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ENDESA (NYSE:ELE): -- The study was carried out by renowned consultancy firm REL, which specialises in working capital management analysis. -- The scorecard rates 1,000 companies operating in different industries across the euro zone. -- ENDESA has managed to cut annual operating costs by more than Euro 100 million by implementing a central, integrated treasury management system five years ago. For the second year in a row ENDESA (NYSE:ELE) was the number one ranked electric utility in Spain and Europe by cash management according to a study carried out by renowned consultancy firm REL, which specialises in the analysis of working capital management. The study rates the performance of 1,000 companies from a range of industries in the euro zone, of which 40 are from Spain. Among electric utilities, ENDESA was considered one of the most efficient, having reduced the gap between receipts and payments and inventory turnover to below the European average. This limits the impact on debt. Working capital is precisely the difference between current assets and current liabilities; i.e., the difference between short-term receivables that are readily and more or less immediately cashable, and short-term accounts payable. Following the start-up of the Integrated Treasury Centres in Madrid, which provide financial and operational services to ENDESA's Spanish subsidiaries, the company has managed to lower annual operating costs by more than Euro 100 million compared to its decentralised approach. This has improved internal control and significantly enhanced the quality of the services offered by the different businesses. ENDESA was the first company in Spain to set up Integrated Shared Treasury Services Centres, considered by the markets the most advanced in Europe in term of efficiency, integration, and service quality. * This document may contain certain forward-looking statements regarding anticipated financial and operating results and statistics that are subject to risks and uncertainties as well as to material risks, changes and other factors which may be difficult to predict, including, without limitation, those factors described in the Documento de Registro de Acciones of Endesa filed within the Comision Nacional del Mercado de Valores and in the Form 20-F of Endesa filed within the Securities and Exchange Commission, both for the fiscal year ended December 31, 2004. For all of these forward-looking statements, we claim the protection of the safe harbour for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.