ENEL’S NET ORDINARY INCOME UP 18.6% IN 1Q 2017 DUE TO LOWER FINANCIAL EXPENSES AND REDUCED IMPACT FROM MINORITIES

 The improvement in performance in Latin America was more than offset by a decline in margins in Iberia, mainly in generation, and the effects of the change in the scope of consolidation  Ordinary EBITDA: 3,763 million euros (3,871 million euros in the first quarter of 2016, -2.8%)  EBIT: 2,525 million euros (2,670 million euros in the first quarter of 2016, -5.4%)  Due to a 42 million euro increase in depreciation, amortisation and impairment  Group net income: 983 million euros (939 million euros in the first quarter of 2016, +4.7%)  The increase was due to a decline in net financial expenses and a reduction in minority interests, which more than offset the contraction in EBIT  Group net ordinary income: 943 million euros (795 million euros in the first quarter of 2016, +18.6%)  In addition to the above factors, the increase reflects the lower impact of extraordinary items in the first quarter of 2017  Net financial debt: 39,282 million euros (37,553 million euros at the end of 2016, +4.6%)  The increase was attributable to acquisitions in the period (notably the Brazilian distribution company CELG) and the payment of the interim dividend for 2016, the effects of which were partly offset by an increase in cash flow from operations (+12% compared with first quarter of 2016). 2 Francesco Starace, Chief Executive Officer and General Manager of Enel, remarked: “The results for the first quarter of 2017 showed significant progress, with net ordinary income increasing over the same period of last year, despite a decline in EBITDA. In Italy and Spain, our two most mature markets, we saw an increase, albeit a modest one, in electricity demand, with rising prices, especially in the Iberian peninsula as a result of various factors. Among these, in addition to rising demand, were a decrease in renewables generation and a contraction in exports from France due to the temporary shutdown of a number of nuclear plants in the country. In Latin America, we experienced demand growth in all the countries in which the Group operates, with the sole exception of Colombia. Another positive sign was the appreciation of the major South American currencies against the euro. During the quarter we also completed the acquisition of Celg Distribuição S.A. ("CELG"). The first three months of this year have also confirmed the validity of our plans to boost efficiency and our efforts to increase cash flow in support of investment in growth. The performance in the quarter results makes us confident in the effectiveness of our actions, in line with our strategy, whose intrinsic flexibility enables us to adapt to the complexity of the environments in which we operate and will allow us to continue to create value for all our stakeholders. We will continue to work tirelessly to this end, and we confirm our year-end targets.”