#1Eletropaulo Enel Américas' 2018 Analyst Update Meeting Luca D'Agnese CEO Enel Américas Carlo Zorzoli Country Manager Enel Brasil enel#2Eletropaulo at a Glance Largest Metropolitan Area of the Most Developed and Industrialized State in Brazil enel Brasil encl encl State of São Paulo enel 7.2m Clients M 43TWh Energy Sold 1.6k/km² Customer Density = 6.0 MWh/yr Avg. Consumption Eletropaulo's Concession 24 Cities % 9.7% Losses Eletropaulo is a distribution company in the State of Sao Paulo with a concession area of 4.5 thousand km² (2% of the state), covering 24 municipalities Source: Eletropaulo public information.#3Eletropaulo at a glance. Eletropaulo's historical EBITDA, Clients and Distributed Energy evolution 00 EBITDA (US$m) EBITDA pre-pension funds EBITDA margin 403 Clients and Distributed Energy 222 80 142 2014 355 302 108 88 99 Eletropaulo 7.0 % 46,415 6,742 295 268 Avg. Enel Dx Brazil 204 12.5% 2015 2016 ■Reported EBITDA Pension Funds provision 2017 enel 7,155 42,982 2014 2015 2016 2017 Clients (th) Distributed Energy (GWh) Historical performance affected by Pension Funds contribution and volume contraction due to recession Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Source: Eletropaulo public information. 3#4Eletropaulo at a glance. Eletropaulo Capex by clients. Eletropaulo n. of employees Eletropaulo SAIDI (hours per year) 13.2 6,152 23.8 7,280 7,165 15.9 enel 7,355 11.7 2014 2015 2016 2017 Capex/Client (US$) 39.8 24.0 24.5 31.4 Eletropaulo Capex/Client (US$) 37.7 53.0 50.3 75.2 Avg. Enel Dx Brazil (1) Recent increase in headcount with investment level staying low 1. Enel Dx Rio and Enel Dx Ceará. Excluding Enel Dx Goiás Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Source: Eletropaulo public information. 4#5Investment Rationale Eletropaulo Represents an Attractive Investment, Operating in Brazil's Most Important Region Opportunity to consolidate Enel Américas' presence in Brazil becoming a leading integrated player in that country Leverage on Enel competences for opex reduction and digitalization of distribution grids enel RAB growth opportunity: RAB recovery opportunity to capture additional growth, maximize returns and improve quality indicators Best way to increase Customer Base with additional ~7 m n premium customers Unique opportunity to boost Enel Américas growth in free market and in the new digital energy services for customers Potential for volume growth with economic recovery Major potential to increase profitability 5#6Investment Rationale Eletropaulo EBITDA evolution 2017-2021 (US$m) enel ~ 750 ~ 50 - 100 ~ 700 ~100-150 ~ 150-200 295 EBITDA 2017 Efficiencies RAB growth & Quality Volume growth EBITDA 2021E Enel X & Retail EBITDA/MWh Eletropaulo EBITDA/MWh Avg. Dx Brazil 6.86 2017 20.13 24.78 2017 Average 2018-20 Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Total EBITDA 2021E contribution to Enel Américas Group CO 6#7Investment Rationale Potential efficiencies Main initiatives • Leverage on global procurement Opex/client¹ benchmark (US$) enel Pension Fund 15 • Alignment in service contracts to Enel's standard procedures Opex/client 65 (excl. Pension Fund) • • Deployment of smart technologies Technical Opex: Convergence towards Enel best practices: • Faults reduction for improved preventive maintenance and investment plan Technical Staff optimization • Efficiency gain for remote control and processes • Commercial Opex starting from the baseline (2017) applying efficiency due to IT and process convergence: • Meter reading service outsourcing Meter reading process improvement • Retail Cost Optimization 1. Values as of December 2017. Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Source: Internal estimates. 42 Eletropaulo Enel Ceará Eletropaulo real Opex/client evolution (US$) 80 -30% 15 53 8 Pension Fund 65 45 Opex/client (excl. Pension Fund) 2017 2021 7#8Investment Rationale RAB growth opportunity Capex evolution (US$m) 224 +34% 300 Avg. 2015-17 RAB evolution (US$bn) Avg. 2019-21 2.0 2.6 2.2 enel Total Capex 2019-21 (US$bn) 2017 2019 Tariff review 2021 Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Source: Eletropaulo public information, except Capex (internal estimates). 13% 20% 5% ■ Smart Meters ■ Other ICT ■ Quality ■ Connections & Tx 10% ~0.9 21% ■ Losses ■Maintenance 32% 8#9Investment Rationale RAB per client evolution (US$) +24% 345 278 184 +123% 411 389 enel 1,170 2017 2021 2017 2021 2017 2017 Eletropaulo Enel Goiás Avg. Enel Rio and Ceará Enel Dx Chile High potential value creation from RAB increase Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD.#10Investment Rationale Additional contributions to the Enel Américas' EBITDA enel enel x 0 ■ Distributed Generation / Storage ■ Financial services connected to electricity bill ■ Green products for the home ◉ Infrastructure projects for industrial / commercial customers ■ E-Mobility Energy sales to free market ■ Presence in key markets for commercial / industrial clients ☐ ■ Additional opportunities from potential market liberalization of MV clients ☐ ■ Continuing migration to free market driven by price ☐ differential between regulated and free market Leverage vertical integration with hydro assets EBITDA @ 2021: ~ US$30 m EBITDA @ 2021: ~ US$20 m 10#11Enel Américas Positioning Strategically Positioned as Largest Dx player in Brazil Number of Customers (m) 17.1 enel enel Goiás Eletropaulo 13.6 9.9 9.3 8.3 7.2 --2 enel 7.0 6.6 5.0 4.6 4.6 4.5 3.4 2.9 1.7 neoenergia ELEKTRO ene enel CPFL CEMIG Eletropaulo enel energisa equatorial ENERGIA ENERGIA Goiás 1 48 Light edp COPEL Eletrobras Celesc Distribuição S.A. Enel Américas would become the first Brazilian distributor by number of End Users Source: Balance Sheet each company as of Dec. 2017 CPFL includes RGE Sul's client base CEEE 11#12Main Transaction Terms Tender Offer for Eletropaulo Eletropaulo Enterprise Value Build-Up (US$ bn) Enel Américas has made the best offer to acquire Eletropaulo. Final price: 45.22 BRL per share. Enterprise Value of US$ 4.6 bn. Tender offer successfully finalized (reached more than 50% of the shares of Eletropaulo). Shareholders have an additional period of 30 days to sell their shares. On June 21, President Temer approved the sale of the government shareholding in Eletropaulo of 7.97%. BNDES will be the responsible for executing the sale. Committed Capital increase in Eletropaulo of at least BRL 1.5 bn (~US$ 400 m). +0.8 +1.0 2.1 enel +0.2 4.6 +0.4 Equity Pension Funds Net Debt Settlement Eletrobras Other contingencies EV EV/RAB 2.3 2.2 2.2 2.2 2.1 2.0 1.9 1.8 Eletropaulo Eletropaulo Equatorial 2 Energisa 2 Iberdrola/Elektro Iberdrola/Elektro Equatorial Follow Energisa Re-IPO 3 2010 3 20173 On 3 Multiple in line with comparable peers and historical M&A transactions 1. Normalized EV/RAB at 2021. 2. Comparable peers. 3. Recent M&A transactions. Original values in BRL translated into USD using an Exchange rate of 3.60 BRL/USD. Source: Valuation from financial advisor. 12#13Closing remarks enel Largest individual distribution concession in Brazil located in the most developed and industrialized state in the Country Enel Américas would become the market leader in the distribution business in Brazil Key value driver: Opportunity to increase efficiency and improve EBITDA rapidly Synergies with Enel Américas, Enel X and free market Enel Américas' plan allows substantial value creation over the investment ✓ 13#14Exhibits#15Main Macro assumptions Favorable Macro and Sector Dynamics GDP Brazil (% YoY) 2.6 2.3 1.9 2.0 1.0 2.8 CPI (%) enel 4.9 4.3 4.2 4.2 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 Energy Distributed 1 (TWh) 42.06 38.74 40.30 37.32 34.88 2017 2018 2019 Enel Américas macro scenario 18-21 2020 2021 1. Enel Américas' Energy demand in Brazil (Enel Ceará, Enel Goiás and Enel Río). Fx Rate BRL/USD 3.70 3.55 3.45 3.35 3.19 2017 2018 2019 2020 2021 15#16AES Eletropaulo Historical Data Historical Data: Financials (US$m) 2014 2015 2016 2017 CAGR EBITDA (pre-pension fund) 222 355 302 403 +22.0% Pension Fund Provision 80 88 99 108 +10.5% EBITDA (Local GAAP) 142 268 204 295 +27.6% Net Income (36) 28 6 (235) -86.9% Net Financial Debt* 601 853 612 824 +11.1% CAPEX 162 168 220 285 +20.7% * Net Financial Debt do not consider Pension Fund deficit adjustment Historical Data: Operational KPIs 2014 2015 2016 2017 CAGR Customers (th) 6,742 6,853 7,016 7,155 +2.0% Distributed Energy (GWh) 46,415 44,237 42,826 42,982 -2.5% Energy Demand (GWh) 42,757 42,534 43,632 44,311 +1.2% SAIDI (h/y) 13.2 23.8 15.9 11.7 -3.9% SAIFI (x/y) 5.3 6.6 6.9 6.2 5.4% Losses (%) 9.7% 9.4% 9.6% 9.7% -0.0% Source: Eletropaulo filings. Original values in BRL converted into USD using an Exchange rate of 3.60 BRL/USD. enel 16#17Disclaimer enel 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 presentation and include statements regarding the intent, belief or current expectations of Enel Américas and its management with respect to, among other things: (1) Enel Américas' business plans; (2) Enel Américas' cost-reduction plans; (3) trends affecting Enel Américas' 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 Américas or its subsidiaries. Such forward-looking statements reflect only our current expectations, 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 Américas' Annual Report or Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enel Américas undertakes no obligation to release publicly the result of any revisions to these forward-looking statements, except as required by law. 17#18AES Eletropaulo Contact us enel Email [email protected] Phone +562 23534682 Web site www.enelamericas.com Rafael De La Haza enel Head of Investor Relations Enel Américas Jorge Velis Investor Relations Enel Américas Itziar Letzkus Investor Relations Enel Américas Javiera Rubio Investor Relations Enel Américas Gonzalo Juarez IR New York Office#19enel