Investor Presentaiton

Debt (€bn) Cost of debt declined by 40 bps, Net Debt impacted by FX and IFRS16 enel Gross debt +7% 61.5 57.4 9.0 6.7 42.5 1.4 7.3 IFRS 16 8.2 (1.7) IFRS 16 1.4 41.1 41.1 45.2 Net debt evolution 1.1 4.0 45.2 (0.6) Jan 1, 2019 Dec 31 2019 Jan 1, 2019 FCF Dividends paid Active portfolio 1 management FX2 Dec 31, 2019 ■Net debt Financial receivables Cash 1. Includes New Leasing for 0,1 €bn 2. Includes foreign exchange derivatives realized in the period Cost of gross debt: 4.1% (-40 bps vs 2018) 95

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