Sustainable Value Creation and Industrial Growth

Global Infrastructure and networks EBITDA evolution1 (Єbn) +3% € mn Growth 200 enel EBITDA FY 2018 by geography 2% 25% 140 Efficiency 7.6 7.4 Perimeter and One-offs² 440 26% 7.6 €bn 47% FX (220) Italy South America Scenario and margins (365) ■Iberia RoE FY 2017 FY 2018 1. Rounded figures. 2. FY 2017 includes one offs for -135 €mn, FY 2018 includes one offs for +124 €mn. Net delta Perimeter is equal to +181 €mn 75

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