Investor Presentaiton

Continuous focus on cost efficiencies Liberalised business: Generation 1 2 EM 3 endesa Homogeneous total cash cost (excluding fuel & CO2) Greater than average spending Less than average spending Coal power and CCGT plants (Solomon Associates) Potential under-spending (-20% of plants) Pacesetters (best practice) Typical range Potential over-spending (-30% of plants) 0% CCGT Puentes Compostilla Puentes (coal) Teruel Besós Pego Cristobal Almería Colón San Roque 25% 50% 75% 100% Coal power plants CCGT plants Coal plants among the pacesetters and CCGTs aligned to market conditions Notes: Solomon Associates benchmark composition: 450 thermal groups (coal, CCGT and fuel oil) worldwide. Based on "equivalent generation complexity" (EGC), driver used to compare the plants in an homogeneous way. Each power plant, with its characteristics, has a different EGC. Configuration, utilization of fuel factors are analysed. Cash cost includes O&M & personnel costs and maintenance capex in nominal terms. Excluding structure costs. Data from year 2012 for Compostilla, Teruel, Besós and Pego; year 2011 for Almería, Puentes (coal), Colón and Puentes (CCGT). 54 5.4

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