Investor Presentaiton

Continuous focus on cost efficiencies Liberalised business: Generation 1 2 EM endesa Nuclear Hydro Coal CCGTS Unit Cash cost (k€/MW) ■ Prepare the plants for long term operation ■ Flexible organization ■ Continuous improvement program ■ Disciplined investment process Contracts ■ Staff flexibility Fuel renegotiation ▪ LTSA renegotiation mix optimisation Logistics improvements ■ Virtual mothball ■ TPA gas reduction ■ Potential decommission Note: Cash cost includes O&M, personnel costs and maintenance capex in nominal terms. Excluding structure costs and fuel costs. 56 -13% 49 2009 2013 53

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