Endesa declares dividend.

MADRID, Spain--(BUSINESS WIRE)--March 8, 1996--ENDESA (NYSE:ELE), a major electric utility company in Spain, announced today that its Board of Directors, at a meeting held on March 7, 1996, had resolved to submit for approval at the Annual General Stockholders Meeting, the payment of a gross dividend of Pta186.00 per share (approx. $1.50 per ADR) in respect of fiscal year 1995. One ADR equals one share of ENDESA stock. This proposal represents an increase of 17.7 percent over the gross dividend of Pta158.00 declared the previous year.

Since a gross interim dividend of Pta84.00 per share was paid to shareholders and ADR holders of record January 4, 1996, the final gross dividend to be paid for fiscal 1995, once approved by the Annual General Stockholders Meeting, will be Pta102.00 per share (approx. $0.82 per ADR). The record date for this final dividend will be June 17, 1996.

This gross final dividend will initially be subject to withholding taxes under applicable laws and regulations. Translation of Pesetas (Pta) into US dollars ($) will be made at the prevailing rate of exchange on the record date. ADR holders of record June 17, 1996, will be paid July 9, 1996.

For further information, contact Fernando Lario, North America Investor Relations, [phone].

CONTACT: Fernando Lario, 212/750-7200