Sustainable Value Creation and Industrial Growth

Capital allocation 1. 2. Growth driven by networks and renewables Capital allocation 2019-21 (€bn) 16.5 4.8 6.2 Total by business¹ 4% 28% X 9% 11.6 30% 11.1 66% 1.1 52% 64% 2.5 25% 15% 1.3 Asset development Customers Asset management It excludes other equal to -0.1 €mn. Thermal generation includes nuclear. Calcukated on 2018 target Excluding the impact of our asset rotation programme enel Incremental EBITDA² (€bn) 2018 target vs X 2021 +1.0 +1.2 +0.4 +0.5 +0.5 32

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