ANNUAL REPORT

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(1)WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. ANNUAL REPORT 2011.

(2) WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d.

(3) WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. annual report 2011.

(4) contents 04. KEY. 08. LETTER FROM. 12. MISSION, VISION. 14. 2011. 20. ORGANIZATIONAL CHART. 22. INTERNATIONAL. 30. ACCIONA IN 2011. 114. innovaTIOn. THE CHAIRMAN. & VALUES. ACCIONA Infrastructure ACCIONA Energy ACCIONA Agua ACCIONA Real Estate ACCIONA Logistic & Transport Services ACCIONA Urban & Environmental Services Other Businesses: Bestinver, Hijos de Antonio Barceló & GPD. MILESTONES. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. FIGURES.

(5) KEY FIGURES. Acciona Annual Report 2011. january-december 2011. Starting price (€). 53.11. Final price (€). 66.73. Appreciation (%). 25.6%. Low in 2011 (€). 51.43. High in 2011 (€). 80.47. Market capitalization at 31 December (million euros). 4,241. Stock vs. ibex 35 performance in 2011 60%. ACCIONA IBEX 35. 50% 40% +26%. 30% 20% 10% 0% 1-11 -10% -20% -30%. 2-11. 3-11. 4-11. 5-11. 6-11. 7-11. 8-11. 9-11. 10-11. 11-11. 12-11 -13%. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. share performance. // 4.

(6) Acciona Annual Report 2011. TURNOVER (million euros). EBT. EBITDA (million euros). Infrastructure. 2011 3,522. 11/10 12.9. 204. 104. -48.9. 1,497. 1,650. 10.2. 777. 714. -8.1. 732. 697. -4.8. 119. 135. 13.6. -187. -177. n.a.. 6,263. 6,646. 6.1. Real Estate Energy Logistics & Transport Water & Environmental Services Other Businesses and Financials Consolidation Adjustments Turnover. (million euros). CHANGE (%). CHANGE (%). CHANGE (%). 2010 3,121. // 5. Infrastructure Real Estate Energy Logistics & Transport Water & Environmental Services Other Businesses and Financials Consolidation Adjustments EBITDA. 2010 204. 2011 215. 11/10 5,6. 23. 12. -49.7. 821. 956. 16,4. 74. 25. -66.6. 60. 55. -8.6. 46. 55. 19.6. -17. -5. n.a.. 1,211. 1,312. 8.3. 2010 97. 2011 123. 11/10 26.5. Real Estate. -6. -51. n.a.. Energy Logistics & Transport. 81. 101. 24.1. 10. -34. n.a. 23. 18. -22.5. 47. 58. 23.9. -11. -3. n.a.. Infrastructure. Water & Environmental Services Other Businesses and Financials Consolidation Adjustments Extraordinary items EBT. TURNOVER (million euros). EBITDA (million euros). 0. 12. n.a. 240. 224. -6.8. EBT (million euros). 1,312 1,211. 240. 6,646 224. 2011. 2010. 2011. 2010. 2011. 2010. 6,263. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. KEY FIGURES.

(7) KEY FIGURES. Acciona Annual Report 2011. // 6. ACCIONA has proposed that the Shareholders’ Meeting approve the payment of. 190.7 million euros in. dividends per share. Payouts/net income. dividend yield (1). (euros). (%). (%). 245% 3.65. 2.92. 3.01. 3.10. 3.00. 3.5%. 4.4%. 4.4%. 118% 100%. 94%. 2.0%. 2.1%. 2007. 2008. 67%. 2007. 2008. 2009. 2010. * Pending approval by the Shareholders’ Meeting.. 2011*. 2007*. 2008*. 2009. 2010. * Excluding results from Endesa. ** Pending approval by the Shareholders’ Meeting.. 2011**. 2009. 2010. 2011*. Dividends as a % of the average share price in the year. * Pending approval by the Shareholders’ Meeting.. (1). WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. dividends, with an implied dividend yield of 4.4%**.

(8) KEY FIGURES. Acciona Annual Report 2011. // 7. Turnover amounted to. 6.646 billion. TURNOVER. EBITDA. (euros). EBT. (euros). (euros). 7,208 6,749. 6,515. 6,263. 6,646. 1,211 978. 1,069. 1,312. 1,043 501. 353. 320 240. 2007*. 2008*. 2009. * Excluding results from Endesa.. 2010. 2011. 2007*. 2008*. 2009. * Excluding results from Endesa.. 2010. 2011. 2007*. 2008*. 2009. * Excluding results from Endesa.. 2010. 212. 2011. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. euros in 2011, up from 6.263 billion euros in 2010.

(9) letter from the chairman. Acciona Annual Report 2011. // 8. letter from the chairman. Dear Shareholders, I am particularly pleased to present our Annual Report 2011 in view of the solid performance it reflects and which comes in the face of significant economic adversity and complexity. The solidity shown by our Group stems fundamentally from our exacting business model and also from our unswerving respect for a set of principles that we have been defending for many years now. Both of these factors enable us to uphold our growth policy and to follow the road towards a greater international presence in the future. Certainly, the year 2011 stood out for rising international financial and economic tensions, particularly in the European Union where we have witnessed the introduction. of extremely austere fiscal policies, the progressive deleveraging of the banking sector and, consequently, increasing difficulties to obtain credit; at the same time, marked uncertainty has surrounded the sovereign debt of the Euro zone overall. The crisis has also underscored the significant weakness of a number of economies, Spain’s among them, which have been subjected to severe market pressure as a result of doubts over their real capacity to meet existing commitments. The fluctuations in Spain’s risk premium immediately spring to mind. But, above all, the crisis that has gripped Spain has served to highlight the urgent. need for structural reforms. Subsequently, labor, financial services, budget stability and education and health reforms have been introduced. No doubt they are all necessary; yet they need to be complemented by a raft of measures aimed at bringing about the growth required for ensuring operational, innovation and investment capacity for Spain’s businesses. Moreover, we’re not starting from scratch, and there are a number of solid and reliable pillars on which Spain can rest its recovery in terms of job creation and increased confidence abroad. And then there’s the pending energy sector reform. Clearly, it is a priority given the need for a new energy model for Spain, one. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. José Manuel Entrecanales. Chairman & CEO of ACCIONA.

(10) letter from the chairman. Acciona Annual Report 2011. // 9. capable of reducing our untenable energy dependence and guaranteeing economic sustainability. Even so, and despite the complex economic situation, in FY2011 ACCIONA posted revenues of 6,646 million euros, 6.1% more than in 2010; EBITDA amounted to 1,312 million euros (up 8.3% on 2010), and net attributable profit came to 202 million euros, a 20.8% rise on the previous year’s figure. These results mirror the favorable progress of the Company’s strategic businesses, particularly Energy and Infrastructure. For yet another year, ACCIONA Energy was the main contributor to Group EBITDA. (73%), bringing in 956 million euros, 16.4% more than in 2010. In 2011 our energy arm installed a total 701 MW of renewable energies, mainly wind power (651 MW), of which 604 MW were installed overseas, taking the Group’s total installed capacity to 8,211 MW, thus consolidating its position as the world’s number three renewables operator. Increased international construction activity helped ACCIONA Infrastructure to post 3,522 million euros in revenues, 12.9% more than in 2010, while EBITDA rose 5.6% to 215 million euros. At 31 December 2011, ACCIONA’s backlog stood at 6,497 million euros (41% from overseas projects).. ACCIONA Agua and Environmental obtained 697 million euros in revenues and an EBITDA of 55 million. At December 2011, the Agua portfolio stood at 4,783 million euros (of which 36% was international business). This healthy performance is accompanied by 280 million euros’ worth of capital gains obtained from the successful execution of the Company’s mature assets rotation plan. The year 2011 saw a number of divestments: the “Américo Vespucio Sur” and the “Red Litoral Central” roadways, both in Chile; our car parks business, the “Splau!” shopping center and the sell-off of 15% of ACCIONA Termosolar S.L., the owner of 200MW’s worth of solar thermal farms in Spain. Jointly, these divestments >>. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. “Energy sector reform in Spain is clearly a priority in order to reduce our untenable energy dependence and guarantee economic sustainability”.

(11) letter from the chairman. Acciona Annual Report 2011. // 10. >> came to more than 269 million euros. At the same time, and prompted by possible price changes in the real estate sector and in view of the Bank of Spain’s provisioning requirements for Spanish financial services players, the Company decided to exercise caution in managing and providing provisions to the tune of 269 million euros. As far as investments go in 2011 ACCIONA was selective and invested 989 million euros, of which 802 million euros were assigned to the organic growth of ACCIONA Energy. Despite these significant investment efforts, cash generation and asset rotation helped ACCIONA to end the year with a net debt of 6,991 million euros, just 6.1% more than in December 2010; and with a solid financial and cash flow structure materialized in 1,575 million euros’. worth of undrawn credit lines. It is worth highlighting that, despite the downturn, our Company is not faced with significant re-financing efforts over the next few years, and that 68% of our net debt is nonrecourse debt. But our commitment to accountability, to our shareholders and stakeholders does not stop at providing economic data and information. Accordingly, one of our objectives now is to submit our Sustainability Report for its approval by the next General Shareholders’ Meeting. ACCIONA’s Board of Directors’ Sustainability Committee gave the green light to the extension of the Sustainability Master Plan for the period 2010-2015 (SMP 2015 for short), aligning its period of application with that of the Company’s Strategic Business Plan.. The SMP 2015 has its sights firmly set on enhancing our competitive capacity, particularly in the sphere of Innovation, by adding a number of objectives that help to set us apart from the rest of the field, and sharpen our ability to anticipate risk and make the very most of the many and sizeable opportunities that will appear during this decade, adhering strictly at all times to the principles and the model of sustainability that we have been upholding for so long. Innovation stands as one of the main linchpins of this model, and the SMP 2015 reflects this fact with an R&D and Innovation investment target of 500 million euros for the period. In line with this goal, in 2011 we invested a total 93.6 million euros. In addition, we concluded the engineering design phase of the “HiPRWind” project, which envisages the. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. In 2011 ACCIONA was selective and invested 989 million euros, of which 802 million euros were assigned to the organic growth of ACCIONA Energy.

(12) installation of a floating wind turbine generator in Spanish territorial waters sometime in 2013; ACCIONA Agua, for its part, brought into operation the first experimental wastewater treatment plant using advanced anaerobic nitrification. All of this has garnered ACCIONA acclaim and recognition from a number of leading international organizations. In 2011, and for the fifth year running, we renewed as a component in the Dow Jones Sustainability Index; and we joined the FTSE4Good Index and the Carbon Performance Leadership Index (CPLI) Europe300, and this comes as a good show of support for our business model and our notion of Sustainability. Among our many Good Governance practices, one stands out in particular,. Acciona Annual Report 2011. namely the “Code of Conduct”; from now on, it contains not only the new legal requirements that are needed for bringing about change, but also, as an annex, our “Ethical Principles for Suppliers”. Finally, we have subscribed to the “Good Tax Practices Code” in an effort to round-off the existing control, prevention and compliance systems currently in place. In 2011, our social contribution to a number of projects came to the equivalent of 4.06% of dividend. In addition, ACCIONA’s commitment to society also, and logically, extends to the environment. In 2011 we reined in our CO2 emissions by 19%, used 28% less energy than in 2010, and recycled and reuse water accounted for 20% of the Company’s total water use.. It’s obvious that there’s still a long way to go, and that there are economic and other challenges that affect our social contribution and our defense of the environment. But in these times of great uncertainty, the principles on which we base our actions, and which are underpinned by values that take the long view, come into their own and help us to take on, with equal measures of responsibility and optimism, the commitments that frame our day-today efforts wherever we operate. I am firmly convinced that our company model brings consistency not only to reasonable and hopeful levels of environmental conservation, but also to the sustainable and balanced development of our society.. // 11. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. letter from the chairman.

(13) WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. mission, vision and values.

(14) Our MISSION is to be leaders in building, developing and managing infrastructure, energy and services, and to contribute actively to social well-being, sustainable development and value creation for our stakeholders.. Our VISION is to face the challenge of achieving sustainable development in all of our business areas so that the generations of today and tomorrow will have a better life.. Acciona Informe Anual 2011. // 13. Our values. HONESTY. We strive for transparency, dialogue and participation in all of our actions. LEADERSHIP. We believe that innovation and foresight will allow us to be pioneers and leaders in future trends in all aspects of our business activity. EXCELLENCE. ACCIONA aims to set the benchmark in the markets where it operates. CONCERN FOR THE ENVIRONMENT. In 2011, ACCIONA avoided the emission of 11.7 million metric tons of CO2, an increase of 2% on 2010. SOCIAL RESPONSIBILITY. ACCIONA’s commitment to sustainable development is evidenced by its ranking as a sector leader in the Dow Jones Sustainability Index in recent years.. LONG-TERM VIEW. Our pledge to sustainability confirms our commitment to finding forward-looking solutions and business models. FINANCIAL STRENGTH. We guarantee the viability and profitability of our businesses, creating a relationship of trust with our shareholders and stakeholders. CUSTOMER FOCUS. Our customers’ satisfaction is one of the fundamental principles of our bid for excellence. INNOVATION. One of ACCIONA’s strategic pillars. CARE FOR PEOPLE. Our system is based on integration and equal opportunities. We aim to create a work environment that promotes professional development, and respect for our employees’ personal lives, as well as their health and safety.. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. misión, visión y valores.

(15) WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. 2011 milestones.

(16) FEBRUARY ACCIONA was awarded the contract to build and operate a drinking water plant in Mundaring, Australia, as part of the Helena Water consortium. The plant will have an initial capacity of 165 million liters/day and a maximum capacity of 240 million liters/ day. This is the first water treatment project to be built under a public-private partnership (PPP) in the state of Western Australia as well as ACCIONA’s first venture there, marking another milestone in strengthening its presence in that country. ACCIONA sold 15% of ACCIONA Termosolar to Mitsubishi Corporation, for 45.8 million euros. ACCIONA Termosolar S.L. owns four solar thermal plants in Spain, of which three are operational and one is under construction, with a total capacity of 200 MW. ACCIONA, together with the EU Corporate Leaders Group in Climate Change (EUCLG), met with José Manuel Durao Barroso, President of the European Commission, and Jerzy Buzek, President of the European Parliament, to advance the European Agenda on Climate Change. ACCIONA Energy signed a nationwide Equality Plan with the main trade unions, UGT and CCOO, impacting over 1,500 employees in Spain. This plan reflects. Acciona Annual Report 2011. ACCIONA’s firm commitment to social responsibility in labor relations.. MARCH ACCIONA inaugurated its second solar thermal plant in Extremadura, worth 237 million euros. The 50 MW plant, which will meet the electricity needs of 30,000 households, has already led to the creation of 31 jobs and created more than 350 on average during the construction phase. ACCIONA Energy commenced construction of its first wind farm in Poland. The facility (38 MW), worth approximately 223 million zlotys (57 million euros), will generate enough clean energy to meet the needs of around 40,000 homes. Grupo Entrecanales S.A. and its subsidiaries, Servicios Urbanos Integrales S.A., Tivafen S.A. and Osmosis Internacional, S.A., which together owned 59.63% of ACCIONA, S.A., were dissolved (but not liquidated) in 2011 as a result of a decision by the Shareholders’ Meeting that those companies be absorbed by ACCIONA, S.A. As a result, the shareholders of Grupo Entrecanales became direct shareholders of ACCIONA, S.A. and holders of significant stakes, as disclosed on the Spanish National Securities Market Commission’s website (www.cnmv.es).. ACCIONA continues to be the only Spanish company in the FTSE4Good sustainability index. The FTSE4Good Index Series is a tool for investors looking for companies which comply with internationally-recognized standards and which contribute to corporate responsibility at global level. ACCIONA Microenergy Foundation, Energy Without Borders, and the ICAI Engineers Foundation for Development are committed to the “Luz Comunitaria-Cajamarca” project, which will provide electricity through renewable energies to 40 community centres in isolated rural areas of Cajamarca (Peru). King Juan Carlos presided over the presentation of the second edition of the José Entrecanales Ibarra Awards for Civil Engineering and Development Aid, granted by the José Entrecanales Ibarra Foundation. The international award recognizes professionals who have worked to promote and develop engineering.. APRIL ACCIONA received the Best Civil Engineering project award in 2011 from JEC Composites (the largest composites industry organization in Europe) for its composite bridge beam in Almuñécar.. // 15. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. MILESTONES.

(17) Acciona Annual Report 2011. ACCIONA refinanced 1,421.2 million euros at 18 years through its Energy division subsidiaries Corporación ACCIONA Eólica, S.L., and ACCIONA Saltos de Agua, S.L. The underwriting banks were BBVA, Banco Santander, La Caixa, Caja Madrid, Société Générale, Crédit Agricole, Banesto, Banca IMI, WestLB, Helaba, Banco Sabadell and Banco Popular. ACCIONA was named Sponsor of the Year by Infrastructure Journal in recognition of the financing of large infrastructure, energy and water projects worldwide. ACCIONA Agua obtained AENOR certification of its Integrated Quality and Environmental Management System. ACCIONA sold two concessions in Chile, namely, its 50% stake in Autopista Vespucio Sur and in Red Vial Literal Central, to Atlantia for 293 million euros. It also sold its stake in the operator of both toll roads. ACCIONA Agua received two distinctions in the Global Water Intelligence awards, Water Deal of the Year and Best Desalination Plant, in recognition of the public-private partnership model for financing the. Atotonilco wastewater treatment plant (Mexico) and the cutting-edge technical and environmental technology implemented in the Beckton desalination plant (UK).. MAY The wastewater treatment plant in Lugo, built by ACCIONA Agua for the Confederación Hidrográfica del Norte water authority, received an honorable mention in the San Telmo awards. This distinction, presented by the Institute of Civil Engineers of Galicia, described the plant as “the best civil engineering project completed in the last year in Galicia.” ACCIONA Energy’s fourth wind farm (45 MW) in Canada (Lamèque, New Brunswick) entered into operation. The 82 million euro facility will generate energy equivalent to the needs of 8,000 households. ACCIONA Agua will build a desalination plant in the Atacama Desert, in Chile, and operate the plant for 20 years. The plant will have an initial capacity of 17 million liters/ day with scope for expansion to 52 million liters/day.. ACCIONA obtained attributable net profit of 56 million euros in the first quarter, up 53.1% year-on-year. EBITDA totaled 308 million euros, a 12.3% increase. ACCIONA completed the sale of its portfolio of operational car park concessions, comprising 17,147 spaces in Spain, Andorra and Brazil, for a total of 190 million euros. JUNE ACCIONA was awarded the contract to supply electricity to all of the desalination and drinking water plants and other facilities managed by Aguas de las Cuencas Mediterráneas, a Spanish State-owned company. The 24.1 million euro contract calls for the supply of 295 GWh between July 2011 and June 2012. ACCIONA’s Sustainability Report is the first in the world to achieve the highest possible rating, according to the new Global Reporting Initiative (GRI) 3.1 guidelines.. // 16. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. MILESTONES.

(18) JULY ACCIONA obtained a contract for the engineering and construction of a breakwater at a shipyard in São João da Barra (Brazil). It will be the largest in Latin America and will serve as an example for the naval construction in the country. Navantia and ACCIONA are collaborating on the development of offshore wind power in Spain, with a view to jointly undertaking technological and industrial projects which contribute to rolling out offshore wind power. ACCIONA Agua was awarded the contract to build, design, operate and maintain the wastewater treatment plant in Arequipa (Peru). The plant will benefit close to 240,000 people, i.e. 30% of the area’s population. ACCIONA Energy commenced operation of its Palma del Río I solar thermoelectric plant (50 MW), in Córdoba, worth approximately 247 million euros; it will generate clean energy equivalent to the consumption of around 35,000 families.. Acciona Annual Report 2011. ACCIONA Energy inaugurated its third wind farm in Australia. The Gunning facility (46.5 MW) comprises thirty-one 1.5 MW ACCIONA Windpower-designed wind turbine generators (WTG) and will provide electricity equivalent to the needs of 23,250 households. AUGUST ACCIONA Agua commenced operation of its first desalination plant in Algeria, with the capacity to treat 120,000 m3 of water daily and supply 500,000 people. ACCIONA was chosen by Banco Santander to build its Data Processing Centre in the city of Campinas, Brazil, to support the bank’s operations in Latin America. ACCIONA Agua was awarded a 24-year contract by the Caceres city government to provide municipal drinking water supply, sewage maintenance and wastewater treatment services. GPD used cutting-edge technology for the 4D multimedia show (light, sound, music, fireworks and special effects, such as mapping and warping) on the façade of the. // 17. Santiago de Compostela cathedral for its 800th anniversary celebration. SEPTEMBER ACCIONA Infrastructure will work with other companies to build the new container terminal in Cadiz. In the project’s first phase, the companies will build the new terminal on 22 hectares with 590 meters of dock frontage, a 320-meter breakwater, and a draft of 16 meters. ACCIONA completed assembly of three wind farms in Oaxaca, Mexico, with a total installed capacity of 306 MW. The farms employ two hundred and four 1.5 MW WTG using ACCIONA Windpower technology and will produce enough electricity to supply almost 600,000 households. ACCIONA was included in the Dow Jones Sustainability World Index (DJSI World) for the fifth consecutive year. The Dow Jones Sustainability Index is a stock index whose members must demonstrate advanced practices in the various areas of corporate responsibility.. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. MILESTONES.

(19) Acciona Annual Report 2011. Adif and ACCIONA will jointly develop railway projects in Colombia. Adif will provide technical support to ACCIONA in bidding for projects to build new corridors and upgrade existing ones, as part of the Colombian government’s major modernization plans. OCTOBER ACCIONA signed the 2ºC Challenge Communiqué, promoted by the Corporate Leaders Network for Climate Action (CLN) and the EU Corporate Leaders Group on Climate Change (EUCLG), in which more than 185 leading companies from 29 countries call on governments to take decisive action against climate change. ACCIONA Energy completed the assembly of the wind turbines in its third facility in India, the Tuppadahalli wind farm (56.1 MW), which cost 58 million euros. ACCIONA completed the sale of Splau! Shopping Center, in Cornellà (Barcelona), to Unibail-Rodamco, a commercial real estate company, for 185 million euros. This transaction is part of ACCIONA’s asset. rotation strategy, which seeks to optimize value creation in developing projects and drive Company growth. ACCIONA Energy connected the Peña Nebina wind farm (Zamora, Spain) to the grid, bringing the total number of company-owned and third party wind farms installed in Spain to date to more than 200. Those wind farms have a total capacity of 5,976 MW, accounting for 28% of Spain’s wind capacity. NOVEMBER ACCIONA Chairman & CEO José Manuel Entrecanales was reappointed for a two-year mandate to the Executive Committee of the World Business Council for Sustainable Development (WBCSD), which comprises 200 multinationals focused on providing business-oriented solutions and proposals to encourage sustainable development. ACCIONA’s net profit tripled to 314 million euros in the first nine months of 2011.. // 18. ACCIONA won the contract from the Costa Rican Institute of Electricity to build its first wind farm in Costa Rica, worth 90 million euros. The wind farm (45 MW) will comprise thirty-three 1.5 MW ACCIONA Windpower-designed WTGs. DECEMBER ACCIONA and Adif will work together in 2012 to increase the use of renewable energies in Spain’s railway network. ACCIONA will supply renewables-based electricity for more than 70% of Adif’s HT electricity requirements. ACCIONA Energy commenced operation of the Golice wind farm (38 MW), the company’s first facility in Poland, which cost approximately 57 million euros. The farm will generate clean energy equivalent to the needs of around 40,000 families and will avoid the emission of 77,625 tons of CO 2 into the atmosphere each year. ACCIONA received the Codespa Award in the Solidarity category at the 15th edition of the awards in recognition of its Electricity at Home (Luz en casa) project,. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. MILESTONES.

(20) developed with ACCIONA Microenergy Foundation. ACCIONA, together with ACCIONA Agua and ACCIONA Infrastructure, was chosen by Compañía Minera del Pacífico (Grupo CAP) to. Acciona Annual Report 2011. build water tunnels and related infrastructure as part of the Cerro Negro Norte mining project in Copiapó Valley, in Atacama Region III (Chile). ACCIONA was included for the first time among top European companies in. the Carbon Performance Leadership Index (CPLI), created by the Carbon Disclosure Project (CDP), in recognition of its climate change initiatives.. Milestones after year- end ACCIONA Windpower signed a contract with NaturEner to supply 189 MW to the Rim Rock Wind Farm, in Montana (USA). ACCIONA was awarded the contract for the construction, upkeep and operation of the section of the Almanzora highway between Purchena and the A-7 (Autovía del Mediterráneo). ACCIONA was named one of the 100 most sustainable companies in the world, according to the index created by Corporate Knights magazine. The Company received the distinction at the World Economic Forum meeting in Davos (Switzerland).. // 19. ACCIONA commenced operation of El Chaparro wind farm (16 MW) in Guadalajara (Spain), which will meet the consumption needs of 12,000 households. Including this farm, the Company has 560 MW of wind capacity in the Castile-La Mancha region. ACCIONA Agua was awarded a contract by Aguas Nacionales EPM to build, design, operate and maintain the Bello wastewater treatment plant in Medellin (Colombia) for 260 million euros. The plant will initially serve more than three million people. ACCIONA maintained its growth policy despite the adverse economic situation, with capital expenditure amounting to 989 million euros in 2011.. ACCIONA Energy commenced construction of its first facility in Croatia: the Jelinak wind farm (30 MW), in the Split-Dalmatia area. The farm, comprising twenty 1.5-MW ACCIONA Windpower-designed WTGs, strengthens the Company’s footprint abroad, making it the first Spanish wind power developer with a facility in that country. The President of Mexico, Felipe Calderón, inaugurated Latin America’s largest wind farm complex, owned by ACCIONA, in Oaxaca. It comprises three facilities with a total capacity of 360 MW, and will provide electricity to meet the needs of 700,000 families.. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. MILESTONES.

(21) WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. organization chart.

(22) CHAIRMAN & CEO José Manuel Entrecanales* VICE-CHAIRMAN Juan Ignacio Entrecanales*. CHIEF FINANCIAL OFFICER Juan Gallardo* (SED). GENERAL COUNSEL Jorge Vega-Penichet* (SED). CORP. DEVELOPMENT OFFICER & CHIEF INVESTOR RELATIONS Juan Muro-Lara* (SED). CHIEF GLOBAL BUSINESS DEVELOPMENT OFFICER Fidel Andueza* (SED). INSTITUTIONAL RELATIONS Joaquín Mollinedo* (SED). CHIEF CORPORATE RESOURCES OFFICER Alfonso Callejo* (SED). CHIEF INNOVATION AND QUALITY OFFICER Félix Rivas (ED). CHIEF GLOBAL BRAND AND MARKETING OFFICER Pío Cabanillas* (SED). INFRASTRUCTURE Pedro Martínez (President). ENERGY Carmen Becerril* (President) Rafael Mateo* (SED). WATER & ENVIRONMENT Luis Castilla* (President). REAL ESTATE Isabel Antúnez (SED). TRASMEDITERRANEA Antonio Grávalos (SED). OTHER BUSINESSES Ricardo Molina (SED). * Member of the Executive Committee SED: Senior Executive Director. At 1 January 2012. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. Chief of staff Macarena Carrión* (DGA).

(23) INTERNATIONAL. Acciona Annual Report 2011. // 22. ACCIONA is focusing on sectors which require a greater technological component, for which the Company is uniquely positioned. The weak outlook for growth in the European Union in general, and in Spain in particular, highlighted the importance of ACCIONA’s international strategy to identify opportunities in countries that have demonstrated more resilience to the global financial crisis. In 2011, ACCIONA continued to focus its international expansion on emerging economies such as Latin America and the Asia-Pacific region, as well as on mature economies such as Canada and the US. The Company continues to expand its presence in countries where it already operates and is actively pursuing opportunities in the Middle East and North Africa, which offer attractive prospects for expansion following the recent political unrest.. The other markets where ACCIONA operates offer a better macroeconomic situation, but also present major obstacles. Fierce competition from both local and other foreign players is putting downward pressure on margins; as a result, the Company must constantly strike a balance between growth and profitability. One way that ACCIONA addresses this challenge is by focusing on more complex sectors which require a technological component for which the Company is uniquely positioned. In infrastructure, ACCIONA offers innovative design structures and unique R&D experience in port, railway and tunnel construction. In energy, ACCIONA has an unparalleled track record in developing landmark projects using a range of renewable technologies. And in. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. international.

(24) water, the Company is a leader in reverse-osmosis desalination and large, complex waste water treatment plants. ACCIONA will face even greater challenges as it continues to grow, including strengthening its international footprint, leveraging existing platforms to expand its presence across divisions, and entering new markets. Milestones in 2011 exemplify ACCIONA’s continuing success in these endeavors.. Acciona Annual Report 2011. Australia Australia is a key market for expansion, and 2011 was an important year for both the Company and the country. Australia’s government took measures to fight climate change, approving actions to promote renewable energies, and launched a CO2 emissions market, which will be the largest of its kind outside Europe. Australian Prime Minister Julia Gillard and José Manual Entrecanales, Chairman & CEO of ACCIONA, inaugurated the Gunning wind farm in New South Wales in July. This wind farm (46.5 MW), which cost AU$147m, will produce enough renewable energy to serve 23,250 households, reducing dependence on fossil fuels and avoiding the emission of more than 162,750 metric tons of CO2 each. // 23. year. Gunning is ACCIONA’s third companyowned wind farm in Australia. Its three wind projects (one of which is a joint venture) provide enough electricity to meet the needs of more than 200,000 households. ACCIONA achieved a new milestone in November 2011 in relation to the Legacy Way Tunnel project: the Mayor of Brisbane, Graham Quirk, commissioned and named the two tunnel boring machines to be used. ACCIONA was chosen in consortium to design, build, operate and maintain the Legacy Way Tunnel, in the state of Queensland. The 10-year contract, worth AU$1.5b, will improve traffic and connections with downtown Brisbane. The Company continued to reinforce its presence in the Australian water market. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. INTERNATIONAL.

(25) in 2011. In February, the Helena Water consortium, comprising ACCIONA Agua, Trility, United Utilities Australia, Brookfield Multiplex and Royal Bank of Scotland, was chosen to design, build and operate a drinking water plant in Mundaring, Perth. This project is the first public-private partnership (PPP) in Western Australia and ACCIONA’s first venture in the state. The first phase of the Adelaide desalination plant (AU$1.83b), in Port Stanvac, was completed in August. The expansion will be complete at the end of 2012, providing 300,000 m3 of drinking water daily, i.e. half of Adelaide’s needs. ACCIONA is part of AdelaideAqua, the consortium which will design, build and operate that plant for 20 years; this reverse osmosis plant, powered by renewable energy, will be one of the largest in the world.. Acciona Annual Report 2011. Brazil In 2011, ACCIONA obtained a contract from LLX-OSX (EBX Group) for the engineering, design and construction of a breakwater at a shipyard in São João da Barra. It will be the largest in Latin America and will serve as an example for naval construction in the country. The Açu shipyard is part of a macro-project being developed by EBX Group, which is owned by Eike Batista. The project includes a superport, which will have several port terminals and will accommodate large freight ships. ACCIONA was chosen by Banco Santander to build its Data Processing Center in the city of Campinas, Brazil, to support the bank’s operations in Latin America. The project calls for the construction of a complex with a floor area of 89,000 m2, including two data centers (each more than 28,000 m2) and a logistics center. The buildings will be equipped with cutting-edge technology and communications equipment to house and support the bank’s IT systems.. ACCIONA completed the sale of a car park concession in Brazil in 2011 to local company Horapark, in line with its car park divestment plans. The assets in Spain and Andorra were sold to the EQT mutual fund. ACCIONA maintained its 25-year contract with Brazil’s National Land Transport Agency (ANTT) to operate and maintain the BR-393/ RJ, a 200-kilometre highway in the state of Río de Janeiro. ACCIONA also obtained a technology transfer contract to operate and maintain a wastewater treatment plant in Arrudas, in the state of Mina Gerais. The Company has a team of almost 600, the majority of which are engineers; its headquarters are in São Paulo and it is also opening new offices in the states of Brasilia and Río de Janeiro.. // 24. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. INTERNATIONAL.

(26) Canada In 2011, ACCIONA commenced operation of the Lamèque wind farm (45 MW), which cost CAD115m to build. The wholly-owned ACCIONA facility will provide enough emission-free electricity to power 8,000 households. The commissioning of the Lamèque wind farm brings ACCIONA Energy’s total to four in Canada (181 MW in all), three of which are joint ventures with local companies, such as Suncor and Enbridge. The Lamèque project is the result of cooperation and leveraging of existing synergies between ACCIONA Group’s business units. ACCIONA Energy developed the facility and will operate it, ACCIONA Windpower supplied the turbines, and. Acciona Annual Report 2011. ACCIONA Infrastructure, in a joint venture with Canada’s Tetra Tech, built the facility (including the civil engineering works) and assembled the turbines and the power off-take infrastructure. Canada remains one of the most promising countries for ACCIONA’s infrastructure division, as evidenced by the five major projects it is developing under PPPs. The Windsor Essex Mobility Group joint venture will build and operate a road in Ontario; the project office opened in March 2011 and construction got under way in August. Other large road concessions under construction include the Southeast Stoney Trail in Alberta and the new A-30 Châteauguay-Vaudreuil-Dorion in Quebec.. The ACCIONA-managed Royal Jubilee Hospital (British Columbia) became operational in 2011. ACCIONA Facility Services provides the cleaning and maintenance services. This is ACCIONA Facility Services’ first international services contract, and evidences the parent company’s success in expanding several lines of business simultaneously in a single country. Construction continues on the Fort St. John Hospital in British Columbia. ACCIONA, which heads the consortium, will manage the hospital for 30 years. This is the Company’s second hospital concession in Canada under a PPP.. // 25. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. INTERNATIONAL.

(27) Chile ACCIONA has been operating in Chile since 1993. The Infrastructure division was the first of the company’s businesses to open an office there, and was followed by ACCIONA Energy and ACCIONA Agua. ACCIONA was awarded two projects in 2011 by Grupo CAP: a 20-year contract to design, build, commission and operate a seawater desalination plant in Valle de Copiapó (Atacama region), and a contract to build pipelines for desalinated water and ore concentrate slurry as part of the Cerro Negro Norte mining project. The latter represents the development of a comprehensive solution for transporting iron ore concentrate from the CNN mining plant to the filtering plant, in Puerto Punta Totoralillo, via a special slurry pipeline. ACCIONA Agua, which was awarded the contracts, will work. Acciona Annual Report 2011. with ACCIONA Infrastructure during the construction phase—yet another example of cooperation between the Company’s divisions. These projects are expected to become operational in 2013.. Energía de Bogotá. Thirdly, Empresa de Acueducto y Alcantarillado de Bogotá awarded ACCIONA a contract to build the sewer and storm drain systems in Bello Horizonte neighborhood, in Bogota.. In 2011, ACCIONA reached an agreement to sell its holdings in the “Autopista Vespucio Sur” and “Red Vial Litoral Central” toll road concessions in Chile to Italian group Atlantia, for €293m.. The Chairman of Adif, Antonio González Marín, and the President of ACCIONA Infrastructure, Pedro Martínez, signed a cooperation agreement in September 2011 to develop railway projects in Colombia, including the construction of new corridors and the refurbishment of existing ones, as part of the Colombian government’s 20112014 modernization plans.. Colombia The Infrastructure division was awarded three major contracts in 2011. Firstly, it is to build a 170-kilometre gas pipeline between Apiay and Monterrey for stateowned company Ecopetrol. Secondly, it commenced the construction of phase II of a 36-kilometre gas pipeline for Transportadora de Gas Internacional, a local company owned by State-company. ACCIONA is also involved in logistics and transport works in the country, and its winery, Hijos de Antonio Barceló, has sales offices there.. // 26. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. INTERNATIONAL.

(28) Acciona Annual Report 2011. USA. India. Italy. ACCIONA has 662 MW of installed wind capacity and 64 MW of solar thermoelectric (CSP) energy in the US. Outside Spain, the US is the company’s biggest market for renewable energies, with investment totaling US$1 billion. In 2011, ACCIONA built the Dempsey Ridge wind farm (132 MW), in Oklahoma. The facility is 100% owned by ACCIONA and is the Company’s sixth wind farm in the US.. ACCIONA was the first Spanish company to develop and operate a wind farm in India. ACCIONA Energy commenced operation of its third facility in India, the Tuppadahalli wind farm (56 MW), which cost €58m. Just like its two other wind farms in India, Tuppadahalli is registered as a Clean Development Mechanism (CDM) under the Kyoto Protocol.. ACCIONA’s three main business areas operate in Italy. In energy, the Company focuses mainly on wind; Italy is the sixth-largest wind market in the world. ACCIONA Energy is currently building its fourth wind power facility in the country: the Santa Ana wind farm (64 MW), in the Calabria region.. It will generate clean energy equivalent to the needs of 46,000 households, avoiding the emission of 339,000 metric tons of CO2 into the atmosphere each year. ACCIONA operates the largest seawater desalination plant in the US, located in Tampa Bay, Florida; the plant uses Reverse Osmosis technology and is managed in a joint venture with American Water.. ACCIONA continues to grow in India, and has installed capacity of 85.8 MW, making it the leading Spanish wind farm developer there with proprietary assets. ACCIONA Energy will commence construction in 2012 of its fourth wind farm (100 MW), which will more than double its capacity in the country. ACCIONA Infrastructure and ACCIONA Agua opened offices in New Delhi with a view to expanding their activities in India.. ACCIONA Agua has 40 projects in Italy, ranging from drinking water to wastewater treatment, serving over 2.5 million people. In December 2011, the company was awarded the contract to upgrade one of the largest waste water treatment plants in Italy and the largest in Sardinia. ACCIONA is also focusing on transport infrastructure and hospitals in Italy.. // 27. ACCIONA Energy commenced operation of its third wind farm in India and will begin construction in. 2012 of its fourth facility. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. INTERNATIONAL.

(29) Mexico In view of its geographic location and cultural factors in connection with North and Latin America, Mexico is especially attractive for the Company as a strategic region for international growth. ACCIONA commenced operations there in 1978, when it opened its first Infrastructure office; since then its Energy, Water and Real Estate divisions have all opened offices. ACCIONA currently employs more than 800 people in Mexico. The Company built three 102 MW wind farms in Oaxaca in 2011 (306 MW in total) and grid-connected them, making for the largest wind farm complex in Latin America. The three farms have 204 wind turbines (1.5 MW of capacity each) manufactured by ACCIONA Windpower. The complex was inaugurated by the President of Mexico in March 2012. These three farms are in the same region as the 205.5 MW Eurus wind farm built and operated by ACCIONA since 2009 to supply electricity to the CEMEX cement plants.. Acciona Annual Report 2011. In total, ACCIONA Energy has 556.5 MW, accounting for 65% of Mexico’s total wind capacity; it is the Company’s third mostimportant country in terms of renewable energy facilities, after Spain and the US. ACCIONA also has a wastewater treatment plant in Atotonilco (Mexico City) which was named “Water Deal of the Year” by Global Water Intelligence magazine in 2011. This distinction recognized the ability of the consortium and the Mexican government to complete a US$900m financing package just seven months after signing the contract, which will allow for the construction of the world’s largest wastewater treatment plant. ACCIONA Infrastructure was awarded 5 contracts, most of them in transport projects. ACCIONA Infrastructure and ACCIONA Engineering are working on industrial works and social infrastructure, especially projects linked to hospitals.. ACCIONA Real Estate commenced sales of phase II of PlayaMar Tres Cantos, in Playa Diamante beach, one of the fastestgrowing areas of Acapulco. ACCIONA Real Estate will continue to focus on the residential segment and will shortly commence two additional projects in Mexico City.. Poland Poland is one of the most important infrastructure markets for ACCIONA. The Company has been operating in the country since 1999 via its subsidiary, Mostostal Warszawa, one of the Poland’s largest construction companies. Mostostal was awarded more than 50 transport, social and industrial infrastructure contracts in 2011, and currently has 120 projects under construction, including the Lublin Oncological Hospital (496 beds), several sections of road, a terminal at Warsaw’s Modlin Airport, a 20 MW biomass plant, and the expansion of mining installations.. // 28. ACCIONA Energy accounts for. 65% of Mexico’s total wind capacity; it is the Company’s third most important country. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. INTERNATIONAL.

(30) The Company inaugurated several projects in 2011, including a 122-metre high bridge over the Odra River (one of the largest cablestayed bridges in Europe), a section and junction of the Wrocław bypass, buildings in various Polish universities, a concert hall and headquarters for the Philharmonic Orchestra of Olsztyn, and a refinery. In 2011, ACCIONA Energy built its first wind farm in Poland, in Golice (38 MW), and will build a second, 33 MW facility in 2012, further expanding ACCIONA’s renewable energy assets and projects in the country.. Acciona Annual Report 2011. New markets In 2011, ACCIONA expanded its presence with several projects in new markets, such as the contract to build, design, operate and maintain the Escalerilla waste water treatment plant in Peru. The plant will help solve the health and environmental problems in Arequipa, the country’s second-largest city. The Company will also design, build and operate the Chiripa wind farm in Costa Rica (50 MW). This contract will boost the incipient development of wind energy in the country, which had 179 MW in total at the start of 2011. ACCIONA also operates in North Africa and the Middle East. The Company started up its first desalination plant in Algeria. A consortium comprising ACCIONA Agua and Canadian company SNC Lavalin will operate the plant for a 25-year period, in partnership with state-owned Algerian Energy Company.. // 29. The Company has built four drinking water plants in recent years in Egypt. In early 2011, it completed construction of a wastewater treatment plant (100,000 m3/day), which it will operate during the warranty period. It continues with the construction of four additional wastewater treatment plants there. From its offices in Abu Dhabi, ACCIONA serves the entire Gulf region, where there are major opportunities in railway, water desalination and renewable energy infrastructure. In December, ACCIONA commenced construction of the Jelinak wind farm (30 MW) in Croatia, where it has been working on business development in the last few years.. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. INTERNATIONAL.

(31) Acciona inFRASTRUCTURE. Acciona Annual Report 2011. // 30. At the forefront of technological advances. In 2011, ACCIONA Infrastructure obtained a turnover of more than. 3.5 billion euros,. and its project portfolio came to nearly 6.5 billion. Proof of ACCIONA’s excellence is its ability to put into practice the most advanced and innovative techniques. Moreover, these always go hand-inhand with the most appropriate technology for each project. The key to this success has much to do with reliance on competent human resources. ACCIONA not only carefully and systematically selects the right professionals for organising, directing and controlling the works and their construction procedures, but also makes every effort to provide them with all the necessary information and printed documents produced by previous projects with the aim of broadening their knowledge by benefitting from the Company’s accumulated experience.. 1. DEFINING OUR ACTIVITY ACCIONA Infrastructure has two main lines of business:civil works and building projects. The Company is made up of various divisions capable of handling every aspect of. construction, from engineering to building works and their subsequent maintenance. Furthermore it draws on a number of specialised support units such as Mechanical Structure Workshops, machinery services, a maintenance department and infrastructure, installations and engineering. It also handles the management of public works concessions, particularly transport infrastructure (roads, motorways and railway lines) and social services, chiefly hospital services and educational centres. ACCIONA Infrastructure uses the very latest technology for developing and applying the most advanced materials and most sustainable construction processes. This is made possible by the intense and continuous research activity which has placed. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. ACCIONA Infrastructure is a global front-runner in construction and stands at the leading edge of R&D..

(32) the Company at the forefront of innovation and has positioned it as the European leader in applied technology. Thanks to these efforts ACCIONA has the largest R&D department in terms of officially approved resources and projects in European, Latin American and national programmes. This leadership position has allowed it to take part in numerous international research initiatives and projects in collaboration with institutes and universities of recognised prestige. In keeping with ACCIONA’s firm commitment to society, each initiative is developed taking into consideration a number of environmental, social and economic aspects and as well as overall sustainability, a continuous quest to improve construction processes and take measures that will protect the environment.. Acciona Annual Report 2011. Likewise, based on its commitment to society and the environment, ACCIONA Infrastructure holds annual competitions to identify best practices in prevention, quality management and the environment and the implantation of R&D technology in its works. The winning projects are selected by an evaluation panel of respected external and independent professionals. To this end, ACCIONA Infrastructure has developed and participated throughout its history in some of the most important projects in the world and boasts a solid footing in strategic international markets such as Poland, Brazil, Mexico, Chile, Canada and Australia. Elsewhere, during 2011 ACCIONA Infrastructure was the winner of various awards in recognition of its achievements:. 2011 ENGINEERING AWARD The Association of Highway, Canal and Port Engineers of Andalusia, Ceuta and Melilla presented the 2011 Engineering Award to Purificación Torreblanca García, director of ACCIONA Infrastructure’s Andalusia division. Purificación is the first woman to win this award. JEC COMPOSITES AWARD 2011 ACCIONA Infrastructure received the prize for Innovation in Composite Materials in the civil engineering category — awarded by JEC Composites in 2011 — for the Almuñécar Footbridge. JEC Composites is the biggest European exhibition in the composite materials sector and offers a snapshot of a highly dynamic industry that has penetrated various sectors.. // 31. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. Acciona inFRASTRUCTURE.

(33) Acciona inFRASTRUCTURE. Acciona Annual Report 2011. // 32. Work under contract in Spain during 2011:. Infrastructure and roadway maintenance and corrective work on the Iberian gauge tracks of the conventional rail network, in Castile- La Mancha and Murcia. Infrastructure maintenance, road and infrastructure preventive treatment and corrective intervention on the Iberian gauge tracks of the conventional rail network, in Zaragoza (Aragon). Infrastructure maintenance, road and infrastructure preventive treatment and corrective intervention on the Iberian gauge tracks of the conventional rail network, Aranjuez (Madrid, Castile-La Mancha). Construction project for complementary works to alter and improve the A-4021 road between the neighbourhoods of Zabola and Untzilla. Guipuzcoa and Alava (Basque Country). Atlantic high speed railway line. Northern access to Vigo. Vigo-Das Maceiras tunnel, southern entry. Pontevedra (Galicia). Construction project on the BobadillaAlgeciras line. Cortes de la FronteraSan Pablo de Buceite section. MalagaCadiz (Andalusia). Complementary and emergency works.. Construction project for the platform of the Leon- Asturias high speed railway line. La Robla–Pola de Lena (Pajares short cut) section: Sotiello–Campomanes and Pajares – Sotiello. Asturias. Construction project for the platform of the Vitoria-Bilbao -San Sebastian high speed railway line. Section: Escoriatza-Aramaio. Guipúzcoa and Álava. (Basque Country). Interior complementary civil works on the Pajares tunnels. Northern Batch. High speed railway Line Madrid-Asturias. Section: La Robla-Pola de Lena (Pajares short cut) section: Leon and Asturias. Maintenance of the Zaragoza tramway (Aragon).. Roads: Rehabilitation of Highway GC-15 kilometre points 17.940 to 24.440. Grand Canary, Canary Islands. A-2 North-eastern trunk road kilometre points 13+500 to 20+500. Sils–Caldes de Malavella section Gerona (Catalonia). Río Clariano Ontinyent road bridge. Alicante (Valencia). Widening of the CN-340. Alicante (Valencia).. Ports and maritime projects: New container terminal, phase I, in the Port of Cadiz (Andalusia). Fitting out the small vessels dock in Los Cristianos port. Tenerife (Canary Islands). Reconstruction of the perpendicular dock extension at the container wharf in the port of Arrecife. Lanzarote (Canary Islands). La Jaquita beach and fishing grounds project. Guía De Isora. Tenerife (Canary Islands). Bollards for the Western Palma de Majorca dock (Balearic Islands). Northern dock works at the Port of Gijon (Asturias).. Airports: Alterations to drainage canals and RESAs (runway end safety areas) on the Barcelona Airport airfield (Catalonia). Resurfacing the C and H gates at Barcelona Airport (Catalonia). Enclosing and fitting-out the baggage handling building at Fuerteventura Airport, Las Palmas (Canary Islands).. Hydraulic projects: Works repair project on the Valcomuna dam. Mazaleon (Teruel) and Maella Zaragoza (Aragon).. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. Railway, underground and tramway:.

(34) Works to widen the drainage and channelling network of Los Barrancos, Phase Iii. Arrecife, Lanzarote (Canary Islands). Branch works project for the Eastern area of the plain of La Mancha. Castile-La Mancha. Improvement to the Tordesillas irrigation canal. Valladolid (Castile-Leon).. Industrial construction: Project for supply and piping works at La Marina. Alicante (Valencia). Vencillon–Sariñena gas pipeline. Huesca (Aragon). El Burgo–La Puebla de Alfinden gas pipeline. Zaragoza, Aragon. Briviesca–Belorado gas pipeline. Burgos (Castile-León). Els Escambrons Wind Farm works. Almatret (Lerida), Catalonia. Mieres Hospital water piping (Asturias) New fish market at the Ribera port. La Coruña (Galicia). Son Reus-Andratx gas pipeline works. Palma de Majorca (Balearic Islands).. Non-residential construction: Construction of the lecture hall of the. Acciona Annual Report 2011. Scientific-Technological Campus at Linares, Jaen (Andalusia). C3 Para Ceip construction project in Benameji. Cordoba (Andalusia). New building, extension and restoration of spaces in the Faculty of Economic and Business Sciences At the University of Granada (Andalusia). Showground project for the Samples Fair in Zaragoza (Aragon). Construction of the Research Unit of the University Hospital of the Canaries. Tenerife (Canary Islands). Volvo Ocean Race Museum project. Alicante (Valencia). Building 3, Science Park. Paterna (Valencia). Centro Aimplas project. Paterna (Valencia). Tarongers Campus Building. Valencia. New Facilities at Ite. Paterna (Valencia). M. Hernández Elche Campus Building 4. Murcia. Alcoy Campus New Building. Alicante (Valencia). AEAT central offices. Elche (Valencia). Biosciences Centre at the University of Murcia. Murcia. Harbour Master’s Office extension. Alicante (Valencia). Azsa Aviles Transformer Building. Asturias.. // 33. Ute Musikene Donostia Conservatory. Guipuzcoa (Basque Country).. Residential construction: 57 Houses at Parque Venecia. Zaragoza (Aragon). Protected single family houses. Paterna (Valencia).. Urban development: Arrecife sewer system. Lanzarote. Las Palmas (Canary Islands). Sector B urban development, Las Teresitas beach Partial Plan. Tenerife (Canary Islands). Northern access road to Ponferrada Leon (Castile-Leon). Computerised Office Park A urban development. A Coruña (Galicia).. Rehabilitation: Castle Buttress Tower–Ramparts. Lorca (Murcia). Restoration of the old Chartreuse factory to house the Tarragona Official School of Languages (Catalonia). Pujadas Palace restoration project. Calatayud. Zaragoza (Aragon). Extension and alterations of the San Juan de Dios Hospital; Phase II. Córdoba (Andalusia).. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. Acciona inFRASTRUCTURE.

(35) Acciona inFRASTRUCTURE. Acciona Annual Report 2011. // 34. Works carried out in 2011 Railways:. Road and highways:. Airports:. Construction on the Bobadilla–Algeciras line. Cortes de la Frontera–San Pablo de Buceite section. Refurbishing the track. Malaga and Cadiz (Andalusia). Platform construction project on the Madrid–Zaragoza–French border high speed line. Riudellots–Joan Torro section. Gerona (Catalonia). Project and platform works on the LeonAsturias high speed line. Section: Pajares Tunnels. Batch 1: La Pola de Gordon–Folledo. Leon and Asturias provinces. Castile-Leon (Asturias). Lapatza Station. Vizcaya (Basque Country).. Mediterranean Motorway section: Motril (El Pantalón) – Carchuna. Granada (Andalusia). A-7 Motorway, new ring road for west Malaga, section: MA417–Motorway A-357 Guadalhorce connection. Malaga (Andalusia). Alto Monrepos-Caldearenas Motorway Tunnel. Huesca (Aragon). Ring road to Las Palmas de Gran Canaria. Phase IV. Tamaraceite–Tenoya–Arucas coast. Canary Islands. Trunk network for telecommunications infrastructure of the Grand Canary road network. Las Palmas province (Canary Islands). Closing the metropolitan area ring and southern extension of the telecommunications network of the Las Palmas de Gran Canaria road network. Las Palmas (Canary Islands). Construction works project to widen the Arrecife ring road, Lanzarote, Las Palmas (Canary Islands). Aridame plains ring road. Sections Argual–c-832 highway, Phase I. Icod de los Vinos–Santiago del Teide new road. Section: Icod–El Tanque. Tenerife (Canary Islands). Road works to widen the BP-1413 highway, under the partial plan for the Cerdanyola Management Centre. Barcelona (Catalonia). Cantábrico A-8 Motorway. Villalba–Touzas section. Lugo (Galicia). Barranda short cut, Murcia. PM- 804 road improvements, Ibiza (Balearic Islands).. Widening the air field at Malaga Airport, Andalusia. Waterproofing roofs and adapting various buildings to conform to fire regulations in South Tenerife airport. Tenerife (Canary Islands). Air field, Palma airport. Palma de Majorca (Balearic Islands).. Construction project for L9 on the Barcelona subway. Second section Parc Logístic–University. University–Bifurcacio and stations subsection. Barcelona (Catalonia). Zaragoza tramway. Aragon. Sea docks railway line. Barcelona (Catalonia). Construction project for the Barcelona subway L-9 Second section Parc Logistic–University. Parc Logistic–Fira subsection and 1st Airport– Parc Logistic section. Llobregat–Parc Logistic section. Infrastructure and stations. Barcelona (Catalonia). Metal footbridge over the River Manzanares. Arganzuela (Madrid) Composite materials footbridge over the River Manzanares. Arganzuela (Madrid). Extension to Line 2 of the Madrid subway.. Southern extension to the ‘Engineer Juan Gonzalo’ dock, Phase I, Huelva Port (Andalusia). Cruise liner dock in Arrecife port, Phase I, Lanzarote, Las Palmas (Canary Islands). Cape Prioriño underwater discharge outlet. Ferrol, La Coruña (Galicia). Port of Bermeo repairs. Vizcaya (Basque Country).. Hydraulic projects: San Salvador Dam, Binaced. Huesca (Aragon). Mularroya Dam at La Almunia de Doña Godina. Zaragoza (Aragon). Terroba Dam. La Rioja. Tailings dam, Itoiz Reservoir. Oroz Betelu – Nagore. Navarre. Upper tank, Hydroelectric facility on the Island of El Hierro. Tenerife (Canary Islands). Lower tank, pump and turbine buildings and auxiliary infrastructure of the hydroelectric facilityon the Island of El Hierro. Tenerife (Canary Islands). Santibañez Dam at Peña in Palencia. Castile-León.. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. Underground railways:. Maritime projects:.

(36) Irrigation works Payuelos. Leon, Castile-Leon. Almenara de Tormes water supply. Salamanca (Castile-Leon). Segarra-Garrigues Canal project. Section II subsection A: from kilometre point 5.200 to 12.730. Oliola and Ponts. Lerida (Catalonia).. Industrial works: 50 MW solar thermoelectric plant at Morón de La Frontera. Seville (Andalusia). Solar field for a 50 MW thermoelectric solar generating plant Palma Del Río. Cordoba (Andalusia). Water treatment plant construction project for the area of La Almunia de Doña Godina, Herrera de los Navarros, Longares, Alfamen, Morata de Jalon, Lumpiaque, Aguaron, Paniza, Villanueva de Huerva. Aragon. Project and construction of the Lanzarote V seawater desalination plant, Phase I. T.M. of Arrecife, Las Palmas (Canary Islands). Leon Wastewater Treatment Plant Leon and Alfoz (Castile-Leon). Extension to the Valmayor drinking water treatment plant. Colmenarejo (Madrid). 5th Tank. Cartagena (Murcia). Repsol refinery extension. Cartagena (Murcia). Graneles Fiochi Terminal. Santander (Cantabria). Marine Engineering Tank.. Acciona Annual Report 2011. Santander (Cantabria). Block 7, Pasajes Port. Guipuzcoa (Basque Country).. Non-residential construction: Construction of the new building of the Cadiz Atlantic lookout. Andalusia. Extension to the Palace of Exhibitions and Congresses. Seville (Andalusia). Fine Arts Building, Teruel University. Aragon. Paburna Hospital construction project. Pamplona (Navarre). Phase IV of the Museum of Natural Sciences and Mankind. Santa Cruz de Tenerife (Canary Islands). Construction of the new Fine Arts Faculty, La Laguna University. Tenerife (Canary Islands). City of Sport. Xátiva, Alicante (Valencia). School of Fine Arts, Valencia University. Valencia. Valencia Parliamentary Groups central office. Valencia. Mieres Hospital. Asturias. Santander Police Headquarters, Cantabria.. Urban development: Urban development (UD) and construction of 245 residential units, garages and storage facilities on the Ari-Ds-01 lot of the former Tussam Bus Depot. Seville (Andalusia). ‘Arcosur City’ construction project. Zaragoza (Aragon).. Green belt UD, Phase II-B. Zaragoza (Aragon). Industrial UD Plaza. Phase III. Zaragoza (Aragon). Completion of the Arrecife sewer system. Lanzarote, Las Palmas (Canary Islands). UD of industrial estates 2 and 3 of the Llimonet sector. Vilanova i la Geltru, Barcelona (Catalonia). Green Belt, Palma de Majorca (Balearic Islands). UD project Las Cañas, Logroño (La Rioja). UD project and underground car park, Zumárraga station. Guipuzcoa (Basque Country). El Recuenco estate, Calahorra Business Park (La Rioja). La Maja-Arnedo estate (La Rioja).. Rehabilitation: Quay number 2, Rota naval base. Cadiz (Andalusia). Archbishop’s Palace. Zaragoza (Aragon). GC-15 highway, kilometre 17.940 to 24.440. Las Palmas (Canary Islands). ‘Francisco Peraza’ stadium changing rooms and team offices area. San Cristobal de La Laguna. Tenerife. (Canary Islands). Restoration project for the degraded area of Palmetum. Santa Cruz de Tenerife (Canary Islands).. Oil and Gas pipelines: Segovia-Avila gas pipeline. Castile-Leon.. // 35. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. Acciona inFRASTRUCTURE.

(37) Acciona inFRASTRUCTURE. Acciona Annual Report 2011. // 36. In accordance with group strategy, the international presence that ACCIONA Infrastructure has traditionally maintained in specific markets has increased over the past six years. Over this period ACCIONA Infrastructure has consolidated its activities in sixteen countries and in works on a smaller scale in around twenty more. During 2011 the international business grew owing to the strength of the Company’s position in its traditional markets and expansion of its activity towards new and highly dynamic markets. At the close of the 2011 financial year, the international area accounted for 41% of the construction portfolio whilst contracts outside Spain exceeded 50% of the Division’s overall figure. This is how ACCIONA Infrastructure is consolidating the strategic plan set by the Company as an objective three years ago. In 2011, the Division opted for sector specialisation with a highly technological. component, such as port works and auxiliary mining work, sectors where technological capacity, advances in R&D and the experience of ACCIONA Engineering, together with collaboration from other divisions in the Group, bring impressive added value. Solid growth of international presence and the emphasis put on specialisation in specific sectors bore fruit during 2011, as could be seen with the awarding of new contracts in Brazil, Chile and Colombia. In Brazil, the contract for a project valued at over 400 million euros in the Port of Açu is one of the most important, with ACCIONA Infrastructure contributing engineering, design and construction work. In the case of Chile, two contracts were signed with CAP (Compañía Minera del Pacífico S.A.) and in Colombia, barely a year after opening the office in the capital, Bogota, the awarding of another three contracts is significant.. In this same line, markets other than those in which the Company already operates are being analysed and show good prospects, at the same time as opportunities in new countries are being studied with the aim of increasing continued growth in international expansion over the next few years. To this end, 2011 was an especially active year since new offices were opened in Panama and India and preparations went ahead for opening three more in Peru, Sweden and Turkey. In Australia, despite general delays due to heavy flooding which battered the northeast of the country early in the year, work on the Legacy Way project started in Brisbane. Furthermore, commercial work intensified leading to the opening of a new office in Sydney, thus extending the presence of ACCIONA Infrastructure along the entire east coast of Australia. In Canada the awarding of a contract to build the Stoney Trail / Nose Hill Drive Interchange strengthened positioning in. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. International presence.

(38) Acciona inFRASTRUCTURE. Acciona Annual Report 2011. // 37. At end-2011, the international area accounted for. 41% of the construction. portfolio and contracts outside Spain exceeded 50%. continued expansion efforts, ACCIONA Infrastructure was active during 2011 in new markets such as Holland, Macedonia, Bulgaria and Romania as well as markets where it had already worked, e.g. Portugal and Egypt.. In Mexico, ACCIONA was awarded five projects, the majority of these for transport infrastructure. The industrial works being undertaken with ACCIONA Engineering and those for social services infrastructure are likewise of great importance.. Mostostal Warszawa Group in 2011. After the opening in 2010 of the office in Abu Dhabi, in August 2011 special status as contractor was obtained. In addition, following the objective of increasing the presence of ACCIONA Infrastructure in the region, all the necessary steps were carried out to set up in Qatar, where ACCIONA Infrastructure was shortlisted for the Doha subway project. Benefitting from the dynamism of the international markets and the division’s. Mostostal Warszawa Capital Group business extends to the main construction sectors in Poland: residential and commercial construction, civil engineering, transport infrastructure, industrial and energy construction infrastructure and environmental facilities. In 2011, the group consolidated its positive development on presenting organic business growth for the seventh consecutive year. During the 2011 financial year, Mostostal Warszawa continued to implement the regionalisation strategy it started in 2010. Sales generated by the delegations set up in the country’s main cities contributed more than 50% of the Company’s revenue. A greater part of these projects were. carried out for the public sector and include modernisation and construction of universities and schools, hospitals and sports facilities. It is worth emphasising two highly relevant events for the company in 2011. On the one hand, Mostostal Warszawa completed the Rezinski Bridge over the River Odra in Wroclaw, an architectonic milestone for the city given that it is considered to be the highest suspension bridge in Poland. On the other hand, Mostostal was selected at the end of 2011 for the construction of what will be the biggest contract in the company’s history in the energy sector: two 900 MW power supply units in the Opole plant. Furthermore, Mostostal Warszawase was awarded a 50m-euro biomass plant project in Elblag.. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. Alberta. Mention should also be made of the start of operations at the Royal Jubilee Hospital in Victoria, BC, which became the first concession project ACCIONA Infrastructure saw into the operational phase after entering the Canadian market..

(39) Acciona inFRASTRUCTURE. Acciona Annual Report 2011. // 38. 2011 saw the consolidation of ACCIONA Engineering after the merger which took place in October 2010, of engineering firms AEPO S. A. and Ibérica de Estudios e Ingeniería S. A. (IBERINSA). As well as the integration of the two ACCIONA Group engineering firms largely devoted to carrying out civil engineering projects, a team of highly qualified professionals drawn from other firms in the group and dedicated to the industrial infrastructure sector joined ACCIONA Engineering, with the aim of completing the services offered by the Company in this area, including undertaking turnkey projects. Currently the team of more than 600 professionals that make up ACCIONA Engineering are primarily structured in two areas: Industrial Infrastructure Office Engineering Office The outstanding international progress of the Company was reflected during 2011 in the evolution of its human resources.. In this period, the percentage of international contracts increased to 55% as compared to 45% of national contracts. During 2011 the process continued of opening up new markets and consolidating those in which the Company was already permanently established. As a result of this activity, ACCIONA Engineering currently has subsidiaries in Brazil, Gabon, Poland, Canada, Mexico and Saudi Arabia, as well as a wide network of branches in Honduras, Guatemala, El Salvador, Nicaragua, Colombia, Ecuador, Peru, Bolivia, Romania, Bulgaria (in process) and Egypt. In terms of geographical distribution, Brazil is the Company’s strongest external market. The excellent operations of its subsidiary ACCIONA Engenharia and securing important extensions to contracts in the ports sector in which the Company has been working since 2010, have led to a volume of contracts achieved in Brazil equal to 40% of the international total. From among the works contracted this year the following stand out:. Extension to the railway line contract of the Companhia Paulista de Trens Metropolitanos for the sections of the Bras-Santo André stations, line 10-Turquoise; Itapevi-Amador Bueno stations, line 8-Diamond. Santo André-Mauá stations, line 8-Diamond. Framework contract for drawing up construction projects for different works on the MRS railway network in the states of Rio de Janeiro, São Paulo and Minas Gerais. Extension of the soil mechanics campaign for the dock of the Açu Super Port for LLX. Extension of the Port Açu docks basic project also for the LLX company. Gabon, where the Company also has a subsidiary as well as a longstanding presence, is ACCIONA Engineering’s second most important country, owing to the many projects undertaken in Gabon, including the turnkey project for two mini-hydro plants for the Ministry of Energy, in conjunction with ACCIONA Infrastructures.. WorldReginfo - d32acb86-a3e1-40f4-aab3-9a897b64b53d. ACCIONA Engineering.