Sustainability Linked Bond Investor Presentation

Ordinary EBITDA flat yoy despite COVID-19 and strong FX devaluation enel 1. 12% 19% H1 2020 8.81 €bn Net of FX c.+5% 26% 43% ■ Networks ■ EGP ■ Conventional Generation ■ Retail Resiliency of European I&N supported by regulatory frameworks Latam networks exposed to volumes Integrated margin management protected against market fluctuation Growth in renewables and efficiencies driving Global Power Generation performance Excludes extraordinary items in H1 2019 (+94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out) and H1 2020 (-82 €mn donations and emergency costs, -67 €mn impairment) 24 21

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