Uría & Menéndez and Ramón & Cajal Abogados advise in Endesa transaction

Endesa, S.A. announced on March 27, 2003 that it had sold 36.800.000 shares in Repsol YPF, S.A., which account for 3.01% of its share capital, to Spanish and foreign investors by means of a block trade arranged by BBVA Bolsa, S.A. and Morgan Stanley & Co. International, at a price of ? 13.75, per share, representing gross proceeds to Endesa, S.A. of ? 506 million. This is the largest block transaction in the Spanish stock exchanges since May 2002.

Uría & Menéndez, with a team lead by partner Luis de Carlos and associate Javier Redonet acted as special legal counsel to Morgan Stanley & Co. International Limited as to matters of Spanish law.

Endesa, S.A. was advised by Spanish firm Ramón & Cajal Abogados as to matters of Spanish law.

Endesa, S.A. is the Spanish largest utility company with more than 20.5 million customers in 12 countries. Endesa, S.A. recorded revenues of ? 17,238 million and net income of ? 1,270 million in 2002. Endesa, S.A. has informed that this divestiture is contemplated in its Strategic Plan announced in February 2002 and updated in October 2002, which envisages disposals of non strategic assets for a total amount between ? 6 - 7 billion in the period 2002-2006.