Investor Presentaiton

A new regulatory framework has been established with a more stable and transparent remuneration Distribution EM endesa New regulatory framework Key features Outstanding items ◉ RAB-based mechanism ■ Standard costs for opex and capex Remuneration rate: 6.5% nominal pre-tax for the first period (1) ■Long regulatory periods: 6 years Ex-ante recognition of investments ■ Specific cost structure for non-mainland systems Standard unit values proposed by CNMC pending approval (1) First regulatory period expected to be 2015-2019 31

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