amendment8.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JKedsnvBxdesjQO/UYe12xZeYX+rWFrpci+U6twaqmiywv5idIGU9CwwuPLlOcgz YN6/qkRZsvy/6P2YoU+Exw== 0000898822-07-000039.txt : 20070111 0000898822-07-000039.hdr.sgml : 20070111 20070110180758 ACCESSION NUMBER: 0000898822-07-000039 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 23 FILED AS OF DATE: 20070111 DATE AS OF CHANGE: 20070110 GROUP MEMBERS: ACCIONA, S.A. GROUP MEMBERS: FINANZAS DOS, S.A. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: ENDESA SA CENTRAL INDEX KEY: 0001046649 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 000000000 STATE OF INCORPORATION: U3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-80961 FILM NUMBER: 07524157 BUSINESS ADDRESS: STREET 1: CALLE RIBERA DEL LOIRA 60 CITY: MADRID STATE: U3 ZIP: 28042 BUSINESS PHONE: 34-91-2131000 MAIL ADDRESS: STREET 1: 410 PARK AVE STREET 2: STE 410 CITY: NEW YORK STATE: NY ZIP: 10022 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Acciona, S.A. CENTRAL INDEX KEY: 0001377408 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: BUSINESS PHONE: 011 34 91 663 3093 MAIL ADDRESS: STREET 1: AVENIDA DE EUROPA, 18 STREET 2: PARQUE EMPRESARIAL LA MORALEJA CITY: ALCOBENDAS, MADRID STATE: U3 ZIP: 28108 SC 13D/A 1 amendment8.htm SCHEDULE 13D/A amendment8.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D/A
(RULE 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)

(Amendment No. 8)*

Endesa, S.A.
(Name of Issuer)

American Depositary Shares, each representing the right to receive one ordinary share, nominal value €1.20 each
Ordinary Shares, nominal value €1.20 each
(Title of Class of Securities)

00029274F1
(CUSIP Number)

Acciona, S.A.
Avenida de Europa, 18
Empresarial La Moraleja, Alcobendas
Madrid, Spain 28108
Attention: Jorge Vega-Penichet
+34 91 663 2850

Copy to:

Wachtell, Lipton, Rosen & Katz
51 West 52^nd Street
New York, New York 10019
Attention: Adam O. Emmerich
(212) 403-1000
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

January 9, 2006
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box ¨

NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Act”), or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP NO. 00029274F1

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
	Acciona, S.A.

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
	(a) x
	(b) ¨

3	SEC USE ONLY

4	SOURCE OF FUNDS (See Instructions)
	BK, WC

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
	2(d) OR 2(e)		¨

6	CITIZENSHIP OR PLACE OF ORGANIZATION
	Kingdom of Spain

		7	SOLE VOTING POWER

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			10,964,099

		8	SHARED VOTING POWER

			211,750,424

		9	SOLE DISPOSITIVE POWER

			10,964,099
		10	SHARED DISPOSITIVE POWER
			211,750,424


11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	222,714,523


12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES (See Instructions) ¨


13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	21%

14	TYPE OF REPORTING PERSON (See Instructions)
	CO

SCHEDULE 13D

CUSIP NO. 00029274F1

1	NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
	Finanzas Dos, S.A.

2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)
	(a) x
	(b) ¨

3	SEC USE ONLY

4	SOURCE OF FUNDS (See Instructions)
	BK, AF

5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
	2(d) OR 2(e)			¨

6	CITIZENSHIP OR PLACE OF ORGANIZATION
	Kingdom of Spain

		7	SOLE VOTING POWER

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH			-0-

		8	SHARED VOTING POWER

			211,750,424

		9	SOLE DISPOSITIVE POWER

			-0-
		10	SHARED DISPOSITIVE POWER

			211,750,424


11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	211,750,424

12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES (See Instructions)			¨


13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	20%

14	TYPE OF REPORTING PERSON (See Instructions)
	CO

This Amendment No. 8 (“Amendment No. 8”) amends and supplements the statement on Schedule 13D (as previously amended from time to time, the “Schedule 13D”) filed by Acciona, S.A. (“Acciona”) and Finanzas Dos, S.A. (“Finanzas” and together with Acciona, the “Reporting Persons”), pursuant to a Joint Filing Agreement filed with the original Schedule 13D on October 5, 2006, with respect to the ordinary shares, nominal value €1.20 each (a “Share”), and the American Depositary Shares (the “ADSs”), each representing the right to receive one Share of Endesa, S.A. (“Endesa” or the “Issuer”). Capitalized terms used and not defined in this Amendment No. 8 have the meanings set forth in the Schedule 13D. Except as specifically provided herein, this Amendment No. 8 does not modify any of the information previously reported in the Schedule 13D.

Item 3. Source and Amount of Funds or Other Consideration.

Item 3 is hereby amended to add the following supplemental information:

As previously reported in Amendment No. 7 to the Schedule 13D, Acciona and Finanzas effected the contemplated Long-Term Financing and entered into the Finanzas Credit Agreement and the Acciona Credit Agreement. As noted, each of those credit agreements is in Spanish, and an English translation was not yet available at the time of filing Amendment No. 7. As contemplated by Amendment No. 7, English translations of the Finanzas Credit Agreement and the Acciona Credit Agreement are attached as Exhibits 10.9 and 10.10, respectively, and incorporated herein by reference.

Additionally, attached and incorporated herein by reference as Exhibits 10.11, 10.12 and 10.13 are English translations of ancillary agreements entered into in connection with the Long-Term Financing, to reflect arrangements previously described in Amendments Nos. 6 and 7. These are: (1) a Shareholder Subordinated Loan Agreement by which Acciona made the subordinated loan to Finanzas contemplated and required as a condition to the borrowings under the Finanzas Credit Agreement, (2) a Coordination and Guarantees Agreement under which Finanzas and Acciona have pledged certain assets to the Lenders to secure Finanzas’ obligations under the Finanzas Credit Agreement, and (3) a Shareholder Support Agreement under which Acciona is required to make additional subordinated loans to Finanzas pursuant to the Coverage Ratio Commitment and refund to Finanzas certain tax credits generated by Finanzas.

Additionally, in connection with the Finanzas Credit Agreement and the Acciona Credit Agreement, which require Finanzas and Acciona, respectively, to enter into interest hedges with respect to a certain percentage of the loans made under those agreements, the Reporting Persons and the Lenders have entered into Spanish standard-form framework agreements for financial derivative transactions (Contractos Marco De Operaciones Financieras or “CMOFs”), which are expected to govern any such hedges entered into with any of the Lenders. These agreements are in Spanish. English translations are being prepared and will be filed by amendment.

Separately, as described below in Item 5, on December 29, 2006 and January 3, 4, 8 and 9, 2007, Acciona acquired a total of 10,964,099 Shares for a total price of €389,535,464.60. The source of funds for these acquisitions was working capital of Acciona.

Item 4. Purpose of Transaction.

Item 4 is hereby amended to add the following supplemental information:

On January 9, 2007, Acciona received a letter from the CNMV, dated January 8, 2007, informing Acciona that on January 2, 2006, the CNMV had received a written complaint made by E.ON Zwölfte Werwaltungs GmbH (the “E.ON CNMV Complaint”) alleging certain violations of Spanish securities law by Acciona. Additionally, the letter from the CNMV attached the E.ON CNMV Complaint and requested that Acciona provide the CNMV with such information or comments as Acciona considers appropriate in relation to the contents of the E.ON CNMV Complaint. A copy of this letter (including the attached E.ON CNMV Complaint) is attached as Exhibit 99.24 hereto and incorporated herein by reference.

-4-

The Reporting Persons believe that the claims made by E.ON in the E.ON CNMV Complaint are without merit and intend to contest such claims.

Separately, as previously reported, on November 17, 2006, E.ON filed an amended and supplemental complaint in its action against the Reporting Persons pending in the United States District Court for the Southern District of New York (the “Court”), alleging that Acciona, acting through Banco Santander, committed an illegal “tender offer” in violation of Section 14 of the Exchange Act in connection with its September 25 acquisition of Endesa Shares. On December 11, 2006, Acciona moved to dismiss that claim, asserting various procedural defenses. On January 9, 2007, the Court issued an opinion denying Acciona’s motion to dismiss that claim. The Court's opinion did not address the ultimate merits of E.ON’s claim, which will be subject to further proceedings. The opinion and order of the Court is attached as Exhibit 99.25 hereto and incorporated herein by reference.

Item 5. Interest in Securities of the Issuer.

Item 5 is hereby amended to add the following supplemental information:

On December 29, 2006 and January 3, 4, 8 and 9, 2007, Acciona acquired, in the Spanish stock market, 3,205,193 Shares, 60,670 Shares, 385,095 Shares, 3,703,141 Shares and 3,610,000 Shares, respectively, (a total of 10,964,099 Shares for a total price of €389,535,464.60), representing approximately 1% of the Issuer’s capital stock.

The various prices at which such Shares were acquired on December 29, 2006 and January 3, 4, 8 and 9, 2007, and the number of Shares acquired at each such price, are set forth in the following table:

Date	Number of Shares	Price per Share
Date	Number of Shares	Price per Share

12/29/2006	2,655,436	€35.9000

12/29/2006	549,757	€35.7566

1/3/2007	60,670	€35.2813

1/4/2007	385,095	€35.2807

1/8/2007	3,703,141	€35.4000

1/9/2007	3,250,000	€35.4000

1/9/2007	360,000	€35.2219

As a result of these transactions, Finanzas and Acciona together have acquired an aggregate of 222,714,523 Shares which constitute approximately 21% of the outstanding Shares. Acciona has the sole power to vote or direct the vote and dispose or direct the disposition of the 10,964,099 Shares purchased on December 29, 2006 and January 3, 4, 8 and 9, 2007. Additionally, Acciona has the sole right to receive or direct the receipt of dividends from or the proceeds from the sale of such Shares.

Acciona has filed with the CNMV an Hecho Relevante, or current report, reporting its purchase of additional Shares and also attaching the original Spanish language versions of the financing agreements and CMOFs described under Item 3 above. This report, in its original Spanish and English form, is attached as Exhibit 99.23 hereto and incorporated herein by reference. All Hechos Relevantes filed by Acciona and other reporting persons with the CNMV are available on the internet at http://www.cnmv.es/english/index_e.htm under the “Significant events and other communications” tab.

-5-

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Item 6 is hereby amended to add the following supplemental information:

The information set forth in Item 3 above is hereby incorporated in this Item 6 by reference.

Item 7. Material to be Filed as Exhibits.

10.1	English Translation of Bridge Credit Contract, dated September 26, 2006, between, Finanzas Dos, S.A. as guaranteed party, Acciona, S.A as guarantor, Banco Santander Central Hispano, S.A. as financing entity. ⁽¹⁾

10.2	English Translation of Bridge Credit Commitment, dated September 26, 2006, from Banco Santander Central Hispano, S.A. to Acciona, S.A. ⁽¹⁾

10.3	English Translation of Commitment Letter, dated September 26, 2006, from Banco Santander Central Hispano, S.A. to Acciona, S.A. and Finanzas Dos, S.A and related Term Sheets. ⁽¹⁾

10.4	International Swaps and Derivatives Association, Inc. Master Agreement, dated as of September 25, 2006, between Banco Santander Central Hispano, S.A. and Finanzas Dos, S.A. (with Confirmations dated September 25, 2006, September 27, 2006, October 3, 2006, October 4, 2006, October 5, 2006, October 6, 2006, October 9, 2006, October 10, 2006 and October 11, 2006). ⁽¹⁾


10.5	Confirmations with respect to the Total Return Swaps entered into on October 12, 13, 16, 17 and 19, 2006. ⁽²⁾

10.6	English Translation of Amendment and Extension of Bridge Loan Agreement, dated November 15, 2006, by and among Banco Santander Central Hispano, S.A. Acciona, S.A. and Finanzas Dos, S.A. ⁽⁵⁾


10.7	English Translation of Stock Purchase Order from Acciona, S.A. to Banco Santander Central Hispano, S.A., dated September 25, 2006. ⁽⁶⁾

10.8	English Translation of letter from Acciona, S.A. to Banco Santander Central Hispano, S.A., dated September 25, 2006. ⁽⁶⁾


10.9	English Translation of Syndicated Financing Agreement between Finanzas Dos, S.A. and the Lenders, dated December 21, 2006.

10.10	English Translation of Syndicated Financing Agreement between Acciona, S.A. and the Lenders, dated December 21, 2006.

10.11	English Translation of Shareholder Subordinated Loan Agreement between Acciona, S.A., Finanzas Dos, S.A. and the Lenders, dated December 21, 2006.


10.12	English Translation of Coordination and Guarantees Agreement between Acciona, S.A., Finanzas Dos, S.A. and the Lenders, dated December 21, 2006.

10.13	English Translation of Shareholder Support Agreement between Acciona, S.A., Finanzas Dos, S.A. and the Lenders, dated December 21, 2006.

-6-

99.1	Complaint filed on October 12, 2006 by E.ON AG and E.ON Zwölfte Verwaltungs GmbH against Acciona, S.A. and Finanzas Dos, S.A. (Civil Action No. 06 CV 8720). ⁽¹⁾

99.2	Hecho Relevante (No. 71725) filed on October 20, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Response to query from the CNMV as to Acciona’s intent as an Endesa shareholder.) (English Translation) ⁽²⁾

99.3	Resolutions of the Comisión Nacional de la Energia (CNE) regarding Acciona, S.A.’s and Finanzas Dos, S.A.’s ownership in Endesa securities, dated November 3, 2006. ⁽³⁾

99.4	Amended Complaint filed on November 3, 2006, by E.ON AG, E.ON Zwölfte Verwaltungs GmbH and BKB AG against Acciona, S.A. and Finanzas Dos, S.A. (Civil Action No. 06 CV 8720). ⁽³⁾

99.5	Hecho Relevante (No. 72281) filed on November 10, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of acquisition of an additional 9.63% of the Shares.) ⁽⁴⁾

99.6	Press release issued by Acciona, S.A., dated November 10, 2006. ⁽⁴⁾

99.7	Hecho Relevante (No. 72898) filed on November 21, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of acquisition of an additional 0.37% of the Shares.) ⁽⁵⁾

99.8	Opinion and Order rendered by the Honorable Denise Cote, United States District Judge, United States District Court, Southern District of New York, in E.ON AG and E.ON Zwölfte Verwaltungs GmbH v. Acciona, S.A. and Finanzas Dos, S.A. (Civil Action No. 06 CV 8720), dated November 20, 2006. ⁽⁵⁾


99.9	Hecho Relevante (No. 71032) filed on September 25, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of the acquisition of a 10% interest in Endesa.) (English Translation) ⁽⁶⁾

99.10	Anuncios a la CNMV (No. 71035) released on September 26, 2006 by the Spanish Comisión Nacional del Mercado de Valores. (Copy of Announcement by the CNMV in relation to Acciona and Endesa.) (English Translation) ⁽⁶⁾


99.11	Hecho Relevante (No. 71036) filed on September 26, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Press release relating to the acquisition of a 10% interest in Endesa.) (English Translation) ⁽⁶⁾

99.12	Hecho Relevante (No. 71037) filed on September 26, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Powerpoint presentation relating to the acquisition of a 10% interest in Endesa.) (English original) ⁽⁶⁾

99.13	Hecho Relevante (No. 71040) filed on September 26, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Copies of the materials included in Hechos Relevantes Nos. 71032, 71036 and 71037, and additional press release in response to certain media reports.) (The Powerpoint presentation filed as Hecho Relevante No. 71036, which was originally prepared in English, is not refiled as part of this Exhibit, but is filed as Exhibit 99.12.) (English Translation) ⁽⁶⁾

99.14	Hecho Relevante (No. 71074) filed on September 26, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Additional information relating to Acciona’s investment in Endesa.) (English Translation) ⁽⁶⁾

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99.15	Anuncios a la CNMV (No. 71075) released on September 26, 2006 by the Spanish Comisión Nacional del Mercado de Valores. (Copy of Announcement by the CNMV in relation to Acciona.) (English Translation) ⁽⁶⁾


99.16	Hecho Relevante (No. 71151) filed on September 27, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification in relation to Total Returns Swaps having reach 5.01%.) (English Translation) ⁽⁶⁾

99.17	Hecho Relevante (No. 71504) filed on October 16, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of the commencement of a lawsuit by E.ON in the United States District Court for the Southern District of New York.) (English Translation) ⁽⁶⁾

99.18	Hecho Relevante (No. 71699) filed on October 20, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification in relation to Total Returns Swaps having reached 9.63%.) (English Translation) ⁽⁶⁾

99.19	Hecho Relevante (No. 71703) filed on October 20, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Including copies of (a) (in the original Spanish) of the Bridge Credit Contract filed as Exhibit 10.1, the Bridge Credit Commitment filed as Exhibit 10.2, the Commitment Letter and related Term Sheets filed as Exhibit 10.3; (b) (in the original English) the International Swaps and Derivatives Association, Inc. Master Agreement with Confirmations dated September 25 and 27, 2006 and October 3, 4, 5, 6, 9, 10 and 11, 2006 filed as Exhibit 10.4; (c) (in the original English and Spanish translation) Amendment No. 1 to the Schedule 13D; and (d) (in Spanish translation) the Complaint filed as Exhibit 99.1 (English Translation, without exhibits filed otherwise with this Schedule 13D) ⁽⁶⁾

99.20	Hecho Relevante (No. 72034) filed on November 6, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification of CNE approval, including official notice of the CNE filed previously as Exhibit 99.3.) (English Translation) ⁽⁶⁾

99.21	Supplemental and Amended Complaint filed on November 17, 2006, by E.ON AG, E.ON Zwölfte Verwaltungs GmbH and BKB AG against Acciona, S.A. and Finanzas Dos, S.A. (Civil Action No. 06 CV 8720) ⁽⁶⁾


99.22	Hecho Relevante (No. 74537) filed on December 22, 2006 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification related to the Long-Term Financing and the Acciona Financing.) ⁽⁷⁾

99.23	Hecho Relevante (No.______) filed on January 10, 2007 by Acciona, S.A. with the Spanish Comisión Nacional del Mercado de Valores. (Notification related to purchase of additional Shares and attaching the original Spanish language versions of the financing agreements attached as Exhibits 10.9 through 10.13 hereto and the CMOFs)

99.24	Letter from the Spanish Comisión Nacional del Mercado de Valores to Acciona, dated January 8, 2006, attaching a copy of the E.ON CNMV Complaint. (English Translation)

99.25	Opinion and Order rendered by the Honorable Denise Cote, United States District Judge, United States District Court, Southern District of New York, in E.ON AG and E.ON Zwölfte Verwaltungs GmbH v. Acciona, S.A. and Finanzas Dos, S.A. (Civil Action No. 06 CV 8720), dated January 9, 2007.

-8-

⁽¹⁾	Filed with Amendment No. 1 to the Schedule 13D
⁽²⁾	Filed with Amendment No. 2 to the Schedule 13D
⁽³⁾	Filed with Amendment No. 3 to the Schedule 13D
⁽⁴⁾	Filed with Amendment No. 4 to the Schedule 13D
⁽⁵⁾	Filed with Amendment No. 5 to the Schedule 13D
⁽⁶⁾	Filed with Amendment No. 6 to the Schedule 13D
⁽⁷⁾	Filed with Amendment No. 7 to the Schedule 13D

-9-

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: January 10, 2007

ACCIONA, S.A.


By:	/s/Jorge Vega-Penichet

	Name:	Jorge Vega-Penichet
	Title:	Company Secretary

FINANZAS DOS, S.A.


By:	/s/Vicente Santamaria
	de Paredes Castillo

	Name:	Vicente Santamaria
		de Paredes Castillo
	Title:	Company Secretary

-10-

EX-10.9 2 exhibit109.htm EXHIBIT 10.9 exhibit109.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

In Madrid, on December 21, 2006

SYNDICATED FINANCING AGREEMENT

Divided into

TRANCHE A

(REVOLVING LINE OF CREDIT)

Maximum Amount: € 4,594,984,200.80

and

TRANCHE B

(CURRENT-ACCOUNT LINE OF CREDIT)

Maximum Amount: € 1,083,277,312.52

BETWEEN

FINANZAS DOS, S.A.

As Obligee

and

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
THE ROYAL BANK OF SCOTLAND, PLC
BANCA IMI S.P.A.
BNP PARIBAS SPAIN BRANCH

BANCO SANTANDER CENTRAL HISPANO, S.A.
NATEXIS BANQUES POPULAIRES, SPAIN
BRANCH
CALYON, SPAIN BRANCH

As Lending Institutions

and

BANCO CENTRAL HISPANO, S.A.

(LEGAL AND TAX CONSULTANTS)

TABLE OF CONTENTS

SECTION ONE – DEFINITIONS AND INTERPRETATION			10

1.	DEFINITIONS AND INTERPRETATION		10
	1.1	Definitions	10
	1.2	Principles of Interpretation	17

SECTION TWO – TRANCHE A (REVOLVING LINE OF CREDIT)			18

2.	GENERAL TERMS		18
	2.1	Amount	18
	2.2	Acceptance	18
	2.3	Use	18
	2.4	Distribution	19
	2.5	Acceptance by Lending Institutions of their shares	19

3.	DRAWDOWN OF FUNDS		19
	3.1	Drawdown of Funds	19
	3.2	Drawdown	20
	3.3	Delivery of Funds	21
	3.4	Conditions Precedent for Drawdowns of Tranche A	22
	3.5	Documentation of Tranche A Drawdowns	24

4.	INTEREST		24
	4.1	Accrual	24
	4.2	Daily, Annualized Accrual During Each Interest Period	24

5.	INTEREST RATE		24
	5.1	Division into Interest Periods	24
	5.2	Interest Rate	25
	5.3	Interest Payments	25

6.	MATURITY AND AMORTIZATION		25
	6.1	Ordinary Amortization	25
	6.2	Voluntary Accelerated Amortization	25
	6.3	Payment	26

7.	JOINT NATURE		27
	7.1	Joint Nature	27
	7.2	Effects of Breach by Any Lending Institution	27
	7.3	Extrajudicial and Judicial Actions of Lending Institutions	27
	7.4	Agreements of the Majority of Lending Institutions	27

SECTION THREE – TRANCHE B (CURRENT-ACCOUNT LINE OF CREDIT)			28

8.	GENERAL TERMS		28
	8.1	Amount	28

	8.2	Acceptance	29
	8.3	Use	29

9.	DRAWDOWN OF FUNDS		29

	9.1	First Drawdown of Tranche B	29
	9.2	Second and Subsequent Drawdowns of Tranche B	30

10.	INTEREST ON THE CURRENT-ACCOUNT LOAN		30

	10.1	Accrual	30
	10.2	Daily, Annualized Accrual During Each Interest Period	30
	10.3	Interest Periods	30

11.	INTEREST RATE ON TRANCHE B AND PAYMENT OF INTEREST		31

	11.1	Interest Rate	31
	11.2	Interest Payments	31

12.	EXCESS DRAWDOWNS		31

13.	REPAYMENT AND MATURITY		31

	13.1	Maturity	31
	13.2	Voluntary Accelerated Repayment	32

14.	GUARANTY		32

	14.1	Guaranteed Obligations	32
	14.2	Guaranty Upon First Demand	32
	14.3	Obligations of Guarantors	32
	14.4	Maximum Amount of Guaranty	33
	14.5	Joint Nature	34
	14.6	Effects of Breach by Any Guarantor	34
	14.7	Repayment	34
	14.8	Subrogation	34
	14.9	Risk Commission	34
	14.10	Drawdown Commission	34
	14.11	Recordation of Guaranty in Registry Books	35
	14.12	Effective Period of Guaranty	35

SECTION FOUR – TERMS AND CONDITIONS COMMON TO BOTH TRANCHES			35

15.	INTEREST RATE		35

	15.1	Calculation	35
	15.2	Reference Interest Rate and Substitution Rate	35
	15.3	Margin	37
	15.4	Procedure for Establishing Interest Rate	38
	15.5	Market Breakage	38

16.	ARREARS INTEREST		39

	16.1	Accrual of Arrears Interest on Unpaid Principal	39
	16.2	Capitalization of Ordinary Interest	39
	16.3	Liquidation and Payment or Capitalization of Arrears Interest	40

	16.4	Procedural Arrears Interest	40

17.	CHANGE OF CIRCUMSTANCES		40

	17.1	General Statement	40
	17.2	Increase in Costs or Reduction in Income	40
	17.3	Supervening Legal Noncompliance	41
	17.4	Mitigation of Consequences of the Change of Circumstances	41
	17.5	Foreseeable Changes of Circumstances	42
	17.6	Favorable Change of Circumstances	42

18.	OBLIGATORY ACCELERATED AMORTIZATION		42

	18.1	Amortization for Supervening Legal Noncompliance	42
	18.2	Amortization because of RCDS	42

19.	COMMISSIONS AND EXPENSES		43

	19.1	Insurance, Structuring, and Opening Commissions	43
	19.2	Agency Commission	43
	19.3	Drawdown Commission	43
	19.4	Expenses and Taxes Derived from Financing Agreement	44

20.	TAXES		44

	20.1	Net Tax Payments	44
	20.2	Recovery and Return of Tax Withholdings	44

21.	PAYMENTS		45

	21.1	Method of Payment	45
	21.2	Finality and Irrevocability of Payments	45
	21.3	Allocation	45
	21.4	Proportional Distribution of Payments to Lending Institutions	46
	21.5	Netting of Balances	47
	21.6	Indemnification of Damages Caused to Lending Institutions for Breakage of
		Interest Periods	47

22.	ACCOUNTS		48

	22.1	Agent’s Accounts	48
	22.2	Account of Each Lending Institution	48
	22.3	Bookkeeping in Case of Assignment	48

23.	REPRESENTATIONS AND WARRANTIES		48

	23.1	Representations and Warranties	48
	23.2	Reiteration of Representations and Warranties	50

24.	OBLIGATIONS		50

	24.1	Reporting Obligation	50
	24.2	Obligations Regarding Accounting, Annual Accounts and Auditing	51
	24.3	Obligations Regarding Business Activity	52
	24.4	Obligations of a Corporate or Company Nature	52
	24.5	Financial Obligations	53
	24.6	Obligations to Comply with Financial Ratios	55

25.	AGENCY		55

	25.1	Appointment	55
	25.2	Content of the Mandate	55
	25.3	Agent’s Responsibility to Lending Institutions	57
	25.4	Reimbursement of Amounts to the Agent	58
	25.5	Resignation of the Agent	58
	25.6	Revocation of the Agent	59

26.	ASSIGNMENT		59

	26.1	Prohibition Against Assignment by Obligee	59
	26.2	Assignment by Lending Institutions: Requirements	59

27.	ACCELERATED MATURITY		60

	27.1	Accelerated Maturity for Default on Obligations	60
	27.2	Accelerated Maturity for Reduction in Solvency of Obligee or Change in
		the Economic Assumptions or Conditions of this Agreement	61
	27.3	Accelerated Maturity for Reduction in Solvency of ACCIONA	63
	27.4	Alternatives for Lending Institutions	64
	27.5	Termination by Decision of the Majority of Lending Institutions: Binding Nature	65
	27.6	Individual Termination Without Agreement of the Majority of Lending Institutions	65
	27.7	Procedure With Respect to Obligee	65
	27.8	Accrual of Arrears Interest	66

SECTION FIVE – EXECUTION			66

28.	EXECUTION OF THE FINANCING AGREEMENT		66

	28.1	Determination of the Net Amount	66
	28.2	Procedure and Methods of Execution, General and Special	67
	28.3	Miscellaneous Provisions	67

SECTION SIX – MISCELLANEOUS			68

29.	MISCELLANEOUS STIPULATIONS		68

	29.1	Correspondence and Addresses	68
	29.2	Full Agreement	74
	29.3	Novation	74

30.	LAW AND FORUM		75

	30.1	Applicable Law	75
	30.2	Judicial Forum	75

31.	CONFIDENTIALITY		75

32.	CERTIFIED DOCUMENT		75

		LIST OF APPENDICES

Appendix 3.2.1		Sample Request for Drawdown of Tranche A

FINANCING AGREEMENT

In Madrid, on December 21, 2006

APPEARING

Party of the first part,

Mr. Juan Gallardo Cruces, of age of majority, ID No. 691.950-H and Mr. José Ángel Tejero Santos, of age of majority, with ID No. 52.570.589-H, on behalf and in representation of FINANZAS DOS, S.A. (hereinafter, the “Obligee”), with domicile in Madrid, Calle Juan de Mena No. 8, and C.I.F. No. A-80062755, duly authorized to grant this agreement in virtue of the power of attorne y granted before the Notary of Madrid, Mr. Manuel Rodríguez Marín, on December 20, 2006, under serial number 4,000 of his protocol.

And, party of the second part,

Mr. Manuel Pérez Peral, of age of majority, with ID No. 27.300.295-P and Mr. Ignacio Domínguez-Adame Bozzano, of age of majority, with ID No. 51.391-826-M, on behalf and in representation of BANCO SANTANDER CENTRAL HISPANO, S.A.U. (hereinafter “SAN,” or the “Agent”), with domicile in Santander, Paseo de Pereda number 9 to 12 and C.I.F. number A-39000013, duly authorized to grant this agreement in virtue of the power of attorney granted before the Notary of the Illustrious College of Burgos Mr. José María de Prada Díez, on March 1, 2002, under serial number 574 of his protocol.
Mr. Jose Maria Arana Arbide, of age of majority, with ID No. 15.940.550-D and Mr. Francisco Javier Sierra Sopranis, of age of majority, with ID No. 42.090.468-P, on behalf and in representation of THE ROYAL BANK OF SCOTLAND, PLC (hereinafter “RBS”), with domicile at 36 St. Andrew Square, Edinburgh EH2 2YB, Scotland, duly registered in the Commercial Registry of Scotland under nu mber 90312, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid Mr. Antonio de la Esperanza Rodriguez, on September 19, 2006, under serial number 5,388 of his protocol.
Mr. José Gefaell Camochin, of age of majority, with ID No. 36.045.004-W and Mr. José Serrano-Suñer de Hoyos, of age of majority with ID No. 7.240.457-B, on behalf and in representation of BNP PARIBAS, Spain Branch (hereinafter “BNP”), with domicile in Madrid, Calle Ribera del Loira number 28 and C.I.F. number A-0011117-I, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid Mr. Miguel Ruiz Gallardón García de la Rasilla, on February 10, 2005, under serial number 963 of his protocol and before the same Notary, on July 12, 2006, under serial number 5,797 of his protocol.

Mr. Rolando Menor Aguilera, of age of majority, with ID No. 50.820.688-A and Mr. Javier Álvarez-Rendueles Villar, of age of majority, with ID No. 7.230.899-K, on behalf and in representation of CALYON, Spain Branch (hereinafter, “CALYON”), with domicile in Madrid, Paseo de la Castellana number 1 and C.I.F. number A-0011043-G, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid Mr. José Manuel García-Lozano Zulueta, on July 28, 2004, under serial number 951 of his protocol, and before the same Notary, on April 18, 2005, under serial number 359 of his protocol.
Mr. Fernando Vázquez de la Puerta, of age of majority, with ID No. 401.727-D and Mr. Juan Gortázar Sánchez-Torres, of age of majority, with ID No. 50.838.339-J, on behalf and in representation of BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (hereinafter, “BBVA”), with domicile in Bilbao, Plaza de San Nicolás number 4 and C.I.F. number A-48265169, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Bilbao Notary Mr. José María Arriola Arana, on March 17, 2003, under serial number 418 of his protocol and before the Notary of Bilbao Mr. José Ignacio Uranga Otaegui, on June 6, 2000, under serial number 2,174 of his protocol.
Mr. José Guardo Galdón, of age of majority, with ID No. 18.965.340-D, on behalf and in representation of BANCA IMI S.P.A. (hereinafter “IMI”), with domicile in Milan (Italy), Corso Matteotti number 6, and registered in the companies registry under number 01988810154, duly authorized to grant this agreement in virtue of a power of attorney granted before the Notary of < FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Milan Mrs. Mónica de Paoli, on December 21, 2006.
Mr. Ricardo Teissiere Carrión, of age of majority, with ID No. 00698785-E and Mr. José Luís Sánchez García, of age of majority, with ID No. 46112737-Z, on behalf and in representation of NATEXIS BANQUES POPULAIRES, Spain Branch (hereinafter “NATEXIS”), with domicile at Paseo de Recoletos 7-9 and C.I.F. number N-0013055I, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid Mr.Pablo de la Esperanza Rodríguez, on April 19, 2006, under serial number 1693 of his protocol, and before the Notary of Madrid Mr. Antonio de la Esperanza Rodríguez, on September 20, 2001,under serial number 4,060 of his protocol.

Hereinafter and without prejudice to that stipulated subsequently in this agreement, SAN, RBS, BNP, CALYON, BBVA, IMI and NATEXIS shall be jointly called the “Lending Institutions.”

STATING

I.	On September 25, 2006, Obligee, a company 100% held by ACCIONA, S.A. (hereinafter “ACCIONA”), acquired 10% of the shares representing the capital stock of Endesa, S.A., (hereinafter, “ENDESA”), and subsequently up to an approximate amount of 20%, that is to say, 211,750,424 shares (hereafter, the “ENDESA Shares”) listed for trading on the stock exchanging and represented through an accounting entry at Socied ad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. (“IBERCLEAR”).

II.	Obligee, acting with the financial support of ACCIONA, initially financed payment of the price of the purchase and sale described by charging to a short-term line of credit signed on September 26, 2006 with Banco Santander Central Hispano, S.A., (hereinafter “SAN” or the “Agent”) in an amount of THREE BILLION FOUR HUNDRED SEVENTY-FIVE MILLION EUROS (€ 3,475,000,000), maturing next February 28, 2007, which was novated on November 15, 2006 (the “Bridge Loan”) and it is interested in paying off part of the debts arising from the Bridge Loan by charging against the financing granted in virtue of this Agreement and the Subordinated Loan Agreement received from ACCIONA.

III.	For the purposes described in the prior statement ACCIONA shall grant Obligee a Subordinated Loan Agreement in the amount of ONE BILLION FOUR HUNDRED NINETEEN MILLION

	FIVE HUNDRED SIXTY-FIVE THOUSAND THREE HUNDRED SEVENTY EIGHT EUROS AND THIRTY-THREE CENTS (€ 1,419,565,378.33), the execution and disbursement of such transaction being an essential requirement for the availability of this financing.

IV.	Obligee has appeared before the Lending Institutions in order to obtain bank financing to pay off part of the initial short-term financing. The Lending Institutions have offered to provide the Obligee financing against the granting of certain guarantees by it and that of its shareholder ACCIONA.

V.	Within this framework, simultaneously with this agreement, the following are granted (as defined below):

		The ACCIONA Financing Agreement.

		The ACCIONA Support Agreement.

		The Guaranty Agreement.

		The Financial Transaction Framework Agreements.

VI.	In virtue of the aforesaid and, essential in nature, (i) the veracity of the representations and guaranties and the performance of all the obligations (either to pay, to do, not to do, mere reporting or of any other nature) that the Obligee undertakes, assumes or accepts in this Agreement, and (ii) the guarantees granted

	by the Obligee and ACCIONA in virtue of the Guaranty Agreement, the Lending Institutions are willing to provide such financing to the Obligee, without prejudice to such subsequent assignments as such institutions may make.

VII.	The Lending Institutions are likewise interested in SAN’s acting as their agent, SAN being willing to assume performance of the pertinent agency functions pursuant to the provisions of this Agreement.

As a result of the aforesaid, the parties enter into this agreement and, in virtue hereof, the Lending Institutions grant the Obligee syndicated financing, pursuant to the stipulations established below.

SECTION ONE – DEFINITIONS AND INTERPRETATION

1.	DEFINITIONS AND INTERPRETATION

1.1	Definitions

	1.1.1	General Definitions. In addition to the definitions contained throughout, the following terms, employed both in the singular and plural, shall have in this agreement the meanings defined below:

ENDESA Shares	The 211,750,424 shares representing approximately 20% of the capital stock of Endesa, S.A., acquired by the Obligee.

SHAREHOLDER or the Shareholder Guaranteed Creditors Agent Guaranty	ACCIONA, S.A. Jointly, the Lending Institutions and the Derivative Providers. SAN or such other entity as replaces it in virtue of Stipulation 25. The guaranty provided by the Guarantors in virtue of Stipulation 14 of this Agreement.

Guarantors	RBS, BBVA, CALYON, NATEXIS, IMI and BNP, as well as such other financial institutions as at any time have the capacity as guarantors in virtue of this Agreement or who may replace the prior ones in virtue of the provisions of Stipulation 26.2.

Obligee’s Material Adverse Change	Any circumstance or fact that might or does negatively or materially affect, now or in the future, the financial position, capital, or capacity of the Obligee to meet its obligations derived from the Financing Documents.

Purchase and Sale Interest-Rate Hedge Agreements	The purchase and sale of the ENDESA stock indicated in Preamble I. The financial derivatives which the Obligee shall contract subject to the terms and conditions of Section 24.5.11 of this Agreement and the Financial Transaction Framework Agreements.

Financing Agreement ACCIONA Financing Agreement	This agreement. The financing agreement granted on this date to ACCIONA by the Lending Institutions intervening in this Agreement, in the amount of TWO BILLION FIVE HUNDRED TWELVE MILLION EIGHT HUNDRED NINETY-FOUR THOUSAND TWO HUNDRED SIXTY- SEVEN EUROS AND NINETY-TWO CENTS (€ 2,512,894,267.92).

Guaranty Agreement	The agreement signed by the Obligee and ACCIONA with the Lending Institutions simultaneously with this Agreement, in virtue of which: (i) Obligee shall pledge the Endesa Shares; (ii) Obligee shall pledge the credit rights derived from the Loan Account Current Account and the Main Account; (iii) Obligee shall pledge the credit rights held in virtue of the ACCIONA support documents and the Interest-Rate Hedge Agreements signed under the Financial Transactions Framework Agreements; (iv) ACCIONA shall pledge one hundred percent (100%) of the Obligee’s shares; (v) ACCIONA shall pledge the credit rights derived from the Subordinated Debt contributions; and (vi) the relations between the Lending Institutions with respect to the Guaranties are regulated.

Financial Transaction Framework Agreements Subordinated Loan Agreement ACCIONA Support Agreement	The CMOF’s signed today by the Obligee with SAN, RBS, CALYON, NATEXIS, IMI, BNP, and BBVA. The loan agreement granted by ACCIONA to the Obligee indicated in Preamble III. The agreement entered into by and among the Lending Institutions, ACCIONA, and the Obligee, on the date this Financing Agreement is signed.

Breakage or Funding Costs	An amount equivalent to the damages derived by the Lending Institutions directly resulting from an eventual reduction in profitability suffered by the Lending Institutions as a result of the cancellation, renewal, or alteration of the credit transactions destined to finance this transaction or the imbalance between the debit and credit positions with respect to the profitability that might have been obtained (excluding the margin) if it had been amortized on a date coinciding with that of the termination of an Interest Period or if the amount requested had been drawn down on the date requested to that end.

Loan Account Current Account	Account no. 00491500-211-0404700 opened by the Obligee at the Agent or, if applicable, such other as the Agent and the Obligee agree in the future, upon consent from the Majority of the Lending Institutions.

Main Account	The account opened by the Obligee at the Agent with number 0049-1500-05-2610402090.

Senior Debt	At all times, all amounts of unpaid principal charged to the Financing and any other net amounts due and payable under this Agreement which are pending payment.

Subordinated Debt	The amounts owed by the Obligee to ACCIONA and paid by it to the Obligee, except such tax credit as if applicable ACCIONA must pay pursuant to the ACCIONA Support Agreement.

Business Day	For the effects of establishing rates, all the days of the week except the days on which the Trans-European Automated Real Time Gross- Settlement Express Tra[n]sfer System (TARGET) is closed or not operational. For all other effects, all the days of the week, except: (i) Saturdays, Sundays, and holidays in the city of Madrid, and (ii) the days on which the Trans-European Automated Real Time Gross-Settlement Express Tra[n]sfer System (TARGET) is closed or not operational.

Drawdown	Means each of the drawdowns of funds made by the Obligee under Tranche A or Tranche B.

Financing Documents	Jointly, the Financing Agreement, the ACCIONA Financing Agreement, the ACCIONA Support Agreement, the Subordinated Loan Agreement, the Guaranty Agreement and the Interest-Rate Hedge Agreements signed under the Financial Transaction Framework Agreements, as well as the commission letters related to such agreements and any other documents as in the future amend or implement the provisions of any of the aforementioned agreements.

Reference Entities	The credit entities designated in Section 15.2.2 (ii), or such as replace them in virtue of the provisions of Section 15.2.2 (iv).

Lending Institutions or Lenders	SAN, BBVA, RBS, CALYON, NATEXIS, IMI and BNP, as well as such other financial institutions as at any time have the capacity of lenders with respect to the Financing or which might replace the prior ones in virtue of the provisions of Stipulation 26.2.

Measurement Date	The date derived from the following: (a) Monthly: if no amount of Tranche B has been amortized, it shall be the first Tuesday of every month at 9:00 a.m.

	(b) Biweekly: when an amount less than 25% of the total amount of Tranche B has been amortized, it shall be the first Tuesday of every two weeks at 9:00 a.m. (c) Weekly: when an amount greater than 25% and less than 75% of the total amount of Tranche B has been amortized, it shall be the Tuesday of every week at 9:00 a.m. If any of the Tuesdays stipulated in sections (a) to (c), above, is not a Business Day, the Measurement Date shall be the very next Business Day. (d) Daily: this shall be all Business Days at 9:00 a.m., if any of the following circumstances occurs:

	(i) when an amount greater than 75% of the total amount of Tranche B has been amortized; (ii) when a Case of Accelerated Maturity has occurred which was reported by the Agent to the Obligee, and insofar as such case subsists; (iii) on all dates when a Drawdown request and/or delivery of funds charged to this Financing occurs; or (iv) when the Market Value of the ENDESA Shares is less than 24.95 euros per share.

Final Maturity Date Financing	The date of the sixth anniversary of the signing of this Agreement. Jointly, Tranche A and Tranche B.

Guaranties	The set of guaranties granted at all times in relation to the Financing Agreement and the Interest-Rate Hedge Agreements, expressly including those granted in virtue of the Guaranty Agreement.

Maximum Amount of Tranche A Maximum Amount of Tranche B Unused Amount of Tranche A Unused Amount of Tranche B Bankruptcy Act Margin	The amount cited in Stipulation 2.1. The amount cited in Stipulation 8.1. The Maximum Amount of Tranche A reduced by the principal amount of outstanding Drawdowns made charged to Tranche A. The Maximum Amount of Tranche B reduced by the outstanding debit balance of Tranche B. Bankruptcy Act 22/2003, of July 9. The applicable percentage for Tranche A or Tranche B, as established in Stipulation 15.3.

Majority of Lending Institutions	The Lending Institutions whose participation in the drawn-down principal of the Financing representing at all times at least 66 percent of the total amount thereof. To this end, the principal of Tranche B guaranteed by each of them under the Guaranty shall be deemed the Guarantors’ participation, and the debit balance of Tranche B that has the Guaranty of the Guarantors shall not be deemed the Agent’s participation. In any case, the Majority of the Lending Institutions shall be comprised of more than one Lending Institution. If the Financing has not been drawn down, for the effects of determining the proportion interest indicated, the committed participation by the Lending Institution in Tranche A shall be used.

Guaranteed Obligations	At all times, in relation to the outstanding balance related to the payment obligations assumed by the Lender in virtue of Tranche B, (which shall include the payment of principal, interest, and arrears interest, with the quantitative limits established in Section 14.4 of this Agreement), an amount equivalent to applying to such outstanding balance a percentage interest equivalent to the sum of the percentage interests of each one of the Guarantors. This participation at the initial moment is forty-nine point ninety-five percent (49.95%).

Tranche A Drawdown Period	This shall be the period between the date on which the conditions for the Drawdown of the Financing pursuant to the provisions of Section 3.3.2 of this agreement (inclusive) are met and the Business Day prior to the Final Maturity Date.

Tranche B Drawdown Period	This shall be the period between the date on which the conditions for the Drawdown of the Financing pursuant to the provisions of Section 3.3.2 (inclusive) are met and the Business Day prior to the Final Maturity Date.

Interest Period	Indistinctly, (i) each of the successive periods defined in Stipulation 5.1 with respect to the Drawdown charged to Tranche A, or (ii) each of the successive interest generation periods applicable to the outstanding debit balance at all times of Tranche B cited in Stipulation 10.3.

Bridge Loan Temporary Subordinated Loans	The loan agreement granted by SAN, which is described in Preamble II. The subordinated loans granted by ACCIONA to the Obligee, dated November 23 and 30, 2006, in the amounts, respectively, of eight million five hundred forty-six thousand four hundred twenty seven euros (€ 8,546,427) and fifteen million fifty thousand euros (€ 15,050,000).

Derivative Providers Senior Debt Hedge Ratio or “RCDS”	SAN, RBS CALYON, NATEXIS, IMI, BNP and BBVA, or any other entities that are parties to the Interest-Rate Hedge Agreements. On the Measurement Date in question, the coefficient between: (A) the Market Value of the ENDESA Shares (that are owned at any time by the Obligee); and (B) the sum of (i) the Senior Debt, and (ii) the unpaid interest, expenses, and commissions accrued under the Financing, less (iii) the credit balance of the Main Account and (iv) the credit balance of the Loan Account Current Account.

Case of Accelerated Maturity Tranche A	This shall be any of the events established in Stipulation 27. The “revolving” line of credit in the amount of four billion five hundred ninety-four million nine hundred eighty-four thousand two hundred euros and eighty cents (€ 4,594,984,200.80) granted pursuant to the provisions of Section Two of this Agreement.

Tranche B

The current account line of credit in the maximum amount of one billion eighty-three million two hundred seventy-seven thousand three hundred twelve euros and fifty-two cents (€ 1,083,277,312.52), granted pursuant to the provisions of Section Three of this Agreement, and implemented in the Loan Account Current Account.

ENDESA

Market Value of the
ENDESA Shares

Endesa, S.A.

This shall be the price of one share of ENDESA that is published on the official website of the Madrid Stock Exchange at the close of the Madrid Stock Exchange on the Business Day immediately prior to the Measurement Date, multiplied by the number of ENDESA shares.

1.2	Principles of Interpretation

	1.2.1	The appendices form part of the agreement: Any reference made to “this agreement” in this document or in its appendices, shall be construed as made to this document and to all its appendices, which form an integral part of this agreement.

	1.2.2	Group: The terms “group,” “consolidated group,” or “ACCIONA group” used in lower-case, except if the context requires otherwise, shall have the meaning indicated in Article 42 of the Commercial Code.

	1.2.3	Person: The word person shall mean natural or legal persons of any type, public or private. Except if expressly stipulated otherwise, any reference to the Obligee, the Shareholder, the Lending Institutions, the Agent, or any other person, includes the successors of such person and the allowed assigns. Specifically, any reference made to the Lending Institutions shall include, insofar as they retain their participation in the Financing, the Lending Institutions at the date of this agreement and any other entity that might acquire a share in the Financing.

	1.2.4	Headings and Titles. The headings and titles of the stipulations, sections, subsections, and paragraphs of this agreement and its appendices are for convenience only, and they do not constitute in and of themselves any agreement whatsoever among the parties nor do they have an interpretative value in and of themselves.

	1.2.5	Calculation of Terms. Except when expressly established otherwise in this agreement (i) terms expressed in “days” refer to calendar days, calculated from the calendar day immediately after that of the start of the calculation, inclusive, through the last calendar day of the term, inclusive; (ii) terms expressed in “Business Days” refer to Business Days, calculated from the Business Day immediately after the calendar day of the start of the calculation, inclusive, through the last Business Day of the term, inclusive; and (iii)

	terms expressed in months shall be calculated from the start day of the calculation, inclusive, through the same day of the last month of the term, except if such date does not exist in the last month of the term, in which case the term shall end on the last calendar day of such month.

	Except if expressly established otherwise in this Agreement, if pursuant to the principles established in the preceding paragraph, the last day of the term is not a Business Day, the term in question shall be deemed automatically extended to the very next Business Day except if the latter corresponds to the next month, in which case the term shall be shortened to the preceding Business Day; this rule shall likewise be applicable in the cases in which, without establishing a term, specific dates or dates certain are established in this agreement for the performance of the parties’ specific obligations and such date is not a Business Day.

	1.2.6 Calculation of Time. The time references in this agreement shall be construed as the official time of the city of Madrid.

SECTION TWO – TRANCHE A (REVOLVING LINE OF CREDIT)

2.	GENERAL TERMS

2.1	Amount

	The Lending Institutions grant the Obligee a business loan in the total maximum amount of FOUR BILLION FIVE HUNDRED NINETY-FOUR MILLION NINE HUNDRED EIGHTY- FOUR THOUSAND TWO HUNDRED EUROS AND EIGHTY CENTS (€ 4,594,984,200.80).

2.2	Acceptance

	Obligee accepts the credit limit under Tranche A and undertakes to draw it down pursuant to the terms and conditions established in this agreement, and to return the principal drawn down and pay its interest. Likewise, it undertakes to pay the commissions, costs, taxes, and expenses charged against or derived from it and to comply with its remaining obligations pursuant to the provisions of this Financing Agreement.

2.3	Use

	2.3.1	First Drawdown. Obligee shall use the entirety of the first Drawdown of Tranche A to amortize in part the principal of the Bridge Loan and the principal and interest of the Temporary Subordinated Loans.

	2.3.2	Second and Subsequent Drawdowns. If there are accelerated amortizations of Tranche A, Obligee shall use the second and subsequent Drawdowns of Tranche A for reimbursement of the principal of the Subordinated

	Debt, subject to the provisions of this Agreement and the ACCIONA Support Agreement.

	2.3.3 Monitoring. No Lending Institution assumes the obligation of monitoring compliance by the Obligee of the obligations assumed in virtue of this section. Notwithstanding, the Agent may request from the Obligee such information as it reasonably deems appropriate to that end.

2.4		Distribution

		The maximum amount of Tranche A is distributed among the Lending Institutions pursuant to the
		following participations:

Lending Institution	Maximum Amount	Percentage
	of Tranche A (euros)

SAN	2,295,011,434.26	49.950%
CALYON	224,387,586.98	4.880%
BBVA	560,968,967.45	12.210%
RBS	336,581,380.47	7.325%
BNP	336,581,380.47	7.325%
NATEXIS	280,484,483.72	6.100%
IMI	560,968,967.45	12.210%
TOTAL	4,594,984,200.80	100.00%

	As a result of any assignment made in virtue of the provisions of Stipulation 26.2, any new or existing Lending Institution that acquires a share of Tranche A or increases its participation therein, shall accept and assume the amount of the share in Tranche A acquired and the amounts and percentages detailed above shall be construed as amended as a result.

2.5	Acceptance by Lending Institutions of their shares

	The Lending Institutions accept and assume the amount of each one of their respective shares in Tranche A under the conditions established in this Financing Agreement.

3.	DRAWDOWN OF FUNDS

3.1	Drawdown of Funds

	Obligee may draw down the funds under Tranche A in one or several Drawdowns, within the Tranche A Drawdown Period, although with the limits established below.

3.2	Drawdown

	3.2.1	Request. Obligee may drawn down the funds charged to Tranche A, and must to that end
		send the appropriate Drawdown request by letter or fax followed by a letter with the
		signature of a duly authorized person pursuant to the sample attached as Appendix 3.2.1,
		which shall specify:

		(a)	The date designated for the delivery of the funds charged to the Drawdown
			(which, if applicable, shall coincide with the last day of the Drawdown Interest
			Period in effect at that time).

		(b)	The total amount of the Drawdown.

		(c)	The statement that, on the date of the Drawdown request: (i) no Adverse
			Material Change has occurred with respect to the Obligee; (ii) the representations
			and guaranties established in Stipulation 23 remain in full force and effect; and
			(iii) no Case of Accelerated Maturity has occurred or is foreseeable.

	3.2.2	Date of the Request. Obligee shall send the request for the Drawdown to the Agent prior
		to 11:00 a.m. on the fifth Business Day immediately preceding the delivery of the funds
		corresponding to such Drawdown.

		In virtue of the signing of this Agreement, Obligee makes a request for Drawdown for
		December 29, 2006.

	3.2.3	Drawdown Dates. The date designated for delivery by the Lending Institutions of the
		Drawdown funds shall be any Business Day within the Drawdown Period for Tranche A.
		If there is an outstanding Drawdown on the date of the request, the date designated for
		delivery by the Lending Institutions of the funds for the new Drawdown shall coincide
		with the end date of the current Interest Period for the current Drawdown, such that both
		Drawdowns are consolidated into a single Drawdown.

		Pursuant to the provisions of Stipulation 3.2.2, above, the delivery date of the first
		Drawdown shall be December 29, 2006.

	3.2.4	Amount of the Drawdowns. The Drawdowns for Tranche A shall comply with the
		following amount limits:

		(a)	The first Drawdown for Tranche A is requested, pursuant to Stipulation 3.2.2
			above, at the amount of FOUR BILLION FIVE HUNDRED NINETY-FOUR
			MILLION NINE HUNDRED EIGHTY-FOUR THOUSAND TWO HUNDRED
			EUROS AND EIGHTY CENTS (€ 4,594,984,200.80).

		(b)	The second and subsequent Drawdowns of Tranche A shall be made for
			minimum amounts of TEN MILLION EUROS (€ 10,000,000) and, if they are in
			excess of such amount, they shall be in whole multiples of ONE MILLION
			EUROS (1,000,000). The Drawdown that exhausts the Unused Amount of
			Tranche A shall be excluded from this rule. The amount of the Drawdown
			requested for Tranche A may never exceed the Maximum Amount of Tranche A.

	3.2.5	Irrevocability. The request for Drawdown shall be irrevocable once received by the
		Agent, the Obligee being obligated to draw down the amount requested on the date and in
		the amounts indicated.

	3.2.6	Notification to Lending Institutions. The Agent shall send the Drawdown request to the
		Lending Institutions by no later than 15:00 hours on the same Business Day as that on
		which it receives such request.

3.3	Delivery of Funds

	3.3.1	Delivery of the Funds. The Lending Institutions, on the date designated in each
		Drawdown request, shall deposit the amount corresponding to the amount of such
		Drawdown in the proportion corresponding to their share in Tranche A through an OMF
		or TARGET transfer to the Agent in its treasury account in the Bank of Spain (or,
		alternatively, in any other account they may agree with the Agent), prior to 13:00 hours.

	3.3.2	Delivery of the First Drawdown. In relation to the first Drawdown of Tranche A, on
		December 29, 2006, the Agent shall deliver to the Obligee the following amounts
		received from the Lending Institutions:

		(i)	the amount of FOUR BILLION FIVE HUNDRED SEVENTY-ONE MILLION
			THREE HUNDRED EIGHTY-SEVEN THOUSAND SEVEN HUNDRED
			SEVENTY-THREE EUROS AND EIGHTY CENTS (€ 4,571,387,773.80),
			directly in the Main Account to amortize the Bridge Loan, such that, except for a
			cause unrelated to the Agent or, if applicable, to the Lending Institutions, such
			amount is available to the Obligee with a value-date other that the date indicated
			in the corresponding request for delivery of the Drawdown; and

		(ii)	the amount of TWENTY-THREE MILLION FIVE HUNDRED NINETY-SIX
			THOUSAND FOUR HUNDRED TWENTY-SEVEN EUROS (€ 23,596,427)
			through a bank transfer to account no. 0049 1500 00 2010165977 open at the
			Agent in the name of ACCIONA, to amortize the Temporary Subordinated
			Loans.

		The Agent is irrevocably authorized by [the Obligee] to undertake the transfers described
		in this section, pursuant to the terms and conditions thereof.

		It is clarified that the Agent shall not have an obligation to supplement the amount
		credited if one or several of the Lending Institutions do not fully make or make partial
		payment of the amount corresponding to their share of Tranche A within the term
		established in the preceding paragraphs.

		Payment into the accounts cited in the preceding paragraphs shall imply the most
		effective payment letter and recognition of delivery of funds charged to the first
		Drawdown by the Obligee.

	3.3.3	Delivery of Subsequent Drawdowns. For subsequent Drawdowns of Tranche A, the
		Agent shall deliver on that same date to the Obligee the amount received from the
		Lending Institution by payment thereof into the Main Account, such that, except for any
		cause alien to the Agent or, if applicable, the Lending Institutions, such amount is
		available to the Obligee with a value-date of the date indicated in the corresponding
		request for delivery of the Drawdown [sic]. It is clarified that the Agent shall not have an
		obligation to supplement the amount credited if one or several of the Lending Institutions
		do not fully make or make partial payment of the amount corresponding to their share of
		Tranche A within the term established in the preceding paragraphs.

		Payment into the Main Account shall imply the most effective payment letter and
		recognition of delivery of funds charged to the first Drawdown by the Obligee.

3.4	Conditions Precedent for Drawdowns of Tranche A

	The Lending Institutions shall not be obligated to pay the amount corresponding to any
	Drawdown of Tranche A, and the Obligee shall not have a right to request them, until such time
	as the Agent has proved compliance with the conditions precedent established in this Stipulation.

	3.4.1	Conditions Precedent for the First Drawdown. The delivery of the first Drawdown of
		Tranche A shall be subject to performance of the following conditions precedent.

		(i)	Ownership of the ENDESA Shares by the Obligee shall have been proved
			through a certification of standing issued by Banco Santander Central Hispano,
			S.A., as a member depositary institution for such securities.

		(ii)	The rest of the Financing Documents shall have been signed.

(iii)	The advisor of Lending Institutions shall have issued its legal opinion, in a
	manner satisfactory to the Lending Institutions.

(iv)	The Agent shall have received a balance sheet from the Obligee closed as at the
	date this Agreement is signed, certified by its sole administrator or person
	authorized to that end.

(v)	On the date of the Drawdown request and on the date of delivery of the funds, the
	Senior Debt Hedge Ratio calculated with respect to the date immediately prior to
	the aforementioned two shall be greater than or equal to 1.15.

	-	For the effects of calculating the RCDS for delivery of the first
		Drawdown of Tranche A, the Maximum Amount of Tranche A and the
		Maximum Amount of Tranche B shall be used for calculating the Senior
		Debt, even if on the calculation date these have not yet been drawn
		down.

	-	For the effects of calculating the RCDS for delivery of the second and
		subsequent Drawdowns of Tranche A, the Used Amount of Tranche A
		and of Tranche B, as well as the amount whose drawdown is requested,
		shall be used.

	If in the measurement of the RCDS that is made on the delivery date of the funds
	the RCDS is not greater than or equal to 1.15, the Obligee shall pay to the
	Lending Institutions the Breakage or Funding Costs caused because the
	Drawdown was not made.

(vi)	The Subordinated Loan Agreement shall be signed and fully disbursed.

(vii)	Obligee shall have obtained the Financial Transaction Number for completion
	and presentation of Form PE-1 in the corresponding registry.

In addition, the following shall be conditions precedent for the first and subsequent
drawdowns:

(viii)	The statements contained in paragraph (c) of Section 3.2.1 shall be true, correct,
	and accurate in their entirety and shall not cease to be so on the date stipulated
	for delivery of the funds.

(ix)	Obligee shall not have defaulted on any of its obligations derived from this
	Agreement, nor shall it have incurred a Case

			of Accelerated Maturity, nor shall the delivery of the Drawdown cause it to incur
			a Case of Accelerated Maturity.

		(x)	Obligee shall have requested the Drawdown pursuant to the provisions of this
			Agreement.

3.5	Documentation of Tranche A Drawdowns

	The Agent may request at any time that the Obligee reflect in a certified document the delivery of
	the funds corresponding to each Drawdown of Tranche A and receipt thereof by the Obligee, as
	well as the balance drawn down at any time of Tranche A. Obligee shall grant such certified
	document within the seven (7) calendar days after such request and, likewise, within that same
	period, provide an authorized copy of the corresponding certified document to the Agent, the
	costs derived therefrom being borne by the Obligee.

4.	INTEREST

4.1	Accrual

	The unpaid drawdown principal of Tranche A shall accrue interest in favor of the Lending
	Institutions at the rate of a variable interest rate calculated pursuant to Stipulation 15.

4.2	Daily, Annualized Accrual During Each Interest Period

	Interest shall accrue daily, based on a three hundred sixty (360) day year, and it shall be
	calculated by the calendar days transpiring in each Interest Period, including the first day and
	excluding the last.

5.	INTEREST RATE

5.1	Division into Interest Periods

	For the effects of calculating interest, the time between the Drawdown date of Tranche A and the
	Final Maturity Date shall be deemed divided into successive Interest Periods, the first day of each
	Interest Period coinciding with the last day of the immediately preceding Interest Period.

	5.1.1	Duration of Interest Periods and Limitations. The Interest Periods shall be three (3) or
		six (6) months, at the discretion of the Obligee, except insofar as: (i) the first Interest
		Period, whose duration shall be from the date of the first Drawdown through January 30,
		2007 (inclusive), and (ii) the last Interest Period whose end date shall necessarily
		coincide with the Final Maturity Date.

	5.1.2	Termination of an Interest Period on a Non-Business Day. For calculating the duration
		of an interest period, if the last day thereof is not a Business Day, maturity shall occur on
		the very next Business Day, except if this

		occurs in another month, in which case the interest period shall be construed as ending on
		the immediately prior Business Day. The interest payment for such Interest Period and
		that of the next, shall take into account the eventual adjustment that occurs, taking into
		consideration that the next Interest Period shall end on the same date as would have
		corresponded to it if the aforementioned circumstances had not occurred.

5.2	Interest Rate

	The nominal annual interest rate applicable to each Interest Period shall be that determined
	pursuant to the provisions of Stipulation 15.

5.3	Interest Payments

	At the end date of each Interest Period the interest accrued during such period shall be subject to
	payment, and paid by the Obligee to the Agent on the same day.

6.	MATURITY AND AMORTIZATION

6.1	Ordinary Amortization

	Obligee shall amortize the entirety of the principal drawn down charged to Tranche A, in a lump
	sum payment payable on the Final Maturity Date.

6.2	Voluntary Accelerated Amortization

	Notwithstanding the provisions of Stipulation 6.1, voluntary accelerated amortization of Tranche
	A shall be governed by the following:

	6.2.1	Minimum Amount and Multiples of Accelerated Amortizations. Except in case of
		amortization of the entirety of Tranche A, voluntary accelerated amortization may only
		be undertaken in a minimum amount of TWENTY-FIVE MILLION EUROS (€
		25,000,000) or, if greater, in whole multiples of FIVE MILLION EUROS (€ 5,000,000).

	6.2.2	Advance Notice of Accelerated Amortization. Obligee shall have notified the Agent in
		writing of its intent at least fifteen (15) Business Days in advance of the date on which it
		is going to accelerate amortization, indicating the amount and date of accelerated
		amortization which shall coincide with the end date of an Interest Period or otherwise it
		shall be subject to the obligation to indemnify pursuant to the provisions of Stipulation
		21.6.

	6.2.3	Irrevocability of the Notice of Accelerated Amortization. Once notification of the
		accelerated amortization is received by the Agent, the Obligee’s decision shall be deemed
		irrevocable, and default thereon, both in terms of the date and the amount, shall be
		deemed a breach of this agreement.

	6.2.4	Communication of Notification by the Agent to the Lending Institutions. The Agent shall
		communicate the notice of accelerated amortization to the Lending Institution by no later
		than the second Business Day after receipt thereof.

	6.2.5	No Commissions for Voluntary Accelerated Amortization. Voluntary accelerated
		amortization shall not accrue commissions in favor of the Lending Institutions.

	6.2.6	Non-Definitive Nature. The amounts of principal of Tranche A whose amortization is
		voluntarily accelerated may be drawn down again by the Obligee, only when the
		accelerated amortization is made through Subordinated Debt (excluding the Subordinated
		Debt Agreement and any other contribution made charged to Tranche B of the
		ACCIONA Financing Agreement), although the Drawdown shall coincide with the start
		of the current Interest Period for the rest of the amounts drawn down at that date and shall
		be used only to repay the principal of such Subordinated Debt.

	6.2.7	Amortization on a Non-Business Day. If any of the amortization dates for any item were
		not a Business Day, it shall be construed that the amortization shall be made on the
		following Business Day, unless this corresponds to the next calendar month, in which
		case the payment shall have to be made on the prior Business Day.

6.3	Payment

	The Maximum Amount of Tranche A may be reduced voluntarily by the Obligee coinciding with
	a payment date for the Tranche A drawdown commission, as established in Stipulation 19.3.1.
	The amount of Tranche A so reduced may not thereafter be drawn down by the Obligee. The
	following conditions shall be applicable to the voluntary reduction of the Maximum Amount of
	Tranche A.

	6.3.1	Amount of the Voluntary Reduction of the Maximum Amount of Tranche A. A voluntary
		reduction of the Maximum Amount of Tranche A may only be undertaken for a
		maximum amount equivalent to the Unused Amount of Tranche A on the corresponding
		date, in a minimum amount of TWENTY-FIVE MILLION EUROS (€ 25,000,000) or, if
		greater, in whole multiples of FIVE MILLION EUROS (€ 5,000,000).

	6.3.2	Advance Notice of Voluntary Reduction of the Maximum Amount of Tranche A. Obligee
		shall have previously notified the Agent in writing of its intent to reduce the Maximum
		Amount of Tranche A at least 10 Business Days in advance of the date on which the
		reduction is going to take effect. Once the notification of the voluntary reduction of the
		Maximum Amount of Tranche A is received, it shall be deemed irrevocable.

	6.3.3	Communication of Notification by the Agent to the Lending Institutions. The Agent shall
		notify the Lending Institutions of the notice of voluntary reduction of the Maximum
		Amount of Tranche A by no later than the fifth Business Day after the date of receipt
		thereof.

		6.3.4 No Commissions for Reducing the Maximum Amount of Tranche A. The reduction in the
		Maximum Amount of Tranche A shall not accrue commissions or amounts for any reason
		in favor of the Lending Institutions.

7.		JOINT NATURE

7.1		Joint Nature

		The contractual positions of each of the Lending Institutions in Tranche A shall be joint in nature,
		and their rights and obligations are therefore entirely independent except if otherwise expressly
		stated in this Financing Agreement.

7.2		Effects of Breach by Any Lending Institution

		No Lending Institution shall be responsible for default by another Lending Institution on the
		obligations stipulated in virtue of this Financing Agreement. In any case it is clarified that in case
		of default by a Lending Institution of its obligations, such shall not exempt the Obligee from
		performance of its obligations with respect to the remaining Lending Institutions.

7.3		Extrajudicial and Judicial Actions of Lending Institutions

		Lending Institutions may individually undertake acts of an extrajudicial nature to keep and defend
		their own rights and interests and those of the other Lending Institutions subject to the provisions
		of the second paragraph of Stipulation 27.2. A Lending Institution may only exercise its own
		rights judicially.

7.4		Agreements of the Majority of Lending Institutions

		7.4.1 Agreements of the Majority of Lending Institutions. Except if otherwise expressly
		established, the decisions of the Lending Institutions related to this Agreement shall be
		taken by agreement of the Majority of the Lending Institutions and shall thus bind the
		minority.

		In particular, and without prejudice to the provisions of Stipulations 7.3 and 27.2, the
		Majority of Lending Institutions may agree, with a binding nature, to waive the exercise
		of rights recognized in this agreement in favor of the Lending Institutions (waivers),
		provided that it is a waiver or authorization for the specific nonperformance of a duty,
		limitation, or obligation for which the Obligee is responsible, and is limited to the
		specific case requested by the Obligee.

		Any waiver of rights or authorities, or authorization for the Obligee not to perform firm
		obligations, which are sought to be effective after the date of acceptance thereof, shall be
		deemed a modificatory novation of this agreement, and therefore will require the consent
		of all Lending Institutions.

7.4.2	Prohibition Against Agreements to Waive Rights (Waivers). The Majority of Lending Institutions may not agree to waivers of rights (waivers) recognized in favor of the Lending Institutions on the following matters:

	(i)	Any alteration of the proportionality among the Lending Institutions, even if such alteration is specific or limited to a specific case;

	(ii)	Any amendment of the amortization schedule, drawdown periods, maturity or payment dates, and/or amount of the Financing;

	(iii)	Any amendment of the interest rates (ordinary or indemnificatory) or applicable margins, of the system for the calculation and/or payment thereof, as well as any other change in the procedure for calculating and charging commissions;

	(iv)	Any amendment of Guaranties, exemption from the establishment thereof, or lifting any of them;

	(v)	Any modification of the provisions of this Stipulation;

	(vi)	Any modification that implies new or additional obligations for any Lending Institution, except if it has the consent of the affected party;

	(vii)	Any amendment of the regime for assigning the contractual position of the Obligee.

	Any agreement on the matters described, notwithstanding the content thereof, shall be deemed a novation of this agreement, and shall require the consent of all Lending Institutions.

SECTION THREE – TRANCHE B (CURRENT-ACCOUNT LINE OF CREDIT)

8.	GENERAL TERMS

8.1	Amount

	The Agent grants the Obligee a current-account business loan for a total maximum amount of ONE BILLION EIGHTY-THREE MILLION TWO HUNDRED SEVENTY-SEVEN THOUSAND THREE HUNDRED TWELVE EUROS AND FIFTY-TWO CENTS (€ 1,083,277,312.52).

8.2	Acceptance Obligee accepts the line of credit covered by Tranche B and undertakes to make the corresponding Drawdowns under the terms and conditions established in this Agreement, to return the principal drawn down, to pay the interest thereon, to pay the commissions, costs, taxes, and expenses charged to or derived from it and to perform its remaining obligations pursuant to the provisions of this Financing Agreement.

8.3	Use Obligee shall initially use the entirety of the Maximum Amount of Tranche B exclusively to pay down part of the Bridge Loan. Additionally, if mandatory or voluntary accelerated amortizations occur to cure the occurrence of a cause for Accelerated Maturity, the last drawdown of Tranche B shall be applied to repayment of the principal of the Subordinated Debt, subject to the provisions of this Agreement and the ACCIONA Support Agreement. Finally, also in the case that mandatory or voluntary accelerated amortizations occur, Tranche B may be drawn down to pay interest and commissions charged to this Financing Agreement.

9.	DRAWDOWN OF FUNDS Obligee may draw down the funds charged to Tranche B, without a special request and up to the limit of the Maximum Amount of Tranche B, through checks, transfers, current account debits, and through any other procedure allowed in banking and in any case pursuant to the requirements established in this Stipulation 9. The mechanism for drawing down and depositing shall take the form of a loan account current account opened by the Agent in the name of the Obligee pursuant to the provisions below. The balance of the aforementioned account shall be the difference between the debit and the credit, as defined below:

	a)	All amounts resulting in favor of the Agent, in virtue of the provisions of this Agreement,
		shall be recorded as a debit to the account.

	b)	All credits and deposits made shall be recorded as credits.

	For the foregoing effects, the Obligee shall keep the Loan Account Current Account opened in its name throughout the life of the Financing.

9.1	First Drawdown of Tranche B The first Drawdown of funds charged to Tranche B shall be subject to the same requirements established in Stipulation 3.4 for the first Drawdown of Tranche A.

	Obligee grants an irrevocable mandate in favor of the Agent for it to be able to debit the Loan Account Current Account for the Maximum Amount of Tranche B and to deposit such amount in the Main Account, on the same date as the date of delivery of the first Drawdown of Tranche A, to amortize the Bridge Loan.

9.2	Second and Subsequent Drawdowns of Tranche B The second and subsequent Drawdowns of funds charged to Tranche B shall be subject to the same requirements established in Stipulation 3.4 for the second and subsequent Drawdowns of Tranche A. Beyond the aforesaid, Drawdowns of Tranche B shall have the purpose of amortizing, in whole or in part, Tranche B of the ACCIONA Financing Agreement, such that the sum of the outstanding balances of Tranche B under this Agreement and Tranche B under the ACCIONA Financing Agreement never exceed the Maximum Amount of Tranche B.

10. 10.1	INTEREST ON THE CURRENT-ACCOUNT LOAN Accrual A debit balance in the Loan Account Current Account shall accrue interest in favor of the Agent at a variable interest rate calculated pursuant to Stipulation 11.1. A credit balance in the Loan Account Current Account shall accrue interest in favor of the Obligee at a variable interest rate calculated pursuant to the provisions of a separate letter, a copy of which is delivered by the Agent to the rest of the Lending Institution today. The terms and conditions of this letter shall not bind the rest of the Creditors in case of replacement of the Agent. This notwithstanding in the case that the new Agent voluntarily wants to remunerate the Obligee under these terms, Obligee may not refuse to do so.

10.2	Daily, Annualized Accrual During Each Interest Period Interest payable by the Obligee shall accrue daily, on the daily debit balances reflected each day in the Loan Account Current Account, on the basis of a three hundred sixty day (360) year, and shall be calculated by the number of calendar days elapsed in each Interest Period, including the first day and excluding the last.

10.3	Interest Periods For the effect of calculating the interest, the time between the date of the first drawdown charged to Tranche B and the Final Maturity Date shall be deemed divided into successive Interest Periods, the first day of each Interest Period coinciding with the last day of the immediately preceding Interest Period. Interest Periods shall in all cases have a duration of three (3) or six (6) months, at the discretion of the Obligee. Notwithstanding the aforesaid, the first Interest Period shall have a duration from the date of the first Drawdown charged to Tranche B until January

	30, 2007 (inclusive), and the last Interest Period shall necessarily end on the Final Maturity Date (inclusive). To calculate the duration of an Interest Period, if the last day thereof is not a Business Day, maturity shall occur on the very next Business Day, except if this occurs in then next calendar month, in which case the Interest Period shall be construed as ending on the immediately prior Business Day. The interest payment for such Interest Period and that of the next, shall take into account any eventual adjustment that occurs, taking into consideration that the next Interest Period shall end on the same date as would have corresponded to it if the aforementioned circumstances had not occurred.

11. 11.1	INTEREST RATE ON TRANCHE B AND PAYMENT OF INTEREST Interest Rate The nominal annual interest rate applicable to each Interest Period for Tranche B shall be determined as established in Stipulation 15. Notwithstanding that established in the preceding paragraph, the Margin shall only be applicable to the principal of Tranche B not guaranteed at any moment.

11.2	Interest Payments On the date when each of the successive Interest Period ends, the interest accrued thereof shall be subject to payment, by applying the interest rate calculated as established in Stipulation 15 to the daily debit balance in the Loan Account Current Account during the corresponding Interest Period. The interest so paid shall be charged against the balance of the Main Account, and if it is insufficient, in the Obligee’s Loan Account Current Account and when the debit balance of such account does not exceed the Maximum Amount of Tranche B. Otherwise, Obligee shall pay the interest, by depositing in the account opened in the Bank of Spain in the Agent’s name with number 0049 or in such other as at any time the Agent informs it.

12.	EXCESS DRAWDOWNS The Agent may not allow drawdowns or debits that exceed the Maximum Amount of Tranche B.

13. 13.1	REPAYMENT AND MATURITY Maturity The principal drawn down from the Maximum Amount of Tranche B shall have been fully reimbursed by the Obligee on the Final Maturity Date together with the interest, commissions, expenses, and any other amount owed for any item in virtue of this Agreement.

13.2	Voluntary Accelerated Repayment Obligee may repay the balances drawn down charged to Tranche B at any time. The amounts so repaid may be drawn down again by the Obligee pursuant to the provisions of Stipulation 9.
14. 14.1	GUARANTY Guaranteed Obligations Subject to the terms and conditions of this Stipulation 14, in virtue of this guaranty the Guarantors guarantee to the Agent performance of the Guaranteed Obligations.
14.2	Guaranty Upon First Demand If a breach has occurred on the part of the Obligee under the Guaranteed Obligations, the Guarantors undertake to perform their obligations, described in Section 14.3 below, upon first demand by the Agent, expressly waiving the authority to claim any defenses therefor that might be derived from the relations that the Guarantors maintained with the Agent or the Obligee. For all effects this guaranty shall be commercial in nature and configured as upon first demand, and therefore it shall in no way be affected by the circumstances that the Guaranteed Obligations were subject to:
	(i)	Modification, novation, settlement, arrangement, assignment, or in general any renegotiations or extensions which are not the result of a prior agreement by the Lenders with the Obligee subject to the rules of majority or unanimity if applicable, stipulated in this Agreement.

	(ii)	A dispute or litigation, either in arbitration or court. Likewise, this guaranty shall remain in effect if any of the following cases occurs:

	(i)	Declaration of Obligee’s bankruptcy; or approval of discharge and/or grace agreements (either judicial or extrajudicial in nature).

	(ii)	The merger, divestiture, or transformation of the Obligee, or approval of any amendment to the Obligee’s bylaws, or a change in the corporate form of the Obligee.

	(iii)	Any change in the capital structure of the Obligee.

14.3	Obligations of Guarantors The Agent may demand performance of this guaranty upon first demand at any time. For this, it shall be sufficient that if any breach of the Guaranteed Obligations has occurred, the Agent demand payment of the Guarantors

through any certifiable means, without their being able to demand that the Agent notify them through a specific form or with any formalities.

Such demand shall contain (i) the net amount past due and payable whose payment is demanded of the Guarantors by the Agent; and (ii) a breakdown of the net amounts past due and owed by the Obligee under the Guaranteed Obligations.

The execution of this guaranty through the demand for payment to the Guarantors, once or several times, may not exceed the individual figure established in Section 14.4 below.

Once the demand is received, the Guarantors shall pay the Agent the amount requested by the Agent, into such current account as it designates, on the same value-date as the demand.

14.4

Maximum Amount of Guaranty

The Guarantors shall be liable under the guaranty granted pursuant to the following shares:

Guarantor	Maximum Amount	Guaranteed
	of the Guaranty (for	Percentage of
	principal) (euros)	Tranche B

CALYON	52,899,851.57	4.880%
BBVA	132,249,628.92	12.210%
RBS	79,349,777.35	7.325%
BNP	79,349,777.35	7.325%
NATEXIS	66,124,814.46	6.100%
IMI	132,249,628.92	12.210%
TOTAL	542,223,478.57	50.05%

In additional to the maximum liability for principal stated in the preceding table, the Guarantors shall be liable to the Agent for ordinary interest and arrears interest, up to an amount equivalent, each of them, to the amount resulting from applying a percentage of 7% to the maximum amount of the principal they are responsible for, calculated on an annual basis, for a six (6) month period.

As a result of any assignment made in virtue of the provisions of Stipulation 26.2, any new or existing Guarantor who acquires a share of the Guaranty or increases is interest therein, shall accept and assume the amount of the share in the Guaranty and the amounts and percentages detailed above shall be deemed amended as a result.

14.5	Joint Nature The contractual positions of each one of the Guarantors in the Guaranty shall be joint in nature, and therefore their rights and obligations thereunder are entirely independent. If there are amounts owed under the Guaranteed Obligations, the Agent shall demand the corresponding amount from each of the Guarantors, pursuant to their share of the Guaranty.

14.6	Effects of Breach by Any Guarantor No Guarantor shall be liable for default by another Guarantor of the obligations stipulated in virtue of this Guaranty. In any case it is clarified that in case of default by a Guarantor of its obligations, such shall not exempt the Agent from performance of its obligations with respect to the Obligee or the remaining Lending Institutions.

14.7	Repayment Obligee irrevocably undertakes to repay the Guarantors the amounts delivered by them to the Agent and the arrears interest regulated in Stipulation 16 accrued on this amount from the date of payment by the Guarantors to the Agent through the date on which the aforementioned repayment is made effective. This repayment obligation shall be met by the Obligee immediately.

14.8	Subrogation By reason of the payments made to the Agent under the Guaranty, the Guarantors shall subrogate to the contractual position of the Agent in its capacity as a Tranche B Lender under this agreement with respect to the Obligee, and with respect to the Obligee and ACCIONA, within the framework of the ACCIONA Support Agreement, the Subordinated Loan Agreement, and the Guaranty Agreement.

14.9	Risk Commission Obligee shall pay the Guarantors a risk commission in an amount equivalent to that resulting from applying the Margin to the daily debit balances of Tranche B guaranteed under the Guarantee in the corresponding payment period, which shall correspond to the Tranche B Interest Periods. This commission shall be paid and credited to the Agent for distribution thereof among the Guarantors as a function of their participation in the Guaranty, on each Tranche B interest payment date.

14.10	Drawdown Commission Obligee shall pay the Agent for distribution thereof among the Guarantors as a function of their participation in the Guaranty, a drawdown commission equivalent to THIRTY PERCENT (30%) of the applicable Margin, accrued on the amount resulting from applying

	to the average balance of the Unused Amount of Tranche B during the corresponding payment period, a percentage equivalent to the difference between (i) one hundred percent and (ii) the percentage corresponding to the Agents unguaranteed participation in Tranche B, provided that the sum of the outstanding balances of Tranche B and of the Financing Agreement’s Tranche B are less than the Maximum Amount of Tranche B. Such commission shall accrue daily from the date (inclusive) of this signing of this agreement and shall be paid six-monthly in arrears, coinciding with the interest payment date, being payable by the Obligee on the very next Business Day. The calculation of the aforementioned drawdown commission shall be made as a function of the number of calendar days effectively transpired in each six-month period on the basis of a 360-day year.

14.11	Recordation of Guaranty in Registry Books This guaranty upon first demand is recorded in the Special Guarantors Registry, on this date. The Guarantors that are not Spanish financial institutions, shall in any case comply with the legislation that with respect to guarantors is established by their State of origin. Notwithstanding the provisions of this section, the amounts guaranteed at all times shall correspond to the amounts reported by the Agent to the Guarantors in virtue of the provisions of Section 25.2.5 of this Agreement.

14.12	Effective Period of Guaranty The Guaranty shall be deemed in effect through the full payment of the Guaranteed Obligations. That notwithstanding, its term shall not go beyond December 31, 2012.

SECTION FOUR – TERMS AND CONDITIONS COMMON TO BOTH TRANCHES

15.

15.1

INTEREST RATE

Calculation

The nominal annual interest rate applicable to the Interest Periods into which the Drawdown of Tranche A and the outstanding balance of Tranche B are divided shall be calculated by the Agent by adding to the reference interest rate (or, if applicable, to the substitute rate) applicable pursuant to Stipulation 15.2 of the Margin established in Stipulation 15.3. In any case, the provisions of Section 11.1 above regarding the Margin shall be taken into account to calculate the nominal annual interest rate applicable to the Interest Periods into which the outstanding balance of Tranche B is divided.

15.2

Reference Interest Rate and Substitution Rate

15.2.1 Reference Interest Rate: EURIBOR. The reference interest rate shall be the EURIBOR rate. EURIBOR is construed as the money market reference

	rate in the euro zone which, pursuant to the rules established to that end by the European Banking Federation, is published on the REUTERS EURIBOR01 screen, or such as may at any time replace it, at approximately 11:00 a.m. on the second Business Day prior to the start of the Interest Period in question for euro deposits for a term equal to that of such Interest Period. If such rate does not appear for the indicated time period on such screen, the reference interest rate shall be calculated by linear interpolation of the two rates corresponding to the closest exceeding period by default (or, in the absence thereof, through application of the rate corresponding to the closest period). Brokerage fees, surcharges, and the expenses normally applicable at the time of calculation thereof in the interbank market, as well as the corresponding taxes, shall be added to such reference interest rate.

15.2.2	Substitute Rate. If it is impossible to determine the reference interest rate pursuant to Section 15.2.1, a substitute interest rate shall be applicable in that Interest Period, determined as follows:

	(i)	Amount of the Substitute Rate: the substitute rate shall result from the arithmetic mean of the interbank interest rates offered by the Reference Institutions in the euro zone interbank market, at approximately 11:00 a.m. on the second Business Day before the start of the Interest Period, for euro deposits for a period of time equal to that of the Interest Period in question (or, in the absence thereof, for the closest period, applying the lowest rate in case of an equal time distance of the periods). Brokerage fees, surcharges, and the expenses normally applicable at the time of calculation thereof in the interbank market, as well as the corresponding taxes, shall be added to such reference interest rate.

	(ii)	Reference Institutions: shall initially be:

			DEUTSCHE BANK, Spain Branch.

			BARCLAYS BANK, Spain Branch.

			ING, Spain Branch.

		Notwithstanding, it is clarified that the Lending Institutions may not in any case be considered Reference Institutions.

	(iii)	Mechanism for Establishing the Substitute Rate: The Agent shall request that the Reference Institutions provide it, during the morning of the second Business Day before the start date of the corresponding Interest Period, the applicable interbank interest rates with which the Agent shall have to calculate, on that same day, the arithmetic mean indicated in section (i) above. If any Reference Institution does not indicate or cannot indicate such interest rate, the arithmetic mean of the Reference Institution that do quote it shall be found, provided that there are at least two of them.

		(iv)	Replacement of Reference Institutions: Any of the Reference Institutions shall
			cease to be so when they fail to make the corresponding communications
			required in relation to one or more Interest Periods or if it were to merge with or
			be absorbed by one of the Lending Institutions or become a Lending Institution
			through the acquisition of an interest in the financing covered by this Agreement.
			The replacement of such Reference Institutions shall be provided by a new
			designation made by the Agent.

	15.2.3	Return to the Ordinary Interest Rate. The application of the substitute rate shall cease
		when the circumstances that gave rise to the application thereof disappear,
		recommencing, from the start of the next Interest Period on the date the normal
		circumstances were reestablished, the procedure for determining the reference interest
		rate.

15.3	Margin

	15.3.1	Tranche A Margin. The initial Margin applicable for Tranche A shall be SIXTY BASIS
		POINTS per annum, equivalent to 0.60% on an annual basis.

		Subsequently, the margin shall evolve pursuant to the following chart:

Between months 19 and 36 from the signing of the Agreement		0.70%



Between months 37 and 54 from the signing of the		0.80%
Agreement


Between months 55 and 72 from the signing of the Agreement		0.90%

15.3.2		Tranche B Margin. The initial Margin applicable for Tranche B shall be FIFTY BASIS
		POINTS per annum, equivalent to 0.50% on an annual basis[.] The applicable Tranche B
		Margin shall evolve pursuant to the following chart:

Net Financial Debt / EBITDA Ratio		Applicable Margin

X 5.5		0.60%
5.5 > X 5		0.55%
5 > X 4.5		0.50%
4.5 > X 4		0.45%
4 > X 3.5		0.40%
3.5 > X 3		0.35%

3 > X

0.30%

	The Net Financial Debt / EBITDA Ratio shall be calculated as established in Stipulation 24.6 of the ACCIONA Financing Agreement and the definitions therein included.

	The first revision shall be made with reference to the Net Financial Debt / EBITDA Ratio calculated with respect to the audited financial statements closed at December 2007.

	The new Margin shall be applicable in the first interest period that follows receipt by the Agent of the Net Financial Debt / EBITDA Ratio.

15.4	Procedure for Establishing Interest Rate

	15.4.1	Calculation by Agent and Reporting. The Agent shall calculate the interest rate applicable for each Interest Period and shall report it in writing to the Obligee and the Lending Institutions by the second Business Day prior to that on which the Interest Period in question begins.

	15.4.2	Binding Nature of the Decision Save Manifest Error. The interest rate calculated by the Agent shall be binding on the Obligee save manifest error, in which case the corresponding cure shall be undertaken.

	15.4.3	Tacit Acceptance by Obligee. The interest rate calculated by the Agent shall be deemed accepted by the Obligee except if, before the elapsion of the three (3) month period from the reporting thereof by the Agent, the Obligee states in writing to the Agent the manifest errors contained in the initial calculation.

15.5	Market Breakage

	15.5.1	Interbank Financing. Obligee acknowledges and accepts that the Lending Institutions normally finance the funds lent by contracting in the interbank money market the necessary deposits or other liability transactions for the terms corresponding to the Interest Periods and for the amount corresponding to their participation in the financing covered by this Agreement. In this regard, and subject to the provisions of the preceding sections of this Stipulation 15.5, the Lending Institutions shall not be subject to any liability, particularly insofar as performance of their obligations to deliver funds derived from this Agreement, if exceptional events or circumstances were to occur beyond their control which, even if foreseen, were inevitable, and which prevented or hindered beyond reasonable commercial terms the obtainment of the interbank financing necessary to perform such obligations.

	15.5.2	Market Breakage: Notification. If because of exceptional circumstances any Lending Institution were unable to contact the liability transactions required to finance the funds lent under the corresponding conditions of term and amount, it shall immediately notify the Agent. The latter shall determine at that time whether the situation created affects the Majority of the Lending Institutions and, if so, it shall immediately notify the Obligee thereof.

	15.5.3	Adaptation of Interest Periods and Interest Rate. The applicable Interest Period shall be the one in effect until the date when the market breakage occurred.

	15.5.4	Renegotiation of the Financing. If the prevailing circumstances were such that it were commercially impossible, in virtue of the exceptional circumstances stipulated in section 15.5.2, above, to contract the aforementioned liability transactions, Obligee and the Lending Institutions shall negotiate in good faith the measures to be taken to adapt the financing covered by this Agreement to the new circumstances. If the parties were not to reach an agreement within a period of thirty (30) calendar days from the determination by the Agent and without prejudice to the fact that such term shall not suspend any of the Obligee’s obligations in virtue of this agreement, termination of this agreement shall be accelerated to the end of the aforementioned period.

16.	ARREARS INTEREST

	Nonpayment of the amounts owed in virtue of Tranche A and/or Tranche B shall accrue arrears interest without need of demand or notification, and under the terms of this Stipulation. This without prejudice to the authority of the Lending Institutions to accelerate maturity of this Agreement, pursuant to Stipulation 27.1.1.

16.1	Accrual of Arrears Interest on Unpaid Principal

	16.1.1	Daily Interest Accrual. The principal of Tranche A and/or Tranche B due and unpaid shall accrue arrears interest daily, from the day after its due date inclusive, and based on one (1) year of three hundred sixty (360) days.

	16.1.2	Arrears Interest Rate. The arrears interest rate shall be determined by the Agent, who shall use the EONIA as a reference rate, to which it shall add the appropriate Margin pursuant to Stipulation 15.3. The resulting amount shall be increased by ONE HUNDRED FIFTY BASIS POINTS (1.5%).

16.2	Capitalization of Ordinary Interest

	Pursuant to Article 317 of the Code of Commerce, net interest as well as any other amounts (such as commissions or taxes or recoverable expenses) unpaid by the Obligee shall be capitalized on the day after their due date, and as an increase in the principal of the corresponding Tranche to which they are related, they shall accrue the arrears interest established in Stipulation 16.1.

16.3	Liquidation and Payment or Capitalization of Arrears Interest

	The arrears interest indicated in Stipulations 16.1 and 16.2 shall be settled and paid by the Obligee monthly starting from the start date of the arrears, except if the default has been cured prior to the end of the monthly period, in which case the final settlement shall be for the calendar days transpired. Net unpaid interest shall be subject to capitalization as an increase in principal and they shall once again accrue the same arrears interest.

16.4	Procedural Arrears Interest

	The arrears interest indicated in Stipulations 16.1 to 16.3 shall also be the procedural arrears interest for the effects of that indicated in Article 576.1 of the Rules of Civil Procedure (or such other analogous legal provisions as may replace it in the future).

17.	CHANGE OF CIRCUMSTANCES

17.1	General Statement

	Obligee acknowledges and agrees that the interest rate for the financing covered by this Agreement has been agreed based on the non-assumption by the Lending Institutions of certain risks of changing circumstances and that, if such changes in circumstances were to occur and were liable to reduce the profitability of this transaction for the Lending Institutions, the Obligee shall have to assume the impact thereof.

17.2	Increase in Costs or Reduction in Income

	17.2.1	Repercussion. If by legal or regulatory provision, governmental or not, or by application thereof by the competent authorities, obligations or restrictions of any nature were imposed upon the Lending Institutions which, because of their participation in this transaction, imply for the Lending Institutions a reduction in the income derived from the transaction or the expected profitability thereof, or which imply an increase in the cost of funds taken out in the interbank money market where the Lending Institutions go to finance this Agreement or an increase in the consumption of equity or other means, or if limitations were imposed, either on the interest rate or the fees, or of another nature, which imply a reduction in the income to which the Lending Institutions have a right in virtue of this Agreement, Obligee shall be obl igated to compensate the affected Lending Institutions.

	17.2.2	Examples of Increased Costs and Reduced Income. Without limitation, the provisions of Section 17.2.1 above shall be deemed applicable in all cases to:

		(i)	Prudent Ratios or Measurements. The creation of coefficients, deposits, provisions, reserves, or any prudent measure.


	(ii)	Limitations on Interest or Commissions. Any limitation or reduction in the amount of interest and commissions.

	(iii)	Taxes. Any tax (except, without prejudice to the provisions of Stipulation 20.1, those taxes which are deemed direct taxation) or foreign-exchange control or similar measure which affects or increases the cost of any of the capital elements, flows or transactions related to the financing covered by this Agreement.

	17.2.3	Calculation of the Repercussion. The compensation for which the Obligee is responsible pursuant to the preceding sections shall be established at the amount that the Agent adopts based on the reasoned justification given by the affected Lending Institution or Institutions.

17.3	Supervening Legal Noncompliance

	17.3.1	General Statement. If any change or innovation in the legal system caused any or all of the obligations of any of the Lending Institutions to be contrary thereto pursuant to this agreement, the Lending Institution in question shall report such circumstance to the Agent, who shall in turn report it to the Obligee, and that Lending Institution shall be automatically released therefrom without incurring any liability with respect to the Obligee.

	17.3.2	Adaptation of the Financing in Case of Supervening Legal Noncompliance. If such change or innovation in the legal system does not affect any essential element of the Financing Agreement, Obligee and the affected Lending Institution shall negotiate in good faith with a view toward mitigating the consequences of the supervening legal noncompliance.

	17.3.3	Accelerated Amortization for Supervening Legal Noncompliance. If the change or innovation in the legal system were to affect any essential element of the Financing Agreement, or if the Obligee and the affected Lending Institution were not to reach an agreement on the adaptation thereof under the tenor of the preceding section within a period of fifteen (15) days from the notification of the circumstance occurring, the affected Lending Institution may terminate this Agreement insofar as related to it. Obligee shall then be obligated to return to the Lending Institution in question, within the fifteen (15) days from the date of receipt of the notification of the Accelerated Termination thereof (or within the shorter period which is required by the change or innovation in question) the outstanding principal with the interest accrued through the date of payment and any other item for which it is responsible in virtue of this agreement. It is clarified that the amounts amortized pursuant to the provisions of this section may not be drawn down again by the Obligee.


17.4	Mitigation of Consequences of the Change of Circumstances

	Such Lending Institution as is affected by any of the circumstances indicated in stipulations 17.2 and 17.3 shall make the best efforts that are commercially reasonable to mitigate the consequences thereof.

17.5	Foreseeable Changes of Circumstances The provisions of Stipulations 17.1 to 17.4 shall not cease to be applicable under the pretext of the foreseeable nature of the occurrence of the circumstance in question.

17.6	Favorable Change of Circumstances If the circumstances descried in Stipulation 17.2 produce a direct inverse net effect of an increase in profitability for the Lending Institutions, the proven real benefit experienced by each Lending Institution shall be returned to the Obligee.

18. 18.1	OBLIGATORY ACCELERATED AMORTIZATION Amortization for Supervening Legal Noncompliance If, as a result of the causes established in Section 15.5.4 or in Stipulation 17.3 and without prejudice to the provisions of Stipulation 21.6, Obligee were obligated to amortize Tranche A and/or Tranche B in whole or in part, such amortization shall not be subject to any commission or penalty whatsoever. The principal amounts amortized under this section may not be drawn down again by the Obligee.

18.2	Amortization because of RCDS Obligee shall be obligated to accelerate amortization of the outstanding principal of the Financing if n any Measurement Date the RCS were below 1.15. In this case the Obligee shall amortize an amount equivalent to that by which the amount of the Senior Debt corresponding to the measurement that resulted in the noncompliance with the RCDS must be reduced, for such RCDS to be greater than or equal to 1.15. The aforementioned amount shall be reported by the Agent to the Obligee together with the notification of noncompliance with the RCDS. Obligee shall proceed with the accelerated amortization of the Financing within the two (2) Business Days after the notification in that regard. Obligee may not use as a defense against compliance with the obligation of accelerated termination under the terms cited above any changes in the RCDS during the period of time between the Measurement Date that gives rise to the amortization and the amortization date[.] The principal amounts amortized under this section may be drawn down again by the Obligee pursuant to the provisions of Stipulation 9 and in the rest of this Financing Agreement.

19.	COMMISSIONS AND EXPENSES

19.1	Insurance, Structuring, and Opening Commissions

	Obligee shall pay the Lending Institutions, through the Agent, an insurance, structuring, and opening commission, pursuant to the terms established in a letter separate from this Financing Agreement.

19.2	Agency Commission

	Obligee shall pay the Agent an annual agency commission pursuant to the terms established in a letter separate from this Financing Agreement.

19.3	Drawdown Commission

	19.3.1	Tranche A Drawdown Commission. Obligee shall pay the Lending Institutions, through the Agent, a drawdown commission for Tranche A equivalent to THIRTY PERCENT (30%) of the applicable Margin, accrued on the average balance of the Unused Amount of Tranche A.


		Such commission shall accrue daily from the date (inclusive) that this agreement is signed and shall be paid six-monthly in arrears, coinciding with the interest payment date, being payable by the Obligee on the first Business Day of the very next six-month period.

		The calculation of the aforementioned drawdown commission shall be made as a function of the number of calendar days effectively elapsed in each six-month period on the basis of a 360-day year.

	19.3.2	Tranche B Drawdown Commission. Obligee shall pay the Agent a drawdown commission for Tranche B equivalent to THIRTY PERCENT (30%) of the applicable Margin, accrued on the amount resulting from applying to the average balance of the Unused Amount of Tranche B during the corresponding payment period a percentage corresponding to the unguaranteed participation of the Agent in Tranche B[,] provided that the amount of the outstanding balances of Tranche B and the ACCIONA Financing Agreement’s Tranche B is less than the Maximum Amount of Tranche B.

		Such commission shall accrue daily from the date (inclusive) that this agreement is signed and shall be paid six-monthly in arrears, coinciding with the interest payment date, being payable by the Obligee on the first Business Day of the very next six-month period.

		The calculation of the aforementioned drawdown commission shall be made as a function of the number of calendar days effectively elapsed in each six-month period on the basis of a 360-day year.

19.4	Expenses and Taxes Derived from Financing Agreement

	Obligee shall be responsible for all expenses, taxes, rates, municipal fees, charges, fees and other current or future items that are necessarily and directly derived from or arise as a result of entering into and performing this Agreement, as well as, merely by way of example, the following, among others:

	(i)	Legal Expenses or Those of Other Advisors. The legal and extrajudicial expenses and the fees of solicitors and barristers (even when their involvement is not mandatory) or any other which might arise as a consequence of the preparation, interpretation, modification, or execution of this Agreement or its guaranties or the procedures required for the performance thereof or for verification of performance of the Obligee’s obligations under this Agreement.

		Likewise, Obligee shall bear the costs corresponding to the first coordinated syndication undertaken by the Lending Institutions (including notary fees and the fees of the legal advisors involved in the syndication and other reasonable expenses duly justified by the Agent), provided that it is undertaken before July 30, 2007.

	(ii)	Notary Expenses. Fees, brokerage fees and advances to notaries public who intervene in the formalization of the Financing Documentation except the ACCIONA Financing Agreement, as well as the modification thereof or in notifications, notices, or procedures required for the performance and execution thereof.

	(iii)	Transfer Expenses. The commissions and expenses normally applicable for transactions insofar as invoices and payments as a result of this Agreement, including those derived from the income, transactions, and transfers made in or among the accounts of the Lending Institutions and in the Bank of Spain by reason of this Agreement.

20.	TAXES

20.1	Net Tax Payments

	All amounts which the Obligee must pay under this Agreement, either for principal, interest, commissions, costs, expenses, or other items, shall be net of any deduction or withholding for any type of taxes, duties, rates, or foreign exchange controls, present or future. Obligee shall thus pay the Lending Institutions such additional amounts as are necessary for the Lending Institutions to receive the full amounts that they would have received if such taxes, duties, rates, or controls had not existed.

20.2	Recovery and Return of Tax Withholdings

	If subsequent to an additional payment made by the Obligee in virtue of Stipulation 20.1, the Lending Institutions effectively and definitively recover all or part of the amount withheld or deducted on account that would have

	caused such additional payment, the net amount recovered shall be delivered to the Obligee. The foregoing shall not grant it any right whatsoever to access the books or records of the Lending Institutions.

21.	PAYMENTS

21.1	Method of Payment

	Obligee shall make the payments owed in virtue of this Financing Agreement either under Tranche A or Tranche B under the following terms and conditions:

	21.1.1	Time, Hour, and Value-Date: Payments shall be made on the date owed, without need of prior request, prior to twelve (12:00) noon, with a value-date of that same date.

	21.1.2	Currency: Payments shall be made in euros.

	21.1.3	Place of Payment: The payments owed by the Obligee in virtue of this Agreement, shall be made charged to the Loan Account Current Account, expressly and irrevocably authorizing the Agent to credit thereto any items owed by the Obligee in virtue of this Financing Agreement. If amounts in the Loan Account Current Account are not available, they shall be made by credit into the account opened in the Agent’s name in the Bank of Spain with number 0049.

21.2	Finality and Irrevocability of Payments

	Payments shall be deemed made and shall be discharged when their amounts have been paid to the Agent by charge to the Loan Account Current Account, or, if applicable, in the Agent’s account indicated in the preceding section definitively and irrevocably, pursuant to banking customs or regulations at the time. The Agent, with the same value-date as that corresponding to the payments received from the Obligee, shall distribute such payments among the Lending Institutions in the proportion owed to each one of them.

21.3	Allocation

	The regime for allocating payments shall be as follows:

	21.3.1	Allocation by Item: Payments made by the Obligee, either under Tranche A or Tranche B, shall be allocated to past-due debts in the following order:

		(i)	arrears interest;

		(ii)	ordinary interest;

		(iii)	expenses and commissions;

	(iv) additional compensation established in Stipulation 17;

	(v) legal costs; and

	(vi) principal.

	21.3.2	Allocation by Date: Within each item, payments shall be allocated to the oldest debt with respect to the most recent. Notwithstanding, if for any reason a payment is allocated to a more recent date, such shall not imply a waiver on the part of the Lending Institutions of the older debt.

21.4	Proportional Distribution of Payments to Lending Institutions

	21.4.1	Proportionality of Payments as a Function of the Participation of Each Lending Institution. All payments received by the Lending Institutions in virtue of this agreement, both through the Agent and if applicable by any other route, shall have to be proportional to their respective participation in Tranche A and in the Guaranty. Any Lending Institution that receives payments by reason of this Financing Agreement which does not respect such proportionality shall make the amounts so received available to the Agent for the effects of the appropriate redistribution among the Lending Institutions.

		The following cases are excluded from the provisions of this Section 21.4.1:

		(i)	payments received by the Lending Institutions in cases of individual claims (extrajudicial or, with the requirements established in Section 27.2, judicial) stipulated in this Financing Agreement.

		(ii)	if any of the Lending Institutions has received an amount greater than the rest of the Lending Institutions by application of Article 91.6 of the Bankruptcy Act, provided that such institution, prior to filing for bankruptcy of the Obligee and pursuant to the requirements established in this agreement, has offered the rest of the Lending Institutions the possibility of filing a joint request for bankruptcy through the Agent and such joint request was not agreed within a maximum period of fifteen (15) Business Days.

		(iii)	when, within the framework of the bankruptcy of the Obligee and pursuant to the provisions of the Bankruptcy Act, one or several Lending Institutions have received an amount less than that which would proportionally appertain to it because they are persons especially related to the bankrupt.

	21.4.2	Reimbursement of the Agent. If the Agent were to make any payment in its capacity as such charged to the funds received in its capacity as such and it happened that because such funds were not recorded in its books definitively and irrevocably it had to return them or in any other manner lost availability

	of them, the recipients of those payments shall then be obligated to return them immediately to the Agent, with the value-date of the day of their receipt.

21.5	Netting of Balances

	All credits or balances which are subject to netting in its broadest sense which the Obligee holds or has in virtue of accounts, deposits, or under any other title, now or in the future, with respect to the Lending Institutions, shall be subject to be used for payment of the Obligee’s obligations in virtue of the Financing (all without prejudice to such compulsory precepts as are applicable and, in particular, without prejudice to the provisions of the Bankruptcy Act in the case of bankruptcy of the Obligee).

	Thus, the Lending Institutions may optionally apply to the payment of past-due and unpaid debts all or part of those balances through netting or through any of the transactions described below. To these ends, such credits and balances shall be deemed due, convertible, and liquefiable from nonpayment of any amount owed in virtue of this Agreement.

	21.5.1	Application of Net Assets and Conversion of Foreign Currency. The authority stipulated in this Stipulation 21.5 shall be directly applicable to the net or easily liquefiable credits or balances, even if they are not denominated in the currency of the obligation owed, in which case the Lending Institutions may make the corresponding conversion at the then-prevailing market rates.

	21.5.2	Alienation of Assets and Conversion of Foreign Currency. In the case of illiquid credits or balances, the Lending Institutions are authorized to alienate them (excluding the ENDESA Shares) in behalf and at the risk of the Obligee, at the best possible price, undertaking thereafter with respect to the net price obtained the transactions described in the Stipulation 21.5, including if applicable conversion of the foreign currency.

	21.5.3	Return of Amounts Collected in Excess, Without Prejudice to Other Relations. Notwithstanding the provisions of Section 21.4.1, if, as a result of the transactions stipulated in this Stipulation 21.5, any Lending Institution were to receive an amount in excess of that which proportionally corresponds to its credits with the Obligee in virtue of this Agreement, such Lending Institution shall only be obligated to make the excess available to the Agent for the distribution thereof among the rest of the Lending Institutions (or, if applicable, to return the excess immediately to the Obligee) if nothing else is applicable in view of the remaining relations among each Lending Institution and the Obligee, other than this Agreement or, in general, the Financing.

21.6	Indemnification of Damages Caused to Lending Institutions for Breakage of Interest Periods

	Without prejudice to any eventual consequences derived from breach of this Financing Agreement, Obligee shall pay the Lending Institutions such damages as are caused to them as a result of amortizations or payments made on a day

	other than that of the normal due-date of the obligation or on a day that is not the last of an Interest Period, which shall in all cases include Breakage or Funding Costs.

22.	ACCOUNTS

22.1	Agent’s Accounts

	The Agent shall open and keep in its accounting two accounts corresponding to the financing covered by this agreement for the Obligee in which it shall debit the amounts drawn down, respectively, against Tranche A and Tranche B and the interest, commissions, arrears interest, additional costs and such other amounts as are the responsibility of the Obligee charged to such Tranches. The Agent shall credit therein all amounts received pursuant to the provisions of Stipulation 21 such that the balance of such accounts represents the amount owed by the Obligee at all times under the Financing Agreement.

22.2	Account of Each Lending Institution

	Each Lending Institution may open and keep in its accounting a special account for the financing covered by this Agreement (or, alternatively, a special account for Tranche A and a special account for Tranche B and/or a special account for the Guaranty) in which it shall debit participation in the amount of Tranche A, Tranche B, and/or under the Guaranty and its share of the interest, commissions, expenses, arrears interest, additional costs and other amounts for which the Obligee is liable charged thereto. Each Lending Institution shall credit therein all the amounts received from the Obligee, through the Agent or not, such that the balance of the accounts represents the amount owed by the Obligee to each Lending Institution at all times.

	It is clarified that the opening and maintenance by each Lending Institution of the credit accounts cited in this Stipulation 22.2 shall not be the same as opening and maintaining bank current accounts.

22.3	Bookkeeping in Case of Assignment

	In case of assignment as established in Stipulation 26 below, the assignor shall cancel all or part of the aforementioned account, and the assign may open the corresponding one.

23.	REPRESENTATIONS AND WARRANTIES

23.1	Representations and Warranties

	Obligee represents and warranties the following to the Lending Institutions, such representations and warranties being an essential supposition for the granting of the financing covered by this Agreement on the part of the Lending Institutions:

	23.1.1	Legal Status: Obligee is a company with a valid existence pursuant to the laws of Spain; that it has the capacity to act to perform all the

	rights and obligations derived from this Agreement and the rest of the Financing Documents; and that its corporate objective allows it to conclude this legal transaction;

23.1.2	Authorization: Obligee has taken all resolutions and obtained all administrative, corporate, or other authorizations required to grant and perform this Agreement, such that the obligations contracted in virtue of it and the rest of the Financing Documents are valid, binding and enforceable;

23.1.3	Nonexistence of Violation: neither the signing of this Agreement nor the performance of any of the pacts herein contained, violate or will violate, or constitute or will constitute, a breach, nor do they cause nor will they cause any limitation, obligation, or prohibition incumbent upon the Agent or the authorities of its representatives to be exceeded or breached, imposed by or contained in (i) any law, regulation, or administrative resolution or court decision, to which the Obligee or any of its assets is bound or by which they are affected; (ii) any document or regulation that contains or establishes the Obligee’s bylaws or articles of incorporation; or (iii) any agreement or other instrument to which the Obligee is a party or which results in the encumbrance of any of its assets;

23.1.4	Nonexistence of Charges on Assets: no charges or liens exist on the Obligee’s assets, save as stipulated in the Financing Documents;

23.1.5	Nonexistence of Default: no circumstance has occurred that constitutes, or through advance notification and/or the elapsion of time, will constitute a violation of or default on the tenor of any agreement or instrument to which the Obligee or any of its assets are bound, by which they are affected, or encumbered;

23.1.6	Litigation: no litigation has been filed or is pending nor, to the best of the Obligee’s knowledge and understanding, no litigation, arbitration, proceeding, or administrative claim has been announced before any judicial body, against the Obligee or any of its assets which, in and of itself or together with any other proceeding or claim, would have an Adverse Material Change on the Obligee, or which might materially or negatively affect its ability to follow or perform its obligations derived from this agreement;

23.1.7	Nonexistence of Bankruptcy Situations: Obligee is not subject to any bankruptcy or similar business reorganization proceeding, judicial or private in nature, derived in any case from a situation of insolvency, nor does it has the intention of requesting a declaration of bankruptcy;

23.1.8	Disclosure: Obligee has notified the Lending Institutions, in their entirety and in writing, of all the facts of which it does or should reasonably have knowledge, for the effects of granting this financing, which must reasonably be noticed to the Lending Institutions (or any of them) within the context of the Financing Documents;

	23.1.9	Compliance with Tax, Labor, and Environmental Regulations. Obligee is current in its tax, labor, Social Security and environmental obligations, and it complies with all civil, commercial, administrative, environmental, tax, labor, or any other regulation;

	23.1.10	Nonexistence of Cases of Accelerated Maturity: As of today there is no Case of Accelerated Maturity, or circumstance which, through advance notification and/or the elapsion of time, would constitute a Case of Accelerated Maturity;

	23.1.11	Binding Obligation: all the obligations assumed by the Obligee in virtue of the Financing Agreement, or in execution, performance, or implementation thereof or any other related document or agreement, are valid, binding, and must be performed under the terms in which they have been (or will be) agreed;

	23.1.12	Warranties. The Warranties granted constitute effective warranties, enforceable against third parties pursuant to their own terms[.]

23.2	Reiteration of Representations and Warranties

	The representations and warranties contained in Stipulation 23.1 above shall be deemed reiterated, mutatis mutandi, on the dates on which Drawdowns are made charged to the Loan and, likewise, on the dates on which each of the Interest Periods, related to such times, begin.

24.	OBLIGATIONS

24.1	Reporting Obligation

	Obligee acknowledges and accepts that this Agreement and its maintenance require that the Lending Institutions be perfectly informed on the situation and evolution of the Obligee and the ACCIONA Group.

	24.1.1	Delivery of Annual Economic Information. Obligee undertakes to deliver to the Agent the individual annual accounts and management report corresponding to each of the Obligee’s fiscal years, duly formulated and approved in a general meeting, and certified by the Obligee’s auditor, within a period of six (6) months from the closing date of the fiscal year.

	24.1.2	Reporting of Material Facts or Circumstances. Obligee undertakes to inform the Agent, in writing and with reasonable detail, of the following facts or circumstances as soon as they occur.

		(i)	Breach of Representations or Warranties. Any breach of the representations and warranties indicated in Stipulation 23.

		(ii)	Legal Actions. The institution, settlement, or termination of any litigation, arbitration or proceeding material because of its size or nature.

		(iii)	Cases of Accelerated Maturity. Any fact which might be a cause of acceleration termination or maturity of this agreement.

		(iv)	Relevant Facts. Any fact relevant to the business or expectations of the Obligee, or which might cause an Adverse Material Change with respect to the Obligee.

	24.1.3	Status of Subordinated Debt. On each delivery date of the Drawdowns of Tranche A and/or Tranche B, Obligee shall send to the Agent the sum of the amounts contributed by ACCIONA as Subordinated Debt.

	24.1.4	Delivery of Information in Such Copies as Lending Institutions. Any document which the Obligee must deliver to the Agent in virtue of this Stipulation 24.1 shall be contained on as many copies as Lending Institutions. Excepted from this obligation shall be when the original scanned documents are sent by electronic mail.

	24.1.5	Requests for Information. Obligee shall answer such reasoned requests for information on the part of the Agent and the Lending Institution, in relation to performance of its obligations derived from this agreement, as well as such as are necessary for the effects of the Lending Institutions being able to comply with their internal requirements in “know your customer” matters.

24.2	Obligations Regarding Accounting, Annual Accounts and Auditing

	Obligee assumes the obligations insofar as accounting and audit as are described in this Stipulation.

	24.2.1	Maintenance of Corporate Fiscal Year. Obligee shall not amend the start and end dates of the corporate fiscal year in its bylaws, without prior express authorization from the Majority of Lending Institutions.

	24.2.2	Bookkeeping and Non-Alteration of Accounting Principles or Criteria. Obligee shall keep its accounting pursuant to the legal System without changing the accounting principles or criteria it has been applying, except by legal imperative.

	24.2.3	Formulation and Approval of Annual Accounts. Obligee shall formulate its annual accounts and obtain the approval thereof in a general meeting, pursuant to applicable law.

	24.2.4	Audit by an Internationally Renowned Firm. Obligee shall cause its individual annual accounts to be verified by an audit firm of recognized international prestige.

	24.2.5	Report of Audit, Access to the Auditors in Case of Delay. The report of audit on the annual accounts of the Obligee shall be delivered in an original copy or sent to the Agent within the timeframe established in Stipulation 24.1.2. If such is not so, the Agent may consult that Obligee’s auditor regarding the reasons for the delay and the prospects regarding the final content of the report of audit.

24.3	Obligations Regarding Business Activity

	Obligee undertakes to submit its business activities to the obligations and limitations described in this Stipulation.

	24.3.1	Limitation on Business Activity. Obligee undertakes to limit its business activity to the mere holding of ENDESA Shares.

	24.3.2	Retention of the ENDESA Shares. Obligee undertakes to retain full ownership of and not to dispose of under any title, full or limited, all or part of the ENDESA Shares which it owns at any time, except if the result of the sale thereof, net of taxes, is sufficient for and were applied to pay the Financing Agreement and the ACCIONA Financing Agreement, as well as to comply with any payment obligations arising from the accelerated cancellation of the Interest-Rate Hedge Agreements.

	24.3.3	Prohibitions Against Investments. Obligee undertakes not to make new investments, excluding the possible acquisition of new ENDESA Shares provided that it is made charged to the balance of the Main Account, that such does not imply a breach of Stipulation 24.6, and that Tranche B of the ACCIONA Financing Agreement is not drawn down.

	24.3.4	Compliance with Applicable Law. Obligee undertakes to comply with applicable law in each case, in civil, commercial, administrative, tax, labor, or any other type of matter that is applicable.

	24.3.5	Orderly and Diligent Management and Contracting Under Market Conditions. Obligee undertakes to manage its business with the diligence of an orderly businessman and to contract under market conditions.

24.4	Obligations of a Corporate or Company Nature

	24.4.1	Corporate Modifications. Obligee undertakes to prevent is general meeting from deciding on any of the following matters:

		(i) any modification of the corporate objective of the Obligee; or

		(ii) any modification of the Obligee’s corporate bylaws that might be prejudicial to this agreement, or to any of the Financing Documents; or

		(iii) any merger, transformation, divestiture, operational contribution or conversion of securities, dissolution or any other analogous corporate restructuring operation with respect to the Obligee;

		(iv) any reduction in its capital (except such as are required by applicable law); or

		(v) any distribution of dividends, interim dividends or any remuneration of its capital in favor of ACCIONA.

		The commitments assumed by the Obligee under this stipulation are negative obligations of result. The occurrence of any of such results shall be deemed a case of accelerated maturity of this Agreement, without prejudice to the fact that the legal competence to decide such matters does not appertain to the Obligee’s administrative body.

24.5	Financial Obligations

	24.5.1	Maintenance of the Credit Rank of the Lending Institutions. Obligee undertakes to retain the credit rights of the Lending Institutions arising in this agreement at their present level and privileges, in relation to any other of the Obligee’s creditors, present or future.

	24.5.2	Payment of the Bridge Loan. Obligee undertakes to pay the Bridge Loan in full on the delivery date of the first Drawdowns of Tranche A and Tranche B.

	24.5.3	New Financial Debt. Obligee undertakes not to contract new credits, loans, or any other form of financing, excluding such financing as ACCIONA may grant through the Subordinated Debt.

	24.5.4	Provision of Guaranties. Obligee undertakes not to establish guaranties of a real or personal nature to insure its own obligations, except those granted in virtue of the Guaranty Agreement.

	24.5.5	Financing to Third Parties. Obligee undertakes not to grant loans, credits, or any other type of financing or to provide any type of guaranties to third parties.

	24.5.6	Prudent Management of Treasury. Obligee undertakes to invest its treasury in financial products or instruments of the utmost liquidity and credit quality.

24.5.7	Collection of Dividends on the ENDESA Shares. Obligee undertakes that all the dividends that are distributed by ENDESA from the date of this Agreement, will be deposited in the Main Account.

24.5.8	Payment of Principal on the Subordinated Debt. Obligee may only repay the principal on the Subordinated Debt by charging to the Drawdowns of the Financing that are made pursuant to the provisions of this Agreement. The Temporary Subordinated Loans shall be amortized by charging to the first Drawdown of Tranche A.

24.5.9	Interest Payments on the Subordinated Debt. Obligee undertakes not to pay any amount to ACCIONA as interest on or remuneration of the Subordinated Debt, until the full amortization of this Agreement. Excepted are the Temporary Subordinated Loans, whose interest shall be payable by charging against the first Drawdown of Tranche A.

24.5.10	Dividend Payments. Obligee undertakes not to pay any amount to ACCIONA as dividends or any other item related to its capacity as shareholder until the full amortization of this Agreement, except as expressly allowed by the Financing Documents.

24.5.11	Hedge Agreements. Obligee undertakes to contract with the Lending Institutions, under market conditions and within a period of sixty (60) days from the date of this Agreement, an interest-rate hedge instrument for a notional amount equal to sixty-six (66%) [sic] of the total amount of the Financing and for the term of the Financing.

24.5.12	Loan Account Current Account. Obligee undertakes to deposit in the Loan Account Current Account all the amounts that are contributed by ACCIONA charged to the ACCIONA Financing Agreement and in virtue of the ACCIONA Support Agreement. Obligee may only draw down Tranche B and the credit balance of the Loan Account Current Account, beyond pursuant to the provisions of Section 8.3, to make payment of rates, municipal fees, audit costs and keeping the Obligee’s annual accounts, with an annual limit of ten thousand (10,000) euros.

24.5.13	Main Account. Obligee undertakes not to draw down the balance of the Main Account except for: (i) the acquisition of ENDESA shares pursuant to the requirements established in Stipulation 24.3.3 above; or (ii) payment of the amounts owed under the Financing Agreement; or (iii) making payment of rates, municipal fees, taxes, and other establishment expenses for the Obligee. The application of the balance of the Main Account for the purposes described in points (i) and (ii) shall be at the discretion of the Obligee, provided that the terms of this Agreement are met and that no Case of Accelerated Maturity has occurred.

24.5.14	Tax Consolidation. Obligee undertakes to consolidate with ACCIONA for tax purposes, except if such consolidation were not possible by legal imperative.

24.6	Obligations to Comply with Financial Ratios

	24.6.1	Senior Debt Hedge Ratio. Obligee undertakes that the Senior Debt Hedge Ratio (RCDS) will be greater than or equal to 115% during the entire effective period of this Agreement.

		Noncompliance with such financial ratio, even if fraud or fault does not exist on the part of the Obligee, shall be a case of accelerated maturity of this Agreement.

	24.6.2	Procedure for Determining the Value of the Senior Debt Hedge Ratio. To calculate the value of the Senior Debt Hedge Ratio established in this Stipulation, the following rules shall be applicable:

		(i)	The Agent on each Measurement Date shall calculate the value of the Senior Debt Hedge Ratio.

		(ii)	The Agent shall report the Senior Debt Hedge Ratio to the Obligee and the Lending Institutions prior to 11:00 a.m. on the Measurement Date for the appropriate effects, stating the parameters used for the calculation.

		(iii)	Exceptionally, if on a specific Measurement Date the Agent cannot determine the Senior Debt Hedge Ratio as a result of not being able to calculate the Market Value of the ENDESA Shares, the Agent shall try to undertake in the days immediately after the Measurement Date in question, new measurements until it is possible to calculate it. If three days have elapsed from the Measurement Date in question, and it is impossible to determine the Senior Debt Hedge Ratio, it shall be construed that the Obligee has committed a cause for Accelerated Maturity of this Financing Agreement because of nonperformance of the provisions of this Stipulation.

25.	AGENCY

25.1	Appointment

	All the Lending Institutions appoint as Agent of this Agreement the institution BANCO SANTANDER CENTRAL HISPANO, S.A., which expressly accepts such appointment.

25.2	Content of the Mandate

	The position of the Agent as mandatary of the Lending Institutions is instituted under the terms of this Stipulation.

25.2.1	Mandate. All the Lending Institutions grant a mandate to the Agent for it to exercise, in the interest of the Lending Institutions, all the rights and authorities granted under this agreement to the figure of Agent. In its capacity as mandatary, the Agent shall comply with the provisions of this agreement, and any instructions that have been approved by the Majority of Lending Institutions (including refraining from exercising any right, authority, or duty corresponding to the Agent in virtue of this agreement). If this agreement has stipulated nothing, it shall request instructions, and when it is impossible to consult the Lending Institutions due to the urgency of the case, the Agent shall do what prudence dictates and is most beneficial for the common interest of all the Lending Institutions, pursuant to Article 255 of the Code of Commerce.

25.2.2	Agency. All the Lending Institutions grant agency to the Agent for it to exercise, in behalf an in representation of all the Lending Institutions and with respect to the Obligee or any third party, all the rights and authorities (except the institution of legal actions derived from this agreement, or the granting of any contractual documentation), as well as all the decisions or instructions approved by the Majority of the Lending Institutions. In particular, the Lending Institutions grant agency to the Agent to issue the banking certification of the Obligee’s debit balance under this agreement (cited in Stipulation 28.1.1), in order to proceed with the execution of this Agreement. The Agent does not have a power of attorney to represent the Lending Institutions beyond that expressly stated in this agreement, nor is it a trustee of the Lending Institutions.

25.2.3	Discharge Effect for Payments Made to the Agent. As a result of the mandate and agency granted to the Agent, payments of any nature derived from this agreement shall be made by the Obligee to the Agent, and take full effect of a discharge for the Obligee as if they had been received in the corresponding proportion by the Lender Institutions.

25.2.4	Full Effect of Notifications Made to the Agent. As a result of the mandate and agency granted to the Agent, any notification between the Obligee and the Lending Institutions shall be made through the Agent, and any notification made to the Agent or received by it shall take the same effect as if it had been made to the Lending Institutions or received by them.

25.2.5	Reporting Responsibilities. On each Measurement Date, the Agent shall send the following information to the rest of the Lending Institutions:

	(i)	Outstanding debit or credit balance in the Loan Account Current Account.

	(ii)	Sum of the amounts guaranteed under the Guaranty (including interest accrued) for each of the Guarantors.

	The Agent shall send the rest of the Lending Institutions with the same periodicity as received from the Obligee, the information related to the sum of the amounts contributed by the Shareholder under the ACCIONA Support Agreement as Subordinated and unpaid Subordinated Debt.

25.3	Agent’s Responsibility to Lending Institutions

	The Agent’s responsibility as mandatary is instituted under the terms of this Stipulation.

	25.3.1	Lack of Responsibility for the adequate results of the Financing. The Agent shall not be responsible to the Lending Institutions for the validity, enforceability, or performance of this agreement or any other agreement related or connected to this agreement.

	25.3.2	Lack of Responsibility for Compliance with Instructions. The Agent shall not be responsible if it follows the instructions approved by the Majority of Lending Institutions, pursuant to Article 254 of the Code of Commerce.

	25.3.3	Liability Derived from Fraud or Culpa Lata. The Agent shall have no liability beyond that which might be derived from fraud or culpa lata in its actions.

	25.3.4	Duty to Communicate Without Obligation to Prove. The Agent’s duty to communicate shall be exhausted upon informing each Lending Institution of any document related to the Loan which it has received, and of any notice or notification that might constitute a cause for accelerated maturity of this agreement which it has received. The Agent shall not be obligated to prove the veracity or certainty of any information received, or the performance of this agreement by any of the parties hereto.

	25.3.5	Lack of Responsibility to the Lending Institutions of the Agent’s Administrators, Directors, or Employees. The Lending Institutions undertake not to file any legal action against any administrator, board member, director, or employee of the Agent’s which is related to the functions of the Agent under this agreement, except if such claims are the consequence of the fraudulent or grossly negligent conduct of the administrators, board members, directors, or employees of the Agent’s with respect to the Lending Institutions.

25.4	Reimbursement of Amounts to the Agent

	The Lending Institutions shall reimburse the Agent immediately, prorated to their share of the Loan, for any disbursement made by the Agent by reason of this Agreement in the common interest of the Lending Institutions, notwithstanding the favorable or adverse result of the actions or measure that gave rise to the disbursement. The Agent shall be authorized to withhold from the amounts payable to the Lending Institutions, for any item, the sum of the aforementioned amounts.

25.5	Resignation of the Agent

	25.5.1	Free Resignation. The Agent may freely resign its position through written notification to the other Lending Institutions and to the Obligee, although its resignation shall only take effect from the date of appointment and acceptance of the new institution that assumes the position of Agent.

	25.5.2	Appointment of New Agent by the Majority of Lending Institutions. In case of resignation, the new Agent shall be named by the Majority of Lending Institutions.

		All the Lending Institutions give their consent and approval to the appointment of an Agent which the Majority of Lending Institutions agrees in the future, and they ratify the mandate and agency granted in virtue of this Stipulation 25.

	25.5.3	Subsidiary Appointment of New Agent by the Outgoing Agent. If within thirty (30) days after the notification of its resignation by the Agent, the Majority of Lending Institutions have not named a new Agent or the appointee has not accepted the appointment, the Agent shall name the replacement itself, from among the Lending Institutions.

	25.5.4	Prior Consultation with the Obligee. The appointment of the new Agent shall be discussed, in advance, with the Agent, both if it is agreed by the Majority of Lending Institutions and if it is appointed by the Outgoing Agent.

	25.5.5	Resignation and Appointment in a Certified Instrument. The resignation of the Agent and the appointment of the new Agent shall be documented in a certified document.

	25.5.6	Identicalness of Terms of the New Agent’s Mandate. The New Agent shall be invested with the same rights, authorities, and duties as the outgoing Agent.

	25.5.7	Expenses Not Passed Through to the Obligee. The expenses caused as a result of the resignation or appointment of an Agent shall not be passed through to the Obligee.

25.6	Revocation of the Agent

	25.6.1	Assumptions and Requirements of Revocation of the Agent. The Majority of Lending Institutions may agree to revoke the appointment of the Agent because of gross nonperformance or repeated differences with the rest of the Lending Institutions, provided that they simultaneously appoint another Agent from among the Lending Institutions, and that it accepts the position.

	25.6.2	Referral to the Regime for Replacement by Resignation. The appointment and the regime of the new Agent in case of revocation shall be mutatis mutandi, that indicated in Stipulations 25.5.2 and 25.5.4 to 25.5.7.

26.	ASSIGNMENT

26.1	Prohibition Against Assignment by Obligee

	Obligee may not assign or encumber its rights or obligations derived from this Financing Agreement, in whole or in part.

26.2	Assignment by Lending Institutions: Requirements

	Each Lending Institution or Guarantor may only assign or encumber its lending position in this Agreement in whole or in part, effective against the Obligee and the other Lending Institutions, to other credit institutions, subject to the following:

	26.2.1	Assignment Coincident with an Interest Period. With respect to those outstanding Drawdowns on the date of the assignment, the transaction shall take effect, with respect to each and every one of such Drawdowns, on the first date that in which the Interest Period reaches the maturity date. The Agent will not be obliged to distribute payments from the Obligee to the Assignor once reached the effectiveness date (inclusive) even if the cause of such payment had its origin before said date.

	26.2.2	Assignment in Certified Instrument. The assignment shall necessarily be granted in a certified instrument.

	26.2.3	Nonexistence of Greater Burden for Obligee. The transaction shall not generate a greater burden for the Obligee.

	26.2.4	Prior Notification to Agent by Assignor. The transaction shall be noticed in writing to the Agent at least ten (10) Business Days in advance of its effective date, for its subsequent notification by the Agent to the Obligee, within the five (5) Business Days after the date on which it was notified, indicating the identity of the assign and the amount of the assignment. Obligee shall comply at all time with the obligations in its charge related to obtaining the corresponding Financial Transaction Number from the Bank of Spain if the assign is not a Spanish institution.

	26.2.5	Minimum Amount of Each Assignment. Except in the case of an assignment of all the assignor’s interest in the financing covered by this Agreement, the amount of each assignment transaction shall be equal to TEN MILLION EUROS (€ 10,000,000) or, if it is greater, in whole multiples of FIVE MILLION EUROS (€ 5,000,000), jointly for the Maximum Amount of Tranche A and the Guaranty.

	26.2.6	Assignment of Tranche B. The assignment of the lender’s contractual position in Tranche B shall in all cases imply the assumption by the assign of the Agent’s position. There may not be partial assignments of the contractual position of Tranche B. That notwithstanding, the Agent may cause itself to be guaranteed in those shares of Tranche B which are currently not guaranteed, with that new guarantor being automatically subject to everything stipulated in the Financing Documents. The Guarantors may assign to third parties their contractual position in the Guaranty, provided that (i) they assign an equivalent position in the contractual position of the Tranche B Guaranty of the ACCIONA Financing Agreement; and (ii) the assignment meets the rest of the requirements established in this Clause 26.

	26.2.7	Rating. The Assign shall have a rating greater than “A” from Standard and Poor’s or the equivalent thereof from the remaining rating agencies.

27.	ACCELERATED MATURITY

27.1	Accelerated Maturity for Default on Obligations

	The Lending Institutions may declare the accelerated maturity of this Agreement and demand accelerated amortization of all the payment obligations, with the interest and other amounts accrued for which the Obligee is responsible, if any of the causes of accelerated maturity described in this Stipulation occurs, this even though the Obligee has not defaulted on its payment obligations in virtue of this agreement, or if fraud or fault did not exist on the part of the Obligee in the default on the obligation in question, or if the guaranties provided to ensure performance of this agreement have been retained.

	27.1.1	Default on Payment Obligations. Default by the Obligee on any payment obligation for principal, interest, commissions, or for any other time, at their respective maturity or on the date due, thus construing as agreed in particular for the effects of Article 693.2^nd of the Rules of Civil Procedure.

	27.1.2	Breach of the RCDS. Breach by the Obligee of its obligation to maintain the RCDS pursuant to the provisions of Stipulation 24.6.1, except if such breach is cured within a period of two (2) Business Days from the notification sent by the Agent and indicated in Stipulation 24.6.2 above.

		The cure of the RCDS may be done by:

		-	the acquisition and pledging of new ENDESA shares;

		-	through the contribution of new funds applied to reducing the outstanding

		-	through contribution of a new bank guaranty upon first demand in an amount equivalent to that which must be provided to the Obligee for it to amortize the Financing insofar as necessary to make the RCDS be greater than or equal to 115%.

	27.1.3	Breach of the Mandatory Accelerated Amortization Rules. Breach by the Obligee of its obligations to accelerate amortization of the Financing, pursuant to Stipulation 18.

	27.1.4	Breach of the Duty to Retain the ENDESA Shares. Beach by the Obligee of its obligations to retain ownership of all the ENDESA Shares and not to dispose of them, pursuant to Stipulation 24.3.2.

	27.1.5	Uncured Breach of other Obligations of the Obligee’s. Breach by the Obligee of any other obligations in virtue of this agreement or of the Financing Documents, provided that such breach is not cured within a period of ten (10) days from the date on which the cure thereof was requested by the Agent.

27.2	Accelerated Maturity for Reduction in Solvency of Obligee or Change in the Economic Assumptions or Conditions of this Agreement

	The Lending Institutions may declare the accelerated maturity of this Agreement and demand accelerated amortization of all the payment obligations, with the interest and other amounts accrued for which the Obligee is responsible, if any of the causes for accelerated maturity described in this Stipulation occurs, given that the occurrence thereof shall affect the capacity of the Obligee to meet its short-, medium-, and long-term obligations, or it shall cause a change in the economic assumptions or conditions related to the Obligee and/or ENDESA, which led the Lending Institutions to grant this Agreement.

	Pursuant to the aforesaid, the occurrence of any of the causes for accelerated maturity shall be sufficient, even if the Obligee has not defaulted on any obligation in virtue of this agreement, or if no fraud or fault by the Obligee existed in the breach of the obligation in question, or if the guaranties provided to ensure performance of this agreement are retained.

	27.2.1	Bankruptcy or Insolvency. If the Obligee or ENDESA request the declaration or is declared, in a legal state of bankruptcy or insolvency, or is the object of any

	receivership, administration, or bankruptcy liquidation proceeding, or if it enters into any debt renegotiation, discharge, or grace agreement.

27.2.2	Adverse Material Change. If an Adverse Material Change occurs with respect to the Obligee, pursuant to the reasoned judgment of the Majority of Lending Institutions. If an Adverse Material Change occurs in ACCIONA (except if Tranche B of the ACCIONA Financing Agreement is fully drawn down), pursuant to the reasoned judgment of the Majority of Lending Institutions.


27.2.3	Change of Control of the Obligee. If ACCIONA ceases to hold 100% of the Obligee’s capital.

27.2.4	Cross-Default. If any debt contracted by the Obligee with any third party (including the Financial Transaction Framework Agreements) were not satisfied or the maturity thereof were declared accelerated, as a result of default.

27.2.5	Execution or Distrainment. If with respect to the Obligee any judicial, extrajudicial, or administrative proceeding were instituted which implies the execution or distrainment of the Obligee’s assets.

27.2.6	Cessation of Business or Activity. If the Obligee ceases its business or activities.

27.2.7	Revocation or Non-Renewal of Licenses or Authorizations. If the administrative licenses, permits, or authorizations required to maintain ownership of the ENDESA Shares by the Obligee are revoked, challenged, or not renewed.

27.2.8	Prejudice or Ineffectiveness of the Guarantees. If the Obligee does not grant the Guarantees promised in the Guaranty Agreement, or if the Guarantees granted, through its own acts or not, disappear or become ineffective, whether or not substitutable by others. In any case the Guaranty on the Obligee’s shares shall be deemed prejudiced in case of a non-interlocutory court order of distrainment of the Obligee’s shares.

27.2.9	Non-Enforceability of the Obligations Arising from the Financing. If the obligations under this Agreement become or are declared nonexistent, invalid, or ineffective.

27.2.10	Falsity or Gross Inexactitude of Representations and Warranties. If there is falsity or gross inexactitude in the information stated or in the representations made by the Obligee in virtue of this agreement.

27.2.11	Denial of Audit Opinion, Negative Opinion, or Essential Qualifications. If the Obligee’s auditor does not make or refused to give its audit report or opinion, or it issues a negative report or opinion or one with essential qualifications.

	27.2.12	Public Tender Offer. If the Obligee is obligated by the National Securities Market Commission (CNMV) or other competent authorities to make a public offering to purchase shares of ENDESA, except in the case that ACCIONA assumes, to the satisfaction of all the Lending Institutions, the contribution of funds required to settle such offering, and that such funds were contributed as Subordinated Debt.

	27.2.13	Tax Consolidation. If the Obligee failed to consolidate in the tax group of which ACCIONA is the dominant company, except by legal imperative.

	27.2.14	Economic Rights of the ENDESA Shares. If the Obligee loses the economic rights of the ENDESA Shares, or if such were suspended for any reason.

	27.2.15	Breach of Ratios. Breach by ACCIONA of the financial ratios contained in Stipulation 24.6 of the ACCIONA Financing Agreement. Breach of the aforementioned financial ratios shall not be a cause for accelerated maturity of this Agreement, if on that date: (i) Tranche B of the ACCIONA Financing Agreement were fully drawn down; or (ii) ACCIONA were to contribute to the Obligee Subordinated Debt in the amount of the available balance of Tranche B of the ACCIONA Finance Agreement, charged to other financial agreements, and without drawing down such ACCIONA Financing Agreement.

	27.2.16	Delisting of Endesa. If the shares of Endesa, S.A., ceased, for any circumstances, to be listed for trading on any Spanish Exchange, and in the exchange interconnection system (SIBE).

27.3	Accelerated Maturity for Reduction in Solvency of ACCIONA

	The Lending Institutions may declare the accelerated maturity of this Agreement and demand accelerated amortization of all payment obligations, with interest and other amounts accrued for which the Obligee is responsible, if any of the causes of accelerated maturity described in this Stipulation occurs, given that their occurrence will affect the capacity of the Obligee to meet its short-, medium-, and long-term obligations, or it shall cause a change in the economic assumptions or conditions related to ACCIONA, which caused the Lending Institutions to grant this Agreement.

	27.3.1	Default by ACCIONA. Default by ACCIONA on its obligations under any Financing Documents, other than the ACCIONA Financing Agreement, to which it is a party.

		The accelerated maturity of the ACCIONA Financing Agreement.

	27.3.2	Adverse Material Change. If an Adverse Material Change in ACCIONA occurs.

	27.3.3 Bankruptcy or Insolvency. If ACCIONA files a request to be declared bankrupt, or if any other type of bankruptcy situation occurs, or if, the request of a third party having been granted, it is admitted for judicial resolution; likewise, if ACCIONA were subject to court administration or were the object of seizure or if its inability to pay its debts in general when due were recognized, or if a renegotiation of all or a material part of its payment obligations were instituted, or if any other similar action or procedure were undertaken, judicial or private, which causes identical results.

	27.3.4 Cross-Default. If any debt contracted by ACCIONA, in an individual or joint amount in excess of ONE HUNDRED MILLION EUROS (€ 100,000,000) were not paid at its regular or accelerated maturity.

	27.3.5 Breach of Judgments. If ACCIONA were to breach an order or final judgment enforceable in Spain, coming from a competent judicial or administrative authority, ordering it to pay a specific amount, if such order individually or jointly with other orders exceeds the figure of ONE HUNDRED MILLION EUROS (€ 100,000,000).

	27.3.6 Expropriation. If as a result of a governmental intervention or an expropriation the administrators of ACCIONA were replaced, or such company were to lose control or ownership of its business or assets or such control or ownership are restricted such that it affects the capacity of ACCIONA to meet the payment obligations derived from the ACCIONA Support Agreement.

	The causes for accelerated maturity stipulated in Sections 27.3.2 to 27.3.6 shall constituted cases of accelerated maturity if Tranche B of the ACCIONA Financing Agreement were not fully drawn down.

27.4	Alternatives for Lending Institutions

	If any of the cases of accelerated maturity described in Stipulations 27.1 to 27.3 occurs, the Lending Institutions shall be authorized to chose among (i) declaring the accelerated maturity of all the obligations for which the Obligee is responsible; (ii) terminating this Agreement; or (iii) retaining the effectiveness of this agreement and, if applicable, demanding specific performance of the breached obligations.

	The option to retain the agreement shall in no way limit the authority of the Lending Institutions to declare, subsequently, the accelerated maturity or termination of this Agreement, if the cause for accelerated maturity persists or a different one has occurred.

27.5	Termination by Decision of the Majority of Lending Institutions: Binding Nature

	The declaration of accelerated maturity or termination of this agreement shall be decided by the Majority of Lending Institutions and it shall bind the absent, abstinent, or dissident Lending Institutions.

27.6	Individual Termination Without Agreement of the Majority of Lending Institutions

	The individual right of each of the Lending Institutions to request the accelerated maturity or termination of this agreement insofar as appertaining to it and to exercise it is reserved, if the Majority of Lending Institutions have not agreed to declare accelerated maturity or termination of this agreement in a maximum period of twenty (20) Business Days calculated from (i) the date of receipt by the Agent of the request from any of the Lending Institutions to form such Majority of Lending Institutions or, if such request did not exist, (ii) the date of notification by the Agent to the Lending Institutions of the occurrence of a cause of accelerated maturity.

27.7	Procedure With Respect to Obligee

	27.7.1	Notification to the Obligee. When the Majority of Lending Institutions have agreed to declare the accelerated maturity or termination of this Agreement, such decision shall be reported by the Agent to the Obligee.

	27.7.2	Term for Payment. Obligee shall be obligated to pay all the amounts owed for any item (principal, interest, commissions, expenses, or any other item) in virtue of this agreement, within a period of three (3) calendar days calculated from the date of the notification to that end made by the Agent to it.

	27.7.3	Exercise of Legal Actions. Once such term has elapsed without the Obligee’s having met its obligation to pay all the amounts owed, the Agent shall institute the corresponding legal claim, to which effect the Agent shall act as mandatary for the Lending Institutions.

		If the Agent does not institute the corresponding legal claim, after a period of ten (10) days from the end of the three (3) calendar-day period established in Stipulation 27.7.2 above, each one of the Lending Institutions may individually take the corresponding legal actions against the Obligee to claim the amounts appertaining to them.

		All the Lending Institutions undertake to grant the Agent such powers of attorney as required by the Rules of Civil Procedure and other

	applicable legislation, for the effects that the Agent may act in their behalf in the legal proceedings instituted pursuant to this Stipulation or, alternatively, to appear together with the Agent, at its request, in order to enable the exercise of the rights granted to the Lending Institutions, pursuant to the decisions made by the Majority of Lending Institutions.

27.8	Accrual of Arrears Interest

	The terms stipulated in this Stipulation 27, both to cure the cause for accelerated maturity occurring and for the Lending Institutions to be able to exercise their rights under this agreement, shall be deemed, in any case, without prejudice to the duty of the Obligee to pay the Lending Institutions arrears interest, from the date of default on any payment obligation, or from the date on which the Majority of Lending Institutions have declared the accelerated maturity or termination of this agreement, if such were not due to default of the payment obligations stipulated in this agreement.

		SECTION FIVE – EXECUTION

28.	EXECUTION OF THE FINANCING AGREEMENT

28.1	Determination of the Net Amount

	If the Lending Institutions were to decide to undertake the ordinary executory proceeding stipulated in Article 517 and subsequent of Law 1/2000, of January 7, on Civil Procedure, it is agreed, for the purposes of the provisions of Articles 572 and 573 of the aforementioned Law, that the amount due in case of execution of this agreement and its guarantees shall be that resulting from the liquidation made by the Agent based on the account indicated in Stipulation 14.2.

	28.1.1	Liquidation Made by the Agent. The presentation of this agreement, certified, accompanied by the following, shall be sufficient to take executory action: (i) the certification issued by the Agent in behalf of the Lending Institutions, which proves that the debit balance coincides with that which appears in the account indicated in Stipulation 22.1 and that the payment of the debt has been undertaken in the manner agreed by the contracting parties, which certification or certifications are incorporated into a Notarized Document or one in which a Notary shall appear; and (ii) the document that proves that the Obligee was notified of the amount due.

	28.1.2	Prevalence of the Determination Made by the Agent. Once the liquidation of the account indicated in Stipulation 22.1 has been made by the Agent, with respect to the entirety of the financing covered by this agreement or its guarantees, the Lending Institutions may not request individual payments based on the accounts indicated in Stipulation 22.2.

	28.1.3	Individual Determination by Any Lending Institution. While the Agent has not released the payment from the account indicated in Stipulation 22.1, if any Lending Institution individually enforces this financing or its guarantees judicially insofar as related to its share, it is agreed that the amount due shall be that resulting from the liquidation made by the executing Lender based on the respective account indicated in Stipulation 22.2. Once such individual payment is released, the payment which if applicable is subsequently made by the Agent from the account indicated in Stipulation 22.1 shall not include the amount corresponding to the Lender Institution or Institutions which have individually instituted execution.

	28.1.4	Full or Partial Liquidation, Without Waiver. The liquidations indicated in Stipulations 28.1.1 and 28.1.3 may include all or part of the items, without such implying any waiver whatsoever, in particular insofar as refers to the expenses and amounts owed in virtue of Stipulations 17.2, 19, and 20.

	28.1.5	Individual or Variable Parities. For the effects indicated in Article 574 of the Rules of Civil Procedure, the calculation of interest or variable parities shall be made pursuant to the provisions of Stipulation 15.

	28.1.6	Challenge by the Obligee. Obligee may not dispute or question the liquidations or calculations made by the Agent or by the Lending Institution that enforces its rights individually, pursuant to Stipulations 28.1.1 and 28.1.3, respectively, except for the reasons established in Article 557 of the Rules of Civil Procedure.

		If the executory proceeding is undertaken together with execution of a security or mortgage guaranty, Obligee may only challenge for the reasons established in Article 695 of the Rules of Civil Procedure.

	28.1.7	Liquidation Expenses. Obligee shall bear all expenses and taxes caused by reason of the Notarized Document or the intervention of the Notary cited in this Stipulation.

28.2	Procedure and Methods of Execution, General and Special

	The Lending Institutions may at any time use such execution procedures or modalities as are stipulated in the legal system, either with respect to the guarantees or with respect to the Obligee’s assets.

28.3	Miscellaneous Provisions

	In case of execution, the following provisions shall be applicable:

	28.3.1	Power of Attorney to the Agent to Request Issuance of Copies. The Agent is hereafter granted a power of attorney by all the parties to request the issuance of

		second copies of this document, for the effects indicated in Article 517.4 of the Rules of Civil Procedure, such copies being deemed issued with the consent of all the parties.

	28.3.2	Domicile for the Effects of Notifications. Obligee’s domicile for the effects of summonses and notifications shall be that indicated in Stipulation 29.1.

		SECTION SIX – MISCELLANEOUS

29.	MISCELLANEOUS STIPULATIONS

29.1	Correspondence and Addresses

	Any notification or correspondence which must or may be sent among the parties in virtue of this agreement shall be sent in writing to the address that appears in the recital hereof by letter, fax, or any other means although it shall only be deemed known by the addressee party if its receipt is undoubtedly documented.

	To these ends, the parties indicate the following fax numbers and the names and positions of the persons to whom correspondence should be sent, as well as, insofar as the Lending Institutions, the accounts for making payments among them.

To the Obligee:

FINANZAS DOS, S.A.

CONTACT INFORMATION

Contact for Sending
Documentation:

Address Where Documentation Must Be Sent:

Juan Gallardo / José Angel Tejero

Avda. Europa, 18
Parque Empresarial La Moraleja
28108 Alcobendas Madrid

Telephone No.:
Fax:
E-Mail:

91 663 2355
91 663 2929

To the Lending Institutions

BANCO SANTANDER CENTRAL HISPANO, S.A.

DOCUMENTATION Contact for Sending Documentation: Address Where Documentation Must Be Sent:	Raúl Osuna Menéndez / Inés García Revilla Finance Resolution Department Ciudad Grupo Santander Edificio Amazonia 2^nd Floor 28660 Boadilla del Monte (Madrid)
Telephone No.: Fax: E-Mail:	91 289 12 59 / 91 289 31 88 91 257 16 17 rosuna@gruposantander.com / inegarcia@gruposantander.com

CONTACTS FOR OPERATIONAL MATTERS

Name: Address:	José Manuel Llorente / Pedro de Miguel / Maribel Centeno Ciudad Grupo Santander, Edificio Marisma Ground Floor 28660 Boadilla del Monte – Madrid
Telephone No.: Fax: E-Mail:	91 289 30 12 / 91 289 30 13 / 91 289 47 89 91 257 11 64 / 91 257 11 65 / 91 257 10 86 / 91 257 16 36 Backofficesindicados.madrid@sinvest.es josmllorente@gruposantander.com micenteno@gruposantander.com

DETAIL FOR PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:
SWIFT Code
OMF

Banco Santander Central Hispano S.A.
BSCHESMM
0049

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

DOCUMENTATION

Contact for Sending
Documentation:

Iñigo Solaun Gonzalez / Celina Carvajal Fernandez

Address Where
Documentation Must Be
Sent:

Telephone No.:
Fax:
E-Mail:

Calle Alcalá, 16 – 4^th, 28014 Madrid, Spain

91-374-73-74 / 91-537-83-14
91-537-05-66
inigo.solaun@grupobbva,com / ccarvajal@grupobbva.com

CONTACTS FOR OPERATIONAL MATTERS

Name: Address:	Javier Granero / María González BBVA – Capital Markets Administration Vía de los Poblados no number, 4^th Floor 28033 Madrid, Spain
Telephone No.: Fax: E-Mail:	91-374-73-74 / 91-537-83-14 91-374-41-40 / 91-537-09-47 jgranero@grupobbva.com / mdgonzalez@grupobbva.com /

DETAIL FOR PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:
Account Number (OMF):

SWIFT Code

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
0182

BBVAESMM

BNP PARIBAS, Spain Branch

DOCUMENTATION

Contact for Sending
Documentation:

Address Where
Documentation Must Be Sent:

Telephone No.:
Fax:
E-Mail:

Jose Gefaell / Jose Serrano-Suñer / Carolina Torres

Calle Ribera del Loira 28, 4th floor Madrid 28042

91 388 80 25 / 80 26 / 80 38
91 388 80 50
Jose.gefaell@bnpparibas.com / Jose-serrano-suner@bnpparibas.com /
Carolina.torres@bnpparibas.com

CONTACTS FOR OPERATIONAL MATTERS

Name:
Address:
Telephone No.:
Fax:
E-Mail:

Alberto Sanchez / Elena García Juarez
Ribera del Loira, 28 2^nd FLOOR 28042 MADRID
91 388 80 25 / 80 26 / 80 38
91 388 80 99
Alberto.sanchez@bnpparibas.com
Elena.garciajuarez@bnpparibas.com

DETAIL FOR PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:
Account Number (OMF):

SWIFT Code

BNP PARIBAS SPAIN BRANCH
0149

BNPAESMS

CALYON, Spain Branch

DOCUMENTATION

Contact for Sending
Documentation:

Address Where
Documentation Must Be
Sent:

Telephone No.:
Fax:
E-Mail:

Rolando Menor Aguilera / Isabel López Fernández

Paseo de la Castellana, number 1

91.432.75.85
91.43275.08
isabel.lopez@es.calyon.com

CONTACTS FOR OPERATIONAL MATTERS

Name:
Address:

Telephone No.:
Fax:
E-Mail:

Mª Teresa García García / Ana Isabel Avila Tobar

91.432.73.85 / 91.432.72.75
91.432.73.85 / 91.432.72.75
maite.garcia@es.calyon.com

DETAIL FOR PAYMENTS AND COLLECTIONS IN EUROS

Entity Name: Calyon, Spain Branch

Account Number
SWIFT Code

0154 0001 95 9999999100
BSUIESMM

THE ROYAL BANK OF SCOTLAND PLC

DOCUMENTATION

Contact for Sending
Documentation:

Address Where
Documentation Must Be
Sent:

Telephone No.:
Fax:
E-Mail:

Lucia Rodríguez Bartolomé

Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid

+34 91 438 5175
+34 91 438 5307
Lucia.rodriguez-bartolome@rbos.com

CONTACTS FOR OPERATIONAL MATTERS

Name:
Address:
Telephone No.:
Fax:
E-Mail:

Henny de Lathauwer
Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid
+34 91 438 5129
+34 91 438 5307
Henny.delathauwer@rbos.com / RBSMadrid-
MiddleOffice@rbos.com

Please, for operational matters always copy:

Name:
Address:
Telephone No.:
Fax:
E-Mail:

Georgina Chave
2 ½ Devonshire Square London, EC2M 4BB
+44 207 672 6340
+44 207 615 0153
Georgina.chave@rbos.com /
GBMLendingOpsEuropeanCommercial@rbos.com

DETAIL FOR PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:
Account Number (OMF):

Royal Bank of Scotland, London

SWIFT Code
IBAN

RBOSGB2LGL O – Royal Bank of Scotland GLO, London
GB29RBOS16107010091313

BANCA IMI S.P.A.

DOCUMENTATION

Contact for Sending
Documentation:
Address Where
Documentation Must Be
Sent:

Telephone No.:
Fax:
E-Mail:

Valentina Valente Giacomo Cerri

Corso Matteotti, 6 20121 Milan

+39 02 7751 2434 / +39 02 7751 2686
+39 02 7751 2442
valentina.valente@bancaimi.it / giacomo.cerri@bancaimi.it

CONTACTS FOR OPERATIONAL MATTERS

Name:
Address:
Telephone No.:
Fax:
E-Mail:

With a copy to:

Name:

Address:
Telephone:
Fax:
E-Mail:

Riccardo Lamanna
Corso Matteotti, 6 20121 Milan
+39 02 7751 2413
+39 02 7751 92413
riccardo.lamanna@bancaimi.it

Andrea Barbaglio

Corso Matteotti, 6 20121 Milan
+39 02 7751 2350
+39 02 7751 2393
andrea.barbaglio@bancaimi.it

DETAIL FOR PAYMENTS AND COLLECTIONS IN EUROS

Entit
SWIFT Code

Banca IMI S.p.A.
IMIT IT MM

NATEXIS BANQUES POPULAIRES, Spain Branch

DOCUMENTATION

Contact for Sending
Documentation:

Address Where
Documentation Must Be
Sent:

Telephone No.:
Fax:
E-Mail:

Ricardo Teissiere

Paseo de Recoletos 7-9 // 28004 Madrid / Spain

34 91 837 47 54
34 91 837 47 81
Ricardo.teissiere@es.nxbp.com

CONTACTS FOR OPERATIONAL MATTERS

Name:
Address:
Telephone No.:
Fax:
E-Mail:

Esther Campos / Karine Rodríguez
Paseo de Recoletos 7-9 // 28004 Madrid
34 91 837 47 25 /20
34 91 837 47 80
natexis@es.nxbp.com

DETAIL FOR PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:
BIC
IBAN
Account Number

BdE Treasury Account // ESPBESMM for international payments
BFCEESMM
ES18 9000 0001 2000 141
1479

29.2

Full Agreement

This Financing Agreement reflects all the agreements reached among the parties regarding the financing covered by it and it nullifies and invalidates any preparatory or other type of agreements or documents that may have been signed prior to today’s date.

29.3

Novation

No party may claim novation of this agreement if it is not contained, expressly, in a document signed by the other party.

30. 30.1	LAW AND FORUM Applicable Law This agreement shall be governed by Spanish Law.

30.2	Judicial Forum Waiving all other forums that might appertain to them, the parties subject themselves to the Courts and Tribunals of the city of Madrid.

31.	CONFIDENTIALITY The Lending Institutions undertake not to disclose to third parties any information related to this Agreement, except as a result of a judicial or administrative request or to comply with applicable law. Such prohibition shall not be applicable to third parties interested in acquiring a share of the aforementioned Agreement, who are suitable therefor pursuant to the provisions of Section 26, above, provided that such third parties have previously signed the corresponding confidentiality agreement.

32.	CERTIFIED DOCUMENT The parties hereby certify this Agreement in a writing authorized by the Notary of Madrid, Mr. José Miguel García Lombardía, in order for all the amounts owed in virtue hereof to have the status of a documented credit, for all the effects stipulated in Article 517.2.4^thand 572 to 574 of the Rules of Civil Procedure and other applicable legal precepts.

SIGNATURE PAGES FOLLOW

The content of this Financing Agreement as it appears written having been agreed to and approved by the parties, I issue one copy for a single effect, for it to be certified, containing ___ pages (including its appendices) written only on the front, they agree to sign only below their corresponding names.

The Obligee:

For FINANZAS DOS, S.A.

/s/ Juan Gallardo Cruces	/s/ José Ángel Tejero Santos
Signed: Mr. Juan Gallardo Cruces	Signed: Mr. José Ángel Tejero Santos

The Lending Institutions:

For BANCO SANTANDER CENTRAL HISPANO, S.A:
/s/ Manuel Pérez Peral	/s/ Ignacio Dominguez-Adame Bozzano
Signed: Mr. Manuel Pérez Peral	Signed: Mr. Ignacio Domínguez-Adame Bozzano

For: BNP PARIBAS Spain Branch

/s/ José Gefaell Chamochin	/s/ José Serrano-Suñer de Hoyos
Signed: Mr. José Gefaell Chamochin	Signed: Mr. José Serrano-Suñer de Hoyos

For: THE ROYAL BANK OF SCOTLAND, PLC

/s/ Jose Maria Arana Arbide			/s/ Francisco Javier Sierra Sopranis
Signed: Mr. Jose Maria Arana Arbide			Signed: Mr. Francisco Javier Sierra Sopranis


For CALYON, Spain Branch:

/s/ Rolando Menor Aguilera			/s/ Mr. Javier Álvarez-Rendueles Villar
Signed: Mr. Rolando Menor Aguilera			Signed: Mr. Javier Álvarez-Rendueles Villar

For BANCO BILBAO VIZCAYA ARGENTARIA, S.A:

/s/Fernando Vázquez de la Puerta	/s/ Juan Gortazar Sánchez-Torres
Signed: Mr. Fernando Vázquez de la Puerta	Signed: Mr. Juan Gortazar Sánchez-Torres

For BANCA IMI S.P.A.:

/s/ José Guardo Galdón

Signed: Mr. José Guardo Galdón

For NATEXIS BANQUES POPULAIRES, Spain Branch:

/s/ Ricardo Teissiere Carrión	/s/ José Luís Sánchez García
Signed: Mr. Ricardo Teissiere Carrión	Signed: Mr. José Luís Sánchez García

APPENDIX 3.2.1

Sample Request for Drawdown of Tranche A

Mr. / Mrs. [Agent]
[Agent’s Address]

			Re:		Tranche A for a maximum amount of € 4,594,984,200.80
					Drawdown Charged to Tranche A of the Financing Agreement

Dear Sirs:

We are writing to you in relation to Tranche A in the amount of four billion five hundred ninety-four million nine hundred eighty-four thousand two hundred euros and eighty cents (€ 4,594,984,200.80) which forms part of a financing agreement that was formalized on December 21, 2006 in a private document, certified through a Writing granted before the Notary Mr. [ ] with number [ ] of his protocol (hereinafter, the “Financing Agreement”). The terms contained in this request have the same meaning as established in the Financing Agreement.

In virtue of the provisions of Stipulation 3.2.1 of the Financing Agreement, we hereby notify you of our intention to make a Drawdown charged to the aforementioned Tranche A of the Financing Agreement pursuant to the following terms:

(i)

(ii)

(iii)

Date of the Drawdown: […]

Amount of the Drawdown: […] euros (EUR […]).

Duration of the Interest Periods: […] ([…]) months.

To these ends, we would like to inform you that on the date this request is made:

(i)	The representations made in virtue of that contained in Stipulation 23 of the Financing Agreement continue in effect.

(ii)	No Adverse Material Change with respect to the Obligee has occurred or is foreseeable.

(iii)	That no Case of Accelerated Maturity of those stipulated in Stipulation 27 of the Financing Agreement has occurred or could foreseeably occur, nor will the Obligee fall under any of such cases as a result of the Drawdown requested.

(iv)	This notification complies with the requirements established in Stipulation 3.2.1 of the Financing Agreement.

Sincerely

Mr. [ ]

[Obligee]

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In Madrid, December 21, 2006

SYNDICATED FINANCING AGREEMENT

__________________________________________________________________________

Divided into

TRANCHE A

Maximum Amount: € 1,429,616,955.40

and

TRANCHE B

(LINE OF CREDIT IN CHECKING ACCOUNT)

Maximum Amount: € 1,083,277, 312.52

BETWEEN

ACCIONA, S.A.

As Borrower

and

BANCO BILBAO VIZCAYA ARGENTERIA, S.A.
THE ROYAL BANK OF SCOTLAND, PLC
BANCA IMI S.P.A.
BNP PARIBAS, BRANCH LOCATED IN SPAIN

BANCO SANTANDER CENTRAL HISPANO, S.A.
NATEXIS BANQUES POPULAIRES, BRANCH
LOCATED IN SPAIN
CALYON, BRANCH LOCATED IN SPAIN

As Lending Organizations

and

BANCO SANTANDER

As Agent

(LEGAL AND TAX CONSULTANTS)

		TABLE OF CONTENTS

SECTION ONE – DEFINITIONS AND INTERPRETATION			10

1.	DEFINITIONS AND INTERPRETATION		10

	1.1	Definitions	10
	1.2	Principles of interpretation	16

SECTION TWO – TRANCHE A			17

2.	GENERAL TERMS		17

	2.1	Amount	17
	2.2	Acceptance	17
	2.3	Assignment	17
	2.4	Distribution	17
	2.5	Acceptance by the Lending Organizations of their participation	18

3.	DRAWDOWN OF THE FUNDS		18

	3.1	Drawdown of the funds	18
	3.2	Drawdown	18
	3.3	Delivery of the funds	18
	3.4	Conditions precedent for the Drawdowns of Tranche A	19
	3.5	Documentation of the Drawdown of Tranche A	20

4.	INTEREST		20

	4.1	Accrual	20
	4.2	Daily Accrual, annualized, during each Interest Period	20

5.	INTEREST RATE		20

	5.1	Division in Interest Periods	20
	5.2	Interest Rate	21
	5.3	Interest Payment	21

6.	PAYMENT AND AMORTIZATION		21

	6.1	Ordinary amortization	21
	6.2	Voluntary advance amortization	21
	6.3	Obligatory advance amortization	22

7.	JOINT RESPONSIBILITY CHARACTER		22

	7.1	Joint Responsibility	22
	7.2	Effect of non-fulfillment by any Lending Organization	23
	7.3	Extra-judicial and judicial actions by the Lending Organizations	23
	7.4	Agreements by the Majority of the Lending Organizations	23

SECTION THREE – TRANCHE B (LINE OF CREDIT IN CHECKING ACCOUNT)			24

8.	GENERAL TERMS		24
	8.1	Amount	24

	8.2	Acceptance	24
	8.3	Assignment	25

9.	DRAWDOWN OF THE FUNDS		25

	9.1	Drawdown	25
	9.2	Conditions precedent for the Drawdowns of Tranche B	25
	9.3	Subordinated Debt	26

10.	LOAN INTEREST IN CHECKING ACCOUNT		26

	10.1	Accrual	26
	10.2	Daily Accrual, annualized, during each Interest Period	26
	10.3	Interest Periods	26

11.	INTEREST RATE OF TRANCHE B AND PAYMENT OF INTEREST		27

	11.1	Interest rate	27
	11.2	Interest payment	27

12.	EXCESS AMOUNTS		27

13.	REIMBURSEMENT AND REDEMPTION DATE		27

	13.1	Redemption Date	27
	13.2	Voluntary advance reimbursement	27

14	GUARANTEE		27

	14.1	Guaranteed obligations	27
	14.2	Guarantee at first request	28
	14.3	Obligations of the Guarantors	28
	14.4	Maximum amount of the guarantee	29
	14.5	Joint responsibility	29
	14.6	Effects of non-fulfillment by any Guarantor	29
	14.7	Reimbursement	30
	14.8	Subrogation	30
	14.9	Risk Commission	30
	14.10	Drawdown Commission	30
	14.11	Registration of the guarantee in the registry books	30
	14.12	Period of validity for the Guarantee	31

SECTION FOUR – TERMS AND CONDITIONS THAT APPLY TO
BOTH TRANCHES			31

15.	INTEREST RATE		31

	15.1	Calculation	31
	15.2	Reference interest rate and substitute rate	31
	15.3	Margin	33
	15.4	Procedure for establishing the interest rate	33
	15.5	Breakdown of the market	34

16.	DELINQUENCY/DEFAULT INTEREST		34

	16.1	Accrual of default interest on the unpaid principal	35
	16.2	Capitalization of ordinary interest	35
	16.3	Liquidation and payment or capitalization of default interest	35
	16.4	Default interest according to Civil procedure	35

17.	CHANGE OF CIRCUMSTANCES		35

	17.1	General declaration	35
	17.2	Increase in costs or reduction of incomes	36
	17.3	Unforeseen breach of Agreement	36
	17.4	Mitigation of the consequences of the change of circumstances	37
	17.5	Foreseeable changes of circumstances	37
	17.6	Favorable change of circumstances	37

18.	CANCELLATION OF THE AGREEMENT		37

19.	COMMISSIONS AND COSTS		38

	19.1	Coverage, structuring and opening Commissions	38
	19.2	Agency Commission	38
	19.3	Drawdown Commission	38
	19.4	Costs and taxes derived from the Financing Agreement	38

20.	TAXES		39

	20.1	Net payment of taxes	39
	20.2	Recovery and reversal of tax withholdings	39

21.	PAYMENTS		39

	21.1	Method of payments	39
	21.2	Firmness and irrevocability of the payments	40
	21.3	Distribution	40
	21.4	Proportional Drawdown of payments to the Lending Organizations	40
	21.5	Payment of balances	41
	21.6	Payment of damages caused to the Lending Organizations by the
		breakdown of the Interest Period	42

22.	ACCOUNTS		42

	22.1	Agent Accounts	42
	22.2	Account of each Lending Organization	42
	22.3	Carrying forward of accounts in case of transfer	43

23.	DECLARATIONS AND GUARANTEES		43

	23.1	Declarations and Guarantees	43
	23.2	Repetition of the Declarations and Guarantees	44

24.	OBLIGATIONS		45

	24.1	Obligation of information	45
	24.2	Obligation in matters of accounting, annual accounts and auditing	46
	24.3	Obligations relating to business activity	46
	24.4	Obligations of a corporate or company nature	47

	24.5	Financial obligations	48
	24.6	Obligations of carrying out financial ratios	49

25	AGENCY		50

	25.1	Appointment	50
	25.2	Content of the mandate	50
	25.3	Responsibility of the Agent to the Lending Organizations	51
	25.4	Repayment of amounts to the Agent	52
	25.5	Resignation of the Agent	52
	25.6	Dismissal of the Agent	53

26.	TRANSFER		53

	26.1	Prohibition of transfer by the Borrower	53
	26.2	Transfer by the Lending Organizations: requirements	53

27.	EARLY TERMINATION		54

	27.1	Early termination because of non-fulfillment of obligations	54
	27.2	Early termination because of decline in the Borrower’s solvency or
		alteration of the budgets or economic conditions of the present agreement	55
	27.3	Alternatives of the Lending Organizations	56
	27.4	Resolution by majority decision of the Lending Organizations:
		binding character	57
	27.5	Individual resolution without majority agreement of the Lending
		Organizations	57
	27.6	Procedure towards the Borrower	57
	27.7	Accrual on default interest	58

SECTION FIVE– IMPLEMENTATION			58

28.	IMPLEMENTATION OF THE FINANCING AGREEMENT		58

	28.1	Determination of the liquid amount	58
	28.2	Procedure and methods of implementation, general and special	59
	28.3	Various provisions	60

SECTION SIX – MISCELLANEOUS			60

29.	VARIOUS STIPULATIONS		60

	29.1	Communications and domiciles	60
	29.2	Complete agreement	66
	29.3	Novation	66

30.	LAW AND JURISDICTION		67

	30.1	Applicable law	67
	30.2	Legal jurisdiction	67

31.	CONFIDENTIALITY		67

32.	PUBLIC DOCUMENT		67

		INDEX OF APPENDICES
Appendix 24.1.5		Model of Certificate of Ratios

FINANCING AGREEMENT

In Madrid, December 21, 2006

ASSEMBLED

Party of the first part,

Mr. Valentin Francisco Montoya Moya, being of legal age, with National Identity Document No. 50,539,787-R and Mr. Juan Gallardo Cruces, being of legal age, with National Identity Document No. 691,950-H for and on behalf of ACCIONA, S.A. (hereinafter “ACCIONA” or the “Borrower”), with domicile in Alcobendas (Madrid), number 18 Europa Avenue and Tax Identification Code number A-08001851, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively by the Madrid Notary Mr. Manuel Rodriguez Marin, on October 26, 1998, under order number 2911 of his notary record book.

And, party of the second part,

Mr. Manuel Pérez Peral, being of legal age, with National Identity Document No. 7,300,295-P and Mr. Ignacio Dominguez-Adame Bozzano, being of legal age, with National Identity Document No. 1,391,826-M, for and on behalf of BANCO SANTANDER CENTRAL HISPANO, S.A. (hereinafter “SAN”, or the “Agent”) with domicile in Santander, numbers 9-12 Paseo de Pereda and Tax Identification Code number A-39000013, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively by the Notary of the Illustrious College of Burgos, Mr. José Marìa de Prada Diez, on March 1, 2002, under order number 574 of his notary record book.
Mr. Jose Maria Arana Arbide, of age of majority, with ID No. 15.940.550-D and Mr. Francisco Javier Sierra Sopranis, of age of majority, with ID No. 42.090.468-P, on behalf and in representation of THE ROYAL BANK OF SCOTLAND, PLC (hereinafter “RBS”), with domicile at 36 St. Andrew Square, Edinburgh EH2 2YB, Scotlan d, duly registered in the Commercial Registry of Scotland under number 90312, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid Mr. Antonio de la Esperanza Rodriguez, on September 19, 2006, under serial number 5,388 of his protocol.
Mr. José Gefaell Chamochin, being of legal age, with National Identity Document No. 36,045,004-W and Mr. José Serrano-Suñer de Hoyos, being of legal age, with National Identity Document No. 7,240,457-B, for and on behalf of BNP PARIBAS Branch located in Spain (hereinafter, “BNP”),with domicile in Madrid, number 28 Ribera de Loira Street and Tax Identification Code number A- 0011117-I, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively by the Madrid Notary Mr. Miguel Ruiz Gallardón Garcìa de la Rasilla, on February 10, 2005, under order number 963 of his notary record book and by the same Notary, on July 12, 2006, under order number 5,797 of his notary record book.

Mr. Rolando Menor Aguilera, being of legal age, with National identity Document No. 50,820,688-A and Mr. Javier Alvarez-Rendueles Villar, being of legal age, with National Identity Document No. 7,230,899-K, for and on behalf of CALYON, branch located in Spain (hereinafter, “CALYON”), with domicile in Madrid, number 1 Paseo de la Castellana and Tax Identification Code number A-0011043-G, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively , by the Madrid Notary Mr. José Manuel Garcìa-Lozano Zulueta, on July 28, 2004, under order number 951 of his notary record book and by the same Notary on April 18, 2005, under order number 359 of his notary record book.
Mr. Fernando Vázquez de la Puerta, being of legal age, with National Identity Document No. 401,727-D and Mr. Juan Gortázar Sanchez-Torres, being of legal age, with National Identity Document No. 50,838,339-J, for and on behalf of BANCO BILBAO VIZCAYA ARGENTERIA, S.A. (hereinafter,“BBVA”), with domicile in Bilbao number 4 Plaza de San Nicolás and Tax Identification Code n umber A-48265169, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively, by Bilbao Notary Mr. José Marìa Arriola Arana, on March 17, 2003, under order number 418 of his notary record book and by Bilbao Notary Mr. José Ignacio Uranga Otaegui, on June 6, 2000, under order number 2,174 of his notary record book.
Mr. José Guardo Galdón, being of legal age, with National Identity Document No. 18,965,349-D, for and on behalf of BANCA IMI S.P.A. (hereinafter, “IMI”), with domicile in Milan (Italy), number 6 Corso Matteotti Street, and registered in the register of companies with number 01988810154, duly authorized to execute this agreement by virtue of a power of attorney executed before Milan Notary Mrs. Mónica de Paoli, on December 21, 2006.
Mr. Ricardo Tessiere Carrión, being of legal age, with National Identity Document No. 00698785-E and Mr. José Luís Sánchez García, being of legal age, with National identity Document No. 4611737-Z, for and on behalf of NATEXIS BANQUES POPULAIRES, branch located in Spain (hereinafter, “NATEXIS”), with domicile at Paseo de Recoletes 7-9 and Tax Identification Code number N - -00130551, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively, by Madrid Notary Mr. Pablo de la Esperanza Rodríguez, on April 19, 2006, under order number 1,693 of his notary record book, and by Madrid Notary Mr. Pablo de la Esperanza Rodríguez, on September 20, 2001, under order number 4,060 of his notary record book.

Hereinafter, and notwithstanding that which is stipulated herein below SAN, RBS, BNP, CALYON, BBVA, IMI, and NATEXIS will collectively be called the “Lending Organizations.”

THEY MANIFEST AND DECLARE

I.	On September 25, 2006, FINANZAS DOS, S.A. (hereinafter, the “SPV”), a company wholly owned by ACCIONA, S.A. (hereinafter, “ACCIONA”) acquired 10% of the shares representing the capital stock of Endesa, S.A. (hereinafter, “ENDESA”) and subsequently up to an approximate percentage of 20%, that is, 211,750,424 shares (hereinafter, “ENDESA’S SHARES”), admitted for listing on the securities exchanges and represented through a book entry in the Registration Management Company, Securities Clearing and Settlement Service, S.A. (“IBERCLEAR”).

II.	SPV, acting with the financial support of ACCIONA, initially financed the payment of the price of the sale described above with charge to a short-term line of credit signed on September 26, 2006 with Banco Santander Central Hispano, S.A. (hereinafter, “SAN” or the “Agent”) for an amount of THREE BILLION FOUR HUNDRED SEVENTY-FIVE MILLION EUROS (€ 3,475,000,000) with a due date on next February 28, 2007, which was novated on November 15, 2006 (the “Bridge Loan”) and it was interested in canceling part of the debts arising from the Bridge Loan with charge to the financing authorized by the present Agreement and the Subordinated Loan Agreement received from ACCIONA.

III.	For the purposes described in the prior description ACCIONA grants SPV a Subordinate Loan Agreement for the amount of ONE BILLION FOUR HUNDRED NINETEEN MILLION FIVE HUNDRED SIXTY-FIVE THOUSAND THREE HUNDRED SEVENTY EIGHT EUROS, AND THIRTY THREE CENTS (€ 1,419,565,378.33) the provision of the financing.

IV.	SPV turned to the Lending Organizations in order to obtain initial short-term bank financing to partially cancel the initial short-term financing. The Lending Organizations offered to provide SPV financing against the granting of specific guarantees on its part and that of its shareholder ACCIONA.

V.	In this framework, simultaneously with the present agreement there are granted (as defined hereinafter):

The SPV Financing Agreement.
The ACCIONA Support Agreement
The Guarantees Agreement
The Financial Operations Framework Agreement

VI.	By virtue of the foregoing as well as, of an essential nature, (i) of the truthfulness of the declarations and guarantees and of the fulfillment of all of the obligations (whether of payment, of action or inaction, of information only or of any other kind) that the Borrower is prepared to lend, assume or accept y (ii) the guarantees made by SPV and ACCIONA by virtue of the Guarantees Agreement

	that is drawn up simultaneously before the Notary who participates in the present Agreement, the Lending Organizations being ready to provide said financing to the Borrower, notwithstanding the subsequent transfers that these organizations may conduct.

VII.	The Lending Organizations are likewise interested that SAN acts as the Agent of the other organizations that participate in said financing, SAN being disposed to assume the performance of the relevant agency functions.

As a consequence of what has been stated, the parties enter into this agreement and by virtue of the same, the Lending Organizations grant the Borrower joint financing, with agreement on the stipulations set forth below.

SECTION ONE – DEFINITIONS AND INTERPRETATION

1.	DEFINITIONS AND INTERPRETATION

1.1	Definitions

	1.1.1	General definitions. With an additional character to the definitions that are contained throughout this same document or in the Financing Agreement, the following terms, used both in singular and plural, will have in this agreement the meanings as defined below:

	ENDESA		The 211,750,424 shares representing approximately 20% of the corporate
	Shares		capital of Endesa, S.A., acquired by SPV.

	ACCIONA or		ACCIONA, S.A.
	the Borrower

	Agent		SAN or any other organization that substitutes for it by virtue of Stipulation 25.


	Guarantee		The guarantee given by the Guarantors under Stipulation 14 of the present
			Agreement.

	Guarantors		RBS,BBVA, CALYON, NATEXIS, IMI AND BNP, as well as those other
			financial organizations that at any time may hold the position of Guarantors
			by virtue of the present Agreement or who may substitute for the above organizations
			by virtue of that which is established in Stipulation 26.2.


	Adverse		Any circumstance or fact that may affect or negatively and significantly, now
	Material		or in the future, the financial situation, capital or ACCIONA’S ability to meet
	Change		its obligations derived from the Financing Documents.
	of ACCIONA

	Purchase				The purchase of the Shares of ENDESA described in statement 1.


	Agreements of				The financial derivatives that ACCIONA will agree to, subject to the terms
	Coverage of				and conditions of section 24.5.3 of the present agreement and the Financial
	Interest Rates				Operations Framework Agreements.


	Financing				The present Agreement
	Agreement


	SPV Financing				The Financing Agreement granted on the present date to SPV with the
	Agreement				Lending Organizations taking part in this Agreement, and for an amount of
					FIVE BILLION SIX HUNDRED SEVENTY-EIGHT MILLION TWO HUNDRED SIXTY ONE THOUSAND FIVE HUNDRED THIRTEEN EUROS, AND THIRTY TWO CENTS (€ 5,678,261,513.32).


	Guarantees				The Agreement signed by SPV and ACCIONA with the Lending
	Agreement				Organizations simultaneously with the present Agreement, by which: (i) SPV
					will pledge the Endesa Shares, (ii) SPV will pledge the credit rights derived form the Credit Account in the Checking Account (as defined in the SPV Financing Agreement), (iii) SPV will pledge the credit rights possessed under the ACCIONA Support Agreement and the Agreements for Coverage of Interest Rates ratified under the Financial Operations Framework Agreements, (iv) ACCIONA will pledge one hundred percent (100%) of the SPV shares, (v) ACCIONA will pledge the credit rights derived from the Subordinated Debt contributions and (vi) the relations among the Lending Organizations are regulated in relation to the Guarantees.


	Financial				The Financial Operations Framework Agreements ratified today by
	Operations				ACCIONA with SAN, BBVA, RBS, CALYON, NATEXIS AND BNP.
	Framework Agreement


	Subordinated				The loan agreements granted by ACCIONA to SPV as described in
	Loan				Statement III.
	Agreement


	ACCIONA				The agreements entered into among the Lending Organizations, ACCIONA
	Support				and SPV, on the date of the signature of this Financing Agreement.
	Agreement

	Costs for		An amount equal to the damages experienced by the Lending Organizations
	Breach of		resulting directly from the possible decrease in profitability undergone by the
	Agreement		Lending Organizations as a consequence of the cancellation, reorganization or
	or Inspection		alteration of liability operations intended to finance this operation or of a
			balance sheet error between liability and asset positions concerning the profitability that may be obtained (excluding the margin) by having amortized it on a date coinciding with the termination of an Interest Period or having made use of the amount requested on the date for such purposes as requested.


	Credit		Account number 0049-1500-211-0404726 opened by ACCIONA with the Agent or, in this case, by
	Account in		someone other than the Agent and ACCIONA may agree in the future, after
	the Checking		majority consent of the Lending Organizations.
	Account


	Net Financial		It will be constituted of any liability incurred by the combined companies
	Debt		included in the ACCIONA Group (as defined in Stipulation 1.2.2) that
			involves an explicit and implicit financial cost (excluding the financings of limited resources and mortgage operations affecting real estate promotions); and reduced by the treasury (including the self-holding of shares), participation in the Development of Construction and Agreements, S.A., and the share of the participation in Endesa, S.A. whose value may exceed the value of 130% of the active balance of the SPV Financing Agreement, valued on December 31 of last year.


	Senior Debt		At any time, all of the amounts of unreimbursed principal charged to the
			Financing and any other amounts due, liquid and payable under the present Agreement that were pending payment.


	Subordinated		The amounts owed by SPV to ACCIONA, and contributed by it to SPV,
	debt		except the tax credit that depending on the case ACCIONA must contribute in
			fulfillment of Stipulation 2.1 of the ACCIONA Support Agreement.


			For the purpose of establishing rates, all the days of the week, except days
	Working Day		when the Trans-European Automated Real Time Gross-Settlement Express
			Transfer System (TARGET) is closed or is not operational.

			For all other purposes, all the days of the week except: (i) Saturdays, Sundays and holidays in the city of Madrid and (ii) days when the Trans-European Automated Real Time Gross-Settlement Express Transfer System (TARGET) is closed or is not operational.

Drawdown

Documents of the Financing

Each of the Drawdowns of the Tranche A or of the Tranche B.

Together, the Financing Agreement, the SPV Financing Agreement, the ACCIONA Support Agreement, and the Subordinated Loan Agreement, the Guarantees Agreement and the Agreements of Coverage of the Rates of Interest, subscribed under the framework of Financial Operations Agreements, as well as the letters of commissions related to said agreements and whatever other documents that in the future may modify or develop that which is provided for in any one of the prior agreements.

EBITDA

Will be the sum of:

i)	operating profits at the consolidated level;

ii)	plus dividends received from unconsolidated companies;

iii)	plus/minus participations resulting from consolidated companies by the equivalency method, except concessionary companies of transport finance without recourse;

iv)	plus amortizations and provisions;

v)	less EBITDA proceeds from the financing of limited resource.

Total EBITDA
	Will be the sum of:

i)	operating profits at the consolidated level;

ii)	plus dividends received from unconsolidated companies;

iii)	plus/less participations resulting from consolidated companies by putting in the equivalency method, except concessionary transport companies financed without recourse;

iv)	plus amortizations and provisions;

v)	plus dividends received by the participation in Endesa, S.A.

Reference Organizations	The credit organizations specified in Section 15.2.2 (ii), are those that substitute for it by virtue of that which is established in Section 15.2.2 (iv).

Lending or Borrowing Organizations	SAN, RBS, BBVA, CALYON, NATEXIS, IMI, and BNP, as well as the other financial organizations that in any time may have the condition of lending organizations with respect to the financing or that may substitute for the preceding organizations by virtue of that which is established in Stipulation 26.2.

Date of Final Maturity	The date in which the sixth anniversary of the signature of the present agreement takes place.

Financing Guarantees	Together, Tranche A and Tranche B. The whole of the guarantees granted at any time in relation to the SPV Financing Agreement and the Agreements of Coverage of Interest Rates subscribed by SPV, expressly including those that are granted through the Guarantees Agreement.


Net Financial Costs	This will be the result of:

i)	consolidated financial costs;
ii)	less dividends received from unconsolidated companies;
iii)	less other financial earnings;
iv)	plus/less, results of participations of consolidated companies by the method of putting into equivalence, except concessionary companies of transport financed without recourse.

Maximum Amount of
Tranche A

Maximum Amount of
Tranche B

Amount of Tranche A
not Drawndown

Amount of Tranche B
not Drawndown

The amount which is referred to in Stipulation 2.1.

The amount which is referred to in Stipulation 8.1.

The maximum amount of Tranche A reduced by the amount of the principal of the
actual Drawdowns made with charge to Tranche A.

The maximum amount of Tranche B reduced in the actual debt of balance from Tranche B.

Bankruptcy Law

Margin

Law 22/2003, from July 9, pertaining to bankruptcy.

The percentage that comes from Tranche A or for Tranche B, according to that which is provided for in Stipulation 15.3.

Majority of the Lending Organizations

The Lending Organizations whose participation in the Drawdown principal of the financing represents at any time at least 66% of its total amount. For those purposes it is considered as participation of the Guarantors, the principal from Tranche B guaranteed by each one of them under the Guarantee and will not be considered as participation of the Agent in the debt balance from Tranche B who relies on the guarantee of the Guarantors. In any case, the majority of the Lending Organizations must be established by more than one Lending Organization. On the assumption that there has not been a Drawdown of the Financing, it will be considered, for the purposes of determining the proportion of participation as stated, to the participation promised by the Lending Organizations in Tranche A.

Guaranteed Obligations	At anytime, in relation to the active balance referring to the payment obligations assumed by the Borrower by virtue of Tranche B, (which will include the payment of principal, interest and default interest, with the quantitative limits established in section 14.4 of the present agreement), an amount equivalent to the application through this active balance of a percentage participation equivalent to the sum of the percentage participations of each one of the Guarantors. This participation at the initial time is forty nine point ninety five percent (49.95%).

Drawdown Period for Tranche A	This will be the period included between the date in which the conditions are met for the Drawdown of the Financing in accordance with the provisions of Section 3.3.2 of the present agreement (inclusive) and December 29, 2006 (inclusive).

Drawdown Period for Tranche B	This will be the period included between the date in which the conditions are met for the Drawdown of the Financing in accordance with the provisions in paragraph 3.3.2 of the present agreement (inclusive) and the Working Day prior to the Date of the Final Due Date.

Interest Period	Indistinctly, (i) each of the following of the successive periods defined in Stipulation 5.1 with respect to the Drawdown with charge to Tranche A or (ii) each one of the successive periods of generation of interest applicable to the active debtor balance at anytime of Tranche B which is referred to in Stipulation 10.3.

Bridge Loan Assumption of Advanced Payment Tranche A	The loan agreement granted by SAN which is described in Statement II. It will be any one of the events established in Stipulation 27. The line of credit for an amount of one billion, four hundred twenty-nine million, six hundred sixteen thousand nine hundred fifty-five, and forty hundredths Euros (€ 1,429,616,955.40) granted in accordance with the provisions of the Second Section of the present Agreement.


Tranche B	The line of credit in the checking account for the maximum amount of one billion, eighty-three million, two hundred seventy-seven thousand three hundred twelve, and fifty-two hundredths Euros (€ 1,083,277,312.52) granted in accordance with the provisions of the Third Section of the present Agreement.


ENDESA	Endesa, S.A.

1.2	Principles of Interpretation

	1.2.1	The appendices constitute a part of the agreement: Any reference made to “the present agreement,” in the present document or its appendices will be understood to be part of the present document and all its appendices which form an integral part of the present agreement.

	1.2.2	Group: The terms “group,” “consolidated group,” or “ACCIONA group” used in lower case, unless the context imposes something else, will have the meaning stated in article 42 of the Commercial Code.

	1.2.3	Person: The word person will mean physical or legal persons of any kind, public or private. Unless it is expressly specified to the contrary, any reference to the SPV, to ACCIONA or to the Lending Organizations, to the Agent or any other person, including to the successors of said person and to the permitted assignees. Concretely any reference made to the Lending Organizations will include, while they maintain their participation in the financing, to the Lending Organizations at the time of the present agreement and any other organization which may acquire a participation in the Financing.

	1.2.4	Headings and Titles. The headings and titles of the Stipulations sections, subsections and paragraphs of this agreement and their appendices have the purpose of usefulness, without constituting in the agreement between the parties in order they have an interpretive value in themselves.

	1.2.5	Computing of Periods. Except when the contrary is established in this agreement (i) the period expressed in days refer to calendar days, counted starting from the calendar day immediately following the start of the computation, inclusive, until the last calendar day of the period, inclusive (ii) the periods expressed in “Working Days” refer to Working Days, counted starting from the Working Day immediately following the calendar day of the start of the calculation, inclusive, until the last Working Day of the period, inclusive, and (iii) the periods expressed in months will be counted from the day of the beginning of the calculation, inclusive, until the same day of the last month of the period, unless that in the last month of the period should such a date not exist in which case the period will end on the last calendar day o f that month.

		Unless the contrary is expressly established in this agreement, if in accordance with the principles established in the previous paragraph, the last day of the period should not be a Working Day, the period that is referred to will automatically be extended until the first following Working Day unless the latter corresponds to the following month. Unless the latter should correspond to the following month, in which case the period will be shortened to the prior Working Day; this rule will likewise be applicable on the assumptions in which without fixing a period, they should be established in this agreement to dates that are determined or sure for the fulfillment of the specific obligations of the parties and said date is not a Working Day.

1.2.6	Computing of Times. The time references in the present agreement are understood to be the official time of the City of Madrid.

SECTION TWO – TRANCHE A

2.	GENERAL TERMS

2.1	Amount

	The Lending Organizations grant the Borrower a commercial loan for total maximum amount of ONE BILLION FOUR HUNDRED TWENTY-NINE MILLION SIX HUNDRED SIXTEEN THOUSAND NINE HUNDRED FIFTY-FIVE EUROS, AND FORTY CENTS (€ 1,429,616,955.40).

2.2	Acceptance

	The Borrower accepts the line of credit that is the subject of Tranche A and agrees to make use of the same in the terms and conditions established in the present agreement and to return the principal withdrawn and to pay its interest. Likewise it is obligated to pay the commissions, costs, taxes and expenses with charge at or derived from it and to meet its remaining obligations, in accordance with the provisions of this Financing Agreement.

2.3	Assignment

	2.3.1	Drawdown. The Borrower will assign all of the sole Drawdown of Tranche A to:

			the granting of the Subordinated Loan to SPV for an amount of ONE BILLION FOUR HUNDRED NINETEEN MILLION FIVE HUNDRED
			SIXTY-FIVE THOUSAND THREE HUNDRED SEVENTY-EIGHT EUROS AND FORTY CENTS (€ 1,419,565,378.40).

			payment of commissions and expenses earned by way of the granting of this agreement.

	2.3.2	Control. No Lending Organization assumes the obligation of controlling the fulfillment by the Borrower of the obligations assumed by virtue of this section.
		However, the Agent may request of the Borrower the information that he reasonably considers appropriate for these purposes.

2.4	Distribution

	The maximum amount of Tranche A is distributed between the Lending Organizations in accordance with the following participations:

Lending Organization	Maximum Amount of	Percentage
	Tranche A (euros)

SAN	714,036,679.11	49.950%
CALYON	69,812,709.88	4.880%
BBVA	174,531,774.71	12.210%
RBS	104,719,064.82	7.325%
BNP	104,719,064.82	7.325%
NATEXIS	87,265,887.35	6.100%
IMI	174,531,774.71	12.210%
TOTAL	1,429,616,955.40	100.00%

	As a consequence of any transfer made by virtue of that which is established in Stipulation 26.2 any new or existing Lending Organization which acquires a participation in Tranche A or increases its participation in the same, will accept and assume the amount of the participation in Tranche A as acquired and the amounts and percentages detailed above will be understood to be modified consequently.

2.5	Acceptance by the Lending Organizations of their participations

	The Lending Organizations accept and assume the amount of each one of their respective participations in Tranche A in the conditions established in this Financing Agreement.

3.	DRAWDOWN OF THE FUNDS

3.1	Drawdown of the funds

	The Borrower may draw down the funds of Tranche A in one Drawdown within the period of availability of Tranche A although within the limits that are established below.

3.2	Drawdown

	3.2.1	Request for Drawdown. By virtue of the signature of the present Agreement, the Borrower makes a request for a Drawdown for the day of December 29, 2006 for the amount corresponding to the maximum amount of Tranche A.

	3.2.2	Irrevocability. The request for the Drawdown will be irrevocable, the Borrower being obliged to draw down the quantity requested on the day and in the indicated amounts.

3.3	Delivery of the funds

	3.3.1	Delivery of the funds. The Lending Organizations on the date specified in section 3.2.2 must deposit the quantity corresponding to the amount of said Drawdown in the proportion corresponding to its participation in Tranche A

	by means of a WIRE TRANSFER or TARGET transfer in favor of the Agent in account 049 corresponding to the one in the Bank of Spain (or, alternatively, any other account that the Agent may agree to) before 1:00 p.m.

3.3.2	Delivery of the Drawdown. In relation to the Drawdown requested with charge to Tranche A, the Agent will deliver on December 29, 2006 to the Borrower the quantities corresponding to the Drawdown requested received by the Lending Organizations directly in the Credit Account in the Checking Account.

	The Agent is irrevocably authorized by the Borrower to carry out the transfer described in this section in accordance with its terms and conditions.

	It is clarified that the Agent will have no obligation to increase the amount paid on the assumption that some or various Lending Organizations do not totally pay or partially pay the payment of the amount corresponding to its participation in Tranche A in the period established in the previous paragraph.

	The payment in the Credit Account in the Checking Account will entail the most efficient letter of payment and the recognition of the delivery of the funds with charge to the Drawdown by the Borrower.

3.4	Conditions precedent of the Drawdowns of Tranche A

	The Lending Organizations are not obliged to pay the amount corresponding to the Drawdown of Tranche A nor does the Borrower have the right to request it, as long as the Agent has not observed the fulfillment of the conditions precedent established in the present Stipulation, which must be met previously or simultaneously with the carrying out of the Drawdown:

	(i)	It will have credited the ownership of the ENDESA shares in favor of SPV by means of a certificate of legitimation sent by Banco Santander Central Hispano, S.A. as a member depository organization of said securities.

	(ii)	They have signed all of their remaining Financing Documents.

	(iii)	The advisor of the Lending Organizations has issued his legal opinion in the satisfactory form for the Lending Organizations.

	(iv)	On the dates specified for the delivery of funds they will not have produced nor will it be foreseeable that any adverse material change has occurred in ACCIONA and they will follow in full the declarations and guarantees established in Stipulation 23.

(v)	The Borrower has not failed to meet any of its obligations derived from the present Agreement, nor will be found nor will it be foreseeable that an assumption of Early Payment will occur, nor the delivery of the Drawdown will make an Assumption of Early Payment occur.

(vi)	The Subordinated Loan Agreement must be subscribed and paid in full.

(vii)	The Borrower will have completely paid off the Bridge Loan.

(viii)	The Borrower will have obtained the Number of Financial Operations by its fulfillment and presentation in the corresponding register of form PE-1.

3.5	Documentation of the Drawdown of Tranche A

	The Agent may require at any time of the Borrower that there be reflected in the public document the delivery of the funds corresponding to the Drawdown of Tranche A and the receipt of the same by the Borrower, as well as the balance drawn down at anytime from Tranche A. The Borrower must provide this public document within seven (7) calendar days from this requirement and likewise within said period, provide an authorized copy of the corresponding public document to the Agent, all of these costs being those that originate for the Borrower’s account.

4.	INTEREST

4.1	Accrual

	The principal of Tranche A drawn down and not paid back will earn interest in favor of the Lending Organizations at a variable rate of interest calculated in accordance with Stipulation 15.

4.2	Daily Accrual, annualized, during each Interest Period

	The interest will be accrued daily, on the basis of a year or three hundred and sixty days (360) and will be calculated for calendar days occurring in each Interest Period, including the first day and excluding the last one.

5.	RATE OF INTEREST

5.1	Division into Interest Periods

	For the purposes for calculating the interest, the time included between the date of the Drawdown of Tranche A and the Date of Final Payment will be considered to be divided into

	successive Interest Periods, the first day of each Interest Period coinciding with the last day of the Interest Period immediately before.

	5.1.1	Duration of the Interest Periods and limitations. The Interest Periods will be from three (3) or six (6) months, at the Borrower’s choice, except in what refers to: (i) first Interest Period, whose duration will be from the date of the first Drawdown until January 30, 2007 (inclusive) and , (ii) last Interest Period whose finalized dates must necessarily coincide with the Final Payment Date.

	5.1.2	Termination of an Interest Period on a non-Working Day. For the calculation of the Interest Period if the last day of the same is not a Working Day, the payment will take place on the first Working Day immediately following, unless this may correspond to the following calendar month in which case, the Period of Interest on the immediately prior Working Day will be considered paid. The liquidation of the Interest of said Interest Period and of the following one will take into account the possible resulting adjustment taking into account that the following Interest Period will end on the same date which would correspond to not having produced the indicated circumstances.

5.2	Interest Rate

	The nominal annual interest rate applicable to each Interest Period will be the one determined in accordance with that which is established in Stipulation 15.

5.3	Payment of Interest

	On the day of finalization of each Interest Period the interest will be subject of liquidation of the interest earned during said period which will be paid by the Borrower to the Agent on the same date.

6.	PAYMENT AND AMORTIZATION

6.1	Ordinary Amortization

	The Borrower must amortize all of the principal drawn down with charge to Tranche A in a single payment payable on the Date of Final Maturity.

6.2	Voluntary early amortization

	Notwithstanding that which is provided for in Stipulation 6.1, the early voluntary amortization of Tranche A will be governed by the following:

	6.2.1	Minimum amount and multiples of the early amortizations. Unless in the case of amortization of all of Tranche A, the early voluntary amortization may only take place in a minimum amount of TWENTY-FIVE MILLION EUROS (€ 25,000,000) or, if it is greater, in complete multiples of FIVE MILLION EUROS (€ 5,000,000).

	6.2.2	Prior notice of early payment. The Borrower must have notified its intention to the Agent in writing at least fifteen (15) Working Days in advance of the date on which the early amortization will take place, stating the amount and the date of the early amortization which must coincide with the date of finalization of an Interest Period or if this is not the case it will be subject to the obligation of compensation in accordance with the provisions of Stipulation 21.6.

	6.2.3	Irrevocability of the notice of early amortization. Once the notification of early amortization is received by the Agent, the decision of the Borrower will be considered irrevocable and failing to meet both the date and the amount will be considered as non-fulfillment of this agreement.

	6.2.4	Communication of the notice by the Agent to the Lending Organizations. The Agent will inform the Lending Organizations of the notice of early amortization no later than the second Working Day following its receipt.

	6.2.5	Absence of commissions for early voluntary amortization. The early voluntary amortization will not earn commissions in favor of the Lending Organizations.

	6.2.6	Amortization on a non-Working Day. In case any of the dates of amortization for any reason should not be on a Working Day, it is agreed that the amortization must take place on the immediately following Working Day, unless this corresponds to the following calendar month, in which case the payment must be made on the immediately prior Working Day.

6.3	Obligatory early amortization

	6.3.1	Application of the remainder of the sale of the ENDESA shares. In case the SPV should have sold ENDESA shares and have fully amortized the obligation derived from the SPV Guarantee Agreement, the Borrower is obligated to (i) provide the documents and adopt the necessary social agreements so that the remainder after taxes will be transferred to the bank account of ACCIONA for any legal title, and (ii) apply this remainder to the early amortization of Tranche A and Tranche B of this Agreement.

	6.3.2	Date of amortization. The Borrower will carryout the early amortization specified in the present Stipulation on the first date of finalization of the Interest Period.

7.	JOINT NATURE

7.1	Joint nature

	The Agreement position of each one of the Lending Organizations in Tranche A will have a joint nature, therefore its rights and obligations being entirely independent unless something else is expressly stated in the present Financing Agreement.

7.2	Effects of non-fulfillment by any Lending Organization

	No Lending Organization will be responsible for the non-fulfillment by another Lending Organization of the obligations specified in this Financing Agreement. In any case it is clear that in case of non-fulfillment of its obligations by a Lending Organization, this will not exonerate the Borrower from the fulfillment of its obligations toward the remaining Lending Organizations.

7.3	Extra-judicial and judicial actions of the Lending Organizations

	The Lending Organizations individually solely may carry out actions of an extra-judicial nature for the conservation and defense of its rights and its own interests and those of the other Lending Organizations subject to what is established in the second paragraph of Stipulation 27.2. A Lending Organization may only exercise the judicial approach for its own rights.

7.4	Majority Agreements of the Lending Organizations

	7.4.1	Majority Agreements of the Lending Organizations. Unless something else is specified, the decisions of the Lending Organizations relative to the present Agreement must be taken by majority agreement of the Lending Organizations and by this means be binding to the minority.

		In particular and notwithstanding that which is stated in Stipulations 7.3 and 27.2, the majority of the Lending Organizations may agree, in a binding manner to the renunciation of the exercise of recognized rights in this Agreement in favor of the Lending Organizations (waivers), provided that it has to do with a renunciation or authorization to the specific non-fulfillment of a duty, limitation or obligation at the Borrower’s cost, and is limited to the concrete assumption requested by the Borrower.

		Any renunciation of rights or authorities, or authorization of a non-fulfillment by the Borrower or of long-term obligation and which claim to be effective in the following from the date of its acceptance, must be considered as a modifying novation of this Agreement and therefore will require the consent of all of the Lending Organizations.

	7.4.2	Prohibition of agreements of renunciation of rights (waivers). The Majority of the Lending Organizations may not grant waivers recognized in favor of the Lending Organizations on the following subjects;

		(i)	Any change in the proportionality among the Lending Organizations, even if this change is specific or limited to a concrete case;

		(ii)	Any change of the amortization calendar, Drawdown periods, due or payment dates, and/or to the amount of the Financing;

(iii)	Any change in the interest rates (ordinary or indemnities) or the applicable margin and the system for its calculation and/or liquidation,
	as well as any other change in the procedure of calculation and payment of commissions;

(iv)	Any modification of Guarantees, exoneration of its constitution or increasing of any of the same;

(v)	Any modification in that which is provided for in this Stipulation.

(vi)	Any modification that implies new or additional obligations to any Lending Organization, except if based on the consent of the affected party.

(vii)	Any change in the regime of transfer of the Agreement position of the Borrower.

Any agreement on the subjects described, independently of its content, will have the consideration of novation of the present agreement, and will require the
consent of all the Lending Organizations.

SECTION THREE – TRANCHE B (LINE OF CREDIT IN THE CHECKING ACCOUNT)

8.	GENERAL TERMS

8.1	Amount

	The Agent grants the Borrower a commercial credit in the checking account for a maximum and total amount of ONE BILLION EIGHTY THREE MILLION TWO HUNDRED SEVENTY-SEVEN THOUSAND THREE HUNDRED TWELVE EUROS, AND FIFTY-TWO CENTS (€ 1,083,277,312.52).

8.2	Acceptance

	The Borrower accepts the line of credit the subject of Tranche B and promises to carryout the corresponding Drawdowns in the terms and conditions established in the present agreement, returning the principal drawn down, paying its interest, meeting and paying the commissions, the costs, the taxes, and the expenses with charges or derived from the same and meeting its remaining obligations in accordance with that which is established in the present Financing Agreement.

8.3	Assignment

	The Borrower will assign all of the maximum amount of Tranche B in one or more Drawdowns, solely to carry out contributions of subordinated debt to SPV in the amounts which will be necessary to re-establish the RCDS to a percentage equal to or greater than 115% in the terms specified in this Agreement.

9.	DRAWDOWN OF THE FUNDS

9.1	Drawdown

	The Borrower may use the funds which are charged to Tranche B without a special request and up to the limit of the maximum amount of Tranche B, by means of checks, transfers, indebtedness in current account and by any other procedure that is accepted in banks, in any case, in accordance with the requirements established in the present Stipulation 9.

	The procedure of Drawdowns and income will take the form of a checking account of open credit by the Agent in the name of the Borrower in accordance with that which is provided for below. The balance of the account referred to will be the difference between the debit and the credit in accordance with that which is defined below.

	a)	There will be noted in the debit of the account all of the amounts that are in favor of the Agent, through what is established in the present Agreement.

	b)	There will be noted in the credit of the account all of the payments and earnings that are produced.

	For the previous purposes, the Borrower maintain open in its name for the entire life of the financing the Credit Account in the Checking Account.

	The Borrower will grant an irrevocable mandate in favor of the Agent so that he may carry out the Drawdowns with charge to Tranche B and pay into the Credit Account in the Checking Account, (as this is defined in the SPV Guarantee Agreement), on the date that is identical to the Agent’s communication of the SPV Finance Agreement and stated in Stipulation 24.5.12 of this agreement and in the terms and conditions of the ACCIONA Support Agreement.

9.2	Conditions precedent for the provisions of Tranche B

	The Drawdowns of funds charged to Tranche B will be subject solely to the following present conditions precedent:

	a)	That Tranche A of this loan has been completely drawn down.

	b)	That on any days of measurement the ratio of covertures of the senior debt under the present Agreement of SPV financing should be less than 115%.

	c)	That the Drawdown of Tranche B has the purpose of amortizing, totally or partially, Tranche B of the SPV Guarantee Agreement so that the sum of the active balances of Tranche B of the present Agreement and of Tranche B of the SPV Guarantee Agreement never exceed the maximum amount of Tranche B.

9.3	Subordinated debt

	The contributions of the amounts drawn down to SPV will be made in the form of subordinated debt, subject to the terms and conditions established in the ACCIONA Support Agreement.

10.	LOAN INTEREST ON THE CHECKING ACCOUNT

10.1	Accrual

	The debt balance of the Credit Account in the Checking Account will earn interest for the Agent because of variable interest rate calculated in accordance with Stipulation 11.1.

	The credit balance of the Credit Account in the Checking Account will earn interest in favor of the Borrower because of a variable interest rate calculated in accordance with that which is specified in a separate letter, copy of which is delivered by the Agent to the rest of the Lending Organizations today. The terms and conditions of that letter are not binding on the rest of the lenders in case of substitution of the Agent. This notwithstanding the assumption that the new Agent will voluntarily wish to pay the Borrower under these terms, the Borrower may not refuse it.

10.2	Daily Accrual, annualized period during each Interest Period

	The interest payable by the Borrower will be accrued daily, on the daily debtor balances that reflect every day the Credit Account in the Checking Account, on the basis of one year or three hundred and sixty (360) days, and will be calculated by the working days occurring during each Interest Period, including the first day and excluding the last day.

10.3	Interest Periods

	For purposes of calculating the interest, the time included between the date of the first Drawdown charged to Tranche B and the Final Due Date will be considered divided into successive Interest Periods, with the first day of each Interest Period and the last day of the immediately prior Interest Period coinciding.

	The Interest Periods will in any case have a duration of three (3) or six (6) months, at the Borrower’s choice. Notwithstanding the foregoing, the first Interest Period will run from the date of the first Drawdown charged to Tranche B until January 30, 2007 (inclusive) and the last Interest Period must necessarily end on the Final Due Date (inclusive).

	For the calculation of the Interest Period its last day should not be a Working Day, the payment will take place the first Working Day immediately thereafter, unless this corresponds to the following calendar month in which case the period of interest and the Working Day immediately afterwards will be considered payable. The liquidation of said Interest Period and of the following one will take into account the possible adjustment produced, taking into account that the following Interest Period will end on the same days that it corresponded to for not having produced the indicated circumstances.

11.	RATE OF INTEREST OF TRANCHE B AND PAYMENT OF INTEREST

11.1	Rate of Interest

	The nominal annual rate of interest applicable to each Interest Period of Tranche B will be determined in accordance with the provisions of Stipulation 15.

	Notwithstanding the foregoing in the last paragraph, the Margin will only be applicable on the principal of Tranche B, not guaranteed at any time.

11.2	Payment of Interest

	On the date in which each one of the successive Interest Periods ends they will be the subject of liquidation of the interest earned during those periods, by means of the application of the determined rate of interest in accordance with the provisions of Stipulation 15 on the daily debt balance of the Credit Account in the Checking Account during the corresponding Interest Period.

	The interest so paid will be charged in the Credit Account in the Checking Account of the Borrower whenever the debt or balance of that account does not exceed the maximum account of Tranche B. In the contrary case, the Borrower must pay the interest, by income in the account opened in the Bank of Spain in the name of the Agent with number 0049 or at any other time as stated by the Agent.

12.	EXCESS AMOUNTS

	The Agent may not accept drawdowns or indebtedness that exceed the maximum amount of Tranche B.

13.	REIMBURSEMENT AND REDEMPTION DATE

13.1	Redemption Date

	The principal Drawdown of the Maximum Amount of Tranche B must have been fully reimbursed by the Borrower on the Date of Final Maturity together with the interest, commissions, expenses, and any other amount due for whatever reason by virtue of the present agreement.

13.2	Voluntary advance reimbursement

	The Borrower may reimburse the balances withdrawn with charge to Tranche B at any time. The quantity so reimbursed may be withdrawn again by the Borrower in accordance with the provision in Stipulation 9.

14.	GUARANTEE

14.1	Guaranteed Obligations

	Subject to the terms and conditions of the present Stipulation 14, by virtue of the present guarantee. The Guarantors guarantee the Agent the fulfillment of the Guaranteed Obligations.

14.2	Guarantee at first request

	The Borrower having caused a non-fulfillment under the Guaranteed Obligations the Guarantors are obligated to meet the obligations described in Section 14.3 below, at the first request of the Agent, and expressly renouncing the ability to oppose any exceptions to it that may derive from the relationships that the Guarantors may maintain with the Agent or with the Borrower.

	For all purposes this guarantee will have a commercial nature and will be configured as at first request so that it will not be seen in any way affected by the circumstances of which the Guaranteed Obligations should be the subject:

	(i)	Modification, novation, transaction, commitment, transfer or in general any renegotiations or time extensions which were not a product of the prior agreement of the Lending Organizations with the Borrower subject to the rules of majority or unanimity according to the case, specified in the present agreement.

	(ii)	Controversy or dispute whether arbitrational or judicial.

	Likewise, the present guarantee will remain in effect in the case that any of the following assumptions should take place:

	i)	The declaration of bankruptcy by the Borrower; or the approval of agreements of release and/or waiting (whether of judicial or extra-judicial nature).

	ii)	The merger, breakup or transformation of the Borrower, or the approval of any statutory change of the Borrower, or the change of the corporate type of the Borrower.

	iii)	Any change in the shareholding composition of the Borrower.


14.3	Obligations of the Guarantors

	The Agent may require the fulfillment of the present guarantee at first request at any time. For that, it will suffice that, some non-fulfillment of the Guaranteed Obligations having taken place the Agent requires payment from the Guarantors by any reliable method, and they will not be able to require the Agent that for a determined form or with any formalities.

	This requirement will record (i) the amount due, liquid and payable whose payment is required of the Guarantors by the Agent and (ii) a breakdown of the amounts due, liquid and payable owed by the Borrower under the Guaranteed Obligations.

	The implementation of this guarantee by means of the requirement of payment by the Guarantors, on one or more occasions, may not exceed the individual amount established in Section 14.4 below.

	Having received the requirement the Guarantors will pay the Agent the amount requested by the Agent, in the checking account which he specifies on the same days the amount of the requirement.

14.4 Maximum amount of the guarantee

The Guarantors will respond under the guarantee granted with settlement to the following participants:

Guarantor	Maximum Amount of	Percentage
	Guarantee	in Respect to
	(for principal) (Euros)	Tranche B

CALYON	52,899,851.57	4.880%
BBVA	132,249,628.92	12.210%
RBS	79,349,777.35	1.325%
BNP	79,349,777.35	7.325%
NATEXIS	66,124,814.46	6.100%
IMI	132, 249,628.92	12.210%
TOTAL	542,223,478.57	50.05%

	In addition to the maximum responsibility for principal stated in the above table the Guarantors will respond before the Agent in respect to ordinary interest and default interest, up to a quantity equivalent, each of them, to the amount resulting from applying to the maximum quantity that corresponds for principal to a percentage of 7%, calculated on an annual basis, during a period of six (6) months.

	As a consequence of any transfer made by virtue of that which is specified in Stipulation 26.2, any new or existing Guarantor who may acquire a participation in the guarantee or increases its participation in the same, will accept and assume the amount of participation in the guarantee in the amounts and percentages detailed above will be modified in consequence.

14.5	Joint Nature

	The Agreement position of each of the Guarantors in the guarantee will have a joint nature, therefore their rights and obligations under the same are entirely independent.

	Existing amounts under the Guaranteed Obligations should exist; the Agent must require of each one of the Guarantors the amount corresponding with settlement as participation in the guarantee.

14.6	Effects of non-fulfillment by any Guarantor

	No Guarantor will be responsible for non-fulfillment by another Guarantor of the obligation specified by virtue of the present Guarantee. In any case it is clear that in the case of non-fulfillment by a Guarantor of its obligations, that will not exempt the Agent from fulfillment of its obligations to the Borrower or the other Lending Organizations.

14.7	Reimbursement

	The Borrower irrevocably commits itself to reimburse the Guarantors of the amounts delivered by them to the Agent and the default interest regulated in Stipulation 16, earnings on this amount from the date of payment by the Guarantors to the Agent up to the date in which the reimbursement referred to becomes effective. This obligation for reimbursement must be paid by the Borrower immediately.

14.8	Subrogation

	Because of the payments made to the Agent under the Guarantee, the Guarantors are subrogated in the Agreement position of the Agent in his position as lender of Tranche B to the Borrower, in the framework of the present Agreement.

14.9	Risk Commission

	The Borrower will pay the Guarantors a risk commission for an amount equivalent to the result of applying the margin to the daily debt or balances of Tranche B guaranteed under the guarantee in the corresponding payment period which will correspond with the Interest Periods of Tranche B.

	This commission will liquidate and will pay the Agent for its distribution among the Guarantors according to their participation in the Guarantee, on each date of the payment of interest of Tranche B.

14.10	Drawdown Commission

	The Borrower will pay the Agent for its distribution among the Guarantors according to its participation in the Guarantee, a Drawdown commission equivalent to THIRTY PERCENT (30%) of the applicable Margin, earned on the amount resulting from applying on the average balance of the non-drawn-down amount of Tranche B during the corresponding period of payment of a percentage equivalent to the different between (i) 100 percent and (ii) the percentage corresponding to the participation of the Agent not guaranteed in Tranche B provided that the amount of the active balances of Tranche B and of Tranche B of the Financing Agreement is less than the maximum amount of Tranche B. Said commission will be accrued daily from the date (inclusive) of the signature of this agreement and will be paid by six month payable amounts, coinciding with the date of payment of interest, being payable by the Borrower on the first Working Day of the six month period immediately following.

	The calculation of the cited drawdown commission will be made according to the number of calendar days that actually take place in each six month period on the basis of one year of 360 days.

14.11	Registration of the guarantee in the registry books

	The present guarantee at first request is registered in the Special Registry of Guarantors, with this same date.

The Guarantors that are not Spanish financial organizations will in any case comply with

	the legislation in relationship to the guarantees established in their Country of origin.

	Notwithstanding the foregoing of the present section, the amounts guaranteed at any time
	will correspond to the amounts communicated by the Agent to the Guarantors under the
	provisions of Section 25.2.5 of the present Agreement.

14.12	Period of validity for the guarantee

	The Guarantee will be in effect until the complete cancellation of the Guaranteed
	Obligations. This notwithstanding, its term will not extend beyond December 31, 2012.

SECTION FOUR – TERMS AND CONDITIONS COMMON TO BOTH TRANCHES

15.	RATE OF INTEREST

15.1	Calculation

	The nominal annual rate of interest applicable to the Interest Periods in which are divided
	the Drawdown of Tranche A and the active balance of Tranche B will be determined by
	the Agent by means of the addition to the reference rate of interest (or, according to the
	case to the substitute rate) applicable in accordance with Stipulation 15.2 of the margin
	established in Stipulation 15.3. In any case it will be taken into account, in order to
	calculate the nominal annual rate of interest applicable to the Interest Periods in which
	the active balance of Tranche B, that established in Section 11.1 above in relation to the
	Margin.

15.2	Reference rate of interest and substitute rate

	15.2.1	Reference Rate of Interest: EURIBOR. The reference rate of interest will be
		EURIBOR. By EURIBOR is meant the reference rate of the monetary market of
		the Euro area which, in accordance with the standards established for this
		purpose by the European Banking Federation, appears published in the
		EURIBOR01 screen of REUTERS, or the one that at some time may substitute
		for it, approximately at 11:00 a.m. of the second Working Day immediately
		before the beginning of the concrete Interest Period for deposits in Euros for a
		period of time equal to that Interest Period. If on that screen that rate does not
		appear for the period of time stated, the reference rate of interest will be
		calculated by means of the linear interpolation of the two closest over and under
		periods (or in their absence, by means of the application of the corresponding rate
		to the closest period). To this reference rate of interest there will be added the
		brokerage fees, surcharges and normally applicable costs of the time of its
		determination in the inter-bank market, as well as the corresponding taxes.




	15.2.2	Substitute Rate. On the assumption that it is impossible to determine the
		reference rate of interest in accordance with Section 15.2.1 there will be applied
in this period a substitute rate of interest determined as follows:

		(i)	Amount of Substitute Rate: The substitute rate will result from the arithmetic mean of the inter-bank rates of interest offered by the reference organizations in the inter-bank market of the Euro area, approximately at 11:00 in the morning of the second Working Day before the beginning of the Interest Period, for deposits in Euros of a period of time equal to the Interest Period that it relates to (or in its absence, by the nearest period, applying the level rate in case of equality of temporal distances of the periods). For this type of reference interest there will be added the brokerage, surcharges and costs of normal application at the time of its determination in inter-bank market as well as the corresponding taxes.

		(ii)	Reference organizations: Initially will be:

			- DEUTSCHE BANK, Branch located in Spain.

			- BARCLAY’S BANK, Branch located in Spain.

			- ING, Branch located in Spain.

			Nevertheless it is clear that the Lending Organizations may not in any case have the consideration of Reference Organizations.

		(iii)	Procedure for establishing the substitute rate: The Agent will request the Reference Organizations to provide, during the morning of the second Working Day before the date of the beginning of the corresponding Interest Period, inter-bank interest rates applicable with which the Agent must calculate, on the same day, the arithmetic mean stated in Section (i) above. On the assumption that any Reference Organization do not state or could not state that rate of interest, the arithmetic mean will be obtained for the Reference Organizations that are quoted, provided that there are at least two of them.

		(iv)	Substitution of the reference organizations: Any of the Reference Organizations will cease to be so when they stop carrying out the required communications in relation to one or more periods of interest or mergers with or is acquired by one of the Lending Organizations or if it becomes a Lending Organization by means of the acquisition of a participation in the financing that is the purpose of this Agreement. The substitution of such Reference Organizations will be provided by means of a new designation made by the Agent.

	15.2.3	Reversal to the Ordinary Interest Rate. The application of the substitute rate will cease when the circumstances that have given rise to its application disappear, resuming, beginning with the next Interest Period to the date of reestablishment of normal circumstances, the procedure for the determination of the interest rate in reference.

15.3	Margin

	The initial Margin applicable for Tranche A and for Tranche B applicable will be FIFTY

BASIS POINTS ANNUALLY, equivalent to 0.50% on an annual basis. The applicable Margin for Tranche A and for Tranche B will develop in accordance with the following table.

Ratio of Net Financial Debt / EBITDA		Applicable Margin

X > 5.5		0.60%
5.5 > X > 5		0.55%
5 > X > 4.5		0.50%
4.5 > X > 4		0.45%
4 > X > 3.5		0.40%
3.5 > X > 3		0.35%
3 > X		0.30%

	The Ratio Net Financial Debt / EBITDA will be calculated according to what is provided in Stipulation 24.6 of the present Agreement.

	The first revision will be made with reference to the Ratio Net Financial Debt / EBITDA calculated in relation to the audited financial statements closing in December 2007.

	The new margin will be applicable in the first Interest Period which follows the receipt by the Agent of the Ratio Net Financial Debt / EBITDA.

15.4	Procedure for Establishing the Rate of Interest

	15.4.1	Determination by the Agent and communication. The Agent will calculate the rate of interest for each Interest Period and will communicate it by writing to the Borrower and the Lender Organizations within the second Working Day before the one in which the Interest Period concerned begins.

	15.4.2	Binding nature of the determination except for evident error. The rate of interest determined by the Agent will be of a binding nature for the Borrower unless by evident error, in which case the appropriate rectification will be made.

	15.4.3	Tacit acceptance by the Borrower. The rate of interest determined by the Agent will be accepted by the Borrower unless, before the passing of the period of three (3) months from its communication by the Agent, the Borrower states in writing

	to the Agent the manifest errors contained in the initial determination.

15.5	Breakdown of the Market

	15.5.1	Interbank financing. The Borrower acknowledges and accepts that the Lending Organizations normally finance the borrowed funds in the interbank monetary market with timely deposits in the interbank monetary market or other debt operations for the corresponding Interest Periods and for the amount corresponding to its participation in the financing that is the purpose of this Agreement. In this sense, and subject to that which is established in the subsequent sections of this Stipulation 15.5, the Lending Organizations will not be subject to any liability, particularly relating to the fulfillment of its obligations for delivery of funds derived from the present Agreement, in the case that exceptional events or circumstances occur outside of its wishes, including even those foreseen, that were inevitable and that make impossible or difficul t beyond reasonable commercial terms the obtaining of interbank financing needed for the fulfillment of said obligations.

	15.5.2	Breakdown of the market: communication. If because of exceptional circumstances any Lending Organization may not contract the necessary debt operations to finance the funds loaned in the proper conditions of time period and amount, it will immediately inform the Agent. This will determine at this time if the situation created will affect the majority of the Lending Organizations, and this were the case, it will immediately communicate it to the Borrower.

	15.5.3	Adaptation of the Interest Periods and the Rate of Interest. The applicable Interest Period will be the one in effect on the date in which the market breakdown took place.

	15.5.4	Renegotiations of the Financing Period. If prevalent circumstances were such that it was commercially impossible, by virtue of the exceptional circumstances specified in Section 15.5.2 above, to contract the debt operations described, the Borrower and the Lending Organizations will negotiate in good faith measures to take to adapt the financing that is the subject of this Agreement to the new circumstances. On the assumption that the parties do not reach an agreement in a period of thirty (30) calendar days from the determination of the Agent and notwithstanding that this time period will not suspend any of the obligations of the Borrower by virtue of this Agreement, this Agreement will be, at the finalizing of the time period stated, terminated on an early basis.

16.	DELINQUENCY/DEFAULT INTEREST

	The non payment of the amounts due under Tranche A and/or Tranche B will accrue default interest without necessity for a requirement or appeal, and in the terms of the present Stipulation. This is notwithstanding of the ability of the Lending Organizations to declare the early payment of the present Agreement, in accordance with Stipulation 27.1.1.

16.1	Accrual of default interest on the unpaid principal.

	16.1.1	Daily accrual of interest. The principal of Tranche A and/or Tranche B due and

	not paid will accrue default interest every day, from the day following its due date inclusive and on the basis of one (1) year of three-hundred-sixty (360) days.

	16.1.2	Delayed rate of interest. The delayed rate of interest will be determined by the Agent, who will use as a reference rate the EONIA, to which it will add the appropriate Margin according to Stipulation 15.3. The resulting amount will be increased by ONE HUNDRED FIFTY basis points (1.5%).

16.2	Capitalization of Ordinary Interest

	In accordance with Article 317 of the commercial code the interest paid as well as any other amounts (such as commissions or taxes or secondary costs) unpaid by the Borrower will be capitalized the day following its due date, and as an increase in the principal of the corresponding Tranche of the case involved, will accrue default interest established in Stipulation 16.1.

16.3	Liquidation and Payment or Capitalization of Default interest

	The default interest stated in Stipulation 16.1 and 16.2 will be settled and paid off by the Borrower monthly from the initial date of the delay, except if the non-fulfillment has been remedied before the finalization of the monthly period, in which case the final liquidation will be for the calendar days that have occurred. The liquid default interest not paid will be the subject of capitalization as an increase in the principal and will accrue, again, the same default interest payment.

16.4	Default interest according to Civil Procedure

	The default interest stated in Stipulations 16.1 to 16.3 will also be the procedural default interest for the purposes as stated in Article 576.1 of the Spanish Law of Civil Procedure (or in any other analogous legal provision that may substitute for it in the future).

17.	CHANGE OF CIRCUMSTANCES

17.1	General Declaration

	The Borrower acknowledges and accepts that the rate of interest of the financing operation which is the purpose of this Agreement has been agreed to on the basis of the non-assumption by the Lending Organizations of certain risks of changes of circumstances and that, if such changes of circumstances should occur and were capable of reducing the profitability of the present operation for the Lending Organizations, the Borrower must assume its impact.

17.2	Increase in Cost of Reduction of Earnings

	17.2.1	Repercussion. In case that by legal or regulatory provisions, of government or non-governmental origin, or by the application of the same by competent authorities, were imposed on the Lending Organizations obligations or restrictions of any kind that, because of its participation in the present operation, caused a decrease in earnings derived from the operation for the lending agencies or from its expected profitability, or that they imply an increase in the cost of the funds purchased in the interbank monetary market to which the Lending Organizations have recourse for the financing of the present Agreement or an increase in consumption of their own resources or other measures, or limitations are imposed either in the interest rate or in the commissions of another kind, which imply a decrease in the earnings to which the Lending Organizations had a right by virtue of this Agreement, the Borrower will be required to compensate the Lending Organizations that are affected.

	17.2.2	Examples of increase in costs of reduction in earnings. Without a limitative nature, the provisions of Section 17.2.1 above are applicable in any case to:

		(i)	Ratios or prudential measures. The creation of coefficients, deposits, provisions, reserves, or any other prudential means.

		(ii)	Limitations on interests or commissions. Any limitation or reduction of the amount of interest of commissions.

		(iii)	Taxes. Any tax (except, notwithstanding what is established in Stipulation 20.1 those taxes that are deems as direct taxation) or control measures of foreign exchange or a similar measure that burdens or increases the cost of any of the capital elements, flows or transactions related to the financing that is the subject of this Agreement.

	17.2.3	Calculation of the repercussion. The compensation at the Borrower’s cost in agreement with the previous sections will be established in the amount that the Agent expresses on the basis of reason justification contributed by the Lending Organization or organizations that are affected.

17.3	Unforeseen legal breach

	17.3.1	General Declaration. On the assumption that any change or innovation of the judicial structure makes illegal any or all of the obligations of any of the Lending Organizations connected with the present Agreement, the Lending Organization in question will communicate this circumstance to the Agent, who will communicate it in turn to the Borrower and that Lending Organization will automatically be freed from them without incurring responsibility to the Borrower.

	17.3.2	Adaptation of the financing in case of an unforeseen legal breach occurring. If that change or innovation of the juridical structure should not affect any essential

	element of the Financing Agreement, the Borrower and the Lending Organization affected will negotiate in good faith with the intention of mitigating the consequences of the unforeseen legal breach that occurs.

	17.3.3	Early amortization because of a legal breach occurring. If the change or innovation of the juridical structure should affect any essential element of the Financing Agreement or if the Borrower and the Lending Organization affected do not arrive at an agreement of its adaptation in accordance with the previous section in the period of fifteen (15) days from the communication of the circumstance that occurred, the Lending Organization affected may terminate the present Agreement to which it refers. The Borrower will then be obligated to return to the Lender Organization in question within 15 days following the receipt of the communication of its early payment (or in a shorter time which will be required for the change or innovation in question) the pending principal with the interest earned up to the date of payment and any other item of its expense by virtue of this Agreement. It is clear that the amounts amortized with settlement to that which is established in this section may not be drawn down by the Borrower.

17.4	Mitigation of the Consequences of the Change of Circumstances

	The Lending Organization that is affected by any of the circumstances stated in Stipulation 17.2 and 17.3 will make its best efforts that are commercially reasonable to mitigate their consequences.

17.5	Foreseeable Changes of Circumstances

	That which is provided by Stipulations 17.1 to 17.4 will not be applicable under the pretext of the foreseeable nature of the occurrence of the circumstance in question.

17.6	Favorable Change of Circumstances

	On the assumption that the circumstances described in Stipulation 17.2 should produce an inverse and direct net effect of increase of profitability for the Lending Organizations, it will return back to the Borrower the real advantage confirmed and experienced by each Lending Organization.

18.	CANCELLATION OF THE AGREEMENT

	The cancellation or extinction of Tranche B of the present Agreement by means of amortization of all of the pending amounts of payment at the Borrower’s cause, will require the prior consent of all of the Lending Organizations that are parties to the SPV Guarantee Agreement, because of their condition as beneficiaries of the guarantee that this agreement represents for the SPV.

19.	COMMISSIONS AND EXPENSES

19.1	Coverage, structuring and opening Commissions

	The Borrower will satisfy the Lending Organizations, through the Agent, a commission for coverage, structuring and opening, according to the terms established in a document separate from the present Finance Agreement.

19.2	Agency Commission

	The Borrower will satisfy for the Agent an annual agency commission according to the terms established in a document separate from the present Finance Agreement.

19.3	Drawdown Commission

	The Borrower will satisfy for the Agent a drawdown commission equivalent to THIRTY PERCENT (30%) of the applicable Margin, due on the quantity resulting from the application of the average balance of undrawndown amount from Tranche B during the corresponding period of liquidation a percentage corresponding to the participation of the Agent not guaranteed in Tranche B and given that the sum of the running balances of Tranche B and Tranche B of the Financing Agreement is less than the Maximum Amount from Tranche B. Said commission will be due daily starting on the date (inclusive) of the signing of this Agreement and will be liquidated by semesters completed, coinciding with the liquidation date of interest, being paid by the Borrower on the first Working Day of the semester immediately following.

	Calculation of said drawdwon commission will be completed by means of the number of calendar days effectively passed in each semester over the base of a 360-day year.

19.4	Expenses and Taxes derived from the Finance Agreement

	All expenses, taxes, rates, arbitrations, charges, fees and other current and future concepts that are originated or necessarily become due directly consequent to the signing and execution of the present Agreement will be the responsibility of the Borrower, and, among others, with merely enunciative character, the following:

	(i)	Legal expenses and other accessory expenses. Legal or extra-legal expenses, lawyers’ and solicitors’ fees (including when their intervention is not required) or any others that may be produced as consequence of the preparation, interpretation, modification or execution of this Agreement or its guarantees or the proceedings necessary for the fulfillment of the same or the verification of compliance to the obligations of the Borrower under the present Agreement.

	(ii)	Notary fees. Fees, brokerage fees and disbursement to public auditors that intervene in the formalization of the present Agreement, as well as in its modification or in notifications, requirements or proceedings necessary for its fulfillment and execution.

	(iii)	Transfer fees. Commissions and expenses normally applicable for operative transfers in regard to accounts and payments resulting from the present Agreement, including those received from income, movements and transfer effected in or between the accounts of the Lending organizations and the Bank of Spain resulting from the present Agreement.

20.	TAXES

20.1	Net payment of taxes

	All quantities that the Borrower must pay under the present Agreement, whether for principal, interest, commissions, costs, expenses or other concepts, will be free from any deduction or retention for any kind of taxes, tariffs, rates or exchange controls, present or future. The Borrower will thus have to pay the Lending Organizations the additional quantities that are necessary for the Lending Organizations to receive the full amounts that they would receive if those taxes, rates, tariffs or controls were not applicable.

20.2	Recuperation and return of fiscal deductions

	Supposing that after an addition payment effected by the Borrower by virtue of Stipulation 20.1 the Lending Organizations effectively and definitively recover all or part of the income retained or deducted from the account that has made said additional payment, the net income recovered will be returned to the Borrower. The previous does not grant the Borrower any right to the books or registries of the Lending Organizations.

21.	PAYMENTS

21.1	Payment method

	The Borrower will have to complete payment due by virtue of the present Finance Agreement, whether under Tranche A or Tranche B, in the following terms and conditions:

	21.1.1	Time, date and value: Payments must be made on the due date, without previous requirement, in the morning before 12:00, with the current value on this same day.

	21.1.2	Currency: Payments must be made in Euros.

	21.1.3	Location of payments: Payments due from the Borrower by virtue of this Agreement must be made by transfer to Account no. 0049 1500 00 2010165977 opened by the Agent for ACCIONA, expressly and irrevocably authorizing that Agent to credit the same with any concepts due from the Borrower by virtue of this Financing Agreement. In the case that the funds are not available in said account, payments will be made in installments from the account open in the name of the Agent in the Bank of Spain with account no. 0049.

21.2		Firmness and irrevocability of the payments
		The payments will be understood as completed and will be passed when the amount has

	been paid to the Agent via charge to the Credit Account in the Checking Account, or, in this case, in the account of the Agent indicated in the previous section in resolute and irrevocable form, according to the uses and banking standards at any moment. The Agent, with the same date/value corresponding to the payments received from the Borrower, will distribute said payments among the Lending Organizations in the proportions due to each of them.

21.3	Distribution

	The procedure for distribution of the payments will be as follows:

	21.3.1	Distribution by concept: Payments made by the Borrower, whether under Tranche A or Tranche B, will be distributed to the debts due by the following:

		(i)	Overdue interest;

		(ii)	Ordinary interest

		(iii)	Expenses and commissions;

		(iv)	Additional compensation prescribed in Stipulation 17;

		(v)	Legal expenses; and

		(vi)	Principal.

	21.3.2	Distribution by date: Within each concept, the payments will be applied to the oldest debt before the most recent. However, if for any reason a payment is imputed to a more recent debt, this does not imply renunciation of charges on the part of the Lending Organizations of the older debts.

21.4	Proportional distribution of the payments to the Lending Organizations

	21.4.1	Proportionality of the payments as a function of the participation of each Lending Organization. All of the payments that the Lending Organizations receive by virtue of the current Agreement, as much by conduct of the Agent as in the case of any other, will have to be proportional to their respective participation in Tranche A and in the Guarantee. Any Lending Organization that receives payments because of the present Finance Agreement that does not respect said proportionality places the amounts thus received at the disposition of the Agent for the effects of the opportune redistribution among the Lending Organizations.

	(i)	The following suppositions remain excluded from those which are prescribed in this section 21.4.1: Payments received by the Lending Organizations in cases of individual complaints (extra-legal or, with the requirements established in section 27.2,

	legal) foreseen in the present Finance Agreement.

	(ii) In the case of any of the Lending Organizations having received an amount greater than the rest of the Lending Organizations by application of article 91.6 of the Bankruptcy Law, whenever said entity, before urging the bankruptcy of the Borrower and complying with the requirements established in this agreement, will have offered to the remainder of the Lending Organizations the opportunity to carry out a joint solicitation of the bankruptcy via the Agent, and said joint solicitation has not been resolved according to a maximum deadline of fifteen (15) Working Days.

	(iii) When, in the framework of recourse of the Borrower and according to that established by the Bankruptcy Law, one or more of the Lending Organizations has received a quantity less than that proportionally corresponds to them by being persons especially related to the bankruptcy.

	21.4.2	Reimbursement to the Agent. If the Agent makes a payment in his capacity as such with responsibility for received funds in his capacity as such and as a result of said funds not being present in their accounts in irrevocable and resolute manner having to repay the same or availability of said funds is lost by any other means, the receivers of those payments will then be obligated to immediately reimburse the Agent, with date value of the day of their receipt.

21.5	Compensation of balances

	All credits or balances that are susceptible to compensation in its broadest sense that the Borrower demonstrates or has by virtue of accounts, deposits or any other title, now or in the future, before or in the Lending Organizations, will be susceptible to application to payments for which the Borrower is responsible by virtue of the Financing (all of this, notwithstanding the imperative standards in place, and, in particular, notwithstanding that which is established in the Bankruptcy Law for the case of bankruptcy of the Borrower). Therefore, the Lending Organizations may optionally apply to the payment of overdue debts all or part of those balances via compensation or via any of the operations described further on. For these purposes, such credits and balances will be understood due, convertible and liquidable from the non-payment of any amount due by virtue of the present Agreement.

	21.5.1	Application of liquid assets and currency conversion. The faculty prescribed in this Stipulation 21.5 will be directly applicable to the credits or balances that are liquid or easily liquidable, even though they are not denominated in the currency of the obligation due, in which case the Lending Organizations may perform the corresponding conversion to current market rates.

	21.5.2	Extraction of assets and currency conversion. Regarding non-liquid credits or balances, the Lending Organizations remain authorized to convey them by account and at the risk of the Borrower, to the best possible price, effecting them afterwards in respect to the net price obtained in the operations described in this

	Stipulation 21.5, including, where appropriate, currency conversion.

	21.5.3	Refunding of amounts overcharged, without compromising other relations. Notwithstanding that which is provided for in section 21.4.1, if, as consequence of the operations prescribed in this Stipulation 21.5, some Lending Organization comes to charge an amount greater than that which proportionally corresponds to their credits before the Borrower by virtue of the present Agreement, said Lending Organization will be solely obligated to place the excess at the disposition of the Agent for its distribution among the remaining Lending Organization (or, as applicable, return the excess immediately to the Borrower) if no other event occurs in view of the remaining relationships between each of the Lending Organizations and the Borrower, different from the present Agreement or, in general, of the Financing.

21.6	Indemnification of damages caused to the Lending Agencies by the rupture of Interest Periods

	Without compromising the possible consequences of non-compliance to this Financing Agreement, the Borrower will pay the Lending Organizations the damages that originate from amortizations or payments made beyond the prescribed due dates of the obligation or on a day that is not the last of the Interest Period, which includes in any case the Charges for Default or Funds.

22.	ACCOUNTS

22.1	Agent Accounts

	The Agent will open and be responsible for two accounts corresponding to the financing subject to this agreement for the Borrower in which he will deduct the balances available responsible for, respectively, Tranche A and Tranche B and the interest, commissions, expenses, interest for late charges, additional expenses and any other amounts that are the responsibility of the Borrower in respect to said Tranches. The Agent will pay in them all of the amounts received conforming with that which is established in Stipulation 21 and in such manner that the balance of said accounts represents the amount due from the Borrower at any moment under the Financing Agreement.

22.2	Account of each Lending Organization

	Each Lending Organization may open and carry in their accounts a special account of the financing subject to this Agreement (or, alternatively, a special account for Tranche A and a special account for Tranche B, and/or a special account for the Guarantee) in which they will deduct their participation in the amount of Tranche A, in Tranche B, and/or under the Guarantee and their participation in the interests, commissions, expenses, interest for late charges, additional costs and other charges to the same that are the responsibility of the Borrower responsible for them. Each Lending Organization will pay in it all of the amounts received from the Borrower, mediated by the Agent or otherwise, in such manner that the balance of the accounts represent the income due from the Borrower to each Lending Organization at any given moment.

	It remains clarified that the opening and maintenance on the part of each Lending Organization of the credit accounts to which Stipulation 22.2 refers will not assimilate to the opening and maintenance of bank checking accounts.

22.3	Maintenance of accounts in the case of transfer

	Given that the transfer conforms to that which is established in following Stipulation 26, the assigner will pay all or part of the referred account, the corresponding account

	operable on the part of the assignee.

23.	DECLARATIONS AND GUARANTEES

23.1	Declarations and Guarantees

	The Borrower declares and guarantees to the Lending Organizations the following, said declarations and guarantees being presupposed essential for the concession of financing subject to the present Agreement on the part of the Lending Organizations:

	23.1.1	Legal Status: the Borrower is a company with valid existence according to the laws of Spain; with the capacity to function in compliance with all of the rights and obligations derived from this Agreement and the other Financing Documents; and that its company objective allows them to conclude this legal negotiation;

	23.1.2	Authorization: the Borrower has adopted all of the agreements and obtained all of the administrative, corporate or other authorizations of any nature necessary for the granting and fulfillment of the present Agreement, in such manner that the Agreement obligations by virtue of the same and of the remaining Financing Documents are valid, binding, and enforceable;

	23.1.3	Non-existence of infraction: neither the signing of this Agreement nor compliance with any of the pacts in its contents, violate nor will violate, neither constitute nor will constitute, an incompliance, neither cause nor will cause any limitation, obligation or prohibition of the Borrower or of the faculties of its representatives, imposed or contained in (i) any law, regulation or administrative resolution or judicial decision to be exceeded or breached, by that which the Borrower or any of their assets are expired or affected; (ii) any document or regulation that contains or establishes the constitutive standards of the Borrower, or (iii) any agreement or other instrument in which the Borrower is part or from which results freezing of any of its assets;

	23.1.4	Litigations: there have not been established, nor are there pending, in the faithful knowledge and understanding of the Borrower, any litigation before any judicial body, arbitration, procedure or administrative claim, against the Borrower or of anyone of its assets and that, by itself or along with any other procedure or claim, would have a substantial adverse effect on its functions, patrimony or situation, or that could substantially and negatively affect its capacity to observe or to fulfill its obligations derived from this agreement;

	23.1.5	Non-existence of bankruptcy proceedings: The Borrower is not subject to any bankruptcy proceeding or similar corporate reorganization of a legal or private nature, derived, in any case, from a situation of insolvency, nor has the intention

	of soliciting a declaration of bankruptcy;

23.1.6	Revelation: the Borrower has communicated to the Lending Organizations, completely and in writing, all of the facts of those that have or reasonably must have knowledge of the effects of authorization of the present financing, and that must reasonably be communicated to the Lending Organizations (or to any others) in the context of the Financing Documents;

23.1.7	Compliance to standards. The Borrower is current in its fiscal, laboral, Social Security and environmental obligations and complies with all civil, merchant, administrative, environmental, fiscal, laboral and all other standards;

23.1.8	Non-existence of instances of early termination: On the current date, there exist no Instances of Early Termination, nor circumstances that, by means of advanced warning and/or the course of time, would constitute an Instance of Early Termination;

23.1.9	Binding obligations: all of the obligations assumed by the Borrower by virtue of the Financing Documents, or in execution, compliance or development of the same or of any other type of related document or agreement, are valid, binding, and are susceptible to be fulfilled in the terms that have been (or will be) agreed;

23.1.10	Non-existence of Adverse Material Change: no Adverse Material Change of ACCIONA has been produced.

23.1.11	Guarantees. The authorized Guarantees are effective and opposable to third parties in accordance with their own terms.

23.2	Reiteration of the Declarations and Guarantees

	The declarations and guarantees recognized in previous Stipulation 23.1 are understood as reiterated, mutatis mutandi, on the dates of each Disposition charge to the present Credit, and, furthermore, on the dates in which each one of the Interest Periods begin, and referred to at said times.

24.	OBLIGATIONS

24.1	Information obligation

	The Borrower acknowledges and accepts that the present Agreement and its maintenance demand that the Lending Organizations are perfectly informed regarding the situation and development of the Borrower and the ACCIONA Group.

	24.1.1	Submission of annual economic information. The Borrower is obliged to submit to the Agent its annual individual and consolidated accounts and management reports corresponding to each of the Borrower’s activities, duly formulated and approved in the general council, and certified by the Borrower’s auditor, within a deadline of six (6) months from the closing of the fiscal year.

	24.1.2	Reporting of significant facts or circumstances. The Borrower is required to inform the Agent, in writing and in reasonable detail, the following facts or circumstances as soon as they occur.

		(i)	Non-compliance to declarations and guarantees. Any non-compliance or failure to fulfill the declarations and guarantees indicated in Stipulation 23.

		(ii)	Instances of Early Termination. Any fact that may cause termination or early expiration of the present agreement.

		(iii)	Relevant facts. Any fact relevant to the negotiations or expectations of the Borrower, or that may produce a Material Adverse Change of the Borrower.

	24.1.3	State of Subordinate Debt. On each delivery date of the Disposition of Tranche A and/or Tranche B, the Borrower will submit to the agent the report of the amounts contributed to ACCIONA by concept of Subordinate Debt.

	24.1.4	Delivery of the information in as many copies as there are Lending Organizations. Any document that the Borrower must deliver to the Agent by virtue of the present Stipulation 24.1 must be submitted in as many copies as there are Lending Organizations. This obligation will be waived when the original documents are scanned and sent by electronic mail (e-mail).

	24.1.5	Annual certificate of ratios. The Borrower must submit to the Agent a certificate of ratios issued by the Borrower’s account auditor, according to the model that is attached to the present Agreement as Appendix 24.1.5, and in which are certified the following ratio measurements in respect to the previous fiscal year and in consolidate format, according to Stipulation 24.6:

		(i)	Net Financial Debt / EBITDA

		(ii)	Total EBITDA / Net Financial Expenses

	24.1.6	Information Requirements. The Borrower must respond to such reasonable requests for information on the part of the Agent and the Lending Organizations, in relation to fulfillment of their obligations derived from the present agreement, as well as those that are necessary for the Lending Organizations to be able to fulfill their internal requirements in respect to “know your customer”.

24.2	Accounting, auditing and annual accounts obligations

	The Borrower assumes responsibility for accounting and auditing that are described in the present Stipulation.

	24.2.1	Maintenance of corporate exercise. The Borrower will not modify the beginning or closing dates of the corporate exercise in its statutes, without express prior authorization from the Majority of the Lending Organizations

	24.2.2	Account maintenance and non-alteration of accounting principles and criteria. The Borrower will maintain its accounting according to the judicial Order without altering the accounting principles or criteria that have come to apply, except by legal requirement.


	24.2.3	Formulation and approval of annual accounts. The Borrower will formulate its annual accounts and seek their approval in the general council, according to applicable legislation.

	24.2.4	Audit by an internationally prestigious firm. The Borrower will have its individual accounts verified by an internationally known auditing firm.

	24.2.5	Audit report, access to the audits in case of delay in payments. The audit report of the Borrower’s annual accounts must be delivered in the original or directed to the Agent within the period fixed in Stipulation 24.1.2. If this does not occur, the Agent may consult the Borrower’s auditor regarding the reasons for lateness and perspective in respect to the content of the final audit report.

	24.2.6	Consistency of the function of the Auditors for the effects of this agreement. The Borrower guarantees that its account auditors know and accept the instructions and commitments that spring from the present agreement and are obliged to continue being responsible for auditing the Borrower’s accounts.

24.3	Obligations related to business activity

	The Borrower is obligated to submit its business activity to the obligations and limitations that are described in the present Stipulation.

	24.3.1	Limitation of business activity. The Borrower is obliged to limit its business activity to those activities that constitute its corporate objective on the date of the present Agreement.

	24.3.2	Preservation of the participations of the SPV. The Borrower is obliged to preserve in full ownership and not make available to any title, full or limited, of all or part of the participations of the SPV that may be in its possession at any time.

	24.3.3	Compliance with applicable legislation. The Borrower is obliged to comply with applicable legislation in all cases, referent to civil, mercantile, administrative, fiscal, laboral, or any other nature that may be applicable.

	24.3.4	Orderly and diligent management of market conditions. The Borrower is obliged to administer its business with the diligence of an organized business and to Agreement under market conditions

	24.3.5	Disposition of assets in market conditions. The Borrower is obliged to make its fixed assets (material or immaterial) available only under market conditions, and to apply the income obtained by each disposition that exceeds ONE HUNDRED MILLION EUROS (€ 100.000.000), to (i) the reinvestment in other productive and analogous assets or that fulfill an identical economical purpose, and within the period of a year from the date of sale of the sold assets, or (ii) the anticipated obligatory amortization from Tranche A, to which the regulations of previous Stipulation 6.2 will be applicable.


		In the case of partial reinvestment, the Borrower is obligated to apply the non- converted income to the anticipated obligatory amortization from Tranche A, under the terms established in the previous paragraph.

		The present Stipulation will not apply to the sale of shares of FOMENTO DE CONSTRUCCIONES Y CONTRATAS, LLC. which as of this day belongs to the Borrower.

		The present Stipulation will not apply to the participations of the SPV, effected by the absolute prohibition of disposition established in previous Stipulation 24.3.2.

		Furthermore, the Borrower may not complete sales of its assets that, in individual or group form, result in complete disruption of its current business or impede the Borrower from continuing in its current business.

24.4	Company and corporate obligations

	24.4.1	Exercise of voting rights. The Borrower is obligated to exercise the voting rights that belong to it in the corporate organizations of the SPV, in such form that fulfills its obligations under the Financing Documents, or that this body doesn’t adopt any decision that may compromise the fulfillment of the Financing Agreement.

	24.4.2	Corporate modifications. The Borrower is obligated to prevent its general council from deciding on any of the following matters:

		(i)	any merger, transformation, split, contribution of a branch of activity or exchange of values (except the operations performed with other companies in which the Borrower holds majority participation, or with shareholders that participate in the majority in the Borrower), or dissolution or liquidation or any other analogous operation or corporate restructuring of the Borrower;

		(ii)	any reduction of its capital (except those demanded by applicable legislation); or

		The responsibilities assumed by the Borrower in the present Stipulation 24.4.2 are negative obligations from results. The production of any of said results will result in early expiration of the present Agreement, without compromising the legal competence to make decisions regarding said matters not corresponding to the administrative body of the Borrower.

	24.4.3	Distribution of dividends. The Borrower is obligated to take the corporate agreements that are necessary for the affiliates included in the ACCIONA Group (according to the definitions in previous Stipulation 1.2.2, with the exception of the SPV) to distribute dividends or interim dividends in the necessary measure so that the Borrower may be able to fulfill its payment obligations derived from the present Agreement, and given that they do not contradict future or present business plans of the affiliates.

24.5	Financial obligations

	24.5.1	Maintenance of the Lenders´ credit limit. The borrower is obligated to maintain the credit rights of the Lending Organizations originating in the present Agreement in their current limit and privileges, in relation with any other of the Borrower’s creditors, present or future.

	24.5.2	Provision of guarantees. The Borrower is obligated to not constitute guarantees of real or personal character to ensure its own obligations or the obligations of third parties, except those authorized by virtue of the Guarantees Agreement. The prohibition contained in the present section is not applicable for those guarantees necessary for the ordinary function of the activity of the Borrower and those real guarantees authorized on new assets of financing operations, without resource or with limited resources and property financing or the guarantees granted on existing assets in refinancing operations that at the current time are found recorded in financing operations without resource or with limited resources and property financing, are accepted.

	24.5.3	Coverage agreements. The Borrower is obligated to Agreement with the Lending Organizations, under market conditions and within the period of sixty (60) days from the date of the present Agreement, an instrument of coverage of rates of interest by an amount equivalent to sixty six percent (66%) of the income from Tranche A and for the period of the financing.

	24.5.4	Credit Account in the Checking Account. The Borrower must deposit in the Credit Account (according to this term as defined in the SPV Financing Agreement) all of the amounts that are contributed to SPV by the Borrower.

	24.5.5	Fiscal consolidation. The Borrower must fiscally consolidate with the SPV, except when such consolidation is not possible for legal reasons.

24.6	Obligations for fulfillment of financial ratios

	The Borrower acknowledges and accepts that the authorization and maintenance of the present Agreement by the Lending Organizations depends on the preservation of its capital and financial solvency.

	24.6.1	Ratios to be fulfilled by the Borrower; non-compliance. The Borrower must comply based on consolidation the following financial ratios during the entire life of the financing:

	Net Financial Debt /		Total EBITDA / Net Financial
	EBITDA		Expenses
	Less than, or equal to 6.00x		Equal to, or greater than 3.00x

	Failure to meet these financial ratios, although neither fraud or negligence exists on the part of the Borrower, will be understood as non-compliance with this Agreement for all effects and purposes.

24.6.2	Referential periods or dates for the effects of the ratios. The financial ratios indicated in the previous Stipulation must be met in every corporate exercise of the Borrower.

24.6.3	Calculation of consolidated financial ratios. The financial ratios indicated in the previous Stipulation must be calculated and met by the Borrower and the ACCIONA Group in a consolidated form.

24.6.4	Annual calculation of ratios by the auditor. The Borrower’s account auditor will calculate the financial ratios indicated in Stipulation 24.6.1 based on the Borrower’s annual consolidated accounts. The Borrower’s auditor will communicate the result of said calculations to the Agent, by means of the certification issued according to that which is established in previous Stipulation 24.1.

25.	AGENCY

25.1	Appointment

	All of the Lending Organizations designate as Agent of the present agreement the entity, BANCO SANTANDER CENTRAL HISPANO, LLC., who expressly accepts said appointment.

25.2	Content of the mandate

	The position of Agent as mandated by the Lending Agencies is constituted in the terms of the present Stipulation.

	25.2.1	Mandate. All of the Lending Organizations confer a mandate to the Agent that they exercise, in the interest of the Lending Organizations, all of the rights and faculties that are conferred in the present agreement on the entity of the Agent.

		In its capacity as mandated, the Agent must comply with that prescribed in this agreement, and with any instruction that have been approved by the Majority of the Lending Organizations (including the abstention from exercising any right, faculty or duty corresponding to the Agent by virtue of the present agreement).

		If the present agreement has not provided anything, instructions must be requested, and when consultation with the Lending Organizations is not possible due to urgency, the Agent will have to exercise prudence and act in the best interest of all of the Lending Organizations, according to article 255 of the Code of Commerce.

	25.2.2	Empowerment. All of the Lending Organizations empower the Agent to exercise, for and on behalf of all of the Lending Organizations and before the Borrower or any third party, all of the decisions and instructions approved by the Majority of the Lending Organizations. In particular, the Lending Organizations empower the agent to issue the bank certification of the Borrowers balance of debt under the present agreement (referred to in Stipulation 28.1.1), with the purpose of operating the execution of the present Agreement.

		The Agent is not authorized to represent the Lending Organizations beyond what is expressly established in the present agreement, nor it is fiduciary of the Lending Organizations.

	25.2.3	Liberating effect of payments made to the Agent. Pursuant to the mandate and powers conferred on the Agent, payments of any nature derived from this agreement must be made by the Borrower to the Agent, providing full liberating effects for the Borrower just as if the Lending Organizations had already each received their corresponding portion.

	25.2.4	Full effect of notifications made to the Agent. Pursuant to the mandate and powers conferred upon the Agent, any notification between the Borrower and the Lending Organizations must be made through the Agent, and any notification made to, or received by the Agent will have the same effects as if it were made to, or received by the Lending Organizations.

	25.2.5	Information Responsibilities. On each Measurement Date, the Agent will submit to the rest of the Lending Organizations the following information:

		(i)	Current credit or debit balance of the Credit Account in the Checking Account.

		(ii)	Total of the amounts contributed under the Guarantee (including paid interest) for each of the Guarantors.

			The Agent will submit to the rest of the Lenders according to the same schedule by which they receive from the Borrower, the information related to the report of the quantities contributed by the Shareholder under the ACCIONA Support Agreement in regards to Subordinate and non-reimbursed Debt.

25.3	Responsibilities of the Agent to the Lending Organizations

	The responsibility of the Agent as mandated remains instituted in the terms of the current Stipulation.

	25.3.1	Absence of responsibility for good results of the Financing. The Agent will not be responsible to the Lending Organizations for the validity, enforceability or fulfillment of the present agreement nor any other related agreement or connection with the present agreement.

	25.3.2	Absence of responsibility for compliance with instructions. The Agent will not be responsible if the approved instructions are adjusted by the Majority of the Lending Organizations, according to article 254 of the Code of Commerce.

	25.3.3	Responsibility derived from fraud or gross negligence. The Agent will not have any other responsibility beyond what may arise from fraud or gross negligence in its performance.

	25.3.4	Duty to communicate without obligation to verify. The Agent’s duty to communicate will be satisfied upon informing each of the Lending Organization of any document related to the Credit that has been received, and any notice or notification that may constitute cause for early withdrawal from the present agreement that has been received. The Agent will not be obligated to verify the veracity or certainty of any received information, or compliance with the present agreement for any party to the same.

	25.3.5	Absence of responsibility to the Lending Organizations of the administrators, directors or employees of the Agent. The Lending Organizations are committed to not bring any legal complaint against any administrator, counselor, director or employee of the Agent of those related to the services of the Agent in the present agreement, except said complaints that arise from fraudulent conduct or gross negligence of the administrator, counselors, directors or employees of the Agent before the Lending Organizations.

25.4	Reimbursement of amounts to the Agent

	The Lending Organizations will immediately reimburse the Agent, prorated according to their participation in the Credit, any payment made by the Agent by reason of the present agreement in the common interest of the Lending Organizations, and independently from favorable or adverse results of the performance or measure that originated the payment. The Agent will remain authorized to retain from quantities to be paid to the Lending Organizations, for any reason, the amount of the referred quantities.

25.5	Resignation of the Agent

	25.5.1	Freely Resigns. The Agent may freely resign from its position via written notification to the other Lending Organizations and to the Borrower, even though its resignation will only be effective on the date of the appointment and acceptance of a new entity to assume the position of Agent.

	25.5.2	Appointment of a new Agent by the Majority of the Lending Organizations. If the Agent resigns, the new Agent will be appointed by the Majority of the Lending Organizations.

		All of the Lending Organizations will give their consent and approval to the appointment of the Agent that the Majority of the Lending Organizations agree upon in the future, and ratify the mandate and empowerment conferred by virtue of the present Stipulation 25.

	25.5.3	Subsidiary appointment of the New Agent by the withdrawing Agent. If within thirty (30) days following the notification of resignation from the Agent, the Majority of the Lending Organizations has not appointed a new Agent or the appointment has not been accepted, the Agent will appoint a substitute from among the Lending Organizations.

	25.5.4	Previous consultation with the Borrower. The appointment of the new Agent must be discussed previously with the Borrower, whether elected by the Majority of the Lending Organizations or appointed by the withdrawing Agent.

	25.5.5	Resignation and appointment in public instrument. The resignation of the Agent and appointment of the new Agent must be publicly documented.

	25.5.6	Identity in the terms of the mandate of the new Agent. The new Agent will be invested with the same rights, faculties and duties as the withdrawing Agent.

	25.5.7	No repercussion in costs to the Borrower. The Borrower will not be responsible for expenses incurred as consequence of the resignation or appointment of the Agent.

25.6	Revocation of the Agent

	25.6.1	Assumptions and requirements for revocation of the Agent. The Majority of the Lending Organizations may agree to revoke the appointment of the Agent for serious noncompliance or for repeated differences with the remainder of the Lending Organizations, given that they simultaneously appoint another Agent from among the Lending Organizations, and the appointed entity accepts the position.

	25.6.2	Remission to the regimen of substitution by resignation. The appointment and regimen of the new Agent in case of resignation will be, mutatis mutandi, as indicated in Stipulations 25.5.2 and 25.5.4 to 25.5.7.

26.	TRANSFER

26.1	Prohibition of transfer by the Borrower

	The Borrower may not transfer or impose its rights and obligations derived from this Financing Agreement in whole or in part.

26.2	Transfer by the Lending Organizations: requirements

	Each Lending Organization or Guarantor will only be able to cede or impose, in whole or in part, their lending position in the present Agreement, effectively before the Borrower and the other Lending Organizations, to other credit entities, subject to the following :

	26.2.1	Transfer coinciding with an Interest Period. In respect to those Drawdowns valid on the date of transfer, the operation will become effective, in respect to all and any of said Drawdowns, on the first date in which an Interest Period closes in the course of any of the same. The Agent will not become obligated to distribute any payment from the Borrower to the Transferring entity beginning on the effective date (inclusive), even when the concept of which said payment is derived occurred in a period prior to said date.

	26.2.2	Transfer in public Instrument. Transfer must be granted in a public instrument.

	26.2.3	Nonexistence of greater onerosity for the Borrower. The operation must not generate greater onerosity for the Borrower.

	26.2.4	Previous communication to the Agent on the part of the transferring entity. The Agent must be previously notified in writing within a minimum of ten (10) business days before the date of effective transfer, in order for the Agent to notify the Borrower within five (5) business days following the date in which they are notified, indicating the identity of the recipient and the amount of the transfer. The Borrower must comply at all times with the obligation for its position related to obtaining of the corresponding Financial Operation Number from the Bank of Spain in the event that the recipient is not a Spanish entity.


	26.2.5	Minimum amount of each transfer. With the exception of the case in which a Lending Organization transfers its entire participation in the financing subject to the present agreement, the amount of each transfer operation will be equal to TEN MILLION EUROS (€ 10,000,000) or, if even greater, in multiples of FIVE MILLION EUROS (€ 5,000,000), jointly for the Maximum Amount from Tranche A and of the Guarantee.


	26.2.6	Transfer of Tranche B: Transfer of the Contractual position of the creditor in Tranche B will carry in all cases the assumption by the transferee of the position of Agent. Partial transfer of the contractual position of Tranche B is not possible. However, the Agent will be able to look for the granting of a guarantee in those participations of Tranche B that at the current time will not be guaranteed, said new guarantor being automatically subject to all of the dispositions of the Financing Documents. The Guarantor will be able to subrogate third parties in its Contractual position in the Guarantee, given (I) they transfer a position equivalent to the contractual position in the Guarantee of Tranche B of the Financing Agreement, and (ii) the transfer is a djusted to the remaining established requirements in the present Clause 26.


	26.2.7	Rating: The Transferee must have a rating greater than ¨A¨ in the Standard and Poor’s or its equivalent in the remaining rating agencies.

27.	EARLY TERMINATION

27.1	Early termination by noncompliance to obligations

	The Lending Organizations will be able to declare early termination of the present Agreement and demand early amortization of all of the payment obligations, with interest and other due amounts for which the Borrower is responsible, if any of the causes for early termination described in the present Stipulation occurs, even if the Borrower has not failed to fulfill its payment obligations in virtue of the present agreement, or in breach of the obligation that there be no fraud or neglect on the part of the Borrower, or if the lending guarantees are maintained in vigor to ensure the fulfillment of the present agreement.

	27.1.1	Breach of payment obligations. Breach on the part of the Borrower of any payment obligation regarding principal, interest, commissions, or any other concept, on their respective due date or date of expiration, being understood thus agreed upon to the effects of article 693.2º of the Spanish Law of Civil Procedure.

	27.1.2	Breach of the duty to conserve the participation of SPV. Breach by the Borrower of its obligation to conserve the property of all of the participations of SPV and to not make the same available, according to Stipulation 24.3.2.

	27.1.3	Non-fulfillment of ratios. Non-fulfillment by the Borrower of the financial ratios contained in Stipulation 24.6 of the present Agreement.

	27.1.4	Uncorrected breach of other obligations of the Borrower. Noncompliance by the Borrower of any other obligations in virtue of the present agreement or any of the Financing Documents of those that are part, given that said noncompliance is not corrected within ten (10) days from the date in which the Agent has required correction.

27.2	Early termination by debilitation of the Borrower’s solvency or alteration of the presuppositions or economic conditions of the present agreement.

	The Lending Organizations will be able to declare early termination of the present Agreement and request early amortization of all payment obligations, with interests and other amounts due in the responsibility of the Borrower if any of the causes for early termination described in the present Stipulation occurs, given that their occurrence will affect the Borrower’s capacity to attend to its obligations in the short, medium or long term, or that will alter the presuppositions or economic conditions relative to the Borrower that induce the Lending Organizations to authorize the present Agreement.

	In accord with the previous, the occurrence of any of the causes for early termination will be sufficient, even if the Borrower has not breached any obligation in virtue of the present agreement, or in the breach of the obligation there has been no fraud or negligence on the part of the Borrower, or if the lending guarantees are in force to ensure compliance with the present agreement.

	27.2.1	Bankruptcy or insolvency. If the Borrower solicits declaration of, or is declared in, a state of legal bankruptcy or insolvency, or is subject to any process of intervention, administration or bankruptcy liquidation, or enters any agreement of renegotiation of debts or debt relief or deferment.

	27.2.2	Material Adverse Change. If a Material Adverse Change occurs to ACCIONA.

27.2.3	Cross-default. If any debt Contracted by the Borrower with any third party (including the Mark of Financial Operations Agreements), by an individual or accumulated amount greater than ONE HUNDRED MILLION EUROS (€ 100,000,000) is not satisfied or is declared prematurely due, in each case, as a consequence of noncompliance.

27.2.4	Enforcement or seizure. If any judicial, extra-judicial or administrative case is brought against the Borrower for an amount greater than ONE HUNDRED MILLION EUROS (€ 100,000,000) and results in direct enforcement or seizure of the Borrower’s property.


27.2.5	Cessation of business or activity. If the Borrower ceases in its business activities.

27.2.6	Unenforceability of the obligations derived from the present Agreement. If the obligations of the present Agreement become or are declared nonexistent, invalid or ineffective.

27.2.7	Falsity or serious inaccuracy of Declarations and Guarantees. If a falsity or serious inaccuracy of the data manifested in the declarations effected by the Borrower in virtue of the present agreement exists.

27.2.8	Reversal of auditory opinion, negative opinion or essential qualifications. If the Borrower’s account auditor does not complete or denies his report or auditory opinion, or submits a negative report or opinion or with essential qualifications.

27.2.9	Fiscal consolidation. If the SPV neglects to consolidate in the fiscal group of which ACCIONA is the dominant corporation, except by legal requirement, except in the case of sale of the participations of SPV by execution of the guarantee on the same in virtue of the Guarantees Agreement.

27.2.10	Expropriation. If as consequence of a governmental intervention or an expropriation the ACCIONA directors are substituted, or said company loses control of its property or business or assets or said control or property are restricted in such manner that affects ACCIONA´s capacity to fulfill its payment obligations derived from the ACCIONA Support Agreement.

27.3	Alternatives of the Lending Organizations

	In the event of any of the conditions for early expiration described in Stipulations 27.1 and 27.2, the Lending Organizations are authorized to choose between (i) declaration of early termination of all obligations in the Borrower’s responsibility, (ii) rescind the present Agreement, or (iii) preserve the efficacy of the present agreement, and, as appropriate, demand specific compliance with unmet obligations.

	The option for conservation of the agreement will in no way limit the rights of the Lending Organizations to declare, afterwards, early termination or rescission of the present Agreement, in the case that cause for early termination persists or another distinct instance has occurred.

27.4	Rescission by Majority decision of the Lending Organizations: binding character

	Declaration of early termination or rescission of the present agreement will be decided by

	the Majority of the Lending Organizations and will bind the absent, abstaining or dissident Lending Organizations.

27.5	Individual rescission without Majority concurrence among the Lending Organizations

	Each of the Lending Organizations reserves the individual right to solicit early termination or rescission of the present agreement in the corresponding part and to exercise the same, if the Majority of the Lending Organizations have not agreed to declare early termination or rescission of the present agreement within a maximum of twenty (20) business days counting from (i) the date of receipt on the Agent’s part of a petition from any of the Lending Organizations to form said Majority of Lending Organizations, or, if no such petition has been submitted, (ii) the date of communication on the part of the Agent to the Lending Organization of the occurrence of cause for early termination.

27.6	Procedure to the Borrower

	27.6.1	Communication with the Borrower. When the Majority of the Lending Organizations have agreed to declare early termination or rescission of the present agreement, said decision will be communicated by the Agent to the Borrower.

	27.6.2	Deadline for payment. The Borrower will be required to pay all due amounts for any reason (principal, interest, commissions, expenses or any other concept) in virtue of the present agreement, within a period of three (3) calendar days counting from the date in which notification of such effects is made by the Agent.

	27.6.3	Exercise of legal actions. If the Borrower has not complied with its payment obligations for all due amounts within the stated deadline, the Agent will initiate the corresponding judicial complaint, for whose effects the Agent will act as representative of the Lending Organizations If the Agent has not initiated the corresponding judicial complaint within the deadline of ten (10) days from the expiration of the period of three (3) calendar days established in the previous Stipulation 27.7.2, any one of the Lending Organizations may individually exercise the corresponding legal actions against the Borrower to reclaim the amounts due them.


		All of the Lenders are committed to authorize in favor of the Agent the powers that are required by the Spanish Law of Civil Procedure and other applicable legislation so that the Agent may act in their name in judicial proceedings

		instated according to the present Stipulation, or, alternatively, will appear together with the Agent, as required, with the purpose of enabling the exercise of the rights conferred by the Lending Organizations, in conformity with the agreements adopted by the Majority of the Lending Organizations.


27.7	Earning on default interest

	The deadlines prescribed by the present Stipulation 17, as much for correction of the produced cause as for early termination as for the Lending Organizations may be able to exercise their rights under the current agreement, will be understood in all cases, without compromising the Borrower’s duty to pay the late charges for the Lending Organizations, from the date of noncompliance of any payment obligation, or from the date in which the Majority of the Lending Organizations have declared early termination or rescission of the present agreement, if it were not due to noncompliance to the payment obligations prescribed in the present agreement.

SECTION FIVE - EXECUTION

28.	EXECUTION OF THE FINANCING AGREEMENT

28.1	Determination of the liquid amount

	In the event that the Lending Organizations decide to exercise the ordinary executive procedure prescribed in article 517 and further in Law 1/2000, from January 7, of Civil Procedure, it is agreed, to the effects of the dispositions of articles 572 and 573 of the cited Law, that the enforceable amount in the case of execution of the present agreement or its guarantees will be the result of liquidation effected by the Agent on the basis of the account indicated in Stipulation 14.2.

	28.1.1	Liquidation effected by the Agent. For the exercise of executive action brought to the public, the presentation of this agreement will be sufficient, when accompanied by: (i) the certification issued by the Lending Organizations, in which is established that the owed amount coincides with that which appears in the account indicated in Stipulation 22.1 and that the liquidation of the debt has been practiced in the manner agreed upon by the contracting parties, certification or certifications that are incorporated in the Notarial Act or were issued by Notary and (ii) the document that verifies that the Borrower has been notified of the enforceable amount.

	28.1.2	Prevalence of the Agent’s determination. Once liquidation of the account indicated in Stipulation 22.1 is effected by the Agent, in respect to the totality of the financing subject to the present agreement or its guarantees, the Lending

	Organizations will not be able to present individual liquidations based on the accounts indicated in Stipulation 22.2.

28.1.3	Individual determination for a Lender. While the Agent has not passed liquidation of the account indicated in Stipulation 22.1, if one of the Lending Organizations executes individually and legally this financing or its guarantees in reference to their participation, it is agreed that the enforceable amount will be the result of the effected liquidation effected on the part of the executing Lending Organization over the base of the respective account indicated in Stipulation 22.2. When such individual liquidation is passed, the liquidation that afterwards is effected by the Agent over the account indicated in Stipulation 22.1 will not include the amount corresponding to the Lending Organization or Organizations who have already instated individual execution.

28.1.4	Complete or partial liquidation, without rescission. The liquidations indicated in Stipulations 28.1.1 and 28.1.3 may include all or part of the concepts, without implying any rescission, in particular in that which refers to the expenses and amounts due by virtue of Stipulations 17.2, 19 and 20.

28.1.5	Interest or variable parities. To the effects indicated in article 574 of the Spanish Law of Civil Procedure, the calculation of interest or variable parities will be done in accord with that which is established in Stipulation 15.

28.1.6	Borrower’s capacity to contest. The Borrower will not be able to contest or question the liquidations or calculations made by the Agent or by the Lending Organizations that executes their rights individually, according to Stipulations 28.1.1 and 28.1.3, respectively, except by the motives established in article 557 of the Spanish Law of Civil Procedure. In the case that an executive procedure results in enforcement of an equity or collateral loan, the Borrower may only contest for motives established in article 695 from the Spanish Law of Civil Procedure.

28.1.7	Liquidation expenses. All of the expenses and tributes that are caused by Notarial Act or Notarial intervention to which the present Stipulation refers will be the responsibility of the Borrower.

28.2	General and special procedures and methods of execution

	The Lenders will be able to seek recourse at any time in whichever procedures or methods of execution that are prescribed by the Judicial Order, whether in respect to the guarantees or sponsorship of the Borrower.


28.3	Various dispositions


	The following provisions will apply in the case of execution:

28.3.1	Agent authorization to request the issue of copies. The Agent is empowered from this moment forward by all parties to solicit the issue of additional copies of the present document, to the effects indicated in article 517.4 of the Law of Civil Procedure, understood that said copies are issued in accord with all of the parties.

28.3.2	Address for the purposes of notification. The address of the Borrower for the effects of requirements and notifications will be that indicated in Stipulation 29.1.

SECTION SIX - MISCELLANEOUS

29.	VARIOUS STIPULATIONS

29.1	Communication and addresses

	Any notification or communication that must or may be exchanged among the parties in virtue of this agreement will be directed in writing to the address that is indicated in the appearance of the same via letter, fax, or any other medium, however it will only be acknowledged as communicated to the addressee if its receipt can be indubitably verified. For these purposes, the parties indicate the following fax numbers and the names of the responsible persons to whom communications must be directed, as well as, in respect to the Lending Organizations, the accounts to which payments must be made.

	For the Borrower:

ACCIONA, LLC.

CONTACT INFORMATION

Contact for sending
documentation:

Address to which
documentation must be
sent:

Juan Gallardo / José Ángel Tejero

(Avda. Europa, 18) Europa Avenue, 18
Parque Empresarial La Moraleja 28108 Alcobendas
Madrid

Telephone:
Fax:
E-Mail:

91 663 2355
91 663 2929

For the Lenders:

		BANCO SANTANDER CENTRAL HISPANO, S.A.
DOCUMENTATION

Contact for sending
documentation:

Address to which
documentation must be
sent:

Raúl Osuna Menéndez / Inés García Revilla

Área Soluciones de Financiación (Financial Department)
Ciudad Grupo Santander (Grupo Santander City)
Edificio Amazonia 2ª Planta (Amazonia Building, 2nd floor)
28660 Boadilla del Monte – Madrid

Telephone:
Fax:
E-Mail:

91 289 12 59 / 91 289 31 88
91 257 16 17
rosuna@gruposantander.com / inegarcia@gruposantander.com

CONTACT FOR OPERATIVE QUESTIONS

Name: Address:	José Manuel Llorente / Pedro de Miguel / Maribel Centeno Ciudad Grupo Santander (Grupo Santander City), Edificio Marisma Planta Baja (Marisma Building, First Floor) 28660 Boadilla del Monte – Madrid
Telephone: Fax: E-Mail:	91 289 30 12 / 91 289 30 13 / 91 289 47 89 91 257 11 64 / 91 257 11 65 / 91 257 10 86 / 91 257 16 36 Backofficesindicados.madrid@sinvest.es josmllorente@gruposantander.com micenteno@gruposantander.com

DETAILS FOR PAYMENTS AND CHARGES IN EUROS

Name of the Entity:
SWIFT Code
OMF (wire
transfers/international bank transfers)

Banco Santander Central Hispano S.A.
BSCHESMM
0049

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

DOCUMENTATION

Contact for sending
documentation:

Address to which documentation must be sent:

Telephone:
Fax:
E-Mail:

Iñigo Solaun Gonzalez / Celina Carvajal Fernandez

Calle Alcalá (Alcala Street), 16 – 4º (Fourth Floor), 28014 Madrid,
Spain

91-374-73-74 / 91-537-83-14
91-537-05-66
inigo.solaun@grupobbva,com / ccarvajal@grupobbva.com

CONTACT FOR OPERATIVE QUESTIONS

Name:

Javier Granero / María González

Address:	BBVA – Administración Mercado de Capitales (Administration Capital Market) Vía de los Poblados s/n, 4º Planta (Via de los Poblados, un-numbered, 4th floor) 28033 Madrid, Spain
Telephone: Fax: E-Mail:	91-374-73-74 / 91-537-83-14 91-374-41-40 / 91-537-09-47 jgranero@grupobbva.com / mdgonzalez@grupobbva.com /

DETAILS FOR PAYMENTS AND CHARGES IN EUROS

Name of the Entity:

Account Number (OMF) (wire transfers/international bank transfers):

SWIFT Code

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

0182

BBVAESMM

BNP PARIBAS, Branch Located in Spain

DOCUMENTATION

Contact for sending documentation:

Address to which
documentation must be
sent:

Telephone:
Fax:
E-Mail:

Jose Gefaell / Jose Serrano-Suñer / Carolina Torres

Calle Ribera del Loira 28 (28 Ribera del Loira Street), 4ª planta (4th
Floor) Madrid 28042

91 388 80 25 / 80 26 / 80 38
91 388 80 50
Jose.gefaell@bnpparibas.com / Jose-serrano-
suner@bnpparibas.com / Carolina.torres@bnpparibas.com

CONTACT FOR OPERATIVE QUESTIONS

Name: Address:	Alberto Sanchez / Elena García Juarez Ribera del Loira, 28 (28 Ribera del Loira Street) 2ª PLANTA (2nd Floor) 28042 MADRID
Telephone: Fax: E-Mail:	91 388 80 25 / 80 26 / 80 38 91 388 80 99 Alberto.sanchez@bnpparibas.com Elena.garciajuarez@bnpparibas.com

DETAILS FOR PAYMENTS AND CHARGES IN EUROS

Name of the Entity: Account Number (OMF) (wiretransfers/international bank transfers): SWIFT Code	BNP PARIBAS BRANCH LOCATED IN SPAIN 0149 BNPAESMS


	CALYON, Branch Located in Spain
DOCUMENTATION

Contact for sending
documentation:

Address to which
documentation must be
sent:

Telephone:
Fax:
E-Mail:

Rolando Menor Aguilera / Isabel López Fernández

Paseo de la Castellana, Number 1

91.432.75.85
91.43275.08
isabel.lopez@es.calyon.com

CONTACT FOR OPERATIVE QUESTIONS

Name:
Address:

Telephone:
Fax:
E-Mail:

Maria Teresa García García / Ana Isabel Avila Tobar

91.432.73.85 / 91.432.72.75
91.432.73.85 / 91.432.72.75
maite.garcia@es.calyon.com

DETAILS FOR PAYMENTS AND CHARGES IN EUROS

Name of the Entity:
Account Number
SWIFT Code

Calyon, Branch located in Spain
0154 0001 95 9999999100
BSUIESMM

THE ROYAL BANK OF SCOTLAND PLC

DOCUMENTATION

Contact for sending documentation:

Address to which documentation must be sent:

Telephone:
Fax:
E-Mail:

Lucia Rodríguez Bartolomé

Edificio Serrano 49 (49 Serrano Building), C/ José Ortega y Gasset
(Jose Ortega y Gasset Street), 7, 28006 Madrid

+34 91 438 5175
+34 91 438 5307
Lucia.rodriguez-bartolome@rbos.com

CONTACT FOR OPERATIVE QUESTIONS

Name: Address:	Henny de Lathauwer Edificio Serrano 49 (49 Serrano Building), C/ José Ortega y Gasset (Jose Ortega y Gasset Street), 7, 28006 Madrid
Telephone: Fax: E-Mail:	+34 91 438 5129 +34 91 438 5307 Henny.delathauwer@rbos.com / RBSMadrid- MiddleOffice@rbos.com

Please, for operative questions always CC to:

Name:
Address:
Telephone:
Fax:
E-Mail:

Georgina Chave
2 ½ Devonshire Square London, EC2M 4BB
+44 207 672 6340
+44 207 615 0153
Georgina.chave@rbos.com / GBMLendingOpsEuropeanCommercial@rbos.com

DETAILS FOR PAYMENTS AND CHARGES IN EUROS

Name of the Entity: Account Number (OMF) (wire transfers/international bank transfers) :

SWIFT Code
IBAN

Royal Bank of Scotland, London

RBOSGB2LGL O – Royal Bank of Scotland GLO, London
GB29RBOS16107010091313

BANCA IMI S.P.A.

DOCUMENTATION

Contact for sending
documentation:

Address to which
documentation must be
sent:

Telephone:
Fax:
E-Mail:

Valentina Valente Giacomo Cerri

Corso Matteotti, 6 20121 Milan

+39 02 7751 2434 / +39 02 7751 2686
+39 02 7751 2442
valentina.valente@bancaimi.it / giacomo.cerri@bancaimi.it

CONTACT FOR OPERATIVE QUESTIONS

Name:

Address:
Telephone:
Fax:
E-Mail:

Copy to:

Name:

Address:
Telephone:
Fax:
E-Mail:

Riccardo Lamanna

Corso Matteotti, 6 20121 Milan
+39 02 7751 2413
+39 02 7751 92413
riccardo.lamanna@bancaimi.it

Andrea Barbaglio

Corso Matteotti, 6 20121 Milan
+39 02 7751 2350
+39 02 7751 2393
andrea.barbaglio@bancaimi.it

DETAILS FOR PAYMENTS AND CHARGES IN EUROS

Name of the Entity:
SWIFT Code

Banca IMI S.p.A.
IMIT IT MM

NATEXIS BANQUES POPULAIRES, Spanish Branch

DOCUMENTATION

Contact for sending
documentation:

Address to which
documentation must be
sent:

Telephone:
Fax:
E-Mail:

Ricardo Teissiere

Paseo de Recoletos 7-9 // 28004 Madrid / Spain

34 91 837 47 54 34
91 837 47 81
Ricardo.teissiere@es.nxbp.com

CONTACT FOR OPERATIVE QUESTIONS

Name:
Address:
Telephone:
Fax:
E-Mail:

Esther Campos / Karine Rodríguez
Paseo de Recoletos 7-9 // 28004 Madrid
34 91 837 47 25 /20 34
91 837 47 80
natexis@es.nxbp.com

DETAILS FOR PAYMENTS AND CHARGES IN EUROS

Name of the Entity:	Cuenta Tesorera BdE (BdE Treasury Account) // ESPBESMM for international payments
BIC IBAN Account number	BFCEESMM ES18 9000 0001 2000 141 1479

29.2	Integral Agreement

	The present Financing Agreement reflects all of the agreements reached between the parties concerning the financing subject to the same and leaves without any vigor or effect any preparatory agreements or documents of any other kind that have been signed before today’s date.

29.3	Novation

	No party may claim novation of the present agreement if the same is not expressly stated in a document signed by the other party.

30.	LAW AND JURISDICTION

30.1	Applicable law

	The present agreement is regulated by Spanish Law.

30.2	Legal Jurisdiction

	Renouncing any other jurisdiction to which they have recourse, the parties submit themselves to the Judges and Courts of the capital Madrid.

31.	CONFIDENTIALITY

	The Lending Organizations are obligated to maintain confidential from third parties any information related to the present Agreement, except as consequence of legal or administrative requirement or to comply with applicable law. Said prohibition will not apply to third parties interested in acquiring participation in the cited Agreement, that are qualified for such in accord with the dispositions in previous section 26, given that said third parties have previously signed the corresponding confidentiality agreement.

32.	PUBLIC DOCUMENT

	In this same document the parties bring to the public the present Agreement in writing authorized by Notary of Madrid, Mr. José Miguel García Lombardía, for the purpose that all of the amounts due in virtue of the same have the qualification of notarial credit, to all the effects prescribed in Article 517.2.4º and 572 to 574 from the Spanish Law of Civil Procedure and other applicable legal dispositions.

SIGNATURE PAGES FOLLOW

The content of this Financing Agreement, such and as it appears written, extended to one effect in a single copy, agreed and approved by the parties for publication, including ___ pages (including appendices) solely written by its previous page, they agree to sign solely below their corresponding company names.

The Borrower,

by ACCIONA, LLC

/s/ Valentin Francisco Montoya Moya		/s/ Juan Gallardo Cruces
Signed. Mr. Valentín Francisco Montoya		Signed. Mr. Juan Gallardo Cruces
Moya


The Lending Organizations:




For BANCO SANTANDER CENTRAL HISPANO, S.A
/s/ Manuel Pérez Peral		/s/ Ignacio Domínguez-Adame Bozzano
Signed. Mr. Manuel Pérez Peral		Signed: Mr. Ignacio Domínguez-Adame
		Bozzano




For BNP PARIBAS, Branch located in Spain
/s/ José Gefaell Chamochin		/s/ José Serrano-Suñer de Hoyos
Signed. Mr. José Gefaell Chamochin		Signed. Mr. José Serrano-Suñer de Hoyos




For : THE ROYAL BANK OF SCOTLAND, PLC
/s/ José Maria Arana Arbide		/s/ Francisco Javier Sierra Supranis
Signed. Mr. José Maria Arana Arbide		Signed. Mr. Francisco Javier Sierra Supranis

For CALYON, Branch located in Spain
/s/ Rolando Menor Aguilera		/s/ Javier Álvarez-Rendueles Villar
Signed. Mr. Rolando Menor Aguilera		Signed. Mr. Javier Álvarez-Rendueles Villar
For BANCO BILBAO VIZCAYA ARGENTARIA, S.A:
/s/ Fernando Vázquez de la Puerta		/s/ Juan Gortazar Sánchez-Torres
Signed. Mr. Fernando Vázquez de la Puerta		Signed. Mr. Juan Gortazar Sánchez-Torres
For BANCA IMI S.P.A.:
/s/ José Guardo Galdón
Signed. Mr. José Guardo Galdón
For NATEXIS BANQUES POPULAIRES, Branch located in Spain:
/s/ Ricardo Teissiere Carrión		/s/ José Luís Sánchez García
Signed. Mr. Ricardo Teissiere Carrión		Signed. Mr. José Luís Sánchez García

APPENDIX 24.1.5
Annual Certificate of Ratios
Referring to the Financing Agreement

[Date]
[Agent]
Acting as Agent for the Financing Entities [ ]

[Address]
To the attention of Mr.: [ ]

Subject: Financing Agreement - Certificate of Compliance to Ratios

Dear Sirs:

We refer to the financing agreement for the maximum amount of two billion five hundred and twelve million eight hundred ninety four thousand two hundred and sixty seven, and ninety two hundreds Euros (€ 2,512,894,267.92), written on December 21, 2006 between Acciona, S.A. as Borrower and BANCO SANTANDER CENTRAL HISPANO S.A. and other financial entities as Lending Organizations (hitherto referred to as, the “Financing Agreement”). The terms that have been defined in the Financing Agreement will have the same significance in the present document.

By means of this certificate, we confirm that we have carried out the calculation of the following financial ratios, according to that established in Stipulation 24.1.5 of the Financing Agreement, in relation to the Annual Financial State of the Borrower corresponding to the closed fiscal year [ ] of [ ] of [ ], copy of which is attached, together with the corresponding audit report, attached to the present document:

Stipulation 24.1.5 –Net Financial Debt/ EBITDA
                            Ratio resulting from Annual Financial State:
                           Fulfillment of Stipulation 24.6.1 –[YES/NO]
                          This value has been reached by means of the following calculations: [indicate]

Stipulation 24.1.5 – EBITDA Total/ Net Financial Expenses
                           Ratio resulting from Annual Financial State:
                           Fulfillment of Stipulation 24.6.1 –[YES/NO]
                           This value has been reached by means of the following calculations: [indicate ]

Which we bring to your knowledge for the effects prescribed in the Financing Agreement.
Sincerely,

[The Borrower’s account auditor.]

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M]?7\*`+5U8_:)TG2XFMY44INBV\J2#@[@1V^M10Z3%%:3VPGG9)9#+EF!9&S MG(./7GG-1KK"QZ?!=7,+[97V;HAN&F.O.:9:Z6]M=O

In Madrid, on December 21, 2006

SHAREHOLDER SUBORDINATED LOAN AGREEMENT

____________________________________________________________________________

BY AND BETWEEN

ACCIONA, S.A.

As Shareholder

FINANZAS DOS, S.A.

As Borrower

and

BANCO BILBAO VIZCAYA ARGENTARIA,		BANCO SANTANDER CENTRAL HISPANO,
S.A.		S.A.
BANK OF SCOTLAND, SPAIN BRANCH		NATEXIS BANQUES POPULAIRES, SPAIN
BANCA IMI S.P.A.		BRANCH
BNP PARIBAS SPAIN BRANCH		CALYON, SPAIN BRANCH

As Lender Institutions

and

BANCO SANTANDER CENTRAL HISPANO, S.A.

As Agent

SHAREHOLDER SUBORDINATED LOAN AGREEMENT

In Madrid, on December 21, 2006

APPEARING

The party of the first part,

Mr. Juan Gallardo Cruces, of legal age, with National ID No. 691.950-H, and Mr. José Ángel Tejero Santos, of legal age, with National ID No. 52.570.589-H, for and on behalf of FINANZAS DOS, S.A. (hereinafter, the "Borrower"), with domicile in Madrid at Calle Juan de Mena No. 8, and Taxpayer Identification No. A-80062755, duly authorized to enter into this agreement in virtue of the power of attorney granted before the Notary of Madrid, Mr. Manuel Rodríguez Marín, on December 20, 2006, under serial number 4,000 of his protocol.

And the party of the second part,

Mr. Valentín Francisco Montoya Moya, of legal age, with National ID No. 50.539.787-R, and Mr. Juan Gallardo Cruces, of legal age, with National ID No. 691.950-H, for and on behalf of ACCIONA, S.A. (hereinafter, "ACCIONA" or the "Shareholder,") with domicile in Alcobendas (Madrid)at Avenida de Europa numbe r 18 and Taxpayer Identification No. A- 08001851, duly authorized to enter into this agreement in virtue of a power of attorney granted before the Notary of Madrid, Mr. Manuel Rodríguez Marín, on October 26, 1998, under serial number 2911 of his protocol.

And the party of the third party,

Mr. Manuel Pérez Peral, of legal age, with National ID No. 7.300.295-P, and Mr. Ignacio Domínguez-Adame Bozzano, of legal age, with National ID No. 1.391-826-M, for and on behalf of BANCO SANTANDER CENTRAL HISPANO, S.A. (hereinafter "SAN," or the "Agent"), with domicile in Santander at Paseo de Pereda number 9 to 12 and Taxpayer Identification number A-39000013, duly authorized to enter into this agreement in virtue of the power of attorney granted before the Notary of the Illustrious Association of Burgos, Mr. José María de Prada Díez, on March 1, 2002, under serial number 574 of his protocol.

Mr. Manuel Borja Gomeza Alcibar, of legal age, with National ID No. 16.059.365-Y, and Mr. Ignacio Antonio Alario Sánchez-Valladares, of legal age, with National ID No. 5.427.615-Y, for and on behalf of BANK OF SCOTLAND, Spain Branch (hereinafter "RBS"), with domicile in Madrid at Paseo de la Castellana number 52 and Taxpayer Identification No. N-66568-G, duly authorized to enter into this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid, Mr. Ignacio Marínez-Gil Vich, on December 18, 2006, under serial number 4829 of his protocol and before the Notary of Madrid, Mr. José Luis Martínez-Gil Vich, on November 29, 2004, under serial number 3425 of his protocol.

Mr. José Gefaell Camochin, of legal age, with National ID No. 36.045.004-W, and Mr. José Serrano-Suñer de Hoyos, of legal age, with National ID No. 7.240.457-B, for and on behalf of BNP PARIBAS, Spain Branch (hereinafter "BNP"), with domicile in Madrid at

Calle Ribera del Loira number 28 and Taxpayer Identification No. A-0011117-I, duly authorized

to enter into this agreement in virtue of powers of attorney granted, respectively, before the

Notary of Madrid, Mr. Miguel Ruiz Gallardón García de la Rasilla, on February 10, 2005, under

serial number 963 of his protocol and before the same Notary, on July 12, 2006, under serial

number 5797 of his protocol.

Mr. Rolando Menor Aguilera, of legal age, with National ID No. 50.820.688-A, and Mr. Javier Álvarez-Rendueles Villar, of legal age, with National ID No. 7.230.899-K, for and on behalf of CALYON, Spain Branch (hereinafter, "CALYON"), with domicile in Madrid at Paseo de la Castellana number 1 and Taxpayer Identification No. A-0011043-G, duly authorized to enter into this agreement in virtue of powers o f attorney granted, respectively, before the Notary of Madrid, Mr. José Manuel García-Lozano Zulueta, on July 28, 2004, under serial number 951 of his protocol, and before the same Notary, on April 18, 2005, under serial number 359 of his protocol.

Mr. Fernando Vázquez de la Puerta, of legal age, with National ID No. 401.727-D, and Mr. Juan Gortázar Sánchez-Torres, of legal age, with National ID No. 50.838.339-J, for and on behalf of BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (hereinafter, "BBVA"), with domicile in Bilbao at Plaza de San Nicolás number 4 and Taxpayer Identification No. A-48265169, duly authorized to enter in to this agreement in virtue of powers of attorney granted, respectively, before the Bilbao Notary, Mr. José María Arriola Arana, on March 17, 2003, under serial number 418 of his protocol and before the Notary of Bilbao, Mr. José Ignacio Uranga Otaegui, on June 6, 2000, under serial number 2174 of his protocol.

Mr. José Guardo Galdón, of legal age, with National ID No. 18.965.340-D, for and on behalf of BANCA IMI S.P.A. (hereinafter "IMI"), with domicile in Milan (Italy) at Corso Matteotti number 6, and registered in the companies registry under number 01988810154, duly authorized to enter into this agreement in virtue of a power of attorney granted before the Notary of Milan, Mrs. Mónic a de Paoli, on December 21, 2006, under serial number [ ] of her protocol.

Mr. Ricardo Teissiere Carrión, of legal age, with National ID No. 00698785-E, and Mr. José Luís Sánchez García, of legal age, with National ID No. 4612737-Z, for and on behalf of NATEXIS BANQUES POPULAIRES, Spain Branch (hereinafter "NATEXIS"), with domicile at Paseode Recoletos 7-9 and Taxpayer Identification No. N-0013055I, duly authorized to enter into this < FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid, Mr.Pablo de la Esperanza Rodríguez, on April 19, 2006, under serial number 1693 of his protocol, and before the Notary of Madrid, Mr. Antonio de la Esperanza Rodríguez, on September 20,2001, under serial number 4060 of his protocol.

Hereinafter and without prejudice to the subsequent provisions in this agreement, SAN, RBS, BNP, CALYON, BBVA, IMI and NATEXIS shall be jointly called the "Lender Institutions."

Pursuant to the provisions of Article 98 of Law 24 of December 27, 2001, the representational authorities of the appearing parties are sufficient, in the judgment of the authenticating Notary, to enter into this agreement.

THEY STATE

On September 25, 2006, the Borrower, a company wholly owned by ACCIONA, S.A. (hereinafter "ACCIONA"), acquired 10% of the shares representing the capital stock of Endesa, S.A., (hereinafter, "ENDESA"), and subsequently up to an approximate amount of 20%, that is to say, 211,750,424 shares (hereafter, the "ENDESA Shares") listed for trading on the stock exchange and represented through an accounting entry at Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. ("IBERCLEAR").

II.

The Borrower, acting with the financial support of ACCIONA, initially financed payment of the price of the described purchase and sale by charging to a short-term line of credit signed on September 26, 2006 with Banco Santander Central Hispano, S.A., (hereinafter "SAN" or the "Agent") in an amount of THREE BILLION FOUR HUNDRED SEVENTY-FIVE MILLION EUROS (€3,475,000,000), maturing next February 28, 2007, which was novated on November 15, 2006 (the "Bridge Loan"), and it is interested in paying off part of the debts arising from the Bridge Loan.

III.	The Lender Institutions have offered to provide financing to the Borrower against the granting by it and its shareholder ACCIONA of certain guarantees, and upon formalization by ACCIONA of this agreement.

IV.	Within this framework, the following are granted simultaneously with this agreement:

A corporate financing agreement, signed by ACCIONA and the Lender Institutions, in a maximum amount of TWO BILLION FIVE HUNDRED TWELVE MILLION EIGHT HUNDRED NINETY-FOUR THOUSAND TWO HUNDRED SIXTY-SEVEN EUROS AND NINETY-TWO CENTIMES (€2,512,894,267.72) (the ACCIONA Financing Agreement").

A loan agreement signed by the Borrower and the Lender Institutions in a maximum amount of FIVE BILLION SIX HUNDRED SEVENTY-EIGHT MILLION TWO HUNDRED SIXTY- ONE THOUSAND FIVE HUNDRED THIRTEEN EUROS AND THIRTY-TWO CENTIMES
(€5,678,261,513.32) (the "Financing Agreement"), and

A guaranty agreement signed by ACCIONA, the Borrower and the Lender Institutions (the "Guaranty Agreement").

The Financial Transaction Framework Agreements (as they are defined in the ACCIONA Financing Agreement).

V.	Pursuant to all the aforesaid, the parties enter into this subordinated loan agreement (hereinafter, the "Loan"), which shall be governed by the provisions of the following

STIPULATIONS

1.	DEFINITIONS

1.1	Definitions

	Any concept with a meaning defined for the effects of this Agreement is identified by its initial capital letter or because the entire word is written in upper-case. The defined terms that appear in this Agreement have the meanings that have been assigned to them in the Financing Agreement or any other Financing Document, unless a different meaning is herein expressly attributed to them.

2.	LOAN

2.1	Amount of the Loan

	In virtue of this Agreement, the Shareholder grants a loan to the Borrower in the amount of ONE BILLION FOUR HUNDRED NINETEEN MILLION FIVE HUNDRED SIXTY-FIVE THOUSAND THREE HUNDRED SEVENTY-EIGHT EUROS AND THIRTY-THREE CENTIMES (€1,419,565,378.33) (THE "Loan").

2.2	Acceptance of the Loan

	The Borrower accepts the Loan granted and undertakes to repay the amounts owed as Loan principal and to pay the interest accrued, as well as to perform the other commitments for which it is responsible subject to the subordination arrangements contained in Stipulation Three.

2.3	Use

	The Borrower shall use the amount of the Loan exclusively to amortize part of the principal of the Bridge Loan.

3.	SUBORDINATION OF THE LOAN

	The Shareholder has granted the Loan to the Borrower in order to comply with the condition precedent for the first Drawdown under the Financing Agreement.

	Therefore, the Shareholder and the Borrower expressly agree to configure the legal arrangements for this Agreement so that it approximates as closely as possible the legal arrangements for the stake in the Borrower's capital stock, with respect (i) to the repayment to the Shareholder of the contributions made by the Borrower; and (ii) to the level and priority of the Shareholder's credit rights.

	To that end, the Shareholder's credit rights with respect to the Borrower, as derived from this Agreement, are subject to the legal arrangements established in the following stipulations.

3.1	Pre-Bankruptcy Subordination Agreement. Conditions Precedent for Repayment

	The credit rights to collect any amounts (including principal and ordinary and arrears interest and any other amount owed) in virtue of this Agreement, and the correlative obligations of the Borrower to pay such amounts to the Shareholder, are absolutely subordinated to the obligations contracted by the Borrower with respect to the Guaranteed Creditors in virtue of the Guaranteed Obligations, and therefore, in all cases:

	(a)	Payment of the principal and interest on the Subordinated Loan may only be made by the Borrower in strict compliance with the provisions of Stipulations 24.5.8 and 24.5.9 of the Financing Agreement, the terms of which shall take precedence over the provisions of this agreement.

	(b)	In the event of (i) nonpayment of any amount derived from the Financing Documents, (ii) subjection of the Borrower to a bankruptcy situation and/or (iii) accelerated maturity of the Financing Agreement, the Shareholder shall not have a right to receive any payment whatsoever from the Borrower for any reason until such time as all the amounts owed to the Lender Institutions in virtue of the Financing Agreement and the Derivative Providers, have been paid.

	(c)	If the Guaranteed Creditors have obtained partial payment of all the amounts owed in virtue of the Financing Agreement and/or the Interest-Rate Hedge Agreements, as a result of having exercised any rights or taken any legal, judicial, or extrajudicial actions against the Borrower or any third party, or if any guaranty has been executed in favor thereof, the Shareholder shall not have a right to receive any payment whatsoever from the Borrower until such time as all the amounts owed to the Guaranteed Creditors in virtue of the Financing Agreement and the Interest-Rate Hedge Agreements, have been paid.

	(d)	The Shareholder may not receive any amount whatsoever under this Agreement from such time as it is no longer the Borrower’s Shareholder.

3.2	Waiver of the Exercise of Rights and Legal Actions Against the Borrower

	The Shareholder waives the exercise of any rights or legal actions (judicial or extrajudicial) with respect to the Borrower, in order to claim amounts or terminate this Agreement or to declare its accelerated maturity, without prior express consent in writing from all the Guaranteed Creditors, acting unanimously, as principal beneficiaries of the subordination agreed to by the Shareholder.

	The taking by the Shareholder of legal actions against the Borrower without prior authorization from all the Guaranteed Creditors, may be claimed or used by the Borrowers or Guaranteed Creditors against the Shareholder through such procedural or extra-procedural route as [they] deem most appropriate.

3.3	Waiver of Novation or Modification of the Loan

	The Borrower and ACCIONA waive the novation or amendment of this agreement, or the verbal and undocumented agreement to novate or amend it, without prior express written consent from all the Guaranteed Creditors, acting unanimously, as principal beneficiaries of the subordination agreed to by the Shareholder.

	Without prejudice to the foregoing, the authorization cited in the preceding paragraph shall not be necessary to convert this loan into a participatory loan, with the clear understanding that in no case may such novation alter the principal repayment schedule, the method of payment and the term of interest payments or, in general, prejudice the rights of the Guaranteed Creditors under this Agreement or the solvency of the Borrower.

3.4	Denial of Authorizations by the Guaranteed Creditors

	Noncompliance with the conditions established in stipulation 3.1, above, shall be just cause, among other possible ones, for the Guaranteed Creditors to deny the authorizations required in stipulations 3.2 and 3.3, above.

3.5	Bankruptcy Subordination Agreement

	If the Borrower is declared bankrupt, the Loan shall be subordinated to all the other common and preferred creditors of the Borrower, pursuant to the provisions of Article 9.22 of Bankruptcy Act 22, of July 9, 2003.

3.6	Full or Partial Conversion into Participatory Loan

	The novation of the Subordinated Debt in order for it or part of it to be classified as a participatory loan shall not require the consent of the Guaranteed Creditors.

	The Subordinated Debt converted into a participatory loan may have a maturity date sooner than that established in Stipulation 5.1, below, with the clear understanding that (i) the establishment of such term shall be construed without prejudice to the provisions of Stipulation 3, and (ii) that upon maturity of the participatory loan the amounts pending payment shall again be construed for all effects as a Subordinated Debt subject in all its terms to the provisions of this agreement.

3.7	Acceptance of Rights

	The Guaranteed Creditors accept the rights granted and the stipulations made in their favor.

4.	DELIVERY OF THE LOAN

	The Borrower represents that, at the date of this Agreement, it has received from the Shareholder the amount indicated in stipulation 2.1, above. The making of this Agreement takes full effect as a payment letter.

5.	AMORTIZATION OF THE LOAN

5.1	Regular Amortization

	The Borrower shall amortize the Loan and repay all the amounts owed in virtue of this Agreement on December 31, 2012 (“Final Maturity Date”), provided that the conditions established in stipulation 3.1, above, have been met.

5.2	Voluntary Accelerated Amortization

	Full or partial voluntary accelerated amortization of the Loan shall not be possible.

6.	ACCRUAL OF INTEREST

6.1	Accrual of Interest

	The Loan shall accrue interest in favor of the Shareholder until it is fully repaid.

	Interest shall accrue daily. Interest shall be calculated based on one (1) year of three hundred sixty (360) days, and for the calendar days actually elapsed in each Interest Period, including the first day and excluding the last.

6.2	Division of the Loan into Interest Periods

	For the effects of the interest calculation, the time between: the date of this Agreement and the Final Maturity Date shall be divided into successive interest periods.

	6.2.1	Duration of the Interest Periods. The duration of the interest periods shall be twelve (12) calendar months, except as established in stipulations 6.2.2 and 6.2.3 below.

	6.2.2	Duration of the Last Interest Period. The last interest period of the Loan shall end on the Last Maturity Date.

	6.2.3	Termination of an Interest Period on a Non-Business Day. To calculate the duration of an interest period, if the last day thereof is not a Business Day, maturity shall occur on the immediately following Business Day, except if this occurs in another month, in which case the interest period shall be construed as ending on the immediately prior Business Day.

6.3	Interest Rate

	The interest rate applicable to each interest period shall be 4% per year.

7.	LIQUIDATION AND PAYMENT OF INTEREST

Net interest due and payable shall be capitalized as increased principal on the Subordinated Loan. In no case shall interest be paid in any other form or type.

8.	PAYMENTS

8.1	Payments on Business Days

	All payments that must be made on a day that is not a Business Day shall be made on the next Business Day.

8.2	Prohibition Against Offsetting

	The Shareholder expressly waives the collection of any amounts owed by the Borrower by offsetting any amounts owed by the Shareholder to the Borrower.

8.3	Obligation to Return Payments

	If the Shareholder receives any payment from the Borrower in virtue of this Agreement, which is not owed or due because the conditions established in stipulation 3.1, above, were not met, the Shareholder undertakes to immediately reimburse the Borrower for the amounts paid by it.

	Without prejudice to the aforesaid, the Borrower may recover or claim from the Shareholder any amounts owed which may have been paid prior to compliance with the conditions established in Stipulation 3.1, above, pursuant to Article 1211 of the Civil Code.

9.	ASSIGNMENT

9.1	Prohibition Against Assignment by the Borrower

	The Borrower may not assign or encumber in whole or in part its rights or obligations derived from this Agreement.

9.2	Prohibition Against Assignment by the Shareholder

	The Shareholder may not assign or encumber in whole or in part its rights or obligations derived from this Agreement.

10.	MISCELLANEOUS STIPULATIONS

10.1	Sole Document

	The Shareholder and the Borrower acknowledge that this is the sole document that regulates their rights and obligations with respect to the Loan.

10.2	Additional Documentation

	Upon request from the Guaranteed Creditors, through the Agent, the Borrower shall issue such other documents or statements, beyond those expressly stipulated in this Agreement, as are necessary or appropriate for the efficacy of this Agreement.

10.3	Communications and Domiciles

	For the purposes of any notice, communication or demandthat must or may be made among parties in virtue of this agreement, the following information is provided:

For the Borrower:

		FINANZAS DOS, S.A.
CONTACT INFORMATION

Contact for Sending		Juan Gallardo / José Angel Tejero
Documentation:

Address Where		Avda. Europa, 18
Documentation Must Be		Parque Empresarial La Moraleja
Sent:		28108 Alcobendas
		Madrid

Telephone:		91 663 2355

Fax:		91 663 2929

E-Mail:

For the Shareholder:

		ACCIONA, S.A.
CONTACT INFORMATION

Contact for Sending		Juan Gallardo / José Ángel Tejero
Documentation:

Address Where		Avda. Europa, 18
Documentation Must Be		Parque Empresarial La Moraleja
Sent:		28108 Alcobendas
Madrid

Telephone:		91 663 2355

Fax:		91 663 2929

E-Mail:

For the Lender Institutions

		BANCO SANTANDER CENTRAL HISPANO, S.A.
DOCUMENTATION

Contact for Sending		Raúl Osuna Menéndez / Inés García Revilla
Documentation:

Address Where		Finance Resolution Department
Documentation Must Be		Ciudad Grupo Santander
Sent:		Edificio Amazonia, 2^nd Floor
28660 Boadilla del Monte (Madrid)

Telephone:		91 289 12 59 / 91 289 31 88

Fax:		91 257 16 17

E-Mail:		rosuna@gruposantander.com / inegarcia@gruposantander.com


CONTACTS FOR OPERATIONAL MATTERS

Name:		José Manuel Llorente / Pedro de Miguel / Maribel Centeno

Address:		Ciudad Grupo Santander, Edificio Marisma, Ground Floor
28660 Boadilla del Monte – Madrid

Telephone:		91 289 30 12 / 91 289 30 13 / 91 289 47 89

Fax:		91 257 11 64 / 91 257 11 65 / 91 257 10 86 / 91 257 16 36

E-Mail:		Backofficesindicados.madrid@sinvest.es
josmllorente@gruposantander.com
		micenteno@gruposantander.com


SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:		Banco Santander Central Hispano S.A.

SWIFT Code		BSCHESMM

OMF		0049


		BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
DOCUMENTATION

Contact for Sending		Iñigo Solaun Gonzalez / Celina Carvajal Fernandez
Documentation:

Address Where		Calle Alcalá, 16 – 4^th, 28014 Madrid, Spain
Documentation Must Be
Sent:

Telephone:		91-374-73-74 / 91-537-83-14

Fax:		91-537-05-66

E-Mail:		inigo.solaun@grupobbva,com / ccarvajal@grupobbva.com


CONTACTS FOR OPERATIONAL MATTERS

Name:		Javier Granero / María González

Address:		BBVA – Capital Markets Administration
		Vía de los Poblados s/n [no building number], 4^thFloor
		28033 Madrid,
		Spain

Telephone:		91-374-73-74 / 91-537-83-14

Fax:		91-374-41-40 / 91-537-09-47

E-Mail:		jgranero@grupobbva.com / mdgonzalez@grupobbva.com /


SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:		BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Account Number		0182
(OMF):

SWIFT Code		BBVAESMM


		BNP PARIBAS, Spain Branch
DOCUMENTATION

Contact for Sending		Jose Gefaell / Jose Serrano-Suñer / Carolina Torres
Documentation:

Address Where		Calle Ribera del Loira 28, 4th floor, Madrid 28042
Documentation Must Be
Sent:

Telephone:		91 388 80 25 / 80 26 / 80 38

Fax:		91 388 80 50

E-Mail:		Jose.gefaell@bnpparibas.com / Jose-serrano-suner@bnpparibas.com /
		Carolina.torres@bnpparibas.com


CONTACTS FOR OPERATIONAL MATTERS

Name:		Alberto Sanchez / Elena García Juarez

Address:		Ribera del Loira, 28, 2^ndFLOOR, 28042 MADRID

Telephone:		91 388 80 25 / 80 26 / 80 38

Fax:		91 388 80 99

E-Mail:		Alberto.sanchez@bnpparibas.com
		Elena.garciajuarez@bnpparibas.com


SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:		BNP PARIBAS SPAIN BRANCH

Account Number		0149
(OMF):

SWIFT Code		BNPAESMS



		CALYON, Spain Branch
DOCUMENTATION

Contact for Sending		Rolando Menor Aguilera / Isabel López Fernández
Documentation:

Address Where		Paseo de la Castellana, number 1
Documentation Must Be
Sent:

Telephone:		91.432.75.85

Fax:		91.43275.08

E-Mail:		isabel.lopez@es.calyon.com


CONTACTS FOR OPERATIONAL MATTERS

Name:		Mª Teresa García García / Ana Isabel Avila Tobar

Address:

Telephone:		91.432.73.85 / 91.432.72.75

Fax:		91.432.73.85 / 91.432.72.75

E-Mail:		maite.garcia@es.calyon.com


SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:		Calyon, Spain Branch

Account Number		0154 0001 95 9999999100

SWIFT Code		BSUIESMM



		THE ROYAL BANK OF SCOTLAND PLC
DOCUMENTATION

Contact for Sending		Lucia Rodríguez Bartolomé
Documentation:

Address Where		Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid
Documentation Must Be
Sent:

Telephone:		+34 91 438 5175

Fax:		+34 91 438 5307

E-Mail:		Lucia.rodriguez-bartolome@rbos.com


CONTACTS FOR OPERATIONAL MATTERS

Name:		Henny de Lathauwer

Address:		Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid

Telephone:		+34 91 438 5129

Fax:		+34 91 438 5307

E-Mail:		Henny.delathauwer@rbos.com / RBSMadrid-
		MiddleOffice@rbos.com


Please, for operational matters always copy:

Name:		Georgina Chave

Address:		2 ½ Devonshire Square London, EC2M 4BB

Telephone:		+44 207 672 6340

Fax:		+44 207 615 0153

E-Mail:		Georgina.chave@rbos.com /
		GBMLendingOpsEuropeanCommercial@rbos.com


SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:		Royal Bank of Scotland, London

Account Number
(OMF):

SWIFT Code		RBOSGB2LGL O – Royal Bank of Scotland GLO, London

IBAN		GB29RBOS16107010091313



		BANCA IMI S.P.A.
DOCUMENTATION

Contact for Sending		Valentina Valente
Documentation:		Giacomo Cerri

Address Where		Corso Matteotti, 6 20121 Milan
Documentation Must Be
Sent:

Telephone:		+39 02 7751 2434 / +39 02 7751 2686

Fax:		+39 02 7751 2442

E-Mail:		valentina.valente@bancaimi.it / giacomo.cerri@bancaimi.it


CONTACTS FOR OPERATIONAL MATTERS

Name:		Riccardo Lamanna

Address:		Corso Matteotti, 6 20121 Milan

Telephone:		+39 02 7751 2413

Fax:		+39 02 7751 92413

E-Mail:		riccardo.lamanna@bancaimi.it


With a copy to:

Name:		Andrea Barbaglio

Address:		Corso Matteotti, 6 20121 Milan

Telephone:		+39 02 7751 2350

Fax:		+39 02 7751 2393

E-Mail:		andrea.barbaglio@bancaimi.it


SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:		Banca IMI S.p.A.

SWIFT Code		IMIT IT MM



		NATEXIS BANQUES POPULAIRES, Spain Branch
DOCUMENTATION

Contact for Sending		Ricardo Teissiere
Documentation:

Address Where		Paseo de Recoletos 7-9 // 28004 Madrid / Spain
Documentation Must Be
Sent:

Telephone:		34 91 837 47 54

Fax:		34 91 837 47 81

E-Mail:		Ricardo.teissiere@es.nxbp.com


CONTACTS FOR OPERATIONAL MATTERS

Name:		Esther Campos / Karine Rodríguez

Address:		Paseo de Recoletos 7-9 // 28004 Madrid

Telephone:		34 91 837 47 25 /20

Fax:		34 91 837 47 80

E-Mail:		natexis@es.nxbp.com



SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Entity Name:		BdE Treasury Account // ESPBESMM for international payments

BIC		BFCEESMM

IBAN		ES18 9000 0001 2000 141

Account Number		1479

	Notwithstanding, the parties may at any time change the designated addresses and accounts upon five (5) days’ advance notification.

11.	LAW AND JURISDICTION

11.1	Applicable Law

	This agreement shall be governed by Spanish law.

11.2	Legal Jurisdiction

	Waiving all other applicable jurisdictions, the parties submit themselves to the Courts and Tribunals of the city of Madrid.

The parties having agreed to and approved the contents of this Agreement, as it has been drawn up, and issued in [ ] identical copies for one single effect, containing [ ] pages written only on the front side, they agree to sign only below their corresponding names.

The Shareholder: For ACCIONA, S.A:

/s/ Valentin Francisco Montoya Moya		/s/ Juan Gallardo Cruces
Signed: Mr. Valentín Francisco Montoya		Signed: Mr. Juan Gallardo Cruces
Moya

The Borrower:

For FINANZAS DOS, S.A.

/s/ Juan Gallardo Cruces		/s/ José Ángel Tejero Santos
Signed: Mr. Juan Gallardo Cruces		Signed: Mr. José Ángel Tejero Santos

The Lender Institutions:

For BANCO SANTANDER CENTRAL HISPANO, S.A:

/s/ Manuel Pérez Peral		/s/ Ignacio Domínguez-Adame Bozzano
Signed: Mr. Manuel Pérez Peral		Signed: Mr. Ignacio Domínguez-Adame Bozzano

For: BNP PARIBAS Spain Branch

/s/ José Gefaell Chamochin		/s/ José Serrano-Suñer de Hoyos
Signed: Mr. José Gefaell Chamochin		Signed: Mr. José Serrano-Suñer de Hoyos

For: BANK OF SCOTLAND, Spain Branch S.A.

/s/ Manuel Borja Gomeza Alcibar		/s/ Ignacio Antonio Alario Sánchez-Valladares
Signed: Mr. Manuel Borja Gomeza Alcibar		Signed: Mr. Ignacio Antonio Alario Sánchez-
		Valladares

For CALYON, Spain Branch:

/s/ Rolando Menor Aguilera		/s/ Javier Álvarez-Rendueles Villar
Signed: Mr. Rolando Menor Aguilera		Signed: Mr. Javier Álvarez-Rendueles Villar

For BANCO BILBAO VIZCAYA ARGENTARIA, S.A:

/s/ Fernando Vázquez de la Puerta		/s/ Juan Gortazar Sánchez-Torres
Signed: Mr. Fernando Vázquez de la Puerta		Signed: Mr. Juan Gortazar Sánchez-Torres

For BANCA IMI S.P.A.:

/s/ José Guardo Galdón

Signed: Mr. José Guardo Galdón

For NATEXIS BANQUES POPULAIRES, Spain Branch:

/s/ Ricardo Teissiere Carrión		/s/ José Luís Sánchez García
Signed: Mr. Ricardo Teissiere Carrión		Signed: Mr. José Luís Sánchez García

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In Madrid, on December 21, 2006

COORDINATION AND GUARANTEES AGREEMENT

In connection with financing for the maximum amount of €5,678,261,513.32

BY AND BETWEEN

ACCIONA, S.A.

As Shareholder

FINANZAS DOS, S.A.

As Borrower

and

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
THE ROYAL BANK OF SCOTLAND, PLC
BANCA IMI S.P.A.
BNP PARIBAS BRANCH LOCATED IN SPAIN

BANCO SANTANDER CENTRAL HISPANO, S.A.
NATEXIS BANQUES POPULAIRES, BRANCH
LOCATED IN SPAIN
CALYON, BRANCH LOCATED IN SPAIN

As Lenders and Suppliers of the

Interest Rate Hedge Agreements

and

BANCO SANTANDER CENTRAL HISPANO, S.A.

As Agent

(Legal and Tax Consultants)

COORDINATION AND GUARANTEES AGREEMENT

In Madrid, on December 21, 2006

THERE APPEAR AND PARTICIPATE

For one party,

Mr. Juan Gallardo Cruces, being of legal age, with National Identity Document (NID) No. 691.950-H and Mr. José Ángel Tejero Santos, being of legal age, with NID No. 52.570.589-H, in the name and on behalf of FINANZAS DOS, S.A. (hereinafter the “Borrower”), with domicile in Madrid, Calle Juan de Mena, number 8, and Tax Identification Code number A- 80062755, duly authorized to execute this agreement by virtue of a power of attorney executed before Madrid Notary Mr. Manuel Rodríguez Marín on December 20, 2006, under order number 4,000 of his notary record book.

For another party,

Mr. Valentín Francisco Montoya Moya, being of legal age, with NID No. 50.539.787-R and Mr. Juan Gallardo Cruces, being of legal age, with NID No. 691.950-H, for and on behalf of ACCIONA, S.A. (hereinafter “ACCIONA” or the “Shareholder”), with domicile in Alcobendas (Madrid), Avenida de E uropa, number 18 and Tax Identification Code number A- 08001851, duly authorized to execute this agreement by virtue of a power of attorney executed before Madrid Notary Mr. Manuel Rodríguez Marín on October 26, 1998 under order number 2,911 of his notary record book.

And for another party,

Mr. Manuel Pérez Peral, being of legal age, with NID No. 27.300.295-P and Mr. Ignacio Domínguez-Adame Bozzano, being of legal age, with NID No. 1.391.826-M, for and on behalf of BANCO SANTANDER CENTRAL HISPANO, S.A. (hereinafter “SAN”, or the “Agent”), with domicile in Santander, Paseo de Pereda, numbers 9 to 12 and Tax Identification Code number A-39000013, duly authorized to execute this agreement by virtue of a power of attorney executed before the Notary of the Illustrious Association of Burgos, Mr. José María de Prada Díez, on March 1, 2002 under order number 574 of his notary record book.
Mr. Jose Maria Arana Arbide, being of legal age, with NID No. 15.940.550-D and Mr. Francisco Javier Sierra Sopranis, being of legal age, with NID No. 42.090.468-P, in the name and on behalf of THE ROYAL BANK OF SCOTLAND, PLC (hereinafter

“

RBS

”), with domicile at 36 St. Andrew Square, Edinburgh EH2 2YB, Scotland, duly registered in the Commercial Registry of Scotland under number 90312, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid Mr. Antonio de la Esperanza Rodriguez, on September 19, 2006, under serial number 5,388 of his protocol.

Mr. José Gefaell Chamochin, being of legal age, with NID No. 36.045.004-W, and Mr. José Serrano-Suñer de Hoyos, being of legal age, with NID No. 7.240.457-B, for and on behalf of BNP PARIBAS, Branch located in Spain (hereinafter “BNP”), with domicile in Madrid, Calle Ribera del Loira, number 28 and Tax Identification Code number A-0011117-I, duly authorized to execute th is agreement by virtue of powers of attorney executed, respectively, before Madrid Notary Mr. Miguel Ruiz Gallardón García de la Rasilla, on February 10, 2005, under order number 963 of his notary record book, and before the same Notary, on July 12, 2006, under order number 5,797 of his record book.
Mr. Rolando Menor Aguilera, being of legal age, with NID No. 50.820.688-A, and Mr. Javier Álvarez-Rendueles Villar, being of legal age, with NID No. 7.230.899-K, for and on behalf of CALYON, Branch located in Spain (hereinafter “CALYON”), with domicile in Madrid, Paseo de la Castellana, number 1 and Tax Identification Code number A-0011043-G, duly authorized to execute this agreem ent by virtue of powers of attorney executed, respectively, before Madrid Notary Mr. José Manuel García-Lozano Zulueta, on July 28, 2004 under order number 951 of his notary record book, and before the same Notary on April 18, 2005 under order number 359 of his notary record book
Mr. Fernando Vázquez de la Puerta, being of legal age, with NID No. 401.727-D and Mr. Juan Gortázar Sánchez-Torres, being of legal age, with NID No. 50.838.339-J, for and on behalf of BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (hereinafter “BBVA”), with domicile in Bilbao, Plaza de San Nicolás, number 4 and Tax Identification Code number A-48265169, duly authorized to execute this agreement by virtue of powers of attorney executed, respectively, before Bilbao Notary Mr. José María Arriola Arana on March 17, 2003 under order number 418 of his notary record book, and before Bilbao Notary Mr. José Ignacio Uranga Otaegui on June 6, 2000 under order number 2,174 of his notary record book.
Mr. José Guardo Galdón, being of legal age, with NID No. 18.965.340-D, for and on behalf of BANCA IMI S.P.A. (hereinafter “IMI”), with domicile in Milan (Italy), Corso Matteotti, number 6, and registered in the registry of companies with number 01988810154, duly authorized to execute this agreement by virtue of a power of attorney executed before Milan Notary Mrs. Mónica de Paoli on December 21, 2006 under order number [ ] of her notary record book.
Mr. Ricardo Teissiere Carrión, being of legal age, with NID No. 00698785-E and Mr. José Luís Sánchez García, being of legal age, with NID No. 4612737-Z, for and on behalf of NATEXIS BANQUES POPULAIRES, Branch located in Spain (hereinafter “NATEXIS”), with domicile at Paseo de Recoletos 7-9 and Tax Identification Code number N-0013055I, duly authorized to execute this agr eement by virtue of powers of attorney executed, respectively, before Madrid Notary Mr. Pablo de la Esperanza Rodríguez, on April 19, 2006 under order number 1,693 of his notary record book, and before Madrid Notary Mr. Antonio de

la Esperanza Rodríguez, on September 20, 2001 under order number 4,060 of his notary record book.

Hereinafter, and notwithstanding that which is stipulated herein below, SAN, RBS, BNP, CALYON, BBVA, IMI, and NATEXIS will collectively be called the “Lenders.”

All of the above parties hereafter will also collectively be called the “Parties.”

The Parties agree to formalize this coordination and guarantees agreement, and for that purpose.

THEY MANIFEST AND DECLARE

I.	That the Borrower is a Spanish corporation, duly registered in the Commercial Registry of its corporate domicile, the identity information of which is listed in the introductory section of this record.

II.	On September 25, 2006, the Borrower, a company wholly-owned by ACCIONA, S.A. (hereinafter “ACCIONA”), purchased 10% of the shares representing the capital stock of Endesa, S.A., (hereinafter “ENDESA”), and subsequently up to an approximate percentage of 20%, that is, 211,750,424 shares (hereinafter “ENDESA's Shares”) admitted for listing on the securities exchanges and represented through a book entry in the Registration Management Company, Securities Clearing and Settlement Service, S.A. (“IBERCLEAR”).


III.	Acting with ACCIONA's financial support, the Borrower initially financed payment of the price of the purchase described by using a short-term line of credit signed on September 26, 2006 with Banco Santander Central Hispano, S.A. (hereinafter “SAN” or the “Agent”) for the amount of THREE BILLION FOUR HUNDRED SEVENTY-FIVE MILLION EUROS (€3,475,000,000) with a due date on February 28, 2007, which was novated on November 15, 2006 (the “Bridge Loan”), and it is interested in paying off part of the debt arising out of the Bridge Loan.


IV.	For that purpose, the Lenders have agreed to grant to the Borrower on this date a financing agreement for the amount of FIVE BILLION SIX HUNDRED SEVENTY-EIGHT MILLION TWO HUNDRED SIXTY-ONE THOUSAND FIVE HUNDRED THIRTEEN AND THIRTY-TWO HUNDREDTHS EUROS (€5,678,261,513.32) (the “Financing Agreement”).


V.	Simultaneously, at the execution of this agreement and the Financing Agreement, the Borrower has signed with SAN, RBS, CALYON, NATEXIS, IMI, BNP and BBVA several Financial Operation Master Agreements (Contratos Marco de Operaciones Financieras - CMOF), which regulate the terms and conditions of the interest rate risk hedge of the Financing Agreements (hereinafter the “Interest Rate Hedge Agreements”).

VI.	That notwithstanding the Borrower's personal and unlimited financial liability, the latter is willing to guarantee fulfillment of all its obligations under the financing described in the

	above representation IV above and the hedge derivatives mentioned in the above representation V.

VII.	That, pursuant to the above, the Guaranteed Creditors, the Borrower and the Shareholder have agreed on the terms and conditions that will govern the guarantees to be provided in order to secure the obligations mentioned in the above representations IV and V, for which reason the Parties agree to sign this agreement (hereinafter the “Agreement” or the “Coordination and Guarantees Agreement”), which will be governed by the following.

STIPULATIONS

1.	DEFINITIONS

	In the present Agreement, when used in either the singular or plural, the terms in title case will have the meaning set forth in the Financing Agreement or any other Financing Document unless such terms appear defined in the present Agreement or another meaning is expressly given to them in the present Agreement.

	Additionally, in the present Agreement, the following terms in title case will have the following meanings:

	“Majority of the Guaranteed Creditors” at all times the set of Guaranteed Creditors whose share of the amounts owed by the Borrower under the Guaranteed Obligations is at all times more than 50 percent. For purposes of determining this calculation, the Financing Agreement and the Interest Rate Hedge Agreements will be observed. With respect to the latter, only the amounts actually owed will be taken into account.

	“Derivative Suppliers” SAN, RBS, CALYON, BBVA, BNP, IMI and NATEXIS in their capacity of the Borrower’s counterparties to the Interest Rate Hedge Agreements.

2.	LIST OF GUARANTEES

2.1	Guarantees provided by the Borrower

	The Borrower guarantees fulfillment of all payment obligations assumed under the Financing Agreement in the broadest terms, including repayment of the unamortized principal, regular and default interest, fees, taxes, expenses for which the Borrower is responsible, legal costs and any other obligations assumed by the Borrower (hereinafter the “Guaranteed Financing Obligations”) by providing the following guarantees:

	(a)	A pledge of ENDESA's Shares belonging to the Borrower.

	(b)	A pledge of the credit rights held by the Borrower under the Interest Rate Hedge Agreements.

	Likewise, the Borrower guarantees fulfillment of all payment obligations assumed under the Interest Rate Hedge Agreements in the broadest terms, including making any regular payments, any payments due to their early termination, and reimbursement of default interest and fees, taxes, expenses for which the Borrower is responsible, legal costs and any other obligations assumed by the Borrower (hereinafter the “Guaranteed Hedge Obligations”) by pledging the remainder resulting from enforcement of the guarantees described in the above paragraph (a).

The Guaranteed Financing Obligations and the Guaranteed Hedge Obligations will collectively be called the “Guaranteed Obligations.”

Finally, the Borrower guarantees fulfillment of the Guaranteed Obligations by providing the following guarantees:

(i)	A pledge of the balance of the Credit Account in the Checking Account.

(ii)	A pledge of the balance of the Main Account.

(iii)	A pledge of the credit rights held by the Borrower under ACCIONA's Support Agreement.

The provision of the guarantees in question notwithstanding the Borrower's universal financial liability in case of total or partial breach of the Guaranteed Obligations in accordance with Article 1911 of the Civil Code.

All the Parties agree that the new guarantees in connection with the Guaranteed Obligations must be executed subject to the stipulations of the present Agreement.

2.2	Guarantees provided by the Shareholder

	To guarantee the Guaranteed Financing Obligations, the Shareholder pledges all of the Borrower' shares, subject to the terms and conditions set forth in Stipulation 8.

	Likewise, to guarantee the Guaranteed Hedge Obligations, the Shareholder pledges the remainder resulting from enforcement of the guarantee described in the preceding paragraph.

	Hereinafter, the pledges provided by the Shareholder together with all the guarantees described in the above Stipulation 2.1 will collectively be called the “Guarantees,” and any of them individually will be called a “Guarantee.”).

2.3	Acceptance by the Guaranteed Creditors

	The Guaranteed Creditors expressly accept all the Guarantees provided in their favor in virtue of the present agreement.

2.4	Representations of the Borrower and the Shareholder

	The Guaranteed Creditors execute the Financing Agreement and the Interest Rate Hedge Agreements in consideration, among other things, of the following representations made by the Shareholder and the Borrower, who recognize and accept the essential nature of these representations for the Guaranteed Creditors and that will be tacitly understood renewed on the date on which a provision is made and on each day of start of an Interest Period of any of the Guaranteed Obligations:

a)	the Borrower and the Shareholder are validly existing companies in accordance with the laws of Spain; they have the capacity to act in order to fulfill all the rights and obligations under the present Agreement; and their corporate purpose allows them to complete this legal act;

b)	the Borrower and the Shareholder have adopted all decisions and obtained all administrative, corporate or other authorizations necessary to execute and fulfill the present Agreement, so that the obligations undertaken hereunder are valid, binding and demandable;

c)	neither execution of the present Agreement nor fulfillment of any of the stipulations therein contained violates or will violate or constitutes or will constitute a breach, nor do they cause or will they cause overstepping or breach of any limitation, obligation or prohibition on the Borrower or the Shareholder or on the powers of the representatives imposed or that is contained in (i) any law, regulation or administrative resolution or judicial decision, through which the Borrower or the Shareholder or any other assets are bound or earmarked, (ii) any document or regulation containing or establishing the rules of incorporation of the Borrower or of the Shareholder, or (iii) any contract, agreement or other instrument to which the Borrower or Shareholder is a party or that makes any of their assets subject to attachment;

d)	The Shareholder holds one hundred percent (100%) of the Borrower's Shares, and at the date of the present Agreement, they are free of charges and encumbrances;

e)	The Borrower holds approximately 20% of ENDESA's capital stock, and at the date of the present Agreement, ENDESA's Shares are free of charges and encumbrances;

3.	PLEDGE OF ENDESA'S SHARES

	To guarantee the Guaranteed Financing Obligations, in accordance with the provisions of the Civil Code, the Borrower pledges ENDESA's Shares, subject to the following terms and conditions.

	The Parties agree to submit the pledge to the legal provisions contemplated in Royal Decree-Law 5/2005 dated March 11, with urgent amendments to boost productivity and improve public contracting (hereinafter “RD 5/2005”) whenever applicable.

3.1	Provision of the pledge

	3.1.1	Verification of full ownership of the Shares. For purposes of what is set forth in Article 1857.2 of the Civil Code, the Borrower claims that it is the full owner of 211,750,424 ENDESA shares (hereinafter the “Shares” or “Endesa's Shares”), admitted for listing on the securities exchanges and represented through a book entry at Banco Santander Central Hispano, S.A. in its capacity of an entity having holdings in IBERCLEAR and deposited in account 0049 1500 07 4004845119 of Banco Santander Central Hispano, S.A.

		The Borrower represents that, on the date of the present Agreement, the Shares are free of charges and encumbrances. In addition, the Borrower shows the certifying

	Notary and hereby delivers to the Agent the certificate of legal capacity (hereinafter the “Certificate of Legal Capacity”) contemplated in Royal Decree 116/1992 from February 14 on representation of securities through book entries and set-off and settlement of stock market transactions (hereinafter “RD 116/1992”).

	3.1.2	Provision of the pledge in a public document. The execution of the present Agreement, raised to the category of a public document, makes the Pledge effective vis-à-vis third parties in accordance with Article 8.1 from RD 5/2005.

	3.1.3	Conveyance of possession. For purposes of validly providing the Pledge, in accordance with Article 8.1 from RD 5/2005, the contribution or conveyance of possession of the Shares in favor of the Lenders is carried out by way of registration of the pledge in the respective book entry.

		For these purposes, the Parties hereby ask the Adhered Entity in charge of book registration of the Shares, Banco Santander Central Hispano, S.A., to record the provision of this pledge in the respective record of book entries. Likewise, once the pledge is recorded in the record of book entries, the Adhered Entity, Banco Santander Central Hispano, S.A., is asked to issue a certificate through a person having a sufficient power of attorney for that purpose, evidencing recording of the pledge of the Shares.

		By virtue of the real right established in their favor, the Lenders accept and assume possession of the Shares pursuant to Article 1863 of the Civil Code in the manner contemplated in Article 10 of Law 24/1988 from July 28, of the Securities Market, and Article 13 from Royal Decree 116/1992.

3.2	Exercise of the rights inherent to the Shares

	3.2.1	Economic rights of the Shares. The economic rights of the Shares will belong to the Borrower, notwithstanding the antichresis provisions of the pledge in accordance with Stipulation 3.3.2 below.

	3.2.2	Political rights of the Shares. The political rights of the Shares will belong to the Borrower and will be exercised by the latter in a manner aimed at properly performing the Guaranteed Obligations.

3.3	Extension of the Pledge

	3.3.1	Extension of the pledge through actual subrogation. The pledge will be extended automatically to any shares, holdings, securities or other financial elements (including money) that the Shares are converted into under any expropriation, merger, transformation, spin-off, swap, reduction of capital or dissolution and liquidation of ENDESA.

		In the event that while the Pledge is in effect, there is an increase in ENDESA's capital and the Borrower decides to waive its preferred subscription right, it must notify the Agent at least twenty Working Days in advance of the deadline to exercise the preferred subscription right. The Agent will be authorized to take all necessary steps on the Borrower's behalf to convey to third parties the respective subscription rights, by applying the price obtained upon the early amortization of Tranche A of the Financing.

	3.3.2	Antichresis nature of the pledge. The pledge will be extended to dividends and distributions that ENDESA distributes to the Borrower and, generally, to any other economic return obtained from the Shares.

		Any amount distributed by ENDESA as dividends or amounts with a charge to dividends must be entered into the Main Account and may be applied by the Borrower as set forth in the Financing Agreement.

3.4	Limitations on disposal of the Shares

	The Borrower may not sell, assign, swap, encumber or otherwise dispose of the Shares without the prior written consent of all the Lenders acting unanimously nor establish any right of option or restriction on their free transferability except as permitted under the Financing Documents.

	Likewise, the Borrower may not transfer the Registry of the Shares to another participating entity authorized by IBERCLEAR other than Banco Santander Central Hispano, S.A. without the prior written consent of the Lenders. In that case, the Borrower must furnish the Agent with the certificate referred to in the above section 3.1.3, issued by the new entity. The expenses and commissions that must be satisfied in favor of Banco Santander Central Hispano, S.A. for keeping the Registry of the Shares (as long as such Shares continue to be pledged under the present Agreement) will be for the Borrower's account.

4.	PLEDGE OF THE BALANCE OF THE CREDIT ACCOUNT IN THE CHECKING ACCOUNT

	To guarantee the Guaranteed Obligations, the Borrower pledges the positive balance existing at any time in the Credit Account in the Checking Account. Therefore, the pledge applies to the creditor balance of the Credit Account in the Checking Account.

4.1	Provision of the pledge

	4.1.1	Provision of the pledge. Notification to the Agent. In its capacity of party to the present Agreement and potential debtor of the credit rights that are the object of the pledge, the Agent is deemed notified of the provision of the pledge.

	4.1.2	Provision of the pledge vis-à-vis third parties. The execution of the present Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code.

4.2	Right to dispose the balance of the Credit Account in the Checking Account

	For purposes of what is set forth in Article 9.2 from RD 5/2005, the Parties agree to grant the Guaranteed Creditors the right to dispose the money that is the object of the financial guarantee, the amount of which is determined with the balance of the Credit Account in the Checking Account.

	In accordance with the last part of Article 9.2 from RD 5/2005, on behalf of the Guaranteed Creditors, the Agent may avail itself of the money that is the object of the guarantee in order to apply its amount to performing all the Guaranteed Obligations. The Agent may avail itself of the money that is the object of the Guarantee to pay off the obligations in question when they are due, whether in whole or in part, and whether normally or early.

	If there are several outstanding payment obligations on the same due date, the Agent will apply the balance of the Credit Account in the Checking Account to payment of the obligations referred to in the preceding paragraph, prorated according to the amounts of the obligations that are due on the same date.

5.	PLEDGE OF THE BALANCE OF THE MAIN ACCOUNT

	To guarantee the Guaranteed Obligations, the Borrower pledges the positive balance existing at any time in the Main Account. Therefore, the pledge applies to the creditor balance of the Main Account.

5.1	Provision of the pledge

	5.1.1	Provision of the pledge. Notification to the Agent. In its capacity of party to the present Agreement and potential debtor of the credit rights that are the object of the pledge, the Agent is deemed notified of the provision of the pledge.

	5.1.2	Provision of the pledge vis-à-vis third parties. The execution of the present Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code.

5.2	Right to dispose the balance of the Main Account

	For purposes of what is set forth in Article 9.2 from RD 5/2005, the Parties agree to grant the Guaranteed Creditors the right to dispose the money that is the object of the financial guarantee, the amount of which is determined with the balance of the Main Account.

	In accordance with the last part of Article 9.2 from RD 5/2005, on behalf of the Guaranteed Creditors, the Agent may avail itself of the money that is the object of the guarantee in order to apply its amount to performing all the Guaranteed Obligations. The Agent may avail itself of the money that is the object of the Guarantee to pay off the obligations in question when they are due, whether in whole or in part, and whether normally or early.

	If there are several outstanding payment obligations on the same due date, the Agent will apply the balance of the Main Account to payment of the obligations referred to in the preceding paragraph, prorated according to the amounts of the obligations that are due on the same date.

6.	PLEDGE OVER THE CREDIT RIGHTS HELD BY THE BORROWER BY VIRTUE OF THE INTEREST RATE HEDGE AGREEMENTS

	To guarantee the Guaranteed Financing Obligations, the Borrower pledges the credit rights that it may hold and that result in its favor from the Interest Rate Hedge Agreements when they are due normally or early.

6.1	Provision of the pledge

	6.1.1	Provision of the pledge. Notification to the Derivative Suppliers. In their capacity of a party to the present Agreement and potential debtor of the credit rights that are the object of the pledge, the Derivative Suppliers are deemed notified of the provision of the pledge.

	6.1.2	Provision of the pledge vis-à-vis third parties. The execution of the present Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code.

6.2	Payment of the rights that are the object of the pledge

	As a result of the pledge provided pursuant to this Stipulation, all credit rights that are the object of the guarantee must be paid into the Credit Account of the Checking Account.

6.3	Extension of the pledge

	The pledge will be extended to all the civil fruits of the assigned rights in guarantee that are the object of the pledge, in particular to default interest and compensations that may accrue due to non-payment or late payment of such credits.

7.	PLEDGE OF THE CREDIT RIGHTS HELD BY THE DEBTOR UNDER ACCIONA’S SUPPORT AGREEMENT

	To guarantee the Guaranteed Obligations, the Borrower pledges the credit rights that it holds as creditor and that arise in its favor under ACCIONA's Support Agreement.

7.1	Provision of the pledge

	7.1.1	Provision of the pledge. Notification to the assigned debtor. In its capacity of party to the present Agreement and as debtor of the credit rights assigned in guarantee that are the object of the pledge, ACCIONA is deemed notified of the provision of the pledge.

	7.1.2	Provision of the pledge vis-à-vis third parties. The execution of the present Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code.

7.2	Payment of the credit rights assigned in guarantee that are the object of the pledge

	As a result of the pledge provided pursuant to this Stipulation, all credit rights that are the object of the guarantee must be paid into the Credit Account of the Checking Account. Payment made to any other checking account or in any other way shall not be releasing forthe Shareholder.

7.3	Extension of the pledge

	The pledge will be extended to all the civil fruits of the assigned rights in guarantee that are the object of the pledge, in particular to default interest and compensations that may accrue due to non-payment or late payment of such credits.

8.	PLEDGE ON THE DEBTOR'S SHARES

	To guarantee the Guaranteed Financing Obligations, pursuant to the Civil Code, the Shareholder pledges the Borrower's shares subject to the terms and conditions set forth below.

	The Parties agree to submit the pledge to the legal provisions contemplated in RD 5/2005 whenever applicable.

8.1	Provision of the pledge

	8.1.1	Verification of full ownership of the Shares. For purposes of what is set forth in Article 1857.2 of the Civil Code, the Shareholder represents that it is full owner of 3,800 nominative shares representing the Borrower's capital stock, with a par value of fifteen and eighty-two hundredths euros (€15.82) each. They represent one hundred percent (100%) of the shares (hereinafter the “Borrower's Shares”).

		The Borrower's Shares are represented by 1 multiple title that represents share numbers 1 to 3,800, both inclusive (hereinafter the “Title”).

		The Shareholder represents that, on the date of the present Agreement, the Borrower's Shares are free of charges and encumbrances.

	8.1.2	Execution of the pledge in a public document. The execution of the present Agreement, raised to the category of a public document, makes the Pledge effective vis-à-vis third parties.

	8.1.3	Contribution of the Borrower's Shares. For purposes of validly providing the Pledge, possession of the Borrower’s Shares in favor of the Lenders is contributed or conveyed through delivery of the Title to the Agent.

		At the Shareholder's request, the certifying Notary hereby stamps a notarial notation on the Title indicating the provision of the pledge and that the same was delivered to the Agent for and on behalf of the Lenders.

		The Agent receives the Title to its satisfaction and agrees to keep it in custody with proper diligence.

8.2	Exercise of the rights inherent to the Borrower's Shares

	8.2.1	Economic rights of the Borrower's Shares. The economic rights of the Borrower's Shares will belong to the Shareholder, notwithstanding the provisions of section 24.4.1 (v) of the Financing Agreement and notwithstanding the antichresis provisions of the pledge in accordance with Stipulation 8.3.2 below.



	8.2.2	Political rights of the Borrower's Shares. The political rights of the Borrower's Shares will belong to the Shareholder and will be exercised by the latter in a manner aimed at proper fulfillment of the Guaranteed Obligations.

8.3	Extension of the Pledge

	8.3.1	Extension of the pledge through actual subrogation. The pledge will be extended automatically to any shares, holdings, securities or other financial elements (including money) that the Borrower's Shares are converted into under any expropriation, merger, transformation, spin-off, swap, reduction of capital or dissolution and liquidation of the Borrower.

	8.3.2	Antichresis nature of the pledge. Notwithstanding the provisions of Stipulation 24.4.1 (v) of the Financing Agreement, the pledge will be extended to the dividends and distributions that the Borrower distributes to the Shareholder and, generally, to any other economic return obtained from the Borrower's Shares.


	8.3.3	Extension in case of an increase in the Borrower's capital. In case of an increase in the Borrower's capital through the issue of new shares, the pledge will automatically be extended to the new shares subscribed to by the Shareholder such that, at all times, one hundred percent (100%) of the Borrower's capital stock belonging to the Shareholders is pledged.

		In case of an increase in the Borrower's capital through the issuance of new shares, the Shareholder agrees to subscribe to all the shares to which it is entitled.

8.3.4	Formalization of the extensions. Notwithstanding the automatic nature of the extensions indicated in this Stipulation 8.3, the Shareholder agrees to formalize the extensions resulting from the pledge if so requested by the Agent. In that case, the Shareholder must formalize the extensions according to terms similar to those set forth in the present Agreement.

	By virtue of the present Agreement, the Shareholder unconditionally and irrevocably authorizes the Agent and grants it a sufficient power of attorney so that for and on behalf of the Shareholder, it will (i) carry out any prior actions that are necessary or appropriate to establish the extensions indicated in this Stipulation 8.3.4 (including, among others, the designation of the certifying Notary and the application and contribution of the necessary documentation to execute the pledge extension document), and (ii) execute, on the Shareholder’s behalf, the pledge extension. The power of attorney executed by the Shareholder in favor of the Agent expressly contemplates the possibility of self-hiring of the attorney-in-fact.

	By virtue of the present Agreement, the Guaranteed Creditors agree to appear at any procedures when requested by the Agent for purposes of the provisions of this section.

8.3.5	Detriment to the pledge through the Shareholder's own acts. It will be deemed that the Shareholder has diminished the pledge through its own acts in cases in which the Shareholder has caused a reduction in the percentage of the capital stock represented by the Borrower's Shares or the loss of book value of the Borrower's Shares and, therefore, of the pledge. In particular, such diminishment will occur in the following cases:

	(i)	When the Shareholder votes in favor of an increase in the Borrower's capital stock through exclusion of the preferred right to subscribe to the new shares.

	(ii)	When the increase in the Borrower's capital stock has been decided on through the issuance of new shares and the Shareholder does not perform its obligation of subscribing to all the shares to which it is entitled.

	(iii)	When the Shareholder accepts the collection of money for dividends or other economic rights of the Borrower's Shares, breaching the provisions of Stipulation 24.4.1 of the Financing Agreement.

	(iv)	When the Shareholder accepts the collection of money for reimbursement of contributions due to a reduction in the Borrower's capital stock, without having entered such payments into a checking account previously pledged in favor of the Lenders.

	(v)	When the Shareholder breaches its obligation of executing the Pledge extension documents referred to in the above Stipulation 8.3.4, after having been requested to do so in writing by the Agent.

In the above cases, notwithstanding the claim for damages that may be applicable vis-à-vis the Shareholder for breach of its obligations, the Lenders may terminate

the Financing Agreement early in accordance with Article 1129.3 of the Civil Code and Stipulation 27 of the Financing Agreement.

8.4	Limitations on disposal of the Borrower's Shares

	The Shareholder will not dispose of the Borrower's Shares for any reason, full or limited, as set forth in Stipulation 24.3.2 of the Financing Agreement.

8.5	Appraisal of the Borrower's Shares

	For purposes of execution of the pledge, the Borrower's Shares will be appraised at an amount equal to the value in euros of Endesa's Shares, calculated in relation to the simple average exchange rate for quotations of the aforementioned shares in the past thirty days according to a certificate issued by the Governing Company of the Madrid Exchange.

9.	PLEDGE OF THE REMAINDER OBTAINED FROM ENFORCEMENT OF THE PLEDGE OF SHARES

	To guarantee the Guaranteed Hedge Obligations, the Shareholder creates a pledge over any amount as enforcement remainder that might result from the enforcement of the pledge of the Borrower's Shares.

9.1	Provision of the pledge.

	The execution of this Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code.

9.2	Payment of the rights that are the object of the pledge.

	Because of the pledge provided pursuant to this Stipulation, all credit rights that are the object of the guarantee must be paid into the checking account designated by the Agent to ACCIONA for their application by the Agent to payment of the Guaranteed Hedge Obligations pursuant to the present Agreement.

10.	PLEDGE ON THE REMAINDER OBTAINED FROM ENFORCEMENT OF THE PLEDGE OF ENDESA'S SHARES

	To guarantee the Guaranteed Hedge Obligations, the Shareholder creates a pledge over any amount as enforcement remainder that might result from the enforcement of the pledge of the ENDESA's Shares.

10.1	Provision of the pledge.

	The execution of this Agreement, raised to the category of a public document, makes the pledge effective vis-à-vis third parties, pursuant to Article 1865 of the Civil Code.

10.2	Payment of the rights that are the object of the pledge.

	Because of the pledge provided pursuant to this Stipulation, all credit rights that are the object of the guarantee must be paid into the Credit Account in the Checking Account for their application by the Agent to payment of the Guaranteed Hedge Obligations pursuant to the present Agreement.

11.	COMMON LEGAL PROVISIONS APPLICABLE TO THE GUARANTEES

11.1	In solidum nature of the Guarantees

	The Guarantees are or will be provided in solidum and will be interchangeable, such that the Guaranteed Creditors, acting in the manner specified in Stipulation 12 of the present Agreement may, at their option, enforce any of them, in the order that they deem proper, alternatively, jointly or successively, and the start of the procedures to enforce one Guarantee will not limit or restrict the start of the procedures to enforce the other Guarantees.

11.2	Indivisibility of the Guarantees

	11.2.1	Indivisibility on the part of the Guaranteed Creditors. The Guaranteed Creditors are joint holders of the respective guarantees in proportion to their respective shares as creditors of the guaranteed obligations in each case. None of the Guaranteed Creditors may cancel or extinguish any of the Guarantees of which it is a beneficiary, neither in whole or proportionately, until all the obligations guaranteed by such guarantee have been fully fulfilled.

	11.2.2	Indivisibility on the part of the Borrower or the Shareholder. The Guarantees guarantee the fulfillment of the Guaranteed Obligations, and neither the Borrower nor the Shareholder will have the right to request the partial extinction of the Guarantees in case of partial performance of the Guaranteed Obligations. The Borrower and the Shareholder will only have the right to request the extinction of the Guarantees when the obligations guaranteed by the Guarantees have been fully satisfied.

11.3	Subsistence of the Guarantees

	11.3.1	Nullity or ineffectiveness of the Guaranteed Obligations. If any of the Guaranteed Obligations are declared ineffective or null and void, in whole or in part, by operation of the Law, the Guarantees established in the present Agreement will guarantee the full and timely performance by the Borrower of all pecuniary obligations to restore and reimburse demandable from the Borrower because of such nullity or ineffectiveness.

	11.3.2	Nullity or ineffectiveness of payment of the Guaranteed Obligations. The Parties agree that the Guarantees will remain fully in force, valid and effective if all the Guaranteed Obligations having been paid and such payment is afterwards declared null and void or ineffective within the framework of an insolvency procedure of the entity that made such payment (whether the Borrower, the Shareholder or any other entity with the consent of the Guaranteed Creditors) and such nullity was declared before execution by the Guaranteed Creditors of the documents canceling the Guarantees.

11.4	Assignment of legal rights and actions to the Guaranteed Creditors

	As a result of the Guarantees provided in the previous stipulations, the Borrower and the Shareholder assign to the Guaranteed Creditors all legal rights and actions that they hold vis- à-vis third parties and that arise out of the credit rights that are the object of the Guarantees, the Shares or the Borrower's Shares, as the case may be.

	By virtue of the above and the provisions of Article 1869 of the Civil Code, acting as set forth in Stipulation 12 below, the Guaranteed Creditors are irrevocably authorized by the Borrower and the Shareholder to perform the following actions with respect to the debtors of such credits:

	(a)	all actions that are deemed timely or proper, in the judgment of the Guaranteed Creditors, to maintain and/or preserve and/or defend the validity, effectiveness and demandability of the credit rights that are the object of the Guarantees, and

	(b)	all actions, steps and claims, judicial and extrajudicial, that are deemed timely or proper, in the judgment of the Guaranteed Creditors, for the collection or claim of the credit rights that are the object of the Guarantees, including the exercise of any legal action arising out of such credit rights.

	Any of the aforementioned actions will be carried out after notification to the Borrower and/or the Shareholder at least five (5) Working Days in advance. The Borrower and the Shareholder agree to provide as much cooperation as is requested of them for such purpose by the Guaranteed Creditors.

12.	ENFORCEMENT OF THE PLEDGES OF THE BALANCES OF THE CREDIT ACCOUNT IN THE CHECKING ACCOUNT AND OF THE MAIN ACCOUNT

12.1	Requirements to enforce the pledges over the balances of the Credit Account in the Checking Account and of the Main Account

	As set forth in Article 11.1 from RD 5/2005, the Parties agree in this Stipulation on the requirements that will allow enforcing the pledges over the balances of the Credit Account in the Checking Account and the Main Account (hereinafter the “Balances”).

12.1.1	Enforcement of the pledges over the Balances. The pledges over the Balances may be enforced if there is a total or partial breach of the Guaranteed Obligations or any of the cases for early termination set forth in Stipulation 27 of the Financing Agreement occur.

12.1.2	Absence of additional requirements. For enforcement of the pledges over the Balances, it will not be necessary to terminate the Financing Agreement or the Interest Rate Hedge Agreements early. The Agent will notify the Borrower of the enforcement within three (3) Working Days following the date thereof.

12.2	Authorization of the Guaranteed Creditors

	By virtue of the present Agreement, all the Guaranteed Creditors authorize the Agent so that, on behalf of all the Guaranteed Creditors, it can enforce the pledges over the Balances and make use of such balance in accordance with Stipulations 4.2 and 5.2.

12.3	Enforcement of the pledges through set-off of balances

	12.3.1	Enforcement of the pledges over the Balances. The pledges over the balances in the Account will be enforced through set-off of the balances and their application to payment or performance of the outstanding payment obligations in accordance with the last part of Article 11.2 from RD 5/2005.

	12.3.2	Partial enforcement. Because of the lack of need to terminate the Finance Agreement and the Interest Rate Hedge Agreements early, the Parties agree that the pledges may be partially enforced through application of the balances existing at each time to payment of the outstanding obligations.

		In accordance with the above, if there should be several unpaid Guaranteed Obligations and not all the Guaranteed Obligations have been terminated early, the Agent may apply the balance of the Credit Account in the Checking Account and the balance of the Main Account to payment of the Guaranteed Obligations, prorated according to the amounts of the Guaranteed Obligations that are due according to their regular schedule on the same date.

	12.3.3	Total enforcement. If all the Guaranteed Obligations have terminated early, the Agent will apply the balance of the Credit Account in the Checking Account and the Main Account as set forth in Stipulation 14 below.

13.	ENFORCEMENT OF THE REMAINING GUARANTEES

13.1	Requirements for enforcement of the remaining Guarantees

	In order to enforce the remaining Guarantees (except for the pledges over the balances), there must be a total or partial breach of any of the Guaranteed Obligations or any of the Cases for Early Termination contemplated in Stipulation 27 of the Financing Agreement and a subsequent declaration of early termination of the Guaranteed Obligations must occur.

13.2	Power to enforce Guarantees and exercise of legal rights and actions assigned

13.2.1	Enforcement by the Majority of the Guaranteed Creditor. Except for the pledges over the balances, enforcement of the remaining Guarantees and exercise of the rights arising from the same will require the agreement of the Majority of the Guaranteed Creditors.

13.2.2	Exercise of assigned legal rights and actions. The exercise of any legal rights and actions that the Borrower and the Shareholder hold vis-à-vis third parties and that arise out of the Guarantees and that have been assigned by virtue of the above Stipulation 11.4 will not be considered an enforcement of the Guarantees and will therefore require only the agreement of the Majority of the Guaranteed Creditors.

	Under this Agreement, all the Guaranteed Creditors authorize the Agent so that, on behalf of all the Guaranteed Creditors, it will carry out the actions and implement the decisions made by the Majority of the Guaranteed Creditors to preserve and/or protect the credit rights that are the object of the Guarantees, carry out acts to preserve them, make extrajudicial claims or demand payment of such credit rights.

13.2.3	Enforcement of Guarantees by the Agent (I): general procedure. Once the decision on the matter has been made by the Majority of the Guaranteed Creditors, the Agent will be the only entity empowered to pursue enforcement of the Guarantees in accordance with the terms and conditions of the present Agreement.

	(i)	In their capacity of Guaranteed Creditors, all the Lenders and Derivate Suppliers agree to grant in favor of the Agent the powers required by the Law of Civil Proceedings and other applicable legislation so that the Agent will act on their behalf in judicial procedures brought to enforce the Guarantees or to exercise legal actions arising out of the credit rights that are the object of the Guarantees, in accordance with the above Stipulation 11.4. Alternatively, the Guaranteed Creditors must appear in any proceedings requested of them by the Agent.

	(ii)	By virtue of the present Agreement, all the Lenders and Derivate Suppliers authorize and empower the Agent so that, on behalf of all the Guaranteed Creditors, it can issue the certification contemplated in Stipulations 13.3 and 13.9 below.

	(iii)	By virtue of the present Agreement, all the Lenders and Derivate Suppliers authorize and empower the Agent so that, on behalf of all the Guaranteed Creditors, it can issue the pertinent communications and documents related to enforcement of the Guarantees and execute any other document complementary or related to the present Agreement.

13.2.4	Enforcement of Guarantees by the Agent (II): Guarantee over the Shares and over the Borrower's Shares. By virtue of the present Agreement, at the Agent's request, all the Lenders and Derivate Suppliers agree to appear [before a notary] to execute a sufficient power of attorney to the Agent so that, on behalf of all the Guaranteed Creditors, it can enforce the pledge over the Shares and over the Borrower's Shares through appropriation of the Shares under RD 5/2005 or through the procedure of notarial execution contemplated in Article 1872 of the Civil Code, or, as applicable, in the case of ENDESA's Shares, in accordance with the provisions of Article 12 from RD 5/2005 or as stipulated in Article 322 of the Code of Commerce. Alternative ly, the Guaranteed Creditors may appear at any proceeding that the Agent requires.

13.3	Settlement of the Amount of the Guaranteed Obligations: Liquidity Agreement

	13.3.1	Liquidity agreement. The Parties agree that the amount demandable in case the Guarantees are enforced will be the one resulting from the settlement made by the Agent on behalf of the Guaranteed Creditors in accordance with the provisions of this Stipulation.

	13.3.2	Settlement of the Amount of the Guaranteed Obligations. If the Financing Agreement is terminated early, the Borrower recognizes the validity and binding nature of the settlement of the outstanding amounts under the Financing Agreement carried out by the Agent in accordance with the provisions of Stipulation 29.1 of the Financing Agreement.

		If the Financing Agreement and Interest Rate Hedge Agreements are terminated early, the Borrower will recognize the validity and binding nature of the settlement of the Guaranteed Obligations carried out according to the following rules:

		(i)	Within a maximum period of two (2) Working Days from the date of early termination of the Interest Rate Hedge Agreements, as set forth in the Interest Rate Hedge Agreements, the Derivate Suppliers must calculate the total unpaid amount for which the Borrower is responsible and notify the Agent of such amounts as well as of the items that make up such amount.

		(ii)	The Agent will calculate the total amount of the unpaid Guaranteed Obligations, adding to the unpaid amounts under the Financing Agreement the unpaid amounts under the Interest Rate Hedge Agreements. The Agent will also calculate the share of the Guaranteed Obligations held by each of the Guaranteed Creditors.

	13.3.3	Accounting of the amount of the Guaranteed Obligations. As from when the Agent becomes aware of the declaration of early termination of the Financing Agreement and the Interest Rate Hedge Agreements, it will open and keep in its accounting a global account that will be used to pay the total amount of the Guaranteed Obligations and those expenses, additional costs and other amounts that are for the Borrower's account. The Agent will deposit into it all the amounts received from the Borrower such that the balance of the account represents the amount owed by the Borrower at all times under the Guaranteed Obligations.

	13.3.4	Notification of the decision to enforce and the amount of the Guaranteed Obligations. In order to enforce the Guarantees (except for the pledges over the Balances), the Agent must previously send to the Borrower a certification indicating:

(i)	the existence of amounts owed under the Guaranteed Obligations and the decision to enforce adopted by the Majority of the Guaranteed Creditors, and

(ii)	the resulting balance of the settlement, that such balance matches with the one appearing in the account indicated in the above Stipulation 13.4.3 and that the settlement of the debt has been carried out in the manner stipulated in the present Agreement.

Such certification will be issued by the Agent on behalf of the Lenders and will have the effects contemplated in Articles 572.2 and 573 of the Law of Civil Proceedings.

13.3.5	Total or partial settlement, without waiver. The Agent's settlement may include all items of the Guaranteed Obligations or part thereof, as indicated in Article 573.3 of the Law of Civil Proceedings, and that will not mean any waiver whatsoever, in particular with respect to expenses and amounts owed by the Borrower.

13.3.6	Variable interest and parities. For the purposes indicated in Article 574 of the Law of Civil Proceedings, variable interest or parities will be calculated subject to the stipulations of the Financing Agreement and the respective Interest Rate Hedge Agreements.

13.3.7	Certification in an authentic document. Notification to the Borrower and/or the Shareholder. The certification issued by the Agent on behalf of the Guaranteed Creditors evidencing that the debtor balance matches withthe one appearing in the account indicated in Stipulation 13.3.3 and that the debt has been settled in the manner agreed to by the Parties to this Agreement will be incorporated into a Notarial Record or will be done before a Notary.

13.3.8	Compliance with legal requirements. In order to take legal actions for enforcement, in addition to the above, they must comply with the requirements set forth in Articles 572 et seq. of the Law of Civil Proceedings.

13.3.9	Objections by the Borrower and/or the Shareholder. Neither the Borrower nor the Shareholder may object to or challenge the settlement or calculations performed by the Agent under this stipulation except for the reasons contemplated in Articles 557 and 695 of the Law of Civil Proceedings.

13.4 Plurality and compatibility of the methods of enforcement

In order to take actions under the pledges, at their option, the Majority of the Guaranteed Creditors may choose to file any of the procedures to which they are legally entitled, whether for declaration or enforcement, including the extrajudicial notarial procedure contemplated in Article 1872 of the Civil Code or, as applicable, in the case of ENDESA's Shares, the procedure contemplated in Article 322 of the Code of Commerce, the procedures contemplated in RD 5/2005. Use of one method will not preclude their availing themselves of the rest of the methods as long as the Guaranteed Obligations have not been fully satisfied.

13.5	Legal costs and expenses incurred in order to enforce the Guarantees

	All expenses, legal costs and fees arising out of or incurred because of the judicial or extrajudicial procedures related to this Agreement will be for the Borrower's account. Among others, they include the following:

	(i)	the amount of the judicial fee that the Guaranteed Creditors are forced to pay due to the above-mentioned procedures, and

	(ii)	expenses incurred due to any notarial act that is necessary with respect to the documents attached to the respective actions for enforcement, and

	(iii)	expenses incurred due to notifications, prior summons, announcements and other expenses caused by the award of the Shares or the Borrower's Shares to the awardee.

13.6	Enforcement of the Guarantees by way of an executive judicial procedure for the enforcement of monetary claims

	If the Majority of the Guaranteed Creditors approve enforcement of the Pledge through an executive judicial procedure for the enforcement of monetary claims contemplated in Articles 517 et seq. of the Law of Civil Proceedings, the Parties expressly agree that, in order to exercise the action to enforce, it will be sufficient to submit this Agreement together with: (a) the certification issued by the Agent and contemplated in the above Stipulation 13.3, which will be certified by a notary public, and (b) the documents evidencing notification of the amount demandable from the Borrower and, as applicable, from the Shareholder.

	The rest of the procedures must comply with the provisions of Articles 517 et seq. of the Law of Civil Proceedings.

	The funds obtained through such enforcement will be applied as set forth in Stipulation 14 below.

13.7	Enforcement of the Guarantees through an extrajudicial notarial procedure

	Enforcement of the Guarantees through the extrajudicial procedures contemplated in Article 1872 of the Civil Code will abide by the following rules set forth in this Stipulation.

13.7.1	Authorized notary. The authorized notary will be the Notary of the Illustrious Association of Madrid that designates the Agent.

13.7.2	Announcement of enforcement of the Guarantees through a public auction. The announcement of disposal of the Shares, the Borrower's Shares or the pledged credit rights in a public auction will be made at least twenty (20) days before it is held.

	The announcement will be published through one or several edicts, and, at the Agent's request, depending on the nature and value of the Shares, the Borrower's Shares or the credit rights to be auctioned off, in one of the daily newspapers with highest circulation in Madrid. The Borrower and/or the Shareholder will be personally notified.

	Together with the date, time and place where it will be held, the edict will indicate the conditions of the auction, as set forth in the Stipulations below, and such information and circumstances as are important for the success of the auction.

	When the announcement is made through a newspaper, the Shares, the Borrower's Shares or the credit rights to be auctioned off will be identified and the date, time and place where the auction will be held will be indicated (both in the first and successive notices of auction), as will the place(s) where the edicts are published or such information and circumstances as are pertinent for the success of the auction. The Notary authorized to direct the auction will also be authorized to take any measure aimed at ensuring advertising of the auction.

13.7.3	Absence of delay due to disagreement of the Borrower and/or the Shareholder. Disagreement of the Borrower and/or the Shareholder on the demandability, breach or amount of the Guaranteed Obligations settled by the Agent on behalf of the Guaranteed Creditors when requesting enforcement of the Guarantees may not prevent or delay the enforcement, which will definitely be carried out according to the statement of the Guaranteed Creditors. The enforcement will not be interrupted unless there is a firm and/or executive order issued by a judicial authority having competent jurisdiction.


13.7.4	Deposit by bidders. In order to take part in the auction, at least two (2) Working Days in advance the bidders must deposit an amount equal to twenty percent (20%) of the minimum auction bid, in cash or with a bank check, at the place where it is to be held. Non-awardee bidders will be reimbursed the deposit made to take part in the auction within a period of three (3) Working Days after the auction is held.

13.7.5	Right of the Guaranteed Creditors to bid in the auctions. The Guaranteed Creditors may take part in the auction and may improve their bids without the need to deposit any amount whatsoever.

	In any situation in which more than one bidder takes part, open bidding will be held for a period of thirty (30) minutes.

13.7.6	Successive auctions and minimum bids by the bidders. At the first auction, bids by the bidders below ninety-five percent (95%) of the minimum auction bid will not be entertained. If there is no bidder in the first auction that complies with such conditions, a second auction will be held twenty (20) days later at the same place, with a reduction of twenty-five (25%) of the initial minimum bid. At such second auction, bids below ninety-five percent (95%) of the minimum auction bid will not be entertained. If there is no award in this second auction, a third auction may be held twenty (20) days later, at the same place and with no minimum auction bid.

13.7.7	Acquisition by the Guaranteed Creditors in case of auctions that are set aside. If at the third auction there is still no bidder, after a decision made by all the Guaranteed Creditors, each of the Guaranteed Creditors may become owner of the Shares, Borrower's Shares or credit rights auctioned off in proportion to its respective share of the Guaranteed Obligations and will provide a discharge of its entire credit.

	For purposes of exercising this right, it is established that the portion of the Shares, the Borrower's Shares or credit rights auctioned off to which each Guaranteed

	Creditor has the right will match the share that each Guaranteed Creditor has in the Guaranteed Obligations.

13.7.8	Award. The Shares, Borrower's Shares or credit rights auctioned off will be awarded to the best bidder, if any, that complies with the stipulated conditions. In this case, the deposit to take part in the auction will be kept as payment toward the price, and the rest must be satisfied in a period of seven (7) days. If it fails to do so, the bidder will lose the amount deposited in benefit of the final settlement to the Borrower.

13.7.9	Distribution of the amount of the sale. The amount obtained from enforcement of the Pledges must be distributed among the Guaranteed Creditors according to the provisions of Stipulation 14 below.

13.7.10	Preservation of rights by the Guaranteed Creditors. The Guaranteed Creditors will preserve all rights and actions against the Borrower for the part of the Guaranteed Obligations that has not been satisfied because of enforcement of the Shares, Borrower's Shares or credit rights auctioned off in the following cases:

	(i)	the proceeds from the enforcement are less than the total amount of the unpaid Guaranteed Obligations, or, in particular,

	(ii)	any of the Guaranteed Creditors bid according to what is permitted by the above Stipulation 13.7.5, become the awardee of the Shares, the Borrower's Shares or credit rights auctioned off and the auction price is lower than the total amount of the unpaid Guaranteed Obligations.

		If the auction price is lower than the share of the awardee Guaranteed Creditor in the Guaranteed Obligations, the latter will preserve all rights and actions against the Borrower for the part of its share that is unpaid.

13.7.11	Execution of documents in favor of the awardee. Once the Guaranteed Creditors receive the entire price or, as applicable, the part thereof belonging to them, the pertinent documents in favor of the awardee will be executed before a Notary Public. For that purpose, the Borrower and the Shareholder irrevocably authorize the Agent to execute and sign in their name such public documents as are necessary, including in the case of self-hiring, all of them with the broadest powers.

13.7.12	Supplementary provisions and the Notary’s discretion. The parties agree to submit to whatever the certifying Notary decides relating to the procedure to be followed for extrajudicial enforcement of the pledge for all matters not contemplated in this Stipulation 13.7.

13.8	Judicial enforcement of the pledge over the Shares and/or the Borrower's Shares through a specialized entity.

	For purposes of the provisions of Article 641 of the Law of Civil Proceedings and given the nature of the Shares and the Borrower's Shares, the Borrower and the Shareholder give their consent so that the Majority of the Guaranteed Creditors will decide to enforce the pledge over the Shares and/or over the Borrower's Shares by its performance through a specialized entity subject to the following rules.

	(i)	Selection of the specialized person or entity. The Agent will designate a consulting or mediation firm specializing in the purchase and sale of companies, with national or international prestige, and the latter will have accepted the entrustment in accordance with the procedures set forth in Stipulation 13.9.2 (i).

	(ii)	Due Diligence and sales book. If, in the specialized entity's opinion, it is necessary, it will take charge of or prepare on its own a report of due diligence or prior investigation on the situation of ENDESA and the Shares and/or on the situation of the Borrower and the Borrower's Shares in an informational “sales book” according to the customary terms followed in operations for the sale of companies.

	(iii)	Alternative advertising. If the specialized entity feels that indiscriminate advertising of the sale would seriously harm the value of the Shares and/or the Borrower's Shares, such advertising will not be made and will be replaced with a personal written invitation to a sufficient number of potential buyers, including persons that may be requested by the Borrower and/or the Shareholder.

	(iv)	Information and legal terms. As applicable, the persons invited to bid will receive the due diligence report and “sales book” indicated in paragraph (ii), as well as the legal terms of the operation, which will be those customary for the purchase and sale of companies.

	(v)	Reception of bids and award. The specialized entity will collect firm and unconditional bids for the purchase of the Shares and/or the Borrower's Shares, and they will be awarded to the bid that is most advantageous to the Borrower and/or Shareholder, as the case may be.

	(vi)	Bids by the Guaranteed Creditors. The Guaranteed Creditors may also make bids.

	(vii)	Free price. The provisions of Article 641.3 of the Law of Civil Proceedings will not be applicable to the minimum price of fifty percent (50%) of the appraisal.

	(viii)	The specialized entity's surety bond. The specialized entity is not required to provide a surety bond except for the amount of its fees collected in advance, as applicable.

	(ix)	Supplementary provisions. For all matters not expressly contemplated above, the procedure for performance through a specialized entity will be governed by the provisions of Section 4 from Chapter IV of Title VI of Book 3 of the Law of Civil Proceedings and, absent that, by the customs in the sale of companies and

	according to the prudent criterion of the participating notary, or as decided by the Court, as the case may be.

(x)	Packages. The enforcement may apply to all the Shares or packages from the same.

The above-referenced procedure may be applied by the Guaranteed Creditors to enforce any of the Guarantees over shares, without the involvement of a public official or notary public, pursuant to Article 11.4 from RD 5/2005.

13.9	Enforcement of the pledge over the Shares and/or Borrower's Shares through appropriation.

	If the Guaranteed Creditors, acting unanimously, approve enforcement of the pledge over the Shares and/or over the Borrower's Shares through the procedure of appropriation contemplated in Article 11.2 from RD 5/2005, the rules established in this Stipulation will apply.

	13.9.1	Acquisition of full ownership of the Shares and/or the Borrower's Shares. For and on behalf of the Lenders, the Agent will serve the Shareholder or the Borrower, as applicable, through a notarial notification record, with a certification indicating:

		(i)	the existence of grounds for early termination of the Financing Agreement and the enforcement decision made by the Majority of the Lenders, and

		(ii)	the balance resulting from the settlement, that such balance matches the one appearing in the account indicated in the above Stipulation 13.3.3 and that the debt has been settled in the manner stipulated in this Agreement.

		In connection with the Borrower's Shares, because the Title is already in the Agent's possession, and for purposes of Article 1463 of the Civil Code, the Parties agree that execution of the aforementioned notarial record will be sufficient title for conveyance of ownership in favor of the Lenders.

		In connection with ENDESA's Shares and by virtue of Article 11 of the Law of the Securities Market, registration in the registry of book entries in favor of the Lenders will be sufficient title for conveyance of the ownership in favor of the Lenders.

		Upon the award of ownership of ENDESA's Shares or the Borrower's Shares, the Lenders will issue the firmest discharge with respect to the Guaranteed Financing Obligations.

	13.9.2	Valuation of the Shares and/or the Borrower's Shares through a specialized entity. The Shares and/or Borrower's Shares will be the object of a valuation by a specialized entity subject to the following terms: (i) Selection of the specialized entity. The Borrower will designate an investment bank or a consulting or mediation firm specializing in the purchase and sale of companies, with national or international prestige (which may not be an affiliate of any of the Lenders) from among the four (4) proposed by the Agent within a period of ten (10) Working Days from submission of the proposal. If that period expires and the Borrower has not designated the entity from among those proposed by the Agent, the Agent will designate such entity and the latter must

	have accepted the entrustment. The valuation to be performed by this specialized entity must in all cases comply with the provisions of Article 13 from Royal Decree 5/2005.

	(ii)	Costs of the valuation. The fees and other expenses incurred in favor of the specialized agency in charge of valuating the Shares and/or the Borrower's Shares will be directly assumed by the Borrower.

	(iii)	Valuation of the Shares. Free price. The provisions of the above Stipulation 8.5 as to the appraisal will not be applicable, and there will be no minimum price for the award. The valuation to be performed must in all cases comply with the provisions of Article 13 from Royal Decree 5/2005.

13.9.3	Award of the Shares and/or the Borrower's Shares. The Shares and/or Borrower's Shares will belong to the Lenders, on a joint ownership basis (or a regular pro indiviso), and in proportion to the share of each of them in the Financing Agreement.

13.9.4	Execution of documents in favor of the Guaranteed Creditors. The pertinent documents in favor of the Guaranteed Creditors will be executed before the Notary Public designated by the Majority of the Lenders. For that purpose, the Borrower and the Shareholder irrevocably authorize the Agent to execute and sign on their behalf such public documents as are necessary, according to the terms that the Agent deems proper and provided they do not contradict the stipulations of the present Agreement, all that with the broadest powers. The power of attorney executed expressly contemplates the possibility of self-hiring of the attorneys-in-fact.

13.9.5	Delivery of the remainder to the Borrower or Shareholder. If the value awarded to the Shares by the specialized entity is higher than the total amount of the Guaranteed Obligations, the Agent will deduct the court costs and expenses incurred to enforce the pledge through valuation of the Shares and will calculate the remainder to be delivered to the Borrower and the share to which each of the Guaranteed Creditors is entitled, according to its respective share of the Guaranteed Obligations.

	If the value awarded to the Borrower's Shares by the specialized entity is higher than the total amount of the Guaranteed Obligations, the Agent will deduct the legal costs and expenses incurred to enforce the pledge through valuation of the Borrower's Shares and will calculate the remainder to be delivered to the Shareholder and the share to which each of the Guaranteed Creditors is entitled, according to its respective share of the Guaranteed Obligations.

	The liability of the Guaranteed Creditors to the Borrower or, as applicable, the Shareholder, will be joint, and each of the Creditors will be liable only for its share of the remainder, according to its share of the Guaranteed Obligations.

13.10	Enforcement of the pledge over the Shares through the procedure set forth in Article 322 of the Code of Commerce or Article 12 from RD 5/2005

	If the Majority of the Guaranteed Creditors approves enforcement of the pledge over ENDESA's Shares through the procedures set forth in Article 322 of the Code of Commerce or the one established in Article 12 from RD 5/2005, the rules set forth in this Stipulation will apply:

	(i)	Any of such procedures may be started within a period of fifteen (15) days counted from adoption of the enforcement decision by the Majority of the Guaranteed Creditors.

	(ii)	The Parties declare that the early termination of the Financing Agreement is considered “termination of the loan term” for purposes of Article 322 of the Code of Commerce and Article 12 from RD 5/2005.

	(iii)	The funds obtained through such enforcement will be applied as set forth in Stipulation 14 below.

14.	DISTRIBUTION OF THE PROCEEDS FROM ENFORCEMENT OF THE GUARANTEES

	The following rules will apply to the modes of enforcement of the Guarantees regulated in the above Stipulation 13 except for the one regulated in the above Stipulation 13.9, which will be governed by its own terms.

14.1	Participation of all the Guaranteed Creditors in the proceeds from enforcement of all the Guarantees

All the Guaranteed Creditors give their express consent to share the proceeds from enforcement of all the Guarantees prorated according to their share of the Guaranteed Obligations, determined by the Agent pursuant to the above section 13.3.

14.2 Proceeds higher than the amount of the Guaranteed Obligations

If the amount from the sale of the Shares, the Borrower's Shares and the remainder obtained from enforcement of the pledge or the credit rights auctioned off is higher than the total amount of the unpaid Guaranteed Obligations, such amount will be applied in the following order of priority.

(i)	Payment of legal costs and expenses incurred in order to enforce the Guarantees.

(ii)	Full payment of the Guaranteed Obligations according to the order of attribution of payments established in Stipulation 22.3 of the Financing Agreement, in the Interest Rate Hedge Agreements (as applicable), and in applicable Legislation.

(iii)	Delivery of the remainder to the Borrower or the Shareholder, as applicable.

14.3 Proceeds lower than the amount of the Guaranteed Obligations. Prorating

If the amount from the sale of the Shares, the Borrower's Shares and the remainder obtained from enforcement of the pledge or the credit rights auctioned off is lower than the total amount of the unpaid Guaranteed Obligations, such amount will be applied in the following order of priority.

(i)	Payment of legal costs and expenses incurred in order to enforce the Guarantees.

(ii)	Partial payment of the Guaranteed Obligations, prorated according to the respective shares of each Guaranteed Creditor therein. For that purpose, each Guaranteed Creditor will have the right to the amount resulting from multiplying the proceeds from enforcement of the Guarantees by the percentage of its share in the Guaranteed Obligations.

	The amount obtained for each Guaranteed Creditor will be distributed according to the order of attribution of payments established in Stipulation 22.3 of the Financing Agreement, the Interest Rate Hedge Agreements (if applicable) and applicable Legislation.

Until full satisfaction of the Guaranteed Obligations, the Guaranteed Creditors will make available to the Agent any amount that, in payment of the obligations under the Financing Agreement or the Interest Rate Hedge Agreements, once these are terminated early, they receive from the Borrower or for enforcement of any right, the effective date being the day following its reception, for its distribution among the Guaranteed Creditors in accordance with the rules contemplated in the present Agreement.

In particular, the Agent, as the custodian of the Credit Account in the Checking Account and the Main Account, must make available to all the Guaranteed Creditors any amounts that, in the course of enforcing any of the Guarantees or because of such enforcement, could be deposited in such accounts.

15. CANCELLATION OF THE GUARANTEES

Each of the Guarantees will be canceled once all the Guaranteed Obligations have been fully fulfilled. At the Borrower's expense and within fifteen (15) Working Days following receipt of a written request from the Borrower for that purpose, the Guaranteed Creditors will execute any public documents necessary to cancel the Guarantees.

16.		DOMICILES FOR THE PURPOSE OF NOTIFICATIONS

16.1		Notifications
		For purposes of communications, unless otherwise expressly stipulated in the present
		Agreement, any means that allows having proof of sending and receiving may be used. The
		duty to notify will be considered performed through the receipt, sufficiently in advance in each
		case, of a certified letter with acknowledgment of receipt or a telegram with acknowledgment
		of receipt addressed to the respective domiciles indicated below or in case of an emergency, of
		a telefax sent to the numbers indicated. In addition, in this last case, they must be confirmed
		through other written means within the next five (5) days.

	Any change or modification to the domiciles or numbers indicated in the next section will be communicated to the Agent, who will give notification of the same to the rest of the Parties through any of the means indicated above. Such change or modification will not be effective until the Agent acknowledges receipt of such change or modification.

16.2	Domicile and telefax numbers

	As stipulated in the preceding section, for purposes of providing notices and sending or receiving notifications or communications, whether judicial or extrajudicial, the following domiciles and telefax numbers of the parties are indicated:

		For the Borrower:

FINANZAS DOS, S.A

CONTACT INFORMATION

Contact for purposes of sending documentation:		Juan Gallardo / José Angel Tejero


Address to which the documentation must be sent:		Avda. Europa, 18 Parque Empresarial La Moraleja 28108 Alcobendas Madrid



Telephone:		91 663 2355

Fax:		91 663 2929

E-Mail:

For the Shareholder:

ACCIONA, S.A.

CONTACT INFORMATION

Contact for purposes of		Juan Gallardo / José Ángel Tejero
sending documentation:

Address to which the documentation must be sent:		Avda. Europa, 18 Parque Empresarial La Moraleja 28108 Alcobendas Madrid



Telephone:		91 663 2355

Fax:		91 663 2929

E-Mail:

• For the Lenders:

BANCO SANTANDER CENTRAL HISPANO, S.A.
DOCUMENTATION

Contact for purposes of		Raúl Osuna Menéndez / Inés García Revilla
sending documentation:

Address to which the		Área Soluciones de Financiación (Financial Solutions Section)
documentation must be		Ciudad Grupo Santander
sent:		Edificio Amazonia 2ª Planta
28660 Boadilla del Monte (Madrid)

Telephone:		91 289 12 59 / 91 289 31 88

Fax:		91 257 16 17

E-Mail:		rosuna@gruposantander.com / inegarcia@gruposantander.com

CONTACTS FOR OPERATING MATTERS

Name:		José Manuel Llorente / Pedro de Miguel / Maribel Centeno

Address:		Ciudad Grupo Santander, Edificio Marisma Planta Baja
		28660 Boadilla del Monte – Madrid

Telephone:		91 289 30 12 / 91 289 30 13 / 91 289 47 89

Fax:		91 257 11 64 / 91 257 11 65 / 91 257 10 86 / 91 257 16 36

E-Mail:		Backofficesindicados.madrid@sinvest.es
		josmllorente@gruposantander.com
micenteno@gruposantander.com

PAYMENT AND COLLECTION DETAILS IN EUROS

Name of Entity:		Banco Santander Central Hispano S.A.

SWIFT Code		BSCHESMM

Wire		0049
Transfers/International
Bank Transfers

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
DOCUMENTATION

Contact for purposes of		Iñigo Solaun Gonzalez / Celina Carvajal Fernandez
sending documentation:

Address to which the		Calle Alcalá, 16 – 4º, 28014 Madrid, Spain
documentation must be
sent:

Telephone:		91-374-73-74 / 91-537-83-14

Fax:		91-537-05-66

E-Mail:		inigo.solaun@grupobbva,com / ccarvajal@grupobbva.com

CONTACTS FOR OPERATING MATTERS

Name:		Javier Granero / María González

Address:		BBVA – Administración Mercado de Capitales (Shares Market Administration)

		Vía de los Poblados s/n, 4º Planta
		28033 Madrid, Spain

Telephone:		91-374-73-74 / 91-537-83-14

Fax:		91-374-41-40 / 91-537-09-47

E-Mail:		jgranero@grupobbva.com / mdgonzalez@grupobbva.com /

PAYMENT AND COLLECTION DETAILS IN EUROS

Name of Entity: Account Number

WireTransfers/International Bank Transfers:

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

0182

SWIFT Code	BBVAESMM
	BNP PARIBAS, Branch located in Spain
DOCUMENTATION
Contact for purposes of sending documentation: Address to which the documentation must be sent: Telephone: Fax: E-Mail:	Jose Gefaell / Jose Serrano-Suñer / Carolina Torres Calle Ribera del Loira 28, 4ª planta Madrid 28042 91 388 80 25 / 80 26 / 80 38 91 388 80 50 Jose.gefaell@bnpparibas.com / Jose-serrano-suner@bnpparibas.com / Carolina.torres@bnpparibas.com

CONTACTS FOR OPERATING MATTERS

Name:

Address:
Telephone:
Fax:
E-Mail:

Alberto Sanchez / Elena García Juarez

Ribera del Loira, 28 2ª PLANTA 28042 MADRID
91 388 80 25 / 80 26 / 80 38
91 388 80 99
Alberto.sanchez@bnpparibas.com
Elena.garciajuarez@bnpparibas.com

PAYMENT AND COLLECTION DETAILS IN EUROS

Name of Entity:
Account Number

WireTransfers/International Bank Transfers:

SWIFT Code

BNP PARIBAS SUCURSAL EN ESPAÑA
0149

BNPAESMS

		CALYON, Branch located in Spain
DOCUMENTATION

Contact for purposes of		Rolando Menor Aguilera / Isabel López Fernández
sending documentation:

Address to which the		Paseo de la Castellana, número 1
documentation must be
sent:

Telephone:		91.432.75.85

Fax:		91.432.75.08

E-Mail:		isabel.lopez@es.calyon.com

CONTACTS FOR OPERATING MATTERS

Name:		María Teresa García García / Ana Isabel Avila Tobar

Address:

Telephone:		91.432.73.85 / 91.432.72.75

Fax:		91.432.73.85 / 91.432.72.75

E-Mail:		maite.garcia@es.calyon.com

PAYMENT AND COLLECTION DETAILS IN EUROS

Name of Entity:		Calyon, Branch located in Spain

Account Number		0154 0001 95 9999999100

SWIFT Code		BSUIESMM

		THE ROYAL BANK OF SCOTLAND PLC
DOCUMENTATION

Contact for purposes of		Lucia Rodríguez Bartolomé
sending documentation:

Address to which the		Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid
documentation must be

sent:

Telephone:		+34 91 438 5175

Fax:		+34 91 438 5307

E-Mail:		Lucia.rodriguez-bartolome@rbos.com


CONTACTS FOR OPERATING MATTERS

Name:		Henny de Lathauwer

Address:		Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid

Telephone:		+34 91 438 5129

Fax:		+34 91 438 5307

E-Mail:		Henny.delathauwer@rbos.com / RBSMadrid-
		MiddleOffice@rbos.com


For operating matters, please always copy:

Name:		Georgina Chave

Address:		2 ½ Devonshire Square London, EC2M 4BB

Telephone:		+44 207 672 6340

Fax:		+44 207 615 0153

E-Mail:		Georgina.chave@rbos.com
		GBMLendingOpsEuropeanCommercial@rbos.com


PAYMENT AND COLLECTION DETAILS IN EUROS

Name of Entity:		Royal Bank of Scotland, London

Account Number
WireTransfers/International Bank
Transfers:

SWIFT Code		RBOSGB2LGL O – Royal Bank of Scotland GLO, London

IBAN (International Banking		GB29RBOS16107010091313
Account Number)

		BANCA IMI S.P.A.
DOCUMENTATION

Contact for purposes of		Valentina Valente
sending documentation:		Giacomo Cerri

Address to which the		Corso Matteotti, 6 20121 Milano
documentation must be
sent:

Telephone:		+39 02 7751 2434 / +39 02 7751 2686

Fax:		+39 02 7751 2442

E-Mail:		valentina.valente@bancaimi.it / giacomo.cerri@bancaimi.it

CONTACTS FOR OPERATING MATTERS

Name:		Riccardo Lamanna

Address:		Corso Matteotti, 6 20121 Milano

Telephone:		+39 02 7751 2413

Fax:		+39 02 7751 92413

E-Mail:		riccardo.lamanna@bancaimi.it


With a Copy to:

Name:		Andrea Barbaglio

Address:		Corso Matteotti, 6 20121 Milano

Telephone:		+39 02 7751 2350

Fax:		+39 02 7751 2393

E-Mail:		andrea.barbaglio@bancaimi.it

PAYMENT AND COLLECTION DETAILS IN EUROS

Name of Entity:
SWIFT Code

Banca IMI S.p.A.
IMIT IT MM

NATEXIS BANQUES POPULAIRES, Branch located in Spain

DOCUMENTATION

Contact for purposes of		Ricardo Teissiere
sending documentation:

Address to which the		Paseo de Recoletos 7-9 // 28004 Madrid / Spain
documentation must be
sent:

Telephone:		34 91 837 47 54

Fax:		34 91 837 47 81

E-Mail:		Ricardo.teissiere@es.nxbp.com


CONTACTS FOR OPERATING MATTERS

Name:		Esther Campos / Karine Rodríguez

Address:		Paseo de Recoletos 7-9 // 28004 Madrid

Telephone:		34 91 837 47 25 /20

Fax:		34 91 837 47 80

E-Mail:		natexis@es.nxbp.com


PAYMENT AND COLLECTION DETAILS IN EUROS

Name of Entity:		Cuenta Tesorera BdE (BdE Treasury Account)// ESPBESMM for
		international payments

BIC		BFCEESMM

IBAN		ES18 9000 0001 2000 141

Account Number		1479

17 EXPENSES AND TAXES

All expenses, taxes and fees of any type arising out of the present Agreement will be for the Borrower's account.

18 JURISDICTION

Waiving their own forum, if any, the parties to the present Agreement expressly submit to the Judgments and Courts of the city of Madrid for all matters that may arise in connection with the validity, interpretation or performance of the present Agreement.

For those procedures in which the above submission is not effective or valid, the jurisdiction will be determined according to the legal rules applicable in each case. However, in order to avoid subsequent questions and to facilitate the determination of the court having competent jurisdiction, the parties agree that the place of execution of the present Agreement will be deemed to be the place in which it was entered into; the place of performance is considered to be the one indicated for the Borrower to pay the Guaranteed Creditors the amounts that it owes them under the Guaranteed Obligations; and the domicile of each of the parties is considered to be the one corresponding to it in accordance with the above Stipulations 16.

19 APPLICABLE LAW

The present Agreement will be governed and interpreted in accordance with common Spanish legislation.

20 PUBLIC DOCUMENT

The parties also hereby raise the present Agreement to the category of a public document in a record authorized by Madrid Notary Mr. José Miguel García Lombardía so that all the amounts owed will be deemed enforceable for all purposes contemplated in Article 517.2.4 and 572 to 574 of the Law of Civil Proceedings and other applicable legal provisions.

Accepted and approved by the parties, the contents of the present Agreement as drafted, issued for one sole purpose in a single counterpart for it to be raised to the category of a public document, consisting of 35 pages of text written only on the front part, they agree to sign it only under their respective titles.

THE SIGNATURE PAGE FOLLOWS

The Shareholder

For ACCIONA, S.A

/s/ Valentin Francisco Montoya Moya		/s/ Juan Gallardo Cruces
Signed: Mr. Valentín Francisco Montoya		Signed: Mr. Juan Gallardo Cruces
Moya

The Borrower,




For FINANZAS DOS, S.A
/s/ José Ángel Tejero Santos		/s/ Juan Gallardo Cruces
Signed: Mr. José Ángel Tejero Santos		Signed: Mr. Juan Gallardo Cruces

The Lenders:




For BANCO SANTANDER CENTRAL HISPANO, S.A:

/s/ Manuel Pérez Peral		/s/ Mr. Ignacio Domínguez-Adame Bozzano
Signed: Mr. Manuel Pérez Peral		Signed: Mr. Ignacio Domínguez-Adame
		Bozzano




For : BNP PARIBAS, Branch located in Spain
/s/ José Gefaell Chamochin		/s/ José Serrano-Suñer de Hoyos
Signed: Mr. José Gefaell Chamochin		Signed: Mr. José Serrano-Suñer de Hoyos

For : THE ROYAL BANK OF SCOTLAND, PLC

/s/ José Maria Arana Arbide		/s/ Francisco Javier Sierra Sopranis
Signed: Mr. José Maria Arana Arbide		Signed: Mr. Francisco Javier Sierra Sopranis



For CALYON, Branch located in Spain:

/s/ Rolando Menor Aguilera		/s/ D Javier Álvarez-Rendueles Villar
Signed: Mr. Rolando Menor Aguilera		Signed: Mr. D Javier Álvarez-Rendueles Villar



For BANCO BILBAO VIZCAYA ARGENTARIA, S.A:

/s/ Fernando Vázquez de the Puerta		/s/ Juan Gortazar Sánchez-Torres
Signed: Mr. Fernando Vázquez de the Puerta		Signed: Mr. Juan Gortazar Sánchez-Torres




For BANCA IMI S.P.A.:
/s/ José Guardo Galdón
Signed: Mr. José Guardo Galdón

For NATEXIS BANQUES POPULAIRES, Branch located in Spain:

/s/ Ricardo Teissiere Carrión				/s/ José Luís Sánchez García
Signed: Mr. Ricardo Teissiere Carrión				Signed: Mr. José Luís Sánchez García

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In Madrid, December 21, 2006

SHAREHOLDER SUPPORT AGREEMENT RELATED TO
THE FINANCE AGREEMENT

BY AND BETWEEN

ACCIONA, S.A.

As Shareholder

FINANZAS DOS, S.A.

As Borrower

and

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. THE ROYAL BANK OF SCOTLAND, PLC BNP PARIBAS SPAIN BRANCH	BANCO SANTANDER CENTRAL HISPANO, S.A. NATEXIS BANQUES POPULAIRES, SPAIN BRANCH CALYON, SPAIN BRANCH

As Lending Institutions

and

BANCO SANTANDER CENTRAL HISPANO, S.A.

As Agent

SHAREHOLDER SUPPORT AGREEMENT

In Madrid, December 21, 2006

GATHERED TOGETHER

THE PARTIES:

The party of the first part,

Mr. Juan Gallardo Cruces, of legal age, with National Identification Document No. 691.950-H, and Mr. José Ángel Tejero Santos, of legal age, with National Identification Document No. 52.570.589-H, for and on behalf of FINANZAS DOS, S.A. (hereinafter, the “Borrower”), domiciled in Madrid at Calle Juan de Mena, No. 8, and Taxpayer Identification No. A-80062755, duly empowered to execute this agreement by virtue of the power granted, before the Madrid Notary, Mr. Manuel Rodríguez Marín, on December 20, 2006, under No. 4,000 in the order of his protocol.

The party of the second part,

Mr. Valentín Francisco Montoya Moya, of legal age, with National Identification Document No. 50.539.787-R and Mr. Juan Gallardo Cruces, of legal age, with National Identification Document No. 691.950-H, for and on behalf of ACCIONA, S.A. (hereinafter, “ACCIONA” or the “Shareholder”), domiciled in Alcobendas (Madrid) at Avenida de Europa, No. 18 and Taxpayer Identification No. A-08001851, duly empowered to execute this agreement by virtue of the power granted, before the Madrid Notary, Mr. Manuel Rodríguez Marín, on October 26, 1998, under No. 2,911 in the order of his protocol.

And, the party of the third part,

Mr. Manuel Pérez Peral, of legal age, with National Identification Document No. 7.300.295-P, and Mr. Ignacio Domínguez-Adame Bozzano, of legal age, with National Identification Document No. 1.391.826-M, for and on behalf of BANCO SANTANDER CENTRAL HISPANO, S.A. (hereinafter, “SAN”, or the “Agent”), domiciled in Santander at Paseo de Pereda, Nos. 9 to 12 and TaxpayerIdentification No. A-39000013, duly empowered to execute this agreement by virtue of the power granted, before the Notary of the Illustrious Associationof Burgos, Mr. José María de Prada Díez, on March 1, 2002, under number 574 in the order of his protocol.
Mr. Jose Maria Arana Arbide, of age of majority, with ID No. 15.940.550-D and Mr. Francisco Javier Sierra Sopranis, of age of majority, with ID No. 42.090.468-P, on behalf and in representation of THE ROYAL BANK OF SCOTLAND, PLC (hereinafter “RBS”), with domicile at 36 St. Andrew Square, Edinburgh EH2 2YB, Scotlan d, duly registered in the Commercial Registry of Scotland under number 90312, duly authorized to grant this agreement in virtue of powers of attorney granted, respectively, before the Notary of Madrid

Mr. Antonio de la Esperanza Rodriguez, on September 19, 2006, under serial number 5,388 of his protocol.

Mr. José Gefaell Chamochin, of legal age, with National Identification Document No. 36.045.004-W, and Mr. José Serrano-Suñer de Hoyos, of legal age, with National Identification Document No. 7.240.457-B, for and on behalf of BNP PARIBAS Spain Branch (hereinafter, “BNP”), domiciled in Madrid at Calle Ribera del Loira, No. 28 and Taxpayer Identification No. A-0011117-I, du ly empowered to execute this agreement by virtue of the powers granted, respectively, before the Madrid Notary, Mr. Miguel Ruiz Gallardón García de la Rasilla, on February 10, 2005, under No. 963 in the order of his protocol and before the same Notary, on July 12, 2006, under number 5,797 in the order of his protocol.
Mr. Rolando Menor Aguilera, of legal age, with National Identification Document No. 50.820.688-A and Mr. Javier Álvarez-Rendueles Villar, of legal age, with National Identification Document No. 7.230.899-K, for and on behalf of CALYON, Spain Branch (hereinafter, “CALYON”), domiciled in Madrid at Paseo de la Castellana, No. 1 and Taxpayer Identification No. A-0011043-G, duly empowe red to execute this agreement by virtue of the powers granted, respectively, before the Madrid Notary, Mr. José Manuel García-Lozano Zulueta, on July 28, 2004, under 951 in the order of his protocol and before the same Notary, on April 18, 2005, under number 359 in the order of his protocol.
Mr. Fernando Vázquez de la Puerta, of legal age, with National Identification Document No. 401.727-D, and Mr. Juan Gortázar Sánchez-Torres, of legal age, with National Identification Document No. 50.838.339-J, for and on behalf of BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (hereinafter, “BBVA”), domiciled in Bilbao at Plaza de San Nicolás,No. 4 and Taxpayer Identification No. A-48265169, duly empowered to execute thisagreement by virtue of the powers granted, respectively, before the Bilbao Notary, Mr. José María Arriola Arana, on March 17, 2003, under No. 418 in the order of his protocol, and before the Bilbao Notary, Mr. José Ignacio Uranga Otaegui, on June 6, 2000, under number 2,174 in the order of his protocol.
Mr. José Guardo Galdón, of legal age, with National Identification Document No. 18.965.340-D, for and on behalf of BANCA IMI S.P.A. (hereinafter, “IMI”), domiciled in Milan (Italy), Corso Matteotti street, No. 6, and entered in the Company Registry under No. 01988810154, duly empowered to execute this agreement by virtue of the power granted before the Milan Notary, Ms. Mónica de Paoli, on December 21, 2006, under number [ ] in the order of her protocol.

Mr. Ricardo Teissiere Carrión, of legal age, with National Identification Document No. 00698785-E and Mr. José Luís Sánchez García, of legal age, with National Identification Document No. 4612737-Z, for and on behalf of NATEXIS BANQUES POPULAIRES, Spain Branch (hereinafter, “NATEXIS”), domiciled at Paseo de Recoletos 7-9 and Taxpayer Identification No. N-0013055I, duly empowered to execute this agreement by virtue of the powers granted, respectively, before the Madrid Notary, Mr. Pablo de la Esperanza Rodríguez, on April 19, 2006, under No. 1,693 in the order of his protocol, and before the Madrid Notary, Mr. Antonio de la Esperanza Rodríguez, on September 20, 2001, under number 4,060 in the order of his protocol.

Hereinafter and without prejudice to anything previously stipulated in this agreement, SAN, RBS, BNP, CALYON, BBVA, IMI, and NATEXIS, shall be collectively referred to as the “Lending Institutions.”

In accordance with the provisions of article 98 of Law 24 of December 27, 2001, the representative powers of the appearing parties are sufficient in the opinion of the authenticating Notary to execute this agreement.

RECITALS

I.	On September 25, 2006, the Borrower, a company wholly owned by ACCIONA, S.A. (hereinafter, “ACCIONA”), acquired 10% of the representative shares of the capital stock of Endesa, S.A., (hereinafter, “ENDESA”) and subsequently up to approximately 20%, that being 211,750,424 shares (hereinafter, “ENDESA Shares”) traded on the stock exchange and represented by account entry in Sociedad de Gestión de los Sist emas de Registro, Compensación y Liquidación de Valores, S.A. – “IBERCLEAR”) [Securities Registration, Compensation and Settlement Systems Management Company].

II.	The Borrower, acting with the financial backing of ACCIONA, initially financed payment of the described purchase price with charge to a short-term credit line underwritten on September 26, 2006 with Banco Santander Central Hispano, S.A., (hereinafter “SAN” or the “Agent”) in the amount of THREE BILLION FOUR HUNDRED SEVENTY-FIVE MILLION EUROS (€ 3,475,000,000) expiring next February 28, 2007, which was novated on November 15, 2006 (the “Bridge Loan”), and is interested in paying part of the debts from the Bridge Loan by using the financing extended simultaneously to this Agreement by the Lending Institutions and by using the loan described in the following Recital. The Lending Institutions have offered to provide financing to the Borrower against certain guaranties from the latter and from its shareholder ACCIONA.


III.	For the purposes described in the above recital ACCIONA shall enter into a Subordinated Loan Agreement with the Borrower in the amount of ONE BILLION FOUR HUNDRED NINETEEN MILLION FIVE HUNDRED SIXTY-FIVE THOUSAND THREE HUNDRED SEVENTY-EIGHT EURO AND 33 CENTS (€ 1,419,565,378.33), and the execution and payment of said loan is an essential requirement for the availability of the financing.


IV.	In view of the above, the following are executed at the same time as this agreement:

		A corporate finance agreement, underwritten by ACCIONA and the Lending Institutions for a maximum amount of TWO BILLION FIVE HUNDRED TWELVE MILLION EIGHT HUNDRED NINETY-FOUR THOUSAND TWO HUNDRED SIXTY-SEVEN EUROS AND NINETY-TWO CENTIMES (€ 2,512,894,267.92) (the “ACCIONA Finance Agreement”).


		A loan agreement, underwritten by the Borrower and the Lending Institutions for a maximum amount of FIVE BILLION SIX HUNDRED SEVENTY-EIGHT MILLION

	TWO HUNDRED SIXTY-ONE THOUSAND FIVE HUNDRED THIRTEEN EUROS AND THIRTY-TWO CENTIMES (€ 5,678,261,513.32) (the “Finance Agreement”) and,

		A surety agreement underwritten by ACCIONA, the Borrower and the Lending Institutions (the “Surety Agreement”).

		The Financial Transactions Standard Contracts (as defined in the ACCIONA Finance Agreement.

V.	The Lending Institutions have agreed under the present finance agreement to execute it on the same basis as the commitments undertaken and sureties extended by the Shareholders by virtue of this agreement (hereinafter, the “ACCIONA Support Agreement” or the Agreement”), which shall be governed by the following

STIPULATIONS

ONE.- DEFINITIONS

In this Agreement the terms shall have, both when used in the singular and in the plural, the meaning set forth in the Finance Agreement or any other Financing Document, except when they are expressly given another meaning.

TWO.- OBLIGATIONS TO PROVIDE FUNDS.

The Shareholder assumes on behalf of the Lending Institutions the following obligations to provide funds to the Borrower.

The obligations to provide funds contained in this Stipulation 2 shall end as of the date on which the Borrower surrenders the shares to the Borrower as a result of the surety furnished in favor of the Lending Institutions.

2.1	Obligation to pay the tax credit.

	The Shareholder, as the dominant company of the Fiscal Group to which the Borrower belongs, shall pay to the Borrower an amount equal to the tax credits generated by the Borrower that benefit the Fiscal Group (at all times) because of the tax consolidation between the Borrower and the Shareholder.

	Tax credit shall be understood to mean an amount equal to the amount actually paid by the Fiscal Group by applying the Borrower’s negative tax base to the current tax rate, according to the annual payment of the Fiscal Group’s Corporate Tax (currently on July 25 of each fiscal year).

	For the purposes of this section, reference to: (i) negative tax bases shall be understood as those mentioned in article 25 of Royal Legislative Decree 4 of March 5, 2004, (ii) Fiscal

	Group shall be understood as the definition contained in article 67 of Royal Decree Law 4 of March 5, 2004.

	The Shareholder shall make these payments until the Finance Agreement is fully paid within five (5) Business Days from the final date of the annual or partial payment of the Corporate Tax for the Fiscal Group.

	In the event that an amendment to the regulations affects the calculation of the tax credit, the Shareholder’s obligation under this section shall be understood to be modified under the same terms.

	Conversely, the Borrower, as a company belonging to the Shareholder’s Fiscal Group, shall pay the Shareholder an amount equal to the tax debits generated by the Borrower that must be paid by the Shareholder because of the fiscal consolidation between the Borrower and the Shareholder. The stipulations of the above paragraphs shall apply mutatis mutandis to this obligation.

2.2	Nonexistence of Right to Reimbursement

	Payment of the amounts committed to under section 2.1 by the Shareholder to the Borrower shall not create on behalf of the former any right to reimbursement in cash or other kind from the Borrower.

	Payment of the amounts undertaken under the above section 2.1 by the Borrower to the Shareholder shall not create on behalf of the former any right to reimbursement in cash or other kind from the Shareholder.

2.3	Contribution of Subordinated Debt

	2.3.1 Principal Obligation.

	Subject to the limits set forth in the above paragraph, the Shareholder undertakes to have available Tranche B of the ACCIONA Finance Agreement in order to provide to the Borrower an amount equal to the amount owed by the Borrower to the Lending Institutions for principal and interest under the Finance Agreement on any date of payment of principal and interest, whether regular or advance, in accordance with the provisions of the Finance Agreement.

	In order to ensure fulfillment of this obligation, the Shareholder has irrevocably contracted with the ACCIONA Finance Agreement Agent to make the corresponding arrangements chargeable to Tranche B of said loan in accordance with the stipulations of this Agreement.

	The Shareholder’s obligation to provide funds under this section is limited at all times to the amount by which the outstanding principal must be reduced pending payment of the Finance Agreement, in such a way that on the last Measurement Date immediately prior to the principal payment date the DSCR is greater than or equal to 1.15.

	Notwithstanding the above, the maximum fund contribution limit for which the Shareholders responsible shall be equal to the amounts available at any time under Tranche B of the ACCIONA Finance Agreement.

The above shall be understood to be without prejudice to the Shareholder’s obligations under the stipulations of section 2.5.2 below.

Once the Shareholder has provided to the Borrower the amounts agreed to by virtue of the provisions of this Stipulation 2.3, such amounts shall constitute Subordinated Debt from the Shareholder to the Borrower and shall at all times be subject to the terms and conditions established in section 2.3.2 below. Therefore, the contents of this section 2.3 must be considered for all effects as a credit line in favor of the Borrower from the Shareholder for a max imum amount of ONE BILLION EIGHTY-THREE MILLION TWO HUNDRED SEVENTY-SEVEN THOUSAND THREE HUNDRED TWELVE EUROS AND FIFTY-TWO CENTIMES (€ 1,083,277,312.52), and furnished through Tranche B of the ACCIONA Finance Agreement.

2.3.2	Terms of the Subordinated Debt.

2.3.2.1	Subordination

The Shareholder, the Borrower, and the Secured Creditors expressly agree to configure the legal arrangements of the Subordinated Debt in such a way that it approximates as much as possible the legal arrangements of the stake in the Borrower’s capital stock, regarding (i) reimbursement to the Shareholder of the contributions made to the Borrower, and (ii) the rank and priority of the Shareholder’s credits.

To that end, the Shareholder’s credit rights arising from the Subordinated Debt are subject to the legal arrangements provided for in the following sections.

2.3.2.2 Prebankruptcy Subordination Clause. Conditions Precedent for Reimbursement.

The Creditor’s rights to collect any amounts for any reason (including regular and overdue principal and interest) by virtue of the Subordinated Debt, and related obligations of the Borrower to pay such amounts to the Shareholder are subordinated to the obligations contracted by the Borrower by virtue of the Finance Agreement and the Interest Rate Hedge Agreements with respect to the counterparts of said agreements, such that in any event:

	(a)	Payment of principal and interest from the Subordinated Debt shall be made by the Borrower in accordance with the provisions of sections 24.5.8 and 24.5.9 of the Finance Agreement, the terms of which shall take precedence over the provisions of this agreement.

	(b)	In the event of (i) nonpayment of any amount arising from the Finance Agreement and/or the Interest Rate Hedge Agreements, or (ii) the Borrower’s subjection to any bankruptcy proceedings and/or (iii) early expiration of the Finance Agreement and/or the Interest Rate Hedge Agreements, the Shareholder shall not have any right to receive payment from the Borrower until all amounts owed to the Secured Creditors have been paid by virtue of the Finance Agreement and under the Interest Rate Hedge Agreements.

	(c)	If the Lending Institutions have received partial payment of the amounts owed under the Finance Agreement as a result of having exercised any legal, judicial

	or extrajudicial rights or actions against the Borrower or any third party, or having demanded payment of any surety in their favor, the Shareholder shall not have any right to receive payment from the Borrower until all amounts owed to the Secured Creditors have been paid by virtue of the Finance Agreement. The same arrangements shall apply to the Providers of the Derivative Agreement, regarding the Interest Rate Hedge Agreements.

(d)	The Shareholder may not receive any amount under this Agreement from the moment it is no longer a Shareholder of the Borrower.

2.3.2.3 Waiver of Rights and Legal Actions against the Borrower.

The Shareholder waives any rights and legal actions (judicial or extrajudicial) against the Borrower for the purpose of claiming amounts or rescinding this Agreement, or declaring its early expiration, without prior express and written consent from all Secured Creditors, acting unanimously, as principal beneficiaries of the subordination agreed to by the Shareholder.

Legal actions taken by the Shareholder against the Borrower without prior authorization from all the Secured Creditors can be challenged or opposed by the Borrower or the Secured Creditors against the Shareholder in court or out of court, as deemed most appropriate.

2.3.2.4 Waiver of Novation or Modification of Subordinated Debt.

The Borrower and ACCIONA waive the right to novation or modification of the Subordinated Debt, or to the verbal and undocumented agreement to novation or modification thereof, without prior express written consent from all the Secured Creditors, acting unanimously, as principal beneficiaries of the subordination agreed to by the Shareholder.

2.3.2.5 Denial of Authorizations by the Secured Creditors

Noncompliance with the conditions established in stipulation 2.3.2.2 above shall be just cause, among other possible ones, for the Secured Creditors to deny the authorizations required in stipulations 2.3.2.3 and 2.3.2.4.

2.3.2.6 Bankruptcy Subordination Agreement.

In the event that the Borrower is declared bankrupt, the Subordinated Debt shall remain subordinated to all other common and privileged creditors of the Borrower, in accordance with the provisions of Article 92.2 of Bankruptcy Law 22 of July 9, 2003.

2.3.2.7 Amortization of the Subordinated Debt.

(a) Regular Amortization

The Borrower may amortize the Subordinated Debt and reimburse all amounts owed by virtue of this Agreement on December 31, 2012 (“Final Maturity Date”) provided that the conditions set forth in stipulation 2.3.2.2 above have been met.

(b) Voluntary Early Amortization

This Subordinated Debt may only be amortized early in accordance with the provisions of section 2.3.2.2 above.

2.3.2.8 Accrual of Interest

The Subordinated Debt shall bear interest in favor of the Shareholder until it is totally reimbursed.

Interest shall accrue daily. Interest shall be calculated based on one (1) year of 360 days, and for calendar days actually transpired in each Interest Period, including the first day and excluding the last.

2.3.2.9 Division of the Subordinated Debt into Interest Periods

For the purposes of calculating the interest, the time between the date of signing of this Agreement and the Final Maturity Date shall be considered as divided into successive interest periods.

(a)	Length of Interest Periods. The length of the interest periods shall be 12 calendar months.

(b)	Termination of an Interest Period on a non-Business Day. To calculate the length of an interest period, if the last day is not a Business Day, expiration shall be the first Business Day immediately following, except if it is in a different month, in which case the interest period shall expire on the Business Day immediately before.

(c)	Adjustment. On the Final Maturity Date all current Interest Periods shall end.

2.3.2.10 Interest Rate

The interest rate applicable to each interest period shall be 4% annually.

2.3.2.11 Determination and Payment of Interest.

Accrued interest due and payable shall be capitalized as higher principal of the Subordinated Loan. In no case shall interest be credited in any other way or form.

2.3.2.12 Payments

All payments (including payment of interest from capitalization) that must be made on a day that is not a Business Day shall be made on the following Business Day.

2.3.2.13 Prohibition against Offsetting

The Shareholder expressly waives for the collection of any amounts owed by the Borrower by offsetting against any amounts owed by the Shareholder to the Borrower.

	2.3.2.14 Obligation to Refund Payments

	In the event that the Shareholder receives any payment from the Borrower by virtue of this Agreement and it was not due or owed because of noncompliance with the conditions set forth in stipulation 2.3.2.2 above, the Shareholder undertakes to immediately reimburse Borrower for the amounts paid by the latter.

	Without prejudice to the above, Borrower may recover or claim from the Shareholder any amounts that have been paid before fulfilling the conditions set forth in stipulation 2.3.2.2 above, in accordance with Article 1121 of the Civil Code.

	2.3.2.15 Transfer

	(a) Prohibition against Transfer by the Borrower

	The Borrower may not transfer or encumber its rights or obligations arising from this Agreement beyond the provisions of the Financing Documents.

	(b) Prohibition against Transfer by the Shareholder

	The Shareholder may not transfer or encumber its rights or obligations arising from this Agreement beyond the provisions of the Financing Documents.

	2.3.2.16 Conversion to Total or Partial Participatory Loan

	Novation of the Subordinated Debt so that all or part of it can be qualified as a participatory loan shall not require the consent of the Secured Creditors.

	The Subordinated Debt converted to a participatory loan may have a maturity period sooner than what is provided for in stipulation 2.3.2.7 above, with the understanding that (i) the setting of said maturity date shall be understood to be without prejudice to the provisions of Stipulation 2.3 and (ii) that upon maturity of the participatory loan the outstanding amounts to be paid shall be considered again for all purposes to be Subordinated Debt subject to all the terms specified in this agreement.

2.4	New Subordinated Debt Contributions.

	All the Parties agree that any contributions that the Shareholder makes to the Borrower, that are not intended for payment of the tax credits referred to in section 2.1 of this Agreement, shall necessarily be understood to be Subordinated Debt and shall be governed by the provisions of section 2.3 above, excluding contributions for other reasons except for contributions made by virtue of capital underwriting. In the event that the Shareholder wishes to make contributions to the Borrower other than for Subordinated Debt or capital, it must have the prior express consent of the Secured Creditors, acting unanimously.

2.5	Common Rules for Fund Contributions.

	Contributions of funds governed by this Stipulation 2 shall follow the rules below:

	2.5.1	Contribution Period. The Shareholder may make these contributions to the Borrower in accordance with the provisions of this Agreement, without the need for prior authorization from the Lending Institutions or the Borrower. The Shareholder may not excuse its noncompliance because of lack of information regarding the status of the Borrower’s accounts or the scope of the Borrower’s obligations to the Lending Institutions.

	2.5.2	Liability for Delay. Delay in payment by the Shareholder of its payment obligations under this Agreement shall result in the application of default interest on unpaid amounts as of the date on which the Shareholder is supposed to make payment, and shall be calculated and settled in accordance with the provisions of stipulation 16 of the Finance Agreement, which all the parties declare that they understand.

	2.5.3	Credit Account in Current Account and Cash Payment. Any funds that are made available to the Borrower by virtue of this stipulation 2 must be made in cash into the Credit Account in the Current Account.

	2.5.4	Prohibition against Offsetting. Obligations to contribute funds may not in any case be satisfied by credit offsetting.

	2.5.5	Increase in Expenses and Taxes. The amounts referred to in this Stipulation 2 must be increased by the amounts needed to cover expenses and taxes that may accrue as a result of making contributions to the Borrower, in such a way that the Shareholder contributes the amounts owed as though there were no deduction, withholding, tax, fee, or expense at all.

	2.5.6	Pledging. The Shareholder agrees that the Borrower may pledge its credit rights with the Shareholder arising from this Agreement in favor of the Lending Institutions of the Finance Agreement and the Derivative Providers for the Interest Rate Hedge Agreements contracted by the Borrower in order to ensure complete fulfillment of all the Secured Obligations assumed with the aforementioned Secured Creditors. Because of the pledge and in representation of all the aforementioned Secured Creditors, the Agent acting for and on behalf of the aforementioned Secured Creditors, may claim payment directly from the Shareholder to the Borrower of any amount owed by virtue of this Agreement and/or in exercise of its rights as pledging creditor, may designate, in execution, a current account in the Agent’s name in which the corresponding disburseme nts shall be made. Payment by the Shareholder, in execution of the pledge, to the account opened in the name of the Agent shall fully release it with respect to the Borrower.

		By this Agreement the Shareholder is notified of the pledge in favor of the aforementioned Secured Creditors about the credit rights in favor of the Borrower by virtue of this Shareholder Support Agreement.

THREE. LIFE OF THE AGREEMENTS. AUTOMATIC SUBROGATION

The commitments assumed by the Shareholder under this Agreement shall remain in force for as long as all the obligations assumed by the Borrower with the Creditors under the Finance Agreement and under the rest of the Financing Documents have not been settled.

The Parties agree that transfer by any Creditor of its rights and obligations under the Finance Agreements shall involve the automatic subrogation of the assignee in the contractual position held by the assignor Creditor in this Agreement.

By signing this Agreement all the Parties hereto expressly waive in reciprocal benefit any right of revocation that may assist them under the provisions of Article 1,257 of the Civil Code.

FOUR.- EXECUTORY INSTRUMENT

Pursuant to the provisions of Articles 572.2 and others of the Civil Procedure Act, for the purposes of ensuring the full obligation to pay the debt of any of the Parties under this Agreement, they agree:

(a)	In the event that the Borrower or the Lending Institutions, in their capacity as beneficiaries of the agreements, and pledging creditors decide to exercise the regular executive procedure provided in Article 517 of Civil Procedure Law 1 of January 7, 2000, it is expressly agreed by the parties hereto for the purposes specified in Articles 572 and 573 of the aforementioned Law that settlement to determine the quantity owed by Shareholder shall be done by the Agent in accordance with the provisions of Stipulation Two of this Agreement.

(b)	Therefore, in exercising the executive action it shall be sufficient to submit this Agreement to the public accompanied by a certification issued by the Agent or Borrower stating that the debt has been settled in the manner agreed to by the parties hereto. The certification or certifications shall be incorporated in an Notarial Certificate or shall be made by a Notary.

(c)	This Agreement shall be an executory instrument submitted to the public in accordance with the provisions of Article 517.2.4.

FIVE.- DOMICILES FOR THE PURPOSE OF NOTICES.

5.1 Notices.

For the purpose of notices it is agreed that, except as otherwise expressly provided herein, any means may be used to ensure that there is proof of delivery and receipt, with due notification considered complete upon receipt, with enough advance time in each instance, of a certified letter with acknowledgement of receipt or telegram with acknowledgement of receipt addressed to the respective domiciles that are indicated below, or, if urgent, in the same manner by fax sent to the fax numbers, even if in this last instance confirmation must be made by another means in writing within 5 days thereafter.

Any change or modification in the domiciles or fax numbers indicated in the above section must be communicated to the Agent, who shall send it to the other parties by any of the means indicated above, and said change or modification shall not take effect if the Agent has not acknowledged receipt.

5.2. Domiciles and Fax Numbers

Pursuant to the provisions in the above section, for the purposes of making requests and sending or receiving notices or communications, whether judicial or extrajudicial, the parties specify the following as domiciles and fax numbers:

• For the Borrower:

FINANZAS DOS, S.A.

CONTACT INFORMATION

Contact for purposes of		Juan Gallardo / José Angel Tejero
sending documentation:

Address where the		Avda. Europa, 18
documentation is to be		Parque Empresarial La Moraleja
sent:		28108 Alcobendas
		Madrid

Telephone:		91 663 2355

Fax:		91 663 2929

E-Mail:

• For the Shareholder:

ACCIONA, S.A.

CONTACT INFORMATION

Contact for purposes of		Juan Gallardo / José Ángel Tejero
sending documentation:

Address where the		Avda. Europa, 18
documentation is to be		Parque Empresarial La Moraleja
sent:		28108 Alcobendas
		Madrid

Telephone:		91 663 2355

Fax:		91 663 2929

E-Mail:

• For the Lending Institutions

BANCO SANTANDER CENTRAL HISPANO, S.A.
DOCUMENTATION

Contact for purposes of		Raúl Osuna Menéndez / Inés García Revilla
sending documentation:

Address where the		Área Soluciones de Financiación
documentation is to be		Ciudad Grupo Santander

sent:		Edificio Amazonia 2ª Planta
		28660 Boadilla del Monte (Madrid)

Telephone:		91 289 12 59 / 91 289 31 88

Fax:		91 257 16 17

E-Mail:		rosuna@gruposantander.com / inegarcia@gruposantander.com

CONTACTS FOR OPERATIONAL MATTERS

Name:		José Manuel Llorente / Pedro de Miguel / Maribel Centeno

Address:		Ciudad Grupo Santander, Edificio Marisma Planta Baja
		28660 Boadilla del Monte – Madrid

Telephone:		91 289 30 12 / 91 289 30 13 / 91 289 47 89

Fax:		91 257 11 64 / 91 257 11 65 / 91 257 10 86 / 91 257 16 36

E-Mail:		Backofficesindicados.madrid@sinvest.es
		josmllorente@gruposantander.com
		micenteno@gruposantander.com

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Name of Institution:		Banco Santander Central Hispano S.A.

SWIFT Code		BSCHESMM

OMF		0049

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
DOCUMENTATION

Contact for purposes of		Iñigo Solaun Gonzalez / Celina Carvajal Fernandez
sending documentation:

Address where the		Calle Alcalá, 16 – 4º, 28014 Madrid, Spain
documentation is to be
sent:

Telephone:		91-374-73-74 / 91-537-83-14

Fax:		91-537-05-66

E-Mail:		inigo.solaun@grupobbva,com / ccarvajal@grupobbva.com

CONTACTS FOR OPERATIONAL MATTERS

Name:		Javier Granero / María González

Address:		BBVA – Administración Mercado de Capitales
		Vía de los Poblados s/n, 4º Planta
		28033 Madrid,
		Spain

Telephone:		91-374-73-74 / 91-537-83-14

Fax:		91-374-41-40 / 91-537-09-47

E-Mail:		jgranero@grupobbva.com / mdgonzalez@grupobbva.com /

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Name of Institution:		BANCO BILBAO VIZCAYA ARGENTARIA, S.A.

Account No. (OMF):		0182

SWIFT Code		BBVAESMM


		BNP PARIBAS, Spain Branch
DOCUMENTATION

Contact for purposes of		Jose Gefaell / Jose Serrano-Suñer / Carolina Torres
sending documentation:

Address where the		Calle Ribera del Loira 28, 4ª planta Madrid 28042
documentation is to be
sent:

Telephone:		91 388 80 25 / 80 26 / 80 38

Fax:		91 388 80 50

E-Mail:		Jose.gefaell@bnpparibas.com / Jose-serrano-suner@bnpparibas.com /
		Carolina.torres@bnpparibas.com

CONTACTS FOR OPERATIONAL MATTERS

Name:		Alberto Sanchez / Elena García Juarez

Address:		Ribera del Loira, 28 2ª PLANTA 28042 MADRID

Telephone:		91 388 80 25 / 80 26 / 80 38

Fax:		91 388 80 99

E-Mail:		Alberto.sanchez@bnpparibas.com
		Elena.garciajuarez@bnpparibas.com

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Name of Institution:		BNP PARIBAS BRANCH IN SPAIN

Account No. (OMF):		0149

SWIFT Code		BNPAESMS

		CALYON, Spain Branch
DOCUMENTATION

Contact for purposes of		Rolando Menor Aguilera / Isabel López Fernández
sending documentation:

Address where the		Paseo de la Castellana, número 1
documentation is to be
sent:

Telephone:		91.432.75.85

Fax:		91.43275.08

E-Mail:		isabel.lopez@es.calyon.com

CONTACTS FOR OPERATIONAL MATTERS

Name:		Mª Teresa García García / Ana Isabel Avila Tobar

Address:

Telephone:		91.432.73.85 / 91.432.72.75

Fax:		91.432.73.85 / 91.432.72.75

E-Mail:		maite.garcia@es.calyon.com

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Name of Institution:		Calyon, Branch in Spain

Account No. (OMF):		0154 0001 95 9999999100

SWIFT Code		BSUIESMM

		THE ROYAL BANK OF SCOTLAND PLC
DOCUMENTATION

Contact for purposes of		Lucia Rodríguez Bartolomé
sending documentation:

Address where the		Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid

documentation is to be
sent:

Telephone:		+34 91 438 5175

Fax:		+34 91 438 5307

E-Mail:		Lucia.rodriguez-bartolome@rbos.com


CONTACTS FOR OPERATIONAL MATTERS

Name:		Henny de Lathauwer

Address:		Edificio Serrano 49, C/ José Ortega y Gasset, 7, 28006 Madrid

Telephone:		+34 91 438 5129

Fax:		+34 91 438 5307

E-Mail:		Henny.delathauwer@rbos.com / RBSMadrid-
		MiddleOffice@rbos.com


For operational matters, please always copy to:

Name:		Georgina Chave

Address:		2 ½ Devonshire Square London, EC2M 4BB

Telephone:		+44 207 672 6340

Fax:		+44 207 615 0153

E-Mail:		Georgina.chave@rbos.com
		GBMLendingOpsEuropeanCommercial@rbos.com


SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Name of Institution:		Royal Bank of Scotland, London

Account No. (OMF):

SWIFT Code		RBOSGB2LGL O – Royal Bank of Scotland GLO, London

IBAN		GB29RBOS16107010091313



		BANCA IMI S.P.A.
DOCUMENTATION

Contact for purposes of		Valentina Valente
sending documentation:		Giacomo Cerri

Address where the		Corso Matteotti, 6 20121 Milano

documentation is to be
sent:

Telephone:		+39 02 7751 2434 / +39 02 7751 2686

Fax:		+39 02 7751 2442

E-Mail:		valentina.valente@bancaimi.it / giacomo.cerri@bancaimi.it

CONTACTS FOR OPERATIONAL MATTERS

Name:		Riccardo Lamanna

Address:		Corso Matteotti, 6 20121 Milano

Telephone:		+39 02 7751 2413

Fax:		+39 02 7751 92413

E-Mail:		riccardo.lamanna@bancaimi.it


Copy to:

Name:		Andrea Barbaglio

Address:		Corso Matteotti, 6 20121 Milano

Telephone:		+39 02 7751 2350

Fax:		+39 02 7751 2393

E-Mail:		andrea.barbaglio@bancaimi.it

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Name of Institution:		Banca IMI S.p.A.

SWIFT Code		IMIT IT MM

NATEXIS BANQUES POPULAIRES, Spain Branch
DOCUMENTATION

Contact for purposes of		Ricardo Teissiere
sending documentation:

Address where the		Paseo de Recoletos 7-9 // 28004 Madrid / España
documentation is to be
sent:

Telephone:		34 91 837 47 54

Fax:		34 91 837 47 81

E-Mail: Ricardo.teissiere@es.nxbp.com

CONTACTS FOR OPERATIONAL MATTERS

Name:		Esther Campos / Karine Rodríguez

Address:		Paseo de Recoletos 7-9 // 28004 Madrid

Telephone:		34 91 837 47 25 /20

Fax:		34 91 837 47 80

E-Mail:		natexis@es.nxbp.com

SPECIFICS ON PAYMENTS AND COLLECTIONS IN EUROS

Name of Institution:		Cuenta Tesorera BdE // ESPBESMM for international payments

BIC		BFCEESMM

IBAN		ES18 9000 0001 2000 141

Account Number		1479

SIX.- JURISDICTION

Waiving their own jurisdictions, if any, the parties hereto expressly submit themselves to the Courts and Tribunals of the City of Madrid for all questions that may arise on the validity, interpretation, or performance of this Agreement.

For any proceedings for which the above jurisdiction is not effective or valid, jurisdiction shall be determined according to the legal rules applicable in each case. Nevertheless, in order to avoid later uncertainties and to facilitate the determination of the competent court, the parties agree that the place where this Agreement was made shall be the place where it was entered into; that the place of fulfillment shall be the place indicated for the Borrower to pay the Lending Institutions the amounts owed according to the Finance Agreement; and that the domicile for each of the parties shall be the place indicated in Stipulation 5 above.

SEVEN.- APPLICABLE LAW

This Agreement shall be governed and interpreted in accordance with Spanish laws.

EIGHT.- CANCELLATION OF THE AGREEMENT

The Borrower undertakes not to cancel or terminate Tranche B of the ACCIONA Finance Agreement by amortizing all the amounts pending payment by the Borrower without prior consent from all the lending institutions that are parties to the Finance Agreement in their capacity as beneficiaries of the guarantee represented by the ACCIONA Finance Agreement for the Borrower.

NINE.- PUBLIC DOCUMENT

In this same act the parties make public this Agreement in an instrument authenticated by the Madrid Notary, Mr. José Miguel García Lombardía, so that all the amounts owed have the standing of executory instrument, for all the effects specified in Articles 517.2.4 and 572 to 574 of the Civil Procedure Law and any and all other applicable legal provisions.

The parties having agreed to and approved the contents of this Agreement as it has been drawn up, issued for one purpose in a single copy to be made public, comprising [ ] pages written only on their front side, they agree to sign only under their corresponding titles.

The Shareholder

For ACCIONA, S.A

/s/ Valentin Francisco Montoya Moya		/s/ Juan Gallardo Cruces
Signed: Mr. Valentín Francisco Montoya		Signed: Mr. Juan Gallardo Cruces
Moya

The Borrower,

For FINANZAS DOS, S.A


/s/ José Ángel Tejero Santos		/s/ Juan Gallardo Cruces
Signed: Mr. José Ángel Tejero Santos		Signed: Mr. Juan Gallardo Cruces

The Lending Institutions:

For BANCO SANTANDER CENTRAL HISPANO, S.A:

/s/ Manuel Pérez Peral		/s/ Ignacio Domínguez-Adame Bozzano
Signed: Mr. Manuel Pérez Peral		Signed: Mr. Ignacio Domínguez-Adame
		Bozzano




For BNP PARIBAS Spain Branch


/s/ José Gefaell Chamochin		/s/ José Serrano-Suñer de Hoyos
Signed: Mr. José Gefaell Chamochin		Signed: Mr. José Serrano-Suñer de Hoyos


For THE ROYAL BANK OF SCOTLAND, PLC


/s/ José Maria Arana Arbide		/s/ Francisco Javier Sierra Sopranis
Signed: Mr. José Maria Arana Arbide		Signed: Mr. Francisco Javier Sierra Sopranis


For CALYON, Spain Branch:


/s/ Rolando Menor Aguilera		/s/ Javier Álvarez-Rendueles Villar
Signed: Mr. Rolando Menor Aguilera		Signed: Mr. Javier Álvarez-Rendueles Villar

For BANCO BILBAO VIZCAYA ARGENTARIA, S.A:

/s/ Fernando Vázquez de la Puerta		/s/ Juan Gortazar Sánchez-Torres
Signed: Mr. Fernando Vázquez de la Puerta		Signed: Mr. Juan Gortazar Sánchez-Torres




For BANCA IMI S.P.A.:


/s/ José Guardo Galdón
Signed: Mr. José Guardo Galdón




For NATEXIS BANQUES POPULAIRES, Spain Branch:


/s/ Ricardo Teissiere Carrión		/s/ José Luís Sánchez García
Signed: Mr. Ricardo Teissiere Carrión		Signed: Mr. José Luís Sánchez García

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M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! ..1110`4444`%%%%`'_]D_ ` end EX-99.23 17 exhibit9923.htm EXHIBIT 99.23 exhibit9923.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing

Exhibit 99.23

COMISION NACIONAL DEL MERCADO DE VALORES

Paseo de la Castellana, 19

28046 – Madrid –

Madrid, 10 de enero de 2007

Muy Sres. nuestros: Dear Sirs,

En cumplimiento de lo dispuesto en el Pursuant to what it is established in Art.

Art. 82 de la Ley 24/1988, de 28 de Julio, 82 of Law 24/1988, dated July 28, of the

del Mercado de Valores, ACCIONA, S.A. Securities Market, ACCIONA, S.A.

comunica lo siguiente reports the following

INFORMACION RELEVANTE MATERIAL INFORMATION

Según lo adelantado en el Hecho As advanced in Hecho Relevante 74537

Relevante nº 74537 de 22 de Diciembre of December 22, 2006, the Agreements

de 2006 se acompañan los Contratos entered into in connection with the long-

suscritos en relación con la financiación a term financing arrangements for the

largo destinada a la adquisición del 20% acquisition of 20% of the share capital of

del capital de ENDESA por un importe ENDESA, in an aggregate amount of

total de €8.191 millones. €8,191 million, are hereby attached.

Acciona, S.A., ha adquirido un número de Acciona, S.A, has acquired the number of

acciones de ENDESA, S.A. por el precio shares of ENDESA, S.A. for the price per

por acción que se detalla en Anexo, por lo share detailed in the Annex, aggregating a

que la participación total, directa o shareholding, directly or indirectly

indirecta (a través de su participada (through its subsidiary company Finanza

Finanzas Dos, S.A.), asciende al 21,03 % Dos, S.A.) of 21.03% of ENDESA, S.A.´s

del capital social de ENDESA, S.A. corporate capital

Atentamente/Yours faithfully,

____________________

Fdo: Jorge Vega-Penichet

Secretario del Consejo

Company Secretary

ANEXO

Numero de Precio por

Fecha Acciones Acción

29/12/2006 2.655.436 €35,9000

29/12/2006 549.757 €35,7566

3/1/2007 60.670 €35,2813

4/1/2007 385.095 €35,2807

8/1/2007 3.703.141 €35,4000

9/1/2007 3.250.000 €35,4000

9/1/2007 360.000 €35,2219

ANNEX

Number of Price per

Date Shares Share

12/29/2006 2,655,436 €35.9000

12/29/2006 549,757 €35.7566

1/3/2007 60,670 €35.2813

1/4/2007 385,095 €35.2807

1/8/2007 3,703,141 €35.4000

1/9/2007 3,250,000 €35.4000

1/9/2007 360,000 €35.3822

2

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EXHIBIT 99.25

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

--------------------------------------------------- X

:

E.ON AG, E.ON ZWÖLFTE VERWALTUNGS GmbH :

and BKB AG, :

Plaintiffs, : 06 Civ. 8720 (DLC)

:

-v- : OPINION AND ORDER

:

ACCIONA, S.A. and FINANZAS DOS, S.A., :

Defendants. :

:

--------------------------------------------------- X

Appearances:

For Plaintiffs:
Rory O. Millson
Rowan D. Wilson
Gary A. Bornstein
Cravath, Swaine & Moore LLP
825 Eighth Avenue
New York, NY 10019

For Defendants:
Theodore N. Mirvis
Rachelle Silverberg
Stephen R. DiPrima
William Savitt
Wachtell, Lipton, Rosen & Katz
51 West 52^nd Street
New York, NY 10019-6150

DENISE COTE, District Judge:

     A tender offer battle is ongoing in Spain, but not without active litigation in the Southern District of New York. German plaintiffs have brought suit against Spanish defendants, accusing them of violating United States securities laws when they acquired over 13% of a Spanish issuer’s stock by purchasing it from investors in this country and abroad. The plaintiffs

seek to have the defendants’ buying program -– which ran for less than two hours –- declared an unconventional tender offer, even though it would not be classified as a tender offer in Spain. The plaintiffs hope to obtain court-ordered rescission of the sales and thereby neutralize the defendants in the tender offer battle for the issuer’s stock that plaintiffs are waging in Spain.

     The defendants have moved to dismiss the plaintiffs’ claim, which is pleaded under Section 14(d), 15 U.S.C. § 78n(d) (“Section 14(d)”) and Section 14(e), 15 U.S.C. § 78n(e) (“Section 14(e)”) of the Securities Exchange Act of 1934 (“Exchange Act”). Most notably, the motion raises the issue of the extent to which the unconventional tender offer doctrine has survived the significant revisions made to the tender offer regulations in 2000, particularly in the context of a cross-border transaction in which an investor takes a stake in a foreign private issuer. As this Opinion explains, the plaintiffs have succeeded in showing that there is subject matter jurisdiction over this dispute, and have stated a claim under Section 14. The review of the merits of plaintiffs’ claims and their request for rescission -– which defendants urge this Court to undertake now –- must await future proceedings.

     The European companies are engaged in a battle for control of Spain’s largest electrical utility, Endesa, S.A. (“Endesa”),

2

a company whose shares are traded in the United States as American Depository Shares (“ADSs”). See E.ON AG, v. Acciona, S.A., No. 06 Civ. 8720 (DLC), 2006 WL 3357261, at *1 n.2 (S.D.N.Y. Nov. 20, 2006) (“November 20 Opinion”) (describing ADS system). Plaintiffs E.ON AG, E.ON Zwölfte Verwaltungs GmbH and BKB AG (collectively “E.ON”) are German power and gas companies that have announced their intention to make a tender offer for Endesa. Defendants Acciona, S.A. and Finanzas, S.A. (collectively “Acciona”) are Spanish and international corporations engaged in the development and management of infrastructures, services, and renewable energies. They acquired over 10% of the equity of Endesa through a “block trade” on the Madrid stock excha nge.

     E.ON contends that Acciona was required to file a Schedule TO-T at the time of the stock acquisition because it constituted a tender offer. Among other things, E.ON requests a preliminary injunction enjoining Acciona from purchasing or making any arrangements to purchase any more Endesa securities, requiring Acciona to vote its Endesa shares in the upcoming tender offer battle in proportion to the votes cast by the remaining Endesa shareholders; and requiring Acciona to offer withdrawal rights, through an offer of rescission open for twenty days, to all shareholders who sold shares to Acciona in response to the alleged Acciona tender offer.

3

Background

     The battle for control of Endesa has already been described in the November 20 Opinion, 2006 WL 3357261, and in a second Opinion issued in a related case, Gas Natural v. E.ON AG, No. 06 Civ. 13607 (DLC), 2006 WL 3734425 (S.D.N.Y. Dec. 19, 2006) (“December 19 Opinion”). The following facts are drawn from the complaint in the instant lawsuit and the parties’ submissions on both the defendants’ motion to dismiss the plaintiffs’ Section 14 claim and the plaintiffs’ amended motion for a preliminary injunction. The submissions include five depositions,¹ an expert declaration on Spanish law by Juan Fernández-Armesto, Professor of Commercial Law at the Universidad Pontificia Comillas–Icade in Madrid; an expert declaration on Italian law by Carlo Amatucci, Professor of Commercial Law at the University of Naples Federico II; expert declarations from Professor John C. Coffee, Jr., Adolf A. Berle Professor of Law and Director of the


¹ The depositions are of Juan Guitard of Banco Santander Central Hispano, S. A. (“Santander”); Steven L. Dearing of Bear, Stearns & Co. , Inc. (“Bear Stearns”); Jorge Vega-Penichet, a senior legal officer of Acciona; Dr. Frank Possmeier, vice president of mergers and acquisitions at E. ON AG; and Dr. Frank Fischer, vice president of international law at E. ON. Bear Stearns and Santander are financial institutions that assisted Acciona in its acquisition of Endesa stock.

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Center of Corporate Governance at Columbia University Law School;² and authenticated documents.

A. Gas Natural and E.ON Bids for Endesa

      On September 5, 2005, Gas Natural SDG, S.A. (“Gas Natural”), the largest supplier of natural gas in Spain, announced an intention to commence a tender offer for Endesa at €22 per share, which was below the price at which Endesa’s shares were trading at the time. Endesa strongly opposed Gas Natural’s bid.

     On February 21, 2006, E.ON announced its intention to launch a competing all cash tender offer for Endesa securities for €27.5 per share, worth a total of €29.1 billion. While Endesa has not made a formal recommendation on E.ON’s proposed bid, on March 8, it filed with the Securities and Exchange Commission (“SEC”) a Schedule 14D-9A in which it officially recommended that its shareholders reject Gas Natural’s offer.

² Expert testimony on issues of American law is properly considered regarding “sophisticated aspects of a regulatory system” and “ordinary practices in an industry” to the extent that it may help a fact-finder understand, for instance, unfamiliar terms and concepts or the standards of accepted practice. United States v. Jacques Dessange, Inc. , No. S2 99 Cr. 1182 (DLC), 2000 WL 294849, at *2 (S.D.N.Y. Mar. 21, 2000). To the extent Professor Coffee’s affidavits could be read as an effort to invade the province of the court to determine the law or of the fact-finder to draw a legal conclusion, they have been disregarded.

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Between March 21 and April 26, Gas Natural’s bid was enjoined by Spanish courts to resolve, inter alia, antitrust concerns.

     On July 27, the Spanish National Energy Commission (“CNE”) “approved” E.ON’s bid subject to nineteen conditions. By November 4, the CNE had lifted each of the conditions to which E.ON objected and on November 16, the Spanish securities regulator, the Comisión Nacional del Mercado de Valores (“CNMV”), “approved” E.ON’s proposed tender offer.

     Since there are currently two bidders for Endesa -- Gas Natural and E.ON -- the CNMV is required by Spanish law to organize a closed envelope auction. The CNMV will issue a notice permitting Gas Natural and E.ON a single opportunity to submit simultaneously their final, sealed bids for Endesa’s shares within five days from the date of the CNMV’s notice. If there is more than one sealed bid, the CNMV will announce the winner of the sealed bid process the following day. The winner will then be permitted to commence formally its tender offer and acquire Endesa shares. The auction may occur as early as this month.

B. Acciona’s Arrangement with Santander to Purchase Endesa Shares

     On September 25, Acciona acquired over 13% of Endesa’s outstanding stock for €32 per share, a price 9% above Endesa’s

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closing price on that same day, €29.4. This was also significantly higher than both the Gas Natural and E.ON proposed bid prices. Banco Santander Central Hispano, S.A. (“Santander”), Spain’s largest bank; Bear, Stearns & Co., Inc. (“Bear Stearns”), an American investment firm, and Fidentis Equities (“Fidentis”)³ assisted Acciona in identifying and securing sellers of Endesa securities in the United States and Europe during the course of several hours after the Spanish stock exchange closed on September 25.

     Discussions between Acciona and Santander regarding the arrangements to purchase Endesa securities began at least as early as September 16. On September 19, Santander developed a script for its salespeople, which highlighted the “premium” price that an unnamed “Spanish industrial group” was offering for Endesa shares. Santander and Acciona agreed that if Santander’s solicitation succeeded in attracting more than 10% of Endesa securities, Acciona would acquire the first 10% and the rest would become subject to a “Total Return Swap” in which Santander would hold the shares for eventual transfer to Acciona.⁴

³ The parties have not yet identified Fidentis. It may be Fidentiis Equities, a Madrid-based research boutique and brokerage firm specializing in Iberian equities.

⁴ Spanish law requires an entity to obtain the authorization of the CNE for the acquisition of over 10% of the securities of or

7

     In a Stock Purchase Order (“Order”), Acciona directed Santander to “contact entities that, depending on their knowledge of the market, may hold packages associated with [Endesa] shares” and to “ask them to prepare sell offers indicating the number of shares they are planning to sell at the price in question.” According to the Order, the book building procedure would take place between 5:40 p.m. on September 25 and 8:30 a.m. on September 26, Madrid time, through communications that would not be “substantially different” from a script outlined in Addendum 1 of the Order. The Addendum explained that:

- The operation consists of a book building of sell offers

on ENDESA shares for up to 10% of its capital.

- The buyer is a Spanish Company of the first rate property

sector. It does not have stock purchase agreements with

any of the parties involved in the OPA Public Offering. It

does not plan on formulating an OPA,⁵ but rather to assume a

strategic position.

- Price: 32€/share

- Offer submission period: 5:40 a.m. [sic] on the 25^th until

8:30 a.m. on the 26^th, unless there is an extension or early

termination.

- Offers may not be conditioned on more than the price and

sale of the total number of shares included in it.


any percentage resulting in significant influence over any Spanish energy company.

⁵ In Spain, “OPA” is the acronym that refers to a mandatory public tender offer regulated under Spanish law by Royal Decree 1197/1991.

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- Once the book building is closed, a determination will be

made as to whether the goal has been reached (10% at 32

€/share) and if so, confirmation will be sent about the

operation for it to be executed.

- The client reserves the right to terminate the process in

the event of risk of having its identity disclosed before

the operation is closed.

     The terms contained in Addendum 1 were non-negotiable. The Stock Purchase Order indicated that if the required 10% minimum was not attained at the stipulated price of €32 per share, the order would be null and void. If successful, Acciona would pay Santander a commission of .8%. The Stock Purchase Order also specified that Acciona’s identity must not be disclosed until the operation was completed.

An essential element of this mandate is, except for a legal

requirement, the name of the mandator and of the group it

belongs to are to remain confidential until the operation

is successfully completed and even after the termination of

the mandate, if the planned acquisition is not completed.

Until the operation is announced on the market, should it

be completed, through the corresponding disclosure, or if

it is not successfully completed, you may only disclose

said identity when required to by an applicable regulation

and even in that case, you must inform us, provided that

said regulation permits, of the need to do so.

(Emphasis supplied.)

C. Santander Engages Bear Stearns.

     With the endorsement of Acciona, Santander sought the assistance of other financial institutions including Bear Stearns in New York and Fidentis in Europe to reach Endesa shareholders. Santander expected that these banks had

9

institutional investors among their clients who held Endesa

shares.

     At 9:59 p.m. Eastern Standard Time (E.S.T.) on Sunday, September 24, Ignacio Peña Cavero of Santander’s New York office contacted Steven Dearing of Bear Stearns in New York to invite Bear Stearns to act as the U.S. bookrunner or broker in the “book building procedure.”⁶ On September 25, Santander’s Spanish and New York offices communicated with Bear Stearns’ New York office via email and telephone to arrange the details for Bear Stearn’s solicitation of Endesa shareholders in the block trade. They set the time for the block trade at 5:35 p.m. Central European Time (11:35 a.m. E.S.T.), “a few minutes after the Spanish market close[d],” and confirmed that Endesa shares were to be sold for €32 per share. After 10:00 a.m. E.S.T., Santander sent Bear Stearns four “talking points” which fixed the terms of the sale. These talking points mirrored the terms of Addendum 1 to the Stock Purchase Order:

Transaction: Buy order conditioned to a minimum of 9.99% of

Endesa.

Buyer: Spanish industrial group. Acting alone and not in

conjunction with any other Group. Will not launch a

takeover offer.

Bookbuilding: 32 € / share / First come – first serve

Timetable: the book open now and will close before the

opening of the Spanish market tomorrow (8:45 AM Madrid

time).

⁶ Because Bear Stearns’ New York office was closed, Peña Cavero first contacted Bear Stearns’ Tokyo office. After he was given Dearing’s contact information, Peña Cavero emailed Dearing to request his participation in a “very important block trade.”

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     Santander instructed Bear Stearns to “focus on U.S. institutions,” that is, institutions “either covered by U.S. salespeople or actually domiciled in the U.S.” It described the proposed transaction as one that was “fill or kill,” which referred to the requirement that the trade secure 10% of the outstanding shares of Endesa. Sellers would be placed in the book on the basis of “[f]irst come-first served.” Although the parties agreed that Santander would pay Bear Stearns a “success-based fee,” which would depend on the percentage of Endesa securities Bear Stearns secured, this agreement was not reduced to writing.

     Bear Stearns estimates that it contacted approximately 100 of its U.S. clients, by telephone and through electronic means. Bear Stearns sales personnel did not restrict their search geographically or by any class or different type of client. For example, sales personnel were not told to approach only institutional investors. While Bear Stearns salespeople were “given the sum and substance of the talking points,” they were not explicitly restricted to them.

     Even before the Bear Stearns sales team began to contact investors, “the word was already out on the street” that Bear Stearns was acquiring Endesa shares. It received calls from clients before it had time to contact them. Ultimately, only

11

institutional investors sold shares to Acciona as a result of Bear Stearns’ solicitation.

     Approximately one hour after trading began, Santander called Bear Stearns with the news that the “book building” had reached the 10% minimum required for the block trade to go forward. Bear Stearns sold approximately 1.5% of the 10% of Endesa’s outstanding shares that were acquired by Acciona. Even after receiving word that the 10% minimum had been reached, however, Santander told Bear Stearns to “keep going.” Bear Stearns acknowledges that the decision to acquire more than 10% of Endesa’s shares was “somewhat contradictory to the fill or kill and first come/first served” script. Bear Stearns continued to solicit sales and its salespeople “stuck to the script.” Bear Stearns halted its sales efforts at approximately 1:25 p.m. E.S.T. upon the circulation of a final order book for sellers.

D. Santander’s Buying Program

     Santander began calling its own clients after the close of the Spanish market on September 25. It solicited between 200 and 300 Endesa shareholders through a mass electronic communication system known as the Bloomberg messaging system. Santander offered the opportunity to sophisticated institutional investors who were clients of the bank. Many of them had

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requested to “be[] informed of this type of opportunity” within the prior eighteen months. The message mirrored the terms of the Stock Purchase Order that Acciona sent Santander earlier that day and read as follows:

***** URGENT – Secondary block purchase of ENDESA shares

*****

*TRANSACTION: A block bid for a minimum of 9.99% of ENDESA.

*PRICE: 32 Euros / share, on a first come, first served

basis.

*BUYER: A Spanish industrial group, with the aim of taking

a significant long term stake in ENDESA, but at no time

launch a full or partial bid for the company.

* TIMETABLE: Starts 5.35 pm Madrid time 25/9, concluded by

8.45 am 26/9.

*BOOKRUNNER: Santander Investment

***** Please contact your usual sales contact at Santander

for more information ******

This message did not exclude Endesa shareholders who were residents or citizens of the United States.⁷

E. Acciona’s Block Trade

     At around 7:00 p.m. Madrid time, after approximately ninety minutes of soliciting shares and with an extra 3.692% of Endesa’s shares over the 10% minimum having been acquired, Acciona halted the operation. It stopped because of an inquiry from the Spanish securities regulator, the CNMV, which had been alerted to the activity by a Bloomberg report that a large block

⁷ If Santander had used the Bloomberg indication of interest system, the message would have gone to approximately 2000 Santander clients.

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of Endesa shares was being purchased. The CNMV “sent out a call” to inquire about the identity and intentions of the buyer. At that point, Acciona decided to stop the solicitations, speak with the CNMV, and prepare a “public presentation” of what it was doing.

     Collectively, Santander, Bear Stearns, and Fidentis secured commitments to sell approximately 145 million Endesa shares representing 13.692% of Endesa securities, from sellers in the United States, Spain, and other European countries. Acciona directly acquired 10% of Endesa’s shares. The additional 3.692% was held by Santander for future transfer to Acciona under the Total Return Swap arrangement. While sellers were solicited and the book for sales was compiled on September 25, the shares were technically acquired by Acciona via trades on the Madrid stock exchange within the next few days.⁸

⁸ Several investors who sold into the block trade held Endesa securities as American Depository Receipts (ADRs). These ADRs were first converted into their underlying Endesa shares in a “clearing process” before the sales were settled on the Madrid stock exchange. An email from Santander to Bear Stearns on September 26 indicated that “[s]ome clients in Spain had ADRs.” An Excel spreadsheet sent by Santander to Acciona on November 14 indicates that two of the investors who sold into the September 25 block trade and who were United States residents sold their shares either directly or indirectly through the ADR system. Therefore, at least two and possibly more of the Endesa shareholders who sold into the September 25 block trade held ADRs.

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F. United States Sellers

     The parties have submitted several lists of investors who sold their Endesa shares on September 25. These lists include a “book” circulated by Santander on September 26, providing the name of each investor, its country of residence, the number of shares sold, the amount paid, and the manager -- Santander, Bear Stearns, or Fidentis -- that secured each sale. They also include a November 14 spreadsheet and a November 23 “recap sheet” including similar information. According to these lists, up to 45 million of the Endesa shares secured on September 25 may have been sold by shareholders based in the United States. Bear Stearns brokered sales from approximately sixteen U.S.-based investors, in addition to two proprietary Bear Stearns accounts. Santander brokered sales from at least eight, and possibly fourteen, additional U.S.-based investors, most likely through its New York office. None of these lists specifies whether the shar eholders designated as U.S. residents are beneficial or record owners of Endesa shares.

G. European Regulatory Views

     Acciona’s block trade is not a “tender offer” under Spanish securities law. According to Spanish securities law expert Professor Juan Fernández-Armesto, this “off hours block trade” was fully compliant with Spanish securities regulations, and

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qualifies as a legal “extraordinary transaction” under Spanish law.

     Spain has a system of mandatory public tender offers known as “OPA.” If an investor intends to acquire over 25% of a Spanish issuer’s share capital, it must formally launch a tender offer for at least 10% of the issuer’s shares. The bidder must also file a prospectus, approved by the CNMV, and offer all shareholders the opportunity to sell shares.

     Without launching a formal tender offer, a company may entrust a bank or stockbroker with the task of finding shareholders who are willing to sell their shares, i.e., to “build a book” of prospective sellers, and then execute the sale through an “extraordinary transaction.” A stockbroker admitted to the Spanish stock exchange may engage in an “extraordinary transaction,” and conclude it “without announcing [it] publicly through the electronic trading platform,” if the transaction is performed while the electronic system is closed and the transaction meets certain requirements. Since Acciona’s off-hours block acquisition was conducted after the close of the Spanish market and met these requirements, it qualifies as an “extraordinary transaction” permissible under Spanish law, rather than a tender offer.

Similarly, a block trade transaction “involving an Italian buyer and issuer, organized in Italy and executed on an Italian

16

stock exchange” would not be considered a tender offer in Italy. Such a transaction would be “lawful under Italian rules” as long as the block trade “1) does not exceed the 30 percent threshold that creates a mandatory public tender offer under Italian law and (2) involved only transactions with sophisticated investors and thus does not create any filing requirements under Italian law.”

H. Disclosures

     Acciona disclosed its September 25 acquisition of Endesa securities in two Hechos Relevantes (Relevent Facts) filed with the Spanish securities regulator, the CNMV, on September 26 and 27. Acciona also filed a public note with the CNMV on September 29, disclosing its acquisition of additional Endesa stock.

     In addition, Acciona publicly announced on September 25 that it was interested in acquiring more Endesa shares without reaching 25%, the percentage under Spanish law which would require it to formulate a tender offer. On November 3, Acciona secured CNE approval to acquire up to 24.99% of Endesa’s equity, thereby exceeding the 10% limit under Spanish law to ownership of a Spanish energy company.

     On October 5, Acciona filed a Schedule 13D with the SEC in which it reported that it acquired ADSs representing 105,875,211 Endesa shares, 10% of the company’s equity, through a “market

17

transaction” financed through Santander. Acciona has since amended its Schedule 13D six times with the first amendment filed on October 19.⁹ In its first amendment of October 19, Acciona corrected its statement about the acquisition of ADSs. It reported instead that it had purchased 105,875,211 shares, constituting 10% of the outstanding shares of Endesa, through its broker Santander, using the assistance of financial institutions including Bear Stearns.

I. Commencement of the Instant Litigation

     On October 12, E.ON filed a complaint alleging that Acciona’s Schedule 13D contained false and misleading statements in violation of the disclosure requirements in Section 13(d) of the Exchange Act, 15 U.S.C. § 78m(d) (“Section 13(d)”). E.ON moved for a preliminary injunction on October 16. On October 20, Acciona moved to dismiss the action, and on November 10, E.ON requested leave to file an amended complaint.

     On November 16, the defendants’ motion to dismiss was denied from the bench with an opinion to follow. Decision on plaintiffs’ motion for a preliminary injunction was reserved. With the consent of the defendants, the plaintiffs were permitted to file an Amended Complaint, with any motion to

⁹ Acciona filed Amendment No. 6 to its Schedule 13D on December 6.

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dismiss to follow on December 11. The parties were also permitted on November 16 to begin expedited discovery.

     The Opinion on the motion to dismiss was filed on November 20. In brief, it found that there is subject matter jurisdiction over E.ON’s Section 13(d) claim, that a tender offeror has standing to bring a Section 13(d) claim for injunctive relief, that E.ON had stated a claim even under heightened pleading standards, and that Acciona’s filing of its first amendment to its Schedule 13D had not mooted the complaint. With respect to the preliminary injunction motion, the Opinion found that E.ON had

demonstrated a substantial likelihood of proving that

Acciona’s Schedule 13D contained false statements and

omissions with respect to at least two groups of issues: 1)

Acciona’s characterization of its agreements with Santander

and 2) Acciona’s characterization of it intentions in

acquiring Endesa securities. It has shown a likelihood of

proving that the same defects were present in Acciona’s

Amendment No. 1.

November 20 Opinion, 2006 WL 3357261, at *18. The November 20 Opinion is incorporated by reference and familiarity with it is assumed. A November 20 Scheduling Order provided for further submissions and a continuation of the preliminary injunction hearing on December 20.

     On November 17, E.ON filed an amended complaint. This complaint added to its earlier claims that Acciona violated Section 13(d), the allegation in a single additional claim that Acciona also violated Sections 14(d) and 14(e) of the Exchange

19

Act by acquiring Endesa shares on September 25 through an illegal tender offer. E.ON claims that Acciona conducted an active and widespread solicitation of a large number of shareholders, that offerees were not told key facts about Acciona’s offer, and that offerees were pressured to sell their shares in that the offer to purchase was a firm offer made at a premium over the prevailing market price, was contingent on the tender of a fixed minimum number of shares, and was open for only a limited period of time.

     On December 11, defendants moved to dismiss the Section 14 claim and both parties submitted papers relating to the December 20 preliminary injunction hearing. On December 12, Acciona protested that E.ON’s preliminary injunction papers were addressed not only to its Section 13(d) claims, but also to the Section 14 claim despite the pendency of a motion to dismiss. In a telephone conference on December 13, the parties agreed to adjourn the preliminary injunction hearing pending resolution of the motion to dismiss the Section 14 claim.

     E.ON opposed the motion to dismiss on December 20; Acciona replied on December 29. The parties made brief additional submissions on January 2 and 3.

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Discussion

     Acciona moves to dismiss this action under Rules 12(b)(1) and 12(b)(6), Fed. R. Civ. P., on the grounds that 1) this Court lacks subject matter jurisdiction over E.ON’s Section 14 claim, 2) E.ON lacks standing as a prospective tender offeror to bring a claim for rescission under Section 14, 3) E.ON fails to state a claim for a violation of Section 14, and (4) this Court should exercise its discretion to dismiss the instant action pursuant to the doctrine of forum non conveniens.

     These motions intersect. At their heart lies Acciona’s central argument. In purchasing just over 10% of Endesa shares, it acted in an entirely legal manner under Spanish law and is now confronted with the claim –- brought some seven weeks after the purchase -- that it engaged in an illegal tender offer under United States law, albeit an unconventional tender offer. The claim for rescission of the purchases is being made not by an investor who sold shares to Acciona, but by a bidder who seeks to neutralize Acciona in a tender offer battle for a Spanish company. Acciona contends that recognizing E.ON’s Section 14 claim would be a shocking surprise to European companies and regulators and seriously damage U.S. shareholders in ways that would reverberate far beyond this lawsuit.

     The issue of subject matter jurisdiction must be resolved first, but to do so requires a discussion of Section 14(d), the

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year 2000 amendments to Regulation 14D, and the doctrine of an unconventional tender offer. For the reasons explained below, there is subject matter jurisdiction over the Section 14 claim. Following a discussion of subject matter jurisdiction, the issues of standing and the adequacy of the pleadings will be addressed. The final section of the Opinion will treat the forum non conveniens argument. While Acciona raises important legal and policy issues, as the discussion that follows explains, these issues cannot be resolved in this Opinion since they require fact finding beyond the scope of what is appropriate on a motion to dismiss.

A. Subject Matter Jurisdiction

     Acciona claims that this Court lacks subject matter jurisdiction over E.ON’s Section 14 claim.¹⁰ A plaintiff bears the burden of proving by a preponderance of the evidence that subject matter jurisdiction exists. McNutt v. Gen. Motors Acceptance Corp., 298 U.S. 178, 189 (1936); Aurecchione v. Schoolman Transp. Sys., Inc., 426 F.3d 635, 638 (2d Cir. 2005). Jurisdictional allegations must be shown affirmatively, and may not be inferred favorably to the party asserting it. APWU v. Potter< FONT face=monospace>, 343 F.3d 619, 623 (2d Cir. 2003). In resolving factual

¹⁰ The issue of subject matter jurisdiction usually arises in the context of jurisdiction over an action, not over an individual claim. Since the motion is denied, it is unnecessary to consider further this aspect of Acciona’s motion.

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challenges to subject matter jurisdiction, this Court may consider evidence outside of the pleadings. United States v. Space Hunters, Inc., 429 F.3d 416, 425-26 (2d Cir. 2005). Jurisdiction exists “whenever the complaint states a cause of action under federal law that is neither clearly immaterial and made solely for the purpose of obtaining jurisdiction nor wholly insubstantial and frivolous.” Lyndonville Savs. Bank & TrustCo. v. Lussier, 211 F.3d 697, 701 (2d Cir. 2000) (citation omitted). This inquiry is distinct from whether the plaintiff can state a claim for relief. Carlson v. Principal Fin. Group, 320 F.3d 301, 305-06 (2d Cir. 2003).

     In a series of opinions reaching back to 1968, the United States Court of Appeals for the Second Circuit has examined the circumstances under which courts have subject matter jurisdiction over alleged violations of the federal securities law where substantial conduct occurred outside the United States. See Schoenbaum v. Firstbrook, 405 F.2d 200, 208 (2d Cir. 1968), modified on other grounds, 405 F.2d 215 (2d Cir. 1968) (en banc). This exploration has been necessary since the securities laws themselves are largely silent as to their extraterritorial reach. S.E.C. v. Berger, 322 F.3d 187, 192 (2d Cir. 2003). This decades-long inquiry has not asked whether Congress could have imposed a particular rul e of conduct but whether Congress actually intended to exercise its authority to

23

reach the conduct at issue. See Bersch v. Drexel Firestone, Inc., 519 F.2d 974, 985 (2d Cir. 1975). As the Court of Appeals has frequently observed, when a court is confronted “with transactions that on any view are predominantly foreign, it must seek to determine whether Congress would have wished the precious resources of United States courts . . . to be devoted to them rather than leave the problem to foreign countries.” Id.

     Most of the decisions issued by the Second Circuit in this area have addressed the application of the anti-fraud provisions of the securities statutes, in particular Section 10(b) of the Exchange Act, to foreign transactions and conduct. In that context, the court has developed the now firmly established conduct and effects tests. To decide whether Congress intended to apply federal securities laws to predominantly foreign transactions, it directs district courts to analyze two factors: “(1) whether the wrongful conduct occurred in the United States, and (2) whether the wrongful conduct had a substantial effect in the United States or upon United States citizens.” Berger, 322 F.3d at 192. These tests were recently described in another Opinion issued in this litigation, in which subject matter jurisdiction was found to exist over E.ON’s Section 13(d) claims against Acc iona. Familiarity with that discussion is presumed. November 20 Opinion, 2006 WL 3357261, at *8.

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     In one of its leading decisions in this area, however, the Second Circuit Court of Appeals addressed the extraterritorial application of registration provisions as well as the anti-fraud provisions of the securities laws, specifically, Sections 5 and 12 of the Securities Act of 1933 (“Securities Act”)¹¹ and Section 10(b) of the Exchange Act. In Europe & Overseas Commodity Traders, S.A. v. Banque Paribas London, 147 F.3d 118, 120 (2d Cir. 1998) (hereinafter “EOC”), orders to purchase securities overseas originated from Florida, and the plaintiff contended that an offer to sell foreign securities was made over the telephone and facsimile to Florida from abroad. Finding th at the United States interest in the transactions was nonetheless “nearly de minimis,” the court held that it lacked subject matter jurisdiction over the Section 5 registration claim. Id. at 126-27.

     In EOC, the purchaser of the securities, a Panamanian corporation, was wholly owned by Alan Carr, a Canadian, and kept its trading account in London. Since Carr’s presence in the United States at the time of the communications was “fortuitous and personal,” the transaction did not involve a U.S. broker or other financial entity, the seller did not make calls or

¹¹ Section 5 prohibits a person from offering or selling a security unless it is registered. 15 U. S. C. § 77e. Section 12 provides a rescissionary remedy to persons who purchase unregistered securities in violation of Section 5. 15 U. S. C. § 77l.

25

solicitation to individuals he had “reason to suspect were American citizens or permanent residents in the United States,” and the seller did not direct general sales efforts to this country, the Second Circuit held that the conduct did not create a market in the United States for the securities. Id. Having reached this conclusion, the court also found that Section 10(b) did not apply to “a series of calls to a transient foreign national.” Id. at 129.

     Of particular significance to this litigation, the EOC court concluded that a plaintiff had to meet heightened conduct and effect tests to permit a finding of subject matter jurisdiction over a federal securities registration claim, and that the court should be guided in applying these tests by Congress’s purpose in passing the registration provisions since the “analysis of jurisdiction to prescribe rules governing foreign transactions is guided by the nature and source of the claim asserted.” Id. at 123, 125-26 (citation omitted). Specifically, the court ruled that the

extent of conduct or effect in the United States needed to

invoke U.S. jurisdiction over a claimed violation of the

registration provisions must be greater than that which

would trigger U.S. jurisdiction over a claim of fraud. To

adapt the conduct and effects test for use in interpreting

the registration provisions, we must take into account

Congress’s distinct purpose in drafting the registration

laws.

Id. at 125-26 (emphasis supplied).

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     Courts have identified several reasons for giving anti-fraud provisions of the securities laws broader extraterritorial reach than American filing requirements. See Consolidated GoldFields PLC v. Minorco, S.A., 871 F.2d 252, 262 (2d Cir. 1989). To begin with, the anti-fraud provisions are addressed to deceptive and manipulative conduct. “[C]ourts have reasoned that Congress would not want the United States to become a base for fraudulent activity harming foreign investors . . . [and] would want to redress harms perpetrated abroad which have a substantial impact on investors or markets within the United States.” EOC, 147 F.3d at 125.

     Secondly, “[t]he problem of conflict between our laws and that of a foreign government is much less when the issue is the enforcement of the anti-fraud sections of the securities laws than with such provisions as those requiring registration of person or securities.” IIT, an Int’l Inv. Trust v. Cornfeld, 619 F.2d 909, 921 (2d Cir. 1980). As the Court of Appeals observed, another country will “surely” not be offended if our anti-fraud laws are stricter than theirs. Id. Finally, in contrast to Congress’s silence about the extraterritorial reach of the anti-fraud provisions, Congress has “provided some guidance” as to the applicability of registration requirements to foreign transactions, EOC, 147 F.3d at 123, and that gui dance

27

suggests that Congress intended that the application of the registration provisions should be more circumscribed.

     Thus, the EOC court looked not just to the expression of Congressional intent at the time of statutory enactment but also to the regulations adopted pursuant to the legislation as further evidence of the extent to which Congress intended its legislation to extend extraterritorially. Specifically concluding that it should honor the agency’s reasonable interpretation of a statute that Congress has entrusted the agency to administer, id. at 123 n.3 (citing Chevron, U.S.A., Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837, 842-45 (1984)), the Second Circuit looked in EOC to SEC regulations for whatever light they shed on the issue of “whether the registration requirement of [Securities Act] § 5 conceivably applied with respect to the parties.” Id. at 124 n.4.¹² It also cautioned, however, that the decision on whether a transaction is beyond United States jurisdiction, must “be based on the facts and circumstances of each case.” Id. at 125 (citation omitted).

     In sum, a determination of whether subject matter jurisdiction exists over E.ON’s Section 14 claim requires a three-step analysis. First, it is necessary to determine

¹² The inquiry for subject matter jurisdiction is, of course, distinct from the consideration of a party’s success in either pleading or proving a claim. See EOC, 147 F. 3d at 124 n. 4.

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whether the transaction is “predominantly foreign.” November 20 Opinion, 2006 WL 3357261, at *7 (citing Berger, 322 F.3d at 192). If it is, the statute and regulations must be examined to determine whether the Section 14(d) submission and filing requirements, and concomitant substantive obligations toward target company shareholders could conceivably be applied to Acciona’s conduct. See EOC, 147 F.3d at 124 n.4. Third, heightened conduct and effects tests should be applied since the Section 14 claim fundamentally rests on a provision of the securities statutes other than an anti-fraud provision.

1. Predominately Foreign

     The Acciona buying program was “predominately foreign.” Acciona, a foreign company, made the critical decisions at issue here in Spain, directed the buying campaign from Spain, and acquired the shares of a Spanish issuer through trades executed on the Madrid stock exchange. This is sufficient to find that the transaction was so extensively foreign in character that the issue of subject matter jurisdiction must be further explored.¹³

¹³ In this case, Acciona disputes that it had any obligation to make Section 14(d) submissions or filings. It concedes, however, that its acquisition of more than 5% of Endesa’s stock required it to file a Schedule 13D. November 20 Opinion, 2006 WL 3357261, at *7 n.8.

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2. The Williams Act

     Sections 14(d) and 14(e) were enacted as part of the 1968 Williams Act amendments (“Act”) to the Exchange Act. The Williams Act regulates tender offers with “the twin aims of, first, maintaining neutrality between bidders and target companies and, second, protecting target shareholders by requiring that bidders make certain disclosures.” Billing v. Credit Suisse First Boston Ltd., 426 F.3d 130, 158 (2d Cir. 2005) (citation omitted). The Act was adopted “in response to the growing use of cash tender offers as a means for achieving corporate takeovers . . . which . . . removed a substantial number of corporate control contests from the reach of existing disclosure requirements of the federal securities laws.” Piperv. Chris-Craft Indus., Inc., 430 U.S. 1, 22 (1977). The Act created disclosure requirements in Section 14(d) and included an anti-fraud provision in Section 14(e). Id.at 22-24. Through the Act, Congress attempted “to make disclosure, rather than court imposed principles of fairness or artificiality, the preferred method of market regulation.” United States v.O’Hagan, 521 U.S. 642, 668 (1997) (citation omitted).

a) Section 14(d)(1)

     Section 14(d)(1) requires those making a “tender offer” for certain securities registered in the United States to disclose

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publicly information related to the tender offer in the event that they acquire beneficial ownership of 5% of any class of the issuer’s securities. 15 U.S.C. § 78n(d)(1). The bidder must file with the SEC a statement known as a Schedule TO. 17 C.F.R. § 240.14d-100.

Section 14(d)(1) states in pertinent part:

It shall be unlawful for any person, directly or

indirectly, by use of the mails or by any means or

instrumentality of interstate commerce or of any facility

of a national securities exchange or otherwise, to make a

tender offer for, or a request or invitation for tenders

of, any class of any equity security which is registered

pursuant to section 78l of this title... , if, after

consummation thereof, such person would, directly or

indirectly, be the beneficial owner of more than 5 per

centum of such class, unless at the time copies of the

offer or request or invitation are first published or sent

or given to security holders such person has filed with the

Commission a statement containing such of the information

specified in section 78m(d) of this title, and such

additional information as the Commission may by rules and

regulations prescribe as necessary or appropriate in the

public interest or for the protection of investors. All

requests or invitations for tenders or advertisements

making a tender offer or requesting or inviting tenders of

such a security shall be filed as a part of such statement

and shall contain such of the information contained in such

statement as the Commission may by rules and regulations

prescribe.

15 U.S.C. § 78n(d)(1) (emphasis supplied). Section 14(d)(1) further requires filers to provide copies of the statements filed with the SEC to the issuer. Id.

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b) Tier I and Tier II Exemptions to Regulations 14D and 14E¹⁴Further guidance about the application of Section 14(d) to Acciona’s purchases and in particular the extraterritorial reach of Section 14(d) can be gleaned from the substantial amendments to Regulations 14D and 14E that were enacted in 2000.¹⁵ Among other things, the SEC adopted rules “intended to encourage issuers and bidders to extend tender and exchange offers, rights offerings and business combinations to the U.S. security holders of foreign private issuers.” Cross-Border Tender and Exchange Offers, Business Combinations and Rights Offerings, Securities Act Release No. 7759, 70 SEC Docket 2191, 1999 WL 969592, at *2 (Oct. 22, 1999) (hereinafter “Cross-Border Release”). The SEC had concluded that foreign actors, with the consent of foreign regulators, were excluding U.S. security holders from transactions (includi ng tender offers) involving “foreign private issuers”¹⁶ in order to avoid the application of U.S.

¹⁴ This Opinion describes only those revisions that pertain to the issues raised by Acciona’s motion to dismiss the Section 14 claim. The December 19 Opinion in related litigation described portions of the 2000 rule revisions, principally those relating to the creation of Schedule TO, the enactment of Regulation M-A, and the definition of the “commencement” of a tender offer. December 19 Opinion, 2006 WL 3734425, at *9-12.

¹⁵ Regulation 14D encompasses 17 C.F.R. §§ 240.14d-1 through 240.14d-101; Regulation 14E encompasses 17 C.F.R. §§ 240.14e-1 through 240.14e-8.

¹⁶ SEC regulations define a “foreign private issuer” as

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securities laws to the transactions. The SEC acknowledged that this is a serious problem and that the phenomenon deprives “U.S. security holders [of] the opportunity to receive a premium for their securities and to participate in an investment opportunity.” Id. It explained that it was enacting limited exemptions to Regulations 14D and 14E to ameliorate the problem.

The purpose of the exemptions adopted today is to allow

U.S. holders to participate on an equal basis with foreign

security holders. In the past, some jurisdictions have

permitted exclusion of U.S. holders despite domestic

requirements to treat all holders equally on the basis that

it would be impracticable to require the bidder to include

U.S. holders. The rules adopted today are intended to

eliminate the need for such disadvantageous treatment of

U.S. investors.

Id. The reforms reflect the SEC’s balance of the “need to provide U.S. security holders with the protections of the U.S. securities laws against the need to promote the inclusion of



any foreign issuer other than a foreign government except

an issuer meeting the following conditions:

(1) More than 50 percent of the issuer’s outstanding

voting securities are directly or indirectly held of

record by residents of the United States; and

(2) Any of the following:

(i) The majority of the executive officers or

       directors are United States citizens or

residents;

(ii) More than 50 percent of the assets of the

issuer are located in the United States; or

(iii) The business of the issuer is administered

principally in the United States.

17 C.F.R. § 240.3b-4(c) . An instruction to this provision provides guidance as to the method for determining the percentage of outstanding voting securities held by U.S. residents. Id. , instruction.

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U.S. security holders in these types of cross-border transactions.” Id.

     Wholly apart from the exemptions addressed to the cross-border transactions, the 2000 reforms also made sweeping changes to other provisions of Regulation 14D that are of significance to this litigation. Most notably, the SEC created the Schedule TO for filing tender offer disclosures and adopted Regulation M-A, which describes in detail the material required to be disclosed in this new schedule on the day a tender offer “commences,” as that term is defined by Rule 14d-2.¹⁷ 17 C.F.R. §§ 229.1001-1016, 240.14d-2, 240.14d-100. This innovation eliminated previous rules restricting written communications by bidders before formal “commencement” of a tender offer. December 19 Opinion, 2006 WL 3734425, at *10-13. The regulatory scheme kept in place, however, several long-established protections for shareholders. See, e.g., Piper, 430 U.S. at 23. For example, tender offerors are still required to provide security holders with the “right to withdraw” tendered securities during the period the offer remains open. 17 C.F.R. § 240.14d-7. In addition, a tender offeror is prohibited from

¹⁷ Rule 14d-2 provides that “[a] bidder will have commenced its tender offer for purposes of section 14(d) of the Act (15 U.S.C. § 78n) and the rules under that section at 12:01 a. m. on the date when the bidder has first published, sent or given the means to tender to security holders.” 17 C.F.R. § 240.14d-2(a) (emphasis added).

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purchasing securities of the target company outside of its public tender offer. Id. § 240.14e-5. ¹⁸ As a final example, a tender offeror must generally hold an offer for securities open for at least twenty days. Id. § 240.14e-1(a).

     As already noted, to encourage the inclusion of U.S. security holders of foreign private issuers in tender offers, the 2000 amendments created exemptions to some of the tender offer regulations. These are dubbed the “Tier I” and “Tier II” exemptions.

     The Tier I exemption applies when U.S. security holders hold 10% or less of the target’s securities. Because of its importance to this litigation it is quoted here at some length. It states in pertinent part:

(c) Tier I. Any tender offer for the securities of a

foreign private issuer as defined in §240.3b-4 is exempt

from the requirements of sections 14(d)(1) through 14(d)(7)

of the Act (15 U.S.C. 78n(d)(1) through 78n(d)(7)),

Regulation 14D (§§ 240.14d-1 through 240.14d-10) and

Schedules TO (§240.14d-100) and 14D-9 (§240.14d-101)

thereunder, and § 240.14e-1 and § 240.14e-2 of Regulation

14E under the Act if the following conditions are

satisfied:

(1) U.S. ownership limitation. Except in the case of

a tender offer which is commenced during the pendency

of a tender offer made by a prior bidder in reliance

on this paragraph or § 240.13e-4(h)(8), U.S. holders

do not hold more than 10 percent of the class of

¹⁸ As discussed below, one of the exceptions to Rule 14e-5 applies to certain classes of “cross-border tender offers. ” 17 C.F.R. § 240.14e-5(b)(10). If a tender offer is excepted under § 240.14d-1(c) –- the Tier I tender offer exemption described infra -- the bidder is not obligated to adhere to Rule 14e-5’s prohibition on trading. Id. § 240.14e-5(b)(10).

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securities sought in the offer (as determined under

Instruction 2 to paragraphs (c) and (d) of this

section).

(2) Equal treatment. The bidder must permit U.S.

holders to participate in the offer on terms at least

as favorable as those offered any other holder of the

same class of securities that is the subject of the

tender offer; [with certain exceptions]

(3) Informational documents.

(i) The bidder must disseminate any informational

document to U.S. holders, including any

amendments thereto, in English, on a comparable

basis to that provided to security holders in the

home jurisdiction.

(ii) If the bidder disseminates by publication in

its home jurisdiction, the bidder must publish

the information in the United States in a manner

reasonably calculated to inform U.S. holders of

the offer.

(iii) In the case of tender offers for securities

described in section 14(d)(1) of the Act (15

U.S.C. 78n(d)(1)), if the bidder publishes or

otherwise disseminates an informational document

to the holders of the securities in connection

with the tender offer, the bidder must furnish

that informational document, including any

amendments thereto, in English, to the Commission

on Form CB (§ 249.480 of this chapter) by the

first business day after publication or

dissemination. If the bidder is a foreign

company, it must also file a Form F-X (§ 239.42

of this chapter) with the Commission at the same

time as the submission of Form CB to appoint an

agent for service in the United States

17 C.F.R. § 240.14d-1(c).

     The key features of the Tier I exemption are to excuse eligible tender offerors¹⁹ from the “disclosure, filing, dissemination, minimum offering period, withdrawal rights and

¹⁹ The Tier I exemption applies not only to excuse bidders from making standard disclosures on a Schedule TO, but also excuses the target company and other persons who otherwise would have an obligation to file a Schedule 14D-9. 17 C.F.R. § 240.14d-1(c).

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proration requirements that are intended to provide security holders with equal treatment and adequate time and information to make a decision whether to tender into the offer.” Cross-Border Release, at *5. A Tier I bidder may also purchase the target’s securities outside of the tender offer so long as it discloses information regarding this possibility in its tender offer documents and complies with the laws of the home jurisdiction.²⁰ 17 C.F.R. § 240.14e-5(b)(10).

     Bidders eligible for the exemption must nevertheless submit an English language translation of the offering materials to the SEC under cover of Form CB. Id. § 240.14d-1(c)(3)(iii). They must also ensure that U.S. security holders participate in the offer on terms “at least as favorable” as those offered to any other holders. Id. § 240.14d-1(c)(2). Finally, bidders must provide U.S. security holders with the tender offer circular or other offering documents, in English, on a basis “comparable” to the one they use to provide those documents to other security holders. Id. § 240.14d-1(c)(3).

     The Tier II exemption is far more limited. This second exemption applies when U.S. security holders hold between 10 and 40 percent of the class of securities sought in the offer. Id.

²⁰ Home jurisdiction includes “both the jurisdiction of the subject company’s incorporation, organization or chartering and the principal foreign market where the subject company’s securities are listed or quoted. ” Id. § 240.14d-1(c) and (d), instruction 1.

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§ 240.14d-1(d). The 2000 reforms largely codified then-existing practices for this class of bidders. Cross-Border Release, at *3 (“The Tier II exemption represents a codification of current exemptive and interpretive positions.”). Unlike bidders eligible for the Tier I exemption, Tier II tender offerors must comply with most of the procedural, disclosure, and filing requirements of the Williams Act, including the duty to file a Schedule TO. ²¹ 17 C.F.R. §240.14d-1(d)

     In creating these tiers of exemptions the SEC considered and rejected the concept of expanding Tier I to include foreign private issuers with up to 20% U.S. ownership.

Under the proposals, we solicited comment on whether to

increase the 10 percent limitation for U.S. ownership to 15

or 20 percent. Commenters on the proposals largely favored

adopting a higher eligibility percentage. We have decided,

however, that 10 percent is an appropriate level of U.S.

ownership for exclusive reliance on home jurisdiction

requirements. At and below that level of U.S. ownership,

broad-based exemptions are necessary to encourage inclusion

of U.S. security holders. We believe that U.S. holders’

interests are best served by being able to participate in,

rather than being excluded from, the tender offer, even

though they do not receive the full protections of the U.S.

²¹ Rule 14d-1(d), which sets forth the Tier II exemption, provides that a bidder conducting a tender offer meeting the conditions for the Tier II exemption

may separate the offer into two offers: one offer made only

to U.S. holders and another offer made only to non-U.S.

holders. The offer to U.S. holders must be made on terms

at least as favorable as those offered any other holder of

the same class of securities that is the subject of the

tender offers.

17 C.F.R. § 240.14d -1(d)(2)(ii).

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tender offer rules. Above the 10 percent level of U.S.

ownership, more tailored relief of the type permitted by

the new Tier II exemption would address conflicting

regulatory mandates and offering practices.

Cross-Border Release, at *6. Whether a foreign private issuer is eligible for a Tier I or Tier II exemption, it still must abide by the “anti-fraud and anti-manipulation rules and civil liability provisions.” Id. at *3. See 15 U.S.C. § 78n(e); 17 C.F.R. §§ 240.14e-3, 240.14e-8.

3. Application of Heightened Conduct and Effects Tests

     Subject matter jurisdiction over E.ON’s Section 14 claim is properly found under either a heightened conduct or effects test, and certainly under a combined application of the two tests. Although the plaintiffs, defendants, and the target company are all foreign entities, and the acquisition was principally accomplished through transactions on the Madrid stock exchange, approximately 2% of Endesa shares are traded on the New York Stock Exchange, and up to 15% of the company’s securities may be held by U.S. investors.²² Before and during

²² Acciona does not concede that over 10% of Endesa shares are held by U.S. investors, although it admits that Endesa’s website reports that as of April 2005, 15.03% of its investors are “from the US.” E.ON and Gas Natural have both participated in the SEC’s Tier II filing program for their proposed Endesa tender offers, which as described supra, applies when U.S. residents hold over 10% of a foreign issuer’s securities. When Endesa sued Gas Natural in this district in March 2006, it asserted in its complaint that “as of April 19, 2005, approximately 15.3% of Endesa’s ordinary shares -- worth approximately $4.1 billion --

39

the two hour trading program in which Acciona accumulated over 13% of Endesa stock for itself (or for Santander to hold for it), Acciona’s agent worked directly and intensively with an American investment bank in New York, Bear Stearns, to contact U.S. institutions and locate sellers. As many as 46 million of the 145 million Endesa shares acquired by Acciona may have been sold by 29 U.S.-based institutions.

     Thus, even applying a heightened standard, there was substantial conduct in the United States in connection with the buying program and a substantial effect on U.S. resident investors from the buying program. Acciona and Santander deliberately involved a prominent New York investment firm in securing sellers for the block trade. There was no effort to exclude U.S. investors from the program, and given the way it was conducted, there is every reason to believe that there was significant U.S. investor participation. Acciona’s attempt to characterize the buying program as one in which there was a “very small U.S. connection” utterly fails.

     E.ON’s Section 14 claim, stripped to its essence, is that Acciona failed to file a Schedule TO-T and otherwise comply with the Section 14(d) and Regulation 14D tender offer requirements


were held in the United States. ” For purposes of assessing subject matter jurisdiction based on the record as it stands today, E.ON has shown that roughly 15% of Endesa shareholders are U.S. residents.

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for Tier II foreign private issuers, for instance by failing to keep the tender offer open and provide withdrawal rights. Tier II’s requirements apply when U.S. residents constitute between 10 and 40 percent of a foreign private issuer’s shareholders. With the possible exception of the one issue that will be discussed next, E.ON has carried its burden of showing that there is subject matter jurisdiction over such a claim.²³

     Acciona argues that there is no subject matter jurisdiction over this Section 14(d) claim because foreign and domestic purchases of Endesa stock should not be integrated in calculating whether a bidder will acquire 5% beneficial ownership of a class of the target’s securities through the completion of a proposed tender offer. Acciona has no legal support for this novel proposition. To support its argument that the foreign purchases should not be counted, it argues by analogy from Regulation S. Regulation S applies generally to offers or sales of securities, which Acciona argues are the “mirror-image” of its offer to buy. If an offshore transaction complies with Regulation S, then those offshore sales will not be integrated with registered domestic offerings. See EOC, 147

²³ To the extent that Acciona argues that the evidence shows that the buying program qualified for the Tier I exemption, that argument is addressed in connection with Acciona’s contention that E.ON has failed to state a Section 14 claim. The question of subject matter jurisdiction is different than an inquiry into the merits of the claim. In any event, Tier I bidders also have obligations under Regulation 14D and must, among other things, make SEC submissions.

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F.3d at 124 (no integration of issuer offers or sales that satisfy the definition of an “offshore transaction” and do not involve “directed selling efforts” in the United States).²⁴ If Acciona’s purchases are not integrated, then Acciona purchased at most only some 3% of the outstanding Endesa shares from U.S. holders through its block trading program. That amount falls below the 5% minimum purchase that triggers the application of Section 14(d).

     As Regulation S itself illustrates, when the SEC intends to make a distinction between on-shore and off-shore activity, it does so. Nothing in the language of Section 14(d) itself or any provision of Regulation 14D makes the distinction between foreign and domestic purchases that Acciona argues the law should recognize. The duty of the court is to apply the law, according to its ability to discern it, and not to rewrite law to reflect the more “enlightened” view that Acciona urges here.²⁵ E.ON has carried its burden of showing the existence of subject matter jurisdiction over a Section 14(d) claim based on a

²⁴ Acciona, of course, engaged in “directed” buying efforts in the United States.

²⁵ In its reply, Acciona offers another iteration of this argument. It asserts that the foreign and domestic purchases should not be integrated in judging whether an unconventional tender offer occurred, again, by analogy to Regulation S. This is an argument that Acciona may pursue when it comes time to reach the merits of the Section 14 claim.

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construction of the provision that calculates the 5% threshold based on both foreign and domestic purchases.

     In a related argument, Acciona contends that at the very least, there is no subject matter jurisdiction over Acciona’s purchases from foreign investors. This argument treats E.ON’s claim as if it were a claim for damages. It is not. The Section 14 claim proceeds on the theory that Acciona was required to file a Schedule TO, and comply with other constraints on a Tier II offer. It seeks injunctive relief. Whether E.ON is entitled to any relief and, if so, what kind, are questions reserved for the merits of this lawsuit. They are not issues of subject matter jurisdiction.

     If the Acciona buying program qualifies as a tender offer, then E.ON has shown that its Section 14 claim is not wholly insubstantial or frivolous. There is one more inquiry, however, that must be undertaken before a final decision on subject matter jurisdiction can be made. Does the buying program conceivably constitute a tender offer for purposes of Section 14(d)?

4. Unconventional Tender Offer

     The Williams Act is addressed to one means of achieving a corporate takeover: the tender offer. Piper, 430 U.S. at 22. It does not, however, define the term tender offer. Congress’s

43

decision in this regard was “deliberate,” given its concern that there was an “infinite variety” of tender offers and that a “rigid definition would be evaded.” Hanson Trust PLC v. SCM Corp., 774 F.2d 47, 56 (2d Cir. 1985). Nonetheless, a “typical” tender offer is understood to consist of a

general, publicized bid by an individual or group to buy

shares of a publicly-owned company, the shares of which

[are] traded on a national securities exchange, at a price

substantially above the current market price. The offer

[is] usually accompanied by newspaper and other publicity,

a time limit for tender of shares in response to it, and a

provision fixing a quantity limit on the total number of

shares of the target company that would be purchased.

Id. at 54-55 (citation omitted).²⁶ In contrast, “privately negotiated transactions or solicitations for private purchases of stock,” and “open market purchases” do not generally qualify as a tender offer. Id. at 56; see also Brascan Ltd. v. Edper Equities Ltd., 477 F. Supp. 773, 790 (S.D.N.Y. 1979) (Leval, J.) (privately negotiated block trade in which fifty large institutions and a dozen large individual investors were

²⁶ Previously, the Second Circuit drew on the definition offered by the U. S. House of Representatives’ committee which had held hearings on the Williams Act, and observed that a tender offer

normally consists of a bid by an individual or group to buy

shares of a company usually at a price above the current

market price. Those accepting the offer are said to tender

their stock for purchase. The person making the offer

obligates himself to purchase all or a specified portion of

the tendered shares if certain specified conditions are

met.

Kennecott Copper Corp. v. Curtiss-Wright Corp., 584 F.2d 1195, 1206 (2d Cir. 1978) (citation omitted).

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solicited does not constitute a tender offer); LOUIS LOSS & JOEL SELIGMAN, 5 SECURITIES REGULATION 2198 (3d ed. 2001).

     Since the border between public solicitations and privately negotiated purchases is frequently hazy, courts have devised tests to help make a case-by-case identification of a tender offer. Hanson Trust, 774 F.2d at 56-57. Whatever factors are weighed, however, the Second Circuit has cautioned against application of a litmus test. Id. at 57. Instead, courts are to be guided by the purpose of the Williams Act, specifically, “whether the particular class of persons affected need the protection of the Act. An offering to those who are shown to be able to fend for themselves is a transaction not involving any public offering.” ²⁷ Id. at 57 (citation omitted). The question becomes whether,

viewing the transaction in the light of the totality of

circumstances, there appears to be a likelihood that unless

the pre-acquisition filing strictures of that statute are

followed there will be a substantial risk that solicitees

will lack information needed to make a carefully considered

appraisal of the proposal put before them.

Id. at 57; see also Simon DeBartolo Group, L.P. v. Richard E. Jacobs Group, Inc., 186 F.3d 157, 175 (2d Cir. 1999); Rand v. Anaconda-Ericsson, Inc., 794 F.2d 843, 848 (2d Cir. 1986).

²⁷ E. ON’s purported concern for the shareholders who were not allowed to participate in the Acciona buying program places the emphasis on the wrong class. In deciding whether a tender offer occurred, the issue is whether those who sold to Acciona have been injured.

45

In addition, in determining whether a buying program constitutes an unconventional tender offer, courts must remain sensitive to the practical consequences of the determination. The regulatory scheme for tender offers puts significant burdens on bidders. For example, sellers have withdrawal rights and purchases must be made on a pro rata basis when the tender offeror takes fewer shares than are tendered. 17 C.F.R. §§ 240.14d -7, 8. As the Second Circuit observed in Kennecott Copper, 584 F.2d 1195 (2d Cir. 1978),

Although broad and remedial interpretations of the

[Williams] Act may create no problems insofar as the

antifraud provisions of subsection (e) of section 78n are

concerned, this may not be true with regard to subsections

[regulating the management of the tender offer]...It

seems unlikely that Congress intended “tender offer” to be

so broadly interpreted as to make these provisions

unworkable.

584 F.2d at 1207.

     This caution is particularly warranted in the context of cross-border buying programs, where a foreign buyer may be acting in compliance with the laws of its own jurisdiction and the home jurisdiction of the issuer and unwittingly run afoul of a broadly interpreted tender offer rule in this country. Unlike the laws against fraud, where nations are generally presumed to share a common understanding of and abhorrence for fraudulent conduct, the laws that regulate the registration of securities and the filing of disclosure statements with regulatory authorities may vary considerably from one nation to the next.

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There is no presumption that these activities must be or will be regulated in the same way, or that the American scheme is superior to all others. The tender offer rules in Spain, which are described above, provide an example of one nation’s contrasting system for the management of tender offers.

     The 2000 amendments to Regulation 14D provide significant evidence that the SEC does not intend a broad or sweeping definition of a tender offer for the securities of a foreign private issuer. The regulations appear to assume that cross-border tender offers are those that fit comfortably within the traditional definition of a tender offer, and would be recognized as such both in this country and in the issuer’s home jurisdiction. To give but a few examples, in a Tier I offer the bidder must provide equal treatment to U.S. holders so that they can participate “on terms at least as favorable as those offered any other holder,” 17 C.F.R. § 240.14d-1(c)(2), “furnish” to the SEC any “informational document” it disseminates to securities holders in connection with the tender offer, id. § 240.14d-1(c)(3)(iii), and disseminate to U.S. holders tha t informational document in English on a basis “comparable” to that which it uses to disseminate the document to security holders in the “home jurisdiction,” id. § 240.14d-1(c)(3)(i). Tier I bidders are exempt from the restrictions that would otherwise apply to making purchases of the issuer’s securities outside the tender

47

offer itself so long as the “purchases comply with the applicable tender offer laws and regulations of the home jurisdiction” and the bidder discloses information regarding this possibility in its tender offer documents. Id. § 240.14e-5(b)(10). Several of the ordinary conditions imposed on bidders are lifted even from Tier II bidders so long as they comply with “home jurisdiction law.” See, e.g., id. § 240.14d-1(d).²⁸ This framework recognizes that the tender offer process may be competently and appropriately managed by the home jurisdiction.

     This reading of the regulations is confirmed by the SEC’s Cross-Border Release. As the SEC explains, “[w]e are adopting, as proposed, the requirement that a bidder or issuer relying on the Tier I exemption submit any offering materials prepared under foreign law to the Commission for notice purposes only.” Cross-Border Release, at *7. Similarly, “[i]f the foreign subject company’s home jurisdiction permits dissemination solely by publication, the offeror likewise will publish the offering materials simultaneously in the United States.” Id; see also id. at *18.

     There is a strong argument to be made, moreover, that the sweeping revision of Regulation 14D and its emphasis on the “commencement” of the tender offer as the trigger for filing

²⁸ For example, payment and notice of the extension of a tender offer may be governed by home jurisdiction law. 17 C.F.R. § 240.14d-1(d)(iii)-(iv).

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tender offer disclosure documents with the SEC, should also restrain any impulse to define a tender offer broadly and confer tender offer status on buying programs which would at best constitute “unconventional” tender offers. As recently described, the 2000 amendments elevate the moment a tender offer “commences” to the act that triggers many of the disclosure obligations under Regulations 14D and M-A. December 19 Opinion, 2006 WL 3734425, at *9-10. Commencement is defined quite formally as the “date when the bidder has first published, sent or given the means to tender to security holders.” 17 C.F.R. § 240.14d-2(a). This definition is intended by the SEC to establish a “uniform time at which a tender offer is deemed to commence.” Regulation of Takeovers and Security Holder Communications, Securities Act Release No. 7760, Exchange Act Release No. 42055, Investment Company Act Release No. 24107, 70 SEC Docket 2229, 1999 WL 969596 , at *18 (Oct. 22, 1999).

     Because of this quite radical shift in the disclosure system, the SEC believed that the occasions for friction between the American and foreign regulatory systems would be dramatically reduced. As the SEC observed in discussing the Tier II exemption, “an offer commences once the bidder disseminates transmittal forms or discloses instructions on how to tender into and [sic] offer. Only then is the bidder required to file the Schedule TO. Therefore, separate relief

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for foreign offers is not necessary.”²⁹ Cross-Border Release, at *10.

     The SEC obviously expected and intended that Tier II bidders would not be substantially prejudiced by the Section 14(d) filing requirements. That admirable intention will be largely unrealized if a tender offer is defined so broadly that foreign investors unwittingly run afoul of the American regulatory system when they take substantial stakes in a foreign private issuer through a buying program which is not widely understood to constitute a tender offer. The law provides ample scope for those engaged in manipulative or fraudulent practices designed to circumvent the tender offer rules. There is no need to burden the definition of tender offer with that work when an overly broad definition will undercut the recent reforms and create unnecessary friction in the international regulatory system.

     If this were the occasion to pass upon the merits of E.ON’s claim that the Acciona buying program constituted a tender offer -- and it is not -- it would be surprising if E.ON were able to show that Acciona’s block trade was a tender offer. The issue

²⁹ The SEC made this observation in the context of explaining that revised Rule 14d-2 had repealed the requirement that a tender offer commence upon public announcement of certain categories of information unless the bidder filed with the SEC and disseminated to security holders a tender offer statement within five days, or publicly withdrew the offer. See December 19 Opinion, 2006 WL 3734425, at *10.

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presented here, however, is one of subject matter jurisdiction. E.ON has shown that subject matter jurisdiction exists over its Section 14 claim, since E.ON has made a non-frivolous claim that Section 14 reaches Acciona’s conduct.

B. Standing

     Acciona claims that E.ON lacks standing to bring a claim for rescission under Section 14(d). For purposes of this motion, Acciona does not challenge the holding in the November 20 Opinion that a tender offeror has standing under Section 13(d) of the Williams Act to seek injunctive relief, November 20 Opinion, 2006 WL 3357261, at *12, and does not contest the broader proposition that such standing exists under the Williams Act generally. Instead, it seeks a ruling that in the event E.ON prevails on the merits, it will not be entitled to an order granting withdrawal rights to those who sold their shares to Acciona on September 25.

     As described in the November 20 Opinion, the Supreme Court left open the possibility that a tender offeror may sue for injunctive relief to enforce Section 14(e) of the Williams Act when it ruled that “a tender offeror, suing in its capacity as a takeover bidder, does not have standing to sue for damages under § 14(e).” Piper, 430 U.S. at 42 n.28. It explained that it did not “intimate [any] view upon whether as a general proposition a

51

suit in equity for injunctive relief, as distinguished from an action for damages, would lie in favor of a tender offeror under either § 14(e) or Rule 10b-6,” id. at 48 n.33, and cited Judge Friendly’s observation that “in corporate control contests the stage of preliminary injunctive relief, rather than post-contest lawsuits, is the time when relief can best be given.” Id. at 42 (citing Elec. Specialty Co. v. Int’l Controls Corp., 409 F.2d 937, 947 (2d Cir 1969)).

     As described in the November 20 Opinion, courts have repeatedly found that tender offerors have standing to sue under Section 14(e) for injunctive relief. November 20 Opinion, 2006 WL 3357261, at *14. The Second Circuit has favorably cited courts that have recognized tender offeror standing under Section 14(e). See Simon DeBartolo Group, 186 F.3d at 170 n.6 (collecting cases that have “taken up Piper’s invitation and concluded that a tender offeror may have standing to assert a cause of action under § 14(e) where it seeks only injunctive relief”).

     Acciona’s principal argument is that rescission, while equitable in origin, “is the effective equivalent of money damages” and should not be ordered here. It is premature to decide the appropriate relief to which E.ON may be entitled in the event it prevails, particularly since, as already described, it faces significant hurdles in proving that the September 25

52

buying program constituted a tender offer. In any event, the November 20 Opinion has already outlined the principal goals of the Williams Act which will guide any award of relief. Among other things, courts must be scrupulously neutral in corporate control contests, must strive to ensure that present and future shareholders of the target are given accurate information on a timely basis so that they can decide for themselves how they wish to respond to a takeover battle, must use the most drastic remedies with great caution, and must consider issues of international comity. November 20 Opinion, 2006 WL 3357261, at *17-18. No more need be said at this time.

C. Failure to State a Claim

     Acciona moves to dismiss the Section 14 claim because E.ON has failed to allege the existence of a tender offer. Acciona presses two arguments in this prong of its motion: 1) that Acciona’s September 25 buying program does not qualify as an unconditional tender offer under the eight factor test described in Wellman v. Dickinson, 475 F. Supp. 783 (S.D.N.Y. 1979), or otherwise constitute conduct to which the Williams Act was addressed, and 2) that even if the block trade was a tender offer, Acciona was entitled to rely on the Tier I exemption for foreign private issuers having 10% or less U.S. ownership.

53

Acciona does not identify whether it brings this motion under Rule 8 or Rule 9(b), Fed. R. Civ. P.

     The pleading standards under Rules 8 and 9(b) and the Private Securities Litigation Reform Act of 1995, 15 U.S.C. §78u-4(b) (“PSLRA”), were recently described in the Opinions of November 20 and December 19. December 19 Opinion, 2006 WL 3734425, at *7-8; November 20 Opinion, 2006 WL 3357261, at *15. Because E.ON’s Section 14 claim includes a Section 14(e) element, Rule 9(b) and the PSLRA standards apply.

     It should be noted that the amended complaint does not allege any misrepresentation or material omission in connection with the September 25 buying program or otherwise describe any fraudulent conduct associated with that acquisition of approximately 13% of Endesa’s stock. Its focus is entirely on the failure to conduct a tender offer with the procedural protections provided by Regulations 14D and 14E, including the failure to file a Schedule TO-T and to provide withdrawal rights to sellers. If the issue were pressed by Acciona, and addressed by the parties, the Court would have to consider whether the heightened pleading standards for allegations of fraud under Rule 9(b) and the PSLRA have been met.

     Instead of focusing on the relevant pleading standards, however, Acciona seeks a ruling on the merits of E.ON’s claim. This is premature. E.ON has sufficiently pleaded that Acciona

54

engaged in a tender offer and had a duty to file a Schedule TO-T and to offer withdrawal rights. Whether E.ON will prevail on the merits of its Section 14(d) claim must await further proceedings in this action.

     One element of Acciona’s motion, however, warrants further discussion here. Acciona contends that it was entitled to rely on the regulatory presumption that 10% or less of Endesa’s equity is held by U.S. holders, thereby permitting Acciona to benefit from the Tier I exemption to Regulation 14D. Some background is in order.

     As a non-affiliate of Endesa, Acciona was entitled to rely on a presumption that “U.S. holders” hold 10% or less of Endesa’s outstanding securities unless one of four conditions prevail.³⁰ The four conditions are:

i. The tender offer is made pursuant to an agreement with

the issuer of the subject securities;

ii. The aggregate trading volume of the subject class of

securities on all national securities exchanges in the

United States, on the Nasdaq market, or on the OTC market,

as reported to the NASD, over the 12-calendar-month period

ending 30 days before commencement of the offer, exceeds 10

percent (40 percent in the case of 14d-1(d)) of the

worldwide aggregate trading volume of that class of

securities over the same period;

iii. The most recent annual report or annual information

filed or submitted by the issuer with securities regulators

of the home jurisdiction or with the Commission indicates

³⁰ U.S. holders are those “resident” in the United States. 17 C.F.R. § 240.14d-1(c),(d), instruction 2. This presumption also applies to the Tier II exemption where U.S. residents hold 40 percent or less of the issuer’s outstanding securities. Id.

55

that U.S. holders hold more than 10 percent (40 percent in

the case of 14d-1(d)) of the outstanding subject class of

securities; or

iv. The bidder knows or has reason to know that the level

of U.S. ownership exceeds 10 percent (40 percent in the

case of 14d-1(d)) of such securities.

17 C.F.R. § 240.14d-1(c)-(d), instruction 3 (emphasis supplied).

     As already described, the Tier I exemption to Regulations 14D and 14E applies if “U.S. holders” do not hold over 10% of the class of securities sought in the tender offer. Id. § 240.14d-1(c)(1). If the Tier I exemption applies, the tender offeror must submit a Form CB to the SEC and comply with other limited obligations, many of which are described earlier in this Opinion.

     E.ON has not pleaded a violation of Section 14(d) in the event that Acciona’s buying program qualifies as a Tier I exempted tender offer since it asserts that Acciona failed to file a Schedule TO. There is no such obligation if the exemption applies. Whether Acciona had an obligation to file a Schedule TO and comply with other Rule 14(d) requirements is not a matter, however, that can be resolved on this motion to dismiss. The extent to which U.S. holders constitute over 10% of Endesa shareholders, and the extent to which, for instance, Acciona knew or had reason to know that to be the case, are matters of factual dispute. Acciona’s reliance on the presumption is equivalent to the pleading of an affirmative

56

defense; there is no obligation upon E.ON to plead that the presumption does not apply. See Gomez v. Toledo, 446 U.S. 635, 640-41 (1980); Harris v. City of N.Y., 186 F.3d 243, 251 (2d Cir. 1999).

D. Forum Non Conveniens

     Finally, Acciona has moved to dismiss the Section 14 claim on the ground of forum non conveniens. To address this prong of its motion it is necessary to decide whether Spain is an adequate alternative forum and the level of deference to be accorded E.ON’s choice of forum, and then to weigh the public and private interests to determine “which forum will be most convenient and will best serve the ends of justice.” USHA (India), Ltd. v. Honeywell Int’l, Inc., 421 F.3d 129, 134 (2d Cir. 2005) (citation omitted). Spain clearly provides an adequate alternative forum. Therefore, only the second and third issues require discussion.

     A foreign plaintiff’s choice of forum is entitled to deference to the degree to which it has selected this forum for legitimate reasons. Bigio v. Coca-Cola Co., 448 F.3d 176, 179 (2d Cir. 2006). The Second Circuit has identified factors that are relevant to a determination of the legitimacy of the choice of forum:

(1) the convenience of the plaintiff’s residence in

relation to the chosen forum, (2) the availability of

57

witnesses or evidence to the forum district, (3) the

defendant’s amenability to suit in the forum district, (4)

the availability of appropriate legal assistance, and (5)

other reasons relating to convenience or expense.

Circumstances generally indicative of forum shopping, that

is, plaintiff’s pursuit not simply of justice but of

justice blended with some harassment, include (1) attempts

to win a tactical advantage resulting from local laws that

favor the plaintiff’s case, (2) the habitual generosity of

juries in the United States or in the forum district, (3)

the plaintiff’s popularity or the defendant’s unpopularity

in the region, or (4) the inconvenience and expense to the

defendant resulting from litigation in that forum.

Norex Petroleum Ltd. v. Access Indus., Inc., 416 F.3d 146, 155 (2d Cir. 2005) (citation omitted).

     E.ON’s choice of forum is entitled to only modest deference. An action to enforce U.S. securities laws is appropriately brought in this country, and there is no dispute that Acciona is subject to suit here, that witnesses to relevant events are present here, and that these sophisticated parties are able to bear the burden of litigating in this country. This forum is as inconvenient (or convenient) for E.ON as it is for Acciona. On the other hand, the epicenter of this dispute is in Spain, and there is considerable evidence that E.ON has chosen to litigate in the United States because it perceives that American securities laws may give it a tactical advantage by providing discovery and even relief which it has no reasonable expectation of obtaining in Spain.

     The burden rests on Acciona to demonstrate that the private and public factors weigh in favor of dismissing this action.

58

The private interest factors to be weighed in a forum non conveniens analysis include:

relative ease of access to sources of proof; availability

of compulsory process for attendance of unwilling, and the

cost of obtaining attendance of willing, witnesses;

possibility of view of premises, if view would be

appropriate to the action; and all other practical problems

that make trial of a case easy, expeditious and

inexpensive.

Gulf Oil Corp. v. Gilbert, 330 U.S. 501, 508 (1947).

     Events relevant to the claims in this action occurred in both Spain and the United States. Acciona has identified no difficulty it will face in assembling evidence if the claim continues to be litigated here. The litigation of this action can proceed here in a relatively expeditious and efficient manner, and Acciona does not suggest otherwise. It is particularly telling that this litigation has been pending before this Court since October, and Acciona did not move to dismiss on the ground of forum non conveniens until December, and only then in connection with its second motion to dismiss claims in this lawsuit. Even if the Section 14 claim is dismissed, the litigation would continue in the United States to address the Section 13(d) claims. These factors do not suggest that one claim should be dismissed from this lawsuit.

The same is true of the public interest factors. Those factors include:

the administrative difficulties flowing from court

congestion; the local interest in having localized

59

controversies decided at home; the interest in having the

trial of a diversity case in a forum that is at home with

the law that must govern the action; the avoidance of

unnecessary problems in conflict of laws, or in the

application of foreign law; and the unfairness of burdening

citizens in an unrelated forum with jury duty.

Gross v. British Broad. Corp., 386 F.3d 224, 233 (2d Cir. 2004) (citing Piper Aircraft Co. v. Reyno, 454 U.S. 235, 241 n.6 (1981)).

     Most of the public interest factors weigh against dismissal. Court congestion is not an issue. There is a strong interest in having an American court interpret and apply U.S. securities law claims. This is particularly true here, since it does not appear that any court has had an opportunity to interpret the 2000 amendments to Regulations 14D and 14E before this lawsuit, much less to apply the regulations to cross-border transactions. Since cross-border transactions can reasonably be expected to present ever more frequent opportunities for litigation, given our global economy, there is a significant public interest in having an American court construe this law. See DiRienzo v. Philip Serv. Corp., 294 F.3d 21, 33 (2d Cir. 2002). Since this suit seeks equitable relief, there will be no burden on a jury.

     On the other hand, this litigation is essentially a tactical skirmish in a European takeover battle where the interests of Spain, its energy industry, and the economic integration of the European Union are paramount. There is a

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Muy Sres. nuestros:		Dear Sirs,

En cumplimiento de lo dispuesto en el		Pursuant to what it is established in Art.
Art. 82 de la Ley 24/1988, de 28 de Julio,		82 of Law 24/1988, dated July 28, of the
del Mercado de Valores, ACCIONA, S.A.		Securities Market, ACCIONA, S.A.
comunica lo siguiente		reports the following

INFORMACION RELEVANTE		MATERIAL INFORMATION

Según lo adelantado en el Hecho		As advanced in Hecho Relevante 74537
Relevante nº 74537 de 22 de Diciembre		of December 22, 2006, the Agreements
de 2006 se acompañan los Contratos		entered into in connection with the long-
suscritos en relación con la financiación a		term financing arrangements for the
largo destinada a la adquisición del 20%		acquisition of 20% of the share capital of
del capital de ENDESA por un importe		ENDESA, in an aggregate amount of
total de €8.191 millones.		€8,191 million, are hereby attached.

Acciona, S.A., ha adquirido un número de		Acciona, S.A, has acquired the number of
acciones de ENDESA, S.A. por el precio		shares of ENDESA, S.A. for the price per
por acción que se detalla en Anexo, por lo		share detailed in the Annex, aggregating a
que la participación total, directa o		shareholding, directly or indirectly
indirecta (a través de su participada		(through its subsidiary company Finanza
Finanzas Dos, S.A.), asciende al 21,03 %		Dos, S.A.) of 21.03% of ENDESA, S.A.´s
del capital social de ENDESA, S.A.		corporate capital


Atentamente/Yours faithfully,

ANEXO

	Numero de	Precio por
Fecha	Acciones	Acción

29/12/2006	2.655.436	€35,9000

29/12/2006	549.757	€35,7566

3/1/2007	60.670	€35,2813

4/1/2007	385.095	€35,2807

8/1/2007	3.703.141	€35,4000

9/1/2007	3.250.000	€35,4000

9/1/2007	360.000	€35,2219

ANNEX

	Number of	Price per
Date	Shares	Share

12/29/2006	2,655,436	€35.9000

12/29/2006	549,757	€35.7566

1/3/2007	60,670	€35.2813

1/4/2007	385,095	€35.2807

1/8/2007	3,703,141	€35.4000

1/9/2007	3,250,000	€35.4000

1/9/2007	360,000	€35.3822

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
---------------------------------------------------	X
	:
E.ON AG, E.ON ZWÖLFTE VERWALTUNGS GmbH	:
and BKB AG,	:
Plaintiffs,	:	06 Civ. 8720 (DLC)
	:
-v-	:	OPINION AND ORDER
	:
ACCIONA, S.A. and FINANZAS DOS, S.A.,	:
Defendants.	:
	:
---------------------------------------------------	X