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Investor Presentaiton

Active fuel procurement creates additional value Liberalised business EM endesa Gas procurement contracts (current portfolio) Rasgas 16% Sonatrach 16% 6bcm Medgaz 16% GasNat 35% ■ 2/3 of LNG (year 2013) ■ Recently signed 2 contracts with USA Nigeria 16% From 100% indexed to Brent to 50% indexed to HH by 2020 Coal procurement contracts (current portfolio) Main Actions Active management of gas and coal to provide an additional source of margins: ■ Diversion ■ Shipping ■ Wholesale operations Wholesale market margins (2013) South Africa; 8% USA; 4% Chile; 1% Russia; 5% 8tn Indonesia 53% Colombia 29% High geographical diversification (€m) 24 79 Coal & Logistics Gas 50

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