Enel Américas Strategic Plan

Enel Américas Strategic Plan 2019-21 Maurizio Bezzeccheri CEO Aurelio Bustilho CFO

Enel Américas Strategic Plan Agenda Maurizio Bezzeccheri Delivery 2016-18 Enel Américas today Energy transition and new opportunities in LatAm: our vision Maurizio Bezzeccheri and Aurelio Bustilho Strategic Plan 2019-21 Maurizio Bezzeccheri Closing remarks 2

Delivery 2016-18

Delivery 2016-18 Main milestones in the period Total investments of US$3.5 bn in acquisitions Second phase of the Reorganization completed (the Merger ) Volta Grande consolidation Eletropaulo acquisition 1Q 16 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 First phase of the Reorganization completed (the Spin-offs ) Enel Dx Goiás (Celg) consolidation Purchase of 7.5% stake in Enel Dx Perú from minorities 1 Key Drivers Simplification Capacity to add value Stable and attractive Regulation Profitability Capacity to add new businesses Creating value in every transaction completed since 2016 1. Stake in Enel Dx Perú after the 7.5% acquisition. 4

Delivery 2016-18 Sustainability, growth, efficiencies and value creation People benefited 1 Index Member Thousand (cumulated) Number of indexes 2016 2018E 1,437 0 2,687 4 2 Sustainability commitment I&N End users Million 14.1 24.5 Growth Gx Energy sales TWh 50.6 64.9 Group simplification Number of companies 43 32 3 Cumulated efficiencies 4 US$ m ~ 130 ~ 420 Opex reduction Gross Margin US$ bn 3.8 5.0 Shareholder return DPADR 5 US$ 0.25 0.42 Value creation 1. Base year 2015. 2. Enel Américas is member of 4: DJSI (Chile, EM and MILA) and FTSE4Good. 3. Not included acquired companies. 4. Base year 2015. 5. Dividend per ADR (1 ADR = 50 shares of Enel Américas). 5

Delivery 2016-18 Financial highlights (US$ bn) Gross Capex EBITDA + 42% + 42% 1.2 1.7 2.4 2.4 3.4 3.4 2016 2018E Net Income Opex evolution 2016 2018E Minorities Attributable 1.0 0.6 0.4 0.6 + 70% 1.7 1.2 0.5 1.2 1.3-15% 0.1 (0.3) 1.1 0.5 1.6 2016 2018E 2016 Fx Fx & Opex & CPI CPI Efficiencies 2018E without perimeter Perimeter 2018E Financial results significantly improved since 2016 E: Expected 6

Delivery 2016-18 Shareholders return Earnings per ADR 1 (US$) Dividend per ADR 1 (US$) Total Dividend (US$ bn) + 112% + 68% + US$ 0.2 bn 1.04 0.42 0.5 0.49 0.62 0.25 0.31 0.3 0.4 2016 2017 2018E 2016 2017 2018E 2016 2017 2018E Total dividend has increased by about 70% since 2016 E: Expected 1. 1 ADR = 50 shares of Enel Américas. 7

Enel Américas today

Enel Américas today 2018E KPIs and Financial numbers (US$ bn) EBITDA by business EBITDA by country I&N: 24.5 m end users 7% 16% 13% US$ 11.8 bn RAB 6 51% US$ 3.4 bn 42% Generation Infrastructure & Networks 1 Retail and Enel X 37% US$ 3.4 bn 6% 28% Argentina Brazil Colombia Peru Eletropaulo Large hydro generation: 6.2 GW capacity 55% of total Enel Américas capacity Thermal generation: 5.0 GW capacity Highly flexible and efficient assets Opex 1.6 Asset Management 2 0.7 Asset Development 3 0.6 Customers 4 0.4 Total Net Income 1.7 Attributable Net Income 1.2 Net Debt 7.0 Market Cap 5 9.5 Free market: 1.6 k free customers 17 TWh energy sales Enel X: 421 k Public lighting 105 Charging infrastructure Enel Américas is the largest private utility company in LatAm 1. Retail includes free market business. 2. Capex related to investments for recurring asset maintenance. 3. Growth investments in generation and networks (quality programs & smart metering) 4. Capex related to customers (Retail, Enel X (e-home, e-industries), Network connections). 5. As of November 23 rd, 2018. 6. VNR in Peru. 9

Enel Américas today 2018E Generation and I&N Net production by technology End users by country 1% 34% 41.0 TWh 6% 59% Hydro Oil & Gas CCGT Coal 6% 10% 14% 29% 24.5 m 41% Argentina Brazil Colombia Peru Eletropaulo Net production by country Distributed energy by country 20% 34% 41.0 TWh 36% 10% Argentina Brazil Colombia Peru 8% 18% 14% 101 TWh 24% 36% Argentina Brazil Colombia Peru Eletropaulo Almost 60% of our generation mix is hydro Brazil represents 70% in terms of end users and 60% of the total distributed energy 10

Energy transition and new opportunities in LatAm: our vision

Energy transition and new opportunities The role of Enel Américas 1 2 Urbanization Communities & People Concentration in urban areas Access to affordable energy Demand growth Emission reduction Grid development and automation Energy efficiency Interconnections Corporate governance 3 4 New businesses e-city Market Competition e-industries Liberalization e-home e-mobility Enel Américas is ready to capture new opportunities in LatAm 12

Energy transition and new opportunities 1 Urbanization % of people living in urban areas 1 Change in primary energy demand 2000-2016 2 1970 2014 2050 Mtoe 4 30% 54% 66% Latam & Caribe United States -73 EU -89 Middle East 388 106 Eurasia China 1888 Japan -94 3 Latam & Caribe Latin America 242 Africa 296 India 453 269 Southeast Asia Asia Africa year Emerging economies have increased their energy demand as opposed to mature economies A Region in continuous development; population concentrated in megacities and a trend of energy demand increase 1. United Nations 2014. 2. Source: IEA, WEO 2017, Enerdata,. EC statistics. 3. Source: RED 2017 CAF-banco de desarrollo de América Latina. 4. Million Tonnes of Oil Equivalent 13

Energy transition and new opportunities 2 Communities and people Engaging local communities (m beneficiaries) Enel Group 2018E 1 Target 2020 Enel Américas 2018E 1 % Enel Américas / Group High-quality, inclusive and fair education 0.9 0.8 0.3 38% Access to affordable and clean energy mainly in Africa, Asia and Latin America 2.2 2 3.0 2.0 92% Employment and sustainable and inclusive economic growth 1.8 3.0 0.3 18% Climate change 2018E 2020 2018E 2018E Reduction of CO 2 specific emissions (kg/kwh eq ) 0.39 <0.35 0.21 54% Enel Américas is a constituent of: Sustainability commitment is present along the whole business value chain 1. Cumulated figures since 2015. 2. In the whole Group perimeter, 4.9 m beneficiaries were reached. Target already achieved before 2020 14

Energy transition and new opportunities 3 Enel X 4 Market competition Energy sales (TWh) Smart lighting for cities Electric mobility in LatAm Demand response and storage solutions for C&I 1 customers Energy efficiency solutions 17.3 ~ 2x 32.0 Enel X Gross capex 2019-21 (US$ m) 2% Energy market liberalization Starting over sales in the free market 19% ~ 350 47% ~ 350 51% Market growth and development of gas free market Increase of power sales plan and start of gas sales plan 81% Uncertanty in power prices due to the situation of Ituango P.P. Opportunities in the new scenario and potential development of gas sales Asset Development Customers Brazil Colombia Rest of countries Low availability of energy for the free market Commercial strategy redefinition to develop the business 1. Consumer and industrial. Growing contribution of Enel X and Retail businesses in Enel Américas 2019-21 Strategic Plan 15

Strategic Plan 2019-21

Strategic Plan 2019-21 Strategic Pillars Industrial growth Efficiencies Shareholders return + 68% EBITDA growth 1-2 US$ 285 m Opex Saving 1 +97% DPS growth 1 Sustainability commitment Sustainable long-term value creation 1. Base year 2018E. 2. M&A not included. A sustainable and solid growth to increase shareholders return 17

Industrial growth: Organic growth Operational targets by business Infrastructure & Networks Generation Free market Enel X End users (m) 4% Thermal Installed Capacity (GW) Hydro Installed Capacity (GW) 0% Free customers power & gas (k) 19% Public lighting (m#) 100% 24.5 25.5 7.2 ELPL 7.6 17.3 17.9 ELPL x 11.3 11.3 5.0 5.0 6.2 6.2 1.6 1.9 0.4 0.8 Distributed energy (TWh) 120 18 25 9% ELPL 1 131 47 77 84 ELPL Thermal Generation (TWh) Hydro Generation (TWh) 41.0 44.6 16.9 17.1 59% 24.1 emission free 27.6 62% emission free Electricity sales in free market (TWh) 17.3 32.0 Charging stations (k#) Hydro generation will increase during the period reaching 62% of our total production Solid increase in our I&N business, close to double in Retail and relevant expansion of Enel X business in LatAm 1. 120 TWh includes annualized proforma distributed energy of Eletropaulo. 9% 85% 0.1 ~115x 12.0 18

Industrial Growth: Organic growth Infrastructure & Networks evolution EBITDA (US$ bn) WACC 2 RAB 3 (US$ bn) 89% 25% 2018 2021 14.7 ELPL 1.9 1 0.1 0.2 (0.2) 0.3 1.3 0.4 (0.1) 3.6 Edesur Enel Dx Ceará Enel Dx Goiás Enel Dx Rio Eletropaulo 12.5% 12.3% 12.3% 12.3% 12.3% 12.5% 12.3% 12.3% 12.3% 12.3% 11.8 3.1 1.7 1.3 1.0 0.9 0.9 2.1 2.0 2.5 2.0 2.7 3.3 1.6 1.6 1.6 2018E Fx & Opex CPI Efficiencies Tariff/RAB Demand Dx Other 2021 Enel Codensa Enel Dx Perú 13.7% 12.0% 11.8% 12.0% Enel Dx Perú Enel Codensa Eletropaulo Enel Dx Río Enel Dx Goiás Enel Dx Ceará Edesur +89% of EBITDA growth and +25% of potential RAB increase 1. US$ 1.9 bn includes annualized proforma EBITDA of Eletropaulo. 2. WACC real before taxes. Peru considers ROA. 3. VNR in Peru. 19

Industrial growth: Non organic growth Focus Eletropaulo Key Drivers @ 2017 Plan 2021 Enel Dx Ceará EBITDA 1 US$ 0.3 bn US$ 0.8 bn RAB US$ 2.0 bn US$ 2.5 bn Enel Dx Goiás Regulatory review Efficiencies July 2019 - US$ 207 m Eletropaulo Enel Dx Río End users 7.2 m 7.6 m Distributed Energy 43 TWh 47 TWh Total capex invested during the period will amount to US$ 0.9 bn 1: The average USD FX rate for FY 2017 equal to 3.19 BRL only for information purposes. Original data is in Brazilian reais. 20

Industrial growth: Non organic growth Focus Eletropaulo EBITDA (US$ bn) Eletropaulo operational KPIs 167% 0.3 0.8 Energy distributed (TWh) 2018E 3 2021 43 47 0.3 1 0.1 0.2 0.2 EBITDA/Customer (US$) OPEX/Customer (US$) 42 77 108 46 2018E Efficiencies Operating improvement 2 2021 Financial and operational key drivers will improve over the period 1. US$ 0.3 bn includes annualized proforma EBITDA of Eletropaulo. 2. Net of Fx & Opex CPI. 3. Annualized values. 21

Industrial Growth: Organic growth Generation evolution EBITDA (US$ bn) Contracted Energy (TWh) 1.4 (0.1) 14% 0.3 1.6 13.0 > 93% 100% > 100% Brazil 9.2 8.6 8.7 > 100% > 94% 89% 85% 70% 100% 91% 92% 65% Colombia 15.7 14.3 12.7 > > 100% 96% > > 8.6 100% 100% 93% 100% 74% 89% 2018 2019 2020 2021 2018 2019 2020 2021 PPAs 1 average duration: 15-30 years 2 PPAs 1 average duration: 2-4 years Peru 10.6 90% 11.0 91% 10.7 90% 9.8 81% 2018E Fx & Opex CPI Volume 2021 2018 2019 2020 2021 PPAs 1 average duration: 5-7 years Securing profitability through long-term PPAs 1. Power Purchase Agreement. 2. Volta Grande s PPA duration: 30 years. 22

Industrial Growth: Organic growth Free market: positioning & market liberalization EBITDA evolution (US$ m) Enel Américas free energy sales (TWh) 64% Argentina Brazil 44 1 9 12 2 3 72 Market Share: 6.1 0.0 0% 18% Colombia Market Share: 12.0 5.2 3% 5% Peru 5.2 7.0 6.9 6.9 2018E Fx & Argentina Brazil Colombia Peru 2021 Opex CPI Market Share: 20% 23% Market Share: 28% 25% Market liberalization addressing our growth in the free market business 23

Industrial Growth: Organic growth Enel X EBITDA evolution (US$ m) e-city e-industries 212% 4 128 26 2 131 Public lighting (spots, m#) 0.4 0.8 Demand response (MW delivered/year) 0 253 PV (MW installed/year) 1 45 57 e-home e-mobility (3) 6 42 2018E Fx Fx& Argentina Opex CPI Brazil Colombia Peru 2021 Collection services (transaction, m#) 1.5 38.2 Financial services (transaction, m#) 0.9 1.4 Credit card 1.9 Micro insurance 2.5 Charging station (cumulated facilities, k#) 0.1 12.0 e-buses (cumulated sales, #) 0 41 Significant expansion of the Enel X business along the period 24

Industrial growth: Organic growth Capex plan 2019-21 Total capex Total capex by business Total capex by country 2% 6% 11% 10% 14% 29% US$ 5.3 bn 34% US$ 5.3 bn 21% US$ 5.3 bn 37% 81% 55% Asset Development Asset Management Customers Gx I&N Retail Enel X 1 Argentina Brazil Colombia Peru I&N business captures more than 80% of total capex plan 1. Retail includes free market business. 25

Efficiencies Further efficiencies 2019-21 1 Enel Américas opex exc. Eletropaulo (US$ m) Eletropaulo s opex (US$ m) Main initiatives Digitalization Apply Group standards in technical maintenance 1,284 Efficiency in purchasing Quality of service: Reduced costs due to low quality 1,207 558 Technological and functional convergence of systems 350 Reducing external costs, mainly services, travel, introduction of surveillance technology 2018E 2 2021 Efficiencies at all levels New Strategic Plan envisages additional efficiencies for US$285 m 1. Values in real terms. 2. Annualized opex. 26

Financial targets EBITDA 1 (US$ bn): Guidance vs previous Strategic Plan +68% + US$ ~0.6 bn Eletropaulo - US$ ~0.4 bn Fx effect and others + US$ ~0.7 bn Eletropaulo - US$ ~0.1bn Fx effect and others +US$ ~0.2 bn Eletropaulo - US$ ~0.1 bn Fortaleza - US$ ~0.4 bn hyperinflation, Fx effect and others +5% +13% 5.7-8% 4.2 4.4 4.6 5.2 3.7 3.4 2018E 2019 2020 2021 2021 Previous Plan New Plan 2018E 1. Including Services and Holding costs. Improved EBITDA in the coming years mainly due to Eletropaulo s contribution 27

Financial targets FFO 1, capex and cash flow 2019-21 FFO and capex (US$ bn) Cash flow generation (US$ bn) 2 +106% -6% 3.1 3.5 8.9 (1.9) (1.6) 1.7 1.7 2.3 1.8 1.9 1.6 5.4 (1.8) 3.6 5 (2.7) 1.9 0.8 0.7 2018E 2019 2020 2021 FFO Capex FFO 1 Asset Customers 3 FFO after Asset FCF 4 3 3 management asset mgmt. Developtment And cust. Dividends paid Net FCF Positive Net Free Cash Flow leaves room for a relevant capex plan and attractive dividend payout 1. Funds From Operations. 2. M&A and minorities opportunities not included. 3. Capex. 4. Free Cash Flow. 5. Including US$1.9 bn paid to shareholders of Enel Américas and US$0.8 bn dividends distributed from subsidiaries to minorities. 28

Financial targets Net debt evolution 2019-21 Net debt breakdown (US$ bn) Net financial expenses on debt (US$ bn) - 9% 7.0 7.6 0.1 0.3 7.1 0.5 6.9 4.0 7.3 6.6 6.4 0.6 5.8 0.8 0.7 0.6 0.5 0.4 0.3 0.2 8.0 8.0 0.7 0.7 7.5 0.6 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 0.1 1.0 2018E 2019 2020 2021 0.0 2019 2020 2021 0.0 Countries Holding Net Financial expenses Cost of gross debt (%) 29

Financial targets Guidance 2019-21 EBITDA and Net Income (US$ bn) Net Income evolution (US$ bn) Dividends paid (US$ bn) +68% +58% +80% 3.4 4.4 +58% 5.2 5.7 2.3 (0.2) (0.4) (0.8) (0.2) 1.9 0.5 0.6 0.8 0.9 1.2 1.3 1.6 1.9 1.2 2018E 2019 2020 2021 EBITDA Attributable Net Income 2018E EBITDA D&A Financial charges Taxes Minorities 2021 2018E 2019 2020 2021 Dividend policy: 40% 50% 50% 50% Solid EBITDA and Net Income with a 50% Dividend Policy along the period 30

Closing remarks

Closing remarks 1 Successful delivery in the period 2016-18 2 Enel Américas is now a stronger leader in the utilities sector in the Region 3 The Company is well positioned to face the energy transition and new opportunities in LatAm creating long term value 4 Financial targets reviewed upwards versus the previous plan 5 Relevant contribution to the people and communities where we operate with clear environmental, economic, and social goals 32

Exhibits

Exhibits Macro and energy scenario Local currency vs USD CPI 1 Argentina 6.9% 4.8% 14.2% Argentina 14.0% 17.0% 20.0% -2.7% Brazil 0.0% 2.8% Brazil 4.0% 4.2% 4.2% Colombia 3.4% 2.3% 2.0% Colombia 3.4% 3.4% 3.4% 1.2% Peru -2.1% -1.8% Energy demand (TWh) 143 Argentina 147 152 2.5% Peru 2.6% 2.5% Enel Américas distributed energy (TWh) 18.9 Edesur 19.5 20.0 2019 2020 2021 Brazil 595 610 624 Brazil 82.7 85.1 87.4 Colombia 70 72 73 Codensa 14.3 14.5 14.7 Peru 52 54 57 Enel Dx Perú 8.0 8.3 8.6 1. Consumer Price Index. 34

Exhibits Regulatory cycle of Distribution Companies Company Regulatory cycle Next regulatory cycle Edesur 5 years 2022 Codensa Clients: 3.4 m Enel Dx Ceará Clients: 4.0 m Enel Dx Ceará 4 years 2019 Enel Dx Goiás 4 years 2022 Enel Dx Goiás Clients: 3.0 mn Enel Dx Rio 5 years 2023 Eletropaulo 4-5 years 2019 (3Q) Enel Codensa 5 years 2019 (1Q) Enel Dx Perú 4 years 2022 Enel Dx Perú Clients: 1.4 m Eletropaulo Clients: 7.2 m Edesur Clients: 2.5 m Enel Dx Rio Clients: 3.0 m 35

Disclaimer This presentation does not constitute an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction. This presentation contains certain forward-looking statements regarding anticipated financial and operating results and statistics and other future events relating to Enel Américas S.A. These statements are not guarantees of future performance and are subject to material risks, uncertainties, changes and other factors which may be beyond Enel Américas control or may be difficult to predict. These statements may constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. The inclusion of these forwardlooking statements should not be regarded as an indication that Enel Américas or any other person considers such projections to be material or to be a reliable prediction of actual future results. These forward-looking statements are subjective in many respects and there can be no assurance that they will be realized or that actual results will not be significantly higher or lower than described. As a result, the inclusion of any forward-looking statements in this presentation should not be relied on as necessarily predictive of actual future events. The projections and other forward-looking statements were based on numerous variables and assumptions that are inherently uncertain. Actual results may differ materially from those projected as a result of such risks and uncertainties. In addition, the financial projections do not necessarily reflect revised prospects, changes in general business or economic conditions, or any other transaction or event that has occurred or that may occur and that was not anticipated at the time the projections were prepared. Forward looking statements include, but are not limited to, information regarding: Enel Américas' business plans, Enel Américas' cost reduction plans, trends affecting Enel Américas' financial condition or results of operations including market trends in the electricity sector in Chile or elsewhere, supervision and regulation of the electricity sector in Chile or elsewhere, and the future effect of any changes in the laws and regulations applicable to Enel Américas' or its affiliates. The principal assumptions underlying these forecasts and targets relate to: Economic and Industry Conditions, Commercial Factors, Political/Governmental Factors, Operating Factors, and Competitive Factors. The following important factors, in addition to those discussed elsewhere in this presentation, could cause actual financial and operating results and statistics to differ materially from those expressed in our forward-looking statements, including but not limited to: changes or developments regarding the applicable regulations (which may affect the investment plan of Enel Américas regarding the regulated activities), legal restrictions applicable to the implementation of the dividends policy, environmental regulations and other legal issues; price of electricity; price and supply of raw materials; interest rates or exchange rates; availability of fuel; ability to maintain relationship with suppliers, customers and consumer and user protection groups; changes in climate conditions; widespread adoption energy efficiency measures; inherent risks in the construction of new power generation and distribution facilities; changes in general economic, political, administrative and business conditions; operating hazards and risks; tax risks; loss of senior management and key personnel; insufficiency of insurance coverage or increase of insurance costs; failure of systems and information technology and processing; inability to access the capital markets to refinance its debt and finance its capital expenditures; and other factors that could adversely affect the business and financial results of the Company. No assurance can be given that the forward-looking statements in this document will be realized. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation. Our independent registered public accounting firm has not audited, examined or compiled the forward-looking statements and, accordingly, does not provide any assurance with respect to such statements. Neither Enel Américas nor any of its affiliates intends, nor undertakes any obligation, to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 35

Strategic Plan 2019-21 Contact us Rafael De La Haza Head of Investor Relations Enel Américas Jorge Velis Investor Relations Manager Enel Américas Itziar Letzkus Investor Relations Enel Américas Email ir.enelamericas@enel.com Phone +562 23534682 Web site www.enelamericas.com Javiera Rubio Investor Relations Enel Américas Gonzalo Juárez IR New York Office María Luz Muñoz Executive Assistant Thank you.

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