Sustainable Value Creation and Industrial Growth

Risk management Operating risk: natural margin hedge from retail portfolio Integrated margin - Generation GM vs retail GM enel Hedging position on price driven production Coal & Gas 13% Renewables + Nuke Hedging of CDS-CSS based on scenario/market 87% Natural hedging with retail portfolio Generation Gross margin Pool price indexed Ren & Nuke hedged price vs 2018 +13% Large customers Small and medium customers Retail margin vs 2018 = 100% +19% = 62% Retail portfolio 2019 2020 49

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