Investor Presentaiton

Total remuneration Variable costs Investment costs ...that focuses on maximising efficiencies Non-mainland Generation E✓ endesa Overview of remuneration framework applicable from 2015 First regulatory period valid until 2019 Financial Remuneration 1 ■ Remuneration rate over net Regulatory Asset Base (RAB) of 6.5% pre-tax ■ For new investments: financial remuneration + 50% of the difference between standard and audited cost if audited < standard Depreciation 2 Fixed O&M 3 ■ Based on useful life of the asset (25 years for fossil fuel) ■ Standard unit values to be applied to availability Variable O&M 4 ■Standard unit values to be applied to operational regime Fuels 5 ■ Auction process for fuel procurement Estimated Net RAB for Endesa's non-mainland generation assets: €2.1bn Note: Company estimate for 2014 year-end net RAB. 43

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