Exhibit 8.1



|                                                    |  |                                                                          |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|--------------------------------------------------- |  | ------------------------------------------------------------------------ |  | -------------------------- |  | --------------- |  | ----------------- |  | ------- |  | -------- |  | ----------------
|Corporate Name                                      |  | Corporate Purpose or Line of Business                                    |  | Location                   |  | VotingRights(%) |  | DividendRights(%) |  | Capital |  | Reserves |  | Net Income(Loss)
|ELECTRICITY BUSINESS SPAIN AND PORTUGAL             |  |                                                                          |  |                            |  |                 |  |                   |  |         |  |         
|DISTRIBUTION                                        |  |                                                                          |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|ENDESA Red, S.A.                                    |  | Distribution activities                                                  |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 729.6   |  | 678.5    |  | 174.7           
|Distribuidora de Energía Eléctrica del Bages, S.A.  |  | Distribution and retailing of electricity                                |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 0.1     |  | 0.1      |  | 0.0             
|Distribuidora Eléctrica del Puerto de la Cruz, S.A. |  | Purchase, transmission, distribution and retailing of electricity        |  | Santa Cruz de Tenerife     |  | 100.00          |  | 100.00            |  | 12.6    |  | 21.2     |  | 3.3             
|ENDESA Distribución Eléctrica, S.L.                 |  | Distribution of electricity under the rate system                        |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 1,204.5 |  | 1,272.0  |  | 303.4           
|Eléctrica de La Franja, S.L.                        |  | Electricity activities                                                   |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|Transportes y Distribuc. Eléctricas, S.A. (Tydesa)  |  | Transmission of electricity                                              |  | Girona                     |  | 73.33           |  | 73.33             |  | 0.1     |  | 0.0      |  | 0.0             
|Electricidad de Puerto Real, S.A. (Epresa)          |  | Supply and distribution of electricity                                   |  | Cádiz                      |  | 50.00           |  | 50.00             |  | 6.6     |  | 0.7      |  | 1.0             
|Suministradora Eléctrica de Cádiz, S.A. (Secasa)    |  | Supply and distribution of electricity                                   |  | Cádiz                      |  | 33.50           |  | 33.50             |  | 12.0    |  | 20.8     |  | 9.8             
|ENDESA Operaciones y Servicios Comerciales, S.L.    |  | Retail services                                                          |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 10.1    |  | (2.1)    |  | 16.0            
|Hidroeléctrica de Catalunya, S.L.                   |  | Distribution and retailing of electricity                                |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 0.1     |  | 0.6      |  | 0.7             
|Eléctrica de Líjar, S.L.                            |  | Distribution of electricity under the rate system                        |  | Cádiz                      |  | 50.00           |  | 50.00             |  | 1.1     |  | 0.1      |  | N/D             
|                                                    |  |                                                                          |  |                            |  |                 | 
|RETAILING                                           |  |                                                                          |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|ENDESA Energía, S.A.U.                              |  | Marketing of energy products                                             |  | Madrid                     |  | 100.00          |  | 100.00            |  | 13.0    |  | (88.0)   |  | 92.0            
|ENDESA Energía XXI, S.L.                            |  | Services associated with the marketing of energy products                |  | Madrid                     |  | 100.00          |  | 100.00            |  | 0.0     |  | (31.5)   |  | 31.5            
|SODESA-Comercializaçao de Energía Eléctrica, S.A.   |  | Electricity retailing                                                    |  | Porto-Portugal             |  | 50.00           |  | 50.00             |  | 0.8     |  | 0.0      |  | 0.7             
|                                                    |  |                                                                          |  |                            |  |                 | 
|GENERATION                                          |  |                                                                          |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|ENDESA Generación, S.A.                             |  | Electricity production                                                   |  | Seville                    |  | 100.00          |  | 100.00            |  | 1,881.8 |  | 1,817.1  |  | 439.2           
|Aragonesa de Actividades Energéticas, S.A. (Aaesa)  |  | Electricity production                                                   |  | Teruel                     |  | 100.00          |  | 100.00            |  | 0.1     |  | 1.1      |  | 0.2             
|Carboex, S.A.                                       |  | Supply of fuels                                                          |  | Madrid                     |  | 100.00          |  | 100.00            |  | 24.0    |  | 3.0      |  | 2.0             
|Carboex International, LTD. (CIL)                   |  | Marketing of fuel and other raw materials                                |  | Nassau-The Bahamas         |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 1.0             
|Empresa Carbonífera del Sur, S.A. (Encasur)         |  | Exploitation of mining deposits                                          |  | Madrid                     |  | 100.00          |  | 100.00            |  | 18.0    |  | 68.3     |  | (4.0)           
|ENDESA Generación Portugal, Ltda.                   |  | Electricity production and related activities                            |  | Lisbon-Portugal            |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|Energías de Aragón I, S.L. (EASA I)                 |  | Transmission, distribution and sale of electricity under the rate system |  | Zaragoza                   |  | 100.00          |  | 100.00            |  | 3.2     |  | 6.0      |  | 1.9             
|Energías de Aragón II, S.L. (EASA II)               |  | Electricity production under the special regime                          |  | Zaragoza                   |  | 100.00          |  | 100.00            |  | 18.5    |  | 35.4     |  | 6.2             
|Gas y Electricidad Generación, S.A.U.               |  | Electricity production                                                   |  | Palma de Mallorca          |  | 100.00          |  | 100.00            |  | 213.8   |  | 130.2    |  | 67.6            
|Minas y Ferrocarril de Utrillas, S.A.               |  | Mining of black lignite                                                  |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 3.9     |  | 14.7     |  | 0.2             
|Unión Eléctrica de Canarias Generación, S.A.U.      |  | Electricity production                                                   |  | Las Palmas de Gran Canaria |  | 100.00          |  | 100.00            |  | 190.2   |  | 464.2    |  | 47.5            
|Minas Gargallo, S.L.                                |  | Exploitation of mineral deposits                                         |  | Zaragoza                   |  | 99.91           |  | 99.91             |  | 0.1     |  | 0.2      |  | 0.1             
|Asociación Nuclear Ascó-Vandellós II, A.I.E.        |  | Management, operation and administration of nuclear plants               |  | Tarragona                  |  | 85.41           |  | 85.41             |  | 19.2    |  | 0.0      |  | 0.0             
|Nuclenor, S.A.                                      |  | Nuclear power production                                                 |  | Burgos                     |  | 50.00           |  | 50.00             |  | 102.0   |  | 14.6     |  | 29.0            
|Elcogás, S.A.                                       |  | Electricity production                                                   |  | Madrid                     |  | 40.87           |  | 40.87             |  | 61.7    |  | 0.0      |  | (9.4)           
|Central Térmica de Anllares, A.I.E.                 |  | Management, operation and administration of a fossil-fuel plant          |  | Madrid                     |  | 33.33           |  | 33.33             |  | 0.6     |  | 0.0      |  | 0.0             
|Centrales Nucleares Almaraz-Trillo, A.I.E.          |  | Management, operation and administration of a fossil-fuel plant          |  | Madrid                     |  | 24.24           |  | 23.89             |  | 0.0     |  | 0.0      |  | 0.0             
|ENDESA Europa, S.L.                                 |  |                                                                          |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|Pego Energía Eléctrica, S.A. (Pegop)                |  | Operation of fossil-fuel plants and electricity production               |  | Abrantes-Portugal          |  | 44.98           |  | 44.98             |  | 0.1     |  | 0.0      |  | 4.8             
|Tejo Energía, S.A.                                  |  | Production, transmission and distribution of electricity                 |  | Abrantes-Portugal          |  | 35.00           |  | 35.00             |  | 49.9    |  | 1.0      |  | 156.1           
|Carbopego, S.A.                                     |  | Purchase, sale, transportation and storage of fuel                       |  | Abrantes-Portugal          |  | 33.32           |  | 33.32             |  | 0.1     |  | 0.0      |  | 6.0             



1



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|                                                        |  |                                                                       |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|------------------------------------------------------- |  | --------------------------------------------------------------------- |  | -------------------------- |  | --------------- |  | ----------------- |  | ------- |  | -------- |  | ----------------
|Corporate Name                                          |  | Corporate Purpose or Line of Business                                 |  | Location                   |  | VotingRights(%) |  | DividendRights(%) |  | Capital |  | Reserves |  | Net Income(Loss)
|                                                        |  |                                                                       |  |                            |  |                
|COGENERATION AND RENEWABLE ENERGIES                     |  |                                                                       |  |                            |  |                 |  |                   |  |         |  |         
|ENDESA Cogeneración y Renovables, S.A. (ECyR)           |  | Cogeneration and renewable energies                                   |  | Seville                    |  | 100.00          |  | 100.00            |  | 127.1   |  | 59.6     |  | 19.9            
|Almussafes Servicios Energéticos, S.L.                  |  | Cogeneration plant management and maintenance                         |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 1.1             
|Hidroeléctrica del Serradó, S.L.                        |  | Hydroelectric power production                                        |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 0.7     |  | 0.1      |  | 0.0             
|Saltos del Nansa I, S.A.                                |  | Production, transmission and distribution of electricity              |  | Santander                  |  | 100.00          |  | 100.00            |  | 7.2     |  | 10.3     |  | 5.8             
|Saltos y Centrales de Catalunya, S.A.                   |  | Operation of hydroelectric power plants                               |  | Barcelona                  |  | 100.00          |  | 100.00            |  | 0.1     |  | 0.4      |  | 0.0             
|Terdón Cogeneración, S.L.                               |  | Cogeneration                                                          |  | Zaragoza                   |  | 100.00          |  | 100.00            |  | 0.3     |  | 0.0      |  | 0.0             
|Unelco Cogeneraciones Sanitarias del Archipiélago, S.A. |  | Cogeneration facilities at hospitals                                  |  | Las Palmas de Gran Canaria |  | 100.00          |  | 100.00            |  | 1.2     |  | 0.9      |  | (0.7)           
|Fermicaise, S.A.                                        |  | Cogeneration                                                          |  | Mexico City                |  | 99.99           |  | 99.99             |  | 0.6     |  | (0.7)    |  | 0.0             
|Gresaise, S.A.                                          |  | Cogeneration                                                          |  | Mexico City                |  | 99.99           |  | 99.99             |  | 0.6     |  | (0.6)    |  | 0.0             
|Italaise, S.A.                                          |  | Cogeneration                                                          |  | Mexico City                |  | 99.99           |  | 99.99             |  | 0.6     |  | (0.3)    |  | (0.1)           
|Electro Mariola, A.I.E.                                 |  | Cogeneration                                                          |  | Madrid                     |  | 99.00           |  | 99.00             |  | 0.5     |  | 0.2      |  | 0.0             
|Bioaise                                                 |  | Production, purchase, sale and retailing of electricity               |  | Cartagena-Colombia         |  | 95.00           |  | 95.00             |  | 0.6     |  | 0.0      |  | 0.0             
|Parque Eólico de Enix, S.A.                             |  | Wind-powered facility                                                 |  | Seville                    |  | 95.00           |  | 95.00             |  | 3.0     |  | (1.2)    |  | (0.2)           
|Propaise                                                |  | Production, purchase, sale and retailing of electricity               |  | Cartagena-Colombia         |  | 94.99           |  | 94.99             |  | 0.6     |  | 0.2      |  | 0.3             
|Explotaciones Eólicas Sierra La Virgen, S.A.            |  | Wind-powered facility                                                 |  | Zaragoza                   |  | 90.00           |  | 90.00             |  | 4.2     |  | 0.0      |  | 0.0             
|Parque Eólico Finca de Mogán, S.A.                      |  | Construction and operation of wind-powered facility in Arico          |  | Las Palmas de Gran Canaria |  | 90.00           |  | 90.00             |  | 3.8     |  | 0.7      |  | 0.1             
|Energética Mataró, S.A.                                 |  | Construction and operation of a mud thermal treatment plant           |  | Barcelona                  |  | 85.00           |  | 85.00             |  | 1.5     |  | (0.2)    |  | 0.0             
|Eólicas de Agaete, S.L.                                 |  | Wind-powered facility                                                 |  | Las Palmas de Gran Canaria |  | 80.00           |  | 80.00             |  | 0.2     |  | 0.1      |  | 0.0             
|Parque Eólico Carretera de Arinaga, S.A.                |  | Wind-powered facility                                                 |  | Las Palmas de Gran Canaria |  | 80.00           |  | 80.00             |  | 1.0     |  | 0.8      |  | 0.4             
|Parque Eólico de Aragón, A.I.E.                         |  | Wind-powered facility                                                 |  | Zaragoza                   |  | 80.00           |  | 80.00             |  | 0.6     |  | 4.0      |  | 0.2             
|Explotaciones Eólicas de Escucha, S.A.                  |  | Production, distribution and use of electricity                       |  | Zaragoza                   |  | 76.00           |  | 76.00             |  | 3.5     |  | 0.2      |  | 0.5             
|Explotaciones Eólicas El Puerto, S.A.                   |  | Wind-powered facility                                                 |  | Teruel                     |  | 73.60           |  | 73.60             |  | 3.2     |  | 0.4      |  | 0.4             
|Explotaciones Eólicas Saso Plano, S.A.                  |  | Wind-powered facility                                                 |  | Zaragoza                   |  | 70.00           |  | 70.00             |  | 5.5     |  | 0.0      |  | 0.0             
|Cogeneración del Ter, S.L.                              |  | Cogeneration                                                          |  | Barcelona                  |  | 69.00           |  | 69.00             |  | 3.7     |  | 0.4      |  | 0.7             
|Energías de Graus, S.L.                                 |  | Hydroelectric power production                                        |  | Barcelona                  |  | 66.67           |  | 66.67             |  | 1.3     |  | 0.4      |  | 0.1             
|Parque Eólico de Santa Lucía, S.A.                      |  | Construction, operation and administration of wind-powered facilities |  | Las Palmas de Gran Canaria |  | 65.67           |  | 65.67             |  | 0.9     |  | 0.2      |  | 0.3             
|Coreysa Cogeneración, S.A.                              |  | Cogeneration                                                          |  | Seville                    |  | 65.00           |  | 65.00             |  | 0.5     |  | 0.1      |  | 0.2             
|Relcamp, A.I.E.                                         |  | Cogeneration                                                          |  | Barcelona                  |  | 65.00           |  | 65.00             |  | 0.2     |  | 0.0      |  | 0.1             
|Parque Eólico Montes de Las Navas, S.A.                 |  | Wind-powered facility                                                 |  | Madrid                     |  | 62.50           |  | 62.50             |  | 6.5     |  | 0.7      |  | 0.8             
|Eolicos de Tirajana, A.I.E.                             |  | Wind-powered facility operation                                       |  | Las Palmas de Gran Canaria |  | 60.00           |  | 60.00             |  | 0.0     |  | 0.0      |  | 0.1             
|Planta Eólica Europea, S.A. (Peesa)                     |  | Wind power                                                            |  | Seville                    |  | 56.12           |  | 56.12             |  | 1.2     |  | 0.4      |  | 0.2             
|Eólicas de Fuencaliente, S.A.                           |  | Wind power                                                            |  | Las Palmas de Gran Canaria |  | 55.00           |  | 55.00             |  | 0.0     |  | 0.0      |  | 0.0             
|Proyectos Eólicos Valencianos, S.A.                     |  | Wind power                                                            |  | Aldaya-Valencia            |  | 55.00           |  | 55.00             |  | 0.8     |  | 0.0      |  | 0.0             
|Energías de La Mancha, S.A. (Enemansa)                  |  | Biomass                                                               |  | Ciudad Real                |  | 52.00           |  | 52.00             |  | 3.9     |  | 0.0      |  | (1.0)           
|Parque Eólico Punta de Teno, S.A.                       |  | Wind-powered facility                                                 |  | Santa Cruz de Tenerife     |  | 52.00           |  | 52.00             |  | 0.5     |  | 0.5      |  | 0.2             
|Micase, S.A.                                            |  | Cogeneration                                                          |  | Mexico City                |  | 51.00           |  | 51.00             |  | 3.7     |  | 48.4     |  | (0.1)           
|Progreen Fuente Álamo, S.A.                             |  | Treatment of urban solid waste                                        |  | Murcia                     |  | 51.00           |  | 51.00             |  | N/D     |  | N/D      |  | N/D             
|Antrel, A.I.E.                                          |  | Cogeneration                                                          |  | Girona                     |  | 50.00           |  | 50.00             |  | 0.3     |  | 0.0      |  | 0.3             
|Cogeneración Tenerel-Mollet, A.I.E.                     |  | Cogeneration                                                          |  | Barcelona                  |  | 50.00           |  | 50.00             |  | 0.6     |  | 0.0      |  | 0.2             
|Confirel, A.I.E.                                        |  | Cogeneration                                                          |  | Girona                     |  | 50.00           |  | 50.00             |  | 0.0     |  | 0.2      |  | 0.2             
|Energías Alternativas del Sur, S.L.                     |  | Wind power                                                            |  | Las Palmas de Gran Canaria |  | 50.00           |  | 50.00             |  | 0.6     |  | 0.3      |  | 0.0             
|Energías Argentinas, S.A.                               |  | Wind power                                                            |  | Buenos Aires-Argentina     |  | 50.00           |  | 50.00             |  | 0.5     |  | (0.3)    |  | 0.0             



2



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|                                                   |  |                                                                     |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|-------------------------------------------------- |  | ------------------------------------------------------------------- |  | -------------------------- |  | --------------- |  | ----------------- |  | ------- |  | -------- |  | ----------------
|Corporate Name                                     |  | Corporate Purpose or Line of Business                               |  | Location                   |  | VotingRights(%) |  | DividendRights(%) |  | Capital |  | Reserves |  | Net Income(Loss)
|Eólicas de Tenerife, A.I.E.                        |  | Construction and operation of wind-powered facilities               |  | Santa Cruz de Tenerife     |  | 50.00           |  | 50.00             |  | 0.4     |  | 0.6      |  | 0.2             
|Ercasa Cogeneración, S.A.                          |  | Cogeneration                                                        |  | Zaragoza                   |  | 50.00           |  | 50.00             |  | 0.6     |  | 0.1      |  | 0.1             
|Explotaciones Eólicas de Aldehuelas, S.L.          |  | Wind power                                                          |  | Soria                      |  | 50.00           |  | 50.00             |  | 0.0     |  | 0.0      |  | 0.0             
|Parque Eólico A Capelada, A.I.E.                   |  | Wind-powered facility                                               |  | Madrid                     |  | 50.00           |  | 50.00             |  | 5.9     |  | (1.6)    |  | 2.1             
|Parque Eólico de Barbanza, S.A.                    |  | Wind-powered facility                                               |  | A Coruña                   |  | 50.00           |  | 50.00             |  | 3.6     |  | 2.8      |  | 1.2             
|Parque Eólico de Cabo Vilano, A.I.E.               |  | Wind-powered facility                                               |  | Madrid                     |  | 50.00           |  | 50.00             |  | 1.3     |  | (0.2)    |  | (0.1)           
|Prosamer Cogeneración, S.L.                        |  | Cogeneration                                                        |  | Valencia                   |  | 50.00           |  | 50.00             |  | 1.5     |  | 0.2      |  | 0.5             
|Proyecto Coreysa Cogeneración, U.T.E.              |  | Cogeneration                                                        |  | Seville                    |  | 50.00           |  | 50.00             |  | 0.0     |  | 0.0      |  | N/D             
|Proyecto Jabugo Cogeneración, U.T.E.               |  | Cogeneration                                                        |  | Huelva                     |  | 50.00           |  | 50.00             |  | 0.0     |  | 0.0      |  | N/D             
|Proyecto Santo Rostro Cogeneración, U.T.E.         |  | Cogeneration                                                        |  | Seville                    |  | 50.00           |  | 50.00             |  | 0.0     |  | 0.0      |  | N/D             
|Salto de San Rafael, S.L.                          |  | Hydroelectric power production                                      |  | Seville                    |  | 50.00           |  | 50.00             |  | 0.5     |  | 0.2      |  | (0.1)           
|Sociedad Eólica Los Lances, S.A.                   |  | Wind power                                                          |  | Seville                    |  | 50.00           |  | 50.00             |  | 2.4     |  | 0.0      |  | 0.3             
|T.P. Sociedade Térmica Portuguesa, S.A. (Termipor) |  | Cogeneration                                                        |  | Lisbon-Portugal            |  | 50.00           |  | 50.00             |  | 7.5     |  | (0.4)    |  | 1.2             
|Tyborel, A.I.E.                                    |  | Cogeneration                                                        |  | Girona                     |  | 50.00           |  | 50.00             |  | 0.8     |  | 0.0      |  | 0.3             
|Central Hidroeléctrica Casillas, S.A.              |  | Hydroelectric power production                                      |  | Seville                    |  | 49.00           |  | 49.00             |  | N/D     |  | N/D      |  | N/D             
|Parque Eólico Sierra del Madero, S.A.              |  | Wind-powered facility                                               |  | Soria                      |  | 48.00           |  | 48.00             |  | 0.0     |  | 0.0      |  | 0.0             
|Sociedad Eólica de Andalucía, S.A. (Seasa)         |  | Electric power production                                           |  | Seville                    |  | 46.67           |  | 46.67             |  | 4.5     |  | 2.8      |  | 0.1             
|Eólica Valle del Ebro, S.A.                        |  | Wind power                                                          |  | Zaragoza                   |  | 45.50           |  | 45.50             |  | 5.6     |  | 1.1      |  | 0.7             
|Anoia dEnergía, S.A.                              |  | Cogeneration                                                        |  | Barcelona                  |  | 45.00           |  | 45.00             |  | 2.4     |  | 0.0      |  | 0.5             
|Corelcat, A.I.E.                                   |  | Cogeneration                                                        |  | Lleida                     |  | 45.00           |  | 45.00             |  | 0.1     |  | 0.1      |  | 0.1             
|Releco Santiago, A.I.E.                            |  | Cogeneration                                                        |  | Huesca                     |  | 45.00           |  | 45.00             |  | 0.3     |  | (0.2)    |  | 0.1             
|Santo Rostro Cogeneración, S.A.                    |  | Cogeneration                                                        |  | Seville                    |  | 45.00           |  | 45.00             |  | 0.2     |  | (0.3)    |  | 0.0             
|Termotec Energía, A.I.E.                           |  | Cogeneration                                                        |  | Valencia                   |  | 45.00           |  | 45.00             |  | 0.5     |  | (1.0)    |  | N/D             
|Asanefi, A.I.E.                                    |  | Cogeneration                                                        |  | Barcelona                  |  | 42.50           |  | 42.50             |  | 0.9     |  | 1.9      |  | 1.1             
|Erfei, A.I.E.                                      |  | Cogeneration                                                        |  | Tarragona                  |  | 42.00           |  | 42.00             |  | 0.7     |  | 0.4      |  | 0.5             
|Cogeneració J. Vilaseca, A.I.E.                    |  | Cogeneration                                                        |  | Barcelona                  |  | 40.00           |  | 40.00             |  | 0.7     |  | 0.9      |  | 0.5             
|Energía de La Loma, S.A.                           |  | Biomass                                                             |  | Jaén                       |  | 40.00           |  | 40.00             |  | 4.4     |  | 0.0      |  | 0.7             
|Eólicas de Lanzarote, S.L.                         |  | Production, transmission and supply of electricity                  |  | Lanzarote                  |  | 40.00           |  | 40.00             |  | 5.0     |  | 0.7      |  | (0.1)           
|Eólicos de Fuerteventura, A.I.E.                   |  | Management, operation and administration of a wind-powered facility |  | Fuerteventura              |  | 40.00           |  | 40.00             |  | 0.0     |  | (0.6)    |  | 1.0             
|Erca Cinco Villas-1, S.L.                          |  | Cogeneration                                                        |  | Zaragoza                   |  | 40.00           |  | 40.00             |  | 0.2     |  | 0.0      |  | 0.0             
|Forel, S.L.                                        |  | Cogeneration                                                        |  | Barcelona                  |  | 40.00           |  | 40.00             |  | 0.0     |  | 0.7      |  | 1.1             
|Tirme, S.A.                                        |  | Treatment of solid waste                                            |  | Palma de Mallorca          |  | 40.00           |  | 40.00             |  | 7.7     |  | 6.2      |  | 5.0             
|Vapeltar, A.I.E.                                   |  | Cogeneration                                                        |  | Barcelona                  |  | 40.00           |  | 40.00             |  | N/D     |  | N/D      |  | N/D             
|Yedesa Cogeneración, S.A.                          |  | Cogeneration                                                        |  | Almería                    |  | 40.00           |  | 40.00             |  | 0.2     |  | (0.2)    |  | N/D             
|Printerel, A.I.E.                                  |  | Cogeneration                                                        |  | Barcelona                  |  | 39.00           |  | 39.00             |  | 0.3     |  | 0.2      |  | 0.1             
|Fibrarel, A.I.E.                                   |  | Cogeneration                                                        |  | Barcelona                  |  | 36.55           |  | 36.55             |  | 0.0     |  | 0.0      |  | 0.4             
|Minicentrales Canal Imperial-Gallur, S.L.          |  | Mini hydroelectric plant                                            |  | Zaragoza                   |  | 36.50           |  | 36.50             |  | 1.8     |  | (0.1)    |  | 0.0             
|Hidrobeira Limitada, S.L.                          |  | Hydroelectric plant                                                 |  | Viseu-Portugal             |  | 35.71           |  | 35.71             |  | N/D     |  | N/D      |  | N/D             
|Ercetesa, S.A.                                     |  | Cogeneration                                                        |  | Zaragoza                   |  | 35.00           |  | 35.00             |  | 0.3     |  | 0.1      |  | 0.0             
|Compañía Eólica Tierras Altas, S.A.                |  | Wind power                                                          |  | Soria                      |  | 33.83           |  | 33.83             |  | 13.2    |  | 3.7      |  | 3.4             
|Compañía Energética Vientos del Atlántico, S.A.    |  | Development and construction of wind-powered facilities             |  | Las Palmas de Gran Canaria |  | 33.33           |  | 33.33             |  | 0.1     |  | 0.0      |  | 0.0             
|Oxagesa, A.I.E.                                    |  | Cogeneration                                                        |  | Teruel                     |  | 33.33           |  | 33.33             |  | 0.0     |  | 0.2      |  | 0.2             



3



---

|                                                              |  |                                                           |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|------------------------------------------------------------- |  | --------------------------------------------------------- |  | -------------------------- |  | --------------- |  | ----------------- |  | ------- |  | -------- |  | ----------------
|Corporate Name                                                |  | Corporate Purpose or Line of Business                     |  | Location                   |  | VotingRights(%) |  | DividendRights(%) |  | Capital |  | Reserves |  | Net Income(Loss)
|Toledo P. V., A.E.I.E.                                        |  | Research on photovoltaic solar power plants               |  | Madrid                     |  | 33.33           |  | 33.33             |  | N/D     |  | N/D      |  | N/D             
|Central Hidroeléctrica Güejar Sierra, S.L.                    |  | Production of hydroelectric power                         |  | Granada                    |  | 33.30           |  | 33.30             |  | 0.4     |  | 0.7      |  | 0.2             
|Cogeneración Hostalrich, A.I.E.                               |  | Cogeneration                                              |  | Girona                     |  | 33.00           |  | 33.00             |  | 0.8     |  | 0.0      |  | 0.3             
|Erecosalz, S.L.                                               |  | Cogeneration                                              |  | Zaragoza                   |  | 33.00           |  | 33.00             |  | 0.0     |  | 0.0      |  | 0.0             
|Hídricas de Viseu, S.A. (Hidrivis)                            |  | Mini hydroelectric plant                                  |  | Maia-Portugal              |  | 33.00           |  | 33.00             |  | N/D     |  | N/D      |  | N/D             
|Cogeneración Eurohueco, A.I.E.                                |  | Cogeneration                                              |  | Barcelona                  |  | 30.00           |  | 30.00             |  | 3.6     |  | 0.0      |  | 0.4             
|Covitrel, A.I.E.                                              |  | Cogeneration                                              |  | Tarragona                  |  | 30.00           |  | 30.00             |  | 3.3     |  | (0.4)    |  | 0.0             
|Empresa Provincial de Energía, S.A. (Epesa)                   |  | Complete electricity cycle                                |  | Huesca                     |  | 30.00           |  | 30.00             |  | 0.6     |  | 0.0      |  | N/D             
|Forsean, S.L.                                                 |  | Cogeneration                                              |  | Barcelona                  |  | 30.00           |  | 30.00             |  | 0.1     |  | 1.1      |  | 1.0             
|Hidro Escorón, S.L.                                           |  | Mini hydroelectric plant                                  |  | Zaragoza                   |  | 30.00           |  | 30.00             |  | 0.0     |  | 0.0      |  | 0.0             
|Port Ecorel, A.I.E.                                           |  | Cogeneration                                              |  | Barcelona                  |  | 30.00           |  | 30.00             |  | 0.5     |  | (0.7)    |  | (0.3)           
|Productora de Energías, S.A. (PESA)                           |  | Mini hydroelectric plant                                  |  | Barcelona                  |  | 30.00           |  | 30.00             |  | 0.1     |  | 0.0      |  | 0.0             
|Sistemas Energéticos La Muela, S.A.                           |  | Wind power                                                |  | Zaragoza                   |  | 30.00           |  | 30.00             |  | 3.1     |  | 1.6      |  | 0.7             
|Colomer de Cogeneració, A.I.E.                                |  | Cogeneration                                              |  | Barcelona                  |  | 27.50           |  | 27.50             |  | 0.7     |  | 1.1      |  | 0.5             
|Sati Cogeneració, A.I.E.                                      |  | Cogeneration                                              |  | Barcelona                  |  | 27.50           |  | 27.50             |  | 0.1     |  | 0.7      |  | 0.2             
|Energética de Rosselló, A.I.E.                                |  | Cogeneration                                              |  | Barcelona                  |  | 27.00           |  | 27.00             |  | 3.6     |  | 3.4      |  | 0.1             
|Ereco San Mateo, S.L.                                         |  | Cogeneration                                              |  | Huesca                     |  | 27.00           |  | 27.00             |  | 0.0     |  | 0.0      |  | N/D             
|Garofeica, S.A.                                               |  | Cogeneration                                              |  | Barcelona                  |  | 27.00           |  | 27.00             |  | 0.7     |  | 0.7      |  | 0.1             
|Rofeica dEnergía, S.A.                                       |  | Cogeneration                                              |  | Barcelona                  |  | 27.00           |  | 27.00             |  | 2.0     |  | 0.8      |  | (0.1)           
|Sistemas Energéticos Mas Garullo, S.A.                        |  | Cogeneration                                              |  | Zaragoza                   |  | 27.00           |  | 27.00             |  | 1.5     |  | 0.7      |  | 0.5             
|Urgell Energía, S.A.                                          |  | Cogeneration                                              |  | Lleida                     |  | 27.00           |  | 27.00             |  | 0.6     |  | 0.3      |  | 0.2             
|Calizas Elycar, S.L.                                          |  | Cogeneration plant construction and operation             |  | Huesca                     |  | 25.00           |  | 25.00             |  | 1.8     |  | 0.3      |  | 0.0             
|Cogeneración Tolosana, A.I.E.                                 |  | Cogeneration                                              |  | Guipúzcoa                  |  | 25.00           |  | 25.00             |  | 0.6     |  | 0.0      |  | 0.1             
|Corporación Eólica Zaragoza, S.L.                             |  | Wind power                                                |  | Zaragoza                   |  | 25.00           |  | 25.00             |  | 2.5     |  | 0.1      |  | 0.4             
|Ecoenergía de Can Mata, A.I.E.                                |  | Treatment of urban solid waste                            |  | Barcelona                  |  | 25.00           |  | 25.00             |  | 0.2     |  | 0.0      |  | 0.0             
|Foraneto, S.L.                                                |  | Cogeneration                                              |  | Barcelona                  |  | 25.00           |  | 25.00             |  | 0.1     |  | 0.2      |  | (0.2)           
|Hidroeléctrica del Piedra, S.L.                               |  | Production and sale of electricity                        |  | Zaragoza                   |  | 25.00           |  | 25.00             |  | 0.2     |  | 0.2      |  | 0.0             
|Puignerel, A.I.E.                                             |  | Cogeneration                                              |  | Barcelona                  |  | 25.00           |  | 25.00             |  | 11.3    |  | (11.4)   |  | (0.8)           
|Cogeneración El Salto, S.L.                                   |  | Cogeneration                                              |  | Zaragoza                   |  | 20.00           |  | 20.00             |  | 0.0     |  | 0.0      |  | N/D             
|Cogeneración Lipsa, S.L. (Colipsa)                            |  | Cogeneration                                              |  | Barcelona                  |  | 20.00           |  | 20.00             |  | 0.7     |  | 0.3      |  | 0.0             
|Sotavento Galicia, S.A.                                       |  | Wind power                                                |  | A Coruña                   |  | 18.00           |  | 18.00             |  | 0.6     |  | 0.6      |  | 0.1             
|Minicentrales Acequia Cinco Villas, A.I.E.                    |  | Mini hydroelectric plant                                  |  | Zaragoza                   |  | 15.00           |  | 15.00             |  | 1.2     |  | (1.1)    |  | 0.2             
|Minicentrales Canal de Las Bárdenas, A.I.E.                   |  | Mini hydroelectric plant                                  |  | Zaragoza                   |  | 15.00           |  | 15.00             |  | 1.2     |  | 2.1      |  | 0.6             
|Tirmadrid, S.A.                                               |  | Treatment of solid waste                                  |  | Madrid                     |  | 15.00           |  | 15.00             |  | 16.8    |  | 1.5      |  | 2.9             
|Groberel A.I.E.                                               |  | Cogeneration                                              |  | Girona                     |  | 12.00           |  | 12.00             |  | 0.0     |  | 0.0      |  | 0.0             
|Fibrel, A.I.E.                                                |  | Cogeneration                                              |  | Girona                     |  | 10.00           |  | 10.00             |  | 3.3     |  | 0.7      |  | 0.1             
|Hisane, A.I.E.                                                |  | Cogeneration                                              |  | Tarragona                  |  | 10.00           |  | 10.00             |  | 0.0     |  | 0.0      |  | N/D             
|Sistemas Energéticos Mañón Ortigueira, S.A.                   |  | Wind power                                                |  | A Coruña                   |  | 10.00           |  | 10.00             |  | 4.5     |  | 0.9      |  | 0.8             
|Tractaments i Revaloriz. de Residuos del Maresme, S.A. (TVRM) |  | Cogeneration                                              |  | Barcelona                  |  | 10.00           |  | 10.00             |  | 3.6     |  | 1.0      |  | 0.7             
|Vapor y Electricidad El Tejar, S.L. (Vetejar)                 |  | Construction and operation of plants fueled by farm waste |  | Córdoba                    |  | 8.67            |  | 8.67              |  | 1.5     |  | 0.0      |  | 0.0             
|Electrometalúrgica del Ebro, S.A                              |  | Mini hydroelectric plant                                  |  | Barcelona                  |  | 8.60            |  | 8.60              |  | N/D     |  | N/D      |  | N/D             
|Eólicas de Canarias, S.L.                                     |  | Wind power                                                |  | Las Palmas de Gran Canaria |  | 8.00            |  | 8.00              |  | 0.3     |  | 0.0      |  | N/D             
|KW Tarifa, S.A.                                               |  | Wind power                                                |  | Madrid                     |  | 7.30            |  | 7.30              |  | 5.1     |  | 2.5      |  | 0.0             



4



---

|                                                                |  |                                                                               |  |                            |  |                 |  |                   |  |         |  |           |  |                 
|--------------------------------------------------------------- |  | ----------------------------------------------------------------------------- |  | -------------------------- |  | --------------- |  | ----------------- |  | ------- |  | --------- |  | ----------------
|Corporate Name                                                  |  | Corporate Purpose or Line of Business                                         |  | Location                   |  | VotingRights(%) |  | DividendRights(%) |  | Capital |  | Reserves  |  | Net Income(Loss)
|A. E. Ciutat Sanitaria Vall dHebrón, A.I.E.                    |  | Cogeneration                                                                  |  | Barcelona                  |  | 6.25            |  | 6.25              |  | 1.7     |  | 0.3       |  | 0.0             
|Puerto Real Cogeneración, S.A. (Precosa)                        |  | Cogeneration                                                                  |  | Cádiz                      |  | 4.54            |  | 4.54              |  | N/D     |  | N/D       |  | N/D             
|                                                                |  |                                                                               |  |                            |  |                 | 
|GAS                                                             |  |                                                                               |  |                            |  |                 |  |                   |  |         |  |           |  |                 
|ENDESA Red, S.A.                                                |  |                                                                               |  |                            |  |                 |  |                   |  |         |  |           |  |                 
|ENDESA Gas, S.A.U.                                              |  | Production, distribution and retailing of gas                                 |  | Zaragoza                   |  | 100.00          |  | 100.00            |  | 45.3    |  | 43.6      |  | 6.7             
|ENDESA Gas Transportista, S.L.                                  |  | Natural gas regasification and transmission                                   |  | Zaragoza                   |  | 100.00          |  | 100.00            |  | 5.4     |  | 0.0       |  | 0.1             
|Gas Alicante, S.A.U.                                            |  | Complete piped gas cycle                                                      |  | Alicante                   |  | 100.00          |  | 100.00            |  | 3.9     |  | (0.8)     |  | (0.1)           
|Gesa Gas, S.A.U.                                                |  | Complete piped gas cycle                                                      |  | Palma de Mallorca          |  | 100.00          |  | 100.00            |  | 17.1    |  | 14.8      |  | 2.6             
|Meridional de Gas, S.A.U. (Megasa)                              |  | Complete piped gas cycle                                                      |  | Granada                    |  | 100.00          |  | 100.00            |  | 6.6     |  | (1.8)     |  | 0.4             
|Compañía Transportista de Gas Canarias, S.A.                    |  | Transmission of gas                                                           |  | Las Palmas de Gran Canaria |  | 73.93           |  | 73.93             |  | 3.2     |  | 0.0       |  | 0.0             
|Gasificadora Regional Canaria, S.A.                             |  | Complete piped gas cycle                                                      |  | Las Palmas de Gran Canaria |  | 65.00           |  | 65.00             |  | 0.7     |  | (0.2)     |  | (0.4)           
|Gas Aragón, S.A.                                                |  | Distribution of piped natural gas                                             |  | Zaragoza                   |  | 60.67           |  | 60.67             |  | 5.9     |  | 11.7      |  | 7.4             
|NQF Gas SGPS, S.A.                                              |  | Portfolio company                                                             |  | Porto-Portugal             |  | 49.00           |  | 49.00             |  | 5.0     |  | 37.0      |  | 1.2             
|Distribuidora Regional del Gas, S.A.                            |  | Distribution and retailing of gas                                             |  | Valladolid                 |  | 45.00           |  | 45.00             |  | 3.6     |  | 1.9       |  | 1.3             
|Distrib. y Comerc. Gas Extremadura, S.A. (Dicogexsa)            |  | Complete gas cycle                                                            |  | Badajoz                    |  | 47.00           |  | 47.00             |  | 21.6    |  | 1.6       |  | 1.6             
|Kromschroeder, S.A.                                             |  | Manufacture of gas meters                                                     |  | Barcelona                  |  | 27.93           |  | 27.93             |  | 0.7     |  | 10.9      |  | (0.2)           
|ENDESA Generación, S.A.                                         |  |                                                                               |  |                            |  |                 |  |                   |  |         |  |           |  |                 
|Iniciativas de Gas, S.L.                                        |  | Construction and operation of natural gas transmission and storage facilities |  | Madrid                     |  | 40.00           |  | 40.00             |  | 1.3     |  | (0.5)     |  | (0.1)           
|Regasificadora del Noroeste, S.A.                               |  | Natural gas regasification and transmission                                   |  | Murgados-A Coruña          |  | 21.00           |  | 21.00             |  | 34.4    |  | (0.6)     |  | (0.2)           
|Sdad. Estudio y Prom. Gasoducto Argelia-Europa (Medgaz)         |  | Construction of a gas pipeline                                                |  | Madrid                     |  | 12.00           |  | 12.00             |  | 23.0    |  | (0.1)     |  | (0.1)           
|                                                                |  |                                                                               |  |                            |  |                 | 
|ELECTRICITY BUSINESS IN EUROPE                                  |  |                                                                               |  |                            |  |                 |  |                   |  |         |  |           |  |                 
|ENDESA Europa, S.L.                                             |  | ENDESA business activities in Europe                                          |  | Madrid                     |  | 100.00          |  | 100.00            |  | 367.1   |  | 1,090.8   |  | (17.8)          
|ENDESA Trading, S.A.                                            |  | Trading in Europe                                                             |  | Madrid                     |  | 100.00          |  | 100.00            |  | 0.8     |  | 1.8       |  | 0.0             
|ENDESA Power Trading Ltd.                                       |  | Trading in Europe                                                             |  | London-UK                  |  | 100.00          |  | 100.00            |  | 0.0     |  | (0.7)     |  | 0.0             
|Societé Nationale dElectricité et de Thermique, S.A. (Snet)    |  | Electricity production                                                        |  | París-France               |  | 65.00           |  | 65.00             |  | 569.2   |  | 16.6      |  | 8.9             
|Societé dElectricité et de Thermique du Centre Midi (Setcm)    |  | Electricity production                                                        |  | France                     |  | 100.00          |  | 65.00             |  | 91.7    |  | 33.3      |  | 26.1            
|Societé dElectricité et de Thermique du Nord Est (Setne)       |  | Electricity production                                                        |  | France                     |  | 100.00          |  | 65.00             |  | 328.1   |  | (19.9)    |  | 1.4             
|Surschiste, S.A.                                                |  | Fossil-fuel plant waste processing                                            |  | France                     |  | 100.00          |  | 65.00             |  | 2.5     |  | 3.5       |  | 0.8             
|Sodelif                                                         |  | Construction and operation of a fluidized bed boiler                          |  | France                     |  | 84.15           |  | 54.70             |  | 25.0    |  | 15.9      |  | 2.3             
|Elektrocieplownia Bialystok, S.A.                               |  | Cogeneration                                                                  |  | Poland                     |  | 63.90           |  | 41.54             |  | 18.4    |  | 340.4     |  | (0.1)           
|Altek Alarko Santrallari Tesis Isletme ve Ticaret, A.S. (Altek) |  | Construction and operation of electricity facilities                          |  | Istanbul - Turkey          |  | 50.00           |  | 32.50             |  | 2,000.0 |  | (1,905.2) |  | 4.9             
|Societé des Eaux de lEst (SEE)                                 |  | Distribution and supply of potable water in France and other countries        |  | France                     |  | 25.00           |  | 16.25             |  | 5.5     |  | 0.2       |  | 1.1             
|Séchilienne-Sidec                                               |  | Cogeneration                                                                  |  | France                     |  | 23.62           |  | 15.35             |  | 1.1     |  | 94.9      |  | 19.8            
|ENDESA Italia S.P.A.                                            |  | Electricity production                                                        |  | Rome-Italy                 |  | 85.33           |  | 85.33             |  | 700.8   |  | 1,676.6   |  | 204.0           
|ENDESA Italia Power & Fuel, S.R.L.                              |  | Retailing of electricity and other energy products                            |  | Rome-Italy                 |  | 100.00          |  | 85.33             |  | 0.1     |  | 0.5       |  | 0.9             
|Idas, S.R.L.                                                    |  | Wind power                                                                    |  | Empoli-Italy               |  | 100.00          |  | 85.33             |  | 0.0     |  | 0.0       |  | 0.0             
|Parco Eólico di Florinas, S.R.L.                                |  | Wind power                                                                    |  | Rome-Italy                 |  | 90.00           |  | 76.80             |  | 0.0     |  | (0.2)     |  | 0.6             
|Ergon Energía, S.R.L.                                           |  | Retailing of electricity                                                      |  | Brescia-Italy              |  | 50.00           |  | 50.00             |  | 0.6     |  | (0.1)     |  | 1.3             
|Eurosviluppo Eléttrica, S.P.A.                                  |  | Construction and operation of a combined cycle power plant                    |  | Crotone-Italy              |  | 50.00           |  | 50.00             |  | 0.1     |  | 0.0       |  | 9.2             
|Soprolif, S.A.                                                  |  | Construction and operation of a fluidized bed boiler                          |  | France                     |  | 45.00           |  | 36.97             |  | 15.2    |  | (11.0)    |  | 5.8             



5



---

|                                                                 |  |                                                                   |  |                            |  |                 |  |                   |  |             |  |             |  |                 
|---------------------------------------------------------------- |  | ----------------------------------------------------------------- |  | -------------------------- |  | --------------- |  | ----------------- |  | ----------- |  | ----------- |  | ----------------
|Corporate Name                                                   |  | Corporate Purpose or Line of Business                             |  | Location                   |  | VotingRights(%) |  | DividendRights(%) |  | Capital     |  | Reserves    |  | Net Income(Loss)
|Energie Electrique de Tahaddart, S.A.                            |  | Construction and operation of a combined cycle power plant        |  | Tangier-Morocco            |  | 32.00           |  | 32.00             |  | 356.7       |  | N/D         |  | N/D             
|Lyonnaise Des Eaux Casablanca (Lydec)                            |  | Water supplies                                                    |  | Casablanca-Morocco         |  | 18.00           |  | 18.00             |  | 800.0       |  | 136.0       |  | 219.9           
|Towarowa Gielda Energii, S.A.                                    |  | Organized electricity market                                      |  | Poland                     |  | 10.00           |  | 10.00             |  | 14.5        |  | (4.5)       |  | (0.5)           
|Powernext, S.A. N.V.                                             |  | Organized electricity market                                      |  | París-France               |  | 5.00            |  | 5.00              |  | 11.5        |  | (2.2)       |  | (0.2)           
|Endex N.V.                                                       |  | Organized electricity market                                      |  | Amsterdam-Netherlands      |  | 2.54            |  | 2.54              |  | N/D         |  | N/D         |  | N/D             
|                                                                 |  |                                                                   |  |                            |  |                
|ELECTRICITY BUSINESS IN LATIN AMERICA                            |  |                                                                   |  |                            |  |                 |  |                   |  |             |  |            
|ENDESA Internacional, S.A.                                       |  | ENDESA Groups international business activities                  |  | Madrid                     |  | 100.00          |  | 100.00            |  | 2,931.2     |  | (875.6)     |  | 125.4           
|Enersis S.A.                                                     |  | Production and distribution of electricity                        |  | Santiago-Chile             |  | 60.62           |  | 60.62             |  | 2,283,404.1 |  | 231,841.4   |  | 44,307.6        
|Cía. Americana de Multiserv. de Argentina, S.A.
(CAM Argentina)  |  | Construction of electricity, postal and measur. calib. networks   |  | Buenos Aires-Argentina     |  | 100.00          |  | 60.62             |  | 1.0         |  | 1.6         |  | (0.2)           
|Cía. Americana de Multiservicios Ltda. (CAM Chile)               |  | Purchase and sale of electricity products                         |  | Santiago-Chile             |  | 100.00          |  | 60.62             |  | 2,572.0     |  | 31,807.0    |  | 8,612.0         
|Cía. Americana de Multiservicios del Perú, S.A.
(CAM Perú)       |  | Purchase, sale and distribution of electricity-related products   |  | Lima-Perú                  |  | 100.00          |  | 60.62             |  | 1.0         |  | 16.0        |  | 2.0             
|Elesur, S.A.                                                     |  | Portfolio company                                                 |  | Santiago-Chile             |  | 100.00          |  | 60.62             |  | 1,063,104.0 |  | (979,027.0) |  | (27,392.0)      
|Enersis Internacional                                            |  | Portfolio company                                                 |  | George Town-Cayman Islands |  | 100.00          |  | 60.62             |  | 206,728.0   |  | 86,377.0    |  | (8,190.0)       
|Inmobiliaria Manso de Velasco Ltda.                              |  | Lease and management of movable property                          |  | Santiago-Chile             |  | 100.00          |  | 60.62             |  | 25,917.0    |  | 17,126.0    |  | 3,081.0         
|Synapsis Argentina, S.A.                                         |  | IT services                                                       |  | Buenos Aires-Argentina     |  | 100.00          |  | 60.62             |  | 0.0         |  | 2.0         |  | 13.0            
|Synapsis Brasil Ltda.                                            |  | IT services                                                       |  | Río de Janeiro-Brazil      |  | 100.00          |  | 60.62             |  | 0.0         |  | 0.0         |  | 8.0             
|Synapsis Colombia Ltda.                                          |  | IT services                                                       |  | Bogotá-Colombia            |  | 100.00          |  | 60.62             |  | 238.0       |  | 3,448.0     |  | 4,818.0         
|Synapsis Perú, S.A.                                              |  | IT and telecommunication products and services                    |  | Lima-Perú                  |  | 100.00          |  | 60.62             |  | 1.0         |  | 1.0         |  | 0.0             
|Synapsis Soluciones y Servicios, Ltda.                           |  | Supply and marketing of computer hardware                         |  | Santiago-Chile             |  | 100.00          |  | 60.62             |  | 3,944.0     |  | 4,401.0     |  | 4,203.0         
|Luz de Río Ltda.                                                 |  | Portfolio company                                                 |  | Río de Janeiro-Brazil      |  | 100.00          |  | 60.02             |  | 1.0         |  | (155.0)     |  | 6.0             
|Chilectra Internacional                                          |  | Portfolio company                                                 |  | George Town-Cayman Islands |  | 100.00          |  | 59.57             |  | 67,668.0    |  | 9,299.0     |  | (2,556.0)       
|Empresa Eléctrica de Colina Ltda.                                |  | Complete energy and related materials cycle                       |  | Colina-Chile               |  | 100.00          |  | 59.57             |  | 90.0        |  | (236.0)     |  | 741.0           
|Luz Andes Ltda.                                                  |  | Transmission, distribution and sale of energy and fuels           |  | Santiago-Chile             |  | 100.00          |  | 59.57             |  | 1.0         |  | 1,191.0     |  | 84.0            
|CAM Brasil Multiservicios Ltda. (CAM Brasil)                     |  | Purchase, sale and distribution of electricity-related products   |  | Brazil                     |  | 99.99           |  | 60.62             |  | 310.0       |  | 256.0       |  | 191.0           
|Cía. Americana de Multiserv. de Colombia, S.A.
(CAM Colombia)    |  | Technical calibration and measurement services                    |  | Bogotá-Colombia            |  | 99.99           |  | 60.62             |  | 1,616.0     |  | 4,078.0     |  | 2,083.0         
|Empresa Distribuidora Sur S.A. (Edesur)                          |  | Distribution and retailing of electricity                         |  | Buenos Aires-Argentina     |  | 99.43           |  | 45.68             |  | 2,076.1     |  | 48.6        |  | (28.3)          
|Chilectra Inversud, S.A.                                         |  | Portfolio company                                                 |  | Santiago-Chile             |  | 98.25           |  | 59.57             |  | 130,803.0   |  | 11,965.0    |  | (1,265.0)       
|Chilectra S.A.                                                   |  | Distribution and sale of electricity                              |  | Santiago-Chile             |  | 98.25           |  | 59.57             |  | 292,064.0   |  | 87,990.0    |  | 77,322.0        
|Companhía de Electricidade do Río de Janeiro
S.A. (CERJ / Ampla) |  | Production, transmission and distribution of electricity          |  | Río de Janeiro-Brazil      |  | 91.93           |  | 59.46             |  | 1,625.0     |  | (361.0)     |  | 33.0            
|Inversiones Distrilima, S.A. (Distrilima)                        |  | Portfolio company                                                 |  | Lima-Perú                  |  | 86.14           |  | 63.76             |  | 427.0       |  | 240.0       |  | 39.0            
|Empresa de Distribuc. Eléc. de Lima Norte, S.A. (Edelnor)        |  | Production, transmission and distribution of electricity          |  | Lima-Perú                  |  | 60.00           |  | 38.26             |  | 932.0       |  | 176.0       |  | 66.0            
|Companhía Energética do Ceará, S.A. (Coelce)                     |  | Complete electricity cycle                                        |  | Fortaleza-Brazil           |  | 58.86           |  | 44.64             |  | 433.0       |  | 711.0       |  | 8.0             
|Sociedad Agrícola de Cameros Ltda.                               |  | Exploitation of farm land                                         |  | Santiago-Chile             |  | 57.50           |  | 34.86             |  | 5,738.0     |  | 1,353.0     |  | (26.0)          
|Codensa, S.A.                                                    |  | Distribution and retailing of electricity                         |  | Bogotá-Colombia            |  | 57.13           |  | 43.95             |  | 1,320,933   |  | 2,502,642   |  | 232,658         
|Aguas Santiago Poniente, S.A.                                    |  | Production and distribution of potable water                      |  | Santiago-Chile             |  | 55.00           |  | 33.34             |  | 3,001.0     |  | (753.0)     |  | (109.0)         
|Construcciones y Proyectos Los Maitenes, S.A.                    |  | Civil works and construction of facilities                        |  | Santiago-Chile             |  | 55.00           |  | 33.34             |  | 3,680.0     |  | (4,214.0)   |  | (719.0)         
|Sociedad Agrícola Pastos Verdes Ltda.                            |  | Exploitation of farm land                                         |  | Santiago-Chile             |  | 55.00           |  | 33.34             |  | 37,029.0    |  | 34,775.0    |  | 1,218.0         
|Distrilec Inversora S.A.                                         |  | Portfolio company                                                 |  | Buenos Aires-Argentina     |  | 51.51           |  | 30.76             |  | 1,111.2     |  | 126.2       |  | (19.4)          
|Sacme, S.A.                                                      |  | Supervision and control of the electricity system in Buenos Aires |  | Buenos Aires-Argentina     |  | 50.00           |  | 22.84             |  | 0.0         |  | 0.7         |  | 0.0             
|Endesa Chile                                                     |  | Complete electricity cycle                                        |  | Santiago-Chile             |  | 59.98           |  | 36.36             |  | 1,050,194   |  | 434,915     |  | 83,789          



6



---

|                                                        |  |                                                                   |  |                            |  |                 |  |                   |  |             |  |             |  |                 
|------------------------------------------------------- |  | ----------------------------------------------------------------- |  | -------------------------- |  | --------------- |  | ----------------- |  | ----------- |  | ----------- |  | ----------------
|Corporate Name                                          |  | Corporate Purpose or Line of Business                             |  | Location                   |  | VotingRights(%) |  | DividendRights(%) |  | Capital     |  | Reserves    |  | Net Income(Loss)
|Capital de Energía S.A.                                 |  | Portfolio company                                                 |  | Bogotá-Colombia            |  | 100.00          |  | 64.88             |  | 195,351     |  | 2,256,218   |  | 109,127         
|Compañía Eléctrica Cono Sur, S.A.                       |  | Portfolio company                                                 |  | Panamá                     |  | 100.00          |  | 36.36             |  | 892,852     |  | 161,191     |  | 12,274.0        
|Compañía Eléctrica San Isidro, S.A.                     |  | Complete electricity cycle                                        |  | Santiago-Chile             |  | 100.00          |  | 27.27             |  | 31,529.0    |  | 6,730.0     |  | 14,213.0        
|Compañía Eléctrica Tarapacá, S.A. (Celta)               |  | Complete electricity cycle                                        |  | Santiago-Chile             |  | 100.00          |  | 36.36             |  | 81,305.0    |  | 1,211.0     |  | 2,076.0         
|ENDESA Brasil Participaçoes Ltda.                       |  | Portfolio company                                                 |  | Río de Janeiro-Brazil      |  | 100.00          |  | 36.36             |  | 1.0         |  | (1.0)       |  | 0.0             
|Endesa Chile Internacional                              |  | Portfolio company                                                 |  | George Town-Cayman Islands |  | 100.00          |  | 36.36             |  | 470,480.8   |  | (141,426.9) |  | (18,975.8)      
|Inversiones ENDESA Norte, S.A.                          |  | Portfolio company                                                 |  | Santiago-Chile             |  | 100.00          |  | 36.36             |  | 73,002.0    |  | 2,382.0     |  | 6,200.0         
|ENDESA Inversiones Generales, S.A. (Enigesa)            |  | Portfolio company                                                 |  | Santiago-Chile             |  | 100.00          |  | 36.35             |  | 2,470.0     |  | (84.0)      |  | 1,218.0         
|Ingendesa do Brasil, Ltda.                              |  | Project engineering consulting services                           |  | Río de Janeiro-Brazil      |  | 100.00          |  | 35.51             |  | 0.5         |  | 0.3         |  | (0.1)           
|Lajas Inversora, S.A.                                   |  | Portfolio company                                                 |  | Panamá                     |  | 100.00          |  | 33.77             |  | 396,296.0   |  | (33,405.0)  |  | 14,247.0        
|Empresa Eléctrica Pangue, S.A.                          |  | Complete electricity cycle                                        |  | Santiago-Chile             |  | 99.99           |  | 39.54             |  | 71,796.0    |  | 1,816.0     |  | 4,840.0         
|ENDESA Argentina, S.A.                                  |  | Portfolio company                                                 |  | Buenos Aires-Argentina     |  | 99.99           |  | 36.36             |  | 84.9        |  | 74.4        |  | 21.7            
|Sdad. Concesionaria del Túnel el Melón, S.A.            |  | Execution, construction and exploitation of the El Melón tunnel |  | Santiago-Chile             |  | 99.95           |  | 36.34             |  | 8,932.0     |  | (15,634.0)  |  | (1,719.0)       
|Centrais Eléctricas Cachoeira Dourada, S.A.             |  | Production and retailing of electricity                           |  | Goiania-Brazil             |  | 99.61           |  | 33.64             |  | 289.0       |  | 413.0       |  | 113.0           
|Empresa de Ingeniería Ingendesa, S.A. (Ingendesa)       |  | Engineering services                                              |  | Santiago-Chile             |  | 97.64           |  | 35.50             |  | 2,102.0     |  | (687.0)     |  | 948.0           
|Empresa Eléctrica Pehuenche, S.A.                       |  | Complete electricity cycle                                        |  | Santiago-Chile             |  | 92.65           |  | 33.69             |  | 157,972.0   |  | 4,840.0     |  | 27,871.0        
|Central Hidroeléctrica de Betania, S.A.                 |  | Electricity production                                            |  | Neiva-Colombia             |  | 85.62           |  | 31.13             |  | 249,662.0   |  | 1,445,134.0 |  | 216,706.0       
|Inversiones Eléctricas Quillota, S.A.                   |  | Portfolio company                                                 |  | Santiago-Chile             |  | 71.43           |  | 18.18             |  | 15,687.2    |  | 3,467.3     |  | 7,099.2         
|Hidroinvest, S.A.                                       |  | Portfolio company                                                 |  | Buenos Aires-Argentina     |  | 69.93           |  | 25.43             |  | 17.9        |  | 283.1       |  | (25.4)          
|Hidroeléctrica El Chocon, S.A.                          |  | Electricity production                                            |  | Buenos Aires-Argentina     |  | 65.19           |  | 17.25             |  | 298.5       |  | 395.0       |  | 1.2             
|Central Costanera, S.A.                                 |  | Production and retailing of electricity                           |  | Buenos Aires-Argentina     |  | 64.27           |  | 23.37             |  | 171.3       |  | 649.8       |  | 65.2            
|Edegel, S.A.                                            |  | Production and retailing of electricity                           |  | Lima-Perú                  |  | 63.56           |  | 13.78             |  | 2,199.0     |  | 470.0       |  | 165.0           
|Generandes Perú, S.A.                                   |  | Portfolio company                                                 |  | Lima-Perú                  |  | 59.63           |  | 21.68             |  | 1,088.0     |  | 449.0       |  | 122.0           
|Empresa Generadora de Energía Eléctrica,
S.A. (Emgesa)  |  | Electricity production                                            |  | Bogotá-Colombia            |  | 57.14           |  | 35.62             |  | 1,530,694.0 |  | 2,985,709.0 |  | 243,539.0       
|Inversiones Gas Atacama Holding, Ltda.                  |  | Transmission of natural gas                                       |  | Santiago-Chile             |  | 50.00           |  | 18.18             |  | 177,562.5   |  | (22,724.8)  |  | 12,486.3        
|Consorcio Ara-Ingendesa Ltda.                           |  | Project engineering consulting services                           |  | Santiago-Chile             |  | 50.00           |  | 17.75             |  | 2.0         |  | 126.9       |  | 415.0           
|Consorcio Ingendesa-Minmetal Ltda.                      |  | Engineering services                                              |  | Santiago-Chile             |  | 50.00           |  | 17.75             |  | 2.0         |  | 0.0         |  | 80.0            
|Sociedad Consorcio Ingendesa-Ara Ltda.                  |  | Project engineering consulting services                           |  | Santiago-Chile             |  | 50.00           |  | 17.75             |  | 1.0         |  | 0.0         |  | 10.0            
|Transmisora Eléctrica de Quillota Ltda. (Transquillota) |  | Transmission and distribution of electricity                      |  | Santiago-Chile             |  | 50.00           |  | 13.64             |  | 4,251.4     |  | 1,255.7     |  | 257.4           
|Inversiones Electrogás, S.A.                            |  | Portfolio company                                                 |  | Santiago-Chile             |  | 42.50           |  | 15.45             |  | 10,406.7    |  | 2,784.5     |  | 4,910.2         
|Empresa de Energía de Bogotá, S.A. (EEB)                |  | Portfolio company                                                 |  | Bogotá-Colombia            |  | 10.99           |  | 8.08              |  | 1,166.0     |  | 4,010.0     |  | (12.0)          
|ENDESA Internacional Energía LTD.                       |  | Portfolio company                                                 |  | Río de Janeiro-Brazil      |  | 100.00          |  | 100.00            |  | 60.0        |  | (43.0)      |  | 12.0            
|Central Geradora Termeléctrica Fortaleza, S.A.          |  | Development of combined cycle plant project                       |  | Fortaleza-Brazil           |  | 100.00          |  | 80.78             |  | 152.0       |  | 46.0        |  | 112.0           
|Compañía Peruana de Electricidad, S.A. (CPE)            |  | Portfolio company                                                 |  | Lima-Perú                  |  | 100.00          |  | 79.38             |  | 114.0       |  | 52.0        |  | 10.0            
|Investluz, S.A.                                         |  | Portfolio company                                                 |  | Fortaleza-Brazil           |  | 100.00          |  | 74.88             |  | 955.0       |  | (26.0)      |  | (1.0)           
|Comercializadora de Energía del Mercosur, S.A. (Cemsa)  |  | Energy retailing in Mercosur                                      |  | Buenos Aires-Argentina     |  | 100.00          |  | 71.36             |  | 14.0        |  | 24.1        |  | 7.1             
|Compañía de Transmisión del Mercosur, S.A. (CTM)        |  | Production, transmission and distribution of electricity          |  | Buenos Aires-Argentina     |  | 100.00          |  | 71.35             |  | 14.2        |  | 14.0        |  | 7.6             
|Transportadora de Energía, S.A. (TESA)                  |  | Production, transmission and distribution of electricity          |  | Buenos Aires-Argentina     |  | 100.00          |  | 71.35             |  | 55.5        |  | 26.0        |  | (1.8)           
|Companhía de Interconexao En ergética, S.A. (Cien)      |  | Production, transmission and distribution of electricity          |  | Río de Janeiro-Brazil      |  | 99.99           |  | 71.35             |  | 285.0       |  | 235.0       |  | 123.0           
|Empresa Eléctrica de Cabo Blanco, S.A.                  |  | Portfolio company                                                 |  | Lima-Perú                  |  | 80.00           |  | 80.00             |  | 76.0        |  | 3.0         |  | 21.0            
|Generalima, S.A.                                        |  | Portfolio company                                                 |  | Lima-Perú                  |  | 72.50           |  | 72.50             |  | 163.0       |  | (52.0)      |  | 10.0            
|Central Dock Sud, S.A.                                  |  | Production, transmission and distribution of electricity          |  | Buenos Aires-Argentina     |  | 69.76           |  | 39.86             |  | 484.3       |  | (203.3)     |  | (1.6)           
|Empresa Eléctrica de Piura, S.A.                        |  | Electricity production                                            |  | Lima-Perú                  |  | 60.00           |  | 48.00             |  | 131.6       |  | (3.6)       |  | 35.1            



7



---

|                                                           |  |                                                                     |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|---------------------------------------------------------- |  | ------------------------------------------------------------------- |  | -------------------------- |  | --------------- |  | ----------------- |  | ------- |  | -------- |  | ----------------
|Corporate Name                                             |  | Corporate Purpose or Line of Business                               |  | Location                   |  | VotingRights(%) |  | DividendRights(%) |  | Capital |  | Reserves |  | Net Income(Loss)
|Empresa de Generac. Termoelec. Ventanilla, S.A. (Etevensa) |  | Electricity production                                              |  | Lima-Perú                  |  | 60.00           |  | 43.50             |  | 283.7   |  | (15.0)   |  | 11.8            
|Sociedad Inversora Dock Sud, S.A. (Dock Sud)               |  | Portfolio company                                                   |  | Buenos Aires-Argentina     |  | 57.14           |  | 57.14             |  | 431.4   |  | (174.3)  |  | (13.0)          
|Consorcio Energético Punta Cana-Macao, S.A. (Cepm)         |  | Production, transmission and distribution of electricity            |  | Dominican Republic         |  | 40.00           |  | 40.00             |  | N/D     |  | N/D      |  | N/D             
|Yacylec, S.A.                                              |  | Transmission of electricity                                         |  | Buenos Aires-Argentina     |  | 22.22v          |  | 22.22             |  | N/D     |  | N/D      |  | N/D             
|Empresa Propietaria de la Red, S.A.                        |  | Construction of an interconnection line in Central America          |  | Panamá                     |  | 14.29           |  | 14.29             |  | N/D     |  | N/D      |  | N/D             
|                                                           |  |                                                                     |  |                            |  |                 | 
|OTHER INVESTMENTS                                          |  |                                                                     |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|Apamea 2000, S.L.                                          |  | Inactive                                                            |  | Madrid                     |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|ENDESA Capital, S.A.                                       |  | Issuance of debt instruments                                        |  | Madrid                     |  | 100.00          |  | 100.00            |  | 0.1     |  | 0.0      |  | 0.0             
|ENDESA Diversificación, S.A.                               |  | Portfolio company                                                   |  | Madrid                     |  | 100.00          |  | 100.00            |  | 454.8   |  | (211.7)  |  | 172.0           
|ENDESA Ingeniería, S.L.                                    |  | Consulting and civil engineering services                           |  | Seville                    |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.4             
|Nueva Nuinsa, S.L.                                         |  | Regional diversification                                            |  | Seville                    |  | 100.00          |  | 100.00            |  | 54.6    |  | 8.7      |  | 11.2            
|Puerto Serrano, U.T.E.                                     |  | Water treatment plant work                                          |  | Madrid                     |  | 50.00           |  | 50.00             |  | 0.0     |  | 0.0      |  | 0.0             
|Sercanarias, S.A.                                          |  | Integral water cycle and related facilities                         |  | Las Palmas de Gran Canaria |  | 50.00           |  | 50.00             |  | 0.1     |  | 0.0      |  | (0.1)           
|Tarifa Línea, U.T.E.                                       |  | Outflow of electricity from wind farms in the Tarifa area           |  | Seville                    |  | 50.00           |  | 50.00             |  | 0.0     |  | 0.0      |  | 1.4             
|Sdad. Economía Mixta Aguas de Guadix, S.A.                 |  | Water supplies                                                      |  | Granada                    |  | 40.00           |  | 40.00             |  | 0.3     |  | (0.1)    |  | (0.1)           
|Empresa Mixta de Aguas de Las Palmas, S.A. (Emalsa)        |  | Complete water cycle                                                |  | Las Palmas de Gran Canaria |  | 33.00           |  | 33.00             |  | 28.2    |  | (4.1)    |  | 1.4             
|Smartcom Pcs                                               |  | Wireless telephony operator                                         |  | Santiago-Chile             |  | 100.00          |  | 100.00            |  | 811.0   |  | (426.0)  |  | 0.0             
|Desaladora de Carboneras, U.T.E.                           |  | Technical assistance and operation of desalination facilities       |  | Almería                    |  | 75.00           |  | 75.00             |  | 0.0     |  | 0.0      |  | 0.4             
|Desaladora de la Costa del Sol, S.A. (Decosol)             |  | Water supply and desalination services                              |  | Málaga                     |  | 50.00           |  | 50.00             |  | 5.9     |  | (41.3)   |  | (5.1)           
|Multimedia de Cable, S.A.                                  |  | Telecommunications                                                  |  | Barcelona                  |  | 38.87           |  | 38.87             |  | 11.6    |  | (12.8)   |  | (0.3)           
|Auna Operadores de Telecomunicaciones, S.A.                |  | Telecommunications services                                         |  | Barcelona                  |  | 32.44           |  | 32.92             |  | 2,209.8 |  | 90.1     |  | 30.4            
|Euskaltel, S.A.                                            |  | Operation and marketing of telecommunications networks and services |  | Bilbao                     |  | 10.00           |  | 10.00             |  | 325.2   |  | (44.7)   |  | 16.2            
|ENDESA Financiación Filiales, S.A.                         |  | Management of financing of subsidiaries                             |  | Madrid                     |  | 100.00          |  | 100.00            |  | 4,621.0 |  | 4,513.0  |  | 204.0           
|ENDESA Generación, S. A.                                   |  |                                                                     |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|Andorra Desarrollo, S.A.                                   |  | Regional development                                                |  | Teruel                     |  | 100.00          |  | 100.00            |  | 0.9     |  | 0.0      |  | 0.0             
|Desarrollo Tecnológico Nuclear, S.L. (DTN)                 |  | Research and development in relation to nuclear plants              |  | Madrid                     |  | 46.35           |  | 46.35             |  | 0.4     |  | (0.7)    |  | 0.0             
|Tecnatom, S.A.                                             |  | Services for electricity production facilities                      |  | Madrid                     |  | 45.00           |  | 45.00             |  | 4.0     |  | 13.7     |  | 0.9             
|Nuclenor, S.A.                                             |  |                                                                     |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|Medidas Ambientales, S.L.                                  |  | Environmental analysis and control activities                       |  | Burgos                     |  | 50.00           |  | 25.00             |  | 0.1     |  | 0.0      |  | 0.0             
|Gestión Aeropuerto de Burgos, S.A. (Gabsa)                 |  | Airport services                                                    |  | Burgos                     |  | 1.70            |  | 0.85              |  | 1.1     |  | 0.0      |  | N/D             
|Miranda Plataforma Logística, S.A.                         |  | Infrastructure development and management in Miranda de Ebro        |  | Burgos                     |  | 0.33            |  | 0.17              |  | 1.8     |  | 0.0      |  | N/D             
|Sdad. Desarrollo Sierra Morena Cordobesa, S.A.             |  | Regional development                                                |  | Córdoba                    |  | 1.82            |  | 1.82              |  | 14.3    |  | N/D      |  | N/D             
|ENDESA Net Factory, S.L.                                   |  | Complete e-commerce, Internet and new technologies cycle            |  | Madrid                     |  | 100.00          |  | 100.00            |  | 8.3     |  | (12.0)   |  | (14.0)          
|Diseño de Sistemas en Silicio, S.A. (DS2)                  |  | Voice transmission solutions using the electricity system           |  | Castellón                  |  | 14.71           |  | 14.71             |  | 1.0     |  | 19.0     |  | 1.0             
|Eutilia, N.V.                                              |  | B2B Market                                                          |  | Leiden-Holanda             |  | 9.81            |  | 9.81              |  | 0.0     |  | 5.0      |  | (1.0)           
|Buongiorno Vitaminic, S.P.A.                               |  | Management of Internet and wireless telephony services              |  | Italy                      |  | 0.64            |  | 0.64              |  | 19.0    |  | (5.0)    |  | (2.0)           
|ENDESA North America Inc.                                  |  | ENDESA representation office for investors                          |  | New York-USA               |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|ENDESA Red, S.A.                                           |  |                                                                     |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|ENDESA Distribución Eléctrica, S.L.                        |  |                                                                     |  |                            |  |                 |  |                   |  |         |  |          |  |                 
|Agrupación Acefhat, A.I.E.                                 |  | Integral management of works on public thoroughfares                |  | Barcelona                  |  | 16.67           |  | 16.67             |  | 0.8     |  | 0.0      |  | 0.0             
|Catalana dIniciatives C. R., S.A.                         |  | Regional venture capital company                                    |  | Barcelona                  |  | 0.94            |  | 0.94              |  | N/D     |  | N/D      |  | N/D             
|ENDESA Servicios, S.L.                                     |  | Provision of services to companies                                  |  | Madrid                     |  | 100.00          |  | 100.00            |  | 85.2    |  | 3.0      |  | 7.0             



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|                                                                   |  |                                                              |  |                        |  |                 |  |                   |  |         |  |          |  |                 
|------------------------------------------------------------------ |  | ------------------------------------------------------------ |  | ---------------------- |  | --------------- |  | ----------------- |  | ------- |  | -------- |  | ----------------
|Corporate Name                                                     |  | Corporate Purpose or Line of Business                        |  | Location               |  | VotingRights(%) |  | DividendRights(%) |  | Capital |  | Reserves |  | Net Income(Loss)
|Mundivía, S.A.                                                     |  | Research and operation of IT and telecommunications services |  | Santander              |  | 85.00           |  | 85.00             |  | 0.6     |  | 2.6      |  | 1.3             
|ENDESA Marketplace, S.A.                                           |  | B2B transactions using the internet                          |  | Madrid                 |  | 78.00           |  | 72.09             |  | 6.7     |  | (8.9)    |  | 0.0             
|Triema, S.A.                                                       |  | Management system marketing services                         |  | Buenos Aires-Argentina |  | 55.00           |  | 55.00             |  | 0.0     |  | (0.3)    |  | 0.0             
|Sadiel, S.A.                                                       |  | IT and electronics research and development                  |  | Seville                |  | 37.50           |  | 37.50             |  | 0.7     |  | 10.1     |  | 4.3             
|International ENDESA, B.V. (IEBV)                                  |  | International financial transactions                         |  | Amsterdam-Netherlands  |  | 100.00          |  | 100.00            |  | 15.4    |  | 4.7      |  | 5.2             
|ENDESA Capital Finance, L.L.C.                                     |  | Issuance of preferred shares                                 |  | Newark-USA             |  | 100.00          |  | 100.00            |  | N/D     |  | N/D      |  | N/D             
|Nubia 2000, S.L.                                                   |  | Inactive                                                     |  | Madrid                 |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|Nueva Compañía de Distribución Eléctrica 3, S.L.                   |  | Inactive                                                     |  | Madrid                 |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|Nueva Compañía de Distribución Eléctrica 4, S.L.                   |  | Inactive                                                     |  | Madrid                 |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|Sdad. Gestión de Activos de Generación Eléctrica, S.L.             |  | Inactive                                                     |  | Madrid                 |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|Sdad. Gestión de Activos de Distribución Eléctrica, S.L.           |  | Inactive                                                     |  | Madrid                 |  | 100.00          |  | 100.00            |  | 0.0     |  | 0.0      |  | 0.0             
|Teneguía Gestión Financiera, S.L.                                  |  | Finance                                                      |  | Santa Cruz de Tenerife |  | 100.00          |  | 100.00            |  | 20.0    |  | 0.0      |  | 0.8             
|Teneguía Gestión Financiera, S. Comanditaria                       |  | Finance                                                      |  | Santa Cruz de Tenerife |  | 95.72           |  | 95.72             |  | 1,567.0 |  | (43.0)   |  | 51.5            
|Interbolsa, S.A.                                                   |  | Stock broking                                                |  | Madrid                 |  | 20.00           |  | 20.00             |  | 0.1     |  | N/D      |  | N/D             
|Cía. Operadora del Mercado Español de Electricidad, S.A. (Comeesa) |  | Economic management of the Spanish electricity market        |  | Madrid                 |  | 5.71            |  | 5.71              |  | N/D     |  | N/D      |  | N/D             
|Red Eléctrica de España, S.A. (REE)                                |  | Transmission of electric power                               |  | Madrid                 |  | 3.00            |  | 3.00              |  | 270.5   |  | 492.9    |  | 132.4           
|Corporación Empresarial de Extremadura, S.A.                       |  | Regional promotion                                           |  | Badajoz                |  | 2.55            |  | 2.55              |  | 17.6    |  | (3.0)    |  | 0.0             
|Sociedad de Fomento Industrial de Extremadura, S.A. (Sofiex)       |  | Regional development                                         |  | Badajoz                |  | 0.60            |  | 0.60              |  | N/D     |  | N/D      |  | N/D             

---

N/D = No data at the date of preparation of these
consolidated financial statements.



9