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Investor Presentaiton

Sustainability=Value A sustainable business model that has delivered growth and improved visibility EBITDA dynamics (€bn) CAPEX and financial KPIs evolution Traditional model Sustainable model CAGR 2012-15: -1.7% CAGR 2015-19: +4.5% 17.9 15.8 15.5 15.0 65% 20121 2014 Target achieved 1. FY 2012 restated in 2013 according to IAS 19 +27% enel ~10 €bn ~8 €bn 23% Other 35% 77% Asset development & customer 2015 2019 2015 2019 Net debt/ 2.5x 2.5x EBITDA Net income/ 19.1% 26.7% EBITDA 7

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