Sustainable Value Creation and Industrial Growth

Our pillars Operational Efficiency Driving efficiencies across all businesses Opex evolution (€bn)1 -7% FY2018 0.6 0.1 (1.2) 8.5 8.7 Efficiency by business 23% enel 33% 1.2 €bn 8.1 36% 8% 2018 CPI & Forex Growth Efficiency 2021 2 ■ Networks ■ Thermal generation ■ Retail Other 1. Total fixed costs in nominal terms (net of capitalization) 2. Of which CPI +0.9 €bn and forex -0.3 €bn 23 23

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