Enel Chile S A : Capital Markets Day Strategic Plan 2020-22

Virtual Investor

December 1st, 2020

Chile

Open power for a brighter future

Agenda

Paolo

Pallotti

CEO

2021-23

Strategic plan

Giuseppe

Turchiarelli

CFO

2021-23

Strategic plan

Chilean Market Context

Our position

Our ambition

Strategy Rationale

Closing Remarks

Our vision in numbers

Financial management

De risking our business

Earnings & targets

Chile

Virtual Investor Day

Strategic Plan 2021-23

Paolo Pallotti

CEO

Chile

Chile

Chilean Market Context

3

Transition towards low-carbon energy system (1/2)

The Chilean reality and opportunities

Chile

Decarbonization

Chile on the path toward a

clean generation matrix

Emissions reduction

Total 1.100 MtCO2eq between 2020 - 2030. 95 MtCO2eq as of 2030 and reach net zero by 2050

Renewable growth in Chile

Generation1	44%	70%	95%
Renewable
% of total	2019	2030	2050
26GW	50%		60%
Total system
Installed capacity	Renewable		Renewable
September 20202	capacity 2020	capacity 2024

Energy efficiency

• Law Proposal: -5.5% lower energy consumption by 2030
• 100% of new buldings with Energy Management controls

Chilean renewable growth potential

Renewable potential +70x

compared to current installed capacity1

		H2
Solar	Wind	Green
+1,180 GW	+191 GW	Hydrogen
Installed	Installed	+160 Mton
Capacity	Capacity	(Annual production)

North of Chile has the highest solar radiation in the planet

South of Chile wind plants can reach +60% load factors, equivalent to off-shorebest performing wind plants

1.	Source: Ministry of Energy (Hydrogen Strategy Presentation)	4

2. Source: National Energy Commission

Transition towards low-carbon energy system (2/2)

The Chilean reality and opportunities

Chile

Technological evolution

Digital revolution and new technologies boosting efficiency

Solar energy costs

-80% (2010 vs 2019)

Litium batteries ($/kWh)

-87% (2010 vs 2019)

Internet Connection

87% of households already have access to internet1

5G Connection

4 auctions already on track1

H2 cost <1.5 US$/Kg2

Cheapest green hydrogen in the world by 2030

Climatization costs

-50% (2010 vs 2019)

Electrification

New energy uses and decarbonization will increase energy consumption

Energy	~80 TWh	+45%	+202%
demand3
Estimated energy
boosted by	demand in 2020	~116 TWh	~242 TWh
2030	2050
decarbonization

E-Mobility2

100% of public transportation will be electric by 2050

40% of private vehicles will be electric by 2050

Electrification3

Chile´s Carbon	24%	30%	54%
neutrality boosting
the rate of	2020	2030	2050
electrification

5

1. Source: Ministry of Transports & Telecommunications
2. Source: Ministry of Energy (Hydrogen strategy presentation)
3. Source: Generadoras Chile

A regulatory framework in evolution

Distribution

Chile

Reform of Distribution regulatory framework

New tariff regime 2020-2024

• New remuneration: 6% after taxes discount rate applies
• New quality standards related to SAIDI and SAIFI
• Tariff Reset 2020: Decree expected by 2H21, with retroactive effect at Nov 2020

Unbundling / "Giro Único"

• Starting from Jan 1st, 2021 DisCos will only perform regulated distribution activity.
• • Dx activities shall be separated from others not related business (i.e. Tx)
  • DisCos shall not commercialize contracts in the free market

6

A regulatory framework in evolution

Market

Chile

Portability Law

• Market liberalization on gradual pace
• Once approved, government has up to 18-months to define implementation rules
• New agents: Traders and Information system operator

Proposed type of clients

>5,000			Large
		customers
KW
	(already Free clients)
[20-5,000]			Medium
		Customers
KW
			(Potentially Free)
<20			Small
KW			Customers
			(Potentially Free)

7

Hybridification

Batteries and Hydrogen

Flexibility framework
Renewables + Batteries	+

• Flexibility strategy proposal to be presented in 2020
• Key to support the decarbonization, system reliability and renewables expansion
• • Remuneration of flexibility attribute and changes in capacity payment to be addressed
  • Battery integration with renewables leverages risk mitigation, avoiding curtailments

Chile

H2 National Strategy

H2 Participative Strategy1

• National strategy launched on public consultation
• US$ 50 mn funding to support companies to invest in scalable and replicable green H2 projects in Chile

33

Chilean Hydrogen	23	9
market forecast	7
(US$ bn)				24
5	16
	2 3
2030	2040	2050
			Exports			Domestic uses

2020	2025	2030
Setting up the	Activating the industry and	Conquering
bases	developing exports	global markets

1.	Source: Ministry of Energy (Hydrogen strategy presentation)	8

Responding to COVID-19

Measures to ensure the safety of our people and business continuity

Chile

Our people & OperationOur clientsOur communities

74% 100%	Boosting digitalization	More power
of Enel Chile total	of our plants	to mitigate impacts in	together
collection
personnel	and networks	Supporting out clients
working	in	Several initiatives to face the
remotely1	operation	in this challenge period	contingence together

1. As of November 25, 2020

9

Chile

Our positioning

10

Enel Chile at a glance

Chile

The largest utility

in Chile with a

strong,

4.7	Leader in
renewables and
GW	decarbonization with

Renewable Capacity a diversified portfolio

2.5	Highly flexible &
efficient. Based
GW	on LNG

Thermal Capacity

unique and

resilient portfolio,

boosting

sustainable

growth

2.0		Benchmark in the			17.1	Largest company
	region with a
			in terms of energy
	indefinite
Million clients		concession			TWh	distributed in Chile
			Energy distributed1
23.5		Better positioned to			677	Growth through new
			services,
face liberalization of
		products and
TWh		Chilean market.
Sales to regulated and				Charging points3	solutions
free clients2		10.8 TWh sales to free clients2

11

1. Enel Distribución total energy sales as of December 2019
2. Energy sold by our generation business line as of December 2019
3. As of September 30, 2020

Chile

Our journey &

Value proposition

12

Our journey toward CO2 reduction, reshaping our Company into platform-based business model…

Chile

The pathway to

0% Coal generation

Leading the Chilean decarbonization process	Speed up
	decarbonization

Utility as a Platform

Zero Coal

Looking forward

Integrated​offering

Elqui

Project

Enel Chile

creation

	2018
	Enel Green Power acquisition
2016	+1.2 GW of
renewable capacity

Decarbonization announcement

2020

2019	New closure dates
Bocamina I
	December 2020
Coal facilities	Bocamina II
May 2022
closure up to 2040
Tarapacá disconnection in
December 2019

2022	of commodity and
services
0% Coal
capacity by May
2022

13

The needs of clients are evolving constantly

… to manage increasing levels of

complexity, and new clients needs

Chile

Climate change

Digital

oriented

Digital

clients

+7 TWh/year in 2019

+50% Interactions

PPAs 100% renewable

During 2020

Clients

centricity

Energy as a service

292k Users

- Partnership with

Downloaded the app

mining companies

Significant improvement

- Partnership with Enex

in digital channels

Empowering

Beyond

- Partnership with AMP to

clients

to foster e-mobility

commodity

foster public e-mobility

Digital interactions:

Customized offering:

Sustainable offerings

improve customer

beyond commodity,

anchoring fidelization

14

journey

new revenues streams

and cross-selling

Open

power

for a brighter

future:

We empower

sustainable

progress

By a solid sustainable long-term

strategy process …

Sustainability

planning process

		Environmental1			Social1
				• People we work with
	•	Decarbonization
	•	Electrification		•	Community Engagement
	•	Circular business		•	Just Transition
	•	Circular cities		•	Health & Safety

1. Main indicators of each category

Chile

Governance1

• ISO 37001
• Human Right
• Cybersecurity
• Sustainable supply chain

15

Governance

• and consolidated Governance practices and policies…

Chile

as a

backbone

of our

strategy

Integrity in our core

Ethical code

Zero Tolerance Plan for Corruption

Global Compliance

Program on Corporate

Criminal Liability

Human Rights policy

Criminal Risk

Prevention Model

We take care of transparency

and privacy protection

Tax transparency and reporting

Compliance Program for Free Competition Regulations

Habituality policy

Privacy and data protection policy

We care about the environment communities, and our workers

Sustainability and

Community Relations

Policy

Environmental policy

Biodiversity conservation policy

Diversity Policy

16

• reflecting in the sharp improvements of our main ESG scores

Chile

MSCI1

	A
BBB
2018	2019

Scale from CCC to AAA

Sustainalytics

2019	2020
	26.2
30

De-risking

Scale from 100 to 0

FTSE Russell1

	3.2
2.7
2018	2019

Scale from 0 to 5

SAM ESG Rating

		88
	84
76
2018	2019	2020

Scale from 0 to 100

1st Company in

EM

Indexes and ratings

Mila

Chile

17

1. 2020 scores not yet reported

Chile

Our ambition

Decarbonization

	Energy Transition leader in Chile, fostering the
	decarbonization…					Chile
	Strategic actions		Renewables growth (GW)	2023 Net installed capacity

Support profitability through					23%
de-risking our matrix					Thermal	7%
		2.4		>85%	0%	16%	38%
Solid pipeline to enable			coal
					9.2 GW
continue value creation				Renewable
		7.1	Capacity
						77%
	4.7
Ready for the future though	1.5x					renewable
				39%
the development of new
technologies (storage, H2)	9M 2020	Capacity	2023	2030E
		Hydro
		additions
					Wind, Solar, Geothermal, BESS
Digital solutions to support
					CCGT
maintenance processes	+1.3 GW in construction in 2020
						Oil&Gas	19

Decarbonization

	… supported by a robust pipeline and new
	technologies development…	Chile
	Renewables pipeline (GW)		H2 Pilot project

	GENERATION	STORAGE
	5.4
13.8		4.6
			1.2
				2.6
Gross	Early stage	Mature	BESS2	In execution
Pipeline1	pipeline	Pipeline
			+

First pilot project for green

hydrogen production in Chile

JV with AME and prospective

partners

Electrolyzer fueled by wind

energy

Magallanes

One of the best wind conditions due to its proximity to Antartica

1. As of October 31°, 2020. It excludes 0.1 GW of storage capacity in execution

2. C. 40% Mature and c. 60% Early stage

20

Decarbonization

• backboned by our coal phase-out strategy

Coal capacity evolution (GW)

Chile

2020E 2022 2023

0.5
	0.4		Coal phase out
		May 2022
		0.3
2017	2019	2020E	2022

Coal production (TWh)

Coal production on total

Coal emissions (mn ton CO2)

Plants YE1 (#)

2.0 0.1-

10% 0.7% -

1.8 0.1-

1--

1.

Includes Bocamina 1 and Bocamina II Power Plant, that will be disconnected by December 2020 and May 2022 respectively

21

Decarbonization

To be fully decarbonize by 2050

Chile

	CO	2	equivalent specific emissions(1), gCO /kWh
				2
				-64%
						FULL
	278					DECARBONIZATION
Scope 1		228
		204
(gCO2/kWh)
					<100
	2017		2019	2020E	2023	2050
Emissions free	57%		66%	67%	~90%
production

22

Networks

Improvements in the quality and resilience of our

networks				Chile
Strategic actions		Key business drivers		Main KPIs

Ensuring the highest level of

quality and efficiencies

Improving clients journey and

interactions

Leveraging on digitization, automation and remotization

Supporting clients on the

contingency period

Digitization

Reliability

Efficiency

Resiliency

Flexibility

End users

(mn)

Energy distributed

(TWh)

Telecontrol equipment (#)

SAIDI

(Min)

Clients Digital Interactions (%)

Energy Losses

(%)

Opex/client¹

(US$ thousands /client)

2020E 2023

2.0 2.1

15.8 16.9

~2,450 >2,700

191 161

52% 70%

5.2 5.0

57 49

23

1. Considers clients of the distribution business. Normalized by Inflation and FX

Electrification

To be our clients reference choice, enabling
electrification, decarbonization and share value creation	Chile

Strategic actions

Main KPIs

Promoting electrification,

efficiency and sustainability

Integrated​ offeringof commodity and services

Increasing clients value

through platforms

Stewardship: enablers and orchestrators of electrification

Charging Points1-2

(public and private)

e-Buses4

(#)

Smart lighting1

('000)

e-Home services3

('000)

Electrification1

(accumulated GWh)

2020E 2023

+17k

963 6,110 2030E

			+2k
435		1,235	2030E
314		442

102 202

83 881

Recharging

solutions for

Mining sector

Partnership with car

manufacturers

(Volvo-Nissan-BMW)

Partnership with

Enex (Shell) to boost ElectroRuta Project

Partnership

with AMP to boost

Electric public transportation

1. Cumulative figures for 2021-2023 period
2. Public and private charging points. Also include e-buses charging points
3. Includes insurance services, air conditioning, and photovoltaic panels
4. Related to the partnership with AMP

24

Chile

Strategy Rationale

25

Enel Chile anchored by a value-added
portfolio, platforms and digitization	Chile

Customer

centricity

and platform

model as the new

paradigm

Going into platformization

evOsX-Installer

Platformization X-Customer

JuicePassFlexibility

YoUrban

Digitization Initiatives

Digital power plants By Design:

Asset digitization and connectivity to control room

Remote controlled and monitored centrally from the design stage

Drones and Smart Glasses:

Technology applied to activities related to O&M

Safety increase and risks reduction

Generation & Distribution Control Room:

Unified Control Room at the level of applications and infrastructure High availability on site and system integration

Cybersecurity:

Looking

Enel Chile as an array of

Updating hardware/software to reduce/avoid cyber attacks

foward platforms

• Digital Platform architecture
• New operating & business models

Guarantee availability and integrity of systems and plants

Osisoft PI Platform:

Higher availability: alarms, notifications and predictive algorithms

Reduction of maintenance Opex of the power plants	26

With Capex allocation with direct
impact on SDGs	Chile

CAPEX by SDG 2021-23

Circular economy

VALUE &

SUSTAINABLE

GROWTH

Fog collection

in PV plants

2%

20%	US$
2.2 bn

Capex related to

SDGs 71%

	Reverse logistic
	service for network
	materials
93% Capex aligned to SDGs
Circular management
	of wastewater in San Isidro

Reuse of concrete

from damaged poles

PV modules and EV

Chargers integrated in

building from design

27

Delivering value for ALL

Chile

	Shareholders	Society
			Cumulated Temporary Job
DPS (US$/sh '000)1		creation deploying new
			renewable capacity
		5.1	4.6K	5.8K
	3.7		2020E	2023
			Just transition - Tarapacá
			Workers reallocated in different	76%
			business lines4
	2020E1	2023	Just transition - Bocamina
			phase out acceleration
EPS2	7.4	10.2		2021-2023
(US$/'000)	Initiatives to support the growth of

				Micro and Small Enterprises in local ~ US$ 3 mn
Dividend	5.6%		6.6%	communities
yield3		~700 SME can access these
				funds on yearly basis

Environment

CO2 Emissions reduction (gCO2/KWh)

204

<100

2020E2023

Coal production/total

2020E2023

10%0%

Circular economy approach

Reducing PV	~30%
cleaning cost

1. 2020E adjusted by decarbonization impairment

2.

DPS and EPS calculated with the total number of shares of Enel Chile as of September 30, 2020: 69,166,557,219

28

1. 2020E Share Price value as of November 30, 2020 (53.07 CLP/Sh)
2. 24% of collaborators decided voluntary to left the Company.

Virtual Investor Day

Strategic Plan 2021-23

Giuseppe Turchiarelli

CFO

Chile

2021-2023

Our vision in numbers

Strategic plan at a glance

EBITDA (US$ bn)		Net Income (US$ bn)

CAPEX (US$ bn)

Chile

Net debt/EBITDA

+38%

	1.6
1.2
2020E	2023

36%1 EBITDA 43%

Margin

+38%
	0.7
0.5
2020E1	2023

	-7%
2.5	2.4
2020-22	2021-23

		-1.2x
	3.1
			1.9
2020E		2023
78%		FFO/	88%
EBITDA

1. Adjusted by decarbonization impairment: EBITDA: US$ 0.04 bn and Net Income: US$ 0.6 bn

31

Capex allocation focusing on de-risk margins and accelerating the electrification

Chile

Total Capex 2021-23		Capex development by business line

1%

	2.4		20%	2.4	72%
21%	70%
US$ bn			US$ bn
	8%		8%
Renewables	Thermal			Asset development
Networks	Enel X			Asset management
					Customers

			Capex allocation by
1%					year
5%
			2021		59%
4%	1.7
	US$ bn	90%
		2022		25%

2023 16%

Renewables	Thermal
Networks	Enel X

32

Power Generation

Generation capex driven by decarbonization and

growth on renewables		Chile
Generation CAPEX 2021-23		EBITDA evolution 2020E-23 (US$ bn)

	Total CAPEX	Development CAPEX				+32%
	13%	4%						0.27	0.08	(0.15)
		5%				0.04	0.07				1.3
		3%
	1.8		1.6
	US$ bn	15%	US$ bn	73%	1.0
	87%
	Asset development	Solar	Hydro	Wind	2020E1	Demand	New	Growth	Hydro	Net price	2023
							Contracts			effect &
	Asset management	Geothermal & BESS	Thermal	1		EBITDA margin	Others	49%
					44%
1.	Adjusted by decarbonization impairment: EBITDA: US$ 0.04 bn								33

Power Generation

Decarbonization and renewable expansion is also

driving the energy sales balance	Chile
	Production Evolution (TWh)	Energy balance (TWh)
	Performance indicators

			+24%				+17%
				24.2			26.3	26.3
				22.5	22.5	2.2
		19.5		10.0	3.0			15.2
		3.2			11.4
		10.0			19.5		24.2
				11.9
		3.8				11.1		11.1
	0.5
	2.0		2.3
		2020E		2023	2020E	2023
		Hydro	Renewables		Production	Purchases
		(ex hydro)
		Oil & Gas	CCGT	Coal	Regulated sales	Non regulated sales
1.	Adjusted by Fx and non recurrent opex

PPA price2 (US$/MWh)

EBITDA/MWh

(US$/MWh)

EBITDA (w/o growth)/MWh (US$/MWh)

OPEX/MW

(kUS$/MW)1

2020E	2023	CAGR
76		66	-5%
		50	+5%
43
		43	~0%
29		26	-4%

34

2. Energy prices

Power Generation

Commercial strategy designed to bring long-term
visibility and geographic diversification	Chile

Portfolio by off-taker

2019+12%

54%	2023

23.5

TWh	42% 29%
11%	26.3
35%

TWh

PPAs geographic location

2019 2023

14% 23%

67% 68%

19%9%

PPAs by residual duration

18%

35%

2021-23

48%

Free market & others

Regulated

Free market Mining

29%

North Central South

2021-20232024-2030 >2030

Increase presence on non-

sensitive demand market

Geographic diversification to

reduce prices exposure

10 years avg. duration

35

Networks

Focus on resiliency and quality to foster a more

efficient networks	Chile
Networks CAPEX 2021-23	EBITDA evolution 2020E-23 (US$ bn)

							+42%
34%									0.04	0.3
			53%
0.49	35%	0.49			0.02		0.04
			(0.02)		29%
US$ bn	US$ bn		0.2	0.01
	66%			30%
		12%			0.21					71%
				70%
Distribution		Quality & resilience
Transmission		Digitization		2020E	Demand	Index	Tariff	Efficiencies	FX	2023
					Adjustment	& Others

Conections

Distribution business		Transmission business

36

Electrification

Enel X: accelerating the electrification of

consumption	Chile
Enel X CAPEX 2021-23	EBITDA evolution 2021-23 (US$ mn)
	2x

23%

3.7

			4.1	4.9		39
	21	7.0		36
5%
US$ mn
	20
	72%
	2020E	B2B	B2C	B2G	Fx	2023

B2B

B2C

B2G

37

Main strategic actions, to reach sustainable EBITDA
growth by 2023	Chile

			EBITDA evolution 2020E-23 (US$ bn)
	+2.4GW renewable in operation up to
	2023 and 0% coal production since			+38%
	June/22
actions	Renewables PPAs and energy		0.32	0.09	0.02	0.02
services addressing clients					1.6
Strategic	sustainability needs
our digital transformation	1.2
	Quality of network driven by
	Foster sustainability of cities and
	electrification	2020E1	Power	Networks	Enel X	Other	2023
			Generation
1.	Adjusted by decarbonization impairment: EBITDA: US$ 0.04 bn						38

2021-2023

Financial Management

39

Debt evolution reflects capital allocation dynamics, supported by high cash conversion levels

Chile

	Source of funds allocation 2021-23 (US$ bn)	Net debt evolution (US$ bn)
				Net Debt	FFO/EBITDA
3.8	0.2	4.0	(2.4)		-14%

			(1.0)				3.3	3.6			3.1
					0.7							78%	88%
									58%
Sources	Incremental	Total	Gross Dividends Cash			2019			2020E			2023
of funds	Debt	Sources	capex
						Cost of
						5.2%			4.6%			4.5%
						debt
						Net debt/
						2.2			3.1			1.9
						EBITDA
													40

Sound liquidity position, hedged debt and smooth maturities

Chile

Financial Flexibility & main rations

Debt maturity by year (US$ bn)

New refinancing (avg. gross debt)

Avg. term of new debt

(years)

• of US$ denominated debt over gross debt

• of fixed gross debt

Avg. term of debt

years

YE 2020E

YE 2023

3.2% 3.5%

78

99% 99%

99% 99%

76

Maturities/Gross Debt

5%	12%	6%	3.1

0.48

0.20		0.25
2021	2022	2023	After
			2023

41

2021-2023 Sensitivities

42

2021-2023 Risks & opportunities sensitivities

Annual average EBITDA impact

Chile

Commodities & CPI

Demand (%)

Macroeconomics

(US$ bn)(US$ bn)

+10% commodities		0.01	+1%
		0.01
+1% CPI
-10% commodities	-0.01	-1%	-0.01

-1%CPI

Hydro Generation

Hydro production (TWh)

(US$ bn)

+1TWh

0.04

-1TWh-0.06

43

2021-2023 Earnings & Targets

44

Visible value creation for our shareholders

Chile

Plan main drivers	2020E1		2021		2022		2023		CAGR (%)
				2020E-23
EBITDA (US$ bn)		1.2		1.4~1.5		1.4~1.6		1.5~1.7		+9 / +13%
Net income (US$ bn)		0.4~0.6		0.6~0.7		0.6~0.7		0.6~0.8		+11 / +16%
Pay-out ratio2		50%		≥ 50%		≥ 50%		≥ 50%		-

1.	2020E adjusted by decarbonization impairment: EBITDA: US$ 0.04 bn and Net Income: US$ 0.6 bn	45
2.	Management proposal to be approved in the AGM

2021-2023 Closing Remarks

46

Closing remarks

Chile

Decarbonization		Platformization and		Networks to support		Continue to
			embrace
strategy paved by		combined offerings		renewables
			sustainability,
renewables and		are key to address		expansion and
			ESG tear 1
solid pipeline		new clients needs		electrification
			player in Latam

47

Strategic Plan 2021-2023

Disclaimer

Chile

This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Enel Chile and its management with respect to, among other things: (1) Enel Chile's business plans;

1. Enel Chile's cost-reduction plans; (3) trends affecting Enel Chile's financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Enel or its subsidiaries. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Enel Chile's Annual Report and Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enel Chile undertakes no obligation to release publicly the result of any revisions to these forward-looking statements. 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 Chile or any of its subsidiaries.

48

Strategic Plan 2021-2023

Contact us

Isabela Klemes

Head of Investor Relations Enel Chile

Investor Relations team

Catalina González

Claudio Ortiz

Pablo Contreras

Francisco Basauri

Chile

Contacts

Email [e-mail]

Phone [phone]

Channels

Follow us

Website

Enel.cl

Mobile App

Enel Investors

Download app

iOSAndroid

49

2021-2023 Annexes

2021-2023

Main assumptions

Main Assumptions

Main assumptions

Chile

	GDP (%)				CPI (%)			Avg. FX against US$		Demand Growth (%)
2021	2022	2023		2021	2022	2023		2021	2022	2023	2021	2022	2023
5.2	4.3	3.9		2.6	2.3	2.6		732	700	680	4.5	2.5	2.5

Commodities's prices

	2020E	2021	2022	2023
Gas Henry Hub ($/mmbtu)	2.0	2.4	2.6	2.7
Oil Brent ($/bbl)	39.0	48.0	55.0	59.0
Coal API2 ($/ton)	48.0	57.0	61.0	63.0

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Capex by Business line

Chile

Gross Capex (US$ bn)

Business line	2020E	2021	2022	2023	Ʃ 2021-2023
Renewables	0.9	1.0	0.4	0.3	1.6
Thermal	0.0	0.1	0.1	0.1	0.2
Networks	0.1	0.2	0.2	0.2	0.5
Enel X	0.0	0.0	0.0	0.0	0.0
Others	0.0	0.0	0.0	0.0	0.0
Total	1.0	1.2	0.7	0.5	2.4

53

Installed capacity and Production

			Chile
Net Installed Capacity (GW)		Production (TWh)

Technology	2020E	2021	2022	2023
CCGT	1.5	1.5	1.5	1.5
Coal	0.3	0.3	0.0	0.0
Oil & Gas	0.6	0.6	0.6	0.6
Hydro	3.6	3.6	3.6	3.6
Wind	0.6	0.8	0.8	0.8
Geothermal	0.0	0.1	0.1	0.1
Solar	0.6	1.7	2.5	2.7
BESS	0.0	0.0	0.0	0.1
Total	7.2	8.4	8.9	9.2

Technology	2020E	2021	2022	2023
CCGT	3.8	2.8	2.3	2.3
Coal	2.0	1.7	0.1	0.0
Oil & Gas	0.5	0.0	0.0	0.0
Hydro	10.0	11.7	11.9	11.9
Wind	1.8	2.1	2.3	2.3
Geothermal	0.2	0.4	0.4	0.4
Solar	1.2	3.5	5.6	7.2
Total	19.5	22.2	22.7	24.2

54

2021-2023 Sustainability Plan

Sustainable business model, driving change through growth accelerators

2021 - 2023

Sustainability Plan

Chile

*

56

* Growth accelerators include innovation, cyber security, digital supports, circular economy and sustainable finance

People centricity

Local and global communities

				Chile
Plan actions		2020E1		2030 targets 1

High-quality, inclusive and fair education		~ 99,800 beneficiaries		240,000 beneficiaries in 2030

Access to affordable and clean energy		~ 207,000 beneficiaries		315,000 beneficiaries in 2030

Employment and sustainable		~ 386,000 beneficiaries		515,000 beneficiaries in 2030
and inclusive economic growth

1. Cumulated figures since 2015

57

2020-2022

Corporate Governance

Shareholders Structure	Organization structure

64.9%

Chile

100.0%	93.5%	99.1%	100.0%
Green Power	Generación Chile	Distribución Chile	Enel X

Chile

Enel Chile shareholders1

Others 1.4%

Pension Funds

14.5%

Institutional	Market Cap2	Enel SpA
Investors	5.0 $ bn
64.9%
16.2%

ADRs 3.1%

1.

As of October 31 2020

59

2. Market cap as of November 27, 2020

onCorporate Governance

Corporate governance structure

Shareholders' meeting

Focus

14%

43%

BoD's

Board of Directors

composition

(7 members)

43%

Non executive Executive

Independent

Directors Committee

Chile

Audit firm

Functions:

Audit committe

Sustainability committe

Related parties transactions

60

Governance		Board composition
Corporateon
			Herman Chadwick	Chair
				Board of Directors
Focus				Giulio Fazio
			Director
				Salvatore Bernabei
				Director
				Daniele Caprini
				Director
				Fernán Gazmuri Plaza	Directors' Committee (C)
				Director.
				Gerardo Jofré Miranda	Directors' Committee
				Director
				Pablo Cabrera Gaete	Directors' Committee
				Director

Chile

Board of Directors' diversity

57%

Age

Gender

diversity

diversity

43%

100

%

41-50

Over 50

Male

Female

29%

43%

Tenure

Nationality

diversity 71%

diversity

57%

1-3 years

Over 3 years

Chilean

Italian

Non executive		Executive		Independent

Governance		CEO's short-term variable remuneration
Corporate				Macro objective			Objective
on								Weight	Range
Focus				Profitability		Net Income Chile		25%			Maximum 120%
				Efficiency		OPEX Chile		20%			Maximum 120%
				Cash and debt		FFO Chile		15%			Maximum 120%
				management
				Safety		Safety in the		20%			Maximum 120%
					workplace
				Environmental		Business Chile		20%			Maximum 120%

Chile

Type of target

Economic

Economic

Financial

ESG

ESG

62

Corporate Governance

Management of the company

Chile

Management Team

Focus on

P. Pallotti

G. Turchiarelli

1. Schnaidt
2. De Martino

1. Belinchón P. Urzúa

A. Pinto

Chief Executive Officer

Chief Financial Officer

People and Organization

Regulation

Internal Audit

Institutional Affairs Officer

Safety

A. Pellegrini

R. Puentes

A. Barrios

A. Dunsmore

Karla Zapata

J. Stancampiano

R. Castañeda

Sustainability & Community Relations

Procurement

Digital Solutions

Services

Enel X Chile

Enel Green Power Chile

Enel Distribución Chile

D. Valdés	Counsel			M. Siciliano	Enel Generación Chile
C. Vera
Communication				63

Focus on Corporate Governance

Policies, principles and codes

Ethics, Integrity, Human Rights, and Diversity

• Ethical code
• Zero Tolerance Plan for Corruption
• Global Compliance Program on Corporate Criminal Liability
• Criminal Risk Prevention Model
• Compliance Program for Free Competition Regulations
• Human Rights Policy
• Diversity Policy
• Privacy and data protection policy

Corporate Governance:

• Corporate Governance practices
• Action protocol in dealing with public officials and public authorities
• Protocol of acceptance and offering of gifts, presents, and favors
• Induction procedure for new Directors
• Procedure for permanent training and continuous improvement of the Board of Directors
• Information procedure for shareholders about the background of candidates for Director
• Habituality policy
• Tax transparency and reporting

Sustainability:

• Sustainability and Community Relations Policy
• Environmental policy
• Biodiversity conservation

Chile

64