Investor Presentaiton

€bn A more efficient capital structure derived from releveraging the company EV endesa 1H 2014 Net debt / EBITDA 2.6x 0.4x June 2014 Extraordinary dividend Post €6.4bn extraordinary... Net debt(1) 1.1 (1) +6.4bn 7.5 EBITDA 2014 Guidance 2.9 2.9 €2.1bn of tariff deficit receivables as of 1H 2014 Note: Net debt defined as Non-current financial liabilities + Current financial liabilities - Cash and cash equivalents - Financial derivatives recognised under assets, as per Annual Report. (1) Endesa Spain & Portugal Net debt as of June 30, 2014 (Endesa ex-Enersis minus deconsolidation of Endesa Latinoamerica SA Net Debt). 67

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