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Investor Presentaiton

COVID-19 Risk assessment: strategic deployment not affected, resilient business set up Macroeconomic Risks GDP & Commodities: āœ“ 80% contracted and regulated activities protect earnings from macro economic cycle Energy margin fully covered in 2020 FX: 10% simultaneous devaluation of local currencies against euro translates into max c.2% negative impact on earnings Business Risks Prices: 2020 production sold forward: Latin America 100%, Europe >80% Renewables: no material disruption in supply chain, so far deployment in line with target Distribution: minor delays in smart meter installation Retail: well diversified and resilient customer base Cost efficiencies: benefits from large scale remote working and restriction in travels enel Financial Risks Strong coverage and leverage ratios set to improve over the 2020-22 period Limited re-financing needs in the plan period Liquidity to cover 1.9x debt to mature by 2022 73
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