Investor Presentaiton

Key assumptions Key assumptions General macro Unit 2014E 2015E 2016E Spain GDP growth y-o-y % 0.8% 1.4% 1.6% Portugal GDP growth y-o-y % 0.9% 1.3% 1.5% FX US$/€ 1.34 1.32 1.31 Spain CPI Portugal CPI do do % 0.2 0.6 1.2 % 0.2 1.0 1.3 Energy market Unit 2014E 2015E 2016E Electricity demand - Spain TWh 245 250 255 Gas final uses bcm 23 23 24 Thermal gap TWh 61 69 68 Key commodity prices Unit 2014E 2015E 2016E Brent US$/boe 107 104 100 Coal US$/t 78 83 87 Gas US$/mmbtu 8.9 9.6 9.6 CO2 €/t 6 7 9 Pool prices €/MWh 42 49 53 EV endesa 77

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