Investor Presentaiton

Regulatory reform is almost complete, with potential upside from outstanding items. Liberalised business E✓ endesa Generation Outstanding items Mothballing mechanism to solve current market overcapacity ■ New capacity payment scheme concerning additional capacity from 1/1/2016 ■ Domestic Coal: ✓ Mining Plan 2015-2018 ✓ Environmental capacity payment ■ Reform of the ancillary services market Supply ■ Social tariff: new threshold based on economic criteria Adoption of Energy Efficiency Directive ■ Distributed Generation ■ New regulated tariff based on hourly billing 51

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