Investor Presentaiton

Market and Sector Trends Significant signs of recovery in electricity demand EM endesa Accumulated electricity consumption index for industrial customers (12 months) (LTM, yoy, index with year 2009=100) Total mainland demand growth September 2014 103 +5% 108 aug 2013 aug 2014 Source: REE. Note: Industrial customers with more than 450 kW contracted (~1/3 of total demand in 2012) Total mainland demand is adjusted by weather conditions and seasonality Monthly demand growth (%, yoy) +1.6% ■ Accumulated demand growth (9 months, %, yoy) +0.3% 13

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