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Investor Presentaiton

1. Financial management Continued reduction in cost of debt Financial strategy for 2020-22 (€bn) Cost of debt evolution (2019-22) enel Amount Expected Current total cost¹ 4.6% cost 4.5% 4.4% 4.4% Bond refinancing 5.5 1.7% 3.7% (40) I i bps I (40) Bank loans and other financing bps 4.1 0.9% 2.8% (50) bps (70) I bps 4.2% FY 2019 4.0% Hybrid refinancing 1.1 2.6% 5.8% 3.9% 4.1% 3.8% Emerging markets 3.1 6.7% 6.7% 2019 2020 2021 2022 Total 13.8 2.7% 4.2% Cost of debt New Plan Cost of debt Old Plan Net Financial Expenses 2.3 2.3 2.3 2.2 Enel estimates on current cost associated with financial instruments 54

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