The Stockholders' Meeting held on June 30, 2008, adopted the following resolution:
I. To revoke and make void, as to the unused portion, the authorization for the derivative acquisition of treasury stock granted by the Annual General Shareholder's Meeting held on June 20, 2007.
II. To once again authorize for the derivative acquisition of treasury stock, as well as the pre-emptive rights of first refusal in respect thereto, in accordance with Article 75 of the Spanish Corporations Law ("Ley de Sociedades Anónimas), under the following conditions:
a) Acquisitions may be made through any means legally accepted, either directly by ENDESA, S.A. itself, by the Companies of its group, or by an intermediary person, up to the maximum figure permitted by Law.
b) Acquisitions shall be made at a minimum price per share of the par value and a maximum equal to their trading value plus an additional 5%.
c) The duration of this authorization shall be 18 months.
