Sustainable Value Creation and Industrial Growth

Our delivery Management actions have driven higher returns and enel shareholder remuneration Value creation spread 120 bps 8.2% 7% 8.8% Shareholder return - DPS (€/sh) +75% Value creation 0.28 250 bps 0.237 0.18 0.16 MIN 0.21 0.28 DPS 6.3% 2015 2018 2015 2016 2017 2018 =ROIC1 -WACC EPS 0.28 0.32 0.36 0.40 1. Adjusted for IFRS15 and WIP 11

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