Enel — Investor Presentation 2017

Mar 22, 2018

March 22, 2018

Opening remarks

EBITDA ahead of full year guidance +2.5% YoY, Italy and South America driving growth amid weak resources scenario

Cash costs flat despite perimeter changes and inflation dynamics Maintenance capex down 4% YoY and ahead of target

3.1 GW additional renewable capacity in South America and US

Assets disposals for 2 €bn and acquisitions for 2.1 €bn Chilean restructuring in final stage

Beating net ordinary income target: 14% improvement vs FY 2016 DPS of 0.237 €/share, +32% YoY and ahead of guidance

Sound delivery on non-financial metrics

Financial targets delivered

Delivery on strategic pillars

Continuous delivery across all strategic pillars enabling long term value creation

1. Net of connections and relating to projects with COD in 2017

2. Including assets held for sale ('HFS')

3. Previous 2020 target included in 2017-2019 strategic plan

Digitalization

~1 €bn digitalization capex executed

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

Customer focus: commodity retail

Free customers¹

From long energy to long customers, approaching a balanced position in 2017

• 1. It includes power and gas customers. South America number of customers <1mn
• 1. Power sales in South America are net of losses
• 1. Including power sold through PPAs

Operational efficiency¹ (€mn)

Maintenance capex drives cash costs ahead of guidance

1. In nominal terms. Adjusted figures net of one-offs

2. Net of connections equal to 467 €mn for 2016 and 452 €mn for 2017

6

Operational efficiency: focus on opex

Opex evolution¹

Opex by business²

Efficiencies in real terms across all business lines

1. Adjusted figures: excludes one-offs of +261 €mn in 2016 and -45 €mn in 2017 3. Excludes nuclear in Iberia

2. In real terms. Adjusted for delta perimeter (SE, Belgium and France out of the perimeter, acquisition of Enel Distribuçao Goiás (previously CELG-D), Cundinamarca, US JV and e-Solutions acquisitions)

Industrial growth: operational targets by business

• 1. Includes only power and gas customers 4. Includes nuclear in Iberia
• 1. It includes large hydro 24.9 GW in 2016 and 25.3 GW in 2017

• Free market + PPAs 5. Including managed capacity

Industrial growth: capex

Total capex (€mn) Growth capex by business line (€mn) 1

Ahead of guidance for 2017, reaching the annual investment run rate

1. Net of connections equal - 2017 target to 480 €mn for 2016 and 762 €mn for 2017

Industrial growth: additional capacity

Capacity additions and tenders awarded at record level

1. Including Volta Grande for 380 MW

2. Other includes 291 MW in Russia, 100 MW in Etiopia and 146 MW in Canada

e-Solutions – operational KPIs at the end of 2017

Focused on non organic growth to address new customer needs

1. Customer base mantenaince and repair and only repair services

2. Only A&B clusters

Industrial growth: focus on capex addressed¹

90% of growth capex already in execution for 2018

1. As of December 2017

2. Portion of addressed capex on total yearly amount

Group simplification & active portfolio management

Group simplification & active portfolio management on track in 2017

• 1. Impact on net debt
• 1. It includes 775 €mn capex HFS. Excludes any capital gain
• 1. It excludes 500 €mn growth capex

Communities and people

Shareholder remuneration

Delivered and increased shareholder returns ahead of guidance +32% YoY

FY 2017 consolidated results Financial results

Financial highlights (€mn)

	FY 2017	FY 2016	∆ YoY	Like-for-like
Revenues	74,639	70,592	+5.7%
Reported EBITDA	15,653	15,276	+2.5%
EBITDA1 Ordinary	15,555	15,174	+2.5%	+0% (5)
Reported EBIT	9,792	8,921	+9.8%
EBIT2 Ordinary	9,736	9,435	+3.2%
Reported Group net income	3,779	2,570	+47.0%
Group net ordinary income	3,709	3,243	+14.4%	+4% (6)
Capex3	8,499	8,842	-3.9%
Net debt4	37,410	37,553	-0.4%
FFO	10,126	9,846	+2.8%

• 1. Excludes extraordinary items for 102 €mn in FY 2016 and for 98 €mn in 2017
• 1. Excludes extraordinary items on D&A for -616 €mn in 2016 and for -41 €mn in 2017
• 1. Includes 369 €mn for capex related to asset HFS in FY 2017 and 290 €mn in FY 2016
• 1. FY 2017 net of assets HFS for 1,364 €mn
• 1. Excludes -72 €mn one-offs in FY 2016 and +298 €mn in FY 2017 6. Excludes -168 €mn one-offs in FY 2016 and +161 €mn in FY 2017

Market context in the period (change YoY)

1. Based on the average exchange rate

2. As of March 19, 2018

Operational highlights

Net production (TWh) -5%

Operational highlights: Generation

Operational highlights: Distribution

End users (mn)

Ordinary EBITDA evolution (€mn)

1. 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,

2. 1. Relates mainly to Slovenske Elektrarne and deconsolidation of North America JV
3. 22 3. Includes -45 €mn for personnel provisions for Enel Distribuçao Goiás, -36 €mn for penalties revaluation in Argentina, +61 €mn for islands settlement in Iberia, +222 €mn Bono Social in Iberia and +100 €mn for claims in Costarica, -54 €mn for regulatory adjustment in the distribution and +50 capacity payment and essentiality in the Italian thermal generation

Adjusted EBITDA by business (€mn)

Global Renewable Energies: ordinary EBITDA analysis (€mn)

Adjusted EBITDA by geography (€mn)

Italy: ordinary EBITDA analysis by business (€mn)

1. Restated figure

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

3. Includes -54 €mn distribution regulatory adjustments and +50 €mn regulatory adjustment in Thermal Generation

Italian retail market

Volumes and efficiencies drive EBITDA improvement

1. Excludes personnel provisions

From ordinary EBITDA to net ordinary income (€mn)

Improved net income accretion also thanks to lower taxes

1. Includes other financial expenses (-440 €mn in 2017, -243 €mn in 2016) and results from equity investments (+118 €mn in 2017, +66 €mn in 2016)

Cash flow (€mn)

FFO above 10 €bn and up 3%

• 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges)
• 1. Includes dividends received from equity investments
• 1. Funds from operations

Net debt evolution (€mn)

1. Active portfolio management net of Assets in operations classified in HFS

2. Net debt related to assets HFS

Debt and financial expenses (€mn)

Financial expenses reduction and net debt ahead of guidance

Forward sales Italy and Spain

Italy 2018

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.

Closing remarks

Delivery on financial targets ahead of guidance

Continued execution on key strategic pillars and enablers

Geographical diversification in full play

Record growth in renewables consistent with our growth ambitions

FFO generation above 10 €bn

2018 financial targets confirmed

Annexes

From EBITDA to net income (€mn)

	FY 2017 reported	FY 2016 reported	∆ yoy	FY 2017 ordinary	FY 2016 ordinary	∆ yoy
EBITDA	15,653	15,276	2.5%	15,555	15,174	2.5%
D&A	5,861	6,355		5,819	5,739
EBIT	9,792	8,921	9.8%	9,736	9,435	3.2%
Net financial charges	(2,692)	(2,987)		(2,779)	(2,767)
Net income from equity investments using equity method	111	(154)		118	65
EBT	7,211	5,780	24.8%	7,075	6,733	5.1%
Income tax	(1,882)	(1,993)		(1,855)	(2,135)
Net income	5,329	3,787		5,220	4,598
Minorities	1,550	1,217		1,511	1,355
Group net income	3,779	2,570	47.0%	3,709	3,243	14.4%

Reported EBITDA matrix (€mn)

	Global Generation	& Trading		Global Infrastructures & Networks		Renewable Energies		Retail		Services & Other	Total	Total
	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016
Italy	239	(70)	3,467	3,620	1,054	1,031	2,007	1,932	96	105	6,863	6,618
Iberia	783	812	2,086	1,817	199	351	467	677	38	(95)	3,573	3,562
South America	687	737	1,687	1,429	1,917	1,497	-	-	(87)	(107)	4,204	3,556
Argentina	116	98	140	155	32	23	-	-	(1)	-	287	276
Brazil	119	73	644	433	284	199	-	-	(39)	(36)	1,008	669
Chile	281	389	237	252	888	634	-	-	(47)	(71)	1,359	1,204
Colombia	43	51	461	398	557	531	-	-	-	-	1,061	980
Peru	128	126	205	191	147	102	-	-	-	-	480	419
Other	-	-	-	-	9	8	-	-	-	-	9	8
Europe and North Africa1	269	373	166	225	145	138	(42)	25	5	1	543	762
Romania	2	(1)	166	225	104	84	(42)	30	2	1	232	339
Russia	267	186	-	-	-	-	-	-	3	-	270	186
Slovakia	-	191	-	-	-	-	-	-	-	-	-	191
Other	-	(3)	-	-	41	54	-	(5)	-	-	41	46
North & Central America2	-	-	-	-	751	833	8	-	-	-	759	833
Africa & Asia3	-	-	-	-	57	14	-	-	-	-	57	14
Other Countries	(15)	(2)	(28)	(13)	(76)	(50)	-	-	(227)	(4)	(346)	(69)
Total	1,963	1,850	7,378	7,078	4,047	3,814	2,440	2,634	(175)	(100)	15,653	15,276

1. Includes Belgium, Greece, France, Bulgaria. Belgium and France deconsolidated at end 2016

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

3. Includes South Africa, India

Ordinary¹EBITDA matrix (€mn)

		Global Generation & Trading	Global Infrastructures	& Networks		Renewable Energies		Retail		Services & Other	Total	Total
	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016
Italy	239	(194)	3,467	3,620	1,054	1,031	2,007	1,932	96	105	6,863	6,494
Iberia	783	812	2,086	1,817	199	351	467	677	38	(95)	3,573	3,562
South America	580	564	1,687	1,429	1,926	1,692	-	-	(87)	(107)	4,106	3,578
Argentina	116	98	140	155	32	23	-	-	(1)	-	287	276
Brazil	119	73	644	433	284	199	-	-	(39)	(36)	1,008	669
Chile	174	216	237	252	888	799	-	-	(47)	(71)	1,252	1,196
Colombia	43	51	461	398	566	531	-	-	-	-	1,070	980
Peru	128	126	205	191	147	132	-	-	-	-	480	449
Other	-	-	-	-	9	8	-	-	-	-	9	8
Europe and North Africa2	269	373	166	225	145	138	(42)	25	5	1	543	762
Romania	2	(1)	166	225	104	84	(42)	30	2	1	232	339
Russia	267	186	-	-	-	-	-	-	3	-	270	186
Slovakia	-	191	-	-	-	-	-	-	-	-	-	191
Other	-	(3)	-	-	41	54	-	(5)	-	-	41	46
North & Central America3	-	-	-	-	751	833	8	-	-	-	759	833
Africa & Asia4	-	-	-	-	57	14	-	-	-	-	57	14
Other Countries	(15)	(2)	(28)	(13)	(76)	(50)	-	-	(227)	(4)	(346)	(69)
Total	1,856	1,553	7,378	7,078	4,056	4,009	2,440	2,634	(175)	(100)	15,555	15,174

1. Excludes extraordinary items for 102 €mn in FY 2016 and for 98 €mn in 2017

2. Includes Belgium, Greece, France, Bulgaria. Belgium and France deconsolidated at end 2016

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

4. Includes South Africa, India

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

FY 2017	Italy	Iberia	South America	Europe & North Africa	North & Central America	Sub-Saharan Africa & Asia	Other	Total
Reported	6,863	3,573	4,204	543	759	57	(346)	15,653
Extraordinary items	-	-	(98)	-	-	-	-	(98)
Ordinary	6,863	3,573	4,106	543	759	57	(346)	15,555
One-offs	(4)	283	(81)	-	100	-	-	298
Adjusted	6,867	3,290	4,187	543	659	57	(346)	15,257

FY 2016	Italy	Iberia	South America	Europe & North Africa	North & Central America	Sub-Saharan Africa & Asia	Other	Total
Reported	6,618	3,562	3,556	762	833	14	(69)	15,276
Extraordinary items	(124)	-	22	-	-	-	-	(102)
Ordinary	6,494	3,562	3,578	762	833	14	(69)	15,174
One-offs	(175)	26	(27)	(14)	-	-	118	(72)
Adjusted	6,669	3,536	3,605	776	833	14	(187)	15,246

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

FY 2017	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Services & Holding	Total
Reported	1,963	7,378	4,047	2,440	(175)	15,653
Extraordinary items	(107)	-	9	-	-	(98)
Ordinary	1,856	7,378	4,056	2,440	(175)	15,555
One-offs	332	(134)	100	-	-	298
Adjusted	1,524	7,512	3,956	2,440	(175)	15,257

FY 2016	Global Thermal Generation & Trading	Global Infrastructure & Networks	Global Renewable Energies	Retail	Services & Holding	Total
Reported	1,850	7,078	3,814	2,634	(100)	15,276
Extraordinary items	(297)	-	195	-	-	(102)
Ordinary	1,553	7,078	4,009	2,634	(100)	15,174
One-offs	(38)	(20)	22	(72)	36	(72)
Adjusted	1,591	7,098	3,987	2,706	(136)	15,246

Operational efficiency: opex (€mn)

Forward sales South America

Colombia 100% 90% 70% 2018 2019 2020 59 60 64

Brazil

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	12.19	21.71	-	-	0.03	3.63	-	0.15	-	37.71
Bank Loans	1.04	-	-	4.37	0.90	2.66	0.24	0.21	0.24	9.66
Tax Partnership	-	-	-	-	-	-	-	-	-	-
Other Loans	-	-	-	0.09	0.50	0.29	0.99	-	0.20	2.07
Other short term debt	0.50	-	-	0.46	0.05	-	-	-	-	1.01
Commercial Paper	-	-	-	-	0.89	-	-	-	-	0.89
Gross debt	13.73	21.71	-	4.92	2.36	6.58	1.23	0.36	0.44	51.33
Financial Receivables	-0.01	-	-0.38	-1.08	-1.05	-0.83	-0.19	-	-	-3.54
Tariff Deficit	-	-	-	-	-	-	-	-	-	-
Other short term financial receivables	-2.07	-0.75	-	-0.25	-0.05	-0.02	-0.11	-	-0.05	-3.30
Cash and cash equivalents	-2.49	-0.31	-0.21	-0.27	-0.40	-1.90	-0.15	-1.30	-0.06	-7.09
Net Debt – Third Parties	9.16	20.65	-0.59	3.32	0.86	3.83	0.78	-0.94	0.34	37.41
Net Debt – Intercompany	4.09	-23.56	4.04	10.65	3.02	0.59	0.86	0.30	0.01	-
Net Debt – Group View	13.25	-2.91	3.45	13.97	3.88	4.42	1.64	-0.64	0.35	37.41

Debt maturity coverage split by typology (€bn)

1. Of which 13.8 €bn of long term committed credit lines with maturities beyond December 2018

Balance sheet (€mn)

Balance sheet structure (€mn)

Italy reported figures (€mn)

	Revenues				EBITDA		EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Thermal Generation and Trading	19,919	19,403	3%	239	(70)	-441%	-	(460)	-100%
Infrastructure & Networks	7,584	7,237	5%	3,467	3,620	-4%	2,319	2,596	-11%
Retail	16,256	15,323	6%	2,007	1,932	4%	1,361	1,333	2%
Renewables	1,822	1,796	1%	1,054	1,031	2%	745	751	-1%
Services and Other	(6,800)	(6,714)	1%	96	105	-9%	45	50	-10%
Total	38,781	37,045	5%	6,863	6,618	4%	4,470	4,270	5%

	FY 2017	FY 2016	yoy
CAPEX	1,812	1,894	-4%
Headcount	28,684	29,321	-2%

Iberia reported figures (€mn)

	Revenues				EBITDA		EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Thermal Generation and Trading	6,233	4,893	27%	783	812	-4%	191	187	2%
Infrastructure & Networks	2,786	2,569	8%	2,086	1,817	15%	1,367	1,047	31%
Retail	15,798	14,121	12%	467	677	-31%	286	537	-47%
Renewables	497	665	-25%	199	351	-43%	12	89	-87%
Services and Other	(5,320)	(3,295)	61%	38	(95)	-140%	(14)	(94)	-85%
Total	19,994	18,953	5%	3,573	3,562	0%	1,842	1,766	4%

	FY 2017	FY 2016	yoy
CAPEX	1,105	1,147	-4%
Headcount	9,711	9,695	0%

South America reported figures (€mn)

		Revenues			EBITDA		EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Thermal Generation and Trading	2,588	2,427	7%	687	737	-7%	442	200	121%
Infrastructure & Networks	9,304	6,992	33%	1,687	1,429	18%	1,212	835	45%
Renewables	3,077	2,954	4%	1,917	1,497	28%	1,628	1,242	31%
Services and Other	(1,815)	(1,605)	-	(87)	(107)	-	(312)	(114)	-
Total	13,154	10,768	22%	4,204	3,556	18%	2,970	2,163	37%

	FY 2017	FY 2016	yoy
CAPEX	3,002	3,069	-2%
Headcount	13,903	12,979	7%

Argentina reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Thermal Generation and Trading	217	242	-10%	116	98	18%	70	60	17%
Infrastructure & Networks	1,130	887	27%	140	155	-10%	358	128	180%
Renewables	52	38	37%	32	23	39%	29	21	38%
Services and Other	(6)	(4)	-	(1)	-	-	(226)	(1)	-
Total	1,393	1,163	20%	287	276	4%	231	208	11%

	FY 2017	FY 2016	yoy
Thermal Generation	15.4	15.2	+1%
Renewables	22.5	14.0	+61%
Distribution	26.8	26.1	+3%

Brazil reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Thermal Generation and Trading	263	208	26%	119	73	63%	106	65	63%
Infrastructure & Networks	4,206	2,328	81%	644	433	49%	178	55	224%
Renewables	622	363	71%	284	199	43%	238	169	41%
Services and Other	(328)	(298)	-	(39)	(36)	-	(39)	(39)	-
Total	4,763	2,601	83%	1,008	669	51%	483	250	93%

	FY 2017	FY 2016	yoy
Thermal Generation	68.8	53.7	+28%
Renewables	63.3	61.1	+4%
Distribution	35.0	34.9	-

Chile reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Thermal Generation and Trading	1,724	1,826	-6%	281	389	-28%	165	(16)	-1131%
Infrastructure & Networks	1,818	1,756	4%	237	252	-6%	177	204	-13%
Renewables	1,142	1,012	13%	888	634	40%	733	495	48%
Services and Other	(1,010)	(883)	-	(47)	(71)	-	(48)	(73)	-
Total	3,674	3,711	-1%	1,359	1,204	13%	1,027	610	68%

	FY 2017	FY 2016	yoy
Thermal Generation	36.0	40.8	-12%
Renewables	79.4	79.6	-
Distribution	22.4	22.8	-2%

Colombia reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Thermal Generation and Trading	118	124	-5%	43	51	-16%	28	9	211%
Infrastructure & Networks	1,366	1,239	10%	461	398	16%	361	316	14%
Renewables	909	917	-1%	557	531	5%	500	476	5%
Services and Other	(277)	(226)	-	-	-	-	1	-	-
Total	2,116	2,054	3%	1,061	980	8%	890	801	11%

	FY 2017	FY 2016	yoy
Thermal Generation	388.5	77.5	n.m.
Renewables	41.7	41.2	+1%
Distribution	43.0	38.4	+12%

Peru reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Thermal Generation and Trading	266	27	885%	128	126	2%	73	82	-11%
Infrastructure & Networks	784	782	0%	205	191	7%	138	132	5%
Renewables	339	612	-45%	147	102	44%	122	76	61%
Services and Other	(187)	(185)	-	-	-	-	-	-	-
Total	1,202	1,236	-3%	480	419	15%	333	290	15%

	FY 2017	FY 2016	yoy
Thermal Generation	48.1	27.3	+76%
Renewables	43.1	42.3	+2%
Distribution	33.5	32.6	+3%

Europe & North Africa reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
Romania	1,180	1,058	12%	232	339	-32%	114	71	61%
Russia	1,135	986	15%	270	186	45%	210	136	54%
Slovakia	-	1,360	-100%	-	191	-100%	-	114	-100%
Other	96	394	-76%	41	46	-11%	(18)	(35)	-49%
Total	2,411	3,798	-37%	543	762	-29%	306	286	7%

	FY 2017	FY 2016	yoy
CAPEX	307	265	16%
Headcount	5,733	5,858	-2%

Other countries reported figures (€mn)

	Revenues			EBITDA			EBIT
	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy	FY 2017	FY 2016	yoy
North & Central America	1,187	1,125	6%	759	833	-9%	553	565	-2%
North America	716	774	-7%	408	587	-30%	293	398	-26%
Mexico	142	125	14%	98	95	3%	52	42	24%
Panama	149	143	4%	101	93	9%	87	80	9%
Other	180	83	117%	152	58	162%	121	45	169%
Sub Saharian Africa & Asia	96	29	231%	57	14	307%	15	(5)	-400%
Total	1,283	1,154	11%	816	847	-4%	568	560	1%

North & Central America	FY 2017	FY 2016	yoy
CAPEX	1,802	1,832	-2%
Headcount	2,050	891	130%

Sub Saharian Africa & Asia	FY 2017	FY 2016	yoy
CAPEX	30	304	-90%
Headcount	198	185	7%

Capex by country¹ (€mn)

1. Gross of contributions. FY 2017 includes BSO capex for 775 €mn of which 369 €mn in HFS. FY2016 includes capex of asset HFS for 290€mn 57 Includes upstream gas and other

Capex matrix¹ (€mn)

		Global Generation & Trading	Global Infrastructures & Networks			Renewable Energies		Retail	Services	& Other	Total	Total
	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016	FY 2017	FY 2016
Italy	115	126	1,275	1,278	227	304	139	133	56	60	1,812	1,901
Iberia	295	355	657	644	65	78	56	53	33	17	1,105	1,147
South America	258	333	1,393	947	1,343	1,785	-	-	8	5	3,002	3,069
Argentina	67	74	189	155	2	3	-	-	-	-	258	232
Brazil	15	14	735	382	723	1,037	-	-	2	1	1,475	1,434
Chile	108	125	124	108	304	640	-	-	6	4	543	878
Colombia	24	40	236	191	49	35	-	-	-	-	309	266
Peru	43	80	109	111	264	68	-	-	-	-	417	259
Other	-	-	-	-	-	1	-	-	-	-	-	1
3 Europe and North Africa	111	393	125	131	107	20	6	2	1	1	351	548
Romania	-	-	125	131	2	2	6	2	-	-	134	136
Russia	106	105	-	-		-	-	-	-	-	106	105
Slovakia	-	283	-	-	-	-	-	-	-	-	-	283
Other	5	6	-	-	105	18	-	-	-	-	110	24
North & Central America	-	-	-	-	2,121	1,832	6	-	-	-	2,127	1,832
Africa & Asia	-	-	-	-	30	304	-	-	-	-	30	304
2 Other Countries	1	3	1	-	36	-	7	-	28	38	72	41
Total	780	1,210	3,451	3,000	3,929	4,323	214	188	126	121	8,499	8,842

1. Rounded figures. Gross of contributions. FY 2017 includes BSO capex for 775 €mn of which 369 €mn in HFS. FY2016 includes capex of asset HFS for 290€mn 58

Group total net installed capacity¹ : breakdown by technology and geography

MW	Hydro2	Wind	Geothermal	Solar & Other	Nuke	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	12,425	772	761	80	-	6,340	4,535	2,739	27,652
Iberia	4,752	1,618	-	14	3,318	5,168	5,445	2,417	22,732
South America	9,980	1,362	41	1,388	-	835	4,240	2,699	20,544
Argentina	1,328	-	-	-	-	-	1,922	1,169	4,419
Brazil	1,270	670	-	716	-	-	319	-	2,975
Chile	3,548	642	41	492	-	611	1,532	609	7,475
Colombia	3,056	-	-	-	-	224	-	187	3,467
Peru	778	-	-	179	-	-	467	733	2,158
Uruguay	-	50	-	-	-	-	-	-	50
Europe & North Africa	19	741	-	123	-	3,623	809	4,447	9,761
Romania	-	498	-	36	-	-	-	-	534
Russia	-	-	-	-	-	3,623	809	4,447	8,878
Slovakia	-	-	-	-	-	-	-	-	-
Other3	19	242	-	88	-	-	-	-	349
North/Central Americas	623	2,566	-	344	-	-	-	-	3,533
Mexico	53	675	-	115	-	-	-	-	843
Panama	300	-	-	54	-	-	-	-	354
USA	25	1,815	-	175	-	-	-	-	2,015
Other4	245	76	-	-	-	-	-	-	321
Africa Subsahariana & Asia5	-	371	-	323	-	-	-	-	695
Total	27,799	7,431	802	2,273	3,318	15,965	15,028	12,301	84,917

1. Excludes managed capacity

2. Includes 25,264 MW of Large Hydro (10,901 MW in Italy, 4,709 MW in Iberia, 9,653 MW in South America)

3. Includes Greece, Bulgaria

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

59

Group total net production¹ : breakdown by technology and geography

GWh	Hydro2	Wind	Geothermal	Solar & Other	Nuke	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	14,025	1,188	5,758	126	-	24,172	7,690	558	53,518
Iberia	5,038	3,351	-	27	26,448	24,906	11,849	7,000	78,618
South America	33,597	3,661	61	1,580	-	2,854	19,568	3,305	64,627
Argentina	1,908	-	-	-	-	-	11,325	1,591	14,825
Brazil	2,944	1,811	-	475	-	-	1,932	-	7,161
Chile	10,135	1,699	61	1,043	-	2,735	3,978	579	20,231
Colombia	14,594	-	-	-	-	119	-	53	14,766
Peru	4,015	-	-	63	-	-	2,333	1,082	7,493
Uruguay	-	151	-	-	-	-	-	-	151
Europa & North Africa	22	1,814	-	172	-	18,565	5,274	15,991	41,839
Romania	-	1,313	-	44	-	-	-	-	1,358
Russia	-	-	-	-	-	18,565	5,274	15,991	39,830
Slovakia	-	-	-	-	-	-	-	-	-
Other3	22	501	-	128	-	-	-	-	651
North/Central Americas	2,681	6,920	-	192	-	-	-	-	9,794
Mexico	217	1,808	-	0	-	-	-	-	2,025
Panama	1,467	-	-	61	-	-	-	-	1,528
USA	70	4,884	-	131	-	-	-	-	5,085
Other4	927	228	-	-	-	-	-	-	1,156
Africa Subsahariana & Asia5	-	892	-	589	-	-	-	-	1,481
Total	55,363	17,827	5,820	2,687	26,448	70,497	44,381	26,855	249,876

1. Excludes production referred to managed capacity

2. Includes 46,560 GWh of Large Hydro (9,451 GWh in Italy, 4,974 GWh in Iberia, 32,134 GWh in South America)

3. Includes Greece, Bulgaria

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

Group total additional capacity¹ : breakdown by technology and geography

MW	Hydro	Wind	Geothermal	Solar & Other	Nuke	Coal	CCGT	Oil&Gas ST/OCGT	TOTAL
Italy	10	55	-	1	-	-	-	-	65
Iberia	-	-	-	-	-	-	-	-	-
South America	390	270	41	884	-	-	-	48	1,632
Argentina	-	-	-	-	-	-	-	-	-
Brazil	380	270	-	704	-	-	-	-	1,354
Chile	-	-	41	-	-	-	-	-	41
Colombia	10	-	-	-	-	-	-	-	10
Perù	-	-	-	179	-	-	-	48	227
Uruguay	-	-	-	-	-	-	-	-	-
Europa & North Africa	-	-	-	-	-	-	-	-	-
Romania	-	-	-	-	-	-	-	-	-
Russia	-	-	-	-	-	-	-	-	-
Slovakia	-	-	-	-	-	-	-	-	-
Other2	-	-	-	-	-	-	-	-	-
North/Central Americas	-	897	-	200	-	-	-	-	1,097
Mexico	-	-	-	115	-	-	-	-	115
Panama	-	-	-	29	-	-	-	-	29
USA	-	897	-	56	-	-	-	-	953
Other3	-	-	-	-	-	-	-	-	-
Africa Subsahariana & Asia4	-	36	-	-	-	-	-	-	36
Total	400	1,258	41	1,084	-	-	-	48	2,831

1. Excludes managed capacity

2. Includes Greece, Bulgaria

3. Includes Canada, Guatemala, Costa Rica

4. Includes South Africa, India

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

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	8	30	7	-	54	98
Iberia	-	9	-	-	-	9
South America	304	171	-	190	-	664
Europe & North Africa	154	-	-	-	-	154
North & Central America	609	-	-	912	-	1,521
Sub-Saharan Africa & Asia	279	-	-	309	-	588
Total	1,354	210	7	1,411	54	3,036

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

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	8	3	-	-	54	65
Iberia	-	5	-	-	-	5
South America	304	171	-	103	-	578
Europe & North Africa	154	-	-	-	-	154
North & Central America	516	-	-	912	-	1,428
Sub-Saharan Africa & Asia	-	-	-	138	-	138
Total	982	179	-	1,153	54	2,368

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

MW	Wind	Hydro	Geothermal	Solar	Biomass	Total
Italy	-	27	7	-	-	33
Iberia	-	5	-	-	-	5
South America	-	-	-	86		86
Europe & North Africa	-	-	-	-		-
North & Central America	93					93
Sub-Saharan Africa & Asia	279			172		451
Total	372	31	7	258	-	668

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 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.

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Email investor.relations@enel.com

Phone +39 06 8305 7975

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

Investor Relations team Serena Carioti Alessia Di Ninno Federica Dori Monica Girardi Donatella Izzo Fabrizio Ragnacci Federica Todaro Emanuele Toppi

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