Sustainable Value Creation and Industrial Growth

1. 2. Financial management Continued reduction in cost of debt Financial strategy for 2019-21 (€bn) Net financial expenses on debt (€bn) enel Amount Expected Current total cost² -4% cost Bond refinancing 6.2 3% 4.2% 5.0% FY 2018 4.5% including green bonds¹ 4.6% 4.6% 4.4% 4.4% Bank loans and other financing 2.8 2.5% 2.3% 2.6 2.3 2.3 2.2 2.2 Hybrid refinancing 1.8 4.9% 6.4% Emerging markets 2.8 7.4% 7.6% 2015 2018 2019 2020 2021 Total 13.6 4.1% 4.8% ■Net financial expenses Cost of gross debt 1 €bn Green bond already issued in January 2019 Enel estimates on current cost associated with financial instruments 46

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