Investor Presentaiton

Infrastructure & Networks Current regulatory framework in Europe¹ 12 1. 2. As of February 2020 WACC review by 2022 Italy Iberia Romania WACC real pre tax 2019 5.9% 6.0% 6.9% Next Regulatory Period 20242 2026 2024 Regulatory Period 4+4 Length (years) 5 Metering Owned by Ownership DSO Owned by DSO Owned by DSO Smart meter Yes No Yes inclusion in RAB enel 133

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