Sustainable Value Creation and Industrial Growth

Operational Efficiency Driving efficiencies across all businesses Opex evolution¹ (€bn) 1234 8.6 -1% 8.5 FY 2017 FY 2018 Opex - main drivers (Єmn) Growth enel 50 50 Perimeter and One-offs² 310 In nominal terms, rounded figures. Adjustments: FY 2017 excludes +45 €mn one-offs, FY 2018 excludes +94 €mn one-offs Includes net delta Perimeter of +264 €mn Including hyperinflation in Argentina for 56 €mn Includes impact of IFRS 15 for -163 €mn CPI & Forex³ (145) Efficiency4 (315) 66

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