• Acciona does not rule out increasing its participation up to a percentage that would not require launching a takeover bid
• The transaction amounts to € 3,388 million

Madrid, 25 September 2006.- Acciona has acquired, through a market transaction, 10 per cent of the share capital of Endesa at 32 euros per share. This investment, financed by Banco Santander, has already been communicated to the CNMV.

Acciona does not rule out increasing its participation up to a percentage that would not require launching a takeover bid once the Comisión Nacional de la Energía authorises the acquisition of a larger stake.

The acquisition of 105,875,211 shares amounts to € 3,388 million, which represents an implicit PE multiple for 2006 of 11.5 times.

The acquisition of this reference stake in Endesa supports Acciona´s growth strategy in the energy sector and strengthens its industrial project of transition towards a more sustainable energy model.

Endesa´s Business Plan 2005-2009 envisages an annual net profit growth rate higher than 12 per cent and an investment over € 14,000 million. In addition, Endesa will dedicate over € 7,000 million to pay ordinary dividends in the period, on top of 100 per cent of capital gains obtained from asset divestitures.

Endesa is the leading electric company in the Spanish and Latam markets and third in the French and Italian markets. It possesses an efficient and diversified generation mix and a strong recurrent cash generation.

The Spanish electric sector has one of the largest growths potential in its environment both in demand, as well as in expected tariff increases.

Acciona Energía operates in the renewable energy sector and has a total installed capacity of 2,800 MW as of June 2006. Endesa´s Business Plan contemplates reaching 3,000 MW of renewable energy capacity in 2009.

Acciona, one of the leading Spanish corporations has operations in twenty countries in all continents in, amongst other activities, transport, renewable energiy, hidraulic resources, environmental and urban services, construction, real estate development and hospital management.

In the first half of 2006, Acciona achieved a turnover of € 2,873 million (an increase of 37.3% vs. first half of 2005), EBITDA of € 458 million (an increase of 52.1%), and a net profit of € 188 million (an increase of 38%). Investments amounted to € 1,555 million, increasing 218% over the previous year. Acciona is quoted in the selective Spanish Stock Exchange Index IBEX-35 (ANA.MC), and its market capitalisation is over € 7,200 million.