Acciona's investment in Endesa is a transaction made autonomously and decided solely by Acciona in the framework of its growth strategy in the electricity industry.

There was no prior contact, much less collusion, by Acciona with Endesa or its managers or with any other shareholder or potential investor, including E.On and Gas Natural.

The acquisition was made in the market, at a fixed price of €32 per share, at which it is considered that the investment will be profitable for Acciona's shareholders. Nevertheless, the investment is not exempt from the risks faced by any investment in the stock market.

With the acquisition of this stake, Acciona is investing in a long-term business project and it is confident that its investment will also be beneficial for Endesa, its shareholders and other strategic partners that own or may come to own significant holdings with a view to participating in management. The investment does not involve acquiring control over Endesa's decisions. Acciona is not making this investment for speculative purposes, although it reserves the right to the utmost autonomy in decision-making about its investment and its disposal when and if that is in its shareholders' interests.

Acciona is interested in increasing its holding in Endesa up to a percentage that does not trigger an obligatory tender offer (i.e. without attaining 25%, as provided under current law) except where circumstances make this inadvisable.

To that end, Acciona has non-binding indications of the availability of financing to acquire an additional 10% of Endesa and has arranged a hedge to neutralise the risk of fluctuation in the acquisition price on an additional 3.629% with respect to the price paid to acquire the initial 10%. An increase in the stake is conditional, at all events, upon obtaining the mandatory authorisation from the National Energy Commission, in accordance with Royal Decree-Law 4/2006, of 24 February. That authorisation will be applied for immediately.

Acciona expressly states that it assumes no commitment to acquire more shares in the same price conditions, and that it will decide freely in view of the circumstances, without any time limit.

Finally, Acciona wishes to make it clear that its investment in Endesa should not be viewed as hostile to any party since it is coherent with the corporate interests of Endesa and its shareholders.