Exhibit 8.1

|                                                                   |                                                         |                                                    |              |    |    |     |     |                                                       |                                                                               |                                                             |                            |                    |                  |        |        | Millions |        
|------------------------------------------------------------------ | ------------------------------------------------------- | -------------------------------------------------- | ------------ | -- | -- | --- | --- | ----------------------------------------------------- | ----------------------------------------------------------------------------- | ----------------------------------------------------------- | -------------------------- | ------------------ | ---------------- | ------ | ------ | -------- | -------
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|ELECTRICITY BUSINESS                                               |                                                         |                                                    |              |    |    |     |     |                                                       |                                                                               |                                                             |                            |                    |                  |        |        |          |        
|Endesa Energia, S.A.U.                                             |                                                         |                                                    |              | FC |    | (1  | )   | Marketing of energy products                          |                                                                               | MADRID                                                      |                            | 100.00             |                  | 100.00 |        | 13.0     |        
|                                                                   | Endesa Energia XXI, S.L.                                |                                                    |              |    | FC |     | (1  | )                                                     | Supplementary services associated with the marketing of energy products       |                                                             | MADRID                     |                    | 100.00           |        | 100.00 |          | 0.0    
|                                                                   |                                                         | SODESA-Comercializaçao de Energia Electrica, S.A.  |              |    |    | EM  |     | (1                                                    | )                                                                             | Electricity retailing                                       |                            | PORTOPORTUGAL     |                  | 50.00  |        | 50.00    |        
|Endesa Generacion, S.A.                                            |                                                         |                                                    |              | FC |    | (1  | )   | Electric power production                             |                                                                               | MADRID                                                      |                            | 100.00             |                  | 100.00 |        | 1,882.0  |        
|                                                                   | Aragonesa de Actividades Energeticas, S.A. (AAESA)      |                                                    |              |    | NC |     |    |                                                       | Electric power production                                                     |                                                             | TERUEL                     |                    | 100.00           |        | 100.00 |          | 0.1    
|                                                                   | Carboex, S.A.                                           |                                                    |              |    | FC |     | (2  | )                                                     | Fuel supply                                                                   |                                                             | MADRID                     |                    | 100.00           |        | 100.00 |          | 24.0   
|                                                                   |                                                         | Carboex International LTD. (CIL)                   |              | f  |    | FC  |     | (2                                                    | )                                                                             | Marketing of fuels and other raw materials                  |                            | NASSAUTHE BAHAMAS |                  | 100.00 |        | 100.00   |        
|                                                                   |                                                         | Arch Coal Inc. (ACI)                               |              | f  |    | NC  |     | (2                                                    | )                                                                             | Coal production                                             |                            | SAN LUISU.S.A.    |                  | 0.59   |        | 0.59     |        
|                                                                   | Empresa Carbonifera del Sur, S.A. (ENCASUR)             |                                                    |              |    | FC |     | (2  | )                                                     | Exploitation of mining deposits                                               |                                                             | MADRID                     |                    | 100.00           |        | 100.00 |          | 18.0   
|                                                                   | Endesa Ciclos Combinados, S.L.                          |                                                    |              |    | FC |     | (1  | )                                                     | Electric power production                                                     |                                                             | MADRID                     |                    | 100.00           |        | 100.00 |          | 116.0  
|                                                                   | Energias de Aragon I, S.L. (EASA I)                     |                                                    |              |    | FC |     | (1  | )                                                     | Transmission, distribution and sale of electricity under the rate system      |                                                             | ZARAGOZA                   |                    | 100.00           |        | 100.00 |          | 3.2    
|                                                                   | Energias de Aragon II, S.L. (EASA II)                   |                                                    |              |    | FC |     | (1  | )                                                     | Electric power production under the special regime                            |                                                             | ZARAGOZA                   |                    | 100.00           |        | 100.00 |          | 18.5   
|                                                                   | Gas y Electricidad Generacion, S.A.U.                   |                                                    |              |    | FC |     | (1  | )                                                     | Electric power production                                                     |                                                             | PALMA DE MALLORCA          |                    | 100.00           |        | 100.00 |          | 213.8  
|                                                                   | Minas y Ferrocarril de Utrillas, S.A.                   |                                                    |              |    | NC |     | (2  | )                                                     | Extraction of black lignite                                                   |                                                             | BARCELONA                  |                    | 100.00           |        | 100.00 |          | 3.9    
|                                                                   |                                                         | Carbones de Berga, S.A.                            |              |    |    | (** | )   |                                                      |                                                                               | Exploitation of lignite mines                               |                            | BARCELONA          |                  | 100.00 |        | 100.00   |        
|                                                                   | Union Electrica de Canarias Generacion, S.A.U.          |                                                    |              |    | FC |     | (1  | )                                                     | Electric power production                                                     |                                                             | LAS PALMAS DE GRAN CANARIA |                    | 100.00           |        | 100.00 |          | 190.2  
|                                                                   | Minas Gargallo, S.L.                                    |                                                    |              |    | NC |     |    |                                                       | Exploitation of mineral deposits                                              |                                                             | ZARAGOZA                   |                    | 99.91            |        | 99.91  |          | 0.2    
|                                                                   |                                                         | Minas de Estercuel, S.A.                           |              |    |    | (** | )   |                                                      |                                                                               | Exploitation of mineral deposits                            |                            | ZARAGOZA           |                  | 99.65  |        | 99.56    |        
|                                                                   | Asociacion Nuclear Asco-Vandellos II, A.I.E.            |                                                    |              |    | PC |     | (1  | )                                                     | Management, operation and administration of nuclear plants                    |                                                             | BARCELONA                  |                    | 85.41            |        | 85.41  |          | 19.2   
|                                                                   | Hispano-Francesa de Energia Nuclear, S.A. (HIFRENSA)    |                                                    |              |    | NC |     | (1  | )                                                     | Management of the Vandellós I nuclear power plant                             |                                                             | BARCELONA                  |                    | 52.00            |        | 52.00  |          | 0.1    
|                                                                   | Nuclenor, S.A.                                          |                                                    |              |    | PC |     | (1  | )                                                     | Nuclear power production                                                      |                                                             | SANTANDER                  |                    | 50.00            |        | 50.00  |          | 102.0  
|                                                                   |                                                         | Central Nuclear Trillo I, A.I.E.                   |              |    |    | NC  |     | (1                                                    | )                                                                             | Management, operation and administration of a nuclear plant |                            | MADRID             |                  | 2.00   |        | 1.00     |        
|                                                                   | Elcogas, S.A.                                           |                                                    |              |    | NC |     | (1  | )                                                     | Electric power production                                                     |                                                             | MADRID                     |                    | 37.93            |        | 37.93  |          | 50.0   
|                                                                   | Central Nuclear Almaraz, A.I.E.                         |                                                    |              |    | PC |     | (1  | )                                                     | Management, operation and administration of a nuclear plant                   |                                                             | MADRID                     |                    | 36.02            |        | 36.02  |          | 13.1   
|                                                                   | Central Termica de Anllares, A.I.E.                     |                                                    |              |    | NC |     |    |                                                       | Management, operation and administration of a fossil-fuel plant               |                                                             | MADRID                     |                    | 33.33            |        | 33.33  |          | 0.6    
|                                                                   | Centrales Nucleares Almaraz-Trillo, A.I.E.              |                                                    |              |    | NC |     |    |                                                       | Management, operation and administration of a nuclear plant                   |                                                             | MADRID                     |                    | 23.67            |        | 23.67  |          | 0.0    
|Endesa Red, S.A.                                                   |                                                         |                                                    |              | FC |    | (1  | )   | Distribution activities                               |                                                                               | MADRID                                                      |                            | 100.00             |                  | 100.00 |        | 688.0    |        
|                                                                   | Distribuidora Electrica del Puerto de la Cruz, S.A.     |                                                    |              |    | FC |     | (1  | )                                                     | Purchase, transmission, distribution and retailing of electricity             |                                                             | SANTA CRUZ DE TENERIFE     |                    | 100.00           |        | 100.00 |          | 19.0   
|                                                                   | Endesa Distribución Electrica, S.L.                     |                                                    |              |    | FC |     | (1  | )                                                     | Distribution of electricity                                                   |                                                             | MADRID                     |                    | 100.00           |        | 100.00 |          | 1,205.0
|                                                                   |                                                         | Electrica de La Franja, S.L.                       |              |    |    | NC  |     |                                                      |                                                                               | Electric power production                                   |                            | BARCELONA          |                  | 100.00 |        | 100.00   |        
|                                                                   |                                                         | Transportes y Distribuc. Electricas, S.A. (TYDESA) |              |    |    | NC  |     |                                                      |                                                                               | Transmission of electricity                                 |                            | GIRONA             |                  | 73.33  |        | 73.33    |        
|                                                                   |                                                         | Electricidad de Puerto Real, S.A. (EPRESA)         |              |    |    | NC  |     | (1                                                    | )                                                                             | Supply and distribution of electricity                      |                            | CADIZ              |                  | 50.00  |        | 50.00    |        
|                                                                   |                                                         | Suministradora Electrica de Cadiz, S.A. (SECASA)   |              |    |    | NC  |     | (1                                                    | )                                                                             | Supply and distribution of electricity                      |                            | CADIZ              |                  | 33.50  |        | 33.50    |        
|                                                                   | Endesa Operaciones y Servicios Comerciales, S.L.        |                                                    |              |    | FC |     | (1  | )                                                     | Provision of commercial services                                              |                                                             | MADRID                     |                    | 100.00           |        | 100.00 |          | 10.1   
|                                                                   | Hidroelectrica de Catalunya, S.L.                       |                                                    |              |    | NC |     | (1  | )                                                     | Distribution and retailing of electricity                                     |                                                             | BARCELONA                  |                    | 100.00           |        | 100.00 |          | 0.1    
|                                                                   |                                                         | Suministro de Luz y Fuerza, S.L.                   |              |    |    | (** | )   | (19                                                   | )                                                                             | Distribution and retailing of electricity                   |                            | GIRONA             |                  | 60.00  |        | 60.00    |        
|                                                                   |                                                         | Electrica de Jafre, S.A.                           |              |    |    | (** | )   | (19                                                   | )                                                                             | Distribution and retailing of electricity                   |                            | GIRONA             |                  | 47.46  |        | 47.46    |        
|                                                                   |                                                         | Productora Electrica Urgelense, S.A. (PEUSA)       |              |    |    | (** | )   | (1                                                    | )                                                                             | Production and distribution of electricity                  |                            | LLEIDA             |                  | 8.43   |        | 8.43     |        
|                                                                   | Electrica de Lijar, S.L.                                |                                                    |              |    | NC |     | (25 | )                                                     | Supply and distribution of electricity                                        |                                                             | CADIZ                      |                    | 50.00            |        | 50.00  |          | 1.1    
|Siepac, S.A.                                                       |                                                         |                                                    |              | NC |    |    |     | Management of the electricity interconnection system  |                                                                               | MADRID                                                      |                            | 62.50              |                  | 62.50  |        | 0.1      |        
|Inversora Electrica del Pacifico, S.A.                             |                                                         |                                                    |              | NC |    |    |     | Tendering of bids in the State of Medellín (Colombia) |                                                                               | COLOMBIA                                                    |                            | 49.90              |                  | 49.90  |        | 0.0      |        
|Red Electrica de España, S.A. (REE)                                |                                                         |                                                    |              | EM |    | (3  | )   | Transmission of electricity                           |                                                                               | MADRID                                                      |                            | 10.00              |                  | 10.00  |        | 270.5    |        
|Cía. Operadora del Mercado Español de Electricidad, S.A. (COMEESA) |                                                         |                                                    |              | NC |    | (4  | )   | Economic management of the Spanish electricity market |                                                                               | MADRID                                                      |                            | 5.71               |                  | 5.71   |        | 1.8      |        
|GAS                                                                |                                                         |                                                    |              |    |    |     |     |                                                       |                                                                               |                                                             |                            |                    |                  |        |        |          |        
|Endesa Gas, S.A.U.                                                 |                                                         |                                                    |              | FC |    | (2  | )   | Production, distribution and retailing of gas         |                                                                               | ZARAGOZA                                                    |                            | 100.00             |                  | 100.00 |        | 45.3     |        
|                                                                   | Endesa Gas Transportista, S.L.                          |                                                    |              |    | NC |     |    |                                                       | Natural gas regasification and transmission                                   |                                                             | ZARAGOZA                   |                    | 100.00           |        | 100.00 |          | 0.0    
|                                                                   | Gas Alicante, S.A.U.                                    |                                                    |              |    | NC |     | (2  | )                                                     | Complete piped gas cycle                                                      |                                                             | ALICANTE                   |                    | 100.00           |        | 100.00 |          | 3.9    
|                                                                   | Gesa Gas, S.A.U.                                        |                                                    |              |    | FC |     | (2  | )                                                     | Complete piped gas cycle                                                      |                                                             | PALMA DE MALLORCA          |                    | 100.00           |        | 100.00 |          | 17.1   
|                                                                   | Meridional de Gas, S.A.U. (MEGASA)                      |                                                    |              |    | EM |     | (2  | )                                                     | Complete piped gas cycle                                                      |                                                             | GRANADA                    |                    | 100.00           |        | 100.00 |          | 6.6    
|                                                                   | Gasificadora Regional Canaria, S.A.                     |                                                    |              |    | EM |     | (2  | )                                                     | Complete piped gas cycle                                                      |                                                             | LAS PALMAS DE GRAN CANARIA |                    | 65.00            |        | 65.00  |          | 0.1    
|                                                                   | Compañia Transportista de Gas Canarias, S.A.            |                                                    |              |    | NC |     | (2  | )                                                     | Gas transmission                                                              |                                                             | LAS PALMAS DE GRAN CANARIA |                    | 73.93            |        | 73.93  |          | 3.2    
|                                                                   | Gas Aragon, S.A.                                        |                                                    |              |    | FC |     | (2  | )                                                     | Distribution of piped natural gas                                             |                                                             | ZARAGOZA                   |                    | 60.67            |        | 60.67  |          | 5.9    
|                                                                   | NQF Gas SGPS, S.A.                                      |                                                    |              |    | EM |     | (17 | )                                                     | Portfolio company                                                             |                                                             | PORTOPORTUGAL             |                    | 49.00            |        | 49.00  |          | 5.0    
|                                                                   |                                                         | Enagas, S.A.                                       |              |    |    | (** | )   | (17                                                   | )                                                                             | Portfolio company                                           |                            | PORTOPORTUGAL     |                  |       |        | 29.40    |        
|                                                                   |                                                         |                                                    | Setgas, S.A. |    |    |     | (** | )                                                     | (3                                                                            | )                                                           | Complete piped gas cycle   |                    | SETUBAL-PORTUGAL |        |       |          | 9.72   
|                                                                   |                                                         | Portgas, S.A.                                      |              |    |    | (** | )   | (2                                                    | )                                                                             | Complete piped gas cycle                                    |                            | PORTOPORTUGAL     |                  |       |        | 12.42    |        
|                                                                   | Distribuidora Regional del Gas, S.A.                    |                                                    |              |    | EM |     | (2  | )                                                     | Distribution and retailing of gas                                             |                                                             | VALLADOLID                 |                    | 45.00            |        | 45.00  |          | 3.6    
|                                                                   | Transportista Regional de Gas, S.L.                     |                                                    |              |    | NC |     | (2  | )                                                     | Gas infrastructure and transmission                                           |                                                             | VALLADOLID                 |                    | 45.00            |        | 45.00  |          | 0.7    
|                                                                   | Distrib. y Comerc. Gas Extremadura, S.A. (DICOGEXSA)    |                                                    |              |    | NC |     | (2  | )                                                     | Complete gas cycle                                                            |                                                             | BADAJOZ                    |                    | 30.00            |        | 30.00  |          | 21.6   
|                                                                   | Kromschroeder, S.A.                                     |                                                    |              |    | NC |     |    |                                                       | Manufacture of gas meters                                                     |                                                             | BARCELONA                  |                    | 27.93            |        | 27.93  |          | 0.7    
|Endesa Generacion, S.A.                                            |                                                         |                                                    |              |    |    |     |     |                                                       |                                                                               |                                                             |                            |                    |                  |        |        |          |        
|                                                                   | Iniciativas de Gas, S.L.                                |                                                    |              |    | NC |     |    |                                                       | Construction and operation of natural gas transmission and storage facilities |                                                             | MADRID                     |                    | 40.00            |        | 40.00  |          | 0.0    
|                                                                   | Regasificadora del Noroeste, S.A.                       |                                                    |              |    | NC |     |    |                                                       | Natural gas regasification and transmission                                   |                                                             | MURGADOSA CORUÑA          |                    | 21.00            |        | 21.00  |          | 18.0   
|                                                                   | Sdad. Estudio y Prom. Gasoducto Argelia-Europa (MEDGAZ) |                                                    |              |    | NC |     |    |                                                       | Construction of a gas pipeline                                                |                                                             | MADRID                     |                    | 12.00            |        | 12.00  |          | 6.5    
|DIVERSIFICATION/COGENERATION AND RENEWABLE ENERGIES                |                                                         |                                                    |              |    |    |     |     |                                                       |                                                                               |                                                             |                            |                    |                  |        |        |          |        
|Endesa Cogeneracion y Renovables, S.A. (ECYR)                      |                                                         |                                                    |              | FC |    | (2  | )   | Cogeneration and renewable energies                   |                                                                               | SEVILLE                                                     |                            | 100.00             |                  | 100.00 |        | 127.1    |        
|                                                                   | Almussafes Servicios Energeticos, S.L.                  |                                                    |              |    | NC |     | (2  | )                                                     | Cogeneration plant management and maintenance                                 |                                                             | BARCELONA                  |                    | 100.00           |        | 100.00 |          | 0.0    
|                                                                   | Hidroelectrica del Santa Magdalena, S.A.                |                                                    |              |    | NC |     | (2  | )                                                     | Energy operations                                                             |                                                             | BARCELONA                  |                    | 100.00           |        | 100.00 |          | 1.7    
|                                                                   |                                                         | Promociones y Proyectos Modolell, S.A.             |              |    |    | (** | )   | (3                                                    | )                                                                             | Mini-hydroelectric plants                                   |                            | LLEIDA             |                  | 20.00  |        | 20.00    |        

---

|                                                        |                                             |  |  |    |     |     |     |                                                                       |                                |                            |           |        |       |        |       | Millions |    
|------------------------------------------------------- | ------------------------------------------- |  |  | -- | --- | --- | --- | --------------------------------------------------------------------- | ------------------------------ | -------------------------- | --------- | ------ | ----- | ------ | ----- | -------- | ---
|
|Parque Eolico A Carba, S.A.                             |                                             |  |  | FC |     | (2) |     | Wind-powered facility                                                 |                                | LUGO                       |           | 100.00 |       | 100.00 |       | 67.9     |    
|Parque Eolico Caños de Meca, S.A.U.                     |                                             |  |  | NC |     | (2) |     | Wind-powered facility                                                 |                                | SEVILLE                    |           | 100.00 |       | 100.00 |       | 1.8      |    
|Saltos del Nansa I, S.A.                                |                                             |  |  | FC |     | (2) |     | Production, transmission and distribution of electricity              |                                | SANTANDER                  |           | 100.00 |       | 100.00 |       | 7.2      |    
|Saltos y Centrales de Catalunya, S.A.                   |                                             |  |  | NC |     | (2) |     | Operation of hydroelectric plants                                     |                                | BARCELONA                  |           | 100.00 |       | 100.00 |       | 0.1      |    
|Unelco Cogeneraciones Sanitarias del Archipielago, S.A. |                                             |  |  | FC |     | (2) |     | Cogeneration facilities at hospitals                                  |                                | LAS PALMAS DE GRAN CANARIA |           | 100.00 |       | 100.00 |       | 1.2      |    
|Fermicaise, S.A.                                        |                                             |  |  | NC |     | (2) |     | Cogeneration                                                          |                                | MEXICO CITY                |           | 99.99  |       | 99.99  |       | 0.7      |    
|Gresaise, S.A.                                          |                                             |  |  | NC |     | (2) |     | Cogeneration                                                          |                                | MEXICO CITY                |           | 99.99  |       | 99.99  |       | 0.7      |    
|Italaise, S.A.                                          |                                             |  |  | NC |     | (2) |     | Cogeneration                                                          |                                | MEXICO CITY                |           | 99.99  |       | 99.99  |       | 0.7      |    
|Electro Mariola, A.I.E.                                 |                                             |  |  | FC |     | (2) |     | Cogeneration                                                          |                                | MADRID                     |           | 99.00  |       | 99.00  |       | 0.5      |    
|Micase, S.A.                                            |                                             |  |  | NC |     | (2) |     | Cogeneration                                                          |                                | MEXICO CITY                |           | 99.00  |       | 99.00  |       | 1.9      |    
|Bioaise                                                 |                                             |  |  | NC |     | (1) |     | Production, purchase, retailing and marketing of electricity          |                                | CARTAGENA-COLOMBIA         |           | 95.00  |       | 95.00  |       | 0.7      |    
|Parque Eolico de Enix, A.I.E.                           |                                             |  |  | FC |     | (2) |     | Wind powered facility                                                 |                                | SEVILLE                    |           | 95.00  |       | 95.00  |       | 3.0      |    
|Propaise                                                |                                             |  |  | NC |     | (1) |     | Production, purchase, sale and retailing of electricity               |                                | CARTAGENA-COLOMBIA         |           | 94.99  |       | 94.99  |       | 0.7      |    
|Parque Eolico Finca de Mogan, S.A.                      |                                             |  |  | FC |     | (2) |     | Construction and operation of a wind-powered facility in Arico        |                                | LAS PALMAS DE GRAN CANARIA |           | 90.00  |       | 90.00  |       | 3.8      |    
|Energetica Mataro, S.A.                                 |                                             |  |  | NC |     | (2) |     | Construction and operation of a mud thermal treatment plant           |                                | BARCELONA                  |           | 85.00  |       | 85.00  |       | 1.5      |    
|Eolicas de Agaete, S.L.                                 |                                             |  |  | FC |     | (2) |     | Wind-powered facility                                                 |                                | LAS PALMAS DE GRAN CANARIA |           | 80.00  |       | 80.00  |       | 0.2      |    
|Parque Eolico de Aragon, A.I.E.                         |                                             |  |  | FC |     | (2) |     | Wind-powered facility                                                 |                                | ZARAGOZA                   |           | 80.00  |       | 80.00  |       | 0.6      |    
|Parque Eolico Carretera de Arinaga, S.A.                |                                             |  |  | FC |     | (2) |     | Wind-powered facility                                                 |                                | LAS PALMAS DE GRAN CANARIA |           | 80.00  |       | 80.00  |       | 1.6      |    
|Explotaciones Eolicas de Escucha, S.A.                  |                                             |  |  | FC |     | (2) |     | Production, distribution and use of electricity                       |                                | LAS PALMAS DE GRAN CANARIA |           | 76.00  |       | 76.00  |       | 3.0      |    
|Explotaciones Eolicas El Puerto, S.A.                   |                                             |  |  | FC |     |    |     | Wind-powered facility                                                 |                                | TERUEL                     |           | 73.60  |       | 73.60  |       | 4.2      |    
|Parque Eolico Montes de Las Navas, S.A.                 |                                             |  |  | FC |     | (2) |     | Wind-powered facility                                                 |                                | MADRID                     |           | 70.00  |       | 70.00  |       | 6.5      |    
|Proyectos Eolicos Valencianos, S.A.                     |                                             |  |  | NC |     |    |     | Wind power                                                            |                                | ALDAYAVALENCIA            |           | 70.00  |       | 70.00  |       | 0.4      |    
|Cogeneracion del Ter, S.L.                              |                                             |  |  | FC |     | (2) |     | Cogeneration                                                          |                                | BARCELONA                  |           | 69.00  |       | 69.00  |       | 3.7      |    
|Parque Eolico de Santa Lucia, S.A.                      |                                             |  |  | NC |     | (2) |     | Construction, operation and administration of wind-powered facilities |                                | LAS PALMAS DE GRAN CANARIA |           | 65.67  |       | 65.67  |       | 0.9      |    
|Coreysa Cogeneracion, S.A.                              |                                             |  |  | NC |     | (2) |     | Cogeneration                                                          |                                | SEVILLE                    |           | 65.00  |       | 65.00  |       | 0.5      |    
|Relcamp, A.I.E.                                         |                                             |  |  | NC |     | (2) |     | Cogeneration                                                          |                                | BARCELONA                  |           | 65.00  |       | 65.00  |       | 0.2      |    
|Energias de Graus, S.L.                                 |                                             |  |  | EM |     | (2) |     | Hydroelectric power plant                                             |                                | BARCELONA                  |           | 62.22  |       | 62.22  |       | 1.3      |    
|Cogeneracion de Andujar, S.A.                           |                                             |  |  | FC |     | (2) |     | Cogeneration                                                          |                                | JAEN                       |           | 60.00  |       | 60.00  |       | 2.4      |    
|Eolicos de Tirajana, A.I.E.                             |                                             |  |  | FC |     | (2) |     | Operation of a wind-powered facility                                  |                                | LAS PALMAS DE GRAN CANARIA |           | 60.00  |       | 60.00  |       | 0.0      |    
|Planta Eolica Europea, S.A. (PEESA)                     |                                             |  |  | FC |     | (2) |     | Wind power                                                            |                                | MADRID                     |           | 56.12  |       | 56.12  |       | 1.2      |    
|Agrupación Rubi, S.A.                                   |                                             |  |  | NC |     | (2) |     | Treatment of urban solid waste                                        |                                | BARCELONA                  |           | 55.00  |       | 55.00  |       | 1.6      |    
|                                                        | Rubi Tractament Termic Eficient, S.A.       |  |  |    | (** | )   | (2) |                                                                       | Treatment of urban solid waste |                            | BARCELONA |        | 80.00 |        | 44.00 |          | S/D
|Eolicas de Fuencaliente, S.A.                           |                                             |  |  | NC |     | (2) |     | Wind power                                                            |                                | LAS PALMAS DE GRAN CANARIA |           | 55.00  |       | 55.00  |       | 0.2      |    
|Energias de La Mancha, S.A. (ENEMANSA)                  |                                             |  |  | FC |     | (2) |     | Biomass                                                               |                                | CIUDAD REAL                |           | 52.00  |       | 52.00  |       | 3.9      |    
|Parque Eolico Punta de Teno, S.A.                       |                                             |  |  | FC |     | (2) |     | Wind-powered facility                                                 |                                | LAS PALMAS DE GRAN CANARIA |           | 52.00  |       | 52.00  |       | 0.5      |    
|T.P. Sociedade Termica Portuguesa, S.A. (TERMIPOR)      |                                             |  |  | EM |     | (2) |     | Cogeneration                                                          |                                | LISBONPORTUGAL            |           | 50.00  |       | 50.00  |       | 7.5      |    
|Ecyr-Greentech, U.T.E.                                  |                                             |  |  | NC |     |    |     | Treatment of urban solid waste                                        |                                | BARCELONA                  |           | 51.00  |       | 51.00  |       | 0.0      |    
|Progreen Costa, S.L.                                    |                                             |  |  | NC |     |    |     | Treatment of urban solid waste                                        |                                | ZARAGOZA                   |           | 80.00  |       | 80.00  |       | 1.5      |    
|Progreen Fuente Alamo, S.A.                             |                                             |  |  | NC |     |    |     | Treatment of urban solid waste                                        |                                | MURCIA                     |           | 51.00  |       | 51.00  |       | 0.0      |    
|Progreen Torrente, S.A.                                 |                                             |  |  | NC |     |    |     | Treatment of urban solid waste                                        |                                | ZARAGOZA                   |           | 100.00 |       | 100.00 |       | 2.9      |    
|Progreen Villanueva, S.A.                               |                                             |  |  | NC |     |    |     | Treatment of urban solid waste                                        |                                | ZARAGOZA                   |           | 100.00 |       | 100.00 |       | 1.9      |    
|Progreentech, U.T.E.                                    |                                             |  |  | NC |     |    |     | Treatment of urban solid waste                                        |                                | BARCELONA                  |           | 51.00  |       | 51.00  |       | 0.0      |    
|Agrupacion de Granollers, S.A.                          |                                             |  |  | NC |     |    |     | Treatment of urban solid waste                                        |                                | BARCELONA                  |           | 50.00  |       | 50.00  |       | 1.2      |    
|                                                        | Granollers Tractament Termic Eficient, S.A. |  |  |    | (** | )   |    |                                                                       | Treatment of urban solid waste |                            | BARCELONA |        |      |        | 40.00 |          | S/D
|Andaluza de Cogeneracion, S.A.                          |                                             |  |  | NC |     |    |     | Cogeneration                                                          |                                | JAEN                       |           | 50.00  |       | 50.00  |       | 0.0      |    
|Antrel, A.I.E.                                          |                                             |  |  | EM |     | (2) |     | Cogeneration                                                          |                                | GIRONA                     |           | 50.00  |       | 50.00  |       | 0.3      |    
|Cogeneracion TenerelMollet, A.I.E.                     |                                             |  |  | EM |     | (2) |     | Cogeneration                                                          |                                | BARCELONA                  |           | 50.00  |       | 50.00  |       | 0.6      |    
|Confirel, A.I.E.                                        |                                             |  |  | EM |     | (3) |     | Cogeneration                                                          |                                | GIRONA                     |           | 50.00  |       | 50.00  |       | 0.0      |    
|Energias Alternativas del Sur, S.L.                     |                                             |  |  | NC |     | (2) |     | Wind power                                                            |                                | LAS PALMAS DE GRAN CANARIA |           | 50.00  |       | 50.00  |       | 0.6      |    
|Energias Argentinas, S.A.                               |                                             |  |  | NC |     |    |     | Wind power                                                            |                                | BUENOS AIRESARGENTINA     |           | 50.00  |       | 50.00  |       | 0.5      |    
|Energias Renovables Leonesas, S.A. (ERLESA)             |                                             |  |  | NC |     |    |     | Mini-hydroelectric plants                                             |                                | MADRID                     |           | 50.00  |       | 50.00  |       | 1.1      |    
|Eolicas de Tenerife, A.I.E.                             |                                             |  |  | EM |     |    |     | Construction and operation of wind-powered facilities                 |                                | TENERIFE                   |           | 50.00  |       | 50.00  |       | 0.4      |    
|Ercasa Cogeneracion, S.A.                               |                                             |  |  | NC |     | (8) |     | Cogeneration                                                          |                                | ZARAGOZA                   |           | 50.00  |       | 50.00  |       | 0.6      |    
|Ersa-Collarada, A.I.E.                                  |                                             |  |  | NC |     |    |     | Wind power                                                            |                                | ZARAGOZA                   |           | 50.00  |       | 50.00  |       | 0.1      |    
|Explotaciones Eolicas de Aldehuelas, S.L.               |                                             |  |  | NC |     | (7) |     | Wind power                                                            |                                | OVIEDO                     |           | 50.00  |       | 50.00  |       | 0.2      |    
|Hidroelectrica del Serrado, S.L.                        |                                             |  |  | NC |     | (4) |     | Hydroelectric power plant                                             |                                | BARCELONA                  |           | 50.00  |       | 50.00  |       | 0.7      |    
|Hidrorel, U.T.E.                                        |                                             |  |  | NC |     |    |     | Hydroelectric power plant                                             |                                | BARCELONA                  |           | 50.00  |       | 50.00  |       | 0.0      |    
|Iberia Aprovechamientos Eolicos, S.A.                   |                                             |  |  | NC |     |    |     | Wind power                                                            |                                | ZARAGOZA                   |           | 50.00  |       | 50.00  |       | 0.1      |    
|Onuber, S.L.                                            |                                             |  |  | NC |     |    |     | Research and optimization of energy proc. and op. of facilities       |                                | HUELVA                     |           | 50.00  |       | 50.00  |       | 3.0      |    
|Parque Eolico A Capelada, A.I.E.                        |                                             |  |  | EM |     | (2) |     | Wind-powered facility                                                 |                                | A CORUÑA                   |           | 50.00  |       | 50.00  |       | 5.9      |    
|Parque Eolico de Barbanza, S.A.                         |                                             |  |  | EM |     | (2) |     | Wind-powered facility                                                 |                                | MADRID                     |           | 50.00  |       | 50.00  |       | 3.6      |    
|Parque Eolico de Cabo Vilano, A.I.E.                    |                                             |  |  | EM |     | (1) |     | Wind-powered facility                                                 |                                | A CORUÑA                   |           | 50.00  |       | 50.00  |       | 1.6      |    
|Parques Eolicos del Norte, S.A.                         |                                             |  |  | NC |     |    |     | Wind power                                                            |                                | A CORUÑA                   |           | 50.00  |       | 50.00  |       | 0.1      |    
|Prosamer Cogeneracion, S.L.                             |                                             |  |  | NC |     | (1) |     | Cogeneration                                                          |                                | VALENCIA                   |           | 50.00  |       | 50.00  |       | 1.5      |    
|Proyecto Coreysa Cogeneracion, U.T.E.                   |                                             |  |  | NC |     |    |     | Cogeneration                                                          |                                | SEVILLE                    |           | 50.00  |       | 50.00  |       | 0.0      |    
|Proyecto Jabugo Cogeneracion, U.T.E.                    |                                             |  |  | NC |     |    |     | Cogeneration                                                          |                                | HUELVA                     |           | 50.00  |       | 50.00  |       | 0.0      |    
|Proyecto Santo Rostro Cogeneracion, U.T.E.              |                                             |  |  | NC |     |    |     | Cogeneration                                                          |                                | SEVILLE                    |           | 50.00  |       | 50.00  |       | 0.0      |    
|Salto de San Rafael, S.L.                               |                                             |  |  | NC |     |    |     | Hydroelectric power production                                        |                                | MADRID                     |           | 50.00  |       | 50.00  |       | 0.5      |    
|Sociedad Eolica Los Lances, S.A.                        |                                             |  |  | EM |     | (1) |     | Wind power                                                            |                                | CADIZ                      |           | 50.00  |       | 50.00  |       | 2.4      |    
|Tyborel, A.I.E.                                         |                                             |  |  | EM |     | (4) |     | Cogeneration                                                          |                                | GIRONA                     |           | 50.00  |       | 50.00  |       | 0.8      |    
|Hidricas de Viseu, S.A. (HIDRIVIS)                      |                                             |  |  | NC |     |    |     | Mini-hydroelectric plants                                             |                                | MAIAPORTUGAL              |           | 65.00  |       | 49.48  |       | 0.0      |    
|Central Hidroelectrica Casillas, S.A.                   |                                             |  |  | NC |     |    |     | Hydroelectric power production                                        |                                | SEVILLE                    |           | 49.00  |       | 49.00  |       | 0.3      |    
|Foixterm, A.I.E.                                        |                                             |  |  | NC |     |    |     | Cogeneration                                                          |                                | BARCELONA                  |           | 49.00  |       | 49.00  |       | 0.0      |    
|Parque Eolico Sierra del Madero, S.A.                   |                                             |  |  | EM |     | (2) |     | Wind-powered facility                                                 |                                | SORIA                      |           | 48.00  |       | 48.00  |       | 7.2      |    
|Sociedad Eolica de Andalucia, S.A. (SEASA)              |                                             |  |  | EM |     | (1) |     | Electric power production                                             |                                | SEVILLE                    |           | 46.67  |       | 46.67  |       | 4.5      |    

---

| |                                             |  |  |  |    |  |     |   |                                                                     |  |                            |  |       |  |       | Millions |     
| | ------------------------------------------- |  |  |  | -- |  | --- | - | ------------------------------------------------------------------- |  | -------------------------- |  | ----- |  | ----- | -------- | ----
|
| | Eolica Valle del Ebro, S.A.                 |  |  |  | EM |  | (2  | ) | Wind power                                                          |  | ZARAGOZA                   |  | 45.50 |  | 45.50 |          | 5.6 
| | Anoia d'Energia, S.A.                       |  |  |  | EM |  | (1  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 45.00 |  | 45.00 |          | 2.4 
| | Corelcat, A.I.E.                            |  |  |  | NC |  | (2  | ) | Cogeneration                                                        |  | LLEIDA                     |  | 45.00 |  | 45.00 |          | 0.1 
| | Releco Santiago, A.I.E.                     |  |  |  | NC |  | (2  | ) | Cogeneration                                                        |  | HUESCA                     |  | 45.00 |  | 45.00 |          | 0.3 
| | Santo Rostro Cogeneracion, S.A.             |  |  |  | NC |  | (2  | ) | Cogeneration                                                        |  | SEVILLE                    |  | 45.00 |  | 45.00 |          | 0.2 
| | Termotec Energia, A.I.E.                    |  |  |  | NC |  |    |   | Cogeneration                                                        |  | VALENCIA                   |  | 45.00 |  | 45.00 |          | 0.5 
| | Asanefi, A.I.E.                             |  |  |  | EM |  | (1  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 42.50 |  | 42.50 |          | 0.9 
| | Eolica del Moncayo, S.A.                    |  |  |  | EM |  | (2  | ) | Wind power                                                          |  | SORIA                      |  | 42.00 |  | 42.00 |          | 3.0 
| | Erfei, A.I.E.                               |  |  |  | EM |  | (3  | ) | Cogeneration                                                        |  | TARRAGONA                  |  | 42.00 |  | 42.00 |          | 0.7 
| | Cogeneracio J. Vilaseca, A.I.E.             |  |  |  | NC |  | (24 | ) | Cogeneration                                                        |  | BARCELONA                  |  | 40.00 |  | 40.00 |          | 0.7 
| | Energia de La Loma, S.A.                    |  |  |  | NC |  |    |   | Biomass                                                             |  | JAEN                       |  | 40.00 |  | 40.00 |          | 0.0 
| | Eolicas de Lanzarote, S.L.                  |  |  |  | EM |  | (2  | ) | Production, distribution and supply of electric power               |  | LANZAROTE                  |  | 40.00 |  | 40.00 |          | 5.0 
| | Eolicos de Fuerteventura, A.I.E.            |  |  |  | EM |  | (2  | ) | Management, operation and administration of a wind-powered facility |  | FUERTEVENTURA              |  | 40.00 |  | 40.00 |          | 0.0 
| | Erca Cinco Villas-1, S.L.                   |  |  |  | NC |  | (9  | ) | Cogeneration                                                        |  | ZARAGOZA                   |  | 40.00 |  | 40.00 |          | 0.2 
| | Forel, S.L.                                 |  |  |  | EM |  | (4  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 40.00 |  | 40.00 |          | 0.0 
| | Tirme, S.A.                                 |  |  |  | EM |  | (1  | ) | Solid waste treatment                                               |  | PALMA DE MALLORCA          |  | 40.00 |  | 40.00 |          | 7.7 
| | Vapeltar, A.I.E.                            |  |  |  | NC |  |    |   | Cogeneration                                                        |  | BARCELONA                  |  | 40.00 |  | 40.00 |          | 0.0 
| | Virgen de la Bella, A.I.E.                  |  |  |  | EM |  | (1  | ) | Cogeneration                                                        |  | HUESCA                     |  | 40.00 |  | 40.00 |          | 2.4 
| | Yedesa Cogeneracion, S.A.                   |  |  |  | NC |  | (2  | ) | Cogeneration                                                        |  | ALMERIA                    |  | 40.00 |  | 40.00 |          | 0.2 
| | Minicentral Canal ImperialGallur, S.L.     |  |  |  | NC |  |    |   | Mini-hydroelectric plants                                           |  | ZARAGOZA                   |  | 39.00 |  | 39.00 |          | 1.2 
| | Printerel, A.I.E.                           |  |  |  | EM |  | (4  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 39.00 |  | 39.00 |          | 0.3 
| | Fibrarel, A.I.E.                            |  |  |  | EM |  | (1  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 36.55 |  | 36.55 |          | 0.0 
| | Hidrobeira Limitada, S.L.                   |  |  |  | NC |  |    |   | Hydroelectric power plant                                           |  | VISEUPORTUGAL             |  | 35.71 |  | 35.71 |          | 0.0 
| | Colasem, A.I.E.                             |  |  |  | EM |  | (22 | ) | Cogeneration                                                        |  | BARCELONA                  |  | 35.00 |  | 35.00 |          | 0.5 
| | Ercetesa, S.A.                              |  |  |  | NC |  | (8  | ) | Cogeneration                                                        |  | ZARAGOZA                   |  | 35.00 |  | 35.00 |          | 0.3 
| | Compañia Eolica Tierras Altas, S.A.         |  |  |  | EM |  | (2  | ) | Wind power                                                          |  | SORIA                      |  | 33.83 |  | 33.83 |          | 13.2
| | Oxagesa, A.I.E.                             |  |  |  | EM |  | (4  | ) | Cogeneration                                                        |  | TERUEL                     |  | 33.33 |  | 33.33 |          | 0.0 
| | Terdon Cogeneracion, S.L.                   |  |  |  | NC |  | (2  | ) | Cogeneration                                                        |  | ZARAGOZA                   |  | 33.33 |  | 33.33 |          | 0.0 
| | Toledo P. V., A.E.I.E.                      |  |  |  | NC |  | (3  | ) | Research on photovoltaic solar power plants                         |  | MADRID                     |  | 33.33 |  | 33.33 |          | 0.0 
| | Central hidroelectrica Güejar Sierra, S.L.  |  |  |  | EM |  |    |   | Hydroelectric power production                                      |  | SEVILLE                    |  | 33.30 |  | 33.30 |          | 0.4 
| | Cogeneracion Hostalrich, A.I.E.             |  |  |  | EM |  | (23 | ) | Cogeneration                                                        |  | GIRONA                     |  | 33.00 |  | 33.00 |          | 0.8 
| | Erecosalz, S.L.                             |  |  |  | NC |  |    |   | Cogeneration                                                        |  | ZARAGOZA                   |  | 33.00 |  | 33.00 |          | 0.0 
| | Cogeneracion Eurohueco, A.I.E.              |  |  |  | EM |  | (4  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 30.00 |  | 30.00 |          | 3.6 
| | Covitrel, A.I.E.                            |  |  |  | EM |  | (4  | ) | Cogeneration                                                        |  | TARRAGONA                  |  | 30.00 |  | 30.00 |          | 3.3 
| | Empresa Provincial de Energia, S.A. (EPESA) |  |  |  | NC |  |    |   | Complete electric power cycle                                       |  | HUESCA                     |  | 30.00 |  | 30.00 |          | 0.0 
| | Forsean, S.L.                               |  |  |  | EM |  | (3  | ) | Cogeneration                                                        |  | HUELVA                     |  | 30.00 |  | 30.00 |          | 0.1 
| | Hidroescoron, S.L.                          |  |  |  | NC |  |    |   | Mini-hydroelectric plants                                           |  | ZARAGOZA                   |  | 30.00 |  | 30.00 |          | 0.0 
| | Port Ecorel, A.I.E.                         |  |  |  | NC |  | (19 | ) | Cogeneration                                                        |  | BARCELONA                  |  | 30.00 |  | 30.00 |          | 0.5 
| | Prencyc, A.I.E.                             |  |  |  | NC |  |    |   | Cogeneration                                                        |  | BARCELONA                  |  | 30.00 |  | 30.00 |          | 0.0 
| | Productora de Energias, S.A. (PESA)         |  |  |  | NC |  |    |   | Mini-hydroelectric plants                                           |  | BARCELONA                  |  | 30.00 |  | 30.00 |          | 0.0 
| | Relsa-Seat-Idae, U.T.E.                     |  |  |  | NC |  |    |   | Cogeneration                                                        |  | MADRID                     |  | 30.00 |  | 30.00 |          | 2.3 
| | Sistemas Energeticos La Muela, S.A.         |  |  |  | EM |  |    |   | Wind power                                                          |  | ZARAGOZA                   |  | 30.00 |  | 30.00 |          | 3.1 
| | Cogeneracion Ufic, S.A.                     |  |  |  | EM |  | (11 | ) | Cogeneration                                                        |  | BARCELONA                  |  | 27.50 |  | 27.50 |          | 1.1 
| | Colomer de Cogeneracio, A.I.E.              |  |  |  | EM |  | (1  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 27.50 |  | 27.50 |          | 0.7 
| | Sati Cogeneracio, A.I.E.                    |  |  |  | EM |  | (1  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 27.50 |  | 27.50 |          | 0.1 
| | Energetica de Rossello, A.I.E.              |  |  |  | EM |  | (4  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 27.00 |  | 27.00 |          | 3.6 
| | Ereco San Mateo, S.L.                       |  |  |  | NC |  |    |   | Cogeneration                                                        |  | HUESCA                     |  | 27.00 |  | 27.00 |          | 0.0 
| | Garofeica, S.A.                             |  |  |  | EM |  |    |   | Cogeneration                                                        |  | BARCELONA                  |  | 27.00 |  | 27.00 |          | 0.7 
| | Rofeica d'Energia, S.A.                     |  |  |  | EM |  |    |   | Cogeneration                                                        |  | BARCELONA                  |  | 27.00 |  | 27.00 |          | 2.0 
| | Sistemas Energeticos Mas Garullo, S.A.      |  |  |  | EM |  |    |   | Cogeneration                                                        |  | ZARAGOZA                   |  | 27.00 |  | 27.00 |          | 1.5 
| | Urgell Energia, S.A.                        |  |  |  | EM |  |    |   | Cogeneration                                                        |  | LLEIDA                     |  | 27.00 |  | 27.00 |          | 0.6 
| | Calizas Elycar, S.L.                        |  |  |  | NC |  | (8  | ) | Construction and operation of a cogeneration plant                  |  | HUESCA                     |  | 25.00 |  | 25.00 |          | 1.8 
| | Cogeneracion Tolosana, A.I.E.               |  |  |  | NC |  | (4  | ) | Cogeneration                                                        |  | GUIPUZCOA                  |  | 25.00 |  | 25.00 |          | 0.6 
| | Corporacion Eolica Zaragoza, S.L.           |  |  |  | EM |  |    |   | Wind power                                                          |  | ZARAGOZA                   |  | 25.00 |  | 25.00 |          | 2.5 
| | Ecoenergia de Can Mata, A.I.E.              |  |  |  | NC |  |    |   | Treatment of urban solid waste                                      |  | MURCIA                     |  | 25.00 |  | 25.00 |          | 0.2 
| | Foraneto, S.L.                              |  |  |  | EM |  | (3  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 25.00 |  | 25.00 |          | 0.1 
| | Hidroelectrica del Piedra, S.L.             |  |  |  | NC |  | (9  | ) | Production and sale of electric power                               |  | ZARAGOZA                   |  | 25.00 |  | 25.00 |          | 0.2 
| | Northeolic Pico Gallo, S.L.                 |  |  |  | EM |  |    |   | Construction and operation of wind-powered facilities               |  | OVIEDO                     |  | 25.00 |  | 25.00 |          | 0.0 
| | Proyectos Energeticos MB, S.A.              |  |  |  | NC |  | (14 | ) | Cogeneration                                                        |  | BARCELONA                  |  | 25.00 |  | 25.00 |          | 0.8 
| | Puignerel, A.I.E.                           |  |  |  | EM |  | (15 | ) | Cogeneration                                                        |  | BARCELONA                  |  | 25.00 |  | 25.00 |          | 11.3
| | Alabe Moinsa, U.T.E.                        |  |  |  | NC |  |    |   | Cogeneration                                                        |  | MADRID                     |  | 20.00 |  | 20.00 |          | 1.8 
| | Cogeneracion El Salto, S.L.                 |  |  |  | NC |  |    |   | Cogeneration                                                        |  | ZARAGOZA                   |  | 20.00 |  | 20.00 |          | 0.0 
| | Cogeneracion Lipsa, S.L. (COLIPSA)          |  |  |  | NC |  | (4  | ) | Cogeneration                                                        |  | BARCELONA                  |  | 20.00 |  | 20.00 |          | 0.7 
| | Ermetosa, U.T.E.                            |  |  |  | NC |  |    |   | Cogeneration                                                        |  | HUESCA                     |  | 20.00 |  | 20.00 |          | 0.0 
| | Sotavento Galicia, S.A.                     |  |  |  | NC |  | (6  | ) | Wind power                                                          |  | A CORUÑA                   |  | 18.00 |  | 18.00 |          | 0.6 
| | Conuben, S.L.                               |  |  |  | NC |  |    |   | Cogeneration                                                        |  | HUELVA                     |  | 16.36 |  | 16.36 |          | 1.3 
| | Eolicas de Canarias, S.L.                   |  |  |  | NC |  |    |   | Wind power                                                          |  | LAS PALMAS DE GRAN CANARIA |  | 16.00 |  | 16.00 |          | 0.0 
| | Minicentral Acequia Cinco Villas, A.I.E.    |  |  |  | NC |  | (9  | ) | Mini-hydroelectric plants                                           |  | ZARAGOZA                   |  | 15.00 |  | 15.00 |          | 1.2 
| | Minicentrales Bardenas, A.I.E.              |  |  |  | NC |  | (13 | ) | Mini-hydroelectric plants                                           |  | ZARAGOZA                   |  | 15.00 |  | 15.00 |          | 1.2 
| | Tirmadrid, S.A.                             |  |  |  | NC |  | (1  | ) | Solid waste treatment                                               |  | MADRID                     |  | 15.00 |  | 15.00 |          | 16.8
| | Allarluz, S.A.                              |  |  |  | NC |  | (21 | ) | Biomass                                                             |  | ORENSE                     |  | 12.99 |  | 12.99 |          | 1.6 
| | Groberel A.I.E.                             |  |  |  | NC |  | (1  | ) | Cogeneration                                                        |  | GIRONA                     |  | 12.00 |  | 12.00 |          | 0.0 
| | Asane, A.I.E.                               |  |  |  | NC |  |    |   | Cogeneration                                                        |  | BARCELONA                  |  | 10.00 |  | 10.00 |          | 0.0 
| | Cobane, A.I.E.                              |  |  |  | NC |  |    |   | Cogeneration                                                        |  | TARRAGONA                  |  | 10.00 |  | 10.00 |          | 0.0 
| | Fibrel, A.I.E.                              |  |  |  | NC |  | (2  | ) | Cogeneration                                                        |  | GIRONA                     |  | 10.00 |  | 10.00 |          | 3.3 

---

|                                   |                                                               |                                                             |                                |                                              |    |     |     |                                                          |                                                                  |                                                                     |                                                                        |                                                  |           |                        |        | Millions |        
|---------------------------------- | ------------------------------------------------------------- | ----------------------------------------------------------- | ------------------------------ | -------------------------------------------- | -- | --- | --- | -------------------------------------------------------- | ---------------------------------------------------------------- | ------------------------------------------------------------------- | ---------------------------------------------------------------------- | ------------------------------------------------ | --------- | ---------------------- | ------ | -------- | -------
|
|                                   | Hisane, A.I.E.                                                |                                                             |                                |                                              | NC |     | (4  | )                                                        | Cogeneration                                                     |                                                                     | TARRAGONA                                                              |                                                  | 10.00     |                        | 10.00  |          | 0.0    
|                                   | Idae Opel, U.T.E.                                             |                                                             |                                |                                              | NC |     |    |                                                          | Cogeneration                                                     |                                                                     | MADRID                                                                 |                                                  | 10.00     |                        | 10.00  |          | 3.7    
|                                   | Sistemas Energeticos Mañon Ortigueira, S.A.                   |                                                             |                                |                                              | NC |     | (1  | )                                                        | Wind power                                                       |                                                                     | A CORUÑA                                                               |                                                  | 10.00     |                        | 10.00  |          | 4.5    
|                                   | Tractaments i Revaloriz. de Residuos del Maresme, S.A. (TVRM) |                                                             |                                |                                              | NC |     | (17 | )                                                        | Cogeneration                                                     |                                                                     | BARCELONA                                                              |                                                  | 10.00     |                        | 10.00  |          | 3.6    
|                                   | Vapor y Electricidad El Tejar, S.L. (VETEJAR)                 |                                                             |                                |                                              | NC |     |    |                                                          | Construction and operation of plants fueled by farm waste        |                                                                     | CORDOBA                                                                |                                                  | 8.67      |                        | 8.67   |          | 0.0    
|                                   | Electrometalurgica del Ebro, S.A.                             |                                                             |                                |                                              | NC |     | (1  | )                                                        | Mini-hydroelectric plants                                        |                                                                     | BARCELONA                                                              |                                                  | 8.60      |                        | 8.60   |          | 0.0    
|                                   | KW Tarifa, S.A.                                               |                                                             |                                |                                              | NC |     |    |                                                          | Wind power                                                       |                                                                     | CADIZ                                                                  |                                                  | 7.30      |                        | 7.30   |          | 5.1    
|                                   | A. E. Ciutat Sanitaria Vall d'Hebron, A.I.E.                  |                                                             |                                |                                              | NC |     | (20 | )                                                        | Cogeneration                                                     |                                                                     | BARCELONA                                                              |                                                  | 6.25      |                        | 6.25   |          | 1.7    
|                                   | Puerto Real Cogeneracion, S.A. (PRECOSA)                      |                                                             |                                |                                              | NC |     |    |                                                          | Cogeneration                                                     |                                                                     | CADIZ                                                                  |                                                  | 5.00      |                        | 5.00   |          | 0.6    
|DIVERSIFICATION/WATER UTILITIES    |                                                               |                                                             |                                |                                              |    |     |     |                                                          |                                                                  |                                                                     |                                                                        |                                                  |           |                        |        |          |        
|Endesa Diversificacion, S.A.       |                                                               |                                                             |                                |                                              |    |     |     |                                                          |                                                                  |                                                                     |                                                                        |                                                  |           |                        |        |          |        
|                                   | Nueva Nuinsa                                                  |                                                             |                                |                                              | NC |     |     |                                                          |                                                                  |                                                                     |                                                                        |                                                  |           |                        |        |          |        
|                                   |                                                               | Aguas de Herrera, S.L.                                      |                                |                                              |    | (** | )   |                                                         |                                                                  | Management of integral water cycle                                  |                                                                        | SEVILLE                                          |           | 100.00                 |        | 100.00   |        
|                                   |                                                               | Aguas de La Janda, S.L.                                     |                                |                                              |    | (** | )   |                                                         |                                                                  | Water supply                                                        |                                                                        | CADIZ                                            |           | 100.00                 |        | 100.00   |        
|                                   |                                                               | Gestión de Aguas del Norte, S.A.                            |                                |                                              |    | (** | )   |                                                         |                                                                  | Integral water cycle                                                |                                                                        | LAS PALMAS DE GRAN CANARIA                       |           | 55.00                  |        | 55.00    |        
|                                   |                                                               | Puerto Serrano, U.T.E.                                      |                                |                                              |    | (** | )   |                                                         |                                                                  | Water treatment plant work                                          |                                                                        | SEVILLE                                          |           | 50.00                  |        | 50.00    |        
|                                   |                                                               | Sercanarias, S.A.                                           |                                |                                              |    | (** | )   |                                                         |                                                                  | Integral water cycle and related facilities                         |                                                                        | LAS PALMAS DE GRAN CANARIA                       |           | 50.00                  |        | 50.00    |        
|                                   |                                                               | Sdad. Economia Mixta Aguas de Guadix, S.A.                  |                                |                                              |    | (** | )   |                                                         |                                                                  | Water supply                                                        |                                                                        | GRANADA                                          |           | 40.00                  |        | 40.00    |        
|                                   |                                                               | Tecnologia Canaria del Agua, S.A.                           |                                |                                              |    | (** | )   |                                                         |                                                                  | Integral water cycle                                                |                                                                        | LAS PALMAS DE GRAN CANARIA                       |           | 33.33                  |        | 33.33    |        
|                                   |                                                               | Empresa Mixta de Aguas de Las Palmas, S.A. (EMALSA)         |                                |                                              |    | (** | )   | (2                                                       | )                                                                | Sea water desalination, distribution and marketing                  |                                                                        | LAS PALMAS DE GRAN CANARIA                       |           | 33.00                  |        | 33.00    |        
|                                   | Desaladora de la Costa del Sol, S.A. (DECOSOL)                |                                                             |                                |                                              | NC |     | (3  | )                                                        | Water supply and desalination services                           |                                                                     | MALAGA                                                                 |                                                  | 50.00     |                        | 50.00  |          | 6.0    
|                                   | Desalant, S.A.                                                |                                                             | a                              |                                              | NC |     | (1  | )                                                        | Sea water desalination                                           |                                                                     | SANTIAGOCHILE                                                         |                                                  | 50.00     |                        | 50.00  |          | 6,591.8
|                                   | Sociedad General de Aguas de Barcelona, S.A. (AGBAR)          |                                                             |                                |                                              | EM |     | (1  | )                                                        | Distribution and supply of potable water                         |                                                                     | BARCELONA                                                              |                                                  | 11.64     |                        | 11.64  |          | 144.4  
|DIVERSIFICATION/TELECOMMUNICATIONS |                                                               |                                                             |                                |                                              |    |     |     |                                                          |                                                                  |                                                                     |                                                                        |                                                  |           |                        |        |          |        
|Endesa Diversificacion, S.A.       |                                                               |                                                             |                                |                                              |    |     |     |                                                          |                                                                  |                                                                     |                                                                        |                                                  |           |                        |        |          |        
|                                   | Endesa Telecomunicaciones, S.A.                               |                                                             |                                |                                              | FC |     | (1  | )                                                        | Portfolio company                                                |                                                                     | MADRID                                                                 |                                                  | 100.00    |                        | 100.00 |          | 187.1  
|                                   |                                                               | Endesa Ingenieria de Telecomunicaciones I, S.L. (ENDITEL I) |                                |                                              |    | EM  |     | (1                                                       | )                                                                | Consulting and engineering services                                 |                                                                        | SEVILLE                                          |           | 100.00                 |        | 100.00   |        
|                                   |                                                               |                                                             | Servicable, U.T.E.             |                                              |    |     | (** | )                                                        |                                                                 |                                                                     | Design and implementation of MENTA and its cable network in Cataluña   |                                                  | BARCELONA |                        | 50.00  |          | 50.00  
|                                   |                                                               |                                                             | Servimovil, U.T.E.             |                                              |    |     | (** | )                                                        |                                                                 |                                                                     | Design and provision of facilities and supplementary services to AMENA |                                                  | BARCELONA |                        | 50.00  |          | 50.00  
|                                   |                                                               |                                                             | Cable CiTC, U.T.E.             |                                              |    |     | (** | )                                                        |                                                                 |                                                                     | Design and implementation of MENTA and its cable network in Cataluña   |                                                  | BARCELONA |                        | 40.00  |          | 40.00  
|                                   |                                                               | Smartcom Pcs                                                |                                |                                              |    | EM  |     | (1                                                       | )                                                                | Wireless telephony operator                                         |                                                                        | SANTIAGOCHILE                                   |           | 100.00                 |        | 100.00   |        
|                                   |                                                               | Netco Redes, S.A.                                           |                                |                                              |    | FC  |     | (1                                                       | )                                                                | Telecommunications infrastructure                                   |                                                                        | MADRID                                           |           | 50.55                  |        | 50.55    |        
|                                   |                                                               | Multimedia de Cable, S.A.                                   |                                |                                              |    | NC  |     | (1                                                       | )                                                                | Telecommunications                                                  |                                                                        | BARCELONA                                        |           | 38.87                  |        | 38.87    |        
|                                   |                                                               | AUNA Operadores de Telecomunicaciones, S.A.                 |                                |                                              |    | EM  |     | (1                                                       | )                                                                | Telecommunications services                                         |                                                                        | BARCELONA                                        |           | 29.61                  |        | 30.18    |        
|                                   |                                                               |                                                             | Auna Telecomunicaciones, S.A.  |                                              |    |     | (** | )                                                        | (1                                                               | )                                                                   | Telecommunications services                                            |                                                  | MADRID    |                        |       |          | 30.18  
|                                   |                                                               |                                                             |                                | Aragon de Cable, S.A. (ABLE)                 |    |     |     | (**                                                      | )                                                                | (2                                                                  | )                                                                      | Telecommunications services                      |           | ZARAGOZA               |        |         |        
|                                   |                                                               |                                                             |                                | Cable i Televisio de Catalunya, S.A. (MENTA) |    |     |     | (**                                                      | )                                                                | (1                                                                  | )                                                                      | Telecommunications                               |           | BARCELONA              |        |         |        
|                                   |                                                               |                                                             |                                | Cabletelca, S.A. (CANARIAS TELECOM)          |    |     |     | (**                                                      | )                                                                | (4                                                                  | )                                                                      | Telecommunications services                      |           | SANTA CRUZ DE TENERIFE |        |         |        
|                                   |                                                               |                                                             |                                | Madritel Telecomunicaciones, S.A. (MADRITEL) |    |     |     | (**                                                      | )                                                                | (1                                                                  | )                                                                      | Design and operation of cable television systems |           | MADRID                 |        |         |        
|                                   |                                                               |                                                             |                                | Supercable Almeria Telecomunicaciones, S.A.  |    |     |     | (**                                                      | )                                                                |                                                                    |                                                                        | Telecommunications                               |           | SEVILLE                |        |         |        
|                                   |                                                               |                                                             |                                | Supercable Andalucia, S.A.                   |    |     |     | (**                                                      | )                                                                | (1                                                                  | )                                                                      | Telecommunications                               |           | SEVILLE                |        |         |        
|                                   |                                                               |                                                             |                                | Supercable Sevilla, S.A.                     |    |     |     | (**                                                      | )                                                                |                                                                    |                                                                        | Telecommunications                               |           | SEVILLE                |        |         |        
|                                   |                                                               |                                                             | Retevision I, S.A.             |                                              |    |     | (** | )                                                        | (1                                                               | )                                                                   | Telecommunications                                                     |                                                  | BARCELONA |                        |       |          | 30.18  
|                                   |                                                               |                                                             |                                | Torre de Collserola, S.A.                    |    |     |     | (**                                                      | )                                                                |                                                                    |                                                                        | Telecommunications                               |           | BARCELONA              |        |         |        
|                                   |                                                               |                                                             | Eresmas Interactiva, S.A.      |                                              |    |     | (** | )                                                        |                                                                 |                                                                     | Internet                                                               |                                                  | MADRID    |                        |       |          | 29.98  
|                                   |                                                               |                                                             | Retevision Movil, S.A. (AMENA) |                                              |    |     | (** | )                                                        | (1                                                               | )                                                                   | Wireless telephony operator                                            |                                                  | BARCELONA |                        |       |          | 29.55  
|                                   |                                                               |                                                             | Quiero Television, S.A.        |                                              |    |     | (** | )                                                        | (1                                                               | )                                                                   | Digital television                                                     |                                                  | MADRID    |                        |       |          | 14.79  
|                                   |                                                               |                                                             | Hispasat, S.A.                 |                                              |    |     | (** | )                                                        |                                                                 |                                                                     | Telecommunications                                                     |                                                  | MADRID    |                        |       |          | 5.31   
|                                   |                                                               |                                                             | Tenaria, S.A.                  |                                              |    |     | (** | )                                                        |                                                                 |                                                                     | Telecommunications                                                     |                                                  | ZARAGOZA  |                        |       |          | 5.06   
|                                   |                                                               |                                                             | Med Telecom, S.A.              |                                              |    |     | (** | )                                                        |                                                                 |                                                                     | Cable operator                                                         |                                                  | ALICANTE  |                        |       |          | 3.02   
|                                   |                                                               | Sistelcom, S.A.                                             |                                |                                              |    | NC  |     | (1                                                       | )                                                                | Development and operation of telecommunications services            |                                                                        | MADRID                                           |           | 18.19                  |        | 18.19    |        
|                                   |                                                               |                                                             | Sistelcom Telemensaje, S.A.    |                                              |    |     | (** | )                                                        | (1                                                               | )                                                                   | Operation and marketing of telecommunications networks and services    |                                                  | MADRID    |                        |       |          | 3.64   
|                                   |                                                               | Euskaltel, S.A.                                             |                                |                                              |    | NC  |     | (4                                                       | )                                                                | Operation and marketing of telecommunications networks and services |                                                                        | BILBAO                                           |           | 10.00                  |        | 10.62    |        
|                                   |                                                               | Retecal, S.A.                                               |                                |                                              |    | NC  |     |                                                         |                                                                  | Cable operator                                                      |                                                                        | VALLADOLID                                       |           | 0.21                   |        | 0.21     |        
|                                   | Made Torres y Herrajes, S.A.                                  |                                                             |                                |                                              | NC |     |    |                                                          | Manufacture of electricity pylons and telecommunications towers  |                                                                     | VALLADOLID                                                             |                                                  | 0.03      |                        | 0.03   |          | S/D    
|Endesa Net Factory, S.L.           |                                                               |                                                             |                                | FC                                           |    | (1  | )   | Complete e-commerce, Internet and new technologies cycle |                                                                  | MADRID                                                              |                                                                        | 100.00                                           |           | 100.00                 |        | 8.3      |        
|                                   | Diseño de Sistemas en Silicio, S.A. (DS2)                     |                                                             |                                |                                              | NC |     | (4  | )                                                        | Voice transmission solutions using the electricity system        |                                                                     | CASTELLÓN                                                              |                                                  | 15.00     |                        | 15.00  |          | 0.6    
|                                   | Eutilia, N.V.                                                 |                                                             |                                |                                              | NC |     | (1  | )                                                        | B2B market                                                       |                                                                     | NETHERLANDS                                                            |                                                  | 9.81      |                        | 9.81   |          | 0.1    
|                                   | Buongiorno, S.P.A.                                            |                                                             |                                |                                              | NC |     | (4  | )                                                        | Management of Internet and wireless telephony services           |                                                                     | MADRID                                                                 |                                                  | 0.73      |                        | 0.73   |          | 9.3    
|Endesa Servicios, S.L.             |                                                               |                                                             |                                |                                              |    |     |     |                                                          |                                                                  |                                                                     |                                                                        |                                                  |           |                        |        |          |        
|                                   | Mundivia, S.A.                                                |                                                             |                                |                                              | NC |     | (1  | )                                                        | Research and operation of IT and telecommunications services     |                                                                     | SANTANDER                                                              |                                                  | 85.00     |                        | 85.00  |          | 0.6    
|                                   | Endesa Marketplace, S.A.                                      |                                                             |                                |                                              | FC |     | (1  | )                                                        | B2B transactions using the Internet                              |                                                                     | MADRID                                                                 |                                                  | 78.00     |                        | 72.75  |          | 6.7    
|                                   | Sadiel, S.A.                                                  |                                                             |                                |                                              | NC |     | (1  | )                                                        | IT and electronics research and development                      |                                                                     | SEVILLE                                                                |                                                  | 37.50     |                        | 37.50  |          | 0.7    
|                                   | Net Tecnologia de la Informacion, A.I.E.                      |                                                             |                                |                                              | NC |     |    |                                                          | Promotion and coordination of IT and telecommunications services |                                                                     | MADRID                                                                 |                                                  | 33.33     |                        | 33.33  |          |        
|DIVERSIFICATION/OTHER              |                                                               |                                                             |                                |                                              |    |     |     |                                                          |                                                                  |                                                                     |                                                                        |                                                  |           |                        |        |          |        
|Apamea 2000, S.L.                  |                                                               |                                                             |                                | NC                                           |    |    |     | Electricity distribution activities                      |                                                                  | MADRID                                                              |                                                                        | 100.00                                           |           | 100.00                 |        | 0.0      |        
|Endesa Diversificacion, S.A.       |                                                               |                                                             |                                | FC                                           |    | (1  | )   | Portfolio company                                        |                                                                  | MADRID                                                              |                                                                        | 100.00                                           |           | 100.00                 |        | 540.0    |        
|                                   | Made Tecnologias Renovables, S.A.                             |                                                             |                                |                                              | FC |     | (1  | )                                                        | Manufacture of renewable energy equipment                        |                                                                     | MADRID                                                                 |                                                  | 100.00    |                        | 100.00 |          | 6.6    
|                                   |                                                               | Made-Isolux, U.T.E. (ERICSSON)                              |                                |                                              |    | NC  |     |                                                         |                                                                  | Sale and installation of wireless telephony towers                  |                                                                        | MADRID                                           |           | 50.00                  |        | 50.00    |        

---

|                                                             |                                                |                                                                |   |    |    |     |    |                                               |                                                                        |                                                                                              |                        |                             |        |        |        | Millions |          
|------------------------------------------------------------ | ---------------------------------------------- | -------------------------------------------------------------- | - | -- | -- | --- | -- | --------------------------------------------- | ---------------------------------------------------------------------- | -------------------------------------------------------------------------------------------- | ---------------------- | --------------------------- | ------ | ------ | ------ | -------- | ---------
|
|                                                             |                                                | Made-Isolux, U.T.E. (NOKIA)                                    |   |    |    | NC  |    |                                              |                                                                        | Sale and installation of wireless telephony towers                                           |                        | MADRID                      |        | 50.00  |        | 50.00    |          
|                                                             |                                                | Made-Isolux, U.T.E. (SIEMENS)                                  |   |    |    | NC  |    |                                              |                                                                        | Sale and installation of wireless telephony towers                                           |                        | MADRID                      |        | 50.00  |        | 50.00    |          
|                                                             |                                                | Made-Isolux, U.T.E. (AMENA)                                    |   |    |    | NC  |    |                                              |                                                                        | Sale and installation of wireless telephony towers                                           |                        | MADRID                      |        | 50.00  |        | 50.00    |          
|                                                             |                                                | Yituo-Made Turbine Corporation, Ltd.                           |   |    |    | NC  |    |                                              |                                                                        | Manufacture of renewable energy equipment                                                    |                        | CHINA                       |        | 50.00  |        | 50.00    |          
|                                                             | Nueva Nuinsa, S.L.                             |                                                                |   |    | NC |     | (1 | )                                             | Regional diversification                                               |                                                                                              | SEVILLE                |                             | 100.00 |        | 100.00 |          | 54.6     
|                                                             |                                                | Nuevas Iniciativas de I+D, S.A. (NUI+D)                        |   |    |    | (** | )  |                                              |                                                                        | Performance of research programs                                                             |                        | SEVILLE                     |        | 100.00 |        | 100.00   |          
|                                                             |                                                | Unelco Servicios, S.A.                                         |   |    |    | (** | )  | (1                                            | )                                                                      | Promotion and retailing of electric power, water, gas, telecommunications services and other |                        | LAS PALMAS DE GRAN CANARIA  |        | 100.00 |        | 100.00   |          
|                                                             |                                                | NuinsaSemi, U.T.E. (NUSE)                                     |   |    |    | (** | )  |                                              |                                                                        | Infrastructures for telecommunications network                                               |                        | SEVILLE                     |        | 51.00  |        | 51.00    |          
|                                                             |                                                | Tarifa Linea, U.T.E.                                           |   |    |    | (** | )  |                                              |                                                                        | Outflow of electricity from wind farms in the Tarifa area                                    |                        | SEVILLE                     |        | 50.00  |        | 50.00    |          
|                                                             |                                                | Aquicultura Balear, S.A.                                       |   |    |    | (** | )  |                                              |                                                                        | Aquaculture                                                                                  |                        | PALMA DE MALLORCA           |        | 33.33  |        | 33.33    |          
|                                                             |                                                | Partecsa Isla Magica, S.A.                                     |   |    |    | (** | )  | (4                                            | )                                                                      | Operation of theme park                                                                      |                        | SEVILLE                     |        | 4.04   |        | 4.04     |          
|                                                             |                                                | Catalana d'Iniciatives C.R.                                    |   |    |    | (** | )  | (17                                           | )                                                                      | Venture capital company of the Barcelona City Council and Cataluña Autonomous Community      |                        | BARCELONA                   |        | 0.94   |        | 0.94     |          
|                                                             |                                                | Nexus Capital, S.A.                                            |   |    |    | (** | )  | (17                                           | )                                                                      | Venture capital company of the Barcelona City Council and Cataluña Autonomous Community      |                        | BARCELONA                   |        | 0.94   |        | 0.94     |          
|                                                             | Senda Ambiental, S.A.                          |                                                                |   |    | EM |     | (1 | )                                             | Recycling, clean-up and management activities at landfills             |                                                                                              | BARCELONA              |                             | 100.00 |        | 100.00 |          | 0.4      
|                                                             |                                                | Ecosenda Ambiental, S.L.                                       |   |    |    | (** | )  |                                              |                                                                        | Recycling, clean-up and management activities at landfills                                   |                        | BARCELONA                   |        | 100.00 |        | 100.00   |          
|                                                             |                                                | Recuperacio Crom Industrial, S.A. (RECRISA)                    |   |    |    | (** | )  |                                              |                                                                        | Recovery of chromium used by tanners                                                         |                        | BARCELONA                   |        | 75.00  |        | 75.00    |          
|                                                             |                                                | Pilagest, S.L.                                                 |   |    |    | (** | )  |                                              |                                                                        | Rustic and urban property services                                                           |                        | BARCELONA                   |        | 50.00  |        | 50.00    |          
|                                                             |                                                | Reciclados y Servicios del Mediterraneo, S.L.                  |   |    |    | (** | )  |                                              |                                                                        | Complete waste cycle                                                                         |                        | ALICANTE                    |        | 50.00  |        | 50.00    |          
|                                                             |                                                | Tractaments Ecologics, S.A.                                    |   |    |    | (** | )  |                                              |                                                                        | Urban cleaning and complete waste cycle                                                      |                        | BARCELONA                   |        | 50.00  |        | 50.00    |          
|                                                             |                                                | Centre Montmelo, U.T.E.                                        |   |    |    | (** | )  |                                              |                                                                        | Treatment of special waste                                                                   |                        | BARCELONA                   |        | 33.33  |        | 33.33    |          
|                                                             |                                                | Vertresa-RWE-Senda, U.T.E.                                     |   |    |    | (** | )  |                                              |                                                                        | Urban solid waste treatment                                                                  |                        | MADRID                      |        | 5.00   |        | 5.00     |          
|                                                             | Desaladora de Carboneras, U.T.E.               |                                                                |   |    | NC |     | (3 | )                                             | Technical assistance and operation of desalination plant               |                                                                                              | ALMERIA                |                             | 75.00  |        | 75.00  |          | S/D      
|Endesa Financiacion Filiales, S.A.                           |                                                |                                                                |   | FC |    | (1  | )  | Finance                                       |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 4,621.0  |          
|Endesa Generacion, S. A.                                     |                                                |                                                                |   |    |    |     |    |                                               |                                                                        |                                                                                              |                        |                             |        |        |        |          |          
|                                                             | Andorra Desarrollo, S.A.                       |                                                                |   |    | NC |     |   |                                               | Regional development                                                   |                                                                                              | TERUEL                 |                             | 100.00 |        | 100.00 |          | 0.9      
|                                                             |                                                | Andorrana de Cajas de Carton Ondulado, S.A.                    |   |    |    | (** | )  |                                              |                                                                        | Manufacture of corrugated cardboard boxes                                                    |                        | TERUEL                      |        | 10.00  |        | 10.00    |          
|                                                             |                                                | Andorrana de Carton Ondulado, S.A.                             |   |    |    | (** | )  |                                              |                                                                        | Manufacture of corrugated cardboard                                                          |                        | TERUEL                      |        | 10.00  |        | 10.00    |          
|                                                             | Desarrollo Tecnologico Nuclear, S.L. (DTN)     |                                                                |   |    | NC |     |   |                                               | Research and development in relation to nuclear electricity facilities |                                                                                              | MADRID                 |                             | 45.32  |        | 46.32  |          | 0.4      
|                                                             | Tecnatom, S.A.                                 |                                                                |   |    | NC |     |   |                                               | Services for electric power production facilities                      |                                                                                              | MADRID                 |                             | 45.00  |        | 45.00  |          | 4.0      
|                                                             | Nuclenor, S.A.                                 |                                                                |   |    |    |     |    |                                               |                                                                        |                                                                                              |                        |                             |        |        |        |          |          
|                                                             |                                                | Medidas Ambientales, S.L.                                      |   |    |    | NC  |    |                                              |                                                                        | Environmental analysis and control activities                                                |                        | MADRID                      |        | 50.00  |        | 25.00    |          
|                                                             |                                                | Gestion Aeropuerto de Burgos, S.A. (GABSA)                     |   |    |    | NC  |    |                                              |                                                                        | Airport services                                                                             |                        | BURGOS                      |        | 1.76   |        | 0.88     |          
|                                                             |                                                | Miranda Plataforma Logistica, S.A.                             |   |    |    | NC  |    |                                              |                                                                        | Infrastructure development and management in Miranda de Ebro                                 |                        | BURGOS                      |        | 1.00   |        | 0.50     |          
|                                                             | Sdad. Desarrollo Sierra Morena Cordobesa, S.A. |                                                                |   |    | NC |     |   |                                               | Regional development                                                   |                                                                                              | CORDOBA                |                             | 1.82   |        | 1.82   |          | 14.3     
|Endesa North America Inc.                                    |                                                | f                                                              |   | NC |    |    |    | Representation office in Europe for investors |                                                                        | NEW YORKU.S.A.                                                                              |                        | 100.00                      |        | 100.00 |        | 0.0      |          
|Endesa Red, S.A.                                             |                                                |                                                                |   |    |    |     |    |                                               |                                                                        |                                                                                              |                        |                             |        |        |        |          |          
|                                                             | Endesa Distribucion Electrica, S.L.            |                                                                |   |    |    |     |    |                                               |                                                                        |                                                                                              |                        |                             |        |        |        |          |          
|                                                             |                                                | Agrupacion Acefhat, A.I.E.                                     |   |    |    | NC  |    |                                              |                                                                        | Integral management of works on public thoroughfares                                         |                        | BARCELONA                   |        | 20.00  |        | 20.00    |          
|Endesa Servicios, S.L.                                       |                                                |                                                                |   | FC |    | (1  | )  | Provision of services to companies            |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 84.0     |          
|                                                             | Triema, S.A.                                   |                                                                | b |    | NC |     |   |                                               | Management system marketing services                                   |                                                                                              | BUENOS AIRESARGENTINA |                             | 55.00  |        | 55.00  |          | 0.0      
|                                                             | Instituto de la Calidad, S.A.                  |                                                                |   |    | NC |     | (1 | )                                             | Quality-related services                                               |                                                                                              | SEVILLE                |                             | 46.73  |        | 46.73  |          | 0.3      
|International Endesa, B.V. (IEBV)                            |                                                |                                                                |   | FC |    | (1  | )  | International financial transactions          |                                                                        | AMSTERDAMNETHERLANDS                                                                        |                        | 100.00                      |        | 100.00 |        | 15.0     |          
|Nubia 2000, S.L.                                             |                                                |                                                                |   | NC |    |    |    | Electricity generation activities             |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 0.0      |          
|Nueva Compañia de Distribucion Electrica 2, S.L.             |                                                |                                                                |   | NC |    |    |    | Electricity distribution activities           |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 0.0      |          
|Nueva Compañia de Distribucion Electrica 3, S.L.             |                                                |                                                                |   | NC |    |    |    | Electricity distribution activities           |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 0.0      |          
|Nueva Compañia de Distribucion Electrica 4, S.L.             |                                                |                                                                |   | NC |    |    |    | Electricity distribution activities           |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 0.0      |          
|Nueva Compañia de Generacion Electrica 2, S.L.               |                                                |                                                                |   | NC |    |    |    | Electricity generation activities             |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 0.0      |          
|Sdad. Gestion de Activos de Generacion Electrica, S.L.       |                                                |                                                                |   | NC |    |    |    | Electricity generation activities             |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 0.0      |          
|Sdad. Gestion de Activos de Distribucion Electrica, S.L.     |                                                |                                                                |   | NC |    |    |    | Electricity distribution activities           |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 0.0      |          
|Teneguia Gestion Financiera, S.L.                            |                                                |                                                                |   | NC |    | (1  | )  | Finance                                       |                                                                        | SANTA CRUZ DE TENERIFE                                                                       |                        | 100.00                      |        | 100.00 |        | 20.0     |          
|Teneguia Gestion Financiera, S. Comanditaria                 |                                                |                                                                |   | FC |    | (1  | )  | Finance                                       |                                                                        | SANTA CRUZ DE TENERIFE                                                                       |                        | 94.45                       |        | 94.45  |        | 1,567.0  |          
|Interbolsa, S.A.                                             |                                                |                                                                |   | NC |    |    |    | Stockbroking                                  |                                                                        | MADRID                                                                                       |                        | 20.00                       |        | 20.00  |        | 0.0      |          
|Repsol YPF, S.A.                                             |                                                |                                                                |   | EM |    | (1  | )  | All activities in the oil and gas industry    |                                                                        | MADRID                                                                                       |                        | 3.02                        |        | 3.02   |        | 1,220.9  |          
|Corporacion Empresarial de Extremadura, S.A.                 |                                                |                                                                |   | NC |    |    |    | Regional promotion                            |                                                                        | BADAJOZ                                                                                      |                        | 2.53                        |        | 2.53   |        | S/D      |          
|Sociedad de Fomento Industrial de Extremadura, S.A. (SOFIEX) |                                                |                                                                |   | NC |    |    |    | Regional development                          |                                                                        | BADAJOZ                                                                                      |                        | 0.60                        |        | 0.60   |        | S/D      |          
|LATIN AMERICA                                                |                                                |                                                                |   |    |    |     |    |                                               |                                                                        |                                                                                              |                        |                             |        |        |        |          |          
|Endesa Internacional, S.A.                                   |                                                |                                                                |   | FC |    | (1  | )  | Endesa Group's international business lines   |                                                                        | MADRID                                                                                       |                        | 100.00                      |        | 100.00 |        | 2,931.0  |          
|                                                             | Enersis S.A.                                   |                                                                | a |    | FC |     | (1 | )                                             | Production and distribution of electric power                          |                                                                                              | SANTIAGOCHILE         |                             | 65.00  |        | 64.97  |          | 685,384.0
|                                                             |                                                | Inversiones Distrilima, S.A. (DISTRILIMA)                      |   | d  |    | FC  |    | (1                                            | )                                                                      | Portfolio company                                                                            |                        | LIMAPERU                   |        | 86.14  |        | 66.18    |          
|                                                             |                                                | Cia. Americana de Multiserv. de Argentina, S.A.(CAM ARGENTINA) |   | b  |    | FC  |    | (1                                            | )                                                                      | Construc. of electricity, postal and measur. calib. networks                                 |                        | BUENOS AIRESARGENTINA      |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Cia. Americana de Multiservicios del Peru, S.A.(CAM PERU)      |   | d  |    | FC  |    | (1                                            | )                                                                      | Purchase, sale and distribution of electricity-related products                              |                        | LIMAPERU                   |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Cia. Americana de Multiservicios Ltda. (CAM CHILE)             |   | a  |    | FC  |    | (1                                            | )                                                                      | Purchase and sale of electricity products                                                    |                        | SANTIAGOCHILE              |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Constructora el Gobernador Ltda.                               |   | a  |    | FC  |    | (1                                            | )                                                                      | Construction, operation and marketing of construction work                                   |                        | SANTIAGOCHILE              |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Enersis de Argentina S.A.                                      |   | b  |    | FC  |    | (1                                            | )                                                                      | Portfolio company                                                                            |                        | BUENOS AIRESARGENTINA      |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Enersis Energia de Colombia, S.A.                              |   | e  |    | FC  |    | (1                                            | )                                                                      | Portfolio company                                                                            |                        | BOGOTACOLOMBIA             |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Enersis Internacional                                          |   | a  |    | FC  |    | (1                                            | )                                                                      | Portfolio company                                                                            |                        | GRAND CAYMAN-CAYMAN ISLANDS |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Inmobiliaria Manso de Velasco Ltda.                            |   | a  |    | FC  |    | (1                                            | )                                                                      | Lease and administration of movable property                                                 |                        | SANTIAGOCHILE              |        | 99.99  |        | 64.97    |          
|                                                             |                                                | Sociedad Agricola El Gobernador Ltda.                          |   | a  |    | FC  |    | (1                                            | )                                                                      | Exploitation of farm land                                                                    |                        | SANTIAGOCHILE              |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Synapsis Argentina, S.A.                                       |   | b  |    | FC  |    | (1                                            | )                                                                      | IT services                                                                                  |                        | BUENOS AIRESARGENTINA      |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Synapsis Brasil Ltda.                                          |   | c  |    | FC  |    | (1                                            | )                                                                      | IT services                                                                                  |                        | RIO DE JANEIROBRAZIL       |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Synapsis Colombia Ltda.                                        |   | e  |    | FC  |    | (1                                            | )                                                                      | IT services                                                                                  |                        | BOGOTACOLOMBIA             |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Synapsis Peru, S.A.                                            |   | d  |    | FC  |    | (1                                            | )                                                                      | IT and telecommunications services and products                                              |                        | LIMAPERU                   |        | 100.00 |        | 64.97    |          
|                                                             |                                                | Synapsis Soluciones y Servicios, Ltda.                         |   | a  |    | FC  |    | (1                                            | )                                                                      | Supply and marketing of computer hardware                                                    |                        | SANTIAGOCHILE              |        | 100.00 |        | 64.97    |          

---

| |                                                |                                                               |   |   |    |     |    |     |                                             |                                                                   |                       |                             |        |        |        | Millions |            
| | ---------------------------------------------- | ------------------------------------------------------------- | - | - | -- | --- | -- | --- | ------------------------------------------- | ----------------------------------------------------------------- | --------------------- | --------------------------- | ------ | ------ | ------ | -------- | -----------
|
| |                                                | CAM Brasil Multiservicios Ltda. (CAM BRASIL)                  |   | c |    | FC  |    | (1  | )                                           | Purchase, sale and dist. of electricity-related products          |                       | BRAZIL                      |        | 99.99  |        | 64.96    |            
| |                                                | Cia. Americana de Multiserv. de Colombia, S.A. (CAM COLOMBIA) |   | e |    | FC  |    | (1  | )                                           | Technical calibration and measurement services                    |                       | BOGOTACOLOMBIA             |        | 99.99  |        | 64.96    |            
| |                                                | Luz de Rio Ltda.                                              |   | c |    | FC  |    | (1  | )                                           | Portfolio company                                                 |                       | RIO DE JANEIROBRAZIL       |        | 100.00 |        | 64.32    |            
| |                                                | Compañia Electrica del Rio Maipo S.A.                         |   | a |    | FC  |    | (1  | )                                           | Electricity distribution and related services                     |                       | SAN BERNARDOCHILE          |        | 98.74  |        | 64.15    |            
| |                                                | Chilectra de Argentina, S.A.                                  |   | b |    | FC  |    | (1  | )                                           | Professional services and financial and investment activities     |                       | BUENOS AIRESARGENTINA      |        | 99.99  |        | 63.83    |            
| |                                                | Chilectra Internacional                                       |   | a |    | FC  |    | (1  | )                                           | Portfolio company                                                 |                       | GRAND CAYMAN-CAYMAN ISLANDS |        | 100.00 |        | 63.83    |            
| |                                                | Chilectra S.A.                                                |   | a |    | FC  |    | (1  | )                                           | Distribution and sale of electricity                              |                       | SANTIAGOCHILE              |        | 98.24  |        | 63.83    |            
| |                                                | Diprel Brasil Ltda.                                           |   | c |    | NC  |    | (1  | )                                           | Portfolio company                                                 |                       | RIO DE JANEIRO-BRAZIL       |        | 100.00 |        | 63.83    |            
| |                                                | Empresa Electrica de Colina Ltda.                             |   | a |    | FC  |    | (1  | )                                           | Complete electricity and related materials cycle                  |                       | COLINACHILE                |        | 100.00 |        | 63.83    |            
| |                                                | Luz Andes Ltda.                                               |   | a |    | FC  |    | (1  | )                                           | Transmission, distribution and sale of energy and fuels           |                       | SANTIAGOCHILE              |        | 100.00 |        | 63.83    |            
| |                                                | Cerj Overseas Inc.                                            |   | c |    | FC  |    | (1  | )                                           | Portfolio company                                                 |                       | PANAMA                      |        | 100.00 |        | 61.66    |            
| |                                                | Companhia de Electricidade do Rio de Janeiro S.A. (CERJ)      |   | c |    | FC  |    | (1  | )                                           | Production, transmission and distribution of electricity          |                       | RIO DE JANEIRO-BRAZIL       |        | 83.92  |        | 61.66    |            
| |                                                | Inmobiliaria Centro Nuevo Ltda.                               |   | a |    | FC  |    | (1  | )                                           | Purchase, sale and operation of real estate                       |                       | SANTIAGOCHILE              |        | 99.93  |        | 60.10    |            
| |                                                | Inmobiliaria Constructora Edificio Santiago 2000 Ltda.        |   | a |    | FC  |    | (1  | )                                           | Execution of real estate project                                  |                       | SANTIAGOCHILE              |        | 92.50  |        | 60.10    |            
| |                                                | Empresa Distribuidora Sur S.A. (EDESUR)                       |   | b |    | FC  |    | (2  | )                                           | Distribution and retailing of electric power                      |                       | BUENOS AIRESARGENTINA      |        | 99.44  |        | 48.52    |            
| |                                                | Companhia Energetica do Ceara, S.A. (COELCE).                 |   | c |    | FC  |    | (1  | )                                           | Complete electric power cycle                                     |                       | FORTALEZABRAZIL            |        | 58.86  |        | 45.73    |            
| |                                                | Codensa, S.A.                                                 |   | e |    | FC  |    | (1  | )                                           | Distribution and retailing of electric power                      |                       | BOGOTACOLOMBIA             |        | 48.48  |        | 44.98    |            
| |                                                | Empresa de Distribuc. Elec. de Lima Norte, S.A. (EDELNOR)     |   | d |    | FC  |    | (1  | )                                           | Generation, transmission and distribution of electric power       |                       | LIMAPERU                   |        | 60.00  |        | 39.71    |            
| |                                                | Sociedad Agricola de Cameros Ltda.                            |   | a |    | FC  |    | (1  | )                                           | Exploitation of farm land                                         |                       | SANTIAGOCHILE              |        | 57.50  |        | 37.36    |            
| |                                                | Aguas Santiago Poniente, S.A.                                 |   | a |    | FC  |    | (1  | )                                           | Production and distribution of potable water                      |                       | SANTIAGOCHILE              |        | 55.00  |        | 35.73    |            
| |                                                | Construcciones y Proyectos Los Maitenes, S.A.                 |   | a |    | FC  |    | (1  | )                                           | Civil works and construction of facilities                        |                       | SANTIAGOCHILE              |        | 55.00  |        | 35.73    |            
| |                                                | Sociedad Agricola Pastos Verdes Ltda.                         |   | a |    | FC  |    | (1  | )                                           | Exploitation of farm land                                         |                       | SANTIAGOCHILE              |        | 55.00  |        | 35.73    |            
| |                                                | Distrilec Inversora S.A.                                      |   | b |    | FC  |    | (1  | )                                           | Portfolio company                                                 |                       | BUENOS AIRESARGENTINA      |        | 51.51  |        | 32.97    |            
| |                                                | Sacme, S.A.                                                   |   | b |    | NC  |    | (18 | )                                           | Supervision and control of the electricity system in Buenos Aires |                       | BUENOS AIRESARGENTINA      |        | 50.00  |        | 24.26    |            
| | Endesa Chile                                   |                                                               | a |   | FC |     | (2 | )   | Complete electric power cycle               |                                                                   | SANTIAGOCHILE        |                             | 59.98  |        | 38.97  |          | 1,009,511.0
| |                                                | Transportadora de Energia, S.A.                               |   | b |    | FC  |    | (1  | )                                           | Generation, transmission and distribution of electric power       |                       | ARGENTINA                   |        | 100.00 |        | 72.52    |            
| |                                                | Capital de Energia S.A.                                       |   | e |    | FC  |    | (1  | )                                           | Portfolio company                                                 |                       | BOGOTACOLOMBIA             |        | 100.00 |        | 66.02    |            
| |                                                | Compañia Electrica Cono Sur, S.A.                             |   | a |    | FC  |    | (2  | )                                           | Portfolio company                                                 |                       | PANAMÁ                      |        | 100.00 |        | 38.97    |            
| |                                                | Compañia Electrica Tarapaca, S.A. (CELTA)                     |   | a |    | FC  |    | (2  | )                                           | Complete electric power cycle                                     |                       | SANTIAGOCHILE              |        | 100.00 |        | 38.97    |            
| |                                                | Endesa Chile Internacional                                    |   | f |    | FC  |    | (2  | )                                           | Portfolio company                                                 |                       | GEORGE TOWNCAYMAN ISLANDS  |        | 100.00 |        | 38.97    |            
| |                                                | Endesa de Colombia, S.A.                                      |   | e |    | FC  |    | (1  | )                                           | Portfolio company                                                 |                       | NEIVACOLOMBIA              |        | 100.00 |        | 38.97    |            
| |                                                | Inverandes, S.A.                                              |   | b |    | NC  |    |    |                                             | Portfolio company                                                 |                       | ARGENTINA                   |        | 100.00 |        | 38.97    |            
| |                                                | Inversiones Endesa Norte, S.A.                                |   | a |    | FC  |    | (2  | )                                           | Portfolio company                                                 |                       | SANTIAGOCHILE              |        | 100.00 |        | 38.97    |            
| |                                                | Endesa Argentina, S.A.                                        |   | b |    | FC  |    | (1  | )                                           | Portfolio company                                                 |                       | BUENOS AIRESARGENTINA      |        | 99.99  |        | 38.96    |            
| |                                                | Endesa Brasil Participaçoes Ltda.                             |   | c |    | FC  |    | (2  | )                                           | Portfolio company                                                 |                       | RIO DE JANEIRO-BRAZIL       |        | 100.00 |        | 38.96    |            
| |                                                | Endesa Inversiones Generales, S.A. (ENIGESA)                  |   | a |    | FC  |    | (2  | )                                           | Portfolio company                                                 |                       | SANTIAGOCHILE              |        | 100.00 |        | 38.95    |            
| |                                                | Tunel el Melon, S.A.                                          |   | a |    | NC  |    | (2  | )                                           | Execution, construction and exploitation of the "El Melón" tunnel |                       | SANTIAGOCHILE              |        | 99.95  |        | 38.95    |            
| |                                                | Ingendesa do Brasil, Ltda.                                    |   | c |    | NC  |    |    |                                             | Project engineering consulting services                           |                       | RIO DE JANEIRO-BRAZIL       |        | 100.00 |        | 38.06    |            
| |                                                | Empresa de Ingenieria Ingendesa, S.A. (INGENDESA)             |   | a |    | FC  |    | (2  | )                                           | Engineering services                                              |                       | SANTIAGOCHILE              |        | 97.64  |        | 38.05    |            
| |                                                | Empresa Electrica Pangue, S.A.                                |   | a |    | FC  |    | (2  | )                                           | Complete electric power cycle                                     |                       | SANTIAGOCHILE              |        | 94.99  |        | 37.02    |            
| |                                                | Empresa Generadora de Energia Electrica, S.A. (EMGESA)        |   | e |    | FC  |    | (1  | )                                           | Electric power production                                         |                       | BOGOTACOLOMBIA             |        | 48.48  |        | 36.26    |            
| |                                                | Lajas Inversora, S.A.                                         |   | a |    | FC  |    | (2  | )                                           | Portfolio company                                                 |                       | PANAMÁ                      |        | 100.00 |        | 36.19    |            
| |                                                | Empresa Electrica Pehuenche, S.A.                             |   | a |    | FC  |    | (2  | )                                           | Complete electric power cycle                                     |                       | SANTIAGOCHILE              |        | 92.65  |        | 36.10    |            
| |                                                | Centrais Electricas Cachoeira Dourada, S.A.                   |   | c |    | FC  |    | (1  | )                                           | Production and retailing of electric power                        |                       | GOIANIABRAZIL              |        | 99.57  |        | 36.04    |            
| |                                                | Central Hidroelectrica de Betania, S.A.                       |   | e |    | FC  |    | (1  | )                                           | Electric power production                                         |                       | NEIVACOLOMBIA              |        | 85.62  |        | 33.36    |            
| |                                                | Compañia Electrica San Isidro, S.A.                           |   | a |    | FC  |    | (2  | )                                           | Complete electric power cycle                                     |                       | SANTIAGOCHILE              |        | 50.00  |        | 29.23    |            
| |                                                | Hidroinvest, S.A.                                             |   | b |    | FC  |    | (1  | )                                           | Portfolio company                                                 |                       | BUENOS AIRESARGENTINA      |        | 69.93  |        | 27.25    |            
| |                                                | Autopista del Sol, S.A.                                       |   | a |    | (** | )  | (2  | )                                           | Construction and operation of a toll road                         |                       | SANTIAGOCHILE              |        | 100.00 |        | 23.40    |            
| |                                                | Infraestructura 2000, S.A.                                    |   | a |    | NC  |    | (2  | )                                           | Infrastructure construction work                                  |                       | SANTIAGOCHILE              |        | 60.00  |        | 23.38    |            
| |                                                | Generandes Peru, S.A.                                         |   | d |    | FC  |    | (2  | )                                           | Portfolio company                                                 |                       | LIMAPERU                   |        | 59.63  |        | 23.24    |            
| |                                                | Inecsa Dos Mil, S.A.                                          |   | a |    | (** | )  | (2  | )                                           | Execution, investment in and operation of public infrastructure   |                       | SANTIAGOCHILE              |        | 97.32  |        | 22.75    |            
| |                                                | Autopista Los Libertadores, S.A.                              |   | a |    | (** | )  | (2  | )                                           | Construction and operation of a freeway                           |                       | SANTIAGOCHILE              |        | 99.95  |        | 22.74    |            
| |                                                | Central Costanera, S.A.                                       |   | b |    | FC  |    | (1  | )                                           | Production and retailing of electric power                        |                       | BUENOS AIRESARGENTINA      |        | 51.93  |        | 20.23    |            
| |                                                | Gas Atacama, S.A.                                             |   | f |    | NC  |    | (2  | )                                           | Administration and management of related companies                |                       | SANTIAGOCHILE              |        | 50.00  |        | 19.48    |            
| |                                                | Atacama Finance Co.                                           |   | f |    | NC  |    | (2  | )                                           | Funding of Atacama project                                        |                       | GEORGE TOWNCAYMAN ISLANDS  |        | 50.00  |        | 19.48    |            
| |                                                | Energex Co.                                                   |   | f |    | NC  |    | (2  | )                                           | Portfolio company                                                 |                       | GEORGE TOWNCAYMAN ISLANDS  |        | 50.00  |        | 19.48    |            
| |                                                | Gasoducto Atacama Chile Ltda.                                 |   | f |    | NC  |    | (2  | )                                           | Transmission of natural gas                                       |                       | SANTIAGOCHILE              |        | 50.00  |        | 19.48    |            
| |                                                | Gasoducto Atacama Argentina Ltda.                             |   | f |    | NC  |    | (2  | )                                           | Transmission of natural gas                                       |                       | SANTIAGOCHILE              |        | 50.00  |        | 19.48    |            
| |                                                | Gasoducto Taltal Ltda.                                        |   | f |    | (** | )  | (2  | )                                           | Transmission of natural gas                                       |                       | SANTIAGOCHILE              |        |       |        | 19.48    |            
| |                                                | Inversiones Electricas Quillota, S.A.                         |   | a |    | NC  |    | (2  | )                                           | Portfolio company                                                 |                       | SANTIAGOCHILE              |        | 50.00  |        | 19.48    |            
| |                                                | Gas Atacama Generacion Ltda.                                  |   | a |    | NC  |    | (2  | )                                           | Complete electric power cycle                                     |                       | SANTIAGOCHILE              |        | 50.00  |        | 19.48    |            
| |                                                | Consorcio Ingendesa-Minmetal Ltda.                            |   | a |    | NC  |    |    |                                             | Engineering services                                              |                       | SANTIAGOCHILE              |        | 50.00  |        | 19.02    |            
| |                                                | Hidroelectrica El Chocon, S.A.                                |   | b |    | FC  |    | (1  | )                                           | Electric power production                                         |                       | BUENOS AIRESARGENTINA      |        | 65.19  |        | 18.49    |            
| |                                                | Electrogas, S.A.                                              |   | a |    | (** | )  | (2  | )                                           | Transmission of natural gas and other fuels                       |                       | SANTIAGOCHILE              |        | 0.02   |        | 16.56    |            
| |                                                | Inversiones Electrogas, S.A.                                  |   | a |    | NC  |    | (2  | )                                           | Portfolio company                                                 |                       | SANTIAGOCHILE              |        | 42.50  |        | 16.56    |            
| |                                                | Edegel, S.A.                                                  |   | d |    | FC  |    | (2  | )                                           | Production and retailing of electric power                        |                       | LIMAPERU                   |        | 63.56  |        | 14.77    |            
| |                                                | Transmisora Electrica de Quillota Ltda. (TRANSQUILLOTA)       |   | a |    | NC  |    | (2  | )                                           | Transmission and distribution of electric power                   |                       | SANTIAGOCHILE              |        | 50.00  |        | 14.61    |            
| |                                                | Empresa de Energia de Bogota, S.A. (EEB)                      |   | e |    | NC  |    | (1  | )                                           | Portfolio company                                                 |                       | BOGOTACOLOMBIA             |        | 11.00  |        | 8.25     |            
| | Elesur, S.A.                                   |                                                               | a |   | FC |     | (1 | )   | Portfolio company                           |                                                                   | SANTIAGOCHILE        |                             | 100.00 |        | 100.00 |          | 2,435,428.0
| | Endesa Internacional Energia LTD.              |                                                               | c |   | FC |     |   |     | Portfolio company                           |                                                                   | RIO DE JANEIROBRAZIL |                             | 100.00 |        | 100.00 |          | 60.0       
| | Inversiones Cesa, S.L.                         |                                                               |   |   | FC |     | (1 | )   | Portfolio company                           |                                                                   | MADRIDSPAIN          |                             | 100.00 |        | 100.00 |          | 159.0      
| | Inversiones Colombia, S.L.                     |                                                               |   |   | FC |     | (1 | )   | Portfolio company                           |                                                                   | MADRIDSPAIN          |                             | 100.00 |        | 100.00 |          | 127.0      
| | Chispa 1, S.A.                                 |                                                               | a |   | FC |     | (1 | )   | Portfolio company                           |                                                                   | SANTIAGOCHILE        |                             | 99.85  |        | 99.85  |          | 8,409.0    
| | Luz de Bogota Ltda.                            |                                                               | e |   | FC |     | (1 | )   | Portfolio company                           |                                                                   | BOGOTACOLOMBIA       |                             | 100.00 |        | 84.02  |          | 336,781.0  
| | Central Geradora Termelectrica Fortaleza, S.A. |                                                               | c |   | FC |     | (1 | )   | Development of combined-cycle plant project |                                                                   | CEARABRAZIL          |                             | 100.00 |        | 82.90  |          | 152.0      

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|       |                                                            |                                                             |                           |                                    |    |    |    |     |                                                                           |                                                                  |                           |                                                    |                       |            |        | Millions |       
|------ | ---------------------------------------------------------- | ----------------------------------------------------------- | ------------------------- | ---------------------------------- | -- | -- | -- | --- | ------------------------------------------------------------------------- | ---------------------------------------------------------------- | ------------------------- | -------------------------------------------------- | --------------------- | ---------- | ------ | -------- | ------
|
|       | Compañia Peruana de Electricidad, S.A. (CPE)               |                                                             | d                         |                                    | FC |    | (1 | )   | Portfolio company                                                         |                                                                  | LIMAPERU                 |                                                    | 100.00                |            | 81.56  |          | 144.0 
|       | Empresa Electrica de Cabo Blanco, S.A.                     |                                                             | d                         |                                    | FC |    | (1 | )   | Portfolio company                                                         |                                                                  | LIMAPERU                 |                                                    | 80.00                 |            | 80.00  |          | 76.0  
|       | Investluz, S.A.                                            |                                                             | c                         |                                    | FC |    | (1 | )   | Portfolio company                                                         |                                                                  | SAO PAULOBRAZIL          |                                                    | 100.00                |            | 76.80  |          | 955.0 
|       | Luz de Panama Inc.                                         |                                                             | c                         |                                    | FC |    | (1 | )   | Advice on financial and commercial aspects of capital goods and equipment |                                                                  | PANAMA                    |                                                    | 100.00                |            | 76.80  |          | 0.0   
|       | Comercializadora de Energia del MERCOSUR, S.A. (CEMSA)     |                                                             | b                         |                                    | FC |    | (1 | )   | Retailing of power in Mercosur                                            |                                                                  | BUENOS AIRESARGENTINA    |                                                    | 100.00                |            | 72.53  |          | 14.0  
|       | Companhia de Interconexao Energetica, S.A. (CIEN)          |                                                             | c                         |                                    | FC |    | (1 | )   | Production, transmission and distribution of electric power               |                                                                  | RIO DE JANEIROBRAZIL     |                                                    | 99.99                 |            | 72.53  |          | 285.0 
|       | Compañía de Transmision del MERCOSUR, S.A. (CTM)           |                                                             | b                         |                                    | FC |    | (1 | )   | Production, transmission and distribution of electric power               |                                                                  | BUENOS AIRESARGENTINA    |                                                    | 100.00                |            | 72.53  |          | 14.2  
|       | Generalima, S.A.                                           |                                                             | d                         |                                    | FC |    | (1 | )   | Portfolio company                                                         |                                                                  | LIMAPERU                 |                                                    | 72.50                 |            | 72.50  |          | 163.0 
|       | Sociedad Inversora Dock Sud, S.A. (DOCK SUD)               |                                                             | b                         |                                    | FC |    | (1 | )   | Portfolio company                                                         |                                                                  | BUENOS AIRESARGENTINA    |                                                    | 57.14                 |            | 57.14  |          | 425.2 
|       | Empresa Electrica de Piura, S.A.                           |                                                             | d                         |                                    | FC |    | (1 | )   | Electric power production                                                 |                                                                  | LIMAPERU                 |                                                    | 60.00                 |            | 48.00  |          | 125.5 
|       | Empresa de Generac. Termoelec. Ventanilla, S.A. (ETEVENSA) |                                                             | d                         |                                    | FC |    | (1 | )   | Electric power production                                                 |                                                                  | LIMAPERU                 |                                                    | 60.00                 |            | 43.50  |          | 291.0 
|       | Consorcio Energetico Punta Cana-Macao, S.A. (CEPM)         |                                                             | f                         |                                    | EM |    | (4 | )   | Production, transmission and distribution of electric power               |                                                                  | DOMINICAN REPUBLIC        |                                                    | 40.00                 |            | 40.00  |          | 11.0  
|       | Central Dock Sud, S.A.                                     |                                                             | f                         |                                    | FC |    | (1 | )   | Production, transmission and distribution of electric power               |                                                                  | BUENOS AIRESARGENTINA    |                                                    | 69.76                 |            | 39.86  |          | 147.0 
|       | Yacylec, S.A.                                              |                                                             | f                         |                                    | EM |    | (1 | )   | Transmission of electric power                                            |                                                                  | BUENOS AIRESARGENTINA    |                                                    | 22.22                 |            | 22.22  |          | 107.0 
|       | Empresa Propietaria de la Red, S.A.                        |                                                             | a                         |                                    | NC |    |   |     | Construction of an interconnection line in Central America                |                                                                  | PANAMA                    |                                                    | 14.29                 |            | 14.29  |          | S/D   
|EUROPE |                                                            |                                                             |                           |                                    |    |    |    |     |                                                                           |                                                                  |                           |                                                    |                       |            |        |          |       
|       | Endesa Europa, S.L.                                        |                                                             |                           |                                    | FC |    | (1 | )   | Endesa business activities in Europe                                      |                                                                  | MADRID                    |                                                    | 100.00                |            | 100.00 |          | 367.0 
|       |                                                            | Endesa Holding Italia S.R.L.                                |                           |                                    |    | FC |    | (1  | )                                                                         | Portfolio company                                                |                           | ROMEITALY                                         |                       | 51.00      |        | 51.00    |       
|       |                                                            |                                                             | Endesa Italia, S.R.L.     |                                    |    |    | FC |     | (1                                                                        | )                                                                | Electric power production |                                                    | ROMEITALY            |            | 100.00 |          | 51.00 
|       |                                                            |                                                             |                           | Endesa Italia Power & Fuel, S.R.L. |    |    |    | FC  |                                                                           | (1                                                               | )                         | Retailing of electricity and other energy products |                       | ROMEITALY |        | 100.00   |       
|       |                                                            | Societe Nationale d'Electricitè et de Thermiqe, S.A. (SNET) |                           |                                    |    | EM |    | (4  | )                                                                         | Electric power production                                        |                           | PARISFRANCE                                       |                       | 30.00      |        | 30.00    |       
|       |                                                            | Endesa Trading, S.A.                                        |                           |                                    |    | FC |    | (1  | )                                                                         | Trading in Europe                                                |                           | MADRID                                             |                       | 100.00     |        | 100.00   |       
|       |                                                            |                                                             | Endesa Power Trading Ltd. |                                    |    |    | FC |     | (1                                                                        | )                                                                | Trading in Europe         |                                                    | LONDONU.K.           |            | 100.00 |          | 100.00
|       |                                                            |                                                             | Endesa Trading B.V.       |                                    |    |    | NC |     |                                                                          |                                                                  | Trading in Europe         |                                                    | AMSTERDAMNETHERLANDS |            | 100.00 |          | 100.00
|       |                                                            | Pego Energia Electrica, S.A. (PEGOP)                        |                           |                                    |    | EM |    | (5  | )                                                                         | Operation of fossil-fuel plants and production of electric power |                           | ABRANTESPORTUGAL                                  |                       | 44.98      |        | 44.98    |       
|       |                                                            | Tejo Energia, S.A.                                          |                           |                                    |    | EM |    | (2  | )                                                                         | Production, transmission and distribution of electric power      |                           | ABRANTESPORTUGAL                                  |                       | 35.00      |        | 35.00    |       
|       |                                                            | Carbopego, S.A.                                             |                           |                                    |    | EM |    | (2  | )                                                                         | Purchase, sale, transmission and storage of fuel                 |                           | ABRANTESPORTUGAL                                  |                       | 33.32      |        | 33.32    |       
|       |                                                            | Soprolif, S.A.                                              |                           |                                    |    | EM |    | (17 | )                                                                         | Construction of a fluidized bed boiler in Gardanne               |                           | FRANCE                                             |                       | 25.00      |        | 28.00    |       
|       |                                                            | Lyonnaise Des Eaux Casablanca (LYDEC)                       |                           | g                                  |    | NC |    | (17 | )                                                                         | Water supply                                                     |                           | CASABLANCAMOROCCO                                 |                       | 18.00      |        | 18.00    |       
|       | Energie Electrique de Tahaddart, S.A.                      |                                                             | f                         |                                    | NC |    |   |     | Construction and operation of a combined cycle power plant                |                                                                  | TANGIERMOROCCO           |                                                    | 32.00                 |            | 32.00  |          | 15.8  
|       | Polska Gielda Energii, S.A.                                |                                                             | h                         |                                    | NC |    | (1 | )   | Organized electricity market                                              |                                                                  | POLAND                    |                                                    | 10.00                 |            | 10.00  |          | 14.5  
|       | Powernext, S.A.                                            |                                                             |                           |                                    | NC |    |   |     | Organized electricity market                                              |                                                                  | PARISFRANCE              |                                                    | 5.00                  |            | 5.00   |          | 10.0  
|       | Endex N.V.                                                 |                                                             |                           |                                    | NC |    |   |     | Organized electricity market                                              |                                                                  | AMSTERDAMNETHERLANDS     |                                                    | 2.54                  |            | 2.54   |          | 10.0  

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In the case of companies heading groups, the figures relating to capital, reserves and income/loss are consolidated figures.

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

---

Currencies and exchange rates used to translate
the consolidated financial statements of the
fully consolidated foreign companies

CURRENCY:

Average
Exchange Rate

Year-End
Exchange Rate(a) = Chilean pesos

654.2640

753.6063(b) = Argentine pesos

3.0342

3.5241(c) = Brazilian reais

2.7898

3.7019(d) = Peruvian soles

3.3380

3.6851(e) = Colombian pesos

2,389.3079

3,004.3053(f) = U.S. Dollars

0.9467

1.0487(g) = Moroccan dirhams(h) = Polish Zlotys


CONSOLIDATION METHOD:FC= Fully consolidatedPC = Proportionally consolidatedEM = Equity methodNC = Not consolidated


(1) Company audited by

DELOITTE & TOUCHE(2) Company audited by

ERNST & YOUNG(3) Company audited by

KPMG PEAT MARWICK(4) Company audited by

PRICE WATERHOUSE COOPERS(5) Company audited by

CARLOS GÓMEZ ESTOPIÑAN(6) Company audited by

JOSE CARMELO FRAILE(7) Company audited by

BDO AUDIBERIA(8) Company audited by

DOMINGO SÁNCHEZ(9) Company audited by

FERNANDO MERCADAL(10) Company audited by

Dr. JUSTINO MENDES(11) Company audited by

AUDI HISPANIA, S.A.(12) Company audited by

GASSÓ Y CÍA.(13) Company audited by

VILLALBA Y CÍA.(14) Company audited by

HERNÁNDEZ Y MUÑOZ, S.A.(15) Company audited by

VELASCO GAY AUDITORES(16) Company audited by

JAVIER LÓPEZ BELLIDO(17) Company audited by

MAZARS AUDITORES(18) Company audited by

ESTUDIO ALONSO HIDALGO & ASOCIADOS(19) Company audited by

RCM AUDITORES(20) Company audited by

ALCAIN Y RIBA AUDITORES(21) Company audited by

SODIGA(22) Company audited by

JAVIER MARTINEZ(23) Company audited by

AUDITORÍA Y CONTROL(24) Company audited by

GNL AUDITORES(25) Company audited by

GABRIEL SÁNCHEZ PALAZÓN


Year-End
Market
Price

Average
Market
Price
Last Qtr.REPSOL YPF

euro

12.60

11.94RED ELECTRICA

euro

9.64

8.93AGUAS DE BARCELONA

euro

9.60

9.37C.H. CACHOEIRA

Bras. reais

272.71

271.83CENTRAL COSTANERA

Arg. pesos

2.80

2.13ENDESA CHILE

Ch. pesos

179.00

175.32E.D.E. LIMA NORTE

Peru. soles

0.99

0.95CHILECTRA

Ch. pesos

1,699.00

1,666.00ENERSIS

Ch. pesos

59.00

64.56CERJ

Bras. reais

0.24

0.27EDEGEL

Peru. soles

0.90

0.89E.E. PEHUENCHE

Ch. pesos

450.00

439.72COELCE

Bras. reais

3.00

2.57C.E. RIO MAIPO

Ch. pesos

245.00

245.00


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