Investor Presentaiton

Debt (€bn) Gross debt +2% 61.5 63.0 9.0 7.6 45.2 8.3 (0.2) 7.3 47.1 45.2 Net debt evolution 0.1 2.2 enel (0.2) 47.1 Dec 31, 2019 Mar 31, 2020 Dec 31, 2019 FCF Dividends paid Active portfolio management 1 2 FX Mar 31, 2020 ■Net debt Financial receivables Cash 1. Includes New Leasing for 0,07 €bn 2. Includes foreign exchange derivatives realized in the period Cost of gross debt: 3.9% (-20 bps vs year end 2019) 115

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