(2) 1Q 2008 RESULTS (Jan.-Mar

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(1)WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a.

(2) 1Q 2008 RESULTS (Jan.-Mar.). Contents 1. Key financials 2. Consolidated income statement 3. Business performance 3.1. Acciona Infrastructure 3.2. Acciona Real Estate 3.3. Acciona Energy 3.4. Acciona Logistics & Transport Services 3.5. Acciona Urban & Environmental Services 3.6. Other businesses and financial results 3.7. Endesa. 5. Annex 5.1. Significant communication to the stock market 5.2. Dividends 5.3. Share data 5.4. Share price performance 6. Contact. 2. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. 4. Consolidated balance sheet.

(3) 1Q 2008 RESULTS (Jan.-Mar.) In accordance with Regulation 1606/2002 of the European Parliament and of the Council of 19 July 2002, for each financial year starting on or after 1 January 2005, companies governed by the law of a Member State must prepare their consolidated accounts in conformity with the International Financial Reporting Standards (IFRS) adopted by the European Union if their securities are admitted to trading on a regulated market. Accordingly, the ACCIONA Group is obliged to present its consolidated financial statements for the year ending 31 December 2006 in accordance with the IFRS adopted by the European Union at that date. The ACCIONA Group's consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) approved by the European Parliament to date. The financial statements were based on the individual accounts of Acciona, S.A. and its Group companies and they include the necessary adjustments and reclassifications to adapt them to IFRS.. 3. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. This information was prepared internally by the Acciona Group and has not been audited. Therefore, it is subject to changes, in terms of both the balance sheet and the income statement, as a result of changes in the applicable standards, estimates or any other similar circumstances..

(4) 1Q 2008 RESULTS (Jan.-Mar.) 1. Key points . Revenues increased by 74.0% EBITDA amounts to 636 million euro representing an increase of 164.0% with regard to last year Net profit increased by 9.5% and EBIT increased by 181.5% Capital expenditure in the period amounted to 480 million euro. Income statement summary (Million euro) Revenue EBITDA EBIT Net profit. Jan.-Mar. 2007 1,641 241 153 141. Jan.-Mar. 2008 2,854 636 432 154. Chg. (%) 74.0 164.0 181.5 9.5. Balance sheet data (Million euro). 31/12/2007. 31/03/2008. 6,456. 6,489. Net debt. -17,804. -18,743. Financial gearing. -276%. -289%. Equity. Jan.-Mar. 2007 Jan.-Mar. 2008 Capital expenditure. 578. 480. (Million euro) Infrastructure backlog Residential property pre-sales Land purchases Attributable Wind Installed capacity (MW) Passengers served Cargo handled (linear metres) Average workforce. Jan.-Mar. 2007 5,233 121 3 2,490 529,916 1,683,303 34,630. Jan.-Mar. 2008 6,065 16 54 3,066 743,918 1,591,831 39,233. Chg. (%) 15.9 -86.8 -1.700.0 23.1 40.4 -5.4 13.3. 4. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Operating data.

(5) 1Q 2008 RESULTS (Jan.-Mar.) The results are presented in accordance with International Financial Reporting Standards (IFRS). Acciona reports in accordance with its business structure, which comprises five divisions: Acciona Infrastructure: construction, engineering and transport concessions. Acciona Real Estate: property rental and development. Acciona Energy: development, construction, operation and maintenance of renewable energy installations and related manufacturing activities Acciona Logistics & Transport Services: end-to-end passenger and cargo transport by land, sea and air Acciona Urban & Environmental Services: city services and environmental protection Other activities: fund management, securities brokering, wine production and other businesses.. Regarding the EBITDA contribution by divisions in 1Q 08, Endesa contributed 63.5%, Acciona Energy contributed 23.2%, followed by Acciona Infrastructure 8.2%, Acciona Real Estate 3.3% and the Urban and Environmental Services division 1.9%. On the contrary the contribution of Acciona Logistics &Transport Services is negative, due to increased competition within the sector leading to a drop in the average unitary revenue, along with a raise in fuel costs.. % EBITDA Acciona Infrastructure Acciona Real Estate Acciona Energy Acciona Logistics & Transport Services Acciona Urban and Environmental Services Otras Activities Endesa. Mar.-07 28.6% 18.8% 42.6% 1.9% 5.0% 3.1% 0.0%. Mar.-08 8.2% 3.3% 23.2% -2.4% 1.9% 2.4% 63.5%. 5. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. An increase of 164.0% regarding the EBITDA is mainly a consequence of Endesa’s proportional consolidation during 1Q08 as well as to the contribution of Acciona Energia and Other Businesess..

(6) 1Q 2008 RESULTS (Jan.-Mar.). 6. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Capital investment totalled 480 million euro including 216 million euro towards organic growth by Acciona Energy and 159 million euro corresponding to investments by Endesa. The remainder divisions had a total capital expenditure of 105 million euro. Acciona's continuing capital expenditure strategy, together with Endesa’s contribution, have lead to net financial debt at 31st March 2008 amounted of 18,743 million euro (52.7% without recourse) and 289% gearing ratio. The company retains its ability to finance its growth strategy..

(7) 1Q 2008 RESULTS (Jan.-Mar.). 2. Consolidated income statement. Revenues. Jan.-Mar. 2007 % Amount Revenue 1,641 100.0. Jan.-Mar. 2008 % Amount Revenue 2,854 100.0. Chg. (%) 74.8. Other revenues Changes in inventories of finished goods and work in progress Total production value. 162. 9.9. 263. 9.2. 62.2. 50 1,853. 3.0 112.9. 46 3,162. 1.6 110.8. -8.7 70.7. Cost of goods sold Personnel expenses Other expenses EBITDA. -480 -297 -834 241. -29.3 -18.1 -50.9 14.7. -1,182 -420 -925 636. -41.4 -14.7 -32.4 22.3. 146.2 41.3 10.8 164.0. Depreciation and amortisation EBIT. -88 153. -5.3 9.4. -204 432. -7.2 15.1. 133.2 181.5. Financial revenues Financial expenses Exchange differences (net) Results on impairment / release of assets Income from associated companies Income on sale of non-current assets Other gains or losses EBT from continuing activities. 171 -132 -2 0 1 2 -3 190. 10.4 -8.0 -0.1 0.0 0.1 0.1 -0.2 11.6. 75 -297 -13 0 6 5 1 209. 2.6 -10.4 -0,5 0.0 0.2 0.2 0.0 7.3. -55.8 125.2 695.5 0.0 293.7 210.9 -126.3 9.7. Income tax Profit from continuing activities. -53 137. -3.2 8.4. -41 167. -1.5 5.9. -21.8 21.8. Profit after taxes from non-current activities Profit after taxes. 0 137. 0.0 8.4. 37 204. 1.3 7.2. n.a. 48.7. Minority interest Attributable net profit. 3 141. 0.2 8,6. -51 154. -1.8 5.4. -1,714.6 9.5. 7. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. (Million euro).

(8) 1Q 2008 RESULTS (Jan.-Mar.). Revenues Consolidated sales increased by 74.0% to 2,854 million euro due to Endesa’s proportional consolidation during first quarter of the financial year and to the good progress of Acciona Energy, Services and Other Businesses. Acciona Energy boosted sales by 35.5% due to the organic growth of the division in terms of installed wind power capacity and pool prices increase during this year’s 1Q. Endesa contributes with 1,292 million euro to the group’s 1Q total revenues. EBITDA By 31st March EBITDA amounted to 636 million euro, a 164.0% increase, and the EBITDA margin was 22.3%. The incorporation of Endesa means 405 million euro of the total amount. EBIT EBIT amounted to 432 million euro, i.e. 181.5% higher than same period last year, after a 133.2% increase in amortisation. The EBIT margin was 15.1%. EBT from Continuing Activities This figure increased by 9.7% to 209 million euro. This increase shows the positive impact of Endesa’s investment. Attributable net profit. 8. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Attributable net profit increased by 9.5% to 154 million euro..

(9) 1Q 2008 RESULTS (Jan.-Mar.) 3. Business performance. (Millon Euro) EBITDA Infrastructures Real Estate Energy Logistics & Transport Services Urban & Environmental Services Otros businesses and Finantial Endesa Consolidation Adjustments. (Million Euro) BAI Infrastructures Real Estate Energy Logistics & Transport Services Urban & Environmental Services Other businesses and Financial Endesa Consolidation Adjustments. Jan-Mar 07 Amount % Reven. 1,641 100.0 948 57.8 114 6.9 252 15.3 194 11.8 163 9.9 33 2.0 0 0.0 -62 -3.8. Jan-Mar 08 Amount % Reven. 2,854 100.0 818 28.6 70 2.5 341 12.0 197 6.9 170 6.0 35 1.2 1,292 45.3 -69 -2.4. Jan-Mar 07 Amount % Reven. 241 14.7 69 7.3 45 39.9 103 40.8 5 2.4 12 7.4 10 31.6 0 0.0 -3 4.7. Jan-Mar 08 Amount % Reven. 636 22.3 52 6.4 21 29.4 148 43.5 -15 -7.5 12 7.0 15 41.1 405 31.3 -2 2.4. Jan-Mar 07 Importe % Ventas 190 11.6 53 5.6 36 31.6 42 16.8 -17 -9.0 8 5.0 16 49.0 56 n.a. -4 6.9. Jan-Mar 08 Importe % Ventas 209 7.3 38 4.6 8 10.9 69 20.2 -31 -15.8 6 3.2 17 47.1 106 8.2 -3 3.9. Chg. (%) 74,0 -13.7 -38.3 35.5 2.0 4.2 6.7 n.a.. Chg. (%) 164.0 -24.2 -54.6 44.6 -420.5 -1.0 39.1 n.a.. Chg. (%) 9.7 -28.9 -78.8 63.1 -79.5 -32.7 2.6 88.9. 9. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. (Million Euro) Revenues Infrastructures Real Estate Energy Logistics & Transport Services Urban & Environmental Services Other businesses and Finantial Endesa Consolidation Adjustments.

(10) 1Q 2008 RESULTS (Jan.-Mar.) 3.1. Acciona Infrastructure. (Million euro) Revenues EBITDA Margin EBT Margin. January-March 2008 Chg. (%) 948 818 -13.7 69 52 -24.2 7.3% 6.4% 53 38 -28.9 5.6% 4.6%. 2007. Revenues amounted to 818 million euro, a 13.7% decrease on same period last year. EBITDA decreased by 24.2% to 52 million euro, and the EBITDA margin was 6.4%. Earnings before taxes (EBT) decrease by 28.9% to 38 million euro, and the margin fell by 100 basis points. Since 4Q07 concessions to hospital services are added to Acciona Infrastructure, whereas previously were consolidated as part of Acciona Urban and Environmental Services. The construction backlog in March amounted to 6,065 million euro, 15.9% more than in same period last year.. CIVIL ENGINEERING Obras emergencia. Deposito Culleredo, A Coruña Ampliación Puerto Exterior de Ferrol, 2ª F. Vía alta capacidad VG-1.4. Cee-Sardiñeiro UTE Bypass Sur Túnel Norte (LP.1) M-30 Puente San Isidro-Puente de Praga (CF.1). Cont. Princ. Túnel de Pajares 1 UTE.(MF.3 y MF.4). (Modificado 2)Conval y resto . Infraestructura. Prolongación línea FGC. Sabadell. Barcelona (50%) L/AVE. Sagrera-Nudo Trinidad. Sector S. Andreu UTE. Túnel de Pajares 1 (OC.1). Obra Lote 2 . Obra Lote 2 Nuevo acceso. Variante de Roquetas de Mar. Almería Autovia Izbor-Velez de Benaudalla (RV.1) UTE Nueva Pista. Málaga (MF.1) UTE Plaza 2ª fase (MF.7). s/ Certif Oct-07 Abastecimiento núcleos embalse de Entrepeñas y Buendía. Cuenca Infraestructura. Prolongación línea FGC. Sabadell. Barcelona (50%) PyO Conducción aguas refrigeración CTCC. Besós. Barcelona UTE. línea 9 del FMB (RV.6). Tuneladora Mov. tierras/pilotajes/cimentación/estructura C. Comercial Cornella Construcción 5º Tanque de almacenamiento GLP. Planta Cartagena Carretera S-8 de Konotopa a Prymasa Tysiaclecia. Polonia Puente sobre el río Odra. Polonia Travesía de Fougamou. Gabón. 10. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Main contracts obtained in January-March 2008.

(11) 1Q 2008 RESULTS (Jan.-Mar.) RESIDENTIAL BUILDING 24 viviendas C/ Alameda. Madrid 122 viviendas PAU-1. Alicante Edificio residencial calle Panska. Polonia. 11. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. NON-RESIDENTIAL BUILDING Instalaciones edificio oficinas parque empresarial Las Rozas, Madrid Edificio oficinas/centro formación Parla Edificio oficinas c/ Gonzalez Tablas,7 de Pamplona Urbanización y muros Feria Muestras de Zaragoza.

(12) 1Q 2008 RESULTS (Jan.-Mar.) 3.2. Acciona Real Estate January- March (Million euro) Revenues EBITDA Margin EBT Margin. 2007. 2008. 114 45 39.9% 36 31.6%. 70 21 29.4% 8 10.9%. Chg. (%) -38.3 54.6 -78.8. Acciona Real Estate's revenues amounted to 70 million euro. EBITDA decreased by 54.6% to 21 million euro. Since 4Q07 the parking activity consolidates as part of Acciona Real State, whereas previously it was consolidated as part of Acciona Urban and Environmental Services.. (Million euro) Residential property pre-sales Land purchases. 2007 121 3. January-March 2008 Chg. (%) 16 -86.8 54 1,700.0. 12. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Residential property pre-sales amounted to 16 million euro and land investment was of 54 million euro..

(13) 1Q 2008 RESULTS (Jan.-Mar.) 3.3. Acciona Energy January-March 2008 Chg. (%) 252 341 35.5 103 148 44.6 40.8% 43.5% 42 8 63.1 16.8% 20.2%. (Million euro) Revenues EBITDA Margin EBT Margin. 2007. Acciona Energy's revenues increased by 35.5% to 341 million euro which shows the strong organic growth of the division. Acciona Energy's EBITDA amounted to 148 million which represents an increase of 44.6%. This is mainly explained by an increase in the installed wind power which lead to greater wind power production. Additionally the EBITDA was positively affected by an increase in the wind power energy pool price in the first quarter of the year. Installed wind power capacity increased by 23.1% in attributable terms and attributable wind power output increased by 12.3%. Acciona Energy's installed capacity at 31rst March 2008, by technology, was as follows:. Minihydro Biomass Solar Cogeneration Total other technologies Total Energy. 59 33 81 103 276. 59 33 81 103 276. 4,145. 3,342. 13. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Installed capacity (MW) Wind power in Spain Wind power in other countries Total Wind. 31st March 2008 Total Attributable 3,085 2,492 784 574 3,869 3,066.

(14) 1Q 2008 RESULTS (Jan.-Mar.). Energy production by 31rst March 2008 was as follows:. (GWh produced) Wind power in Spain Wind power in other countries Total Wind Minihydro Biomass Solar Cogeneration Total other technologies Total Energy. 31st March 2008 Total Attributable 1,884 1,488 337 235 2,221 1,723 46 65 22 176 309. 46 65 22 176 309. 2,530. 2,032. 14. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. The percentage of attributable capacity (MW) is 80% overall, 78% in wind and 100% in other technologies..

(15) 1Q 2008 RESULTS (Jan.-Mar.) 3.4. Acciona Logistics & Transport Services (Million euro) Revenues EBITDA Margin EBT Margin. January-March 2007 2008 Chg. (%) 194 197 2.0 5 -15 -420.6 2.4% 7.5% -17 -31 79.5 -9.0% -15.8%. During 1Q 2008, Acciona Logistics & Transport Services had a negative contribution to EBITDA as a result of an increase of competition in the sector, the impact of lines restructuring, and the raise in fuel prices.. Passengers served Cargo handled (linear metres). 529,916 1,683,303. Jan.-Mar. 2008 743,918 1,591,831. Chg. (%) 40.4 -5.4. 15. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Jan.-Mar. 2007.

(16) 1Q 2008 RESULTS (Jan.-Mar.) 3.5. Acciona Urban & Environmental Services. (Million euro) Revenues EBITDA Margin EBT Margin. January-March 2008 Chg. (%) 163 170 4.2 12 12 -1.0 7.4% 7.0% 8 6 -32.7 5.0% 3.2%. 2007. The 4.2% increase in sales is due to the organic growth of this division's activities: water, facility services, waste collection, sewage, and funerary services. During the last trimester of 2007 the activities regarding parking and hospital serviced were pulled out from the perimeter of the division’s consolidation. ACCIONA Water along with its partner United Utilities Australia have been selected by Water Corporation to design the definite project of building and managing a desalination plant in Perth, Australia. Both chosen parties will sign a contract over next six months to carry out the final design and will apply for the project which will go over 25 years. Its estimated costs are around 300 and 400 million euros.. 16. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. The plant will have a production capacity of 140.000 m3/d in Phase 1, which could probably be extended to 280.000 m3 in Phase 2. The plant will supply to a population of 400.000 people..

(17) 1Q 2008 RESULTS (Jan.-Mar.) 3.6. Other businesses and financial results (Million euro) Revenues EBITDA Margin EBT Margin. January-March 2007 2008 Chg. (%) 33 35 6.7 10 15 39.1 31.6% 41.1% 16 17 2.6 49.0% 47.1%. The activities included in this area are: i) Fund management through Bestinver, which reached 4,323 million euro under management at 31rst March 2008; ii) Wine production and marketing; and iii) Media (GPD, which is fully consolidated).. 17. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Revenues increased by 6.7% in 2008. EBITDA increased by 39.1% to 15 million euro. The EBT increased by 2.6% to 17 million euro..

(18) 1Q 2008 RESULTS (Jan.-Mar.) 3.7. Endesa At 31st March 2008, Acciona owned 264,793,905 shares of Endesa, representing 25.01% of its capital stock, acquired for an amount of 9,272 million euro, i.e. approximately 35 euro per share of Endesa. The investment is part of the strategic plan to expand in the electricity business.. (Million euro) Revenues EBITDA Margin EBT Margin. January-March 2007 2008 Chg. (%) 0 1,292 n.a. 0 405 n.a. 31.3% 56 106 88.9 8.2%. The impact of Endesa on revenues and EBITDA corresponds with the proportional consolidation of Endesa’s 25% during 1Q08. The 1Q07 EBT refers to the positive result obtained by dividends on the Endesa shares, net of expenses associated to the transaction during the first nine months of 2007, while the 1Q08 EBT figure corresponds to proportional consolidation of Endesa’s 25%.. . The first quarter saw a general increase in generation costs as a result of scant rainfall and higher fuel and CO2 emission rights costs, which gave rise to an average increase in wholesale prices of 62.1%.. . Endesa sold 54% of its mainland output under ordinary regime to deregulated customers: 17.2% in regulatory stipulated auctions and the remainder on the wholesale market.. . Demand for electricity in the Spanish mainland grew by 2.1% in 1Q08 vs 1Q07. This growth in demand was met with a 12.5% increase in energy generated from renewable sources, which accounted for 23.7% of the total, and a 3.1% increase in ordinary regime output.. Business highlights in Latin America: . There was more moderate growth in demand during 1Q08, although demand in Peru jumped a noteworthy 9.4%. In Chile demand grew by 5% while in Argentina it advanced by 3.8%, in Brazil by 3.3% and lastly, in Colombia, by 1.6%.. . These demand trends underpinned total electricity sales growth of 3% vs. 1Q07.. . The generation business continued to suffer from gas supply issues during 1Q08 and also lower rainfall which led to a fall in hydro and an increase in liquid fuel output. Output in Latin America was 2.6% lower in 1Q08.. 18. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Business highlights in Spain and Portugal:.

(19) . Scant rainfall and continuing gas supply issues triggered higher load factors at the fossil fuel powered stations, specifically high use of liquid fuels which in turn pushed generation costs higher. Nonetheless, Endesa’s favourable generation mix in Latin America and higher sales prices led to a 35% increase in the unit margin.. . In distribution, the moderate growth in energy sales (+3%) was not enough to offset higher non-recurring power purchase costs in Brazil, which triggered a deterioration in operating metrics.. 19. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. 1Q 2008 RESULTS (Jan.-Mar.).

(20) 1Q 2008 RESULTS (Jan.-Mar.) 4. Consolidated balance sheet 31-March-08 Amount % Total 15,383 41.4. 1,486. 4.1. 1,434. 3.9. GOODWILL. 8,105. 22.3. 8,159. 22.0. OTHER NON-CURRENT ASSETS. 1,002. 2.8. 1,060. 2.9. NON-CURRENT ASSETS. 25,599. 70.6. 26,036. 70.1. Inventories Accounts receivable Other current assets Current financial assets Cash and cash equivalents Assets held for sale CURRENT ASSETS. 2,142 4,157 583 256 1,566 1,974 10,677. 5.9 11.5 1.6 0.7 4.3 5.4 29.4. 2,297 4,306 601 195 1,596 2,103 11,098. 6.2 11.6 1.6 0.5 4.3 5.7 29.9. TOTAL ASSETS. 36,276. 100.0. 37,134. 100.0. Capital Reserves Profit attributable to equity holders of parent Own Securities Interim divident EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT MINORITY INTERESTS. 64 4,061 974 -154 -85 4,860. 0.2 11.2 2.7 -0.4 -0.2 13.4. 64 4,900 154 -155 -85 4,877. 0.2 13.2 0.4 -0.4 -0.2 13.1. 1,596. 4.4. 1,611. 4.3. EQUITY. 6,456. 17.8. 6,489. 17.5. Interest-bearing borrowings Other non-current liabilities NON-CURRENT LIABILITIES. 15,898 3,619 19,517. 43.8 10.0 53.8. 16,532 3,719 20,251. 44.5 10.0 54.5. Interest-bearing borrowings Trade payables Other current liabilities Liabilities associated to assets held for sale TOTAL LIABILITIES AND EQUITY. 3,728 4,325 1,558 692 10,303. 10.3 11.9 4.3 1.9 28.4. 4,002 4,274 1,373 745 10,395. 10.8 11.5 3.7 2.0 28.0. 36,276. 100.0. 37,134. 100.0. Acciona's equity amounted to 6,489 million euro at 31rst March 2008, which is a 17.5% more than at the end of last financial year.. 20. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. (Millones de Euros) PROPERTY, PLANT & EQUIPMENT, AND INTANGIBLE ASSETS FINANCIAL ASSETS. 31-Dec-07 Amount % Total 15,006 41.4.

(21) 1Q 2008 RESULTS (Jan.-Mar.). Net financial debt amounted to 18.743 million euro at 31rst March 2008, i.e. 289% leverage, due mainly to the acquisition of 25.01% of ENDESA and the consolidation of 25% of its debt. The deal was financed with two syndicated loans: i) a syndicated loan to Acciona, S.A. amounting to 2,513 million euro, against which 1,430 million euro have been drawn to finance part of the acquisition of Endesa, S.A. by subsidiary Finanzas Dos, S.A. This syndicated loan includes a cap of 1,083 million euro which is the maximum amount that Acciona, S.A. has undertaken to contribute to Finanzas Dos, S.A. in the event that the Senior Debt Coverage Ratio of Finanzas Dos, S.A. is less than 1.15. ii) Another syndicated loan, to Finanzas Dos, S.A., amounting to 5,678 million euro against which 5,570 million euro have been drawn to finance the acquisition of shares of Endesa, S.A. owned by Finanzas Dos, S.A. That loan is secured by a pledge on the shares of Endesa, S.A. owned by Finanzas Dos, S.A., thus enabling the company to retain its capacity to invest. The remaining 1.03% has been financed through corporate loans. A 3.97% of the takeover bid has been financed through a syndicated loan of 1,691 million euro.. (Million euro) Cash + cash equivalents. 31 Dec. 07 Amount % Total 1,822. Interest-bearing borrowings without recourse Interest-bearing borrowings with recourse Total interest-bearing debt. 10,778 8,848 19,626. Net debt. -17,804. 54.9 45.1 100.0. 31 Mar. 07 Amount % Total 1,792 10,828 9,707 20,534 -18,743. 52.7 47.3 100.0. Chg. (%). 0.5 9.7 4.6 5.3. Net debt performed as follows in the period: 31/03/2007 30/06/2007 30/09/2007 31/12/2007 31/03/2008 -9,906 -10,148 -10,804 -17,804 -18,743 -183% -183% 196% -276% -289%. Capital expenditure amounted to 480 million euro in the period, from which 216 million euro were invested in the organic growth of Acciona Energía and 159 million euro correspond to investments carried out by Endesa. The rest of the areas’ capital expenditure amounted 105 million euro.. (Million euro) Acciona Infrastructure Acciona Real Estate Acciona Energy Acciona Logistics & Transport Services Acciona Urban & Environmental Services Other business Endesa Total. Capital expenditure Jan.-Mar. 2008 38 46 216 2 19 0 159 480. 21. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Net debt (million euro) Gearing (Debt/Equity).

(22) 1Q 2008 RESULTS (Jan.-Mar.) 5. Annex 5.1. Significant communication to the stock market regulator . On 28th January 2008 Acciona Acquired6.87% of the corporate capital of Acciona Eólica Cesa, S.L. (formerly Corporación Eólica Cesa, S.L.) for an aggregate amount of 77.1 million euro. Pursuant to the agreements entered into in January 2006, said amount results from applying the Euribor to the amount paid in 2006 for Acciona Eólica Cesa, S.L. With this Acquisition Acciona controls 100% of the corporate capital of Acciona Eólica Cesa, S.L.. . The Board of Directors of ACCIONA, S.A. has adopted, at the meeting held on March 25, 2008, the following resolutions, among others: -. -. Formulate the annual accounts (balance sheet, profit and loss account, and annual report) corresponding to the fiscal year 2007 of Acciona, S.A., and its consolidated Group of companies, which contents does not differ from the provisional financial statements formulated as of the closing of said fiscal year, previously disseminated through the Comisión Nacional del Mercado de Valores. To propose to the Annual General Shareholders Meeting the payment of a gross dividend of €2,31 per share against the profits of the fiscal year 2007, in addition to the dividend on account of €1,34 distributed in January of this year.. 5.2. Dividend. 5.3. Acciona: Share data. Price at January 1st 2008. Share data Mar. 2008 169,65. Price at March 31th 2008. 208,95. Low in 3m 08 (03/01/2008). 157,20. High in 3m 08 (04/03/2008). 210,95. Average daily trading (shares). 356,406. Average daily trading (euro). 62,749,553. Number of shares. 63,550,000 st. Market capitalisation on 31 Mar. 2008 (million euro). 10,781. 22. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. On 27th December 2007 the Board of Directors of Acciona, S.A. resolved the distribution of 1.34 euros gross per share in account of the dividend, against results of the 2007 fiscal year, to be approved by the forthcoming Annual General Shareholders Meeting. The payment of this dividend on account amounts to an aggregated of 85.2 million euro. This dividend was paid on 15th January 2008..

(23) 1Q 2008 RESULTS (Jan.-Mar.) 5.4. Acciona: Share performance in 3m 08 250. 200. 150. 100. 50. 15/01/08. 29/01/08. 12/02/08. 26/02/08. 11/03/08. 25/03/08. 23. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. 0 01/01/08.

(24) 1Q 2008 RESULTS (Jan.-Mar.). 6. Contact. Investor Relations Department -------------------Avda. Europe, 18 Parque Empresarial 28108 Alcobendas (Madrid) ---------------------------------. [email protected]. 24. WorldReginfo - e78f56d5-ff0f-423f-96ce-0bc3902eb35a. Tel.: 91 623 11 44 Fax: 91 663 29 29.

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