Investor Presentaiton

Operational efficiency Efficiencies reached 300€mn in 2019 8,590 186 OPEX evolution (Єmn) (194) 8,582 I FY 2018 Perimeter IFRS 16 & Other FY 2018 pro forma (313) -1% enel Efficiencies by business 22% Ly 140 97 8,506 Efficiency CPI & FX Develop. & FY 2019 Customers 31% FY 2019 0.3 €bn 47% 88

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