Sustainable Value Creation and Industrial Growth

Solid improvement in profitability, returns, and credit metrics enel Profitability +600bps FFO/Net debt Long term credit rating +200 bps Rating Outlook BBB+ Stable S&P 27% 27% 25% 25% 24% Moody's Baa2 Stable 19% 8.2% 8.7% 8.8% 2015 2017 2018 2015 2017 ■Net income/EBITDA O ROIC FFO/Net debt Fitch A- Stable 2018 80

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