Investor Presentaiton

Proven margin resilience even during an unprecedented adverse market context Endesa Key Strengths EM endesa 3 EM endesa Adverse market conditions Endesa EBITDA evolution 2011-2013 2011-2013 impact -3.6% (€bn) 4.0 Demand contraction Reduced thermal gap -31% Lower electricity prices -11% Regulatory reform -€10.5bn Managerial actions ■ Focus on efficiencies and synergies ■ Active management of fuel procurement ■ Effective integrated management of liberalised business Sources: REE, OMIE, Ministry of Industry document of July 12, 2013. -1.3 3.3 2011 EBITDA Regulatory External Managerial measures impact actions 2013 EBITDA Company estimates 20

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