2016 Results and solid progress toward 2014‐2019 targets 23 February 2017

2016 Results Solid Progress toward 2014‐2019 Targets

23 February 2017

Contents

2014‐2016 Achievements 3

2016 Results 5

2014‐2019 Horizon 11

2016 Results and solid progress toward 2014‐2019 targets

23 February 2017 2

2014‐2016

Achievements

2014‐2016 Achievements

Investment 2014‐19: €4,575M Efficiency 2014‐19: EBITDA margin ≥ 200b.p.

49 % 33%

EBITDA margin 2016: 76.9 %

€3,575M

€1,000M

Operating costs control

Financial structure 2014‐19: ND/EBITDA 3.5x Growth 2014‐19: EPS 5‐6 % & DPS 7 % CAGR

3.5x EPS growth 6.4 % CAGR 14‐16(*) DPS 7 % CAGR 14‐16

2014 2015 2016

(*) Target based on 2013 calculation

Strategic Plan progressing as expected

2016 Results and solid progress toward 2014‐2019 targets

23 February 2017 4

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