ENDESA'S CHAIRMAN MARTIN VILLA AND IBERDROLA'S CHAIRMAN ORIOL GESTURE DURING
JOINT NEWS CONFERENCE IN MADRID.

Iberdrola's chairman Inigo de Oriol (R) gestures next to Endesa's chairman
Rodolfo Martin Villa during their joint news conference in Madrid February
5, 2001. Spanish electricity giants Endesa and Iberdrola called off a
proposed 13.5 billion-euro merger, saying strict conditions imposed by the
government made the deal impossible.