Investor Presentaiton

0.2% Spanish GDP Improving macroeconomic environment with attractive prospects Market and Sector Trends EM endesa (0.1%) (0.3%) (0.1%) (0.4%) (0.4%) (0.4%) (0.4%) (0.5%) (0.8%) Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 2015E GDP growth (%) 1.5% 1.4% 0.8% 0.8% 0.3% Q4 2013 0.4% 0.2% 0.1% Q1 2014 Q2 2014 0.6% Spanish unemployment rate 10Y bond yield (%) 27% 8 7 26% 26% 26% 6 26% 25% 5 26% 24% 4 3 24% 24% 2 1 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 2015E Employment growth (%) 0.8% 0.8% 0.5% 0.5% 0.2% 0 Oct-09 Apr-10 Oct-10 Apr-11 Oct-11 Apr-12 Spread vs. Bund (bp) 213 143 I 124 Euro Spain France Portugal Italy Spain i Italy Portugal Euro France I Portugal Italy I Spain I France average (1)L average (1) Source: INE, EPA, Economist Intelligence Unit's latest estimates as of October 2, 2014 (from August/September, 2014), and Bloomberg as of October 6, 2014. (1) Euro average includes the following countries: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden and the UK. 35 12 Oct-12 Apr-13 Oct-13 Apr-14 Oct-14 ⚫Spanish -German

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