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On July 30, 2007, Acciona, S.A. and ENEL S.p.A., through its wholly owned subsidiary Enel Energy Europe S.r.L., filed a joint tender offer statement on Schedule TO regarding their tender offer for ordinary shares and ADSs of Endesa, S.A. with the U.S. Securities and Exchange Commission.  Investors and security holders are urged to read the U.S. tender offer statement (as updated and amended), because it contains important information.  The Spanish tender offer statement and certain complementary information were authorized in Spain by the Comisión Nacional del Mercado de Valores.  Investors and security holders may obtain a free copy of the U.S. tender offer statement and other documents filed by ENEL, S.p.A. and Acciona, S.A. with the U.S. Securities and Exchange Commission on its web site at www.sec.gov, and may obtain a free copy of the Spanish tender offer statement from the Spanish Stock Exchanges and on the web site of the Comisión Nacional del Mercado de Valores at www.cnmv.es.  The U.S. and Spanish tender offer statements may also be obtained for free from Enel’s web site at www.enel.com and from Acciona’s web site at www.acciona.es .  The U.S. and Spanish tender offer statements and other complementary documents may also be obtained for free at Acciona’s and Enel’s registered offices and from Georgeson by directing a request to 17 State Street, 10th Floor, New York, NY 10004, United States of America.  The availability of the tender offer to Endesa, S.A. shareholders who are not resident in and citizens of Spain or the United States may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens.  Such persons should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions.

Acciona, S.A. and its affiliates and agents may purchase or arrange to purchase securities of Endesa, S.A. outside of any tender offer they may make for such securities, but only if permitted to do so by the laws and regulations of Spain (including receipt of approval by the Comisión Nacional del Mercado de Valores of any such purchase or arrangement to purchase, if required by such laws and regulations).  In connection with any such purchase or arrangement to purchase, Acciona will disseminate information regarding any such purchase or arrangement to purchase by filing a current report (hecho relevante) with the Comisión Nacional del Mercado de Valores, an English translation of which will be filed with the U.S. Securities and Exchange Commission and Acciona, S.A. and its affiliates and agents will rely on, and comply with the other conditions of, the class exemptive relief from Rule 14e-5 under the U.S. Securities Exchange Act of 1934, as amended, granted by the U.S. Securities and Exchange Commission on March 2, 2007.  In addition, Acciona, S.A. and its affiliates and agents may enter into agreements (including hedging transactions) with respect to securities of Endesa, S.A. if permitted to do so by the laws and regulations of Spain (including receipt of approval by the Comisión Nacional del Mercado de Valores of any such agreements, if required by such laws and regulations).

This notice may contain forward-looking statements.  Forward-looking statements may be identified by words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words of similar meaning and include, but are not limited to, statements about the expected future business of Acciona, S.A., ENEL S.p.A. or Endesa, S.A. resulting from and following the proposed transaction.  These statements are based on the current expectations of the management of Acciona, S.A. and ENEL S.p.A. and are inherently subject to uncertainties and changes in circumstances.  Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are factors relating to satisfaction of the conditions to the proposed transaction, and changes in global, political, economic, business, competitive, market and regulatory forces.  Neither Acciona, S.A. nor ENEL S.p.A. undertake any obligation to update the forward-looking statements to reflect actual results, or any change in events, conditions, assumptions or other factors.