Enel OGK-5 Investor Presentation

April 2013

Agenda

• Enel’s overview: international expansion

• Enel OGK-5 in brief

• Power plants

• 2008-2012 results

Major milestones

Market evolution and energy margin

Fixed costs and EBITDA

CAPEX and net debt

2012 key results and achievements

• 2013-2017 strategic update

New DAM price scenario

Key priorities

Technical KPIs

Energy margin

Fixed costs

EBITDA

CAPEX

Cash flows

Conclusions

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1. As of December 31st 2. Including 24 GWh produced in Ireland, out of perimeter since October 2012 3. Including gas clients

Enel’s overview: international expansion

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Enel SpA

Investor Relations

Enel OGK-5 in Brief

Enel OGK-5 Investor Relations

Enel OGK-5 is a wholesale generating company spun off from RAO UES as part of the Russian power sector reform

Majority stake owned by Enel S.p.A., a global utility

Enel OGK-5 owns four thermal power plants in European Russia with the total gross installed capacity of 9.6 GW, which sell power and capacity to the wholesale market and heat to households

Moody’s credit rating: Ba3, stable outlook

Key facts

Key numbers (2012)

Ownership structure1

* Ownership through PRF Partners Fund I

1. RDIF – Russian Direct Investment Fund; MRIF – Macquarie Renaissance Infrastructure Fund; Xenon – ‘Rusenergo’ fund of Xenon

Capital Partners; AGC – AGC Equity Partners

2. Company estimations

44.5 TWh net output

50.7 TWh power sales

66.5b RR revenues

15.0b RR EBITDA

5.6b RR net income

Free-float:

~9%2

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Enel SpA

Investor Relations

Power Plants1

1. Gross capacity 2. Average free power price in 2012

Enel OGK-5 Investor Relations

Moscow

Fuel mix Asset location and description

All plants in 1st price zone

Favourable fuel mix

Two highly efficient CCGTs commissioned under capacity contracts (DPM) with guaranteed returns on investments

Advantages

Price zone I (1,005 RUR/MWh)2

Price zone II (703 RUR/MWh)2

‘Non-price’ zones (regulated tariffs)

Enel OGK-5 investor presentation

2008 – 2012 Results

2008-2012 results Major milestones

Leveraging on Enel expertise with sizeable impact on company operations

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2008 2012

1H 2008

Enel S.p.A. acquires control

of OGK-5

2H 2011

Two new CCGT units commissioned

830MW efficient capacity added

1Q 2011

SAP WISE platform launched

2H 2009

Zenith project kick off

90 initiatives in efficiency and

savings

1H 2012

Consortium of four domestic and

international funds acquires 26% stake

in Enel OGK-5 1H 2009

Coal suppliers diversification

starts

2009 2010 2011

2H 2010

Reftinskaya revamping programme

kicks off

3Q 2008

Board approves Code of Ethics and Zero Tolerance to

Corruption

1H 2009

LT financing secured at

favorable terms in spite of crisis

0.5b EUR raised by 2010 at 4%

1H 2010

O&M restructuring project started

New CCGTs 1.6 BRUR margin from power sales and 4.2 BRUR capacity revenues generated in 2012

2008-2012 results Market evolution and energy margin

Gaining advantage from creation of competitive market Solid margin expansion even in adverse environment

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Market liberalization regulated power sales shrinking to ca. 15% of total sales

Fuel cost management Strong dark spread increase over 5 years

Energy margin evolution (BRUR)1

1 Represents margin from power sales and capacity revenues; heat margin not included

2 Vs. average Enel OGK-5 DAM selling price

2008-2012 results Fixed costs and EBITDA

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EBITDA evolution (BRUR)1 Costs evolution (Th RUR/MW installed, CPI adjusted)

1 EBITDA numbers for 2010-2012 as reported (with no provision adjustments)

Key cost cutting initiatives implemented:

- O&M personnel restructuring and 1st wave of restructuring of staff functions

- O&M service and material consumption control and optimization

- Overhead costs reduction

- Water consumption control actions

3x EBITDA increase over 5 years

stemming from energy margin expansion coupled with fixed costs

containment

Fixed costs

O&M costs

2008-2012 results CAPEX and net debt

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Leverage evolution (BRUR) CAPEX (BRUR)1

Over 70 BRUR invested in 2008-12

including ~30 BRUR into CCGTs at Nevinnomysskaya and Sredneuralskaya

Net debt Net debt/EBITDA

Leverage peak passed in 2010-2011

1 CAPEX paid

2008-2012 results 2012 key results and achievements

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Solid results maintained notwithstanding challenging market dynamics

Key facts Key results

2011 2012 %

Net power output 42 433 44 509 5%

Power sales 47 862 50 744 6%

2011 2012 %

Revenues 60 102 66 546 11%

EBITDA 13 550 15 021 11%

EBITDA margin 22,6% 22,6% -

Net income 4 964 5 553 12%

Net debt 27 443 24 968 -9%

Operating results (GWh)

Financial results (MRUR)

Earnings growth maintained despite weak market prices

Strengthened and enlarged cooperation with key fuel suppliers

New shareholders: 4 Russian and International Investment Funds

Launch of new Operation Organization prepared: shift from “shop” to “unit”

New Maintenance Organization implemented

ISO and OHSAS certificates revalidated for HQ and all the power plants

SAP WISE: increased utilization and completed functionality

CCGTs: first year of full operations

2013 - 2017 strategic update

1 All numbers presented within this chapter are under Enel IFRS IAS unless otherwise indicated

Enel OGK-5 investor presentation

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2013-2017 strategic update New DAM price scenario

Impact of new entrants

New entrants production replaces

‘old’ TPP’s

Net capacity additions in Enel OGK-5 markets in 2013-17:

Center: +8.3 GW South: +5.6 GW Urals: +6.7 GW

Gas vs. DAM assumptions1

DAM price lags behind gas tariff growth

High risk of gas spreads contraction

Fuel cost containment increasingly crucial

1 DAM price evolution in Enel OGK-5 markets (Centre, South, Urals)

TWh

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2013-2017 strategic update Key priorities

Optimizing plant operations in response to the evolving market competition

Market environment and regulatory Efficiency

Leverage on Enel Group’s expertize in delivering excellence projects

Optimization of fuel costs via continuous improvement of supplier portfolio

Financial Discipline

CAPEX optimization to ensure sound cash flow generation

Focus on life-extension and environmental investments assuring stable profit generation in the long-term

Continuous monitoring and proactive contribution to new market model

development

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2013-2017 strategic update Technical KPIs

Installed capacity, GW

Net output, TWh

Coal: 25 MW increase due to revamping

CCGT: unchanged

Conventional gas: 80MW decrease due to decommis-sioning of outdated phase 1 at Sredneuralskaya in 2016

Coal: 21-22 TWh output per year in 2013-17

CCGT: gradual availability improvements drive net output up to 5.8 TWh in 2017

Conventional gas: gradual output decrease mainly due to the impact from new entrants

Optimizing plant operations in response to the evolving market competition

CCGT and Coal KPIs

CCGT availability

78%

2012

91%

2017

Reftinskaya unplanned outage

9%

2012

6%

2017

Reftinskaya utilization on available capacity

88%

2012

90%

2017

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2013-2017 strategic update Energy margin

Energy margin growth secured by fuel portfolio optimization and increase in equipment efficiency and availability

DAM sales (RUR/MWh)1

Capacity sales (TH RUR/MW/month)

‘Kdam’ revision

Energy margin, BRUR2

1 Fuel costs on the graph represent blended OGK-5 fuel costs (coal and gas) in RUR/MWh

2 Represents margin from power sales and capacity revenues; heat margin not included

~27.5

~32

Optimization of fuel costs via continuous improvement of supplier portfolio

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2013-2017 strategic update Fixed costs

Actions identified to maintain an acceptable costs level

O&M costs (Th RUR/MW installed, CPI adjusted)

Moderate increase in O&M costs attributable to maintenance costs associated with CCGT technology

Fixed costs (Th RUR/MW installed, CPI adjusted)

Flat CPI-adjusted fixed costs dynamics mainly due to containment of personnel and overhead costs

Key cost containment actions

Leverage on Enel Group’s expertize in delivering excellence projects

Final stage of O&M restructuring: Restructuring of O&M area, introduction of multiskilling in Operation

Second wave of restructuring of staff functions

Review of maintenance strategy for conventional gas fired plants

O&M cost and material consumption control and optimization

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2013-2017 strategic update EBITDA (BRUR)

Challenging targets to be achieved by continuous efforts in all company areas

2012-2015 EBITDA CAGR:

12%

15

~16.5

~21

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2013-2017 strategic update CAPEX

Essential stay-in-business investments

CAPEX 2013-17

Maintenance CAPEX

Other

RGRES revamping

RGRES 500MW unit filters

Other environment and safety

RGRES dry ash

CAPEX by year (BRUR)

2013 ~7.5

2014 ~7

2015 ~11

2016 ~8

2017 ~9

Total CAPEX:

~42.5 BRUR

Key features

CAPEX for 2013-17 reduced versus old business plan

RGRES and SGRES revamping projects modified

Environmental investments in priority to ensure Reftinskaya continuous operations

Maintenance CAPEX strictly focused on base and half-peak generating units

Focus on life-extension and environmental investments assuring stable profit generation in the long-term

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2013-2017 strategic update Cash flows

Solid positive free cash flows

~5

Cash flow (BRUR)

In

flo

w

Ou

tflo

w

Operating CF + WC

CAPEX

Free cash flow

Debt servicing ~5

CAPEX optimization to ensure sound cash flow generation

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2013-2017 strategic update Conclusions

2008 2012 2013-17

A prominent player on the generation market

A promising fuel mix

Acquired by foreign investor

Necessity to undergo massive investments

One of sector leaders in profitability

Benchmark setter in cost management

Stable corporate system

Transition from negative to positive FCF

Maintaining the solid track record of constant

earnings growth

Longer-term confidence in future brought by life extension of key assets

Strengthened balance sheet position and cash

flow generation

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This presentation contains certain statements that are neither reported financial results nor other historical information (“forward-looking statements”). These forward-looking statements are based on Enel OGK-5 ’s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel OGK-5 to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel OGK-5 does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Disclaimer

Enel OGK-5 investor presentation

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Alexey Leonov (Head of IR)

+7 495 539 31 31 ext. 7631

alexey.leonov@enel.com

Visit our website at:

www.ogk-5.com

(Investor Relations)

Contacts

Enel OGK-5 investor presentation