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Investor Presentaiton

Optimised capital structure €bn) Average cost 6.4% of debt 4.5 Pre-transaction 1H2014 Net debt Re-leverage 6.4 -3.4 LatAm net debt deconsolidation 1. including Endesa Latinoamerica SA debt. Net debt including tariff deficit. -8.3 8.3 4 Endesa Key Strengths E☑ EM endesa endesa 3.0% Average cost of debt 7.5 Proceeds from LatAm sale Debt incurred for Post-transaction extraordinary dividends 21

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