Investor Presentaiton

Distribution Proven track record of stable cash flow generation EM EBITDA minus NET CAPEX (2011-2013) (€bn) 1.3 1.3 endesa 1.3 Robust cash flow generation 2011 2012 2013 Note: Perimeter = Endesa Distribución+ DEPCSA + Endesa Red holding. Net capex = capex net of of clients cessions Resilience in adverse market conditions 30

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