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Enel Chile Project Elqui – Roadshow Presentation

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Enel Chile Project Elqui – Roadshow Presentation Enel Chile Project Elqui – Roadshow Presentation November 20th, 2017 Chile Enel Chile Chile Agenda Project Elqui Process Overview A New Equity Story for Enel Chile Closing Remarks 2 Project Elqui Overview Chile Proposed transaction Enel Chile (“EC”) is lauching a transaction consisting of a corporate reorganization that would entail i) the merger of Enel Chile with EGP Latin America (“EGPL”), and ii) a Tender Offer (“TO”) launched by Enel Chile over Enel Generación Chile (“EGC”) Current situation 1 Cash & Stock(1) PTO 2 Merger EGP Chile – EC Similar 100.0% 60.6% 100.0% 60.6% Latin America Latin America Chile Chile Chile PTO 60-100.0% 100.0% 60.0% 99.1% 100.0% 75-100% 99.1% 100.0% 75-100% 99.1% Generación Distribución Generación Distribución Generación Distribución Chile Chile Chile Chile Chile Chile Merger subject to minimum PTO acceptance of more than 75% of EGC share capital 3 1. EC would pay part of the PTO price to subscribe and deliver the shares of EC to EGC shareholders Project Elqui Overview Chile Transaction rationale and conditions Transaction Rationale Enel SpA Minimum Conditions 1.1 Consolidating Enel Chile leadership position in the Chilean energy 1. The transaction must be executed on market space terms 2.2 Increasing Enel Chile market capitalization, resulting in greater 2. The transaction must be EPS accretive for liquidity Enel Chile 3.3 Integrating the renewable energy platform of EGPL in the 3. Enel should maintain a similar ownership conventional generation platform of Enel Chile, providing a clear and stake in EC after the Reorganization sustainable path for growth 4. Statuary maximum shareholding limit in 44. Reducing Enel Chile’s holding discount thanks to the increase of the EGC (65%) should be removed stake of Enel Chile in Enel Generación Chile, and thus lowering the minority leakage 4 Project Elqui Proposed Transaction Chile Proposed terms in line with independent evaluators and appraisers Price per Share (CLP) Evaluator / EGC / EC EGPL / EC Appraiser Ratio (x) Ratio (x) Chile Gx CLP$ 82 CLP$ 590 7.2x 15.8x 80 87 534 586 6.4 7.0 15.0 17.3 79 86 537 595 6.6 7.1 14.6 17.1 77 82 541 579 6.6 7.5 14.9 17.2 80 84 570 590 7.2 8.5 15.1 19.0 87 95 12.5 15.8 Oscar Molina Felipe Schmidt 86 98 14.0 16.2 5 Project Elqui Proposed Transaction Chile ENEL CHILE proposed transaction terms The Proposed Transaction terms: Cash ~CLP 354 60% per share • provide a fair treatment of all CLP 590 parties involved (proposed Tender Offer PTO per share terms within the ranges set by for EGC price (+20.7% vs. + undisturbed price1) independent evaluators) Stock Exchange ~2.88 newly 40% ratio ~7.2x issued shares • is compliant with the conditions EC/EGC of EC set for the Transaction • EPS accretive for EC • ENEL stake similar to EGPL CLP 1,295 per current value share Merger EC and Exchange • would preserve a sound capital EGPL ratio 15.8x EC/EGPL structure post Transaction CLP 82 EC per share Value (+16.3% vs. undisturbed price1) 6 1. Announcement day (stock price as of 25th August of Enel Chile of CLP 70.5 and Enel Generación Chile of CLP 489) Timeline and Next Steps Chile Transaction expected timetable Transaction approval (2017) Transaction execution (2018) 14 November 20 December By Mid February By Mid March By the end of 2017 2017 2018 2018 1Q 2018 Capital Increase Capital Increase preemptive preemptive period period ends Board of Directors of Board of EC EGM to EGC EGM to starts PTO settlement EC presents Directors of approve approve change and merger Transaction Proposal EGC summons Merger and in Bylaws PTO starts PTO ends effectiveness and summons EGM EGM Capital upon verification Increase of conditions precedent Under the proposed Transaction structure the PTO and the Merger will occur simultaneously with the aim of completing the Transaction during first quarter of 2018 7 Enel Chile Chile Agenda Project Elqui Process Overview A New Equity Story for Enel Chile Closing Remarks 8 Enel Chile – new Equity Story Chile Current situation Clear country focused strategy Leader in generation with 6.4GW of installed capacity (35% market 100% 60.62% share) and 9.0TWh of hydro output Chile Leader in distribution with >40% market share, being the only distributor in the Santiago area 100% 59.98% 99.09% Duplication of listed investment vehicles penalizes Enel Chile valuation (trading at an average discount to NAV of c. 10-15%) Generación Distribución Two layers minority leakage does not allow optimization of financial Chile Chile Chile structure and definition of attractive dividend policy Renewables Conventional Networks generation Perception of conflict of interest between investment vehicles on renewables growth 9 Enel Chile – new Equity Story Chile Project Elqui paves the way for a New Equity Story of Enel Chile Consolidated position of largest utility player in Chile with a diversified industrial 1 profile Undisputed leader in power Leader in distribution with >40% generation with 7.5GW of installed Similar to market share, being the only previous stake capacity and largest renewable distributor in the Santiago area platform in the Country 2 Clear path to growth through a dedicated renewable subsidiary Chile Unique investment vehicle promote interest alignment with all shareholders, and 3 100.0% 75-100% 99.1% with higher market capitalization and stock liquidity 4 Potential valuation uplift from the elimination/reduction of existing holding discount 5 Optimized capital structure with a sustainable dividend policy Generación Distribución Chile Chile Chile Conventional Renewables Networks Generation 10 Enel Chile – new Equity Story Chile 1 Largest Utility Player in Chile POWER GENERATION1 POWER DISTRIBUTION Cerro Pabellón Diversified across all technologies D. Almagro Taltal Finis Terrae Huasco Los Molles Pampa Norte Renewable platform provide growth path Valle de los Vientos Sierra Gorda Este Santiago Lalackama I & II Taltal San Isidro Uniquely positioned to play the power market transition Chanares Cachapoal D. Alamagro Maule Laja Talinay La Silla Bocamina Carrera Pinto Leaner and efficient operating structure Bio Bio Renaico Los Buenos Aires Pullinque 1 Pilmaiquén Enel Distribución Chile S.A. EBITDA 2018 breakdown : USD1.4bn EGPL 18% 63% of installed capacity corresponds to renewable resources Distribution Total installed capacity 7.5 GW Clients 1.9 million 21% Generation Market share 2017 35% Market share >40% 61% Generation 2017 20.2 TWh Concession period Indefinite Energy sales 2017 16.3 TWh Energy losses 2017 5.2% 11 1. Pro-forma including EGPL Enel Chile – new Equity Story Chile 1 Generation: Undisputed Leader in power generation well diversified across technologies Installed capacity 20171: 6.3 GW Net production 20171: 17.1 TWh Current Installed Capacity (GW) +20% +18% 7.5 7.5 20.2 6.3 0.6 17.1 1.1 0.6 1.5 0.5 1.6 63% renewables 1.5 0.5 4.2 3.7 (+42% vs average peers) 0.6 1.3 3.1 13.8 3.6 3.7 9.3 4.1 3.3 2017 2020 2017 2020 Renewable EGPL Coal CCGT Oil & Gas 2.0 EBITDA GENERATION POST - TRANSACTION 2018: USD1.1bn2 Enel Chile AES Gener Colbún Engie Energia +73% Chile 1,381 1,474 1,136 285 307 850 269 Main player in terms of installed capacity in Chile with a 1,095 1,166 market share of over 35% and uniquely positioned for the 850 866 energy transition 2017 2018 2019 2020 EGC EGPL 12 1. 2017 excluding EGPL 2. 2018 excluding holding costs of Enel Chile Enel Chile – new Equity Story Chile 1 Distribution: Leader in power distribution with >40% market share Energy sales 2017: 16.3 TWh Final clients 2017: 1.9 million 2016 Energy Sales (TWh) +6% +6% 16.0 17.3 1.9 2.0 13.0 16.3 2017 2020 2017 2020 3.2 2.8 EBITDA DISTRIBUTION 2018: USD298mm1 Enel Dx CGE SAESA Chilquinta +32% 365 Main distributor in terms of energy sales in Chile with a 276 298 328 market share of over 40% 2017 2018 2019 2020 ENEL DX 13 1. 2017 excluding holding costs of Enel Chile Enel Chile – new Equity Story Chile 1 Sales to free clients 2017 Total Chilean Free market sales (TWh) Enel Chile Free market sales evolution (TWh) (% of Total) 59% 11,1 (48%) 4,5 33 7,0 69 TWh 36 2,3 (52%) 6,6 4,7 2017 2020 Regulated Market Free Market Free Sales Gx Free Sales Dx Market share is expected to increase significantly Growth driven by an aggressive commercial strategy on the free market 14 Enel Chile – new Equity Story Chile 1 Distribution: Non regulated business boosting growth of Enel Distribución 2017 Gross margin (US$ mm) % of Margin 2020 Gross margin (US$ mm) % of Margin Dx Regulated 240 59% Dx Regulated 298 +24% 60% Subtransmission 100 24% Subtransmission 95 -5% 19% Free Market Dx 19 5% Free Market Dx 42 +123% 9% Electric grids relocation 18 4% Electric grids relocation 17 -5% 4% 409 492 US$ mm US$ mm VAS without electric grids relocation 32 8% VAS without electric grids relocation 41 +26% 8% 0 50 100 150 200 250 300 0 50 100 150 200 250 300 350 Dx regulated Sub transmission Free Market Dx Electric grids relocation VAS without electric grid relocation Important growth in all segments related to the energy distribution 15 Enel Chile – new Equity Story Chile 1 Distribution: Valuable pipeline of value added services initiatives Most valuable current and future activities out of the whole portfolio Public Lighting Infrastructure Projects Urban Development Energy Efficiency Electrical Buses .
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