Sustainable Value Creation and Industrial Growth

Debt and financial expenses (€bn) Gross and net debt +9% Net debt evolution 56.0 51.4 6.7 7.0 37.3 8.2 6.9 (3.3) 37.4 41.1 FY 2017 FY 2018 ■Net debt Financial receivables Cash Financial expenses on debt: 2.3 €bn (-70 €mn vs. PY) 1. Net debt FY 2017 restated at 01/01/2018 to account for IFRS 9 for -111€mn enel 2.8 0.9 3.4 41.1 Dec 31, 2017 continuing operations 1 FCF Dividends paid Active portfolio management FX FY 2018 Cost of gross debt: 4.5% (-20 bps vs. December 2017) 79

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