Investor Presentaiton

($/bbl) Commodities to remain stable throughout the plan period New Industrial Plan EV endesa Brent ($/ton) 110 107 104 100 Coal-API2 87 81 83 78 2013 2014E 2015E 2016E 2013 2014E 2015E 2016E ($/mmbtu) Gas TTF CO2 price (€/ton) 9.0 10.5 7.0 9.6 9.6 8.9 6.0 5.0 2013 2014E 2015E Note: Commodity projections based on internal Business Plan assumptions. 2016E 2013 2014E 2015E 2016E 25

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