Interim Financial Report at September 30, 2013

Interim Financial

Report at September 30, 2013

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 CONTENTS

The Enel Green Power Group ...... 2 Introduction ...... 5 Performance and financial position by segment ...... 23 Italy and Europe ...... 26 Iberia and America Latina ...... 29 North America...... 32 Significant events in the first nine months of 2013 ...... 35 Subsequent events ...... 43 Reference scenario ...... 44 Regulatory and rate issues ...... 48 Outlook ...... 51 CONSOLIDATED FINANCIAL STATEMENTS OF THE ENEL GREEN POWER GROUP ...... 52 Condensed Consolidated Income Statement ...... 53 Statement of Consolidated Comprehensive Income ...... 54 Condensed Consolidated Balance Sheet ...... 55 Statement of Changes in Consolidated Shareholders’ Equity ...... 56 Condensed Consolidated Statement of Cash Flows ...... 57 Operating performance and financial position ...... 58 Other information ...... 71 Declaration of the officer responsible for the preparation of the Company’s financial reports pursuant to the provisions of Article 154-bis, paragraph 2, of Legislative Decree 58/1998 .. 76

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

The Enel Green Power Group

Corporate Enel Green Power

Italy and Europe Iberia North America Retail and Latin America

Enel Green Power Portoscuso Enel Green Power España Enel Green Power North Enel.si*** America Maicor Wind Enel Brasil Participações Enel 3Sun* Energia Alerce Enel Green Power & Sharp Solar Enel de Costa Rica Energy* Enel Green Power Romania Enel Guatemala Enel Green Power Bulgaria Impulsora Nacional de Electricidad Enel Green Power Hellas Enel Panama Enel Green Power France Grupo EGI PowerCrop* Enel Green Power Colombia Other minor - Italy ** Enel Green Power Perù

New Countries **** Enel Green Power South Africa Enel Green Power Jeotermal Enerji Yatirimlari AS

*Joint venture. **Agatos Green Power Trino, Enel Green Power CAI Agroenergy, Enel Green Power Calabria, Enel Green Power Canaro, Enel Green Power Finale Emilia, Enel Green Power Partecipazioni Speciali, Enel Green Power Puglia, Enel Green Power San Gillio, Enel Green Power Strambino Solar, Enel Green Power TSS, Enel Green Power Villoresi, Energia Eolica, Enerlive, Iris 2006, Taranto Solar. ***Company sold with effect from July 1, 2013. ****For the purposes of IFRS 8, the income statement and balance sheet figures for these companies, which are not yet material as their development has not yet begun, have been allocated to the “Italy and Europe” area.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Corporate boards

Board of Directors Chairman Chief Executive Officer

Luigi Ferraris Francesco Starace

Directors

Luca Anderlini

Carlo Angelici

Andrea Brentan

Francesca Gostinelli

Giovanni Battista Lombardo

Giovanni Pietro Malagnino

Paola Muratorio

Luciana Tarozzi

Board of Auditors Chairman Standing auditors

Giuseppe Ascoli

Franco Fontana Leonardo Perrone

Alternate auditors

Giulio Monti

Pierpaolo Singer

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Powers

Board of Directors The Board is vested with the broadest powers for the ordinary and extraordinary management of the Company, and specifically has the exclusive power to determine the strategic, organizational and internal control policies for the Company and the Enel Green Power Group.

Chairman of the Board of Directors The Chairman is vested by law and the bylaws with the powers to govern the operation of the corporate bodies (Shareholders’ Meeting and Board of Directors) and to sign for and represent the Company. In addition, pursuant to a Board resolution of May 6, 2013, the Chairman also verifies implementation of the resolutions of the Board of Directors.

Chief Executive Officer The Chief Executive Officer is also vested by the bylaws with the powers to sign for and represent the Company and, in addition, is vested by a Board resolution of May 6, 2013 with all powers for managing the Company, with the exception of those that are otherwise assigned by law, the bylaws or resolutions of the Board of Directors

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Introduction

The Interim Financial Report at September 30, 2013 has been prepared in compliance with Article 154-ter, paragraph 5, of Legislative Decree 58 of February 24, 1998, and in conformity with the recognition and measurement criteria set out in the international accounting standards (International Accounting Standards - IAS and International Financial Reporting Standards - IFRS) issued by the International Accounting Standards Board (IASB), as well as the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) and the Standing Interpretations Committee (SIC), recognized in the European Union pursuant to Regulation (EC) no. 1606/2002 and in effect as of the close of the period.

Accounting policies and measurement criteria

The accounting standards adopted and measurement criteria used for the Interim Financial Report at September 30, 2013, which has not been audited, are consistent with those used to prepare the consolidated financial statements at December 31, 2012, to which the reader is referred for more information. This report also applies the following amendments to international accounting standards and interpretations adopted for the first time as of January 1, 2013:

 “Amendment to IAS 1 – Presentation of items of other comprehensive income”. The amendment calls for the separate presentation of items of other comprehensive income (OCI) that may be reclassified to profit or loss in the future (“recycling”) and those that will not be recycled.

The retrospective application of the amendment did not have a material impact on these interim financial statements.

 “IAS 19 – Employee benefits”. The standard supersedes the IAS 19 in used in preparing the financial statements for 2012. The most significant change regards the requirement to recognize all actuarial gains/losses in OCI, with the elimination of the corridor approach. The amended standard also introduces more stringent rules for disclosures, with the disaggregation of the cost into three components (service cost, net interest on net liabilities/assets, remeasurement of net liabilities/assets); introduces the calculation of interest income in place of the expected return of plan assets; no longer permits the deferral of the recognition of past service cost; provides for enhanced disclosures; and introduces more detailed rules for the recognition of termination benefits. The effects of the retrospective application of the standard in these interim financial statements are discussed in the section “Restatement of the balance sheet and the income statement”.

 “IFRS 13 – Fair value measurement”. The standard represents a single IFRS framework to be used whenever another accounting standard requires or permits the use of fair value measurement. The standard sets out guidelines for measuring fair value and introduces specific disclosure requirements. The prospective application of the standard did not have a material impact on these interim financial statements.

 “Amendments to IFRS 7 – Offsetting financial assets and financial liabilities” The amendments establish more extensive disclosures for the offsetting of financial assets and 5

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 liabilities, with a view to enabling users of financial statements to assess the actual and potential effects on the entity’s financial position of netting arrangements, including the set- off rights associated with recognized assets or liabilities. As clarified by the IASB last April, the disclosures required by the amendments were not presented in these interim financial statements.

 “Amendments to IAS 12 – Deferred taxes: recovery of underlying assets”. The amendment introduces an exception in the recognition of deferred taxes on the basis of the manner in which the carrying amount of the underlying assets will be recovered. The exception regards systems that establish different tax rates depending on whether the entity plans to recover the assets through sale or through use in the productive cycle. The retrospective application of the amendment did not have an impact on these interim financial statements.

 “Annual improvements to IFRS - 2009-2011 cycle”. The document regards formal amendments and clarifications of existing standards whose retrospective application did not have an impact on these interim financial statements. More specifically, the following standards were amended: . IAS 1 – Presentation of financial statements. The amendment clarifies how comparative information must be presented in the financial statements and specifies that an entity may voluntarily elect to provide additional comparative information. More specifically, it specifies that an entity shall present a third balance sheet as at the start of the previous period in addition to the minimum required comparative schedules if:

– it retrospectively applies an accounting standard, retrospectively restates or reclassifies items of its financial statements; and

– the retrospective application or retrospective restatement or reclassification has a material impact on the balance sheet as at the start of the previous period.

When an entity reclassifies comparative amounts, it must indicate (including at the start of the previous period) the nature of the reclassification, the amount of each reclassified item and the reasons for the reclassification.

. IAS 16 – Property, plant and equipment. The amendment clarifies that if spare parts and servicing equipment meet the requirements for classification as “property, plant and equipment” they shall be recognized and measured in accordance with IAS 16; otherwise they shall be classified as inventory.

. IAS 32 – Financial Instruments: Presentation. The amendment establishes that income taxes relating to distributions to equity holders and to transaction costs of equity transactions shall be accounted for in accordance with IAS 12.

. IAS 34 – Interim Financial Reporting. The amendment clarifies that interim financial reports shall specify the total assets and liabilities for a particular reportable segment only if such amounts are regularly provided to the chief operating decision maker and if there has been a material change from the amount disclosed in the last annual financial statements presented.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Restatement of the balance sheet and the income statement Following the application, as from January 1, 2013 with retrospective effect, of the new version of “IAS 19 – Employee benefits”, the main effects on the income statement and balance sheet reported solely for comparative purposes in this interim financial statements are discussed below:

 as the corridor approach may no longer be used, all actuarial gains and losses are recognized directly in equity. In addition, the actuarial gains and losses not recognized in application of the previous method were recognized in equity (in the amount of €3 million), with a consequent adjustment of the respective defined-benefit obligation and the net plan assets recognized in the balance sheet as at December 31, 2012. The theoretical tax effects of both changes were also calculated;  as the recognition of past service cost in the income statement may no longer be deferred, the portion not yet recognized was recognized in full in equity, net of the theoretical tax effect, against the associated liability for employee benefits. The latter was also recalculated at January 1, 2013, to take account of the unrecognized past service cost, equal to €39 million, associated with the transition-to-retirement plan introduced in Italy at the end of 2012.

In addition, the figures in the balance sheet presented in the 2012 consolidated financial statements have been restated to take account of the effects of the definitive recognition in the 2nd Quarter of 2013, by the time limit provided for under IFRS 3/R, of the fair value of the assets acquired and the liabilities and contingent liabilities assumed with the acquisition of 50% of the share capital of the Kafireas project and 100% of the share capital of Stipa Nayaá in the 1st Half of 2012.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 The following table reports the changes in the consolidated balance sheet following the above amendments, including the associated tax effects.

The impact on the statement of consolidated comprehensive income and on the consolidated statement of cash flows was limited to a number of reclassifications among the various items, in line with the changes in the balance sheet.

Millions of euro Impact Dec. 31, Dec. 31, of IAS PPA 2012 2012 19R Restated Intangible assets 1,260 - 69 1,329 Goodwill 942 - (45) 897 Deferred tax assets 297 15 312 Other non-current assets 11,822 - - 11,822 Non-current assets 14,321 15 24 14,360 Current assets 1,803 - - 1,803 Assets held for sale - - - - TOTAL ASSETS 16,124 15 24 16,163 LIABILITIES AND SHAREHOLDERS’ EQUITY Equity pertaining to the shareholders of the Parent Company 7,098 (28) - 7,070 Non-controlling interests 874 - 9 883 TOTAL SHAREHOLDERS’ EQUITY 7,972 (28) 9 7,953 Post-employment and other employee benefits 46 43 - 89 Deferred tax liabilities 584 - 15 599 Other non-current liabilities 4,922 - - 4,922 Non-current liabilities 5,552 43 15 5,610 Current liabilities 2,600 - - 2,600 Liabilities held for sale - - - - TOTAL LIABILITIES 8,152 43 15 8,210 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 16,124 15 24 16,163

The impact on the consolidated income statement for the first nine months of 2012, and on the consolidated balance sheet at December 31, 2011, was negligible and has therefore not been reported.

Finally, on June 17, 2013 Enel Green Power SpA and Enel Energia SpA . (“Enel Energia”) reached agreement on the sale of the entire share capital of Enel.si Srl (“Enel.si”), a wholly-owned subsidiary of Enel Green Power, to Enel Energia, the Retail Division company of the Enel Group, with effect as from July 1, 2013.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Following the agreement, the performance figures and the gain on the sale were reclassified in the income statement to “Net income from discontinued operations”. For the sake of uniformity, the results for the first nine months of 2012 have also been restated, as follows:

Millions of euro First nine First nine Retail months 2012 months 2012 restated Total revenues including commodity risk management 1,907 174 1,733 Total costs 785 167 618

GROSS OPERATING MARGIN 1,122 7 1,115 Depreciation, amortization and impairment losses 464 8 456 OPERATING INCOME 658 (1) 659 Total net financial income/(expense) (169) (2) (167) Share of income/(expense) from equity investments accounted for 28 0 28 using equity method INCOME BEFORE TAXES 517 (3) 520 Income taxes 184 (2) 186

Net income from continuing operations 333 (1) 334 Net income from discontinued operations (1) 0 - (1) NET INCOME FOR THE PERIOD 333 - 333 - Pertaining to shareholders of the Parent Company 278 - 278 - Pertaining to non-controlling interests 55 - 55 Earnings per share basic and diluted (in euros) 0.06 - 0.06 Earnings per share from continuing operations (in euros) 0.06 - 0.06 Earnings per share from discontinued operations (in euros) 0.00 - 0.00

(1) Net income from discontinued operations pertains entirely to the shareholders of the Parent Company.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Definition of performance indicators

In accordance with Recommendation CESR/05-054b published on November 3, 2005, the criteria used to calculate these indicators are described below.

Total revenues including commodity risk management: calculated as the sum of “Revenues” and “Net income/(charges) from commodity risk management”.

Gross operating margin: an operating performance indicator, calculated as “Operating income” plus “Depreciation, amortization and impairment losses”, net of the capitalized portion.

Net non-current assets: calculated as the difference between “Non-current assets” and “Non- current liabilities” with the exception of:  “Deferred tax assets” and other minor items, reported under “Other non-current assets”;  “Long-term loans”;  “Post-employment and other employee benefits”, “Provisions for risks and charges” and “Deferred tax liabilities” reported under “Provisions and deferred tax liabilities”.

Net current assets: calculated as the difference between “Current assets” and “Current liabilities” with the exception of:  minor items reported under “Current financial assets” classified under “Other current assets”;  “Cash and cash equivalents”;  “Short-term loans and current portion of long-term loans”.

Net assets held for sale: calculated as the algebraic sum of “Assets held for sale” and “Liabilities held for sale”.

Net capital employed: calculated as the algebraic sum of “Net non-current assets” and “Net current assets”, provisions not considered previously, “Deferred tax assets”, “Deferred tax liabilities” and “Net assets held for sale”.

Net financial debt: a financial structure indicator, determined by “Long-term loans”, “Short-term loans and the current portion of long-term loans”, less “Cash and cash equivalents”, “Current financial assets” and “Non-current financial assets” (such as financial receivables and securities other than equity investments) reported under “Other current assets” and “Other non-current assets”. More generally, the net financial debt of the Enel Green Power Group is calculated in conformity with paragraph 127 of Recommendation CESR/05-054b implementing Regulation (EC) no. 809/2004 and in line with the CONSOB instructions of July 26, 2007, for the definition of the net financial position, deducting financial receivables and long-term securities

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Main changes in the scope of consolidation

2012

Kafireas pipeline During the 1st Half of 2012, following achievement of the contractually specified technical milestones and under the terms of a contract amendment agreed with the Greek partner, the developer of initiatives associated with the Elica II project, the Group, acting through the subsidiary EGP Hellas, acquired 50% of the shares of the eight companies involved in the Kafireas wind project. With the acquisition of that stake, which added to the 30% held previously, the Group acquired full control of those companies in what qualifies as a step acquisition pursuant to IFRS 3. Following those events, as from June 29, 2012 (the date of the new agreement), those companies have therefore been consolidated on a line-by-line basis, rather than being accounted for as equity investments accounted for using the equity method, as they were until December 31, 2011. For information on the effects of the transaction, please see the consolidated financial statements at December 31, 2012.

Stipa Nayaá At the end of June, Enel Green Power reached an agreement to acquire its first wind farm in Mexico, Bii Nee Stipa II. The plant exploits the excellent wind resources that characterize the Isthmus of Tehuantepec, located in the Mexican state of Oaxaca. Developed and built by Gamesa, the plant is composed of 37 wind turbines of 2 MW each, for a total installed capacity of 74 MW. With the operation, the EGP Group purchased the entire share capital of Stipa Nayaá, which owns the plant, thereby acquiring control. The transaction represents a business combination and was treated in accordance with the provisions of IFRS 3. For information on the effects of the transaction, please see the consolidated financial statements at December 31, 2012.

Trade Wind Energy On October 12, 2012 (date of execution of the agreement), Enel Green Power North America obtained control of Trade Wind Energy (TWE), and therefore the company is now consolidated on a line-by-line basis. With this transaction the Group increased its stake in TWE from 41.2% (previously accounted for using the equity method) to 100%. For information on the effects of the transaction, please see the consolidated financial statements at December 31, 2012.

Eólica Zopiloapan On December 14, 2012, the Group signed an agreement to acquire its second wind plant in Mexico, Bii Nee Stipa III in the Mexican state of Oaxaca. The wind farm, developed and built by Gamesa, consists of thirty-five 2-MW wind turbines. With the operation, the EGP Group purchased the entire share capital of Eólica Zopiloapan, the owner of the plant, acquiring control. The transaction represents a business combination and was treated in accordance with the provisions of IFRS 3. For information on the effects of the transaction, please see the consolidated financial statements at December 31, 2012. 11

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Minor acquisitions During 2012, the Group acquired an additional controlling stake in equity investments in Iberia in Sociedad Eólica Los Lances for €5 million (with an impact of €4 million on goodwill) and in SEA for €1 million (with an impact of €1 million on goodwill). In addition, success fees totaling €29 million were paid for the acquisition of photovoltaic projects in Italy and Greece.

Reclassification of net assets held for sale As from the 4th Quarter of 2012, given that the conditions established under IFRS 5 for classification under assets/liabilities held for sale no longer obtained, the assets of Enel Green Power España were reclassified to appropriate items of the balance sheet.

2013

Definitive allocation of the purchase price

Kafireas pipeline Amounts Carrying recognized at amount prior to Fair value the acquisition Millions of euro June 2012 adjustments date

Non-current assets - 55 55

Current assets 32 - 32

TOTAL ASSETS 32 55 87

Non-current liabilities - 11 11

Current liabilities 31 - 31

TOTAL LIABILITIES 31 11 42

Non-controlling interests (20%) - 9 9

CONSOLIDATED NET ASSETS 1 35 36

Goodwill - - 22

Value of the transaction (1) - - 58 (1) Including incidental expenses.

Note that the final allocation of the purchase price of the assets acquired and the liabilities assumed occurred after the drafting of the consolidated financial statements at December 31, 2012. The main adjustments (summarized above) compared with the provisional determination of the fair values of the assets acquired and the liabilities and contingent liabilities assumed essentially regard: > the adjustment of the value of certain intangible assets as a result of the completion of the determination of their fair value; > the determination of the tax effects of the above adjustments; > the allocation to non-controlling interests of the portion of those adjustments pertaining to them.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Stipa Nayaá

Amounts recognized at Carrying amount Fair value the acquisition Millions of euro prior to June 2012 adjustments date Non-current assets 113 14 127 18 18 Current assets TOTAL ASSETS 131 14 145 Non-current liabilities - 4 4 6 6 Current liabilities TOTAL LIABILITIES 6 4 10 CONSOLIDATED NET ASSETS 125 10 135 Goodwill - - 4 Value of the transaction (1) - - 139 (1) Including incidental expenses.

Business combinations

Talinay On March 22, 2013, Enel Green Power SpA and its subsidiary Enel Latin America (Chile) signed an agreement with Vestas for the acquisition of 100% of the Talinay wind farm. With the transaction, the Enel Green Power Group purchased the entire share capital of Talinay, which owns the plant, thereby acquiring control. The transaction represents a business combination and was treated in accordance with the provisions of IFRS 3.

Millions of euro Non-current assets 146 Current assets 0 TOTAL ASSETS 146 Non-current liabilities 0 Current liabilities 20 TOTAL LIABILITIES 20 Non-controlling interests 0 CONSOLIDATED NET ASSETS 126 Goodwill 0 Value of the transaction (1) 126 Cash and cash equivalents 0 Cash flow impact (2) 81 Still to be paid 18

(1) Including incidental expenses. (2) Net of advances paid in 2012 (€27 million). 13

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Chisholm View

Following the exercise of the option to acquire an additional 26% of the company, the Group increased its stake in Chisholm View LLC from 49% (previously accounted for using the equity method) to 75%. The following table reports the effects of the remeasurement at fair value at the final acquisition date of the net assets acquired (26%) of Chisholm View.

Millions of euro Carrying amount Fair value adjustments (1) Fair value

Non-current assets 272 4 276

Cash and cash equivalents 8 - 8

Other current assets 4 - 4

Non-current liabilities (124) - (124)

Current liabilities (29) - (29)

Total net assets 131 4 135

NET ASSETS ACQUIRED (26%) 34 1 35

Value of the transaction - - 35

Cash and cash equivalents - - 8

Cash flow impact - - 27

- of which paid - - 27 (1) The transaction involved the payment of a control premium for the stake acquired.

Prairie Rose Following the exercise of the option to acquire an additional 26% of the company, the Group increased its stake in Prairie Rose LLC from 49% (previously accounted for using the equity method) to 75%. The following table reports the effects of the remeasurement at fair value at the final acquisition date of the net assets acquired (26%) of Prairie Rose.

Carrying Millions of euro amount Fair value adjustments (1) Fair value

Non-current assets 222 1 223

Cash and cash equivalents 9 - 9

Other current assets 2 - 2

Non-current liabilities (108) - (108)

Current liabilities (24) - (24)

Total net assets 101 1 102

NET ASSETS ACQUIRED (26%) 27 - 27

Value of the transaction - - 27

Cash and cash equivalents - - 9

Cash flow impact - - 18

- of which paid - - 18 (1) The transaction involved the payment of a control premium for the stake acquired. 14

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Acquisitions of joint ventures

PowerCrop On March 26, 2013, Enel Green Power and SECI Energia signed the definitive agreement for the acquisition of joint control of PowerCrop (50%).

Millions of euro (3) Non-current assets 12 Current assets 5 TOTAL ASSETS 17 Non-current liabilities - Current liabilities 2 TOTAL LIABILITIES 2 Non-controlling interests - CONSOLIDATED NET ASSETS 15 Goodwill 9 Value of the transaction (1) 24 Cash and cash equivalents -

Cash flow impact (2) 4 Still to be paid 12

(1) Including incidental expenses. (2) Net of advances paid in 2012 (€8 million). (3) Figures pro-rated.

Discontinued operations On June 17, 2013, Enel Green Power and Enel Energia SpA reached an agreement for the sale to the latter of the entire share capital of Enel.si Srl, a wholly-owned subsidiary of Enel Green Power, effective July 1, 2013. The sale of the business forms part of the broader medium/long-term strategy of Enel Green Power, which is increasingly focused on expanding its business of developing, building and operating renewable-resource generation plants, a segment in which it is a world leader. Enel Green Power engaged Société Générale to provide the fairness opinion on the appropriateness of the value assigned to Enel.si. The price paid by Enel Energia for the entire share capital of Enel.si amounted to about €92 million subject to a price adjustment estimated at around €11 million on the basis of currently available information. The provisional gain on the sale amounted to €69 million. Following the sale, Enel.si was deconsolidated as from July 1, 2013 and its income statement items up until that date, such as the gain on the sale of the stake in its share capital, are reported under discontinued operations. In the performance figures for the first nine months of 2012, reported for comparative purposes in these interim financial statements, the results of Enel.si have been reported under “discontinued operations” to ensure a more consistent representation.

Reclassification to assets and liabilities held for sale As from the 2nd Quarter of 2013, in accordance with the provisions of IFRS 5 governing classification under assets and liabilities held for sale, the assets and liabilities of the Canadian investees of Enel Green Power North America and the value of the investment in the Spanish associates Tirmadrid and Alvadia were reclassified in the related items of the balance sheet.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Minor acquisitions In the first nine months of 2013, the Group acquired a controlling interest in the French company La Vallier for €7 million (with an impact of €5 million on goodwill), the Mexican company Dominica for €4 million (with an impact of €4 million on goodwill) and the Italian company Finale Emilia for €8 million (with an impact of €3 million on goodwill).

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Summary of results

Operations

The following table summarizes key figures on operations:

Net installed capacity (MW) At September 30 At December 31 2013 2012 Change 2012 2011 Hydroelectric 2,625 2,635 (10) 2,635 2,540 Geothermal 770 769 1 769 769 Wind 4,948 3,924 1,024 4,315 3,541 Solar 251 153 98 161 101 Cogeneration 51 84 (33) 77 84 Biomass 44 44 0 44 44 Total 8,689 7,609 1,080 8,001 7,079

The net installed capacity of the Group at September 30, 2013 amounted to 8.7 GW, an increase of 1.1 GW compared with September 30, 2012 (+14.2%). At the same date, net installed capacity amounted to 4.1 GW (up 11.4% compared with September 30, 2012) in the Italy and Europe area, 2.9 GW (up 8.1% compared with September 30, 2012) in the Iberia and Latin America area and 1.7 GW (up 35.7% compared with September 30, 2012) in the North America area.

The overall growth in the Italy and Europe area (0.4 GW) was mainly driven by the entry into service of wind capacity in Romania (0.2 GW) and Italy (0.1 GW), as well as photovoltaic plants in Greece and Italy (0.1 GW). The rise posted in the Iberia and Latin America area (0.2 GW) is essentially due to the entry into service of wind plants in Latin America (0.2 GW) and the Iberian peninsula (0.1 GW). Finally, the growth in the North America area (0.4 GW) is essentially due to the entry into service of the wind plants at Chisholm View and Prairie Rose, over which control was acquired in the 2nd Quarter of 2013.

Compared with December 31, 2012, the Group’s net installed capacity expanded by 0.7 GW (+8.6%), of which 0.6 GW (+14.7%) of wind capacity and 0.1 GW (+55.9%) of solar capacity.

Electricity generation (TWh) 3rd Quarter First nine months 2013 2012 Change 2013 2012 Change 2.5 2.2 0.3 Hydroelectric 8.5 7.2 1.3 1.5 1.3 0.2 Geothermal 4.2 4.1 0.1 2.4 1.9 0.5 Wind 8.5 6.3 2.2 0.1 0.0 0.1 Solar 0.2 0.1 0.1 0.1 0.1 0.0 Cogeneration 0.2 0.3 (0.1) 0.0 0.1 (0.1) Biomass 0.2 0.2 0.0 6.6 5.6 1.0 Total 21.8 18.2 3.6

Electricity generation for the Group in the 3rd Quarter of 2013 amounted to 6.6 TWh, up 1.0 TWh or 17.9% on the same period of 2012. Generation totaled 3.5 TWh in the Italy and Europe area (+16.1% on the 3rd Quarter of 2012), 1.9 TWh in the Iberia and Latin America area (-1.4% on the 3rd Quarter of 2012) and 1.2 TWh in the North America area (+54.9% on the 3rd Quarter of 2012). The rise in output in Italy and Europe and in North America is in line with the expansion of 17

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 installed capacity, while the slight decrease in the Iberia and Latin America area reflects poorer water availability, especially in Panama and Mexico, only partly offset by the increase in wind generation.

Electricity generation for the Group in the first nine months of 2013 amounted to 21.8 TWh, up 3.6 TWh or 19.8% compared with the same period of 2012. More specifically, the increase in generation compared with the first nine months of 2012 is mainly due to the rise in wind output (+2.2 TWh), primarily reflecting greater installed capacity, and the increase in hydroelectric generation (+1.3 TWh), which reflects the greater than average water availability in Italy. Output amounted to 11.6 TWh in the Italy and Europe area (+22.2% on the first nine months of 2012), 6.4 TWh in the Iberia and Latin America area (+6.7% compared with the first nine months of 2012) and 3.8 TWh in the North America area (+37.3% compared with the first nine months of 2012).

The average load factor (i.e. the ratio of actual generation to theoretical output) in the first nine months of 2013 was 39.5% (37.8% in same period of 2012). The improvement is mainly attributable to the greater availability of water and wind resources, taking account of the reduced water availability in Italy in 2012, which by contrast in 2013 has been above its historical average for the country.

The following table provides a breakdown of employees by business area:

Employees (no.) Sept. 30, Dec. 31, Sept. 30, 2013 2012 2012 Italy and Europe 2,214 2,130 2,083 Iberia and Latin America 983 921 901 North America 361 358 345 * Retail - 103 103 Total 3,558 3,512 3,432

* Company sold effective July 1, 2013.

Group employees at September 30, 2013 numbered 3,558, a rise of 46 from the 3,512 at December 31, 2012.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Performance and financial position

First nine 3rd Quarter Millions of euro months 2012 2012 2013 * Change 2013 * Change restated restated 592 538 54 Total revenues including commodity risk management 2,053 1,733 320 338 312 26 Gross operating margin 1,310 1,115 195 153 157 (4) Operating income 770 659 111 Net income pertaining to the shareholders of the Parent 141 61 80 Company and non-controlling interests 459 333 126 Net income pertaining to the shareholders of the Parent 138 57 81 Company ** 407 278 129

Earnings per share in circulation at period end 0.08 0.06 0.02 * For more information, please see the section “Restatement of the balance sheet and the income statement”. ** Of which “Net income from discontinued operations” of €62 million in the first nine months of 2013 and a negative €1 million in the same period of 2012.

Performance in the 3rd Quarter

3rd Quarter 2013 3rd Quarter 2012 restated Millions of euro

Gross Gross Operating Operating Revenues operating Revenues operating income income (1) margin (1) margin

Italy and Europe 344 208 118 315 201 111 Iberia and Latin America 180 90 33 177 92 41 North America 79 40 2 46 19 5 Eliminations and adjustments (11) 0 0 0 0 0 Total continuing operations 592 338 153 538 312 157 (2) Retail 69 69 69 44 3 1 Total 661 407 222 582 315 158 (1) Total revenues including commodity risk management. (2 ) Discontinued operations.

“Total revenues including commodity risk management” amounted to €592 million, up €54 million compared with the 3rd Quarter of 2012 (+10.0%), attributable to an increase of €39 million in revenues from the sale of electricity (€570 million in the 3rd Quarter of 2013) and €15 million in other revenues (€22 million in the 3rd Quarter of 2013).

The increase in revenues from the sale of electricity, including incentives (equal to €173 million), primarily reflects higher production in North America (€32 million) and in Italy and Europe (€10 million), which more than offset the decline in average prices in Italy and in the Iberian peninsula, as well as a reduction in volumes in Latin America.

The “gross operating margin” came to €338 million, up €26 million or 8.3% compared with the 3rd Quarter of 2012, with the gain coming mainly in North America (€21 million) and in Italy and Europe (€7 million). The performance reflects the increase of €54 million in revenues and the rise of €28 million in operating expenses (equal to €254 million in the 3rd Quarter of 2013), due mainly to the introduction of a tax on renewables generation in Spain and Greece, the rise in costs for the purchase of energy in Latin America and the expansion of installed capacity.

“Operating income” totaled €153 million, down €4 million (-2.5%) on the €157 million registered in the year-earlier period. The increase in the gross operating margin was more than offset by the

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 increase in depreciation, amortization and impairment losses (€30 million), which include impairment mainly attributable to a number of projects in North America and in Iberia.

“Net income pertaining to the shareholders of the Parent Company and non-controlling interests”, including the net income from discontinued operations (€69 million), amounted to €141 million, up €80 million (+131.1%) on the €61 million posted in the 3rd Quarter of 2012. This increase reflects the impact of the gain on the sale of Enel.si (€69 million), as well as the decrease in net financial expense and the income from equity investments accounted for using the equity method (€11 million).

“Net income pertaining to the shareholders of the Parent Company” amounted to €138 million, an increase of €81 million (+142.0%) on the €57 million posted for the 3rd Quarter of 2012.

Performance in the first nine months

Millions of euro First nine months 2013 First nine months 2012 restated

Gross Gross Revenues Operating Operating operating Revenues (1) operating (1) income income margin margin

Italy and Europe 1,176 765 476 1,007 669 405 Iberia and Latin America 647 361 189 578 356 207 North America 274 184 105 164 90 47 Eliminations and adjustments (44) 0 0 (16) 0 0 Total continuing operations 2,053 1,310 770 1,733 1,115 659 (2) Retail 139 70 62 174 7 (1) Total 2,192 1,380 832 1,907 1,122 658 (1) Total revenues including commodity risk management. (2) Discontinued operations.

“Total revenues including commodity risk management” for the Group amounted to €2,053 million, up €320 million compared with the first nine months of 2012 (+18.5%), the result of an increase of €268 million in revenues from the sale of electricity (€1,941 million in the first nine months of 2013) and €52 million in other revenues (€112 million in the first nine months of 2013).

The increase in revenues from the sale of electricity, including incentives (equal to €634 million), primarily reflects higher production in Italy and Europe (€135 million), Iberia and Latin America (€68 million) and North America (€65 million).

The rise in other revenues is mainly attributable to the effects of the disposal of a controlling interest (51%) in Buffalo Dunes at a price of €67 million, comprising a development fee of €35 million and reimbursement of preliminary investments made during the negotiations in the amount of €32 million. Overall, the transaction involved the recognition of €40 million in other revenues, of which €20 million in respect of the gain on the interest sold and €20 million from the consequent remeasurement at fair value of the 49% still held.

The “gross operating margin” came to €1,310 million, up €195 million or 17.5% compared with the first nine months of 2012, mainly generated in Italy and Europe (€96 million) and North America (€94 million).

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 The performance reflects the increase of €320 million in revenues and the rise of €125 million in operating expenses (equal to €743 million in the first nine months of 2013), due to the rise in costs for the purchase of electricity in Latin America, the introduction of a tax on renewables generation in Spain and Greece and the expansion of installed capacity.

“Operating income” totaled €770 million, up €111 million (+16.8%) on the €659 million registered in the year-earlier period. The rise reflects the increase in the gross operating margin, partly offset by the increase in depreciation, amortization and impairment losses (€84 million), which include impairment mainly attributable to the photovoltaic panel manufacturing facilities of 3Sun and a number of specific projects in Iberia and Latin America and in North America.

“Net income pertaining to the shareholders of the Parent Company and non-controlling interests”, including the net income from discontinued operations (€62 million), amounted to €459 million, up €126 million (+37.8%) on the €333 million posted in the first nine months of 2012. In addition to the rise in operating income, the change reflects the increase in income from equity investments accounted for using the equity method (€22 million), partially offset by the rise in net financial expense (€23 million) and in taxes for the period (€47 million). The net income from discontinued operations includes the gain on the sale of Enel.si (€69 million), which takes account of the purchase price adjustment estimated on the basis of currently available information, and the loss of €7 million posted by that company up until the sale date.

“Net income pertaining to the shareholders of the Parent Company” amounted to €407 million, an increase of €129 million or 46.4%1 on the €278 million posted for the first nine months of 2012.

Financial position

Millions of euro first nine months

2013 2012 Change Net capital employed (1) (2) 13,899 12,567 1,332 Net financial debt (1) 5,665 4,614 1,051 Shareholders’ equity (including non-controlling interests) (1) 8,234 7,953 281 Shareholders’ equity (excluding non-controlling interests) per share in 1.45 1.41 0.04 circulation at period end (1) Operating cash flows 243 643 (400) Capital expenditure 831 714 117 (1) At September 30, 2013 and at December 31, 2012. The figures for December 31, 2012 reflect the effects of the restatement. For more information, please see the section “Restatement of the balance sheet and the income statement”. (2) “Net assets held for sale” amounted to €18 million at September 30, 2013 (none at December 31, 2012).

“Net capital employed” amounted to €13,899 million (€12,567 million at December 31, 2012 restated; for more information please see the “Introduction - Restatement of the balance sheet and the income statement”), an increase of €1,332 million, mainly due to the rise in net non-current assets (€829 million) and net current assets (€508 million). The change in net non-current assets is essentially attributable to the impact of operating capital expenditure during the period (€831 million), the acquisition of control of the companies that own the Chisholm View and Prairie Rose projects in the United States (€383 million) and the recognition of the value of the equity investment and subsequent measurement of the associated company

1 Up 23.65% excluding the net income from discontinued operations. 21

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Buffalo Dunes (€149 million). These factors were partially offset by depreciation, amortization and impairment losses (€531 million). The change in net current assets is mainly attributable to the financial settlement of debt in respect of investments made in the 4th Quarter of 2012.

“Net financial debt” amounted to €5,665 million, an increase of €1,051 million. At September 30, 2013, the debt-to-equity ratio was 0.69 (0.58 at December 31, 2012 restated).

“Capital expenditure” in the first nine months of 2013 amounted to €831 million, up €117 million compared with the same period of 2012. The investments mainly regarded the wind segment in Latin America (€358 million), North America (€75 million), Italy and Europe (€77 million) and Iberia (€22 million), the geothermal segment in Italy (€100 million) and North America (€29 million), the solar segment in Romania (€52 million) and Italy (€34 million) and hydroelectric power in Italy (€29 million) and Latin America (€21 million. In addition to operating investments, the Group made financial investments in the companies that hold the contracts for the Talinay project in Chile (€81 million), the Buffalo Dunes project (€65 million) and the Chisholm View and Prairie Rose projects (€62 million), of which it acquired control.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Performance and financial position by segment

The results by segment reflect the structure used by management in assessing Group performance organized by geographical area:  Italy and Europe;  Iberia and Latin America;  North America.

There is also a structure dedicated solely to Enel.si, called the Retail segment, which operates autonomously in the Italy and Europe area. It has been classified among discontinued operations starting from June 30, 2013 following the sale to Enel Energia discussed earlier.

The income statement and balance sheet figures of the “new countries”, which are not yet material as development of those companies has not yet begun, have been allocated to the “Italy and Europe area”.

Results by segment

3rd Quarter 2013 Discontinued Millions of euro Continuing operations operations Iberia Italy Eliminations and North and and Total Retail1 TOTAL Latin America Europe adjustments America Revenues from third parties including commodity risk management 334 179 79 0 592 69 661 Revenues from other segments 10 1 0 (11) 0 0 0 Total revenues including commodity risk management 344 180 79 (11) 592 69 661 Gross operating margin 208 90 40 0 338 69 407 Depreciation, amortization and impairment losses 90 57 38 0 185 0 185 Operating income 118 33 2 0 153 69 222

(1) Including gain from disposal of assets. 3rd Quarter 2012 Discontinued Millions of euro Continuing operations operations Iberia Italy Eliminations and North and and Total Retail TOTAL Latin America Europe adjustments America Revenues from third parties including commodity risk management 315 177 46 0 538 44 582 Revenues from other segments 0 0 0 0 0 0 0 Total revenues including commodity risk management 315 177 46 0 538 44 582 Gross operating margin 201 92 19 0 312 3 315 Depreciation, amortization and impairment losses 90 51 14 0 155 2 157 Operating income 111 41 5 0 157 1 158

Change in 3rd Quarter Discontinued Millions of euro Continuing operations operations Iberia Italy Eliminations and North and and Total Retail TOTAL Latin America Europe adjustments America Revenues from third parties including commodity risk management 19 2 33 0 54 25 79 Revenues from other segments 10 1 0 (11) 0 0 0 Total revenues including commodity risk management 29 3 33 (11) 54 25 79 Gross operating margin 7 (2) 21 0 26 66 92 Depreciation, amortization and impairment losses 0 6 24 0 30 (2) 28 Operating income 7 (8) (3) 0 (4) 68 64 23

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

First nine months 2013 Discontinued Millions of euro Continuing operations operations Iberia Italy Eliminations and North Retail and and Total TOTAL Latin America (1) Europe adjustments America Revenues from third parties including commodity risk management 1,137 642 274 0 2,053 139 2,192 Revenues from other segments 39 5 0 (44) 0 0 0 Total revenues including commodity risk management 1,176 647 274 (44) 2,053 139 2,192 Gross operating margin 765 361 184 0 1,310 70 1,380 Depreciation, amortization and impairment losses 289 172 79 0 540 8 548 Operating income 476 189 105 0 770 62 832 Capital expenditure 309 407 115 0 831 0 831

(1) Including gain from disposal of assets.

First nine months 2012 Discontinued Millions of euro Continuing operations operations Iberia Italy Eliminations and North and and Total Retail TOTAL Latin America Europe adjustments America Revenues from third parties including commodity risk management 993 576 164 0 1,733 174 1,907 Revenues from other segments 14 2 0 (16) 0 0 0 Total revenues including commodity risk management 1,007 578 164 (16) 1,733 174 1,907 Gross operating margin 669 356 90 0 1,115 7 1,122 Depreciation, amortization and impairment losses 264 149 43 0 456 8 464 Operating income 405 207 47 0 659 (1) 658 Capital expenditure 447 128 139 0 714 0 714

Change in first nine months Discontinued Millions of euro Continuing operations operations Iberia Italy Eliminations and North and and Total Retail TOTAL Latin America Europe adjustments America Revenues from third parties including commodity risk management 144 66 110 0 320 (35) 285 Revenues from other segments 25 3 0 (28) 0 0 0 Total revenues including commodity risk management 169 69 110 (28) 320 (35) 285 Gross operating margin 96 5 94 0 195 63 258 Depreciation, amortization and impairment losses 25 23 36 0 84 0 84 Operating income 71 (18) 58 0 111 63 174 Capital expenditure (138) 279 (24) 0 117 0 117

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 The following table reconciles operating assets and liabilities and the figures in the consolidated balance sheet:

Millions of euro at Sept. 30, at Dec. 31, 2012 Change 2013 restated Total assets 16,884 16,163 721 Financial assets, cash and cash equivalents (803) (1,104) 301 Tax assets (472) (375) (97) Other assets (1,492) (1,416) (76) Operating assets (1) 14,117 13,268 849

Total liabilities 8,650 8,210 440 Loans and other financial liabilities (6,583) (5,793) (790) Tax liabilities (858) (643) (215) Other liabilities (47) (89) 42 Operating liabilities 1,162 1,685 (523) (1) Operating assets regarding units classified as “held for sale” amounted to €20 million at September 30, 2013 (none at December 31, 2012).

The following table shows the breakdown of assets and liabilities by segment.

At September 30, 2013 Iberia and Eliminations Italy and North Latin and Total Europe America Millions of euro America adjustments Property, plant and equipment 6,607 3,369 1,710 0 11,686 Intangible assets 208 964 93 0 1,265 Trade receivables 771 122 19 (256) 656 Other 277 168 70 (5) 510 Operating assets (1) 7,863 4,623 1,892 (261) 14,117 Trade payables 365 231 59 (129) 526 Provisions 90 29 11 0 130 Other 378 195 51 (118) 506 Operating liabilities 833 455 121 (247) 1,162 (1) Operating assets regarding units classified as “held for sale” amounted to €20 million at September 30, 2013 and referred to North America.

At December 31, 2012 restated Iberia and Eliminations Italy and North Latin Retail and Total Europe America Millions of euro America adjustments

Property, plant and equipment 6,551 3,032 1,295 0 0 10,878 Intangible assets 205 996 127 1 0 1,329 Trade receivables 459 176 22 42 (128) 571 Other 273 152 39 34 (8) 490 Operating assets 7,488 4,356 1,483 77 (136) 13,268 Trade payables 620 447 42 73 (112) 1,070 Provisions 58 32 11 2 0 103 Other 306 171 53 3 (21) 512 Operating liabilities 984 650 106 78 (133) 1,685

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Italy and Europe

In Italy and Europe, Enel Green Power operates:  in Italy with 397 plants with a net installed capacity of 3,057 MW, broken down into 288 hydroelectric plants (1,513 MW), 33 geothermal plants (723 MW), 39 wind plants (720 MW) and 37 solar plants (101 MW);  in Greece (through Enel Green Power Hellas) with 17 wind plants with a net installed capacity of 200 MW, 5 hydro plants with a net installed capacity of 20 MW, and 20 solar plants with a net installed capacity of 71 MW;  in Romania (through Enel Green Power Romania) with 9 wind plants with a net installed capacity of 498 MW and 2 solar plants with a net installed capacity of 19 MW;  in France (through Enel Green Power France) with 12 wind plants with a net installed capacity of 186 MW;  in Bulgaria (through Enel Green Power Bulgaria) with 2 wind plants with a net installed capacity of 42 MW.

The Group’s presence in Italy and Greece also includes Enel Green Power Sharp & Solar, which has 16 solar plants with a total net installed capacity of 19 MW.

In addition, Enel Green Power has geothermal, biomass, wind and hydroelectric projects under way in Italy (mainly the Bagnore 4 geothermal project – 38 MW; the Finale Emilia and PowerCrop Macchiareddu biomass projects – 15 MW and 54 MW, respectively; the San Vito dei Normanni wind project – 12 MW and hydroelectric refurbishing projects) and solar projects in Europe in Romania (about 17 MW).

Operations

Net installed capacity and net electricity generation

Net installed capacity (MW) at September 30 at December 31 2013 2012 Change 2012 2011 Hydroelectric 1,533 1,532 1 1,533 1,525 Geothermal 723 722 1 722 722 Wind 1,646 1,322 324 1,621 1,272 Solar 210 114 96 122 64 Total 4,112 3,690 422 3,998 3,583 of which: - Italy 3,068 2,944 124 3,042 2,915 - Romania 517 292 225 498 269 - Greece 299 246 53 250 191 - other 228 208 20 208 208

Net installed capacity expanded by 422 MW (+11.4%) compared with September 30, 2012, mainly in the wind sector (324 MW), including in Romania (206 MW), Italy (97 MW) and France (20 MW) and in the solar sector (96 MW), including in Greece (51 MW), Italy (26 MW) and Romania (19 MW).

Compared with December 31, 2012, net installed capacity expanded by 114 MW (+2.8%), with growth in solar power in Greece and Italy (88 MW), in the wind sector (25 MW) and in geothermal power (1 MW) in Italy.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Net electricity generation (GWh) 3rd Quarter First nine months 2013 2012 Change 2013 2012 Change 1,446 1,150 296 Hydroelectric 5,150 3,783 1,367 1,362 1,316 46 Geothermal 3,960 3,927 33 604 500 104 Wind 2,334 1,705 629 82 43 39 Solar 177 91 86 3,494 3,009 485 Total 11,621 9,506 2,115 of which: 3,041 2,686 355 - Italy 10,157 8,453 1,704 239 133 106 - Romania 727 403 324 135 109 26 - Greece 441 342 99 79 81 (2) - other 296 308 (12)

The increase in hydroelectric generation reflects the better than average water conditions in Italy, while the rise in wind output, mainly in the 1st Quarter of 2013, reflects the increase in installed capacity and the improvement in resource availability in Italy and Europe. Solar generation also expanded, mainly in Greece.

Performance and financial position

3rd Quarter Millions of euro First nine months 2013 2012 Change 2013 2012 Change Total revenues from third parties including 334 315 19 commodity risk management 1,137 993 144 10 0 10 Revenues from other segments 39 14 25 Total revenues including commodity risk 344 315 29 management 1,176 1,007 169 208 201 7 Gross operating margin 765 669 96 118 111 7 Operating income 476 405 71 Employees at period end (no.) (1) 2,214 2,130 84 Operating capital expenditure 309 447 (138) (*) At September 30, 2013 and at December 31, 2012, respectively.

Performance in the 3rd Quarter

“Revenues from third parties including commodity risk management” amounted to €334 million, an increase of €19 million compared with the same period of the previous year (€315 million), mainly due to the rise in revenues from the sale of electricity (€10 million), primarily in the rest of Europe as a result of the expansion of installed wind capacity. Revenues from the sale of electricity in Italy were essentially unchanged as the positive impact of the increase in hydroelectric generation was entirely offset by the decline in average prices. The item also includes €4 million in respect of the fair value measurement of the Romanian green certificates whose sale has been temporarily suspended under the provisions of Emergency Government Ordinance no. 57/2013.

The “gross operating margin” came to €208 million, an increase of €7 million compared with the same period of the previous year (€201 million), attributable to the increase in revenues, partially offset by the rise in costs, which was mainly connected with the expansion in installed capacity and the introduction of a tax on renewables generation in Greece.

“Operating income” totaled €118 million, an increase of €7 million compared with the same period of 2012, in line with the rise in the gross operating margin. Depreciation and amortization were 27

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 broadly in line with the same period of 2012, with the rise attributable to the increase in net installed capacity being offset by the positive impact of the revision of the useful life of assets previously classified as to be relinquished free of charge following the enactment of Law 134/2012.

Performance in the first nine months

“Revenues from third parties including commodity risk management” amounted to €1,137 million, an increase of €144 million compared with the same period of the previous year (€993 million), mainly due to the rise in revenues from the sale of electricity (€135 million), primarily in Italy (€82 million), thanks to greater output, which more than offset the decline in average prices, and in the rest of Europe (€53 million), largely as a result of the expansion of installed wind capacity, which more than offset the decline of average prices in Romania. The item also includes €4 million in respect of the fair value measurement of the Romanian green certificates whose sale has been temporarily suspended under the provisions of Emergency Government Ordinance no. 57/2013.

The “gross operating margin” came to €765 million, an increase of €96 million compared with the same period of the previous year (€669 million), attributable to the increase in revenues, only partially offset by the rise in costs, which was mainly connected with the expansion in installed capacity and the introduction of a tax on renewables generation in Greece.

“Operating income” totaled €476 million, an increase of €71 million compared with the same period of 2012. The rise in the gross operating margin was partially offset by the impairment loss on the photovoltaic panel manufacturing facilities of 3SUN (€31 million). Depreciation and amortization were essentially in line with the same period of 2012, as the rise due to the increase in net installed capacity was offset by the positive impact of the revision of the useful lives of assets to be relinquished free of charge following the enactment of Law 134/2012.

“Capital expenditure” in the first nine months of 2013 amounted to €309 million (€447 million in the first nine months of 2012), of which €193 million in Italy (€234 million in the first nine months of 2012) and €116 million in the rest of Europe (€213 million in the first nine months of 2012). Investments in Italy mainly regarded the construction of geothermal plants in the amount of €100 million (€105 million in the first nine months of 2012), photovoltaic plants in the amount of €34 million (€63 million in the first nine months of 2012), hydroelectric plants in the amount of €29 million (€24 million in the first nine months of 2012) and wind plants in the amount of €21 million (€33 million in the first nine months of 2012). Investments in the rest of Europe mainly regarded the construction of wind plants in Romania in the amount of €38 million (€162 million in the first nine months of 2012) and in France in the amount of €12 million (€6 million in the first nine months of 2012), and of photovoltaic plants in Romania in the amount of €52 million (nil in the first nine months of 2012).

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Iberia and America Latina

In Iberia and Latin America Enel Green Power operates:  in Spain with 104 plants for a total net installed capacity of 1,745 MW, broken down into 83 wind plants (1,652 MW), 9 hydro plants (43 MW), 6 solar plants (13 MW), 3 cogeneration plants (14 MW) and 3 biomass plants (23 MW);  in Portugal, with 28 plants for a total net installed capacity of 163 MW, broken down into 14 wind plants (126 MW) and 14 cogeneration plants (37 MW);  in Panama with 1 hydro plant with a net installed capacity of 300 MW;  in Guatemala with 5 hydro plants with a total net installed capacity of 163 MW;  in Mexico with 5 plants with a total net installed capacity of 197 MW, broken down into 2 wind plants (144 MW) and 3 hydro plants (53 MW);  in Brazil with 20 hydro plants for a total net installed capacity of 93 MW;  in Chile with 2 hydro plants for a total net installed capacity of 92 MW and 1 wind plant with a net capacity of 90 MW;  in Costa Rica with 3 plants for a net installed capacity of 55 MW, broken down into 2 hydro plants (31 MW) and 1 wind plant (24 MW).

Enel Green Power is also present with wind projects in Portugal with the ENEOP consortium2 (480 MW, of which 395 MW already operational), as well as wind projects in Brazil (Cristal - 90 MW, Leilao 2011 - 193 MW), Chile (Valle de Los Vientos - 90 MW, Taltal - 99 MW), Mexico (Sureste - 102 MW, Dominica - 100 MW) and the hydroelectric sector in Costa Rica (Chucas - 50 MW).

Operations

Net installed capacity and net electricity generation

Net installed capacity (MW) at September 30 at December 31 2013 2012 Change 2012 2011 Hydroelectric 775 790 (15) 789 702 Wind 2,036 1,772 264 1,862 1,664 Cogeneration 51 84 (33) 77 84 Biomass 23 23 0 23 23 Solar 13 13 0 13 13 Total 2,898 2,682 216 2,764 2,486 of which: - Iberia 1,908 1,851 57 1,864 1,817 - Latin America 990 831 159 900 669 Panama 300 300 0 300 300 Mexico 197 127 70 197 53 Chile 182 92 90 92 92 Guatemala 163 164 (1) 163 76 Brazil 93 93 0 93 93 Costa Rica 55 55 0 55 55

The increase in net installed wind capacity essentially regards Iberia (104 MW, of which 84 MW in the first nine months of 2013), Chile (90 MW in the first nine months of 2013) and Mexico (70 MW in the 4th Quarter of 2012), taking account of the planned decommissioning of 33 MW of cogeneration capacity and the expiration of the hydroelectric concessions in Iberia (14 MW).

2 The capacity figures regard Enel Green Power España’s interest in that consortium and are not included in the net installed capacity of the Enel Green Power Group as that interest has been accounted for using the equity method. 29

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Compared with December 31, 2012, net installed capacity rose by 134 MW, mainly in the wind sector in Chile (90 MW) and Iberia (44 MW), taking account of the planned decommissioning of 40 MW of cogeneration capacity and hydroelectric plants in Iberia.

Electricity generation (GWh) 3rd Quarter First nine months 2013 2012 Change 2013 2012 Change 786 900 (114) Hydroelectric 2,464 2,736 (272) 991 876 115 Wind 3,573 2,838 735 51 79 (28) Cogeneration 179 245 (66) 29 30 (1) Biomass 87 88 (1) 8 7 1 Solar 22 22 0 1,865 1,892 (27) Total 6,325 5,929 396 of which: 932 939 (7) - Iberia 3,490 3,145 345 933 953 (20) - Latin America 2,835 2,784 51 225 323 (98) Panama 970 1,332 (362) 127 132 (5) Mexico 429 211 218 232 144 88 Chile 455 313 142 219 218 1 Guatemala 473 400 73 94 95 (1) Brazil 383 398 (15) 36 41 (5) Costa Rica 125 130 (5)

The decrease in electricity generation in the 3rd Quarter of 2013 was due mainly to a decline in hydroelectric generation in Panama and Mexico, only partly offset by the rise in wind output in Chile, Mexico and Iberia. In the first nine months of 2013, electricity generation rose, mainly due to higher wind output in Iberia, Chile and Mexico and an increase in hydroelectric generation in Guatemala, factors that more than offset the decline in output in Panama.

Performance and financial position

3rd Quarter Millions of euro First nine months 2013 2012 Change 2013 2012 Change Total revenues from third parties including 179 177 2 commodity risk management 642 576 66 1 0 1 Revenues from other segments 5 2 3 Total revenues including commodity risk 180 177 3 management 647 578 69 90 92 (2) Gross operating margin 361 356 5 33 41 (8) Operating income 189 207 (18) Employees at period end (no.) (1) 983 921 62 Operating capital expenditure 407 128 279 (*) At September 30, 2013 and at December 31, 2012, respectively.

Performance in the 3rd Quarter

“Revenues from third parties including commodity risk management” amounted to €179 million, an increase of €2 million compared with the same period of the previous year (€177 million). The essentially unchanged result for revenues from the sale of electricity reflects the higher revenues generated in Chile (€6 million) due to increased volumes, offset by lower revenues reported in Panama (€2 million) as a result of lower volumes, and in Iberia (€4 million) due to the decline in average prices.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 The “gross operating margin” came to €90 million, a decline of €2 million compared with the same period of the previous year (€92 million). The slight increase in revenues (€2 million) was more than offset by the rise in costs for energy purchases in Panama and Chile and the introduction in Spain of a tax on renewables generation, taking account of the slight reduction in the costs of purchasing fuel in Iberia.

“Operating income” came to €33 million, down €8 million compared with the same period of 2012 (€41 million), in part due to impairment losses (€8 million) recognized in respect of a number of specific projects in Spain.

Performance in the first nine months

“Revenues from third parties including commodity risk management” amounted to €642 million (€576 million in the first nine months of 2012), mainly attributable to the increase in revenues from the sale of electricity (€68 million), including revenues from incentives, largely due to higher volumes reported in Latin America (€42 million), taking account of exchange rate losses of around €7 million).

The “gross operating margin” came to €361 million, an increase of €5 million compared with the same period of the previous year (€356 million). The increase in revenues was almost entirely offset by higher costs for electricity purchases (€51 million) in Panama and Chile and the introduction of a tax on renewables generation in Spain (€19 million).

“Operating income” came to €189 million, down €18 million compared with the same period of 2012 (€207 million). The increase in the gross operating margin was more than offset by impairment losses (€21 million) recognized in respect of a number of specific projects in Nicaragua and Spain.

“Capital expenditure” in the first nine months of 2013 amounted to €407 million (€128 million in the first nine months of 2012) and was largely accounted for by the construction of wind plants in Brazil in the amount of €252 million (€18 million in the first nine months of 2012), Chile in the amount of €73 million (nil in the first nine months of 2012), Mexico in the amount of €43 million (nil in the first nine months of 2012) and Iberia in the amount of €24 million (€60 million in the first nine months of 2012), as well as hydroelectric plants in Costa Rica in the amount of €12 million (€10 million in the first nine months of 2012) and Guatemala in the amount of €3 million (€30 million in the first nine months of 2012).

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 North America

Enel Green Power is present in North America through the Enel Green Power North America Group, operating mainly in the United States, with 63 hydroelectric plants (317 MW of net installed capacity), 25 wind plants (1,163 MW of net installed capacity), 2 geothermal facilities (47 MW of net installed capacity), as well as 2 photovoltaic plants (28 MW of net installed capacity). It also operates 2 wind plants (103 MW of net installed capacity) and 1 biomass plant (21 MW of net installed capacity) in Canada,3 for a total installed capacity of 1,679 MW.

It is also present with projects in the geothermal segment (Cove Fort with 25 MW of nominal capacity and 17 MW of net capacity), and, in a partnership arrangement, in the wind segment (Buffalo Dunes with 250 MW).

Operations

Net installed capacity and net electricity generation

Net installed capacity (MW) At September 30, At December 31, 2013 2012 Change 2012 2011 Hydroelectric 317 313 4 313 313 Wind 1,266 830 436 832 605 Geothermal 47 47 0 47 47 Biomass 21 21 0 21 21 Solar 28 26 2 26 24 Total 1,679 1,237 442 1,239 1,010

Net installed capacity rose by 442 MW compared with the same period of 2012 (440 MW compared with December 31, 2012), essentially attributable to the Chisholm View (235 MW) and Prairie Rose (199 MW) wind plants, control of which was acquired in the 2nd Quarter of 2013.

Electricity generation (GWh) 3rd Quarter First nine months 2013 2012 Change 2013 2012 Change 238 133 105 Hydroelectric 851 699 152 834 523 311 Wind 2,625 1,740 885 43 43 0 Geothermal 181 182 (1) 37 40 (3) Biomass 129 129 0 13 13 0 Solar 36 34 2 1,165 752 413 Total 3,822 2,784 1,038

The increase in generation, mainly in the wind segment, was primarily attributable to the acquisition of control of the Chisholm View and Prairie Rose wind plants in the 2nd Quarter.

3 These plants meet the requirements of IFRS 5 to be classified as held for sale. 32

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Performance and financial position

3rd Quarter Millions of euro first nine months 2013 2012 Change 2013 2012 Change Total revenues from third parties including commodity risk 79 46 33 management 274 164 110 0 0 0 Revenues from other segments 0 0 0 Total revenues including 79 46 33 commodity risk management 274 164 110 40 19 21 Gross operating margin 184 90 94 2 5 (3) Operating income 105 47 58 Employees at period end (no.) (*) 361 358 3 Operating capital expenditure (**) 115 139 (24) (*) At September 30, 2013 and at December 31, 2012, respectively. (**) Capital expenditure does not include €1 million in respect of units classified as held for sale.

Performance in the 3rd Quarter “Total revenues including commodity risk management” amounted to €79 million, an increase of €33 million compared with the same period of the previous year (€46 million), mainly due to higher revenues from the sale of electricity and from the tax partnership (€34 million), in line with the rise in output.

The “gross operating margin” amounted to €40 million, an increase of €21 million compared with the same period of the previous year (€19 million), the effect of the increase in revenues partially offset by the higher operating costs associated with the increase in installed capacity (€12 million).

“Operating income” came to €2 million, a decrease of €3 million compared with the same period of 2012. The increase in the gross operating margin was more than offset by the rise of €24 million in depreciation and amortization associated with the increase in installed capacity and the impairment losses on a number of projects.

Performance in the first nine months

“Total revenues including commodity risk management” amounted €274 million, an increase of €110 million compared with the same period of the previous year (€164 million), mainly due to higher revenues from the sale of electricity (€65 million), in line with the rise in output, and other revenues (€45 million). The rise of €45 million in other revenues is mainly attributable to the effects of the disposal of a controlling interest (51%) in Buffalo Dunes at a price of €67 million, comprising a development fee of €35 million and reimbursement of preliminary investments made during the negotiations in the amount of €32 million. Overall, the transaction involved the recognition of €40 million in other revenues, of which €20 million in respect of the gain on the interest sold and €20 million from the consequent remeasurement at fair value of the 49% still held.

The “gross operating margin” amounted to €184 million, an increase of €94 million compared with the same period of the previous year (€90 million), the net result of the rise in revenues and the increase in operating expenses associated with the expansion of installed capacity.

“Operating income” came to €105 million, an increase of €58 million compared with the same period of 2012 (€47 million). The increase in the gross operating margin was partly offset by the

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 rise of €36 million in depreciation, amortization and impairment losses associated with the increase in installed capacity and the impairment recognized on a number of projects.

“Capital expenditure” in the first nine months of 2013 amounted to €115 million (€139 million in the first nine months of 2012) and mainly regarded the construction of wind plants in the amount of €73 million (€107 million in the first nine months of 2012), geothermal plants in the amount of €29 million (€12 million in the first nine months of 2012) and solar plants in the amount of €5 million (€13 million in the first nine months of 2012).

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Significant events in the first nine months of 20134

Paris Court of Appeal upholds ruling of International Court of Arbitration in favor of Enel Green Power January 9, 2013 - The Court of Appeal of Paris upheld the ruling of the International Court of Arbitration (International Chamber of Commerce) concerning the international arbitration proceeding brought by Enel Green Power against Inversiones Energéticas (INE), its partner in LaGeo, a joint venture for the development of geothermal energy in El Salvador. The judges rejected the appeal lodged by INE asking for the ruling in favor of Enel Green Power to be voided, confirming that the ruling had been issued at the end of a fair trial. The decision of the Court of Appeal reaffirms Enel Green Power’s right to allocate investments in LaGeo to share capital through the subscription of newly issued shares in the joint venture.

Start-up of new photovoltaic plants in Greece January 30, 2013 - Enel Green Power Hellas started operations at 13 new photovoltaic facilities with an installed capacity of 42 MW, enough to generate about 55 million kWh per year. They are located in Macedonia (15 MW), Thrace (14 MW), Thessaly (10 MW) and southern Greece (3 MW). At the same time, ESSE, the equally held joint venture with Sharp, started operations at six new photovoltaic plants with an installed capacity of 15 MW, enough to generate about 21 million kWh per year. They are located in Thrace (9.8 MW), Macedonia (3.5 MW) and Epirus (2 MW). With these plants, the installed solar capacity of the Italian-Japanese joint venture rises to about 38 MW.

Work begins on “Bagnore 4” geothermal plant in Tuscany March 18, 2013 - Work has begun on the Bagnore 4 geothermal plant, located in the municipalities of Santa Fiora and Arcidosso, in the province of Grosseto (Tuscany). The project calls for the construction of two 20 MW turbines, for a total installed capacity of 40 MW. Once completed, the plant will be able to generate up to 310 million kWh of electricity per year, thereby saving 70,000 TOE (metric tons of oil equivalent). The total planned investment for the construction of the plant is about €120 million.

Start-up of two new wind plants in the province of Malaga March 21, 2013 - Enel Green Power España connected two new wind farms to the grid in the province of Malaga. The first is the Angosturas plant, located in the municipalities of Campillos and Teba, which consists of 18 wind turbines of 2 MW each, for a total installed capacity of 36 MW, and an estimated output of 68 million kWh per year. The second is the Madroñales plant, with an installed capacity of 34 MW, which is located in the municipalities of Almargen, Campillos and Teba and consists of 17 wind turbines of 2 MW each, with an estimated output of 77 million kWh.

Loan agreement with BBVA in Chile March 22, 2013 - Enel Green Power, acting through its subsidiary Enel Latin America (Chile) Ltda, reached an agreement with Banco Bilbao Vizcaya Argentaria Chile (BBVA) for a $100 million loan to be used to cover part of its planned investments over the next few years in Chile. The 5-year loan has already been disbursed, bearing an interest rate in line with the market benchmark.

4 The reference date is the date of the associated press release. 35

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Start-up of first wind farm in Chile March 25, 2013 - Enel Green Power connected its first wind plant in Chile, located in Talinay (region of Coquimbo), to the grid. The Talinay wind farm has an installed capacity of 90 MW and will be able to generate up to 200 million kWh per year once fully operational. The new plant, designed and developed by the Danish company Vestas, is composed of forty-five 2 MW wind turbines also built by Vestas. Construction of the Talinay plant required a total investment of about $165 million. Also under construction is a 90 MW wind farm in Valle de los Vientos, in the II Region of Antofagasta.

Enel Green Power and SECI Energia (Maccaferri) team up to develop plants fueled by biomass from the reconversion of sugar refineries March 26, 2013 - Enel Green Power and SECI Energia signed the final agreement for the purchase of 50% of PowerCrop, the Maccaferri Group company dedicated to converting the former Eridania sugar refineries to the production of energy from biomass. With the acquisition, Enel Green Power has entered into a broad partnership with SECI Energia to develop the generation of energy from locally-sourced biomass with the construction of five high-efficiency plants with a total installed capacity of 150 MW. Once built, these plants will be capable of generating up to 1 billion kWh.

Equity partnership agreement with EFS Buffalo Dunes, a GE Capital company April 8, 2013 - Enel Green Power North America Inc. (EGP-NA) reached an equity partnership agreement with EFS Buffalo Dunes LLC, a subsidiary of GE Capital, for the development of the Buffalo Dunes wind project located in Kansas. The investment required to build the Buffalo Dunes wind project amounts to about $370 million, of which EGP-NA will contribute an about $180 million. The project, which is expected to be completed by the end of 2013, will have a total installed capacity of 250 MW and is supported by a long term power purchase agreement. Under the terms of the agreement, EFS Buffalo Dunes will invest around $40 million for the acquisition of a 51% stake in the project from EGP-NA and fund construction, while the latter will retain the remaining 49% stake. EGP-NA has an option to increase its stake by a further 26% on specific dates in 2013 and 2014. The equity partnership agreement is secured by a parent company guarantee from Enel Green Power.

Concession for the construction of a wind farm in Chile April 16, 2013 - Enel Green Power won a public tender organized by the Chilean Ministry of National Assets to build a wind farm named Sierra Gorda Este, located in the region of Antofagasta. The company has been granted the exclusive right to develop, build and operate a wind project of up to 130 MW.

Enel Green Power North America among 5 operators in the geothermal industry selected as preferential suppliers by the US Army May 9, 2013 - Enel Green Power North America is one of five companies selected to participate in tenders organized by the United States Army for the supply of energy (power purchase agreements) generated with geothermal technology.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Entry into service of a new wind plant in Spain May 10, 2013 - Enel Green Power España started operations at a new 13.5 MW wind plant, Ampliación Sierra del Cortado, located at Almenar de Soria, in the region of Castilla y León. The new plant will be able to generate up to 42 million kWh per year.

Acquisition of control of the Chisholm View and Prairie Rose wind farms May 22, 2013 - Enel Green Power North America Inc. (EGP-NA) signed an agreement for the acquisition from EFS Chisholm LLC, a GE Capital subsidiary, of an additional 26% of the Class A shares of Chisholm View Wind Project LLC, the company that operates the 235 MW Chisholm View wind plant, for a price of about $47 million. EGP-NA also signed an agreement for the acquisition from EFS Prairie Rose LLC, a GE Capital subsidiary, of an additional 26% of the Class A shares of Prairie Rose Wind Project LLC, the company that operates the 0.2 GW Prairie Rose wind plant for a total of $34 million. EGP-NA holds 75% of the Class A shares of both of the companies operating the wind farms.

Start of construction of three wind farms in Brazil May 29, 2013 - Enel Green Power started construction on three new wind farms, denominated Curva dos Ventos, Fontes dos Ventos and Modelo, in the states of Bahia, Pernambuco and Rio Grande do Norte, in north-eastern Brazil. The three wind projects will have an installed capacity of about 56 MW, 80 MW and 56 MW and once in service will be able to generate more than 770 million kWh of power per year. The three plants will require a total investment of €330 million and will supply energy to both the regulated and free markets under a long-term power purchase agreement that the Company was awarded in the “Brazilian New Energy” public tender in 2011.

Merger of Enel Green Power Portoscuso into Enel Green Power SpA June 12, 2013 - The instrument for the merger of Enel Green Power Portoscuso Srl into Enel Green Power SpA, approved by the corporate boards of both companies, was filed with the Company Register of Rome. The operation will enable the achievement of greater operational efficiency and simplify administrative processes, with a consequent reduction in operating expenses. As Enel Green Power Portoscuso is wholly owned by Enel Green Power, the merger was approved by the Board of Directors under the simplified procedure provided for by Article 2505 of the Italian Civil Code and Article 19 of the Company’s bylaws. In view of the fact that the merger is subject to the simplified procedure, Enel Green Power will not increase its share capital or assign shares – in accordance with Article 2504-ter of the Italian Civil Code – to replace the shares held in the merged company, which will be canceled without any exchange after the merger. Similarly, the merger will not involve any amendments to the bylaws of Enel Green Power. The merger will take legal effect, pursuant to applicable law, when the last of the filings of the merger instrument with the Company Register has been completed or starting from any other date to be established in the merger instrument. The accounting and tax effects will be reflected in the financial statements of the surviving company with retroactive effect from January 1, 2013.

Agreement for the sale of Enel.si June 17, 2013 - Enel Green Power SpA and Enel Energia SpA reached an agreement for the sale to the latter of the entire share capital of Enel.si Srl, a wholly-owned subsidiary of EGP. The agreement takes effect as from July 1, 2013. 37

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 The price paid by Enel Energia for all of Enel.si amounted to about €92 million (subject to a price adjustment at the effective date of the transfer of the holding in the amount of about €11 million), which was calculated on the basis of the enterprise value at December 31, 2012 (equal to about €76 million) and the company’s net financial position at the same date (net liquidity of about €16 million). The price was paid in a single installment on the date the transfer of the holding took effect, with a resulting positive impact on the net consolidated financial debt of the Enel Green Power Group. The capital gain realized with the sale of Enel.si was reported under discontinued operations in the income statement in view of the fact that the transaction, while carried out between two Enel Group entities, was justified by economically substantive motivations. The price adjustment will become definitive only after verification of the value of a number of specific items, scheduled for June 30, 2014, as provided for in the sale agreement.

Enel Green Power and 40South Energy join forces to develop solutions for the generation of electricity from wave power June 19, 2013 - Enel Green Power and 40South Energy, a group of highly innovative companies operating in the field of marine energy at the international level, have begun the installation and startup of an initial R115 generator, with a nominal capacity of 150 kW and installed capacity of about 100 kW, generating electricity from the energy produced by the waves of the sea around the archipelago of Tuscan islands at Punta Righini (Castiglioncello). The new generator – designed and built by 40South Energy – ensures full integration into the marine environment and ease of maintenance, and according to initial estimates will enable the generation of about 220 MWh per year.

Agreement with BBVA for loan in Mexico June 24, 2013 - Enel Green Power, acting through its subsidiary Enel Green Power Mexico S. de R.L. de Cv, reached an agreement with Banco Bilbao Vizcaya Argentaria Bancomer (BBVA) for a $100 million loan to be used to partially cover its planned investments for the Mexican state of Oaxaca. The 5-year loan has already been disbursed, bearing an interest rate in line with the market benchmark.

Two new photovoltaic plants enter into service in Italy July 1, 2013 - Enel Green Power has connected two new photovoltaic plants to its network, located in Serre Persano, in the province of Salerno, home of Enel’s first photovoltaic power plant, which has long been the largest in Europe and which was recently completely upgraded. The two new photovoltaic plants in Borgo San Lazzaro and Spineto have a total installed capacity of around 21 MW. The operating plants will be able to generate approximately 30 million kWh per year. Both plants have been built using thin-film panels manufactured at 3Sun’s Catania factory. 3Sun is an equal joint venture between Enel Green Power, Sharp and STMicroelectronics. The photovoltaic panels have been installed on a plot of Italian Army land assigned to Enel Green Power in November 2011 following a tender held by Difesa Servizi SpA, the in-house company of the Italian Defense Ministry established in 2011 with the aim of leveraging the value of military assets.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Enel Green Power and SECI Energia: creation of the “Macchiareddu Renewable Energy Complex” July 3, 2013 - Enel Green Power and SECI Energia presented the project to develop the “Macchiareddu Renewable Energy Complex”, developed by PowerCrop, an equally held joint venture between the two companies. The project, approved by the Interministerial Committee and classified as a “national interest” initiative, is part of the plan to reconvert the former Eridania Sadam’s Villasor sugar refinery into an electrical power plant of about 50 MW.

Capital contribution agreement between Enel Green Power and EFS Buffalo Dunes with a syndicate headed by J.P. Morgan July 9, 2013 - Enel Green Power North America Development (EGPD) and EFS Buffalo Dunes, a GE Capital subsidiary, signed a capital contribution agreement with a syndicate led by J.P. Morgan. Under the agreement, the syndicate will provide about $260 million in financing for the Buffalo Dunes wind project. The syndicate also includes Wells Fargo Wind Holdings, Metropolitan Life Insurance Company and State Street Bank and Trust Company. When the syndicate disburses the financing in the 4th Quarter of 2013 – subject to compliance with the specific requirements in the capital contribution agreement – the parties will enter into a tax equity agreement for the Buffalo Dunes wind plant. The project is supported by a long-term power purchase agreement. Enel Green Power has provided a parent company guarantee, which does not cover the return on the investment, securing the obligations of its subsidiary in respect of the capital contribution agreement and the tax equity agreement to be signed later in the year.

Standard & Poor’s revises long-term rating of Enel SpA to “BBB” and confirms short-term rating at “A-2” July 11, 2013 - Standard & Poor’s announced that it had revised its long-term rating for the Parent Company, Enel SpA, to “BBB” (from “BBB+”). The agency also maintained its short-term rating of “A-2” for the company. The outlook is stable. The downgrade follows the similar action recently taken by Standard & Poor's for Italy’s Italian sovereign debt rating, which reflected, among the other factors, the deterioration in macroeconomic conditions in the country. The stable outlook reflects the agency’s expectations that Enel will achieve and maintain performance and financial targets commensurate with its current rating as a result of its continued deleveraging efforts, the large contribution of regulated activities and of its good geographical and technological diversification outside Europe. The downgrade will not have a significant impact on either the cost of outstanding debt or of new borrowing, partly due to the low volatility of spreads in the secondary market for bonds issued by the Parent Company, whose prices already reflect the rating issued by Moody's (Baa2), which is now in line with that of Standard & Poor's (BBB). With regard to loans granted by the EIB, only some of them (in the total amount of about €535 million) contain covenants requiring the beneficiary companies of the Enel Green Power Group to renegotiate the agreements or, alternatively, provide specific bank guarantees. Accordingly, Enel Green Power, in coordination with Enel SpA, has begun renegotiations of those agreements, the outcome of which should not have a major impact on the cost of borrowing or result in the early repayment of the debt. 39

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 With regard to other major loan agreements, none have early redemption clauses directly linked to the level of the rating.

Regulatory changes introduced in Spain with Royal Decree Law no. 9/2013 July 12, 2013 - The Spanish government approved Royal Decree Law no. 9/2013, which introduces a series of measures for ensuring the financial stability of the local electrical system. A number of the measures modify the current remuneration system for renewables generation, moving from a feed-in tariff regime to one providing a specified return on invested capital based on a “reasonable remuneration” as defined by Parliament, which will be ensured, if necessary, with the supplementation of revenues obtained by generators on the market. Although the measures contained in the Royal Decree Law are effective immediately as from the date of publication in the Official Journal (Boletìn Oficial del Estado), a series of decrees and ministerial orders defining the procedures for their implementation must be issued. Once these regulations are approved, it will be possible to produce a reliable estimate of the impact of the changes on the profitability of our Spanish operations. The measures seem likely to have an impact on the profits achievable by the Enel Green Power Group in Spain, where the Group owns 60% of Enel Green Power España (EGPE). This latest reform follows two other regulatory changes introduced at the end of 2012 and the start of 2013, which introduced a tax of 7% on the revenues produced through generation and the elimination of the so-called “premium”. The impact of the latter measures had already been accounted for in the impairment testing conducted in preparing the 2012 financial statements, which found no impairment losses as the value in use of the EGPE cash generating unit (CGU) was sufficient to absorb reasonable fluctuations in the main variables used in estimated that value. In the current circumstances, pending approval of the implementing measures and any management actions that the Group may take to contain any adverse impact, no reliable estimate can be made of the gross annual cash flows of the EGPE CGU, and the conditions do not exist to determine the impact on the recoverability of the value of the assets recognized in the condensed interim consolidated financial statements or on revenues for the quarter. For a more complete understanding of developments in Spain within the Group, taking due account of the sensitivity analyses of goodwill conducted in the 2012 financial statements, in the first nine months of the year our Spanish operations generated 3.1 TWh of electricity (14% of Enel Green Power Group output), produced revenues of €292 million (14% of Enel Green Power Group revenues) and net income pertaining to shareholders of the Parent Company of €16 million (4% of Enel Green Power Group net income). Following the issue of the implementing measures and the determination of any management actions to take in response to the changes, and in any event for the purposes of preparing the 2013 financial statements, Enel Green Power will conduct impairment tests of the EGPE CGU.

Entry into service of two photovoltaic plants in Romania July 15, 2013 - Enel Green Power has connected its first photovoltaic plants to the grid in Romania. The plants are called Berceni 1 and Berceni 2 and are located in the district of Prahova, with a total installed capacity of about 19 MW.

Long-term agreements for the supply of wind-generated power in Mexico July 18, 2013 - Enel Green Power, acting through the subsidiaries Enel Green Power Mexico S. de R.L. de Cv and Dominica Energía Limpia Srl de Cv (Dominica Energia Limpia), has entered into two 40

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 power purchase agreements with Delphi Automotive PLC, a leading supplier to the automotive industry, and with Banamex, a leading Mexican bank. The long-term supply contracts have a total value of about $485 million. The power will be generated by the new Dominica wind farm, with an installed capacity of 100 MW, that Enel Green Power, through Dominica Energía Limpia, will begin to build in the coming months in the Mexican state of San Luis Potosí, with a planned investment of $196 million. The new wind farm will have an installed capacity of 100 MW.

Loan agreement in Chile August 5, 2013 – Enel Green Power, through its subsidiary Enel Latin America (Chile) Ltda, has finalized a loan agreement with Banco de Credito e Inversiones for $100 million that will cover a portion of the company’s planned investments over the next few years in Chile. The 5-year loan, partially disbursed in the 3rd Quarter of 2013, carries an interest rate in line with the market benchmark and will be backed by a parent company guarantee from Enel Green Power.

Partnership between Enel Green Power and COPROB for new biomass plant in Finale Emilia August 9, 2013 – Enel Green Power and COPROB, the leading sugar beet producer in the country, assisted by financial advisor Valore e Capitale Srl, an investment banking firm specializing in the renewable energy sector, have signed a partnership agreement for the construction of a 12.5 MW power plant in Finale Emilia (in the province of Modena) that will be fuelled by agricultural biomass. the project will be pursued through Enel Green Power’s acquisition of 70% of Domus Energia (now named Enel Green Power Finale Emilia), formerly a COPROB Group company. In compliance with the authorizations obtained by the COPROB Group, the Finale Emilia plant will start operation by 2015.

Work begins on Taltal wind farm in Chile August 14, 2013 – Enel Green Power has started construction on Taltal, its largest wind farm in Chile. The plant is located in the district of the same name, in the region of Antofagasta, 1,550 km north of Santiago. The plant will comprise 33 wind turbines of 3 MW each, for a total installed capacity of 99 MW. The total investment for the construction of the new wind farm amounts to about $190 million. Once operational, the Taltal plant will be able to generate more than 300 GWh per year. The project is supported by a 20-year power purchase agreement (PPA). The energy generated will be delivered to the Chilean central region transmission network (SIC), through the Paposo substation, some 50 km from the plant.

Enel Green Power awarded 88 MW in Brazil wind auction August 29, 2013 – Following the 2013 Brazilian Reserve Auction, Enel Green Power was awarded the right to enter into three 20-year electricity supply contracts with the Brazilian Chamber of Commercialization of Electric Energy (Camara de Comercializaçao da Energia Eletrica - CCEE) to deliver power produced by three wind projects with a total capacity of 88 MW. The plants are located in the state of Bahia, in north-eastern Brazil, where the company already has more than 146 MW of capacity under construction. These new contracts represent an extension of the projects the company was already awarded with in 2010 and 2012 public auctions in the same region.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Once completed, the three new wind projects, requiring a total investment of about $163 million, will be able to generate more than 400 GWh per year.

Enel Green Power awarded 102 MW of hydro capacity in Brazil September 4, 2013 – Enel Green Power has been awarded energy supply contracts with 3 hydro projects for an overall capacity of 102 MW within Brazil’s first “New Energy Auction” for “A-5” power in 2013. The three plants, denominated Salto Apiacás, Cabeza de Boi and Fazenda, are located close together in the state of Mato Grosso in mid-western Brazil. Once operational, the hydro projects, whose completion will require a total investment of about $248 million, will be able to generate around 490 GWh per year, helping to meet the rapidly expanding demand for power in that country, which is expect to grow by an annual average of 4% through 2020. Enel Green Power has been awarded 30-year energy supply contracts providing for the sale of a specified amount of power generated by the three hydro plants to a pool of distribution companies operating in the Brazilian regulated market. Enel Green Power will adopt a highly innovative and sustainable approach to the construction of the new plants, supplying the worksites with renewable energy from the very start of the works. The company will build a thin-film photovoltaic system of about 1.2 MW, which will supply part of the power required for the construction works. Once the three plants are completed, the photovoltaic plant continue to operate, adding its own renewable power to the green energy produced by the new hydro plants.

Framework agreement provided for under Article 4 of the Fornero Act On May 9, 2013, Enel signed a framework agreement with the unions concerning the early retirement of personnel using the mechanism envisaged under Article 4 of Law 92/2012 (the Fornero Act). Following the issue of the implementing rules, on September 6, 2013, specific implementing measures were agreed with the unions, setting out the number of employees involved, for which INPS will conduct a survey to determine those eligible for the scheme. On the basis of the figures certified by INPS, the termination program will be carried out by Enel Green Power in 2013 and 2014, with a final deadline of January 1, 2015.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Subsequent events5

New photovoltaic plant enters service in Romania October 7, 2013 – Enel Green Power has connected its “Colibasi” photovoltaic plant, located in Giurgiu county in south-eastern Romania, to that country’s grid. With a total installed capacity of 6.5 MW, the new plant will be able to generate up to about 8 million kWh of power each year.

Advanced test phase under way for mini wind turbine designed by Renzo Piano October 21, 2013 – Testing has begun on the innovative mini wind turbine designed by Renzo Piano and developed in partnership with Enel Green Power at a highly specialized test site. The new slim-line, two-blade turbine is less visible than the traditional three-blade design, helping it blend into the landscape, and is demonstrating that can also operate in low intensity wind. This has been made possible by research into new, ever lighter and more resistant materials and new technology solutions employed in the construction of the turbine. In the total absence of wind, the turbine virtually disappears into the surrounding environment, leaving just the slim vertical line of the tower, which is 20 m high and barely 35 cm in diameter, and the two vertically aligned blades with a diameter of no more than 16 m. In only two months, the prototype being tested at Molinetto in the Province of Pisa has generated over 1,200 kWh of power, which has been delivered to the distribution grid. Mass production for the Italian market will begin on completion of the test phase, which is due to continue for another few months.

South African procurement contract On October 30, 2013, Enel Green Power was awarded the right to enter into energy supply contracts with the South African utility Eskom in the amount of 314 MWp of solar projects and 199 MW of wind projects (for a total of 513 MW) in the third round of the Independent Power Producer renewable energy tender sponsored by the South African government. The projects represent more than 65% and 25% of the total photovoltaic and wind capacity awarded to date in the third round. In line with the rules of the IPP tender, EGP participated in the tender with vehicle companies, retaining a controlling 60% stake, in partnership with major local players. The four photovoltaic projects (Aurora, Tom Burke, Paleisheweul and Pulida) will be in the Northern Cape, Western Cape, Free State and Limpopo regions, in areas boasting the highest concentration of solar radiation in the country. The two wind projects (Gibson Bay and Cookhouse) will be located in the Eastern Cape region in areas with abundant wind resources. Once completed, the six projects, which will require a total investment of about €630 million, will generate more than 1,300 GWh per year, making an environmentally sustainable contribution to meeting the country’s rising energy demand. The projects will be completed and enter service in 2016. This effort is consistent with EGP’s strategic growth objectives for new emerging markets, as provided for in the 2013-2017 business plan. The photovoltaic plants have been engineered with the thin-film modules manufactured by the 3Sun joint venture, owned equally by Enel Green Power, STMicroelectronics and Sharp. These new projects join the plant currently being built in the country by a subsidiary of ESSE, the equally-owned joint venture of Enel Green Power and Sharp, at Upington.

5 The reference date is the date of the associated press release. 43

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Reference scenario

Electricity markets

TWh First nine months

2013 2012 Change

Italy 239.0 248.2 -9.2 -3.7%

Spain 184.7 190.6 (5.9) -3.1%

Romania (1) 37.1 39.2 (2.1) -5.3%

Brazil (1) 344.3 333.9 10.4 +3.1%

Chile 36.0 34.5 1.5 +4.3%

Colombia 45.4 44.4 1.0 +2.3%

Source: National TSOs (1) Enel estimates for the September.

In Europe, the peripheral countries saw electricity demand contract, primarily due to the slowdown in industrial consumption and the uncertainty of macroeconomic conditions. More specifically, in the first nine months of 2013 Italy posted a contraction of 3.7% and Spain one of 3.1% compared with 2012. Conversely, the Latin American countries continued to register strong growth in consumption, with substantial increases in Chile (+4.3%), Brazil (+3.1%) and Colombia (+2.3%).

Spot electricity prices

Change in average Change in average Average baseload baseload price Average peakload peakload price price first nine first nine months price first nine first nine months 2013 months 2013 2013 – first nine months 2013 – first nine months (€/MWh) months 2012 (€/MWh) 2012

Italy 62.3 -20.9% 64.8 -22.7%

Spain 41.6 -14.6% 45.7 -12.0%

Brazil 91.1 +88.4% 208.6 +126.5%

Chile 131.3 -11.3% 213.7 -15.8%

Colombia 70.3 +73.3% 166.4 +49.9%

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Italy

Domestic electricity generation and demand

3rd Quarter Millions of kWh First nine months

2013 2012 Change 2013 2012 Change

Net electricity generation:

47,954 55,213 (7,259) -13.1% - thermal 135,816 159,750 (23,934) -15.0%

13,378 11,696 1,682 14.4% - hydroelectric 40,695 31,548 9,147 29.0%

2,510 2,429 81 3.3% - wind 11,447 9,242 2,205 23.9%

1,363 1,316 47 3.6% - geothermal 3,962 3,937 25 0.6%

7,919 6,523 1,396 21.4% - photovoltaic 18,772 15,631 3,141 20.1%

Total net electricity 73,124 77,177 (4,053) -5.3% generation 210,692 220,108 (9,416) -4.3%

8,715 8,257 458 5.5% Net electricity imports 30,099 30,222 (123) -0.4% Electricity delivered to the 81,839 85,434 (3,595) -4.2% network 240,791 250,330 (9,539) -3.8%

(415) (698) 283 40.5% Consumption for pumping (1,744) (2,084) 340 16.3%

81,424 84,736 (3,312) -3.9% Electricity demand 239,047 248,246 (9,199) -3.7%

Source: Terna – Rete Elettrica Nazionale (September 2013 monthly report).

Domestic electricity demand in the first nine months of 2013 decreased by 3.7% from its level in the year-earlier period, falling to 239.0 TWh (81.4 TWh in the 3rd Quarter of 2013). Of the total electricity demand for the period, 87.4% was met by net domestic electricity generation for consumption (87.8% in the first nine months of 2012) with the remaining 12.6% being met by net electricity imports (12.2% in the first nine months of 2012).

Net electricity imports in the first nine months of 2013 were essentially in line with the first nine months of the previous year, while there was an increase of 5.5% in the 3rd Quarter (+0.5 TWh).

Net electricity generation in the first nine months of 2013 fell by 4.3% (-9.4 TWh) to 210.7 TWh (73.1 TWh in the 3rd Quarter of 2013). More specifically, in a context of lower demand for electricity, the rise in hydroelectric generation (+9.1 TWh) as a result of improved water conditions and the increase in generation from other renewable resources (photovoltaic generation for 3.1 TWh and wind generation for 2.2 TWh) due to the increase in installed capacity in Italy led to a reduction in thermal generation of 23.9 TWh. A similar pattern was seen in the 3rd Quarter of 2013.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Spain

Electricity generation and demand in the peninsular market 3rd Quarter Millions of kWh First nine months

2013 2012 Change 2013 2012 Change

Gross electricity generation – ordinary regime:

22,114 24,198 (2,084) -8.6% - thermal 45,322 71,704 (26,382) -36.8%

15,633 16,646 (1,013) -6.1% - nuclear 43,839 46,992 (3,153) -6.7%

6,000 4,021 1,979 49.2% - hydroelectric 27,356 13,750 13,606 99.0%

Total gross electricity generation – 43,747 44,865 (1,118) -2.5% ordinary regime 116,517 132,446 (15,929) -12.0%

(1,968) (2,056) 88 4.3% Consumption for auxiliary services (4,641) (6,023) 1,382 22.9%

23,901 23,695 206 0.9% Electricity generation – special regime 83,292 76,062 7,230 9.5%

65,680 66,504 (824) -1.2% Net electricity generation 195,168 202,485 (7,317) -3.6%

(2,816) (2,502) (314) -12.5% Net electricity exports (1) (5,724) (8,213) 2,489 30.3%

(700) (1,106) 406 36.7% Consumption for pumping (4,723) (3,676) (1,047) -28.5%

62,164 62,896 (732) -1.2% Electricity demand 184,721 190,596 (5,875) -3.1% (1) Includes the balance of trade with the extra-peninsular system. Source: Red Eléctrica de España (Balance eléctrico diario Peninsular – September 2013 report). Volumes for the first nine months of 2012 are updated to October 2, 2013.

Electricity demand in the peninsular market in the first nine months of 2013 declined by 3.1% compared with the level in the same period of 2012 (-1.2% in the 3rd Quarter of 2013), falling to 184.7 TWh (62.2 TWh in the 3rd Quarter of 2013). Demand was entirely met by net domestic generation for consumption.

Net electricity generation in the first nine months of 2013 amounted to 195.2 TWh (65.7 TWh in the 3rd Quarter of 2013), down 3.6% (-7.3 TWh). More specifically, developments in generation were similar to those seen in Italy, with a sharp fall in conventional thermal generation (-26.4 TWh) and nuclear generation (-3.1 TWh), essentially due to the rise in hydroelectric output (+13.6 TWh) as a result of improved water conditions in the period, the increase in generation under the special regime (+7.2 TWh) and the decline in market demand for electricity. The pattern was unchanged in the 3rd Quarter of 2013, although the percentage changes were less striking.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Electricity generation and demand in the extra-peninsular market

3rd Quarter Millions of kWh First nine months

2013 2012 Change 2013 2012 Change

Gross electricity generation – ordinary regime:

3,600 3,972 (372) -9.4% - thermal 9,896 11,071 (1,174) -10.6%

3,600 3,972 (372) -9.4% Total gross electricity generation – ordinary regime 9,896 11,071 (1,174) -10.6%

(209) (233) 24 10.2% Consumption for auxiliary services (591) (662) 72 10.8%

312 322 (10) -3.0% Electricity generation – special regime 832 831 1 0.1%

3,703 4,061 (358) -8.8% Net electricity generation 10,138 11,240 (1,101) -9.8%

418 178 240 - Net electricity imports 986 341 645 -

4,120 4,238 (118) -2.8% Electricity demand 11,124 11,581 (456) -3.9%

Source: Red Eléctrica de España (Balance eléctrico diario Extrapeninsulares – September 2013 report). Volumes for the first nine months of 2012 are updated from October 2012 through August 2013.

Electricity demand in the extra-peninsular market in the first nine months of 2013 decreased by 3.9% compared with the same period of 2012, falling to 11.1 TWh (4.1 TWh, a decrease of 2.8%, in the 3rd Quarter of 2013). Demand was largely (91.1%) met by net generation for consumption, with the remainder covered by trade with the Iberian peninsula

Net electricity generation in the first nine months of 2013 contracted by 9.8% (-1.1 TWh), the result of a decline in thermal generation (-10.6%) and no change in generation under the special regime. Developments in the 3rd Quarter of 2013 were similar, with the exception of a decline of 3.0% in generation under the special regime.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Regulatory and rate issues

Compared with the consolidated financial statements at December 31, 2012, which readers are invited to consult for a more detailed discussion of developments, the following section reports the main regulatory developments in the first nine months of 2013 in the countries in which Enel Green Power operates.

Italy On June 6, 2013, the indicative cumulative annual cost ceiling of €6.7 billion for photovoltaic incentives was reached. Accordingly, on July 6, 2013, the Fifth Energy Account terminated. At August 31, 2013, the indicative cumulative annual cost of incentives for electrical renewable resources was around €4.5 billion. The above incentive mechanisms will terminate upon reaching an annual cost of €5.8 billion. Law 98 of August 9, 2013, ratified Decree Law 69 of June 21, 2013 containing urgent measures for economic recovery. Among the various provisions, Article 5 provides for the extension of the requirement to pay the Robin Hood tax to companies with revenues of more than €3 million and taxable income of more than €300,000. Previously, only companies with revenues of more than €10 million and taxable income of more than €1 million were subject to the levy.

Resolution no. 281/2012/R/efr of the Authority subjecting non-schedulable renewable resources to imbalancing payments was challenged before the Regional Administrative Court of Lombardy, which voided the resolution. The Authority appealed the decision with the Council of State, asking that it suspend the ruling by the court of first instance. The Council denied the request for the injunction and scheduled a hearing of the case for February 11, 2014.

Spain Royal Decree 9/2013 was approved on July 12, 2013. The legislation eliminated the feed-in tariff and established that electricity generated from renewable resources would be remunerated at the market price, although if the market price is not sufficient to ensure “reasonable profitability” an additional amount per MW will be paid. The additional remuneration will be determined on the basis of standard operating expenses and investment levels of an efficient, well-managed enterprise and for clusters of plants. Details clarifying the clusters, the standard costs, the level of “reasonable profitability” and the amount of the remuneration are still pending.

On July 5, 2013, Enel Green Power España filed an appeal against Orden IET/221/2013 implementing Royal Decree Law 2/2013 (containing urgent measures for the electrical system and the financial industry), which de facto reduced incentives for the renewable energy sector. Enel Green Power España complained that the Royal Decree was unconstitutional and violated European law. For more information, please see the section “Regulatory changes introduced in Spain with Royal Decree Law no. 9/2013”.

Romania In June 2013, the Romanian government approved measure EGO 57/2013 (Emergency Government Ordinance no. 57) temporarily modifying the green certificate system. The measures introduced include the temporary suspension (from July 1, 2013 to March 31, 2017) of the issue of 48

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 green certificates to renewables generators (1 green certificate/MWh for wind and mini-hydro and 2 green certificates/MWh for photovoltaic). The deferred green certificates would be gradually reawarded after April 1, 2017 for photovoltaic and mini-hydro and after January 1, 2018 for wind, and no later than December 31, 2020. Other measures provide for the reduction or suspension of rights to green certificates for new plants that have not yet received final certification; the non- recognition of green certificates for electricity generated in excess of the volumes set out in the daily hourly production plan notified to the market by generators (positive unbalancing); and a prohibition on entering into bilateral contracts for the sale of electricity and green certificates. ANRE order 56/2013 approved in July 2013 clarified one of the issues concerning implementation of the suspension of green certificate awards. Specifically, generators will receive the normal number of green certificates, but they will not be able to sell the suspended portion. Additional implementing orders will be necessary to clarify any remaining issues.

Greece Law 4153/13 published in May 2013 increased the temporary tax (July 2012 - July 2014, but may be extended for an additional year) on the revenues of photovoltaic plants introduced in November 2012. The tax was increased from 30% to 37-42% and from 27% to 34-40%, depending on the commercial operation date of the plant. The tax was kept at 10% for all other renewable energy technologies. The same law also specified new conditions for receiving permits for new renewables plants and new calculation methods for determining the tax for financing renewable energy; set new feed-in tariffs for new photovoltaic plants in force as from June 1, 2013; and suspended the issue of permits for connecting photovoltaic plants and PPAs until the end of 2013.

United States In January 2013, the Production Tax Credit was renewed for wind plants and the qualification requirements were amended for all technologies To qualify, plants must “begin construction” rather than “start operation” by January 1, 2014. On May 13, 2013, the general outline of the requirements for the definition of “begin construction” for the purposes of qualifying for the Production Tax Credit was determined. Compliance with those criteria allows qualified projects to receive the credit if physical construction activities begin before January 1, 2014 and if construction proceeds on a continuous basis until the entry into service of the plant (the commercial operation date – COD). On September 20, 2013, additional operating details concerning the definition of “begin construction” the purposes of qualifying for the Production Tax Credit were established.

Central America On June 1, 2013, the regional regulator (CRIE) announced the official launch of the Regional Electricity Market, with the termination of the transitional system in place since March 2013. The implementation of regional regulations marks the first step towards the consolidation of the rules governing cross-border trade in electricity among 6 countries in Central America (Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama).

Panama On June 12, 2013, in line with an energy policy directed at diversifying the energy mix, the Panamanian government ratified Law 605, which establishes tax incentives to support the development of solar power. The new incentives provide for an exemption from import tax, tax credits (5% of capital expenditure) and the option of acceleration depreciation.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Mexico On April 9, 2013, the Mexican Congress approved the National Energy Strategy for 2013-2027, confirming the drive to boost renewables through the involvement of private-sector investors and the intention to reduce emissions of green-house gases (35% of generation from non-fossil sources by 2024). The document has been submitted to the government for formalization.

On June 7, 2013, the Mexican government published an amendment to the renewable energy law (LAERFTE) that redefines the standards used for hydroelectric plants to qualify as renewable resource plants. Large hydro plants (>30 MW) may now qualify as such if the ratio of generation capacity to the area of the reservoir containment wall is greater than 10W/m2, thereby gaining access to renewable energy incentives, such as lower transport costs and tax relief.

Brazil On March 6, 2013, the National Council for Energy Policy published Resolution no. 3/2013 with amendments of the method used for calculating the exchange price (PLD). Pending the implementation of the new model, as from August 1, 2013, the resolution introduces a transitional model providing for two separate prices in the wholesale market (PLD1 and PLD2).

On July 10, 2013, the Ministry of Energy set December 13 as the date for the next auction of A-5 energy, with supply starting as from January 2018. On August 15, the Ministry of Energy set November 18 the date for the next auction of A-3 energy, with supply starting as from January 2016. The winning bidders are granted long-term contracts whose term varies from 20 to 30 years depending on the technology. Solar projects will be eligible to participate for the first time.

Chile On March 8, 2013, Decreto Supremo no. 114 of the Ministry of Energy was published in Chile’s official journal. The decree governs a number of aspects of Law 19657 concerning geothermal power. The decree establishes a number of departures from the provisions of the previous Decree no. 32, with improvements in a number of aspects, including the granting of “exclusive rights” in obtaining a production concession once exploration activities have been completed, creating greater legal certainty and protection for investors.

On September 3, 2013, the Senate approved Law 20257 supporting renewable energy. It establishes that a certain percentage of total contractual electricity supplied to the electrical system shall be generated from renewable resources. More specifically, for contracts signed between 2007 and 2013, the target is 10% by 2024, while for contracts signed after 2013 the target is 20% by 2025. On October 14, President Pinera signed the law as enacted by the Senate, thereby transforming the new targets into law.

Costa Rica On September 10, 2013, President Chinchilla approved Decree 62-2012 formalizing the creation of a voluntary carbon trading system. The market, which uses a cap and trade mechanism linked to reforestation and energy efficiency projects, should begin operations in 2014.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 El Salvador On August 22, 2013, Congress approved Decree 460 setting out the rules governing the award of concessions for small-scale projects. From the entry into force of the decree, the legislature, and no longer the regulator, will have the authority to approve concessions for mini-hydro and geothermal projects with an installed capacity of up to 5 MW.

Outlook

The year 2012 was a key period in confirming Enel Green Power’s leadership in the renewable energy sector and the achievement of the strategic goals announced to the financial market. In 2013, the Group will continue to implement the Strategic Plan, confirming the expansion of installed capacity and focusing our efforts mainly on emerging countries through balanced growth in all the main technologies. In addition to pursuing the objective of expanding capacity, Enel Green Power will also focus on rationalizing operating expenses by operating its plants more directly and with greater efficiency. We will also continue to seek out economies of scale, mainly in procurement.

The Group’s attention will be directed at markets with abundant renewable resources, stable regulatory frameworks and strong economic growth. In 2013, we will continue to seek new opportunities in countries with considerable potential for expansion in order to increase geographical diversification even further.

The Group will also continue to work on research and development of innovative technologies, devoting full attention to environmental and safety issues.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 CONSOLIDATED FINANCIAL STATEMENTS OF THE ENEL GREEN POWER GROUP

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Condensed Consolidated Income Statement

3rd Quarter Millions of euro First nine months 2012 2012 2013 Change 2013 Change restated* restated*

592 538 54 10.0% Total revenues including commodity risk management 2,053 1,733 320 18.5%

254 226 28 12.4% Total costs 743 618 125 20.2%

338 312 26 8.3% GROSS OPERATING MARGIN 1,310 1,115 195 17.5%

185 155 30 19.4% Depreciation, amortization and impairment losses 540 456 84 18.4%

153 157 (4) (2.5%) OPERATING INCOME 770 659 111 16.8%

(51) (73) 22 (30.1%) Total net financial income/(expense) (190) (167) (23) 13.8% Share of income/(expense) from equity investments accounted for using equity method 5 16 (11) (68.8%) 50 28 22 78.6%

107 100 7 7.0% INCOME BEFORE TAXES 630 520 110 21.2%

35 39 (4) (10.3%) Income taxes 233 186 47 25.3%

72 61 11 18.0% Net income from continuing operations 397 334 63 18.9% 69 0 69 - Net income from discontinued operations (1) 62 (1) 63 -

141 61 80 131.1% NET INCOME FOR THE PERIOD 459 333 126 37.8%

138 57 81 142.1% - Pertaining to shareholders of the Parent Company 407 278 129 46.4%

3 4 (1) (25.0%) - Pertaining to non-controlling interests 52 55 (3) (5.5%)

Earnings per share: basic and diluted (in euros) 0.08 0.06 0.02 33.3% Earnings per share from continuing operations (in euros) 0.07 0.06 0.01 16.7% Earnings per share from discontinued operations (in euros) 0.01 0.00 0.01 - * For more information, please see the section “Introduction – Restatement of the balance sheet and the income statement”. (1) The result from discontinued operations is entirely attributable to shareholders of the Parent Company.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Statement of Consolidated Comprehensive Income

Millions of euro First nine months

2013 2012

Net income for the period 459 333

Other comprehensive income

Items that will not be recyclable to profit or loss (a) 0 0

Gain/(loss) on cash flow hedge derivatives 30 (10)

Income recognized in equity by companies accounted for using equity method 2 0

Gain/(Loss) on translation differences (113) (37)

Items that will be recyclable to profit or loss (b) (81) (47)

Income/(Loss) recognized directly in equity (net of taxes) (a+b) (81) (47)

Comprehensive income for the period 378 286

Pertaining to:

- shareholders of the Parent Company 325 238

- non-controlling interests 53 48

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Condensed Consolidated Balance Sheet

Millions of euro

Dec. 31, 2012 ASSETS Sept. 30, 2013 Change restated*

Non-current assets Property, plant and equipment and intangible assets 12,951 12,207 744 Goodwill 894 897 (3) Equity investments accounted for using the equity method 585 533 52 Other non-current assets (1) 771 723 48 15,201 14,360 841 Current assets Inventories 58 64 (6) Trade receivables 656 571 85 Cash and cash equivalents 358 333 25 Other current assets (2) 578 835 (257) 1,650 1,803 (153) Assets held for sale 33 0 33 TOTAL ASSETS 16,884 16,163 721 LIABILITIES AND SHAREHOLDERS’ EQUITY Equity pertaining to the shareholders of the Parent Company 7,265 7,070 195 Non-controlling interests 969 883 86 TOTAL SHAREHOLDERS’ EQUITY 8,234 7,953 281 Non-current liabilities Long-term loans 4,992 4,617 375 Provisions and deferred tax liabilities 833 789 44 Other non-current liabilities 173 204 (31) 5,998 5,610 388 Current liabilities

Short-term loans and current portion of long-term loans 1,423 1,020 403 Trade payables 526 1,070 (544) Other current liabilities 688 510 178 2,637 2,600 37 Liabilities held for sale 15 0 15 TOTAL LIABILITIES 8,650 8,210 440 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 16,884 16,163 721 * For more information, please see the section “Introduction – Restatement of the balance sheet and the income statement”. (1) Of which medium/long-term financial receivables and securities amounting to €292 million at September 30, 2013 (€269 million at December 31, 2012). (2) Of which short-term financial receivables and securities amounting to €100 million at September 30, 2013 (€421 million at December 31, 2012).

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Statement of Changes in Consolidated Shareholders’ Equity

Millions of euro Reserves Reserve from Equity equity pertaining to Reserve from investments Net income the measurement accounted for pertaining to shareholders of CFH using the Total shareholders of the Non- Total Share financial equity Translation Other other of Parent Parent controlling shareholders’ capital instruments method reserve reserves reserves Company Company interests equity At January 1, 2012 1,000 (30) (7) 75 5,451 5,489 408 6,897 841 7,738 Income/(Loss) recognized directly in equity 0 (4) 0 (36) 0 (40) 0 (40) (7) (47) Net income/(loss) for the period 0 0 0 0 0 0 278 278 55 333 Comprehensive income 0 (4) 0 (36) 0 (40) 278 238 48 286 Allocation of net income for the year 0 0 0 0 408 408 (408) 0 0 0 Dividends 0 0 0 0 (124) (124) 0 (124) (23) (147) Change in scope of consolidation and other changes 0 0 (5) 0 5 0 0 0 (8) (8) At September 30, 2012 1,000 (34) (12) 39 5,740 5,733 278 7,011 858 7,869

Millions of euro Reserves Reserve Equity from equity pertaining to Reserve from investments Net income the measurement accounted pertaining to shareholders of CFH for using the Reserve for Total shareholders of the Non- Total Share financial equity Translation employee Other other of Parent Parent controlling shareholders’ capital instruments method reserve benefits reserves reserves Company Company interests equity at January 1, 2013 1,000 (38) (12) (5) 0 5,740 5,685 413 7,098 874 7,972 Effect of application of IAS 19 revised 0 0 0 0 (28) 0 (28) 0 (28) 0 (28) Effect of PPA 0 0 0 0 0 0 0 0 0 9 9 at January 1, 2013 restated 1,000 (38) (12) (5) (28) 5,740 5,657 413 7,070 883 7,953 Income/(Loss) recognized directly in equity 0 25 2 (109) 0 0 (82) 0 (82) 1 (81) Net income/(loss) for the period 0 0 0 0 0 0 0 407 407 52 459 Comprehensive income 0 25 2 (109) 0 0 (82) 407 325 53 378 Allocation of net income for the year 0 0 0 0 0 413 413 (413) 0 0 0 Dividends 0 0 0 0 0 (130) (130) 0 (130) (28) (158) Change in scope of consolidation and other changes 0 0 0 0 0 0 0 0 0 61 61 At September 30, 2013 1,000 (13) (10) (114) (28) 6,023 5,858 407 7,265 969 8,234

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Condensed Consolidated Statement of Cash Flows

Millions of euro First nine months 2012 2013 Change restated* Cash flows from operating activities (a) 243 643 (400) - of which discontinued operations 5 (1) 6 Investments in property, plant and equipment (816) (709) (107) Investments in intangible assets (15) (5) (10) Success fees paid for acquisition of entities (or business units) 0 (25) 25 Investments in entities (or business units) less cash and cash equivalents acquired (146) (111) (35) (Increase)/Decrease in other investing activities (99) (247) 148 Disposals of entities (or business units) less cash and cash equivalents sold 159 0 159 Dividends collected from associated companies 32 30 2 Cash flows used in investing activities (b) (885) (1,067) 182 - of which discontinued operations 91 0 91 Change in net financial debt 817 577 240 Dividends and interim dividends paid (146) (147) 1 Cash flows from financing activities (c) 671 430 241 - of which discontinued operations 7 (2) 9 Impact of exchange rate fluctuations on cash and cash equivalents (d) (4) 0 (4) Increase/(Decrease) in cash and cash equivalents (a+b+c+d) 25 6 19 - of which discontinued operations 12 (3) 15 Cash and cash equivalents at the beginning of the period 333 349 (16) Cash and cash equivalents at the end of the period 358 355 3 * For more information, please see the section “Introduction – Restatement of the balance sheet and the income statement”.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Operating performance and financial position

Analysis of Group performance

Revenues

Revenues in the 3rd Quarter - €592 million

Millions of euro 3rd Quarter 2012 2013 Change restated Revenues from the sale of electricity 395 390 5 1.3% Revenues from green certificates and other incentives 173 151 22 14.6% Net income/(charges) from commodity risk management 2 (10) 12 (120.0%) Revenue from the sale of electricity including commodity risk management 570 531 39 7.3% Other revenues and income 22 7 15 214.3%

Total revenues including commodity risk management 592 538 54 10.0%

“Total revenues including commodity risk management” amounted to €592 million in the 3rd Quarter of 2013, an increase of €54 million or 10.0% on the same period of 2012. This reflected the combined result of an increase of €39 million in revenues from electricity sales (equal to €570 million in the 3rd Quarter of 2013) and one of €15 million in other revenues (equal to €22 million in the 3rd Quarter of 2013). The increase in revenues from the sale of electricity, including incentives (equal to €173 million), is mainly attributable to the rise in output in North America (32 million) and Italy and Europe (€10 million), which more than offset the contraction in volumes in Latin America and the decline in average prices in Italy, Romania and Iberia.

“Revenues from green certificates and other incentives” (€173 million) increased by €22 million compared with the same period of the previous year, the combined effect of increases in North America (€15 million) and Italy and Europe (€11 million) and a decline in Iberia (€4 million). The item also includes €4 million in respect of the fair value measurement of the Romanian green certificates whose sale has been temporarily suspended under the provisions of Emergency Government Ordinance no. 57/2013.

The increase of €15 million in other revenues is mainly due to greater revenues from companies accounted for using the equity method, revenues from Enel.si, classified under discontinued operations, and the gains on the disposal of smaller companies in Iberia.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Revenues in the first nine months - €2,053 million

Millions of euro First nine months 2012 2013 Change restated Revenues from the sale of electricity 1,285 1,223 62 5.1% Revenues from green certificates and other incentives 634 467 167 35.8% Net income/(charges) from commodity risk management 22 (17) 39 (229.4%) Revenue from the sale of electricity including commodity risk management 1,941 1,673 268 16.0% Other revenues and income 112 60 52 86.7%

Total revenues including commodity risk management 2,053 1,733 320 18.5%

“Total revenues including commodity risk management” amounted to €2,053 million, an increase of €320 million on the first nine months of 2012 (+18.5%), the combination of an increase of €268 million in revenues from the sale of electricity (€1,941 million in the first nine months of 2013) and €52 million in other revenues (€112 million in the first nine months of 2013).

The increase in revenues from the sale of electricity, including incentives (equal to €268 million), is mainly attributable to the rise in output in Italy and Europe (€135 million), Iberia and Latin America (€68 million) and North America (€65 million).

“Revenues from green certificates and other incentives” totaled €634 million, an increase of €167 million on the same period of 2012, with gains in Italy and Europe (€111 million), Iberia and Latin America (€30 million) and North America (€26 million). The item also includes €4 million in respect of the fair value measurement of the Romanian green certificates whose sale has been temporarily suspended under the provisions of Emergency Government Ordinance no. 57/2013.

The rise in other revenues is mainly due to the effects of the disposal of 51% of Buffalo Dunes for €67 million, including a development fee of €35 million and the reimbursement of preliminary investments made during the negotiations in the amount of €32 million. Overall, the transaction involved the recognition of €40 million in other revenues, of which €20 million in respect of the gain on the interest sold and €20 million from the consequent remeasurement at fair value of the 49% still held.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Costs

Costs in the 3rd Quarter - €254 million

Millions of euro 3rd Quarter 2012 2013 Change restated (1) Energy and materials 56 54 2 3.7% Personnel 59 59 0 0.0% Services, leases and rentals 115 122 (7) (5.7%) Other costs 39 15 24 160.0% Capitalized costs (15) (24) 9 (37.5%) Total 254 226 28 12.4%

Costs for “energy and materials” totaled €56 million, essentially unchanged on the same period of the previous year, with higher energy costs in Panama and Chile and a reduction in purchases of solar panels by Enel.si, classified under discontinued operations.

Costs for “personnel” amounted to €59 million, unchanged on the same period of the previous year. The rise in personnel costs due to the expansion of the workforce was offset by the net impact of the reversal of the liability in respect of the transition-to-retirement plan for certain employees and the recognition of €39 million in early retirement incentive provisions (under Article 4 of Law 92/2012, the Fornero Act), as discussed in the section “Significant events in the first nine months of 2013”.

Costs for “services, leases and rentals” came to €115 million, a decline of €7 million on the same period of the previous year, mainly due to the optimization of managing wind farm maintenance services.

“Other costs” totaled €39 million, an increase of €24 million on the same period of the previous year, mainly due to the introduction of taxes on generation from renewable resources in Greece and Spain (€11 million) and greater losses on receivables (€5 million).

“Capitalized costs” amounted to €15 million, a decrease of €9 million on the same period of the previous year, mainly attributable to the decrease in purchases of solar panels by Enel.si, classified under discontinued operations, as noted in the paragraph on costs for “energy and materials”.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Costs in the first nine months - €743 million

Millions of euro First nine months 2012 2013 Change restated (1) Energy and materials 190 134 56 41.8% Personnel 185 172 13 7.6% Services, leases and rentals 334 318 16 5.0% Other costs 99 48 51 106.3% Capitalized costs (65) (54) 11 20.4% Total 743 618 125 20.2% (1) Costs for the purchase of energy and materials in 2013 include purchases of solar panels by Enel.si, classified under discontinued operations.

Costs for “energy and materials” totaled €190 million, up €56 million on the same period of the previous year, with higher energy costs in Panama and Chile and a reduction in purchases of solar panels by Enel.si, classified under discontinued operations.

Costs for “personnel” amounted to €185 million, up €13 million on the same period of the previous year, due to the expansion of the average workforce on the year-earlier period (3,558 in the first nine months of 2013 and 3,432 in the first nine months of 2012, including 103 employees of Enel.si).

Costs for “services, leases and rentals” came to €334 million, up €16 million on the same period of the previous year, mainly due to the expansion of installed capacity and an increase in fees for the water diversion concessions of the Parent Company (+€9 million), which under the Stability Act of December 24, 2012 (Law 228/2012) containing provisions for the formation of the annual and long-term State budget, were raised with effect as from January 1, 2013 to all hydroelectric plants with a nominal annual average capacity of more than 220 KW.

“Other costs” totaled €99 million, up €51 million on the same period of the previous year, mainly due to the introduction of taxes on generation from renewable resources in Greece and Spain (€33 million), higher association dues and losses on receivables.

“Capitalized costs” amounted to €65 million, up €11 million on the same period of the previous year, attributable to costs for employees involved in the design and construction of plants, partially offset by the decline in capitalized costs for wind materials.

Other items of the income statement

“Depreciation, amortization and impairment losses” in the 3rd Quarter of 2013 amounted to €185 million, an increase of €30 million mainly due to the impairment of a number of specific projects in North America and Iberia. In the first nine months of 2013, the item amounted to €540 million, an increase of €84 million compared with the first nine months of 2012, mainly attributable to the impairment losses noted above and those in respect of the photovoltaic panel manufacturing facilities of 3Sun. The increase in depreciation due to the expansion in net installed capacity was entirely offset by the positive impact of the revision of the useful lives of assets to be relinquished free of charge following the enactment of Law 134/2012 in Italy.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 “Net financial expense” in the 3rd Quarter of 2013 amounted to €51 million, a decrease of €22 million on the same period of 2012, due mainly to the capitalization of borrowing costs for specific projects under construction (€12 million). In the first nine months of 2013, the item amounted to €190 million, an increase of €23 million compared with the first nine months of 2012, mainly attributable to the rise in net financial debt, as well as exchange rate losses (€5 million ).

The “share of income/(expense) from equity investments accounted for using the equity method” in the 3rd Quarter of 2013 amounted to €5 million, a decrease of €11 million on the same period of 2012 due to the reduction in earnings from associated companies in Iberia (€9 million). In the first nine months of 2013, the item amounted to €50 million, an increase of €22 million on the same period of 2012, thanks to the rise in earnings from associated companies in North America (€15 million) and Iberia (€7 million).

“Income taxes” for the 3rd Quarter of 2013 amounted to €35 million, a decrease of €4 million on the same period of the previous year. In the first nine months of 2013, the liability amounted to €233 million, an increase of €47 million, in line with developments in pre-tax income. The effective tax rate was 37%, in line with the same period of 2012 (36%).

Net income from discontinued operations - €62 million

Millions of euro First nine months 2013 2012 Change Revenues 70 174 (104) Costs 77 175 (98) Operating income (7) (1) (6) Net financial income/(expense) 0 (2) 2 Income taxes 0 (2) 2 Result for the period net of capital gains (7) (1) (6) Capital gain from disposal of assets 69 0 69 Net income from discontinued operations 62 (1) 63

Following the disposal of Enel.si with effect from July 1, 2013, that company was deconsolidated from the same date. The results of the company up to the disposal date and the gain achieved with the sale of its equity were classified under discontinued operations. In the performance figures for the first nine months of 2012, the results achieved by Enel.si have been reported as discontinued operations to provide a more consistent representation.

The price paid by Enel Energia for all of Enel.si amounted to €92 million (subject to an estimated price adjustment at the effective date of the transfer of the holding in the amount of €11 million), which was calculated on the basis of the enterprise value at December 31, 2012 (equal to about €76 million) and the company’s net financial position at the same date (net liquidity of about €16 million). The price was paid in a single installment on the date the transfer of the holding took effect.

The capital gain realized with the sale of Enel.si, equal to €69 million including the impact of the estimated price adjustment of about €11 million, was reported under discontinued operations in the income statement in view of the fact that the transaction, while carried out between two Enel Group entities, was justified by economically substantive motivations. The price adjustment will 62

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 become definitive only after verification of the value of a number of specific items, scheduled for June 30, 2014, as provided for in the sale agreement.

The following table reports the cash flow generated by the sale of Enel.si, which totaled €80 million.

Millions of euro Net non-current assets (2) Trade receivables (44) Inventories (9) Trade payables 55 Other net current assets 0 Net current assets 2 Provisions 2 Net financial debt 10

Net assets sold 12

Sale price 92 Cash and cash equivalents (1) Cash flow before price adjustment 91 Due to Enel Energia for price adjustment still to be paid (*) (11) Net cash flow 80 (*) Price adjustment estimated in accordance with the terms of the sale agreement signed on June 17, 2013.

Earnings per share

Earnings per share have been calculated on the basis of the average number of ordinary shares, which did not change with respect to the year-earlier period. No diluting effects have to be considered in calculating diluted earnings per share, which therefore are equal to basic earnings per share.

Sept. 30, 2013 Sept. 30, 2012 Net income for the period pertaining to shareholders of the Parent Company (millions of euro) 407 278 Weighted average number of ordinary shares 5,000,000,000 5,000,000,000 Basic and diluted earnings per share (in euro) 0.08 0.06 Earnings per share from continuing operations (in euro) 0.07 0.06 Earnings per share from discontinued operations (in euro) 0.01 -

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Analysis of the Group’s financial position

Non-current assets – €15,201 million

Dec. 31, 2012 Sept. 30, 2013 Change restated Property, plant and equipment 11,686 10,878 808 Intangible assets 1,265 1,329 (64) Goodwill 894 897 (3) Deferred tax assets 332 312 20 Equity investments accounted for using equity method 585 533 52 Non-current financial assets 326 328 (2) Other non-current assets 113 83 30 Total 15,201 14,360 841

“Property, plant and equipment” totaled €11,686 million, an increase of €808 million compared with December 31, 2012 (restated), essentially the net effect of capital expenditure in the period (€816 million, including €64 million for the Buffalo Dunes project), the change in the scope of consolidation (€582 million, net of €64 million associated with the disposal of a controlling stake in Buffalo Dunes), depreciation and impairment losses (€464 million) and exchange rate losses (€115 million). Operating capital expenditure in the first nine months of 2013 amounted to €816 million, mainly in respect of wind projects in Latin America (€358 million), North America (€75 million), Italy and Europe (€77 million) and Iberia (€22 million), the geothermal segment in Italy (€100 million) and North America (€29 million), the solar segment in Romania (€52 million) and Italy (€34 million) and hydroelectric power in Italy (€29 million) and Latin America (€21 million).

The change in the scope of consolidation mainly regards the full consolidation of the Chisholm View and Prairie Rose projects in the United States (€499 million), previously accounted for using the equity method, the acquisition of the Chilean company Talinay (€125 million) and the Italian companies PowerCrop and Finale Emilia (€17 million).

“Intangible assets” amounted to €1,265 million, a decrease of €64 million compared with December 31, 2012 (restated), mainly due to amortization and impairment losses (€67 million), the change in the method of consolidation used for the Buffalo Dunes project following the loss of control (€28 million), only partly offset by the impact of the definitive determination of the fair value of the assets acquired and liabilities assumed of a number of subsidiaries in Greece and Spain (€27 million).

“Goodwill” amounted to €894 million, a decrease of €3 million compared with December 31, 2012 (restated), mainly attributable to the definitive determination of the fair value of the assets acquired and liabilities assumed of a number of subsidiaries in Greece and Spain (€15 million) and exchange rate losses (€11 million). These factors were partially offset by the change in the scope of consolidation following the acquisition of joint control of PowerCrop (€9 million), control of the French company La Vallier previously accounted for using the equity method (€5 million) and other smaller acquisitions (€7 million).

“Deferred tax assets” (€332 million at September 30, 2013 and €312 million at December 31, 2012 restated) net of “Deferred tax liabilities” (€657 million at September 30, 2013 and €599 million at 64

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 December 31, 2012 restated) showed an increase of €38 million in the net liability compared with December 31, 2012, mainly due to the recognition of net deferred tax liabilities in the period (€24 million, of which €10 million in shareholders’ equity) and the tax effect of the definitive allocation of the goodwill of the subsidiaries in Greece and Spain (€6 million).

“Equity investments accounted for using the equity method” amounted to €585 million, an increase of €52 million compared with December 31, 2012 (restated), mainly attributable to the recognition of the holding of Buffalo Dunes (€149 million), partly offset by the change in the method of consolidation used for Chisholm View and Prairie Rose following the acquisition of control, which at December 31, 2012, had been carried at a total amount of €108 million.

“Other non-current assets”, equal to €113 million, rose by €30 million as a result of the increase in VAT credits in respect of new plants.

Current assets – €1,650 million

Millions of euro Sept. 30, Dec. 31, 2012 Change 2013 restated Inventories 58 64 (6) Trade receivables 656 571 85 Tax receivables 140 63 77 Current financial assets 119 428 (309) Cash and cash equivalents 358 333 25 Other current assets 319 344 (25) Total 1,650 1,803 (153)

“Trade receivables” showed an increase of €85 million compared with December 31, 2012 (restated), mainly due to the increase in receivables for green certificates, partially offset by the impact of the deconsolidation of the receivables of Enel.si, which was sold with effect as from July 1.

“Tax receivables” totaled €140 million, up €77 million, mainly attributable to the payment on account of the income taxes of the Italian companies.

“Current financial assets” declined by €309 million compared with December 31, 2012, mainly owing to the reduction in current tax receivables of the Group finance company, Enel Green Power International BV, in respect of the Enel Group finance company (€308 million).

Assets held for sale – €33 million

At September 30, 2013, the item reported the assets in respect of the Canadian investees of Enel Green Power North America (€20 million) and the value of the investments in the Spanish associated companies Tirmadrid (€9 million) and Alvadia (€4 million), which in view of management decisions meet the requirements provided for by IFRS 5 for their classification as assets held for sale.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Shareholders’ equity – €8,234 million

Shareholders’ equity at September 30, 2013 amounted to €8,234 million (€7,953 million at December 31, 2012 restated). The change in equity for the first nine months of 2013 mainly reflects the recognition of net income for the period (€459 million), partially offset by dividends distribution (€158 million) and by the net result for the period recognized directly in equity (a negative €81 million) in respect of exchange rate losses recognized in the translation reserve (a negative €113 million) and the change in the fair value of cash flow hedge derivatives recognized in a specific reserve (a positive €30 million).

Non-current liabilities – €5,998 million

Millions of euro Sept. 30, Dec. 31, 2012 Change 2013 restated Long-term loans 4,992 4,617 375 Post-employment and other employee benefits 47 89 (42) Provisions for risks and charges 129 101 28 Deferred tax liabilities 657 599 58 Non-current financial liabilities 42 67 (25) Other non-current liabilities 131 137 (6) Total 5,998 5,610 388

“Long-term loans” rose by €375 million, mainly attributable to the change in the scope of consolidation in North America (€267 million) and specific loans granted to the Chilean and Mexican subsidiaries to finance planned investments in wind projects (€203 million).

“Post-employment and other employee benefits” decreased by €42 million as a result of the reversal of the liability recognized in respect of the transition-to-retirement plan for certain employees (see the section “Introduction - Restatement of the balance sheet and the income statement”). The change essentially reflects the termination of the transition-to-retirement plan after no employees opted to participate and the fact that a significant number of those entitled to participate in that plan instead have opted to participate in the mechanism provided for under Article 4 of Law 92/2012, as the latter offers better financial and organizational conditions, making the earlier plan no longer attractive.

The increase in “provisions for risks and charges” reflects the recognition of €40 million in respect of the termination program (under Article 4 of Law 92/2012, the Fornero Act), partly offset by the decrease of €10 million in other provisions for risks and charges following utilization of provisions in Spain and Italy (€8 million) and the deconsolidation of the provisions of Enel.si (€2 million), which was sold on July 1. On September 6, 2013, Enel Green Power, together with the other companies of the Enel Group covered by the agreement signed with the unions in May concerning the implementation of the Fornero Act, signed its own implementing agreement with the unions specifying the number of employees involved (235), the termination schedule (in 2013 and 2014 with a final deadline of January, 2015) and the benefits to which employees are entitled. As of that date, the Enel Green Power proposal could no longer be withdrawn, and accordingly a provision was recognized.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Current liabilities – €2,637 million

Millions of euro Sept. 30, Dec. 31, 2012 Change 2013 restated Short-term loans 1,187 818 369

Current portion of long-term loans 236 202 34 Current portion of long-term provisions and short-term provisions 1 2 (1) Trade payables 526 1,070 (544) Income tax payable 201 44 157 Current financial liabilities 111 89 22 Other current liabilities 375 375 0 Total 2,637 2,600 37

“Short-term loans” rose by €369 million compared with December 31, 2012, mainly due to the combined impact of an increase in the exposure to Enel Finance International (€713 million) and a reduction in the exposure of the Parent Company to Enel SpA (€341 million).

“Trade payables” diminished by €544 million, mainly as a result of the increase in settlements of trade payables pertaining to operating investments made in the 4th Quarter of 2012.

“Income tax payable” rose by €157 million compared with December 31, 2012, the result of the recognition of estimated income tax for the period of the Parent Company (€154 million).

Liabilities held for sale – €15 million At September 30, 2013, the item reports the liabilities of the Canadian investees of Enel Green Power North America, which in view of management decisions meet the requirements of IFRS 5 for classification under assets held for sale.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Net capital employed and related funding

Millions of euro Dec. 31, 2012 Sept. 30, 2013 * restated Change Net non-current assets Property, plant and equipment and intangible assets 12,951 12,207 744 Goodwill 894 897 (3) Equity investments accounted for using equity method 585 533 52 Net other non-current assets/(liabilities) (26) (62) 36 Total 14,404 13,575 829 Net current assets Trade receivables 656 571 85 Inventories 58 64 (6) Net tax receivables/(payables) 150 250 (100) Net other current assets/(liabilities) (359) (344) (15) Trade payables (526) (1,070) 544 Total (21) (529) 508 Gross capital employed 14,383 13,046 1,337 Provisions Post-employment and other employee benefits (47) (89) 42 Provisions for risks and charges (130) (103) (27) Net deferred taxes (325) (287) (38) Total (502) (479) (23) Net assets held for sale 18 0 18 Net capital employed 13,899 12,567 1,332 Shareholders’ equity 8,234 7,953 281 Net financial debt 5,665 4,614 1,051 * For more information, please see the section “Introduction – Restatement of the balance sheet and income statement”.

“Net capital employed” at September 30, 2013 amounted to €13,899 million. It is funded by shareholders’ equity attributable to shareholders of the Parent Company and non-controlling interests of €8,234 million and net financial debt of €5,665 million. The debt-to-equity ratio was 0.69 (0.58 at December 31, 2012 restated).

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Net financial debt and cash flows

Net financial debt

Net financial debt breaks down as follows.

Millions of euro Dec. 31, Sept. 30, Chang 2012 2013 e restated Long-term debt

Bank loans 1,848 1,645 203 Other loans 660 481 179 Due to related parties 2,484 2,491 (7) Long-term debt 4,992 4,617 375 Long-term financial receivables (292) (269) (23) Net long-term debt 4,700 4,348 352 Short-term debt Short-term portion of long-term bank debt 132 112 20 Drawings on revolving credit facilities 2 0 2 Other short-term bank debt 17 70 (53) Short-term bank debt 151 182 (31) Bonds - short-term portion 10 19 (9) Other loans - short-term portion 94 71 23 Other short-term financial payables and payables due to related parties 1,168 748 420 Other short-term debt 1,272 838 434 Other short-term financial receivables and receivables due from related parties (82) (382) 300 Cash with banks and short-term securities (376) (372) (4) Cash and cash equivalents and short-term financial receivables (458) (754) 296 Net short-term financial debt 965 266 699 NET FINANCIAL DEBT 5,665 4,614 1,051 Financial debt of "Net assets held for sale " 14 0 14

The increase in net long-term debt mainly reflects the change in the scope of consolidation in North America (€267 million) and loans obtained for projects in Chile and Mexico (€203 million).

The rise in other short-term debt mainly regarded the increase in the exposure to the finance company of the Enel Group.

Cash and cash equivalents and short-term financial receivables fell by €296 million, mainly due to the decline in short-term financial receivables in respect of the finance company of the Enel Group (€309 million).

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Cash flows

Millions of euro First nine months 2012 2013 restated Change

Cash and cash equivalents at the beginning of the period 333 349 (16)

Cash flows generated by operating activities 243 643 (400)

- of which discontinued operations 5 (1) 6

Cash flows used in investing activities (885) (1,067) 182

- of which discontinued operations 91 0 91

Cash flows generated by financing activities 671 430 241

- of which discontinued operations 7 0 7

Effect of exchange rate changes on cash and cash equivalents (4) 0 (4)

Cash and cash equivalents at the end of the period 358 355 3

“Cash flows generated by operating activities” for the first nine months of 2013 were a positive €243 million, down €400 million compared with the same period of the previous year (a positive €643 million). This reflected a gross operating margin, net of non-monetary items, totaling €1,259 million (up €160 million compared with the first nine months of 2012) and cash requirements associated with net current assets of €1,016 million (up €560 million compared with the first nine months of 2012). The greater use of cash related to the change in net current assets for the two periods under review was due mainly to the increase in payments of trade payables in 2013 pertaining to operating investments in the 4th Quarter of 2012.

“Cash flows used in investing activities” in the first nine months of 2013 amounted to €885 million, down €182 million compared with the same period of the previous year (€1,067 million). Cash flows used for investing activities in the first nine months of 2013 mainly regarded operational investments of €831 million (€714 million in the first nine months of 2012), partly offset by the disinvestment from the Buffalo Dunes project (€64 million) following the disposal of a controlling interest, and financial investments for the acquisition of the interest in the Chilean company Talinay (€81 million), a number of projects in North America (€140 million) and the disposal of Enel.si. (€91 million). Financial investments in the first nine months of 2012 mainly included payments on account for the acquisition of the Stipa Nayaá project in Mexico (€120 million) and the Talinay project in Chile (€27 million), as well as investments in the Chisholm View and Prairie Rose projects (€215 million).

The combined effect of the various cash flows in the first nine months of 2013 produced an increase in cash and cash equivalents of €25 million, net of exchange rate losses of €4 million.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Other information

Related parties

Related parties are identified on the basis of the international accounting standards and the instructions of CONSOB in this field. On December 1, 2010 the Board of Directors of Enel Green Power SpA approved a procedure governing the authorization and execution of transactions with related parties by Enel Green Power, either directly or through subsidiaries. The procedure (which can be found at http://www.enelgreenpower.com/it- IT/company/governance/related_parties/) sets out a series of rules designed to ensure the transparency and procedural and substantive propriety of transactions with related parties and was adopted in implementation of the provisions of Article 2391-bis of the Italian Civil Code and the implementing rules established by CONSOB. More specifically, in 2013 transactions with related parties have regarded, among others:  the management of exposures to changes in interest rates and exchange rates;  the provision of professional and other services;  the management of shared services;  transactions in electricity;  transactions in green and white certificates.

The Group carried out ordinary commercial and financial transactions with its related parties on terms equivalent to market or standard terms and conditions. In addition, during the year Enel Green Power opted to participate in the consolidated taxation mechanism of its controlling shareholder, Enel SpA. Under the provisions of the uniform tax code (Presidential Decree 917/1986, art. 117 et seq.) concerning the consolidated taxation mechanism, the Enel Green Power SpA renewed participation by the statutory deadline in the consolidated tax mechanism with Enel SpA (the controlling company) for the 2013-2015 period, consequently regulating all reciprocal obligations and responsibilities. Enel Green Power Partecipazioni Speciali Srl did not have to renew its participation as it joined the Group taxation mechanism in 2012 and the three-year period will expire in 2014.

The following table summarizes the relationships between the Group and its related parties for the first nine months of 2013:

Millions of euro Balance sheet Income statement Receivables Payables Revenues Costs at Sept. 30, 2013 First nine months of 2013 Enel SpA 3 19 - 21 Enel Servizi 1 52 - 22 Enel Produzione 69 25 - 6 Enel Trade 34 - 316 - Terna - - 7 4 GSE 373 - 234 1 GME - - 330 28 Other 29 49 73 39 Total 509 145 960 121

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

The Parent Company Enel SpA Transactions with Enel SpA mainly regard i) the centralization with the Parent of a number of support functions concerning legal services, personnel, corporate matters, and administration, planning and control activities regarding Enel Green Power; and ii) the management and coordination services performed by Enel SpA with regard to Enel Green Power.

Related parties within the Enel Group The most significant transactions with the subsidiaries of Enel SpA regard:  Enel Trade SpA: sale of electricity and green certificates by Enel Green Power SpA to Enel Trade SpA and management of commodity risk by Enel Trade SpA for the Enel Green Power Group companies;  Enel Distribuzione SpA: sale of white certificates by Enel.si to Enel Distribuzione SpA;  Enel Produzione SpA: sale of electricity by Enel Green Power SpA to Enel Produzione SpA and provision of remote operation services for hydroelectric and wind plants, maintenance of dam safety and maintenance of hydroelectric plants by Enel Produzione SpA for Enel Green Power SpA;  Enel Servizi Srl: management of purchasing services, facility services, administrative services, catering services and motor pool services by Enel Servizi Srl for Enel Green Power SpA;  Enel Ingegneria e Ricerca SpA: consulting and technical management of projects involving the construction of new plants performed by Enel Ingegneria e Ricerca SpA for Enel Green Power SpA and Group companies;  Enel Finance International BV: granting of financing to Enel Green Power SpA and Group companies;  companies in the Endesa subgroup: supply of software and hardware and transactions in electricity with the Enel Green Power España subgroup.

Related parties outside the Enel Group As a business operating in the generation of electricity from renewable resources Enel Green Power sells electricity to and uses distribution and transport services provided by a number of companies controlled by the Italian government (a shareholder of Enel SpA). Transactions with companies held or controlled by the government primarily include:  Gestore dei Mercati Energetici SpA;  Gestore dei Servizi Energetici SpA;  Acquirente Unico SpA;  Terna SpA.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Contingent liabilities and assets

Compared with the situation reported in the consolidated financial statements at December 31, 2013, which readers are invited to consult, there have been no changes in contingent liabilities and assets with the exception of the following.

LaGeo arbitration CEL has filed an appeal with the Supreme Court of Appeal of the decision of the Paris Court of Appeal, which on January 8, 2013, upheld the arbitration ruling. Press reports indicate that a Salvadoran lawyer (probably with links to the party of the President of the Republic, Mauricio Funes) submitted a petition to void the shareholders’ agreement with the Supreme Court of El Salvador. Enel Green Power was not notified of the action, only CEL. Enel Green Power will seek to be admitted as a party to the proceeding, reserving the right to seek damages on the basis of the warranties provided by the counterparty at the time the agreement was executed. In July 2013, the Salvadoran parliament passed a law approving the withdrawal of El Salvador from the Washington Convention of 1965, which allowed foreign investors to bring claims against a state before the International Center for Settlement of Investment Disputes (ICSID). Before that law was enacted, EGP had initiated a proceeding before the ICSID to preserve its rights against the interference of the Salvadoran government in EGP’s relations with CEL.

Dispute concerning EGPE wind farms in Spain On April 9, 2013 the court of first instance granted the petition of the counterparty seeking the voidance of the license for the Valdesamario wind farm. The authorization procedure was not suspended as Enel Green Power España (EGPE) has appealed the ruling and the case is now pending on appeal. On September 30, 2013, the court of first instance granted SEO’s petition to void the authorization for the Pena del Gato wind farm. EGPE has lodged an appeal of the court’s decision with Supreme Court. The ruling of the court of first instance is not enforceable pending the outcome of the appeal.

Resit Srl Resit obtained an injunction from the Court of Rome ordering payment of about €1.6 million for the acquisition of Altomonte. Enel Green Power objected and at the hearing offered €0.5 million to Resit to settle the suit. Pending continuation of the case, the parties reached a settlement agreement on July 29, 2013. The settlement provides for EGP to pay an additional €2.2 million as a development fee for the Altomonte 2 photovoltaic plant. The agreement also provided for the award to Resit of the contract to perform O&M activities for 3 years for the Altomonte 1, Altomonte 2, Istia, SEV and Paglialonga plants (at a price discounted by 10% from market values, totaling €0.7 million).

Former shareholders of Prius Enerolica vs EGPE On March 15, 2013, the proceeding was completed with an order for Enel Green Power España (EGPE) to pay about €0.3 million, as against an initial demand from the counterparty for more than €17.5 million.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 CIS arbitration proceeding vs Enel Green Power On April 5, 2013, Enel Green Power filed a counter-claim for about €44 million for losses incurred in the fires of April 22, 2011 and March 26, 2012, as well as the unwarranted conduct of CIS, which in delaying plant construction work prevented Enel Green Power from qualifying for more favorable subsidies. As part of the proceeding, Enel Green Power had asked the arbitration board to appoint a technical consultant to ascertain responsibility for the fire of April 22, 2011, which had been attributed to Enel Green Power with no scientific rationale by a previous consultant appointed by the Court of Nola at the request of CIS. At the hearing of November 4, 2013, the technical consultant accepted the appointment and the board set a deadline of February 5, 2014, for the consultant to present the final report. Pending the continuation of the arbitration proceeding, CIS and Interporto Campano have sought a preliminary injunction against Enel Green Power arguing that the installation of the photovoltaic system on the roof of the building is preventing the issue of the fire prevention certificate to the owners of the businesses operating in the premises beneath the plant. The court ordered the appointment of a technical consultant. The deadline for the appointment of the consultant is the end of November.

Enel Green Power SpA vs General Membrane proceeding associated with arbitration referred to in previous point) On March 1, 2013, Enel Green Power filed suit before the Civil Court of Rome against the contracting companies (which had formed a temporary business grouping) seeking damages for losses incurred in the fire of April 22, 2011 during the construction of the photovoltaic system at CIS in Nola. The damages sought by Enel Green Power amounted to about €16 million. The contractors have argued that they were not responsible for the loss event and are seeking damages of about €9 million from Enel Green Power. The suit is continuing. The next hearing is scheduled for December 17, 2013.

Mat B Eole vs Enel Green Power France MAT B Eole (previously a partner of Enel Green Power France) sued Enel Green Power France, alleging the illegal termination of a cooperation agreement concerning the Haut de Conges Wind Farm (28 MW), requesting damages of about €2.5 million. The preliminary phase was completed on May 14, 2013 and the date of the next hearing was set for December 12, 2013.

Enelpower do Brasil Enelpower do Brasil is currently involved in litigation concerning the PIS and COFINS taxes for a total amount of about 54 million reais. Enelpower do Brasil appealed the tax assessment, obtaining a provisional reduction to about 23 million reais. The second-level administrative court issued a ruling in June 2013 confirming the reduction of the tax liability to 23 million reais. The ruling has not yet been published in the Brazil’s Official Journal. Enelpower do Brasil intends to appeal the ruling confirming the reduction as it feels it can obtain further tax relief.

*** 74

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455 Under the terms of the sale agreement for Enel.si, Enel Green Power has undertaken to hold Enel.si harmless for any damages it might have to pay in respect of its former activities and will remain the beneficiary of any prior-period income from disputes pending at July 1, 2013. Proceedings against Enel.si pertaining to Enel Green Power are as follows.

LDK Enel.si sued LDK Solar, a supplier of photovoltaic panels, to recover $7.2 million in contractual penalties due for failing to meet delivery schedules. During the proceedings, LDK in turn demanded indemnities of $35 million from Enel.si, alleging that the latter had terminated the supply contract illegitimately. During the proceedings, the counter-claim was reduced by LDK to $11.2 million. In an order of May 13, 2013, the Court of Rome continued the suit until the hearing of November 19, 2013 for the filing of briefs and evidence.

VAT assessment against Enel.si The Piacenza Customs Office notified Enel.si of four assessments, arguing that Enel.si owes VAT on imported photovoltaic panels at the 21% rate. Enel.si has objected that VAT is due at the 10% rate. Enel.si has appealed the first three assessments separately before the Provincial Tax Commission of Piacenza, which upheld the appeals. The company will file its appeal of the fourth assessment by the statutory deadline. The Piacenza Customs Office has filed an appeal with the Regional Tax Commission of Bologna against rulings no. 63 and no. 2 of the Provincial Tax Commission of Piacenza granting Enel.si’s first and second appeals. Enel.si joined the appeal proceeding on April 8, 2013, for the first appeal, while it is about to file its counterarguments with the Regional Tax Commission of Bologna for the second appeal.

On June 3, 2013, the Finance Police – Tax Police Unit of Rome (Customs and Intracommunity VAT section) levied VAT penalties of about €1.2 million on Enel.si, which will appeal by the statutory deadline.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455

Declaration of the officer responsible for the preparation of the Company’s financial reports pursuant to the provisions of Article 154-bis, paragraph 2, of Legislative Decree 58/1998

The officer responsible for the preparation of the Company’s financial reports, Giulio Antonio Carone, declares, pursuant to Article 154-bis, paragraph 2, of the Consolidated Law on Financial Intermediation, that the accounting information contained in the Interim Financial Report at September 30, 2013 corresponds to that contained in the accounting documentation, books and records.

WorldReginfo - ec82adbe-7b1e-4ad5-b604-4dbfd6950455