/commitments

Appraise performance of people we work with1	• 100% of people involved • 99% of people appraised
Climate corporate survey1	• 100% of people involved • 86% of people participating
Global implementation of the diversity and inclusion policy	Recruiting should ensure equal gender splitting of the candidates (c. 50%)
Enable digital skills diffusion among people we work with	100% of people involved in digital skills training

Cross boosts Digitalization and cyber security

Plan actions

Related targets/commitments

Single strategy approach based on business risk management

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

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

15 cyber security knowledge sharing events per year

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

Cross boosts Innovation

Plan actions

Bosting Group's innovation through a tools portfolio composed by innovation hub network, crowdsourcing platforms, intelligence, internal innovation communities active on forefront topics, internal entrepreneurship, innovation with startups and larger companies, suppliers, universities and research centers

Implementation in the business of 60 projects with startups in 2019-21

Opening of a new Innovation Hub in 2019-21

104

Our Corporate governance

Corporate governance structure

Corporate governance

^1. Chairperson can be considered independent in accordance with TUF criteria

Board composition

BoD's Diversity 1

Short-term variable remuneration¹

Objective				Type of target	Macro objective
	Entry level (50%)	Target (100%)	Over (120%)
Ordinary consolidated net income 40%2	3.9 €bn	4.1 €bn	4.2 €bn	Economic	Profitability
FFO/Consolidated net financial debt 30%2	26%	27%	28%	Financial	Cash and debt management
Consolidated cash cost 20%2	11.5 €bn	11.4 €bn	11.3 €bn	Economic	Efficiency
Safety in the workplace 10%2	FI3 2018 =1.17 & FA4 <=9	FI3 2018=1.15 & FA4 <=9	FI3 2018=1.11 & FA4 <=9	ESG	Safety

1. Management by objectives (MBO) 2018

2. (%) Weight in the variable remuneration

3. FI: Work-related accident Frequency Index

4. FA: Number of Fatal Accidents during 2018, except for road events

Long-term variable remuneration¹

Objective					Type of target	Macro objective
	Entry (50%)	Target (100%)	Over I (150%)	Over II (280%)5
TSR2 50%3	Enel's TSR from 90% to 100% of TSR Index	Enel's TSR from 100% to 110% of TSR Index	Enel's TSR from 110% to 115% of TSR Index	Enel's TSR > 115% of TSR Index	Market	Performance
ROACE 4 40%3	36.4%	37.5%	38.0%	>8.6%	Financial	Profitability
CO emissions 2 reduction 10%3	≤ 380 gCO /KWheq6 2	≤ 350 gCO /KWheq6 2	≤ 340 gCO /KWheq6 2	≤ 330 gCO /KWheq6 2	ESG	Environmental

1. Long-Term Incentive Plan (LTI) 2018-2020. 30% payment (if any) in the 4th year. 70% payment (if any) in the 5th year (deferred payment)

2. Average TSR Enel compared to average TSR EUROSTOXX Utilities Index-EMU. In case of negative absolute TSR of Enel, the incentive (if any) is reduced – on the basis of

a regressive scale – of the same negative percentage of the absolute TSR of Enel share, multiplied for a constant value equal to 1.5

1. (%) Weight in the variable remuneration

2. Cumulative for the period 2018-2020

3. For the CEO/General manager. 180% for the other beneficiaries of the LTI Plan 2018-2020

4. In 2020

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 Monica Girardi Head of Group Investor Relations

Investor Relations team Francisco Basauri Serena Carioti Alessia Di Ninno Federica Dori Fabrizio Ragnacci Federica Todaro Emanuele Toppi

Follow us