Financial annexes

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1 Financial annexes

2 Agenda Macro scenario Thermal generation Renewables Infrastructure & Networks Retail Enel Group 62

3 Macro scenario

4 Macro scenario GDP, CPI, FX GDP (%) CPI (%) FX against Italy n. m. n. m. n. m. Iberia n. m. n. m. n. m. South America Argentina Brazil Chile Colombia ,657 3,767 3,859 Peru Europe and North Africa Romania Russia North & Central America USA M exico Year end 64

5 Macro scenario Commodities prices 2018E Gas TTF /MWh Gas Henry Hub $/mmbtu Oil Brent $/bbl Coal API2 $/ton CO 2 /ton

6 Thermal generation

7 Thermal generation Final installed Capacity (GW) Nuke CCGT Coal Oil & Gas Total 2018E E E E E 2021 Italy Iberia South America Europe and North Africa North & Central America Africa, Asia & Oceania Total

8 Thermal generation Installed Capacity (GW) -15% E 2021 Nuke CCGT Coal Oil & Gas 68

9 Renewables

10 Renewables Final Consolidated capacity (GW) Hydro Wind Geothermal Solar & Other Total 2018E E E E E 2021 Italy Iberia South America Europe and North Africa North & Central America Africa, Asia & Oceania Total

11 Renewables Consolidated capacity (GW) +25% E Hydro Wind Geothermal Solar & Other 71

12 Infrastructure & Networks

13 Infrastructure & Networks Electricity distributed, End users, Smart meters Electricity distributed (TWh) End users (mn) Smart meters (mn) 2018E E E 2021 Italy Iberia South America Europe and North Africa Total

14 Retail

15 Retail Power & gas customers and volumes 1 Power Gas Customers (mn) Volumes (TWh) Customers (mn) Volumes (bsmc) 2018E E E E 2021 Italy Iberia South America Europe and North Africa Total Net of Salvaguardia 75

16 Retail Power unitary margin, opex & capex per client Power unitary margin ( /MWh) 1 Opex per client ( /customer) Capex per client ( /customer) 2018E E E 2021 Italy Iberia Europe and North Africa Includes only power free market 76

17 Retail Italian power market 2018 Customers (mn) Energy sold (TWh) Enel market share 1 Enel 17.1 market share Enel market share Enel market share % % % % 66.2 Regulated 85% Free 50% Total Regulated 87% Free 27% Total Business Residential 1 Enel estimate based on FCST 2018, not including Last Resort ( Salvaguardia )

18 Retail Spanish power market 2018 Customers (mn) Energy sold (TWh) Enel market share 1 32% Enel 244 market share % % % 94 Regulated 44% Free 30% Total Regulated 48% Free 32% Total Business Residential Business Residential 1. Internal estimates for Business and Residential Enel market share 78

19 Enel Group

20 Enel Group Old Plan Capex reconciliation ( bn) Connections Maintenance Growth Customers Retail, Enel X (e-home, e-industries), Network connections Asset management Investments for recurring asset maintenance Asset development Growth investments in renewables and networks (quality programs & smart metering) Enel X (e-cities, e-mobility) Old view New view 80

21 Enel Group Gross Capex ( bn) Italy Iberia South America Europe and North Africa North & Central America Africa, Asia & Oceania Other (0.2) (0.1) 0.1 (0.3) (0.2) Total (0.1) Total Capex Global Generation & Trading Global Infrastructures & NetworNs Renewable Energies Retail Enel X Services & Other Total (0.1)

22 Enel Group Asset development capex ( bn) Global Generation & Trading Global Infrastructures & NetworNs Renewable Energies Italy Iberia South America Europe and North Africa North & Central America Africa, Asia & Oceania Other (0.2) (0.2) (0.1) Total (0.1) Total Capex Retail Enel X 0.7 Services & Other (0.1) Total

23 Enel Group Asset management capex ( bn) Italy Iberia South America Europe and North Africa North & Central America Africa, Asia & Oceania Other Total Total Capex Global Generation & Trading Global Infrastructures & NetworNs Renewable Energies Retail Enel X Services & Other Total

24 Enel Group Customers capex ( bn) Italy Iberia South America Europe and North Africa North & Central America Africa, Asia & Oceania Other (0.1) (0.1) - (0.1) (0.1) Total (0.1) (0.1) Total Capex Global Generation & Trading Global Infrastructures & NetworNs Renewable Energies Retail Enel X Services & Other (0.1) Total

25 Enel Group Ordinary EBITDA Global Generation & Trading Global Infrastructures & NetworNs Renewable Energies 2018E E E E E E E Italy Iberia South America (0.1) (0.1) (0.1) (0.1) Europe and North Africa North & Central America Africa, Asia & Oceania Other (0.1) (0.1) (0.1) (0.2) (0.1) (0.5) (0.5) (0.1) (0.2) (0.5) (0.5) Total (0.4) (0.4) Total EBITDA (0.8) 55.3 Retail Enel X Services & Other Total 85

26 Enel Group Baseload power price & production sold forward Baseload price 2018E Italy ( /MWh) Iberia ( /MWh) Production sold forw ard 2018E price % price % price % price % Italy ( /MWh) % % % - - Iberia ( /MWh) % % % - - Brazil (USD/MWh) % % % % Chile (USD/MWh) % % % % Colombia (USD/MWh) % % % % Peru (USD/MWh) % % % % 1. Average hedged price; wholesale price for Italy, retail price for Spain. 86

27 Enel Group Delivery on gas contract renegotiation Portfolio evolution (bcm, %) Price review impact ( bn, %) % 14% 15% 19% 32% 26% 41% % 33% 46% 20% 34% 19% 24% 26% 67% Old New 1 Legacy - Oil linked Legacy - Other2 To be contracted/spot US LNG + TAP Already negotiated To be negotiated 1. Italy, Spain. Chile 2. Rest of the World 87

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