Américas

Enel Américas

Corporate Presentation

October 2020

Our company

Américas

Enel Américas overview

Corporate and ownership structure

Enel Américas as part of Enel Group

Attractive returns for our shareholders through continuous value creation

COVID-19 resilience: our response to the emergency

Latest financial results and updated 2020 guidance

1

Enel Américas overview

Américas

Latin America's largest private power company

Presence in

Part of Enel Group(1)

Operationaldata

Companydata

key countries

in the region

Largest market cap in

Commitment with ESG

Chile, publicly traded on:

goals and sustainability

ratings&Liquidity

financialsKey(2)

Revenue

EBITDA

US$ 14,314 mn

US$ 3,994 mn

(+10.2%)

(+19.0%)

Net Income

Total Assets

US$ 1,614 mn

US$ 29,776 mn

(+34.4%)

(+8.7%)

Staff

17,279 people

Installed Capacity

11,267 MW

Total Clients

24.7 mn

Charging stations

448

Net Debt(3) US$ 4,686 mn

Net Debt/EBITDA(3)

1.4x

Baa3 / Positive

BBB / Negative

A- / Stable

(1) As of August 18, 2020, Enel SpA has a 65.0% stake in Enel Américas, (2) Key financial figures as of December 31, 2019, (3) Figures as of June 30, 2020

2

Corporate and ownership structure

Business structure1

Américas

Américas

Ownership structure2

Retail

Institutional 1.8%

investors

17.3%

Argentina

Brazil

Enel Gx Costanera

Cachoeira Dourada

(99.75%)

(75.62%)

Enel Gx El Chocon

Enel Gx Fortaleza

(100%)

(65.69%)

Central Dock Sud

Volta Grande

(100%)

(40.25%)

Edesur

Enel Dx Goiás

(99.93%)

(72.09%)

Enel Dx Rio

(99.73%)

Enel Dx Ceará

(74.05%)

Enel Dx Sao Paulo

(100%)

(1) Simplified company structure; (2) As of August 18, 2020

Colombia

Peru

Enel Emgesa

Enel Gx Peru

(48.48%)

(83.60%)

Enel Codensa

Enel Gx Piura

(48.30%)

(96.50%)

Enel Dx Peru

(83.15%)

Pension

# shares

funds

76,086,311,036

Enel S.p.A

11.2%

65.0%

ADRs

5.0%

3

Enel Américas as part of Enel Group

Américas

Enel Group is leading the new energy world…

1st network

46 GW

operator1

Renewable capacity2

73 mn end users

World's largest private

player in renewables

  1. By number of customers. Publicly owned operators not included
  2. By installed capacity. Includes managed capacity for 4.2 GW

3. It includes nuclear

4. Includes customers of free and regulated power and gas markets

39 GW

6.3 GW

74 mn

Thermal capacity3

demand response

customers4

Leading decarbonization

New services enable

decarbonization and

Largest retail customer

process, phasing out of

electrification of

base in Europe

coal production

consumption

4

Enel Américas as part of Enel Group

EnelAméricasis a key player in Latin America…

US$ 5.3 bn

2020-2022 CAPEX plan

25.4 mn

6.2 GW

5.0 GW

Focus onInfrastructure and

clients

Renewable capacity

Thermal capacity

Networks with stable

Phasing outcoal formore

investments ongeneration

Presence in key cities in

Significant installed capacity

efficient and clean

Latin America, in 4 countries

in large hydro

technologies

Américas

US$ 4.0 bn

EBITDA

Contributes ~20% of Enel

Group's EBITDA

5

Attractive returns for our shareholders through

continuous value creation

Américas

EPS1 (US$/ADR)

DPS2 (US$/ADR)

+115%

+115%

1.05

1.06

0.53

0.42

0.62

0.31

0.49

0.25

2016

2017

2018

2019

2016

2017

2018

2019

Dividend yield3

Dividends4 (US$ bn)

3.2%

+3.6 p.p.

6.8%

5.4%

4.0%

+185%

0.81

0.48

0.280.35

2016

2017

2018

2019

2016

2017

2018

2019

(1) Earning per ADR. Calculated as Group Net Income / Total ADRs (1 ADR = 50 common shares); (2) Dividend per ADR; (3) ADR as of June 17, 2020: US$ 7.76. Dividend yield = DPS/ Share price; (4)

6

Accrued dividends. Dividend policy: 50% (except 2018, which was 40%)

H1 2020 - Financial highlights (US$ mn)

Reported

Adjusted

Américas

EBITDA1

Net Income1

Q2 2020

623

166

-46%

-42%

Q2 2019

1,161

511

EBITDA2

1,002

+14%

882

Net Income2

379

+23%

308

EBITDA for Q2 and H1 are explained by currency devaluation vs USD in all countries, COVID-19effects and a high comparison base2.

H1 2020

1,471

476

-29%

-67%

1,997 711

+11%+14%

Net Income for Q2 and H1 were

also affected by Fx devaluation, COVID-19 and one-off,partially offset by a better financial result and lower taxes.

H1 2019

2,070

827

1,791

624

7

(1) Ordinary figures; (2) Excludes FX effect, COVID-19 effect and Edesur's past liabilities resolution in 2019

FX and COVID-19 impact on demand and bad debt (US$ mn)

Net of

Q2 2020

Ordinary

FX

Demand

Bad Debt

COVID-19

& FX

EBITDA

623

192

187

1,002

D&A

(265)

52

Net Income

166

143

55

14

379

Net of

H1 2020

Ordinary

Fx impact

Demand

Bad Debt

COVID-19

& FX

EBITDA

1,471

339

187

1,997

D&A

(568)

52

Net Income

476

166

55

14

711

COVID-19

impact

Américas

8

2020 for figures Expected (2) Plan; Strategic 22-2020 on presented Figures (1)

02- 01

04- 01

06- 01

08- 01

10- 01

12- 01

14- 01

16- 01

18- 01

20- 01

22- 01

24- 01

26- 01

28- 01

30- 01

01- 02

03- 02

05- 02

07- 02

09- 02

11- 02

13- 02

15- 02

17- 02

19- 02

21- 02

23- 02

25- 02

27- 02

29- 02

02- 03

04- 03

06- 03

08- 03

10- 03

12- 03

14- 03

16- 03

18- 03

20- 03

22- 03

24- 03

26- 03

28- 03

30- 03

01- 04

03- 04

05- 04

07- 04

09- 04

11- 04

13- 04

15- 04

17- 04

19- 04

21- 04

23- 04

25- 04

27- 04

29- 04

01- 05

03- 05

05- 05

07- 05

09- 05

11- 05

13- 05

15- 05

17- 05

19- 05

21- 05

23- 05

25- 05

27- 05

29- 05

31- 05

02- 06

04- 06

06- 06

08- 06

10- 06

12- 06

14- 06

16- 06

18- 06

20- 06

22- 06

24- 06

26- 06

28- 06

30- 06

02- 01

04- 01

06- 01

08- 01

10- 01

12- 01

14- 01

16- 01

18- 01

20- 01

22- 01

24- 01

26- 01

28- 01

30- 01

01- 02

03- 02

05- 02

07- 02

09- 02

11- 02

13- 02

15- 02

17- 02

19- 02

21- 02

23- 02

25- 02

27- 02

29- 02

02- 03

04- 03

06- 03

08- 03

10- 03

12- 03

14- 03

16- 03

18- 03

20- 03

22- 03

24- 03

26- 03

28- 03

30- 03

01- 04

03- 04

05- 04

07- 04

09- 04

11- 04

13- 04

15- 04

17- 04

19- 04

21- 04

23- 04

25- 04

27- 04

29- 04

01- 05

03- 05

05- 05

07- 05

09- 05

11- 05

13- 05

15- 05

17- 05

19- 05

21- 05

23- 05

25- 05

27- 05

29- 05

31- 05

02- 06

04- 06

06- 06

08- 06

10- 06

12- 06

14- 06

16- 06

18- 06

20- 06

22- 06

24- 06

26- 06

28- 06

30- 06

3,272

1.Jan

26- 01

02- 01

04- 01

06- 01

08- 01

10- 01

12- 01

14- 01

16- 01

18- 01

20- 01

22- 01

24- 01

28- 01

30- 01

01- 02

03- 02

05- 02

07- 02

09- 02

11- 02

13- 02

15- 02

17- 02

19- 02

21- 02

23- 02

25- 02

27- 02

29- 02

15%

Colombia

02- 03

29- 04

04- 03

06- 03

08- 03

10- 03

12- 03

14- 03

16- 03

18- 03

20- 03

22- 03

24- 03

26- 03

28- 03

30- 03

01- 04

03- 04

05- 04

07- 04

09- 04

11- 04

13- 04

15- 04

17- 04

19- 04

21- 04

23- 04

25- 04

27- 04

01- 05

03- 05

05- 05

07- 05

09- 05

11- 05

13- 05

15- 05

17- 05

19- 05

21- 05

23- 05

25- 05

27- 05

29- 05

31- 05

02- 06

3,748

30.Jun

04- 06

06- 06

08- 06

10- 06

12- 06

14- 06

16- 06

18- 06

20- 06

22- 06

24- 06

26- 06

28- 06

3.3

.Jan

30- 06

14- 01

02- 01

04- 01

06- 01

08- 01

10- 01

12- 01

1

16- 01

18- 01

20- 01

22- 01

24- 01

26- 01

28- 01

30- 01

01- 02

03- 02

05- 02

07- 02

09- 02

11- 02

13- 02

15- 02

17- 02

19- 02

21- 02

23- 02

25- 02

27- 02

29- 02

02- 03

04- 03

06- 03

08- 03

10- 03

12- 03

14- 03

16- 03

7%

Peru

18- 03

15- 04

20- 03

22- 03

24- 03

26- 03

28- 03

30- 03

01- 04

03- 04

05- 04

07- 04

09- 04

11- 04

13- 04

17- 04

19- 04

21- 04

23- 04

25- 04

27- 04

29- 04

01- 05

03- 05

05- 05

07- 05

09- 05

11- 05

13- 05

15- 05

17- 05

19- 05

21- 05

23- 05

25- 05

27- 05

29- 05

31- 05

02- 06

04- 06

06- 06

08- 06

5.3

30.Jun

10- 06

12- 06

14- 06

16- 06

18- 06

20- 06

22- 06

24- 06

26- 06

28- 06

30- 06

EBITDA Ordinary bn) (US$

7.4

9.3 - 7.3

1 .Jan 8.59

1 .Jan 0.4

30.Jun 4.5

 BrazilArgentina 35%17%

USD)(vs devaluation Currency

22-2020PlanStrategicour on impact main the is Fx

changeGuidanceFinancial 2020

Jun30. 702.

figures

bn) (US$ EBITDA

2020 1target

Américas

22020E

9

Américas

COVID-19 resilience

COVID Operational Initiatives

Our determined commitment to face the pandemic

Our people

Our clients

Américas

Our operations

  • Around 50% of our total workforce is working remotely
  • Security measures to ensure the safety of workforce on the field, along with specialized training during COVID-19
  • Insurance policy for all Enel Américas' employees. First ever of its kind in the world. Cash allowance for hospitalized employees
  • Digitalization to mitigate impacts in collection
  • Website revamp to ease the client experience
  • Increased focus on apps as payment channels and communication tools
  • Restart in some cases manual billings and billing distribution with all the preventative health measures
  • Infrastructure is fully operational on all geographies
    • Reinforcement of critical infrastructure as a key concern for the Company
  • Faster emergency response to ensure the continuity of service
  • Reinforcement of security protocols and COVID-19 measures

11

Brazil: Conta COVID (Decree nº 10.350/20)

Executive summary

Américas

1

2

3

4

The decree provided guidelines on the financing package to mitigate Covid-19 impacts to discos (Provisional Measure

950/20) and final structure was defined by ANEEL under Normative Resolution 885/20.

Total amount available for the sector was R$ 16.1 bn, with R$ 3.2 bn formalized with Enel Américas Dx Companies. Amounts related to (i) overcontracting; (ii) sector charges neutrality; (iii) CVA balance from Apr/20 to Dec/20, and (iv) Parcel B anticipation, if company chooses to disburse, will be transferred monthly.

Financial aid is positive: preserve the sector's chain of payments providing liquidity to discos and protecting gencos and transcos and reduce the impact on tariffs for consumers in 2020. Resources shall be paid back in 54 months, starting 2021 after an 11-month grace period. The repayment of the financial aid (and its financial costs) will be passed through to consumers.

Costs related to discos´ over-contractedexposure caused by reduction in volumes due to Covid-19 will be treated as involuntary and recognize distribution companies' right to request an extraordinary tariff review ('RTE").

Amount collected

Enel Dx Río

Enel Dx Ceará

Enel Dx Goiás

Enel Dx Sao Paulo

by Company:

R$ 0.8 bn

R$ 0.5 bn

R$ 0.5 bn

R$ 1.4 bn

12

Reinforcing our commitment to ESG and SDGs

Projects in Support of Local Communties

Américas

ENEL AMERICAS OVERALL H1 2020

SDG Contribution

Charitable activities in response to the Covid-19 crisis

TOTAL INITIATIVES

76

PROJECTS 355

BENEFICIARIES

942 K

7 projects

104,9K beneficiaries

57 projects

240,7K beneficiaries

32 projects

29,7K beneficiaries

130 projects 342,6K beneficiaries

73 projects

93K beneficiaries

8 projects

32K beneficiaries

HEALTH (57)

  • Monetary contributions to hospitals or civil protection bodies.
  • Enel spaces made available for medical needs (field hospitals, spaces for quarantine, etc..)
  • Deliver DPIs to people, doctors and nurses around our assets
  • Supply of basic materials as personal protection elements and support for patients
  • Donate Enel's own resources and monetary contribution to produce fast tests to detect Coronavirus
  • Donation of intensive care machinery
  • Free supply of all the necessary energy and building for "field hospital".

SOCIO ECONOMIC (19)

  • Donation of basic food baskets to families in situation of social vulnerability
  • Family kit (house & personal preventive cleaning)
  • Use of the daycare centers maintained by Enel to receive children from electricians and health professionals of public hospitals who are working in quarantine
  • Campaign to disseminate behaviors to face the crisis and to "stay at home"
  • Manufacturing of handmade masks for people in risk group in communities.
  • Support of vulnerable clients such as
    "electrodependientes" and people with disability

Main impacts

Further deterioration of market context and key KPIs

Américas

Currencies vs USD1 (YTD)

USD/ARS

-17%

USD/BRL -35%

USD/COP

-15%

USD/PEN

-7%

Electricity distributed (TWh)

∆ yoy

8.1

ARGENTINA- 2%

8.3

BRAZIL

37.5

-7%

40.4

6.7

COLOMBIA-5% 7.0

PERU

3.7

-12%

4.2

H1 2019

H1 2020

Collection (%)

∆ yoy

ARGENTINA

95.1

-9.2 pp

104.4

94.4

BRAZIL

-3.7 pp

98.1

92.6

COLOMBIA

-3.8 pp

96.4

81.2

PERU

-17.0 pp

98.2

H1 2019

H1 2020

14

(1) Fx devaluation from January 1, 2020 to June 30, 2020.

Main impacts

Recovery signs in June on electricity distributed and collection

Américas

Electricity distributed (TWh)

Argentina

Brazil

Colombia

Peru

1.44

1.44

1.53

1.40

1.36

6.85

6.85

6.91

6.68

6.75

1.30

0.74

1.42

1.42

1.41

6.34

1.22

1.22

0.71

0.71

0.70

1.38

1.34

6.76

1.19

1.19

1.16

0.67

6.76

6.74

1.15

0.66

6.08

1.14

1.14

1.20

0.70

0.70

0.64

0.50

0.54

0.60

1.06

1.08

5.70

0.98

0.96

5.49

Jan

Feb

Mar

Apr

May

June

Jan

Feb

Mar

Apr

May

June

Jan

Feb

Mar

Apr

May

June

Jan

Feb

Mar

Apr

May

June

Collection (%)

Argentina

Brazil

Colombia

Peru

111%

112%

112%

101%

98%

100%

103%

98%

99%

105%

100%

101%

100%

101%

98%

95%

100%

104% 99%

98%

104%

94%

93%

90%

96%

105%

105%

93%

96%

95%

103%

98%

91%

82%

93%

78%

95%

98%

91%

85%

85%

89%

92%

86%

92%

80%

74%

59%

Jan

Feb

Mar

Apr

May

June

Jan

Feb

Mar

Apr

May

June

Jan

Feb

Mar

Apr

May

June

Jan

Feb

Mar

Apr

May

June

2019

2020

15

Américas

Key investment considerations

Key investment considerations

Diversified investment vehicle in the region

Proven M&A track record

Distribution: Regulated business with attractive returns

Generation: Renewable portfolio with focus on large hydro

Enel X at the forefront of the energy transition

ESG as a key ingredient of our strategy

Solid financial growth, strong liquidity and sound financial policies

Diversified investment vehicle in the region

Enel Américas is Latin America's largest private power companyAméricas

Argentina

Brazil

Colombia

Peru

Generation

Generation

Generation

Generation

Installed Capacity

4,419 MW

Installed Capacity

1,354 MW

Installed Capacity

3,506 MW

Installed Capacity

1,987 MW

Market share Gx (sales)

10%

Market share Gx (sales)

6%

Market share Gx (sales)

26%

Market share Gx (sales)

21%

Distribution

Distribution

Distribution

Distribution

Clients

2.5 mn

Clients

17.2 mn

Clients

3.5 mn

Clients

1.4 mn

Sales

16,798 GWh

Sales

80,682 GWh

Sales

14,307 GWh

Sales

8,211 GWh

Market share Dx (sales)

16%

Market share Dx (sales)

17%

Market share Dx (sales)

18%

Market share Dx (sales)

30%

Operations

Transmission

Operations

Operations

Enel Gx Costanera

Edesur

Transmission lines

2,100 MW

Emgesa

Codensa

Enel Gx Perú

Enel Dx Perú

Enel Gx El Chocon

Operations

Enel Gx Piura

Central Doc Sud

Enel Gx Fortaleza

Enel Dx Rio

Cachoeira Dourada

Enel Dx Ceará

Volta Grande

Enel Dx Goiás

Enel Cien

Enel Dx Sao Paulo

14%

41%

32%

14%

EBITDA contribution

EBITDA contribution

EBITDA contribution

EBITDA contribution

Figures as of December 31, 2019. EBITDA contribution may not add up to 100% due to rounding

18

Proven M&A track record

Expansion of operations in Brazil through inorganic growth

Enel Dx Goiás (Celg)

Paid Price: US$ 720 mn

Clients: 3.1 mn

Location: State of Goiás

Consolidating since: February 2017

Volta Grande

Paid Price: US$ 436 mn

Installed Capacity: 380 MW

Location: State of Minas Gerais

Consolidating since: November 2017

Enel Dx Sao Paulo (Eletropaulo)

Paid Price: US$ 2,235 mn

Clients: 7.3 mn

Location: Sao Paulo

Consolidating since: June 2018

Américas

19

Distribution

Regulated business with

attractive returns

Américas

Clients evolution (mn)

Energy sales

Enel Dx Sao

120.0 TWh

Paulo

Enel Dx

24.5

24.7

26.0

7%

14%

Goiás

12%

14.1

17.2

67%

2016

2017

2018

2019

2022

RAB (US$ bn)(1)

EBITDA (Dx business)

12.2

14.3

US$ 2,504

11.8

7.1

9.3

10%

12%

22%

2016

2017

2018

2019

2022

55%

No pending tariffs reviews(2) for our Dx companies

till 2022

Argentina Brazil Colombia Peru

2019 figures.

20

(1) Regulatory asset base; (2) Colombia's tariff review was completed but it is expected to take in place on 2020;

Generation

Portfolio mainly represented by

renewable technologies

Américas

Installed Capacity

11,267 MW

2%

24%

55%

19%

Hydro

Oil-Gas

CCGT

Coal

Net Production

EBITDA (Gx business)

41,760 GWh

US$ 1,598

20%

20%

15%

31%

20%

37%

13%

44%

Argentina

Brazil

Argentina

Brazil

Colombia

Peru

Colombia

Peru

Stable business with limited growth potential

Securing revenues and profitability through long-termPPAs

2019 figures

21

Generation

Stable EBITDA, but volatile spot

prices could hurt profitability

Américas

EBITDA (US$ bn)

Contracted energy (TWh)

1.6

1.5

1.7

1.6

2019

2020E

2021E

2022E

Spot Price (US$/MWh)

2016 2017 2018 2019

28 101 77 58

101 36 39 69

22 10 11 9

15.6

Brazil

>

10.4

12.1

11.2

PPA1

100%

average

93%

94%

67%

duration:

15-30 years2

2019

2020

2021

2022

15.2

Colombia

13.7

97%

11.9

10.8

PPA1

88%

average

76%

71%

duration:

1-3 years

2019

2020

2021

2022

Peru

10.4

10.0

9.3

8.4

PPA1

86%

84%

average

76%

69%

duration:

5-7 years

2019

2020

2021

2022

(1) Power Purchase Agreement; (2) Volta Grande's PPA duration: 30 years

22

CAPEX allocation

Focus on I&N with stable investments in the generation business

Américas

2020-2022 CAPEX plan of US$ 5.3 bn

8% 11%

18%

US$ 5.3 bn

62%

Argentina

Brazil

Colombia

Peru

3%4% 4%

8%

US$ 5.3 bn

82%

Large hydro gen. Thermal gen.

Networks Retail Enel X

30%

43%

US$ 5.3 bn

27%

Asset Management

Asset Development

Customers

>90% of total CAPEX SDGs related

23

Enel X at the forefront of the energy transition

Américas

Enel X will play a key role by accelerating the transition through ecosystems creation

2019

2022

e-City

e-Industries

Financial

e-Home

e-Mobility

Services

417

12

876

1,307

448

Smart lighting (final

PV (MWρ installed in

Credit cards

Microinsurance

Charging stations (#)

light points, mn#)

the year)

(Active credit cards k#)

(active contracts,k#)

736

51

1,325

1,732

2,502

New growth and business opportunities through new services, products and solutions.

24

ESG Indexes and Recognitions

Our achievements reflect our focus on ESG matters

Américas

Indexes

Recognitions

Chile Index

Emerging markets Index

Industry Mover 2019

Best company in Chile

MILA Index

Leader in Sustainability

Latin America Index

Bronze Class 2020

Emerging markets Index

Leader in Corporate Governance

MSCI EM SRI Index

Best Emerging Markets performers

ranking (top 100)

25

ESG focus on our practices

Policies formally approved by the Board of Directors

Biodiversity

Non discrimination &

Environmental

diversity

Human Rights

Community

Involvement

SRI investors in Enel Américas (# & ownership %)

Feb-2020116

27.4%

Américas

Governance and Board of Directors

Independent Board

29%

29%

Chilean

Members: 43% (3 of 7)

Spanish

Argentine

Non executive Board

14%

14%

Colombian

Members: 100%

14%

Italian

2020-2022 CAPEX plan

>90% of total CAPEX

3%4% 4%

8%

SDGs related

US$ 5.3 bn

82%

Large hydro gen.

Thermal gen.

Networks

Retail

Enel X

26

Strong financial performance

Américas

EBITDA (US$ bn)

+36%

Net Income (US$ bn)

+128%

Net Debt (US$ bn)

+28%

2.9

4.0

3.4

1.6

1.2

0.7

6.6

4.3

3.4

2017

2018

2019

+37%

5.0

5.5

4.7

4.0

2017

2018

2019

+29%

2.1

1.6 1.6 1.8

2017

2018

2019

-7%

5.2

4.6

4.3

4.0

2019

2020

2021

2022

2019

2020

2021

2022

2019

2020

2021

2022

The FX devaluation experimented during 2020 is the most significant impact vs Strategic Plan

27

Financial position

Solid liquidity and debt metrics

Américas

Current liquidity

Debt amortization (US$ mn)

Net debt/EBITDA

36%

Total liquidity

US$ 2,258 mn

2,684

64%

1,243

1,504

767

476

709

Committed credit lines

Cash and cash equivalents

Q3 2020 Q4 2020

2020

2021

2022

> 2022

Net debt/EBITDA: 1.4x

3.8

3.4

4.7

EBITDA 12M

Net debt

EBITDA (Last 12 months)

Net debt as of June 30, 2020

Leverage capacity1

28

(1) Assumes Net debt/EBITDA = 2.5x

Merger of EGP Américas' Assets

Transaction description

Américas

Enel Américas Investor Relations

Enel Américas recent history

The Proposed Transaction paves the way for a new growth phase

Américas

Merger becomes

Enel Dx Goiás

Volta Grande acquisition

effective

1.

Price: US$ 720 mn

1.

Price: US$ 445 mn

2.

Clients: 2.9 mn

2.

Installed capacity: 380 MW

Accelerating the energy

3.

Location: State of Goiás

3.

Location: State of Minas Gerais

transition

2016

2017

2018

2019

Q4

Q2

2020

2021

Business

Enel Dx Sao Paulo

US$ 3bn Capital

Purchase of 7.5%

Shareholders' Meeting

reorganization in

Increase: Financial

1. Price: US$ 2.4 bn

Latam

stake in Enel Dx

flexibility

of Enel Américas to

2.

Clients: 7.2 mn

Perú from minorities

improvement

vote on the merger of

3.

Location: Sao Paulo

Price: US$ 80 mn

EGP Américas into

Américas

Enel Américas

Consolidation of distribution business

New Growth phase

30

Proposed Transaction

Merger of EGP assets in Central and South America ex Chile in Enel Américas

Américas

Current situation

Post transaction

100%

100%

ARGENTINA

100%

BRAZIL

100%

COLOMBIA

100%

PERU

100%

COSTA RICA

51%

PANAMA

100%

GUATEMALA

Other

shareholders

65%35%

Américas

100%(1)

100%

49%(2)

100%

ARGENTINA

BRAZIL

COLOMBIA

PERU

Distribution

Generation

Hydro

Renewables

100%

ARGENTINA

100%

BRAZIL

100%

COLOMBIA

100%

PERU

100%

COSTA RICA

51%

PANAMA

100%

GUATEMALA

Other

shareholders

>65%<35%

Américas

100%(1)

100%

49%(2)

100%

ARGENTINA

BRAZIL

COLOMBIA

PERU

31

  1. 0,08% is owned by Enel Gx Chile
  2. 100% Consolidated. No existing subholding

Transaction rationale

Enel Américas would be fully integrated along the power value chain

Américas

Accelerate Enel Américas' positioning within energy transition

Consolidate Enel Américas as a leading power utility in Central and South America

Diversify the asset portfolio of Enel Américas both by geography and generation technology

Américas

Access to the know-how and track record of EGP, global leader in renewable development

Provide a clear path to organic growth in renewable power generation

Preserve the financial flexibility and discipline of the Enel Américas' Group to further acquisitions

32

Transaction perimeter

EGP Américas manages a portfolio of c. 5.1 GW assets, in operation or in execution…

Américas

MW in operation

Guatemala

Installed capacity

164MW

Colombia

Installed capacity

86MW

Peru

Installed capacity

312MW

PV Solar

Wind

Hydro

Source: ENEL 1H 2020 results

  1. Does not include Argentina as the Pampa project (100 MW wind power) has been postponed
  2. Includes Fortuna, Hydro plant (300 MW)

Costa Rica

Installed capacity

81MW

Panama

Installed capacity(2)

362MW

Brazil

Installed capacity

1,872MW

Total Estimated Capacity: 5.1 GW

In Operation: 2.9 GW

33

Projects in Execution(1): 2.2 GW

Generation mix post-Transaction

…which will reposition Enel Américas within the energy transition

MW in operation post -Transaction

Central America(1)

10%

Pre

Post(3)

Peru

0.6

GW

8%

90%

6%

Colombia

2.3

2%

11%

GW

52%

34%

3.6

GW

86%

45%

11.3

GW

55%

55% emission free

31%

16.4

GW

69%

c. 70% emission free

Argentina

Brazil

30%

10%

27%

4.4

3.2

GW

GW

70%

39%

24%

Conventional Gx(2)

Hydro

Wind

PV Solar

  1. Includes Panamá, Costa Rica and Guatemala
  2. Includes oil & gas, CCGT and coal
  3. Includes MW in operation (2.9 GW) and projects in execution (2.2 GW)

Accelerate and facilitate the

decarbonization path

Extract synergies and minimize operational and financial risk

More sustainable generation mix and

business model going forward

34

Growth profile going forward

Future growth strongly supported by EGP Américas' asset base and capabilities to build a large pipeline

Américas

GW of Installed Capacity

Enel Américas'

c.12-13

+45%

Strategic Plan 2020-22

+0%

2.2

2.9

16.4

11.3

11.3

EAM 2019

EAM 2022

EGP

EGP

EAM Post

EGP Pipeline(1)

In Operation

In Execution

Transaction A large Pipeline will

fuel future installed

capacity growth

1. As per Enel 1H 2020 results presentation. It includes pipeline in Brazil, Colombia, Peru and Panama

35

Transaction indicative milestones

The Transaction will be treated as a Related Party Transaction under Chilean Law

Américas

2

Independent evaluators and appraisers present their reports:

Corporate interest

Market terms and conditions

Related Party Transaction Process

4

EGM votes on the merger

  • Related Party Transaction: 2/3 of the share capital
  • Bylaws amendment: 75% of the share capital

∼45 days

21 Sep

1 Board of Directors of Enel Américas launches the Related Party Transaction and appoints:

  • Independent evaluators
  • Appraiser for the Merger

Mid Nov

3 Board of Directors of Enel Américas summons EGM to approve the merger:

  • Takes note of the reports from evaluators, Committee of independent directors and appraiser and individual directors opinions
  • Pro-formafinancial statements as of September 30, 2020 for merger
  • Proposal of final terms and conditions for the Merger is defined

End Dec

30 days withdrawal right period

Shareholders who voted against or did not vote could exercise a withdrawal right at a price calculated as the weighted- average price of the shares of Enel Americas in the 60 trading days preceding the 30 trading days prior to the date of the EGM that voted on the merger

The Transaction is targeted for completion in Q2 2021

36

Investor Relations - Corporate Presentation

Contact us

Rafael de la Haza

Head of Investor Relations

Investor Relations team Jorge Velis

Javiera Rubio

Nicolás Gracia

Gonzalo Juárez

María Luz Muñoz

Américas

Contacts

Email ir.enelamericas@enel.com

Channels

Website

Mobile App

www.enelamericas.com

Enel Américas Investors

Download App

iOS

Android

Thank you.

47

37

Américas

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Disclaimer

Enel Americas SA published this content on 13 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 October 2020 22:14:04 UTC