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Investor Presentaiton

Proven track record of operational efficiency FM Endesa Key Strengths EM endesa endesa Distribution cash cost (1) (€/customer) -43% 94 53 2009 2013 Generation cash cost (2) Supply cash cost (k€/MW) -13% (€/customer) -21% 56 32 25 49 2009 2013 Note: Cash cost includes recurring O&M, personnel costs and maintenance capex in nominal terms. Excluding structure costs, fuel costs and adjusted by perimeter Net capex excluding smart meter. Perimeter: Endesa Distribución + DEPCSA + Endesa Red holding (1) (2) (3) Figures include mainland and non-mainland generation business, excluding logistics and mining business. Net recurrent capex. Compared to 2011 rather than 2009 due to the timing of the liberalisation of the sector. Includes acquisition costs (3) 2011 2013 18
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