Investor Presentaiton

Market and Sector Trends Stable and financially balanced electricity sector EM endesa Energy reform virtually completed... No further tariff deficit expected ...with potential upsides System revenues minus costs (€bn) Surplus 1.2 0.5 0.2 ✓ Stable regulation Deficit -3.2 2013 2014E 2015E 2016E Expected accumulated system surplus of €1.9bn in the 2014-2016 period Source: Unesa. Note: Figures rounded up. Additional detail in annexes. 14

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