Investor Presentaiton

Earnings and targets Visible value creation for our shareholders enel 2019-22 Earnings growth 2019 2020 2021 2022 CAGR Ordinary EBITDA (€bn) 17.9 18.6 19.4 20.1 +3.9% Net ordinary income (€bn) 4.8 5.4 5.8 6.1 +8.3% Value creation 2019-22 CAGR Pay-out ratio 70% 70% 70% 70% Implicit DPS (€/sh) 0.328 0.37 0.40 0.42 +8.6% Minimum guaranteed DPS (€) 0.32 0.35 0.37 0.40 +7.7% 65

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