Investor Presentaiton

Total remuneration Variable costs Investment costs ...that focuses on maximising efficiencies Non-mainland Generation EM endesa Overview of remuneration framework applicable from 2015 Financial Remuneration 1 First regulatory period valid until 2019 ▪ Remuneration rate over net Regulatory Asset Base (RAB) of 6.5% pre-tax ■ For new investments: financial remuneration + 50% of the difference between standard and audited cost if audited < standard Depreciation 2 ■ Based on useful life of the asset (25 years for fossil fuel) Fixed O&M 3 ■ Standard unit values to be applied to availability Variable O&M 4 Standard unit values to be applied to operational regime Fuels 5 - ■ Auction process for fuel procurement Estimated Net RAB for Endesa's non-mainland generation assets: €2.1bn Note: Company estimate for 2014 year-end net RAB. 43

View entire presentation