Investor Presentaiton

Revenues and Costs of the System EV endesa 2014E 2015E 2016E €m Revenues Access Revenues Capacity Payments Balance 19,374 19,423 19,984 14,641 14,677 14,781 705 691 1,045 Capacity payments revenues 1,462 1,470 1,483 Capacity payments 757 779 438 Taxes & CO2 (Law 15/2012 proceeds) 3,125 3,147 3,238 Non-Mainland compensation (50% financed by State Budget) 903 908 920 Regulated Costs 19,138 18,891 18,810 Transmission & Distribution 6,606 6,870 6,964 Interruptibility 550 0 0 Non-Mainland Compensations 1,806 1,815 1,840 Renewables Premiums 6,950 6,950 6,950 Tariff Deficit Amortisation Annuities 2,967 2,967 2,967 Other costs 259 289 89 Deficit (-)/ Surplus (+) 236 532 1,174 Source: UNESA. 81

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