Enel Chile
BTG Pactual 9th Latin American CEO Conference October, 2018 Enel Chile Agenda
Enel Group leader in energy transition
A new structure to face the future
Chile & Company context and future expectations
Businesses overview
Sustainability
Financials
2 Enel Group 2014 - 20171 Enel Chile is part of one of the world’s leading integrated electricity and gas operators
#1 private network operator globally #1 Renewable operator 65 mn end users and 44 mn digital meters ~40GW managed capacity3 +4.5 mn end users +6 GW +8.4 mn smart meters2 +80% additional capacity
20 mn free retail customers #1 in Italy, Iberia and top 3 in Latam 47 GW thermal capacity Highly flexible and efficient assets +5 mn free customers +20% electricity sold in free market
Enel X +5.7 GW demand response
1. 2014-2017 delivery. As of 2017E 2. Including replacement of smart meters 2.0 in Italy. Enel global market share equal to 24% (BNEF 3Q17 Energy Smart technologies market Outlook) 3. Consolidated capacity equal to 37 GW (including 25 GW of large hydro) 3 Enel Chile Agenda
Enel Group leader in energy transition
A new structure to face the future
Chile & Company context and future expectations
Businesses overview
Sustainability
Financials
4 Enel Chile – Restructuring process Project Elqui paves the way for a New Equity Story of Enel Chile
Past situation Current situation Enel Chile Shareholders1
17%
2% 5% 100.0% 60.6% ~62%
14% 62%
Latin America Chile Chile
Enel SpA 100.0% 60.0% 99.1% 100.0% 93.6% 99.1% Chilean Pension Funds ADRs (Citibank N.A.) Retail Generación Distribución Generación Distribución Institutional Investors Chile Chile Chile Chile
Unique investment vehicle promote interest alignment with all shareholders Enel Chile successfully issued its first 10-year US$1,000 million Yankee Bond
1. As of September 30, 2018, excluding the withdrawal rights shares. 5 Enel Chile Businesses lines new structure
Conventional Infraestructure and Renewables Market Enel X Generation Networks
. 2,808 MW of installed capacity. . 4,654 MW of installed capacity. . Indefinite concession in most . Better positioned to face the . New growth opportunities populated area in the country liberalization of the Chilean through new services, products . Well diversified mix of . Opportunity to invest in the with the largest consumption. market. and solutions over this new generation assets with all kind of largest NCRE player in the business line. technologies. country. . The most efficient distribution . Opportunity to sale energy Company in the country in terms outside the concession area. . Chile is better prepared in Latin . Operational efficiency leading to . Lower needs of maintenance of energy losses. America to assimilate the increased availability of our capex implies better profitability transition of the energy sector. power plants. for ours Shareholders. . Potentially changes in the Distribution regulation will boost . Efficient thermal capacity to . Technology improvement the digitalization process. mitigate hydrology risk benefits NCRE load factors.
5 dedicated businesses lines 6 Enel Chile Largest Utility player in Chile in installed capacity and number of clients
CONVENTIONAL GENERATION NCRE GENERATION POWER DISTRIBUTION
Finis Terrae D. Almagro Pampa Norte
Taltal Cerro Pabellón Valle de los Vientos Sierra Gorda Este Lalackama I Huasco Lalackama II Los Molles Taltal Santiago San Isidro Chañares Talinay Oriente Cachapoal Diego de Almagro Maule Talinay Poniente Bocamina Laja Bio Bio La Silla Carrera Pinto Enel Distribución Chile S.A.
63% of installed capacity Renaico corresponds to Los Buenos Aires renewable resources Pullinque
Pilmaiquén
Clients 1.9 million
Total installed capacity 6.4 GW Total installed capacity 1.2 GW Market share >40% Market share 2017 34% Generation 2017 3.1 TWh Concession period Indefinite Generation 2017 17.1 TWh Energy distributed 2017 16.4 TWh Energy losses 2017 5.1% 7 Enel Chile Agenda
Enel Group leader in energy transition
A new structure to face the future
Chile & Company context and future expectations
Businesses overview
Sustainability
Financials
8 Enel Chile The evolution of the world energy sector
Urbanization Decarbonization Electrification Demand growth
Distribución Generación In 2040 Electricity By 2050, Over 175 GW Electric vehicle demand will grow globally 6.3 billion people Renewable capacity sales will reach 1.5 million by more than half will live in cities added in 2017 in 2018 compared to today’s level
The energy sector is experimenting a deep transformation Digitalization and customer centricity will change the sector paradigm
Source: United Nations 2014; BNEF 2018 and WEO 2017 9 Enel Chile Chile Key Macro Assumptions
Chile GDP Growth (%) Exchange Rate (CLP$ / US$)
3.4 3.5 649 606 611
1.5
2017 2018 2019 2017 2018 2019
Chile CPI (%) US CPI (%)
3.1 2.4
2.6 2.1 2.1 2.3
2017 2018 2019 2017 2018 2019
Source: Consensus Forecast as of March 2018. 10 Enel Chile Expected Businesses KPI’s – Diversified & efficient portfolio
Net production (TWh) Energy Sales (TWh) +2.1% +4.4% 17.6 19.8 20.2 17.1 0,3 0,3 1,1 1,2 24.7 24.9 25.2 26.3 0,3 0,1 0,6 1,7 1,7 1.9 2.3 4.3 0,1 1,2 1,1 3.4 5,0 1,6 4.3 4,0 3,9 5.6 5.8 6.8 3,1 2,7 14,2 18.5 17.0 11,6 16.0 15.2 9,1 9,7
2016 2017 2018 2020 2016 2017 2018 2020 Hydro Coal CCGT Wind Solar Geo Fuel-gas Regulated Gx Non regulated Gx Non regulated Dx
Distributed energy (TWh) Distribution Clients (mn) +6.0% +5.1% 17.3 1.8 1.9 1.9 2.0 15.9 16.4 16.4
2016 2017 2018 2020 2016 2017 2018 2020 11 Enel Chile EBITDA breakdown by business (US$ mn) +29%
1,824 307 1,417 2 1,179 1,139 269 365 1,041 296 273 298 285
1,166 796 916 895 866
(41) (33) (29) (16) (14) 1 1 1 2015 2016 2017 2018 2020 Enel Gx Enel Dx EGP Enel Chile
Guidance:
1. Referential average exchange rate was 649.11 Ch$/US$ as of December 31th, 2017. 2. Refers to twelve-months EBITDA in EGP Chile. 12 Enel Chile Capex expenditures (US$ mn)
518 512 5 458 31 1 6 416 405 7 4 152 208 102 140 120
122
323 314 281 311 183
2015 2016 2017 2018 2020
Enel Gx Enel Dx EGP Enel Chile
Historical investment higher in generation with a progressive switch to NCRE in future years
13 1. Refers to twelve-months Capex in EGP Chile. Enel Chile Agenda
Enel Group leader in energy transition
A new structure to face the future
Chile & Company context and future expectations
Businesses overview
Sustainability
Financials
14 Enel Chile Enel Generación Chile EBITDA Evolution (US$ mn) Gross Capex (US$ mn)
+35% (43%) 1,166 323 866 75 183 47 248 136
2018 2020 2018 2020 Growth Maintenance
Key Drivers: Key Drivers: - Better hydrological conditions since 2019. - New Capacity: Los Cóndores. - Diversified generation mix mitigates hydrology risk - High environmental standards. - Contractual position allows to defend margins - Maintaining high standard of operational when spot prices fall down efficiency.
Notes: Nominal values 15 Enel Chile Highly contracted profile going forward
PPAs
TWh 21.3 22.1 20.9 20.9 19.9 17.9 18.2
13.0 10.7 10.1 8.4 7.9 8.3
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Enel Gx
16 Enel Chile Enel Green Power Chile EBITDA Evolution (US$ mn) Gross Capex (US$ mn)
+14% +571% 307 268 208 12
31 196 9 22 2018 2020 2018 2020
Growth Maintenance
Key Drivers: Key Drivers: - New Capacity (commercial operations 2021). - Maintaining high standard of operational Efficiency. - High environmental standards. - Risk free PPA with no exposure to spot price. - Maintaining high standard of operational - Commercial operations of new plants increasing our efficiency. production in full operating 1,757 GWh/year approx.
Nominal values 17 Enel Chile Enel Green Power Chile - Highly contracted profile going forward
PPAs
TWh 5.2 4.9 4.9 4.6 4.5 4.2 4.2 4.4 4.3 3.3 3.2 3.2 3.1
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
EGP
18 Enel Chile Clear path to growth in renewables through EGP Chile
Strong pipeline with clear construction strategy
Start commercial Start commercial GWh/ Technology MW operation in 2021 operation in 2024 Location year (GWh)1 (GWh)2
Solar PV 979 2.480
Wind 124 451
Geo 33 236
Total 1,136 3,167 952 1,180
Pipeline diversified by technology and geography
78% of pipeline has synergies with plants under operation
Competitive pipeline with short time to market, actionable based on commercial opportunities (PPAs)
1, Energy awarded in energy bidding in 2016. 19 2, Energy awarded in energy bidding in 2017. Enel Chile Enel Distribución Chile
EBITDA Evolution (US$ mn) 1,2 Gross Capex (US$ mn) 1,2 +23% (20%) 152 365 298 122 54 66
96 57
2018 2020 2018 2020 Growth Maintenance
Key Drivers: Key Drivers: - Quality plan (installation of 800 telecontrol - Regulated Business: Solid growth in new equipment). clients and stable regulatory environment - Smart Meters - Efficiencies: Efficiency plan allow a stable - Transmission projects (new substation, Opex during the period capacity extensión in current substations)
1, Nominal values 20 2, Figures doesn’t included the new technical resolution Enel Chile New technical regulation enhances new opportunities Continuity indexes SAIDI1 SAIFI Commercial quality Hours Times
Average SAIDI of Define standards of care and proactive Enel Distribución communication to customers in 2017, 3.8 8.5 5 6 4.5
2018 2020 2018 2020
Smart Meters % of clients with smart meter Minimum functionalities: Requires the implementation • Remote measurement of consumption of “Smart Meters” systems in 100% • Warning of lack of supply (required 80% a maximum period of 7 years 40% from 2022) • Remote connection / disconnection 2021 2023 2024
Since October 2018, new Technical Norm will be applied by distribution companies. Enel Distribution guidance does not include these new opportunities.
1, Figures by municipalities. 21 Enel Chile New business structure in distribution to face future challenges Regulated Unregulated
Distribution Commercialization Enel X • Free competition • E City • Regulated monopoly • Bilateral agreements with suppliers • E Industry • Price Cap –Yardstick Competition and customers • E Home • Standard company assets at market prices • E Mobility • Discount rate before tax 10% • Efficient O&M
Transmission • Regulated monopoly • Stability in the distribution business serving the Metropolitan • Revenue Cap region • Existing real assets at market prices • Capture of new clients inside and outside the concession area • Variable discount rate (min 7% post tax) • Expected growth in other non regulated business • Efficient O&M • Remunerated extension via tenders
22 Enel Chile Enel Distribución Chile – Commercialization (sales to free clients)
Energy sales to Free Market (TWh) Portfolio and strategy 4.3
3.4 • Diversified portfolio of energy purchases of more than 2 TWh-year of energy (12 suppliers in 2017) 2.3 1.9 • Energy sales to final customers nationwide. • Leader in sales in distribution segment: almost 300 clients from different commercial and industrial sectors. • Significant growth in free market resulting from the transfer of 2016 2017 2018 2020 customers from the regulated market. • Enel Dx has already signed 30% of the regulated market that can Regulatory Framework be transferred to the free market in 2018. Access to liberalized market depends on the user connected power: • <500 kW: regulated market • 500 – 5,000 kW: free choice between regulated and free market. • >5,000 kW: mandatory free market
Enel Distribution is a leader in free market sales in the distribution segment
(*) By 2015 customers with connected power over 2,000 kW had to negotiate their tariff in the free market. The change in the law that raised the limit to 5,000 kW also prohibited that customers over 2,000 kW could be transferred to the regulated market until 2019, so in practice there are no regulated customers above 2,000 kW. 23 Enel X Our portfolio of solutions in the 4 Global Product Lines
e-Industries e-City e-Home e-Mobility
Consulting and auditing Installation. maintenance Charging infrastructure Smart lighting service and repair services (public & private)
Distributed generation Fiber optic wholesale Automated home Maintenance and other on/off site network management services
Distributed generation & Energy efficiency Financial services OEM back-end integration energy services
Demand response and Demand response and Home 2 Grid Vehicle Grid Integration Flexibility demand side management demand side management
Addressing new customer needs with innovative technologies 24 Enel Chile Opex efficiencies*
Networks Renewables Thermal Retail US$/customers kUS$/MW Generation US$/customers kUS$/MW
-17% -12% -11% -9%
17 14 39 32 34 30 35 32
2018 2020 2018 2020 2018 2020 2018 2020
Efficiencies in all existing businesses lines
* Figures to 2018’s FX and CPI 25 Enel Chile Agenda
Enel Group leader in energy transition
A new structure to face the future
Chile & Company context and future expectations
Businesses overview
Sustainability
Financials
26 Enel Chile
A company ready to compete globally
JULY 2018 JULY JUNE 2017 JUNE
Generación Enel Chile SEPTEMBER 2018 SEPTEMBER
FTSE4Good Index Series is designed FTSE4Good Index Series is designed to measure the performance of to measure the performance of Enel Chile became part of the Dow companies demonstrating strong companies demonstrating strong Jones Sustainability Chile Index (DJSI Environmental, Social and Governance Environmental, Social and Governance Chile). (ESG) practices. (ESG) practices.
http://www.ftse.com/products/indices/FTSE4Good http://www.ftse.com/products/indices/FTSE4Good
27 Enel Chile Engaging the local communities
Enel commitments to the global SDGs1 Contribution of Enel Chile to Enel target on SDGs
Chile 17.900 160.000(*) 417.400
Chile target 2020 +32.100 +70.000 +150.000
1. SDG: Sustainable Development Goals
(*)Beneficiaries, YTD 2016 28 Enel Chile Decarbonizing the energy mix and environmental sustainability
SDGs Main Actions Targets
Action for climate change Development of renewable capacity +150 MW
Investment in environmental 117 MM€ improvements in existing plant
Environmental Sustainability
Installation of a desulphurization Sustainable cities and communities plant in Tarapacá in 2016
Two operational dome in Bocamina Reduction of contamination power plant in 2018
29 Enel Chile Agenda
Enel Group leader in energy transition
A new structure to face the future
Chile & Company context and future expectations
Businesses overview
Sustainability
Financials
30 Enel Chile Cumulated Cash flow generation (2018-2020) US$ bn
4.9
(0.1) Current (0.8) 3.6 Net Income payouts confirmed (0.5) 2018 60% 2019 65% 2020 70%
(1.5)
0.6 (1.5)
(1.8) (1.2)
Ebitda Change in Taxes Paid Net Interests FFO Capex Dividends FCB before Extraordinary FCF Prov. NWC Paid Paids Ext. Elqui 0.9 (0.1) 0.0 (0.4) 0.4 (0.3) (0.0) (0.2) (1.8) (1.7) Impact
Extraordinary operations consider Elqui’s project impact (financing) Better company’s profile with optimized capital structure and sustainable dividends policy 31 Enel Chile Optimized financial structure
Optimization of financial structure Gross and Net Debt (US$ bn)
ND/EBITDA pre ND/EBITDA post 0.6x1 2.3x ND/EBITDA: 2.3x 1.4x
3.8 3.5 0.5 1.6 0.9
3.3 3.3 1.1 2.6
0.6 2018 2020 Net debt EC Pre Net debt EGPC Cash out for PTO Net debt post Elqui Elqui (93.55% of final stake Net debt Cash in Enel Gx)
Efficient capital structure with a healthy leverage level and investment grade rating
1. Considers the new shares of the capital increase as of result of the reorganization. 32 Enel Chile Dividend payout ratio will increase to 70% in 2020
Dividend (CLP$) Dividend payout ratio
Dividend yield 5.3% 5.4% 2020
1 2019 70% 3.91 3.24 2018 65% 1 2017 3.15 2016 2.48 60% 55% 50% 0.76 0.76
2016 2017 Interim Final
Market Cap will increase its value over US$ 9.0 billions more than doubling the market value of nearest competitor.
1. Considers the number of shares before the reorganization. 33 Enel Chile Higher liquidity and float will increase the weight in IPSA and MSCI
Larger free float and enhanced liquidity1 Average Daily trading volume (US$ mn) Increase in Market Cap (US$ mn)2
USDbn Top 15 pre Elqui +55.6% Market Cap 5.6 # Company +36.4% (US$ mm) 1 SACI Falabella 23,548 2 Empresas COPEC 21,204 3.6 3 Banco de Chile 16,410 0.8 4 Banco Santander Chile 15,633 5 SQM 14,265 6 Enel Americas 13,113 3.0 7 CMPC 10,188 2.2 8 BCI 9,431 9 Latam Airlines 9,293 10 Enel Chile 8,721 11 Cencosud 8,498 Pre transaction Post transaction Pre Elqui EGC Minorities EnelEGPLChile 12 AntarChile 8,258 (93.55% of stake) 13 Enel Generacion Chile 6,510 14 SM del Banco de Chile 6,363 15 Itau CorpBanca 5,234 Total float of US$ 3.0 bn equivalent to the float of the three nearest competitors.
1, EGPL value mark-to-market using current price of Enel Chile shares of CLP 72 per share. 2. Source: Bloomberg as of April 30th, 2018 34 Enel Chile – Closing Remarks Project Elqui paves the way for a new equity story of Enel Chile
Renewed Diversified Shareholder Undisputed Industrial across interests’ market Profile all power allignement leader segments
Optimized Potential Higher capital stock value capitalization structure upside and liquidity
26 35 Enel Chile Contact us
SUSANA CATALINA CLAUDIO PABLO GONZALO REY GONZÁLEZ ORTIZ CONTRERAS JUAREZ
Head of IR Enel Chile Head of IR Enel Investor Relations Investor Relations IR New York Office Generación Chile Associate Associate
+56 2 2630 9606 +56 2 2630 9603 +56 2 2630 9506 +56 2 2630 9585 +1 (212) 520 1025 [email protected] [email protected] [email protected] [email protected] [email protected]
For further information, visit our IR site at: www.enelchile.cl
36 Enel Chile 1H 2018 consolidated results 1H 2018 consolidated results Chilean highlights
EBITDA increased 11% driven by the consolidation of EGP and a better generation mix Net income, excluding the effect of the sale of Electrogas, maintained stable
Generation business
EGP EBITDA amounted to USD 57mn in three months of operations Enel Generation EBITDA increased 5% reaching USD 373mn in 1H 2018 driven by higher hydro generation
Distribution business
Stable contribution margin in distribution
Group Restructuring
Purchase of 100% stake in EGP and 34% stake in Enel Generación Debt refinancing (through an international bond issuance) successfully completed, with an optimal financial structure achieved
Sustainable long-term value creation
Enel Chile Group included in the FTSE4Good Series Index
38 1H 2018 consolidated results Generation business – Operating highlights
Installed capacity: 7.5 GW Net production: 9.3 TWh Energy Sales: 11.5 TWh
+19% +11% +1% 11.4 11.5 7.5 9.3 Spot 8.3 0.2 0.1 6.4 0.7 Non regulated 2.6 0.1 1.2 0.1 3.5 1.7 1.6 0.6 0.6 2.2 2.2 2.3 2.9 8.6 7.9 3.5 3.5 3.6 4.6 Regulated
1H 2017 1H 2018 1H 2017 1H 2018 1H 2017 1H 2018
Hydro Oil-Gas Coal NCRE
39 1H 2018 consolidated results Distribution business – Operating highlights
Electricity Distributed: 8.3 TWh Number of customers: 1.9 mn SAIDI1: 230 minutes
+2% +2% +3%
8.1 8.3 225 230 Other 1.85 1.90 0.6 0.5 1.4 1.7 Tolls 1.2 1.1 Industrial 2.7 2.7 Commercial
2.3 2.3 Residential
1H 2017 1H 2018 1H 2017 1H 2018 1H 2017 1H 2018
1. SAIDI: System Average Interruption Duration Index during the last twelve months. 40 1H 2018 consolidated results Sustainable long-term value creation
Climate change and TCFD1 guidelines Strong commitment to environmental sustainability
Risk/opportunity deriving from non financial information related 2015 Paris agreement sets a «well below 2°C» to the climate change target by the end of century
TCFD voluntary guidelines released mid-2017 Contribution to Enel Group goal science Implementation support letter signed by both based CO2 emission reduction <350gCO2/kWh eq Enel’s CEO and CFO
Enel Chile participate to different working group on climate change Multidisciplinary working group set up to assess reference scenarios to be adopted at Enel level so as: Acción Empresas, CLG (Líderes empresariales contra el Cambio Climático), Pacto Global Chile y Latam.
Low carbon future economically beneficial
1. Task Force on Climate-related Financial Disclosure 2. By 2020 vs 2007 3. Long Term Incentive 41 1H 2018 consolidated results Financial highlights (USD mn)
1H 2018 1H 2017 Δ yoy
Revenues 1,846 1,978 -6.7%
Contribution Margin 774 682 +13.4%
Reported EBITDA 556 501 +10.9%
Reported EBIT 397 371 +6.9%
Financial Result (63) (16) +280.9%
Other Non Financial Result 5 178 -97.1%
Reported EBT 340 533 -36.3%
Income Taxes (85) (130) -34.8%
Reported Group Net Income (attibutable) 200 277 -27.8%
Gross Capex 231 129 +79.2%
Net debt 3,666 590 +521.8%
FFO 311 167 +86.5%
1. Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 611.57 CLP/USD and for the Balance Sheet using the closing exchange rate 651.21 CLP/USD.. 42 1H 2018 consolidated results Reported EBITDA by business (USD mn)
+11%
57.2 556 501 16.6 (7.9) (11.4) 145 153 57
356 373 (8) (19)
1H 2017 Generation EGP Distribution Holding 1H 2018 Reported Reported EBITDA EBITDA
GX EGP DX HOLDING
1 Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 611.57 CLP/USD. 43 1H 2018 consolidated results From reported EBITDA to reported net income (USD mn1)
556
5 (158) 397 (63) 340
(85) (55) 200
1H 2018 D&A EBIT Financial Others EBT Income Minorities 1H 2018 Reported result non op. Results Taxes Reported Group EBITDA Net Income (attributable)
1H17 501 (130) 371 (16) 178 533 (126) 277 (USD mn)
Change YoY +11% +22% +7% +281% -97% -36% -35% -57% -28%
1. Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 611.57 CLP/USD. 2. Consider Depreciation, Amortization and Impairment profit (impairment’s reversal). 44 1H 2018 consolidated results Gross Capex (USD mn)
Gross capex Growth capex by business line Capex addressed by business
+79% +83% 231 158 1 15% +84% 15 59% +83% 1% 129 158 86 231 0 8 +96% 124 86 +47% 63 25% 51 35 8 +178% 22 15 +19% 18 1H 2017 1H 2018 1H 2017 1H 2018
Connections Maintenance Growth Networks Renewables Thermal Generation Other
45 1H 2018 consolidated results Free cash flow (USD mn)
(28) (143) 556 (74) 311 (231) 80
(287)
(368)
Reported Δ Working Income Financial FFO Capex FCF Dividends Net EBITDA Capital Taxes expenses paid FCF & Others
1. Comparisons between periods in the Financial Income Statements are made using the average exchange rate for the period 611.57 CLP/USD. 46 1H 2018 consolidated results Debt and financial expenses (USD mn)
Gross and net debt Net debt evolution
3,666 +209% 1,064 -6 3,924 1,732 258
1,272 3,666 287 682 590 590 2017 1H 2018 2017 Net Extraordinary Perimeter FX + Others 1H 2018 Net Debt Cash Net Financial FCF Items EGP CHILE Net Financial Debt Debt
• Financial debt includes derivate and not includes financial expenses and other consolidation adjustments. • Debt in UF and CLP its converted to US Dollars using the 2Q 2018 closing Exchange rate 651.21 CLP/USD. • New Perimeter : Financial positions during the integration of EGP Chile to the Group. • Extraordinary Items : New issuance related to Elqui Project. 47 1H 2018 results Closing remarks
1H18 EBITDA increased 11% respect to previous year
Generation, characterized by better hydrology in 1H18
Consolidation of 1.2 MW of new renewable capacity, EGP Chile
Distribution, characterized by greater investments in line with our strategy to digitalize our grid and improve our networks.
FFO generation proved to be solid thanks to our operating growth
48 Enel Chile Forward-Looking Statements
This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of Enel Chile S.A. (“Enel Chile”) and its management with respect to, among other things: (1) Enel Chile's capital investment program; (2) trends affecting Enel Chile's financial condition or results of operations; (3) Enel Chile’s dividend policy; (4) the future impact of competition and regulation; (5) political and economic conditions in Chile and in the countries in which Enel Chile or its related companies may operate in the future; (6) any statements preceded by, followed by or that include the words “believes,” “expects,” “predicts,” “anticipates,” “intends,” “estimates,” “should,” “may” or similar expressions; and (7) any statement that is not a historical fact. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include, but are not limited to, the following: (1) Enel Chile may fail to realize the business growth opportunities, revenue benefits, cost savings and other benefits anticipated from the proposed reorganization described herein (the “Reorganization”); (2) Enel Chile may incur unanticipated costs associated with the proposed Reorganization; (3) potential integration of Enel Chile and Enel Green Power Latin America may be difficult and expensive; (4) Enel Chile following the consummation of the proposed Reorganization may not be able to retain key employees or efficiently manage the larger and broader organization, which could negatively affect its operations and financial condition; (5) the proposed Reorganization may be delayed or may not be consummated, negatively affecting the market price of Enel Chile’s stock; and (6) the other risk factors discussed in Enel Chile’s Annual Report on Form 20-F for the year ended December 31, 2016, under the heading “Item 3.D. Risk Factors.” There can be no assurance that the proposed Reorganization or any other transaction described in this presentation will in fact be consummated in the matter described or at all. These forward-looking statements are made only as of the date hereof. Enel Chile undertakes no obligation to update these forward-looking statements, except as required by law. 49