Investor Presentaiton

Potential sources for incremental remuneration Realise full potential of new regulatory framework Distribution 1 2 EM 3 endesa 4 Opportunity to outperform vs. standard unit costs ■ Economies of scale: the largest distributor in Spain ■ Cost efficiencies achieved to date ■ Further potential optimisation of opex and capex + Incentives ■ Fraud and losses: specific recovery plan in place for non-technical losses ■ Quality: best-in-class position in quality indexes 34

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