Enel Capital Markets Day 18nov15

Capital Markets Day
Strategic Plan 2016-19

November, 18th 2015
Capital Markets Day

Agenda
Enel Group
Investor Relations
Opening remarks
Francesco Starace
Strategic update
Francesco Starace
Key financials
Alberto De Paoli
Summary
Francesco Starace
Renewable Energies
Francesco Venturini
Global Infrastructure & Networks
Livio Gallo
Global Generation
Enrico Viale
Global Trading
Claudio Machetti
Closing remarks
Francesco Starace
Q&A session
1
Opening remarks
Enel today1
Enel Group
Investor Relations
North America
Capacity: 2.1 GW
Italy
Capacity: 30.8 GW
Networks: 1.14 mn km
End users: 31.6 mn
Free customers: 9.9 mn
Mexico & Central America

Capacity: 1.0 GW
Iberia
Capacity: 23.5 GW
End users: 11.9 mn
Latin America
Capacity: 17.6 GW
End users: 15.0 mn
Africa
Capacity: 0.01 GW
India
Capacity: 0.2 GW
Enel Group
Capacity: 89.5 GW
End users: 61.2 mn
East Europe
Capacity: 14.2 GW
End users: 2.7 mn
Global diversified operator

1.
2.
Data as of 30th September 2015

Presence with operating assets
Countries of presence2
Opening remarks
Enel today1
Enel Group
Investor Relations
Leading network
operator
44% of Group EBITDA
61 mn end users
38 mn smart meters
40 bn RAB2
Leading retail
business
11% of Group EBITDA
Leading renewable
operator
Balanced generation
portfolio
12% of Group EBITDA
32% of Group EBITDA
10.6 GW installed
78.9 GW installed
56 mn power customers
Hydro3
Renewables
32%
9%
6 mn gas customers
6%
Nuclear
18%
CCGT
~89.5 GW
Oil
& Gas
16%
19%
Coal
Ideally positioned to capture opportunities in all segments

1.
2.

As of 31st December 2014
3.
Including EGP Hydro operations
Progress against 2015-19 Plan

Key pillars of strategy announced in March 15
Enel Group
Investor Relations
Operational efficiency
-10% cash costs 2014-19
Industrial growth
+6.7 bn cumulative 2015-19 EBITDA
Active portfolio management

5 bn capital recycling over 2015-19
-3% expected in FY2015
2015 growth EBITDA target on track

65% of growth EBITDA in 2017 addressed
1.9 bn finalized by 2015

>2 bn in execution
Shareholder remuneration
2015-19 DPS CAGR +17%
2015 DPS min. 0.16 /sh ca. +14% yoy
Strategic update
Global scenario evolution
Enel Group
Investor Relations
What has changed
Demand
Commodities
FX
OECD: decoupling of GDP and electricity demand

Non-OECD: increasing pro-capita consumption as
main driver
Lower global demand growth
Significant overcapacity in oil and coal supply

Gas price less correlated to oil in Europe
Commodities prices in line with

consensus
Lower power prices in Italy &
Spain
Increasing pressure on emerging markets
Weaker currency exchange rates

Chile, Colombia and Brazil
devaluation
Stress test on business plan

5
Strategic update
Evolving strategy
Enel Group
Investor Relations
Efficiency
Growth
Simplification
Value drivers
and efficiency
Flexibility
in capital allocation
Reducing group complexity
Gross margin optimisation

at global level
Ability to adapt to
evolving scenario
Enhanced integration
among business lines
Efficiency levers larger

than expected
Wide range of options across

technologies and countries
Streamlining corporate structure
Accelerating value creation

6
Strategic update
Key pillars: accelerating on March 15 strategy
Enel Group
Investor Relations
2
Industrial growth
2019 opex savings target increased by 30%

Maintenance capex further cut of 0.8 bn
Increasing growth capex by 2.7 bn in 2016-19
Rebalancing by technology and geography
Group simplification
4
EGP integration and Latam restructuring
Increasing by 1 bn to fund growth and drive

returns
Dividend policy confirmed

7
Strategic update
Key pillars: revised targets
Enel Group
Investor Relations
2
Industrial growth
3
4

5
8
Strategic update
Operational efficiencies: opex evolution (bn)
Enel Group
Investor Relations
Opex by business3
Opex evolution1
Networks
58.5
-18%
47.9
March 15 Plan
2019
-12%
/end user
9.3
0.5
0.2
(1.4)
2014
(0.3)
Renewables
8.3
76.0
-18%
-8%
2019
2014
Conventional
Generation4
March 15 Plan
-1.1 bn
k/MW
Staff
2014
CPI &
FX 2
Growth Efficiency Disposals
2019
62.0
k/MW
43.9
-10%
39.3
-7%
2019
2014
24%
-8%
22%
-10%
% of Total
Fixed Costs
2014
2019
Additional savings and strong acceleration in trajectory

1.
2.
Total fixed costs in nominal terms (net of capitalizations). Adjusted figure net of accruals. Impact from acquisitions is not included
Of which CPI +0.6 bn and FX -0.4 bn
3. In nominal terms
4. 2014 figure restated for delta perimeter
Strategic update
Operational efficiency: focus on opex (bn)
Enel Group
Investor Relations
2019 efficiency target
Headcounts (n. 000)

-14%
Procurement
Other external
costs
25%
10%
IT
10%
69.0
59.5
1.4 bn
25%
Personnel
30%
Technical
optimisation
2014
2019
A next level efficiency plan

10
Strategic update
Enel Group
Investor Relations
2
Industrial growth
3
4

5
11
Strategic update
Industrial growth: main criteria
Enel Group
Investor Relations
Progress in 2015
Decreasing business risk profile:

no merchant exposure
All new projects approved backed by

long term PPAs
Increasing optionality based

on project size and diversification
Average size of 150 MW across 7 countries
Significant flexibility in total spending

Average time to EBITDA <2 years
and high level of self financing
Pursuing new business opportunities
15 projects of 160 mn on average
11 projects approved with COD in 2016-17

Leveraging on our more advanced
infrastructure base to provide enhanced
services
12
Strategic update
Industrial growth: capex plan (bn)
Enel Group
Investor Relations
Total capex
Growth capex by business

28.5
26.6
17.0
+2.7
14.3
+19%
Growth capex by geography
3%
9%
14.3
2%
17%
-36%
32%
+29%
11.5
49%
+30%
Plan update
2016-19
March'15 Plan
2016-19
17.0
90%
17.0
1%
14.3
95%
12%
1%
12%
19%
34%
1%
21%
25%
20%
-0.8
12.3
March'15 Plan
2016-19
-7%
Renewables1
Retail
Growth
Maintenance
Networks
Other
53%
Plan update
2016-19
Generation
Regulated and
quasi-regulated
48%
41%
March'15 Plan
2016-19
Plan update
2016-19
Latam
Italy
East Europe
RoW 2
Iberia
Increasing and rebalancing growth capex

1.
2.
Inclusive of 1.3 bn optional growth capex in renewables

Mainly North America and new countries (Asia and Africa)
13
Strategic update
Industrial growth: areas of additional growth
Enel Group
Investor Relations
Growth capex 2016-19

vs March 15 (bn)
What has changed
+2.7
Smart investment in mature and resilient

markets
Acceleration of digital meters roll-out in Italy
+1.7
New markets and higher focus on solar
+1.3 GW auctions in Brazil and South Africa

+0.8 GW in US, Latam and new countries
+2.01
Revision of conventional generation

pipeline
Shorter time to EBITDA

Lower capex in Latam
-1.0
Flexibility in capital allocation

1.
Inclusive of 1.3 bn optional growth capex in renewables
14
Strategic update
Industrial growth: growth EBITDA (bn)
Enel Group
Investor Relations
Key drivers
Cumulative growth EBITDA2
Growth EBITDA
60-65% of 2017 growth EBITDA

already addressed
2.6
Renewables
0.11
2.4
1.4
Spread over WACC >200 bps
Networks
29%
7.2 bn 49%
0.8
1.3
0.4
Generation
Average time to EBITDA <2 years

2015
2016
2017
6.7 bn
11%
2019
11%
Retail
March 15 Plan
Upgrading growth thanks to shorter time to EBITDA

1.
2.
Growth from 1.3 bn of optional capex

Cumulative 2015-19
15
Strategic update
Industrial growth: operational targets upgrade1
Enel Group
Investor Relations
Additional growth
vs March 15
Conventional
generation
Networks
Retail
Renewables
+21 mn 2nd generation

digital meters
+2.5 mn customers
+22.6 TWh sold2
+2.1 GW additons
+3.6 mn end users

+30 mn smart meters
+4.7 mn new customers in

power & gas free market
-0.1 GW additons
+9.2 GW3 additions
+0.6 GW additions in Latam

0.4GW under construction at 2019
Total 2019 Capacity: 17
GW5
Total 2019 Capacity: 66 GW5
Total Group capacity
2014
End users (mn)
38% Total renewables
Smart meters (mn)
46
37
61
2014
2019
Free Customer base (mn)
Hydro4 31%
65
2019
1. Incremental data refers to 2015-19 period

2. In Italy
21.5
2014
26.2
2019
52% Total renewables

Renewables
7%
5% Nuclear
~96 GW
Oil 22%
& Gas
18%
17% CCGT
Hydro4
Renewables
18%
Oil
& Gas 14%
Coal
3. Including 0.9 GW additional capacity from optional capex

4. Including EGP Hydro operations
33%
5. Net of disposals
~83 GW4
Coal 13%
4% Nuclear
18% CCGT
16
Strategic update
Industrial growth: new business opportunities
Ultra-broadband in Italy
Current context1
Enel Group
Investor Relations
Enel strategy
6%
Leverage on the widespread power distribution

network covering ~85% of the population
Roll-out a national and future-proof fiber network at a cost
advantage (up to ~60% of infrastructure re-utilization)
2%
64%
Set up of a NewCo open to all interested parties

to offer wholesale services to the market
in a non-discriminatory way
22%
Italy
Average EU
Coverage > 100Mbps

Coverage > 30Mbps
1. Source: Italian Strategy for the Ultra-broadband, March 2015; Infratel, 2014
Potential to replicate in other countries

where Enel has a presence
17
Strategic update
Enel Group
Investor Relations
2
Industrial growth
3
4

5
18
Strategic update
Enel Group
Investor Relations
EGP integration
Latam
restructuring
Upgrade medium/long-term growth prospects

First step in the structural change of the generation portfolio
Gaining synergies and further flexibility
Alignment with group strategy based on country/business

Maximise efficiencies and simplify governance
Increasing economic interest and reducing group complexity

19
Strategic update
EGP integration: compelling rationale
Enel Group
Investor Relations
Upgrade medium/long-term growth prospects
Group growth capex 2016-19
Fully exploit global growth opportunities: +9.2 GW in 2015-19

>50% of total group growth capex and growth EBITDA
Other
businesses 47%
85% of generation growth capex
17.0 bn
Synergies
53%
Mitigating merchant risk within the Group
Renewables
Improved energy management capability

Vertical integration with networks: smart grids and micro grids
Enhanced retail offering
Gaining further flexibility

Increased flexibility in asset rotation within the Group
Higher optionality with good quality pipeline of small-mid size projects
Shorter time to EBITDA < 2 years
Generation growth capex 2016-19

Conventional
generation
15%
10.7 bn
85%
Renewables
Driving structural change of generation portfolio

20
Strategic update
EGP integration: transaction structure
Enel Group
Investor Relations
Current structure
Post transaction structure
Partial non proportional demerger
Free float
31.7%
Key features
68.3%
New Enel shares to be issued

100%
100%
Exchange ratio set at 0.486

100%
EGP
International
EGP
International
Withdrawal right price at 1.78/sh

Limit set at 300 mn
21
Strategic update
Latam restructuring
Enel Group
Investor Relations
Country-based model in Latam

Pure Chilean group
Latam investment vehicle
Objectives
Simplify corporate structure

60.6%
>50.0%
Enersis
Americas
Enersis
Chile
99.1%
Align strategic interests

60.0%
Chilectra
Endesa
Chile
Dx
Gx
EBITDA1 0.8 bn
1.
2014 pro-forma figures
ARG
BRA
COL
PE
Gx
Dx
Gx
Dx
Gx
Dx
Gx
Dx
Set a new industrial strategy

and management focus
EBITDA1 2.3 bn
22
Strategic update
Latam restructuring
Enel Group
Investor Relations
Key highlights
Exchange ratio range for the Americas holdings merger: 2.3-2.8 of Enersis Americas for each share of
Endesa Americas; 4.1-5.4 of Enersis Americas for each share of Chilectra Americas
Limit to withdrawal right: Enersis Americas 6.73%, Endesa Americas 7.72%
BoDs decided on the

transaction and summoned
EGMs1
10th Nov 2015
EGMs to vote spin-offs2 and

reference exchange ratio
for the merger
Spin-offs
effective
18th Dec 2015
1st Quarter 2016
Resulting entities
start trading
independently
1.
2.
3.
4.
EGMs to
approve the
merger
2nd Quarter 2016
60 days of trading + 30
days prior to the EGMs3
Merger of Enersis
Americas effective
3rd Quarter 2016
Withdrawal right period (up

to 30 days after the EGMs)4
EGMs of Enersis, Endesa Chile and Chilectra

Spin-offs approved on the basis of the pro-forma balance sheets as of September 30th, 2015
Exercise price of withdrawal right equal to the weighted average price of the 60 trading days preceding the 30th trading day prior to the EGM; except Chilectra which will be at book value
Dissenting/absent shareholders may exercise their withdrawal rights up to 30 days after the EGM and sell their shares to the Company
23
Strategic update
Latam restructuring
Enel Group
Investor Relations
Efficiencies
Opex & SG&A reduction
Cash management
Tax optimisation
Yearly savings by 2019

of 360-380 mn
Dividend policy
Industrial growth
Chile
Chile
1.4 bn total capex 2016-19

60% dedicated to growth
Base case payout to increase

gradually from 50% to 70%
Americas
3.8 bn total capex 2016-19
40% dedicated to growth

increased flexibility & optionality
Americas
50% payout
Flexibility on use
of free cash flow
Proposed dividend policy subject to completion of reorganisation

24
Strategic update
Enel Group
Investor Relations
2
Industrial growth
3
4

5
25
Strategic update
Enel Group
Investor Relations
Strategic fit
Decreasing business risk profile

Capital recycling to drive higher returns
Optimising economic interests across portfolio
Flexibility
Crystallising value through disposals

Providing additional resources to fund growth
Acceleration to support strategic repositioning

26
Strategic update
Key pillars
Enel Group
Investor Relations
2
Industrial growth
3
4

5
27
Strategic update
Shareholder remuneration policy confirmed
Enel Group
Investor Relations
Dividend policy
Transition phase
Minimum DPS (/sh)
50%
55%
60%
65%
65%
0.18
0.16
2015
2016
2017
2018
Accelerating returns
1.
Including the impact of EGP integration
2019
2015
20161
Short-term certainty
28
Capital Markets Day

Key financials
CFO Alberto De Paoli
November, 18th 2015
Key financials
Evolving strategy
Enel Group
Investor Relations
Efficiency
Growth
Simplification
Value drivers
and efficiency
Flexibility
in capital allocation
Reducing group complexity
Managerial actions
Optimisation of power
and gas margin
Growth from additional capex
Acceleration on opex savings
Procurement and logistics
New businesses
EGP integration
Latam restructuring
Retail business
30
Key financials
Global scenario evolution
Enel Group
Investor Relations
What has changed vs March 15 Plan1
Demand
Lower global demand growth

Lower GDP growth in Latam
Commodities
& prices
Commodities prices in line with consensus
Italy -2.1%; Spain -1.9%

Brazil -13%; Peru -9%
Coal -15%; Brent -9%; Gas -4%

Lower power prices: Italy and Spain -6%
Devaluation of Latam currencies
FX
Weaker currency exchange rates
EUR/BRL 26%; EUR/COP 17%;

EUR/CLP 7%
Stress test on business plan

1.
Calculated as average differences vs. March 15 Plan
31
Key financials
2016-19 cumulative EBITDA evolution (bn)
Enel Group
Investor Relations
64
(2.4)
1.5
(1.8)
0.5
0.8
64
Active
portfolio
mgmt
Plan
update
1.7
(0.5)
March '15
Plan
FX
Price &
demand
Regulatory
Energy
margin
& retail
Efficiency
Growth
Managerial actions mitigating negative macro headwinds

32
Key financials
Operational efficiency (bn)
Enel Group
Investor Relations
-22%
Maintenance
capex1
-16%
3.6
3.4
Cash costs
3.1
800 mn savings
in 2019 vs. 2014
2.8
-14%
-10%
2014
2015
2016
2019
12.9
12.5
11.6
-10%
11.1
-7%
Opex2
9.3
~1 bn savings
in 2019 vs. 2014
2014
9.1
8.5
8.3
2015
2016
2019
2015
2016
2019
March '15 Plan

2014
Additional savings and strong acceleration in trajectory

1.
2.
Net of perimeter effect

33
Key financials
EBITDA evolution: retail (bn)
Enel Group
Investor Relations
+31%
Main business drivers

0.3
0.5
(0.5)
0.2
2.1
1.6
2015
Customer
base
Efficiency
New
services
Unitary
margin
Free
customers
>15% in power and gas
Volumes
sold
+20% in power and +30% in gas
Cost to
serve
~5% reduction
New
Services
+0.3 bn in B2C and B2B segments
2019
34
Key financials
Enel Group
Investor Relations
~6 bn
March15
Plan
5 bn
Under
Execution
2 bn
Already
Completed
1.9 bn
Source of funds
~6 bn
>2
Additional
growth capex
Higher investment in networks

and renewables
<2
Minorities
buy-outs
Supporting Group simplification
>2
Acquisitions
Selective opportunities in networks
Use of funds
Cash neutral and 2% Group net income accretion over the plan period
35
Key financials
EGP integration
Enel Group
Investor Relations
Acceleration of growth with +1.3 bn of optional capex and +0.9 GW

installed in 2019
EBITDA
at regime
NPV
150 mn
0.25 bn
0.1 bn
30 mn
0.4 bn
Growth
Increasing flexibility in active portfolio management
Increasing synergies with networks, conventional generation and retail

Integration
Optimising Group financial resources

Lowering merchant exposure
To be implemented post
Integration
Net present value >0.8 bn

36
Key financials
Latam restructuring (bn)

Enel Group
Investor Relations
EBITDA evolution 2015-19
3.1
(0.6)
0.8
0.3
0.4
Main drivers
4.0
Efficiency
Opex savings of ~0.3 bn
Industrial growth
Increased flexibility and optionality
Free cash flow
Flexibility on usage
2015
Scenario &
regulatory
Energy
margin
& retail
Efficiency
Growth
2019
37
Key financials
EBITDA evolution (bn)
Enel Group
Investor Relations
+15%
+3%
+12%
1.2
15.0
2015
(1.5)
Scenario &
regulatory
1.0
15.5
0.1
Growth
2017
Scenario &
regulatory
0.2
17.3
Active
portfolio
mgmt 2
2019
0.3
0.7
(0.2)
0.5
Active
portfolio
mgmt 1
Energy
margin
& retail
Efficiency
Efficiency
Growth
Further acceleration on efficiency and growth

1.
2.
Of which -0.4 from disposals and +0.2 from acquisitions

Of which +0.2 from acquisitions
38
Key financials
Enel Group
Investor Relations
EBITDA by geography1
2015
21%
15
EBITDA by business1
2019
21%
8%
17
2019
43%
46%
23%
21%
2%
16%
11%
38%
2015
17
15
31%
36%
12% 1%
11%
Regulated and
quasi-regulated
70%
Italy
Iberia
Latam
East Europe
Renewables
S&H
16%
28%
11%
75%
Networks
Generation2
Retail
Renewables
S&H
Regulated and quasi-regulated
Decreasing business risk profile

1.
2.
Including Holding and Services

Including retail in Iberia
39
Key financials
Group net income evolution (bn)
Enel Group
Investor Relations
+45%
+29%
+13%
1.8
0.2
(0.2)
(0.5)
(0.4)
0.5
0.2
(0.2)
EBITDA
Financial
expenses
D&A
3.0
Group net
income
2015
(0.1)
Income tax
(0.2)
0.2
4.4
3.4
EGP
Group net
Minorities Integration income
2017
EBITDA
Financial
expenses
D&A
Income tax
Group net
Minorities income
2019
40
Key financials
Financial plan and strategy
Enel Group
Investor Relations
Actions completed
Further actions
Repayment of 3.5 bn bonds at maturity
Further repayment of debt at maturity

with excess cash 4 bn in 2016
Liability management
bond exchange (~1.5 bn)
Renegotiation of credit lines (11.6 bn)
and guarantees (1.1 bn)
Pre-hedge operations 2017-19 (~6 bn)
Total annual savings 300 mn
Additional pre-hedge operations

up to ~ 50% of total refinancing needs 2017-20 (2bn)
Improvement of financial flexibility
Increasing short term funding instruments
Further liability and other managerial actions
Target of ca. 0.5 bn reduction in financial expenses on debt by 2019

41
Key financials
Financial plan and strategy
Enel Group
Investor Relations
Gross and net debt (bn)
Net financial expenses on debt (bn)

-18%
~(9.5)
57.0
13.1
6.5
53.5
11.0
4.5
6.0%
5.1%
51.2
4.9%
5.0%
47.5
8.5
4.5
6,5
4.0
2.8
4.0%
2.6
2.5
2.3
3.0%
37.4
38.0
38.2
37.0
2.0%
1.0%
Net debt/
EBITDA
2014
2015
2016
2019
2.4x
2.5x
2.6x
2.1x
0.0%
2014
2015
Net debt
Net financial exp.
Financial receivables
Cash
Cost of gross debt
2016
2019
42
Key financials
Breakdown of gross debt cost evolution
Enel Group
Investor Relations
Gross debt breakdown

~7%
~20%
~19%
~7%
~27%
Cost of gross debt
2014
2019
Hybrid bonds
6.3%
6.5%
Emerging markets2
6.7%
7.9%
Banks and other
2.5%
2.6%
Bonds1
5.4%
3.9%
Average cost of debt
5.1%
4.9%
~20%
~54%
~46%
2014
2019
Bonds1
Emerging markets2
Banks and other
Hybrid bonds
Financial strategy more than offsetting higher increasing emerging markets cost
1.
2.
It exclude emerging markets and hybrid

It includes Latam and EGP perimeters
43
Key financials
Cash flow generation: cumulative 2016-19 (bn)
Enel Group
Investor Relations
64
(4)
(9)
(10)
41
(12)
29
(14.5)
14.5
(12)
2.5
Recurring
EBITDA
Provisions 1 NWC and Income taxes Financial

other
paid
expenses
paid
FFO
Maintenence FFO after

Net growth
capex 2 maint. Capex
capex 3
FCF
Net
dividends
paid
Net FCF
3.5
(3.5)
Cash-in from
disposals 3
Net cash
available
Acquisitions
Active portfolio management and free cash flow funding additional growth
1.
2.
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). Inclusive of bad debt provision accruals equal to 2.3 bn
Including maintenance capex from acquisitions
3. Net of funds from active portfolio management worth ~2.5 bn
44
Capital Markets Day

Summary
CEO Francesco Starace
November, 18th 2015
Capital Markets Day

Group targets
Enel Group
Investor Relations
2015
2016
2017
CAGR (%)
2015-19
Recurring EBITDA (bn)
15.0
14.7
15.5
~+4%
Net ordinary income (bn)
3.0
3.1
3.4
~+10%
Minimun DPS
0.16 /sh
0.18 /sh
Pay-out
50%
55%
60%
+7%
FFO/Net Debt
23%
23%
26%
~+6%
~+17%
46
Capital Markets Day

Accelerated Strategic Plan
Enel Group
Investor Relations
Leveraging on flexibility and accelerating efficiency
Increased investments in stable return activities
Major steps in Group simplification
Focus on attractive shareholders return
Enel leads the energy transition

47
Capital Markets Day

Renewable Energies
Francesco Venturini
November, 18th 2015
Renewable Energies
Energy sector evolution
Enel Group
Investor Relations
Traditional model
New model
Transmission and distribution
From centralised to distributed energy

49
Renewable Energies
Growth engine
Enel Group
Investor Relations
1
Cost competitiveness
2
Simplicity in installation and operation
3
Scalability and modular approach
4
Energy independence and

reduction of price volatility
5
Environmental sustainability
50
Renewable Energies
Evolution of competitive scenario
Enel Group
Investor Relations
Large utilities
YieldCos
The new scenario
Renewables
Generation
2007
Feed-in tariffs
2010
2013
Tenders
2016
2019
Integration and
market consolidation
51
Renewable Energies
Enel Green Power: a global leader1
Enel Group
Investor Relations
Total installed capacity by area

Rest of
World
Europe
6.2 GW in operation
0.2 GW in execution
2%
59%
North America
2.1 GW in operation
0.5 GW in execution
0.2 GW contracted
20%
10.6 GW
Europe
19%
North
America
Latin
America
Net production by technology

Rest of World
0.2 GW in operation
0.5 GW in execution
0.7 GW contracted
Latin America
2.1 GW in operation
1.7 GW in execution
0.6 GW contracted
Solar
Hydro
2%
33%
33.1 TWh
Countries of presence
Countries of interest
1. Data as of 30/09/2015. Production is LTM (01/10/2014-30/09/2015) and includes 182GWh of biomass
Wind
46%
19%
Geo
52
Renewable Energies
Key business drivers
Enel Group
Investor Relations
Lean organisation and processes coupled with

increasing economies of scale
Crucial role of forefront IT systems (big data

management) and best practice sharing
Scheduled and predictive maintenance along

with proactive energy management
Industrial growth
Strong cash-flow generation available for growth
Extensive and high quality pipeline coupled with

increasing cost competitiveness supporting
sizeable capex plan
Best positioned to capture current growth

momentum
Systems integration & new businesses
Distinctive greenfield developer capabilities as

a lever to monetise projects in excess
Hybrid systems as a tool to improve performance

and abate costs
Divestment of operating assets as a tool to

support growth and in countries with reduced
strategic fit
Storage as a grid flexibility agent and as a key

component in isolated grids
Selective value creative consolidation options
Platform based distributed generation
53
Renewable Energies
Enel Group
Investor Relations
Opex1 (K/MW)
Key levers
-20%
Strong economies of scale
76
61
Largest share of new capacity added in

technologies with lower unit cost
Maintenance contracts optimization

2014
2019
Operating excellence as a key competitive advantage

1. Nominal values . 2019 includes economies of scale from growth associated to 1.3bn optional capex
54
Renewable Energies
Operational efficiency: focus on O&M
Enel Group
Investor Relations
O&M costs/MW1
Lost production factor

5.0%
2.2%
2.0%
2.0%
4.0%
1.9%
1.8%
1.8%
2.7%
2.0%
2.0%
2.0%
1.0%
1.0%
Historical
5.0%
3.3%
2015 preclosing
Hydro
84
80
80
100
90
90
85
Geo
Wind
72
70
70
Solar
73
65
50
Old 2019 target
100
100
100
Hydro
Geo
Wind
Solar
New 2019 target
1. O&M Costs/MW normalized on 2011 for hydro, wind, geo and on 2013 for solar. Excluding taxes, insurance and contribution
55
Renewable Energies
Industrial growth (1/3)
Enel Group
Investor Relations
Planned additional capacity (GW)
Growth capex by area
Projects in execution & contracted
7.1
North
America
1.0
0.5
6.8
9%
5.6
Rest of
World
70%
2015-19
planned
additions
COD
9M 2015
COD
4Q 2015E
2016-19
additions
(old plan)
60%
Europe
26%
7.7 bn
54%
11%
Latin
America
2016-19
additions
(new plan)
Visible growth ahead

56
Renewable Energies
Enel Group
Investor Relations
Planned additional capacity with option (GW)
2.8
6.8
0.9
Optional capex by area
North
America
7.7
25%
4.0
1.3 bn
Rest of
World
In execution
& contracted
2016-19
residual
target
2016-19
additions
(new plan)
Integration
option
53%
22%
Latin
America
2016-19
additions
with option
>50% of additions of plan w/option already secured

57
Renewable Energies
Enel Group
Investor Relations
Pipeline by technology
Pipeline by COD
Solar
Wind
72%
2%
3%
>2018
North
America
50%
23%
21 GW
2018
Pipeline by area
16%
13%
Hydro
Geo
21 GW
32%
5%
2016
2017
Rest of
World
Europe
21%
21 GW
50%
13%
Latin
America
Spread over WACC 200-300 bps

58
Renewable Energies
Enel Group
Investor Relations
Expected flows (bn)
Key drivers
Tactical approach to create value

2.5
1.3
1.2
Consolidation options
0.6
2015-19
planned
disposals
2015
secured
transactions
Residual
disposals
2016-19
planned
consolidations
2015-19 net flow of 1.9 bn confirmed
From stockpilers to asset managers: 1.3 bn raised in 2015

59
Renewable Energies
Systems integration & new businesses
Enel Group
Investor Relations
Storage
Isolated grids
Distributed generation
Catania 1 - Solar PV 10MW

1MW/2MWh nickel chloride battery
Ollage Chile: 250kW micro-grid

integrated with solar and wind
Integrated control systems
Potenza Pietragalla - Wind 18MW

2MW/2MWh lithium battery
Advanced development stage

in Kenya and Peru
End-to-end proposition
with turnkey solutions
Additional wind site

4MW/1MWh lithium titanate battery
Testing phase with

battery system
Launching pilot retail offer

in South Africa
At the forefront of innovative processes, products and business solutions

60
Renewable Energies
Enel Group
Investor Relations
2015-19 EBITDA1
1.1
0.1
(0.3)
Main drivers by area
0.1
2.7
Growth as a key factor in Latin America,

North America and new countries
Efficiency mitigating costs associated with

additional capacity and structure
1.7
Planned phasing out of incentives

in Europe and the US
FY 2015
Growth Efficiency Scenario Portfolio FY 2019

mgmt
1. Including contribution from 1.3bn optional growth capex. 2015 is net of 3Sun consolidation effect
Growth associated to consolidation actions

compensating dilution from disposals
61
Renewable Energies
2016-19 Targets
Enel Group
Investor Relations
Planned additional capacity1

North
America
Rest of
World
Europe
North
America
16%
31%
Rest of
World
7.7 GW
11%
Total capex1
42%
Latin
America
11%
1.7
28%
2.0
2.3
9.7 bn
47%
Europe
EBITDA (bn)
14%
Latin
America
2015E
1. Including contribution from 1.3bn optional growth capex. Total capex also includes maintenance of 700mn
2016
2017
62
Capital Markets Day

Livio Gallo
November, 18th 2015

General overview1
Enel Group
Investor Relations
End users2 (mn)
Key indicators
Networks
1.9 mn Km
19%
Smart meters installed

Headcount
RAB2
1.
2.

As of 31st December 2014
Energy distributed2 (TWh)
23%
4%
38 mn
61
33,552
40 bn
52%
24%
3%
Italy
Iberia
East Europe
Latam
410
19%
54%
64

General overview: operational data
Enel Group
Investor Relations
Brazil: 7% of total EBITDA

6.6 mn end users
23 TWh Energy distributed
Interruption: 830 min/y
Italy: 50% of total EBITDA

31.6 mn end users
2014
Colombia: 6% of total EBITDA

2.8 mn end users
EBITDA
80% Europe
20% Latam
7.4 bn
Argentina: 2% of total EBITDA

2.5 mn end users
Interruption: 2,091 min/y
Capex
70% Europe
30% Latam
2.5 bn
Chile: 4% of total EBITDA

1.8 mn end users
Opex
75% Europe
25% Latam
Peru: 3% of total EBITDA

1.3 mn end users
3.6 bn
Iberia: 25% of total EBITDA

11.9 mn end users
Romania: 3% of total EBITDA

2.7 mn end users
65

Key pillars
Enel Group
Investor Relations
Operational excellence and best practice sharing
Synergies in processes and systems
2
Network digitalisation
Industrial growth
Enabling new market services

Business development and acquisition
66

Operational efficiency: quality of service
Enel Group
Investor Relations
Minutes of interruption
2014
Losses
Latam
Latam
Europe
-40%
-15%
-5%
2019
2014
2019
2014
2019
Targeting significant network performance improvements

67

Operational efficiency (1/2)
Enel Group
Investor Relations
-15%
Maintenance capex1
2.0
Cash costs
1.9
1.7
1.7
2016
2019
Optimization of capital allocation

Risk based asset management
-14%
5.6
2014
2015
5.3
5.0
4.8
-14%
3.6
3.4
Opex2
Operational efficiencies
Economies of scale
Quality of service
2014
2015
3.3
2016
3.1
2014
2015
2016
2019
2019
800 mn of savings to 2019

1.
2.

68

Operational efficiency (2/2)
Enel Group
Investor Relations
Cash Cost1 (K/end user)
Opex1 (K/end user)
Maintenance capex1 (K/end user)
-19%
-18%
-21%
-12%
92.1
74.6
58.5
48.0
33.6
2014
2019
2014
2019
2014
26.7
2019
Europe
89.4
-19%
72.0
56.5
-20%
45.4
32.8
-19%
26.6
Latam
100.9
-19%
82.0
64.9
-15%
55.1
36.0
-25%
26.9
1.
In nominal terms
March 15 Plan
69

Industrial growth: capex (bn)
Enel Group
Investor Relations
By activity (2016-19)
By geography (2016-19)
Iberia
Maintenance
20%
54%
12.6 bn
46%
Italy
51%
5%
12.6 bn
24%
East
Europe
Latam
Growth
Growth plan 5.8 bn of which 50% under execution

70

Industrial growth
Enel Group
Investor Relations
+1.3 bn growth capex

in 2016-19

East Europe
+28 mn smart meters1
Quality &
22%
Efficiency
Latam 22%
Smart Meters
5.8 bn
5.8 bn 49%
Growth EBITDA in 2016-19 of 1.9 bn

Of which 21 mn of 2nd generation smart meters in Italy
Regulated WACC
6%
Italy
26%
Strong focus on new

technologies in Europe
1.
2.
Smart Grid
3%
Iberia
Average time to EBITDA

< 2 years
Growth capex by project
Connection & Tx
41%
30%
Spread over WACC 200-300 bps2

71

Industrial growth: operational data
Enel Group
Investor Relations
Distributed Energy (TWh)
Customers (mn)
+6%
+7%
64.7
2.7
62.2
2.7
60.8
3%
3%
3%
440
420
410
2.9
19%
19%
21%
14.6
15.7
17.1
23%
24%
24%
11.9
12.1
12.6
54%
54%
52%
31.6
31.6
32.1
2014
2016
2019
2014
2016
2019
Italy
Iberia
East Europe
Latam
Organic growth
+30 TWh of distributed energy and +3.9 mn customers
72

Industrial growth: business development drivers
Enel Group
Investor Relations
Key drivers
Stable regulatory outlook and
long-term concessions
M&A opportunities
Fast time-to-EBITDA
Ongoing scouting
Synergies with EGP
Areas of future scouting
Pipeline of 40 million customers across 15 nations

73

Global infrastructure digitalisation
Enel Group
Investor Relations
Remote Control Latam: Spread >300 bp

Cloud application
Quality of service Latam: Spread >300 bp
Medium and low voltage upgrade
2nd gen. Smart Meters Italy

Up to 32 mn customers
Smart Meters Iberia: Spread >300 bp
Target 12 mn customers
Investment projects: Spread >250 bp

Distribution and transmission lines
Smart Meters Romania: Spread >300 bp

Up to 2.6 mn customers
Workforce Management
Smart Grids and E-mobility Projects

Remote Control and Automation
Quality of Service
Automation and Smart Metering
Global convergence of technologies and know-how

to foster the evolution towards smart grids
74

Italy: 2nd generation smart meters
Enel Group
Investor Relations
TRADER
ESCO
AGGREGATORS
Key data 2016-19
Main benefits
Capex: 1.8bn
Service quality: >10 mn
2nd generation smart meter: 21mn
Operational excellence: >50 mn
Growth EBITDA: 0.3 bn
Network losses reduction: >110 mn
CENTRAL
SYSTEM
TELECOM GRID
(GPRS/3G/LTE)
CONCENTRATOR
169 MHz
PLC
METER
PLC
The most advanced remote metering management system

75

EBITDA evolution
Enel Group
Investor Relations
2015-19 EBITDA (bn)
7.1
0.5
0.6
(0.3)
(0.5)
Main drivers by geoghraphy
Italy: 1.5% CAGR 2016-19 post regulatory

review and -12% opex/end user
7.4
Iberia: 1.6% CAGR 2015-19

-12% opex/end user
Latam: +5.4% CAGR 2015-19
+2 mn end users and -22% opex/end user
FY 2015
Growth
Efficiency Scenario Regulatory FY 20191
Strong cash flow generation from regulated business

Growth supporting a sustainable development
1.
Excluding acquisitions
76
Capital Markets Day

Global Generation
Enrico Viale
November, 18th 2015
Global Generation
General overview
Enel Group
Investor Relations
Capacity1 (GW)
By geography
Production2 (TWh)
By technology
16%
78.9
24%
36%
28%
21%
21%
By technology
25%
34%
27%
78.9
By geography
251
251
7%
24%
36%
Italy
Iberia
East Europe
Latam
20%
Oil&Gas
CCGT
Coal
18%
23%
17%
14%
9%
Hydro
Nuke
Balanced technological and geographical mix

1.
2.
As of September 30, 2015

As of December 31, 2014
78
Global Generation
Main projects and competitive positioning
Enel Group
Investor Relations
El Quimbo - 400 MW hydro plant - 2.2 TWh expected yearly production
Colombia
30% of revenues secured through long term capacity payment

Strong commitment with local communities
7.9 GW decommissioned since 2013
Italy
Future-E
innovative reutilization projects

continuous dialogue with all stakeholders
excellent performance of Spanish generation fleet
Iberia
flexibilization activities performed in the CCGT fleet
coal plants environmental refurbishment
79
Global Generation
Key pillars
Enel Group
Investor Relations
1
Maintenance capex optimization
Personnel costs reduction
2
Improve development projects profitability
Industrial growth
Reduction of capex intensity
80
Global Generation
Operational efficiency levers
Enel Group
Investor Relations
Key levers
Installed capacity (GW)
Decommissioning or disposal
for low profitability assets
-23%
EBITDA per MW (m/MW)1

+28%
86
74
66
27
Best practices alignment
3
25
17
11
15
16
Leverage on Global Procurement
21
12
2014
Oil&Gas
CCGT
Coal
1.
Net of capacity closure in Italy
58
2019
2014
2019
Hydro
Nuke
81
Global Generation
Operational data
Enel Group
Investor Relations
Capacity (GW)
Production (TWh)
251
86
225
2014
200
2016
2019
2014
Hydro
Coal
36%
14%
20%
13%
Nuke
16%
9%
Oil&Gas
CCGT
31%
Coal
30%
17%
CCGT
29%
66
2016
2019
Hydro
Hydro
Coal
24%
71
Hydro
38%
Coal
6%
Nuke
17%
5%
Nuke
12%
Oil&Gas
19%
CCGT
24%
Oil&Gas
23%
CCGT
Nuke
17%
Oil&Gas
82
Global Generation
Operational efficiency (bn)
Enel Group
Investor Relations
-36%
Maintenance capex1
1.1
Cash costs
1.1
0.9
0.7
Optimized plant
outage program
-23%
2014
2015
2016
2019
4.4
4.2
3.7
3.4
2015
2016
2019
-21%
Opex2
3.4
O&M best practices

External benchmarking
Personnel cost optimization
2014
3.1
2015
2.8
2.7
2016
2019
2014
Continuous Cash Cost optimization in all technologies

1.
2.

83
Global Generation
Operational efficiency: focus on opex
Enel Group
Investor Relations
Cash Cost1 (k/MW)
Opex1 (k/MW)
Maintenance Capex (k/MW)
-14%
-11%
-10%
57.2
49.3
-25%
-7%
43.9
39.3
-21%
13.3
10.0
2014
2019
2014
2019
2014
2019
March 15 Plan
-2% of lean organization and

company structure
1.
In nominal terms. 2014 figure restated for delta perimeter
-2% of O&M best practices and

alignment to benchmark
-11% of personnel cost optimization
84
Global Generation
Capex plan (bn)
Enel Group
Investor Relations
By activity (2016-19)
By geography (2016-19)
Italy
Maintenance
12%
65%
4.5 bn
50%
4.5 bn
32% Iberia
Latam
35%
Growth
6%
East Europe
45% of growth capex plan already under execution

85
Global Generation
Industrial growth
Enel Group
Investor Relations
0.4 GW of additional capacity

82% under PPA/regulated regime

Italy
0.4 GW under construction in 2019
9%
Capex intensity reduction

from 3 mn/MW to 1.6 mn/MW
1.6 bn
14% Iberia
77%
Shorter average time to EBITDA

from 4.4 years to 3.2 years
Growth EBITDA in 2019 of 150 mn
Latam
Spread over WACC +200 bps

86
Global Generation
Development projects pipeline
Enel Group
Investor Relations
Old pipeline refocused

excluding new coal projects
Projects pipeline review (GW)

21.0
14.3
Abandoned large environmentally

unfriendly projects
6.0
3.6
Dynamic shift from Latam

to new countries
9.1
0.9
0.9
Europe & Russia

Africa & Asia
Origination focused on gas

and hydro technologies
7.2
Latam & Mexico
Pipeline
FY2014
1H 2014
projects
cancellation
Projects
added
2H 2014
projects
cancellation
Current
pipeline
87
Global Generation
Environmental targets and sustainability
Enel Group
Investor Relations
Enel Group CO2 targets1
Global Generation CO2 targets1
Rebalancing mix with

low impact technologies
522
<500
418
396
501
395
<380
491
<350
2012
1.
Key actions
2013
CO2 g/kWh
2014
2020
0.8 bn in 2016-19
for environmental retrofitting
<480
2020
March '15
Plan
2012
2013
2014
2020
2020
March '15
Plan
Creating shared value

with local communities
88
Global Generation
EBITDA evolution
Enel Group
Investor Relations
2015-19 EBITDA (bn)1
4.3
0.1
0.2
0.5
(0.4)
Main drivers by geography
4.8
Italy: operational efficiency programs
Iberia: gross margin optimization

and operational efficiency
Latam: capacity
additions and higher hydraulicity
FY 2015
1.
Growth Efficiency Scenario Portfolio FY 2019

mgmt
Net of non recurring items
89
Capital Markets Day

Global Trading
Claudio Machetti
November, 18th 2015
Global Trading
General overview
Enel Group
Investor Relations
Power sales (TWh)
Coal purchased (Mt)
23%
Gas managed (bcm)
24%
32%
23%
28%
36%
309
23%
40
29
10%
4%
18%
Italy
Iberia
36%
43%
East Europe
Latam
Geographically and technologically diversified portfolio

91
Global Trading
General overview
Enel Group
Investor Relations
Global Trading Business Line

Local Markets/Assets
Local Units
Global Units
EM Italy
Global Gas
EM Iberia
Global Fuel
EM Latam
Global
Front Office
EM Eastern
Europe
Middle Office
& Risk
Management
Global Markets
Integrated portfolio management and global optimisation of merchant risk

92
Global Trading
Key drivers
Enel Group
Investor Relations
Merchant risk centrally managed
Integration
Lower profit at risk thanks to netting across portfolios

New organisation to support centralised strategy
Global
commodities
strategy
3
Gas contracts renegotiation

Maximisation of margin leveraging scale, competencies
and global footprint
Italy: maximising opportunities in all markets
Power strategy
Spain: leverage short position and service opportunities
Latam: new tolling contracts to mitigate hydro risk

hedging to be adapted to each market
93
Global Trading
Key drivers: integration
Enel Group
Investor Relations
Estimated Profit at Risk @2016

-35%
Italy
Iberia
East Europe
Latam
Countries
Countries and
on
"stand
alone"
stand-alone
basis
basis
Global Trading
Significantly improved risk / return profile

94
Global Trading
Key drivers: global commodities portfolios
Enel Group
Investor Relations
1.
Coal portfolio
Gas portfolio
Geographically diversified sourcing
A leading European gas portfolio
Includes Long Term contracts with suppliers flexibility to select different points of origin
95
Global Trading
Key drivers: power price and spread evolution
Enel Group
Investor Relations
Power price1
Clean spark spread1
58
56
54
52
50
48
46
44
42
40
Jan-14
Apr-14
Italy
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
7
6
5
4
3
2
1
0
-1
-2
-3
-4
-5
-6
-7
-8
-9
-10
-11
-12
-13
-14
-15
Jan-14
Clean dark spread1

24
22
20
18
16
14
12
10
8
6
4
2
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
0
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Spain
Healthier spread trends

1.
CAL 16 (EUR/MWh)
96
Global Trading
Key drivers: hedging strategy
Enel Group
Investor Relations
Italy
Spain
100%
85%
60%
2015
54
2016
48
2015
60
100%
85%
2016
2015
2016
2018
56
86
87
85
Peru
Brazil
100%
100%
100%
100%
90%
75%
2018
2015
2016
2018
2015
2016
2018
50
53
53
52
60
56
59
90%
80%
80%
2015
2016
58
46
Unhedged
100%
40%
Colombia
Hedged
Chile
Average price /MWh
97
Global Trading
Managerial actions on gross margin
Enel Group
Investor Relations
Global gas portfolio reshape and restructuring
50-55%
Power wholesale trading optimisation
30-35%
Fuel purchase and logistic optimisation
5-10%
Innovative hedging contracts & commercial activity in developing markets

Cumulative 2016-19 contribution on gross margin equal to 1.6-1.7 bn
5-10%
100%
Significant support to gross margin growth

98
Global Trading
Global gas portfolio reshape and restructuring
Enel Group
Investor Relations
Key market references
Gas managed
/MWh
35
$/bbl
120
30
100
39%
25
80
20
60
44%
29 bcm
15
40
10
5
20
0
Jul/13
17%
Jan/14
Jul/14
BRENT ICE ($/bbl) DX

PSV (/MWh) SX
Jan/15
TTF (/MWh) SX
Jul/15
Spot
Long Term expiring 2016-2020
Long Term expiring >2020
Effective management of price reviews

99
Global Trading
Power wholesale trading optimisation
Enel Group
Investor Relations
Plants flexibility
improvement
Ancillary services
optimisation
Start up time and ramp-up rates improvement for short activations on

CCGT
Reduction of technical minimum to increase modulation band on large
coal
Reservoirs management improved to optimise availability for real time
opportunities
Qualification of large plants for primary and secondary reserve

Development of cross-border ancillary services markets
Short term trading

development
Catch market opportunities on short term products (thanks to higher

liquidity) to optimise generation fleet portfolio
Investment in advanced meteorological models/skills to better capture
opportunities related to RES production
Full exploitation of energy and ancillary services opportunities

100
Global Trading
Fuel purchase and logistic optimisation
Enel Group
Investor Relations
Improvement of
negotiating power
Improvement in
quality flexibility
Full exploitation of economies of scale in negotiations with counterparts

Unique face vis--vis global suppliers
Value maximisation from contractual flexibility
Improvement of generation assets embedded flexibility
Cross country optimisation of international logistic management
Logistic optimisation
Full exploitation of embedded value in logistic assets (e.g., hubs,

warehouses)
All-round optimisation of coal supply management

101
Global Trading
Innovative hedging contracts & commercial
activity in developing markets
Enel Group
Investor Relations
Introduction of innovative hedging tools such as Tolling
Innovative hedging tools
Agreements/VPP in geographies hydro dependant

Upgrade of risk management/hedging strategies to better capture
market opportunities
Wholesale/Trading
Development of forward market in Colombia (financial derivatives on

power)
Start-up of wholesale trading activities in Brazil
Commercial activity
enforcement
Development of commercial activities in liberalised Brazilian market
Full leverage of experience and expertise of developed markets

102
Global Trading
Key take-aways
Enel Group
Investor Relations
We are a material global power and commodities business
Integration lowers our estimated profit at risk by -35%
Gas contract reshaping and restructuring will be a significant driver
We intend to fully exploit energy and ancillary services opportunities
Cumulative 2016-19 contribution on gross margin equal to 1.6-1.7 bn

103
Capital Markets Day

Closing remarks
November, 18th 2015
Capital Markets Day

Closing remarks
Enel Group
Investor Relations
Successful delivery of March 2015 Plan despite worsened scenario
Acceleration on efficiencies identified
Flexibility achieved to raise growth investments in low-risk activities
Simplification a key strategic pillar
Compelling plan for improved returns for shareholders

105
Capital Markets Day

Strategic update annexes
November, 18th 2015

The strategic plan embeds our commitments to
United Nations Sustainable Development Goals
Enels positioning
Context
United Nations post-2015 Sustainable
Development Goals
Enel Group
Investor Relations
Access to Electricity: 3 million beneficiaries in Africa, Asia, Latam by 2020

Education: 400,000 beneficiaries by 2020
Social and economic development: 500,000 beneficiaries by 2020
Climate change : Carbon neutrality by 2050

CO2 specif ic emissions perf ormance and target of reduction
(gCO2/kWheq.)
618
28%
465
418
396
395
380
<350
Carbon
Neutrality
1990
2007
2012
2013
2014
2020
target
2020
new
target
2050
107

Assumptions: commodities and prices
Enel Group
Investor Relations
March plan
Commodities
Plan update
Brent $/bbl
75
74
66
63
55
2017
49
2015
2016
21
2015
1.
2016
2017
52
52
47
45
2015
49
49
46
50
48
49
57
52
46
47
46
2015
2016
2017
43
2016
2017
Chile $/MWh
Colombia COP/KWh
11
22
19
55
52
52
CO2 /ton
21
19
84
60
Gas TTF /MWh
20
Spain /MWh
64
59
56
58
53
2016
ITA /MWh
63
60
2015
Power prices
Coal $/ton
69
49
Forward 1
92
19
7
2017
101
2015
2015 Forward value is the IVQ 15 average quote (data @ 9 Nov)
250
86
49
160
160
140
149
59
143
50
2016
2017
2015
2016
2017
2015
2016
2017
108

Assumptions: macroeconomics and FX
Enel Group
Investor Relations
GDP
3.1%
0.60%
Electricity demand (yoy)
2.5%
2.40%
1.10%
2.1%
1.20%
1.20%
3.00%
2.9%
-1.20%
2015
2016
Spain
Italy
1.8%
1.7%
0.90%
1.40%
2017
Latam
2015
0.70%
Spain
2016
Italy
FX - EUR/BRL
FX - EUR/USD
3.60%
3.00%
2017
Latam
FX - EUR/COP
3,382
1.22
1.13
1.11
1.11
1.07
2015
1.
2.
3.
1.17
1.09
2016
1.15
1.13
2017
4.09
3,72
2.79
2015
4.65
3,159
5.29
3,375
3.049
4.25
4.42
3.00
2016
Argentina, Brazil, Chile (CIS), Colombia, Peru .GDP weighted by real levels
Argentina, Brazil, Chile (CIS), Colombia, Peru. Average growth weighted by Enels production
2015 Forward value is the IVQ 15 average quote (data @ 9 Nov)
2,825
3.30
2017
2015
2,785
2016
3,625
3,456
2,830
March plan
Plan update
Forward
2017
109

Italy: targets
Enel Group
Investor Relations
EBITDA (bn)
Capex (bn)
~1.61
~0.1
~0.3
~1.71
~0.2
~0.2
~5.71
~5.81
~2.01
~0.2
~0.1
~1.2
~1.4
~1.4
~0.7
~0.7
~0.8
~3.5
~1.1
~1.3
~1.7
~3.8
~3.5
2015
2016
2017
2015
2016
Networks
1.
~5.81
Including Services
Conventional generation
2017
Retail
110

Iberia: targets
Enel Group
Investor Relations
EBITDA (bn)
Capex (bn)
~1.21
~1.21
2016
2017
~3.11
~3.21
2015
2016
~3.21
~1.01
2015
1.
Including Services
2017
111

Latam: targets1
Enel Group
Investor Relations
EBITDA (bn)
Capex (bn)
~3.31
~3.71
~1.4
~1.5
~1.8
~2.0
~2.2
2015
2016
~3.11
~1,91
~1.4
~1.61
~1.31
~0,9
~0,9
2015
~0.9
~0.7
2016
~0.7
~0.5
2017
Conventional generation
1.
Including Services
2017
Networks
112

East Europe: targets1
Enel Group
Investor Relations
EBITDA (bn)
Capex (bn)
1.
~0.2
~0.2
~0.2
2015
2016
2017
Net of assets held for sale (Slovenske Elektrarne)
~0.4
~0.4
~0.4
2015
2016
2017
113

Renewables: targets1
Enel Group
Investor Relations
EBITDA (bn)
Capex (bn)
~2.6
~2.6
~2.4
~2.0
~2.3
~1.72
2015
2016
1. Net of disposals
2. Net of 3Sun consolidation effect
2017
2015
2016
2017
114

Enel Group
Investor Relations
+3%
+3%
15.0
2015
0.1
(0.8)
0.6
Global
Global
Renewables
Infrastructure Generation &
& Networks
Trading
0.1
Retail
0.5
Other 1
15.5
2017
15.0
0.0
0.0
2015
Italy
Iberia
0.5
(0.9)
0.6
0.3
15.5
Latam
East
Europe
Renewables
Other 1
2017
Further acceleration on efficiency and growth

1. Including EBITDA from acquisitions
115

Industrial growth: capex plan 2015-2019 (bn)
Enel Group
Investor Relations
Growth capex by Business
Total capex
36.3
34.4
+3.1
18.3
+17%
Growth capex by Geography
21.4
18.3
2%
20%
21.4
30%
-23%
2%
13%
21.4
1%
31%
+23%
3%
18.3
4%
11%
18%
18%
11%
19%
23%
- 1.2
16.1
March'15 Plan
2015-19
-7%
14.9
48%
Plan update
2015-19
March'15 plan
Growth
Maintenance
1. Mainly North America and new countries (Asia and Africa)
+27%
53%
Plan update
Renewables
Networks
Retail
Other
Generation
49%
44%
March'15 plan
Plan update
Latam
Italy
East Europe
RoW 1
Iberia
116

Capex plan 2015-2019 (bn)
Enel Group
Investor Relations
36.3
14.9
7.8
3.4
4.4
2015
Maintenance
Growth
7.4
7.0
7.2
0.6
3.1
2.8
0.4
2.8
6.8
0.4
2.8
4.3
4.4
4.3
4.0
2016
2017
2018
2019
March 15 plan
Plan update
Cumulated 2015- 19
Cumulated 2015- 19
21.4
2015-19
41%
47%
36.3
34.4
53%
59%
117

Operational efficiency: focus on maintenance
capex (bn)
Enel Group
Investor Relations
Conventional Generation
-4%
Maintenance capex
4.2
4.0
-7%
16.1
14.9
2015-19
March '15 Plan
2015-19
Plan update
Networks
-12%
9.8
2015-19
March '15 Plan
8.7
2015-19
Plan update
2015-19
March '15 Plan
2015-19
Plan update
118

Cash flow generation: focus by country (bn)
Enel Group
Investor Relations
Italy
Iberia
2016-19 cumulative
14.4
2016-19 cumulative
4.6
9.6
9.8
3.2
2.6
7.0
2.0
5.1
6.6
Operating Maintanance FFO after

cash flow
capex
maintenance
capex
Growth
capex
Free
cash flow

cash flow
capex
maintenance
capex
Growth
capex
Free
cash flow
119

Enel Group
Investor Relations
Latam1
East Europe
2016-19 cumulative
10.2
2016-19 cumulative
1.2
3.0
7.2
0.6
2.5
4.7
0.6
0.2
0.4

cash flow
capex
maintenance
capex
Growth
capex
Free
cash flow
1. Cash Flow generation from current available assets (not including Acquisition Plan)

cash flow
capex
maintenance
capex
Growth
capex
Free
cash flow
120

Enel Group
Investor Relations
Renewables
2016-19 cumulative
6.0
0.7
9.1
5.3
~1.3 optional capex
-3.8
Operating
cash flow
Maintanance
capex
FFO after
maintenance
capex
Growth
capex
Free
cash flow
121
Capital Markets Day

9M 2015 annexes
November, 18th 2015
9M 2015 results annexes

From EBITDA to Net Income(mn)
Enel Group
Investor Relations
9M15 Reported
9M14
Reported
Restated1
% vs
9M15
Ordinary2
9M14
Ordinary2
Restated1
% vs
EBITDA
12,161
11,593
+4.9
11,888
11,461
+3.7
D&A
(5,853)
(4,453)
(4,248)
(4,407)
EBIT
6,308
7,140
7,640
7,054
(1,998)
(2,504)
(1,998)
(2,504)
36
49
36
49
4,346
4,685
5,678
4,599
Income tax
(1,424)
(2,070)
(1,745)
(2,071)
Net income3
2,922
2,615
3,933
2,528
Minorities
(833)
(668)
(1,292)
(668)
Group net income
2,089
1,947
2,641
1,860
Net financial charges
Net income from equity

investments using equity method
EBT
-11.7
-7.2
7.3
1. 2014 restated due to the application of IFRS 21

2. Continuing operations & including third parties. Excluding capital gains, losses and one-off items
+8.3
+23.5
+42.0
123

Reported and ordinary EBITDA evolution (mn)
Enel Group
Investor Relations
+4%
-1%
11,593
9M 2014
reported
132
11,461
Extraordinary 9M 2014 ordinary

items1
11,338
9M 2015 proforma
550
Release of
provisions 2
11,888
273
9M 2015 ordinary Extraordinary

items 3
12,161
9M 2015
reported
+5%
1.
2.
3.
9M14: +50 mn remeasurement SE Hydropower fair value, +82 mn Artic Russia.

Release of nuclear provision in Slokenske Elektrarne
9M15: +141 mn SE Hydropower capital gain, +132 mn 3Sun
124

Group ordinary EBITDA (mn)
Enel Group
Investor Relations
+4%
-1%
11,461
-87
Ordinary 9M
Global
2014
Infrastructure &
Networks
1.
2.
3.
+192
+26
-276
+22
Global
Generation
& Trading 1
Renewables
Retail
Other 2
Excluding release of nuclear provision in Slokenske Elektrarne

Other includes Service and Holding
11,338
9M 2015 proforma
+550
11,888
Release of
provisions 3
Ordinary
9M2015
125

Group ordinary EBITDA (mn)
Enel Group
Investor Relations
+4%
-1%
1.
2.
11,461
-468
+302
9M 2014
Italy
Iberia
+266
Latam
Excluding release of nuclear provision in Slokenske Elektrarne

-208
+26
-41
11,338
+550
11,888
East
Europe 1
Renewables
Other
9M 2015 proforma
Release of
provisions 2
9M 2015
126

From Net Income to Net Ordinary Income (mn)
Enel Group
Investor Relations
+781
EGP Romania
Enel Russia
2,089
SE
1,947
Change YoY
+7%
1.
2.
3.
2,641
-283
Group net
ordinary
income
Release of
provisions
2,358
417
273
Reported Group Impairment on net

net
income 1
income
9M14 (mn)
-229
91
+26
Extraordinary
items 2
-113
Pro-forma Group
net ordinary
income
1,860
1,860
+42%
+27%
9M15: 273 mn Slokenske Elektrarne, 417 mn Enel Russia and 91 mn EGP Romania. 9M14: Generation Italy 26 mn.
9M15: 139 mn SE Hydropower capital gain and 90 mn 3Sun
127

EBITDA matrix (mn)
Global Generation &
Trading
Global Infrastructure &

Networks
Renewables
Retail
Services & Other
Enel Group
Investor Relations
TOT
9M15
9M14
9M15
9M14
9M15
9M14
9M15
9M14
9M15
9M14
9M15
Italy
747
1,026
2,726
3,047
971
791
114
71
4,558
Iberia
986
280
1,362
1,337
426
883
23
-5
2,797
Latam
1,312
1,236
1,033
838
-53
-48
2,292
77
64
97
-117
-1
174
-Brazil
112
133
298
341
-24
-8
386
-Chile
448
319
187
164
-29
-39
606
-Colombia
457
522
310
336
767
-Peru
218
198
141
114
359
East Europe
911
581
200
186
19
18
-5
-2
1,125
200
186
19
34
221
-Russia
120
279
-1
119
-Slovakia
788
296
789
-Other
-1
-19
-6
-4
-4
Renewables
1,470
1,312
1,470
Other
-81
42
-81
3,956
3,123
5,321
5,408
1,470
1,312
1,416
1,692
-2
58
12,161
-Argentina
-Romania
TOT
128

Net ordinary free cash flow (mn)
Enel Group
Investor Relations
11,888
- 1,388
- 2,256
-781
-2,334
5,128
-5,081
48
Ordinary
EBITDA
Provisions 1
9M14
11.5 bn
-1.4 bn
Ch. YoY
+4%
-1%
Working
Income taxes
Financial
capital change
paid
expenses and
and other
other charges
paid
FFO 2
-4.0 bn
-0.8 bn
-2.25 bn
-43%
-4%
+4%
-2,121
-2,073
Net dividend
paid
Net free
cash
flow 3
Capex
Free
cash
flow
3.0 bn
-4.0 bn
-1.0 bn
-1.8 bn
-2.7 bn
+70%
+27%
n.m.
+21%
+24%
Significant improvement in net free cash flow by year end

1.
2.
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). It includes bad debt provision accruals equal to 0.51 bn
Funds from operations after working capital change
3. Including SE that recorded a negative net free cash flow for -311 mn
129

Net debt evolution (mn)
Enel Group
Investor Relations
-1,9742
-1,8403
Dec 31,
2014
Net free cash flow
Extraordinary
activities
-2,073
+233
Sept 30,
2015
-39.843
Fx effect
Asset held
for sale 4
Sept 30, 2015 on

continuing
operations
-754
+1,240
-39.357
37,383
620
-38,003
Net debt reduction above expectations

1.
2.
Net debt of assets held for sale.

Calculated on net debt at 31 December 2014 net of asset held for sale.
3.
4.
Calculated on net debt including assets held for sale.

Eneop equal to 321 mn and Slovenske Elektrarne equal to 919 mn
130

Debt maturity coverage
Enel Group
Investor Relations
~27.2
~21.8
Available
committed
credit lines
Cash
~13.5
~8.3
~8.1
~2.7
Short term
~5.4
< 3Q 2016
~0.6
~4.7
~7.0
~5.0
3Q 2016
2017
2018
2019
Long term
3Q 2015
After 2019
131

Operational efficiency: cash cost (mn)
Enel Group
Investor Relations
Maintenance capex1
+4%
+10%
Cash Cost
2,036
1,959
0%
9M 2014
9M 2015
+198
8,635
6,675
-3%
1Q15 Adj.
2Q15 Adj.
-4%
-1%
6,570
9M 2014
Adjusted
9M 2014
Adjusted
-130
8,606
+8%
Opex2
-2%
-97
+2%
9M 2015
Adjusted
1H2015 (% change YoY)
3Q15 Adj.
9M 2015
Adjusted
Change YoY
Material improvement in the 3Q15

1.
2.
Gross capex. Reclassified as per new strategic plan criteria

Total fixed costs in nominal terms (net of capitalizations). Reclassified as per new strategic plan criteria
132
Capital Markets Day

Contact us
Enel Group
Investor Relations
Investor Relations Team (investor.relations@enel.com)

Tel. +39 06 8305 7975
Visit our website at:

www.enel.com (Investor Relations)
133
Disclaimer
Enel Group
Investor Relations
This presentation contains certain forward-looking statements that reflect the Companys managements 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 (Enel) 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 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 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 or any of its subsidiaries.
The securities referred to herein have not been registered and will not be registered in the United States under the U.S.
Securities Act of 1933, as amended (the Securities Act), and may not be offered or sold in the United States or to US
Persons unless such securities are registered under the Securities Act, or an exemption from the registration requirements
of the Securities Act is available. The Company has no intention to make any offer in the Unites States, Australia, Canada or
Japan or any other jurisdiction where such an offer or solicitation would require the approval of local authorities or
otherwise be unlawful.
Pursuant to Article 154-BIS, par. 2, of the 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.
134

Enel Capital Markets Day 18nov15

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Capital Markets Day

Strategic Plan 2016-19

Capital Markets Day

Global Infrastructure & Networks

Mexico & Central America

Global diversified operator

Data as of 30th September 2015

12% of Group EBITDA

32% of Group EBITDA

Ideally positioned to capture opportunities in all segments

Data as of 30th September 2015

Including EGP Hydro operations

Progress against 2015-19 Plan

+6.7 bn cumulative 2015-19 EBITDA

Active portfolio management

-3% expected in FY2015

2015 growth EBITDA target on track

1.9 bn finalized by 2015

2015 DPS min. 0.16 /sh ca. +14% yoy

What has changed

OECD: decoupling of GDP and electricity demand

Lower global demand growth

Significant overcapacity in oil and coal supply

Commodities prices in line with

Increasing pressure on emerging markets

Weaker currency exchange rates

Stress test on business plan

Reducing group complexity

Gross margin optimisation

Efficiency levers larger

Wide range of options across

Streamlining corporate structure

Accelerating value creation

2019 opex savings target increased by 30%

Active portfolio management

EGP integration and Latam restructuring

Increasing by 1 bn to fund growth and drive

Dividend policy confirmed

Active portfolio management

Growth Efficiency Disposals

Additional savings and strong acceleration in trajectory

2019 efficiency target

Headcounts (n. 000)

A next level efficiency plan

Active portfolio management

Decreasing business risk profile:

All new projects approved backed by

Increasing optionality based

Average size of 150 MW across 7 countries

Significant flexibility in total spending

15 projects of 160 mn on average

11 projects approved with COD in 2016-17

Growth capex by business

Growth capex by geography

Increasing and rebalancing growth capex

Inclusive of 1.3 bn optional growth capex in renewables

Growth capex 2016-19

What has changed

Smart investment in mature and resilient

Acceleration of digital meters roll-out in Italy

New markets and higher focus on solar

+1.3 GW auctions in Brazil and South Africa

Revision of conventional generation