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Investor Presentaiton

Our vision in numbers ...supported by ongoing delivery and focus on efficiencies FY 2019 8.5 8.5 Opex evolution (€bn) -9% 0.5 (0.1) (1.2) 7.7 enel Efficiencies by business 26% 5% 31% 2019E CPI & Forex Growth & Perimeter Efficiency 2022 32% Net operating expenses on gross margin 28% 1.2 €bn 38% 40 40

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