Enel Begins Trading On The New York And Milan Stock Exchanges

Enel SpA, Italy's principal electricity company and the largest publicly listed electric utility worldwide, will begin trading on the New York and Milan Stock Exchanges today. Enel ordinary shares will trade in Milan under the ticker symbol "ENEL". Enel American Depositary Shares ("ADSs"), each equivalent to 10 ordinary shares, will trade on the NYSE under the ticker symbol "EN". Citibank will act as the depositary bank for Enel ADSs. "We are honored to be listing on the New York Stock Exchange," commented Franco Tatò, Chief Executive Officer of Enel, "and we hope that this dual listing will provide investors with increased accessibility to our shares." "We take great pleasure in welcoming to the NYSE family Enel, the largest publicly held electric company in the world, with a market capitalization in excess of $50 billion," said NYSE Chairman and CEO Richard A. Grasso. "It is not only the leading electric company in Italy, but also one of the leading electricity suppliers in Europe. Enel, a nationally recognized brand name that serves one of the world's largest customer bases, joins the ranks of global companies at a globally recognized Exchange with the world's largest investor base." Enel completed its initial public offering of 3.6 billion shares in U.S. and international markets on October 30. The IPO represents a sale of 30% of the shares owned by the Republic of Italy through the Ministry of Treasury. In addition, the managers of the institutional offering have been granted an over-allotment option of up to a further 545.6 million shares for a total offering size up to 34.5% of the shares owned by the Treasury. Enel shares were priced at Euro 4.3 per ordinary share, raising for the Treasury a total of $19.0 billion, assuming the full exercise of the over-allotment option. Merrill Lynch International and Mediobanca - Banca di Credito Finanziario SpA were the joint global coordinators for the IPO. Enel SpA is the principal electricity company in Italy and the largest publicly listed electric utility worldwide with the leading position in the generation, transmission, distribution and supply of electricity. The Company generated approximately 73% of the 247 TWh of electricity produced and its distribution network supplied approximately 93% of 235 TWh of electricity sold in Italy in 1998 to final customers. Enel was established in 1962 through the nationalization of approximately 1,250 private power companies in Italy. Enel's strategy to diversify its operations further is based on cross-selling to its 29 million-customer base and exploiting the value of existing assets and experience. The Company is also diversifying into other businesses that include water distribution, gas and communications services. Enel's most significant business outside its core electricity operations is its 51% interest in WIND, a joint venture in the telecommunications industry with Deutsche Telekom and France Telecom. WIND launched commercial fixed-line telephony services for corporate customers in December 1998 and fixed and mobile telephony services to residential customers on March 1, 1999. NYSE is the world's premier equities market and currently has approximately 3,090 listed companies from 48 countries with a total global market capitalization of $15.5 trillion that trade an average 825 million shares daily. Among them 372 are non-US companies that trade an average 67.8 million shares daily valued at $2.7 billion.