Sustainable Value Creation and Industrial Growth

Capital allocation Increased capex plan focused on asset development enel and customers Capex plan1 (Єbn) +12% 27.5 24.6 6.2 6.1 4.8 4.1 EBITDA evolution by investment (€bn) +20% 0.1 1.0 2.1 19.4 16.5 14.4 16.2 2018-20 old plan 2019-21 new plan EBITDA 2018 Asset development Customer Asset management EBITDA 2021 ■Asset development Customer ■Asset management Asset management pre-tax cumulated cash generation above 32€bn 1. It includes 1.6€bn BSO capex 31

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