Investor Presentaiton

Non-mainland Generation New regulation framework underway with a more stable and transparent remuneration... EM endesa Key aspects Outstanding item Key features from the new regulatory framework ■ RAB-based mechanism Remuneration rate: 6.5% pre-tax for the first period Long-term regulatory periods: 6 years ■ More efficient standard costs ■ No compensation on new investments if market share is greater than 40% ■ Ownership of pumped hydro plants / regasification plants to be transferred to Red Electrica / Enagas ■ Green cent and 7% generation tax to be considered as recoverable costs 42

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