Investor Presentaiton

Continued focus on efficiency aligned with regulator's aim to reduce system costs Non-mainland Generation EM endesa Key drivers Optimisation of services contracts: ✓ In-sourcing ✓ Contracts renegotiation ✓ Moving from fixed to variable costs Renegotiation of CCGT's Long-Term Service Agreements (LTSA) Coal logistics improvement More flexible organisation 58 Cash cost (k€/MW) -16% 49 2009 2013 Note: Cash cost includes recurring O&M, personnel costs and maintenance capex in nominal terms. Excluding structure costs and adjusted by perimeter 41

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