Sustainability Linked Bond Investor Presentation

...that has been recognized by Rating Agencies Fitch Ratings Global leadership in networks and renewables, geographic diversification and defensive business mix with merchant activities only representing c. 20% of EBITDA. Strong track record of delivery, largely manageable impact of the pandemic and financial targets achievable despite the crisis.¹ S&P Global Ratings Enel's key credit measures to continue gradually improving from 2020 onward, thanks to earnings growth stemming mostly from additional renewables capacity and sustainably high investments in networks enel Enel's LT rating Rating Outlook MOODY'S Progress in delivering against strategic priorities. Increasing international diversification with corresponding reduction in the proportion of earnings from Italy. Improving business risk profile as a result of continuing investment in networks and renewables³. 123 Extract from Fitch Rating Report dated 1st Oct 2020. Extract from S&P Research Update dated 3rd July 2020 Extract from Moody's Credit Opinion dated 12th June 2020. A- Stable BBB+ Stable Baa2 Positive 8

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