Investor Presentaiton

Relevant factors to be considered for adequate comparisons from 2014 onwards EV endesa D&A Capital Structure EBITDA 2014 (E): ~€ 2.9bn ▪ Extended D&A life to reflect the expected useful life of plants ■Releveraging Associates ▪ IFRS 11 Consolidation Tax ■ New tax draft 65 59

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