Investor Presentaiton

Disclaimer EV endesa Disclaimer/Notice to Recipients This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) and information relating to Endesa, S.A. (the "Company") that are based on the beliefs of its management as well as assumptions made and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events and are subject to risks, uncertainties and assumptions about the Company and its subsidiaries, including, among other things, the binding offer received from Enel in connection with the acquisition of our business in Latin America and the subsequent distribution of an extraordinary dividend, which are subject to approval and execution, the development of its business, trends in its operating industry, regulatory developments and future capital expenditures. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates, guidance or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates, guidance or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Furthermore, if different assumptions had been used, the future projections, expectations, estimates, guidance and prospects included in this presentation would likely vary from those included herein, and any such variation could be material. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others: changes or developments in governmental regulation, environmental regulation and other regulatory matters; electricity prices; commodity prices; interest rates; the availability of fuel; the ability to maintain relationships with suppliers, customers and customer advocacy groups; changes in climatic conditions; widespread adoption of energy efficiency measures; the failure to successfully implement the Company's business expansion plans; risks inherent to the construction of new power generation and distribution facilities; changes in general economic, political, governmental and business conditions; operational risks and hazards; the loss of senior management and key personnel; insufficient insurance coverage or increases in insurance cost; the failure of information and processing systems; the inability to access capital to refinance debt and fund capital expenditures; and various other factors that could adversely affect the Company's business and financial performance. Should one or more of these risks or uncertainties materialize, or should underlying assumptions regarding future events or circumstances prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. None of the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation. Forward-looking statements speak only as of the date of this presentation and the Company expressly disclaims any obligation or undertaking to release any update of, or revisions to, any forward- looking statements in this presentation, including any changes in its expectations or any changes in events, conditions or circumstances on which these forward-looking statements are based. Certain information contained in this presentation is based on management accounts and estimates of the Company and has not been audited or reviewed by the Company's auditors. Recipients should not place undue reliance on this information. This presentation includes certain non-IFRS financial measures which have not been subject to a financial audit for any period. Certain financial and statistical information contained in this presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. To the extent indicated, certain industry, market and competitive position data contained in this presentation come from third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in this presentation may come from the Company's own internal research and estimates based on the knowledge and experience of the Company's management in the markets in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change. Accordingly, undue reliance should not be placed on any of the industry, market or competitive position data contained in this presentation. The information contained in this presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the information. You are solely responsible for seeking independent professional advice in relation to the information contained herein and any action taken on the basis of the information contained herein. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. THIS PRESENTATION DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SOLICITATION OF ANY OFFER TO BUY ANY SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE SHARES. 2