Investor Presentaiton

Variable cost (€/MWh) Environmental investment in selective coal generation plants Liberalised business: Generation 1 2 3 E✓ endesa Endesa's coal plants enjoy the most competitive position in the thermal gap Endesa's estimated performance of plants in the thermal gap CCGT ancill. serv. Coal Offer cost Domestic coal Imported coal 1,159 MW 1,469 MW Lit. Almeria 1 Lit. Almeria 2 Note: Company estimation for 2015. CCGT Opportunity cost Invest in imported coal plants Action Plan Most competitive technology in the thermal gap ■ Attractive returns for environmental investments 1,101 MW 1,200 MW Puentes Teruel Compostilla Output (GWh) Option to invest in domestic coal plants ■ Competitive generation technology Environmental investments are an open option 56 56

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