Investor Presentaiton

Financial management Debt evolution reflecting capital allocation dynamics enel FY 2019 45.2 Net debt evolution (€bn) +1.4 ~45.9 ~46.8 ~47.3 ~47.3 42.1 Source of funds allocation 2020-22 (€bn) 1.4 (28.7) (14.7) 2019E 2020 2021 2022 Sources of funds Incremental Debt Gross capex Dividends 52

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