The reverse stock split of Enel's shares was resolved by the Extraordinary Shareholders' Meeting on May 25, 2001 (effective from July 9, 2001). Such operation was organized as follows: (I) conversion of the share capital into euros using the "ordinary" procedure prescribed by Article 17, paragraph 6, of Legislative Decree n. 213, dated June 24, 1998; consequently the nominal value of shares was increased from 1,000 lire to 0.5 euros (equivalent to 968.135 lire), with a reduction of 31.865 lire of the nominal value of each share. Given that the share capital of Enel before conversion amounted to 12,126,150,379,000 lire, the conversion resulted in a reduction of the share capital of 386,399,781,827 lire (equal to a percentage of about 3.2%, and, therefore, less than 5% limit set forth by the above mentioned Article 17, paragraph 6, of Legislative Decree n. 213, dated June 24, 1998), the amount of which, according to the procedure above, was attributed to the "legal reserve;" (II) the shares were grouped in a ratio of one share (dividend pari passu) with nominal value 1 euro for every two shares of nominal value of 0.5 euro; (III) in order to have an even number of shares to be reversed as mentioned, a Shareholders' resolution has also provided for the purchase of one share owned by Enel, which was subsequently cancelled, in accordance with the above mentioned Article 17, paragraph 6, of the Legislative Decree n. 213, dated June 24, 1998. Thus the number of shares constituting the share capital is halved, which means that, as of July 9, 2001, after including the cancellation of the share purchased in order to have an even number of shares, the number went from 12,126,150,379 to 6,063,075,189. The operation only changed the ratio between the shares before and after the reverse stock split, but not the counter value of the shares owned by the investor.