ENLAY - Enel Americas Merger With Enel Green Power LatAm Will Highlight Safety Of Minority Position

• Enel Americas will merge with Enel Green Power's LatAm operations, an unlisted subsidiary of utilities giant Enel SpA.
• The merger will skew Enel Americas' income further into generation and away from regulated utilities without imposing a financial burden.
• Ownership of Enel Americas will rise, shrinking further the stakes of minority holders of the free float.
• Concerns around related-party transactions may have been relevant 15 years ago, but Italy has evolved and this transaction will show that.
• We continue to be confident in Enel Americas as a utility business, and expect this transaction to be beneficial even before more information emerges.

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